<PAGE>

                                                                    Exhibit 10.4


                          UNPROTECTED TENANCY CONTRACT

         Made and Executed in Tel Aviv this ____ day of _______________ 1998

BETWEEN:          P.C.B. Ltd.
                  A public company duly registered in Israel numbered at the
                  Registrar of Companies PC/52-003779-7 (hereinafter: the
                  "Lessor")

                                                               OF THE FIRST PART

AND:              Camtek Ltd.
                  A private company duly registered in Israel numbered at the
                  Registrar of Companies Pr/51-123543-4 (hereinafter: the
                  "Lessee")

                                                              OF THE SECOND PART

WHEREAS,          the Lessor owns industrial buildings which have been
                  constructed on areas in Migdal Ha'emek (hereinafter: the
                  "Lessor's Buildings") including, inter alia, a building having
                  an area of approximately 700m(2), constructed on land having
                  an area of 2,550m(2), which land was leased to the Lessor
                  according to an amortized lease contract dated
                  February 6, 1992, with the Israel Lands Administration, for
                  the total term of 49 years terminating on December 18, 2037
                  (hereinafter: the "Building"); and

WHEREAS,          The Lessee wishes to lease the said Building (the "Premises")
                  on a tenancy unprotected according to the Tenants Protection
                  Law, subject and pursuant to that stated in this Contract; and

WHEREAS,          The Lessor has agreed to lease to the Lessee, and the Lessee
                  wishes to lease from the Lessor, the Premises, on a tenancy
                  unprotected according to the Tenants Protection Law, all
                  pursuant and subject to the provisions of this Contract.

Therefore, it is declared, agreed and stipulated between the parties as follows:

1.       PREAMBLE

         1.1      The preamble and the annexures to this Contract constitute an
                  integral part thereof.

         1.2      The clause headings in this Contract nor shall they be applied
                  for purposes of interpretation.

         1.3      This Contract embraces everything which has been agreed
                  between the parties in all the matters dealt with by this
                  Contract, and no negotiations, undertakings and/or agreements
                  and/or representations made - if any - pertaining to such

<PAGE>

                  matters, whether made in writing or verbally, expressly or
                  impliedly, between the parties prior to the signature of this
                  Contract.

                  It is hereby expressly agreed and stated that the tenancy
                  agreement between the parties of June 4, 1992 is hereby
                  rendered null and void, and each party mutually declares and
                  acknowledges that it has received everything that was
                  respectively due to each party under such agreement and that
                  neither party shall have any claim, demand or plea against the
                  other in connection with that agreement.

         1.4      No variation or amendment to this Contract shall be made save
                  by a document made expressly in writing signed by the parties
                  to this Contract.

         1.5      No conduct on the part of either of the parties shall be
                  deemed to be a waiver of any of its rights under this Contract
                  or according to any law, and/or as a waiver or consent on its
                  part to any breach or non-performance of any condition, unless
                  such waiver or consent has been made expressly in writing.

2.       DECLARATIONS OF THE PARTIES

         2.1      The Lessor declares that:

                  2.1.1    The Lessor is an active company and has not been
                           removed from the records of the Registrar of
                           Companies, and, according to the Lessor's Memorandum
                           and Articles of Association, it is entitled to enter
                           into this Contract.

                  2.1.2    To the best of its knowledge, no legal proceeding
                           likely to affect the Premises are pending nor
                           expected to be commenced.

                  2.1.3    There is nothing by law, agreement or otherwise to
                           prevent the Lessor from entering into this Contract
                           and performing all its obligations hereunder, and all
                           the approvals required to enable the Lessor to enter
                           this Contract have been obtained.

         2.2      The Lessee declares that:

                  2.2.1    It has viewed, examined and found the Premises to be
                           suitable for its needs and is estopped from raising
                           any claim as to defect and/or non-conformity,
                           including any claim relating to the suitability of
                           the Premises to its needs, purposes or any other
                           claim.

                  2.2.2    The Lessee is an active company and has not been
                           removed from the records of the Registrar of
                           Companies, and, according to the Lessee's Memorandum
                           and Articles of Association, it is entitled to enter
                           into this Contract.

