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Exhibit 10w

|           |  |                                
|---------- |  | -------------------------------
|Ampal-RSUO |  | Sale and Purchase of CWI Shares

SHARE SALE AND PURCHASE AGREEMENT

THIS
SHARE SALE AND PURCHASE AGREEMENT(this Agreement) is entered into this 22 day of
May, 2006 by and between AMPAL-AMERICAN
ISRAEL CORPORATION, a company incorporated under the laws of New
York (the Seller) and RED SEA UNDERWATER OBSERVATORY LTD., a
company incorporated under the laws of Israel (the Purchaser).

WITNESSETH

WHEREAS,
the Seller is the holder and record and beneficial owner of the Purchased
Shares (as defined in section 2.1 below); and

WHEREAS,the Seller wishes to sell, transfer and assign the
Purchased Shares to the Purchaser in consideration for the payment of the
Purchase Price (as defined in section 3.1 below) and the Purchaser wishes to
purchase, assume and receive such Purchased Shares and pay the Purchase Price,
all on and subject to the terms and conditions set forth in this Agreement; and

WHEREAS,
simultaneously with the signing of this Agreement the Seller and Purchaser
shall sign a share sale and purchase agreement for the sale of Sellers shares
in Red Sea Marineland Holding (1973) Ltd., and in Red Sea Underwater
Observatory Ltd. (the Additional Agreement)

NOW,
THEREFORE, in consideration of the premises and of the
mutual covenants and agreements herein contained, the parties hereto, intending
to be legally bound, agree as follows:

|   |                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|-- | ----------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1. | DEFINITIONS                                                                                          
|   |                                                                                                      
|   | In this
  Agreement, the following terms shall have the meaning ascribed thereto in
  this Section 1:
|   |                                                                                                      
|   | 1.1.                                                                                                  | Action means any legal, administrative,
  governmental or regulatory proceeding or other action, suit, proceeding,
  claim, arbitration, mediation, alternative dispute resolution procedure, inquiry
  or investigation by or before any arbitrator, mediator, court or other
  governmental authority.                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | 1.2.                                                                                                  | Additional Agreement shall have the
  meaning ascribed thereto in the preamble.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | 1.3.                                                                                                  | Affiliate means, with respect to any
  person, any other person directly or indirectly Controlling, Controlled by or
  under common Control with such Person. For purposes of this Agreement, the
  term Control (including, with
  correlative meanings, the terms Controlling, Controlled by and under
  common Control with), as used with respect to any person, means the
  possession, directly or indirectly, of the power to direct or cause the
  direction of the management and policies of such person, whether through
  ownership of voting securities or partnership interests, by contract or
  otherwise.

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|Ampal-RSUO |  | Sale and Purchase of CWI Shares

|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-- | ----------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   | 1.4.                                      | Business Dayshall have the meaning
  ascribed thereto in section 12.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | 1.5.                                      | Closing shall have the meaning ascribed
  thereto in section 4.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | 1.6.                                      | Closing Date shall have the meaning
  ascribed thereto in section 4.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | 1.7.                                      | Companyshall have the meaning ascribed
  thereto in section 2.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | 1.8.                                      | Damages means any and all losses,
  Liabilities, damages, fines, payments, costs and expenses, whenever or
  however arising and whether or not resulting from Third Party Claims
  (including the reasonable costs and expenses of any and all Actions or other
  legal matters; all amounts paid in connection with any demands, assessments,
  judgments, settlements and compromises relating thereto; interest and
  penalties with respect thereto; and costs and expenses, including reasonable
  attorneys, fees and expenses, incurred in preparing for or defending against
  any such Actions or other legal matters or in asserting, preserving or
  enforcing an Indemnitees rights hereunder).
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | 1.9.                                      | Liability means any and all claims, debts
  and liabilities of whatever nature, whether asserted or, based on the current
  state of affairs or facts, fixed, absolute or contingent, matured, accrued,
  liquidated or unliquidated, and whenever or however arising (including those
  arising out of any contract or tort, whether based on negligence, strict
  liability or otherwise).                                                                                                                                                                                                                                                                                                                  
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | 1.10.                                     | Liens shall mean any charge, claim,
  community property interest, equitable
  interest, lien, encumbrance, option, proxy, pledge, security interest, mortgage, right of
  first refusal, right of preemption, transfer or retention of title agreement,
  right or claim of any third party or restriction by way of security of
  any kind or nature, including any restriction on use, voting, transfer,
  receipt of income or exercise of any other attribute of ownership (other than
  those specified in the incorporation documents of the Company).                                                                                                                                                 
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | 1.11.                                     | Purchase Price shall have the meaning
  ascribed thereto in section 3.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | 1.12.                                     | Purchased Sharesshall have the meaning
  ascribed thereto in section 2.1 below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2. | PURCHASE AND SALE OF THE PURCHASED SHARES
|   |                                          
|   | 2.1.                                      | Subject to
  the terms and conditions of this Agreement, at the Closing the Seller will
  sell, convey, transfer, assign and deliver to Purchaser the Purchased Shares,
  free and clear of any Liens, and Purchaser will, in reliance on the
  representations and warranties of the Seller included in this Agreement only,
  purchase, assume and acquire from the Seller the Purchased Shares.                                                                                                                                                                                                                                                                                                              

2

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|Ampal-RSUO |  | Sale and Purchase of CWI Shares

| |                                                    |                                                                                                                                                                      
| | -------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The Purchased Shares shall mean,
  collectively:
| |                                                   
| | (i)                                                | 2,500
  Ordinary A Management Shares, par value GBP 1.00 each, of Coral World
  International Limited, a company incorporated under the laws of Guernsey (Company);
| |                                                    |                                                                                                                                                                      
| | (ii)                                               | 500
  Preference C Shares, par value GBP 1.00 each, of Coral World;                                                                                                  
| |                                                    |                                                                                                                                                                      
| | (iii)                                              | 100
  Redeemable Preference D Shares, par value GBP 1.00 each, of Coral World;                                                                                       

|   |                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|-- | -------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   | 2.2.           | It is agreed that under the transaction contemplated by this
  Agreement all Purchased Shares
  together shall be purchased by the Purchaser, under no circumstances shall
  only part of the Purchased Shares be purchased by Purchaser.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|3. | PURCHASE PRICE
|   |               
|   | 3.1.           | In
  consideration for the Purchased Shares sold and assigned by the Seller, the
  Purchaser shall pay to the Seller, at the Closing and subject to the
  fulfillment of the conditions precedent set forth in Section 9 below, an
  aggregate amount of US$19,338,250 (nineteen
  million three hundred thirty eight thousand two hundred and fifty United
  States dollars) (the Purchase Price).                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | 3.2.           | The Purchase
  Price shall be paid in United States dollars by wire transfer in immediately
  available funds to a bank account, as instructed by the Seller to the
  Purchaser in writing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | 3.3.           | Seller shall
  withhold from the Purchase Price any amount as may be required under
  applicable law, unless provided by Seller, prior to Closing, with a Tax
  Withholding Exemption from the Israeli tax authorities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|4. | CLOSING       
|   |               
|   | 4.1.           | Closing Date. The sale and transfer of the
  Purchased Shares will take place at a closing (the Closing) to be held at the offices of
  Meitar, Liquornik, Geva & Leshem, Brandwein, Law Offices, 16 Abba Hillel
  Silver Road, Ramat-Gan 52506, Israel, at 10:00 a.m. on a day to be mutually
  agreed upon by the parties but in no event later than June 26, 2006, provided however that all of the
  conditions set forth in Section 9 below are satisfied or waived by such date.
  The date on which the Closing occurs is referred to herein as the Closing Date.                                                                                                                                                                                                                                                                                              
|   |                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   |                | The Closing
  and the closing of the transaction contemplated in the Additional Agreement
  (the Additional Closing) shall
  occur simultaneously, and subject to the fulfillment of the conditions to
  closing under both agreements. All transactions occurring at the Closing and
  at the Additional Closing shall be deemed to take place simultaneously and no
  transaction in this Agreement and/or in the Additional Agreement shall be
  deemed to have been completed and no document or certificate shall be deemed
  to have been delivered until all transactions contemplated in this Agreement
  and in the Additional Agreement are completed and all documents to be delivered
  in the Closing and the Additional Closing are delivered. Unless otherwise
  indicated, all documents and certificates shall be dated on or as of the
  Closing Date.

3

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|Ampal-RSUO |  | Sale and Purchase of CWI Shares

|   |                                                                                                                  |                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|-- | ---------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   | 4.2.                                                                                                             | Closing Deliveries of the Seller.At the
  Closing, the Seller shall deliver, or cause to be delivered, to the Purchaser
  the following documents:  
|   |                                                                                                                  |                                                                                                                                                     
|   |                                                                                                                  | 4.2.1.                                                                                                                                               | Share
  Certificates and Transfer Deeds.
  Share certificates representing all of the Purchased Shares, accompanied by
  duly signed share transfer deeds transferring the Purchased Shares to
  Purchaser, made in accordance with the respective incorporation documents of
  the Company, in the form of Schedule 4.2.1
  attached hereto;                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                  |                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                  | 4.2.2.                                                                                                                                               | Compliance
  Certificate. A certificate in
  the form of Schedule 4.2.2
  hereto duly signed by the Seller confirming that (i) the representations and warranties of the Seller in
  Section 5 hereto are true and correct in all material respects as of the date
  of this Agreement and as of the Closing Date, (ii)all covenants and agreements of the Seller under
  this Agreement to be performed or complied with on or prior to the Closing
  Date have been performed and complied with; and (iii)all documents to be executed and delivered by the
  Seller at the Closing have been executed by a duly authorized officer of the
  Seller;                      
|   |                                                                                                                  |                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                  | 4.2.3.                                                                                                                                               | Directors
  and Officers Resignation; Signature Rights Revocation. Written resignation letters from all
  directors and officers of the Company designated by the Seller, in the form
  of Schedule 4.2.2 hereto and
  revocation of signature rights in the Company;                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                  |                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                  | 4.2.4.                                                                                                                                               | Board
  Resolutions. True and correct
  copies of the resolutions of the Board of Directors of the Company, approving
  and authorizing the transfer of the respective Purchased Shares from the
  Seller to the Purchaser, as contemplated by this Agreement;                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                  |                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | 4.3.                                                                                                             | Closing Deliveries of the Purchaser. At the Closing, the Purchaser shall
  deliver, or cause to be delivered, to the Seller the following documents:
|   |                                                                                                                  |                                                                                                                                                     
|   |                                                                                                                  | 4.3.1.                                                                                                                                               | Share
  Transfer Deeds. A counterpart
  signature on the share transfer deeds transferring the Purchased Shares to
  Purchaser, duly signed by the Purchaser, in the form of Schedule 4.2.1 attached hereto;                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                  |                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                  | 4.3.2.                                                                                                                                               | Compliance
  Certificate. A certificate in
  the form of Schedule 4.3.2
  hereto duly signed by the Purchaser confirming that: (i) the
  representations and warranties of the Purchaser in Section 6 hereto are true
  and correct in all material respects as of the date of this Agreement and as
  of the Closing Date; (ii) that all covenants and agreements of the
  Purchaser under this Agreement to be performed or complied with on or prior
  to the Closing Date have been performed and complied with; and (iii)all documents to be executed
  and delivered by the Seller at the Closing have been executed by a duly
  authorized officer of the Seller; and
|   |                                                                                                                  |                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                  | 4.3.3.                                                                                                                                               | Payment of
  the Purchase Price. Evidence of
  transfer of the Purchase Price, in immediately available funds, by wire
  transfer to the account designated by the Seller.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                  |                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|5. | REPRESENTATIONS AND WARRANTIES OF SELLER                                                                        
|   |                                                                                                                 
|   | The Seller
  hereby represents and warrants to the Purchaser that as of the date hereof
  and as of the Closing:

