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Exhibit 10.ee

SHARE PURCHASE
AGREEMENT Made
and signed as of the 20thday of November, 2007

# By and Between

Netherlands Industrial Chemical
Enterprises B.V., a private company with limited liability under the laws of the
Netherlands, with corporate seat in Amsterdam, and address at 3606 AK Maarssen,
Planetenbaan 108, (N.I.C.E.), on the one part

#  And 

Merhav Ampal Energy Ltd. a company,
duly incorporated and validly existing under the laws of the State of Israel,
having its registered office at 111 Arlozorov St. Tel-Aviv, Israel, or any other
company fully owned by Ampal-American Israel Corporation (Ampal), on the second part,

WhereasN.I.C.E. is the controlling shareholder of Gadot Chemical Tankers And Terminals Ltd.,
Reg. Number 520037037 (Gadot), a public company which shares are traded
in the Tel-Aviv Stock Exchange (TASE); and

Whereas
Ampal offered to N.I.C.E. to purchase from N.I.C.E. its entire holdings of Gadots
securities, in an as-is transaction outside the TASE, and N.I.C.E. has
accepted such offer, all subject to and in accordance with the terms and conditions set
forth in this Agreement;

NOW THEREFORE, the parties have
declared, stipulated and agreed as follows:

|1. | Definitions
|-- | -----------

| | In
this Agreement and in addition to the terms defined in the preamble to this Agreement or
elsewhere in this Agreement, the following terms shall have the meanings ascribed to them,
as follows:
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.1 | Affiliate shall
mean (a) with respect to any Person (other than an individual), a person that directly or
indirectly, through one or more intermediaries, controls, is controlled by, or is under
common control with, such person, where control means the possession,
directly or indirectly, of the power to direct or cause the direction of the management
policies of a Person, whether through the ownership of voting securities, by contract, as
trustee or executor, or otherwise and (b) with respect to any individual, any relative or
spouse of such Person, or any relative of such spouse, who has the same home as such
Person.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.2 | "Bank
Hapoalim" shall mean Bank Hapoalim BM Ltd.
| | --- | ------------------------------------------------



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| | 1.3 | "Bank
Hapoalim Pledge" shall mean a pledge in favor of Bank Hapoalim on the Pledged Shares.
| | --- | -------------------------------------------------------------------------------------------

| | 1.4 | "Bank
Hapoalim Trust Company" shall mean Poalim Trust Services Ltd.
| | --- | -------------------------------------------------------------------

| | 1.5 | "Business
Day" shall mean a day at which banks are open for business in Israel.
| | --- | -------------------------------------------------------------------------------

| | 1.6 | "Closing"
shall mean as defined in Section 6 below.
| | --- | ---------------------------------------------------

| | 1.7 | ConsiderationAmount shall
mean an amount of 348,147,000 NIS (three hundred and forty eight million and one hundred
forty seven thousand New Israeli Shekels).
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.8 | Governing
Documents shall mean certificate of incorporation, articles of association and
memorandum of association (if applicable), statutes and by-laws.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.9 | "Knowledge"
- actual knowledge based on written information received and without making an inquiry.
| | --- | ---------------------------------------------------------------------------------------------------

| | 1.10 | "Options"
shall mean Options (Series 1) of Gadot (TASE Security number 1088939).
| | ---- | --------------------------------------------------------------------------------

| | 1.11 | "Ordinary
Shares" shall mean Ordinary Shares of NIS 0. 1 Par Value of Gadot (TASE Security
number 1088921).
| | ---- | -----------------------------------------------------------------------------------------------------------

| | 1.12 | Person means
any individual, corporation, partnership, association, trust, unincorporated
organization, limited liability company, other entity or group.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.13 | Pledge shall
mean pledge, levy, charge, encumbrance, lien, security interest, first refusal right or
any other third party right.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------

