Document:

F-3

Exhibit 10.4  

THIS WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND
MAY NOT BE SOLD OR TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH
SECURITIES IS EFFECTIVE UNDER THE SECURITIES ACT OR (II) THE TRANSACTION IS EXEMPT FROM
REGISTRATION UNDER THE SECURITIES ACT, AND, IF THE COMPANY REQUESTS, AN OPINION
SATISFACTORY TO THE COMPANY TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL. 

ON TRACK INNOVATIONS
LTD. 

WARRANT 

		
		
		
		
		
	Warrant No. 2008-10 - 2	Dated:  June 25, 2008 

        On Track Innovations Ltd., an Israeli
company (the “Company”), hereby certifies that,
TheSpearhead Capital Ltd. (the “Holder”) is entitled to
purchase from the Company up to a total of 500,000 (as adjusted from time to time as
provided in Section 7) Ordinary Shares (as defined below) (each such share, a
“Warrant Share” and all such shares, the
“Warrant Shares”) at an exercise price specified in Section
4 below (as adjusted from time to time as provided in Section 7, the “Exercise
Price”), at any time and from time to time commencing on May 1, 2010
(the “Initial Exercise Date”) through the Expiration Date
(as defined below), and subject to the following terms and conditions. This Warrant is one
of three similar warrants (the “Warrants”) issued pursuant
to that certain Marketing Platform Agreement dated June 25, 2008 (the “MP
Agreement”) by and between the Company and Structure Financial Group Ltd.
(“SFG”). 

         1.       
          Definitions. The capitalized terms used herein and not otherwise defined
          shall have the meanings set forth below: 

	 	        “Affiliate” means
an entity controlling, controlled by or under common control with a Person and if such
entity is a person, then the immediate family of such person. For the purpose of this
definition of Affiliate, “control” shall mean the ability
to direct the activities of the relevant entity and shall include the holding of 50% or
more of the issued and outstanding share capital, voting rights or other ownership
interests of such entity or the right to appoint 50% or more of the directors (or the
equivalent thereof) in such entity, or in case of a partnership shall also include, a
general manager of such entity, or a partner of such entity or an entity managed by such
entity.  

	 	        “Eligible
Market” means any of the New York Stock Exchange, the American Stock
Exchange or Nasdaq.  

	 	        “Ordinary
Shares” means the ordinary shares of the Company, NIS 0.10 nominal
value, as constituted on the issuance date of this Warrant.  

	 	        “Person” means
any individual or corporation, partnership, trust, incorporated or unincorporated
association, joint venture, limited liability company, joint stock company, government
(or an agency or subdivision thereof) or other entity of any kind.  

	 	        “Trading
Day” means (a) any day on which the Ordinary Shares are listed or
quoted and traded on any Eligible Market or (b) if the Ordinary Shares are not then
quoted and traded on any Eligible Market, then a day on which trading occurs on Nasdaq
(or any successor thereto).  

	 	        “Warrant
Shares” shall mean Ordinary Shares issued or issuable from time to
time upon exercise of this Warrant (subject to adjustment pursuant to Section 7 below).  

         2.       
          Registration of Warrant. The Company shall register this Warrant, upon
          records to be maintained by the Company for that purpose (the
          “Warrant Register”), in the name of the record
          Holder hereof. The Company may deem and treat the registered Holder of this
          Warrant as the absolute owner hereof for the purpose of any exercise hereof or
          any distribution to the Holder, and for all other purposes, absent actual notice
          to the contrary. 

         3.       
          Vesting of Warrants. 

		    (a)        The
Warrants shall be vested in quantities of 100,000 (one hundred thousand)
          warrants each time and only when the Company and/or its subsidiaries           (“OTI”)
receive a firm orders or tender awards (each, a “Project”), in which SFG
has been directly involved in the           promotion and/or funding of, and provided
that in such each Project provides to           OTI an the amount of no less than of US$
1,000,000 (One million US$) with a           potential of an additional amount of not
less than US$ 5,000,000 (Five million           USD).  

