Document:

F-3

Exhibit 4.3  

THIS WARRANT AND THE SHARES ISSUABLE
HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY
NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF
UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 

WARRANT TO PURCHASE
STOCK 

		
		
		
		
		
	Corporation:	RADVIEW SOFTWARE LTD., a company organized under the laws of
	 	the State of Israel
	Number of Shares:	352,941
	Class of Shares:	Ordinary Shares
	Initial Exercise Price:	$0.17 per share
	Issue Date:	May 25, 2005
	Expiration Date:	May 25, 2012

        THIS
WARRANT CERTIFIES THAT, for good and valuable consideration, the receipt of which is
hereby acknowledged, COMERICA BANK or its assignee (“Holder”) is entitled to
purchase the number of fully paid and nonassessable ordinary shares, NIS 0.01 par value
per share (the “Shares”) of the company (the “Company”) at the initial
exercise price per Share (the “Warrant Price”) all as set forth above and as
adjusted pursuant to Article 2 of this warrant, subject to the provisions and upon the
terms and conditions set forth in this warrant. 

	ARTICLE 1.  	EXERCISE.  

    1.1        Method
of Exercise. Holder may exercise this warrant by delivering this warrant and a duly
executed Notice of Exercise in substantially the form attached as Appendix 1 to the
principal office of the Company. Unless Holder is exercising the conversion right set
forth in Section 1.2, Holder shall also deliver to the Company a check for the aggregate
Warrant Price for the Shares being purchased.  

    1.2        Conversion
Right. In lieu of exercising this warrant as specified in Section 1.1, Holder may
from time to time convert this warrant, in whole or in part, into a number of Shares
determined by dividing (a) the aggregate fair market value of the Shares or other
securities otherwise issuable upon exercise of this warrant minus the aggregate Warrant
Price of such Shares by (b) the fair market value of one Share. The fair market value of
the Shares shall be determined pursuant to Section 1.3.  

    1.3        Fair
Market Value. If the Shares are traded regularly in a public market, the “fair
market value” of a Share shall, for purposes of Section 1.2 hereof, be the average
closing price per Share reported in such public market for the 10 trading days
immediately before Holder delivers its Notice of Exercise to the Company, and for
purposes of Section 2.7 and 3.1 hereof, be the closing price per Share reported in such
public market on the date of determination (or if such date is not a trading day, the
immediately preceding trading day). If the Shares are not regularly traded in a public
market, the Board of Directors of the Company shall determine fair market value in its
reasonable good faith judgment.  

    1.4        Delivery
of Certificate and New Warrant. Promptly after Holder exercises or converts this
warrant, the Company shall deliver to Holder certificates for the Shares acquired and, if
this warrant has not been fully exercised or converted and has not expired, a new warrant
representing the Shares not so acquired.  

    1.5        Replacement
of Warrants. On receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this warrant and, in the case of loss, theft or
destruction, on delivery of an indemnity agreement reasonably satisfactory in form and
amount to the Company or, in the case of mutilation, on surrender and cancellation of
this warrant, the Company at its expense shall execute and deliver, in lieu of this
warrant, a new warrant of like tenor.  

    1.6        Repurchase
on Sale, Merger, or Consolidation of the Company.  

		    1.6.1        “Acquisition.”For
the purpose of this warrant, “Acquisition” means (a) any sale, license, or
other disposition of all or substantially all of the assets (including intellectual
property) of the Company, or (b) any reorganization, consolidation, merger or sale of the
voting securities of the Company or any other transaction where the holders of the Company’s
securities before the transaction beneficially own less than 50% of the outstanding
voting securities of the surviving entity after the transaction.  

		    1.6.2        Assumption
of Warrant. If upon the closing of any Acquisition the successor entity assumes the
obligations of this warrant, then this warrant shall be exercisable for the same
securities, cash, and property as would be payable for the Shares issuable upon exercise
of the unexercised portion of this warrant as if such Shares were outstanding on the
record date for the Acquisition and subsequent closing. The Warrant Price shall be
adjusted accordingly. The Company shall use reasonable efforts to cause the surviving
corporation to assume the obligations of this warrant.  

		    1.6.3        Nonassumption.
If upon the closing of any Acquisition the successor entity does not assume the
obligations of this warrant and Holder has not otherwise exercised this warrant in full,
then this warrant shall be deemed to have been automatically converted pursuant to
Section 1.2 and thereafter Holder shall participate in the Acquisition on the same terms
as other holders of the same class of securities of the Company.  

	ARTICLE 2.  	ADJUSTMENTS
TO THE SHARES.  

    2.1        Share
Dividends, Splits, Etc. If the Company declares or pays a dividend on its ordinary
shares payable in ordinary shares, or other securities, or subdivides the outstanding
ordinary shares into a greater amount of ordinary shares, then upon exercise of this
warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total
number and kind of securities to which Holder would have been entitled had Holder owned
the Shares of record as of the date the dividend or subdivision occurred.  

    2.2        Reclassification,
Exchange or Substitution. Upon any reclassification, exchange, substitution, or other
event that results in a change of the number and/or class of the securities issuable upon
exercise or conversion of this warrant, Holder shall be entitled to receive, upon
exercise or conversion of this warrant, the number and kind of securities and property
that Holder would have received for the Shares if this warrant had been exercised
immediately before such reclassification, exchange, substitution, or other event. The
Company or its successor shall promptly issue to Holder a new warrant for such new
securities or other property. The new warrant shall provide for adjustments which shall
be as nearly equivalent as may be practicable to the adjustments provided for in this
Article 2 including, without limitation, adjustments to the Warrant Price and to the
number of securities or property issuable upon exercise of the new warrant. The
provisions of this Section 2.2 shall similarly apply to successive reclassifications,
exchanges, substitutions, or other events.  

2

    2.3        Adjustments
for Combinations, Etc. If the outstanding Shares are combined or consolidated, by
reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be
proportionately increased. If the outstanding Shares are combined or consolidated, by
reclassification or otherwise, into a greater number of shares, the Warrant Price shall
be proportionately decreased.  

    2.4        No
Impairment. The Company shall not, by amendment of its Articles of Association or
through a reorganization, transfer of assets, consolidation, merger, dissolution, issue,
or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed under this
warrant by the Company, but shall at all times in good faith assist in carrying out all
the provisions of this Article 2 and in taking all such action as may be necessary or
appropriate to protect Holder’s rights under this Article against impairment.  

    2.5        Certificate
as to Adjustments. Upon each adjustment of the Warrant Price, the Company at its
expense shall promptly compute such adjustment, and furnish Holder with a certificate of
its Chief Financial Officer setting forth such adjustment and the facts upon which such
adjustment is based. The Company shall, upon written request, furnish Holder a
certificate setting forth the Warrant Price in effect upon the date thereof and the
series of adjustments leading to such Warrant Price.  

    2.7        Fractional
Shares. No fractional Shares shall be issuable upon exercise or conversion of the
Warrant and the number of Shares to be issued shall be rounded down to the nearest whole
Share. If a fractional share interest arises upon any exercise or conversion of the
Warrant, the Company shall eliminate such fractional share interest by paying Holder the
amount computed by multiplying the fractional interest by the fair market value of a full
Share.  

	ARTICLE 3.  	REPRESENTATIONS
AND COVENANTS OF THE COMPANY.  

