Document:

20-F

Exhibit 4.13 

ENGLISH SUMMARY OF THE
MANAGEMENT AGREEMENT
(ORIGINAL LANGUAGE – HEBREW) 

BY AND AMONG 

POINTER (EDEN TELECOM
GROUP) LTD. 

GANDYR INVESTMENTS LTD. 

GOVLI LTD. 

SULAM FINANCIAL
HOLDINGS LTD. 

AND 

EGGED HOLDINGS LTD. 

Dated November 16,
2004 

(the
“Agreement”) 

	Description: 

                       

                       

                       

                       

                       

Services: 

                       

                       

                       

                       

                       

                       

Effective Date: 

                       

                       

                       

                       

Term: 

Consideration (annual):

Termination Provisions: 
	Management   Agreement  pursuant  to  which  Egged

Holdings  Ltd.,  Gandyr  Investments  Ltd.,  Govli

Ltd.,  Sulam  Financial  Holdings  Ltd.  and Egged

Holdings Ltd.  (together,  the "Investors")  shall

provide  certain  management  services  to Pointer

(Eden Telecom Group) Ltd. ("Pointer").

The services to be provided by the Investors

include: assisting Pointer in raising capital,

participating in management meetings, consulting

Pointer with respect to its long term and short

term business plan, advancing and developing

Pointer's business and assisting Pointer in its

negotiations with potential investors.

Commencing 24 months after the consummation of

the transaction pursuant to which Pointer shall

purchase certain activities and assets of Shagrir

Towing Services Ltd. and its subsidiary, Shagrir

(1985) Ltd., that is, March 1, 2007.

Unspecified.

NIS 1 million, subject to certain conditions.

Unspecified.20-F

Exhibit 4.14 

ENGLISH SUMMARY OF THE
MANAGEMENT AGREEMENT
(ORIGINAL LANGUAGE – HEBREW) 

BY AND BETWEEN 

POINTER (EDEN TELECOM
GROUP) LTD. 

AND 

NEXUS TELOCATION
SYSTEMS LTD. 

Dated November 16, 2004 

(the “Agreement”) 

	Description: 

                        

                        

                        

Services: 

                        

                        

                        

                        

                        

                        

Effective Date: 

                        

                        

                        

                        

Term: 

Consideration (annual): 

Termination Provisions: 
	Management   Agreement  pursuant  to  which  Nexus

Telocation  Systems Ltd.  ("Nexus")  shall provide

certain  management   services  to  Pointer  (Eden

Telecom Group) Ltd. ("Pointer").

The services to be provided by Nexus include:

assisting Pointer in raising capital,

participating in management meetings, consulting

Pointer with respect to its long term and short

term business plan, advancing and developing

Pointer's business and assisting Pointer in its

negotiations with potential investors.

Upon the consummation of the transaction pursuant

to which Pointer shall purchase certain

activities and assets of Shagrir Towing Services

Ltd. and its subsidiary, Shagrir (1985) Ltd.,

that is, February 28, 2005.

February 28, 2005 - February 28, 2007.

NIS 1 million.

Unspecified.20-F

Exhibit 4.15  

ENGLISH SUMMARY OF THE
LOAN CONSOLIDATION AGREEMENT
(ORIGINAL LANGUAGE – HEBREW)  

BY AND BETWEEN 

POINTER (EDEN TELECOM
GROUP) LTD. 

AND 

NEXUS TELOCATION
SYSTEMS LTD. 

Dated November 16, 2004 

(the
“Agreement”) 

	Description: 

                  

                  

                  

                  

Loan Amount: 

Term and Interest: 
	Loan  Consolidation  Agreement  pursuant  to which

previous  loans made by Nexus  Telocation  Systems

Ltd.  to  Pointer   (Eden   Telecom   Group)  Ltd.

("Pointer")  shall  be  consolidated  into the one

loan.

NIS 24,525,000.

Interest   repayments   and   repayments   of  the

principal  shall  commence on February  28,  2007,

with NIS  800,000  payable  annually on account of

the interest and NIS 200,000  payable  annually on

account of the principal.  Interest under the loan

shall be payable at a rate of 4% per year.20-F

Exhibit 4.16  

ENGLISH SUMMARY OF THE
LOAN AGREEMENT
(ORIGINAL LANGUAGE – HEBREW) 

BY AND BETWEEN 

POINTER (EDEN TELECOM
GROUP) LTD. 

