---

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Exhibit 4(b)26

THIS WARRANT AND ANY SECURITIES THAT
MAY BE ISSUED UPON EXERCISE THEREOF) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE SECURITIES ACT) OR THE SECURITIES LAWS OF ANY
STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH
CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES AND OTHER
JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION (OTHER THAN
PURSUANT TO RULE 144(b)(1), PROVIDED THAT THE COMPANY HAS RECEIVED CUSTOMARY
REPRESENTATIONS CERTIFYING AS TO THE AVAILABILITY OF SUCH RULE 144(b)(1)), UNLESS THE
COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH
TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER
APPLICABLE LAWS.

|                  |                        
|----------------- | -----------------------
|
|
|
|
|Warrant no. [__]1 | Number of Shares: [__]1
|June 25, 2009     |                        

---

# FORM OF WARRANT TO PURCHASE
ORDINARY SHARES OF 
LUMENIS LTD.

---

For VALUE RECEIVED
[_____________]1 (together with its successors, transferees and assigns, the
Holder) is entitled to purchase subject to the provisions of this Warrant
(this Warrant) from Lumenis Ltd., an Israeli company
(Company), during the term of this Warrant, at a purchase price per
share equal to $1.30 (as adjusted from time to time pursuant to the terms of this
Warrant), [_______]1 Ordinary Shares, par value NIS 0.1 per share, of
the Company (the Company Shares) (as adjusted from time to time
pursuant to the terms of this Warrant). The shares purchasable upon exercise of this
Warrant and the purchase price per share, as adjusted from time to time pursuant to the
terms of this Warrant, shall be referred to herein as the Warrant
Shares and the Exercise Price, respectively.

|1. | Exercise.
|-- | ---------

| | 1.1. | Manner
of Exercise. This Warrant may be exercised, in whole or in part,
                    on one or more occasions during its term. The Warrant may be
exercised by the                     surrender of this Warrant, together with the Notice
of Exercise in the form                     attached hereto, duly completed and executed
by the Holder, at the principal                     office of the Company or at such
other office or agency as the Company may                     designate, accompanied by
payment in full of the aggregate Exercise Price                     payable in respect of
the Warrant Shares purchasable upon such exercise. The                     Exercise Price
may be paid by cash, check, wire transfer or by the cancellation                     of
debt owed by the Company to the Holder.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

|1
|-

|Holder Name                             | Warrant No. | Company Shares
|--------------------------------------- | ----------- | --------------
|
|
|
|
|LM Partners L.P.                        | 11          | 2,409,091     
|Ofer Hi-Tech Investments Ltd.           | 12          | 2,136,364     
|Agate Medical Investments L.P.          | 13          | 1,656,096     
|Agate Medical Investments (Cayman) L.P. | 14          | 616,632       



---

---

| | 1.2. | Effective Time of Exercise. Each exercise of this Warrant shall be deemed
          to have been effected immediately prior to the close of business on the day on
          which this Warrant shall have been surrendered to the Company as provided in
          Section 1.1 above. At such time, the person(s) in whose name(s) any certificates
          representing the Warrant Shares shall be issuable upon exercise as provided in
          Section 1.4 below shall be deemed to have become the holder of record of such
          Warrant Shares represented by such certificates.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.3. | Net
Issue Exercise.
| | ---- | -------------------

| | 1.3.1. | In lieu of exercising this Warrant in the manner provided in Section 1.1 above,
          the Holder may elect to receive shares equal to the value of this Warrant (or
          the portion thereof being canceled) by surrender of this Warrant at the
          principal office of the Company or at such other office or agency as the Company
          may designate, together with the Notice of Exercise in the form attached hereto,
          duly completed and executed by the Holder, in which event the Company shall
          issue to the Holder the number of Warrant Shares computed using the following
          formula:
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

