Document:

6-K

Exhibit 4.2  

        THIS
WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR EXEMPTION FROM REGISTRATION
UNDER THE FOREGOING LAWS. 

        SUBJECT
TO THE PROVISIONS OF SECTION 10 HEREOF, THIS WARRANT SHALL BE VOID AFTER 5:00 P.M. EASTERN
TIME ON MARCH 27, 2011 (the “EXPIRATION DATE”). 

ATTUNITY LTD. 

WARRANT TO PURCHASE
ORDINARY SHARES
NOMINAL VALUE NIS 0.1 PER SHARE 

        For
VALUE RECEIVED, Plenus Technologies Ltd. (“Plenus”), or any other Holder (as
defined in Section 2 hereof) (the “Warrantholder”), is entitled to purchase,
subject to the provisions of this Warrant, from Attunity Ltd., a corporation organized
under the laws of Israel (“Company”), at any time not later than 5:00 P.M.,
Eastern time, on the Expiration Date, at the exercise price determined in accordance with
Section 3A herein (the exercise price in effect being herein called the “Warrant
Price”), the number of shares determined in accordance with Section 3A herein
(“Warrant Shares”) of the Company’s ordinary shares, nominal value NIS 0.1
per share (“Ordinary Shares”). The number of Warrant Shares purchasable upon
exercise of this Warrant and the Warrant Price shall be subject to adjustment from time to
time as described herein. 

        Section
1.         Registration. The Company shall maintain books for the transfer and registration
of the Warrant. Upon the initial issuance of this Warrant, the Company shall issue and
register the Warrant in the name of the Warrantholder. 

        Section
2.         Permitted Transfers. The Warrantholder shall be entitled to
transfer the Warrants to (i) a Co-Lender and each Participant (ii) any entity which
controls, is controlled by or is under common control with the Warrantholder, (iii) if the
Warrantholder is a trustee for, or acts on behalf of other person — such other
person, and (iv) if the Warrantholder is a general or limited partnership – each of
its partners and each other partnership managed by the same management company or managing
general partner or an entity which controls, is controlled by, or is under common control
with, such management company or managing general partner. All transfers of this Warrant
shall be accompanied by an executed warrant transfer deed, under which the transferee
undertakes to be bound by all obligations of the Warrantholder under this Warrant. The
form of the deed of transfer is attached hereto as Appendix B. 

        Section
3.         Exercise of Warrant.  

		    (a)        Cash
Exercise. Subject to the provisions hereof, the Warrantholder may           exercise
this Warrant in whole or in part at any time upon surrender of the           Warrant,
together with delivery of the duly executed Warrant exercise form           attached
hereto as Appendix A (the “Exercise Agreement”) and payment           by cash,
certified check or wire transfer of funds for the aggregate Warrant           Price for
that number of Warrant Shares then being purchased, to the Company           during
normal business hours on any business day at the Company’s principal
          executive offices (or such other office or agency of the Company as it may
          designate by notice to the holder hereof). The Warrant Shares so purchased
shall           be deemed to be issued to the holder hereof or such holder’s
designee, as           the record owner of such shares, as of the close of business on
the next           business day after the date on which this Warrant shall have been
surrendered           (or evidence of loss, theft or destruction thereof and security or
indemnity           satisfactory to the Company), the Warrant Price shall have been paid
and the           completed Exercise Agreement shall have been delivered. Certificates
for the           Warrant Shares so purchased, representing the aggregate number of
shares           specified in the Exercise Agreement, shall be delivered to the holder
hereof           within a reasonable time, not exceeding three (3) business days, after
this           Warrant shall have been so exercised. The certificates so delivered shall
be in           such denominations as may be requested by the holder hereof and shall be
          registered in the name of such holder or such other name as shall be designated
          by such holder. If this Warrant shall have been exercised only in part, then,
          unless this Warrant has expired, the Company shall, at its expense, at the time
          of delivery of such certificates, deliver to the holder a new Warrant
          representing the number of shares with respect to which this Warrant shall not
          then have been exercised. As used herein, “business day” means a day,
          other than a Saturday or Sunday, on which banks in New York City are open for
          the general transaction of business.  

		    (b)        Cashless
Exercise. In lieu of the payment method set forth in sub-section           (a) above,
the Warrantholder may elect to exchange the Warrant for a number of           Warrant
Shares computed using the following formula:  

X = Y(A-B)

A 

	 	
Where
X = the number of Warrant Shares to be issued to the Warrantholder.  

	 	
Y=
the number of Warrant Shares purchasable under the Warrant (adjusted to the date of such
calculation, but excluding Warrant Shares already issued under this Warrant).  

	 	
A=
the Fair Market Value (as defined below) of one Ordinary Share.  

	 	
B =
Exercise Price (as adjusted to the date of such calculation).  

	 	
“Fair
Market Value” of an Ordinary Share shall mean the most recent closing bid price
of the Company’s Ordinary Shares, as published by Nasdaq, prior to the Warrantholder’s
exercise of the Warrant.  

In the event of a cashless exercise
under this Section 3(b), this Warrant must be exercised for all the Warrant Shares then
purchasable under this Warrant, and must be surrendered to the Company along with the
Notice of Exercise. After such exercise and receipt by the Warrantholder of the
appropriate amount of Warrant Shares, this Warrant shall be null and void. 

        Section
3A.         Number of Warrant Shares. The Company and Plenus have entered into a certain
Loan Agreement dated May 1, 2006, pursuant to which Plenus has made available to the
Company a loan in the amount of $2 million (the “Loan Amount”). The number of
Warrant Shares that the Warrantholder may purchase pursuant to this Warrant, and the
exercise price thereof, shall be determined as follows: 

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          	 	(a) 	
               In the event the Company consummates an equity financing raising at least
               $1,500,000 on or before December 31, 2006 (“Equity Financing”), the
               Warrantholder shall be entitled to purchase the number of Warrant Shares equal
               to twelve percent (12%) of the Loan Amount divided by the lowest price per share
               paid by an investor in such Equity Financing (which shall be set as the Warrant
               Price, as may be adjusted hereunder). 

               

          	 	(b) 	
               In the event that there is no Equity Financing, the Warrantholder shall be
               entitled to purchase the number of Warrant Shares equal to twelve percent (12%)
               of the Loan Amount divided by $2.17 (which shall be set as the Warrant Price, as
               may be adjusted hereunder). 

               

        For
the avoidance of doubt, Equity Financing shall not include Excluded Issuances (as defined
in Section 8(g) below). 

        Section
4.         Compliance with the Securities Act of 1933. The Company may cause the legend set
forth on the first page of this Warrant to be set forth on each Warrant or similar legend
on any security issued or issuable upon exercise of this Warrant, unless counsel for the
Company is of the opinion as to any such security that such legend is unnecessary. 

