Document:

Exhibit 10.2 

VOTING AGREEMENT AND WAIVER

 

THIS VOTING AGREEMENT AND WAIVER (this “Agreement”), dated as of August 31, 2006, is made
by and among Pharmos Corporation, a Nevada corporation (the “Company”) and the holders (the “Stockholders”) of certain shares of common stock, $0.03 par value per share
(“Common Stock”), of the Company listed on Schedule A hereto. 

 

WHEREAS, concurrently herewith, the Company and Lloyd I. Miller, III have entered into a letter
agreement settling a proxy dispute (the “Letter Agreement”), pursuant to which, among other things, Mr. Miller has agreed to vote or cause to be voted all shares of Common Stock owned
of record and/or beneficially by him and the Related Parties (as defined in the Letter Agreement) in favor of certain matters identified in the Letter Agreement; and

 

WHEREAS, each of the Stockholders owns of record and/or beneficially the number of outstanding shares
of Common Stock of the Company set forth opposite her, his or its name as “Owned Shares” on Schedule A attached hereto, and has voting power
over such additional number of outstanding shares of Common Stock of the Company set forth opposite her, his or its name as “Controlled Shares” on Schedule A
 hereto (collectively, the Owned Shares and Controlled Shares are referred to as “Shares”), and each Stockholder wishes to enter into this Agreement with respect to all of
such Shares and any additional shares of Common Stock of the Company hereafter acquired; and

 

WHEREAS, in order to induce the Company to enter into the Letter Agreement, the Company has requested
that the Stockholders, and the Stockholders have agreed to, enter into this Agreement;

 

NOW, THEREFORE, for good and valuable consideration, the receipt, sufficiency and adequacy of which are
hereby acknowledged, the parties hereto agree as follows:

 

	

             
 	

            1.
 	

            Voting Agreement; Irrevocable Grant of Proxy; Waiver.
 

 

Section 1.1.       Voting Agreement. During the term of this Agreement, each Stockholder hereby agrees to vote all the Shares and any other capital stock that such Stockholder becomes entitled
to vote (“Additional Shares”) in favor of (i) the approval of the issuance of shares of the Company’s Common Stock in connection with the Company’s proposed acquisition of Vela
Pharmaceuticals Inc. (the “Acquisition Proposal”); (ii) the election of the Company’s three nominees for Class III directors to serve for a three-year term until the 2009 annual
meeting of shareholders (the “Election”); and (iii) the ratification of the appointment of PriceWaterhouseCoopers LLP as the Company’s independent registered public accounting firm for
the fiscal year

ending December 31, 2006 (the “Ratification”; together with the Acquisition Proposal and the Election, the “Proposals”), at every meeting of shareholders of the Company, and at
every adjournment thereof (or by written consent in lieu of a meeting), at which such matters are submitted for the consideration and vote of the shareholders of the Company. 

Section 1.2.        Irrevocable Proxy. Simultaneously with the execution and delivery of this Agreement, each Stockholder is delivering to the Company a proxy, coupled with an interest, in the
form of Annex A hereto. 

	

             
 	

            2.
 	

            Representations and Warranties of Stockholders.
 

 

Each Stockholder severally represents and warrants to the Company that (i) such Stockholder is the
sole, true and lawful record and/or beneficial owner of such Stockholder’s Owned 

 

 

 

Shares listed on Schedule A hereto, such Owned Shares constitute all of
the securities of the Company owned by such Stockholder, including options or other rights to acquire securities of the Company, there are no restrictions on such Stockholder’s voting rights
with respect to such Shares and such Stockholder has the sole right to vote the shares, if any, listed as Controlled Shares on Schedule A hereto; (ii)
the execution, delivery and performance by such Stockholder of this Agreement do not and will not violate any statute, rule or regulation applicable to such Stockholder or injunction, order, decree,
or other instrument binding on such Stockholder; and (iii) this Agreement has been duly executed and delivered by such Stockholder and is the valid and binding agreement of such Stockholder,
enforceable

against such Stockholder in accordance with its terms, and if this Agreement is being executed in a representative or fiduciary capacity, the person signing this Agreement has full power and
authority to enter into and perform this Agreement.

	

             
 	

            3.
 	

            Covenants of Stockholders.

 

 

Each Stockholder, in its capacity as a shareholder of the Company, hereby covenants and agrees that
until the Proposals are submitted for the consideration and vote of the shareholders of the Company, such Stockholder shall not, without the prior written consent of the Company, directly or
indirectly (i) sell, assign, transfer, encumber or otherwise dispose of, or enter into any contract, option or other arrangement or understanding with respect to the direct or indirect sale,
assignment, transfer, encumbrance or other disposition of, any Shares or Additional Shares, or (ii) solicit any proxies from any other shareholder of the Company to vote in opposition to any of the
Proposals.

	

             
 	

            4.
 	

            Miscellaneous.
 

 

Section 4.1          Further Assurances. The Stockholders will each execute and deliver or cause to be executed and delivered all further documents and instruments and take all such
further action as may be reasonably necessary in order to consummate the transactions contemplated hereby.

Section 4.2         Specific Performance. The parties hereto agree and each Stockholder expressly acknowledges that the Company may be irreparably damaged if any Stockholder fails to
perform any of its obligations under this Agreement, and that the Company would not have any adequate remedy at law for money damages in such event. Accordingly, each Stockholder agrees that in the
case of the failure of any Stockholder to perform, the Company shall be entitled to specific performance and injunctive and other equitable relief to enforce the performance of this Agreement by each
Stockholder, and further agrees that any such specific performance and injunctive and/or other equitable relief, in addition to remedies at law or damages, is the appropriate remedy for any such
failure to

perform, and further agrees that such Stockholder will not seek, and agrees to waive any requirement for, the securing or posting of a bond in connection with the Company’s seeking or obtaining
such equitable relief. This provision is without prejudice to any other rights that the Company may have against any Stockholder for any failure to perform its obligations under this Agreement.

Section 4.3         Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly delivered on the date of receipt, if delivered by hand, two
(2) business days after it is sent by registered or certified mail, return receipt requested, postage prepaid, or one business day after it is sent by receipt – confirmed telecopy or via a
reputable nationwide overnight courier service for next business day delivery, if to the Company, at its address set forth below its signature hereto, together with a copy to Eilenberg & Krause
LLP, 11 East 44th Street, New York, NY 10017 (Attention: Adam Eilenberg); and if to a Stockholder, to such Stockholder at her, his or its address set forth on 
Schedule

A hereto, together with a copy to Andrews Kurth LLP, 600 Travis, Suite 4200, Houston, TX 77002-2910 (Attention: Melinda Brunger).

