Document:

20-F

Exhibit 4.4  

1998 SHARE OPTION PLAN
FOR NON-EMPLOYEE DIRECTORS
(AS AMENDED ON AUGUST 2004 AND OCTOBER 2005) 

NUR  Macroprinters  Ltd. hereby
adopts the 1998 Share Option Plan for Non-Employee  Directors (as amended on August 2004
and October 2005), as follows: 

	1.  	Shareholder
Approval and Purpose

	 	1.1. 	Shareholder
Approval. At the Company’s December 8, 1998 Annual                Meeting of
Shareholders, the Plan, as amended on August 2004 and October 2005,                was
ratified by an affirmative vote of the holders of a majority of the Shares
               which were present in person or by proxy and entitled to vote at the
Meeting. 

	 	1.2. 	Purpose
of the Plan. The Plan is intended to closely align the interests                of
the Non-Employee Directors with the interests of the Company’s
               shareholders. This is achieved by making a significant portion of
Non-Employee                Director compensation directly related to the total return
performance of the                Shares. The Plan also is intended to encourage Share
ownership on the part of                Non-Employee Directors. 

	2.  	Definitions

	 	
The
following words and phrases shall have the following meanings unless a different meaning
is plainly required by the context: 

	 	2.1. 	“Award” means,
individually or collectively, a grant under the           Plan of an Option. 

	 	2.2. 	“Board” means
the Board of Directors of the Company. 

	 	2.3. 	“Committee” means
the committee appointed pursuant to Section           3.1 to administer thePlan. 

	 	2.4. 	“Company” means
NUR Macroprinters Ltd., an Israeli corporation,           or any successor thereto. 

	 	2.5. 	“Control” shall
have the meaning ascribed thereto in Section           102 of the Ordinance. 

	 	2.6. 	“Director” means
any individual who is a member of the Board. 

	 	2.7. 	“Disability” means
a permanent and total disability, as           determined by the Committee (in its
discretion) in accordance with uniform and           non-discriminatory standards adopted
by the Committee from time to time. 

	 	2.8. 	“Exercise
Price” means the price at which a Share may be           purchased by a
Participant pursuant to the exercise of an Option. 

	 	2.9. 	“Fair
Market Value” means the average closing bid and sale           prices of the
Shares for the date in question as furnished by the National           Association of
Securities Dealers, Inc. through Nasdaq or any similar           organization if Nasdaq
is no longer reporting such information, or such other           market on which the
Shares are then traded, or if not then traded as determined           in good faith
(using customary valuation methods) by resolution of the members           of the Board
of Directors of the Company, based on the best information           available to it. 

	 	2.10. 	“Grant
Date” means, with respect to 1998, October 26, 1998 and,           with respect
to each subsequent calendar year, August 1. For example, for 1999,           the Grant
Date is August 1, 1999. With respect to a particular Award,           “Grant Date” means
the particular Grant Date on which the Award was           granted. Notwithstanding the
preceding, a Non-Employee Director who is first           elected or appointed on other
than December 8, 1998, shall have only an initial           Grant Date coincident with
the date of his or her commencement of service on the           Board. 

	 	2.11. 	“Holding
Period” means the period in which the Options granted           to an Israeli
Participant or, upon exercise thereof the Shares underlying           thereunder, are to
be held by the Trustee on behalf of such Israeli Participant,           in accordance
with Section 102 of the Ordinance, and pursuant to the Tax Track           which the
Company selects. 

	 	2.12. 	“Israeli
Participants” means Non-Employee Directors who do not           Control the
Company and who are subject to payment in Israel of tax on their           income from
the Company (other than withholding tax), as the Committee, in its           discretion
shall determine. 

	 	2.13. 	“Non-Employee
Director” means a Director who is an employee of           neither the Company
nor of any Subsidiary. 

	 	2.14. 	“Non-Israeli
Participants” means all Non-Employee Directors who           are not Israeli
Participants. 

	 	2.15. 	“Option” means
an option to purchase Shares granted pursuant to           Section 5 

	 	2.16. 	“Option
Agreement” means the written agreement between the           Company and a
Participant setting forth the terms and provisions applicable to           each Option
granted under the Plan. 

	 	2.17. 	“Ordinance” means
the Israeli Income Tax Ordinance [New           Version], 1961, as amended and any
regulations, rules, orders or procedures           promulgated thereunder. 

	 	2.18. 	“Participant” means
a Non-Employee Director who has an           outstanding Award. 

	 	2.19. 	“Plan” means
this 1998 Share Option Plan for Non-Employee           Directors (as amended on October
2004), as set forth in this instrument and as           hereafter amended from time to
time. 

	 	2.20. 	“Shares” means
the Ordinary Shares of the Company, NIS 1.0           nominal value. 

	 	2.21. 	“Subsidiary” means
any corporation in an unbroken chain of           corporations beginning with the Company
if each of the corporations other than           the last corporation in the unbroken
chain then owns shares possessing fifty           percent (50%) or more of the total
combined voting power of all classes of           shares in one of the other corporations
in such chain. 

	 	2.22. 	“Tax
Track” means one of the three tax tracks described under           Section 102
of the Ordinance, specifically: (1) the “Capital Gains Track           Through a
Trustee”; (2) “Income Tax Track Through a Trustee”; or           (3) the
“Income Tax Track Without a Trustee”; each as defined           respectively in
Sections 6.2 and 6.3 of the Plan. 

	 	2.23. 	“Termination
of Service” means a cessation of the           Participant’s service on the
Board for any reason. 

	 	2.24. 	“Trustee” means
the trustee appointed by the Company under the           Trust Agreement as set forth in
Section 6.5 of the Plan. 

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	3.  	Administration

	 	3.1. 	The
Committee. The Plan shall be administered by the Committee. The           Committee
shall consist of one or more Directors who shall be appointed by, and           serve at
the pleasure of, members of the Company’s Board who are not           eligible to
receive Awards under the Plan. The Committee shall be comprised           solely of a
Director or Directors who are not eligible to receive Awards under           the Plan. 

	 	3.2. 	Authority
of the Committee. It shall be the duty of the Committee to           administer the
Plan in accordance with the Plan’s provisions. The Committee           shall have
all powers and discretion necessary or appropriate to administer the           Plan and
to control its operation, including, but not limited to, the power to           (a)
interpret the Plan and the Awards, (b) adopt rules for the administration,
          interpretation and application of the Plan as are consistent therewith, (c)
          interpret, amend or revoke any such rules, and (d) adopt such procedures and
          subplans as are necessary or appropriate to permit participation in the Plan by
          Non-Employee Directors who are non-Israeli nationals or employed outside of
          Israel. 

	 	3.3. 	Decisions
Binding. Subject to the provisions of any applicable law, all
          determinations and decisions made by the Committee related to the Plan and its
          application shall be final, conclusive, and binding on all persons, and shall
be           given the maximum deference permitted by law. 

	4.  	Shares
Subject to the Plan

	 	4.1. 	Number
of Shares. Subject to adjustment as provided in Section 4.3, the           total
number of Shares available and reserved for grant under the Plan shall not
          exceed 750,000. Shares granted under the Plan shall be taken from the
          Company’s authorized but unissued Shares. 

