Document:

20-F

Exhibit 4.3  

April 1, 2004 

Bank Hapoalim B.M. 
Head
Office  

Attention: Mr. Doron
Klauzner 
41-45 Rothschild Boulevard  

Tel Aviv 65784  

Dear Mr. Klauzner, 

Re:    Revised Proposal to amend the agreement
signed between Gilat Satellite 
Networks Ltd. (“Gilat”) and Bank Hapoalim B.M.
(the “Bank”) on March 6, 2003 
(the
“Agreement”) 

Further to our proposals dated March
21, 2004, March 23, 2004 and March 28, 2004 Gilat hereby wishes to propose to the Bank a
revised proposal, which supersedes all past proposals, for amending the existing terms and
conditions of the Agreement as follows: 

     1.    
          Reduction of the Rate of Interest (Section 6.1) – The
          rate of interest applicable to the Outstanding Balance: (i) for each Interest
          Period commencing from April 1, 2004 until March 31, 2008 shall be LIBOR plus 2%
          per annum, and (ii) for each Interest Period commencing from April 1, 2008 until
          the Final Maturity Date shall be LIBOR plus 1.5% per annum, instead of LIBOR
          plus 2.5% per annum as currently appears in the Agreement. This amendment shall
          take effect as of April 1, 2004 and shall apply to interest payments due and
          unpaid from that date onwards. 

     2.    
          Deferral of Principal Payment due in 2005 (Section 4)
          – The Principal Payment originally due to be paid by Gilat with regard to
          the year 2005 on June 30, 2005 scheduled according to the Agreement to July 1,
          2005 shall be reduced to US$ 1,000,000, with the remainder deferred and only due
          for payment with the last payment under the Agreement. 

The Principal Payment originally due
to be paid by Gilat with regard to the year 2005 on December 31, 2005 scheduled according
to the Agreement to January 1, 2006 shall be reduced to US$ 1,500,000, with the remainder
deferred and only due for payment with the last payment under the Agreement. 

     3.    
          Deletion and/or amendment of certain of the “Covenants of the
          Borrower” (Section 15) – 

	3.1  	Section
15.1 (“Reporting Requirements”) –

All sub-sections of this Section 15.1
shall be deleted and replaced with the following: 

     “(a)    
          within sixty (60) days after the end of each of the first three fiscal
          quarters of each fiscal year, consolidated balance sheet, quarterly profit and
          loss statements of the Borrower, as at the end of such fiscal quarter; 

(b)    
          within ninety (90) days after the end of each fiscal year, consolidated
          balance sheets, consolidated profits and loss statements and cash flow of the
          Borrower as at the end of such fiscal year; 

(c)    
          promptly after commencement thereof, but in no event later than three (3)
          Business Days after service of process with respect thereto on, or the obtaining
          knowledge thereof by the Borrower, written notice of each action, suit or
          proceeding before any court or other Governmental Authority or other regulatory
          body or any arbitrator involving the Borrower, Spacenet or Starband which is for
          an amount in excess of US$ 2,000,000; 

(d)    
          within sixty (60) days after the end of each fiscal quarter,  quarterly
          statements of backlog, profit and loss statements by business units, cash
          balances by Gilat’s major legal entities (i.e., Spacenet or Starband and
          any other major legal entity in which Gilat’s holdings have a value of
          $500,000 or more) and monthly cash flow data; and 

(e)    
          promptly, any other reasonable and available financial information
          requested by the Lender.” 

	3.2  	Section
15.20 (“Other Assurances and Financial Covenants”) – Sub-Section 15.20
shall be amended as follows: 

	 	 –	Sub-Section 15
(b) (i) – “...the Shareholders’ Equity shall be positive”
 in
place of: “...a Shareholders’ Equity to Total Assets ratio of no less
than 15%"; and 

	 	–	Sub-Section  15
(b) (ii) – “..a minimum level of cash and cash equivalents (including
restricted cash and any cash held in trust or in escrow) with a value of US$
15,000,000 as part of its Current Assets in the years 2004 to 2006, US$ 20,000,000
in the years 2007 to 2009 and $25,000,000 thereafter” 
in
place of: “...a minimum level of cash and cash equivalents with a value of US$
 30,000,000 as part of its Current Assets”

