Document:

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                                                                     EXHIBIT 4.6

                      NONEMPLOYEE DIRECTORS AND CONSULTANTS
                             STOCK INCENTIVE PROGRAM
                            (AS AMENDED AND RESTATED)

                        Edwards Lifesciences Corporation

                                   March 2001

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                                    CONTENTS

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<S>               <C>                                                                                           <C>
Article 1.        Establishment, Objectives, and Duration........................................................1

Article 2.        Definitions....................................................................................1

Article 3.        Administration.................................................................................4

Article 4.        Eligibility and Participation..................................................................4

Article 5.        Shares Subject to the Program..................................................................5

Article 6.        Stock Options..................................................................................6

Article 7.        Restricted Stock...............................................................................8

Article 8.        Beneficiary Designation........................................................................9

Article 9.        Deferrals.....................................................................................10

Article 10.       Rights of Nonemployee Directors and Consultants...............................................10

Article 11.       Change in Control.............................................................................10

Article 12.       Amendment, Modification, and Termination......................................................11

Article 13.       Compliance with Applicable Law and Withholding................................................11

Article 14.       Indemnification...............................................................................12

Article 15.       Successors....................................................................................12

Article 16.       Legal Construction............................................................................13
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                        EDWARDS LIFESCIENCES CORPORATION

          NONEMPLOYEE DIRECTORS AND CONSULTANTS STOCK INCENTIVE PROGRAM
                            (AS AMENDED AND RESTATED)

ARTICLE 1. ESTABLISHMENT, OBJECTIVES, AND DURATION

      1.1 ESTABLISHMENT OF THE PROGRAM. Edwards Lifesciences Corporation, a
Delaware corporation (hereinafter referred to as the "Company"), hereby amends
and restates the incentive compensation plan established April 1, 2000 and known
as the "Edwards Lifesciences Corporation Nonemployee Directors and Consultants
Stock Incentive Program" (hereinafter, as amended and restated, referred to as
the "Program"), as set forth in this document. The Program permits the grant of
Nonqualified Stock Options and Restricted Stock.

      The Program became effective as of April 1, 2000 (the "Effective Date")
and shall remain in effect as provided in Section 1.3 hereof.

      1.2 OBJECTIVES OF THE PROGRAM. The objectives of the Program are to
optimize the profitability and growth of the Company through long-term
incentives which are consistent with the Company's goals and which link the
personal interests of Participants to those of the Company's stockholders. The
Program is further intended to provide flexibility to the Company in its ability
to motivate, attract, and retain the services of Participants who make
significant contributions to the Company's success and to allow Participants to
share in the success of the Company.

      1.3 DURATION OF THE PROGRAM. The Program shall commence on the Effective
Date, as described in Section 1.1 hereof, and shall remain in effect, subject to
the right of the Board to amend or terminate the Program at any time pursuant to
Article 12 hereof, until all Shares subject to it shall have been purchased or
acquired according to the Program's provisions. However, in no event may an
Award be granted under the Program on or after April 1, 2010.

ARTICLE 2. DEFINITIONS

      Whenever used in the Program, the following terms shall have the meanings
set forth below, and when the meaning is intended, the initial letter of the
word shall be capitalized:

      2.1 "ANNUAL RETAINER" means the fixed annual fee of a Nonemployee Director
in effect on the first day of the year in which such Annual Retainer is payable
for services to be rendered as a Nonemployee Director of the Company. The Annual
Retainer does not include meeting or chairmanship fees.

      2.2 "AWARD" means, individually or collectively, a grant under this
Program of Nonqualified Stock Options and Restricted Stock.

      2.3 "AWARD AGREEMENT" means an agreement entered into by the Company and
each Participant setting forth the terms and provisions applicable to Awards
granted under this Program.

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      2.4 "BOARD" or "BOARD OF DIRECTORS" means the Board of Directors of the
Company.

