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Exhibit 4.4

# 1998 SHARE OPTION PLAN
FOR NON-EMPLOYEE DIRECTORS(AS AMENDED ON AUGUST 2004 AND OCTOBER 2005)

NUR  Macroprinters  Ltd. hereby
adopts the 1998 Share Option Plan for Non-Employee  Directors (as amended on August 2004
and October 2005), as follows:

|1. | Shareholder
Approval and Purpose
|-- | --------------------------------

| | 1.1. | Shareholder
Approval. At the Companys December 8, 1998 Annual                Meeting of
Shareholders, the Plan, as amended on August 2004 and October 2005,                was
ratified by an affirmative vote of the holders of a majority of the Shares
               which were present in person or by proxy and entitled to vote at the
Meeting.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.2. | Purpose
of the Plan. The Plan is intended to closely align the interests                of
the Non-Employee Directors with the interests of the Companys
               shareholders. This is achieved by making a significant portion of
Non-Employee                Director compensation directly related to the total return
performance of the                Shares. The Plan also is intended to encourage Share
ownership on the part of                Non-Employee Directors.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | Definitions
|-- | -----------

| | The
following words and phrases shall have the following meanings unless a different meaning
is plainly required by the context:
| | --------------------------------------------------------------------------------------------------------------------------------

| | 2.1. | Award means,
individually or collectively, a grant under the           Plan of an Option.
| | ---- | -------------------------------------------------------------------------------------------

| | 2.2. | Board means
the Board of Directors of the Company.
| | ---- | ----------------------------------------------------

| | 2.3. | Committee means
the committee appointed pursuant to Section           3.1 to administer thePlan.
| | ---- | --------------------------------------------------------------------------------------------------

| | 2.4. | Company means
NUR Macroprinters Ltd., an Israeli corporation,           or any successor thereto.
| | ---- | ---------------------------------------------------------------------------------------------------

| | 2.5. | Control shall
have the meaning ascribed thereto in Section           102 of the Ordinance.
| | ---- | --------------------------------------------------------------------------------------------

| | 2.6. | Director means
any individual who is a member of the Board.
| | ---- | -------------------------------------------------------------

| | 2.7. | Disability means
a permanent and total disability, as           determined by the Committee (in its
discretion) in accordance with uniform and           non-discriminatory standards adopted
by the Committee from time to time.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.8. | Exercise
Price means the price at which a Share may be           purchased by a
Participant pursuant to the exercise of an Option.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------

| | 2.9. | Fair
Market Value means the average closing bid and sale           prices of the
Shares for the date in question as furnished by the National           Association of
Securities Dealers, Inc. through Nasdaq or any similar           organization if Nasdaq
is no longer reporting such information, or such other           market on which the
Shares are then traded, or if not then traded as determined           in good faith
(using customary valuation methods) by resolution of the members           of the Board
of Directors of the Company, based on the best information           available to it.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | 2.10. | Grant
Date means, with respect to 1998, October 26, 1998 and,           with respect
to each subsequent calendar year, August 1. For example, for 1999,           the Grant
Date is August 1, 1999. With respect to a particular Award,           Grant Date means
the particular Grant Date on which the Award was           granted. Notwithstanding the
preceding, a Non-Employee Director who is first           elected or appointed on other
than December 8, 1998, shall have only an initial           Grant Date coincident with
the date of his or her commencement of service on the           Board.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.11. | Holding
Period means the period in which the Options granted           to an Israeli
Participant or, upon exercise thereof the Shares underlying           thereunder, are to
be held by the Trustee on behalf of such Israeli Participant,           in accordance
with Section 102 of the Ordinance, and pursuant to the Tax Track           which the
Company selects.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.12. | Israeli
Participants means Non-Employee Directors who do not           Control the
Company and who are subject to payment in Israel of tax on their           income from
the Company (other than withholding tax), as the Committee, in its           discretion
shall determine.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.13. | Non-Employee
Director means a Director who is an employee of           neither the Company
nor of any Subsidiary.
| | ----- | -------------------------------------------------------------------------------------------------------------------

| | 2.14. | Non-Israeli
Participants means all Non-Employee Directors who           are not Israeli
Participants.
| | ----- | -------------------------------------------------------------------------------------------------------

| | 2.15. | Option means
an option to purchase Shares granted pursuant to           Section 5
| | ----- | -----------------------------------------------------------------------------------