		    (b)        Such
allocation of Warrants shall be on a Project by Project basis. Each Project
          shall be limited to a single vesting of Warrants in quantities of 100,000 (one
          hundred thousand), even if the amounts received by OTI (or potential amounts)
          exceed the amounts detailed in subsections (a) above.  

		    (c)        Notwithstanding
anything to the contrary, unvested Warrants may not be           exercised.  

         4.       
          Exercise Price of Warrant Shares. 

		    (a)        The
initial exercise price of each Warrant shall be US$ 3.00 (three US$).  

2

		    (b)        However,
if SFG contributes to OTI a cumulative sum of sales and/or funding           and/or
proceeds of US$ 10,000,000 (ten million US$), then the exercise price of           each
Warrant (not yet exercised) shall be decreased by US$ 0.50 (fifty US cents)           for
each such US$ 10,000,000 contribution, but in no event shall the exercise           price
be less than the par value of the Company’s shares. In an event of           dispute
between SFG and the Company with regard to the cumulative amount           specified
above, SFG and the Company shall attempt to resolve the dispute first           through
good faith negotiations and if necessary, mediation. Failing mediation,           SFG and
the Company may turn to an approved single arbitrator acceptable to SFG           and the
Company to resolve the dispute.  

	 	        The
exercise price set forth above, whether or not reduced, shall be referred to as “Exercise
 Price”.  

         5.       
          Exercise and Duration of Warrant. 

		    (a)        This
Warrant may be exercisable by the registered Holder with regard to the           Warrant
Shares, at any time commencing May 1, 2010, provided, however that the           Warrant
Shares so exercised are vested. The Warrant shall be exercisable until           the
earlier of (i) the termination date of the MP Agreement, or (ii) 5:00 P.M.,           New
York City time on May 1, 2018 (“Expiration Date”).  

		    (b)        A
Holder may exercise this Warrant by delivering to the Company (i) an exercise
          notice (a copy of which can be obtained from the Company’s secretary),
          appropriately completed and duly signed, delivered or by facsimile, and (ii)
          payment of the Exercise Price for the number of Warrant Shares as to which this
          Warrant is being exercised and the date such items are received by the Company
          is an “Exercise Date.” Execution and delivery of
          the Exercise Notice shall have the same effect as cancellation of the original
          Warrant and issuance of a New Warrant evidencing the right to purchase the
          remaining number of Warrant Shares, if any.  

		    (c)        The
Holder shall pay the Exercise Price in cash, by certified bank check payable           to
the order of the Company or by wire transfer of immediately available funds           in
accordance with the Company’s instructions  

		    (d)        This
Warrant is exercisable, either in its entirety or, from time to time,           during
its duration, for a portion of the number of Warrant Shares, subject to           Section
3 and 4 above. Upon surrender of this Warrant following one or more           partial
exercises, the Company shall issue or cause to be issued, at its           expense, a New
Warrant evidencing the right to purchase the remaining number of           Warrant
Shares.  

         6.       
          Delivery of Warrant Shares. 

		    (a)        Upon
exercise of this Warrant and subject to the receipt of signed originals,           the
Company shall promptly, but in no event later than the thirty Trading Day
          following such exercise, issue or cause to be issued and deliver or cause to be
          delivered to the Holder, in the Holder’s name, a certificate for the
          Warrant Shares issuable upon such exercise bearing (only if such legend is
          required by applicable law) the required restrictive legend. The Holder, or any
          Person so designated by the Holder to receive the Warrant Shares, shall be
          deemed to have become the holder of record of such Warrant Shares as of the
          Exercise Date.  

3

         7.       
          Certain Adjustments. The Exercise Price and number of Warrant Shares
          issuable upon exercise of this Warrant are subject to adjustment from time to
          time as set forth in this Section 7. 

		    (a)        Share
Splits. If the Company, at any time while this Warrant is           outstanding, (i)
subdivides outstanding Ordinary Shares into a larger number of           shares, or (ii)
combines outstanding Ordinary Shares into a smaller number of           shares, then in
each such case the Exercise Price shall be adjusted to reflect           the new par
value of the outstanding Ordinary Shares, if any and the number of           Warrant
Shares shall remain unchanged. Any adjustment pursuant to this Section 7(a) shall
become effective immediately after the effective date           of such subdivision or
combination.  