Page 2 of 15

     4.    
          Provision of right of the Bank to demand the issue by Gilat of a Warrant
           – In return for the Bank’s consent to the above, the
          Bank will be entitled to provide written instructions to Gilat to issue a
          warrant or warrants (the “Warrant”) to the Bank or a holder (or
          holders)  to be designated by the Bank (each, a “Holder”) in
          the form attached hereto as Appendix A, and in accordance with and subject to
          the terms set forth therein. The maximum exercise amount which may be paid under
          the Warrant shall be equal at any given time during the Exercise Interval (as
          defined below) to the then Outstanding Balance. The Exercise Interval shall mean
          July 1, 2004 until June 30, 2007. If the Bank shall designate that a Warrant be
          issued to a Holder, (a) the Bank shall inform Gilat of the aggregate exercise
          amount of the Warrant being issued to the Holder (which such amount shall be
          inserted into the blank space set forth in Section 1 of the attached form of the
          Warrant), and (b) Gilat shall not, and it waives its right to prepay any of the
          Outstanding Balance (in accordance with section 5. 2 of the Agreement) in the
          amount which following such prepayment will result in the Outstanding Balance
          being less than the aggregate exercise amount of the Warrant being issued to the
          Holder for a period of 30 days following the issuance of the Warrant. 

In
the event that in the course of a private placement investment by a third party in Gilat,
during the period commencing from July 1, 2004 and terminating on June 30, 2007, and for
an amount which exceeds US$ 20,000,000 (this amount does not include any amounts
transferred by the Holder in consideration for any shares to be issued upon exercise of
the Warrant (the “Shares”)), Gilat issues shares to such a third party, Gilat
shall notify the Bank of such private placement and the Bank shall have the right to
instruct Gilat to issue a Warrant to a Holder, with an exercise price equal to the same
price per share offered to the third party. The Bank shall be entitled to utilize this
right on the condition that it has notified Gilat in writing within 14 days following
receipt of a notice from Gilat regarding the private placement investment. 

The exercise amount to be paid upon
exercise of the Warrant (the “Proceeds”) shall be deposited into a special
purpose account of Gilat at the Bank in Israel which is duly pledged in favor of the Bank
by way of a first-ranking fixed pledge and charge (the “Account”), in a manner
satisfactory to the Bank. 

The parties shall agree on
irrevocable instructions pursuant to which within 2 days of the deposit of any Proceeds in
the Account, the Proceeds shall be transferred to the Bank and the Outstanding Balance
shall be reduced by the amount of Proceeds paid to the Bank. In the event of any
prepayment performed by Gilat in accordance with the terms of this proposal the prepayment
provisions of the Agreement in sections 5.2 and 5.3 shall not be applicable. 

The Proceeds paid to Gilat shall be
applied to reduce all future installments of the Principal due, on a pro-rata basis. 

Page 3 of 15

5.     Provision
of right for Bank to require Registration Rights.  

        5.1    
(a) No later than 60 (sixty) days from receipt of a written request from the Bank, the
Company shall prepare and file a Registration Statement on Form F-3 covering a resale
offering of the RegistrableSecurities (as referred to in section 5.2
below) (the “Shelf Registration Statement”), and shall use its reasonable best
efforts to cause the Shelf Registration Statement to be declared effective by the U.S.
Securities and Exchange Commission (the “Commission”) as soon as reasonably
practicable after filing thereof with the Commission. Except as set forth in subsection
(b) below, the Company will use its best efforts to keep the Shelf Registration Statement
effective under the U.S. Securities Act of 1933 (the “Act”) for a period of 36
months following the date the Shelf Registration Statement is declared effective by the
Commission.  

        (b)    
Notwithstanding anything to the contrary herein, at any time after the Shelf
          Registration Statement has been declared effective by the Commission, the
          Company may delay the disclosure of material non-public information concerning
          the Company the disclosure of which at the time is not, in the good faith
          opinion of the Board of Directors of the Company and its counsel, in the best
          interest of the Company and, in the opinion of counsel to the Company,
otherwise           required (a “GRACE PERIOD”); provided, that the Company
shall promptly           (i) notify the Holder in writing of the existence of a Grace
Period in           conformity with the provisions of this Section (provided that in each
notice the           Company will not disclose the content of such material non-public
information to           the Holder) and the date on which the Grace Period will begin,
and (ii) notify           the Holder in writing of the date on which the Grace Period
ends; and, provided           further, that no Grace Period shall exceed ten (10)
consecutive days and during           any three hundred sixty five (365) day period such
Grace Periods shall not           exceed an aggregate of thirty (30) days and the first
day of any Grace Period           must be at least two (2) trading days after the last
day of any prior Grace           Period (each, an “ALLOWABLE GRACE PERIOD”).
For purposes of           determining the length of a Grace Period above, the Grace
Period shall begin on           and include the date the Holder receives the notice
referred to in clause (i)           and shall end on and include the later of the date
the Holder receives the           notice referred to in clause (ii) and the date referred
to in such notice. The           provisions of sub-section (a) hereof shall not be
applicable during the period           of any Allowable Grace Period.  

