Document:

F-1/A

Exhibit 4.4  

WARRANT AGENCY AGREEMENT  

        THIS
WARRANT AGENCY AGREEMENT dated as of April __, 2009 between ATTUNITY LTD, an
Israeli corporation, with offices at Kfar Netter Industrial Park, POB 3787 Kfar Netter
40593, Israel (the “Company”), and AMERICAN STOCK TRANSFER & TRUST
COMPANY, LLC, a New York limited liability trust company, with offices at 59 Maiden
Lane, New York, New York 10038, as warrant agent (the “Agent”). 

        WHEREAS,
the Company is engaged in a rights offering (“Rights Offering”) to holders of
its ordinary shares, held as of a record date to be determined by the Company (the
“Holders”), to purchase one ordinary share, par value NIS 0.1 (“Ordinary
Shares”), at an exercise price of $[__] per share and, in connection therewith, has
determined to issue and deliver up to _______ warrants to the Holders, each such Warrant
evidencing the right of the record Holder thereof to purchase one Ordinary Share, at an
exercise price of $[__] per share, subject to adjustment as described herein (the
“Warrants”), at a rate of one such Warrant for every [__] Ordinary Shares that
such record Holder acquires pursuant to the Rights Offering; and 

        WHEREAS,
the Company has filed with the Securities and Exchange Commission a Registration
Statement, No. 333-155738 on Form F-1 (“Registration Statement”), for the
registration, under the Securities Act of 1933, as amended (“Act”) of, among
other securities, the Ordinary Shares, Warrants and the Ordinary Shares issuable upon
exercise of the Warrants; and 

         
WHEREAS, the Company desires the Agent to act on behalf of the Company, and the Agent is
willing to so act, in connection with the issuance, registration, transfer, exchange,
redemption and exercise of the Warrants; and 

        WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon
which they shall be issued and exercised, and the respective rights, limitation of rights,
and immunities of the Company, the Agent, and the holders of the Warrants; and 

        NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto
agree as follows: 

	1.  	Appointment
of Agent  

        The
Company hereby appoints the Agent to act as agent for the Company for the Warrants, and
the Agent hereby accepts such appointment and agrees to perform the same in accordance
with the terms and conditions set forth in this Agreement. 

	2.  	Warrants  

		    2.1        Form
of Warrant.  Each Warrant shall be issued in registered form only, shall be
in substantially the form of Exhibit A hereto, the provisions of which are incorporated
herein and shall be signed by, or bear the facsimile signature of, the Chairman or Chief
Executive Officer and Chief Financial Officer or VP Finance of the Company and shall bear
the Company’s printed name or a facsimile of the Company’s seal.  In
the event the person whose facsimile signature has been placed upon any Warrant shall
have ceased to serve in the capacity in which such person signed the Warrant before such
Warrant is issued, it may be issued with the same effect as if he or she had not ceased
to be such at the date of issuance.  

		    2.2        Effect
of Countersignature.  Unless and until countersigned by the Agent pursuant
to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised
by the holder thereof.  

		    2.3        Registration.  

		    2.3.1        Warrant
Register.  The Agent shall maintain books (“Warrant Register”)
for the registration of original issuance and the registration of transfer of the
Warrants.  Upon the initial issuance of the Warrants, the Agent shall issue and
register the Warrants in the names of the respective holders thereof in such
denominations and otherwise in accordance with instructions delivered to the Agent by the
Company.  

		    2.3.2        Registered
Holder.  Prior to due presentment for registration of transfer of any
Warrant, the Company and the Agent may deem and treat the Holder in whose name such
Warrant shall be registered upon the Warrant Register (“registered holder”), as
the absolute owner of such Warrant and of each Warrant represented thereby
(notwithstanding any notation of ownership or other writing on the warrant certificate
made by anyone other than the Company or the Agent), for the purpose of any exercise
thereof, and for all other purposes, and neither the Company nor the Agent shall be
affected by any notice to the contrary.  