		    (b)        Fundamental
Transactions. If, at any time while this Warrant is           outstanding, (i) the
Company effects any merger or consolidation of the Company           with or into another
Person (for the avoidance of doubt, not including the           acquisition of another
corporation or its assets for shares of the Company),           (ii) the Company effects
any sale of all or substantially all of its assets in           one or a series of
related transactions or (iii) there shall occur any merger of           another Person
into the Company whereby the Ordinary Shares are cancelled,           converted or
reclassified into or exchanged for other securities, cash or           property (in any
such case, a “Fundamental Transaction”), then, as a
condition to the consummation of           such Fundamental Transaction, the Company
shall (or, in the case of any           Fundamental Transaction in which the Company is
not the surviving entity, the           Company shall take all reasonable efforts to
cause such other Person to) execute           and deliver to the Holder of the Warrants a
written instrument providing that:  

	 	        (x)
 long as any Warrant remains outstanding on such terms and subject to such
          conditions as shall be as nearly equivalent as may be practicable to the
          provisions set forth in this Warrant, each Warrant, upon the exercise thereof
at           any time on or after the consummation of such Fundamental Transaction, shall
be           exercisable into, in lieu of Ordinary Shares issuable upon such exercise
prior           to such consummation, the securities or other property (the
          “Substituted Property”) that would have been
          received in connection with such Fundamental Transaction by a holder of the
          number of Ordinary Shares into which such Warrant was exercisable immediately
          prior to the consummation of such Fundamental Transaction, assuming such holder
          of Ordinary Shares:  

	 	        (A)
          is not a Person with which the Company is consolidated or into which the Company
merged or which merged into the Company or to which such sale or transfer was made (for
the avoidance of doubt, not including the acquisition of another corporation or its assets
for shares of the Company), as the case may be (a “Constituent
Person”), or an Affiliate of a Constituent Person; and 

	 	        (B)
          failed to exercise such Holder’s rights of election, if any, as to the
kind           or amount of securities, cash and other property receivable in connection
with such Fundamental Transaction (provided, however, that if the kind or amount
of securities, cash or other property receivable in connection with such Fundamental
Transaction is not the same for each Ordinary Share held immediately prior to such
Fundamental Transaction by a Person other than a Constituent Person or an Affiliate
thereof and in respect of which such rights of election shall not have been exercised (a
“Non-Electing Share”), then, for the purposes of this Section
7(b), the kind and amount of securities, cash and other property receivable in
connection with such Fundamental Transaction by each Non-Electing Share shall be deemed
to be the kind and amount so receivable per share by a plurality of the Non-Electing
Shares); and  

4

	 	        (y)
          the rights and obligations of the Company (or, in the event of a transaction in
          which the Company is not the surviving Person, such other Person) and the
          Holders in respect of Substituted Property shall be as nearly equivalent as may
          be practicable to the rights and obligations of the Company and Holders in
          respect of Ordinary Shares hereunder.  

	 	        Such
written instrument shall provide for adjustments which, for events subsequent to the
effective date of such written instrument, shall be as nearly equivalent as may be
practicable to the adjustments provided for in Section 7. The above provisions of
this Section 7(b) shall similarly apply to successive Fundamental Transactions.  

         8.       
          Fractional Shares. The Company shall not be required to issue or cause to
          be issued fractional Warrant Shares on the exercise of this Warrant. If any
          fraction of a Warrant Share would, except for the provisions of this Section, be
          issuable upon exercise of this Warrant, the Company shall make a cash payment to
          the Holder equal to (a) such fraction multiplied by (b) Exercise Price, or make
          other lawful arrangements that can be made under applicable law. 

         9.       
          Restricted Securities. The Holder represents and warrants that it (i)
          understands that the Warrant and the Warrant Shares have not been registered
          under the Securities Act and (ii) understands the restrictions set forth on the
          legend printed on the face of this Warrant. 