        In
addition, the Company shall not be required to keep the Shelf Registration effective
between March 15 and June 30 of each year. 

        (c)    
The Bank shall take any and all necessary actions to limit each Holder of the Warrants
from selling, in the aggregate, in any 90 day period, an amount of Shares in excess of
the higher of (a) two percent (2.0%) of the Company’s outstanding and issued share
capital or (b) the amount of shares which may be sold under the volume limitations of
Rule 144, pursuant to the Shelf Registration Statement. The Bank shall be solely
responsible for the enforcement of this subsection.  

        (d)    
Sections 11.2-11.4 which are referenced in Section 5.2 below shall apply to the Shelf
Registration Statement.  

Page 4 of 15

        5.2    
Gilat shall also agree to add the wording of the following Section 11 to one single
Warrant to be issued by Gilat to a Holder, as to be requested in advance and in writing
by the Bank at the time of providing Gilat with its request to issue a Warrant as set
forth in Section 4 hereabove.  

     “.    
          For purposes of this Section 11, the following terms shall have the meanings
          set forth below: 

“Business Day” means
any day other than a Saturday, Sunday or other day on which commercial banks in New York
City are authorized or required by law to close. 

“Commission”
means the Securities and Exchange Commission or any other similar or successor agency of
the United States government administering the Securities Act. 

“Exchange Act”
means the Securities Exchange Act of 1934, and any similar or successor federal statute,
and the rules and regulations of the Commission thereunder, as in effect at the time. 

“Offering” means
the registration of the Company’s securities under the Securities Act for sale to
the public. 

“Person” means a
corporation, an association, a trust, a partnership, a limited liability company, a joint
venture, an organization, a business, an individual, a government or political subdivision
thereof, or a governmental body. 

“Prospectus”
means the prospectus included in any Registration Statement, together with and including
any amendment or supplement to such prospectus, covering the Offering of any portion of
the Registrable Securities covered by a Registration Statement, and all material
incorporated by reference in such Prospectus. 

“Registrable Securities” means
the Shares issued pursuant to this Warrant and any other securities held by the Holder,
or securities issued by the Company to the Holder by means of exchange, reclassification,
dividend, distribution, split-up, combination, subdivision, recapitalization, merger,
spin-off, reorganization, or otherwise. 

“Registration
Statement” means a registration statement filed by the Company with the
Commission covering Registrable Securities. 

“Securities Act”
means the Securities Act of 1933, as amended, or any similar federal statute, together
with the rules and regulations of the Commission promulgated thereunder, as in effect at
the time. 

Page 5 of 15

	11.  	REGISTRATION
RIGHTS  

	  	11.1  	Demand
Registration.  

                
          (a)      If the Company shall receive a written request from the Holder, no
          later than June 30, 2007, that the Company prepare and file a Registration
          Statement on Form F-3 covering an Offering of such number of Registrable
          Securities, if any, then owned by the Holder (a “Demand Registration
          Statement”), then, provided that said Registrable Securities have an
          aggregate market value of at least US $2,000,000, the Company shall prepare and
          file such Demand Registration Statement within thirty (30) Business Days
          following the receipt of the aforesaid written request and use its reasonable
          best efforts to cause the Demand Registration Statement to be declared effective
          as soon as reasonably practicable after filing thereof with the Commission. The
          Company will use its best efforts to keep the Demand Registration Statement
          effective under the Securities Act for a period of 180 days. The Company shall
          only be required to effect one (1) Demand Registration Statement under this
          Section 11.1 pursuant to the Holder’s demand rights. 

