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**Exhibit
  4.6**

NUR Macroprinters
  Ltd.(Previously,
  NUR Advanced Technologies Ltd.)2000 Stock Option
  Plan(As amended
  on July 15, 2003)

| | 1. | Establishment,
      Purpose, and Definitions
| | -- | ---------------------------------------------
| |    |                                              

| |  | (a) | This, the
      2000 Stock Option Plan As Amended (the Plan) of NUR Macroprinters
      Ltd. (the Company), has been adopted and approved by
      the Board of Directors of the Company (the Board) on
      August 9, 2002 and amended on July 15, 2003.                                                                                                                                                                                                                                                                                                                                                 
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |    
| |  | (b) | The purpose
      of the Plan is to provide a means whereby Eligible Individuals (as defined
      in paragraph 4, below) may acquire ordinary shares of the Company par value
      NIS 1.0 each (the Shares) pursuant to the exercise of
      options granted under the Plan (respectively the Options
      and Grant).  Options may be Granted on the basis
      of past or future services by employees of the Company or of Affiliates
      (Service Options), or on the basis of past or future
      services by non-employees of the Company or of Affiliates (Non-Employee
      Options).
| |  |    
| |  | (c) | The term
      Affiliate or Affiliates as used in
      the Plan means a present or future company that either (i) Controls the
      Company or is Controlled by the Company; or (ii) is Controlled by the same
      person or entity that Controls the Company.                                                                                                                                                                                                                                                                                                                                           
| |  |    
| |  | (d) | The term
      Control as used in the Plan shall have the meaning ascribed
      thereto in Section 102 of the Israeli Income Tax Ordinance [New Version],
      1961, as amended, and any regulations, rules, orders or procedures promulgated
      thereunder (all referred to together as Section 102).                                                                                                                                                                                                                                                                                                  
| |  |    
| |  | (e) | The term
      Employee as used in this Plan means an employee, officer
      - Nosei Misra  - as such term is defined in
      the Companies law 5759-1999 (Officers and the Companies
      law respectively), or director of the Company or any Affiliate, provided
      that such person does not Control the Company.                                                                                                                                                                                                                                                                              
| |  |    
| |  | (f) | The term
      Non-Employees as used in this Plan means consultants
      or Employees if such Employees Control the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |  |    
| |  | (g) | The terms
      Participant Participant as used in this Plan shall mean any
      Employee or Non-Employee Granted Options under this Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

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| |    |                                 
| | -- | --------------------------------
| | 2. | Administration
      of the Plan
| |    |                                 

| |  | (a) | The Plan
      shall be administered by the Board or by a committee elected by the Board
      (the Committee), under such terms and conditions, as
      the Board shall determine. Members of the Committee shall serve at the pleasure
      of the Board. At least one member of the Committee shall be an independent
      director, such that such person would be qualified to serve on the Committee
      under the provisions of paragraph 2(b)(ii) below. The Committee shall select
      one of its members as chairman, and the provisions of the Articles of Association
      of the Company as to committees of the Board shall apply to the meetings
      of the Committee, including the provisions relating to the convening of
      meetings, the adoption of resolutions, and the adoption of resolutions in
      writing. Until such time as the Board shall delegate the administration
      of the Plan to the Committee or if the Board chooses not to delegate the
      administration of the Plan to the Committee, each reference in this Plan
      to the Committee shall be construed to refer to the Board.                                                                                                                                                                      
| |  | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |    
| |  | (b) | In the event that the
      Company becomes subject to the requirements of Rule 16b-3 promulgated under
      the Securities Exchange Act of 1934, as amended (Rule 16b-3),
      then, notwithstanding the provisions of paragraph 2(a) above, (i) the Committee
      shall consist of two or more members of the board or such lesser number
      of members of the Board as permitted by Rule 16b-3, and (ii) none of the
      members of the Committee shall receive, while serving on the committee,
      or during the one-year period preceding appointment to the Committee, a
      grant or award of equity securities under (y) the plan, or (z) any other
      plan of the Company or its Affiliates under which the Participants are entitled
      to acquire Shares (including restricted Shares), stock, options, stock bonuses,
      related rights, or stock appreciation rights of the company or any of its
      Affiliates, other than pursuant to transactions in any such other plan which
      do not disqualify a director form being a disinterested person under Rule
      16b-3. The limitations set forth in this paragraph 2(b) shall automatically
      incorporate any additional requirements that may in the future be necessary
      for the Plan to comply with Rule 16b-3.
| |  |    
| |  | (c) | None of the members
      of the Committee shall receive, while serving on the Committee, or during
      the one-year period preceding appointment to the Committee, a Grant or award
      of Options or Shares under the Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  |    
| |  | (d) | The Committee shall
      determine, from time to time, which Eligible Individuals (as defined and
      detailed in paragraph 4, below) shall be granted Options under the Plan,
      the timing of such Grants, the terms thereof (including any restrictions
      on the Shares), and the number of Shares subject to such Options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |  |    
| |  | (e) | Subject to paragraph
      13(b) below, the Committee may amend the terms of any outstanding Option
      Granted under this Plan, provided however that the Exercise Price (as defined
      in paragraph 5 below) of an outstanding Option may not be amended, and further
      provided that any amendment which would adversely affect the Participants
      rights under an outstanding Option shall not be made without the Participants
      written consent. The Committee may, with the Participants written
      consent, cancel any outstanding Options or accept any outstanding Option
      in exchange for a new Option.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