4

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|Ampal-RSUO |  | Sale and Purchase of CWI Shares

| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 5.1. | Organization. The Seller is a duly
  incorporated public company, organized and validly existing under the laws of
  the New York State, U.S.A.. Sellers securities are traded in Nasdaq. Seller
  did not have a receiver appointed or
  an assignee for the benefit of creditors, is not insolvent and is able to pay
  debts as they become due.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | 5.2. | Due Authority and Execution. The
  Seller has the legal capacity and authority to sign, deliver and perform this
  Agreement, without the necessity of any act or consent of any other person
  whomsoever. The signing, delivery and performance by the Seller of this
  Agreement and each and every agreement, document and instrument provided for
  herein has been duly authorized and approved by Seller. This Agreement and
  each and every agreement, document and instrument provided for herein has
  been signed by an officer that has been duly authorized to sign such document
  on behalf of the Seller. This Agreement, and each and every other agreement,
  document and instrument to be signed, delivered and performed by the Seller
  in connection herewith, constitute or will, when signed and delivered by the
  Seller, constitute the valid and legally binding obligation of the Seller
  enforceable against it in accordance with their respective terms.
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | 5.3. | Noncontravention. The signing, delivery and
  performance of this Agreement by the Seller (i)is
  not subject to any restriction under any applicable law and (ii)do not and will not, violate
  any provisions of the organizational documents of Seller, or violate or
  constitute an occurrence of default under any provision of, or conflict with,
  result in acceleration of any obligation under, or give rise to a right by
  any party to terminate its obligations under, any material contract,
  mortgage, deed of trust, secured debt, note, loan or lien or any order,
  judgment, decree or other arrangement to which Seller is a party or is bound
  or by which it or its assets are affected.                                                                                                                                                                                                                                                                         
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |      | There is no
  suit, action, proceeding, claim or investigation pending, or to the knowledge
  of Seller threatened, against the Seller that seeks to prevent such Seller
  from performing this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | 5.4. | Title to Purchase Shares. The
  Seller is the sole owner of the Purchased Shares, and the Purchase Shares are
  held by the Seller free and clear of any Liens. Upon the Closing and the
  payment of the Purchase Price to the Seller in accordance with the provisions
  of this Agreement, the Purchaser shall acquire good and marketable title to
  all Purchased Shares free and clear of any Liens.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | 5.5. | Entire Holdings. The Purchased Shares
  constitute all interest which the Seller has in the Company and their
  respective Affiliates.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | 5.6. | Purchase Price. The Seller is familiar with
  the Company and the business conducted by them. In view thereof, the Seller
  believes that the Purchase Price represents the fair value of the Purchased
  Shares. The Seller hereby specifically waives any claim, whether current or
  future, in connection with such price and the valuation of the Purchased
  Shares.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | 5.7. | Shareholders Agreements. The Purchased
  Shares are not subject to any agreement with a third party, voting
  agreements, proxies, trusts or other agreement relating to the voting or
  disposition of the Purchased Shares (including pre-emptive rights and rights
  of first refusal of a third party) which would continue to be binding upon
  the Purchaser after the Closing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | 5.8. | Disclosure. There is no material fact or
  information relating to the business, prospects, condition (financial or
  otherwise), affairs, operations or assets of the Company known to the Seller
  that has not been disclosed to the Purchaser in writing by the Seller in this
  Agreement. Neither this Agreement nor any certificate made or delivered by
  the Seller in connection herewith contains any untrue statement of a material
  fact or omits to state a material fact necessary to make the statements
  herein or therein not misleading, in view of the circumstances in which they
  were made.                                                                                                                                                                                                                                                                                                                                                                      

5

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|Ampal-RSUO |  | Sale and Purchase of CWI Shares

|   |                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  | 
|-- | --------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|6. | REPRESENTATIONS AND WARRANTIES OF THE PURCHASER                                                          
|   |                                                                                                          
|   | Purchaser
  hereby represents and warrants to Sellers that as of the date hereof and as
  of the Closing:
|   |                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | 6.1.                                                                                                      | Organization. Purchaser
  is a private company duly incorporated and validly existing under the laws of
  the State of Israel.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | 6.2.                                                                                                      | Due Authority and Execution. Purchaser has
  the legal capacity and authority to sign, deliver and perform this Agreement
  without the necessity of any act or consent of any other person whomsoever.
  The signing, delivery and performance by Purchaser of this Agreement and each
  and every agreement, document and instrument provided for herein have been
  duly authorized and approved by Purchaser. This Agreement and each and every
  agreement, document and instrument provided for herein has been signed by an
  officer that has been duly authorized to sign such document on behalf of
  Purchaser. This Agreement, and each and every other agreement, document and
  instrument to be signed, delivered and performed by Purchaser in connection
  herewith, constitute or will, when signed and delivered by the Purchaser,
  constitute the valid and legally binding obligation of Purchaser enforceable
  against it in accordance with their respective terms.
|   |                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | 6.3.                                                                                                      | Consents; No Conflict. The signing, delivery and performance
  of this Agreement by Purchaser (i)is
  not subject to any restriction under any applicable law and (ii)do not and will not, violate
  any provisions of the organizational documents or other corporate documents
  of Purchaser, or violate or constitute an occurrence of default under any
  provision of, or conflict with, result in acceleration of any obligation
  under, or give rise to a right by any party to terminate its obligations
  under, any material contract, mortgage, deed of trust, secured debt, note,
  loan, lien, or any order, judgment, decree or other arrangement to which the
  Purchaser is a party or is bound or by which it or its assets are affected.                                                                                                                                                                                                                                
|   |                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                           | There is no
  suit, action, proceeding, claim or investigation pending or to the knowledge
  of Purchaser threatened, against Purchaser that seeks to prevent it from
  performing this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|7. | COVENANTS                                                                                                
|   |                                                                                                          
|   | 7.1.                                                                                                      | Reasonable Best Efforts. Subject
  to the terms and conditions of this Agreement and applicable law, each of
  Seller and Purchaser will use its reasonable best efforts to take, or cause
  to be taken, all actions which are in their responsibility, and to do, or
  cause to be done, all things reasonably necessary which are in their
  responsibility, proper or advisable under applicable laws and regulations
  applicable to each of them, or otherwise to consummate and make effective the
  transactions contemplated hereby as soon as practicable, including such
  actions or things as any other party hereto may reasonably request in order
  to cause any of the conditions to such other partys obligation to consummate
  such transactions.                                                                                                                                                                                                                      

6

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|           |  |                                
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|Ampal-RSUO |  | Sale and Purchase of CWI Shares

|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|-- | --------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   | 7.2.                  | Confidentiality. The Seller will, and will
  use its best efforts to cause its Affiliates to, hold in strict confidence
  for a period of three years after the date of the Closing, all documents and
  information, in any form whatsoever concerning the business, operations,
  financial condition, shareholders, customers, suppliers, intellectual
  property and other proprietary information concerning the Company (Confidential Information) and will take
  reasonable measures to prevent unauthorized disclosure of such information.
  Notwithstanding the foregoing, Confidential Information shall not include (i)any information which is or becomes
  public, unless such information becomes public as a result of a breach of
  this Section 7.1 by Seller, (ii)any
  information independently obtained by Seller without an obligations of
  confidentiality to the party disclosing such information to Seller as can be
  substantiated by Seller through the use of written documents, and (iii) any information which is
  required to be disclosed under applicable laws, regulations or judgments, provided that to the extent practicable
  in this clause (iii) Seller shall give to Purchaser prior notice of the
  contemplated disclosure and its content.
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   | 7.3.                  | Non-Compete. For a period of four years
  after the Closing Date, the Seller and its Affiliates will not, directly or
  indirectly, without the written consent of Purchaser, enter into, engage in,
  manage, operate, control, invest or acquire any interest in, or otherwise
  engage or participate in, or own any beneficial interest in, any business
  engaged in the business of the Company as such business is conducted prior to
  the Closing, including the operation, management and/or construction of
  underwater observatories or marine parks, submarines, marine attractions of
  any nature.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|8. | RELEASES AND WAIVERS.
|   |                      
|   | 8.1.                  | General Release by Seller. To the extent
permitted under applicable law, for and in consideration of the Purchase
Price, effective as of the Closing, Seller releases, acquits and forever
discharges the Company and each of their present and former shareholders,
officers, directors and employees (in their capacities as such) and each of
their respective heirs, executors, administrators, successors and assigns, of
and from any and all manners of action, or action, cause or causes of action,
demands, rights, Damages or Liabilities, debts, dues, sums of money,
accounts, reckonings, costs, expenses, responsibilities, covenants,
contracts, controversies, Actions, and claims whatsoever, whether known or
unknown, of every name and nature, both in law and in equity, which the
Seller, or its Affiliates, successors or assigns ever had, now has, or may
have or shall have against the Company or any other Person referred to above
arising out of any matters, causes, acts, conduct, claims, circumstances or
events occurring or failing to occur or conditions existing at or prior to
the Closing.                                                                                                                                                           
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   | 8.2.                  | General Release by the Company. To the
extent permitted under applicable law, for the transfer of the Purchased
Shares, effective as of the Closing, Purchaser shall cause the Company to
release, acquit and forever discharge Jack Bigilio and Kenneth Handerson (Sellers Directors)in
their capacity as directors of the Company),
of and from any and all manners of action, or action, cause or causes of
action, demands, rights, Damages or Liabilities, debts, dues, sums of money,
accounts, reckonings, costs, expenses, responsibilities, covenants,
contracts, controversies, Actions, and claims whatsoever, whether known or
unknown, of every name and nature, both in law and in equity, which the
Company, or its Affiliates, successors or assigns ever had, now has, or may
have or shall have against the Sellers Directors in connection with any
actions taken or omitted to be taken by them as directors of the Company,
except for fraudulent or willful acts and omissions. Purchaser shall cause
the Company to sign an undertaking towards Sellers Directors to that effect,
in the form attached hereto as Schedule 8.2, which will be delivered to the
Seller, signed by the Company, on the Closing Date, immediately after the
Closing.                   