	 	4.2. 	Lapsed
Awards. If an Award terminates or expires for any reason, any           Shares
subject to such Award again shall be available to be the subject of an           Award. 

	 	4.3. 	Adjustments
inAwards and Authorized Shares. In the event of any           merger,
reorganization, consolidation, recapitalization, separation,           liquidation, share
dividend, split-up, Share combination, or other change in the           corporate
structure of the Company affecting the Shares, the Committee shall           adjust the
number and class of Shares which may be delivered under the Plan, and           the
number, class, and Exercise Price of Shares subject to outstanding Awards           and
future grants, in such manner as the Committee (in its sole discretion)           shall
determine to be appropriate to prevent the dilution or diminution of such
          Awards. Notwithstanding the preceding, the number of Shares subject to any
Award           always shall be a whole number. 

	5.  	Share
Options

	 	5.1. 	Granting
of Options

	 	5.1.1. 	Directors
serving on the 1998 Grant Date. Each Non-Employee Director who           is such on
the 1998 Grant Date, shall automatically receive, as of the 1998           Grant Date, an
Option to purchase 10,000 Shares. Each Non-Employee who has           received an Option
pursuant to the preceding sentence shall also automatically           receive, as of each
subsequent Grant Date, an Option to purchase 10,000 Shares,           provided that the
individual shall receive an Option on any such subsequent           Grant Date only if he
or she both (a) is a Non-Employee Director on the Grant           Date, and (b) has
served as a Non-Employee Director for the entire period since           the last Grant
Date.  

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	 	5.1.2. 	Directors
first elected or appointed after the 1998 Grant Date. Each Non-           Employee
Director who first becomes such after the 1998 Grant Date,           automatically shall
receive on his or her initial Grant Date an option to           purchase up to 10,000
Shares prorated based on the number of full months of           service between the prior
annual Grant Date and the next Grant Date. A Director           joining the Board on or
before the 15th day of the month will receive           credit for service for
the full month. For example, (a) if a Non-Employee           Director joins the Company
as such on June 15, 1999 such Director would be           entitled to an initial grant of
options to purchase 2,222 Shares and (b) if a           Non-Employee Director joined the
Company on June 15 of any subsequent year, such           Director would be entitled to
an initial grant of options to purchase 1,667           Shares. Each such Non-Employee
Director also shall automatically receive, as of           each subsequent Grant Date, an
Option to purchase 10,000 Shares annually,           provided that the individual shall
receive an Option on any such Grant Date only           if he or she both (y) is a Non-
Employee Director on the Grant Date, and (z) has           served as a Non-Employee
Director for the entire period since the last Grant           Date.  

	 	5.2. 	Terms
of Options

	 	5.2.1. 	Option
Agreement. Each Option granted pursuant to this Section 5 shall be
          evidenced by a written Option Agreement (satisfactory to the Committee), which
          shall be executed by the Participant and the Company.  

	 	5.2.2. 	Exercise
Price. The Exercise Price for the Shares subject to each Option           shall be
100% of the Fair Market Value of such Shares on the applicable Grant           Date.  

	 	5.2.3. 	Exercisability.
Each Option granted pursuant to Section 5.1 shall become           fully exercisable
immediately upon issuance. Options not exercised before the           applicable
expiration periods designated in Section 5.2.4. below shall terminate           upon the
expiration thereof.  

	 	5.2.4. 	Expiration
of Options. Each Option shall terminate upon the           first to occur
of the following events,  

	 	(a)	         The
expiration of ten (10) years from the applicable Grant Date;  

	 	(b) 	The
expiration of three (3) months from the date of the Participant’s
          Termination of Service prior to age 70 for any reason other than the
          Participant’s death or Disability, provided that the Committee, subject to
          subsequent shareholder approval, may determine to extend such period to a
          maximum of five years;  

	 	(c) 	The
expiration of two (2) years from the date of the Participant’s           Termination
of Service by reason of Disability; or  

	 	(d) 	The
expiration of one (1) year from the date of the Participant’s           Termination
of Service at or after age 70 for any reason other than the           Participant’s
death or Disability.  

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	 	5.2.5. 	Death
of Director. Notwithstanding Section 5.2.4, if a Director dies           prior to the
expiration of his or her Option(s) in accordance with Section           5.2.4, his or her
Option(s), which are exercisable on the date of his or her           death shall
terminate one (1) year after the date of death.  

	 	5.3. 	Payment.
Options shall be exercised by the Participant’s delivery of                a written
notice of exercise (satisfactory to the Committee) to the Company in                care
of Chief Financial Officer, 12 Abba Hillel Silver Street, P.O. Box 1281,
               Lod 71111, Israel, or at such other address as Company may hereafter
designate                in writing, setting forth the number of Shares with respect to
which the Option                is to be exercised, and accompanied by full payment for
the Shares. Upon the                exercise of any Option, the Exercise Price shall be
payable to the Company in                full in cash. As soon as practicable after
receipt of a written notification of                exercise and full payment for the
Shares purchased, the Company shall deliver to                the Participant (or the
Participant’s designated broker), Share                certificates (which may be in
book-entry form) representing such Shares. 

	 	5.4. 	Options
are not Incentive Share Options. Options are not intended to be
               incentive stock options within the meaning of Section 422 of the United
States                Internal Revenue Code. 

	 	5.5. 	Conditions
Upon Issuance of Shares

	 	5.5.1. 	Investment
Representation. As a condition to the exercise of an Option,                the
Committee may require the person exercising such Option to represent and
               warrant at the time of any such exercise that the Shares are being
purchased                only for investment and without any present intention to sell or
distribute such                Shares if, upon the advice of counsel for the Company,
such representation is                required.  

	 	5.5.2. 	Inability
to Obtain Authority. The inability of the Company to obtain                authority
from any regulatory body having jurisdiction, which authority is                deemed by
the Company’s counsel to be necessary to the lawful issuance and                sale
of any Shares hereunder, shall relieve the Company of any liability in
               respect of the failure to issue or sell such Shares as to which requisite
               authority shall not have been obtained.  

	6.  	Awards
to Israeli Participants

	 	6.1. 	Option
Subject to Section 102 of the Ordinance. Awards to Israeli
               Participants shall be made under the provisions of Section 102 of the
Ordinance.                Anything herein to the contrary notwithstanding, the Grant Date
of Options to                Israeli Participants and elected to have their Options
issued under the Tax                Track that the Company has selected, shall not be
earlier than the date at which                the Plan was approved by the Israeli Tax
Authorities. 

	 	6.2. 	Trustee
Tax Tracks. If the Company elects to grant Options through (i)                the
Capital Gains Tax Track Through a Trustee, or (ii) the Income Tax Track
               Through a Trustee, then, in accordance with the requirements of Section
102 of                the Ordinance, the Company shall appoint a Trustee who will hold in
trust on                behalf of each Israeli Participant the Options and the Shares
issued upon                exercise of such Options. 

	 	
The
Holding Period for the Options will be as follows:  

5

	 	(1) 	The
Capital Gains Tax Track Through a Trustee – if the Company                elects
to Award the Options according to the provisions of this track, then the
               minimum Holding Period needed to benefit from that Capital Gain Tax Track
will                be twenty-four (24) months from the end of the tax year in which the
Options                were Awarded to the Trustee on behalf of the Israeli Participant,
or such                shorter period as may be approved by the Israeli Tax Authorities.  