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| |  |    
| |  | ---
| |  | (f)
| |  |    

| | 3. | Shares Subject to the Plan
| | -- | --------------------------
| |    |                           

| | (a) | The aggregate number
      of Shares available through the Grant of Options under the Plan (the Option
      Shares or Underlying Shares) shall be as provided for
      by the Board and approved by the Shareholders of the Company from time to
      time. The Option Shares shall be available through Service Options and/or
      Non-Employee Options.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    

| | If an Option is surrendered
      (except surrender for the exercise into Shares) or for any other reason
      ceases to be exercisable in whole or in part, the Underlying Shares which
      were subject to such Option but as to which the Option had not been exercised
      shall continue to be available under the Plan.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                   

| |  | (b) | If there is any change
      in the Shares subject to the Plan, or the Shares subject to any Option Granted
      under the Plan, through merger, consolidation, reorganization, recapitalization,
      reincorporation share split, distribution of bonus shares, a rights offering,
      or other change in the corporate structure of the Company, appropriate adjustments
      shall be made by the Committee in order to preserve but not to increase
      the benefits to the individual, including adjustments to the aggregate number
      and kind of Shares subject to the Plan, and the number and kind of Shares
      and the Exercise Price, as defined in paragraph 5 below.
| |  | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |    

| | 4. | Eligible Individuals
| | -- | --------------------
| |    |                     

| | (a) | Subject to paragraph
      2(c) above: (i) Employees shall be eligible to receive Service Options;
      and (ii) Non Employees shall be eligible to receive Non-Employee Options,
      as the Committee, in its discretion, shall designate from time to time.
      Notwithstanding this paragraph 4(a) all Grant of Options to Officers of
      any Israeli Company, shall be authorized and implemented only in accordance
      with the provisions of the Companies Law, as in effect from time to time.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) | Employees of the Company
      or an Affiliate who are subject to payment in Israel of tax on their income
      from the Company or an Affiliate (other than withholding tax), as the Committee,
      in its discretion shall determine, shall be defined for the purpose of the
      Plan as Israeli Employees. All other Employees of the Company
      or an Affiliate shall be defined for the purpose of the Plan as Non-Israeli
      Employees. Israeli Employees who Control the Company, or are otherwise
      not entitled to the benefits granted pursuant to Section 102, shall be defined
      for the purpose of the Plan as Controlling Employees.
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