7

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|Ampal-RSUO |  | Sale and Purchase of CWI Shares

|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                    |                                                                                                                                                         
|-- | --------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------
|   | 8.3.                  | Waiver of Preemptive and Similar Rights. For and in consideration
  of the amounts payable to the Seller under this Agreement, the Seller hereby
  waives, such waiver to be effective only as of the Closing, any and all
  preemptive rights, rights of first refusal, tag along, co-sale or other
  similar rights with regard to the Company and any Affiliate thereof that such
  Seller has or is or may be entitled to receive, including those which arose
  or arise as a result of any event or transaction (whenever occurring),
  including the execution, delivery or performance of this Agreement or
  consummation of the transaction contemplated hereby.
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|9. | CONDITIONS TO CLOSING
|   |                      
|   | 9.1.                  | Conditions to Each Partys Obligations. The respective
  obligations of each Seller and the Purchaser to effect the Closing are subject
  to the satisfaction at or prior to the Closing Date of each of the following
  conditions:                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   |                       | 9.1.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | No Injunctions or Restraints. There shall
  not exist or have been enacted, entered or enforced any law, regulation,
  judgment or injunction or any other action of any court or other governmental
  authority that makes, illegal or prohibits the consummation of the Closing.
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                   
|   |                       | 9.1.2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Consents. The following consents shall have
  been obtained:                                                                                                                                                                                                                      
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                   
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 9.1.2.1.                                                                                                                                                                                                                                                                           | Consent of
  Bank HaPoalim under the Loan Agreement dated November 30, 1995 by and between
  Maui Ocean Center, Inc. and Bank HaPoalim B.M., as amended.
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                    |                                                                                                                                                         
|   | 9.2.                  | Conditions to Obligations of Purchaser. The obligations
  of Purchaser to effect the Closing are subject to the satisfaction or waiver
  by Purchaser at or prior to the Closing Date of each of the following
  conditions:                                                                                                                                                                                                                                                                                                                                                                                                                                              

8

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|Ampal-RSUO |  | Sale and Purchase of CWI Shares

| |      |                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                              | 
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
| |      | 9.2.1.                                                                                                                                                                                                                   | Representations
  and Warranties. The representations and warranties of Seller set forth in
  Section 5 above shall be true and correct in all material respects as of the
  date of this Agreement and as of the Closing Date with the same effect as
  though made on and as of the Closing Date, and the Seller shall have
  delivered to Purchaser a certificate as specified in Section 4.2.2.                                         
| |      |                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |      | 9.2.2.                                                                                                                                                                                                                   | Performance
  of Obligations of Seller. Each and all of the covenants and agreements of
  Seller to be performed or complied with on or prior to the Closing shall have
  been fully performed and complied, and Seller shall have delivered to
  Purchaser a certificate confirming the foregoing as of the Closing Date, as
  specified in Section 4.2.2.                                                                                 
| |      |                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |      | 9.2.3.                                                                                                                                                                                                                   | Documents.
  All documents required to be delivered by the Seller under Section 4.2 shall
  have been delivered.                                                                                                                                                                                                                                                                                                                            
| |      |                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | 9.3. | Conditions to Obligations of Sellers. The obligations
  of the Seller to effect the Closing are subject to the satisfaction or waiver
  by Seller at or prior to the Closing Date of each of the following
  conditions:
| |      |                                                                                                                                                                                                                         
| |      | 9.3.1.                                                                                                                                                                                                                   | Representations
  and Warranties. The representations and warranties of Purchaser set forth in
  Section 6 shall be true and correct in all material respects as of the date
  of this Agreement and as of the Closing Date with the same effect as though
  made on and as of the Closing Date, and Purchaser shall have delivered to
  Sellers a certificate signed by an authorized officer of Purchaser as
  specified in Section 4.3.2.
| |      |                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |      | 9.3.2.                                                                                                                                                                                                                   | Performance
  of Obligations of Purchaser. Each and all of the covenants and agreements of
  Purchaser to be performed or complied with on or prior to the Closing shall
  have been fully performed and complied, and Purchaser shall have delivered to
  Seller a certificate signed by an executive officer of Purchaser confirming
  the foregoing as of the Closing Date, as specified in Section 4.3.2.                               
| |      |                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |      | 9.3.3.                                                                                                                                                                                                                   | Documents.
  All documents required to be delivered by Purchaser under Section 4.3 shall
  have been delivered.                                                                                                                                                                                                                                                                                                                             

|    |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                               | 
|--- | ---------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------- | 
|10. | INDEMNIFICATION.
|    |                 
|    | 10.1.            | Either Party
  (the Indemnifying Party) shall
  indemnify defend and hold harmless the other party and its respective
  employees, directors shareholders and officers (collectively, the Indemnitees) from and against, and pay
  or reimburse, as the case may be, the Indemnitees for, any and all Damages as
  actually incurred or suffered by the Indemnitees directly or indirectly based
  upon, arising out of or otherwise in any way relating to or in respect of:
|    |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                  | 10.1.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | any breach
  of any representation or warranty made by the Indemnifying Party hereunder;     
|    |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                              
|    |                  | 10.1.2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | any breach
  or violation of any covenant or agreement of the Indemnifying Party
  hereunder;

9

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|Ampal-RSUO |  | Sale and Purchase of CWI Shares

| |       |                                |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | ----- | ------------------------------ | --------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 10.2. | Procedure for Indemnification.
| |       |                               
| |       | 10.2.1.                        | Third Party
  Claims,
| |       |                                |                      
| |       |                                | 10.2.1.1.             | Notice. If a claim or a demand is made
against an Indemnitee, or an Indemnitee shall otherwise learn of an
assertion, by any person, who is not a party to this Agreement (and who is
not an Affiliate of a Party to this Agreement) (a Third Party Claim) as to which the Indemnifying Party may
be obligated to provide indemnification pursuant to this Agreement, such
Indemnitee will notify the Indemnifying Party in writing, and in reasonable
detail, of the Third Party Claim reasonably promptly after becoming aware of
such Third Party Claim, provided, however,that failure to give any such notification will not affect the
indemnification provided hereunder except to the extent the Indemnifying
Party shall have demonstrated that it has been actually prejudiced as a
result of such failure and to such extent.

10

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|Ampal-RSUO |  | Sale and Purchase of CWI Shares

| |  |  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  | --------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  | 10.2.1.2. | Assumption of Defense by Indemnifying Party.
  If a Third Party Claim is made against an Indemnitee and the Indemnifying
  Party agrees to indemnify the Indemnitee therefor, the Indemnifying Party
  will be entitled to assume the defense thereof (at the expense of the
  Indemnifying Party) with counsel selected by the Indemnifying Party and
  reasonably satisfactory to the Indemnitee. Should the Indemnifying Party so
  elect to assume the defense of a Third Party Claim, the Indemnifying Party
  will not be liable to the Indemnitee for any legal or other expenses
  subsequently incurred by the Indemnitee in connection with the defense
  thereof as long as the Indemnifying Party diligently conducts such defense; provided that,if in the Indemnitees
  reasonable judgment a conflict of interest exists in respect of such claim,
  such Indemnitee will have the right to employ separate counsel to represent
  such Indemnitee and in that event the reasonable fees and expenses of such
  separate counsel will be paid by the Indemnifying Party.
| |  |  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  | 10.2.1.3. | Indemnitees Participation in the Defense. If the Indemnifying Party assumes the defense of any such Third Party Claim,
each Indemnitee will have the right to participate in the defense thereof and
to employ counsel, at its own expense, separate from the counsel employed by
the Indemnifying Party.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

11

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|Ampal-RSUO |  | Sale and Purchase of CWI Shares

| |  |  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  | --------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  | 10.2.1.4. | Failure of Indemnifying Party to assume defense. The Indemnifying Party will be liable
for the reasonable fees and expenses of counsel employed by the Indemnitees
for any period during which the Indemnifying Party has failed to assume the
defense thereof or if it does not expressly elect to assume the defense
thereof (including the agreement by the Indemnifying Party to indemnify the
Indemnitees as aforesaid).                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  |  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  | 10.2.1.5. | Information. If the Indemnifying Party
  assumes the defense of any such Third Party Claim, the Indemnifying Party
  will promptly supply to the Indemnitee copies of all correspondence and
  documents relating to or in connection with such Third Party Claim and keep
  the Indemnitee fully informed of all developments relating to or in
  connection with such Third Party Claim (including, without limitation, providing
  to the Indemnitee on request updates and summaries as to the status thereof).
  If the Indemnifying Party chooses to defend a Third Party Claim, all the
  Indemnitees will reasonably cooperate with the Indemnifying Party in the
  defense thereof if requested by the Indemnifying Party (such cooperation to
  be at the expense, including reasonable legal fees and expenses, of the
  Indemnifying Party).

12

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|Ampal-RSUO |  | Sale and Purchase of CWI Shares

| |  |  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |  |  | --------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  | 10.2.1.6. | Settlement, Compromise or Discharge. No Indemnifying
  Party will consent to any settlement, compromise or discharge (including the
  consent to entry of any judgment) of any Third Party Claim without the
  Indemnitees prior written consent, which will not be unreasonably withheld; provided, that if the Indemnifying Party
  agrees to indemnify the Indemnitee for a Third Party Claim, the Indemnitee
  will agree to any settlement, compromise or discharge of such Third Party
  Claim which the Indemnifying Party may recommend that unconditionally and
  irrevocably releases the Indemnitee (pursuant to a release which is
  reasonably satisfactory to the Indemnitee) completely from all Liability in
  connection with such Third Party Claim, provided,
  however, that the Indemnitee may refuse to agree to any such
  settlement, compromise or discharge that provides for injunctive or other
  non-monetary relief affecting the Indemnitee. If the Indemnifying Party
  agrees to indemnify the Indemnitee for a Third Party Claim, the Indemnitee
  will not (unless required by law) admit any liability with respect to, or
  settle, compromise or discharge, such Third Party Claim without the
  Indemnifying Partys prior written consent (which consent will not be
  unreasonably withheld).