        Section
5.         Payment of Taxes. The Company will pay any documentary stamp taxes attributable
to the initial issuance of Warrant Shares issuable upon the exercise of the Warrant;
provided, however, that the Company shall not be required to pay any tax or taxes which
may be payable in respect of any transfer involved in the issuance or delivery of any
certificates for Warrant Shares in a name other than that of the registered holder of this
Warrant in respect of which such shares are issued, and in such case, the Company shall
not be required to issue or deliver any certificate for Warrant Shares or any Warrant
until the person requesting the same has paid to the Company the amount of such tax or has
established to the Company’s reasonable satisfaction that such tax has been paid. The
holder shall be responsible for income and gift taxes due under federal, state or other
law, if any such tax is due. 

        Section
6.         Mutilated or Missing Warrants. In case this Warrant shall be mutilated, lost,
stolen, or destroyed, the Company shall issue in exchange and substitution of and upon
cancellation of the mutilated Warrant, or in lieu of and substitution for the Warrant
lost, stolen or destroyed, a new Warrant of like tenor and for the purchase of a like
number of Warrant Shares, but only upon receipt of evidence reasonably satisfactory to the
Company of such loss, theft or destruction of the Warrant, and with respect to a lost,
stolen or destroyed Warrant, reasonable indemnity or bond with respect thereto, if
requested by the Company. 

        Section
7.         Reservation of Ordinary Shares; NASDAQ Rules. 

          	 	(a) 	
               The Company hereby represents and warrants that there have been reserved, and
               the Company shall at all applicable times keep reserved until issued (if
               necessary) as contemplated by this Section 7, out of the authorized and unissued
               Ordinary Shares, sufficient shares to provide for the exercise of the rights of
               purchase represented by this Warrant. The Company agrees that all Warrant Shares
               issued upon exercise of the Warrant shall be, at the time of delivery of the
               certificates for such Warrant Shares upon the due exercise of this Warrant, duly
               authorized, validly issued, fully paid and non-assessable Ordinary Shares of the
               Company. 

               

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          	 	(b) 	
               The parties agree that, notwithstanding anything to the contrary herein, the
               Warrant Price shall in no event whatsoever be less than $0.068 (subject to
               adjustment upon a stock split, stock dividend or similar event). 

               

        Section
8.         Adjustments. Subject and pursuant to the provisions of this Section 8, the
Warrant Price and number of Warrant Shares subject to this Warrant shall be subject to
adjustment from time to time as set forth hereinafter. 

		    (a)        If
the Company shall, at any time or from time to time while this Warrant is
          outstanding, pay a dividend or make a distribution on its Ordinary Shares in
          Ordinary Shares, subdivide its outstanding Ordinary Shares into a greater
number           of shares or combine its outstanding Ordinary Shares into a smaller
number of           shares or issue by reclassification of its outstanding Ordinary
Shares any           shares of its capital stock (including any such reclassification in
connection           with a consolidation or merger in which the Company is the
continuing           corporation), then the number of Warrant Shares purchasable upon
exercise of the           Warrant and the Warrant Price in effect immediately prior to
the date upon which           such change shall become effective, shall be adjusted by
the Company so that the           Warrantholder thereafter exercising the Warrant shall
be entitled to receive the           number of Ordinary Shares or other capital stock
which the Warrantholder would           have received if the Warrant had been exercised
immediately prior to such event           upon payment of a Warrant Price that has been
adjusted to reflect a fair           allocation of the economics of such event to the
Warrantholder. Such adjustments           shall be made successively whenever any event
listed above shall occur.  

		    (b)        If
any capital reorganization, reclassification of the capital stock of the
          Company, consolidation or merger of the Company with another corporation in
          which the Company is not the survivor, or sale, transfer or other disposition
of           all or substantially all of the Company’s assets to another corporation
          shall be effected, then, as a condition of such reorganization,
          reclassification, consolidation, merger, sale, transfer or other disposition,
          lawful and adequate provision shall be made whereby the Warrantholder shall
          thereafter have the right to purchase and receive upon the basis and upon the
          terms and conditions herein specified and in lieu of the Warrant Shares
          immediately theretofore issuable upon exercise of the Warrant, such shares of
          stock, securities or assets as would have been issuable or payable with respect
          to or in exchange for a number of Warrant Shares equal to the number of Warrant
          Shares immediately theretofore issuable upon exercise of the Warrant, had such
          reorganization, reclassification, consolidation, merger, sale, transfer or
other           disposition not taken place, and in any such case appropriate provision
shall be           made with respect to the rights and interests of each Warrantholder to
the end           that the provisions hereof (including, without limitation, provision
for           adjustment of the Warrant Price) shall thereafter be applicable, as nearly
          equivalent as may be practicable in relation to any shares of stock, securities
          or properties thereafter deliverable upon the exercise thereof. The Company
          shall not effect any such consolidation, merger, sale, transfer or other
          disposition unless prior to or simultaneously with the consummation thereof the
          successor corporation (if other than the Company) resulting from such
          consolidation or merger, or the corporation purchasing or otherwise acquiring
          such assets or other appropriate corporation or entity shall assume the
          obligation to deliver to the holder of the Warrant such shares of stock,
          securities or assets as, in accordance with the foregoing provisions, such
          holder may be entitled to purchase, and the other obligations under this
          Warrant. The provisions of this paragraph (b) shall similarly apply to
          successive reorganizations, reclassifications, consolidations, mergers, sales,
          transfers or other dispositions.  