| | 5. | The Option Price
| | -- | ----------------
| |    |                 

| |  | (a) | The exercise price of
      the Shares covered by each Option (the Exercise Price)
      shall be as determined by the Committee; provided, however, that the Exercise
      Price of any Option Granted, shall not be less than eighty percent (80%)
      of the Stock Value at the time of issuance of such Options. The Stock
      Value at any time shall be equal to the then current Fair Market
      Value of the Shares.  For purposes hereof, the Fair Market
      Value shall mean, as of any date, the last closing price, on Date
      of Grant, of the Shares in respect of which options Granted under the Plan
      may then be exercised on the NASDAQ National Market System (or, in the event
      that the National Market System is not the principal securities exchange
      on which the Shares are then traded, on such other principal securities
      exchange), or, in the event that no sales of the Shares took place on such
      date, the last closing price of the Shares on such principal securities
      exchange on the most recent prior date on which a sale of the Shares took
      place; provided, however, that if the Shares are not publicly traded on
      the date on which the Fair Market Value is to be determined, then the Fair
      Market Value shall mean the per share Fair Market Value of the Company
      as determined by the Board of Directors.  If the Committee is unable
      to agree on the Fair Market Value, then the Fair Market Value shall be determined
      by an independent valuation expert satisfactory to the Committee.  The
      Fair Market Value as determined by such independent valuation expert shall
      be conclusive.  The Exercise Price of an Option shall be subject to
      adjustment to the extent provided in paragraph 3(b) above.
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |    
| |  | (b) | Options Granted to Employees
      subject to US Tax: at an Exercise Price which is not less than the fair
      market value (as described in Section 422 of the Internal Revenue
      Code of 1986 (the Code)) of the Shares on the grant date
      (110% of such fair market value in the case of an individual who owns more
      than 10% of the combined voting power of all classes of stock in the Company
      or an Affiliate (a 10% Stockholder)).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |  |    

| | 6. | Grant of Options: Dividends and Voting Rights
| | -- | ---------------------------------------------
| |    |                                              

| |  | (a) | The effective date of
      the Grant of an Option (the Date of Grant) shall be the
      date specified by the Committee in its determination relating to the award
      of such Option. The Committee shall promptly give the Participant written
      notice (the Notice of Grant) of the Grant of an Option.
      The terms of such Notice of Grant shall be determined by the Committee,
      subject to the terms of the Plan.
| |  | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| |    
| | ---
| | (b)
| |    
| | (c)
| |    

| | (e) | Except as provided in
      the immediately following sentence, in order to exercise an Option, the
      Participant shall complete and execute a notice of exercise (Notice
      of Exercise) in such form as may be prescribed by the Committee
      from time to time and shall deliver the same to the Company together with
      the purchase price of the Shares pursuant to paragraph 13 hereof. In the
      case of any Beneficial Employee whos Options are held by the Trustee,
      such Beneficial Employee shall instruct the Trustee to countersign such
      Notice of Exercise (the same having been signed by such Beneficial Employee)
      and to deliver the same to the Company.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (f) | The Participant shall have no rights as a shareholder with respect to Shares under a Grant of Options
until a share certificate has been delivered to the Participant and is fully paid for. No adjustment
shall be made for dividends or other rights for which the record date is prior to the date such share
certificate is issued                                                                                                                                                                                                                                                                                                                                                                          
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

|**7.** | Trust Arrangement
      and Holding Period
|------ | ------------------------------------------
|       |                                           

| | (a) | Option Subject to
      Section 102: Grants to Israeli Employees shall be made under the provisions
      of Section 102. Grants to Non-Israeli Employees or Controlling Employees
      shall not be made under Section 102. Anything herein to the contrary notwithstanding,
      the Date of Grant of Options to Israeli Employees, who are not Controlling
      Employees, and elected to have their Options issued under the Trustee Track
      of Section 102 that the Company has selected, shall not be earlier than
      the date at which the Option Plan was approved by the Israeli Tax Authorities.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| |    
| | ---
| | (b)
| |    

| | The
      holding period for the Options will be as follows (Holding Period):
| | -------------------------------------------------------------------------------
| |                                                                                