| | 1.14 | Pledged
Shares shall mean 37,989,500 (thirty seven million, nine hundred eighty nine
thousand and five hundred) Ordinary Shares, pledged under the Bank Hapoalim Pledge and
registered in the name of Bank Hapoalim Trust Company.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.15 | Purchased
Securities shall mean 43,275,025 (forty three million, two hundred seventy five
thousand and twenty five) Ordinary Shares, comprised of 39,174,429 (thirty nine million,
one hundred seventy four thousand and four hundred twenty nine) Ordinary Shares, being
the entire Ordinary Shares held by N.I.C.E. at the date hereof plus 4,100,596 (four
million one hundred thousand and five hundred ninety six) Ordinary Shares to be obtained
by N.I.C.E. from the exercise of the Options pursuant to Section 2.1.3 below.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.16 | Real
Estate Pledge shall mean a pledge on the real estate known as block 7104,
parcel 90/42 in favor of Israel Discount Bank Ltd (Discount Bank), as
shown in the extract from the Land Registration Office (TABO), and the pledge
number 2 on Euro-Gama Properties Ltd., as shown in the extract from the Companies
Registrar, both attached as Annexes 1.16(1) and 1.16(2) respectively.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|2. | Representations
and Warranties of the Parties
|-- | ---------------------------------------------

| | 2.1. | N.I.C.E.
hereby represents, warrants and undertakes towards Ampal that as at the
               date hereof and the Closing hereunder:
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------

| | 2.1.1. | N.I.C.E.
is a company duly organized and validly existing under the laws of the
               Netherlands, and has full power and authority to enter into this Agreement
and                to carry out its obligations thereunder, and has taken all corporate
or other                action necessary for the authorization, execution, delivery, and
performance of                its obligations under this Agreement.
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.1.2. | Neither
the execution and delivery of this Agreement, nor compliance by N.I.C.E.
               with the terms and provisions hereof, conflicts or will conflict with, or
               results or will result in a breach or violation of, any of the terms,
conditions                and provisions of: (i) N.I.C.E.s Governing
Documents, (ii) any                judgment, order, injunction, decree, or ruling of
any court or governmental                authority, to which N.I.C.E. is subject, (iii) any
agreement, contract or                commitment to which N.I.C.E., or to the Knowledge
of N.I.C.E.- Gadot, is a party                or by which they are bound, including, but
not limited to any material note,                bond, mortgage, debenture, deed of
trust, license or lease, or                (iv) applicable law.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.1.3. | At
the date hereof N.I.C.E. holds 39,174,429 Ordinary Shares and 4,100,596
               Options, out of which the Pledged Shares are registered in the name of
Bank                Hapoalim Trust Company as security for payment of its debts to Bank
Hapoalim.                Until Closing hereunder N.I.C.E. shall exercise all Options.
Certified copies of                the share certificates, as well as Gadots
shareholders register and                options register, will be provided to
Ampal as soon as possible following                signature hereof and not later than 5
(five) Business days before Closing.
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.1.4. | At
Closing, the Purchased Securities, shall represent approximately63.66% of the
issued share capital of Gadot (on fully diluted basis), shall                be the
entire holdings of N.I.C.E. in Gadot, and except for the Purchased
               Securities (and as set forth in Section 10.1 below) N.I.C.E. does not and
will                not hold any other securities in Gadot or in any Affiliate thereof.
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.1.5. | N.I.C.E.
has sole legal and beneficial title to the Purchased Securities and                except
for the Bank Hapoalim Pledge and the registration of the Pledged Shares                in
the name of Bank Hapoalim Trust Company, as specified in Section 2.1.3 above,
               they are free and clear from any Pledge, and at the Closing, they shall be
               transferred to Ampal, free and clear of any Pledge.
| | ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | 2.1.6. | All
of the Purchased Securities have been duly authorized, validly issued are
               fully paid up to the date of this Agreement, nonassessable and free of
               preemptive rights and rights of first refusal, offer or similar rights.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.1.7. | Except
for the need to obtain the Approvals as set forth in Section 5 below, no
               consent, approval, permit or, action by any governmental authority on the
part                of N.I.C.E. or to the Knowledge of NICE Gadot is required that has
not been, or                will not have been, obtained by N.I.C.E. or Gadot prior to
the Closing in                connection with the sale of the Purchased Securities
hereunder.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.1.8. | N.I.C.E.
is not aware that Gadot has received any communication from the Israeli
               Securities Authority (ISA) or TASE alleging non
compliance by                Gadot with its obligations as a company whose shares are
traded on the TASE.
| | ------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.1.9. | It
has not been brought to N.I.C.E.s attention that (i) the quarterly
               financial reports of Gadot for the period of 6 months ending on June
               30th, 2007, and the annual financial reports of Gadot for
December                31st, 2006 are incorrect in any material respect; or
that (ii) any                periodic reports or immediate notices filed by Gadot with
the ISA or with TASE                contains any misleading item (as such
term is defined in the Israeli                Securities Law of 1968).
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.1.10. | N.I.C.E.
requested Gadot to provide to Ampal all documents and information                relating
to Gadot and to the Purchased Securities.
| | ------- | --------------------------------------------------------------------------------------------------------------------------------------------