	 	(2) 	Income
Tax Track Through a Trustee – if the Company elects to Award
               Options according to the provisions of this track, then the minimum
Holding                Period needed to benefit from that Income Tax Through a Trustee
Track will be                twelve (12) months from the end of the tax year in which the
Options were                Awarded to the Trustee on behalf of the Israeli Participant,
or such shorter                period as may be approved by the Israeli Tax Authorities.  

	 	
Subject
to Section 102 of the Ordinance, Israeli Participants who wish to benefit from the
reduced tax shall not be able to receive from the Trustee, nor shall they be able to sell
or dispose of Shares before the end of the applicable Holding Period. If an Israeli
Participant sells or removes the Shares underlying an Award form the Trustee before the
end of the applicable Holding Period (the “Breach”), such Israeli
Participant shall pay all applicable taxes imposed on such Breach by the Ordinance.  

	 	
In
the event of a distribution of rights, including an issuance of bonus shares, in
connection with Options originally granted (the “Additional Rights”),
all such Additional Rights shall be allocated and/or issued to the Trustee for the
benefit of Israeli Participant, and shall be held by the Trustee for the remainder of the
Holding Period applicable to the Options originally Awarded. Such Additional Rights shall
be treated in accordance with the provisions of the applicable Tax Track.  

	 	6.3. 	Income
Tax Track Without a Trustee. If the Company elects to Award                Options
according to the provisions of this track, then the Options will not be
               subject to a Holding Period. 

	 	6.4. 	Track
Selection. The Company, in its sole discretion, shall elect under
               which of the above three Tax Tracks, Awards to Israeli Participants shall
be                made and the Option Agreement will indicate the Tax Track under which
the                Options are being granted. 

	 	6.5. 	Trust
Agreement

	 	6.5.1. 	The
terms and conditions applicable to the trust relating to Awards to Israeli
               Participants under the Tax Track selected by the Company shall be set
forth in                an agreement signed by the Company and the Trustee (the “Trust
Agreement”).  

	 	6.5.2. 	The
Company shall cause the Trustee to exercise the Options by countersigning
               and delivering to the Company a notice of exercise, upon receipt of
written                instructions from the Participant thereof, provided, that the
Israeli                Participant has made appropriate arrangements for the payment of
the Exercise                Price of the Shares issuable upon such exercise.  

	 	6.6. 	Tax
Matters

	 	6.6.1. 	Awards
to Israeli Participants shall be governed by, and shall conform with and
               be interpreted so as to comply with, the requirements of Section 102 of
the                Ordinance and any written approval from the Israeli Tax Authorities.
All tax                consequences under any applicable law (other than stamp duty)
which may arise                from the Award of Options, from the exercise thereof or
from the holding or sale                of underlying Shares (or other securities issued
under the Plan) by or on behalf                of an Israeli Participant, shall be borne
solely on such Israeli Participant. An                Israeli Participant shall indemnify
the Company and hold it harmless against and                from any liability for any
such tax or any penalty, interest or indexing.  

6

	 	6.6.2. 	If
the Company elects to Award Options according to the provisions of the Income
               Tax Track Without a Trustee (Section 6.3 of the Plan), and if prior to the
               exercise of any and/or all of these Options, an Israeli Participant ceases
to be                a director of the Company, such Israeli Participant shall deposit
with the                Company a guarantee or other security as required by law, in
order to ensure the                payment of applicable taxes upon the exercise of such
Options.  

	 	6.6.3. 	Until
all taxes relating to Awards to Israeli Participants have been paid in
               accordance with the Ordinance, Options and/or the Shares underlying
thereunder                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/or the Shares
underlying                thereunder 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 of the Ordinance and the rules
thereunder as would have been                applicable to the deceased Israeli
Participant were he or she to have survived.  

	7.  	Miscellaneous

	 	7.1. 	No
Effect on Service. Nothing in the Plan shall (a) create any obligation
               on the part of the Board to nominate any Participant for reelection by the
               Company’s shareholders, or (b) interfere with or limit in any way the
right                of the Company to terminate any Participant’s service. 

	 	7.2. 	Successors.
All obligations of the Company under the Plan shall be                binding on any
successor to the Company, whether the existence of such successor                is the
result of a direct or indirect purchase, merger, consolidation, or
               otherwise, of all or substantially all of the business or assets of the
Company. 

	 	7.3. 	Beneficiary
Designations. If permitted by the Committee, a Participant                may name a
beneficiary or beneficiaries to whom any vested but unpaid Award                shall be
paid in the event of the Participant’s death. Each such                designation
shall revoke all prior designations by the Participant and shall be
               effective only if given in a form and manner acceptable to the Committee.
In the                absence of any such designation, any vested benefits remaining
unpaid at the                Participant’s death shall be paid to the Participant’s
estate and,                subject to the terms of the Plan and of the applicable Option
Agreement, any                unexercised vested Award may be exercised by the
administrator or executor of                the Participant’s estate. 

	 	7.4. 	Nontransferability
of Awards. No Award granted under the Plan may be                sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated,                other than by
will, by the laws of descent and distribution, or to the limited                extent
provided in Section 7.3. All rights with respect to an Award granted to a
               Participant shall be available during his or her lifetime only to the
               Participant. 

7

	 	7.5. 	No
Rights as Shareholder. Except to the limited extent provided in
               Section 7.3, no Participant (nor any beneficiary) shall have any of the
rights                or privileges of a shareholder of the Company with respect to any
Shares                issuable pursuant to exercise of an Option, unless and until
certificates                representing such Shares shall have been issued, recorded on
the records of the                Company or its transfer agents or registrars, and
delivered to the Participant,                beneficiary or Company (as escrow agent). 

	 	7.6. 	Withholding
Requirements. Prior to the delivery of any Shares or cash                pursuant to
an Award (or exercise thereof), the Company shall have the power and                the
right to deduct or withhold, or require a Participant to remit to the
               Company, an amount sufficient to satisfy governmental, federal, state, and
local                taxes (including the Participant’s FICA obligation) required to
be withheld                with respect to such Award (or exercise thereof). 

	8.  	Amendment,
Termination and Duration

	 	8.1. 	Amendment
or Termination. The Board, in its sole discretion, may amend or
               terminate the Plan, or any part thereof, at any time and for any reason.
The                amendment, suspension, or termination of the Plan shall not, without
the consent                of the Participant, alter or impair any rights or obligations
under any Award                theretofore granted to such Participant. 

	 	8.2. 	Duration
of the Plan. The Plan shall commence on the date specified                herein, and
subject to Section 8.1 (regarding the Board’s right to amend or
               terminate the Plan), shall remain in effect thereafter for a period of ten
(10)                years from the date hereof. 

	9.  	Legal
Construction

	 	9.1. 	Gender
and Number. Except where otherwise indicated by the context, any
               masculine term used herein also shall include the feminine; the plural
shall                include the singular and the singular shall include the plural. 

	 	9.2. 	Severabilitv.
In the event any provision of the Plan shall be held                illegal or invalid
for any reason, the illegality or invalidity shall not affect                the
remaining parts of the Plan, and the Plan shall be construed and enforced as
               if the illegal or invalid provision had not been included. 