AND 

NEXUS TELOCATION
SYSTEMS LTD. 

Dated November 16, 2004 

(the
“Agreement”) 

	Description: 

                  

                  

                  

                  

Loan Amount: 

Term and Interest: 
	Loan Agreement  pursuant to which Nexus Telocation

Systems  Ltd.  shall loan  Pointer  (Eden  Telecom

Group)   Ltd.   ("Pointer")   NIS   3,916,536   in

connection   with   certain   infrastructure   and

equipment expenses.

NIS 3,916,536.

Interest   repayments   and   repayments   of  the

principal  shall be  repaid  on a pro  rata  basis

with  the   loans  of   Pointer   with  its  other

shareholders,  following  the  repayment of the $2

million  convertible loan made from Egged Holdings

Ltd.  to Pointer in  connection  the  purchase  by

Pointer  of  certain   activities  and  assets  of

Shagrir Towing  Services Ltd. and its  subsidiary,

Shagrir (1985) Ltd..

Interest  under  the loan  shall be  payable  at a

rate of 4% per year, commencing February 28, 2005.20-F

Exhibit 4.17 

ENGLISH SUMMARY OF THE
LOAN AGREEMENT
(ORIGINAL LANGUAGE – HEBREW) 

BY AND AMONG 

POINTER (EDEN TELECOM
GROUP) LTD. 

NEXUS TELOCATION
SYSTEMS LTD. 

GANDYR INVESTMENTS LTD. 

GOVLI LTD. 

SULAM FINANCIAL
HOLDINGS LTD. 

AND 

EGGED HOLDINGS LTD. 

Dated November 16,
2004 

(the
“Agreement”) 

	Description: 

                  

                  

                  

                  

                  

                  

                  

                  

Loan Amount: 

                  

Term and Interest: 
	Loan Agreement  pursuant to which Nexus Telocation

Systems  Ltd.  ("Nexus"),   Egged  Holdings  Ltd.,

Gandyr  Investments  Ltd.,  Govli  Ltd.  and Sulam

Financial Holdings Ltd. (together,  the "Lenders")

loaned   Pointer   (Eden   Telecom   Group)   Ltd.

("Pointer")  NIS 10 million in connection with the

purchase  by  Pointer of  certain  activities  and

assets of Shagrir  Towing  Services  Ltd.  and its

subsidiary, Shagrir (1985) Ltd.

NIS 10 million  (of which NIS 5 million was loaned

by Nexus).

Interest   repayments   and   repayments   of  the

principal  shall  commence  on  August  28,  2005.

Interest  under  the loan  shall be  payable  at a

rate of 6.5% per year.20-F

Exhibit 4.18  

ENGLISH SUMMARY OF THE
LETTER AGREEMENT
(ORIGINAL LANGUAGE – HEBREW) 

BY AND BETWEEN 

POINTER (EDEN TELECOM
GROUP) LTD. 

AND 

BANK HAPOALIM LTD. 

Dated November 16,
2004 

(the
“Agreement”) 

	Description: 

                  

                  

                  

                  

                  

                  

                  

                  

Credit Line Amount

Term and Interest:

                  

                  

                  

                  

                  

                  

                  

                  

                  

Security 
	Letter  Agreement  pursuant to which Bank Hapoalim

Ltd.  (the "Bank")  shall  provide  Pointer  (Eden

Telecom  Group)  Ltd.  ("Pointer")  with an NIS 70

million  credit  line  until  March 1, 2013 and an

NIS 30 million  credit line until March 31,  2007,

in  connection  with the  purchase  by  Pointer of

certain  activities  and assets of Shagrir  Towing

Services Ltd. and its  subsidiary,  Shagrir (1985)

Ltd (the "Shagrir Deal").

NIS 100 million (in total).

The sums  drawn  down  shall be  repaid  quarterly

from June 30, 2006 at a rate of NIS  1,250,000 per

quarter.

The  interest on the  principal  sum will be prime

+0.5% with  respect  to the NIS 30 million  credit

line,  and  with  respect  to the  NIS 70  million

credit  line,  interest of 7.39% on NIS 35 million

and 5.5% and  linkage  to the  Israeli  CPI on the

remaining  NIS 35 million.  The interest  shall be

payable quarterly from June 30, 2005.