X = Y * (A  B)        A

| | Where: | X = | the number of Warrant Shares to be issued to the Holder.
| | ------ | --- | --------------------------------------------------------

| | Y = | the number of Warrant Shares, as adjusted to the date of such calculation, underlying the
portion of the Warrant being exercised.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------

| | A= | the
Fair Market Value (as defined below) of one Warrant Share.
| | -- | --------------------------------------------------------------

| | B = | the Exercise Price, as adjusted to the date of such calculation.
| | --- | ----------------------------------------------------------------

| | 1.3.2. | For purposes of this Section 1.3, the Fair Market Value of a
          Warrant Share on the date of calculation shall mean:
| | ------ | -----------------------------------------------------------------------------------------------------------------------------

| | 1.3.2.1. | If
the Company Shares are listed on a national securities exchange or are quoted
               on the National Association of Securities Dealers, Inc. Automated
               Quotation/National Market System (NASDAQ/NMS), then the Fair Market Value
shall                be the average closing or last sale price, respectively, reported
for the five                (5) trading days prior to the exercise date.
| | -------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2

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---

| | 1.3.2.2. | If
the Company Shares are not listed on a national securities exchange or quoted
               on NASDAQ/NMS, but are traded in any over-the-counter market, then the
Fair                Market Value shall be the last sale price of the Company Shares
reported for the                five (5) trading days immediately preceding the exercise
date, and if no such                sale price is reported, the average of the closing
bid and asked prices as                reported for the five (5) trading days prior to
the exercise date. If the                Company Shares are not publicly traded, then the
Fair Market Value shall be the                fair market value of a Company Share as
determined by an Appointed Expert (as                defined in that certain Purchase
Agreement, dated September 30, 2006 among the                Company, the Holder and the
other parties named therein (the PurchaseAgreement)), unless
the Company is at such time subject to a                Liquidity Event (as defined
below), in which case the Fair Market Value shall be                deemed to be the
value of the consideration per share received by the holders of                such
shares pursuant to such event. In the event that the Special Committee (as
               defined in the Purchase Agreement) or the Holder object to the
determination of                the Appointed Expert, within 15 days after receipt of the
Appointed                Experts determination, the matter shall be referred to
arbitration to be                conducted in accordance with Section 19 hereof.
| | -------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.3.2.3. | If
the exercise is in connection with a public offering of the Company Shares
               pursuant to an effective registration statement under the Securities Act
of                1933, as amended (the Securities  Act), or the
equivalent                actions under the laws of another jurisdiction, then the fair
market value shall                be the initial Price to Public per share
specified in the final                prospectus with respect to the offering, before
deduction of discounts,                commissions or expenses.
| | -------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.4. | Delivery
to Holder. As soon as practicable after the exercise of this                Warrant
in whole or in part, and in any event within ten (10) days thereafter,                the
Company at its expense will cause to be issued in the name of, and delivered
               to, the Holder, or as such Holder may direct:
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.4.1. | a
certificate(s) for the number of Warrant Shares to which such Holder shall be
               entitled, and
| | ------ | ------------------------------------------------------------------------------------------------------------

| | 1.4.2. | in case such exercise is in part only, a new warrant(s) (dated the date hereof)
          of like tenor, calling in the aggregate on the face(s) thereof for the number of
          Warrant Shares equal to the number of such shares called for on the face of this
          Warrant minus the number of such shares purchased by the Holder upon such
          exercise as provided in Sections 1.1 or 1.3 above.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.5. | Conditional
Exercise. In case of an exercise made in connection with a                public
offering of the Company Shares pursuant to an effective registration
               statement under the Securities Act or the equivalent actions under the
laws of                another jurisdiction, or a Liquidity Event (as defined below),
such exercise may                be made conditional upon the closing of such offering or
event.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

3

---

---

| | For
purposes of this Warrant, the term Liquidity Event shall mean: (i) a
sale of all or substantially all of the Companys assets; (ii) a sale of all or
substantially all of the Companys issued and outstanding shares, such that following
the transaction more than fifty percent (50%) of the Companys issued shares are held
by persons who, prior to the said transaction, held less than fifty percent (50%) of the
Companys issued shares; or (iii) a merger or consolidation of the Company with or
into another corporation, such that following the transaction more than fifty percent
(50%) of the surviving entitys issued shares are held by persons who, prior to the
said transaction, held less than fifty percent (50%) of the Companys issued shares.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | Adjustments
|-- | -----------