    3.1        Representations
and Warranties. The Company hereby represents and warrants to the Holder as follows:  

		    1.        The
initial Warrant Price referenced on the first page of this warrant is not
          greater than the fair market value of the Shares as of the date of this
warrant.  

		    2.        All
Shares which may be issued upon the exercise of the purchase right           represented
by this warrant shall, upon issuance, be duly authorized, validly           issued, fully
paid and nonassessable, and free of any liens and encumbrances           except for
restrictions on transfer provided for herein or under applicable           federal and
state securities laws.  

		    3.        The
Company’s capitalization table attached to this warrant is true and
          complete as of its date, and there has been no material change to the
          Company’s capitalization since such date.  

    3.2        Notice
of Certain Events. If the Company proposes at any time (a) to declare any dividend or
distribution upon its ordinary shares, whether in cash, property, shares, or other
securities and whether or not a regular cash dividend; (b) to offer for subscription pro
rata to the holders of any class or series of its shares any additional shares of stock
of any class or series or other rights; (c) to effect any reclassification or
recapitalization of ordinary shares; or (d) to merge or consolidate with or into any
other corporation, or sell, lease, license, or convey all or substantially all of its
assets, or to liquidate, dissolve or wind up, then, in connection with each such event,
the Company shall give Holder (1) at least 20 days prior written notice of the date on
which a record will be taken for such dividend, distribution, or subscription rights (and
specifying the date on which the holders of ordinary shares will be entitled thereto) or
for determining rights to vote, if any, in respect of the matters referred to in (a) and
(b) above; and (2) in the case of the matters referred to in (c) and (d) above at least
20 days prior written notice of the date when the same will take place (and specifying
the date on which the holders of ordinary shares will be entitled to exchange their
ordinary shares for securities or other property deliverable upon the occurrence of such
event).  

3

    3.3        Information
Rights. So long as the Holder holds this warrant and/or any of the Shares, the
Company shall deliver to the Holder (to the extent not otherwise filed with the
Securities and Exchange Commission pursuant to the filing requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934, as amended) (a) promptly after mailing,
copies of all communications to the shareholders of the Company, (b) within one-hundred
and twenty (120) days after the end of each fiscal year of the Company, the annual
audited financial statements of the Company certified by independent public accountants
of recognized standing and (c) within forty-five (45) days after the end of each of the
first three quarters of each fiscal year, the Company’s quarterly, unaudited
financial statements.  

    3.4        Registration
Under Securities Act of 1933, as amended. To the extent that the Company grants
incidental, or “Piggyback,” registration rights to any holder of its equity
securities, the Company shall take such actions as Holder may reasonably request such
that Holder shall be entitled to the same incidental, or “Piggyback,” registration
rights with respect to the Shares.  

	ARTICLE 4.  	MISCELLANEOUS.  

    4.1        Term:
Exercise Upon Expiration. This warrant is exercisable in whole or in part, at any
time and from time to time on or before the Expiration Date set forth above. If this
warrant has not been exercised prior to the Expiration Date, this warrant shall be deemed
to have been automatically exercised on the Expiration Date by “cashless” conversion
pursuant to Section 1.2.  

    4.2        Legends.
This warrant and the Shares shall be imprinted with a legend in substantially the
following form:  

THIS SECURITY HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE
144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT
SUCH REGISTRATION IS NOT REQUIRED. 

    4.3        Compliance
with Securities Laws on Transfer. This warrant and the Shares issuable upon exercise
of this warrant may not be transferred or assigned in whole or in part without compliance
with applicable federal and state securities laws by the transferor and the transferee
(including, without limitation, the delivery of investment representation letters and
legal opinions reasonably satisfactory to the Company). The Company shall not require
Holder to provide an opinion of counsel if the transfer is to an affiliate of Holder or,
unless the Company determines after consultation with its counsel regarding applicable
securities laws in effect at the time of such transfer, an opinion of counsel is
necessary, if there is no material question as to the availability of current information
as referenced in Rule 144(c), Holder represents that it has complied with Rule 144(d) and
(e) in reasonable detail, the selling broker represents that it has complied with Rule
144(f), and the Company is provided with a copy of Holder’s notice of proposed sale.  

    4.4        Transfer
Procedure. Subject to the provisions of Section 4.3, Holder may transfer all or part
of this warrant or the Shares issuable upon exercise of this warrant by giving the
Company notice of the portion of the warrant being transferred setting forth the name,
address and taxpayer identification number of the transferee and surrendering this
warrant to the Company for reissuance to the transferee(s) (and Holder, if applicable);
provided, however, that Holder may transfer all or part of this warrant to
its affiliates, including, without limitation, Comerica Incorporated, at any time without
notice to the Company, and such affiliate shall then be entitled to all the rights of
Holder under this warrant and any related agreements, and the Company shall cooperate
fully in ensuring that any shares issued upon exercise of this warrant is issued in the
name of the affiliate that exercises the warrant. The terms and conditions of this
warrant shall inure to the benefit of, and be binding upon, the Company and the holders
hereof and their respective permitted successors and assigns. Unless the Company is
filing financial information with the SEC pursuant to the Securities Exchange Act of
1934, the Company shall have the right to refuse to transfer any portion of this warrant
to any person who directly competes with the Company.  

4

    4.5        Notices.
All notices and other communications from the Company to the Holder, or vice versa, shall
be deemed delivered and effective when given personally or mailed by first-class
registered or certified mail, postage prepaid, at such address as may have been furnished
to the Company or the Holder, as the case may be, in writing by the Company or such
Holder from time to time. All notices to the Holder shall be addressed as follows:  

	 	Comerica
Bank 

Attn:  Warrant Administrator 

500 Woodward Avenue, 32nd Floor, MC 3379 

Detroit, MI 48226 

    4.6        Amendments.
This warrant and any term hereof may be changed, waived, discharged or terminated only by
an instrument in writing signed by the party against which enforcement of such change,
waiver, discharge or termination is sought.  

    4.7        Attorneys’ Fees.
In the event of any dispute between the parties concerning the terms and provisions of
this warrant, the party prevailing in such dispute shall be entitled to collect from the
other party all costs incurred in such dispute, including reasonable attorneys’ fees.  

    4.8        Governing
Law. This warrant shall be governed by and construed in accordance with the laws of
the State of Israel, without giving effect to conflicts of law principles.  

			RADVIEW SOFTWARE LTD.

By:
——————————————

Name:
——————————————
Title:

——————————————

			

By:
——————————————

Name:
——————————————
Title:

——————————————

Authorized signatories under
Corporate Resolutions to Borrow or an authorized signer(s) under a resolution covering
warrants must sign the warrant. 

5

APPENDIX 1 

NOTICE OF EXERCISE 

         1.       
          The undersigned hereby elects to purchase ______________ ordinary shares of
          RADVIEW SOFTWARE LTD. pursuant to the terms of the attached warrant, and
          tenders herewith payment of the purchase price of such shares in full. 

         1.       
          The undersigned hereby elects to convert the attached warrant into shares in the
          manner specified in the warrant. This conversion is exercised with respect to
          ______________ of the shares covered by the warrant. 

        [Strike
paragraph that does not apply.] 

         2.       
          Please issue a certificate or certificates representing said shares in the name
          of the undersigned or in such other name as is specified below: 

	 	Comerica
Bank 

Attn:  Warrant Administrator 

500 Woodward Avenue, 32nd Floor, MC 3379 

Detroit, MI 48226 

         3.       
          The undersigned represents it is acquiring the shares solely for its own account
          and not as a nominee for any other party and not with a view toward the resale
          or distribution thereof except in compliance with applicable securities laws. 

