CUSIP NO. N7716A102
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1.
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NAMES OF REPORTING PERSONS
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Formula Systems (1985) Ltd.
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2.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)
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(a)
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o
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(b)
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o
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3.
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SEC USE ONLY
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4.
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SOURCE OF FUNDS (See Instructions)
WC
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5.
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED o PURSUANT TO ITEMS 2(d) or 2(e)
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6.
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CITIZENSHIP OR PLACE OF ORGANIZATION
Israel
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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7.
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SOLE VOTING POWER
17,252,412
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8.
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SHARED VOTING POWER
0
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9.
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SOLE DISPOSITIVE POWER
17,252,412
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10.
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SHARED DISPOSITIVE POWER
0
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11.
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,252,412
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12.
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) o
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13.
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW(11)
43.6%
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14.
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TYPE OF REPORTING PERSON (See Instructions)
CO
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Item 2: Identity and Background
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Item 5: Interest in Securities of the Issuer
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By: /s/ Guy Bernstein
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Name: Guy Bernstein
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1.
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CERTAIN DEFINITIONS.
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1.1.
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"Business Day" means a day, other than Friday, Saturday or other day on which commercial banks in Tel Aviv are authorized or required by applicable law to close.
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1.2.
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"Lien" means any mortgage, lien, pledge, charge, security interest or any other encumbrance or right of any third party or other adverse claim of any kind in respect of such property or asset.
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2.
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PURCHASE AND SALE OF THE SHARES.
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2.1.
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Subject to the terms and conditions set forth in this Agreement, and in reliance on the representations, warranties and covenants of the Seller contained herein, at each Closing (as defined below) the Seller shall sell to the Purchaser and the Purchaser shall purchase from the Seller such number of Shares equal to the respective Purchase Price (as defined below) paid at such Closing divided by US$4.00, free and clear of any and all Liens (each purchase and sale of shares, a "Transaction" and collectively, the "Transactions").
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2.2.
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In the event of any stock split (bonus shares), consolidation, share dividend (including any dividend or distribution of securities convertible into share capital), reorganization, reclassification, combination, recapitalization or other like change with respect to the Shares occurring after the date hereof and prior to each Closing, all references in this Agreement to numbers of shares and all related calculations shall be equitably adjusted to the extent necessary to provide to the parties the same economic effect as contemplated by this Agreement.
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3.
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CONSIDERATION
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3.1.
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As consideration for the sale of all of the Shares to the Purchaser, at one or more Closings, the Purchaser will pay the Seller, under the terms and conditions of this Agreement, for each Share, an amount in cash equal to US$4.00, in an aggregate amount equal to up to US$7,567,540 (the "Purchase Price"). Upon payment of any portion of the Purchase Price, the Seller shall no longer be entitled to any of the benefits of ownership of the respective Shares purchased at such Closing, including voting rights relating thereto.
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3.2.
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The payment of the Purchase Price shall be made either in US Dollars or in NIS (calculated based on the representative rate known at the date of payment) by wire transfer of immediately available funds to the bank account of the Seller, the details of which shall be provided by the Seller to Purchaser in writing at least two Business Days prior to each Closing Date (as defined below). In the event that any date on which payment is due hereunder is not a Business Day, then payment shall be due on the first Business Day thereafter.
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4.
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DEPOSIT OF SHARE TRANSFER DEED AND SHARE CERTIFICATES.
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4.1.
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The Seller and the Purchaser are executing a share transfer deed in the form attached hereto as Schedule 4.1 (the "Full Share Transfer Deed").
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4.2.
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The Seller and Purchaser are depositing a dully executed copy of the Share Transfer Deed with Meitar Liquornik Geva & Leshem Brandwein, the Purchaser’s counsel ("MLG&LB").
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4.3.
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Seller is depositing with MLG&LB the original share certificate representing the Shares (the "Share Certificate").
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5.
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CLOSINGS.
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5.1.
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Time and Place. The consummation of the Transactions shall take place at one or more closings (each a "Closing" and together, the "Closings") on a Business Day on which the Purchaser shall have available funds to pay for any portion of the Shares, provided that the last of such Closings shall be held by no later than the expiration of a 30 day period after the date of this Agreement (the "Closing Period") except that the Closing Period may be extended by a written notice provided by either Purchaser or Seller to the other party hereto for an additional thirty (30) days. The date on which a Closing takes place is referred to in this Agreement as a "Closing Date".