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		    (c)        In
case the Company shall fix a payment date for the making of a distribution to
          all holders of Ordinary Shares (including any such distribution made in
          connection with a consolidation or merger in which the Company is the
continuing           corporation) of evidences of indebtedness or assets (other than cash
dividends           or cash distributions payable out of consolidated earnings or earned
surplus or           dividends or distributions referred to in Section 8(a)), or
subscription rights           or warrants, the Warrant Price to be in effect after such
payment date shall be           determined by multiplying the Warrant Price in effect
immediately prior to such           payment date by a fraction, the numerator of which
shall be the total number of           Ordinary Shares outstanding multiplied by the
Market Price (as defined below)           per Ordinary Share immediately prior to such
payment date, less the fair market           value (as determined by the Company’s
Board of Directors in good faith) of           said assets or evidences of indebtedness
so distributed, or of such subscription           rights or warrants, and the denominator
of which shall be the total number of           Ordinary Shares outstanding multiplied by
such Market Price per Ordinary Share           immediately prior to such payment date.
“Market Price” as of a           particular date (the “Valuation Date”)
shall mean the following: (a)           if the Ordinary Shares are then listed on a
national stock exchange, the closing           sale price of one Ordinary Share on such
exchange on the last trading day prior           to the Valuation Date; (b) if the
Ordinary Shares are then quoted on the Nasdaq           Stock Market, Inc. (“Nasdaq”),
the closing sale price of one Ordinary           Share on Nasdaq on the last trading day
prior to the Valuation Date or, if no           such closing sale price is available, the
average of the high bid and the low           asked price quoted on Nasdaq on the last
trading day prior to the Valuation           Date; or (c) if the Ordinary Shares are not
then listed on a national stock           exchange or quoted on Nasdaq, the Fair Market
Value of one Ordinary Share as of           the Valuation Date, shall be determined in
good faith by the Board of Directors           of the Company and the Warrantholder. The
Board of Directors of the Company           shall respond promptly, in writing, to an
inquiry by the Warrantholder prior to           the exercise hereunder as to the Market
Value of an Ordinary Share as determined           by the Board of Directors of the
Company. In the event that the Board of           Directors of the Company and the
Warrantholder are unable to agree upon the           Market Value in respect of subpart
(c) hereof, the Company and the Warrantholder           shall jointly select an
appraiser, who is experienced in such matters. The           decision of such appraiser
shall be final and conclusive, and the cost of such           appraiser shall be borne
evenly by the Company and the Warrantholder. Such           adjustment shall be made
successively whenever such a payment date is fixed.  

		    (d)        For
the term of this Warrant, in addition to the provisions contained above, the
          Warrant Price shall be subject to adjustment as provided below. An adjustment
to           the Warrant Price shall become effective immediately after the payment date
in           the case of each dividend or distribution and immediately after the
effective           date of each other event which requires an adjustment.  

		    (e)        In
the event that, as a result of an adjustment made pursuant to this Section 8,
          the holder of this Warrant shall become entitled to receive any shares of
          capital stock of the Company other than Ordinary Shares, the number of such
          other shares so receivable upon exercise of this Warrant shall be subject
          thereafter to adjustment from time to time in a manner and on terms as nearly
          equivalent as practicable to the provisions with respect to the Warrant Shares
          contained in this Warrant.  

- 5 -

		    (f)        Except
as provided in subsection (g) hereof, if and whenever the Company shall           issue
or sell, or is, in accordance with any of subsections (f)(l) through           (f)(6)
hereof, deemed to have issued or sold, any Ordinary Shares for a           consideration
per share less than the Warrant Price in effect immediately prior           to the time
of such issue or sale, then and in each such case (a           “Trigger Issuance”)
the then-existing Warrant Price shall           automatically be reduced, as of the close
of business on the effective date of           the Trigger Issuance, to the lowest price
per share at which any Ordinary Shares           were issued or sold or deemed to be
issued or sold in the Trigger Issuance;           provided, however, that in no event
shall the Warrant Price after giving effect           to such Trigger Issuance be greater
than the Warrant Price in effect prior to           such Trigger Issuance.  

	 	        For
purposes of this subsection (f), “Additional Ordinary Shares” shall mean all
Ordinary Shares issued by the Company or deemed to be issued pursuant to this subsection
(f), other than Excluded Issuances (as defined in subsection (g) hereof).  

	 	        For
purposes of this subsection (f), the following subsections (f)(l) to (f)(6) shall also be
applicable (subject, in each such case, to the provisions of subsection (g) hereof) and
to each other subsection contained in this subsection (f):  

	 	        (f)(1)
               Issuance of Rights or Options. In case at any time the Company shall in
any                manner grant (directly and not by assumption in a merger or otherwise)
any                warrants or other rights to subscribe for or to purchase, or any
options for the                purchase of, Ordinary Shares or any stock or security
convertible into or                exchangeable for Ordinary Shares (such warrants,
rights or options being called                “Options” and such convertible or
exchangeable stock or securities                being called “Convertible Securities”)
whether or not such Options or                the right to convert or exchange any such
Convertible Securities are immediately                exercisable, and the price per
share for which Ordinary Shares are issuable upon                the exercise of such
Options or upon the conversion or exchange of such                Convertible Securities
(determined by dividing (i) the sum (which sum shall                constitute the
applicable consideration) of (x) the total amount, if any,                received or
receivable by the Company as consideration for the granting of such
               Options, plus (y) the aggregate amount of additional consideration payable
to                the Company upon the exercise of all such Options, plus (z), in the
case of such                Options which relate to Convertible Securities, the aggregate
amount of                additional consideration, if any, payable upon the issue or sale
of such                Convertible Securities and upon the conversion or exchange
thereof, by (ii) the                total maximum number of Ordinary Shares issuable upon
the exercise of such                Options or upon the conversion or exchange of all
such Convertible Securities                issuable upon the exercise of such Options)
shall be less than the Warrant Price                in effect immediately prior to the
time of the granting of such Options, then                the total number of Ordinary
Shares issuable upon the exercise of such Options                or upon conversion or
exchange of the total amount of such Convertible                Securities issuable upon
the exercise of such Options shall be deemed to have                been issued for such
price per share as of the date of granting of such Options                or the issuance
of such Convertible Securities and thereafter shall be deemed to                be
outstanding for purposes of adjusting the Warrant Price. Except as otherwise
               provided in subsection 8(f)(3), no adjustment of the Warrant Price shall
be made                upon the actual issue of such Ordinary Shares or of such
Convertible Securities                upon exercise of such Options or upon the actual
issue of such Ordinary Shares                upon conversion or exchange of such
Convertible Securities.  

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	 	        (f)(2)
               Issuance of Convertible Securities. In case the Company shall in any
manner                issue (directly and not by assumption in a merger or otherwise) or
sell any                Convertible Securities, whether or not the rights to exchange or
convert any                such Convertible Securities are immediately exercisable, and
the price per share                for which Ordinary Shares are issuable upon such
conversion or exchange                (determined by dividing (i) the sum (which sum
shall constitute the applicable                consideration) of (x) the total amount
received or receivable by the Company as                consideration for the issue or
sale of such Convertible Securities, plus (y) the                aggregate amount of
additional consideration, if any, payable to the Company                upon the
conversion or exchange thereof, by (ii) the total number of shares of
               Ordinary Shares issuable upon the conversion or exchange of all such
Convertible                Securities) shall be less than the Warrant Price in effect
immediately prior to                the time of such issue or sale, then the total
maximum number of shares of                Ordinary Shares issuable upon conversion or
exchange of all such Convertible                Securities shall be deemed to have been
issued for such price per share as of                the date of the issue or sale of
such Convertible Securities and thereafter                shall be deemed to be
outstanding for purposes of adjusting the Warrant Price,                provided that (a)
except as otherwise provided in subsection 8(f)(3), no                adjustment of the
Warrant Price shall be made upon the actual issuance of such                Ordinary
Shares upon conversion or exchange of such Convertible Securities and                (b)
no further adjustment of the Warrant Price shall be made by reason of the
               issue or sale of Convertible Securities upon exercise of any Options to
purchase                any such Convertible Securities for which adjustments of the
Warrant Price have                been made pursuant to the other provisions of
subsection 8(f).  