      2.5 "CHANGE IN CONTROL" of the Company shall mean the occurrence of any
one of the following events:

          (a)  Any "Person", as such term is used in Sections 13(d) and 14(d) of
               the Exchange Act (other than the Company, any corporation owned,
               directly or indirectly, by the stockholders of the Company in
               substantially the same proportions as their ownership of stock of
               the Company, and any trustee or other fiduciary holding
               securities under an employee benefit plan of the Company or such
               proportionately owned corporation), is or becomes the "beneficial
               owner" (as defined in Rule 13d-3 under the Exchange Act),
               directly or indirectly, of securities of the Company representing
               thirty percent (30%) or more of the combined voting power of the
               Company's then outstanding securities; or

          (b)  During any period of not more than twenty-four (24) months,
               individuals who at the beginning of such period constitute the
               Board of Directors of the Company, and any new director (other
               than a director designated by a Person who has entered into an
               agreement with the Company to effect a transaction described in
               Sections 2.5(a), 2.5(c), or 2.5(d) of this Section 2.5) whose
               election by the Board or nomination for election by the Company's
               stockholders was approved by a vote of at least two-thirds (2/3)
               of the directors then still in office who either were directors
               at the beginning of the period or whose election or nomination
               for election was previously so approved, cease for any reason to
               constitute at least a majority thereof; or

          (c)  The consummation of a merger or consolidation of the Company with
               any other entity, other than: (i) a merger or consolidation which
               would result in the voting securities of the Company outstanding
               immediately prior thereto continuing to represent (either by
               remaining outstanding or by being converted into voting
               securities of the surviving entity) more than sixty percent (60%)
               of the combined voting power of the voting securities of the
               Company or such surviving entity outstanding immediately after
               such merger or consolidation; or (ii) a merger or consolidation
               effected to implement a recapitalization of the Company (or
               similar transaction) in which no Person acquires more than thirty
               percent (30%) of the combined voting power of the Company's then
               outstanding securities; or

          (d)  The Company's stockholders approve a plan of complete liquidation
               or dissolution of the Company, or an agreement for the sale or
               disposition by the Company of all or substantially all of the
               Company's assets (or any transaction having a similar effect.

      2.6 "CODE" means the Internal Revenue Code of 1986, as amended from time
to time.

      2.7 "COMMITTEE" means the Compensation Committee or any other committee
appointed by the Board to administer Awards to Participants, as specified in
Article 3 herein.

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      2.8 "COMPANY" means Edwards Lifesciences Corporation, a Delaware
corporation, and any successor thereto as provided in Article 15 herein.

      2.9 "CONSULTANT" means an individual who is providing or has provided
services to the Company but who is not an Employee or a member of the Board, and
who does not participate in the Edwards Lifesciences Corporation Long-Term Stock
Incentive Compensation Program. For the purposes of this Program, "Employee"
means an employee of the Company or of a Subsidiary of the Company and
"Subsidiary" is defined as any business, whether or not incorporated, in which
the Company has a direct or indirect ownership interest.

      2.10 "DISABILITY" shall have the meaning ascribed to such term in the
Participant's governing long-term disability plan, or if no such plan exists, at
the discretion of the Board.

      2.11 "EFFECTIVE DATE" shall have the meaning ascribed to such term in
Section 1.1 hereof.

      2.12 "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended
from time to time, or any successor act thereto.

      2.13 "FAIR MARKET VALUE" means, at any date, the closing sale price on the
principal securities exchange on which the Shares are traded on the last
previous day on which a sale was reported.

      2.14 "INSIDER" shall mean an individual who is, on the relevant date, an
officer, director or ten percent (10%) beneficial owner of any class of the
Company's equity securities that is registered pursuant to Section 12 of the
Exchange Act, all as defined under Section 16 of the Exchange Act.

      2.15 "NONEMPLOYEE DIRECTOR" means a member of the Company's Board who is
not an Employee of the Company.

      2.16 "NONQUALIFIED STOCK OPTION" or "OPTION" means an option to purchase
Shares granted under Article 6 herein and which is not intended to meet the
requirements of Code Section 422.