| | 2.1.11. | N.I.C.E.
is not aware of any facts or circumstances, which would cause the
               representations and warranties of N.I.C.E. contained in this Agreement to
be                untrue.
| | ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.2. | Ampal
hereby represents and undertakes towards N.I.C.E. as follows:
| | ---- | -------------------------------------------------------------------

| | 2.2.1. | Ampal
has full power and authority to enter into this Agreement and to carry out
               its respective obligations thereunder, and has taken all corporate or
other                action necessary for the authorization, execution, delivery, and
performance of                its obligations under this Agreement.
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.2.2. | Neither
the execution and delivery of this Agreement, nor compliance by Ampal                with
the terms and provisions hereof, will conflict with, or result in a breach
               or violation of, any of the terms, conditions and provisions of:
               (i) Ampals Governing Documents, (ii) any judgment, order,
               injunction, decree, or ruling of any court or governmental authority, to
which                Ampal is subject, (iii) any agreement, contract or commitment
to which                Ampal is a party or by which it is bound, or (iv) applicable
law.
| | ------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.2.3. | As
at the Closing, Ampal shall have sufficient cash on hand to pay all amounts
               which are payable by it to N.I.C.E. under this Agreement.
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------



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| | 2.2.4. | Except
for the need to obtain the Approvals as set forth in Section 5 below, no
               consent, approval, permit or, action by any governmental authority on the
part                of Ampal is required that has not been, or will not have been,
obtained by Ampal                prior to the Closing in connection with the valid
execution, delivery and                performance of this Agreement and the purchase of
the Purchased Securities                hereunder.
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.2.5. | Ampal
has conducted extensive financial, legal and business due diligence of
               Gadot, and is purchasing the Purchased Securities as is and
with no                representation or warranty from N.I.C.E. of any kind or nature in
relation to                Gadot, except as provided herein; and by its signature
hereunder and subject to                the correctness of N.I.C.Es representations
and warranties set forth in                Section 2.1 above, Ampal irrevocably and
unconditionally waives any and all                demands, contents or claims against
N.I.C.E. in relation to Gadot and the                Purchased Securities.
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.3. | The
representations and warranties contained in Sections 2.1.7.  2.1.11
               (inclusive) herein shall survive the Closing for a period of 3 months
after the                filing of the audited annual financial reports for December 31st,
               2008.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | Certain
Covenants
|-- | -----------------

| | During
the period between the execution of this Agreement and the Closing:
| | --------------------------------------------------------------------------

