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Exhibit 10y

# EMPLOYMENT AGREEMENT

Which
was prepared and signed in Tel-Aviv on January 19, 1995

|         |                                  
|-------- | ---------------------------------
|
|
|
|
|Between: | Ampal Industries Ltd.            
|         | Of 111 Arlozerov Street, Tel-Aviv

(Hereinafter- The
company)

|            |                                  
|----------- | ---------------------------------
|
|
|
|
|And between | Giora Bar-Nir I.D. Number 5470135
|            | Of 19C Hamatmid Street, Ramat-Gan

(Hereinafter 
The employee)

|Whereas: | The
company requires a skilled employee for the position of financial controller.
|-------- | ---------------------------------------------------------------------------------

|And whereas | The employee declares that he is equipped with the knowledge, the experience
and all of the skills that are required in order to fill the position.
|----------- | ---------------------------------------------------------------------------------------------------------------------------------------------------

|And Whereas: | The company is interested in employing the employee and the employee is
interested in being employed by the company in accordance with the provisions of this
contract. Accordingly, the parties have agreed on the terms of the arrangement between
them, as follows:
|------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# General

|1. | The introduction to this agreement will be considered to be an integral part
          thereof, and the law in respect of it shall be as for the other provisions in
          the agreement.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | This agreement comes to organize the terms of the arrangement between the
          employee and the company in all that is connected to the period of the
          employment of the employee by the company and which derive therefrom, including
          the overall framework of the work, the companys expectations, the terms of
          employment, the salary and the social benefits as well as the principles and the
          procedures in the sphere of the work.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | Except for what is determined by law, this agreement exhausts all of the rights
          of the employee, and in any case where there is a discrepancy between this
          agreement and between a right, which derives from some other source, the
          provisions of this agreement shall prevail.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Loyalty and
confidentiality

|4. | The employee is to dedicate all of his talents, his knowledge and his experience
          to the work in the company and to act to the best of his ability, within the
          context of his work for the promotion of the interests of the company and for
          its success.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | During his period of employment in the company the employee will not be entitled
          to work, either for a salary or without receiving a salary, for any other
          employer whosoever, or to be connected, directly or indirectly with some other
          engagement or business, whatsoever, unless he has received approval from the
          company.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|6. | The employee will fill the position with devotion, responsibly, honestly and
          loyally and will avoid any act or omission that might harm the company or its
          good name or damage it in some other way.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7. | During the period of employment, and in connection with the performance of his
          work in the company, the employee will avoid receiving any consideration or
          benefit in money or in something that is equivalent to money, from any party
          whatsoever, except for the company.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8. | The employee will notify the company immediately of any matter that he or
          members of his family are connected to, and in connection with which there might
          arise concern of a conflict of interests between him and the company.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9. | The employee will maintain the confidentiality of all professional or commercial
          information that belongs to the company, which will be handed over to him or
          which will come to his knowledge during the period of his employment with the
          company, he will not transfer it to anyone and he will not make use of it except
          for the purposes of the company and in accordance with its instructions.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | This
duty will apply to the employee both during the period of his employment with the company
and also after the termination of the employment connection with the company, for any
reason whatsoever.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# The overall framework
and working hours

|10. | A. | The regular working week in the company is five days long (Sunday to
               Thursday) and is calculated to be 40 hours long.
|--- | -- | ------------------------------------------------------------------------------------------------------------------------------------

| | B. | The employee will make himself available to the company during the course of the
               regular working hours and even beyond them, anywhere in Israel or abroad, as may
               be required, and as is required by the terms of employment and by the needs of
               the position.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | C. | Since the position of the employee belongs by its nature and is defined as a
               management position and/or as a position that requires a special degree of
               personal trust, the provisions of the Hours Of Work And Rest Law will not apply
               to his employment in the company. This is in accordance with what is stated in
               section 30(A) (5) of the Hours Of Work And Rest Law. Payment in respect of
               global overtime hours of some  of a full position have been taken into
               account in the calculation of the salary and accordingly, except for the salary
               as stated in section 11 below, and the other benefits that are determined in
               this agreement, the employee will not be entitled to remuneration for overtime
               hours or any other consideration.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Salary

