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# Exhibit 4.(c)7

Lumenis Business
Conduct PolicyAs of January 1, 2008



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# LUMENIS LTD.

# BUSINESS CONDUCT POLICY

Effective Date: January 1,
2008

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1.     GENERAL

Lumenis Ltd. (Lumenis or
the Company) is a company organized and existing under the laws of the State
of Israel. Lumenis shares are registered with the Securities and Exchange Commission of
the United States of America and are currently eligible for trading on the Pink
Sheets in the US. The Company has various subsidiaries, mainly in the US, Europe,
Asia and Latin America. As a member of the communities in which Lumenis operates, the
Company believes it has the responsibility to conduct itself according to certain basic
tenets of human behavior that transcend industries, cultures and economies, as well as
local, regional and national boundaries.

Because Lumenis takes seriously these
responsibilities as an international employer and global corporate citizen, it has
promulgated this Business Conduct Policy.

2.     SCOPE

All Lumenis employees
worldwide.

3.     DEFINITION
OF PROPRIETARY INFORMATION

3.1.    
          The term Proprietary Information is defined herein as information
          regarding business, finances, marketing, sales, service, and intellectual
          property of any type, regardless of medium, including without limitation,
          designs, engineering and manufacturing know-how and processes, software,
          patents, patent applications (and all documents, materials and information in
          support thereof or in connection therewith), copyrights (and copyrighted
          material) and trademarks, and all other intellectual property of any type. In
          addition, it includes personnel data and salary information.

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4.    
          GUIDELINES

It is the policy of Lumenis to
maintain the highest standards of integrity, honesty and fairness in relation to all
persons, business organizations and governmental agencies with whom it has business
dealings, and consistent with obligations imposed by law. This policy addresses several
areas of business practice, but no statement can cover all situations that might arise in
the course of business dealings. Accordingly, all Lumenis employees are expected to comply
with this policy, and to use sound and prudent judgment in those cases not specifically
addressed herein.

| | 4.1.       
Compliance
with Laws and Regulations. In no case shall any employee enter into negotiation with,
or offer to sell products to or for the use by, any person or entity
without authorization from management or in violation of any applicable
laws or regulations. All employees shall comply with all laws and
regulations of Israel, the United States and any other jurisdiction relating to the
sale of Lumenis products, including all countries in which Lumenis or
its subsidiaries does business.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.2.       
Proprietary
Information. Employees should keep secret and not use or disclose, directly
or indirectly, either during or after termination of employment with
Lumenis, any Proprietary Information they obtain or create during the
period of employment, whether or not during working hours, except to the
extent authorized by Lumenis. Employees may not make copies of such Proprietary
Information other than for legitimate business purposes or as authorized by
Lumenis.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.3.       
Conflict
of Interest. Lumenis expects loyalty from its employees. It further expects that
they be free from any interest, influence or relationship which may conflict
with the best interests of the Company. Employees must avoid any investment or
association that interferes, or might reasonably be thought to interfere,
with the independent exercise of their judgment in the best interest of the
Company. In order to carry out these obligations, employees should avoid
conflicts of interest, including but not limited to, the following:
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | a) | Employees
 may not directly,  or  indirectly,  through  members of their  families or  otherwise,
 own                            shares or have any other  interest in any of the
Company's  competitors,  customers,                            suppliers, licensees,
licensors,  distributors or others with whom the Company has a
                           business  relationship,  except for the ownership of less than
5% of the outstanding                            securities  of a company  which is
publicly  traded.  This policy does not  prohibit                            ownerships
 or  interests  that have been  disclosed to and approved by the Board of
                           Directors of Lumenis.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | b) | Employees
may not accept  directly,  or through members of their families or otherwise,  any
payments,                            fees,  services,  valuable  privileges,  loans
 (other  than  from  banks  or  other                            financial
 institutions),  other  favors  or  things  of value  from any  person  or
                           business  enterprise  that  does or  seeks  to do  business
 with  Lumenis,  or is a                            competitor of Lumenis.  This policy
does not prohibit  accepting  occasional  gifts,                            hospitality
 and courtesies  commonly  associated with accepted  business  practices
                           provided  that the value and  frequency  thereof  do not
create  the  appearance  of                            impropriety.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c) | Employees
 may not use or  disclose  to others  for their  personal  benefit,  or for the  benefit
 of                            others, any Lumenis  Proprietary  Information to which
they have access by reason of                            their employment with the
Company.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | d) | Employees
 may not  discuss  with any  third  party,  even  during  personal  or  social  events,
 any                            Proprietary Information related to the Company.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | e) | A
Manager may not serve as a member of a board of  directors,  or in a  managerial
 capacity,  or as a                            consultant,  to any business  enterprise
 that is in the medical laser  business (or                            any  related
 business)  or  otherwise  has a business  relationship  with  Lumenis,
                           without the prior disclosure to and written approval of the
Chief Executive  Officer                            of Lumenis.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | f) | Employees
must disclose to the Company their  investments or  associations  of the types  described
in                            Sections  4.3.1 and 4.3.5 and any other  investments  or
 associations  which  might                            reasonably be thought to interfere
 with their  independent  exercise of judgment in                            the best
 interests of the Company.  (Ownership  of less than 5% of the  outstanding
                           securities of a company that are publicly traded need not be
disclosed).
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 4.4.       
Protection/Use
of Lumenis' Assets.
| | ----------------------------------------------