| | 2.16. | Option
Agreement means the written agreement between the           Company and a
Participant setting forth the terms and provisions applicable to           each Option
granted under the Plan.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.17. | Ordinance means
the Israeli Income Tax Ordinance [New           Version], 1961, as amended and any
regulations, rules, orders or procedures           promulgated thereunder.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.18. | Participant means
a Non-Employee Director who has an           outstanding Award.
| | ----- | -----------------------------------------------------------------------------------

| | 2.19. | Plan means
this 1998 Share Option Plan for Non-Employee           Directors (as amended on October
2004), as set forth in this instrument and as           hereafter amended from time to
time.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.20. | Shares means
the Ordinary Shares of the Company, NIS 1.0           nominal value.
| | ----- | -----------------------------------------------------------------------------------

| | 2.21. | Subsidiary means
any corporation in an unbroken chain of           corporations beginning with the Company
if each of the corporations other than           the last corporation in the unbroken
chain then owns shares possessing fifty           percent (50%) or more of the total
combined voting power of all classes of           shares in one of the other corporations
in such chain.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.22. | Tax
Track means one of the three tax tracks described under           Section 102
of the Ordinance, specifically: (1) the Capital Gains Track           Through a
Trustee; (2) Income Tax Track Through a Trustee; or           (3) the
Income Tax Track Without a Trustee; each as defined           respectively in
Sections 6.2 and 6.3 of the Plan.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.23. | Termination
of Service means a cessation of the           Participants service on the
Board for any reason.
| | ----- | --------------------------------------------------------------------------------------------------------------

| | 2.24. | Trustee means
the trustee appointed by the Company under the           Trust Agreement as set forth in
Section 6.5 of the Plan.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------

2

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|3. | Administration
|-- | --------------

| | 3.1. | The
Committee. The Plan shall be administered by the Committee. The           Committee
shall consist of one or more Directors who shall be appointed by, and           serve at
the pleasure of, members of the Companys Board who are not           eligible to
receive Awards under the Plan. The Committee shall be comprised           solely of a
Director or Directors who are not eligible to receive Awards under           the Plan.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.2. | Authority
of the Committee. It shall be the duty of the Committee to           administer the
Plan in accordance with the Plans provisions. The Committee           shall have
all powers and discretion necessary or appropriate to administer the           Plan and
to control its operation, including, but not limited to, the power to           (a)
interpret the Plan and the Awards, (b) adopt rules for the administration,
          interpretation and application of the Plan as are consistent therewith, (c)
          interpret, amend or revoke any such rules, and (d) adopt such procedures and
          subplans as are necessary or appropriate to permit participation in the Plan by
          Non-Employee Directors who are non-Israeli nationals or employed outside of
          Israel.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.3. | Decisions
Binding. Subject to the provisions of any applicable law, all
          determinations and decisions made by the Committee related to the Plan and its
          application shall be final, conclusive, and binding on all persons, and shall
be           given the maximum deference permitted by law.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | Shares
Subject to the Plan
|-- | --------------------------

| | 4.1. | Number
of Shares. Subject to adjustment as provided in Section 4.3, the           total
number of Shares available and reserved for grant under the Plan shall not
          exceed 750,000. Shares granted under the Plan shall be taken from the
          Companys authorized but unissued Shares.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.2. | Lapsed
Awards. If an Award terminates or expires for any reason, any           Shares
subject to such Award again shall be available to be the subject of an           Award.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.3. | Adjustments
inAwards and Authorized Shares. In the event of any           merger,
reorganization, consolidation, recapitalization, separation,           liquidation, share
dividend, split-up, Share combination, or other change in the           corporate
structure of the Company affecting the Shares, the Committee shall           adjust the
number and class of Shares which may be delivered under the Plan, and           the
number, class, and Exercise Price of Shares subject to outstanding Awards           and
future grants, in such manner as the Committee (in its sole discretion)           shall
determine to be appropriate to prevent the dilution or diminution of such
          Awards. Notwithstanding the preceding, the number of Shares subject to any
Award           always shall be a whole number.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | Share
Options
|-- | -------------