	 	        (f)(3)
               Change in Option Price or Conversion Rate. Upon the happening of any of
the                following events, namely, if the purchase price provided for in any
Option                referred to in subsection 8(f)(l) hereof, the additional
consideration, if any,                payable upon the conversion or exchange of any
Convertible Securities referred                to in subsections 8(f)(l) or 8(f)(2), or
the rate at which Convertible                Securities referred to in subsections
8(f)(l) or 8(f)(2) are convertible into or                exchangeable for Ordinary
Shares shall change at any time (including, but not                limited to, changes
under or by reason of provisions designed to protect against                dilution),
the Warrant Price in effect at the time of such event shall forthwith                be
readjusted to the Warrant Price which would have been in effect at such time
               had such Options or Convertible Securities still outstanding provided for
such                changed purchase price, additional consideration or conversion rate,
as the case                may be, at the time initially granted, issued or sold. On the
termination of any                Option for which any adjustment was made pursuant to
this subsection 8(f) or any                right to convert or exchange Convertible
Securities for which any adjustment was                made pursuant to this subsection
8(f) (including without limitation upon the                redemption or purchase for
consideration of Convertible Securities by the                Company), the Warrant Price
then in effect hereunder shall forthwith be changed                to the Warrant Price
which would have been in effect at the time of such                termination had such
Option or Convertible Securities, to the extent outstanding                immediately
prior to such termination, never been issued.  

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	 	        (f)(4)
               Consideration for Stock. In case any Ordinary Shares, Options or
Convertible                Securities shall be issued or sold for cash, the consideration
received therefor                shall be deemed to be the net amount received by the
Company therefor, after                deduction therefrom of any expenses incurred or
any underwriting commissions or                concessions paid or allowed by the Company
in connection therewith. In case any                Ordinary Shares, Options or
Convertible Securities shall be issued or sold for a                consideration other
than cash, the amount of the consideration other than cash                received by the
Company shall be deemed to be the fair value of such                consideration as
determined in good faith by the Board of Directors of the                Company, after
deduction of any expenses incurred or any underwriting                commissions or
concessions paid or allowed by the Company in connection                therewith. In
case any Options shall be issued in connection with the issue and                sale of
other securities of the Company, together comprising one integral
               transaction in which no specific consideration is allocated to such
Options by                the parties thereto, such Options shall be deemed to have been
issued for such                consideration as determined in good faith by the Board of
Directors of the                Company.  

	 	        (f)(5)
               Record Date. In case the Company shall take a record of the holders of its
               Ordinary Shares for the purpose of entitling them (i) to receive a
dividend or                other distribution payable in Ordinary Shares, Options or
Convertible Securities                or (ii) to subscribe for or purchase Ordinary
Shares, Options or Convertible                Securities, then such record date shall be
deemed to be the date of the issue or                sale of the Ordinary Shares deemed
to have been issued or sold upon the                declaration of such dividend or the
making of such other distribution or the                date of the granting of such
right of subscription or purchase, as the case may                be.  

	 	        (f)(6)
               Treasury Shares. The number of Ordinary Shares outstanding at any given
time                shall not include shares owned or held by or for the account of the
Company or                any of its wholly-owned subsidiaries, and the disposition of
any such shares                (other than the cancellation or retirement thereof) shall
be considered an issue                or sale of Ordinary Shares for the purpose of this
subsection (f).  

		     (g)        Anything
herein to the contrary notwithstanding, the Company shall not be           required to
make any adjustment of the Warrant Price in the case of the issuance           of (A)
capital stock, Options or Convertible Securities issued to directors,           officers,
employees or consultants of the Company in connection with their           service as
directors of the Company, their employment by the Company or their           retention as
consultants or service providers by the Company pursuant to an           equity
compensation program approved by the Board of Directors of the Company or           the
compensation committee of the Board of Directors of the Company, (B)           Ordinary
Shares upon the conversion or exercise of Options or Convertible           Securities
issued prior to the date hereof, (C) Ordinary Shares issued or           issuable by
reason of a dividend, stock split or other distribution on Ordinary           Shares (but
only to the extent that such a dividend, split or distribution           results in an
adjustment in the Warrant Price pursuant to the other provisions           of this
Warrant) or (D) capital stock, Options or Convertible Securities issued           in an
acquisition by the Company of the assets or equity interests of another           entity,
in connection with a joint venture or other strategic alliance           transaction or
to lending institutions, licensors of tangible or intangible           property or
equipment leasing companies in connection with licensing, leasing or           financing
transactions, in either case approved by the Board of Directors,and (E) the
issuance of Ordinary Shares upon the exercise or conversion of           any securities
described in clauses (A) through (D) above (collectively,           “Excluded
Issuances”).  

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        Section
9.         Fractional Interest. The Company shall not be required to issue fractions of
Warrant Shares upon the exercise of the Warrant. If any fractional Ordinary Shares would,
except for the provisions of the first sentence of this Section 9, be delivered upon such
exercise, the Company, in lieu of delivering such fractional share, shall pay to the
exercising holder of this Warrant an amount in cash equal to the Fair Market Value of such
fractional Ordinary Shares on the date of exercise. As used in this Warrant, “Fair
Market Value” of a an Ordinary Share as of a particular date (the “Valuation
Date”) shall mean the following: (a) if the Ordinary Shares are then listed on a
national stock exchange, the closing sale price of one Ordinary Share on such exchange on
the last trading day prior to the Valuation Date; (b) if the Ordinary Shares are then
quoted on Nasdaq, the closing sale price of one Ordinary Share on Nasdaq on the last
trading day prior to the Valuation Date or, if no such closing sale price is available,
the average of the high bid and the low sales price quoted on Nasdaq on the last trading
day prior to the Valuation Date; or (c) if the Ordinary Shares are not then listed on a
national stock exchange or quoted on Nasdaq, the Fair Market Value of one Ordinary Share
as of the Valuation Date, shall be determined in good faith by the Board of Directors of
the Company. 