      2.17 "OPTION PRICE" means the price at which a Share may be purchased by a
Participant pursuant to an Option.

      2.18 "PARTICIPANT" means a Nonemployee Director or Consultant who has been
selected to receive an Award or who has outstanding an Award granted under the
Program.

      2.19 "PERIOD OF RESTRICTION" means the period during which the transfer of
Shares of Restricted Stock is limited in some way (based on the passage of time,
the achievement of performance goals, or upon the occurrence of other events as
determined by the Committee, in its discretion), and the Shares are subject to a
substantial risk of forfeiture, as provided in Article 7 herein.

      2.20 "RESTRICTED STOCK" means an Award granted to a Participant pursuant
to Article 7 herein.

      2.21 "SHARES" means the shares of common stock of the Company.

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ARTICLE 3. ADMINISTRATION

      3.1 GENERAL. The Program shall be administered by the Compensation
Committee of the Board, or by any other Committee appointed by the Board. Any
Committee administering the Program shall be comprised entirely of directors.
The members of the Committee shall be appointed from time to time by and shall
serve at the sole discretion of the Board. Members of the Committee may
participate in the Program. The Committee shall have the authority to delegate
administrative duties to officers, Employees, or directors of the Company;
provided that the Committee shall not be able to delegate its authority with
respect to granting Awards to Insiders.

      3.2 AUTHORITY OF THE COMMITTEE. Except as limited by law or by the
Certificate of Incorporation or Bylaws of the Company, and subject to the
provisions of the Program, the Committee shall have the authority to: (a)
interpret the provisions of the Program, and prescribe, amend, and rescind rules
and procedures relating to the Program; (b) grant Awards under the Program, in
such forms and amounts and subject to such terms and conditions as it deems
appropriate, including, without limitation, Awards which are made in combination
with or in tandem with other Awards (whether or not contemporaneously granted)
or compensation or in lieu of current or deferred compensation; (c) subject to
Article 12, modify the terms of, cancel and reissue, or repurchase outstanding
Awards; (d) prescribe the form of agreement, certificate or other instrument
evidencing any Award under the Program; (e) correct any defect or omission and
reconcile any inconsistency in the Program or in any Award hereunder; (f) to
design Awards to satisfy requirements to make such Awards tax-advantaged to
Participants in any jurisdiction or for any other reason that the Company
desires; and (g) make all other determinations and take all other actions as it
deems necessary or desirable for the administration of the Program; provided,
however, that it is the Company's intent that no outstanding Option will be
canceled for the purpose of reissuing such Option to a Participant at a lower
exercise price. The determination of the Committee on matters within its
authority shall be conclusive and binding on the Company and all other persons.
The Committee shall comply with all applicable law in administering the Plan. As
permitted by law (and subject to Section 3.1 herein), the Committee may delegate
its authority as identified herein.

      3.3 DECISIONS BINDING. All determinations and decisions made by the
Committee pursuant to the provisions of the Program and all related orders and
resolutions of the Board shall be final, conclusive and binding on all persons,
including the Company, its stockholders, directors, Employees, Consultants,
Participants, and their estates and beneficiaries.

ARTICLE 4. ELIGIBILITY AND PARTICIPATION

      4.1 ELIGIBILITY. Persons eligible to participate in this Program shall
include all Nonemployee Directors and Consultants.

      4.2 ACTUAL PARTICIPATION. Subject to the provisions of the Program, the
Committee may, from time to time, select from all eligible Nonemployee Directors
and Consultants those to whom Awards shall be granted and shall determine the
nature and amount of each Award.

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ARTICLE 5. SHARES SUBJECT TO THE PROGRAM

      5.1 NUMBER OF SHARES AVAILABLE FOR GRANTS. Subject to adjustment as
provided in Section 5.4 herein, the number of Shares hereby reserved for
delivery to Participants under the Program shall be three hundred thousand
(300,000) Shares. Subject to the restrictions for Nonemployee Directors set
forth in Articles 6 and 7, the Committee shall determine the appropriate
methodology for calculating the number of Shares issued pursuant to the Program.