         10.       
          Notices. Any and all notices or other communications or deliveries
          hereunder (including without limitation any Exercise Notice) shall be in writing
          and shall be mailed by certified mail, return receipt requested, or by a
          nationally recognized courier service or delivered (in person or by facsimile),
          against receipt to the party to whom such notice or other communication is to be
          given. The address for such notices or communications shall be as set forth in
          the MP Agreement. Any notice or other communication given by means permitted by
          this Section 10 shall be deemed given at the time of receipt as specified
          in the MP Agreement. 

         11.       
          Miscellaneous. (a) This Warrant or any interest therein may not be
          assigned, transferred, pledged or otherwise disposed by the Holder, without the
          Company’s prior written consent. This Warrant shall be binding on and inure
          to the benefit of the parties hereto and their respective successors and
          assigns. This Warrant may be amended only in writing signed by the Company and
          the Holder and their successors and assigns. 

		    (b)        This
Warrant shall be governed by and construed according to the laws of the           State
of Israel (without giving effect to its conflict of law provisions). Any
          dispute or other matter arising under or in relation to this Warrant (other
than           as set forth in Section 4(b) above) shall be resolved by the competent
court of           the city of Tel-Aviv-Jaffa and each of the parties hereby submits
exclusively           and irrevocably to the jurisdiction of such court.  

		    (c)        The
headings herein are for convenience only, do not constitute a part of this
          Warrant and shall not be deemed to limit or affect any of the provisions
hereof.  

5

		    (d)        In
case any one or more of the provisions of this Warrant shall be deemed           invalid
or unenforceable in any respect, the validity and enforceability of the
          remaining terms and provisions of this Warrant shall not in any way be affected
          or impaired thereby and the parties will attempt in good faith to agree upon a
          valid and enforceable provision which shall be a commercially reasonable
          substitute therefor, and upon so agreeing, shall incorporate such substitute
          provision in this Warrant.  

		    (e)        In
the event of a conflict between this Warrant and the MP Agreement with regard
          to the subject matter hereof, the terms of this Warrant shall govern.  

        IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized
officer as of the date first indicated above. 

			ON TRACK INNOVATIONS LTD.

By: /s/ Oded Bashan
——————————————

Oded Bashan
Chairman and Chief Executive Officer

6F-3

Exhibit 10.5  

THIS WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND
MAY NOT BE SOLD OR TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH
SECURITIES IS EFFECTIVE UNDER THE SECURITIES ACT OR (II) THE TRANSACTION IS EXEMPT FROM
REGISTRATION UNDER THE SECURITIES ACT, AND, IF THE COMPANY REQUESTS, AN OPINION
SATISFACTORY TO THE COMPANY TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL. 

ON TRACK INNOVATIONS
LTD. 

WARRANT 

		
		
		
		
		
	Warrant No. 2008-10 - 3	Dated:  June 25, 2008 

        On Track Innovations Ltd., an Israeli
company (the “Company”), hereby certifies that, Mr.
Yitzchak Babayov (the “Holder”) is entitled to purchase
from the Company up to a total of 50,000 (as adjusted from time to time as provided in
Section 7) Ordinary Shares (as defined below) (each such share, a
“Warrant Share” and all such shares, the
“Warrant Shares”) at an exercise price specified in Section
4 below (as adjusted from time to time as provided in Section 7, the “Exercise
Price”), at any time and from time to time commencing on May 1, 2010
(the “Initial Exercise Date”) through the Expiration Date
(as defined below), and subject to the following terms and conditions. This Warrant is one
of three similar warrants (the “Warrants”) issued pursuant
to that certain Marketing Platform Agreement dated June 25, 2008 (the “MP
Agreement”) by and between the Company and Structure Financial Group Ltd.
(“SFG”). 

         1.       
          Definitions. The capitalized terms used herein and not otherwise defined
          shall have the meanings set forth below: 

	 	        “Affiliate” means
an entity controlling, controlled by or under common control with a Person and if such
entity is a person, then the immediate family of such person. For the purpose of this
definition of Affiliate, “control” shall mean the ability
to direct the activities of the relevant entity and shall include the holding of 50% or
more of the issued and outstanding share capital, voting rights or other ownership
interests of such entity or the right to appoint 50% or more of the directors (or the
equivalent thereof) in such entity, or in case of a partnership shall also include, a
general manager of such entity, or a partner of such entity or an entity managed by such
entity.  