        Section
10.         Extension of Expiration Date. If the Company fails to cause any Registration
Statement covering Registrable Securities (unless otherwise defined herein, capitalized
terms are as defined in the Registration Rights Agreement referred to in Section 15 below)
to be declared effective prior to the applicable dates set forth therein and the Blackout
Period (whether alone, or in combination with any other Blackout Period) continues for
more than 60 days in any 12 month period, or for more than a total of 90 days, then the
Expiration Date of this Warrant shall be extended one day for each day beyond the 60-day
or 90-day limits, as the case may be, that the Blackout Period continues. 

        Section
11.         Benefits. Nothing in this Warrant shall be construed to give any person, firm
or corporation (other than the Company and the Warrantholder and permitted Tranferees) any
legal or equitable right, remedy or claim, it being agreed that this Warrant shall be for
the sole and exclusive benefit of the Company and the Warrantholder. 

        Section
12.         Notices to Warrantholder. Upon the happening of any event requiring an
adjustment of the Warrant Price, the Company shall promptly give written notice thereof to
the Warrantholder at the address appearing in the records of the Company, stating the
adjusted Warrant Price and the adjusted number of Warrant Shares resulting from such event
and setting forth in reasonable detail the method of calculation and the facts upon which
such calculation is based. Failure to give such notice to the Warrantholder or any defect
therein shall not affect the legality or validity of the subject adjustment. 

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        Section
13.         Identity of Transfer Agent. The Transfer Agent for the Ordinary Shares is
American Stock Transfer and Trust Company. Upon the appointment of any subsequent transfer
agent for the Ordinary Shares or other shares of the Company’s capital stock issuable
upon the exercise of the rights of purchase represented by the Warrant, the Company will
mail to the Warrantholder a statement setting forth the name and address of such transfer
agent. 

        Section
14.         Notices. Unless otherwise provided, any notice required or permitted under this
Warrant shall be given in writing and shall be deemed effectively given as hereinafter
described (i) if given by personal delivery, then such notice shall be deemed given upon
such delivery, (ii) if given by telex or telecopier, then such notice shall be deemed
given upon receipt of confirmation of complete transmittal, (iii) if given by mail, then
such notice shall be deemed given upon the earlier of (A) receipt of such notice by the
recipient or (B) three days after such notice is deposited in first class mail, postage
prepaid, and (iv) if given by an internationally recognized overnight air courier, then
such notice shall be deemed given one day after delivery to such carrier. All notices
shall be addressed as follows: (i) if to the Warrantholder, at its address as set forth in
the Company’s books and records and, if to the Company, at the address as follows, or
at such other address as the Warrantholder or the Company may designate by ten days’
advance written notice to the other: 

	 	
If
to the Company: 

	 	
Attunity
Ltd. 
Kfar Netter Industrial Park
 Kfar Netter 40593, Israel
 Attention: Chief Financial
Officer 
Fax: 972-9-899-3001 

	 	
If
to Plenus: 

	 	
Plenus
Technologies, Ltd.
 16 Abba Eben Avenues 
Herzliya Pituach
 Israel
 Attentionn: Shlomo Karako

Facsimile: 972-9-957-8770 

- 10 -

        Section
15.         Registration Rights. The Warrantholder is entitled with respect to the Warrant
Shares to the identical registration rights and the additional terms and conditions (with
the exception of the penalties and expense provisions) provided in the Registration Rights
Agreement between the Company and certain Purchasers dated May 5, 2004, a copy of which is
attached hereto. 

The rights and obligations of the
Company and the Holder set forth in this Section 15 shall survive the exercise of this
Warrant. 

        Section
16.          Successors. All the covenants and provisions hereof by or for the benefit of
the Warrantholder shall bind and inure to the benefit of its respective successors and
assigns hereunder. 

        Section
17.         Governing Law. This Warrant shall be governed by, and construed in accordance
with, the internal laws of the State of Israel, without reference to the choice of law
provisions thereof. This Warrant shall be governed by and construed in accordance with the
internal laws of the State of Israel, without giving effect to its choice of law
provisions. This Agreement shall not interpreted or construed with any presumption against
the party causing this Agreement to be drafted. 

        Section
18.         No Rights as Stockholder. Prior to the exercise of this Warrant, the
Warrantholder shall not have or exercise any rights as a stockholder of the Company by
virtue of its ownership of this Warrant. 

        Section
19.         Amendment; Waiver Any term of this Warrant may be amended or waived (including
the adjustment provisions included in Section 8 of this Warrant) upon the written consent
of the Company and the Warrantholder. 

        Section
20.         Section Headings. The section heading in this Warrant are for the convenience
of the Company and the Warrantholder and in no way alter, modify, amend, limit or restrict
the provisions hereof. 

        IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed on the
1st day of May 2006. 

			ATTUNITY LTD.

By: /s/ Aki Ratner
——————————————

Aki Ratner
Chief Executive Officer

- 11 -

APPENDIX A 

WARRANT EXERCISE FORM 

To: Attunity Ltd. 

Attn: ____________, 

         1.       
          [ ] [____] (Check and initial here if the undersigned
          elects this alternative) The undersigned hereby elects to purchase [FILL
          IN NUMBER OF SHARES] ____________ Ordinary Shares of Attunity Ltd. pursuant
          to the terms of the attached Warrant (the “Warrant”), and
          tenders herewith payment in full for the Exercise Price of the shares being
          purchased. 

         1.       
          [ ] [____] (Check and initial here if the undersigned
          elects this alternative In lieu of exercising the Warrant for cash or a
          check, the undersigned hereby elects to effect the net exercise provision of
          Section 3(b) of the Warrant and receive [FILL IN NUMBER OF SHARES]
          _________ Ordinary Shares of Attunity Ltd. pursuant to the terms of the Warrant
          according to the following calculation (Initial here if the undersigned elects
          this alternative ________): 

	X = Y (A-B) 	 (  ) = (____) [(_____) - (_____)] 
	A	(_____)

	 	
Where
X = the number of shares of Warrant Shares to be issued to Warrantholder.  

	 	
Y
= the number of shares of Warrant Shares purchasable under the amount of the Warrant
being exchanged (as adjusted to the date of such calculation).  

	 	
A
= the Fair Market Value of one share of the Company’s Ordinary Shares.  

	 	
B
= Exercise Price (as adjusted to the date of such calculation).  