                  2.2.3    There is nothing by law, agreement or otherwise to
                           prevent the Lessee from entering into this Contract
                           and performing all its obligations



                                       2
<PAGE>

                           hereunder, and all the approvals required to enable
                           the Lessee to enter this Contract have been obtained.

3.       INAPPLICABILITY OF TENANTS PROTECTION LAW

         It is agreed that the provisions of the Tenants Protection Law
         (Consolidated version), 5732-1972 and ether tenancy protection laws and
         the regulations and orders promulgated thereunder (hereinafter: the
         'Laud') shall not apply to the promises or works respect to this
         Tenancy Contract, end that no legislation conferring upon the Lessee
         the status of a protected tenant shall apply with respect to the
         Premises.

         The parties expressly declare and acknowledge that the Premises are is
         a building the construction of which was completed after August 20,
         1968, and that this tenancy is being made on the express a that the Law
         shall not apply thereto. The Lessee declares that it has not paid nor
         wilt it pay the Lessor in connection with this Contract any key money
         or other consideration other then the rent or payments incidental to
         rent and neither the Lessor nor say of its successors, including say of
         the individuals comprising it and/or the shareholders thereof, shall be
         a protected tenant in the Premises according to any law, and the Lessee
         shall be estopped from raising any claims or pleas whatsoever in
         connection with its being a protected tenant.

4.       THE TENANCY

         The Lessor hereby leases to the Lessee, and the Lessee hereby leases
         from the Lessor, the Premises pursuant and subject to the provisions
         herein contained.

5.       TERM OF THE TENANCY

         The term of the tenancy is for four years commencing January 1, 1998
         and expiring on December 31, 2001 (hereinafter: the "Tenancy Term").

6.       RENT

         6.1      The Lessee undertakes in Consideration of the leasing of the
                  Premises, to pay the Lessor during the Tenancy Tam a monthly
                  rent in an amount equal to US$5 (five United States Dollars)
                  per meter of the constructed area leased by it, plus V.A.T.,
                  if applicable.

         6.2      The rent will be paid monthly on the first business day of
                  each mouth.

         6.3      The rent prescribed in 9316 Clause 6 will be herein called:
                  the "Rent".

         6.4      The Rent and other payments denominated n this Contract in
                  United States Dollars will be paid in the equivalent amount in
                  New Shekels according to the last representative rate of
                  exchange of the United States dollar published by the Bank of
                  Israel and known on, the due of actual payment.


                                       3
<PAGE>

7.       PURPOSE OF THE TENANCY

         The Lessee may use the Premises for the purpose of its business
         operations, and will not be entitled to use the Premises for say other
         purpose.

8.       UNDERTAKINGS OF THE LESSEE

         The Lessee undertakes as follows:

         8.1      To use the Premises is such manner and on, such conditions as
                  will be determined from time to time, by the competent
                  authorities.

         8.2      To keep the Premises in good ad proper condition for the
                  entire duration of the Tenancy Term and to repair at its own
                  expense any malfunction or damage discovered therein, provided
                  they will have been, caused by the Lessee and/or its customers
                  and/or employees and/or any person on, its behalf within 7
                  (seven) days from the data of the occurrence of the
                  malfunction and/or damage rave whets the repair requires a
                  longer period.

         8.3      To clean and keep the Premises clean in accordance with the
                  Lessor's instructions and/or the directions of any other
                  competent authority and in particular, those of the health
                  authorities. In the event of any breach of this sub-clause by
                  the Lessee and/or any person on its behalf, the Lessee will
                  pay the Lessor such sum as the Lessor demands in respect of a
                  breach of any law or provision of any competent authority,
                  including fines imposed - if any - by any competent authority.

         8.4      Not to effect any alterations in the Premises or any part
                  thereof or install or construct thereon or therein any fixture
                  or structure which is unremovable, without prior written
                  consent of the Lessor and in accordance with the conditions
                  imposed in such consent, it being hereby stipulated that any
                  structure or fixture installed or made at the Premises - with
                  or without the Lessor's written consent mentioned - will be
                  the property of the Lessor from the time it is installed,
                  without the Lessor being liable for any payment of any
                  compensation whatsoever to the Lessee in respect of the
                  expenses it will have incurred.