As  security  on the credit  line,  Pointer  shall

grant the Bank:  (i) a first  ranking fixed charge

over all of Pointer's  rights in  connection  with

the Shagrir Deal;  (ii) a first  ranking  mortgage

over a  certain  property  in Haifa,  Israel;  and

(iii) a first  ranking fixed charge over a certain

NIS 10 million deposit in a certain bank account.

In  addition,  as  security  on the  credit  line,

Nexus  shall  grant the Bank,  in  addition to the

first  degree   floating   charge  (over  all  its

assets)   it   granted   the  Bank  prior  to  the

consummation  of the Shagrir Deal, a first ranking

fixed charge over its shareholdings in Pointer.

Comments: 

	 	— 	Pointer
has drawn down NIS 100 million under the credit line.20-F

Exhibit 4.19  

SHAREHOLDERS AGREEMENT 

        This
Agreement is made as of November 16, 2004 by and between DBSI Investments Ltd.
(“DBSI”), having an address at 85 Medinat Hayehudim Street, Herzeliya,
and Egged Holdings Ltd. (“Egged”), having an address at 142 Menachem
Begin Street, Tel Aviv. Each, a “Party” and together “Parties”. 

	WHEREAS,  		DBSI
currently holds 59,125,909 shares of Nexus Telocation Systems Ltd. (“Nexus”),
constituting 29.71% of the current issued and paid up share capital of Nexus (such
holdings and any other DBSI direct or indirect holdings (as such term is defined in the
Securities Law, 1968 (“Securities Law”)) in Nexus from time to time,
“DBSI Holdings”); and  

	WHEREAS,  		Egged
has entered into an agreement to purchase shares of Nexus either directly or by exercise
of warrants (“Shares”) pursuant to that certain Share Purchase Agreement
dated as of November 16, 2004 (“Share Purchase Agreement”), constituting
14.36% (not including the exercise of the warrants) of the currently issued and paid up
share capital of Nexus (such holdings and any other Egged direct or indirect holdings (as
such term is defined in the Securities Law) in Nexus from time to time, “Egged
Holdings”); and  

	WHEREAS,  		the
Parties desire to set forth the terms of their relationship in connection with the DBSI
Holdings and the Egged Holdings.  

	 	
NOW,
THEREFORE, the Parties hereto hereby agree as follows:  

	1.  	Representations
and Warranties of all Parties 

	 	
Each
Party, in respect of itself only, hereby represents and warrants to the other Party and
acknowledges that the other Party is entering into this Agreement in reliance thereon, as
follows:  

	 	1.1 	Authority
and Enforceability 

	 	1.1.1 	It
has the legal capacity or corporate power and authority to enter into this Agreement, and
to carry out its obligations hereunder;  

	 	1.1.2 	It
is duly organized, validly existing and, to the extent applicable, in good standing under
any pertinent law, treaty, statute, ordinance, code, rule or regulation of a governmental
entity or judgment, decree, order, writ, award, injunction or determination of an
arbitrator or competent court or other governmental entity (together “Laws”)
of the jurisdiction of its incorporation and has all requisite corporate power and
authority to own or lease and operate its properties and to conduct its business as it is
now being conducted and is proposed to be conducted;  

	 	1.1.3 	No
consent, waiver, approval, authorization, exemption, registration, license or declaration
is required to be made or obtained by it in connection with (i) the execution, delivery
or enforceability of this Agreement; or (ii) the consummation of any of the transactions
contemplated herein;  

	 	1.1.4 	The
execution of this Agreement and the consummation of the transactions contemplated herein
have been duly authorized by all necessary actions, and no other act or proceeding,
corporate or otherwise, on its part is necessary to authorize the execution of this
Agreement or the consummation of any of the transactions contemplated hereby;  

	 	1.1.5 	This
Agreement has been duly executed by it and constitutes its legal, valid and binding
obligations, enforceable against it in accordance with their terms;  

	 	1.2 	No
Conflict 

	 	
Neither
the execution of this Agreement nor the performance by it of its obligations hereunder,
nor the consummation of the transactions contemplated hereby does: 

	 	1.2.1 	Conflict
with or violate its articles of association, by-laws or other organizational document; 

	 	1.2.2 	violate,
conflict with or result in the breach or termination of, or otherwise give any other
person the right to accelerate, renegotiate or terminate or receive any payment, or
constitute a default or an event of default (or an event which with notice, lapse of
time, or both, would constitute a default or event of default) under the terms of, or
result in the imposition of any mortgage, lien, pledge, encumbrance, charge, security
interest, purchase or call option or similar right of a third party, or any right or
arrangement with a creditor to have a claim satisfied out of the relevant property or
asset under, any contracts or any permits to which it is a party or by which it or any of
its assets or operations are bound or affected; or  

	 	1.2.3 	constitute
a violation by it of any Laws; 

	2.  	Other
Shareholders Agreements 

	 	2.1 	DBSI
and Egged hereby warrant and represent that neither party will become a party to any
shareholders agreement or understanding with any other party relating to their holdings
in Nexus, as long as this Agreement is in effect. 