        11.2    
Expenses. Except as provided below, all expenses incident to the Company’s
performance of or compliance with this Section, including, but not limited to,
registration and filing fees, fees and expenses of compliance with securities or blue sky
laws, printing expenses, messenger expenses, telephone and delivery expenses, and fees and
disbursements of counsel to the Company and of independent certified public accountants of
the Company, will be borne by the Company. The Company will also pay its internal
expenses, the expense of any annual audit and the fees and expenses of any Person retained
by the Company. The Holder shall pay all fees and disbursements of counsel to the Holder,
all fees, commission and discounts with respect to the sale of any Registrable Securities
and any transfer taxes incurred in respect of such sale. 

        11.3    
Indemnification By The Company. In connection with a Registration Statement, the
Company will indemnify and hold harmless the Holder, and its directors, officers,
employees, agents, affiliates, successors and assigns (each, a “Holder
Indemnitee,” and collectively, the “Holder Indemnitees”) from
and against any and all losses, claims, damages, liabilities, debts, obligations, monetary
damages, judgments, fines, fees, penalties, interest obligations, deficiencies, and
expenses, interest, court costs, reasonable costs of investigators, reasonable fees and
expenses of attorneys, accountant, financial advisors, engineers and other expenses, and
other expenses of litigation (“Losses”) incurred or suffered in
connection with, and any amount paid in settlement of, any action, suit or proceeding or
any claim asserted to which any Holder Indemnitee may become subject under the Securities
Act, the Exchange Act, the Israel Securities Law, or other federal, state or Israeli
securities law or regulation, at common law or otherwise, insofar as such Losses arise out
of, result from or are based upon (a) any untrue statement or alleged untrue statement of
a material fact contained in any Registration Statement, Prospectus, preliminary
prospectus, or any amendment or supplement thereto or the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not
misleading, or (b) any violation by the Company of the Securities Act, the Exchange Act,
the Israel Securities Law or other federal or state or Israeli securities law applicable
to the Company and relating to any action or inaction required of the Company in
connection with such registration. 

Page 6 of 15

        11.4     Indemnification By
Holder. If the Holder sells Registrable Securities under a Prospectus that is part of
a Registration Statement, the Holder will indemnify and hold harmless the Company, its
directors and each officer who signed such Registration Statement and each Person who
controls the Company (within the meaning of Section 15 of the Securities Act) (each, a
“Controlling Person”) under the same circumstances as the foregoing
indemnity from the Company to the Holder but only to the extent that such Losses arise out
of or are based upon any untrue or allegedly untrue statement of a material fact or
omission or alleged omission of a material fact that was made in the Prospectus, the
Registration Statement, a preliminary prospectus, or any amendment or supplement thereto,
in reliance upon and in conformity with written information relating to the Holder
furnished to the Company by the Holder specifically for use therein. In no event will the
aggregate liability of the Holder exceed the amount of the net proceeds received by the
Holder upon the sale of the Registrable Securities giving rise to such indemnification
obligation. Such indemnity will remain in full force and effect regardless of any
investigation made by or on behalf of the Company or such officer, director, employee or
Controlling Person, and will survive the transfer of such securities by the Holder. “ 

     6.    
          Gilat emphasizes that its proposal and agreement to the content of this letter
          is subject to the approval of its Shareholders, as well as the Office of the
          Chief Scientist and the Investment Center of the Ministry of Trade, if indeed
          required, to be obtained (or declined) not later than April 29, 2004. The
          parties agree that this amendment shall only come into effect following receipt
          of all of the above approvals and in the event that all such approvals are not
          received by April 29, 2004 then this proposal and amendment shall be considered
          null and void for all purposes. 

     7.    
          Gilat shall pay for the fees and expenses of legal counsel to the Bank in
          connection with the negotiation and preparation of this Agreement up to an
          amount equal to US$10,000. 

     8.    
          Capitalized terms used herein shall have the meaning depicted in the Agreement. 

9     If these
terms are acceptable to the Bank please add your signature at the place provided below by
no later than April 1, 2004. Upon signature of this document by the Bank and following
receipt of approvals from Gilat’s Shareholders as well as the Office of the Chief
Scientist and the Investment Center of the Ministry of Trade, if indeed required, the
Agreement shall be considered amended and shall reflect the issues set forth herein.  

Page 7 of 15

     10.    
          All terms and conditions of the Agreement not specifically amended herein shall
          remain and continue in full force and effect. 

	Very truly yours,

/S/ Shlomo Rodav
——————————————

Shlomo Rodav
Chairman
Gilat Satellite Networks Ltd.