         8.5      To dismantle and remove any fixture, structure, etc.,
                  installed by it at the Premises contrary to the provisions of
                  this Contract and to restore the same to its previous
                  condition at its own expense.

         8.6      To comply with all the regulations, rules and provisions,
                  whether existing or made or published from time to time
                  hereafter with respect to the Premises by any competent
                  authority.

         8.7      To take all precautionary measures required in order to
                  prevent bad odours and fires at the Premises and to comply
                  with all other directives of the competent authorities, fire
                  department or any other authority respecting fire prevention
                  and firefighting.


                                       4
<PAGE>

9.       USE OF THE PREMISES

         The Lessee undertakes to use the Premises in accordance with the
         purpose of the tenancy in an ordinary, cautious, reasonable and
         customary fashion and not to do any thing which would amount to any
         damage, nuisance, hindrance, disturbance, harassment or other
         disruption to either individuals or the public, or to the property of
         individuals, of the public or of the Lessor.

10.      RIGHT OF ENTRY

         The Lessee undertakes to allow and enable free access at reasonable
         times and after prior coordination and not to hinder any person
         representing the Lessor from entering the Premises in order to examine
         whether the stipulations herein contained are being fully performed and
         in order to show the Premises to other persons, bodies, buyers or
         tenants, provided that the disturbance to the Lessee will be kept to a
         minimum as far as possible.

11.      LICENSES AND PERMITS

         11.1     The Lessee undertakes to request and to obtain from the
                  competent authorities, at its own expense, all the permits and
                  licenses required by any law, and bear the payments and
                  fulfill all demands made by any competent authority for
                  operating the Premises.

         11.2     It is agreed between the parties that the failure to obtain
                  the permits and licenses required according to any law to
                  operate the Premises will not constitute any cause of action
                  for rescinding this Contract and the Lessee will not have, by
                  reason thereof, any claims, and/or demands - of whatsoever
                  kind and type - towards the Lessor.

12.      TAXES, COMPULSORY PAYMENTS AND OTHER PAYMENTS

         12.1     All the taxes, municipal payments and compulsory payments of
                  their various kinds imposed upon and applicable (or which will
                  be imposed or applicable from time to time) in respect of the
                  occupation of the Premises and the use thereof for the period
                  from the commencement of the Tenancy Term and for the entire
                  duration thereof or until the Premises are vacated, whichever
                  is the longer, will apply to and be borne by the Lessee on due
                  date.

                  Without derogating from the generality of the foregoing, the
                  Lessee will, during the Tenancy Term, bear all payments in
                  respect of water, electricity, telephone, city taxes, business
                  tax, signs tax or any other expense pertaining to the use and
                  operation of the Premises.

                  The Lesser will bear the payment of property tax and the
                  payments imposed on ownership of properties (as distinct from
                  the use thereof).

         12.2     The above payments for water and electricity expenses, will,
                  to the extent possible, be paid pursuant to actual use and in
                  accordance with meter readings measuring the use of the
                  electricity and water at the Premises.


                                       5
<PAGE>

         12.3     The payments in respect of the above expenses and in respect
                  of the security expenses mentioned in clause 13 hereof and the
                  insurance expenses mentioned in clause 14 hereof, will be paid
                  to the Lessor by the Lessee in accordance with tax receipts
                  issued by the Lessor at the end of each month of the tenancy,
                  within 15 days of the end of the month in which the tax
                  receipt was issued (on a "current plus 15 days" basis).

13.      SECURITY

         The Lessor will supply the Lessee with security services; at the
         Premises in return for the Lessee's participation in the Lessees
         security expenses. The Lessee's participation is such expenses will be
         calculated according to the constructed area of the Premises as part of
         and out of the total constructed area of the Lessee and the Lessor
         jointly.

         The payment in respect of security will be effected according to a tax
         invoice to be issued by the Lessor to the Lessee as mentioned is clause
         12.4 above.