| | 3.1. | Covenants
of N.I.C.E.
| | ---- | ---------------------

| | N.I.C.E.
          shall:
| | -------------------------

| | 3.1.1. | not
take any action that would cause any of the representations and warranties           made
by it in this Agreement to fail to be true and correct on and as of the           Closing
Date with the same force and effect as if such representations and           warranties
had been made on and as of the Closing Date;
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.1.2. | request
Gadot to update the representatives of Ampal on a regular basis           regarding
material operational developments and the ongoing operations and           activities of
Gadot and any Affiliate thereof, including but not limited to any           litigation,
relating to or involving or otherwise affecting Gadot or any such           Affiliate and
to the VLS Transaction.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.1.3. | vote
all of its shares of Gadot to procure that Gadot and any Affiliate thereof
          continues to conduct its business and operations in the ordinary course and in
          accordance with past practice;
| | ------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | 3.1.4. | vote
all of its shares of Gadot against: (i) disposal of or agreement for the
          disposal of (or the granting of any option in respect of) any material part of
          its assets or create any Pledge on any material part of Gadots and any of
          its Affiliates assets; except in the ordinary course of business as such
          business is being carried out as at the date hereof and as required to meet
          existing obligations (ii) the issuance or sale of any shares, stock, options or
          other securities or the seeking, negotiation or agreement to any investment,
          direct or indirect, in the equity of Gadot and of any Affiliate thereof other
          than in the ordinary course of business and as required to meet existing
          obligations; (iii) the entering into any financing agreement or the incurrence
          of any material indebtedness other than in the ordinary course of business and
          as required to meet existing obligations including as required for the purposes
          of carrying out the VLS Transaction and the exercise of options for acquiring
          new chemical tankers; (iv) the entering into (or the amendment or the
          termination of material terms of any existing) agreement with a related party;
          (v) the amendment of the Gadot or any of its Affiliates Governing
          Documents (except as required in relation to the management change in BAX);
(vi)           the payment of any dividend or any other kind of distribution to
shareholders;           (vii) the payment of any material fee, bonus, stipend, or other
special           compensation to any party other than in the ordinary course of business
and as           required to meet existing obligations;  (viii)  the
merger with           or into another entity other than the VLS transaction; (ix) the
winding-up or           liquidation of Gadot or any Affiliate thereof or (x) an agreement
or undertaking           to do any of the above;
| | ------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.1.5. | not
sell, transfer, assign or otherwise dispose of any interest in any of the
          Purchased Securities or grant any option over or create or allow to exist any
          Pledge over the Purchased Securities or any of them, other than as contemplated
          in Section 2.1.3 above;
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.1.6. | take
all necessary actions required to obtain no later than three (3) Business           Days
before the Closing, Bank Hapoalims approval that against payment to           Bank
Hapoalim of the amount stated in such notice it shall release the Bank           Hapoalim
Pledge (Bank Hapoalim ReleaseNotice).
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.1.7. | take
all necessary actions required to obtain no later than three (3) Business           Days
before the Closing, Discount Bank approval that it shall release the Real
          Estate Pledge (RealEstate Pledge Release Notice).
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.2. | Covenants
of Each Party.
| | ---- | ------------------------

| | 3.2.1. | The
parties hereto shall use their reasonable best efforts to cause the
          transactions contemplated by this Agreement to be consummated as soon as
          possible following signature hereof. Each party hereto, at the reasonable
          request of the other party hereto, shall execute and deliver such other
          instruments and do and perform such other acts and things as may be necessary
          for effecting completely the consummation of this Agreement and the
transactions           contemplated hereby.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.2.2. | None
of the parties hereto will take any action, which results in any of the
          representations and warranties made by such party pursuant to Section 2.1 and
          2.2 hereinabove, as the case may be, becoming untrue or inaccurate in any
          material respect.
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | 3.3. | Notification
of Certain Matters.
| | ---- | --------------------------------

| | 3.3.1. | N.I.C.E.
shall give prompt notice to Ampal, and Ampal shall give prompt notice           to
N.I.C.E., of the occurrence or non-occurrence of any event which results in           any
representation and warranty contained in this Agreement being untrue or
          inaccurate in any material respect and any failure of N.I.C.E. or Ampal, as the
          case may be, to comply with or satisfy in any material respect any covenant,
          condition or agreement to be complied with or satisfied by it hereunder;
          provided, however, that the delivery of any notice pursuant to this Section
          3.3.1 shall not limit or otherwise affect the remedies available hereunder to
          the party receiving such notice.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.3.2 | N.I.C.E.
shall give prompt notice to Ampal and Ampal shall give prompt notice to N.I.C.E. of (i)
any notice or other communication from any person alleging that the approval or consent
of such person or Governmental Authority is or may be required in connection with this
Agreement or the transactions contemplated hereby, (ii) any notice or other communication
from any Governmental Authority in connection with this Agreement or the transactions
contemplated hereby, (iii) any litigation, relating to or involving or otherwise
affecting such party that relates to this Agreement, or (iv) any fact, event, change,
development, circumstance, condition or effect that is likely to delay or impede the
ability of such party to consummate the transactions contemplated by this Agreement;
provided, however, that the delivery of any notice pursuant to this Section 3.3.2 shall
not limit or otherwise affect the remedies available hereunder to the party receiving
such notice.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.3.3 | All
undertakings of N.I.C.E. and Ampal under Sections 3.3.1-3.3.2 above are limited to
events, facts, circumstances, etc. which are Known to them and which are not generally
known as part of the public domain.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | The
Transaction.
|-- | ----------------