COMERICA BANK or
Registered Assignee  

——————————————
(Signature) 

——————————————
(Signature) 

——————————————
(Date) 

6F-3

Exhibit 4.12  

WARRANT  

	 	
THIS
WARRANT AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT (THE
“SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, (THE “SECURITIES ACT”) OR QUALIFIED UNDER ANY STATE OR
FOREIGN SECURITIES LAW, AND THE WARRANT AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE MAY
NOT BE SOLD, TRANSFERRED, PLEDGED, ASSIGNED OR HYPOTHECATED, UNLESS THERE IS AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT COVERING THIS WARRANT AND/OR SUCH
SECURITIES OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS
NOT REQUIRED. 

to purchase 

Ordinary Shares
of 

Radview Software Ltd. 

at an exercise price of
$0.06 per share 

VOID
AFTER 17:00 p.m. (prevailing Tel Aviv time) 

On
the Expiration Date (as hereinafter defined) 

	No.W-037  	Date:
April 28, 2007 

Radview Software Ltd., an Israeli
company with its principal offices in Israel located at 14 Hamelacha Street, Park Afek,
Rosh Ha’ayin 48091 Israel (the “Company”), hereby grants to Meitav
Underwriting Ltd. (the “Holder”), the right to purchase, subject to the
terms and conditions hereof, up to One Million, Six Hundred and Forty Five Thousand, Three
Hundred and Fifty (1,645,350) Ordinary Shares, nominal value NIS 0.01 per share, of the
Company (“Ordinary Shares”), exercisable at any time from time to time,
on or after the date hereof (the “Effective Date”), and until the fifth
(5th) anniversary of the Effective Date (the “Expiration
Date”). The number and type of shares which may be purchased hereunder and the
Exercise Price are subject to adjustment as provided below. 

	1.  	DEFINITIONS  

	 	
In
this Warrant the terms below shall have the following meaning, unless otherwise
specifically provided or required by the context: 

          	 	1.1. 	
               “Warrant Shares” means (i) the Ordinary Shares purchasable
               hereunder; and (ii) any other securities into which or for which any of the
               securities described in (i) may be converted or exchanged pursuant to a plan of
               recapitalization, reorganization, merger, sale of assets or otherwise. 

               

          	 	1.2. 	
               “Exercise Price” means the price of four cents ($0.06) for each
               Warrant Share, as adjusted in the manner set forth hereinafter. 

               

          	 	1.3. 	
               “Warrants” means this Warrant and all warrants hereafter issued
               in exchange or substitution for this Warrant. 

               

          	2. 	
               WARRANT PERIOD; EXERCISE OF WARRANT 

               

          	 	2.1. 	
               This Warrant may be exercised in whole at any time, or in part from time to
               time, beginning on the Effective Date until the Expiration Date (the
               “Warrant Period”), by the surrender of this Warrant (with a
               duly executed exercise form in the form attached hereto as Exhibit
               A), at the principal office of the Company in Israel set forth
               above, together with proper payment of the Exercise Price multiplied by the
               number of Warrant Shares for which the Warrant is being exercised. Payment for
               Warrant Shares shall be made by certified or official bank check(s), payable to
               the order of the Company or by wire transfer to an account to be designated in
               writing by the Company. Payments shall be made in United States dollars. 

               

          	 	2.2. 	
               Subject to the other limitations set forth in this Warrant, in lieu of payment
               of the Exercise Price the Holder may elect to exchange this Warrant, or any
               portion thereof, for a number of Warrant Shares equal to the number of Warrant
               Shares computed using the following formula: 

               

		X 	= 	Y (A-B) 

     A 

	 	
Where: 

	 	X  	=	
   the number of Warrant Shares (adjusted to the date of such calculation,  but excluding
                         those shares already issued under this Warrant) to be issued to
the Holder. 

	 	Y  	=	the  number of  Warrant  Shares  purchasable  under the  Warrant or such part that the
                         Holder  has  chosen  to  exercise  in  this  manner  (adjusted
 to the  date  of  such                          calculations  in the event of
 re-capitalization,  but excluding  those shares already                          issued
under this Warrant). 

	 	A  	=	the Fair Market Value of one Warrant Share. 

	 	B  	=	Exercise Price (as adjusted to the date of such calculation in the event of
                         re-capitalization). 

	 	
For
purposes hereof, the “Fair Market Value” of a Warrant Share as of a particular
date (the “Determination Date”) shall mean:  

	 	(i) 	if
the Company’s Warrant Shares are traded on the American Stock Exchange
               or another national exchange or are quoted on the National or SmallCap
Market of                The Nasdaq Stock Market, Inc.(“Nasdaq”), then the
closing or last sale                price, respectively, reported for the last business
day immediately preceding                the Determination Date.  

	 	(ii) 	If
the Company’s Warrant Shares are not traded on the American Stock
               Exchange or another national exchange or on the Nasdaq but are traded on
the                NASD OTC Bulletin Board, then the mean of the average of the closing
bid and                asked prices reported for the last business day immediately
preceding the                Determination Date.  

	 	(iii) 	Except
as provided in clause (iv) below, if the Company’s Warrant Shares                are
not publicly traded, then as the Holder and the Company agree or in the
               absence of agreement, by arbitration before a single arbitrator qualified
by                education and training to pass on the matter to be decided.  

2

	 	(iv) 	If
the Determination Date is the date of a liquidation, dissolution or winding
               up, or any event deemed to be a liquidation, dissolution or winding up
pursuant                to the Company’s Articles of Association (the “Articles”),
then                all amounts to be payable per share to holders of the Warrant Shares
pursuant to                the Articles in the event of such liquidation, dissolution or
winding up,                assuming for the purposes of this clause (d) that all of the
Warrant Shares then                issuable upon exercise of the Warrant are outstanding
at the Determination Date.  

          	 	2.3. 	
               The Holder of the Warrant, by its acceptance hereof, covenants and agrees that
               this Warrant is being acquired as an investment and not with a view to the
               distribution hereof and such Holder further covenants and agrees that it will
               not sell, transfer, pledge, assign, or hypothecate the Warrant or the Warrant
               Shares unless there is an effective registration statement under the Securities
               Act covering the Warrant or the Warrant Shares, or the Holder of the Warrant
               and/or the Warrant Shares receives an opinion of counsel satisfactory to the
               Company stating that such sale, transfer, pledge, assignment, or hypothecation
               is exempt from the registration and prospectus delivery requirements of the
               Securities Act and the qualification requirements under applicable law. 

               

          	 	2.4. 	
               If this Warrant should be exercised in part, the Company shall, upon surrender
               of this Warrant for cancellation, execute and deliver a new Warrant evidencing
               the rights of the Holder to purchase the remainder of the Warrant Shares
               purchasable hereunder. The Company shall pay any and all expenses, taxes and
               other charges that may be payable in connection with the issuance of the Warrant
               Shares and the preparation and delivery of share certificates pursuant to this
               Section 2 in the name of the Holder (including without limitation the applicable
               stamp duty if mandated), and to the extent required, the execution and delivery
               of a new Warrant, provided, however, that the Company shall only be required to
               pay taxes which are due as a direct result of the issuance of the Warrant Shares
               or other securities, properties or rights underlying such Warrants (such as the
               applicable stamp duty), and will not be required to pay any tax which may be (i)
               due as a result of the specific identity of the Holder or (ii) payable in
               respect of any transfer involved in the issuance and delivery of any such
               certificates in a name other than that of the Holder. For the avoidance of
               doubt, the Corporation shall not be liable for any income tax or capital gains
               tax that the Holder will be required to pay with respect to the issuance of such
               Warrant Shares. 

