0001144204-11-056198 Sample Contracts

REGISTRATION RIGHTS AGREEMENT
Registration Rights Agreement • October 4th, 2011 • Formula Systems (1985) LTD • Services-computer programming services

THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is entered into as of the 21 day of August, 2011 (the "Effective Date"), by and among Sapiens International Corporation N.V., a company incorporated under the laws of Curaçao, with an address at Rabin Science Park, P.O. Box 4011, Nes Ziona 74140, Israel (the "Company"), and each of the shareholders of the Company whose name and address is listed on Schedule 1 attached hereto (each, a "Holder" (as further defined below) and collectively, the "Holders").

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SHARE PURCHASE AGREEMENT
Share Purchase Agreement • October 4th, 2011 • Formula Systems (1985) LTD • Services-computer programming services

THIS SHARE PURCHASE AGREEMENT (this "Agreement"), dated as of September 27, 2011, is entered into by and among Formula Systems (1985) Ltd., a company organized under the laws of Israel (the "Purchaser"), and Formula Vision Technologies (F.V.T.) Ltd., a company organized under the laws of Israel (the "Seller").

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