	 	2.2 	Notwithstanding
the above DBSI hereby declares and Egged acknowledges that the above shall not apply to
the specific agreements detailed in Exhibit 2.2 attached hereto. DBSI will not
amend or change any provision included in such agreements without obtaining Egged’s
prior written approval. 

	3.  	Term
of Agreement. 

	 	3.1 	This
Agreement shall become effective upon the Closing of the Share Purchase Agreement.

	 	3.2 	The
term of this Agreement shall expire upon the earlier of: Egged’s Holdings decrease
below 9 % of the issued and outstanding share capital of Nexus; or the DBSI Holdings
decrease below 20% of issued and outstanding share capital of Nexus. 

	 	3.3 	This
Agreement will terminate in the event of receipt of a final arbitral judgment or court
judgment regarding the termination of the Share Purchase Agreement, the Convertible Loan
Agreement by and among Pointer (Eden Telecom) Ltd. (“Pointer”) Egged and
Nexus, dated November 16, 2004, and/or the Share Purchase Agreement between Pointer and
Egged, dated November 16, 2004. 

- 2 -

	4.  	Voting 

	 	
DBSI
and Egged agree, and shall vote the DBSI Holdings and the Egged Holdings respectively to
ensure, the following:  

	 	4.1 	Nomination
of Directors 

	 	4.1.1 	Board
of Directors of Nexus  

	 	
During
the term of this Agreement, the Board of Directors of Nexus shall consist of seven
directors of which: (i) four (4) members will be nominated by DBSI; (ii) one (1) member
will be nominated by Egged; and (iii) two members shall be external directors as required
by the Companies Law, 1999 (“Companies Law”), upon the need to replace
any of which, one recommended by Egged and one recommended by DBSI, in that order. The
member to be nominated by Egged as set forth in sub-section (ii) above will be either the
Chairman of the Board of Directors, CEO or CFO of Egged or Egged’s parent company.
Egged herby agrees to vote at a shareholders meeting of Nexus for any nominee who may be
proposed by DBSI to become a member of the Board of Directors of Nexus, and DBSI hereby
agrees to vote at a shareholders meeting of Nexus for the nominee which may be proposed
by Egged to become a member of the Board of Directors of Nexus. 

	 	4.1.2 	Board
of Directors of Subsidiaries Not Including Pointer  

	 	
Egged
shall have the right to appoint the higher of (i) one director; and (ii) such round
number of directors which constitute 20% of Nexus’ representation in the Board of
Directors; of any direct or indirect subsidiary of Nexus (“Subsidiary”)
other than Pointer. 

	 	4.1.3 	Board
of Directors of Pointer (Eden Telecom Group) Ltd. 

	 	
During
the term of this Agreement the Parties hereby agree that the members of the Board of
Directors of Pointer, a subsidiary of Nexus, shall consist of eight members. Egged
acknowledges that it is aware of the agreement attached hereto as Annex 1 (“Recanati
 Agreement”) reached between Nexus and the Recanati Group pursuant to which
Nexus is entitled to nominate four members to the Board of Directors of Pointer and the
Recanati Group is entitled to nominate four members to the Board of Director of Pointer;
of the four members to be nominated by Nexus one member shall serve as the Chairman of
the Board of Directors of Pointer and shall have a casting vote. The Parties hereby agree
that of the four members to be nominated by Nexus to the Board of Directors of Pointer,
Egged shall be entitled to nominate one member, on its behalf, who shall not act as the
Chairman of the Board of Directors of Pointer. 

	 	
In
the event that the Recanati Agreement expires or is terminated for any reason, Egged
shall have the right to nominate the higher of: (i) such number of directors which
represents Egged’s actual shareholdings in Pointer; or (ii) one of four directors. 