| | The
number and kind of securities purchasable upon the exercise of this Warrant and the
Exercise Price shall be subject to adjustment from time to time as follows:
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.1. | Stock Splits, Dividends and Combinations. If the outstanding Company
          Shares shall be subdivided into a greater number of shares or a dividend or
          other distribution payable in additional shares shall be paid in respect of
          Company Shares, the Exercise Price in effect immediately prior to such
          subdivision or at the record date of such dividend shall simultaneously with the
          effectiveness of such subdivision or immediately after the record date of such
          dividend be proportionately reduced. If outstanding Company Shares shall be
          combined into a smaller number of shares, the Exercise Price in effect
          immediately prior to such combination shall, simultaneously with the
          effectiveness of such combination be proportionately increased. When any
          adjustment is required to be made in the Exercise Price, the number of Warrant
          Shares purchasable upon the exercise of this Warrant shall be changed to the
          number determined by dividing (i) an amount equal to the number of shares
          issuable upon the exercise of this Warrant immediately prior to such adjustment,
          multiplied by the Exercise Price in effect immediately prior to such
          adjustment, by (ii) the Exercise Price in effect immediately after such
          adjustment.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.2. | Reclassification, Etc. In case of any reclassification or change of the
          outstanding securities of the Company or of any reorganization of the Company
          (or any other corporation the stock or securities of which are at the time
          receivable upon the exercise of this Warrant) or any similar corporate
          reorganization on or after the date hereof, then and in each such case the
          holder of this Warrant, upon the exercise hereof at any time after the
          consummation of such reclassification, change, reorganization, merger or
          conveyance, shall be entitled to receive, in lieu of the stock or other
          securities and property receivable upon the exercise hereof prior to such
          consummation, the stock or other securities or property to which such holder
          would have been entitled upon such consummation if such holder had exercised
          this Warrant immediately prior thereto, all subject to further adjustment as
          provided in Section 2; and in each such case, the terms of this Section 2 shall
          be applicable to the shares of stock or other securities properly receivable
          upon the exercise of this Warrant after such consummation.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.3. | Other Transactions. In the event that the Company shall issue shares to
          its shareholders as a result of a split-off, spin-off or the like, then the
          Company shall only complete such issuance or other action if, as part thereof,
          allowance is made to protect the economic interest of the Holder either by
          increasing the number of Warrant Shares or by procuring that the Holder shall be
          entitled, on economically proportionate terms, to acquire additional shares of
          the spun-off or split-off entities. Upon each adjustment in the number or kind
          of Warrant Shares purchasable hereunder, the Exercise Price shall be
          proportionately increased or decreased, as the case may be, in a manner that is
          the inverse of the manner in which the number of Warrant Shares purchasable
          hereunder shall be adjusted.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

4

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---

| | 2.4. | Notice of Adjustments. Whenever the Exercise Price or the number of
          Warrant Shares purchasable hereunder shall be adjusted pursuant to this Section
          2, the Company shall prepare a certificate signed by an executive officer of the
          Company setting forth, in reasonable detail, the event requiring the adjustment,
          the amount of the adjustment, the method by which such adjustment was
          calculated, the Exercise Price and the number of Warrant Shares purchasable
          hereunder after giving effect to such adjustment, and shall cause copies of such
          certificate to be delivered to the Holder.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | Investment
Representations.
|-- | ---------------------------

| | 3.1. | The Holder is knowledgeable, sophisticated and experienced in making, and is
          qualified to make, decisions with respect to investments in shares representing
          an investment decision like that involved in the purchase of this Warrant and
          the Warrant Shares (the Purchased Securities), without
          limitation of the representations and warranties included herein and in that
          certain Purchase Agreement, dated June 21, 2009 among the Company, the Holder
          and the other parties named therein (the 2009 Purchase
          Agreement).
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.2. | The
Holder is acquiring the Purchased Securities in the ordinary course of its
               business and for its own account for investment only and with no present
               intention of distributing any of such Purchased Securities and does not
have any                current arrangement or understanding with any other persons
regarding the                distribution of such securities (this representation and
warranty not limiting                the Holders right to sell or distribute in
compliance with the Securities                Act and the rules and regulations
thereunder); nothing contained herein shall be                deemed a representation or
warranty by the Holder to hold the Purchased                Securities for any period of
time.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.3. | The
Holder will not, directly or indirectly, offer, sell, pledge, transfer or
               otherwise dispose of (or solicit any offers to buy, purchase or otherwise
               acquire or take a pledge of) any of the Purchased Securities, nor will the
               Holder engage in any short sale that results in a disposition of any of
the                Purchased Securities by the Holder, except in compliance with the
Securities Act                and the rules and regulations thereunder and any applicable
state securities                laws.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.4. | The
Holder is an accredited investor within the meaning of Rule
               501(a) promulgated under the Securities Act. Neither such inquiries nor
any                other due diligence investigation conducted by the Holder shall
modify, limit or                otherwise affect the Holders right to rely on the
Companys                representations and warranties contained herein or in the
2009 Purchase Agreement.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.5. | The
Holder understands that its investment in the Purchased Securities involves
               a significant degree of risk, including a risk of total loss of Holders
               investment. The Holder understands that no representation is being made as
to                the future value or market price of the Company Shares. The Holder has
the                knowledge and experience in financial and business matters as to be
capable of                evaluating the merits and risks of an investment in the
Purchased Securities and                has the ability to bear the economic risks of an
investment in the Purchased                Securities.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