 

2

 

 

 

Section 4.4         Termination. This Agreement and the proxy(ies) granted in hereunder shall terminate upon the earlier to occur of (i) the submission by the Company to its
shareholders for a vote at a shareholders’ meeting of the Acquisition Proposal and the Election, and the shareholders’ actually voting thereon, or (ii) the date following the Company’s
next annual meeting of shareholders following the date hereof. Upon such termination, no party shall have any further obligations or liabilities hereunder, except that such termination shall not
relieve any party from liability for any breach of this Agreement prior to such termination.

Section 4.5         
Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, provided that
the Company may assign its rights and obligations to any affiliate of the Company and provided, further, that no Stockholder may assign, delegate or otherwise transfer any of its rights or
obligations under this Agreement without the consent of the Company.

Section 4.6          
Governing Law and Venue. THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN, AND IN ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEVADA APPLICABLE TO CONTRACTS TO BE PERFORMED WHOLLY IN SUCH STATE. The parties hereby irrevocably submit to the exclusive jurisdiction of the courts of the State of Nevada and the federal courts of
the United States of America located in the State of Nevada solely in respect of the interpretation and enforcement of the provisions of this Agreement and agree that mailing of process or other
papers in connection with any such action or proceeding in the manner provided in Section 4.3 or in such other manner as may be permitted by law, shall be valid and sufficient service thereof.

Section 4.7          
Entire Agreement; Amendment, Waiver. This Agreement supersedes all prior agreements, written or oral, between the parties hereto and contains the entire agreement between the parties
with respect to the subject matter hereof. This Agreement may not be amended, supplemented or modified except by an instrument in writing signed by the parties hereto. No waiver of any provision
hereof by any party shall be deemed a waiver of any other provision hereof by such party.

Section 4.8          
Severability. If any provision of this Agreement shall be held invalid or unenforceable by a court of competent jurisdiction, such provision shall be unenforceable only to the extent of
such invalidity or unenforceability, and the remainder of the provisions not held invalid or unenforceable, and the remainder of this Agreement, shall not be affected.

Section 4.9          
Third Party Beneficiary. The Stockholders acknowledge and agree that Vela Pharmaceuticals Inc. shall be a third party beneficiary of this Agreement to the extent it relates to the
Stockholders’ obligations to vote their Shares and Additional Shares in favor of the Acquisition Proposal. All other notices and other communications hereunder shall also be delivered to Vela
Pharmaceuticals Inc., 820 Bear Tavern Road, Suite 300, Ewing, New Jersey 08628 (Attention: President), with a copy to Drinker Biddle & Reath LLP, 105 College Road East, Princeton, New Jersey
08542 (Attention: John E. Stoddard III).

Section 4.10      Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were
upon the same instruments.

[Remainder of page intentionally blank; signature page follows.]

 

3

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day
and year first above written.

 

 

	

             
 	

            PHARMOS CORPORATION
 
	

             
 	

             

 
 
	

             
 	

            By:      s/ HAIM AVIV                    
          

Name:     Haim Aviv

Title:    Chairman and CEO
 
	

             
 	

             
 
	

             
 	

             
 	

             
 
	

             
 	

             
 
	

             
 	

             
 
	

             
 	

             
 
	

             
 	

             
 

 

 

4

 

 

 

VOTING AGREEMENT AND WAIVER 

 

STOCKHOLDER SIGNATURE PAGE

 

 

 s/ LLOYD I. MILLER, III                  

Lloyd I. Miller, III

 

5

 

 

 

VOTING AGREEMENT AND WAIVER 

 

STOCKHOLDER SIGNATURE PAGE

 

TRUST A-4 – LLOYD I. MILLER

 

	

            By:
 	

            PNC Bank, National Association
 

	

            Its:
 	

            Trustee
 

 

By: _____________________________

	

             
 	

            Name:
 

	

             
 	

            Title:
 

 

6

 

 

 

VOTING AGREEMENT AND WAIVER 

 

STOCKHOLDER SIGNATURE PAGE

 

MILFAM II L.P.

 

	

            By:
 	

            Milfam LLC
 

	

            Its:
 	

            General Partner
 

 

By:   s/ LLOYD I. MILLER, III        

	

             
 	

            Name:
 	

            Lloyd I. Miller, III
 

	

             
 	

            Title:
 	

            Manager
 

 

7

 

 

 

VOTING AGREEMENT AND WAIVER 

 

STOCKHOLDER SIGNATURE PAGE

 

MILFAM LLC 

 

By:     s/ LLOYD I. MILLER, III      

	

             
 	

            Name:
 	

            Lloyd I. Miller, III
 

	

             
 	

            Title:
 	

            Manager
 

8

 

 

 

Schedule A

 

 

 

	
      Stockholder 
 Name and Address 

 	
       
 	
      Owned
        Shares of 

        Common Stock  
 	
       
 	
       
 	
       
 	
      Controlled
        Shares of 

        Common Stock  
 	

             
 
	
      Lloyd I. Miller, III 
 	
       
 	
      10,000
 	
       
 	
       
 	
       
 	
      1,802,035
 	
       
 
	

            4550 Gordon Drive 
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 
	
      Naples, Florida 34102
 	
       
 	
       
 	
       
 	
       
 	
       
 	
       
 	
       
 
	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 
	

            Trust A-4
 	

             
 	

            352,178
 	

             
 	

             
 	

             
 	

            —
 	

             
 
	

            c/o Alan Goldman, VP 
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 
	

            PNC Bank, N.A.
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 
	

            500 PNC Center
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 
	

            201 East Fifth Street
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 
	

            Cincinnati, OH 45202
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 
	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 
	
      Milfam II L.P.
 	