13

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|---------- |  | -------------------------------
|Ampal-RSUO |  | Sale and Purchase of CWI Shares

| |  |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |  | ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 10.2.2. | Partys
  Claims. Any claim on account of
  Damages which does not involve a Third Party Claim shall be asserted by
  written notice given by the Indemnitee to the Indemnifying Party. The failure
  by any Indemnitee so to notify the Indemnifying Party will not relieve the
  Indemnifying Party from any liability which it may have to such Indemnitee
  under this Agreement, except to the extent that the Indemnifying Party shall
  have demonstrated that it has been actually prejudiced as a result of such
  failure and to such extent.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |  | 10.2.3. | Failure to
  dispute obligation to indemnify.
  If the Indemnifying Party does not notify the Indemnitee prior to the
  expiration of a 30-calendar-day period following its receipt of such notice
  that the Indemnifying Party disputes its liability to the Indemnitee under
  this Agreement, such claim specified by the Indemnitee in such notice will be
  conclusively deemed a liability of the Indemnifying Party under this
  Agreement and the Indemnifying Party shall pay the amount of Damages subject
  to such claim to the Indemnitee on demand or, in the case of any notice in
  which the amount of the Damages subject to such claim (or any portion
  thereof) is estimated, on such later date when the amount of such claim (or
  such portion thereof) becomes finally determined. If the Indemnifying Party
  has timely disputed its liability with respect to such Damages subject to
  such claim, as provided above, the Indemnifying Party and the Indemnitee will
  proceed in good faith to negotiate a resolution of such dispute and, if not
  resolved through negotiations by the 90th day after notice of such claim was
  given to the Indemnifying Party, the Indemnifying Party and the Indemnitee
  will be free to pursue such remedies as may be available under this Agreement
  or applicable law.

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|Ampal-RSUO |  | Sale and Purchase of CWI Shares

|    |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 
|--- | ----------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|11. | TERMINATION
|    |            
|    | 11.1.       | Right to Terminate. Without derogating from
  the parties rights under any applicable law, this Agreement may be
  terminated at any time prior to the Closing as follows:                                                                                                                                                                                                                                                                                                
|    |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |             | 11.1.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | by consent
  in writing of all parties hereto; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |             | 11.1.2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | notwithstanding
  any other term of this Agreement, by any party, if the Closing and payment of
  the full Purchase Price does not take place for a reason which is not attributable
  to such party until the date which is 60 days after the date hereof (the Drop Dead Date), provided,
however, that (i)Purchaser may not terminate the
  Agreement under this Section 11.1.2 if the closing conditions under Section
  9.2 are satisfied but the Closing does not take place because of failure by
  Purchaser to fulfill any of the conditions set forth in Section 9.3, and (ii) a Seller may not terminate the
  Agreement under this Section 11.1.2 if the closing conditions under Section
  9.3 are satisfied but the Closing does not take place because of failure by
  such Seller to fulfill any of the conditions set forth in Section 9.2; or
|    |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |             | 11.1.3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | by written
  notice by the Purchaser to the Seller or by the Seller to the Purchaser, if
  there shall be any law that makes consummation of the transaction
  contemplated hereby illegal or otherwise prohibited or if any court of
  competent jurisdiction or other governmental authority shall have issued an
  order, decree or ruling or taken any other action permanently restraining,
  enjoining or otherwise prohibiting the consummation of such transaction, and
  such order, decree, ruling or other action shall not be subject to appeal or
  shall have become final and unappealable; or                                                                                                                                                                                                                                                   
|    |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |             | 11.1.4.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | by written
  notice by the Purchaser to the Seller, if there shall have been a material
  breach of any representation, warranty, covenant or agreement on the part of
  the Seller set forth in this Agreement, or if prior to the Closing Date any
  representation or warranty of the Seller set forth in this Agreement shall
  have become untrue.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | 11.2.       | Effect of
  Termination. In the event of the
  termination of this Agreement pursuant to Section 11.1, this Agreement
  shall thereafter become void and have no effect, without any liability on the
  part of any party in respect thereof, except that nothing herein will relieve
  any party from Liability for any breach of any representation, warranty,
  covenant or agreement in this Agreement that were due to be performed prior
  to the termination hereof.

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|Ampal-RSUO |  | Sale and Purchase of CWI Shares

|    |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- | ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|12. | NOTICES
|    |        
|    | 12.1.   | All notices
  required to be sent hereunder shall be in writing and delivered by hand, fax,
  registered mail or overnight courier and shall be deemed to have been given (a) upon three (3) Business Days
  following the date on which they were mailed by registered mail return,
  receipt requested, (b)upon
  one Business Day following the dispatch by a recognized overnight courier, or
  (c)upon one Business Day
  following a delivery by fax or hand, receipt acknowledged, all to the address
  specified hereinabove for the party receiving the notice. For purposes of
  this Agreement a Business Day
  is a day in which banks, generally, are open for business in Israel
|    |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | 12.2.   | For purposes
  of this Agreement, the addresses of the parties shall be as follows, unless
  otherwise notified in writing by a party:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

| |                                                                |                   
| | -------------------------------------------------------------- | ------------------
| | If to
  Purchaser:                                            
| |                                                               
| | Red Sea
  Underwater Observatory Ltd.16 Abba Hillel Silver Rd.
| |                                                               
| | Ramat-Gan
  52506, Israel                                     
| |                                                               
| | Attention:                                                     | Miki Gur          
| |                                                                |                   
| | Facsimile:                                                     | +972-3-576
  24 95
| |                                                                |                   
| | If to
  Seller:                                               
| |                                                               
| | Ampal
  American Israel Corporation                           
| |                                                               
| | 111
  Arlozorov St.                                           
| |                                                                |                   
| | Tel
  Aviv, Israel                                            
| |                                                                |                   
| | Attention:                                                     | Mr. Yoram
  Firon 
| |                                                                |                   
| | Facsimile:                                                     | +971-3-608 01 01  

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                              | 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|13. | GOVERNING LAW; EXCLUSIVE JURISDICTION.                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | This
  Agreement is subject to and shall be governed by and interpreted in
  accordance with the laws of the State of Israel, without giving effect to its
  relevant choice of law provisions, and each of the parties submits itself to
  the sole and exclusive jurisdiction of the courts of Tel-Aviv-Jaffa and
  waives to the fullest extent it may do so any objection which it may now or
  hereafter have to the laying of venue as aforesaid.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|14. | MISCELLENOUS                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | 14.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Entire Agreement, Amendment. This Agreement
  constitutes the entire agreement between the parties with respect to the
  subject matter hereof and this Agreement, supersede all prior negotiations,
  agreements and understandings of the parties of any nature, whether oral or
  written, relating thereto. This Agreement may not be amended, modified or
  supplemented except by a written agreement executed by both parties hereto.

16

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|           |  |                                
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|Ampal-RSUO |  | Sale and Purchase of CWI Shares

| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 14.2. | Enforceability. If any provision of this
  Agreement is held by a court of competent jurisdiction to be unenforceable
  under applicable law, then such provision shall be excluded from this
  Agreement and the remainder of this Agreement shall be interpreted as if such
  provision were so excluded and shall be enforceable in accordance with its
  terms; provided, however, that
  in such event this Agreement shall be interpreted so as to give effect, to
  the greatest extent consistent with and permitted by applicable law, to the
  meaning and intention of the excluded provision as determined by such court
  of competent jurisdiction.                                                            
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | 14.3. | Assignment.
  No party to this Agreement will convey, assign or otherwise transfer any of
  its rights or obligations under this Agreement without the prior written
  consent of the other party, exceptto
  any Affiliate of such party or to any successor to all or any portion of its
  business. No assignment of this Agreement will relieve the assigning party of
  its obligations hereunder. Notwithstanding the above, Seller undertakes not
  the transfer the Purchased Shares from the date of execution of this
  agreement and until the Drop Dead Date.                                                                                                                                                    
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | 14.4. | Waiver; Remedies. No failure or delay on the
  part of either party in exercising any right, power or privilege hereunder
  will operate as a waiver thereof, nor will any waiver on the part of either
  party of any right, power or privilege hereunder operate as a waiver of any
  other right, power or privilege hereunder, nor will any single or partial
  exercise of any right, power or privilege thereunder preclude any other or
  further exercise thereof or the exercise of any other right, power or privilege
  under this Agreement. The rights and remedies herein provided are cumulative
  and are not exclusive of any rights or remedies which the parties may
  otherwise have at law or in equity.
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | 14.5. | Fees and Expenses. Each of the Parties hereto
  shall bear the expenses incurred by it relating to the transactions
  contemplated by this Agreement, including without limitation fees and
  expenses of counsel.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | 14.6. | Counterparts.
  This Agreement may be executed in separate counterparts, each such
  counterpart being deemed to be an original instrument, and all such
  counterparts will together constitute the same agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | 14.7. | Interpretation. Unless the context otherwise
  requires, words denoting the singular number only shall include the plural
  and vice versa. The headings in this Agreement are inserted for convenience
  only and shall not affect the construction thereof. References herein to
  recitals, sections and exhibits refer to recitals, sections and exhibits of
  this Agreement unless otherwise stated. The recitals, exhibits and schedules
  form part of this Agreement and shall have the same force and effect as if
  expressly set out in the body of this Agreement, and any reference to this
  Agreement shall include the exhibits and schedules hereto.                                                       

17

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18

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| |  | 
| |  | 
| |  | 

IN WITNESS
WHEREOF, the parties have caused this Agreement to be signed by its duly
authorized representatives as of the date first above written.

|                                   |                                    
|---------------------------------- | -----------------------------------
|
|
|
|
|Ampal American Israel Corporation  | Red Sea Underwater Observatory Ltd.
|                                  
|By: /s/ Jack Bigio /s/ Yoram Firon | By: /s/ Benjamin Kahn /s/ Miki Gur 
|                                  
|Name: Jack Bigio, Yoram Firon      | Name: Benjamin Kahn, Miki Gur      
|                                  
|Title: CEO, VP                     | Title:                             

19

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|---------- |  | -------------------------------------
|Ampal-RSUO |  | Sale and Purchase of RSUO/RSMH Shares

SHARE SALE AND PURCHASE AGREEMENT

THIS
SHARE SALE AND PURCHASE AGREEMENT(this Agreement) is entered into this 22 of May,
2006 by and between AMPAL-AMERICAN ISRAEL
CORPORATION, a company incorporated under the laws of New York (the
Seller) and RED SEA UNDERWATER OBSERVATORY LTD., a
company incorporated under the laws of Israel (the Purchaser).