5

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---

| | 3.6. | The
Holder understands that, until all of the applicable provisions of Section
               3.7 hereof are satisfied, any certificates representing the Purchased
Securities                will bear a restrictive legend in substantially the following
form:
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | THE SECURITIES EVIDENCED BY
THIS CERTIFICATE (AND ANY SECURITIES THAT MAY BE ISSUED UPON EXERCISE OF THE SECURITIES
EVIDENCED BY THIS CERTIFICATE) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE SECURITIES ACT) OR THE SECURITIES LAWS OF ANY STATE OR
OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH
CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES AND OTHER
JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION (OTHER THAN
PURSUANT TO RULE 144(b)(1), PROVIDED THAT THE COMPANY HAS RECEIVED CUSTOMARY
REPRESENTATIONS CERTIFYING AS TO THE AVAILABILITY OF SUCH RULE 144(b)(1)), UNLESS THE
COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH
TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER
APPLICABLE LAWS.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.7. | Promptly following the earlier of (i) effectiveness of a registration statement
          under the Securities Act with respect to the sale of Purchased Securities or
          (ii) Rule 144(b)(1) becoming available, the Company shall (A) deliver to the
          transfer agent for the Company Shares (the Transfer Agent)
          irrevocable instructions that the Transfer Agent shall reissue a certificate
          representing the Warrant Shares without legends upon receipt by such Transfer
          Agent of: (a) the legended certificates for such Warrant Shares; and (b) either
          (1) a customary written representation by the Holder that Rule 144(b)(1) applies
          to the Warrant Shares represented thereby or (2) a written statement by the
          Company that the Holder may sell the Warrant Shares represented thereby in
          accordance with the Plan of Distribution contained in a registration statement
          that was declared effective under the Securities Act (the date on which the
          Transfer Agent receives all of the items listed in clauses (a), and (b) above,
          the Legend Removal Date), and (B) if required by the Transfer
          Agent, cause its counsel to deliver to the Transfer Agent one or more opinions
          to the effect that the removal of such legends in such circumstances may be
          effected under the Securities Act. From and after the Legend Removal Date, upon
          the Holders written request, the Company shall promptly cause certificates
          evidencing the Holders Warrant Shares referred to in such written request
          to be replaced with certificates which do not bear such restrictive legends, and
          Warrant Shares subsequently issued upon due exercise of the Warrants shall not
          bear such restrictive legends, provided the provisions of clauses (a) and (b)
          above, as applicable, are satisfied with respect to such Warrant Shares.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | Exemption
from Registration. The Holder understands that the Purchased
               Securities are being offered and sold to it in reliance upon specific
exemptions                from the registration requirements of the Securities Act, the
rules and                regulations thereunder and state securities laws and that the
Company is relying                upon the truth and accuracy of, and the Holders
compliance with, the                representations, warranties, agreements,
acknowledgments and understandings of                the Holder set forth herein in order
to determine the availability of such                exemptions and the eligibility of
the Holder to acquire the Purchased                Securities.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