       
 	
      1,449,857
 	
       
 	
       
 	
       
 	
      —
 	
       
 
	

            c/o Steve Hendrickson
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 
	

            Northern Trust Company
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 
	

            50 South Lasalle Street 
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 
	

            Chicago, IL 60675
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 
	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 
	

            Milfam LLC
 	

             
 	

             
 	

             
 	

             
 	

             
 	

            1,449,857
 	

             
 
	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 	

             
 

 

9

 

 

Annex A

 

PROXY

 

The undersigned, for consideration received, hereby appoints Haim Aviv and Alan L. Rubino,  and each
of them, as attorneys and proxies of the undersigned, with full power of substitution, to vote all shares of capital stock owned or later acquired by the undersigned, and all shares that the
undersigned is or becomes entitled to vote pursuant to contract, trust, deed or otherwise, at every meeting of shareholders of Pharmos Corporation, a Nevada corporation (“Company”), and at
every adjournment thereof (and by written consent in lieu of a meeting if any such matters are submitted for the consideration and vote of shareholders of the Company thereby), to be held for the
purpose of voting upon (i) a proposal to approve the issuance of shares of Common Stock in connection with the proposed acquisition of Vela Pharmaceuticals, Inc., (ii) the election of three Class III
directors of

the Company such directors to serve for a three-year term until the 2009 annual meeting of shareholders, and (iii) the ratification of the appointment of PriceWaterhouseCoopers LLP as the independent
registered public accounting firm of the Company for the fiscal year ending December 31, 2006. 

 

This proxy is coupled with an interest, revokes all prior proxies granted by the undersigned with
respect to such shares, is irrevocable and shall terminate and be of no further force or effect automatically at such time as the Voting Agreement and Waiver dated as of August 31, 2006 between the
undersigned and the Company, a copy of which is annexed hereto, terminates in accordance with its terms.

 

Dated:  August 31, 2006

 

	

             

 
 
	

             

[Name of Stockholder]S-8

Exhibit 4.5  

PARTNER COMMUNICATIONS
COMPANY LTD. 

2004 SHARE OPTION PLAN 

	1.  	Purpose  

	 	
This
Partner Communications Company Ltd. 2004 Share Option Plan, as amended from time to time,
(the “Plan”) is intended to promote the interests of Partner Communications
Company Ltd. (the “Company”) and its shareholders by providing employees,
officers and advisors of the Company with appropriate incentives and rewards to encourage
them to enter into and continue in the employ of or service to the Company and to acquire
a proprietary interest in the long-term success of the Company. It is clarified that
unless otherwise determined by the Committee (as defined below) and stated in the Grant
Instrument (as defined below) to a Participant (as defined below), a Participant is not
required to achieve any performance targets before the exercise of an Option granted to
him. The Plan is designed to enable employees and officers of the Company to benefit from
the provisions of Section 102 of the Israeli Income Tax Ordinance [New Version], 1961, as
amended, and any regulations, rules, orders or procedures promulgated thereunder. 

	2.  	Definitions  

	 	
As
used in the Plan, the following definitions shall apply to the terms indicated below:  

	 	"Affiliate"	 means any  "employing  company"  within the meaning of Section 102(a) of the
Ordinance.

	 	"Approved

 102 Option"
	  
means an Option  granted  pursuant to Section  102(b) of the  Ordinance  and
held in trust by a Trustee for the benefit of the Participant.

	 	 "Capital Gain

 Option (CGO)" 	 
means an  Approved  102 Option  elected  and  designated  by the  Company to
qualify  under  the  capital  gain  tax  treatment  in  accordance  with the
provisions of Section 102(b)(2) of the Ordinance.

	 	"Cause"
	 when used in connection  with the  termination of a  Participant's  employment or service
             by the  Company,  shall mean (a) the  willful and  continued  failure by the
             Participant  to  perform  his  duties  (including  the  duty of care and the
             fiduciary  duty as set forth in the Companies  Law) and  obligations  to the
             Company  (other  than  any  such  failure   resulting  from   Retirement  or
             Disability,  as  hereinafter  defined or any such  failure  approved  by the
             Company,  subject to  applicable  law) or (b) the  willful  engaging  by the
             Participant  in  misconduct  which is injurious  to the  Company,  provided,
             however,  that in relation to employees or officers of the Company,  in each
             case the actions or omissions of the  Participant are sufficient to deny the
             Participant severance payment under the Severance Payment Law, 1963.

	 	 "Commencement

 Date"
	 
with  respect to the  vesting  schedule  of an Option,  shall be the date of
grant  of the  Option,  unless  another  date  for the  commencement  of the
vesting  schedule  with respect to such Option has been set by the Committee
and written in the Grant Instrument.

	 	"Committee"
	 shall  mean the  Compensation  Committee  of the Board of  Directors  of the
Company, as set forth in Section 5 below.

	 	"Companies

Law"
	 
shall mean the Israeli  Companies  Law, 1999, as may be amended from time to
time.

	 	"Company"
	 shall mean  Partner  Communications  Company  Ltd.,  a company  incorporated
under the laws of the State of Israel.

	 	"Designated

Beneficiary" 	 
of  a   Participant,   shall  mean  the   beneficiary   designated  by  such
Participant  or  deemed  as  such   Participant's   Designated   Beneficiary
pursuant to Section 23 hereto, upon the death of the Participant.

	 	"Disability"
	 shall  mean any  physical  or mental  condition,  which is  recognized  as a
disability  pursuant to the employment  practices adopted by the Company and
prevents the  Participant  from  continuing  to work in his position or in a
comparable one in the Company or prevents the  Participant  from  continuing
to provide  services to the Company.  Determination of a Disability shall be
made in  consultation  with a physician  selected by the Committee and shall
be finally and  conclusively  determined  by the  Committee  in its absolute
discretion.

	 	"Effective

Date"
	 
means the date on which the Board of Directors  of the Company  approved the
Plan.

	 	"Employee"
	 means a person who is employed by the Company or its  Affiliates,  including
an  individual  who is  serving as a director  or an office  holder,  all as
defined in section 102.

	 	"Exercise

Period"
	 
shall have the meaning set forth in Section 7.3 below.

	 	 "Grant

 Instrument"
	 
shall have the meaning set forth in Section 6.2 below.

2

	 	"ITA"
	 means the Israeli Tax Authorities.

	 	 "Non-

 Employee"
	 
a person who is not an Employee of the Company or its Affiliates.

	 	"Option"
	 shall mean an option to  purchase  one or more  shares of the  Company  granted
pursuant to this Plan.

	 	 "Option

 Exercise

 Price"
	 

shall have the meaning set forth in Section 7.1 below.