	

/S/ Yaron Suher
——————————————

Yaron Suher
Vice President, Financial Planning and Treasury
Gilat Satellite Networks Ltd.

We, Bank Hapoalim B.M., hereby acknowledge and agree to the above.

	

/S/ Avi Levi
——————————————

	

/S/ T. Cohen
——————————————

	

04/04/2004
——————————————

	Name:
Title:	Date:

Page 8 of 15

Appendix A  

GILAT SATELLITE
NETWORKS LTD.  

WARRANT  

Issuance Date:                      

         1.       
          (a) Exercise of the Warrant. Upon payment by the holder (the
          “Holder”) of this Warrant of the Exercise Amount (as defined below)
          during the Exercise Period (as defined below), in one or more installments of no
          less than US$10,000,000 (ten million US dollars) each, but in no event in excess
          of $____________ (the “Maximum Amount”), Gilat Satellite Networks Ltd.
          (“Gilat” or the “Company”) shall issue fully paid and
          nonassessable Ordinary Shares (the “Shares”) to the Holder in
          an amount equal to the Exercise Amount set forth in the Notice below divided by
          the Exercise Price, subject to any adjustments pursuant to Section 3 of this
          Warrant. 

For purposes of this Warrant, the
term Exercise Period shall mean within 30 days from the Issuance Date which shall be no
earlier than July 1, 2004 and no later than June 30, 2007 (the “Exercise
Interval”). The term Exercise Price shall mean the average of the closing sale prices
of the Shares, as published by the NASDAQ over the thirty (30) consecutive trading days
immediately preceding the day of the Notice (as defined below) (i.e., not including the
closing sale price on the date of the Notice) plus 1%, however in no event shall the price
for purposes of calculating the “Exercise Price” be less than US$7.50 per Share
or be in excess of either: (i) US$ 21.00 per Share if the Notice was provided during the
period commencing on July 1, 2004 and terminating on June 30, 2005, (ii) US$ 30.00 per
Share if the Notice was provided during the period commencing on July 1, 2005 and
terminating on June 30, 2006 and (iii) US$ 40 US$ per Share if the Notice was provided
during the period commencing on July 1, 2006 and terminating on June 30, 2007. 

        In
order to exercise this Warrant, the Holder must satisfy all of the following requirements:
(1) complete and sign an irrevocable exercise notice substantially in the form attached
hereto as Annex A hereto (the “Notice”) and submit it to Gilat no
later than 2 Business Days than the date of the Notice by hand delivery, (2) surrender
this Warrant, or part thereof to Gilat within three working days from the date of the
Notice, (3) pay the Exercise Amount (4) pay any tax, if required, in connection with the
exercise of this Warrant and (5) in the event that the Holder is a non-Israeli entity or
individual, sign any documents required by the Office of the Chief Scientist, if required
to enable the issue of the Shares to the Holder. Gilat shall issue a new Warrant for the
balance of the Maximum Amount in the name of the Holder, if any, subject to the terms as
set forth in this Warrant. 

Page 9 of 15

         (b)       
          In the event that in the course of a private placement investment by a third
          party in Gilat, during the Exercise Interval, and for an amount which exceeds
          US$ 20,000,000 (this amount does not include any amounts transferred by the
          Holder in consideration for the Shares as set forth herein), Gilat issues shares
          to such a third party, Gilat shall enable the Holder, to exercise the Exercise
          Amount into Shares based on the same price offered to the third party. The
          Holder shall be entitled to utilize this right on the condition that it has
          notified Gilat in writing within 14 days following receipt of a notice from
          Gilat regarding the contemplated private placement investment and the Exercise
          Amount it intends to apply to this transaction. 

         2.       
          Fractional Shares; Interest and Dividends. Gilat will not issue
          fractional Shares upon exercise of all or any portion of this Warrant. In lieu
          thereof, Gilat will round the number of Shares up to the nearest whole number of
          Shares. 

         3.       
          Adjustment to Exercise Price. In the event that the Company shall issue shares
          to its shareholders as a result of a split-off, spin-off or the like, or in the
          event that, during the 30 day period immdiately prior to the Notice, the Company
          determines that certain shareholders shall be entitled to receive a dividend or
          other distribution, then the Company shall only complete such issuance or other
          action if, as part thereof, allowance is made to protect the economic interest
          of the Holder either by increasing the number of Shares or by procuring that the
          Holder shall be entitled, on economica lly proportionate terms, to acquire
          additional shares of the spun-off or split-off entities. 