	 	4.2 	Resolution
Transfer 

	 	4.2.1 	The
articles of association of Nexus shall during the term of this Agreement contain a
provision entitling any director nominated by Egged or DBSI to demand that any resolution
of the Board of Directors of Nexus shall be transferred to the vote of the shareholders
of Nexus.  

- 3 -

	 	4.2.2 	The
articles of association of any Subsidiary shall during the term of this Agreement contain
a provision entitling any director to demand that any resolution of the Board of
Directors of such Subsidiary shall be transferred to the vote of the shareholders of such
Subsidiary. It is hereby agreed that the articles of association of the current
Subsidiaries, not including Pointer, shall be amended, as detailed in this Section, per
the request of Egged.  

	5.  	Chief
Executive Officer of Nexus 

	 	
The
Parties hereby agree that in the event Nexus shall wish to nominate a new Chief Executive
Officer to Nexus, set such Chief Executive Officer’s terms or change such terms, a
committee comprising two members of DBSI and one member of Egged shall discuss the
candidates or terms proposed by DBSI and attempt to reach an agreed recommendation to the
Board of Directors. The committee shall report to the Board of Directors as to their
recommendation, including, if an agreed recommendation is not achieved, the objections
raised by members of the committee  

	6.  	Special
Resolutions 

	 	6.1 	DBSI
and Egged agree to vote the DBSI Holdings and the Egged Holdings respectively against a
resolution approving any of the following issues, unless the Parties agree otherwise in a
prior written agreement to that extent: 

	 	6.1.1 	Distribution
of dividends or other benefit to shareholders (as such terms are defined in the Companies
Law) of either more or less than 75% of the profits appropriate for distribution under
law.  

	 	6.1.2 	Increase
of the share capital of Nexus or Pointer. 

	 	6.1.3 	Entry
into or amendment of any shareholders agreement to which Nexus is a party (including
amendment of the Recanati Agreement).  

	 	6.1.4 	For
a period of twenty four (24) months commencing as of the date hereof, issuance of new
shares or any other securities convertible into shares by Nexus under a pre-money
valuation of Nexus lower that the pre-money valuation under the Share Purchase Agreement,
not including issuance of new options to employees of Nexus and its subsidiaries of up to
5% in the aggregate of the issued share capital of Nexus and issuance of shares by Nexus
as a result of exercise of any options and warrants outstanding as of the date hereof.  

	 	6.1.5 	Approval
of material transactions which are not in the ordinary course of business of Nexus and
Pointer, including, the sale and/or pledge of a substantial amount of the assets,
material acquisition of businesses or companies or material investments, in other
businesses or companies, reorganization, merger, amalgamation, spin-off, de-merger,
entering into new fields of business, cessation of activities, dissolution, material
transactions with interested parties (as such term is defined in the Companies Law).  

- 4 -

	 	6.1.6 	The
amendment of the Articles of Association of Nexus or Pointer or any other direct or
indirect subsidiary of Nexus in such a way which shall have an adverse effect on the
rights of either of the Parties.  

	7.  	Transfer
of Shares in Nexus 

	 	
Other
than a transfer within the usual trade of the stock exchange or to an Affiliate (as
defined below), if a Party proposes to transfer shares in Nexus to one or more third
parties (“Disposition”), then the following provisions shall apply.  

	 	
For
this purpose, the term “Affiliate”, shall mean with regard to an entity (“X”)
any entity that directly or indirectly (i) is under Control of “X”, (ii) has
Control over “X”, or (iii) is under common Control with “X”. For this
purpose, “Control”, shall mean ownership of at least 51% of the equity
or voting power of an entity or the right to appoint more than 51% of the members of the
board of directors of such entity.  

	 	7.1 	Right
of First Refusal 

	 	7.1.1 	In
the event of a Disposition by Egged, Egged shall give DBSI a written notice of its
intention to make the Disposition (“Transfer Notice”), which Transfer
Notice shall include (i) a description of the shares to be transferred (“Offered
Shares”), (ii) the identity of the prospective transferee(s) and the
ultimate beneficiary of such transferee (“Proposed Transferee”) and (iii) the
consideration and the material terms and conditions upon which the proposed Disposition
is to be made. The Transfer Notice shall certify that Egged has received a firm offer
from the prospective transferee(s) and in good faith believes a binding agreement for the
Transfer is obtainable on the terms set forth in the Transfer Notice. The Transfer Notice
shall also include a copy of any written proposal, term sheet or letter of intent or
other agreement relating to the proposed Disposition.  