	 	 "Ordinary Income

  Option (OIO)"
	 
means an  Approved  102 Option  elected  and  designated  by the  Company to
qualify  under the  ordinary  income tax  treatment in  accordance  with the
provisions of Section 102(b)(1) of the Ordinance.

	 	"102 Option"
	 means any  Option  granted to  Employees  pursuant  to  Section  102 of the
Ordinance.

	 	"3(i) Option"
	 means an Option  granted  pursuant to Section 3(i) of the  Ordinance to any
person who is a Non- Employee.

	 	"Ordinary

Shares"
	 
shall mean ordinary shares of the Company.

	 	"Participant"
	 shall mean an Employee or a Non-Employee to whom an Option is granted  pursuant
to the Plan, and, upon his death or legal  incapacity,  his successors,  heirs,
executors and administrators, as the case may be.

	 	"Plan"
	 shall mean this Partner  Communications Company Ltd. 2004 Share Option Plan, as amended from
             time to time.

	 	"Retirement"
	 shall mean the  termination of a  Participant's  employment  with or service to
the  Company as a result of his  reaching  the earlier of (a) the legal age for
retirement  and (b) the age for  retirement  identified  in his  employment  or
service agreement.

	 	"Section 3i"
	 means  section 3i of the Ordinance and any  regulations,  rules,  orders or
procedures promulgated thereunder as now in effect or as hereafter amended.

	 	"Section 102"
	 means section 102 of the Ordinance and any  regulations,  rules,  orders or
procedures promulgated thereunder as now in effect or as hereafter amended.

3

	 	"Section 102

 Rules"
	 
means  the  Income  Tax  Rules  (Tax  Relief  for  Issuance  of  Shares  to
Employees), 2003.

	 	"Tax

Ordinance"

or "Ordinance"
	 

shall  mean the  Israeli  Income  Tax  Ordinance  [New  Version],  1961,  as
amended,  and any  regulations,  rules,  orders  or  procedures  promulgated
thereunder.

	 	"Trustee"
	 means any  individual  appointed  by the  Company to serve as a trustee and
approved  by the ITA,  all in  accordance  with the  provisions  of Section
102(a) of the Ordinance.

	 	 "Termination

 Date"
	 
means  close of  business  of the  Company on the date which falls ten (10)
years after the Effective Date.

	 	"Unapproved 
102
Option"
	 
means an Option  granted  pursuant to Section  102(c) of the  Ordinance
 and                               not held in trust by a Trustee.

	3.  	Shares
Subject to the Plan

	 	3.1.	Shares
Available for Options.  The total number of authorized and
                    unissued Ordinary Shares reserved for issuance upon exercise of all
Options                     granted under the Plan shall not exceed 5,775,000 Ordinary
Shares, representing                     approximately 3.15% of the total issued share
capital of the Company as at the                     Effective Date. Such number of
Ordinary Shares shall be subject to adjustment as                     required for the
implementation of the provisions of the Plan, in accordance                     with
Section 3.2 below.  In the event an Option granted to any Participant
                    expires or otherwise terminates hereunder, shares reserved for
issuance upon the                     exercise of such Option shall become available for
issuance upon the exercise of                     any other Options which the Company may
grant under the Plan. 

	 	3.2.	Adjustments.
Upon the occurrence of any of the following events, a                     Participant’s
rights under any Option granted hereunder shall be adjusted                     as
hereinafter provided: 

	 	3.2.1. 	In
the event the Ordinary Shares shall be subdivided or combined into a greater
                    or smaller number of shares or if, upon a merger, consolidation,
reorganization,                     recapitalization or similar event, the Ordinary
Shares shall be exchanged for                     other securities of the Company or of
another corporation, each Participant                     shall be entitled, upon
exercising a vested Option and subject to the conditions                     herein
stated, to be issued in respect of the Option, such number of Ordinary
                    Shares or amount of other securities of the Company or such other
corporation as                     were exchangeable for the number of Ordinary Shares
which such Participant would                     have been entitled to purchase had such
event or events not occurred, and                     appropriate adjustments shall be
made in the purchase price per share to reflect                     such subdivision,
combination or exchange, so that Participants are not                     materially
better or worse off as a result of the relevant event.  

4

	 	3.2.2. 	In
the event the Company shall issue any of its shares or other securities as
                    bonus shares upon or with respect to its Ordinary Shares, each
Participant upon                     exercising such Option shall be issued by the
Company (for the exercise price                     payable upon such exercise), the
Ordinary Shares as to which he is exercising                     his Option and, in
addition thereto (at no additional cost), such number of                     shares
(rounded down to the nearest whole number) of the class or classes in
                    which such bonus shares were distributed which he would have received
if he had                     been the holder of the Ordinary Shares as to which he is
exercising his Option                     at all times between the date of issuance of
such Option on behalf of a                     Participant in the name of the Trustee and
the date of its exercise.  

	 	3.2.3. 	Upon
the occurrence of any of the foregoing events, the class and aggregate
                    number of shares issuable pursuant to the Plan (as set forth in
Section 3.1                     hereof), in respect of which Options have not yet been
granted, shall also be                     appropriately adjusted, to the extent
necessary, to reflect the events specified                     in Subsections 3.2.1 and
3.2.2 above.  

	 	3.2.4. 	The
Committee shall determine the specific adjustments to be made in accordance
                    with this Section 3 and the rules and regulations of any stock
exchange                     applicable from time to time to the Company, by reason of
their applicability to                     its shareholders or otherwise. The
determination made in accordance with Section                     3.2.4 shall be
conclusive.  

	4.  	Issuance
Of Options

	 	4.1. 	The
maximum number of Options which may be issued and allotted and which may be
                    required to be issued and allotted upon the exercise of Options to
each                     Participant under this Plan shall not exceed 1,834,615 Ordinary
Shares,                     representing approximately 1% of the total issued share
capital of the Company                     as at the Effective Date. 

	 	4.2. 	The
persons eligible for participation in the Plan as Participants shall include
                    any Employees or Non-Employees of the Company or of any Affiliate;
provided,                     however, that (i) Employees may only be granted 102
Options; and (ii)                     Non-Employees may only be granted 3(i) Options. 

5

	 	4.3. 	The
Company may designate Options granted to Employees pursuant to Section 102
                    as Unapproved 102 Options or Approved 102 Options. 

