Share Exchange Agreement between Zvika Avni and Lapis Technologies Inc. for Enertec Systems Ltd. Shares

Contract Categories: Business Finance › Purchase Agreements
Summary

Zvika Avni agrees to transfer his 18% ownership in Enertec Systems Ltd. to Lapis Technologies Inc. or its designee. In return, Lapis Technologies Inc. will issue 1 million of its shares to Zvika Avni. This agreement replaces any previous negotiations or agreements regarding the share exchange. The transaction is subject to receiving a tax exemption from the Israeli Income Tax Authority.

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EX-10.1 2 v024647_ex10-1.txt Agreement to purchase Zvika Avni's Shares in Enertec Systems Ltd. In Exchange for 1 Million shares in Lapis Technologies Inc. Feb 22,2005 To : Mr Harry Mund, CEO,Lapis Technologies Inc , USA Re : Receipt of Lapis shares in exchange for my shares in Enertec Systems Ltd - ----------------------------------------------------------------------------- Dear Sir, Following our discussion of today, I am putting in writing the principles of what I agreed to, and subject to the receipt of an exemption (of a taxable event) by the (Israeli) Income Tax Authority for this transfer : 1. I will transfer my shares of Enertec Systems Ltd, i.e. 18% (of Enertec Systems) which I currently own today to Lapis Technologies Inc. or its designee. 2. I agree that this agreement supersedes any prior negotiations or offers (regarding the number of shares I would receive in exchange for my ownership in Enertec.) 3. In exchange for my shares (in Enertec Systems) Lapis will allocate 1 Million shares of Lapis Technologies Inc to me. 4. This agreement cancels any prior understanding, promise or agreement, written or verbal. Sincerely /s/ Zvika Avni Zvika Avni