| | 5.1. | Granting
of Options
| | ---- | -------------------

| | 5.1.1. | Directors
serving on the 1998 Grant Date. Each Non-Employee Director who           is such on
the 1998 Grant Date, shall automatically receive, as of the 1998           Grant Date, an
Option to purchase 10,000 Shares. Each Non-Employee who has           received an Option
pursuant to the preceding sentence shall also automatically           receive, as of each
subsequent Grant Date, an Option to purchase 10,000 Shares,           provided that the
individual shall receive an Option on any such subsequent           Grant Date only if he
or she both (a) is a Non-Employee Director on the Grant           Date, and (b) has
served as a Non-Employee Director for the entire period since           the last Grant
Date.
| | ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 5.1.2. | Directors
first elected or appointed after the 1998 Grant Date. Each Non-           Employee
Director who first becomes such after the 1998 Grant Date,           automatically shall
receive on his or her initial Grant Date an option to           purchase up to 10,000
Shares prorated based on the number of full months of           service between the prior
annual Grant Date and the next Grant Date. A Director           joining the Board on or
before the 15th day of the month will receive           credit for service for
the full month. For example, (a) if a Non-Employee           Director joins the Company
as such on June 15, 1999 such Director would be           entitled to an initial grant of
options to purchase 2,222 Shares and (b) if a           Non-Employee Director joined the
Company on June 15 of any subsequent year, such           Director would be entitled to
an initial grant of options to purchase 1,667           Shares. Each such Non-Employee
Director also shall automatically receive, as of           each subsequent Grant Date, an
Option to purchase 10,000 Shares annually,           provided that the individual shall
receive an Option on any such Grant Date only           if he or she both (y) is a Non-
Employee Director on the Grant Date, and (z) has           served as a Non-Employee
Director for the entire period since the last Grant           Date.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.2. | Terms
of Options
| | ---- | ----------------

| | 5.2.1. | Option
Agreement. Each Option granted pursuant to this Section 5 shall be
          evidenced by a written Option Agreement (satisfactory to the Committee), which
          shall be executed by the Participant and the Company.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.2.2. | Exercise
Price. The Exercise Price for the Shares subject to each Option           shall be
100% of the Fair Market Value of such Shares on the applicable Grant           Date.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.2.3. | Exercisability.
Each Option granted pursuant to Section 5.1 shall become           fully exercisable
immediately upon issuance. Options not exercised before the           applicable
expiration periods designated in Section 5.2.4. below shall terminate           upon the
expiration thereof.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.2.4. | Expiration
of Options. Each Option shall terminate upon the           first to occur
of the following events,
| | ------ | -------------------------------------------------------------------------------------------------------------

| | (a) | The
expiration of ten (10) years from the applicable Grant Date;
| | --- | ----------------------------------------------------------------

| | (b) | The
expiration of three (3) months from the date of the Participants
          Termination of Service prior to age 70 for any reason other than the
          Participants death or Disability, provided that the Committee, subject to
          subsequent shareholder approval, may determine to extend such period to a
          maximum of five years;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | The
expiration of two (2) years from the date of the Participants           Termination
of Service by reason of Disability; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------

| | (d) | The
expiration of one (1) year from the date of the Participants           Termination
of Service at or after age 70 for any reason other than the           Participants
death or Disability.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 5.2.5. | Death
of Director. Notwithstanding Section 5.2.4, if a Director dies           prior to the
expiration of his or her Option(s) in accordance with Section           5.2.4, his or her
Option(s), which are exercisable on the date of his or her           death shall
terminate one (1) year after the date of death.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.3. | Payment.
Options shall be exercised by the Participants delivery of                a written
notice of exercise (satisfactory to the Committee) to the Company in                care
of Chief Financial Officer, 12 Abba Hillel Silver Street, P.O. Box 1281,
               Lod 71111, Israel, or at such other address as Company may hereafter
designate                in writing, setting forth the number of Shares with respect to
which the Option                is to be exercised, and accompanied by full payment for
the Shares. Upon the                exercise of any Option, the Exercise Price shall be
payable to the Company in                full in cash. As soon as practicable after
receipt of a written notification of                exercise and full payment for the
Shares purchased, the Company shall deliver to                the Participant (or the
Participants designated broker), Share                certificates (which may be in
book-entry form) representing such Shares.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.4. | Options
are not Incentive Share Options. Options are not intended to be
               incentive stock options within the meaning of Section 422 of the United
States                Internal Revenue Code.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.5. | Conditions
Upon Issuance of Shares
| | ---- | ----------------------------------

| | 5.5.1. | Investment
Representation. As a condition to the exercise of an Option,                the
Committee may require the person exercising such Option to represent and
               warrant at the time of any such exercise that the Shares are being
purchased                only for investment and without any present intention to sell or
distribute such                Shares if, upon the advice of counsel for the Company,
such representation is                required.
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.5.2. | Inability
to Obtain Authority. The inability of the Company to obtain                authority
from any regulatory body having jurisdiction, which authority is                deemed by
the Companys counsel to be necessary to the lawful issuance and                sale
of any Shares hereunder, shall relieve the Company of any liability in
               respect of the failure to issue or sell such Shares as to which requisite
               authority shall not have been obtained.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6. | Awards
to Israeli Participants
|-- | ------------------------------