| | a) | Lumenis'
assets include not only physical  objects but also  Proprietary  Information.  Every
employee                            is responsible for protecting Lumenis' assets.
Accordingly,  Proprietary Information                            may not be disclosed
 unless  authorized by Lumenis.  All questions asked by someone
                           outside the Company (e.g., security analysts,  reporters,
 etc.), should be referred                            to the CEO or the CFO who will
 consult  with the  General  Counsel of Lumenis  when
                           appropriate. See the Company's "Securities Trading and
Communications Policy."
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b) | Lumenis'
 facilities,  equipment and supplies must be used only for conducting Company business or
for                            purposes authorized by Management.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c) | Lumenis
 has the right to  access  all  Company  property  including  computers,  all
 communications,                            electronic mails, voice mail messages,  and
records and information that are created                            in the  business
 setting.  By  using  Company  property,  including  computers,  or
                           creating such records and  information,  the employee  grants
 consent to Lumenis to                            such access.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.5.       
Dedication
to Quality. Achieving the highest level of quality requires Lumenis employees to focus
on continuous improvement of work activities. This includes enhancing value
to customers through new and improved products and services; reducing errors,
defects and waste; improving responsiveness to the customers; and improving
productivity and effectiveness in the use of all resources. To this end,
all employees are expected to know, understand and comply with their business unit's
applicable quality policies and procedures.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 4.6.       
Recording
and Reporting Information. Every employee records information of some kind.
Examples include: reporting time worked, product-testing results, service
reports, and expense reports. Dishonest reporting, both inside and outside
the Company, is not only strictly prohibited, it is grounds for immediate
termination and could lead to civil or even criminal liability. This includes
reporting information or organizing it in a way that is intended to
conceal information or to mislead or misinform those who receive it.
Particularly serious would be external reporting of false or misleading
financial information. Accordingly, information should be recorded and reported
accurately and honestly.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.7.       
Prohibited
Payments. In dealing with customers, suppliers, government officials, or other persons
or entities, employees of Lumenis and its subsidiaries may not, directly or
indirectly give, or offer to give, any payment or other significant thing of
value in order to obtain government or commercial business or to reward the
recipient for business already obtained. This includes "bribery" as that
word is commonly understood. Similarly prohibited are intentional
over-billing by or of the Company and subsequent rebates, other than those
occasioned by bona fide pricing adjustments paid in a lawful manner.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.8.       
Political
Contributions. No unlawful political contributions may be made directly or indirectly
by or on behalf of Lumenis. Political contributions, whether of money,
services, assistance, support facilities or anything else of value, include
but are not limited to, contributions to any political party, political
action committee, and candidate for public office or holder of public office. In
jurisdictions where political contributions by or on behalf of a corporation
are lawful, they may only be made with the prior written approval of the Chief
Executive Officer.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.9.       
Business
Relationships. Business relationships with others should conform with any applicable
laws and regulations. These should be of such scale and nature as to avoid
compromising the integrity of others or of Lumenis, and should be performed
with the expectation that they will become a matter of public record.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 4.10.       
Customary
and Goodwill Payments. In certain countries it is customary and necessary to
make expediting payments to assure routine administrative actions by
government employees to which Lumenis is lawfully entitled. Other payments
to foreign governments or officials are prohibited by Israeli law and US law
(including, without limitation, the Foreign Corrupt Practices Act ["FCPA"]).
It is also customary in certain countries to make payments or give gifts to
individuals in order to maintain the goodwill of the recipient toward
Lumenis. Such expediting and goodwill payments and gifts are permitted
under this policy, and shall not be considered prohibited payments, provided
that:
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | a) | No
single payment or gift exceeds $100;
| | -- | ---------------------------------------