	3.  	Terms
and Exercise of Warrants  

		    3.1        Warrant
Price.  Each Warrant shall, when countersigned by the Agent, entitle the
registered holder thereof, subject to the provisions of such Warrant and of this
Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at
the price of $[__] per whole share, subject to the adjustments provided in Section 4
hereof.  The term “Warrant Price” as used in this Agreement refers to
the price per share at which Ordinary Shares may be purchased at the time a Warrant is
exercised.  

		    3.2        Duration
of Warrants.  A Warrant may be exercised only during the period (“Exercise
Period”) commencing as soon as practicable following their issuance and terminating
at 5:00 p.m., Eastern Time on the date ___ years after the issue date (“Expiration
Date”).  Each Warrant not exercised on or before the Expiration Date shall
become void, and all rights thereunder and all rights in respect thereof under this
Agreement shall cease at the close of business on the Expiration Date.  The
Company in its sole discretion may extend the duration of the Warrants by delaying the
Expiration Date; provided, however, that the Company will provide notice to registered
holders of the Warrants of such extension of not less than 14 days prior to such
Expiration Date.  

		    3.3        Exercise
of Warrants.  

		    3.3.1        Payment.  Subject
to the provisions of the Warrant and this Agreement, including Section 3.3.2, a Warrant,
when countersigned by the Agent, may be exercised by the registered holder thereof by
surrendering it, at the office of the Agent, or at the office of its successor as Agent,
in the Borough of Manhattan, City and State of New York, with the subscription form, as
set forth in the Warrant, duly executed, and by paying in full, in lawful money of the
United States, in good certified check or good bank draft payable to the order of the
Company (or as otherwise agreed to by the Company), the Warrant Price for each full
Ordinary Share as to which the Warrant is exercised and any and all applicable taxes due
in connection with the exercise of the Warrant, the exchange of the Warrant for the
Ordinary Shares, and the issuance of the Ordinary Shares. No cashless exercise will be
permitted for the Warrants.  

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		    3.3.2        Issuance
of Certificates.  As soon as practicable after the exercise of any Warrant
and the clearance of the funds in payment of the Warrant Price, the Agent shall issue to
the registered holder of such Warrant a certificate or certificates for the number of
full Ordinary Shares to which he is entitled, registered in such name or names as may be
directed by him, her or it, and if such Warrant shall not have been exercised in full, a
new countersigned Warrant for the number of shares as to which such Warrant shall not
have been exercised.  Notwithstanding the foregoing, the Company shall not be
obligated to deliver any securities pursuant to the exercise of a Warrant and shall have
no obligation to settle the Warrant exercise unless a registration statement under the
Act with respect to the Ordinary Shares is effective or unless the Company determines, in
its discretion, such exercise is exempt under the securities laws of the state of
residence of the Holder of such Warrants.  Notwithstanding anything to the
contrary contained in this Agreement, under no circumstances will the Company be required
to net cash settle the exercise of the Warrants.  Warrants may not be exercised
by, or securities issued to, any registered holder in any state in which such exercise
would be unlawful.  As a result of the provisions of this Section 3.3.2, any or
all of the warrants may expire unexercised.  

		    3.3.3        Valid
Issuance.  All Ordinary Shares issued upon the proper exercise of a Warrant
in conformity with this Agreement shall be validly issued, fully paid and nonassessable.  

		    3.3.4         Date
of Issuance.  Each person in whose name any such certificate for Ordinary
Shares is issued shall for all purposes be deemed to have become the holder of record of
such shares on the date on which the Warrant was surrendered and payment of the Warrant
Price was made, irrespective of the date of delivery of such certificate, except that, if
the date of such surrender and payment is a date when the share transfer books of the
Company are closed, such person shall be deemed to have become the holder of such shares
at the close of business on the next succeeding date on which the share transfer books
are open.  

	4.  	Adjustments  

		    4.1       Share
Dividends, Split Ups.  If after the date hereof, and subject to the
provisions of Section 4.6 below, the number of outstanding Ordinary Shares is increased
by a share dividend payable in Ordinary Shares, or by a split-up of Ordinary Shares, or
other similar event, then, on the effective date of such share dividend, split-up or
similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall
be increased in proportion to such increase in outstanding Ordinary Shares.  