6

---

---

|5. | Transfer
|-- | --------

| | 5.1. | Subject to the restrictions on transfer provided herein and subject to Sections
          3.6 and 3.7, this Warrant shall be transferable, in whole or in part, at the
          discretion of the Holder, and the Company shall transfer this Warrant, in whole
          or in part, from time to time upon the books to be maintained by the Company for
          that purpose, upon surrender thereof for transfer accompanied by appropriate
          instructions for transfer and such other documents as may be reasonably required
          by the Company, including, if required by the Company, an opinion of its counsel
          to the effect that such transfer is exempt from the registration requirements of
          the Securities Act, to establish that such transfer is being made in accordance
          with the terms hereof, and a new Warrant(s) shall be issued to the transferee(s)
          and the surrendered Warrant shall be canceled by the Company.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.2. | The
Company will maintain a register containing the names and addresses of the
               Holder(s) of this Warrant. Until any transfer of this Warrant is made in
the                warrant register, the Company may treat the Holder of this Warrant as
the                absolute owner hereof for all purposes. Any Holder may change such
Holders                address as shown on the warrant register by written notice
to the Company                requesting such change.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6. | No
Impairment. The Company will not, by amendment of its charter
               documents or through any reorganization, recapitalization, transfer of
assets,                consolidation, merger, dissolution, sale of assets, issue or sale
of securities                or any other voluntary action, avoid or seek to avoid the
observance or                performance of any of the terms to be observed or performed
hereunder, or impair                the economic interest of the Holder, but will at all
times in good faith assist                in the carrying out of all the provisions
hereof and in taking of all such                actions and making all such adjustments
as may be necessary or appropriate in                order to protect the rights and the
economic interests of the Holder against                impairment.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7. | Termination. This Warrant and the right to purchase securities upon
          exercise hereof shall terminate on 5:00 P.M. Eastern Time on [fifth
          anniversary of the Closing Date].
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8. | Notices
of Certain Transactions. In case:
|-- | -----------------------------------------

| | 8.1. | the
Company shall take a record of the holders of its Company Shares (or other
               shares or securities at the time deliverable upon the exercise of this
Warrant)                for the purpose of entitling or enabling them to receive any
dividend or other                distribution, or to receive any right to subscribe for
or purchase any shares of                any class or any other securities, or to receive
any other right, to subscribe                for or purchase any shares of any class or
any other securities, or to receive                any other right, or
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 8.2. | of
any capital reorganization of the Company, any reclassification of the share
               capital of the Company, any Liquidity Event, or
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------

| | 8.3. | of
the voluntary or involuntary dissolution, liquidation or winding-up of the
               Company, or
| | ---- | --------------------------------------------------------------------------------------------------------

7

---

---

| | 8.4. | of
a public offering of the Company Shares pursuant to an effective registration
               statement under the Securities Act or the equivalent actions under the
laws of                another jurisdiction, then, and in each such case, the Company will deliver to the Holder a notice specifying, as the
case may be, (i) the date on which a record is to be taken for the purpose of such
dividend, distribution or right, and stating the amount and character of such dividend,
distribution or right, or (ii) the estimated effective date on which such reorganization,
reclassification, Liquidity Event, dissolution, liquidation or winding up is to take
place, and the time, if any is to be fixed, as of which the holders of record of Company
Shares (or such other shares or securities at the time deliverable upon such
reorganization, reclassification, Liquidity Event, dissolution, liquidation or winding up)
are to be determined. Such notice shall be delivered ten (10) days prior to the record
date or estimated effective date for the event specified in such notice.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9. | Reservation
of Shares. The Company will at all times reserve and keep           available, solely
for the issuance and delivery upon the exercise of this           Warrant, such Warrant
Shares and other shares, securities and property, as from           time to time shall be
issuable upon the exercise of this Warrant.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|10. | Registration
Rights.
|--- | --------------------