               

          	 	2.5. 	
               No fractions of Ordinary Shares shall be issued in connection with the exercise
               of this Warrant, and the number of Ordinary Shares issued shall be rounded up or
               down to the nearest whole number. 

               

          	 	2.6. 	
               Upon the issuance of Ordinary Shares resulting from the exercise in whole or in
               part of this Warrant, the Company shall deliver to the Holder an irrevocable
               letter of instructions to the Company’s transfer agent to issue as soon as
               is reasonably practicable to the Holder share certificates reflecting the
               Warrant Shares exercised thereby, together with any and all other documents
               required for the issuance of such certificates by the transfer agent. 

               

3

          	3. 	
               RESERVATION OF SHARES 

               

	 	
The
Company covenants that: (i) at all times during the Warrant Period it shall have in
reserve, and will keep available solely for issuance or delivery upon exercise of the
Warrant, such number of Ordinary Shares as shall be issuable upon the exercise hereof, and
(b) upon exercise of the Warrant and payment of the Exercise Price hereunder, or upon a
cashless exercise as provided herein, the Warrant Shares issuable upon such exercise will
be validly issued, fully paid, non assessable, free and clear from any lien, encumbrance,
pledge or any other third party right and not subject to any preemptive rights. 

	4.  	ADJUSTMENTS
TO EXERCISE PRICE AND NUMBER OF SECURITIES  

	 	4.1. 	Subdivision
and Combination. In case the Company shall at any time subdivide or combine the
Ordinary Shares, the Exercise Price shall forthwith be
proportionately decreased in the case of subdivision or increased in
the case of combination. 

	 	4.2. 	Stock
Dividends and Distributions. In case the Company shall pay a dividend on, or
make a distribution of, Ordinary Shares or of the Company's share
capital, the Exercise Price shall forthwith be proportionately
decreased. An adjustment pursuant to this Section 4.2 shall be made
as of the record date for the subject stock dividend or distribution. 

	 	4.3. 	Adjustment
in Number of Securities. Upon each adjustment of the Exercise Price pursuant to
the provisions of Sections 4.1 and 4.2, the number of Ordinary Shares
issuable upon the exercise of each Warrant shall be adjusted to the
nearest full amount by multiplying a number equal to the Exercise
Price in effect immediately prior to such adjustment by the number of
Ordinary Shares issuable upon exercise of the Warrants immediately
prior to such adjustment and dividing the product so obtained by the
adjusted Exercise Price. 

	 	4.4. 	No
Adjustment of Exercise Price in Certain Cases. No adjustment of the Exercise Price
shall be made if the amount of said adjustment shall be less than 1
cents ($0.01) per Ordinary Share, provided, however, that in such
case any adjustment that would otherwise be required then to be made
shall be carried forward and shall be made at the time of and together with the next
subsequent adjustment which, together with any adjustment so carried
forward, shall amount to at least 1 cents ($0.01) per Ordinary Share. 

	 	4.5. 	Merger
or Consolidation. In case of any consolidation of the Company with or merger of the
Company with, or merger of the Company into (other than a merger
which does not result in any reclassification or change of the
outstanding Ordinary Shares), the Company shall cause the corporation
formed by such consolidation or merger or surviving such merger to execute and
deliver to the Holder a supplemental warrant agreement providing
that the Holder of the Warrant then outstanding or to be outstanding
shall have the right thereafter (until the expiration of such
Warrant) to receive, upon exercise of such Warrant, the kind and amount
of shares of stock and other securities and property receivable upon
such consolidation or merger, by a holder of the number of Ordinary
Shares of the Company for which such Warrant might have been
exercised immediately prior to such consolidation or merger. Such
supplemental warrant agreement shall provide for adjustments, which
shall be identical to the adjustments provided in this Section 4.
The provisions of this Section 4.5 shall similarly apply to
successive consolidations or mergers. 

4

	5.  	In
each case of any  adjustment or  readjustment  described  above,  the Company at its
expense,  will          promptly cause its Chief Financial  Officer or other  appropriate
 designee to compute such adjustment          or readjustment  in accordance  with the
terms of the Warrant and prepare a certificate  setting forth          such  adjustment
 or  readjustment  and  showing in detail the facts  upon  which such  adjustment  or
         readjustment is based. The Company will forthwith mail a copy of each such
certificate to the Holder.

	6.  	NOTICES
TO WARRANT HOLDERS  

	 	
Nothing
contained in this Warrant shall be construed as conferring upon the Holder the right to
vote or to consent or to receive notice as a shareholder in respect of any meetings of
shareholders for the election of directors or any other matter, or as having any rights
whatsoever as a shareholder of the Company. If, however, at any time prior to the
Expiration Date, any of the following events shall occur: 

          	 	6.1. 	
               The Company shall take a record of the holders of its shares for the purpose of
               entitling them to receive a dividend or distribution payable otherwise than in
               cash, or a cash dividend or distribution payable other than out of current or
               retained earnings, as indicated by the accounting treatment of such dividend or
               distribution on the books of the Company; 

               

          	 	6.2. 	
               The Company shall offer to all the holders of its shares any additional shares
               of the share capital of the Company or securities convertible into or
               exchangeable for shares of the share capital of the Company, or any option,
               right or warrant to subscribe therefor; or 

               

          	 	6.3. 	
               A dissolution, liquidation or winding up of the Company (other than in
               connection with a consolidation or merger) or a sale of all or substantially all
               of its property, assets and business as an entirety shall be proposed; 

               

	 	
then,
in any one or more of said events, the Company shall give to the Holder written notice of
such event at least thirty (30) days prior to the date fixed as a record date or the date
of closing the transfer books for the determination of the shareholders entitled to such
dividend, distribution, convertible or exchangeable securities or subscription rights, or
entitled to vote on such proposed dissolution, liquidation, winding up or sale. 

          	7. 	
               TRANSFERABILITY 

               

          	 	7.1. 	
               The Company need not register a transfer of this Warrant or the Warrant Shares
               bearing the restrictive legend set forth in Section 7.2 below, unless the
               conditions specified in such legend are satisfied and the transferees provide
               the Company with written representations required pursuant to the Securities Act
               for such transfer and such transferees agree to be bound by the terms and
               conditions of this Warrant. The Company may also instruct its transfer agent not
               to register the transfer of the shares of Warrant Shares unless the conditions
               set forth in the previous sentence are satisfied. Any transfer of the Warrant
               Shares is subject to the Company’s Articles of Association. The Holder may,
               subject to applicable securities laws and compliance with the foregoing, sell,
               transfer, assign, encumber, pledge or otherwise dispose or undertake to dispose
               of the Warrant. 

               

          	 	7.2. 	
               Unless registered, the Warrant Shares issued upon exercise of the Warrants shall
               be subject to a stop transfer order and the certificate or certificates
               evidencing such Warrant Shares shall bear legend substantially similar to the
               following: 

               

5

	 	
“THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933 (THE “SECURITIES ACT”). THE SHARES HAVE BEEN ACQUIRED
FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT FOR THESE SHARES UNDER THE SECURITIES ACT, OR AN OPINION
OF COUNSEL FOR THE HOLDER OF THE SHARES SATISFACTORY TO THE COMPANY, THAT REGISTRATION IS
NOT REQUIRED UNDER THE SECURITIES ACT.” 