		    4.2       Aggregation
of Shares.  If after the date hereof, and subject to the provisions of
Section 4.6, the number of outstanding Ordinary Shares is decreased by a consolidation,
amalgamation, merger, combination, reverse share split or reclassification of Ordinary
Shares or other similar event, then, on the effective date of such consolidation,
combination, reverse share split, reclassification or similar event, the number of
Ordinary Shares issuable on exercise of each Warrant shall be decreased in proportion to
such decrease in outstanding Ordinary Shares.  

		    4.3       Adjustments
in Exercise Price.  Whenever the number of Ordinary Shares purchasable upon
the exercise of the Warrants is adjusted, as provided in Section 4.1 and 4.2 above, the
Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price
immediately prior to such adjustment by a fraction (x) the numerator of which shall
be the number of Ordinary Shares purchasable upon the exercise of the Warrants
immediately prior to such adjustment, and (y) the denominator of which shall be the
number of Ordinary Shares so purchasable immediately thereafter.  

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		    4.4         Replacement
of Securities upon Reorganization, etc.  In case of any reclassification or
reorganization of the outstanding Ordinary Shares (other than a change covered by Section
4.1 or 4.2 hereof or that solely affects the par value of such Ordinary Shares), or in
the case of any consolidation, amalgamation, merger or combination of the Company with or
into another corporation (other than a consolidation or merger in which the Company is
the continuing corporation and that does not result in any reclassification or
reorganization of the outstanding Ordinary Shares), or in the case of any sale or
conveyance to another corporation or entity of the assets or other property of the
Company as an entirety or substantially as an entirety in connection with which the
Company is dissolved, the registered holders shall thereafter have the right, and only
the right, to purchase and receive, upon the basis and upon the terms and conditions
specified in the Warrants and in lieu of the Ordinary Shares of the Company immediately
theretofore purchasable and receivable upon the exercise of the rights represented
thereby, the kind and amount of Ordinary Shares or other securities or property
(including cash) receivable upon such reclassification, reorganization, consolidation,
amalgamation, merger or combination, or upon a dissolution following any such sale or
transfer, that the Board of Directors of the Company (the “Board”) determines
in good faith that the Warrant holder would have received if such Warrant holder had
exercised his, her or its Warrant(s) immediately prior to such event; and if any
reclassification also results in a change in Ordinary Shares covered by Section 4.1 or
4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this
Section 4.4.  The provisions of this Section 4.4 shall similarly apply to
successive reclassifications, reorganizations, mergers or consolidations, sales or other
transfers.  

		    4.5         Notices
of Changes in Warrant.  Upon every adjustment of the Warrant Price or the
number of shares issuable upon exercise of a Warrant, the Company shall give written
notice thereof to the Agent, which notice shall state the Warrant Price resulting from
such adjustment and the increase or decrease, if any, in the number of shares purchasable
at such price upon the exercise of a Warrant, setting forth in reasonable detail the
method of calculation and the facts upon which such calculation is based.  Upon
the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such
event, the Company shall cause the Agent to give written notice to each registered
holder, at the last address set forth for such holder in the warrant register, of the
record date or the effective date of the event.  Failure to give such notice,
or any defect therein, shall not affect the legality or validity of such event.  

		    4.6         No
Fractional Shares.  Notwithstanding any provision contained in this
Agreement to the contrary, the Company shall not issue fractional shares upon exercise of
Warrants.  If, by reason of any adjustment made pursuant to this Section 4, the
holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a
fractional interest in a share, the Company shall, upon such exercise, round down to the
nearest whole number the number of the Ordinary Shares to be issued to the registered
holder.  

		    4.7         Form
of Warrant.  The form of Warrant need not be changed because of any
adjustment pursuant to this Section 4, and Warrants issued after such adjustment may
state the same Warrant Price and the same number of shares as is stated in the Warrants
initially issued pursuant to this Agreement.  However, the Company may at any
time, in its sole discretion, make any change in the form of Warrant that the Company may
deem appropriate and that does not affect the substance thereof, and any Warrant
thereafter issued or countersigned, whether in exchange or substitution for an
outstanding Warrant or otherwise, may be in the form as so changed.  