| | (1)           The Capital Gains Tax Track Through a Trustee  if the Company elects to Allocate the Options according to the provisions of this track, then
the Holding Period will be 24 months from the end of the tax year in which the Options were Allocated
to the Trustee on behalf of the Participant, or such shorter period as may be approved by the Israeli
Tax Authorities.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                         
| | (2)           Income Tax Track Through a Trustee  if the Company elects to Allocate Options according to the provisions of this track, then the
Holding Period will be 12 months from the end of the tax year in which the Options were Allocated
to the Trustee on behalf of the Participant, or such shorter period as may be approved by the Israeli
Tax Authorities.               
| |                                                                                                                                                                                                                                                                                                                                                                                         

| | Subject to Section 102, Israeli Employees shall not be able to receive from the Trustee, nor shall
they be able to sell or dispose of Underlying Shares before the end of the applicable Holding Period.                                                                                                                                                                                                                                                                                                  
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | In the event of a distribution of rights, including an issuance of bonus shares, in connection with
Options originally Granted (the Additional Rights), all such Additional Rights shall
be Allocated and/or issued to the Trustee for the benefit of Israeli Employees, and shall be held
by the Trustee for the remainder of the Holding Period applicable to the Options originally Allocated.
Such Additional Rights shall be treated in accordance with the provisions of the applicable Tax Track.
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

| | (c) | Income
      Tax Track Without a Trustee:  If the Company elects to Allocate
      Options according to the provisions of this track, then the Options will
      not be subject to a Holding Period.             
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    
| | (d) | Track
      Selection:  The Company, in its sole discretion, shall elect
      under which (and if to Allocate Options under one) of the above three Tracks,
      Allocations to Israeli Employees shall be made.

-6-

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| |    
| | ---
| | (e)
| |    

| | (f) | Trust Agreement:
| | --- | ----------------
| |     |                 

| | (i)   | The terms and conditions
      applicable to the Trust relating to the Trustee Tax Track selected by the
      Company, as appropriate, shall be set forth in an agreement signed by the
      Company and the Trustee (the Trust Agreement).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (ii)  | The Company shall cause
      the Trustee (subject to the vesting provisions of paragraph 9(c) hereof)
      to exercise the Options by countersigning and delivering to the Company
      a Notice of Exercise, upon receipt of written instructions from the Beneficial
      Employee thereof, provided the Beneficial Employee has made appropriate
      arrangements for the payment of the Exercise Price of the Shares issuable
      upon such exercise.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (iii) | Subject to paragraph
      9(a) of this Plan, Options and/or Underlying Shares held by the Trustee
      shall continue to be held by the Trustee, on behalf of the Beneficial Employee
      at least until the end of the later of the (a) applicable Holding Period
      and (b) Vesting Period  (Release Date). At
      any time after the Release Date and upon the receipt of a written request
      of any Beneficial Employee, the Trustee shall release from the Trust the
      Underlying Shares, by executing and delivering to the Company such instrument(s)
      as the Company may require, giving due notice of such release to such Beneficial
      Employee, provided, however, that the Trustee shall not so release any such
      Shares to such Beneficial Employee unless the latter, prior to, or concurrently
      with, such release, provides the Trustee with evidence, satisfactory in
      form and substance to the Trustee, that all taxes, if any, required to be
      paid upon such release have, in fact, been paid.
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | (iv)  | Alternatively, from
      and after the Release Date, upon the written instructions of the Beneficial
      Employee to sell any Shares issued upon exercise of Options, the Trustee
      shall take such steps as may be required to effect such sale and shall transfer
      such Shares to the purchaser concurrently with the receipt, or after having
      made suitable arrangements to secure the payment of the proceeds of the
      purchase price in such transaction. The Trustee shall withhold from such
      proceeds any and all taxes required to be paid in respect of such sale,
      shall remit the amount so withheld to the appropriate tax authorities and
      shall pay the balance thereof directly to the Beneficial Employee, reporting
      to such Beneficial Employee and to the Company the amount so withheld and
      paid to said tax authorities.                                                                                                                                                                     