      5.2 TYPE OF SHARES. Shares issued under the Program in connection with
Options may be authorized and unissued Shares or issued Shares held as treasury
Shares. Shares issued under the Program in connection with Restricted Stock
shall be issued Shares held as treasury Shares; provided, however, that
authorized and unissued Shares may be issued in connection with Restricted Stock
to the extent that the Committee determines that past services of the
Participant constitute adequate consideration for at least the par value
thereof.

      5.3 REUSAGE OF SHARES.

          (a)  GENERAL. In the event of the exercise or termination (by reason
               of forfeiture, expiration, cancellation, surrender or otherwise)
               of any Award under the Program, that number of Shares that was
               subject to the Award but not delivered shall again be available
               as Awards under the Program.

          (b)  RESTRICTED STOCK. In the event that Shares are delivered under
               the Program as Restricted Stock and are thereafter forfeited or
               reacquired by the Company pursuant to rights reserved upon the
               grant thereof, such forfeited or reacquired Shares shall again be
               available as Awards under the Program.

          (c)  LIMITATION. Notwithstanding the provisions of Sections 5.3(a) or
               5.3(b) above, the following Shares shall not be available for
               reissuance under the Program: (i) Shares which are withheld from
               any Award or payment under the Program to satisfy tax withholding
               obligations (as described in Section 13.3); (ii) Shares which are
               surrendered to fulfill tax obligations (as described in Section
               13.4); and (iii) Shares which are surrendered in payment of the
               Option Price upon the exercise of an Option.

      5.4 ADJUSTMENTS IN AUTHORIZED SHARES. In the event of any change in
corporate capitalization, such as a stock split, or a corporate transaction,
such as any merger, consolidation, separation, including a spin-off, or other
distribution of stock or property of the Company, any reorganization (whether or
not such reorganization comes within the definition of such term in Code Section
368) or any partial or complete liquidation of the Company, such adjustment
shall be made in the number and class of Shares which may be delivered under
Section 5.1, in the number and class of and/or price of Shares subject to
outstanding Awards granted under the Program, and in the Award limits set forth
in Section 5.1, as may be determined to be appropriate and equitable by the
Board, in its sole discretion, to prevent dilution or enlargement of rights;
provided, however, that the number of Shares subject to any Award shall always
be a whole number. In a stock-for-stock acquisition of the Company, the
Committee may, in its sole discretion, substitute securities of another issuer
for any Shares subject to outstanding Awards.

                                      -5-
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ARTICLE 6. STOCK OPTIONS

      6.1 GRANT OF OPTIONS. Subject to the discretion of the Committee and the
terms and provisions of the Program, during the period beginning January 1, 2001
and ending April 1, 2010, each Nonemployee Director shall receive annually
Options to purchase ten thousand (10,000) Shares, effective as of the day
following each annual meeting of the Company's shareholders (but subject to any
vesting provisions or other restrictions determined by the Committee). Aside
from the foregoing annual grants, no additional Options shall be granted to
Nonemployee Directors under the Program.

      Subject to the terms and provisions of the Program, Options may be granted
to Consultants in such number, and upon such terms, and at any time and from
time to time as shall be determined by the Committee.

      If all or any portion of the exercise price or taxes incurred in
connection with the exercise are paid by delivery (or, in the case of payment of
taxes, by withholding of Shares) of other Shares of the Company, a Participant's
Options may provide for the grant of replacement Options. All Options under the
Program shall be granted in the form of nonqualified stock options as no Option
under the Program may be granted in the form of an incentive stock option as
defined under the provisions of Code Section 422.

      6.2 AWARD AGREEMENT. Each Option grant shall be evidenced by an Award
Agreement that shall specify the Option Price, the duration of the Option, the
number of Shares to which the Option pertains, and such other provisions as the
Committee shall determine.

      6.3 OPTION PRICE. The Option Price for each grant of an Option under this
Program shall be at least equal to one hundred percent (100%) of the Fair Market
Value of a Share on the date the Option is granted.