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		    4.8         Notice
of Certain Transactions.  In the event that the Company shall propose to (a) offer
the holders of its Ordinary Shares rights to subscribe for or to purchase any securities
convertible into Ordinary Shares or shares of any class or any other securities, rights
or options, or (b) issue any rights, options or warrants entitling the holders of
Ordinary Shares to subscribe for Ordinary Shares (with the understanding that neither (a)
or (b) applies to the Rights Offering), the Company shall send to the Agent a notice of
such proposed action or offer if, and only if, the Company deems such event to trigger
any of the adjustments rights provided in this Article 4.  The Company shall
cause such notice to be mailed by the Agent to the registered holders at their addresses
as they appear in the Warrant Register, which shall specify the record date for the
purposes of such dividend, distribution or rights, or the date such issuance or event is
to take place and the date of participation therein by the holders of Ordinary Shares, if
any such date is to be fixed, and shall briefly indicate the effect of such action on the
Ordinary Shares and on the number and kind of any other shares and on other property, if
any, and the number of Ordinary Shares and other property, if any, issuable upon exercise
of each Warrant and the Warrant Price after giving effect to any adjustment pursuant to
this Article 4 which would be required as a result of such action.  Such notice
shall be given as promptly as practicable after the Board has determined to take any such
action.  

		    4.9         Other
Events.  If any event occurs as to which the foregoing provisions of this
Article 4 are not strictly applicable or, if strictly applicable, would not, in the good
faith judgment of the Board, fairly and adequately protect the purchase rights of the
registered holders of the Warrants in accordance with the essential intent and principles
of such provisions, then the Board shall make such adjustments in the application of such
provisions, in accordance with such essential intent and principles, as shall be
reasonably necessary, in the good faith opinion of the Board, to protect such purchase
rights as aforesaid.  

	5.  	Transfer
and Exchange of Warrants 

		    5.1         Registration
of Transfer.  The Agent shall register the transfer, from time to time, of
any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant for
transfer, properly endorsed with signatures properly guaranteed and accompanied by
appropriate instructions for transfer.  Upon any such transfer, a new Warrant
representing an equal aggregate number of Warrants shall be issued and the old Warrant
shall be cancelled by the Agent.  The Warrants so cancelled shall be delivered
by the Agent to the Company from time to time upon request.  

		    5.2         Procedure
for Surrender of Warrants.  Warrants may be surrendered to the Agent,
together with a written request for exchange or transfer, and thereupon the Agent shall
issue in exchange therefor one or more new Warrants as requested by the registered holder
of the Warrants so surrendered, representing an equal aggregate number of Warrants;
provided, however, that in the event that a Warrant surrendered for transfer bears a
restrictive legend, the Agent shall not cancel such Warrant and issue new Warrants in
exchange therefor until the Agent has received an opinion of counsel for the Company
stating that such transfer may be made and indicating whether the new Warrants must also
bear a restrictive legend.  

		    5.3         Fractional
Warrants.  The Agent shall not be required to effect any registration of
transfer or exchange which will result in the issuance of a certificate for a fraction of
a Warrant.  

		    5.4         Service
Charges.  No service charge shall be made for any exchange or registration
of transfer of Warrants.   

		    5.5         Warrant
Execution and Countersignature.  The Agent is hereby authorized to
countersign and to deliver, in accordance with the terms of this Agreement, the Warrants
required to be issued pursuant to the provisions of this Section 5, and the Company,
whenever required by the Agent, will supply the Agent with Warrants duly executed on
behalf of the Company for such purpose.  

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	6.  	Other
Provisions Relating to Rights of Holders of Warrants 

		    6.1         No
Rights as Shareholder.  A Warrant does not entitle the registered holder
thereof to any of the rights of a shareholder of the Company, including, without
limitation, the right to receive dividends, or other distributions, exercise any
preemptive rights to vote or to consent or to receive notice as shareholders in respect
of the meetings of shareholders or the election of directors of the Company or any other
matter.  