	8.  	LOSS,
ETC. OF WARRANT  

	 	
Upon
receipt of evidence satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant, and of indemnity reasonably satisfactory to the Company, if
lost, stolen or destroyed, and upon surrender and cancellation of this Warrant, if
mutilated, and upon reimbursement of the Company’s reasonable direct expenses, the
Company shall execute and deliver to the Holder a new Warrant of like date, tenor and
denomination. 

	9.  	HEADINGS  

	 	
The
headings of this Warrant have been inserted as a matter of convenience and shall not
affect the construction hereof. 

	10.  	NOTICES  

	 	
Unless
otherwise provided, any notice required or permitted under this Warrant shall be given in
writing and shall be deemed effectively given upon personal delivery to the party to be
notified or seven (7) days after deposit with the post authority, for dispatch by
registered or certified mail, postage prepaid and addressed to the Holder at the address
set forth in the Company’s books and to the Company at the address of its principal
offices set forth above, or when given by facsimile or other form of rapid written
communication, provided that confirming copies are sent by such airmail. 

	11.  	GOVERNING
LAW  

	 	
This
Warrant shall be governed by and construed and enforced in accordance with the laws of the
State of Israel (regardless of the laws that might otherwise govern under applicable
Israel principles of conflicts of law). Except as provided elsewhere herein, any dispute
arising out of or in connection with this Warrant is hereby submitted to the sole and
exclusive jurisdiction of the competent courts located in the District of Tel Aviv. 

	12.  	Rights
of Shareholders. No holder of this Warrant shall be entitled, as a Warrant holder, to
vote or receive dividends or be deemed the holder of the shares of the
applicable class of Warrant Shares or any other securities of the Company
which may at any time be issuable on the exercise of this Warrant for any
purpose, nor shall anything contained herein be construed to confer upon the holder of
this Warrant, as such, any of the rights of a shareholder of the Company
or any right to vote for the election of directors or upon any matter submitted
to shareholders at any meeting thereof, or to give or withhold consent to any
corporate action (whether upon any recapitalization, issuance of share,
reclassification of share, change of par value, consolidation, merger,
conveyance, or otherwise) or, except as specified herein, to receive notice of
meetings, or to receive dividends or subscription rights or otherwise until
the Warrant shall have been exercised and the shares of the applicable class
of Warrant Shares purchasable upon the exercise hereof shall have become
deliverable, as provided herein.  

6

	13.  	Additional
Representations and Warranties by the Holder. The Holder represents and warrants to
the Company as follows:  

	 	(a) 	The
Holder understands that the Warrant and the Warrant Shares have not been
                    registered under the Securities Act (as defined below), or another
comparable                     law, by reason of their issuance in a transaction exempt
from registration under                     the Securities Act, and that they must be
held by the Holder indefinitely, and                     that the Holder must therefore
bear the economic risk of such investment                     indefinitely, unless the
Warrant Shares have been registered for resale under                     the Securities
Act or such resale is exempted from such registration. The Holder                     is
aware of the provisions of Rule 144 promulgated under the Securities Act
                    and its requirements for the resale of the Warrant Shares which
permits limited                     resale of shares purchased in a private placement
subject to the satisfaction of                     certain conditions. The Holder further
understands that the Warrant Shares have                     not been qualified under any
state or non-U.S. securities law. The Holder                     understands that no
public market now exists for any of the Warrant Shares                     and/or the
Warrant and that the Company has made no assurances that a public
                    market will ever exist for the Warrant Shares. 

	 	(b) 	The
Holder has such knowledge and experience in financial and business matters
                    that it is capable of evaluating the merits and risks of the purchase
of this                     Warrant and the Warrant Shares purchasable pursuant to the
terms of this Warrant                     and of protecting its interests in connection
therewith. 

	 	(c) 	The
Holder is able to bear the economic risk of the purchase of the Warrant
                    Shares pursuant to the terms of this Warrant including an entire loss
of the                     value of such investment. 

	 	(d) 	If
Holder is a resident or citizen of the United States or the offer of the
                    Warrant Shares was made to the Holder, while such person or entity
was in the                     United States, then the Holder is an “accredited
investor” within the                     meaning of Rule 501(a) promulgated under
the Securities Act . 

	 	(e) 	If
the Holder is not a resident or citizen of the United States and the offer of
                    the Warrant Shares was not made to the Holder while the Holder was in
the United                     States, then the Holder acknowledge and agree that the
offer and sale of the                     Warrant Shares is being made in reliance upon
Regulation S promulgated under the                     Securities Act and that the offer
and sale of the Warrant Shares constitutes an                     “offshore
transaction” within the meaning of Regulation S, as amended                     from
time to time. 

	14.  	ENTIRE
AGREEMENT; AMENDMENT AND WAIVER  

        This
Warrant and the Exhibit hereto constitute the full and entire understanding and agreement
between the parties with regard to the subject matters hereof and thereof. Any term of
this Warrant may be amended and the observance of any term hereof may be waived (either
prospectively or retroactively and either generally or in a particular instance) only with
the written consent of both the Company and the Holders of a majority of the outstanding
Warrants issued pursuant to the subscription agreement dated ________, except that any
amendment that has an adverse effect on the financial terms of the Warrant shall require
the consent of the affected Holder. Any amendment or waiver affected in accordance with
this Section 14 shall be binding upon the Company, the holders of all Warrants and each
transferee of the Warrants. 

7

SIGNATURE PAGE OF
WARRANT  

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed as of the date first written above. 

	Radview Software Ltd.

By:
——————————————

Name:    Jaron Lotan
Title:   Chairman of the Board		

	By:
——————————————

Name:    Limor Stoller
Title:   Vice President of Finance		

Agreed and Accepted: 

	Meitav Underwriting Ltd.

By:
——————————————

Name:    
——————————————

Title:   
——————————————		

8

EXHIBIT A  

Warrant Exercise Form 

_________________, 200_ 

Radview Software Ltd.

14 Hamelacha Street

Park Afek, Rosh Haayin 48091

Israel 

Dear Sirs, 

Re:     Exercise of Warrant  

        The
 undersigned,  pursuant  to the  provisions  set  forth in the  attached  Warrant  (No.
 PW-____), hereby elects to purchase ____________ Ordinary Shares covered by such Warrant. 

        The
undersigned herewith makes payment of the full Exercise Price for such shares at the price
per share provided for in such Warrant, which is $___________. Such payment takes the form
of (check applicable box): 

	__________  	$__________
in lawful money of the United States; and/or 

	__________  	the
cancellation of such portion of the attached Warrant as is exercisable for a total of
_______ Ordinary Shares (using a Fair Market Value of $_______ per share for purposes of
this calculation), pursuant to the cashless exercise procedure set forth in Section 2.2.  

        The
undersigned requests that the certificates for such shares be issued in the name of
___________ and delivered to _____________ whose address is ______________________. 

        The
undersigned represents and warrants that all offers and sales by the undersigned of the
securities issuable upon exercise of the within Warrant shall be made pursuant to
registration of the Ordinary Shares under the Securities Act of 1933, as amended (the
“Securities Act”) or pursuant to an exemption from registration under the
Securities Act. 