| | 6.1. | Option
Subject to Section 102 of the Ordinance. Awards to Israeli
               Participants shall be made under the provisions of Section 102 of the
Ordinance.                Anything herein to the contrary notwithstanding, the Grant Date
of Options to                Israeli Participants and elected to have their Options
issued under the Tax                Track that the Company has selected, shall not be
earlier than the date at which                the Plan was approved by the Israeli Tax
Authorities.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.2. | Trustee
Tax Tracks. If the Company elects to grant Options through (i)                the
Capital Gains Tax Track Through a Trustee, or (ii) the Income Tax Track
               Through a Trustee, then, in accordance with the requirements of Section
102 of                the Ordinance, the Company shall appoint a Trustee who will hold in
trust on                behalf of each Israeli Participant the Options and the Shares
issued upon                exercise of such Options.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Holding Period for the Options will be as follows:
| | ------------------------------------------------------

5

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

| | Subject
to Section 102 of the Ordinance, Israeli Participants who wish to benefit from the
reduced tax shall not be able to receive from the Trustee, nor shall they be able to sell
or dispose of Shares before the end of the applicable Holding Period. If an Israeli
Participant sells or removes the Shares underlying an Award form the Trustee before the
end of the applicable Holding Period (the Breach), such Israeli
Participant shall pay all applicable taxes imposed on such Breach by the Ordinance.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 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 Participant, and shall be held by the Trustee for the remainder of the
Holding Period applicable to the Options originally Awarded. Such Additional Rights shall
be treated in accordance with the provisions of the applicable Tax Track.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.3. | Income
Tax Track Without a Trustee. If the Company elects to Award                Options
according to the provisions of this track, then the Options will not be
               subject to a Holding Period.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.4. | Track
Selection. The Company, in its sole discretion, shall elect under
               which of the above three Tax Tracks, Awards to Israeli Participants shall
be                made and the Option Agreement will indicate the Tax Track under which
the                Options are being granted.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.5. | Trust
Agreement
| | ---- | ---------------

| | 6.5.1. | The
terms and conditions applicable to the trust relating to Awards to Israeli
               Participants under the Tax Track selected by the Company shall be set
forth in                an agreement signed by the Company and the Trustee (the TrustAgreement).
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.5.2. | The
Company shall cause the Trustee to exercise the Options by countersigning
               and delivering to the Company a notice of exercise, upon receipt of
written                instructions from the Participant thereof, provided, that the
Israeli                Participant has made appropriate arrangements for the payment of
the Exercise                Price of the Shares issuable upon such exercise.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.6. | Tax
Matters
| | ---- | -----------

| | 6.6.1. | Awards
to Israeli Participants shall be governed by, and shall conform with and
               be interpreted so as to comply with, the requirements of Section 102 of
the                Ordinance and any written approval from the Israeli Tax Authorities.
All tax                consequences under any applicable law (other than stamp duty)
which may arise                from the Award of Options, from the exercise thereof or
from the holding or sale                of underlying Shares (or other securities issued
under the Plan) by or on behalf                of an Israeli Participant, shall be borne
solely on such Israeli Participant. An                Israeli Participant shall indemnify
the Company and hold it harmless against and                from any liability for any
such tax or any penalty, interest or indexing.
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 6.6.2. | If
the Company elects to Award Options according to the provisions of the Income
               Tax Track Without a Trustee (Section 6.3 of the Plan), and if prior to the
               exercise of any and/or all of these Options, an Israeli Participant ceases
to be                a director of the Company, such Israeli Participant shall deposit
with the                Company a guarantee or other security as required by law, in
order to ensure the                payment of applicable taxes upon the exercise of such
Options.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.6.3. | Until
all taxes relating to Awards to Israeli Participants have been paid in
               accordance with the Ordinance, Options and/or the Shares underlying
thereunder                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 the Shares
underlying                thereunder 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 of the Ordinance and the rules
thereunder as would have been                applicable to the deceased Israeli
Participant were he or she to have survived.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7. | Miscellaneous
|-- | -------------