		    6.2         Lost,
Stolen, Mutilated, or Destroyed Warrants.  If any Warrant is lost, stolen,
mutilated, or destroyed, the Company and the Agent may on such terms as to indemnity or
otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor,
and date as the Warrant so lost, stolen, mutilated, or destroyed.  Any such new
Warrant shall constitute a substitute contractual obligation of the Company, whether or
not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time
enforceable by anyone.  

		    6.3         Reservation
of Ordinary Shares.  The Company shall at all times reserve and keep
available a number of its authorized but unissued Ordinary Shares (or out of shares held
by the Company in treasury) that will be sufficient to permit the exercise in full of all
outstanding Warrants issued pursuant to this Agreement.  

	7.  	Concerning
the Agent and Other Matters 

		    7.1         Payment
of Taxes.  The Company will from time to time promptly pay all taxes and
charges that may be imposed upon the Company or the Agent in respect of the issuance or
delivery of Ordinary Shares upon the exercise of Warrants, but the Company shall not be
obligated to pay any transfer taxes in respect of the Warrants or such shares.  

		    7.2         Resignation,
Consolidation, or Merger of Agent. 

		    7.2.1         Appointment
of Successor Agent.  The Agent, or any successor to it hereafter appointed,
may resign its duties and be discharged from all further duties and liabilities hereunder
after giving sixty (60) days’ notice in writing to the Company.  If the
office of the Agent becomes vacant by resignation or incapacity to act or otherwise, the
Company shall appoint in writing a successor Agent in place of the Agent.  If
the Company shall fail to make such appointment within a period of thirty (30) days after
it has been notified in writing of such resignation or incapacity by the Agent or by the
holder of the Warrant (who shall, with such notice, submit its Warrant for inspection by
the Company), then the holder of any Warrant may apply to the Supreme Court of the State
of New York for the County of New York for the appointment of a successor Agent at the
Company’s cost.  Any successor Agent, whether appointed by the Company or
by such court, shall be a corporation or other business entity organized and existing
under the laws of the State of New York, in good standing and having its principal office
in the Borough of Manhattan, City and State of New York, and authorized under such laws
to exercise corporate trust powers and subject to supervision or examination by federal
or state authority.  After appointment, any successor Agent shall be vested
with all the authority, powers, rights, immunities, duties, and obligations of its
predecessor Agent with like effect as if originally named as Agent hereunder, without any
further act or deed; but if for any reason it becomes necessary or appropriate, the
predecessor Agent shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Agent all the authority, powers, and rights of such
predecessor Agent hereunder; and upon request of any successor Agent the Company shall
make, execute, acknowledge, and deliver any and all instruments in writing for more fully
and effectually vesting in and confirming to such successor Agent all such authority,
powers, rights, immunities, duties, and obligations.  

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		    7.2.2         Notice
of Successor Agent.  In the event a successor Agent shall be appointed, the
Company shall give notice thereof to the predecessor Agent and the transfer agent for the
Ordinary Shares not later than the effective date of any such appointment.  

		    7.2.3         Merger
or Consolidation of Agent.  Any corporation into which the Agent may be
merged or with which it may be consolidated or any corporation or other business entity
resulting from any merger or consolidation to which the Agent shall be a party shall be
the successor Agent under this Agreement without any further act.  

		    7.3         Fees
and Expenses of Agent.  

		    7.3.1         Remuneration.  The
Company agrees to pay the Agent $500 monthly remuneration for its services as such Agent
hereunder and will reimburse the Agent upon demand for all expenditures that the Agent
may reasonably incur in the execution of its duties hereunder, not to exceed $1,000 per
year without the prior written consent of the Company.  

		    7.3.2         Further
Assurances.  The Company agrees to perform, execute, acknowledge, and
deliver or cause to be performed, executed, acknowledged, and delivered all such further
and other acts, instruments, and assurances as may reasonably be required by the Agent
for the carrying out or performing of the provisions of this Agreement.  

