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Exhibit 4.5

Translation of Addendum to Lease Agreement

|Addendum to Lease Agreement dated June 27, 2000 
Made and signed in Yokneam on the 5th day ofMay, 2005.
|-------------------------------------------------------------------------------------------------------

|Between: | Ground
A.S. Ltd
|-------- | ---------------

| | Company No. 511096265 
20 Lincoln St., Tel-Aviv (Ground)
| | ----------------------------------------------------------

| | Shaarei Haeer Investment Company Ltd.
Company No. 511765380 
15 HaShdera HaMerchazit, Modiin, 71700 (Shaarei Haeer)
| | ---------------------------------------------------------------------------------------------------------------------

| | jointly and severally 
(Ground and Shaarei Haeer collectively referred to as Landlord)
| | ----------------------------------------------------------------------------------------

|And: | Kanyon
HaDrachim No. 1 Yokneam Ltd.
|---- | -----------------------------------

| | 20 Lincoln St., Tel-Aviv (Management Company)
| | -----------------------------------------------

|And: | Silicom
Ltd.
|---- | ------------

| | Company No. 520041120 
8 Hanagar St. P.O.B 2164, Kfar Sava, 44000 (Tenant)
| | ----------------------------------------------------------------------------

|Whereas | on
June 27, 2000 the Landlord  and Tenant  entered  into a Lease  Agreement  for the
                  Leased  Premises  located at Kanyon  HaDrachim  No. 1 Yokneam and an
 agreement  for                   management  services  provided by the Management
 Company (such agreements and their                   appendices collectively referred to
as the "Agreements");
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|And whereas | the
 parties  wish to extend the term of the lease set forth in the Lease  Agreement
                  in accordance with the terms set forth herein;
|----------- | -----------------------------------------------------------------------------------------------------------------------------------------------------

# Now therefore the
parties agree as follows:

|1. | The
preamble to this Addendum, and the provisions hereof, constitute an integral
               part of the Agreements.
|-- | -----------------------------------------------------------------------------------------------------------------------

|2. | The
term of the lease is extended from August 16, 2005 until August 15, 2006
               (the Extended Lease Period).
|-- | --------------------------------------------------------------------------------------------------------------------------

|3. | The
lease and management fees for the Extended Lease Period will remain
               unchanged and will be paid in accordance with the rate set forth in the
Lease                Agreement and Management Agreement and will be subject to the
linkage provisions                (dollar rate and Consumer Price Index) thereof and
shall include VAT.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | As
a condition to the extension of the lease, the Tenant shall provide the
               guarantees defined in Section 16 of the Lease Agreement, which shall be
extended                to cover the Extended Lease Period and the 60 day period
following the                expiration thereof. All security notes signed by guarantors
shall be replaced                with new security notes applying to the Extended Lease
Period, as may be                required.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|5. | Upon
the expiration of the Extended Lease Period the Tenant shall return the
               Leased Premises to the Landlord in accordance with the terms of the Lease
               Agreement.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6. | Nothing
in this Addendum shall be construed as amending any existing provision                of
the Lease Agreement and/or the Management Agreement and/or their appendices,
               unless specifically stated otherwise in this Addendum.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

In Witness whereof the parties have
signed this Addendum,

|/S/ Kanyon HaDrachim No. 1 Yokneam Ltd.
 Company No: 51-226902-6
Management Company | /S/ Silicom Ltd.
Tenant | /S/ Ground A.S. Ltd
  Company No.  51-1096265
Landlord
|------------------------------------------------------------------------------------------------- | ------------------------------------- | --------------------------------------------------------------------



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