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| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (g) | Option Subject to
      the Trustee Tax Track without a Trustee:  If the Company determines
      to Allocate Options subject to a Trustee Tax Track without a Trustee, the
      Company shall Allocate all Options Granted under the Plan to Israeli Employees
      (and a copy of the Notice of Grant shall be given) to a trustee designated
      by the Board (who may be the Trustee). The Trustee shall hold each such
      Option in trust (the Trust) for the Beneficial Employee.
      No Options shall be released from the Trust until the vesting of such Option
      pursuant to paragraph 9(c) hereof (the Vesting Date).
      From and after the Vesting Date, upon the written request of any Beneficial
      Employee, the Trustee shall release from the Trust the Options Allocated
      and exercise them on behalf of such Beneficial Employee, by executing and
      delivering to the Company such instrument(s) as the Company may require,
      giving due notice of such release to such Beneficial Employee, provided,
      however, that the Trustee shall not so release and exercise any such Options
      on behalf of the Beneficial Employee unless the latter, prior to, or concurrently
      with, such release and exercise, provides the Trustee with evidence, satisfactory
      in form and substance to the Trustee, that all taxes and/or compulsory payments,
      if any, required to be paid upon such release and exercise have, in fact,
      been paid.
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

| | If prior to the exercise of any and/or all of the Options Allocated under this Tax Track, such Israeli
Employee ceases to be an employee, director, or Officer of the Company or Affiliate, the Israeli
Employee shall deposit with the Company or Affiliate a guarantee or other security as required by
law, in order to ensure the payment of applicable taxes upon the exercise of such Options.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                     

| | 8. | Option Subject to Section 3(i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |    | All Options Granted
      under the Plan to Controlling Employees shall be Granted  (and
      a copy of the Notice of Grant shall be given) under Section 3(i) to the
      Income Tax Ordinance. The Company shall Allocate the Options to a trustee
      designated by the Board (who may be the Trustee). The Trustee shall hold
      each such Option in trust (the Trust) for the Beneficial Controlling
      Employee. No Options shall be released from the Trust until the vesting
      of such Option pursuant to paragraph 9(c) hereof (the Release Date).
      From and after the Release Date, upon the written request of any Beneficial
      Controlling Employee, the Trustee shall release from the Trust the Allocated
      Options and exercise them on behalf of such Beneficial Employee, by executing
      and delivering to the Company such instrument(s) as the Company may require,
      giving due notice of such release to such Beneficial Controlling Employee,
      provided, however, that the Trustee shall not so release and exercise any
      such Options on behalf of the Beneficial Controlling Employee unless the
      latter, prior to, or concurrently with, such release and exercise, provides
      the Trustee with evidence, satisfactory in form and substance to the Trustee,
      that all taxes and/or compulsory payments, if any, required to be paid upon
      such release and exercise have, in fact, been paid.

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|   |                                                
|-- | -----------------------------------------------
|9. | Options Granted
      to Non-Israeli Employees:
|   |                                                
|   | (a)                                            
|   |                                                
|   | (b)                                            
|   |                                                

|10. | Terms and Conditions of Options
|--- | -------------------------------
|    |                                