		    7.4         Liability
of Agent.  

		    7.4.1         Reliance
on Company Statement.  Whenever in the performance of its duties under this
Agreement, the Agent shall deem it necessary or desirable that any fact or matter be
proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically
prescribed) may be deemed to be conclusively proved and established by a statement signed
by the Chairman or Chief Executive Officer of the Company and delivered to the Agent.  The
Agent may rely upon such statement for any action taken or suffered in good faith by it
pursuant to the provisions of this Agreement.  

		    7.4.2         Indemnity.  The
Agent shall be liable hereunder only for its own negligence, willful misconduct or bad
faith.  The Company agrees to indemnify the Agent and save it harmless against
any and all liabilities, including judgments, costs and reasonable counsel fees, for
anything done or omitted by the Agent in the execution of this Agreement except as a
result of the Agent’s negligence, willful misconduct, or bad faith.  

		    7.4.3         Exclusions.  The
Agent shall have no responsibility with respect to the validity of this Agreement or with
respect to the validity or execution of any Warrant (except its countersignature
thereof); nor shall it be responsible for any breach by the Company of any covenant or
condition contained in this Agreement or in any Warrant; nor shall it be responsible to
make any adjustments required under the provisions of Section 4 hereof or responsible for
the manner, method, or amount of any such adjustment or the ascertaining of the existence
of facts that would require any such adjustment; nor shall it by any act hereunder be
deemed to make any representation or warranty as to the authorization or reservation of
any Ordinary Shares to be issued pursuant to this Agreement or any Warrant or as to
whether any Ordinary Shares o will, when issued, be valid and fully paid and
nonassessable.  

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		    7.5         Acceptance
of Agency.  The Agent hereby accepts the agency established by this
Agreement and agrees to perform the same upon the terms and conditions herein set forth
and among other things, shall account promptly to the Company with respect to Warrants
exercised and concurrently account for, and pay to the Company, all moneys received by
the Agent for the purchase of Ordinary Shares through the exercise of Warrants.  

	8.  	Miscellaneous
Provisions  

		    8.1         Successors.  All
the covenants and provisions of this Agreement by or for the benefit of the Company or
the Agent shall be binding upon, and inure to the benefit of, their respective successors
and assigns.  

		    8.2         Notices.  Any
notice, statement or demand authorized by this Agreement to be given or made by the Agent
or by the holder of any Warrant to or on the Company shall be sufficiently given when so
delivered if by hand or overnight delivery or if sent by certified mail or private
courier service within five days after deposit of such notice, postage prepaid, addressed
(until another address is filed in writing by the Company with the Agent), as follows:  

	 	

Attunity Ltd

Kfar Netter Industrial Park

POB 3787

Kfar Netter 40593, Israel

Attn: Dror Elkayam, VP Finance and Secretary

Fax: 972-9-8993001

 

Any notice, statement or demand
authorized by this Agreement to be given or made by the holder of any Warrant or by the
Company to or on the Agent shall be sufficiently given when so delivered if by hand or
overnight delivery or if sent by certified mail or private courier service five days after
deposit of such notice, postage prepaid, addressed (until another address is filed in
writing by the Agent with the Company), as follows: 

	 	

American Stock Transfer & Trust Company, LLC

59 Maiden Lane

Plaza Level

New York, NY 10038

Attn: General Counsel

Fax: (718) 331-1852

 

		    8.3         Applicable
Law.  The validity, interpretation, and performance of this Agreement and
of the Warrants shall be governed in all respects by the laws of the State of New York,
without giving effect to conflict of laws.  The Company hereby agrees that any
action, proceeding or claim against it arising out of or relating in any way to this
Agreement shall be brought and enforced in the courts of the State of New York or the
United States District Court for the SDNY, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive.  The Company hereby waives any objection
to such exclusive jurisdiction and that such courts represent an inconvenient forum.  Any
such process or summons to be served upon the Company may be served by transmitting a
copy thereof by registered or certified mail, return receipt requested, postage prepaid,
addressed to it at the address set forth in Section 8.2 hereof.  Such mailing
shall be deemed personal service and shall be legal and binding upon the Company in any
action, proceeding or claim.  