	 	4.4. 	The
grant of Approved 102 Options shall be made under this Plan adopted by the
                    Board, and shall be conditioned upon the approval of this Plan by the
ITA. 

	 	4.5. 	Approved
102 Options may either be classified as Capital Gain Options                     (“CGOs”)
or Ordinary Income Options (“OIOs”). 

	 	4.6. 	No
Approved 102 Options may be granted under this Plan to any eligible Employee,
                    unless and until, the Company’s election of the type of Approved
102                     Options as CGO or OIO granted to Employees (the “Election”),
is                     appropriately filed with the ITA. Such Election shall become
effective beginning                     on the first grant date of an Approved 102 Option
under this Plan and shall                     remain in effect at least until the end of
the year following the year during                     which the Company first granted
Approved 102 Options (under this Plan or                     previous plans). The
Election shall obligate the Company to grant only                    the type of
Approved 102 Option it has elected, and shall apply to all
                    Participants who were granted Approved 102 Options during the period
indicated                     herein, all in accordance with the provisions of Section
102(g) of the                     Ordinance. For the avoidance of doubt, such Election
shall not prevent the                     Company from granting Unapproved 102 Options
simultaneously. 

	 	4.7. 	All
Approved 102 Options must be held in trust by a Trustee, as described in
                    Section 9 below. 

	 	4.8. 	For
the avoidance of doubt, the designation of Unapproved 102 Options and
                    Approved 102 Options shall be subject to the terms and conditions set
forth in                     Section 102. 

	5.  	Administration
of the Plan

	 	5.1.	Committee. The
Plan shall be administered by the Compensation Committee,                     which has
been appointed by and serves at the direction of the Board of
                    Directors of the Company. 

	 	5.2.	Committee
Actions. The Committee has selected one of its members as its
                    Chairman and holds its meetings at such times and places, as it
determines.                     Actions at a meeting of the Committee at which a majority
of its members are                     present, or acts reduced to or approved in writing
by all members of the                     Committee, are the valid acts of the Committee.
The Committee keeps records of                     its meetings and makes such rules and
regulations for the conduct of its                     business, as it deems advisable. 

6

	 	5.3.	Authority
of Committee. The Committeehas the authority, in its                     sole
discretion, subject to the approval of the Board of Directors – if
                    such approval is required under the Companies Law – and subject
to and not                     inconsistent with the express provisions of the Plan, to
administer the Plan and                     to exercise all the powers and authorities
either specifically granted to it                     under the Plan or necessary or
advisable in the administration of the Plan                     including, without
limitation, the authority in its discretion to determine the                     persons
to whom Options are granted, the number of shares covered by each
                    Option, the time or times at which Options are granted, the
Commencement Date                     and the Option Exercise Price, and any other terms
to be included in the Grant                     Instrument which are permitted by the
Plan. The Committee also has the power and                     authority to determine
whether, to what extent, and under what circumstances an                     Option may
be settled, canceled, forfeited, exchanged, or surrendered; to
                    construe and interpret the Plan and any Grant Instrument and Option;
and to make                     all other determinations deemed necessary or advisable
for the administration of                     the Plan. 

	 	5.4. 	Interpretation
and Construction. The interpretation and construction by                     the
Committee of any provision of the Plan or of any Grant Instrument or Option
                    thereunder shall be final and conclusive, unless otherwise determined
by the                     Board of Directors of the Company. 

	 	5.5. 	Acceleration
and Other Amendments. The Committee may, in its sole and                     absolute
discretion, accelerate the date on which any Option granted under the
                    Plan becomes exercisable, waive or amend the operation of Plan
provisions                     respecting exercise after termination of employment or
otherwise amend any of                     the terms of any Grant Instrument or Option,
subject to the provisions of the                     Tax Ordinance, provided, however,
that no such waiver or amendment                     shall adversely affect any
Participant’s rights under any outstanding Grant                     Instrument or
Option under the Plan without the consent of such Participant. 

	6.  	Options
Under the Plan; Grant Instrument

	 	6.1. 	Eligible
Grantees. Options may be granted to any Employee or Non-                     Employee
of the Company or its Affiliate selected by the Committee provided,
                    however, that no Option may be granted to any person serving as a
member of the                     Committee at the time of the grant. The grant of an
Option to a Participant                     shall neither entitle such Participant to,
nor disqualify him from, receiving                     any other grants of Options
pursuant to the Plan or participating in any other                     share option plan.
Any grant of Options under the Plan shall be in compliance                     with the
requirements under applicable laws and regulations, including by reason
                    of their applicability to the Company’s shareholders or
otherwise. 

	 	6.2. 	Grant
Instrument. Each Option granted under the Plan shall be evidenced
                    by a written instrument signed by the Company and accepted by the
Participant                     which shall be accompanied by a copy of this Plan and
shall contain such                     provisions as the Committee, in its sole
discretion, may deem necessary or                     desirable (the “Grant
Instrument”). By accepting an Option, a                     Participant thereby
agrees that the Option shall be subject to all the terms and
                    provisions of this Plan and the applicable Grant Instrument. Unless
otherwise                     determined by the Committee, no payment is required to be
made by a Participant                     on acceptance of an Option. The Grant
Instrument shall also state the type of                     Option granted thereunder
(whether a CGO, OIO, Unapproved 102 Option or a 3(i)                     Option). 

7

	 	6.3. 	Cancelled
Options. Where the Company cancels any Option granted to a
                    Participant but not exercised and issues new Option(s) to the same
Participant,                     the issue of such new Option(s) may only be made with
available unissued Options                     (excluding, for this purpose, the Options
so cancelled) within the limit of this                     Plan under Clause 3.1. 