| | 7.1. | No
Effect on Service. Nothing in the Plan shall (a) create any obligation
               on the part of the Board to nominate any Participant for reelection by the
               Companys shareholders, or (b) interfere with or limit in any way the
right                of the Company to terminate any Participants service.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7.2. | Successors.
All obligations of the Company under the Plan shall be                binding on any
successor to the Company, whether the existence of such successor                is the
result of a direct or indirect purchase, merger, consolidation, or
               otherwise, of all or substantially all of the business or assets of the
Company.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7.3. | Beneficiary
Designations. If permitted by the Committee, a Participant                may name a
beneficiary or beneficiaries to whom any vested but unpaid Award                shall be
paid in the event of the Participants death. Each such                designation
shall revoke all prior designations by the Participant and shall be
               effective only if given in a form and manner acceptable to the Committee.
In the                absence of any such designation, any vested benefits remaining
unpaid at the                Participants death shall be paid to the Participants
estate and,                subject to the terms of the Plan and of the applicable Option
Agreement, any                unexercised vested Award may be exercised by the
administrator or executor of                the Participants estate.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7.4. | Nontransferability
of Awards. No Award granted under the Plan may be                sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated,                other than by
will, by the laws of descent and distribution, or to the limited                extent
provided in Section 7.3. All rights with respect to an Award granted to a
               Participant shall be available during his or her lifetime only to the
               Participant.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 7.5. | No
Rights as Shareholder. Except to the limited extent provided in
               Section 7.3, no Participant (nor any beneficiary) shall have any of the
rights                or privileges of a shareholder of the Company with respect to any
Shares                issuable pursuant to exercise of an Option, unless and until
certificates                representing such Shares shall have been issued, recorded on
the records of the                Company or its transfer agents or registrars, and
delivered to the Participant,                beneficiary or Company (as escrow agent).
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7.6. | Withholding
Requirements. Prior to the delivery of any Shares or cash                pursuant to
an Award (or exercise thereof), the Company shall have the power and                the
right to deduct or withhold, or require a Participant to remit to the
               Company, an amount sufficient to satisfy governmental, federal, state, and
local                taxes (including the Participants FICA obligation) required to
be withheld                with respect to such Award (or exercise thereof).
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8. | Amendment,
Termination and Duration
|-- | -----------------------------------

| | 8.1. | Amendment
or Termination. The Board, in its sole discretion, may amend or
               terminate the Plan, or any part thereof, at any time and for any reason.
The                amendment, suspension, or termination of the Plan shall not, without
the consent                of the Participant, alter or impair any rights or obligations
under any Award                theretofore granted to such Participant.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 8.2. | Duration
of the Plan. The Plan shall commence on the date specified                herein, and
subject to Section 8.1 (regarding the Boards right to amend or
               terminate the Plan), shall remain in effect thereafter for a period of ten
(10)                years from the date hereof.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9. | Legal
Construction
|-- | ------------------

| | 9.1. | Gender
and Number. Except where otherwise indicated by the context, any
               masculine term used herein also shall include the feminine; the plural
shall                include the singular and the singular shall include the plural.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9.2. | Severabilitv.
In the event any provision of the Plan shall be held                illegal or invalid
for any reason, the illegality or invalidity shall not affect                the
remaining parts of the Plan, and the Plan shall be construed and enforced as
               if the illegal or invalid provision had not been included.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9.3. | Requirements
of Law. The granting of Awards and the issuance of Shares                under the
Plan shall be subject to all applicable laws, rules, and regulations,
               whether of the State of Israel or of the United States or any other state
having                jurisdiction over the Company and the Participant, including the
registration of                the Shares under United States Securities Act of 1933, and
to such approvals by                any governmental agencies or national securities
exchanges as may be required.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9.4. | Compliance
with Rule 16b-3. For the purpose of ensuring that transactions                under
the Plan do not subject Participants to liability under Section 16(b) the
               Securities Exchange Act of 1934, as amended (the 1934 Act),
               if the Participants shall become subject thereto, all transactions under
the                Plan are intended to comply with all applicable conditions of Rule
16b-3                promulgated under the 1934 Act, and any future regulation amending,
               supplementing or superseding such regulation. To the extent any provision
of the                Plan, Option Agreement or action by the Committee or a Participant
fails to so                comply, it shall be deemed null and void, to the extent
permitted by law and                deemed advisable by the Committee.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

8

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| | 9.5. | Governing
Law. The Plan and all Option Agreements shall be construed in
               accordance with and governed by the laws of the State of Israel without
giving                effect to any choice or conflict of law provision or rule (whether
of Israeli or                otherwise) which would cause the application of the laws of
any jurisdiction                other than Israel.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9.6. | Captions.
Captions provided herein are for convenience only, and shall                not serve as
a basis for interpretation or construction of the Plan.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------

9

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