	 	9.3. 	Requirements
of Law. The granting of Awards and the issuance of Shares                under the
Plan shall be subject to all applicable laws, rules, and regulations,
               whether of the State of Israel or of the United States or any other state
having                jurisdiction over the Company and the Participant, including the
registration of                the Shares under United States Securities Act of 1933, and
to such approvals by                any governmental agencies or national securities
exchanges as may be required. 

	 	9.4. 	Compliance
with Rule 16b-3. For the purpose of ensuring that transactions                under
the Plan do not subject Participants to liability under Section 16(b) the
               Securities Exchange Act of 1934, as amended (the “1934 Act”),
               if the Participants shall become subject thereto, all transactions under
the                Plan are intended to comply with all applicable conditions of Rule
16b-3                promulgated under the 1934 Act, and any future regulation amending,
               supplementing or superseding such regulation. To the extent any provision
of the                Plan, Option Agreement or action by the Committee or a Participant
fails to so                comply, it shall be deemed null and void, to the extent
permitted by law and                deemed advisable by the Committee. 

8

	 	9.5. 	Governing
Law. The Plan and all Option Agreements shall be construed in
               accordance with and governed by the laws of the State of Israel without
giving                effect to any choice or conflict of law provision or rule (whether
of Israeli or                otherwise) which would cause the application of the laws of
any jurisdiction                other than Israel. 

	 	9.6. 	Captions.
Captions provided herein are for convenience only, and shall                not serve as
a basis for interpretation or construction of the Plan. 

920-F

Exhibit 4.5  

NUR Macroprinters Ltd. 

(Previously, NUR
Advanced Technologies Ltd.) 

2000 Stock Option Plan 

	1.  	Establishment,
Purpose, and Definitions  

	 	(a) 	This,
the 2000 Stock Option Plan As Amended on July, 2003 (the                     “Plan”)
of NUR Macroprinters Ltd. (the                     “Company”), has been
adopted and approved by the Board of                     Directors of the Company (the
“Board”) on August 9, 2002 and                     amended on July 15,
2003. 

	 	(b) 	The
purpose of the Plan is to provide a means whereby Eligible Individuals (as
                    defined in paragraph 4, below) may acquire ordinary shares of the
Company par                     value NIS 1.0 each (the “Shares”)
pursuant to the exercise of                     options granted under the Plan
(respectively the “Options” and                     “Grant”).
Options may be Granted on the basis of past or future                     services by
employees of the Company or of Affiliates (“Service                     Options”),
or on the basis of past or future services by non-employees                     of the
Company or of Affiliates (“Non-Employee Options”). 

	 	(c) 	The
term “Affiliate” or “Affiliates” as used
                    in the Plan means a present or future company that either (i)
Controls the                     Company or is Controlled by the Company; or (ii) is
Controlled by the same                     person or entity that Controls the Company. 

	 	(d) 	The
term “Control” as used in the Plan shall have the meaning
                    ascribed thereto in Section 102 of the Israeli Income Tax Ordinance
[New                     Version], 1961, as amended, and any regulations, rules, orders
or procedures                     promulgated thereunder (all referred to together as
“Section                     102”). 

	 	(e) 	The
term “Employee” as used in this Plan means an employee,
                    officer – “Nosei Misra” – as such term is defined
in the                     Companies law 5759-1999 (“Officers” and the
“Companies                     law” respectively), or director of the
Company or any Affiliate,                     provided that such person does not Control
the Company. 

	 	(f) 	The
term “Non-Employees” as used in this Plan means consultants
                    or Employees if such Employees Control the Company. 

	 	(g) 	The
terms “Participant” Participant as used in this Plan shall
                    mean any Employee or Non-Employee Granted Options under this Plan. 

	2.  	Administration
of the Plan  

	 	(a) 	The
Plan shall be administered by the Board or by a committee elected by the
                    Board (the “Committee”), under such terms and
conditions, as                     the Board shall determine. Members of the Committee
shall serve at the pleasure                     of the Board. At least one member of the
Committee shall be an independent                     director, such that such person
would be qualified to serve on the Committee                     under the provisions of
paragraph 2(b)(ii) below. The Committee shall select one                     of its
members as chairman, and the provisions of the Articles of Association of
                    the Company as to committees of the Board shall apply to the meetings
of the                     Committee, including the provisions relating to the convening
of meetings, the                     adoption of resolutions, and the adoption of
resolutions in writing. Until such                     time as the Board shall delegate
the administration of the Plan to the Committee                     or if the Board
chooses not to delegate the administration of the Plan to the
                    Committee, each reference in this Plan to “the Committee” shall
be                     construed to refer to the Board. 

	 	(b) 	In
the event that the Company becomes subject to the requirements of Rule 16b-3
                    promulgated under the Securities Exchange Act of 1934, as amended (“Rule
                    16b-3”), then, notwithstanding the provisions of paragraph
2(a) above,                     (i) the Committee shall consist of two or more members of
the board or such                     lesser number of members of the Board as permitted
by Rule 16b-3, and (ii) none                     of the members of the Committee shall
receive, while serving on the committee,                     or during the one-year
period preceding appointment to the Committee, a grant or                     award of
equity securities under (y) the plan, or (z) any other plan of the
                    Company or its Affiliates under which the Participants are entitled
to acquire                     Shares (including restricted Shares), stock, options,
stock bonuses, related                     rights, or stock appreciation rights of the
company or any of its Affiliates,                     other than pursuant to transactions
in any such other plan which do not                     disqualify a director form being
a disinterested person under Rule 16b-3. The                     limitations set forth in
this paragraph 2(b) shall automatically incorporate any                     additional
requirements that may in the future be necessary for the Plan to
                    comply with Rule 16b-3. 

	 	(c) 	None
of the members of the Committee shall receive, while serving on the
                    Committee, or during the one-year period preceding appointment to the
Committee,                     a Grant or award of Options or Shares under the Plan. 

	 	(d) 	The
Committee shall determine, from time to time, which Eligible Individuals (as
                    defined and detailed in paragraph 4, below) shall be granted Options
under the                     Plan, the timing of such Grants, the terms thereof
(including any restrictions                     on the Shares), and the number of Shares
subject to such Options. 

	 	(e) 	Subject
to paragraph 13(b) below, the Committee may amend the terms of any
                    outstanding Option Granted under this Plan, provided however that the
Exercise                     Price (as defined in paragraph 5 below) of an outstanding
Option may not be                     amended, and further provided that any amendment
which would adversely affect                     the Participant’s rights under an
outstanding Option shall not be made                     without the Participant’s
written consent. The Committee may, with the                     Participant’s
written consent, cancel any outstanding Options or accept any
                    outstanding Option in exchange for a new Option. 

	 	(f) 	Subject
to paragraph 13(b) below, the Committee shall have the sole authority,
                    in its absolute discretion, to adopt, amend, and rescind such rules
and                     regulations as, in its opinion, may be advisable in the
administration of the                     Plan; to construe and interpret the Plan, the
rules and regulations, and the                     instruments evidencing Options Granted
under the Plan; and to make all other                     determinations deemed necessary
or advisable for the administration of the Plan.                     All decisions,
determinations, and interpretations of the Committee shall be                     binding
on all Participants. 