| | 4.1. | Subject
to the terms and conditions set forth in this Agreement and against
               payment of the Consideration Amount, as at the Closing hereunder N.I.C.E.
shall                sell and transfer to Ampal, and Ampal shall purchase and acquire
from N.I.C.E.,                the Purchased Securities free any clear of any Pledge, in a
transaction outside                the TASE.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|5. | Conditions
Precedent
|-- | --------------------

| | 5.1. | The
obligations of the parties to consummate the transactions contemplated under
               this Agreement, are subject to the fulfillment at or before the Closing of
the                following conditions precedent:
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.1.1. | Obtaining
the approval, to the extent required, of the Restrictive Trade                Practices
Commissioner for the transactions contemplated hereunder.
| | ------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.1.2. | Obtaining
the approval of Bank Hapoalim for the change of control in Gadot                pursuant
to this Agreement.
| | ------ | ---------------------------------------------------------------------------------------------------------------------

| | (The
approvals specified in Sections 5.1.1-5.1.2 shall be collectively and separately referred
to as the Approvals).
| | ----------------------------------------------------------------------------------------------------------------------

| | 5.2. | The
parties shall cooperate and employ their best efforts in obtaining the
                    Approvals as soon as possible following signature hereunder, and with
respect to                     the approval specified in Section 5.1.1, the parties shall
cooperate and employ                     their best efforts in order to submit a request
therefor within 7 days of the                     signature hereunder.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.3. | If,
in spite of the parties best efforts under Section 5.2 above, the
                    Approvals shall not be obtained within 60 days from the date of
signature                     hereof, then in such event such period shall be extended
automatically by                     additional 30 days. If, in spite of the parties best
efforts under Section                     5.2 above, the Approvals shall not be obtained
within such additional 30 days,                     or a later date as may be agreed in
good faith between the parties, this                     Agreement shall terminate and
become null and void.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6. | Closing
|-- | -------

| | The
Closing of the transactions contemplated under this Agreement shall take place at the
offices of Yossi Avraham, Arad & Co. five (5) Business Days after the date in which
all Approvals shall have been obtained (the Closing and the
Closing Date, respectively). At the Closing the parties or their
authorized representatives shall perform the following actions, all of which shall be
deemed to have occurred simultaneously, and no action shall be deemed to have been
completed and no document or certificate shall be deemed to have been delivered, until all
actions are completed and all documents and certificates delivered.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.1. | N.I.C.E.
shall sell and transfer to Ampal the Purchased Securities, in a
               transaction outside the TASE, in the manner further contemplated in this
section                below.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.2. | Ampal
shall transfer to the bank account of N.I.C.E., designated by N.I.C.E. in
               writing prior to Closing, the Consideration Amount less the amount
referred to                in Section 6.5 below which will be transferred to N.I.C.E.s
account at                Bank Hapoalim designated in Bank Hapoalims Release
Notice.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | 6.3. | Bank
Hapoalim Trust Company and Ampal will sign a Share Transfer Deed, in the
               form attached hereto as Annex 6.3, for the transfer of the Pledged Shares
from                the name of Bank Hapoalim Trust Company to Ampal.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.4. | Bank
Hapoalim will deliver to Ampal a signed notice to the Registrar of Liens
               (Jerusalem office) with respect to the cancellation of the Bank Hapoalim
Pledge.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.5. | Ampal
shall transfer to the bank account of N.I.C.E., designated by N.I.C.E. in
               writing prior to Closing, the amount referred to in Bank Hapoalims
Release                Notice.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.6. | N.I.C.E.
and Ampal will sign a Share Transfer Deed, in the form attached hereto                as
Annex 6.6, for the transfer of all the Purchased Securities less the Pledged
               Shares from the name of N.I.C.E. to Ampal.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.7. | N.I.C.E.
will deliver to Ampal Real Estate Pledge cancellation Deeds/Notices,
               signed by Discount Bank addressed to the Land Registration Office
               (TABO) and to the Companies Registrar for the purpose of
               cancellation of the Real Estate Pledge.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.8. | N.I.C.E.
will deliver to Ampal (1) a confirmation from Gadots secretary                with
respect to the cancellation of the registration of the Purchased Securities
               in the name of Bank Hapoalim Trust Company and N.I.C.E. in Gadots
               shareholders register and the cancellation of the share certificates
in                the name of Bank Hapoalim Trust Company and N.I.C.E. with respect to
the                Purchased Securities, and (2) a new share certificate in the name of
Ampal                evidencing the purchase herein of the Purchased Securities, and (3)
an evidence                of the registration of the Purchased Securities in the name of
Ampal in                Gadots shareholders register.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.9. | N.I.C.E.
shall cause Gadot to convene a meeting of the Board of Directors of                Gadot (Board),
procure that a legal quorum is present, and                deliver to Ampal and Gadot the
following documents:
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.9.1. | resignation
notices of 3 members from the Board effective immediately.
| | ------ | ----------------------------------------------------------------------