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		    8.4         Persons
Having Rights under this Agreement.  Nothing in this Agreement expressed
and nothing that may be implied from any of the provisions hereof is intended, or shall
be construed, to confer upon, or give to, any person or corporation other than the
parties hereto and the registered holders of the Warrants, any right, remedy, or claim
under or by reason of this Agreement or of any covenant, condition, stipulation, promise,
or agreement hereof.  All covenants, conditions, stipulations, promises, and
agreements contained in this Agreement shall be for the sole and exclusive benefit of the
parties hereto and their successors and assigns and of the registered holders of the
Warrants.  

		    8.5         Examination
of this Agreement.  A copy of this Agreement shall be available for
inspection by the registered holder of any Warrant at all reasonable times at the office
of the Agent in the Borough of Manhattan, City and State of New York.  The
Agent may require any such holder to submit its Warrant for inspection by it.  

		    8.6         Counterparts.  This
Agreement may be executed in any number of original or facsimile counterparts and each of
such counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.  

		    8.7         Effect
of Headings.  The Section headings herein are for convenience only and are
not part of this Agreement and shall not affect the interpretation thereof.  

		    8.8         Amendments.  This
Agreement may be amended by the parties hereto without the consent of any registered
holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing
any defective provision contained herein or adding or changing any other provisions with
respect to matters or questions arising under this Agreement as the parties may deem
necessary or desirable and that the parties deem shall not adversely affect the interest
of the registered holders.  All other modifications or amendments, including
any amendment to increase the Warrant Price or shorten the Exercise Period, shall require
the written consent of the registered holders of a majority of the then outstanding
Warrants.  Notwithstanding the foregoing, the Company may lower the Warrant
Price or extend the duration of the Exercise Period in accordance with Sections 3.1 and
3.2, respectively, without such consent.  

		    8.9         Severability.  This
Agreement shall be deemed severable, and the invalidity or unenforceability of any term
or provision hereof shall not affect the validity or enforceability of this Agreement or
of any other term or provision hereof.  Furthermore, in lieu of any such
invalid or unenforceable term or provision, the parties hereto intend that there shall be
added as a part of this Agreement a provision as similar in terms to such invalid or
unenforceable provision as may be possible and be valid and enforceable.  

[SIGNATURE PAGE TO FOLLOW]

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IN WITNESS WHEREOF, this Agreement
has been duly executed by the parties hereto as of the day and year first above written. 

			ATTUNITY LTD

By: 
——————————————

Shimon Alon
Chief Executive Officer

			AMERICAN STOCK TRANSFER 
 & TRUST COMPANY, LLC  

By: 
——————————————

- 10 -F-1/A

Exhibit 10.8  

April 6, 2009 

Attunity Ltd.

Kfar-Netter Industrial Park

P.O.B 3787

Kfar-Netter 40593, Israel

Attn.: Board of Directors

Re: Standby Undertaking  

Ladies and Gentlemen: 

It is my understanding that Attunity
Ltd. (the “Company”) proposes, pursuant to its Registration Statement on
Form F-1 (File No. 333-155738) (as may be amended by the Company from time to time, the
“Form F-1”), to commence an offering to holders of its ordinary shares
(the “Ordinary Shares”) rights (the “Rights”) to
subscribe for and purchase additional Ordinary Shares and, possibly, Warrants
(the
“New Securities”) at a subscription price and other terms to be
determined by the Company’s Board of Directors (the “Rights
Offering”). 

It is my further understanding that,
pursuant to the Rights Offering, (i) the Company will distribute to each of its
shareholders of record, at no charge, Rights that will entitle the holder to purchase New
Securities at the subscription price (the “Basic Subscription Right”) and
(ii) each holder of Rights who exercises in full its Basic Subscription Right will be
entitled to subscribe for additional New Securities which are Unsubscribed Securities (as
defined below), to the extent that other holders of Rights do not exercise all of their
respective Basic Subscription Rights; and, if an insufficient number of securities are
available to satisfy fully the oversubscription requests, then the available shares will
be distributed proportionately among subscription rights holders who exercised their
oversubscription right based on the number of shares each subscription rights holder
subscribed for under the Basic Subscription Right (the “Over-Subscription
Right”). 