| | b) | No
 individual  or  organization  receives  payments or gifts  totaling more than $1,000 in
any twelve                          (12) consecutive month period;
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c) | Approval
 for the payment or gift is given by two (2) levels of  supervision  above the person
 making                          the payment or gift,  including  at least the head of
the  relevant  Lumenis  Business                          Unit or department;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | d) | No
such payment or gift is incorrectly or falsely entered on the Company's books and records.
| | -- | ---------------------------------------------------------------------------------------------

| | e) | The
payment or gift was a reasonable and bona fide expenditure,  such as travel,
 entertainment and/or                          lodging expense  directly  related to the
promotion,  demonstration  or explanation of                          products or
services or the execution or performance of a contract with a customer.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | f) | The
payment does not otherwise violate the provisions of the FCPA.
| | -- | ------------------------------------------------------------------

5.     FAILURE
TO COMPLY

| | 5.1.       
Each
employee shall strictly follow this Lumenis Business Conduct Policy.
| | -------------------------------------------------------------------------------------

| | 5.2.       
All
 employees  are  required to read this  Business  Conduct  Policy and sign the  "Business
 Conduct          Certification  Form" (Exhibit "A" hereto) upon  commencement of
employment with the Company.  A signed          copy of this  statement  will be
 retained  in the  employee's  personnel  file.  The Company may also          request
 that the employee  sign such  certification  form or a similar  document
 (electronically  or          otherwise) from time to time as it deems appropriate.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 5.3.       
Employees
who become aware of violations of this Policy or of the standards described herein
should report them to the Company's Disclosure Committee via the Company's
intranet hotline (Accounting Policy, Ethics and Fraud Hotline) and/or to
the Company's Internal Auditor or General Counsel. Employees are encouraged
to speak with supervisors or managers when in doubt about the best course of
action in a particular situation. Upon receiving such a report, an
investigation will be promptly initiated and written findings will be
provided to the Chief Executive Officer of the Company. If a violation of
this policy has occurred, it will be grounds for disciplinary action up to and
including termination.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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# EXHIBIT A

# BUSINESS CONDUCT
CERTIFICATION FORM

I have read and understand the
Lumenis Business Conduct Policy, and agree to abide by all terms and provisions thereof. I
understand that, during my employment with Lumenis or any of its subsidiaries, my failure
to comply in all material respects with the policies of Lumenis (and such subsidiaries)
may result in the termination of my employment and may also result in civil and/or
criminal liability.

Signature: __________________________
Name:    _____________________________
Date:    _____________________________

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