	7.  	Options

	 	7.1. 	Exercise
Price. The Committee shall determine the exercise price per                     share
(“Option Exercise Price”). The Option Exercise Price will be
                    determined taking into consideration the fair market value of an
Ordinary Share                     at the time of grant. The fair market value of an
Ordinary Share on any date                     will be equal to the average of the
closing sale price of Ordinary Shares during                     the preceding 30 trading
days, as such closing sale price is published by the                     national
securities exchange on which the Ordinary Shares are traded or, if
                    there is no sale of Ordinary Shares on such date, the average of the
bid and                     asked prices on such exchange at the closing of trading on
such date or, if                     Ordinary Shares are not listed on a national
securities exchange on such date,                     the closing price or, if none, the
average of the bid and asked prices in the                     over the counter market at
the close of trading on such date, or if the Ordinary                     Shares are not
traded on a national securities exchange or the over the counter
                    market, the fair market value of an Ordinary Share on such date as
determined in                     good faith by the Committee. Unless otherwise provided
in the Grant Instrument,                     the Option Exercise Price shall be paid in
NIS in accordance with the NIS-US                     dollar representative rate of
exchange, last published by the Bank of Israel                     prior to the date of
exercise. Except for any applicable provisions of the Tax                     Ordinance
or relevant securities laws or specific provisions of this plan, the
                    Ordinary Shares and any other securities issued to a Participant (or
the Trustee                     on his behalf) upon Option exercise and payment of the
Option Exercise Price                     shall be subject to the articles of association
of the Company from time to time                     in force (including, without
limitation, provisions relating to voting and                     dividend) and shall be
free and clear of any transfer restrictions; pledges,                     encumbrances or
liens; and other third party rights of any kind. 

	 	7.2. 	Vesting
Schedule. An Option shall become cumulatively vested as to
                    one-fourth (25%) of the Ordinary Shares covered thereby on each of
the first,                     second, third, and fourth anniversaries of its
Commencement Date, unless                     otherwise set by the Committee in the Grant
Instrument. 

	 	7.3. 	Exercise
Period. The exercise period during which an option may be
                    exercised will be determined by the Committee and will not exceed ten
years from                     the date of Option grant. 

	 	7.4. 	Minimum
Exercise. No exercise of Options by a Participant, shall be for
                    an aggregate exercise price of less than $1,000 unless such exercise
is for all                     shares of the Company purchasable upon exercise of the
Options held by a                     Participant (or by the Trustee on his behalf) which
have vested as of such date.                     The partial exercise of an Option shall
not cause the expiration, termination or                     cancellation of the
remaining unexercised portion of such Option. Each Option                     exercise
shall be in respect of a whole number of shares, and the Company shall
                    not issue any fractional shares. 

8

	 	7.5. 	Method
of Exercise. An Option, or any part thereof, shall be exercised by
                    (i) the Participant’s signing and delivering to the Company at
its                     principal office, to the attention of its Secretary (and to the
Trustee, if the                     Option is held in trust), a “Notice of Exercise” in
such form and                     substance as may be prescribed by the Committee from
time to time, and (ii)                     payment for the Ordinary Shares purchased upon
the exercise of an Option.                     Payment shall be made on the date of
delivery of the Notice of Exercise or on a                     later date, if so
determined by the Committee, by the following means: (i) in                     cash, by
certified check, bank cashier’s check or wire transfer, or (ii)
                    subject to the approval of the Committee, by such other method of
payment as the                     Committee may from time to time authorize. 

	 	7.6. 	Issuance
of Shares. Subject to any other applicable provisions of this
                    Plan, Ordinary Shares purchased upon the exercise of an Option shall
be issued                     in the name of the Trustee or the Participant, all in
accordance with the                     requirements of the Tax Ordinance. 

	 	7.7. 	Waiver
of Option Rights. At any time prior to the expiration of any
                    Option, a Participant may waive all rights attributable to such
Option by                     delivering a written notice to the Company’s principal
office, to the                     attention of its Secretary. Such notice shall be
accompanied by the applicable                     Grant Instrument, shall specify the
number of Ordinary Shares subject to the                     Option with respect to which
the Participant waives his rights and shall be                     signed by the
Participant. Upon receipt by the Company of the notice of waiver                     with
respect to any Option, such Option shall expire with respect to the number
                    of Ordinary Shares specified therein, and an amended Grant Instrument
will be                     issued with respect to any Option or Options (or portion
thereof) covered by the                     Grant Instrument as to which rights
attributable thereto were not waived. 

	 	7.8. 	Notices. All
notices delivered by a Participant hereunder shall be signed                     by the
Participant and notarized or certified by an attorney, or signed in the
                    presence of (and countersigned by) the Company’s General Counsel
or                     Corporate secretary. 

	8.  	Termination
of Employment or Service

	 	8.1. 	Voluntary
Termination by Participant. In the event that a                     Participant’s
employment with or service to the Company is terminated by                     the
Participant voluntarily for any reason other than Retirement, Disability or
                    death: (i) Options granted to such Participant, to the extent vested
at the time                     of termination of employment or service, shall be
exercisable for a period of 90                     days following either termination or
the date upon which the Participant may                     freely sell Ordinary Shares
acquired upon Option exercise, the later date of the                     two and (ii)
Options granted to such Participant, to the extent that they were                     not
vested at the time of termination of employment or service, shall expire at
                    the time of termination. 

9

	 	8.2. 	Termination
by the Company Other Than For Cause. In the event that a
                    Participant’s employment with or service to the Company is
terminated by                     the Company for any reason other than for Cause: (i)
Options granted to such                     Participant, to the extent vested at the time
of termination of employment or                     service, shall be exercisable during
the remainder of their exercise period, and                     (ii) Options granted to
such Participant, to the extent that they were not                     vested at the time
of termination of employment or service, shall expire at such                     time. 

	 	8.3. 	Termination
By Reason of Retirement, Death or Disability. In the event                     that a
Participant’s employment with or service to the Company terminates
                    by reason of the Retirement, Disability or death of the Participant:
(i) Options                     granted to such Participant, to the extent vested at the
time of termination of                     employment or service, shall be exercisable
during the remainder of their                     exercise period, and (ii) Options
granted to such Participant, to the extent                     that they were not vested
at the time of termination of employment or service,                     shall expire at
such time; provided, however, that a pro rata                     portion
of the Options that would have become vested on the next anniversary of
                    the Commencement Date (but for such termination of employment or
service) shall                     become vested on the date of such termination of
employment or service and shall                     be exercisable during the remainder
of their exercise period. Such pro rata                     portion shall be determined
by multiplying the number of unvested Options                     scheduled to vest on
the next anniversary of the Commencement Date by a                     fraction, the
numerator of which is the number of full and partial months which                     the
Participant has been employed with or gave services to the Company since the
                    most recent anniversary of the Commencement Date (or, if less than
one year has                     elapsed since the Commencement Date, since the
Commencement Date) and the                     denominator of which is twelve, rounded
down to the nearest whole number. 