	 	        “Eligible
Market” means any of the New York Stock Exchange, the American Stock
Exchange or Nasdaq.  

	 	        “Ordinary
Shares” means the ordinary shares of the Company, NIS 0.10 nominal
value, as constituted on the issuance date of this Warrant.  

	 	        “Person” means
any individual or corporation, partnership, trust, incorporated or unincorporated
association, joint venture, limited liability company, joint stock company, government
(or an agency or subdivision thereof) or other entity of any kind.  

	 	        “Trading
Day” means (a) any day on which the Ordinary Shares are listed or
quoted and traded on any Eligible Market or (b) if the Ordinary Shares are not then
quoted and traded on any Eligible Market, then a day on which trading occurs on Nasdaq
(or any successor thereto).  

	 	        “Warrant
Shares” shall mean Ordinary Shares issued or issuable from time to
time upon exercise of this Warrant (subject to adjustment pursuant to Section 7 below).  

         2.       
          Registration of Warrant. The Company shall register this Warrant, upon
          records to be maintained by the Company for that purpose (the
          “Warrant Register”), in the name of the record
          Holder hereof. The Company may deem and treat the registered Holder of this
          Warrant as the absolute owner hereof for the purpose of any exercise hereof or
          any distribution to the Holder, and for all other purposes, absent actual notice
          to the contrary. 

         3.       
          Vesting of Warrants. 

		    (a)        The Warrants shall be vested in
quantities of 10,000 (ten thousand) warrants each time and only when the Company and/or
its subsidiaries (“OTI”) receive a firm orders or tender awards (each, a
“Project”), in which SFG has been directly involved in the promotion
and/or funding of, and provided that in such each Project provides to OTI an the amount of
no less than of US$ 1,000,000 (One million US$) with a potential of an additional amount
of not less than US$ 5,000,000 (Five million USD).  

		    (b)        Such allocation of Warrants shall be
on a Project by Project basis. Each Project shall be limited to a single vesting of
Warrants in quantities of 10,000 (ten thousand), even if the amounts received by OTI (or
potential amounts) exceed the amounts detailed in subsections (a) above. 

		    (c)        Notwithstanding
anything to the contrary, unvested Warrants may not be           exercised.  

         4.       
          Exercise Price of Warrant Shares. 

		    (a)        The
initial exercise price of each Warrant shall be US$ 3.00 (three US$).  

2

		    (b)        However,
if SFG contributes to OTI a cumulative sum of sales and/or funding           and/or
proceeds of US$ 10,000,000 (ten million US$), then the exercise price of           each
Warrant (not yet exercised) shall be decreased by US$ 0.50 (fifty US cents)           for
each such US$ 10,000,000 contribution, but in no event shall the exercise           price
be less than the par value of the Company’s shares. In an event of           dispute
between SFG and the Company with regard to the cumulative amount           specified
above, SFG and the Company shall attempt to resolve the dispute first           through
good faith negotiations and if necessary, mediation. Failing mediation,           SFG and
the Company may turn to an approved single arbitrator acceptable to SFG           and the
Company to resolve the dispute.  

	 	        The
exercise price set forth above, whether or not reduced, shall be referred to as “Exercise
 Price”.  

         5.       
          Exercise and Duration of Warrant. 

		    (a)        This
Warrant may be exercisable by the registered Holder with regard to the           Warrant
Shares, at any time commencing May 1, 2010, provided, however that the           Warrant
Shares so exercised are vested. The Warrant shall be exercisable until           the
earlier of (i) the termination date of the MP Agreement, or (ii) 5:00 P.M.,           New
York City time on May 1, 2018 (“Expiration Date”).  

		    (b)        A
Holder may exercise this Warrant by delivering to the Company (i) an exercise
          notice (a copy of which can be obtained from the Company’s secretary),
          appropriately completed and duly signed, delivered or by facsimile, and (ii)
          payment of the Exercise Price for the number of Warrant Shares as to which this
          Warrant is being exercised and the date such items are received by the Company
          is an “Exercise Date.” Execution and delivery of
          the Exercise Notice shall have the same effect as cancellation of the original
          Warrant and issuance of a New Warrant evidencing the right to purchase the
          remaining number of Warrant Shares, if any.  

