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Exhibit 4.5

# NUR Macroprinters Ltd. 
(Previously, NUR
Advanced Technologies Ltd.) 
2000 Stock Option Plan

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

| | (a) | This,
the 2000 Stock Option Plan As Amended on July, 2003 (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.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------

|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.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (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.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f) | Subject
to paragraph 13(b) below, the Committee shall have the sole authority,
                    in its absolute discretion, to adopt, amend, and rescind such rules
and                     regulations as, in its opinion, may be advisable in the
administration of the                     Plan; to construe and interpret the Plan, the
rules and regulations, and the                     instruments evidencing Options Granted
under the Plan; and to make all other                     determinations deemed necessary
or advisable for the administration of the Plan.                     All decisions,
determinations, and interpretations of the Committee shall be                     binding
on all Participants.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|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.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|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.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (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.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|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.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | Subject
to the vesting provisions of paragraph 9(c), each Option may be
                    exercised, in whole or in part, at any time during the period (the
                    Option Period) set forth in the Notice of Grant.
However,                     Underlying Shares derived from Options Granted under one of
the Section 102                     Trustee Tracks, may not be sold or transferred from
the Trustee (as hereinafter                     defined) before the end of the applicable
Holding Period as defined in Section                     102 and paragraph 7 of this
Plan. Options not exercised during the Option Period                     shall terminate
upon the expiration thereof.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | To
the extent that any dividend is payable on the Shares under applicable law,
                    or the Articles of Association of the Company, all Underlying Shares
(whether or                     not held in Trust) shall entitle beneficial Participants (Beneficial
                    Employees) to receive dividends with respect thereto. For
so long as                     such Shares are held in Trust, any and all dividends
received by the Trustee on                     such Underlying Shares shall be paid by
the Trustee to the Beneficial Employees                     thereof, subject to any
required withholding of tax in respect thereof.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (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
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|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.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | Trustee
Tax Tracks: If the Company elects to Grant Options through (i) the
                    Capital Gains Track Through a Trustee, or (ii) the Income Tax Track
Through a                     Trustee then, in accordance with the requirements of
Section 102, the Company                     shall appoint a Trustee who will hold in
trust on behalf of each Participant the                     Options and the Underlying
Shares issued upon exercise of such Options in trust                     on behalf of
each Participant. The Company shall allocate such Options to the
                    Trustee on behalf of such Israeli Employees in a letter specifying
all details                     required under Section 102 Rules (Allocation).
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 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.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e) | Concurrent
Conditions: The Holding Period, if any, is in addition to the vesting
                    period as specified in paragraph 9 (c) of the Plan. The Holding
Period and                     vesting period may run concurrently, but neither is a
substitute for the other,                     and each are independent terms and
conditions for Options Granted.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (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.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (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.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (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) | All
Options Granted under the Plan to Non Israeli Employees shall be Granted
                    (and a copy of the Notice of Grant shall be given) subject to all
applicable                     laws, rules and regulations, whether of 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. 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 Non Israeli                     Employee. No
Options shall be released from the Trust until the vesting of such
                    Option pursuant to Section 10 hereof (the Release Date).
From                     and after the Release Date, upon the written request of any Non
Israeli                     Employee, the Trustee shall release from the Trust the
Allocated Options and                     exercise them on behalf of such Non Israeli
Employee, by executing and                     delivering to the Company such
instrument(s) as the Company may require, giving                     due notice of such
release to such Non Israeli Employee, provided, however, that                     the
Trustee shall not so release and exercise any such Options on behalf of the
                    Non Israeli 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.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | The
Options Granted subject to this Plan to Employees subject to payment in the
                    US of tax on their income from the Company or an Affiliate are
intended to be                     incentive stock option as described in
Section 422 of the Code                     (ISOs). To the extent some
or all of the Options subject to a                     certain Grant exceed the $100,000
rule of Code Section 422(d), the certain                     Option Grant or the lesser
excess part will be treated as a nonqualified stock                     option under the
United States tax law. Notwithstanding any inconsistent or                     contrary
provision of this Plan, if an Option Grant has not expired on the
                    relevant date as provided for in section 10 below, the Options shall
cease to be                     treated as ISOs 91 days after the Participant ceases to
be a common law employee                     of the Company or an Affiliate corporation
as defined in Code Sections 424(e)                     and 424(f)) (a Common Law
Employee), unless the Participant                     ceases to be a Common Law
Employee by reason of death or disability (as defined                     in code Section
22(e)(3)), in which case the term 1 year and 1 day                    shall
replace the term 91 days in this clause above.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|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.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (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.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (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.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (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.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|11. | Use
of Proceeds
|--- | ---------------

| | Cash
proceeds realized from the exercise Options Granted under the Plan shall constitute
general funds of the Company.
| | ----------------------------------------------------------------------------------------------------------------------

|12. | 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.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13. | 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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|14. | 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.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15. | 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.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16. | 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.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 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.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|17. | 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;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (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.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18. | 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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