     4.    
          (a) Reorganization, Mergers or Consolidations. If at any time from time to
          time there is a capital reorganization of Gilat (other than a recapitalization,
          subdivision, combination, reclassification or exchange of shares provided for
          elsewhere in this Section) or a merger or consolidation of Gilat with or into
          another corporation, then, as a part of such reorganization, merger or
          consolidation, provision shall be made so that the Holder shall thereafter be
          entitled to receive upon exercise of this Warrant, the number of shares or other
          securities or property of Gilat, or of the successor corporation resulting from
          such merger or consolidation, to which a holder of Ordinary Shares deliverable
          upon conversion would have been entitled on such capital reorganization, merger
          or consolidation. In any such case (except to the extent any cash or property is
          received in such transaction), appropriate adjustment shall be made in the
          application of the provisions of this Subsection and Gilat’s Articles of
          Association with respect to the rights of the Holder after the reorganization,
          merger or consolidation to the end that the provisions of this Subsection and
          Gilat’s Articles of Association (including adjustment of the Conversion
          Shares) shall be applicable after that event and be as nearly equivalent to the
          provisions hereof as may be practicable. 

Page 10 of 15

         (b)       
          If the Shares issuable upon the exercise of this Warrant are changed into the
          same or a different number of shares of any class or classes of shares, whether
          by recapitalization, reclassification or otherwise (other than a subdivision or
          combination of shares or share dividend or a reorganization, merger or
          consolidation provided for elsewhere in this Section), then and in any such
          event the Holder shall have the right thereafter to exercise this Warrant and
          the Company shall protect the economic interest of the Holder either by
          increasing the number of Shares, if appropriate or by procuring that the Holder
          shall be entitled, on economically proportionate terms upon the exercise to
          those terms it would have enjoyed would it have exercised the same Exercise
          Amount immediately prior to the such recapitalization, reclassification or
          change, all subject to further adjustment as provided herein and under
          Gilat’s Articles of Association. 

         5.       
          Gilat to Reserve Shares. Gilat shall at all times reserve and keep
          available, free from pre-emptive rights, out of its authorized but unissued
          Ordinary Shares, solely for the purpose of issuance of the Shares as herein
          provided, a sufficient number of Ordinary Shares to permit the exercise of this
          Warrant at a price of no less than US$7.50 per Share or a lower price as
          contemplated by Section 1(b). All Shares which may be issued upon exercise of
          this Warrant shall be duly authorized, validly issued, fully paid and
          non-assessable when so issued. 

         6.       
          Certificates and Legends. 

         (a)       
          All certificates for Shares issued by Gilat to the Holder pursuant to this
          Warrant shall be subject to such restrictions as Gilat may deem advisable under
          the rules, regulations and other requirements of the Securities and Exchange
          Commission, any stock exchange upon which the Shares are then listed or
          interdealer quotation system upon which the Shares are then quoted, and any
          applicable federal or state securities laws. Gilat may place a legend or legends
          on any such certificates to make appropriate reference to such restrictions, as
          set forth here below. 

         (b)       
          Legends. It is understood that the certificates evidencing the Shares
          will bear the legends set forth below: 

        THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE
SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE
TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE
SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE
AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN
INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF
COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED
TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

Page 11 of 15

The legend set forth above shall be
removed by Gilat from any certificate evidencing Shares upon delivery to Gilat of an
opinion by counsel, reasonably satisfactory to Gilat, that a registration statement under
the 1933 Act is at that time in effect with respect to the legended security or that such
security can be freely transferred in a public sale without such a registration statement
being in effect and that such transfer will not jeopardize the exemption or exemptions
from registration pursuant to which Gilat issued the Shares. 

         (c)       
          Gilat will deliver the applicable share certificates relating to the Shares, to
          the Holder, within thirty (30) days from the date of receipt by Gilat of the
          Notice based on the Exercise Price set forth by the Holder in the Notice. In the
          event Gilat’s calculation of the Exercise Price is different from that of
          the Holder, Gilat shall notify the Holder of such in writing within seven (7)
          days from receipt of the Notice. In the event the parties cannot agree on the
          Exercise Price within three (3) days from the date of Gilat’s response, the
          Holder may request the withdrawal of its Notice within two (2) business days
          thereafter. If no such request is received Gilat shall be entitled to amend the
          Exercise Price as set forth in the Notice to reflect the calculation performed
          by Gilat. 