		    (c)        The
Holder shall pay the Exercise Price in cash, by certified bank check payable           to
the order of the Company or by wire transfer of immediately available funds           in
accordance with the Company’s instructions  

		    (d)        This
Warrant is exercisable, either in its entirety or, from time to time,           during
its duration, for a portion of the number of Warrant Shares, subject to           Section
3 and 4 above. Upon surrender of this Warrant following one or more           partial
exercises, the Company shall issue or cause to be issued, at its           expense, a New
Warrant evidencing the right to purchase the remaining number of           Warrant
Shares.  

         6.       
          Delivery of Warrant Shares. 

		    (a)        Upon
exercise of this Warrant and subject to the receipt of signed originals,           the
Company shall promptly, but in no event later than the thirty Trading Day
          following such exercise, issue or cause to be issued and deliver or cause to be
          delivered to the Holder, in the Holder’s name, a certificate for the
          Warrant Shares issuable upon such exercise bearing (only if such legend is
          required by applicable law) the required restrictive legend. The Holder, or any
          Person so designated by the Holder to receive the Warrant Shares, shall be
          deemed to have become the holder of record of such Warrant Shares as of the
          Exercise Date.  

3

         7.       
          Certain Adjustments. The Exercise Price and number of Warrant Shares
          issuable upon exercise of this Warrant are subject to adjustment from time to
          time as set forth in this Section 7. 

		    (a)        Share
Splits. If the Company, at any time while this Warrant is           outstanding, (i)
subdivides outstanding Ordinary Shares into a larger number of           shares, or (ii)
combines outstanding Ordinary Shares into a smaller number of           shares, then in
each such case the Exercise Price shall be adjusted to reflect           the new par
value of the outstanding Ordinary Shares, if any and the number of           Warrant
Shares shall remain unchanged. Any adjustment pursuant to this Section 7(a) shall
become effective immediately after the effective date           of such subdivision or
combination.  

		    (b)        Fundamental
Transactions. If, at any time while this Warrant is           outstanding, (i) the
Company effects any merger or consolidation of the Company           with or into another
Person (for the avoidance of doubt, not including the           acquisition of another
corporation or its assets for shares of the Company),           (ii) the Company effects
any sale of all or substantially all of its assets in           one or a series of
related transactions or (iii) there shall occur any merger of           another Person
into the Company whereby the Ordinary Shares are cancelled,           converted or
reclassified into or exchanged for other securities, cash or           property (in any
such case, a “Fundamental Transaction”), then, as a
condition to the consummation of           such Fundamental Transaction, the Company
shall (or, in the case of any           Fundamental Transaction in which the Company is
not the surviving entity, the           Company shall take all reasonable efforts to
cause such other Person to) execute           and deliver to the Holder of the Warrants a
written instrument providing that:  

	 	        (x)
 long as any Warrant remains outstanding on such terms and subject to such
          conditions as shall be as nearly equivalent as may be practicable to the
          provisions set forth in this Warrant, each Warrant, upon the exercise thereof
at           any time on or after the consummation of such Fundamental Transaction, shall
be           exercisable into, in lieu of Ordinary Shares issuable upon such exercise
prior           to such consummation, the securities or other property (the
          “Substituted Property”) that would have been
          received in connection with such Fundamental Transaction by a holder of the
          number of Ordinary Shares into which such Warrant was exercisable immediately
          prior to the consummation of such Fundamental Transaction, assuming such holder
          of Ordinary Shares:  

	 	        (A)
          is not a Person with which the Company is consolidated or into which the Company
merged or which merged into the Company or to which such sale or transfer was made (for
the avoidance of doubt, not including the acquisition of another corporation or its assets
for shares of the Company), as the case may be (a “Constituent
Person”), or an Affiliate of a Constituent Person; and 