| | 10.1. | The Company covenants and agrees that the Holder shall be entitled to
          registration rights pursuant to the Registration Rights Agreement , dated
          December 5, 2006, by and among the Holder and the other parties named therein ,
          as amended on the date hereof (the Registration Rights
          Agreement), in respect of the Warrant Shares purchasable hereunder
          (and any shares issued as (or issuable upon the conversion or exercise of any
          warrant, right or other security that is issued as) a dividend or other
          distribution with respect to, or in exchange for or in replacement of, such
          Warrant Shares), and the Warrant Shares shall be deemed to be Registrable
          Securities and Original Registrable Securities thereunder.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10.2. | The Holder undertakes to be bound by the provisions of Section 9 (Lock-Up
          Agreement) of the Registration Rights Agreement as amended, with respect to
          prohibitions to offer or sale any Warrant Shares (or any other shares exchanged
          therefor), if and to the extent that this Warrant has been exercised. For the
          purpose of this sub-section 10.2 the Holder shall be considered a
          Holder and the Warrant Shares shall be considered
          Registrable Securities, all as defined in the Registration Rights
          Agreement.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|11. | Replacement
of Warrants. Upon receipt of evidence reasonably satisfactory           to the
Company of the loss, theft, destruction or mutilation of this Warrant and           (in
the case of loss, theft or destruction) upon delivery of an indemnity           agreement
reasonably satisfactory to the Company, or (in the case of mutilation)           upon
surrender and cancellation of this Warrant, the Company will issue, in lieu
          thereof, a new Warrant of like tenor, dated as of the date hereof. This Warrant
          is exchangeable, without expense, at the option of the Holder, upon
presentation           and surrender hereof to the Company or at the office of its stock
transfer           agent, if any, for other warrants of different denominations entitling
the           holders thereof to purchase in the aggregate the same number of Warrant
Shares           purchasable hereunder.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12. | Notices.Any notice required or permitted by this Warrant shall be in           writing and
shall be deemed sufficient upon receipt, when delivered personally           or by
courier, overnight delivery service or confirmed facsimile, or forty-eight           (48)
hours after being deposited in the regular mail as certified or registered           mail
(airmail if sent internationally) with postage prepaid, addressed (a) if to           the
Holder, to the address of the Holder most recently furnished in writing to           the
Company and (b) if to the Company, to the address set forth below or
          subsequently modified by written notice to the Holder.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

8

---

---

| | 12.1. | If
to Holder: | to the address set forth on the signature page
| | ----- | ------------- | ----------------------------------------------

| | 12.2. | If
to Company: | Lumenis Ltd. 
POB 240
Yokneam, Industrial
Park Israel 
Attention:          
Chief Executive Officer
Telephone No.: 
(972)-(4)-9599356
Facsimile No.:    (972)-(4)- 9599360
| | ----- | -------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | With a mandatory copy to: | Meitar Liquornik Geva & Leshem Brandwein
16 Abba Hillel Road Ramat Gan 52506 Israel
Attention:          
Dan Shamgar, Advocate
Telephone No.: 
(972)-(3)-610-3100
Facsimile No.:    (972)-(3)-610-3111
| |  | ------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Each
of the above addressees may change its address for purposes of this Section by giving to
the other addressees notice of such new address in conformance with this paragraph.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13. | No
Rights as Shareholder. The Holder shall not have any rights as a
          shareholder of the Company with regard to the Warrant Shares prior to the
          exercise of this Warrant, and then with respect to such Warrant Shares
          purchasable upon such exercise.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14. | No
Fractional Interest. No fractional shares will be issued in connection           with
any exercise hereunder, but in lieu of such fractional shares which would
          otherwise be issuable the number of shares shall rounded to the nearest whole
          number.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15. | Entire
Agreement. This Warrant constitutes the entire agreement between           the
parties hereto with regard to the subject matters hereof, and supercedes any
          prior communications, agreements and/or understandings between the parties
          hereto with regard to the subject matters hereof.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16. | Amendment
or Waiver. This Warrant may be amended only by a written           instrument signed
by the Company and the Holder. Any term of this Warrant may be           waived only by
an instrument in writing signed by the party against which           enforcement of the
waiver is sought.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|17. | Successors.
All the covenants and provisions hereof by or for the benefit           of the Holder
shall bind and inure to the benefit of its respective successors           and assigns
hereunder.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18. | Governing Law; Jurisdiction. This Warrant shall be governed by and
          construed in accordance with the laws of the State of Israel, without giving
          effect to principles of conflicts of law. The parties hereby submit any dispute
          arising under or in relation to this Warrant to the exclusive jurisdiction of
          the competent courts located in Tel Aviv-Jaffa, other than with respect to the
          matters set forth in Section 1.3.2.2 which, in accordance with such Section, are
          to be referred to arbitration.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|19. | Arbitration Pursuant to Section 1.3.2.2.
|--- | ----------------------------------------