         2.       
          Please issue a certificate or certificates representing said Warrant Shares in
          the name of the below list of entities, and record same in the Company’s
          internal share registry, as follows: 

			Very truly yours,

_________________

By: ______________

Title: _______________

Date: ______________

- 12 -

Appendix B  

FORM OF TRANSFER 

(To
be signed only upon transfer of Warrant) 

FOR VALUE RECEIVED, the undersigned
(the “Transferor”) hereby assigns and transfers unto
______________________________________________ (the “Transferee”) the
right represented by the attached Warrant No. _ (the “Warrant”) to
purchase [fill in amount of Warrant Shares] Warrant Shares of Attunity Ltd. at an Exercise
Price of [fill in Exercise Price], subject to adjustment, out of the total Warrant Shares
to which the Warrant relates, and appoints ______________, Attorney, to transfer such
right on the books of Attunity Ltd., with full power of substitution in the premises. The
Transferor further represents that the transfer is made in accordance with the terms of
the Warrant, including, without limitation, with respect to the Transferee being a
Permitted Transferee or with respect to which consent to transfer has been given by
Attunity Ltd. 

Dated: ___________________

By:  _____________________

Name:  ___________________

Signed in the presence of:

By:  _____________________

Name:  ___________________

And the undersigned Transferee hereby
agrees to the transfer of said rights to which the Warrant relates, and agrees to be bound
by the terms and conditions of the Warrant. The undersigned further represents that the
transfer is made in accordance with the terms of the Warrant. 

Dated: ___________________

By:  _____________________

Name:  ___________________

Signed in the presence of:

By:  _____________________

Name:  ___________________

- 13 -6-K

Exhibit 4.3  

FLOATING CHARGE
AGREEMENT  

THIS FLOATING CHARGE AGREEMENT
(this “Agreement”) made as of the 1st day of May 2006, by and
among Attunity Ltd., an Israeli company (number 52-003801-9) of Kfar Netter Industrial
Park, Kfar Netter 40593, Israel (the “Pledgor”); Plenus Technologies Ltd.
of Delta House, 16 Abba Eben Avenue, Herzeliya 46725, Israel) (“Plenus”
or “Lender”) and Mizrachi Bank, Ltd. and Golden Gate Bridge Fund
(Israel), Limited Partnership (the “Co-Lenders”). 

        WHEREAS,
the Pledgor has agreed to enter into this Agreement in order to secure certain obligations
of the Pledgor to the Lender and to the Co-Lenders (the “Secured Obligations”,
as such term is defined in the Loan Agreement referred to in Section 1); 

        NOW,
THEREFORE, IT IS AGREED AS FOLLOWS: 

     1.    
          The Preamble to this Agreement constitutes an integral part hereof. All
          capitalized terms used herein and not defined herein shall have the meaning
          assigned to such terms in the Loan Agreement by and among the Pledgor, the
          Lender and the Co-Lenders, dated as of the date hereof (the “Loan
          Agreement”). 

     2.    
          To secure the performance of the Pledgor’s obligations pursuant to this
          Agreement, the Loan Agreement and the Warrant (the “Secured
          Obligations”), the Pledgor hereby pledges and grants the Lender and the
          Co-Lenders, a first priority floating charge on all of its right, title and
          interest (the “Floating Charge”) in all its present and future
          tangible and intangible assets and rights of any kind, whether contingent or
          absolute, all as more fully described in Exhibit A attached
          hereto (the “Collateral”), for as long as the Floating Charge
          is in effect. 

     3.    
          Subject to the provisions of Section 13.2 hereof, the Pledgor will not without
          prior written consent of Plenus which will not be unreasonably withheld or
          delayed (and which consent may be obtained, inter alia, via e-mail
          communication): (a) materially change the general nature of its business and/or
          operate any transaction which may have a material adverse effect on the
          business, condition (financial or otherwise), or results of operations of the
          Pledgor or on the ability of the Pledgor to comply with any of its material
          obligations under any of the Transaction Documents (“Material Adverse
          Change”); (b) make any loan or other extension of credit to its
          distributors, customers or any subsidiary that is not wholly owned by Pledgor
          (with the exception of Attunity Software Services (1991) Ltd. in which the
          Company through its wholly owned subsidiary, Attunity Israel (1992) Ltd., holds
          a 98% interest), except for loans and other extensions of credit granted in the
          ordinary course of business and in the event such loan or other extension of
          credit is not in the ordinary course of business, for an aggregate amount of not
          more than US$50,000; (c) receive financial loans or similar extensions of credit
          from a bank or other financial institution or third party, exceeding (together
          with the amounts set forth in subsection (d) hereunder) an aggregate amount of
          US$100,000; (d) issue any guarantee or otherwise incur any contingent liability
          in connection with any financial loan or similar extension of credit from a bank
          or other financial institution or third party, exceeding in the aggregate
          (together with the amounts set forth in subsection (c) hereinabove) an amount of
          US$150,000; provided that, the restrictions contained in clauses (c) and (d) of
          this Section 3 shall not apply to any commercial debts (e.g., payments due to
          suppliers or other entities within the framework of a commercial relationship or
          guarantees in respect thereof) incurred by the Pledgor in the ordinary course of
          its business, (e) sell, transfer, assign, grant a security interest in or pledge
          any of the Collateral other than: (i) with respect to sale or transfer of any of
          the Collateral in the ordinary course of business, or (ii) the creation of a
          fixed charge under Section 169(d) of the Companies Ordinance (New Version),
          5743-1983, on assets of the Pledgor which are acquired by the Pledgor following
          the Effective Date, provided, however, that such fixed charge
          shall only be recorded in favor of the actual seller of such assets or a
          commercial bank, or other financial institution specifically financing such an
          acquisition of assets; (f) repay any existing or future loans, debts or other
          financial obligations, including, without limitation, with respect to
          shareholders’ loans, excluding, however, operating expenses of the Pledgor
          which are incurred in the Pledgor’s ordinary course of business and
          repayment of loans or debts the assumption of which is not forbidden pursuant to
          this Agreement; (g) transfer ownership of its assets to a third party other than
          in the ordinary course of business; (h) create or permit to exist any
          encumbrance over any of its present or future revenues or assets except for
          encumbrances existing at the date of this Agreement; and (i) distribute any
          dividends. 

For the purpose of this Agreement,
“IP” shall mean, all intangible legal right, title and interest evidenced
by or embodied in or connected or related to (i) copyrights; (ii) patents and
any rights thereunder, and all applications, registrations, and renewals in connection
therewith; (iii) trademarks, service marks, trade names, together with all
translations, adaptations, derivations, and combinations thereof, and all applications,
registrations, and renewals in connection therewith; (iv) all mask works, rights in
original topographies and all applications, registrations, and renewals in connection
therewith; (v) all trade secrets, rights to unpatented inventions, know-how and
confidential information; and (vi) all computer software (including data and related
documentation), in each case on a worldwide basis, and all copies and tangible embodiments
thereof, or any part thereof, in whatever form or medium. 