	3.  	Shares
Subject to the Plan  

	 	(a) 	The
aggregate number of Shares available through the Grant of Options under the
                    Plan (the “Option Shares” or “Underlying
                    Shares”) shall be as provided for by the Board and approved
by the                     Shareholders of the Company from time to time. The Option
Shares shall be                     available through Service Options and/or Non-Employee
Options. 

	 	
If
an Option is surrendered (except surrender for the exercise into Shares) or for any other
reason ceases to be exercisable in whole or in part, the Underlying Shares which were
subject to such Option but as to which the Option had not been exercised shall continue
to be available under the Plan.  

	 	(b) 	If
there is any change in the Shares subject to the Plan, or the Shares subject
                    to any Option Granted under the Plan, through merger, consolidation,
                    reorganization, recapitalization, reincorporation share split,
distribution of                     bonus shares, a rights offering, or other change in
the corporate structure of                     the Company, appropriate adjustments shall
be made by the Committee in order to                     preserve but not to increase the
benefits to the individual, including                     adjustments to the aggregate
number and kind of Shares subject to the Plan, and                     the number and
kind of Shares and the Exercise Price, as defined in paragraph 5
                    below. 

2

	4.  	Eligible
Individuals  

	 	(a) 	Subject
to paragraph 2(c) above: (i) Employees shall be eligible to receive
                    Service Options; and (ii) Non Employees shall be eligible to receive
                    Non-Employee Options, as the Committee, in its discretion, shall
designate from                     time to time. Notwithstanding this paragraph 4(a) all
Grant of Options to                     Officers of any Israeli Company, shall be
authorized and implemented only in                     accordance with the provisions of
the Companies Law, as in effect from time to                     time. 

	 	(b) 	Employees
of the Company or an Affiliate who are subject to payment in Israel of
                    tax on their income from the Company or an Affiliate (other than
withholding                     tax), as the Committee, in its discretion shall
determine, shall be defined for                     the purpose of the Plan as “Israeli
Employees”. All other Employees of                     the Company or an Affiliate
shall be defined for the purpose of the Plan as                     “Non-Israeli
Employees”. Israeli Employees who Control the                     Company, or
are otherwise not entitled to the benefits granted pursuant to
                    Section 102, shall be defined for the purpose of the Plan as
                    “Controlling Employees”. 

3

	5.  	The
Option Price  

	 	(a) 	The
exercise price of the Shares covered by each Option (the “Exercise
                    Price”) shall be as determined by the Committee; provided,
however,                     that the Exercise Price of any Option Granted, shall not be
less than eighty                     percent (80%) of the Stock Value at the time of
issuance of such Options. The                     “Stock Value” at any
time shall be equal to the then current                     Fair Market Value of the
Shares. For purposes hereof, the “Fair Market                     Value” shall
mean, as of any date, the last closing price, on Date of                     Grant, of
the Shares in respect of which options Granted under the Plan may then
                    be exercised on the NASDAQ National Market System (or, in the event
that the                     National Market System is not the principal securities
exchange on which the                     Shares are then traded, on such other principal
securities exchange), or, in the                     event that no sales of the Shares
took place on such date, the last closing                     price of the Shares on such
principal securities exchange on the most recent                     prior date on which
a sale of the Shares took place; provided, however, that if                     the
Shares are not publicly traded on the date on which the Fair Market Value is
                    to be determined, then the “Fair Market Value” shall mean
the per                     share Fair Market Value of the Company as determined by the
Board of Directors.                     If the Committee is unable to agree on the Fair
Market Value, then the Fair                     Market Value shall be determined by an
independent valuation expert satisfactory                     to the Committee. The Fair
Market Value as determined by such independent                     valuation expert shall
be conclusive. The Exercise Price of an Option shall be                     subject to
adjustment to the extent provided in paragraph 3(b) above. 

	 	(b) 	Options
Granted to Employees subject to US Tax: at an Exercise Price which is
                    not less than the “fair market value” (as described in
Section 422 of                     the Internal Revenue Code of 1986 (the “Code”))
of the Shares on the                     grant date (110% of such fair market value in
the case of an individual who owns                     more than 10% of the combined
voting power of all classes of stock in the                     Company or an Affiliate
(a “10% Stockholder”)). 

	6.  	Grant
of Options: Dividends and Voting Rights  

	 	(a) 	The
effective date of the Grant of an Option (the “Date of                     Grant”)
shall be the date specified by the Committee in its                     determination
relating to the award of such Option. The Committee shall promptly
                    give the Participant written notice (the “Notice of Grant”)
of                     the Grant of an Option. The terms of such Notice of Grant shall be
determined by                     the Committee, subject to the terms of the Plan. 

	 	(b) 	Subject
to the vesting provisions of paragraph 9(c), each Option may be
                    exercised, in whole or in part, at any time during the period (the
                    “Option Period”) set forth in the Notice of Grant.
However,                     Underlying Shares derived from Options Granted under one of
the Section 102                     Trustee Tracks, may not be sold or transferred from
the Trustee (as hereinafter                     defined) before the end of the applicable
Holding Period as defined in Section                     102 and paragraph 7 of this
Plan. Options not exercised during the Option Period                     shall terminate
upon the expiration thereof. 

	 	(c) 	To
the extent that any dividend is payable on the Shares under applicable law,
                    or the Articles of Association of the Company, all Underlying Shares
(whether or                     not held in Trust) shall entitle beneficial Participants (“Beneficial
                    Employees”) to receive dividends with respect thereto. For
so long as                     such Shares are held in Trust, any and all dividends
received by the Trustee on                     such Underlying Shares shall be paid by
the Trustee to the Beneficial Employees                     thereof, subject to any
required withholding of tax in respect thereof. 

	 	(e) 	Except
as provided in the immediately following sentence, in order to exercise
                    an Option, the Participant shall complete and execute a notice of
exercise                     (“Notice of Exercise”) in such form as may
be prescribed by the                     Committee from time to time and shall deliver
the same to the Company together                     with the purchase price of the
Shares pursuant to paragraph 13 hereof. In the                     case of any Beneficial
Employee who’s Options are held by the Trustee, such                     Beneficial
Employee shall instruct the Trustee to countersign such Notice of
                    Exercise (the same having been signed by such Beneficial Employee)
and to                     deliver the same to the Company. 

	 	(f) 	The
Participant shall have no rights as a shareholder with respect to Shares
                    under a Grant of Options until a share certificate has been delivered
to the                     Participant and is fully paid for. No adjustment shall be made
for dividends or                     other rights for which the record date is prior to
the date such share                     certificate is issued 

4

	7.  	Trust
Arrangement and Holding Period  

	 	(a) 	Option
Subject to Section 102: Grants to Israeli Employees shall be made under
                    the provisions of Section 102. Grants to Non-Israeli Employees or
Controlling                     Employees shall not be made under Section 102. Anything
herein to the contrary                     notwithstanding, the Date of Grant of Options
to Israeli Employees, who are not                     Controlling Employees, and elected
to have their Options issued under the                     Trustee Track of Section 102
that the Company has selected, shall not be earlier                     than the date at
which the Option Plan was approved by the Israeli Tax                     Authorities. 