	Dated: ______________________________________________ 	____________________________________________________

(Signature must conform to name of Holder as specified on the
face of the Warrant)

	 	Address: 	______________________________________________ 
______________________________________________ 

9

WARRANT  

	 	
THIS
WARRANT AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT (THE
“SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, (THE “SECURITIES ACT”) OR QUALIFIED UNDER ANY STATE OR
FOREIGN SECURITIES LAW, AND THE WARRANT AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE MAY
NOT BE SOLD, TRANSFERRED, PLEDGED, ASSIGNED OR HYPOTHECATED, UNLESS THERE IS AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT COVERING THIS WARRANT AND/OR SUCH
SECURITIES OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS
NOT REQUIRED. 

to purchase 

Ordinary Shares
of 

Radview Software Ltd. 

at an exercise price of
$0.06 per share 

VOID
AFTER 17:00 p.m. (prevailing Tel Aviv time) 

On
the Expiration Date (as hereinafter defined) 

	No.W-038  	Date:
April 28, 2007 

Radview Software Ltd., an Israeli
company with its principal offices in Israel located at 14 Hamelacha Street, Park Afek,
Rosh Ha’ayin 48091 Israel (the “Company”), hereby grants to Meitav
Underwriting Ltd. (the “Holder”), the right to purchase, subject to the
terms and conditions hereof, up to One Million, One Hundred and Seventy Three Thousand,
Five Hundred and Ninety Nine (1,173,599) Ordinary Shares, nominal value NIS 0.01 per
share, of the Company (“Ordinary Shares”), exercisable at any time from
time to time, on or after the date hereof (the “Effective Date”), and
until the fifth (5th) anniversary of the Effective Date (the
“Expiration Date”). The number and type of shares which may be purchased
hereunder and the Exercise Price are subject to adjustment as provided below. 

	1.  	DEFINITIONS  

	 	
In
this Warrant the terms below shall have the following meaning, unless otherwise
specifically provided or required by the context: 

          	 	1.1. 	
               “Warrant Shares” means (i) the Ordinary Shares purchasable
               hereunder; and (ii) any other securities into which or for which any of the
               securities described in (i) may be converted or exchanged pursuant to a plan of
               recapitalization, reorganization, merger, sale of assets or otherwise. 

               

          	 	1.2. 	
               “Exercise Price” means the price of four cents ($0.06) for each
               Warrant Share, as adjusted in the manner set forth hereinafter. 

               

10

          	 	1.3. 	
               “Warrants” means this Warrant and all warrants hereafter issued
               in exchange or substitution for this Warrant. 

               

          	2. 	
               WARRANT PERIOD; EXERCISE OF WARRANT 

               

          	 	2.1. 	
               This Warrant may be exercised in whole at any time, or in part from time to
               time, beginning on the Effective Date until the Expiration Date (the
               “Warrant Period”), by the surrender of this Warrant (with a
               duly executed exercise form in the form attached hereto as Exhibit
               A), at the principal office of the Company in Israel set forth
               above, together with proper payment of the Exercise Price multiplied by the
               number of Warrant Shares for which the Warrant is being exercised. Payment for
               Warrant Shares shall be made by certified or official bank check(s), payable to
               the order of the Company or by wire transfer to an account to be designated in
               writing by the Company. Payments shall be made in United States dollars. 

               

          	 	2.2. 	
               Subject to the other limitations set forth in this Warrant, in lieu of payment
               of the Exercise Price the Holder may elect to exchange this Warrant, or any
               portion thereof, for a number of Warrant Shares equal to the number of Warrant
               Shares computed using the following formula: 

               

		X 	= 	Y (A-B) 

     A 

	 	
Where: 

	 	X  	=	
   the number of Warrant Shares (adjusted to the date of such calculation,  but excluding
                         those shares already issued under this Warrant) to be issued to
the Holder. 

	 	Y  	=	the  number of  Warrant  Shares  purchasable  under the  Warrant or such part that the
                         Holder  has  chosen  to  exercise  in  this  manner  (adjusted
 to the  date  of  such                          calculations  in the event of
 re-capitalization,  but excluding  those shares already                          issued
under this Warrant). 

	 	A  	=	the Fair Market Value of one Warrant Share. 

	 	B  	=	Exercise Price (as adjusted to the date of such calculation in the event of
                         re-capitalization). 

	 	
For
purposes hereof, the “Fair Market Value” of a Warrant Share as of a particular
date (the “Determination Date”) shall mean:  

	 	(i) 	if
the Company’s Warrant Shares are traded on the American Stock Exchange
               or another national exchange or are quoted on the National or SmallCap
Market of                The Nasdaq Stock Market, Inc.(“Nasdaq”), then the
closing or last sale                price, respectively, reported for the last business
day immediately preceding                the Determination Date.  

	 	(ii) 	If
the Company’s Warrant Shares are not traded on the American Stock
               Exchange or another national exchange or on the Nasdaq but are traded on
the                NASD OTC Bulletin Board, then the mean of the average of the closing
bid and                asked prices reported for the last business day immediately
preceding the                Determination Date.  

11

	 	(iii) 	Except
as provided in clause (iv) below, if the Company’s Warrant Shares                are
not publicly traded, then as the Holder and the Company agree or in the
               absence of agreement, by arbitration before a single arbitrator qualified
by                education and training to pass on the matter to be decided.  

	 	(iv) 	If
the Determination Date is the date of a liquidation, dissolution or winding
               up, or any event deemed to be a liquidation, dissolution or winding up
pursuant                to the Company’s Articles of Association (the “Articles”),
then                all amounts to be payable per share to holders of the Warrant Shares
pursuant to                the Articles in the event of such liquidation, dissolution or
winding up,                assuming for the purposes of this clause (d) that all of the
Warrant Shares then                issuable upon exercise of the Warrant are outstanding
at the Determination Date.  

          	 	2.3. 	
               The Holder of the Warrant, by its acceptance hereof, covenants and agrees that
               this Warrant is being acquired as an investment and not with a view to the
               distribution hereof and such Holder further covenants and agrees that it will
               not sell, transfer, pledge, assign, or hypothecate the Warrant or the Warrant
               Shares unless there is an effective registration statement under the Securities
               Act covering the Warrant or the Warrant Shares, or the Holder of the Warrant
               and/or the Warrant Shares receives an opinion of counsel satisfactory to the
               Company stating that such sale, transfer, pledge, assignment, or hypothecation
               is exempt from the registration and prospectus delivery requirements of the
               Securities Act and the qualification requirements under applicable law. 

               

          	 	2.4. 	
               If this Warrant should be exercised in part, the Company shall, upon surrender
               of this Warrant for cancellation, execute and deliver a new Warrant evidencing
               the rights of the Holder to purchase the remainder of the Warrant Shares
               purchasable hereunder. The Company shall pay any and all expenses, taxes and
               other charges that may be payable in connection with the issuance of the Warrant
               Shares and the preparation and delivery of share certificates pursuant to this
               Section 2 in the name of the Holder (including without limitation the applicable
               stamp duty if mandated), and to the extent required, the execution and delivery
               of a new Warrant, provided, however, that the Company shall only be required to
               pay taxes which are due as a direct result of the issuance of the Warrant Shares
               or other securities, properties or rights underlying such Warrants (such as the
               applicable stamp duty), and will not be required to pay any tax which may be (i)
               due as a result of the specific identity of the Holder or (ii) payable in
               respect of any transfer involved in the issuance and delivery of any such
               certificates in a name other than that of the Holder. For the avoidance of
               doubt, the Corporation shall not be liable for any income tax or capital gains
               tax that the Holder will be required to pay with respect to the issuance of such
               Warrant Shares. 