      6.4 DURATION OF OPTIONS. Each Option granted to a Participant shall expire
at such time as the Committee shall determine at the time of grant; provided,
however, that no Option shall be exercisable later than the tenth (10th)
anniversary date of its grant.

      6.5 EXERCISE OF OPTIONS. Options granted under this Article 6 shall be
exercisable at such times and be subject to such restrictions and conditions as
the Committee shall in each instance approve, which need not be the same for
each grant or for each Participant.

      6.6 PAYMENT. Options granted under this Article 6 shall be exercised by
the delivery of a written notice of exercise to the Company, setting forth the
number of Shares with respect to which the Option is to be exercised,
accompanied by full payment for the Shares.

      The Option Price upon exercise of any Option shall be payable to the
Company in full either: (a) in cash or its equivalent; or (b) by tendering
previously acquired Shares (by either actual delivery or attestation) having an
aggregate Fair Market Value at the time of exercise equal to the total Option
Price (provided that the Shares which are tendered must have been held by the
Participant for at least six (6) months prior to their tender to satisfy the
Option Price); or (c) by a combination of (a) and (b).

                                      -6-
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      The Committee also may allow cashless exercise as permitted under Federal
Reserve Board's Regulation T, subject to applicable securities law restrictions,
or by any other means which the Board determines to be consistent with the
Program's purpose and applicable law.

      Subject to any governing rules or regulations, as soon as practicable
after receipt of a written notification of exercise and full payment, the
Company shall deliver to the Participant, in the Participant's name (or, at the
discretion of the Participant, jointly in the names of the Participant and the
Participant's spouse), Share certificates in an appropriate amount based upon
the number of Shares purchased under the Option(s).

      6.7 RESTRICTIONS ON SHARE TRANSFERABILITY. The Committee may impose such
restrictions on any Shares acquired pursuant to the exercise of an Option
granted under this Article 6 as it may deem advisable, including, without
limitation, restrictions under applicable federal securities laws, under the
requirements of any stock exchange or market upon which such Shares are then
listed and/or traded, and under any blue sky or state securities laws applicable
to such Shares. Except as otherwise provided in a Participant's Award Agreement,
no Option granted under this Article 6 may be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated, other than by will or by the
laws of descent and distribution. Further, except as otherwise provided in a
Participant's Award Agreement, all Options granted to a Participant under this
Article 6 shall be exercisable during his or her lifetime only by such
Participant.

      6.8 TERMINATION OF DIRECTORSHIP OR SERVICE. Each Participant's Option
Award Agreement shall set forth the extent to which the Participant shall have
the right to exercise the Option following termination of the Participant's
service to the Company as a Nonemployee Director or Consultant. Such provisions
shall be determined in the sole discretion of the Committee, shall be included
in the Award Agreement entered into with each Participant, need not be uniform
among all Options issued pursuant to this Article 6, and may reflect
distinctions based on the reasons for termination.

      6.9 NONTRANSFERABILITY OF OPTIONS. Except as otherwise provided in a
Participant's Award Agreement, no Option granted under this Article 6 may be
sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
other than by will or by the laws of descent and distribution. Further, except
as otherwise provided in a Participant's Award Agreement, all Options granted to
a Participant under this Article 6 shall be exercisable during his or her
lifetime only by such Participant.

      6.10 SUBSTITUTION OF CASH. Unless otherwise provided in a Participant's
Award Agreement, and notwithstanding any provision in the Program to the
contrary (including but not limited to Section 12.3), in the event of a Change
in Control in which the Company's stockholders holding Shares receive
consideration other than shares of common stock that are registered under
Section 12 of the Exchange Act, the Committee shall have the authority to
require that any outstanding Option be surrendered to the Company by a
Participant for cancellation by the Company, with the Participant receiving in
exchange a cash payment from the Company within ten (10) days of the Change in
Control. Such cash payment shall be equal to the number of Shares under Option,
multiplied by the excess, if any, of the greater of (i) the highest per Share
price offered to stockholders in any transaction whereby the Change in Control
takes place, or (ii) the Fair Market Value of a Share on the date the Change in
Control occurs, over the Option Price.