	 	(b) 	Trustee
Tax Tracks: If the Company elects to Grant Options through (i) the
                    Capital Gains Track Through a Trustee, or (ii) the Income Tax Track
Through a                     Trustee then, in accordance with the requirements of
Section 102, the Company                     shall appoint a Trustee who will hold in
trust on behalf of each Participant the                     Options and the Underlying
Shares issued upon exercise of such Options in trust                     on behalf of
each Participant. The Company shall allocate such Options to the
                    Trustee on behalf of such Israeli Employees in a letter specifying
all details                     required under Section 102 Rules (“Allocation”). 

	 	
The
holding period for the Options will be as follows (“Holding Period”):  

	 	(1) 	The
Capital Gains Tax Track Through a Trustee – if the Company elects to
          Allocate the Options according to the provisions of this track, then the
Holding           Period will be 24 months from the end of the tax year in which the
Options were           Allocated to the Trustee on behalf of the Participant, or such
shorter period as           may be approved by the Israeli Tax Authorities.  

	 	(2) 	Income
Tax Track Through a Trustee – if the Company elects to Allocate           Options
according to the provisions of this track, then the Holding Period will           be 12
months from the end of the tax year in which the Options were Allocated to           the
Trustee on behalf of the Participant, or such shorter period as may be           approved
by the Israeli Tax Authorities.  

	 	
Subject
to Section 102, Israeli Employees shall not be able to receive from the Trustee, nor
shall they be able to sell or dispose of Underlying Shares before the end of the
applicable Holding Period.  

	 	
In
the event of a distribution of rights, including an issuance of bonus shares, in
connection with Options originally Granted (the “Additional Rights”),
all such Additional Rights shall be Allocated and/or issued to the Trustee for the
benefit of Israeli Employees, and shall be held by the Trustee for the remainder of the
Holding Period applicable to the Options originally Allocated. Such Additional Rights
shall be treated in accordance with the provisions of the applicable Tax Track.  

	 	(c) 	Income
Tax Track Without a Trustee: If the Company elects to Allocate Options
                    according to the provisions of this track, then the Options will not
be subject                     to a Holding Period. 

	 	(d) 	Track
Selection: The Company, in its sole discretion, shall elect under which
                    (and if to Allocate Options under one) of the above three Tracks,
Allocations to                     Israeli Employees shall be made. 

	 	(e) 	Concurrent
Conditions: The Holding Period, if any, is in addition to the vesting
                    period as specified in paragraph 9 (c) of the Plan. The Holding
Period and                     vesting period may run concurrently, but neither is a
substitute for the other,                     and each are independent terms and
conditions for Options Granted. 

	 	(f) 	Trust
Agreement: 

	 	(i) 	The
terms and conditions applicable to the Trust relating to the Trustee Tax           Track
selected by the Company, as appropriate, shall be set forth in an           agreement
signed by the Company and the Trustee (the “Trust           Agreement”).  

	 	(ii) 	The
Company shall cause the Trustee (subject to the vesting provisions of           paragraph
9(c) hereof) to exercise the Options by countersigning and delivering           to the
Company a Notice of Exercise, upon receipt of written instructions from           the
Beneficial Employee thereof, provided the Beneficial Employee has made
          appropriate arrangements for the payment of the Exercise Price of the Shares
          issuable upon such exercise.  

5

	 	(iii) 	Subject
to paragraph 9(a) of this Plan, Options and/or Underlying Shares held by           the
Trustee shall continue to be held by the Trustee, on behalf of the           Beneficial
Employee at least until the end of the later of the (a) applicable           Holding
Period and (b) Vesting Period (“Release Date”). At any           time
after the Release Date and upon the receipt of a written request of any
          Beneficial Employee, the Trustee shall release from the Trust the Underlying
          Shares, by executing and delivering to the Company such instrument(s) as the
          Company may require, giving due notice of such release to such Beneficial
          Employee, provided, however, that the Trustee shall not so release any such
          Shares to such Beneficial Employee unless the latter, prior to, or concurrently
          with, such release, provides the Trustee with evidence, satisfactory in form
and           substance to the Trustee, that all taxes, if any, required to be paid upon
such           release have, in fact, been paid.  

	 	(iv) 	Alternatively,
from and after the Release Date, upon the written instructions of           the
Beneficial Employee to sell any Shares issued upon exercise of Options, the
          Trustee shall take such steps as may be required to effect such sale and shall
          transfer such Shares to the purchaser concurrently with the receipt, or after
          having made suitable arrangements to secure the payment of the proceeds of the
          purchase price in such transaction. The Trustee shall withhold from such
          proceeds any and all taxes required to be paid in respect of such sale, shall
          remit the amount so withheld to the appropriate tax authorities and shall pay
          the balance thereof directly to the Beneficial Employee, reporting to such
          Beneficial Employee and to the Company the amount so withheld and paid to said
          tax authorities.  

	 	(g) 	Option
Subject to the Trustee Tax Track without a Trustee: If the Company
                    determines to Allocate Options subject to a Trustee Tax Track without
a Trustee,                     the Company shall Allocate all Options Granted under the
Plan to Israeli                     Employees (and a copy of the Notice of Grant shall be
given) to a trustee                     designated by the Board (who may be the Trustee).
The Trustee shall hold each                     such Option in trust (the “Trust”)
for the Beneficial Employee.                     No Options shall be released from the
Trust until the vesting of such Option                     pursuant to paragraph 9(c)
hereof (the “Vesting Date”). From                     and after the
Vesting Date, upon the written request of any Beneficial Employee,
                    the Trustee shall release from the Trust the Options Allocated and
exercise them                     on behalf of such Beneficial Employee, by executing and
delivering to the                     Company such instrument(s) as the Company may
require, giving due notice of such                     release to such Beneficial
Employee, provided, however, that the Trustee shall                     not so release
and exercise any such Options on behalf of the Beneficial                     Employee
unless the latter, prior to, or concurrently with, such release and
                    exercise, provides the Trustee with evidence, satisfactory in form
and substance                     to the Trustee, that all taxes and/or compulsory
payments, if any, required to                     be paid upon such release and exercise
have, in fact, been paid. 

	 	
If
prior to the exercise of any and/or all of the Options Allocated under this Tax Track,
such Israeli Employee ceases to be an employee, director, or Officer of the Company or
Affiliate, the Israeli Employee shall deposit with the Company or Affiliate a guarantee
or other security as required by law, in order to ensure the payment of applicable taxes
upon the exercise of such Options.  

	8.  	Option
Subject to Section 3(i)  

	 	
All
Options Granted under the Plan to Controlling Employees shall be Granted (and a copy of
the Notice of Grant shall be given) under Section 3(i) to the Income Tax Ordinance. The
Company shall Allocate the Options to a trustee designated by the Board (who may be the
Trustee). The Trustee shall hold each such Option in trust (the “Trust”)
for the Beneficial Controlling Employee. No Options shall be released from the Trust until
the vesting of such Option pursuant to paragraph 9(c) hereof (the “Release
Date”). From and after the Release Date, upon the written request of any
Beneficial Controlling Employee, the Trustee shall release from the Trust the Allocated
Options and exercise them on behalf of such Beneficial Employee, by executing and
delivering to the Company such instrument(s) as the Company may require, giving due notice
of such release to such Beneficial Controlling Employee, provided, however, that the
Trustee shall not so release and exercise any such Options on behalf of the Beneficial
Controlling Employee unless the latter, prior to, or concurrently with, such release and
exercise, provides the Trustee with evidence, satisfactory in form and substance to the
Trustee, that all taxes and/or compulsory payments, if any, required to be paid upon such
release and exercise have, in fact, been paid. 