|11. | A. | The monthly salary that will be paid to the employee will be in the amount of
               NIS 11,000. Cost of living increments in accordance with the general
expansion                orders in the economy in respect of cost of living increments
will be added to                this amount.
|--- | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | B. | Once a year, and after the publication of the annual financial statements, the
               companys management will consider the possibility of amending or updating
               the salary. The process of this examination will be based on an evaluation of
               the contribution made by the employee, his skills, and the position of the
               company.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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# Thirteenth monthly salary

|12. | The employee is entitled to the payment of a thirteenth monthly salary. The
          payment will be divided into two. The first half will be paid before the Jewish
          New Year and the second half will be paid before the Passover holiday.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Annual vacation

|13. | A. | The annual vacation entitlement, which will be made available to the
               employee, will be one month for each year of work.
|--- | -- | --------------------------------------------------------------------------------------------------------------------------------------

| | B. | The timing of the vacation will be determined by the company, taking into
               account, so far as is possible, the employees wishes and his needs.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------

| | C. | The employee will be entitled to accumulate days of vacation leave up to the
               maximum number of vacation days that are due to him for three years of
               employment. When excess days of vacation leave are due to the employee, over and
               above the permitted accumulation, the employee will be entitled to redeem
               vacation leave.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | D. | On the termination of the employment, the company will pay in redemption an
               amount that is equivalent to the salary which would have been due to the
               employee for the days of vacation leave, which were not exploited during the
               period of employment with the company.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Holiday for festivals

|14. | Nothing will be deducted from the monthly salary in respect of absence from work
          during 10 festival days, that is to say, two days for Jewish New Year, The Day
          of Atonement, the Festival of Tabernacles (Succoth), the Giving of the Law
          (Simchat Torah), Purim, and the first and the seventh days of Passover,
          Pentecost (Shavuot) and Independence Day.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Special holidays

|15. | In addition to the annual vacation leave and holiday for festivals, the employee
          will be entitled to special holiday on the following occasions:
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------

| |                            |                                                         
| | -------------------------- | --------------------------------------------------------
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| | Marriage                   | 3 days of vacation leave.                               
| | Birth of a son/daughter    | 1 day of vacation leave.                                
| | Marriage of a son/daughter | 1 day of vacation leave.                                
| | Death of a close relative  | The days of the Shiva, in accordance with Jewish ritual.

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# Reserve army duty

|16. | A. | The employee is to inform the company as soon as possible that he has been
               called to reserve army duty, and at the companys request the
employee will                sign on an application form for the deferral of the reserve
army duty.
|--- | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | B. | The company will pay the employee his full salary for the period of reserve
               military service, as if he had been working in the regular manner.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------

| | C. | The employee is to hand over to the company all of the certificates that are
               needed for the purpose of collecting remuneration for reserve army duty from the
               National Insurance Institute, as well as any amount that he may receive from any
               party whatsoever in respect of the reserve army duty
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Sick leave

|17 | A. | The monthly salary will be paid in full even if the employee is forced to be absent
from work as a result of illness for a period which shall not exceed 30 days of sick leave
a year, with a right to accumulate and less sick leave days that have been exploited by
him.
|-- | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | B. | In any case of absence as the result of sickness, the employee will inform the
               company as soon as possible of the sickness and of his expected period of
               absence, and he is to produce to the company certification of the sickness on
               his return to work.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | C. | When the employment comes to an end in circumstances in which the employee
               retires, the company will pay for the redemption of sick leave in an amount that
               is equivalent to the salary that would have been due to the employee for days of
               sick leave that had accumulated to his credit, as detailed below: An employee
               who has exploited between 36% and 65% of the total number of days of sick leave
               that stood to his credit during the course of the period of his employment with
               the company, will be entitled to redemption at the level of 3 days of salary
               from every 30 days of sick leave that stood to his credit on the day that he
               retired. If he will have exploited less than 36%, he will be entitled to
               redemption at the level of 4 days of salary from every 30 days of sick leave
               that stood to his credit on the day that he retired.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Paternity leave

|18. | A. | The employee will be entitled to paternity leave of 12 weeks.
|--- | -- | -------------------------------------------------------------

| | B. | The company will pay the employee for the period of paternity leave, the
               difference between the paternity allowance that will be paid by the National
               Insurance Institute and the full salary, without any payment in respect of the
               refund of expenses, as if the employee had worked in a regular manner.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | C. | Other than what is stated in this section, all of the principles that are
               determined in the Employment of Women Law will apply to paternity leave.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