	 	7.1.2 	DBSI
shall have an option for a period of thirty days from its receipt of the Transfer Notice,
to elect to purchase the Offered Shares at the same price and subject to the same terms
and conditions as described in the Transfer Notice by notifying Egged in writing, before
expiration of the thirty days period (“Purchase Notice”). Failure to
respond to the Transfer Notice within the applicable period will be deemed a waiver of
the right to exercise.  

	 	7.1.3 	In
the event that DBSI does not exercise its option under this § 7.1 to the
full extent, Egged, at any time thereafter, up to the expiration of 3 months from the end
of such period, shall be at liberty to transfer all, but not fewer than all, the Offered
Shares to the transferee(s) identified in the Transfer Notice on a bona fide sale at any
price and conditions not being less favorable to Egged than those contained in the
Transfer Notice. In such event and subject to the Proposed Transferee purchasing more
than 50% of Egged Holdings then the Proposed Transferee shall become a party to this
Shareholders Agreement instead of Egged, by signature on this Agreement, and this
Agreement shall apply mutatis mutandis to such Proposed Transferee. It is hereby
clarified that the provisions of Section 3.2 herein shall apply to the Proposed
Transferee without change.  

	 	7.1.4 	The
provisions of this Section 7.21 shall not apply to any sale and/or transfer by
Egged to any Affilate, provided that such Affiliate, prior to such transfer, confirms in
writing to DBSI, on terms reasonably accepted to DBSI, that it agrees to be bound by all
agreements binding upon Egged immediately prior to such transfer and that Egged
unconditionally guarantees performance by the Affiliate.  

- 5 -

	 	7.2 	Tag
Along 

	 	7.2.1 	In
the event of (i) a Disposition by DBSI; or (b) a change of control (as defined below )
over DBSI or a company holding any part of the DBSI Holdings; DBSI shall provide Egged
with a Transfer Notice and Egged shall have the right to demand in the Purchase Notice
that, as a condition to the transaction, the proposed purchaser shall purchase from
Egged, at the same terms described in the Purchase Offer that portion of Nexus shares
proposed to be acquired by the proposed purchaser (“Transaction Shares”)
expressed by a fraction, the numerator of which is the Egged Holdings and the denominator
of which is the sum of (i) the Egged Holdings and the number of shares then held by other
shareholders of Nexus granted this right by DBSI, as set forth in Exhibit 7.2.1, and
utilizing such right and (ii) the number of shares then held by DBSI (“Pro Rata
Percentage”). The right granted in this § 7.2 to Egged is only in
respect of the Shares.  

	 	
For
this purpose, a “change of control” shall mean a situation where the Dotan
family and the Ben Shalom family together directly or indirectly hold less than 50.01% of
the issued and outstanding shares of the pertinent corporation. 

	 	7.2.2 	If
no notice is received within the said five business days it will be deemed a waiver by
Egged to exercise its co-sale right.  

	 	7.2.3 	Egged
hereby acknowledges that DBSI has granted similar co-sale rights to other shareholders of
Nexus and the Pro Rata Percentage shall be determined based on the number of other
shareholders granted this right who shall exercise their co-sale rights.  

	 	7.2.4 	If
Egged elects not to participate in such sale and/or transfer, then DBSI shall be entitled
to sell and/or transfer the Transaction Shares to the proposed purchaser within ninety
(90) days thereafter, on the same terms and conditions as offered to Egged. Any
Transaction Shares not sold within such 90 days period shall continue to be subject to
the requirements under this Section 7.  

	 	7.2.5 	The
provisions of this Section 7.2 shall not apply to any sale and/or transfer by
DBSI to any Affilate, provided that such Affiliate, prior to such transfer, confirms in
writing to Egged, on terms reasonably accepted to Egged, that it agrees to be bound by
all agreements binding upon DBSI immediately prior to such transfer and that DBSI
unconditionally guarantees performance by the Affiliate.  

- 6 -

	8.  	Dispute
Resolution 

	 	8.1 	Arbitration 

	 	
Any
controversy or claim arising out of or relating to this Agreement, including questions of
arbitrability, shall be settled solely by arbitration in accordance with this Section
8. Any such arbitration shall be conducted in the Hebrew language, in Tel Aviv,
Israel, by a single arbitrator mutually agreed upon by the Parties who is an attorney,
and in the event that the identity of an arbitrator cannot be agreed upon within 15 days
following submission to arbitration – by an arbitrator who is an attorney and
appointed by the President of the Israeli Bar Association. The arbitrator shall not be
bound by rules of civil procedure or the principals governing admissibility of evidence.
The arbitrator shall have the right to order discovery as the arbitrator deem
appropriate. This Section 8 shall be deemed as an Arbitration Agreement. 