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5.2.
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Transactions at Closings. At each Closing, the following actions will take place, all of which shall be deemed to have occurred simultaneously and no transaction shall be deemed to have been completed or any document delivered until all such transactions have been completed and all required documents delivered:
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5.2.1.
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The Seller will provide the Purchaser with a signed share transfer deed in the form attached hereto as Schedule 5.2.1 (a "Partial Share Transfer Deed") representing the respective purchased Shares.
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5.2.2.
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The Seller and the Purchaser shall execute and deliver to MLG&LB joint written irrevocable instructions in the form attached hereto as Schedule 5.2.2.
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5.2.3.
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The Purchaser will transfer the respective Purchase Price to the Seller as set forth in Section 3 above.
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5.2.4.
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The Seller will provide the Purchaser with a signed letter from the Seller to the Company in the form attached hereto as Schedule 5.2.4.
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5.2.5.
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The Purchaser will deliver the signed letter referred to in Section 5.2.4 above together with an executed copy of the Partial Share Transfer Deed to the Company.
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6.
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CLOSING CONDITIONS.
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6.1.
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Conditions to the obligations of both Parties. The respective obligations of the Seller and Purchaser to effect each Closing are subject to the receipt of their respective deliverables pursuant to Section 5.2 and provided that no court or other governmental authority shall have enacted, issued, promulgated, enforced or entered any statute, rule, regulation, executive order, decree, judgment, injunction or other order (whether temporary, preliminary or permanent) which is in effect and which has the effect of preventing, enjoining, restraining, prohibiting or otherwise making the consummation of the Transactions illegal.
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6.2.
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Conditions to the obligations of the Purchaser. The obligation of the Purchaser to effect each Closing is subject to the satisfaction, or waiver by the Purchaser, of the following conditions:
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6.2.1.
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Representations and Warranties. Each of the representations and warranties made by Seller in this Agreement shall have been true and correct as of the date of this Agreement and as of the date of such Closing (as if made as of the respective Closing Date).
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6.2.2.
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Covenants. Each of the covenants and obligations that the Seller is required to comply with or to perform at or prior to such Closing shall have been complied with and performed.
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6.2.3.
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Available Funds. The Purchaser shall have available funds to purchase a substantial portion of the Shares.
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6.3.
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Conditions to the obligations of the Seller. The obligation of the Seller to effect each Closing is subject to the satisfaction, or waiver by the Seller, of the following conditions:
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6.3.1.
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Representations and Warranties. Each of the representations and warranties made by Purchaser in this Agreement shall have been true and correct as of the date of this Agreement and as of the date of such Closing (as if made as of the respective Closing Date).
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6.3.2.
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Covenants. Each of the covenants and obligations that the Purchaser is required to comply with or to perform at or prior to such Closing shall have been complied with and performed.
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7.
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REPRESENTATIONS AND WARRANTIES.
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7.1.
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Mutual Representations. Each of the Seller and the Purchaser hereby makes to the other party, as of the date hereof, and upon and subject to each Closing, each of the Seller and Purchaser shall be deemed to make to the other party as of the respective Closing Date, the following representations and warranties (each party with respect to itself only), and to acknowledge that such other party is relying on such representations and warranties in consummating the Transactions at the Closings:
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7.1.1.
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Each of the Seller and Purchaser has the requisite corporate power and authority to execute and deliver the documents executed (and to be executed) by it hereunder and to perform the transactions contemplated thereby. All documents executed (and to be executed) hereunder and the transactions contemplated thereby have been duly authorized by the necessary corporate action on the part of each of the Seller and Purchaser and constitute the valid and binding obligation thereof, enforceable against it in accordance with the terms thereof (assuming compliance by the other party thereto with the terms thereof), subject to (i) laws of general application relating to bankruptcy, insolvency, reorganization, moratorium and the relief of debtors, and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies.
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7.1.2.
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Neither the execution and delivery of the documents executed (or to be executed) hereunder, nor the performance thereof, by each of the Seller and Purchaser shall: (a) require the consent or agreement of any court or other governmental authority or (b) conflict with, result in the breach or violation of, or constitute a default under (i) any applicable law, rule or regulation of any governmental authority applicable thereto; (ii) any contract, agreement, instrument, or undertaking of any nature to which it is a party or by which it is bound; or (iii) any of such party's formation documents.