| | (a) | The Committee shall determine
      the term of each Option Granted under the Plan; provided, however,
      that the term of an Option shall not be for more than ten (10) years.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) | Upon termination of
      employment (regardless of whether or not termination is by the employee
      or employer, due to death or disability), all unvested Options shall lapse,
      and within three (3) months from such termination all vested but not-exercised
      Options shall lapse.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (c) | Upon termination of
      the service contract with a Participant, which is not employed by the Company
      or an Affiliate, all unvested Options shall lapse, and within three months
      from such termination all vested but not exercised Options shall lapse.
      In the event that the termination is the result of a material breach of
      the service contract by the Participant, all unvested and vested but not
      exercised Options shall lapse immediately.                                                                                                                                                                                                                                                                                                                       
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (d) | Upon termination of
      employment by employer for cause (as defined hereunder), all unvested and
      vested but not exercised Options shall lapse immediately.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     | Cause shall mean, henceforth
      and hereinafter, with respect to both Employees and Service Providers (i)
      conviction of any felony involving moral turpitude or affecting the Company;
      (ii) embezzlement of funds of the Company or its subsidiaries or its affiliates;
      (iii) any breach of the Participants fiduciary duties or duties of care
      of the Company or serious breach of trust, including without limitation
      disclosure of confidential information of the Company or its subsidiaries;
      (iv) engaging in business competitive with the business of the Company;
      and (v) any conduct (other than conduct in good faith) reasonably determined
      by the Board of Directors to be materially detrimental to the Company or
      its subsidiaries.
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (e) | All Granted Service
      Options shall vest over a three or four- year period as detailed in the
      Notice of Grant. One-third of such Options will vest after the first or
      second anniversary of the Date of Grant, the second third will vest after
      the second or third anniversary of the Date of Grant, and the remaining
      Options will vest after the third or fourth anniversary of the Date of Grant.
      Notwithstanding the foregoing and subject to paragraph 2(f) above, the Committee
      may determine different vesting schedules for Service Options. Non-Employee
      Options shall vest at the discretion of the Committee.                                                                                                                                    
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (f) | Notwithstanding the
      aforesaid, if the Participant ceases to be a full-time Employee of the Company
      or any of its Affiliates and becomes a part-time Employee, such Options
      (to the extent exercisable at the time the Participant ceases to be a full-time
      Employee) shall be exercisable for a period of six (6) months following
      such cessation of the full-time employment, and shall thereafter terminate.
      All Options that are not vested at the time of cessation of the full-time
      employment shall ipso facto expire and be of no legal effect.                                                                                                                                                                                                           
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (g) | If a Participant should
      retire(as such term is defined by the Committee at its sole and absolute
      discretion), he shall, subject to the approval of the Committee, continue
      to enjoy such rights, if any, under the Plan and on such terms and conditions,
      with such limitations and subject to such requirements as the Committee
      in its discretion may determine.                                                                                                                                                                                                                                                                                                                                                                                                           

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| |     |                                                                                                                                                                                                                                                                                                 
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (h) | Notwithstanding the
      foregoing provisions of Section 10, the Committee may provide, either
      at the time an Option is granted or thereafter, that such Option may be
      exercised after the periods provided for in Section 9 above, but in
      no event beyond the Option Period.
| |     |                                                                                                                                                                                                                                                                                                 
| | (i) | The Company or any of
      its Affiliates are not obligated by the Plan or by a Grant of Options to
      continue the Participants employment or service engagement.                                                                                                                         
| |     |                                                                                                                                                                                                                                                                                                 

|12. | Use of Proceeds                                                                                                                   
|--- | ----------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                   
|    | Cash proceeds realized
      from the exercise Options Granted under the Plan shall constitute general
      funds of the Company.
|    |                                                                                                                                   
|13. | Amendment, Suspension,
      or Termination of the Plan                                                                           
|    |                                                                                                                                   

| | (a) | The Board may at any
      time amend, extend, suspend, or terminate the Plan as it deems advisable;
      provided that such amendment, extension, suspension, or termination complies
      with all applicable legal requirements. 
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                       
| | (b) | Notwithstanding anything
      herein to the contrary, the Board shall in no event amend the Plan in the
      following respects without the consent of shareholders then sufficient to
      approve the Plan in the first instance:
| |     |                                                                                                                                                                                                                                       

| | (i)  | To increase the maximum number Shares subject to Options issued under the Plan; or       
| | ---- | -----------------------------------------------------------------------------------------
| |      |                                                                                          
| | (ii) | To change the designation or class of persons eligible to receive Options under the Plan.
| |      |                                                                                          

| | (c) | No Option may be Granted
      under the Plan during any suspension of, or after the termination of, the
      Plan, and no amendment, suspension, or termination of the Plan, shall without
      the affected individuals consent, alter or impair any rights or obligations
      under any Option previously Granted under the Plan.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     | The Plan shall terminate
      with respect to the Grant of Options on ­­­August 31, 2008 unless
      previously terminated or extended by the Board pursuant to this paragraph
      11.                                                                                                                                               
| |     |                                                                                                                                                                                                                                                                                                                                          