               

          	 	2.5. 	
               No fractions of Ordinary Shares shall be issued in connection with the exercise
               of this Warrant, and the number of Ordinary Shares issued shall be rounded up or
               down to the nearest whole number. 

               

12

          	 	2.6. 	
               Upon the issuance of Ordinary Shares resulting from the exercise in whole or in
               part of this Warrant, the Company shall deliver to the Holder an irrevocable
               letter of instructions to the Company’s transfer agent to issue as soon as
               is reasonably practicable to the Holder share certificates reflecting the
               Warrant Shares exercised thereby, together with any and all other documents
               required for the issuance of such certificates by the transfer agent. 

               

          	3. 	
               RESERVATION OF SHARES 

               

	 	
The
Company covenants that: (i) at all times during the Warrant Period it shall have in
reserve, and will keep available solely for issuance or delivery upon exercise of the
Warrant, such number of Ordinary Shares as shall be issuable upon the exercise hereof, and
(b) upon exercise of the Warrant and payment of the Exercise Price hereunder, or upon a
cashless exercise as provided herein, the Warrant Shares issuable upon such exercise will
be validly issued, fully paid, non assessable, free and clear from any lien, encumbrance,
pledge or any other third party right and not subject to any preemptive rights. 

	4.  	ADJUSTMENTS
TO EXERCISE PRICE AND NUMBER OF SECURITIES  

	 	4.1. 	Subdivision
and Combination. In case the Company shall at any time subdivide or combine the
Ordinary Shares, the Exercise Price shall forthwith be
proportionately decreased in the case of subdivision or increased in
the case of combination. 

	 	4.2. 	Stock
Dividends and Distributions. In case the Company shall pay a dividend on, or
make a distribution of, Ordinary Shares or of the Company's share
capital, the Exercise Price shall forthwith be proportionately
decreased. An adjustment pursuant to this Section 4.2 shall be made
as of the record date for the subject stock dividend or distribution. 

	 	4.3. 	Adjustment
in Number of Securities. Upon each adjustment of the Exercise Price pursuant to
the provisions of Sections 4.1 and 4.2, the number of Ordinary Shares
issuable upon the exercise of each Warrant shall be adjusted to the
nearest full amount by multiplying a number equal to the Exercise
Price in effect immediately prior to such adjustment by the number of
Ordinary Shares issuable upon exercise of the Warrants immediately
prior to such adjustment and dividing the product so obtained by the
adjusted Exercise Price. 

	 	4.4. 	No
Adjustment of Exercise Price in Certain Cases. No adjustment of the Exercise Price
shall be made if the amount of said adjustment shall be less than 1
cents ($0.01) per Ordinary Share, provided, however, that in such
case any adjustment that would otherwise be required then to be made
shall be carried forward and shall be made at the time of and together with the next
subsequent adjustment which, together with any adjustment so carried
forward, shall amount to at least 1 cents ($0.01) per Ordinary Share. 

	 	4.5. 	Merger
or Consolidation. In case of any consolidation of the Company with or merger of the
Company with, or merger of the Company into (other than a merger
which does not result in any reclassification or change of the
outstanding Ordinary Shares), the Company shall cause the corporation
formed by such consolidation or merger or surviving such merger to execute and
deliver to the Holder a supplemental warrant agreement providing
that the Holder of the Warrant then outstanding or to be outstanding
shall have the right thereafter (until the expiration of such
Warrant) to receive, upon exercise of such Warrant, the kind and amount
of shares of stock and other securities and property receivable upon
such consolidation or merger, by a holder of the number of Ordinary
Shares of the Company for which such Warrant might have been
exercised immediately prior to such consolidation or merger. Such
supplemental warrant agreement shall provide for adjustments, which
shall be identical to the adjustments provided in this Section 4.
The provisions of this Section 4.5 shall similarly apply to
successive consolidations or mergers. 

13

	5.  	In
each case of any  adjustment or  readjustment  described  above,  the Company at its
expense,  will          promptly cause its Chief Financial  Officer or other  appropriate
 designee to compute such adjustment          or readjustment  in accordance  with the
terms of the Warrant and prepare a certificate  setting forth          such  adjustment
 or  readjustment  and  showing in detail the facts  upon  which such  adjustment  or
         readjustment is based. The Company will forthwith mail a copy of each such
certificate to the Holder.

	6.  	NOTICES
TO WARRANT HOLDERS  

	 	
Nothing
contained in this Warrant shall be construed as conferring upon the Holder the right to
vote or to consent or to receive notice as a shareholder in respect of any meetings of
shareholders for the election of directors or any other matter, or as having any rights
whatsoever as a shareholder of the Company. If, however, at any time prior to the
Expiration Date, any of the following events shall occur: 

          	 	6.1. 	
               The Company shall take a record of the holders of its shares for the purpose of
               entitling them to receive a dividend or distribution payable otherwise than in
               cash, or a cash dividend or distribution payable other than out of current or
               retained earnings, as indicated by the accounting treatment of such dividend or
               distribution on the books of the Company; 

               

          	 	6.2. 	
               The Company shall offer to all the holders of its shares any additional shares
               of the share capital of the Company or securities convertible into or
               exchangeable for shares of the share capital of the Company, or any option,
               right or warrant to subscribe therefor; or 

               

          	 	6.3. 	
               A dissolution, liquidation or winding up of the Company (other than in
               connection with a consolidation or merger) or a sale of all or substantially all
               of its property, assets and business as an entirety shall be proposed; 

               

	 	
then,
in any one or more of said events, the Company shall give to the Holder written notice of
such event at least thirty (30) days prior to the date fixed as a record date or the date
of closing the transfer books for the determination of the shareholders entitled to such
dividend, distribution, convertible or exchangeable securities or subscription rights, or
entitled to vote on such proposed dissolution, liquidation, winding up or sale. 

14

          	7. 	
               TRANSFERABILITY 

               

          	 	7.1. 	
               The Company need not register a transfer of this Warrant or the Warrant Shares
               bearing the restrictive legend set forth in Section 7.2 below, unless the
               conditions specified in such legend are satisfied and the transferees provide
               the Company with written representations required pursuant to the Securities Act
               for such transfer and such transferees agree to be bound by the terms and
               conditions of this Warrant. The Company may also instruct its transfer agent not
               to register the transfer of the shares of Warrant Shares unless the conditions
               set forth in the previous sentence are satisfied. Any transfer of the Warrant
               Shares is subject to the Company’s Articles of Association. The Holder may,
               subject to applicable securities laws and compliance with the foregoing, sell,
               transfer, assign, encumber, pledge or otherwise dispose or undertake to dispose
               of the Warrant. 

               

          	 	7.2. 	
               Unless registered, the Warrant Shares issued upon exercise of the Warrants shall
               be subject to a stop transfer order and the certificate or certificates
               evidencing such Warrant Shares shall bear legend substantially similar to the
               following: 

               

	 	
“THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933 (THE “SECURITIES ACT”). THE SHARES HAVE BEEN ACQUIRED
FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT FOR THESE SHARES UNDER THE SECURITIES ACT, OR AN OPINION
OF COUNSEL FOR THE HOLDER OF THE SHARES SATISFACTORY TO THE COMPANY, THAT REGISTRATION IS
NOT REQUIRED UNDER THE SECURITIES ACT.” 