In connection with the foregoing, I
hereby irrevocably agree and undertake as follows: 

     	1.	
          In order to, among others, facilitate the Rights Offering, the Company has
          requested the undersigned to agree, and I hereby agree and undertake,
          (a) to purchase from the Company all of the New Securities that will be
          available for purchase by the undersigned pursuant to its Basic Subscription
          Right, and (b) not to exercise my Over-Subscription Right. 

          

     	2.	
          I further agree and undertake that, if and to the extent New Securities are not
          purchased by the Company’s other shareholders pursuant to the exercise of
          Rights (including the Basic and Over-Subscription Rights) under the Rights
          Offering (the “Unsubscribed Securities”) for at least
          $360,000 (the “Minimum Funding”), the undersigned shall
          be deemed to have exercised such Rights immediately prior to the expiration of
          the Rights Offering (the “Expiration Date”) so as to purchase
          from the Company all such remaining New Securities required, and only to the
          extent required, for the Company to raise the Minimum Funding; it being
          understood that (i) in no event shall the undersigned be required to
          purchase New Securities (including those purchased under my Basic Subscription
          Right) for a total subscription price of more than the Minimum Funding (the
          “Maximum Commitment”; as may be adjusted per the
          following clause (ii)) and (ii) the Maximum Commitment shall be reduced,
          dollar-per-dollar, by such amount that any (A) other shareholder undertakes,
          under a similar standby undertaking, to invest in the Rights Offering or (B)
          other person actually invests in the Company through any equity financing
          consummated prior to the Expiration Date. 

          

     	3.	
          I further agree that, between the date hereof and the closing of the Rights
          Offering (the “Closing Date”), none of the undersigned nor my
          affiliates shall acquire any Ordinary Shares; provided, however, that the
          foregoing shall not restrict the acquisition of shares pursuant to this letter. 

          

     	4.	
          If the Closing Date shall not occur, for any reason, by May 4, 2009, I hereby
          undertake to lend to the Company, on the same terms of the Loan Agreement, dated
          as of November 25, 2008, between the Company and the signatories thereto, an
          amount equal to the Maximum Commitment. 

          

     	5.	
          This undertaking may be terminated (i) by the Company, at any time prior to the
          Closing Date and (ii) by the undersigned, at any time prior to the Closing Date
          if, and only if, both the Extension Agreement, dated January 7, 2009, by and
          among the Company and the holders of the convertible notes originally due May
          2009 (the “Extension Agreement”) and the Amendment to the Loan
          Agreement and Charge Agreements, dated March 30, 2009, by and between the
          Company and Plenus (the “Loan Amendment”), are in full force in
          effect, are effective and are not subject to any conditions. 

          

     	6.	
          I further agree that the Company may disclose this undertaking, in the Form F-1
          and/or its annual report on Form 20-F for the year ended 2008 or otherwise,
          solely to the extent required by applicable law. 

          

     	7.	
          For the avoidance of doubt, this undertaking is (i) provided to the Company in
          my capacity as a shareholder of the Company, rather than as the Chairman of the
          Board of Directors or Chief Executive Officer, and (ii) may not be assigned (by
          operation of law, including change of control, or otherwise) by either party. 

          

     	8.	
          This undertaking shall be subject solely to and interpreted in accordance with
          the laws of the State of Israel, without giving effect to its conflict of laws,
          principles or rules. Any dispute arising under or in relation to this
          undertaking shall be resolved in, and the sole and exclusive jurisdiction shall
          be of, the competent court for Tel Aviv-Jaffa district, and each of the parties
          hereby submits irrevocably to the jurisdiction of such courts. 

          

	 	
Sincerely,

/s/ Shimon Alon 

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