	 	8.4. 	Termination
For Cause. In the event a Participant’s employment with                     or
service to the Company is terminated for Cause, all outstanding Options
                    granted to such Participant shall expire upon the termination of
employment or                     service. A Participant shall be entitled to challenge
the Committee’s                     determination that a termination is for Cause,
in which case, the final                     determination shall be made by a court of
competent jurisdiction. 

	 	8.5. 	Expiration
of Term. Notwithstanding anything to the contrary in this                     Section
8, no Option shall be exercisable after the expiration of its Exercise
                    Period. 

	9.  	Trust
Arrangement

	 	9.1. 	Approved
102 Options which shall be granted under this Plan and any Ordinary
                    Shares allocated or issued upon exercise of such Approved 102 Options
and other                     rights, including without limitation bonus shares, shall be
allocated or issued                     to the Trustee and held for the benefit of the
Participants for such period of                     time as required by Section 102 or
any regulations, rules or orders or                     procedures promulgated thereunder
(the “Holding Period”). 

10

	 	9.2. 	With
respect to any Approved 102 Option, subject to Section 102 and the Rules,
                    Participants shall not be able to receive from the Trustee, nor shall
they be                     able to sell or dispose of Ordinary Shares or any rights,
including bonus                     shares, before the end of the applicable Holding
Period. If a Participant sells                     or removes the Shares from the Trustee
before the end of the applicable Holding                     Period (“Breach”),
the Participant shall pay all applicable taxes                     imposed on such Breach
by Section 7 of the Rules. 

	 	9.3. 	Until
all taxes have been paid in accordance with Section 7 of the 102 Rules,
                    Options and Shares may not be sold, transferred, assigned, pledged,
encumbered,                     or otherwise willfully hypothecated or disposed of, and
no power of attorney or                     deed of transfer, whether for immediate or
future use may be validly given.                     Notwithstanding the foregoing, the
Options and Shares may be validly transferred                     in a transfer made by
will or laws of descent, provided that the transferee                     thereof shall
be subject to the provisions of Section 102 and the Section 102                     Rules
as would have been applicable to the deceased Participant were he or she
                    to have survived. 

	 	9.4. 	Upon
receipt of Approved 102 Option, the Participant will sign an undertaking to
                    release the Trustee from any liability in respect of any action or
decision duly                     taken and bona fide executed in relation with this
Plan, or any Approved 102                     Option or Ordinary Share granted to him
thereunder. 

	10.  	Rights
as a Shareholder

	 	
No
Participant shall have any rights as a shareholder with respect to any Ordinary Shares or
other securities of the Company covered by or relating to any Option, whether or not
exercisable, until the due issuance of such shares by the Company. 

	11.  	No
Special Employment or Service Rights; No Right to Option  

	 	
Nothing
contained in this Plan or any Grant Instrument shall confer upon any Participant any right
with respect to the continuation of employment by or service to the Company or interfere
in any way with the right of the Company, subject to the terms of any separate employment
or service agreement, at any time to terminate such employment or service, or to increase
or decrease the compensation of or payment to the Participant. No person shall have any
claim or right to receive any shares hereunder except in accordance with the express terms
of this Plan and a Grant Instrument issued to such person. 

	12.  	Tax
Matters

	 	12.1. 	This
Plan shall be governed by, and shall be conformed with and interpreted so
                    as to comply with, the requirements of Section 3i or Section 102 of
the Tax                     Ordinance (as the case may be) and any regulations, rules,
orders, or procedures                     promulgated thereunder. 

11

	 	12.2. 	Any
tax consequences arising from the grant or exercise of any Option, from the
                    payment for Ordinary Shares covered thereby or from any other event
or act (of                     the Company, and/or its Affiliates, and the Trustee – if
applicable –                    or the Participant), hereunder, shall be borne
solely by the Participant. The                     Company and/or its Affiliates, and/or
the Trustee shall withhold taxes according                     to the requirements under
the applicable laws, rules, and regulations, including                     withholding
taxes at source. Furthermore, the Participant shall agree to
                    indemnify the Company and/or its Affiliates and/or the Trustee and
hold them                     harmless against and from any and all liability for any
such tax or interest or                     penalty thereon, including without
limitation, liabilities relating to the                     necessity to withhold, or to
have withheld, any such tax from any payment made                     to the Participant
.. 

	 	12.3. 	The
Company and/or, when applicable, the Trustee shall not be required to
                    release any share certificate to a Participant until all required
payments have                     been fully made. 

	 	12.4. 	With
respect to Unapproved 102 Option, if the Participant ceases to be employed
                    by the Company or any Affiliate, the Participant shall extend to the
Company                     and/or its Affiliate a security or guarantee for the payment
of tax due at the                     time of sale of Shares, all in accordance with the
provisions of Section 102 and                     the rules, regulation or orders
promulgated thereunder. 

	13.  	Withholding
Taxes

	 	
Whenever
cash is to be paid pursuant to an Option, the Company shall have the right to deduct from
such payment an amount sufficient to satisfy any applicable withholding tax requirements
related thereto. Whenever Ordinary Shares or any other non-cash assets are to be delivered
pursuant to the exercise of an Option, the Company shall have the right to require the
Participant to remit to the Company in cash an amount sufficient to satisfy any applicable
withholding tax requirements related thereto, and if such amount of cash is not timely
remitted, to withhold such Ordinary Shares or any other non-cash assets pending payment by
the Participant of such amounts. 

	14.  	Transfers
Upon Death; Non-Assignability

	 	14.1. 	Death. Upon
the death of a Participant, outstanding Options granted to                such
Participant may be exercised only by (i) the Designated Beneficiary
               designated by such Participant pursuant to Section 23 below, or (ii) if
such                Participant did not designate a Designated Beneficiary, to the person
deemed as                such Participant’s Designated Beneficiary pursuant to
Section 23 below or                to a person who shall have acquired the right to the
Options by will or by the                laws of descent and distribution. No transfer of
an Option by will or by the                laws of descent and distribution shall be
effective to bind the Company unless                the Company shall have been furnished
with (a) written notice thereof and with a                copy of the relevant section of
the will relating to the bequest of the Option,                certified by a notary
and/or such other evidence as the Committee may deem                necessary to
establish the validity of the transfer and (b) a written consent by                the
transferee to pay the Option Exercise Price upon exercise of the Option, if
               any, and otherwise abide by the terms set forth in this Plan and in the
relevant                Grant Instrument. 