14.      INSURANCE OF THE BUILD

         The Lessor will insure the Premises in accordance with the coverage
         under the existing policy of the Premises with the Magen Insurance
         Company Ltd., against the Lessee's participation in these costs. The
         Lessee's participation in these costs will be calculated as part of the
         Lessor's overall costs in respect of the insurance, according to the
         ratio which the constructed area of the Premises bears to the total of
         the Lessee's and the Lessor's constructed area jointly.

         The payment in respect of the insurance will be effected according to a
         tax invoice to be issued by the Lessor to the Lessee as mentioned in
         clause 12.4 above.

15.      OTHER

         Without prejudice to any other provision herein contained, the Lessee
         undertakes to insure at its own expense the contents of the Premises
         within 7 (seven) days of the date of the signature of this Contract,
         and also to insure and to maintain an insurance policy for third party
         risks, including in respect of negligence, for the entire duration of
         the Tenancy Term, at its full expense. The form and the extent of the
         policy shall require the Lessor's prior written approval. The Lessee
         will produce to the Lessor copies of the valid insurance policies and
         copies of the receipts for the premiums paid.

16.      PENALTY INTEREST

         Each payment tinder this Contract which will not have been paid an due
         data, will be linked to the Consumer Price Index and bear annual linked
         penal interest at the rate of 8%, for the period commencing the date
         payable through the date of actual payments.


                                       6
<PAGE>

17.      LESSEE'S LIABILITY FOR DAMAGE

         It is hereby expressly agreed that the Lessee will, for the entire
         duration of the Tenancy Term, be liable for damage or lost to person
         and/or property which may be suffered by it, its employees, visitors,
         invitees, successors or representatives, as well as to the Lessor or
         its successors or representatives including any person and/or other
         body for any reason whatsoever, deriving or related to the tenancy, the
         occupation of the Premises, save for the public areas, and the use
         thereof or of any part thereof as well as from the infringement or
         non-performance of any lawful provisions applicable to the Lessee and
         its activity in the Premises, with the exception of such damage or loss
         caused by the Lessor or any persons on its behalf.

18.      VACATING THE PREMISES

         The Lessee undertakes to deliver up to the Lessor the Premises at the
         end of the Tenancy Term or upon its earlier termination according to
         the provisions of this Contract, in good and proper condition as
         delivered to it upon the commencement of the Tenancy Term and vacant of
         all persons, subject to reasonable wear.

         The parties will, upon the vacation of the Premises, draw up a
         memorandum as to the repairs required to be performed at the Premises.
         The Lessee undertakes to effect all the repairs or renovations which
         will, if at all, be required by the Lessor at the end of the Tenancy
         Term in order to deliver up the Premises to the Lessor in the condition
         mentioned above.

19.      RESCISSION OF THE CONTRACT

         The Lessor will be entitled to rescind this Contract and to bring the
         Tenancy Term to an end upon the occurrence of any of the following
         events:

         19.1     If winding-up proceedings and/or a receivership order is made
                  against the Lessee and/or the Lessee has made an arrangement
                  with creditors or effected any act of bankruptcy, winding-up
                  or receivership and/or any attachment order has been made
                  against its business and/or moveable assets in a manner which
                  would affect the management of its business at the Premises
                  and which has not been removed within 60 (sixty) days of its
                  imposition, the Contract will terminate forthwith ("order"
                  includes any provisional order or relief).

         19.2     If the Leases is in breach of any of its fundamental
                  obligations under this Contract or otherwise.