The provisions of this Section 3
shall apply mutatis mutandis to any existing and/or future subsidiaries of the
Pledgor. The Pledgor undertakes that each and every one of its existing and future
subsidiaries shall undertake in writing to comply with this Section 3 as provided above. 

     4.    
          The Pledgor shall use best efforts to preserve the Collateral, without
          interfering with the use of the Collateral in the ordinary course of business,
          and shall at all times maintain insurance coverage customary for a company of
          its size, at the stage of development and in the industry in which Pledgor
          operates. 

     5.    
          The Pledgor hereby affirms the representations and warranties appearing in
          Section 4 of the Loan Agreement and such representations and warranties are
          incorporated by reference herein. 

     6.    
          Subject to applicable law, Plenus shall be entitled on its own behalf and on
          behalf of the Co-lenders to enforce the Floating Charge against the Pledgor, and
          the Collateral shall be subject to immediate foreclosure, at any time and
          without any further demand, immediately upon the occurrence of an Event of
          Acceleration, unless otherwise provided for in this Agreement or the Loan
          Agreement. 

The Pledgor shall promptly inform the
Lender of the occurrence of any Event of Acceleration and, upon receipt of a written
request to that effect from Plenus, confirm to the Lender that, except as previously
notified to the Lender or as notified in such confirmation, no Event of Acceleration has
occurred. 

- 2 -

	7.	(a) 	Upon
the occurrence of any Event of Acceleration, Plenus shall be entitled
                    to adopt all the measures it deems fit, allowed by applicable law, in
order to                     recover the performance of the Secured Obligations and
realize all of its rights                     hereunder, including the realization of the
Collateral, in whole or in part, and                     to apply the proceeds thereof to
the Secured Obligations without Plenus first                     being required to
realize any other guarantees or collateral securities, if such                     be
held by Plenus. 

	 	(b)	            Upon
the occurrence of an Event of Acceleration, Plenus may, as attorney-in-fact
               of the Pledgor (and, for the purpose hereof, the Pledgor does hereby
irrevocably                appoints Plenus to be its attorney-in-fact), subject to any
applicable law, sell                all or any part of the Collateral by public auction
or otherwise, by itself or                through others, for cash or installments
thereof or otherwise, at a price and on                such terms as Plenus in its
reasonable discretion shall deem fit, and likewise,                subject to applicable
law, Plenus may of its own accord or through the court or                an execution
office, realize the value of the Collateral or any part thereof,
               including, inter alia, by appointing a receiver or receiver and
manager                on behalf of Plenus, who shall be empowered, inter alia: 

	 	(1) 	to
call in all or any part of the Collateral;  

	 	(2) 	to
sell, or agree to the sale of, the Collateral, in whole or in part, to
               dispose, or agree to dispose, of same in such other manner on such terms
as he                deems fit;  

	 	(3) 	to
make such other arrangement regarding the Collateral or any part thereof as
               he deems fit;  

	 	(4) 	to
take any and all action required which he, at his sole discretion, deems
               productive or otherwise helpful, for the realization of the Collateral,
and/or                for the fulfillment of his duty; and  

	 	(5) 	to
carry out any other authority empowered to him by the court or the execution
               office.  

	 	
The
Lender and the Co-Lenders acknowledge and agree that certain of the Collateral may have
been developed with the assistance of funds received from the Office of the Chief
Scientist of the Israeli Ministry of Industry, Trade and Employment and consequently the
use, transfer and sale of such Collateral is subject to the Law for the Encouragement of
Industrial Research and Development, 5744-1984, as amended or supplemented from time to
time and all rules and regulations issued thereunder (the “R&D Law”)
and they undertake to comply with the R&D Law. 

     8.    
          The Pledgor shall cooperate with the Lender and Co-Lenders and execute all
          documents as may be reasonably necessary or advisable to register the Floating
          Charge with the Israeli Registrar of Companies and/or Registrar of Pledges, such
          document(s) substantially in the form annexed hereto as Exhibit
          B, and shall bear all stamp taxes with respect to such
          registrations, if such are applicable. The Pledgor shall pay, upon demand, all
          reasonable expenses, including reasonable attorney’s fees, incurred by the
          Lender and the Co-lenders in enforcing their rights and remedies hereunder. 

- 3 -

     9.    
          The amount being secured under the Floating Charge created by this Floating
          Charge Agreement is limited, in accordance with the Loan Agreement, to the Loan
          Amount together with any accrued Interest thereon and any other amounts due
          according to this Agreement. The payments to be made to the Lender and to the
          Co-lender in the event of the foreclosure of the Floating Charge will be made in
          the following order: (i) costs (distributed pro rata among the Lender and
          the Co-lender),, (ii) expenses and taxes, (iii) interest, (iv) any
          payment due under Section 9.6 of the Loan Agreement and (v) the Loan Amount. The
          Floating Charge shall be cancelled and be of no further force and effect and the
          Lender and Co-Lenders shall promptly execute and provide the Pledgor with all
          documents necessary to release the Floating Charge upon repayment in full of the
          Loan Amount together with any accrued Interest thereon and any other amounts due
          according to this Agreement, unless terminated earlier by the Lender. 

     10.    
          This Agreement shall be governed by, and construed in accordance with, the laws
          of the State of Israel. The parties hereto hereby irrevocably submit to the
          exclusive jurisdiction of the appropriate court in Tel Aviv, Israel. 

     11.    
          The Pledgor shall promptly notify Plenus in writing of any Material Adverse
          Change and of any other event that may materially adversely affect the condition
          or value of the Collateral. 

     12.    
          The Pledgor will immediately notify Plenus of any change in its name or identity
          or corporate structure or in the location of its chief offices or where its
          books and records are kept, as well as any change to its incorporation
          documents. 

     13.    
          None of the rights, privileges or obligations set forth in, arising under, or
          created by, this Agreement may be assigned or transferred by any party hereto
          without the prior consent in writing of the Pledgor and Plenus. Notwithstanding
          the foregoing and without derogating from the requirement and limitations set
          forth immediately below: 

	 	
13.1
the Lender and the Co-Lenders shall have the right to assign or transfer any of its
rights, privileges and obligations under this Agreement to a Permitted Transferee,
provided that such assignment or transfer is not to a competitor of the Pledgor, and
further provided that the assignee or transferee undertakes, in writing, all of the Lender’s
or Co-Lenders’ obligations hereunder. The assigning or transferring Lender or
Co-Lenders shall notify the Pledgor in writing of any such assignment or transfer no
later than seven (7) days following its execution.  