WITNESSETH

WHEREAS,
the Seller is the holder and record and beneficial owner of the Purchased
Shares (as defined in section 2.1 below); and

WHEREAS,the Seller wishes to sell, transfer and assign the
Purchased Shares to the Purchaser in consideration for the payment of the
Purchase Price (as defined in section 3.1 below) and the Purchaser wishes to
purchase, assume and receive such Purchased Shares and pay the Purchase Price,
all on and subject to the terms and conditions set forth in this Agreement; and

WHEREAS,
simultaneously with the signing of this Agreement, the Seller and Purchaser
shall sign a share sale and purchase agreement for the sale of Sellers shares
in Coral World International Limited (the Additional
Agreement)

NOW,
THEREFORE, in consideration of the premises and of the
mutual covenants and agreements herein contained, the parties hereto, intending
to be legally bound, agree as follows:

|   |                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | 
|-- | ----------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | 
|1. | DEFINITIONS                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 
|   |                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 
|   | In this
  Agreement, the following terms shall have the meaning ascribed thereto in
  this Section 1:
|   |                                                                                                      
|   | 1.1.                                                                                                  | Action means any legal, administrative,
  governmental or regulatory proceeding or other action, suit, proceeding,
  claim, arbitration, mediation, alternative dispute resolution procedure,
  inquiry or investigation by or before any arbitrator, mediator, court or
  other governmental authority.                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | 1.2.                                                                                                  | Additional Agreement shall have the
  meaning ascribed thereto in the preamble.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | 1.3.                                                                                                  | Affiliate means, with respect to any
  person, any other person directly or indirectly Controlling, Controlled by or
  under common Control with such Person. For purposes of this Agreement, the
  term Control (including, with
  correlative meanings, the terms Controlling, Controlled by and under
  common Control with), as used with respect to any person, means the
  possession, directly or indirectly, of the power to direct or cause the
  direction of the management and policies of such person, whether through
  ownership of voting securities or partnership interests, by contract or
  otherwise.

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|Ampal-RSUO |  | Sale and Purchase of RSUO/RSMH Shares

| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 1.4.  | Business Dayshall have the meaning
  ascribed thereto in section 12.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | 1.5.  | Closing shall have the meaning ascribed
  thereto in section 4.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | 1.6.  | Closing Date shall have the meaning
  ascribed thereto in section 4.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | 1.7.  | Companiesshall have the meaning ascribed
  thereto in section 2.1(i).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | 1.8.  | Damages means any and all losses,
  Liabilities, damages, fines, payments, costs and expenses, whenever or
  however arising and whether or not resulting from Third Party Claims
  (including the reasonable costs and expenses of any and all Actions or other
  legal matters; all amounts paid in connection with any demands, assessments,
  judgments, settlements and compromises relating thereto; interest and
  penalties with respect thereto; and costs and expenses, including reasonable
  attorneys, fees and expenses, incurred in preparing for or defending against
  any such Actions or other legal matters or in asserting, preserving or
  enforcing an Indemnitees rights hereunder).
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | 1.9.  | Liability means any and all claims, debts
  and liabilities of whatever nature, whether asserted or, based on the current
  state of affairs or facts, fixed, absolute or contingent, matured, accrued,
  liquidated or unliquidated, and whenever or however arising (including those
  arising out of any contract or tort, whether based on negligence, strict
  liability or otherwise).                                                                                                                                                                                                                                                                                                                  
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | 1.10. | Liens shall mean any charge, claim,
  community property interest, equitable interest, lien, encumbrance, option,
  proxy, pledge, security interest, mortgage, right of first refusal, right of
  preemption, transfer or retention of title agreement, right or claim of any
  third party or restriction by way of security of any kind or nature, including
  any restriction on use, voting, transfer, receipt of income or exercise of
  any other attribute of ownership (other than those specified in the
  incorporating documents of any of the Companies).                                                                                                                                        
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | 1.11. | Purchase Price shall have the meaning ascribed
  thereto in section 3.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | 1.12. | Purchased Sharesshall have the meaning
  ascribed thereto in section 2.1 below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | 1.13. | Red Seashall have the meaning ascribed
  thereto in section 2.1(i).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | 1.14. | RSUOshall have the meaning ascribed thereto
  in section 2.1(i).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

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|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                               | 
|-- | ----------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|2. | PURCHASE AND SALE OF THE PURCHASED SHARES
|   |                                          
|   | 2.1.                                      | Subject to
  the terms and conditions of this Agreement, at the Closing the Seller will
  sell, convey, transfer, assign and deliver to Purchaser the Purchased Shares,
  free and clear of any Liens, and Purchaser will, in reliance on the
  representations and warranties of the Seller included in this Agreement only,
  purchase, assume and acquire from the Seller the Purchased Shares.                                                                                                                                                            
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                           | The Purchased Shares shall mean,
  collectively:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                              
|   |                                           | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 40,000
  Ordinary Shares, par value NIS 0.0001 each, of Red Sea Marineland Holding
  (1973) Limited, a company incorporated under the laws of Israel (Red Sea); and                                        
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                               | 
|   |                                           | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 103 Ordinary
  Shares, par value NIS1.00 each, of Red Sea Underwater Observatory Limited, a
  company incorporated under the laws of the State of Israel (RSUO and together with Red Sea, the
Companies).
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                               | 
|   | 2.2.                                      | It is agreed
  that under the transaction contemplated by this Agreement all Purchased Shares together shall be
  purchased by the Purchaser, under no circumstances shall only part of the
  Purchased Shares be purchased by Purchaser.                                                                                                                                                                                                                                                                                                                     
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|3. | PURCHASE PRICE                           
|   |                                          
|   | 3.1.                                      | In
  consideration for the Purchased Shares sold and assigned by the Seller, the
  Purchaser shall pay to the Seller, at the Closing and subject to the
  fulfillment of the conditions precedent set forth in Section 9 below, an
  aggregate amount of US$1,661,750 (one million six hundred sixty one thousand
  seven hundred and fifty United States dollars) (the Purchase Price).                                                                                                                                                                    
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | 3.2.                                      | The Purchase
  Price shall be paid in United States dollars by wire transfer in immediately
  available funds to a bank account, as instructed by the Seller to the Purchaser
  in writing.                                                                                                                                                                                                                                                                                                                                                                   
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | 3.3.                                      | Seller shall
  withhold from the Purchase Price any amount as may be required under
  applicable law, unless provided by Seller, prior to Closing, with a Tax
  Withholding Exemption from the Israeli tax authorities.                                                                                                                                                                                                                                                                                                                                       
|   |                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|4. | CLOSING                                  
|   |                                          
|   | 4.1.                                      | Closing Date. The sale and transfer of
the Purchased Shares will take place at a closing (the Closing) to be held at the offices of
Meitar, Liquornik, Geva & Leshem, Brandwein, Law Offices, 16 Abba Hillel
Silver Road, Ramat-Gan 52506, Israel, at 10:00 a.m. on a day to be mutually
agreed upon by the parties but in no event later than June 26, 2006, provided
however thatall of the conditions set forth in Section 9 below are satisfied
or waived by such date The date on which the Closing occurs is referred to
herein as the Closing Date.

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| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      | The Closing
  and the closing of the transaction contemplated in the Additional Agreement
  (the Additional Closing) shall
  occur simultaneously, and subject to the fulfillment of the conditions to
  closing under both agreements. All transactions occurring at the Closing and
  at the Additional Closing shall be deemed to take place simultaneously and no
  transaction in this Agreement and/or in the Additional Agreement shall be
  deemed to have been completed and no document or certificate shall be deemed
  to have been delivered until all transactions contemplated in this Agreement
  and in the Additional Agreement are completed and all documents to be
  delivered in the Closing and the Additional Closing are delivered. Unless
  otherwise indicated, all documents and certificates shall be dated on or as
  of the Closing Date.
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | 4.2. | Closing Deliveries of the Seller.At the
  Closing, the Seller shall deliver, or cause to be delivered, to the Purchaser
  the following documents:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |      | 4.2.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Share
  Certificates and Transfer Deeds. Share certificates
  representing all of the Purchased Shares, accompanied by duly signed share
  transfer deeds transferring the Purchased Shares to Purchaser, made in
  accordance with the respective incorporation documents of the respective
  Companies, in the form of Schedule 4.2.1
  attached hereto;                                                                                                                                                                                                                                                                                              
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |      | 4.2.2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Shareholders
  Registrar. The register of shareholders of each
  Company certified by an authorized officer of such Company, evidencing the
  transfer of the applicable Purchased Shares to Purchaser, in the form of Schedule 4.2.2 attached
hereto;                                                                                                                                                                                                                                                                                                                                                                                                 
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |      | 4.2.3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Compliance
  Certificate. A certificate in the form of Schedule 4.2.3 hereto duly signed by
  the Seller confirming that (i) the
  representations and warranties of the Seller in Section 5 hereto are true and
  correct in all material respects as of the date of this Agreement and as of
  the Closing Date, (ii)all
  covenants and agreements of the Seller under this Agreement to be performed
  or complied with on or prior to the Closing Date have been performed and
  complied with; and (iii)all
  documents to be executed and delivered by the Seller at the Closing have been
  executed by a duly authorized officer of the Seller;
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |      | 4.2.4.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Directors
  and Officers Resignation; Signature Rights Revocation.
  Written resignations letters from all directors and officers of the Companies
  designated by the Seller, in the form of Schedule
  4.2.3 hereto and revocation of signature rights in the
  Companies;                                                                                                                                                                                                                                                                                                                                                                            
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |      | 4.2.5.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Board
  Resolutions. True and correct copies of the
  resolutions of the Board of Directors of each of the Companies, approving and
  authorizing the transfer of the respective Purchased Shares from the Seller
  to the Purchaser, as contemplated by this Agreement;                                                                                                                                                                                                                                                                                                                                                                                
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |      | 4.2.6.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Notice to
  Registrar  Transfer of Shares. Duly completed
  notices of the transfer of the Purchased Shares held in the Companies by the
  Seller to Purchaser to be submitted to the Israeli Registrar of Companies
  immediately after the Closing; and                                                                                                                                                                                                                                                                                                                                                                                              
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |      | 4.2.7.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Notice to
  Registrar  Change of Directors. Duly completed
  notices of change in the composition of the board of directors of Red Sea and
  RSUO to be submitted to the Israeli Registrar of Companies immediately after
  the Closing.                                                                                                                                                                                                                                                                                                                                                                                                               
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | 4.3. | Closing Deliveries of the Purchaser. At the Closing, the Purchaser shall
  deliver, or cause to be delivered, to the Seller the following documents:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |      | 4.3.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Share
  Transfer Deeds. A counterpart signature on the share
  transfer deeds transferring the Purchased Shares to Purchaser, duly signed by
  the Purchaser, in the form of Schedule
  4.2.1 attached hereto;                                                                                                                                                                                                                                                                                                                                                                                                                                          