                  If the Lessee has committed a fundamental breach as above, the
                  Lessor will be entitled to rescind this Tenancy Contract and
                  the Tenancy Term will terminate twenty-one (21) days after the
                  date of the Lessor's rescission notice unless the Lessee will
                  have remedied the fundamental breach during such twenty-one
                  (21) day period. If the Lessee has failed to remedy the


                                       7
<PAGE>

                  fundamental breach during such twenty-one (21) day period. If
                  the Lessee has failed to remedy the fundamental breach during
                  such twenty-one (21) day period, the Lessor may demand that
                  the Lessee vacate the Premises within twenty-one (21) days and
                  the

20.      PERFORMANCE OF ACTS

         Wherever under this Contract any obligation to the effect any act or
         work or to pay any payment is imposed upon any party to the Contract
         (hereinafter: the "Liable Party") and where the Liable Party fails to
         perform such act or work or to make payment by the date specified for
         such purpose in this Contract, and, in the absence of any such date, by
         the date specified for such purpose in a written demand received from
         the other party - the other party shall be entitled, but not obliged,
         to perform such act or work or payment instead of and at the expense

19.      STAMP DUTY

         The stamp duty applicable to this Agreement will be paid by the parties
         in equal shares.

20.      MISCELLANEOUS

         The addresses of the parties for the purpose of this Contract are as
         follow:

         The Lessor. P.O.B. 631, Migdal Ha'emek, 10556.
         The Lessee: P.O.B. 631, Migdal Ha'emek, 10556.

         A11 notices sent to any party according to the above addresses by
         registered mail will be deemed to have reached their destination
         seventy-two (72) hours after the time they have been posted by
         registered mail in Israel.

         Notwithstanding the foregoing, notices may be served personally and/or
         served at the address of the parties or at their offices, with the date
         of service being that determining.

         Each party to this Contract may notify the other in writing of a change
         of its address as mentioned above.

         In witness whereof the parties rove set their hands:



                   (signed)                              (signed)
         ------------------------------        -----------------------------
                  P.C.B. Ltd.                           Camtek Ltd.



                                       8
<PAGE>


                  AMENDMENT TO AN UNPROTECTED CONTRACT OF LEASE


Between:

1.       P.C.B. Ltd. (no. 52-003779-3)

         A public company duly registered in Israel

                                                              AS THE FIRST PARTY

And;

2.       CAMTEK Ltd. (no- 31-133543-4)

         A private company duly registered is Israel

                                                             AS THE SECOND PARTY

Whereas the parties signed the unprotected contract of lease (hereinafter "The
Contract") attached to this amendment as annex A:

1.       The parties hereby agree that the leased area, as described in the
         recitals of the contract, shall be increased as follows:

         (A)      Valid as of 1 January 1999, from 700 square meters to 800
                  square meters; the increased area shall be in addition to the
                  existing building.

         (B)      Valid as of 1 January 2000, from 800 square meters to 1,150
                  square meters; the additional area shall be the main building
                  of P.C.B. or close to it; notwithstanding the aforementioned
                  in article 6.1 of the contract the monthly rent due to the
                  supplement of this area of 350 square meters shall be US $7
                  (seven US dollars) per meter of built up area, not including
                  VAT if applicable.

2.       All other provisions of the contract shall remain valid subject to
         article 1 above. In witness whereof the Parties have hereunto set their
         hands


P.C.B. Ltd.                                    CAMTEK Ltd.

One signature is handwriting (-)               One signature in handwriting (-)




<PAGE>


                    AMENDMENT TO AN UNPROTECTED LOAN CONTRACT

Between:

1.       P.C.B. Ltd. (public company no. 52-003779-3)

         Old Industrial Area, Migdal Ha'emek, 10556

                                                              AS THE FIRST PARTY

And;

2.       CAMTEK Ltd. (no- 31-133543-4)

         New Industrial Area, Migdal Ha'emek, 10556

                                                             AS THE SECOND PARTY

Whereas the parties signed the loan contract (hereinafter "The Contract")
attached to this amendment as annex A:

1.       The parties hereby agree to amend article 4.1 of the contract as
         follows:

         4.1      The borrower shall repay the loan, the linkage differentials
                  and the interest to the loaner on the closing date of the
                  Initial Public Offering of the borrower" shares in Israel or
                  abroad, or on 31 December 2000, whichever comes first.

2.       All other provisions of the contract shall remain valid subject to
         articles 1 above.

3.       This amendment is valid as of 31 December 2000. In witness whereof the
         Pate have hereto set their hands


P.C.B. Ltd.                                  CAMTEK Ltd.

One signature is handwriting (-)             One signature in handwriting (-)