6

	9.  	Options
Granted to Non-Israeli Employees  

	 	(a) 	All
Options Granted under the Plan to Non Israeli Employees shall be Granted
                    (and a copy of the Notice of Grant shall be given) subject to all
applicable                     laws, rules and regulations, whether of Belgium, Hong Kong
or of the United                     States of America, or of any other country or state
having jurisdiction over the                     Company and the Participant. The Company
shall Allocate the Options to a trustee                     designated by the Board (who
may be the Trustee). The Trustee shall hold each                     such Option in trust
(the “Trust”) for the Non Israeli                     Employee. No
Options shall be released from the Trust until the vesting of such
                    Option pursuant to Section 10 hereof (the “Release Date”).
From                     and after the Release Date, upon the written request of any Non
Israeli                     Employee, the Trustee shall release from the Trust the
Allocated Options and                     exercise them on behalf of such Non Israeli
Employee, by executing and                     delivering to the Company such
instrument(s) as the Company may require, giving                     due notice of such
release to such Non Israeli Employee, provided, however, that                     the
Trustee shall not so release and exercise any such Options on behalf of the
                    Non Israeli Employee unless the latter, prior to, or concurrently
with, such                     release and exercise, provides the Trustee with evidence,
satisfactory in form                     and substance to the Trustee, that all taxes
and/or compulsory payments, if any,                     required to be paid upon such
release and exercise have, in fact, been paid. 

	 	(b) 	The
Options Granted subject to this Plan to Employees subject to payment in the
                    US of tax on their income from the Company or an Affiliate are
intended to be                     “incentive stock option” as described in
Section 422 of the Code                     (“ISOs”). To the extent some
or all of the Options subject to a                     certain Grant exceed the $100,000
rule of Code Section 422(d), the certain                     Option Grant or the lesser
excess part will be treated as a nonqualified stock                     option under the
United States tax law. Notwithstanding any inconsistent or                     contrary
provision of this Plan, if an Option Grant has not expired on the
                    relevant date as provided for in section 10 below, the Options shall
cease to be                     treated as ISOs 91 days after the Participant ceases to
be a common law employee                     of the Company or an Affiliate corporation
as defined in Code Sections 424(e)                     and 424(f)) (a “Common Law
Employee”), unless the Participant                     ceases to be a Common Law
Employee by reason of death or disability (as defined                     in code Section
22(e)(3)), in which case the term “1 year and 1 day”                    shall
replace the term “91 days” in this clause above. 

	10.  	Terms
and Conditions of Options  

	 	(a) 	The
Committee shall determine the term of each Option Granted under the Plan;
                    provided, however, that the term of an Option shall not be for more
than ten                     (10) years. 

	 	(b) 	Upon
termination of employment (regardless of whether or not termination is by
                    the employee or employer, due to death or disability), all unvested
Options                     shall lapse, and within three (3) months from such
termination all vested but                     not-exercised Options shall lapse. 

	 	(c) 	Upon
termination of the service contract with a Participant, which is not
                    employed by the Company or an Affiliate, all unvested Options shall
lapse, and                     within three months from such termination all vested but
not exercised Options                     shall lapse. In the event that the termination
is the result of a material                     breach of the service contract by the
Participant, all unvested and vested but                     not exercised Options shall
lapse immediately. 

	 	(d) 	Upon
termination of employment by employer for cause (as defined hereunder), all
                    unvested and vested but not exercised Options shall lapse
immediately. 

	 	
Cause
shall mean, henceforth and hereinafter, with respect to both Employees and Service
Providers (i) conviction of any felony involving moral turpitude or affecting the
Company; (ii) embezzlement of funds of the Company or its subsidiaries or its affiliates;
(iii) any breach of the Participants fiduciary duties or duties of care of the Company or
serious breach of trust, including without limitation disclosure of confidential
information of the Company or its subsidiaries; (iv) engaging in business competitive
with the business of the Company; and (v) any conduct (other than conduct in good faith)
reasonably determined by the Board of Directors to be materially detrimental to the
Company or its subsidiaries.  

7

	 	(e) 	All
Granted Service Options shall vest over a three or four- year period as
                    detailed in the Notice of Grant. One-third of such Options will vest
after the                     first or second anniversary of the Date of Grant, the
second third will vest                     after the second or third anniversary of the
Date of Grant, and the remaining                     Options will vest after the third or
fourth anniversary of the Date of Grant.                     Notwithstanding the
foregoing and subject to paragraph 2(f) above, the Committee                     may
determine different vesting schedules for Service Options. Non-Employee
                    Options shall vest at the discretion of the Committee. 

	 	(f) 	Notwithstanding
the aforesaid, if the Participant ceases to be a full-time                     Employee
of the Company or any of its Affiliates and becomes a part-time
                    Employee, such Options (to the extent exercisable at the time the
Participant                     ceases to be a full-time Employee) shall be exercisable
for a period of six (6)                     months following such cessation of the
full-time employment, and shall                     thereafter terminate. All Options
that are not vested at the time of cessation                     of the full-time
employment shall ipso facto expire and be of no legal effect. 

	 	(g) 	If
a Participant should retire (as such term is defined by the Committee at its
                    sole and absolute discretion), he shall, subject to the approval of
the                     Committee, continue to enjoy such rights, if any, under the Plan
and on such                     terms and conditions, with such limitations and subject
to such requirements as                     the Committee in its discretion may
determine. 

	 	(h) 	Notwithstanding
the foregoing provisions of Section 10, the Committee may                     provide,
either at the time an Option is granted or thereafter, that such Option
                    may be exercised after the periods provided for in Section 9 above,
but in no                     event beyond the Option Period. 

	 	(i) 	The
Company or any of its Affiliates are not obligated by the Plan or by a Grant
                    of Options to continue the Participant’s employment or service
engagement. 

	11.  	Use
of Proceeds  

	 	
Cash
proceeds realized from the exercise Options Granted under the Plan shall constitute
general funds of the Company. 

	12.  	Amendment,
Suspension, or Termination of the Plan  

	 	(a) 	The
Board may at any time amend, extend, suspend, or terminate the Plan as it
                    deems advisable; provided that such amendment, extension, suspension,
or                     termination complies with all applicable legal requirements. 

	 	(b) 	Notwithstanding
anything herein to the contrary, the Board shall in no event                     amend
the Plan in the following respects without the consent of shareholders
                    then sufficient to approve the Plan in the first instance: 

	 	(i) 	To
increase the maximum number Shares subject to Options issued under the Plan;           or  

	 	(ii) 	To
change the designation or class of persons eligible to receive Options under
          the Plan.  

	 	(c) 	No
Option may be Granted under the Plan during any suspension of, or after the
                    termination of, the Plan, and no amendment, suspension, or
termination of the                     Plan, shall without the affected individual’s
consent, alter or impair any                     rights or obligations under any Option
previously Granted under the Plan. 