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7.2.
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Seller's Representations. Seller represents and warrants to Purchaser that Seller now has, and will have at each Closing, subject to consummation of the Transaction, good and valid title to, and will be the sole lawful owner of, all the Shares (other than such Shares already purchased in previous Closings), and at each Closing, the Seller shall convey to Purchaser the full legal and beneficial interest in the respective Shares purchased at such Closing, free and clear of any Lines, other than as set forth in the Company’s Articles of Association.
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8.
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SELLER'S COVENANTS.
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8.1.
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Transfer or otherwise give any rights of any kind or type to or in any of the Shares to any third party; or
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8.2.
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Subject any of the Shares, or allow any of the Shares to become subject, to any Lien.
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9.
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TERMINATION.
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9.1.
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This Agreement may be terminated at any time prior to the first Closing (the "Initial Closing"):
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9.1.1.
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By mutual written agreement of the Seller and Purchaser;
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9.1.2.
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By either Seller or Purchaser, by written notice to the other party, if the Initial Closing has not been consummated on or before October 27, 2011 (the "End Date"), except that the End Date may be extended by a written notice provided by either Purchaser or Seller to the other party hereto for an additional thirty (30) days;
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9.1.3.
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By either Seller or Purchaser, by written notice to the other party, if a governmental authority shall have issued any order, injunction or other decree or taken any other action, in each case, which has become final and non-appealable and which restrains, enjoins or otherwise prohibits the Transactions or if there shall be any statute, rule, regulation or order enacted, promulgated or issued or deemed applicable to the Transactions by any governmental authority that would make consummation of the Transactions illegal.
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9.2.
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If this Agreement is terminated pursuant to Section 9.1, this Agreement shall become void and of no effect with respect to the Transactions and the Purchaser and Seller shall execute and deliver to MLG&LB joint written irrevocable instructions, in the form of Schedule 9.2, instructing MLG&LB to deliver the Share Certificate and the Full Share Transfer Deed to the Seller.
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9.3.
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If upon the termination of the Closing Period the Purchaser did not purchase all of the Shares, this Agreement shall have full force and effect with respect to such Transactions that were consummated hereunder and the Purchaser and Seller shall execute and deliver to MLG&LB joint written irrevocable instructions, in the form of Schedule 9.3
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10.
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MISCELLANEOUS.
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10.1.
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Severability. All representations, warranties and covenants, wherever in this Agreement contained, shall survive the date hereof.
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10.2.
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Entire Agreement; No Third Party Beneficiaries. This Agreement, together with the Schedules attached hereto (when duly executed and delivered by the parties thereto), (a) constitute a valid, legally, binding and enforceable agreement among the Seller and Purchaser for the sale and purchase of the Shares, and (b) shall not be enforceable by, are not intended to confer, and shall not be construed as conferring, upon any person (other than the Seller and Purchaser) any rights or remedies hereunder.
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10.3.
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Expenses; Taxes. Each of the Seller and Purchaser shall bear its respective costs and expenses related to this Agreement and the performance of its obligations hereunder, including all tax consequences.
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10.4.
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Further Assurance. Each of the Seller and Purchaser shall do all things and carry out all acts which are reasonably necessary to effect the Transactions.
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10.5.
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Public Announcements. Neither the Seller nor the Purchaser will make any public announcement or, directly or indirectly, disclose the specific terms of this Agreement or the existence hereof, unless if and as required by applicable law or the rules of any applicable stock exchange.
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10.6.
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Notices. All notices required or permitted hereunder to be given to a party pursuant to this Agreement shall be in writing and shall be sent to such party’s address as set forth below or at such other address as such party shall have furnished to the other party in writing in accordance with this provision.
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10.7.
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Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the state of Israel, excluding its conflict of laws rules. Each of the parties hereto irrevocably consents to the exclusive jurisdiction and venue of any competent court located in Tel-Aviv-Jaffa, Israel in connection with any matter based upon or arising out of this Agreement or the matters contemplated herein.
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10.8.