         7.       
          Taxes. The Holder shall pay any taxes (or bear any liability in therefor,
          in the case of taxes required to be withheld by Gilat under applicable law) in
          connection with the exercise of this Warrant, other than stamp taxes. 

         8.       
          Warrant Confers No Rights of Shareholder. The Holder shall not have any
          rights as a shareholder of Gilat with regard to the securities issuable
          hereunder prior to actual exercise hereunder. 

         9.       
          Representations and Warranties. 

        Gilat
represents and warrants to the Holder as follows: 

	 	(a) 	This
Warrant has been duly authorized and executed by Gilat and is a valid and
               binding obligation of Gilat enforceable in accordance with its terms. 

	 	(b) 	The
registered share capital of Gilat as of April 1, 2004 is NIS 5,500,000,
               divided into 27,500,000 Shares of nominal value NIS 0.20 each, of which
               22,225,146 are issued and outstanding. A proposal will be brought to the
Annual                General Meeting of Gilat’s Shareholders on April 29, 2004 to
increase the                registered share capital by an additional NIS 2,000,000, to
be divided into                10,000,000 Shares with a nominal value of NIS 0.20 each. 

Page 12 of 15

	 	(c) 	The
Shares are duly authorized and reserved for issuance by Gilat and, when
               issued in accordance with the terms hereof, will be validly issued, fully
paid                and nonassessable and not subject to any preemptive rights applicable
in the                event of the issuance of new securities by Gilat. 

	 	(d) 	The
execution and delivery of this Warrant is not, and the issuance of the
               Shares upon exercise of this Warrant in accordance with the terms hereof
will                not be, inconsistent with Gilat’s Articles of Association, do
not and will                not contravene any law, governmental rule or regulation,
judgment or order                applicable to Gilat, and, except for consents that have
already been obtained by                Gilat do not and will not conflict with or
contravene any provision of, or                constitute a default under, any indenture,
mortgage, contract or other                instrument of which Gilat is a party or by
which it is bound or require the                consent or approval of, the giving of
notice to, the registration with or the                taking of any action in respect of
or by, any state or local government                authority or agency or other person. 

    10.        Successors
and Assigns. This Warrant may not be assigned by the Holder                without
the prior written consent of Gilat.  

    11.        Governing
Law; Submission to Jurisdiction. This Note shall be governed by                and
shall be construed in accordance with the laws of the New York. Each party
               irrevocably submits to the exclusive jurisdiction of the courts in New
York with                any dispute arising out of or in connection with this Warrant.  

Page 13 of 15

IN WITNESS WHEREOF, Gilat has
caused this Warrant to be duly executed on the date first written above. 

Gilat Satellite Networks Ltd.  

By: ____________________________

Title:   __________________________

Page 14 of 15

Annex A 

EXERCISE NOTICE 

        To
Gilat Satellite Networks Ltd. (“Gilat”)  

        The
undersigned owner of the Warrant issued on _________ (the “Warrant”)
hereby irrevocably exercises the option to pay to Gilat US$ _________ (the “Exercise
Amount”) in exchange for the issuance by Gilat of Shares in accordance with the terms
of the Warrant, and directs that the shares issuable and deliverable upon exercise, be
issued in the name of and delivered to the undersigned. If shares are to be issued in the
name of a person other than the undersigned, the undersigned will pay all additional
transfer taxes payable with respect thereto. 

We have calculated the Exercise
Price, as defined in the Warrant, at US$ _____ per Share. 

Date:

		By: ___________________
Title: __________________

Page 15 of 1520-F

Exhibit 10.1  

CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM 

We consent to the incorporation by
reference in the Registration Statements Forms S-8 (Registration Nos. 333-113932,
333-96630, 333-08826, 333-10092, 333-12466 and 333-12988) and Forms F-3 (Registration No.
333-113950 and 333-12698) of our report dated February 2, 2005, with respect to the
consolidated financial statements of Gilat Satellite Networks Ltd. included in this Annual
Report on Form 20-F for the year ended December 31, 2004. 

	March 17, 2005
Tel Aviv, Israel		Yours Truly,

/s/ KOST FORER GABBAY & KASIERER
A Member of Ernst & Young Global

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