| | 19.1. | In the event a matter is referred to arbitration pursuant to Section 1.3.2.2
          hereof, then such arbitration shall be conducted and all decisions and awards
          shall be rendered by a single arbitrator (the Arbitrator) in
          accordance with the rules of the Israeli Arbitration Law  1968 (the
          Arbitration Law), which rules and procedures are deemed to be
          incorporated by reference into this Section. The arbitration proceedings shall
          be conducted in Hebrew in Tel-Aviv, Israel. Any arbitration proceeding hereunder
          shall be conducted on a confidential basis.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 19.2. | The
Arbitrator shall be jointly selected by the Special Committee and the           Holder,
or, if such parties do not select the Arbitrator within the ten (10)           Business
Days of the delivery of a notice by either party to the other           requesting such
selection, then the Arbitrator shall be appointed by the           Chairman of the
Israeli Bar Association.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 19.3. | All
aspects of the arbitration proceedings, including all preliminary and
          post-ruling matters, shall be conducted in accordance with Israeli substantive
          laws then in force. The Arbitrator shall be authorized to determine the
          procedural and evidentiary rules applicable to the arbitration and shall not be
          bound by the rules of procedure or evidence under law.  The Arbitrator
          shall specify in writing the basis for his decision and the basis of any other
          remedy authorized under this Section. The discretion of the Arbitrator to
          fashion remedies hereunder shall be no broader than the legal and equitable
          remedies available to a court in Israel.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 19.4. | Each
of the parties to the arbitration proceedings shall pay its own expenses.           The
Company and the Holder will share equally the expenses of the arbitration
          proceeding, unless otherwise determined by the Arbitrator in his award.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 19.5. | The
arbitration proceedings shall not exceed 30 Business Days from the           commencement
of the proceedings. The Arbitrator shall provide its decision           within 15 days
after the completion of the arbitration proceedings. Any award           rendered by the
Arbitrator shall be final, binding and un-appealable, except as           provided in the
Arbitration Law and judgment may be entered on any such award by           Israeli court
having competent jurisdiction.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 19.6. | For
the purpose of this Section Business Day shall mean each day           that
is not a Friday, Saturday or holiday on which banking institutions located           in
Tel Aviv, Israel are authorized or obligated by law or executive order           to
close.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|20. | Headings.
The headings in this Warrant are for purposes of reference only           and shall not
limit or otherwise affect the meaning of any provision of this           Warrant.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|21. | Counterparts.
This Warrant may be executed in one or more counterparts,           all of which shall be
considered one and the same agreement and shall become           effective when one or
more counterparts have been signed by each of the parties           and delivered to the
other party, it being understood that all parties need not           sign the same
counterpart and that signatures may be provided by facsimile           transmission.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

 Signature
page follows 

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# NOTICE OF EXERCISE

|To: Lumenis
Ltd. | Date: [ ]
|---------------- | ---------

The undersigned, pursuant to the
provisions set forth in the attached WARRANT TO PURCHASE ORDINARY SHARES OF LUMENIS
LTD. hereby irrevocably elects to:

o purchase ______________ Company Shares
covered by such Warrant and herewith makes payment of $_________, representing the full
purchase price for such shares at the price per share provided for in such Warrant (as
adjusted from time to time pursuant to the terms of this Warrant), or

o exercise such Warrant for _____________ shares purchasable under the Warrant pursuant to the Net Issue Exercise provisions of
Section 1.3 of such Warrant and tenders the Warrant accordingly.

Please issue a certificate
representing the Warrant Shares in the name of the undersigned or as otherwise indicated
below, and if the number of Warrant Shares shall not be all the Warrant Shares purchasable
upon exercise of the Warrant, that a new Warrant for the balance of the Warrant Shares
purchasable upon exercise of this Warrant be registered in the name of the undersigned or
as otherwise indicated below and delivered to the address stated below:

Name: 
Address:
ID or Social Security No.:

|
(Date) |  | 
(Print Name) | 
|--------------------- |  | --------------------------- | 

| |  | 
(Signature) | 
| |  | -------------------------- | 

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