12

	 	14.2. 	Non-Assignability. 

	 	14.2.1. 	Notwithstanding
any other provision of the Plan, no Option or any right with                respect
thereto, purchasable hereunder, whether fully paid or not, shall be
               assignable, transferable or given as collateral or any right with respect
to                them given to any third party whatsoever, and during the lifetime of
the                Participant each and all of such Participant’s rights to purchase
Ordinary                Shares hereunder shall be exercisable only by the Participant.
Any such action                made directly or indirectly, for an immediate validation
or for a future one,                shall be void.  

	 	14.2.2. 	As
long as Options or Ordinary Shares purchased pursuant to thereto are held by
               the Trustee on behalf of the Participant, all rights of the Participant
over the                shares are personal, cannot be transferred, assigned, pledged or
mortgaged,                other than by will or laws of descent and distribution.  

	15.  	Expenses
and Receipts

	 	
The
expenses incurred in connection with the administration and implementation of the Plan
(including any applicable stamp duty) shall be paid by the Company. Any proceeds received
by the Company in connection with the exercise of any Option may be used for general
corporate purposes. 

	16.  	Term
and Termination

	 	16.1. 	Term
of Plan. Options may be granted at any time after (i) the Effective
                    Date (ii) (for CGO or OIO Options) the Trustee has been approved by
the Israeli                     Income Tax Authorities pursuant to the requirements of
the Tax Ordinance, and                     (iii) any other approvals or consents required
by law have been received, until                     the Termination Date after which
period no further Options may be issued but the                     provisions of the
Plan shall remain in full force and effect to the extent                     necessary to
give effect to the exercise of any Options granted or exercised                     prior
thereto or otherwise as may be required in accordance with the provisions
                    of the Plan. 

13

	 	16.2. 	The
Board of Directors of the Company may, at any time and from time to time,
                    terminate the Plan in any respect, subject to any applicable
approvals or                     consents that may be otherwise required by law,
regulation or agreement,                     including by reason of their applicability
to its shareholders or otherwise, and                     provided that no termination of
the Plan shall adversely affect the terms of any                     Option which has
already been granted. Upon such termination, no further Options                     will
be offered under the Plan, but in all other respects the provisions of the
                    Plan shall remain in force to the extent necessary to give effect to
the                     exercise of any Options (to the extent not already exercised)
granted prior                     thereto or otherwise as may be required in accordance
with provisions of the                     Plan and Options (to the extent not already
exercised) granted prior to such                     termination shall continue to be
valid and exercisable in accordance with the                     Plan. 

	16A  	Amendments
of the Plan 

	16A.1  	Subject
to other sections of the Plan and the rules and/or regulations of any stock exchange
applicable from time to time to the Company, by reason of their applicability to its
shareholders or otherwise, the Plan may be altered in any respect by a resolution of the
Board of Directors of the Company except that, to the extent applicable, provisions
relating to matters set out in Rule 17.03 of Chapter 17 of The Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Ltd as amended from time to
time, shall not be altered to the advantage of Participants except with the prior
sanction of a resolution of the shareholders of the Company in general meeting. 

	16A.2  	Any
alterations to the terms and conditions of the Plan which are of a material nature or to
the Options granted shall be approved by the shareholders of the Company except where the
alterations take effect automatically under the existing terms of the Plan. 

	16A.3  	Any
change to the authority of the Board of Directors of the Company or the Committee in
relation to any alteration to the terms of the Plan must be approved by the shareholders
of the Company in general meeting. 

	16A.4  	The
terms of the Plan and/or any Options amended pursuant to this section 16A must comply
with the applicable rules and/or regulations of any stock exchange applicable from time
to time to the Company, by reason of their applicability to its shareholders or
otherwise. 

	17.  	Failure
to Comply  

	 	
In
addition to the remedies of the Company elsewhere provided for herein, failure by a
Participant to comply with any of the terms and conditions of the Plan or the applicable
Grant Instrument shall be grounds for the cancellation and forfeiture of such Option, in
whole or in part, as the Committee, in its absolute discretion, may determine, provided
however, that such failure is not remedied by such Participant within ten days after
notice by the Company of such failure. 

14

	18.  	Required
Approvals  

	 	
The
Plan is subject to the receipt, and the terms, of all approvals required under any
applicable law, including by reason of their applicability to the Company’s
shareholders or otherwise. 

	19.  	Applicable
Law  

	 	
The
Plan and all instruments issued thereunder or in connection therewith, shall be governed
by, and construed and administered in accordance with the laws of the State of Israel. 

	20.  	Treatment
of Participants  

	 	
There
is no obligation for uniformity of treatment for Participants.  

	21.  	Unfunded
Status of Awards  

	 	
The
Plan is intended to constitute an “unfunded” plan for incentive and deferred
compensation. With respect to any payments not yet made to a Participant pursuant to an
Option, nothing contained in the Plan or any Grant Instrument shall give any such
Participant any rights that are greater than those of a general unsecured creditor of the
Company. 

	22.  	No
Fractional Shares  

	 	
No
fractional shares shall be issued or delivered upon exercise of an Option. Unless
otherwise provided herein, in lieu of fractional shares, the Company shall pay to an
exercising Participant cash or other property, or issue additional Options, as the
Committee deems appropriate. 

	23.  	Designation
of a Beneficiary

	 	
A
Participant may file with the Company a written designation of a Designated Beneficiary on
such form as may be prescribed by the Committee and may, from time to time, amend or
revoke such designation. If no Designated Beneficiary survives the Participant, the
Participant’s estate representative (e.g. executor, administrator or similar
representative) shall be deemed to be the Participant’s Designated Beneficiary. 

	24.  	Integration
Of Section 102 And Tax Assessing Officer’s Permit

	 	24.1. 	With
regards to Approved 102 Options, the provisions of the Plan and/or the
                    Grant Instrument shall be subject to the provisions of Section 102
and the Tax                     Assessing Officer’s permit, and the said provisions
and permit shall be                     deemed an integral part of the Plan and of the
Grant Instrument. 

	 	24.2. 	Any
provision of Section 102 and/or the said permit which is necessary in order
                    to receive and/or to keep any tax benefit pursuant to Section 102,
which is not                     expressly specified in the Plan or the Grant Instrument,
shall be considered                     binding upon the Company and the Participants. 

15

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