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Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
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FORMULA SYSTEMS (1985) LTD. | |||
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By:
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Name:
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Title: |
FORMULA VISION TECHNOLOGIES (F.V.T.) LTD. | |||
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By:
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Name: | |||
Title: |
WITNESSES
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THE PARTIES
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Witness to the signature of
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THE TRANSFEROR
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the Transferor
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Name: _________________
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By: ____________________
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Witness to the signature of
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THE TRANSFEREE
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the Transferee
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Name: _________________
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By: ____________________
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WITNESSES
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THE PARTIES
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Witness to the signature of
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THE TRANSFEROR
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the Transferor
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Name: _________________
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By: ____________________
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Witness to the signature of
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THE TRANSFEREE
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the Transferee
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Name: _________________
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By: ____________________
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Re:
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Instructions under a Share Purchase Agreement between Formula Systems (1985) Ltd. (the Purchaser”) and Formula Vision Technologies (F.V.T.) Ltd. (the “Seller”)
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FORMULA SYSTEMS (1985) LTD. | |||
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By:
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Name: | |||
Title: |
FORMULA VISION TECHNOLOGIES (F.V.T.) LTD. | |||
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By:
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Name: | |||
Title: |
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(a)
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one share certificate in the name of the Purchaser, representing the Shares, to be delivered to Purchaser's address;
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(b)
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if applicable, one share certificate in the name of Seller representing the balance of the shares represented in the original share certificate, not purchased by Purchaser, to be delivered to Meitar Liquornik Geva & Leshem Brandwein, the Purchaser’s counsel at the following address:
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Sincerely, | ||||
FORMULA VISION TECHNOLOGIES (F.V.T.) LTD. | ||||
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By: | ||
Name: | ||||
Title: |
Re:
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Instructions under a Share Purchase Agreement between Formula Systems (1985) Ltd. (the Purchaser”) and Formula Vision Technologies (F.V.T.) Ltd. (the “Seller”)
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FORMULA SYSTEMS (1985) LTD. | |||
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By:
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Name: | |||
Title: |
FORMULA VISION TECHNOLOGIES (F.V.T.) LTD. | |||
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By:
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Name: | |||
Title: |
Re:
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Instructions under a Share Purchase Agreement between Formula Systems (1985) Ltd. (the Purchaser”) and Formula Vision Technologies (F.V.T.) Ltd. (the “Seller”)
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FORMULA SYSTEMS (1985) LTD. | |||
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By:
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Name: | |||
Title: |
FORMULA VISION TECHNOLOGIES (F.V.T.) LTD. | |||
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By:
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Name: | |||
Title: |
Sapiens International Corporation N.V.
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Name:
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Title:
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Eureka Ventures Partners I Ltd. | ||||
By: | ||||
Eyal Hakner | ||||
By: | ||||
Formula Ventures Ltd. | ||||
By: | ||||
Formula Vision Portfolio Holdings Limited Partnership | ||||
By: | ||||
Genesis Partners II (Israel) L.P. | ||||
By: | ||||
Genesis Partners II, L.D.C. | ||||
By: | ||||
Giza Alpinvest Venture Fund III, LLC. | ||||
By: | ||||
Giza Executive Venture Fund III, LLC. | ||||
By: |
Giza GE Venture Fund III, LLC. | ||||
By: | ||||
Giza Gmulot Venture Fund III Limited Partnership. | ||||
By: | ||||
Giza Venture Fund III Limited Partnership.
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By: | ||||
Mizrahi Tefahot Trust Company Ltd (in trust). | ||||
By: | ||||
Schwartz, Lerner, Duvshani Trustees (2003). | ||||
By: | ||||
Vintage Venture Partners (Israel) LP. | ||||
By: | ||||
Vintage Venture Partners (Parallel) LP. | ||||
By: | ||||
Vintage Venture Partners III (Cayman) LP. | ||||
By: |
Vintage Venture Partners III (Israel) LP. | ||||
By: | ||||
Vintage Venture Partners LP. | ||||
By: | ||||
Yehoshua Alon. | ||||
By: | ||||
Zeev Alon. | ||||
By: | ||||
Goodsmith Partners LLC. | ||||
By: | ||||
Formula Vision Technologies (F.V.T.) Ltd.
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By: | ||||
Fahn Kanne Trust Ltd. (trustee for Sagi Schlisser). | ||||
By: | ||||
GoldRock Israel Growth, L.P. | ||||
By: |
name
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Address
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Telephone No
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Facsimile No
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Formula Systems (1985) Ltd.
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5 HaPlada St.
Or Yehuda
Israel, 60218
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03-5389487
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03-5389645
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Eureka Ventures Partners I LTD.