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# Refund of travel and
subsistence expenses

|19. | The company will refund to the employee subsistence expenses and other expenses
          that will be expended within the framework of the fulfillment of his position in
          accordance with periodic reports, to which appropriate documentation is to be
          attached, and all in accordance with the companys procedures as they may
          be from time to time.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Recuperation pay

|20. | The company will pay the employee recuperation pay for 13 days of recuperation a
          year in accordance with the daily rate for recuperation pay that is paid by Bank
          Hapoalim. The recuperation pay will be paid together with the salary of the
          month of -----.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Further training Fund

|21. | The company will make payment to a further training fund, on behalf of the
          employee, of its share of 7.5% of the monthly salary, as defined in section 11
          above, and in parallel it will deduct at source an amount equivalent to 2.5% of
          the monthly salary from the salary of the employee, and all subject to the
          articles of the fund and to the provisions of the Income Tax Ordnance on the
          subject.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Managers
insurance, emoluments and loss of ability to work

|22. | A. | The company will ensure the employee under a managers insurance policy
               or under any other form of insurance as the employee may select.
|--- | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------

| | B. | The company will pay the insurance as aforesaid in sub-section A, each
               month, an amount equivalent to 13 1/3% of the salary, as defined in section 11
               above, of which 5% is in respect of emoluments and 8 1/3% is in respect of
               severance pay, and an amount equivalent to 5% of the salary will be deducted at
               source from the salary in respect of emoluments every month and this will be
               transferred to the insurance company.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | C. | The management insurance policy will be owned by the company and it will be
               transferred into the ownership of the employee in the event that the employment
               relationship comes to an end.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | D. | In addition to the payments in accordance with sub-section B, each month
               the company will make a payment of 2 1⁄2% of the salary for insurance
               against the loss of the ability to earn a living.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Termination of the
employment relationship

|23. | The company and the employee will be entitled to terminate the employment
          relationship at any time, by giving advance notice of two months in advance,
          subject to what is stated below.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|24. | The company will be entitled to waive actual work on the part of the employee
          during the period of advance notice, in whole or in part, and solely that it
          shall pay the employee the consideration for the advance notice.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|25. | If the employment relationship has come to an end, for any reason whatsoever,
          the employee will hand over his position in an organized manner to any person
          that the company has instructed and will hand over to the company all of the
          documents, the information, the equipment and the material that has come into
          his hands or which were prepared by him in connection with his work.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|26. | In the event that the working relationship will come to an end in circumstances
          in which there is a serious breach of discipline, breach of trust and etcetera,
          the employee will be deprived of the right to advance notice and to severance
          pay.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Period of adaptation and
severance pay

|27. | In the event of dismissal, other than for the reasons that are mentioned in
          section 26 above, the company will continue to pay the employee his salary for a
          period of adaptation of one month and this over and above the period of advance
          notice as detailed in section 23 above, and it will also pay the employee full
          severance pay in addition to the release of the managers insurance policy as
          aforesaid in section 22 (C) above.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28. | All of the benefits and ancillary terms will be taken into account for the
          matter of the calculation of the consideration for advance notice and the period
          of adaptation, as if the employee had continued to work in the company.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# General provisions

|29. | Every
tax and other compulsory payment that is due in respect thereof, in
               accordance with the law, will be deducted from any payment that is due to
the                employee from the company in accordance with this agreement.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|30. | The
terms of the arrangement as stated in this agreement are personal and
               confidential.
|--- | ------------------------------------------------------------------------------------------------------

|31. | The
term of validity of the provisions of this contract is from June 17, 1990.
|--- | ------------------------------------------------------------------------------

|32. | A. | The addresses of the parties are as noted in the introduction to this
               agreement, or such other address as the parties shall inform each other
of.
|--- | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

| | B. | Every notice, which is sent by one party to another in accordance with the
               aforementioned addresses, will be considered to have reached its addressee at
               the end of 7 days from the day on which it was presented for delivery by
               registered post.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# And as evidence, the
parties have signed:

|(Signed and Stamped -Ampal Industries (Israel) Ltd.)
The company | /s/ Giora Bar-Nir
The employee
|---------------------------------------------------------------- | ------------------------------

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