	 	
13.2
The Pledgor shall be entitled to assign or transfer its rights, privileges and
obligations under this Agreement in the event of an M&A Transaction (as defined
below) so long as the entity that results from such merger or consolidation, or purchase
and sale of all, or substantially all, of Pledgor’s assets or shares (as applicable,
the “Surviving Entity”), shall have executed and delivered to the Lender
an agreement containing an assumption by the Surviving Entity of the due and punctual
performance of all obligations and performance and observance of each covenant and
condition of the Pledgor set forth in the Loan Agreement and herein, including the
registration and perfection of the Lender’s and Co-Lenders’ security interest
in the Collateral. For purposes of this Agreement, the term M&A Transaction shall
mean the consummation of (a) a transaction or a series of transactions for the sale or
other disposition of all, or substantially all, of the assets or business of the
Corporation, or (b) a transaction or a series of transactions, including, without
limitation, a merger or consolidation, whereby, or as a result thereof, the Corporation’s
shareholders immediately prior thereto, hold 50% or less of the voting power of the
Corporation, the surviving entity or the new entity (as the case may be) or they will no
longer have the power or the right to appoint more than fifty (50%) percent of the
members of the board of directors of such entity.  

- 4 -

14.     Notwithstanding
anything herein to the contrary, (i) the Co-Lender has agreed           that Plenus at
its sole discretion shall determine whether to realize any           charges and/or
pledges over the assets of the Pledgor created for the benefit of           the Lender
and the Co-Lender, and make any other decisions that need to be made           with
respect to any other issue relating to this Agreement, (ii) the Co-Lenders           have
agreed that Plenus at its sole discretion shall determine whether an Event           of
Acceleration has occurred and (iii) the Co-Lenders have agreed not to take           any
action to the contrary.  

15.     The
parties hereto intend and agree that the Co-Lenders shall be deemed a third
                    party beneficiary hereunder and that, subject to Section 14 above,
all rights                     and privileges conferred upon the Co-Lenders pursuant
hereto shall inure to its                     benefit.  

     16.    
          Any notices to be provided by one party to another shall be done in accordance
          with the notice provisions set forth in the Loan Agreement. 

     17.    
          Any term of this Agreement 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 the Pledgor and Plenus.
          No delay or omission to exercise any right, power, or remedy accruing to any
          party upon any breach or default under this Agreement, shall be deemed a waiver
          of such party’s rights or remedies with respect to such breach or any other
          breach or default theretofore or thereafter occurring. All remedies, either
          under this Agreement or by law or otherwise afforded to any of the parties,
          shall be cumulative and not alternative. 

     18.    
          This Agreement, the Fixed Charge Agreement, the Loan Agreement and their
          Exhibits and Schedules, constitute the full and entire understanding and
          agreement among the parties with regard to the subject matters hereof and
          thereof. The preamble, Exhibits and Schedules hereto constitute an integral part
          hereof. 

[signature page follows]

- 5 -

        IN
WITNESS WHEREOF, this Floating Charge Agreement has been executed by the parties
hereto as of the date first above written. 

	ATTUNITY LTD.

By: /s/ Aki Ratner
——————————————

Title:      Chief Executive Officer
Date:	PLENUS TECHNOLOGIES LTD.

By: /s/ Shlomo Karako
——————————————

Title:    Chief Financial Officer
Date:

By: /s/ Moti Weiss
——————————————

Title:    Managing Partner
Date:

	MIZRACHI BANK, LTD. 

By: /s/ Kuty Mansdorf
——————————————

Title:  Deputy Head of Corporate Banking
Date:

	

By: /s/ Morad Ofir
——————————————

Title:    Senior Credit Officer
Date:

	GOLDEN GATE BRIDGE FUND (ISRAEL) LIMITED PARTNERSHIP

By: /s/ 
——————————————

Title:   _________________
Date:   _________________

- 6 -

EXHIBIT A 

        The
collateral consists of all of Pledgor’s rights, titles and interests in and to all
assets of the Pledgor, including, but not limited to, the following (the
“Collateral”): 

        All
goods and equipment now owned or hereafter acquired, including, without limitation, all
machinery, fixtures, vehicles (including motor vehicles and trailers), and any interest in
any of the foregoing, and all attachments, accessories, accessions, replacements,
substitutions, additions, and improvements to any of the foregoing, wherever located; 

        All
inventory, now owned or hereafter acquired, including, without limitation, all
merchandise, raw materials, parts, supplies, packing and shipping materials, work in
process and finished products including such inventory as is temporarily out of
Pledgor’s custody or possession or in transit and including any returns upon any
accounts or other proceeds, including insurance proceeds, resulting from the sale or
disposition of any of the foregoing and any documents of title representing any of the
above; 

        All
contract rights and general intangibles and all of Pledgor’s IP, now owned or
hereafter acquired, including, without limitation, the underlying source and object code
of Pledgor’s proprietary software products and technologies, goodwill, trademarks,
servicemarks, Internet domain names, trade dress, trade styles, trade names, patents,
patent applications, leases, license agreements, franchise agreements, blueprints,
drawings, purchase orders, customer lists, route lists, infringement claims, computer
programs, computer discs, computer tapes, literature, reports, catalogs, design rights,
income tax refunds, payments of insurance; all claims for damages by way of any past,
present and future infringement of any of the foregoing and rights to payment of any kind,
including trade receivables and accrued payments for services rendered and/or products and
consulting services deliverables delivered; 

        All
now existing and hereafter arising accounts, contract rights, royalties, license rights
and all other forms of obligations owing to Pledgor arising out of the sale or lease of
goods, the licensing of technology or the rendering of services by Pledgor, whether or not
earned by performance, and any and all credit insurance, guaranties, and other security
therefor, as well as all merchandise returned to or reclaimed by Pledgor; 

        All
documents, cash, deposit accounts, securities, securities entitlements, securities
accounts, investment property, financial assets, letters of credit, certificates of
deposit, instruments and chattel paper now owned or hereafter acquired and Pledgor’s
Books relating to the foregoing; 

        All
claims for damages by way of any past, present and future infringement of any of
Pledgor’s IP; 

        All
Pledgor’s Books relating to the foregoing and any and all claims, rights and
interests in any of the above and all substitutions for, additions and accessions to and
proceeds thereof; 

- 7 -

        The
term “Pledgor’s Books” as used herein shall mean all Pledgor’s
books and records including ledgers, records regarding Pledgor’s assets or
liabilities, the Collateral, business operations or financial condition and all computer
programs or discs or any equipment containing the information; and 

        All
insurance policies or the proceeds thereof in respect of the above described assets. 

Notwithstanding anything to the
contrary in this Exchibit A, “Collateral” shall not include those assets
on which a charge or encumberance has already been registered at the Israeli Registrar of
Companies at the date of the Floating Charge Agreement to which this Exhibit A is
attached. 

- 8 -

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