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Eureka Ventures
5930-E Royal Lane, Suite 120
Dallas, TX 75230
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214- 483-1575
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214- 279-5528
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Eyal Hakner
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Hayarden 1, Airport City, Lod
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972-52-2511204
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972 -73- 260-8201
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Formula Ventures LTD.
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11 Galgalei Haplada
P.O.Box 2062,
Herzliya 46120, Israel
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972-54-4400200
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972-9-9601800
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Formula Vision Portfolio Holdings Limited Partnership
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1 Hashikma St., Savion, 56530
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972-3-7343100
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972 - 3 – 7367770
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Genesis Partners II (Israel) L.P.
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Ackerstein Towers, Bldg B,
11 HaMenofim St.
Herzliya 46725, Israel
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972-9-972-9000
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972-9-972-9001
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Genesis Partners II, L.D.C.
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Ackerstein Towers, Bldg B,
11 HaMenofim St.
Herzliya 46725, Israel
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972-9-972-9000
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972-9-972-9001
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Giza Alpinvest Venture Fund III, LLC
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Ramat Aviv Tower, 12th Floor
40 Einstein Street
Tel Aviv 61175 ISRAEL
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972-54-5426065
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972-3-6402319
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Giza Executive Venture Fund III, LLC
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Ramat Aviv Tower, 12th Floor
40 Einstein Street
Tel Aviv 61175 ISRAEL
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972-54-5426065
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972-3-6402319
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Giza GE Venture Fund III, LLC
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Ramat Aviv Tower, 12th Floor
40 Einstein Street
Tel Aviv 61175 ISRAEL
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972-54-5426065
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972-3-6402319
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Giza Gmulot Venture Fund III Limited Partnership
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Ramat Aviv Tower, 12th Floor
40 Einstein Street
Tel Aviv 61175 ISRAEL
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972-54-5426065
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972-3-6402319
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Giza Venture Fund III Limited Partnership
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Ramat Aviv Tower, 12th Floor
40 Einstein Street
Tel Aviv 61175 ISRAEL
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972-54-5426065
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972-3-6402319
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Mizrahi Tefahot Trust Company LTD.
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1st Azrieli Center (30th floor)
Tel-Aviv 67021
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972-3-7779000
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972-3-7779001
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Schwartz, Lerner, Duvshani Trustees (2003)
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HaBarzel 34, entrance A,
2nd floor,
Tel-Aviv, 69710
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972-54-4262614
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972-3-6479215
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Vintage Venture Partners (Israel) L.P.
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12 Abba Eban Ave. Herzeliya 46120 Israel
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972-9-9720452
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972-9-9541012
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Vintage Venture Partners (Parallel) L.P.
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12 Abba Eban Ave. Herzeliya 46120 Israel
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972-9-9720452
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972-9-9541012
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Vintage Venture Partners III (Cayman) L.P.
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12 Abba Eban Ave. Herzeliya 46120 Israel
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972-9-9720452
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972-9-9541012
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Vintage Venture Partners III (Israel) L.P.
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12 Abba Eban Ave. Herzeliya 46120 Israel
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972-9-9720452
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972-9-9541012
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Vintage Venture Partners L.P.
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12 Abba Eban Ave. Herzeliya 46120 Israel
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972-9-9720452
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972-9-9541012
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Yehoshua Alon
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Hayarden 1, Airport City, Lod
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972-73-2608202
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972 (73) 260-8201
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Zeev Alon
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Hayarden 1, Airport City, Lod
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972-73-2608202
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972 (73) 260-8201
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Goodsmith Partners LLC
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The Millburn Corporation
Millburn MCO Partners LP
1270 Ave of the Americas, 11th floor
New York, NY 10020
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212-332-7334
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212-707-8579
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Formula Vision Technologies (F.V.T.) LTD.
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1 Hashikma St., Savion, 56530
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972-3-7343100
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972 - 3 – 7367770
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Fahn Kanne Trust LTD. (trustee for Sagi Schlisser)
|
Levinstein Tower
23 Menachem Begin Road
24th floor
Tel Aviv 66184
P.O.Box 36172, 61361
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972-3-710-6666
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972-3-710-6620
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GoldRock Israel Growth, L.P.
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16 Hatasiah Street
Har Tuv "A" Industrial Zone, Israel
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972-72-222-1348
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972-72-222-1345
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