	 	8.2 	Expenses 

	 	
The
expenses of each Party, including legal and accounting fees, if any, with respect to the
arbitration, shall be borne by such Party, except to the extent otherwise directed by the
arbitrator, who shall endeavor to allocate them among the disputing Parties based upon
the relative merits of their cases. The expenses of the arbitrator shall be borne as a
function of and in proportion to the arbitrator’s determination of the dispute. 

	 	8.3 	Interim
Relief 

	 	
Notwithstanding
anything in this Section 8 each Party may seek interim injunctive relief from a
court of competent jurisdiction provided that such interim injunction relief shall be
until an arbitrator is appointed. The continuance of such interim relief may be
determined by the arbitrator. No arbitration pursuant to this Agreement shall be stayed
or delayed pending the outcome of any judicial or other proceedings. 

	 	8.4 	Arbitral
Award 

	 	
The
award of the arbitrator shall be issued in a written opinion, which shall set forth the
arbitrator’s finding of facts and conclusions, and shall be conclusive and binding
upon the Parties. Judgment upon an arbitral award may be entered in any court of
competent jurisdiction. The arbitrator shall have the right to order injunctive relief
and the payment of attorneys’ fees, costs and other damages. 

	9.  	Miscellaneous 

	 	9.1 	Entire
Agreement 

	 	
Subject
to the provisions of § 3 above, this Agreement constitutes the sole
understanding of the parties with respect to the subject matter hereof. No amendment,
modification or alteration of the terms or provisions of this Agreement shall be binding
unless the same shall be in writing and duly executed by the parties hereto. 

	 	9.2 	Cooperation 

	 	
Each
of the Parties shall take such actions, including the execution and delivery of further
instruments, as may be necessary to give full effect to the provisions hereof and to the
intent of the Parties. 

- 7 -

	 	9.3 	Amendments 

	 	
This
Agreement may not be amended, modified, released, or discharged in any manner except by
an instrument in writing, referring to this Agreement, and signed by all Parties or
confirmed by an exchange of faxes. 

	 	9.4 	Relationship
of the Parties; No Benefit to Others 

	 	9.4.1 	This
Agreement shall not create an agency or partnership relationship, and nothing hereunder
shall be deemed to authorize either Party to act for, represent or bind the other except
as expressly provided in this Agreement.  

	 	9.4.2 	This
Agreement is for the sole benefit of the Parties and their successors and permitted
assigns and shall not be construed as conferring any rights on any third parties.  

	 	9.5 	Severability 

	 	
If
and solely to the extent that any provision of this Agreement shall be invalid or
unenforceable, or shall render this entire Agreement to be unenforceable or invalid, such
offending provision shall be of no effect and shall not affect the validity of the
remainder of this Agreement or any of its provisions; provided, however, the Parties
shall use their respective reasonable efforts to renegotiate the offending provisions to
best accomplish the original intentions of the parties. 

	 	9.6 	Governing
Law 

	 	
This
Agreement shall be governed by and construed in accordance with the laws of the State of
Israel, without giving effect to any conflicts of laws principals. 

	 	9.7 	Jurisdiction 

	 	
Subject
to the provisions of § 8 above, any action or proceeding will be brought in a
competent court located in the city of Tel Aviv, Israel, and each Party hereto
irrevocably submits to the exclusive jurisdiction of such court in respect to any such
action or proceeding. Any ruling of such court may be enforced in any court of law of
competent jurisdiction. Each Party hereto irrevocably waives to the fullest extent
provided by applicable law any objection that it may now or hereafter have to the laying
of venue of any such action or proceeding in such court and any claim that any such
action or proceeding brought in any such court has been brought in an inconvenient forum. 

	 	9.8 	Counterparts 

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

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

- 8 -

	 	9.10 	No
Waiver 

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

	 	9.10.2 	No
delay or omission to exercise any right, power, or remedy accruing to any Party upon any
breach or default under this Agreement, shall be deemed a waiver of any other breach or
default therefore or thereafter occurring. Any waiver, permit, consent, or approval of
any kind on the part of any Party of any breach or default under this Agreement, or any
waiver by any Party of any provisions or conditions of this Agreement, must be in writing
and executed by such Party and shall be effective only to the extent specifically set
forth in such writing.  