| | 6.9.2. | a
resolution of the Board to appoint Mr. Yosef A. Maiman, Dr. Yossef Yerushalmi
               and Mrs. Irit Eluz, , as new members of the Board (Ampal
               Directors), such appointment effective immediately.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.9.3. | resignation
notices of the members of the Board, except for Messrs. Moshe                Johananoff
and Yehuda Cohen, the external directors and the Ampal Directors,
               effective immediately.
| | ------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.9.4. | a
resolution of the Board to appoint Messrs. Leo Malamud and Ofer Gilboa, as new
               members of the Board, such appointment effective immediately.
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | 6.10. | The
Parties shall deliver to each other the Approvals (as defined hereinabove),
               to the extent required by them to obtain.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------

| | 6.11. | Each
party shall deliver to the other party a certified copy of a resolution of
               its board of directors, approving the consummation of the transactions
               contemplated hereby including, without limitation (in the case of
N.I.C.E.), the                transfer of the ownership in the Purchased Securities to
Ampal.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7. | Post
Closing Covenants
|-- | ----------------------

| | 7.1. | Subject
to the provisions of the law, Ampal shall use all its voting power as
               controlling shareholder of Gadot to ensure that:
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------

| | 7.1.1. | Gadot
shall continue to maintain proper Directors and Officers insurance                (D&O
Insurance) covering the liability of all directors                and officers
of Gadot, including without limitation, those designated by                N.I.C.E, as
immediately prior to the Closing, until the expiry of the limitation
               period applying to their duties and liabilities associated with their
positions                as directors or officers of Gadot, as the case may be, in
amounts and at a scope                not inferior to that prevailing under the existing D&O
Insurance prior to                Closing.
| | ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7.1.2. | Gadot
shall respect all of its obligations towards all directors and officers of
               Gadot, including without limitation, those designated by N.I.C.E, as
immediately                prior to the Closing, under any indemnity undertaking or
agreement with such                directors or officers, in amounts and at a scope not
inferior to that prevailing                under the existing indemnity undertaking or
agreement prior to Closing.
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7.2. | Indemnification.
| | ---- | ----------------