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| |  |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 4.3.2. | Compliance
  Certificate. A certificate in the form of Schedule 4.3.2 hereto duly signed by
  the Purchaser confirming that: (i) the representations and warranties of the
  Purchaser in Section 6 hereto are true and correct in all material respects
  as of the date of this Agreement and as of the Closing Date; (ii) that all
  covenants and agreements of the Purchaser under this Agreement to be
  performed or complied with on or prior to the Closing Date have been
  performed and complied with; and (iii)all
  documents to be executed and delivered by the Seller at the Closing have been
  executed by a duly authorized officer of the Seller; and
| |  |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  | 4.3.3. | Payment of
  the Purchase Price. Evidence of transfer of the
  Purchase Price, in immediately available funds, by wire transfer to the
  account designated by the Seller.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

|   |                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  | 
|-- | ---------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|5. | REPRESENTATIONS AND WARRANTIES OF SELLER                                                                        
|   |                                                                                                                 
|   | The Seller
  hereby represents and warrants to the Purchaser that as of the date hereof
  and as of the Closing:
|   |                                                                                                                 
|   | 5.1.                                                                                                             | Organization. The Seller is a duly
  incorporated public company, organized and validly existing under the laws of
  the New York State, U.S.A.. Sellers securities are traded in Nasdaq. Seller
  did not have a receiver appointed or an assignee for the benefit of
  creditors, is not insolvent and is able to pay debts as they become due.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | 5.2.                                                                                                             | Due Authority and Execution. The Seller
  has the legal capacity and authority to sign, deliver and perform this
  Agreement, without the necessity of any act or consent of any other person
  whomsoever. The signing, delivery and performance by the Seller of this
  Agreement and each and every agreement, document and instrument provided for
  herein has been duly authorized and approved by Seller. This Agreement and
  each and every agreement, document and instrument provided for herein has
  been signed by an officer that has been duly authorized to sign such document
  on behalf of the Seller. This Agreement, and each and every other agreement,
  document and instrument to be signed, delivered and performed by the Seller
  in connection herewith, constitute or will, when signed and delivered by the
  Seller, constitute the valid and legally binding obligation of the Seller
  enforceable against it in accordance with their respective terms.
|   |                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | 5.3.                                                                                                             | Noncontravention. The signing, delivery
  and performance of this Agreement by the Seller (i)is not subject to any restriction under any
  applicable law and (ii)do
  not and will not, violate any provisions of the organizational documents of
  Seller, or violate or constitute an occurrence of default under any provision
  of, or conflict with, result in acceleration of any obligation under, or give
  rise to a right by any party to terminate its obligations under, any material
  contract, mortgage, deed of trust, secured debt, note, loan or lien or any
  order, judgment, decree or other arrangement to which Seller is a party or is
  bound or by which it or its assets are affected.                                                                                                                                                                                                                                                                         
|   |                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                  | There is no
  suit, action, proceeding, claim or investigation pending, or to the knowledge
  of Seller threatened, against the Seller that seeks to prevent such Seller
  from performing this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | 5.4.                                                                                                             | Title to Purchase Shares. The Seller is
  the sole owner of the Purchased Shares, and the Purchase Shares are held by
  the Seller free and clear of any Liens. Upon the Closing and the payment of the
  Purchase Price to the Seller in accordance with the provisions of this
  Agreement, the Purchaser shall acquire good and marketable title to all
  Purchased Shares free and clear of any Liens.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

5

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|Ampal-RSUO |  | Sale and Purchase of RSUO/RSMH Shares

|   |                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  | 
|-- | --------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|   | 5.5.                                                                                                      | Entire Holdings. The Purchased Shares
  constitute all interest which the Seller has in each of the Companies and
  their respective Affiliates.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | 5.6.                                                                                                      | Purchase Price. The Seller is familiar
  with the Companies and the business conducted by them. In view thereof, the
  Seller believes that the Purchase Price represents the fair value of the
  Purchased Shares. The Seller hereby specifically waives any claim, whether
  current or future, in connection with such price and the valuation of the
  Purchased Shares.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | 5.7.                                                                                                      | Shareholders Agreements. The Purchased
  Shares are not subject to any agreement with a third party, voting
  agreements, proxies, trusts or other agreement relating to the voting or
  disposition of the Purchased Shares (including pre-emptive rights and rights
  of first refusal of a third party) which would continue to be binding upon
  the Purchaser after the Closing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | 5.8.                                                                                                      | Disclosure. There is no material fact or
  information relating to the business, prospects, condition (financial or
  otherwise), affairs, operations or assets of the Companies known to the
  Seller that has not been disclosed to the Purchaser in writing by the Seller
  in this Agreement. Neither this Agreement nor any certificate made or
  delivered by the Seller in connection herewith contains any untrue statement
  of a material fact or omits to state a material fact necessary to make the
  statements herein or therein not misleading, in view of the circumstances in
  which they were made.                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|6. | REPRESENTATIONS AND WARRANTIES OF THE PURCHASER                                                          
|   |                                                                                                          
|   | Purchaser
  hereby represents and warrants to Sellers that as of the date hereof and as
  of the Closing:
|   |                                                                                                          
|   | 6.1.                                                                                                      | Organization. Purchaser is a private
  company duly incorporated and validly existing under the laws of [the State
  of Israel].                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | 6.2.                                                                                                      | Due Authority and Execution. Purchaser
  has the legal capacity and authority to sign, deliver and perform this
  Agreement without the necessity of any act or consent of any other person
  whomsoever. The signing, delivery and performance by Purchaser of this
  Agreement and each and every agreement, document and instrument provided for
  herein have been duly authorized and approved by Purchaser. This Agreement
  and each and every agreement, document and instrument provided for herein has
  been signed by an officer that has been duly authorized to sign such document
  on behalf of Purchaser. This Agreement, and each and every other agreement,
  document and instrument to be signed, delivered and performed by Purchaser in
  connection herewith, constitute or will, when signed and delivered by the
  Purchaser, constitute the valid and legally binding obligation of Purchaser
  enforceable against it in accordance with their respective terms.
|   |                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | 6.3.                                                                                                      | Consents; No Conflict. The
  signing, delivery and performance of this Agreement by Purchaser (i)is not subject to any
  restriction under any applicable law and (ii)do
  not and will not, violate any provisions of the organizational documents or
  other corporate documents of Purchaser, or violate or constitute an
  occurrence of default under any provision of, or conflict with, result in
  acceleration of any obligation under, or give rise to a right by any party to
  terminate its obligations under, any material contract, mortgage, deed of
  trust, secured debt, note, loan, lien, or any order, judgment, decree or
  other arrangement to which the Purchaser is a party or is bound or by which
  it or its assets are affected.                                                                                                                                                                                                                              

6

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|Ampal-RSUO |  | Sale and Purchase of RSUO/RSMH Shares

|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  | 
|-- | --------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|   |                       | There is no
  suit, action, proceeding, claim or investigation pending or to the knowledge
  of Purchaser threatened, against Purchaser that seeks to prevent it from
  performing this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|7. | COVENANTS            
|   |                      
|   | 7.1.                  | Reasonable Best Efforts. Subject to the
  terms and conditions of this Agreement and applicable law, each of Seller and
  Purchaser will use its reasonable best efforts to take, or cause to be taken,
  all actions which are in their responsibility, and to do, or cause to be
  done, all things reasonably necessary which are in their responsibility,
  proper or advisable under applicable laws and regulations applicable to each
  of them, or otherwise to consummate and make effective the transactions
  contemplated hereby as soon as practicable, including such actions or things
  as any other party hereto may reasonably request in order to cause any of the
  conditions to such other partys obligation to consummate such transactions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | 7.2.                  | Confidentiality.The Seller will, and
will use its best efforts to cause its Affiliates to, hold in strict
confidence for a period of three years after the date of the Closing, all
documents and information, in any form whatsoever concerning the business,
operations, financial condition, shareholders, customers, suppliers,
intellectual property and other proprietary information concerning the
Companies (Confidential Information)
and will take reasonable measures to prevent unauthorized disclosure of such
information. Notwithstanding the foregoing, Confidential Information shall
not include (i)any
information which is or becomes public, unless such information becomes
public as a result of a breach of this Section 7.1 by Seller, (ii)any information independently
obtained by Seller without an obligations of confidentiality to the party
disclosing such information to Seller as can be substantiated by Seller
through the use of written documents, and (iii) any
information which is required to be disclosed under applicable laws,
regulations or judgments, provided thatto the extent practicable in this
clause (iii) Seller shall give to Purchaser prior notice of the contemplated
disclosure and its content.
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | 7.3.                  | Non-Compete. For a period of four years
  after the Closing Date, the Seller and its Affiliates will not, directly or
  indirectly, without the written consent of Purchaser, enter into, engage in,
  manage, operate, control, invest or acquire any interest in, or otherwise
  engage or participate in, or own any beneficial interest in, any business
  engaged in the business of the Companies as such business is conducted prior
  to the Closing, including the operation, management and/or construction of
  underwater observatories or marine parks, submarines, marine attractions of
  any nature.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|8. | RELEASES AND WAIVERS.
|   |                      
|   | 8.1.                  | General Release by Seller. To the
  extent permitted under applicable law, for and in consideration of the
  Purchase Price, effective as of the Closing, Seller releases, acquits and
  forever discharges each Company and each of their present and former
  shareholders, officers, directors and employees (in their capacities as such)
  and each of their respective heirs, executors, administrators, successors and
  assigns, of and from any and all manners of action, or action, cause or
  causes of action, demands, rights, Damages or Liabilities, debts, dues, sums
  of money, accounts, reckonings, costs, expenses, responsibilities, covenants,
  contracts, controversies, Actions, and claims whatsoever, whether known or
  unknown, of every name and nature, both in law and in equity, which the
  Seller, or its Affiliates, successors or assigns ever had, now has, or may
  have or shall have against the Companies or any other Person referred to
  above arising out of any matters, causes, acts, conduct, claims,
  circumstances or events occurring or failing to occur or conditions existing
  at or prior to the Closing.                                                                                            