	 	9.11 	Successors
and Assigns 

	 	
Subject
to 7.1.3 above,  

	 	9.11.1 	The
terms and conditions of this Agreement shall inure to the benefit of and be binding upon
the respective successors of the parties hereto; provided, however, that  

	 	9.11.2 	this
Agreement may not be assigned by any party without the prior written consent of the other
party hereto.  

	 	
Any
attempted assignment in violation of this § 9.11 shall be void and of no
effect.  

	 	9.12 	Notices 

	 	
All
notices and other communications required or permitted hereunder shall be in writing and
shall be deemed effectively given (a) upon personal delivery, (b) on the first business
day after delivery to a courier service which guarantees next business-day delivery,
under circumstances in which such guaranty is applicable, or (c) on the earlier of
delivery or five (5) business days after mailing by certified or registered mail, postage
and fees prepaid, to the appropriate party at the address set forth above or to such
other address as the part so notifies the other in writing. 

	 	9.13 	Remedies 

	 	
All
rights, remedies, undertakings, obligations, and agreements contained in this Agreement
shall be cumulative and none of them shall be a limitation of any other remedy, right,
undertaking, obligation, or agreement. 

- 9 -

	 	9.14 	Construction 

	 	9.14.1 	The
preamble and recitals in this Agreement consist an integral part of this Agreement.  

	 	9.14.2 	The
headings in this Agreement and their associated numbers are included for ease of
reference only and shall have no legal, constructive or interpretive effect.  

	 	9.14.3 	The
word "including" shall mean including without limitation. 

	 	9.14.4 	The
word "day" shall mean a calendar day, with no exception for holidays or  non-business
 days, and such day                        expires at 4:00 p.m. Tel Aviv Time. 

	 	9.14.5 	This
Agreement shall be construed as if drafted jointly by the parties and no presumption or
burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship
of any of the provisions of this Agreement.  

IN WITNESS WHEREOF, each of the
parties hereto has executed this Agreement as of the date first above written. 

_______________________
DBSI INVESTMENTS LTD. 

____________________
EGGED HOLDINGS LTD. 

- 10 -

AMENDMENT TO
SHAREHOLDERS AGREEMENT 

        This
Amendment to Shareholders Agreement is made as of January 30, 2005 by and between DBSI
Investments Ltd. (“DBSI”), having an address at 85 Medinat Hayehudim
Street, Herzeliya, and Egged Holdings Ltd. (“Egged”), having an address
at 142 Menachem Begin Street, Tel Aviv. Collectively the “Parties”. 

	WHEREAS,  		the
Parties entered into a Shareholders  Agreement on November 16, 2004 (the “Shareholders
 Agreement”); and 

	WHEREAS,  		the
Parties wish to amend certain terms of the Shareholders Agreement.  

NOW, THEREFORE, the Parties hereto hereby
agree as follows: 

	 	1.	 Section
4.1.1 of the Shareholders Agreement shall be replaced with the           following: 

	 	4.1.1 	Board
of Directors of Nexus  

	 	
During
the term of this Agreement, the Board of Directors of Nexus shall consist of seven
directors of which: (i) four (4) members will be nominated by DBSI; (ii) one (1) member
will be nominated by Egged; and (iii) two members shall be external directors as required
by the Companies Law, 1999 (“Companies Law”), upon the need to replace
any of which, one shall be recommended by Egged and one shall be recommended by DBSI, in
that order. The member to be nominated by Egged as set forth in sub-section (ii) above
will be either the Chairman of the Board of Directors, CEO or CFO of Egged or Egged’s
parent company. Egged herby agrees to vote at a shareholders meeting of Nexus for any
nominee who may be proposed by DBSI to become a member of the Board of Directors of Nexus
in accordance with subsection (i) above, and DBSI hereby agrees to vote at a shareholders
meeting of Nexus for the nominee which may be proposed by Egged to become a member of the
Board of Directors of Nexus in accordance with sub-section (ii) above. It is hereby
clarified that neither Party is obligated in any way to vote for any external director to
be recommended by the other Party.  

	 	2.	      All
other terms and conditions of the Shareholders Agreement shall remain           without
change. 

	

————————————

DBSI INVESTMENTS LTD.

	

——————————

 EGGED HOLDINGS LTD.

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