	 	
The
Plan shall terminate with respect to the Grant of Options on August 31, 2008 unless
previously terminated or extended by the Board pursuant to this paragraph 11.  

	13.  	Assignability  

	 	
No
Option Granted pursuant to this Plan shall, 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 Participant’s lifetime, each and all of
the Participant’s rights to purchase Option Shares hereunder shall be exercisable
only by him or her or by his or her legal guardian, and neither the Option nor any right
hereunder shall be transferable by Participant by operation of law or otherwise other than
by will or the laws of descent and distribution. Any such action made directly or oblique,
for an immediate validation or for a future one, shall be void. 

8

	14.  	Payment
Upon Exercise of Options  

	 	
Payment
of the Exercise Price upon exercise of any Option Granted under this Plan shall be made in
cash in such currency as the Committee shall specify in the applicable Share Option
Agreement; provided, however that, subject to applicable Israeli laws (including, without
limitation, currency control laws), the Committee, in its sole discretion, may permit a
Participant to pay the Exercise Price in whole or in part (i) by delivery on a form
prescribed by the Committee of an irrevocable direction to a securities broker approved by
the Committee to sell Shares and deliver all or a portion of the proceeds to the Company
in payment for the Shares; (ii) by delivery of the Participant’s promissory note with
such recourse, interest, security, and redemption provisions as the Committee in its
discretion determines appropriate; (iii) in any combination of the foregoing. 

	15.  	Restrictions
on Transfer of Shares  

	 	
The
Shares acquired pursuant to the Plan shall be subject to such restrictions and agreements
regarding sale, assignment, encumbrances, or other transfer as are in effect among the
Shareholders of the Company at the time such Share is acquired, as well as to such other
restrictions as the Committee shall deem advisable. 

	16.  	Tax
Matters  

	 	
All
tax consequences under any applicable law which may arise from the Grant of an Option,
from the exercise thereof, from the sale of Underlying Share by the Participant or from
any other act of the Company and/of Affiliate or such Participant in connection with any
of the foregoing shall be borne solely by such Participant, and such Participant shall
indemnify the Company and each Affiliate of the Company, and hold them harmless, against
and from any liability for any such tax or any penalty, interest or indexation thereon or
thereof. 

	 	
Whenever
an amount with respect to withholding tax relating to Options Granted to a Participant
and/or Underlying Shares issued upon the exercise thereof is due from the Participant
and/or the Company and/or an Affiliate, the Company and/or an Affiliate shall have the
right to demand from a Participant such amount sufficient to satisfy any applicable
withholding tax requirements related thereto, and whenever Shares or any other non-cash
assets are to be delivered pursuant to the exercise of an Option, or transferred
thereafter, the Company and/or an Affiliate shall have the right to require the
Participant to remit to the Company and/or to the Affiliate, or to the Trustee an amount
in cash sufficient to satisfy any applicable withholding tax requirements related thereto,
and if such amount is not timely remitted, the Company and/or the Affiliate shall have the
right to withhold or set-off (subject to Law) such Shares or any other non-cash assets
pending payment by the Participant of such amounts. 

	 	
Until
all taxes have been paid in accordance with Rule 7 of the Section 102 rules, Options
and/or Underlying 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/or Underlying 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. 

	17.  	Miscellaneous  

	 	(a) 	Currency
Control Provisions: For so long as, and to the extent that, the Israel
                    Currency Control Law, 1978 (the “Control Law”) shall
so                     require, the following provisions shall apply: 

	 	(i) 	Certificates,
if any, representing Shares issued hereunder shall be delivered to           a bank in
Israel which is an authorized dealer in foreign currency (within the           meaning of
the Control Law) (“Authorized Dealer”) to hold the           same for
the benefit of the Participant pursuant to the terms of the Plan and           any
applicable Share Option Agreement, and in conformity with the applicable
          requirements of the Controller of Foreign Currency in the Bank of Israel;  

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	 	(ii) 	All
payments of the purchase price shall be effected by the Participants through           an
Authorized Dealer; and  

	 	(iii) 	The
proceeds of any sale by the Participant (or by the Trustee at the discretion
          and on behalf of any Participant) of Shares which is effected in foreign
          currency shall be remitted to Israel, and deposited with an Authorized Dealer,
          immediately upon receipt thereof, and in all events not later than sixty (60)
          days after the date on which the certificate, if any, representing such Shares
          is received by the Trustee (on behalf of such Participant) for purposes of
sale.  

	 	(b) 	Governing
Law: The Plan, and the Granting and exercise of the Options
                    thereunder, and the Company’s obligation to sell and deliver the
Option                     Shares or cash under the Options, are subject to all
applicable laws, rules and                     regulations, whether of Israel, Belgium,
Hong Kong or of the United States of                     America, or of any other country
or state having jurisdiction over the Company                     and the Participant,
including the registration of the Option Shares under the                     United
States Securities Act of 1933, and to such approvals by any governmental
                    agencies or national securities exchanges as may be required. 

	18.  	Participant
Undertakings  

	 	(a) 	If
the Options shall be Granted to a Participant under one of the Section 102
                    Tax Tracks, then in the Notice of Grant the Participant shall: (1)
agree and                     acknowledge that he or she have received and read the Plan,
and the Option                     Agreement and the Notice of Grant; (2) undertake all
the provisions set forth                     in: Section 102 (including provisions
regarding the applicable Tax Track under                     which the Options have been
Granted), the 102 Rules, the Plan, the Notice of                     Grant and the Trust
Agreement; and (3) subject to the provisions of Section 102                     and the
Section 102 Rules, undertake not to sell or release the Underlying
                    Shares from Trust before the end of the applicable Holding Period (if
any). 

	 	(b) 	Agreement
to Purchase for Investment. The Shares represented by the Options
                    Granted under the terms of the Plan are subject to registration and
prospectus                     requirements of the United States Securities Act of 1933,
as amended                     (“Unregistered Shares”). By acceptance of
Options, the                     Participant agrees that a purchase of Unregistered
Shares under such Options                     will not be made with a view to their
distribution, as that term is used in the                     aforesaid Act, unless in
the opinion of counsel to the Company such distribution                     is in
compliance with or exempt from the said registration and prospectus
                    requirements, and the Participant agrees, if required by the Board at
the time                     of exercise, to sign a certificate to such effect at the
time or times he                     exercises the Options in respect of Unregistered
Shares. The Participant further                     acknowledges and understands that the
Unregistered Shares purchased upon                     exercise of these Options must be
held indefinitely unless they are subsequently                     registered under the
United States Securities Act or an exemption from such                     registration
is available. The Participant understands that the certificate
                    evidencing the Unregistered Shares will be imprinted with a legend in
                    substantially the following form: 

	 	
“The
Shares represented by this Certificate have not been registered under the United States
Securities Act of 1933. The Shares have been acquired for investment and may not be sold,
transferred or assigned in the absence of an effective registration statement for these
Shares under the United States Securities Act of 1933, or an opinion of NUR Macroprinters
Ltd’s counsel, that registration is not required under the said Act.” 

	 	(c) 	In
the event Participant sells or otherwise disposes of Shares within one year
                    of exercise or two years of Grant, Participant agrees to notify the
Company in                     advance in writing of this action. 

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