| | 7.2.1. | Each
party shall indemnify (Indemnifying Party) the other
               party, its Affiliates and each of their respective officers, directors,
               employees, stockholders, agents and representatives (collectively, the
               Indemnitees), upon first written demand by each of the
               Indemnitees against and hold them harmless from any loss, liability,
deficiency,                damage, cost, or expense, or actions in respect thereof
(including reasonable                legal fees and expenses) (Loss)
suffered or incurred by any                such indemnified party (Indemnified
Party) arising from, in                connection with, relating to or
otherwise in respect of (i) any breach of any                representation and warranty
made by the Indemnifying Party in this Agreement or;                (ii) any breach of
any covenant of the Indemnifying Party in this Agreement.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | 7.2.2. | Other
Claims. In the event any Indemnified Party should have a claim                against
any Indemnifying Party under Section 7.2.1 being asserted against                or
sought to be collected from such Indemnified Party, the Indemnified Party
               shall deliver notice of such claim to the Indemnifying Party with
reasonable                promptness. The failure by any Indemnified Party so to notify
the Indemnifying                Party shall not relieve the Indemnifying Party from any
liability except to the                extent the Indemnifying Party has proved that it
has been prejudiced as a result                of such failure in which case the amount
of the indemnification due from the                Indemnifying Party shall be reduced by
the amount of direct damages proved by                the Indemnifying Party. If the
Indemnifying Party does not notify the                Indemnified Party within 30
Business Days following its receipt of such notice                that the Indemnifying
Party disputes its liability to the Indemnified Party                under Section 7.2.1,
such claim specified by the Indemnified Party in such                notice shall be
conclusively deemed a liability of the Indemnifying Party under                Section 7.2.1
and the Indemnifying Party shall pay the amount of such                liability to the
Indemnified Party on demand or, in the case of any notice in                which the
amount of the Loss (or any portion thereof) is estimated, on such                later
date when the amount of such Loss (or such portion thereof) becomes
               finally determined. If the Indemnifying Party has timely disputed its
liability                with respect to such claim, as provided above, the Indemnifying
Party and the                Indemnified Party shall resolve such dispute as follows: (i)
first, the parties                shall negotiate in good faith for a period of up to 15
Business Days to resolve                such dispute, then (ii) if the Indemnifying Party
and the Indemnified Party are                unable to reach an agreement, they shall
resolve such dispute in accordance with                Section 10.4 hereunder.
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8. | Confidentiality
and Stock Exchange Reports
|-- | ------------------------------------------

| | Without
derogating of Ampals confidentiality undertakings towards N.I.C.E. and Gadot
pursuant to the Non Disclosure Agreement signed between the parties dated September 24,
2007 (NDA), following the execution of this Agreement and prior to the
Closing, neither party shall provide any information to the press, make a public
disclosure or in any other way provide information to third parties about this Agreement
without the prior written consent of the other party, except in so far as such disclosure
is required by law or by TASE or other stock exchange or other applicable rules, in which
case the party required to disclose such information is obliged to consult in advance with
the other party and consult on the text of the public disclosure.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9. | Termination
|-- | -----------

| | This
Agreement may be terminated at any time prior to the Closing:
| | ------------------------------------------------------------------

| | 9.1. | by
the mutual written consent of Ampal, on the one hand, and N.I.C.E., on the
                    other hand;
| | ---- | -------------------------------------------------------------------------------------------------------------

| | 9.2. | by
either Ampal, or N.I.C.E., without liability on the part of the terminating
                    party for terminating this Agreement (provided that the terminating
party is not                     otherwise in default or in breach of this Agreement), if
N.I.C.E. or Ampal, as                     the case may be, shall (i) fail to perform in
any material respect its                     agreements contained herein required to be
performed prior to the Closing Date,                     or (ii) materially breach any of
its representations and warranties or covenants                     contained herein, and
such failure or breach (under sub sections (i) or (ii)                     above) is not
cured within 20 Business Days of delivery of written notice                     thereof.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Termination of this Agreement
pursuant to this Section 9 shall terminate all obligations of the parties hereunder,
except for the obligations under Section 10.3, 10.4 and 10.10; provided that termination
pursuant to Section  9.2  shall not relieve the defaulting or breaching party from any
liability to the other party hereto.



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|10. | Miscellaneous
|--- | -------------