| | 12. | Assignability                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |     | No Option Granted pursuant
      to this Plan shall, whether fully paid or not, shall be assignable, transferable
      or given as collateral or any right with respect to them given to any third
      party whatsoever, and during the Participants lifetime, each and all
      of the Participants rights to purchase Option Shares hereunder shall
      be exercisable only by him or her or by his or her legal guardian, and neither
      the Option nor any right hereunder shall be transferable by Participant
      by operation of law or otherwise other than by will or the laws of descent
      and distribution. Any such action made directly or oblique, for an immediate
      validation or for a future one, shall be void.

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|13. | Payment Upon Exercise
      of Options                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | Payment of the Exercise
      Price upon exercise of any Option Granted under this Plan shall be made
      in cash in such currency as the Committee shall specify in the applicable
      Share Option Agreement; provided, however that, subject to applicable Israeli
      laws (including, without limitation, currency control laws), the Committee,
      in its sole discretion, may permit a Participant to pay the Exercise Price
      in whole or in part (i) by delivery on a form prescribed by the Committee
      of an irrevocable direction to a securities broker approved by the Committee
      to sell Shares and deliver all or a portion of the proceeds to the Company
      in payment for the Shares; (ii) by delivery of the Participants promissory
      note with such recourse, interest, security, and redemption provisions as
      the Committee in its discretion determines appropriate; (iii) in any combination
      of the foregoing.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|14. | Restrictions on
      Transfer of Shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | The Shares acquired
      pursuant to the Plan shall be subject to such restrictions and agreements
      regarding sale, assignment, encumbrances, or other transfer as are in effect
      among the Shareholders of the Company at the time such Share is acquired,
      as well as to such other restrictions as the Committee shall deem advisable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|15. | Tax Matters                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | All tax consequences
      under any applicable law which may arise from the Grant of an Option, from
      the exercise thereof, from the sale of Underlying Share by the Participant
      or from any other act of the Company and/of Affiliate or such Participant
      in connection with any of the foregoing shall be borne solely by such Participant,
      and such Participant shall indemnify the Company and each Affiliate of the
      Company, and hold them harmless, against and from any liability for any
      such tax or any penalty, interest or indexation thereon or thereof.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |  | Whenever an amount with
      respect to withholding tax relating to Options Granted to a Participant
      and/or Underlying Shares issued upon the exercise thereof is due from the
      Participant and/or the Company and/or an Affiliate, the Company and/or an
      Affiliate shall have the right to demand from a Participant such amount
      sufficient to satisfy any applicable withholding tax requirements related
      thereto, and whenever Shares or any other non-cash assets are to be delivered
      pursuant to the exercise of an Option, or transferred thereafter, the Company
      and/or an Affiliate shall have the right to require the Participant to remit
      to the Company and/or to the Affiliate, or to the Trustee an amount in cash
      sufficient to satisfy any applicable withholding tax requirements related
      thereto, and if such amount is not timely remitted, the Company and/or the
      Affiliate shall have the right to withhold or set-off (subject to Law) such
      Shares or any other non-cash assets pending payment by the Participant of
      such amounts.

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | Until all taxes have
      been paid in accordance with Rule 7 of the Section 102 rules, Options and/or
      Underlying Shares may not be sold, transferred, assigned, pledged, encumbered,
      or otherwise willfully hypothecated or disposed of, and no power of attorney
      or deed of transfer, whether for immediate or future use may be validly
      given. Notwithstanding the foregoing, the Options and/or Underlying Shares
      may be validly transferred in a transfer made by will or laws of descent,
      provided that the transferee thereof shall be subject to the provisions
      of Section 102 and the Section 102 Rules as would have been applicable to
      the deceased Participant were he or she to have survived.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|16. | Miscellaneous                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

