TRUST DEED Made and signed in Tel Aviv on December 2, 2003 B e t w e e n: Sapiens International Corporation N.V. (hereinafter: the “Company”)Sapiens International Corp N V • June 10th, 2004 • Services-prepackaged software
the Board of Directors of the Company decided on December 2, 2003 to approve an issue of debentures pursuant to a prospectus which the Company intends to publish; and
AgreementAgreement • June 10th, 2004 • Sapiens International Corp N V • Services-prepackaged software
THIS AGREEMENT (the “Agreement”) is entered into as of March 16, 2004, by and among (i) Sapiens International Corporation N.V. (“Sapiens”), a public company organized under the laws of the Netherlands Antilles whose shares are traded on NASDAQ and the Tel-Aviv Stock Exchange (the “TASE”), (ii) F.I.D. Holdings Ltd., a private company organized under the laws of the State of Israel (“FID”) and (iii) Israel Discount Bank Ltd. (“IDB” and, collectively with FID, the “Investors”).
Sapiens International Letterhead] December 24, 2003Sapiens International Corp N V • June 10th, 2004 • Services-prepackaged software