	8.  	LOSS,
ETC. OF WARRANT  

	 	
Upon
receipt of evidence satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant, and of indemnity reasonably satisfactory to the Company, if
lost, stolen or destroyed, and upon surrender and cancellation of this Warrant, if
mutilated, and upon reimbursement of the Company’s reasonable direct expenses, the
Company shall execute and deliver to the Holder a new Warrant of like date, tenor and
denomination. 

	9.  	HEADINGS  

	 	
The
headings of this Warrant have been inserted as a matter of convenience and shall not
affect the construction hereof. 

	10.  	NOTICES  

	 	
Unless
otherwise provided, any notice required or permitted under this Warrant shall be given in
writing and shall be deemed effectively given upon personal delivery to the party to be
notified or seven (7) days after deposit with the post authority, for dispatch by
registered or certified mail, postage prepaid and addressed to the Holder at the address
set forth in the Company’s books and to the Company at the address of its principal
offices set forth above, or when given by facsimile or other form of rapid written
communication, provided that confirming copies are sent by such airmail. 

15

	11.  	GOVERNING
LAW  

	 	
This
Warrant shall be governed by and construed and enforced in accordance with the laws of the
State of Israel (regardless of the laws that might otherwise govern under applicable
Israel principles of conflicts of law). Except as provided elsewhere herein, any dispute
arising out of or in connection with this Warrant is hereby submitted to the sole and
exclusive jurisdiction of the competent courts located in the District of Tel Aviv. 

	12.  	Rights
of Shareholders. No holder of this Warrant shall be entitled, as a Warrant holder, to
vote or receive dividends or be deemed the holder of the shares of the
applicable class of Warrant Shares or any other securities of the Company
which may at any time be issuable on the exercise of this Warrant for any
purpose, nor shall anything contained herein be construed to confer upon the holder of
this Warrant, as such, any of the rights of a shareholder of the Company
or any right to vote for the election of directors or upon any matter submitted
to shareholders at any meeting thereof, or to give or withhold consent to any
corporate action (whether upon any recapitalization, issuance of share,
reclassification of share, change of par value, consolidation, merger,
conveyance, or otherwise) or, except as specified herein, to receive notice of
meetings, or to receive dividends or subscription rights or otherwise until
the Warrant shall have been exercised and the shares of the applicable class
of Warrant Shares purchasable upon the exercise hereof shall have become
deliverable, as provided herein.  

	13.  	Additional
Representations and Warranties by the Holder. The Holder represents and warrants to
the Company as follows:  

	 	(a) 	The
Holder understands that the Warrant and the Warrant Shares have not been
                    registered under the Securities Act (as defined below), or another
comparable                     law, by reason of their issuance in a transaction exempt
from registration under                     the Securities Act, and that they must be
held by the Holder indefinitely, and                     that the Holder must therefore
bear the economic risk of such investment                     indefinitely, unless the
Warrant Shares have been registered for resale under                     the Securities
Act or such resale is exempted from such registration. The Holder                     is
aware of the provisions of Rule 144 promulgated under the Securities Act
                    and its requirements for the resale of the Warrant Shares which
permits limited                     resale of shares purchased in a private placement
subject to the satisfaction of                     certain conditions. The Holder further
understands that the Warrant Shares have                     not been qualified under any
state or non-U.S. securities law. The Holder                     understands that no
public market now exists for any of the Warrant Shares                     and/or the
Warrant and that the Company has made no assurances that a public
                    market will ever exist for the Warrant Shares. 

	 	(b) 	The
Holder has such knowledge and experience in financial and business matters
                    that it is capable of evaluating the merits and risks of the purchase
of this                     Warrant and the Warrant Shares purchasable pursuant to the
terms of this Warrant                     and of protecting its interests in connection
therewith. 

	 	(c) 	The
Holder is able to bear the economic risk of the purchase of the Warrant
                    Shares pursuant to the terms of this Warrant including an entire loss
of the                     value of such investment. 

	 	(d) 	If
Holder is a resident or citizen of the United States or the offer of the
                    Warrant Shares was made to the Holder, while such person or entity
was in the                     United States, then the Holder is an “accredited
investor” within the                     meaning of Rule 501(a) promulgated under
the Securities Act . 

16

	 	(e) 	If
the Holder is not a resident or citizen of the United States and the offer of
                    the Warrant Shares was not made to the Holder while the Holder was in
the United                     States, then the Holder acknowledge and agree that the
offer and sale of the                     Warrant Shares is being made in reliance upon
Regulation S promulgated under the                     Securities Act and that the offer
and sale of the Warrant Shares constitutes an                     “offshore
transaction” within the meaning of Regulation S, as amended                     from
time to time. 

	14.  	ENTIRE
AGREEMENT; AMENDMENT AND WAIVER  

        This
Warrant and the Exhibit hereto constitute the full and entire understanding and agreement
between the parties with regard to the subject matters hereof and thereof. Any term of
this Warrant may be amended and the observance of any term hereof may be waived (either
prospectively or retroactively and either generally or in a particular instance) only with
the written consent of both the Company and the Holders of a majority of the outstanding
Warrants issued pursuant to the subscription agreement dated ________, except that any
amendment that has an adverse effect on the financial terms of the Warrant shall require
the consent of the affected Holder. Any amendment or waiver affected in accordance with
this Section 14 shall be binding upon the Company, the holders of all Warrants and each
transferee of the Warrants. 

17

SIGNATURE PAGE OF
WARRANT  

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed as of the date first written above. 

	Radview Software Ltd.

By:
——————————————

Name:    Jaron Lotan
Title:   Chairman of the Board		

	By:
——————————————

Name:    Limor Stoller
Title:   Vice President of Finance		

Agreed and Accepted: 

	Meitav Underwriting Ltd.

By:
——————————————

Name:    
——————————————

Title:   
——————————————		

18

EXHIBIT A  

Warrant Exercise Form 

_________________, 200_ 

Radview Software Ltd.

14 Hamelacha Street

Park Afek, Rosh Haayin 48091

Israel 

Dear Sirs, 

Re:     Exercise of Warrant  

        The
 undersigned,  pursuant  to the  provisions  set  forth in the  attached  Warrant  (No.
 PW-____), hereby elects to purchase ____________ Ordinary Shares covered by such Warrant. 

        The
undersigned herewith makes payment of the full Exercise Price for such shares at the price
per share provided for in such Warrant, which is $___________. Such payment takes the form
of (check applicable box): 

	__________  	$__________
in lawful money of the United States; and/or 

	__________  	the
cancellation of such portion of the attached Warrant as is exercisable for a total of
_______ Ordinary Shares (using a Fair Market Value of $_______ per share for purposes of
this calculation), pursuant to the cashless exercise procedure set forth in Section 2.2.  

        The
undersigned requests that the certificates for such shares be issued in the name of
___________ and delivered to _____________ whose address is ______________________. 

        The
undersigned represents and warrants that all offers and sales by the undersigned of the
securities issuable upon exercise of the within Warrant shall be made pursuant to
registration of the Ordinary Shares under the Securities Act of 1933, as amended (the
“Securities Act”) or pursuant to an exemption from registration under the
Securities Act. 

	Dated: ______________________________________________ 	____________________________________________________

(Signature must conform to name of Holder as specified on the
face of the Warrant)

	 	Address: 	______________________________________________ 
______________________________________________ 

19

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