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|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  | 
|-- | --------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | 
|   | 8.2.                  | General Release by the Companies.
  To the extent permitted under applicable law, for the transfer of the
  Purchased Shares, effective as of the Closing, Purchaser shall cause the Companies
  to release, acquit and forever discharge Jack Bigio and Kenneth Handerson (SellersDirectors) in their capacity as directors of the Company),
  of and from any and all manners of action, or action, cause or causes of
  action, demands, rights, Damages or Liabilities, debts, dues, sums of money,
  accounts, reckonings, costs, expenses, responsibilities, covenants,
  contracts, controversies, Actions, and claims whatsoever, whether known or
  unknown, of every name and nature, both in law and in equity, which each of
  the Companies, or their Affiliates, successors or assigns ever had, now has,
  or may have or shall have against the Sellers Directors in connection with
  any actions taken or omitted to be taken by them as directors of the
  Companies, except for fraudulent or willful acts and omissions. . Purchaser
  shall cause each of the Companies to sign an undertaking towards Sellers
  Directors to that effect, in the form attached hereto as Schedule 8.2,
  which will be delivered to the Seller, signed by all Companies, on the
  Closing Date, immediately after the Closing.
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | 8.3.                  | Waiver of Preemptive and Similar Rights. For and in consideration
  of the amounts payable to the Seller under this Agreement, the Seller hereby
  waives, such waiver to be effective only as of the Closing, any and all
  preemptive rights, rights of first refusal, tag along, co-sale or other
  similar rights with regard to the Companies and any Affiliate thereof that
  such Seller has or is or may be entitled to receive, including those which
  arose or arise as a result of any event or transaction (whenever occurring),
  including the execution, delivery or performance of this Agreement or
  consummation of the transaction contemplated hereby.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|9. | CONDITIONS TO CLOSING
|   |                      
|   | 9.1.                  | Conditions to Each Partys Obligations. The
  respective obligations of each Seller and the Purchaser to effect the Closing
  are subject to the satisfaction at or prior to the Closing Date of each of
  the following conditions:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

8

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| |      |                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                         
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------
| |      | 9.1.1.                                                                                                                                                                                                                       | No Injunctions or Restraints. There
  shall not exist or have been enacted, entered or enforced any law,
  regulation, judgment or injunction or any other action of any court or other
  governmental authority that makes, illegal or prohibits the consummation of
  the Closing.                                                                                                                                                        
| |      |                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |      | 9.1.2.                                                                                                                                                                                                                       | Consents. The following consents shall
  have been obtained:                                                                                                                                                                                                                                                                                                                                                                                
| |      |                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |      |                                                                                                                                                                                                                              | 9.1.2.1.                                                                                                                                                                                                                                                                                                                                                                                                                                     | Consent of
  Bank HaPoalim under the Loan Agreement dated November 30, 1995 by and between
  Maui Ocean Center, Inc. and Bank HaPoalim B.M., as amended.
| |      |                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                         
| | 9.2. | Conditions to Obligations of Purchaser. The
  obligations of Purchaser to effect the Closing are subject to the
  satisfaction or waiver by Purchaser at or prior to the Closing Date of each
  of the following conditions:
| |      |                                                                                                                                                                                                                             
| |      | 9.2.1.                                                                                                                                                                                                                       | Representations
  and Warranties. The representations and warranties
  of Seller set forth in Section 5 above shall be true and correct in all
  material respects as of the date of this Agreement and as of the Closing Date
  with the same effect as though made on and as of the Closing Date, and the
  Seller shall have delivered to Purchaser a certificate as specified in
  Section 4.2.3.                                       
| |      |                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |      | 9.2.2.                                                                                                                                                                                                                       | Performance
  of Obligations of Seller. Each and all of the
  covenants and agreements of Seller to be performed or complied with on or
  prior to the Closing shall have been fully performed and complied, and Seller
  shall have delivered to Purchaser a certificate confirming the foregoing as
  of the Closing Date, as specified in Section 4.2.3.                                                                                 
| |      |                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |      | 9.2.3.                                                                                                                                                                                                                       | Documents.
  All documents required to be delivered by the Seller under Section 4.2 shall
  have been delivered.                                                                                                                                                                                                                                                                                                                            
| |      |                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | 9.3. | Conditions to Obligations of Sellers. The
  obligations of the Seller to effect the Closing are subject to the
  satisfaction or waiver by Seller at or prior to the Closing Date of each of
  the following conditions:    
| |      |                                                                                                                                                                                                                             
| |      | 9.3.1.                                                                                                                                                                                                                       | Representations
  and Warranties. The representations and warranties
  of Purchaser set forth in Section 6 shall be true and correct in all material
  respects as of the date of this Agreement and as of the Closing Date with the
  same effect as though made on and as of the Closing Date, and Purchaser shall
  have delivered to Sellers a certificate signed by an authorized officer of
  Purchaser as specified in Section 4.3.2.
| |      |                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |      | 9.3.2.                                                                                                                                                                                                                       | Performance
  of Obligations of Purchaser. Each and all of the
  covenants and agreements of Purchaser to be performed or complied with on or
  prior to the Closing shall have been fully performed and complied, and
  Purchaser shall have delivered to Seller a certificate signed by an executive
  officer of Purchaser confirming the foregoing as of the Closing Date, as
  specified in Section 4.3.2.                             
| |      |                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |      | 9.3.3.                                                                                                                                                                                                                       | Documents.
  All documents required to be delivered by Purchaser under Section 4.3 shall
  have been delivered.                                                                                                                                                                                                                                                                                                                             

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|    |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | ---------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10. | INDEMNIFICATION.
|    |                 
|    | 10.1.            | Either Party
  (the Indemnifying Party) shall
  indemnify defend and hold harmless the other party and its respective
  employees, directors shareholders and officers (collectively, the Indemnitees) from and against,
and pay
  or reimburse, as the case may be, the Indemnitees for, any and all Damages as
  actually incurred or suffered by the Indemnitees directly or indirectly based
  upon, arising out of or otherwise in any way relating to or in respect of:
|    |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                  | 10.1.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | any breach
  of any representation or warranty made by the Indemnifying Party hereunder;     
|    |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                              
|    |                  | 10.1.2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | any breach
  or violation of any covenant or agreement of the Indemnifying Party
  hereunder;
|    |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                              
|    | 10.2.            | Procedure for Indemnification.                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                  | 10.2.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Third Party
  Claims,                                                                        
|    |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                              
|    |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 10.2.1.1.                                                                                     | Notice. If a claim or a demand is made against an Indemnitee, or an Indemnitee shall
otherwise learn of an assertion, by any person, who is not a party to this
Agreement (and who is not an Affiliate of a Party to this Agreement) (a Third Party Claim) as to
which the
Indemnifying Party may be obligated to provide indemnification pursuant to
this Agreement, such Indemnitee will notify the Indemnifying Party in
writing, and in reasonable detail, of the Third Party Claim reasonably
promptly after becoming aware of such Third Party Claim, provided, however,that failure to give any such notification will not affect the
indemnification provided hereunder except to the extent the Indemnifying
Party shall have demonstrated that it has been actually prejudiced as a
result of such failure and to such extent.

10

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|Ampal-RSUO |  | Sale and Purchase of RSUO/RSMH Shares

| |  |  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  |  | --------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  | 10.2.1.2. | Assumption
of Defense by Indemnifying Party.If a Third Party
Claim is made against an Indemnitee and the Indemnifying Party agrees to
indemnify the Indemnitee therefor, the Indemnifying Party will be entitled to
assume the defense thereof (at the expense of the Indemnifying Party) with
counsel selected by the Indemnifying Party and reasonably satisfactory to the
Indemnitee. Should the Indemnifying Party so elect to assume the defense of a
Third Party Claim, the Indemnifying Party will not be liable to the
Indemnitee for any legal or other expenses subsequently incurred by the
Indemnitee in connection with the defense thereof as long as the Indemnifying
Party diligently conducts such defense; provided that,if in the Indemnitees
reasonable judgment a conflict of interest exists in respect of such claim,
such Indemnitee will have the right to employ separate counsel to represent
such Indemnitee and in that event the reasonable fees and expenses of such
separate counsel will be paid by the Indemnifying Party.

11

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| |  |  |           |                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  |  | --------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  | 10.2.1.3. | Indemnitees
Participation in the Defense. If the Indemnifying
Party assumes the defense of any such Third Party Claim, each Indemnitee
will have the right to participate in the defense thereof and to employ
counsel, at its own expense, separate from the counsel employed by the
Indemnifying Party.                                                                                                                   
| |  |  |           |                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  |  | 10.2.1.4. | Failure of
Indemnifying Party to assume defense. The
Indemnifying Party will be liable for the reasonable fees and expenses of
counsel employed by the Indemnitees for any period during which the
Indemnifying Party has failed to assume the defense thereof or if it does not
expressly elect to assume the defense thereof (including the agreement by the
Indemnifying Party to indemnify the Indemnitees as aforesaid).

12

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|---------- |  | -------------------------------------
|Ampal-RSUO |  | Sale and Purchase of RSUO/RSMH Shares

| |  |  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |  |  | --------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  | 10.2.1.5. | Information. If the Indemnifying Party assumes the defense of any such Third Party Claim,
the Indemnifying Party will promptly supply to the Indemnitee copies of all
correspondence and documents relating to or in connection with such Third
Party Claim and keep the Indemnitee fully informed of all developments
relating to or in connection with such Third Party Claim (including, without
limitation, providing to the Indemnitee on request updates and summaries as
to the status thereof). If the Indemnifying Party chooses to defend a Third Party
Claim, all the Indemnitees will reasonably cooperate with the Indemnifying
Party in the defense thereof if requested by the Indemnifying Party (such
cooperation to be at the expense, including reasonable legal fees and
expenses, of the Indemnifying Party).                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |  |  |           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |  |  | 10.2.1.6. | Settlement,
Compromise or Discharge. No Indemnifying Party will
consent to any settlement, compromise or discharge (including the consent to
entry of any judgment) of any Third Party Claim without the Indemnitees
prior written consent, which will not be unreasonably withheld; provided,
thatif the Indemnifying Party agrees to indemnify the Indemnitee for a Third
Party Claim, the Indemnitee will agree to any settlement, compromise or
discharge of such Third Party Claim which the Indemnifying Party may
recommend that unconditionally and irrevocably releases the Indemnitee
(pursuant to a release which is reasonably satisfactory to the Indemnitee)
completely from all Liability in connection with such Third Party Claim,
provided, however,that the Indemnitee may refuse to agree to any such
settlement, compromise or discharge that provides for injunctive or other
non-monetary relief affecting the Indemnitee. If the Indemnifying Party
agrees to indemnify the Indemnitee for a Third Party Claim, the Indemnitee
will not (unless required by law) admit any liability with respect to, or
settle, compromise or discharge, such Third Party Claim without the
Indemnifying Partys prior written consent (which consent will not be
unreasonably withheld).

