0001178913-05-000853 Sample Contracts

Confidential
Confidentiality Agreement • June 29th, 2005 • Sapiens International Corp N V • Services-prepackaged software

THIS AGREEMENT (the “Agreement”) is entered into as of May 2, 2005, 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, (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”).

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SHARE PURCHASE AGREEMENT
Share Purchase Agreement • June 29th, 2005 • Sapiens International Corp N V • Services-prepackaged software

THIS SHARE PURCHASE AGREEMENT (this “Agreement”) is made as of June 27, 2005 (the “Effective Date”), by and between (i) Sapiens International Corporation N.V. ("Sapiens" or the "Company"), a company organized and existing under the laws of the Netherlands Antilles, whose shares are traded on Nasdaq and on the Tel-Aviv Stock Exchange (the “TASE”); and (ii) Formula Systems (1985) Ltd. (the “Investor”), an Israeli company.

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