	 	        (B)
          failed to exercise such Holder’s rights of election, if any, as to the
kind           or amount of securities, cash and other property receivable in connection
with such Fundamental Transaction (provided, however, that if the kind or amount
of securities, cash or other property receivable in connection with such Fundamental
Transaction is not the same for each Ordinary Share held immediately prior to such
Fundamental Transaction by a Person other than a Constituent Person or an Affiliate
thereof and in respect of which such rights of election shall not have been exercised (a
“Non-Electing Share”), then, for the purposes of this Section
7(b), the kind and amount of securities, cash and other property receivable in
connection with such Fundamental Transaction by each Non-Electing Share shall be deemed
to be the kind and amount so receivable per share by a plurality of the Non-Electing
Shares); and  

4

	 	        (y)
          the rights and obligations of the Company (or, in the event of a transaction in
          which the Company is not the surviving Person, such other Person) and the
          Holders in respect of Substituted Property shall be as nearly equivalent as may
          be practicable to the rights and obligations of the Company and Holders in
          respect of Ordinary Shares hereunder.  

	 	        Such
written instrument shall provide for adjustments which, for events subsequent to the
effective date of such written instrument, shall be as nearly equivalent as may be
practicable to the adjustments provided for in Section 7. The above provisions of
this Section 7(b) shall similarly apply to successive Fundamental Transactions.  

         8.       
          Fractional Shares. The Company shall not be required to issue or cause to
          be issued fractional Warrant Shares on the exercise of this Warrant. If any
          fraction of a Warrant Share would, except for the provisions of this Section, be
          issuable upon exercise of this Warrant, the Company shall make a cash payment to
          the Holder equal to (a) such fraction multiplied by (b) Exercise Price, or make
          other lawful arrangements that can be made under applicable law. 

         9.       
          Restricted Securities. The Holder represents and warrants that it (i)
          understands that the Warrant and the Warrant Shares have not been registered
          under the Securities Act and (ii) understands the restrictions set forth on the
          legend printed on the face of this Warrant. 

         10.       
          Notices. Any and all notices or other communications or deliveries
          hereunder (including without limitation any Exercise Notice) shall be in writing
          and shall be mailed by certified mail, return receipt requested, or by a
          nationally recognized courier service or delivered (in person or by facsimile),
          against receipt to the party to whom such notice or other communication is to be
          given. The address for such notices or communications shall be as set forth in
          the MP Agreement. Any notice or other communication given by means permitted by
          this Section 10 shall be deemed given at the time of receipt as specified
          in the MP Agreement. 

         11.       
          Miscellaneous. (a) This Warrant or any interest therein may not be
          assigned, transferred, pledged or otherwise disposed by the Holder, without the
          Company’s prior written consent. This Warrant shall be binding on and inure
          to the benefit of the parties hereto and their respective successors and
          assigns. This Warrant may be amended only in writing signed by the Company and
          the Holder and their successors and assigns. 

		    (b)        This
Warrant shall be governed by and construed according to the laws of the           State
of Israel (without giving effect to its conflict of law provisions). Any
          dispute or other matter arising under or in relation to this Warrant (other
than           as set forth in Section 4(b) above) shall be resolved by the competent
court of           the city of Tel-Aviv-Jaffa and each of the parties hereby submits
exclusively           and irrevocably to the jurisdiction of such court.  

		    (c)        The
headings herein are for convenience only, do not constitute a part of this
          Warrant and shall not be deemed to limit or affect any of the provisions
hereof.  

5

		    (d)        In
case any one or more of the provisions of this Warrant shall be deemed           invalid
or unenforceable in any respect, the validity and enforceability of the
          remaining terms and provisions of this Warrant shall not in any way be affected
          or impaired thereby and the parties will attempt in good faith to agree upon a
          valid and enforceable provision which shall be a commercially reasonable
          substitute therefor, and upon so agreeing, shall incorporate such substitute
          provision in this Warrant.  

		    (e)        In
the event of a conflict between this Warrant and the MP Agreement with regard
          to the subject matter hereof, the terms of this Warrant shall govern.  

        IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized
officer as of the date first indicated above. 

			ON TRACK INNOVATIONS LTD.

By: /s/ Oded Bashan
——————————————

Oded Bashan
Chairman and Chief Executive Officer

6

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