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|           |  |                                      
|---------- |  | -------------------------------------
|Ampal-RSUO |  | Sale and Purchase of RSUO/RSMH Shares

| |  |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 
| |  | ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
| |  | 10.2.2. | Partys
  Claims.
  Any claim on account of Damages which does not involve a Third Party Claim
  shall be asserted by written notice given by the Indemnitee to the
  Indemnifying Party. The failure by any Indemnitee so to notify the
  Indemnifying Party will not relieve the Indemnifying Party from any liability
  which it may have to such Indemnitee under this Agreement, except to the
  extent that the Indemnifying Party shall have demonstrated that it has been
  actually prejudiced as a result of such failure and to such extent.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |  | 10.2.3. | Failure to
  dispute obligation to indemnify. If the Indemnifying
  Party does not notify the Indemnitee prior to the expiration of a
  30-calendar-day period following its receipt of such notice that the
  Indemnifying Party disputes its liability to the Indemnitee under this
  Agreement, such claim specified by the Indemnitee in such notice will be
  conclusively deemed a liability of the Indemnifying Party under this Agreement
  and the Indemnifying Party shall pay the amount of Damages subject to such
  claim to the Indemnitee on demand or, in the case of any notice in which the
  amount of the Damages subject to such claim (or any portion thereof) is
  estimated, on such later date when the amount of such claim (or such portion
  thereof) becomes finally determined. If the Indemnifying Party has timely
  disputed its liability with respect to such Damages subject to such claim, as
  provided above, the Indemnifying Party and the Indemnitee will proceed in
  good faith to negotiate a resolution of such dispute and, if not resolved
  through negotiations by the 90th day after notice of such claim was given to
  the Indemnifying Party, the Indemnifying Party and the Indemnitee will be
  free to pursue such remedies as may be available under this Agreement or
  applicable law.

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|           |  |                                      
|---------- |  | -------------------------------------
|Ampal-RSUO |  | Sale and Purchase of RSUO/RSMH Shares

|    |             |                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 
|--- | ----------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|11. | TERMINATION
|    |            
|    | 11.1.       | Right to Terminate. Without derogating
  from the parties rights under any applicable law, this Agreement may be
  terminated at any time prior to the Closing as follows:
|    |             |                                                                                                                                                                            
|    |             | 11.1.1.                                                                                                                                                                     | by consent
  in writing of all parties hereto; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |             |                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |             | 11.1.2.                                                                                                                                                                     | notwithstanding
any other term of this Agreement, by any party, if the Closing and payment of
the full Purchase Price does not take place for a reason which is not
attributable to such party until the date which is 60 days after the date
hereof, (the Drop Dead Date),
provided, however,that (i)Purchaser
may not terminate the Agreement under this Section 11.1.2 if the closing
conditions under Section 9.2 are satisfied but the Closing does not take
place because of failure by Purchaser to fulfill any of the conditions set
forth in Section 9.3, and (ii)a
Seller may not terminate the Agreement under this Section 11.1.2 if the
closing conditions under Section 9.3 are satisfied but the Closing does not
take place because of failure by such Seller to fulfill any of the conditions
set forth in Section 9.2; or
|    |             |                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |             | 11.1.3.                                                                                                                                                                     | by written
  notice by the Purchaser to the Seller or by the Seller to the Purchaser, if
  there shall be any law that makes consummation of the transaction
  contemplated hereby illegal or otherwise prohibited or if any court of
  competent jurisdiction or other governmental authority shall have issued an
  order, decree or ruling or taken any other action permanently restraining,
  enjoining or otherwise prohibiting the consummation of such transaction, and
  such order, decree, ruling or other action shall not be subject to appeal or
  shall have become final and unappealable; or                                                                                                                                                                                                                                

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|           |  |                                      
|---------- |  | -------------------------------------
|Ampal-RSUO |  | Sale and Purchase of RSUO/RSMH Shares

|    |                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                         | 
|--- | ------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|    |                                       | 11.1.4.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | by written
  notice by the Purchaser to the Seller, if there shall have been a material
  breach of any representation, warranty, covenant or agreement on the part of
  the Seller set forth in this Agreement, or if prior to the Closing Date any
  representation or warranty of the Seller set forth in this Agreement shall
  have become untrue.
|    |                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                        
|    | 11.2.                                 | Effect of
  Termination. In the event of the
  termination of this Agreement pursuant to Section 11.1, this Agreement
  shall thereafter become void and have no effect, without any liability on the
  part of any party in respect thereof, except that nothing herein will relieve
  any party from Liability for any breach of any representation, warranty,
  covenant or agreement in this Agreement that were due to be performed prior
  to the termination hereof.                                                                                                                                                                                                                     
|    |                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|12. | NOTICES                              
|    |                                      
|    | 12.1.                                 | All notices
  required to be sent hereunder shall be in writing and delivered by hand, fax,
  registered mail or overnight courier and shall be deemed to have been given (a) upon three (3) Business
Days
  following the date on which they were mailed by registered mail return,
  receipt requested, (b)upon
  one Business Day following the dispatch by a recognized overnight courier, or
  (c)upon one Business Day
  following a delivery by fax or hand, receipt acknowledged, all to the address
  specified hereinabove for the party receiving the notice. For purposes of
  this Agreement a Business Day
  is a day in which banks, generally, are open for business in Israel
|    |                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | 12.2.                                 | For purposes
  of this Agreement, the addresses of the parties shall be as follows, unless
  otherwise notified in writing by a party:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | If to
  Purchaser:                   
|    |                                      
|    | Red Sea
  Underwater Observatory Ltd.
|    |                                      
|    | 16 Abba
  Hillel Silver Rd.          
|    |                                      
|    | Ramat-Gan
  52506, Israel            
|    |                                      
|    | Attention:     Miki
  Gur            
|    |                                      
|    | Facsimile:     +972-3-576
  24 95    
|    |                                      
|    | If to Seller:                        
|    |                                      
|    | Ampal
  American-Israel Corporation  
|    |                                      
|    | 111
  Arlozorov St.                  
|    |                                      
|    | Tel Aviv,
  Israel                   
|    |                                      
|    | Attention:     Mr.
  Yoram Firon     
|    |                                      
|    | Facsimile:     +971-3-608 01 01      

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|Ampal-RSUO |  | Sale and Purchase of RSUO/RSMH Shares

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  | 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|13. | GOVERNING LAW; EXCLUSIVE JURISDICTION.                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | This
  Agreement is subject to and shall be governed by and interpreted in
  accordance with the laws of the State of Israel, without giving effect to its
  relevant choice of law provisions, and each of the parties submits itself to
  the sole and exclusive jurisdiction of the courts of Tel-Aviv-Jaffa and
  waives to the fullest extent it may do so any objection which it may now or
  hereafter have to the laying of venue as aforesaid.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|14. | MISCELLENOUS                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | 14.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Entire Agreement, Amendment. This
  Agreement constitutes the entire agreement between the parties with respect
  to the subject matter hereof and this Agreement, supersede all prior
  negotiations, agreements and understandings of the parties of any nature,
  whether oral or written, relating thereto. This Agreement may not be amended,
  modified or supplemented except by a written agreement executed by both
  parties hereto.                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | 14.2.                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Enforceability. If any provision of this
Agreement is held by a court of competent jurisdiction to be unenforceable
under applicable law, then such provision shall be excluded from this
Agreement and the remainder of this Agreement shall be interpreted as if such
provision were so excluded and shall be enforceable in accordance with its
terms; provided, however,that in such event this Agreement shall be interpreted
so as to give effect, to the greatest extent consistent with and permitted by
applicable law, to the meaning and intention of the excluded provision as
determined by such court of competent jurisdiction.                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | 14.3.                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Assignment.
No party to this Agreement will convey, assign or otherwise transfer any of
its rights or obligations under this Agreement without the prior written
consent of the other party, exceptto any Affiliate of such party or to any
successor to all or any portion of its business. No assignment of this
Agreement will relieve the assigning party of its obligations hereunder.
Notwithstanding the above, Seller undertakes not the transfer the Purchased
Shares from the date of execution of this agreement and until the Drop Dead
Date.                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    | 14.4.                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Waiver; Remedies. No failure or delay on the
  part of either party in exercising any right, power or privilege hereunder
  will operate as a waiver thereof, nor will any waiver on the part of either
  party of any right, power or privilege hereunder operate as a waiver of any
  other right, power or privilege hereunder, nor will any single or partial
  exercise of any right, power or privilege thereunder preclude any other or
  further exercise thereof or the exercise of any other right, power or
  privilege under this Agreement. The rights and remedies herein provided are
  cumulative and are not exclusive of any rights or remedies which the parties
  may otherwise have at law or in equity.

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|Ampal-RSUO |  | Sale and Purchase of RSUO/RSMH Shares

| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  | 
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
| | 14.5. | Fees and Expenses. Each of the Parties hereto
  shall bear the expenses incurred by it relating to the transactions contemplated
  by this Agreement, including without limitation fees and expenses of counsel.                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | 14.6. | Counterparts.
  This Agreement may be executed in separate counterparts, each such
  counterpart being deemed to be an original instrument, and all such
  counterparts will together constitute the same agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | 14.7. | Interpretation. Unless the context
  otherwise requires, words denoting the singular number only shall include the
  plural and vice versa. The headings in this Agreement are inserted for
  convenience only and shall not affect the construction thereof. References
  herein to recitals, sections and exhibits refer to recitals, sections and
  exhibits of this Agreement unless otherwise stated. The recitals, exhibits
  and schedules form part of this Agreement and shall have the same force and
  effect as if expressly set out in the body of this Agreement, and any
  reference to this Agreement shall include the exhibits and schedules hereto.

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IN WITNESS
WHEREOF, the parties have caused this Agreement to be signed by its duly
authorized representatives as of the date first above written.

|                                   |                                    
|---------------------------------- | -----------------------------------
|
|
|
|
|Ampal American Israel Corporation  | Red Sea Underwater Observatory Ltd.
|                                  
|By: /s/ Jack Bigio /s/ Yoram Firon | By: /s/ Benjamin Kahn /s/ Miki Gur 
|                                  
|Name: Jack Bigio, Yoram Firon      | Name: Benjamin Kahn, Miki Gur      
|                                  
|Title: CEO, VP                     | Title:                             

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