| | 10.1. | Gadot
Storage & Handling Ltd. As at the closing hereunder, and
                    without additional consideration to the Consideration paid hereunder,
N.I.C.E.                     shall transfer to Ampal, and Ampal shall acquire from
N.I.C.E., all of                     N.I.C.E.s holdings in Gadot Storage & Handling
Ltd. (namely 1,000                     ordinary shares of NIS 1.0 par value each) free
and clear of any Pledge, by the                     parties executing a share transfer
deed in the form attached as Annex 10.1                     hereto.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10.2. | Additional
Actions. Without derogating from the other parties                    obligations
under this Agreement, each of the parties undertakes to sign all
                    documents and carry out all actions which signing or execution by the
parties                     are required to give effect to the provisions of this
Agreement and implement                     them.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10.3. | Taxes
and expenses. Except as otherwise expressly provided in this
                    Agreement, whether or not the transactions contemplated hereby are
consummated,                     each of the parties shall bear and pay the taxes and
levies imposed on it (if at                     all) under any law in relation with this
Agreement and the transactions                     contemplated therein. Transfer tax
payable (if at all) in respect of the                     transfer of the Purchased
Securities hereunder, under the Netherlands                     jurisdiction, shall be
borne and paid by N.I.C.E. It is clarified that payment                     of the
Consideration Amount is subject to withholding tax obligations Ampal is
                    subject to according to Israeli laws and regulations, unless and to
the extent                     that N.I.C.E shall provide Ampal with an exemption from
such withholding tax                     obligation.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10.4. | Law
& Jurisdiction. This Agreement will be governed by the laws of
                    the State of Israel. The competent courts of Tel-Aviv, Israel shall
jurisdiction                     in any matter pertaining to this Agreement.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10.5. | Entire
Agreement. This Agreement, including the all annexes
attached hereto constitutes the entire understanding of the parties
and except for the NDA supersedes all oral or written representations
or agreements, privileges or understandings between the parties.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10.6. | Amendments. No
modification or amendment of this Agreement may be                     made except in a
written instrument duly signed by all parties.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------

| | 10.7. | Waivers. A
waiver by a party of any of its rights under this Agreement                     shall not
be effective unless made by a written instrument duly signed by such
                    party, and shall not be deemed a waiver of any other right hereunder.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | 10.8. | Headings. The
headings of several sections in this Agreement are                     inserted only as a
matter of convenience, and shall not be taken into                     consideration in
the interpretation of this Agreement.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10.9. | Preamble
and Annexes. The preamble and annexes to this Agreement
                    shall constitute an integral part thereof.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------

| | 10.10. | Notices.
Any notice sent by one party to the others to the addresses set                     forth
in the preamble to this Agreement shall be considered as having reached
                    its destination, if it was delivered by hand, at the time of its
delivery; if it                     was sent by registered mail, within 3 Business Days
from the time it was so                     dispatched; and if it was sent by facsimile,
within 2 Business Days from the                     receipt of the confirmation of proper
transmission of the notice. Any notice to                     Ampal shall be sent with a
copy to Eldad Firon, Adv. and/or Raphael Melman,                     Adv., M. Firon & Co.,
16 Abba Hillel Silver Rd., Ramat-Gan 52506 Fax                     (+972)-3-7540011 and
any notice to N.I.C.E. shall be sent with a copy to Ehud                     Arad, Adv.,
Yossi Avraham, Arad & Co., 3 Daniel Frisch St., Tel-Aviv 64731
                    Fax. (+972)-3-6963801).
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

[SIGNATURES ARE ON THE
FOLLOWING PAGE]



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In
witness whereof the parties have set their signatures hereunto:


Netherlands Industrial Chemical Enterprises B.V.By: Mr. Moshe Johannanof
under specific proxy dated
October 25, 2007

I, the undersigned, Ehud Arad, Adv.,
as legal counsel to Netherlands Industrial Chemical Enterprises B.V., a private company
with limited liability under the laws of Netherlands with corporate seat in Amsterdam
(N.I.C.E.), hereby confirm that N.I.C.E. signed upon this Agreement
through its authorized signatory Mr. Moshe Johannanof , according to a resolution duly
adopted by N.I.C.E. and to its constituting documents and I further confirm that the above
signature is binding upon N.I.C.E. for every intent and purpose.

Ehud Arad, Adv.

Merhav Ampal Energy Ltd.By: Yosef
A. Maiman & Irit Eluz

I, the undersigned, Eldad Firon,
Adv., as legal counsel to Merhav Ampal Energy Ltd., co. no. 513754077 (Ampal),
hereby confirm that Ampal signed upon this Agreement through its authorized signatories
Mr. Yosef A. Maiman and Mrs. Irit Eluz, according to a resolution duly adopted by Ampal
and to its constituting documents and I further confirm that the above signatures are
binding upon Ampal for every intent and purpose.

Eldad Firon, Adv.



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