| | (a) | Currency Control Provisions:
        For so long as, and to the extent that, the Israel Currency
      Control Law, 1978 (the Control Law) shall so require, the following
      provisions shall apply:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                           

| | (i)   | Certificates, if any,
      representing Shares issued hereunder shall be delivered to a bank in Israel
      which is an authorized dealer in foreign currency (within the meaning of
      the Control Law) (Authorized Dealer) to hold the same for the
      benefit of the Participant pursuant to the terms of the Plan and any applicable
      Share Option Agreement, and in conformity with the applicable requirements
      of the Controller of Foreign Currency in the Bank of Israel;                    
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      
| | (ii)  | All payments of the
      purchase price shall be effected by the Participants through an Authorized
      Dealer; and                                                                                                                                                                                                                                                                                                                                                                                                    
| |      
| | (iii) | The proceeds of any
      sale by the Participant (or by the Trustee at the discretion and on behalf
      of any Participant) of Shares which is effected in foreign currency shall
      be remitted to Israel, and deposited with an Authorized Dealer, immediately
      upon receipt thereof, and in all events not later than sixty (60) days after
      the date on which the certificate, if any, representing such Shares is received
      by the Trustee (on behalf of such Participant) for purposes of sale.
| |      

| | (b) | Governing Law:
      The Plan, and the Granting and exercise of the Options thereunder, and the
      Companys obligation to sell and deliver the Option Shares or cash
      under the Options, are subject to all applicable laws, rules and regulations,
      whether of Israel, Belgium, Hong Kong or of the United States of America,
      or of any other country or state having jurisdiction over the Company and
      the Participant, including the registration of the Option Shares under the
      United States Securities Act of 1933, and to such approvals by any governmental
      agencies or national securities exchanges as may be required.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|    |                         
|--- | ------------------------
|17. | Participant Undertakings

| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) | If the Options shall
      be Granted to a Participant under one of the Section 102 Tax Tracks, then
      in the [Notice of Grant?] the Participant shall: (1) agree and acknowledge
      that he or she have received and read the Plan, and the Option Agreement
      and the Notice of Grant; (2) undertake all the provisions set forth in:
      Section 102 (including provisions regarding the applicable Tax Track under
      which the Options have been Granted), the 102 Rules, the Plan, the Notice
      of Grant and the Trust Agreement; and (3) subject to the provisions of Section
      102 and the Section 102 Rules, undertake not to sell or release the Underlying
      Shares from Trust before the end of the applicable Holding Period (if any).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (b) | Agreement to Purchase
      for Investment.  The Shares represented by the Options Granted
      under the terms of the Plan are subject to registration and prospectus requirements
      of the United States Securities Act of 1933, as amended (Unregistered
      Shares).  By acceptance of Options, the Participant agrees
      that a purchase of Unregistered Shares under such Options will not be made
      with a view to their distribution, as that term is used in the aforesaid
      Act, unless in the opinion of counsel to the Company such distribution is
      in compliance with or exempt from the said registration and prospectus requirements,
      and the Participant agrees, if required by the Board at the time of exercise,
      to sign a certificate to such effect at the time or times he exercises the
      Options in respect of Unregistered Shares. The Participant further acknowledges
      and understands that the Unregistered Shares purchased upon exercise of
      these Options must be held indefinitely unless they are subsequently registered
      under the United States Securities Act or an exemption from such registration
      is available. The Participant understands that the certificate evidencing
      the Unregistered Shares will be imprinted with a legend in substantially
      the following form:
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

| | The Shares represented
      by this Certificate have not been registered under the United States Securities
      Act of 1933. The Shares have been acquired for investment and may not be
      sold, transferred or assigned in the absence of an effective registration
      statement for these Shares under the United States Securities Act of 1933,
      or an opinion of NUR Macroprinters Ltds counsel, that registration
      is not required under the said Act.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

| | (c) | In the event Participant
      sells or otherwise disposes of Shares within one year of exercise or two
      years of Grant, Participant agrees to notify the Company in advance in writing
      of this action.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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