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      6.11 ELECTIVE GRANTS TO NONEMPLOYEE DIRECTORS IN LIEU OF ANNUAL RETAINER.
Subject to the terms and provisions of the Program and any other restrictions
set out by the Committee in its sole discretion, the Committee may permit each
Nonemployee Director to elect to receive all or a portion of his Annual Retainer
in the form of Options to be issued as of the first day on which such Annual
Retainer is otherwise due and payable (the "Conversion Date") and using the Fair
Market Value of a Share as of the Conversion Date as the Option Price of the
Options.

      If deferral elections are permitted by the Committee, each irrevocable
election shall be made in accordance with such rules as the Committee may
determine in its sole discretion. Except as may otherwise be determined by the
Committee, in the event of such an election, the number of Options which an
electing Nonemployee Director shall receive shall be determined by dividing that
portion of the Annual Retainer as to which the election is being made by the
Fair Market Value of a Share on the Conversion Date and multiplying the quotient
by four (4).

      Any portion of a Nonemployee Director's Annual Retainer for which an
election has not been made pursuant to this Section 6.11, shall be paid in cash
to such Nonemployee Director at such time or times as payments thereof are
customarily made by the Company.

ARTICLE 7. RESTRICTED STOCK

      7.1 GRANT OF RESTRICTED STOCK. Subject to the terms and provisions of the
Program, each Nonemployee Director shall be granted five thousand (5,000) Shares
of Restricted Stock effective as of the later of (i) April 1, 2000, or (ii) the
date of such Nonemployee Director's first election to the Board.

      Subject to the terms and provisions of the Program, the Committee, at any
time and from time to time, may grant Shares of Restricted Stock to Consultants
in such amounts as the Committee shall determine.

      7.2 RESTRICTED STOCK AGREEMENT. Each Restricted Stock grant shall be
evidenced by a Restricted Stock Award Agreement that shall specify the Period(s)
of Restriction, the number of Shares of Restricted Stock granted, and such other
provisions as the Committee shall determine.

      7.3 RESTRICTION ON TRANSFERABILITY. Except as provided in this Article 7,
the Shares of Restricted Stock granted herein may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated until the end of the
applicable Period of Restriction established by the Committee and specified in
the Restricted Stock Award Agreement, or upon earlier satisfaction of any other
conditions, as specified by the Committee in its sole discretion and set forth
in the Restricted Stock Award Agreement. All rights with respect to the
Restricted Stock granted to a Participant under the Program shall be available
during his or her lifetime only to such Participant.

      7.4 OTHER RESTRICTIONS. The Committee shall impose such other conditions
and/or restrictions on any Shares of Restricted Stock granted pursuant to the
Program as it may deem advisable including, without limitation, any or all of
the following:

          (a)  A required period of service with the Company, as determined by
               the Committee, prior to the vesting of Shares of Restricted
               Stock.

                                      -8-
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          (b)  A requirement that Participants forfeit (or in the case of Shares
               sold to a Participant, resell to the Company at his or her cost)
               all or a part of Shares of Restricted Stock in the event of
               termination of his or her service as a Nonemployee Director or
               Consultant during the Period of Restriction.

          (c)  A prohibition against such Participants' dissemination of any
               secret or confidential information belonging to the Company, or
               the solicitation by Participants of the Company's Employees for
               employment by another entity.

      Shares of Restricted Stock awarded pursuant to the Program shall be
registered in the name of the Participant and, if such Shares are certificated,
in the sole discretion of the Committee, may be deposited in a bank designated
by the Committee or with the Company. The Committee may require a stock power
endorsed in blank with respect to Shares of Restricted Stock whether or not
certificated.

      Except as otherwise provided in this Article 7, Shares of Restricted Stock
covered by each Restricted Stock grant made under the Program shall become
freely transferable (subject to any restrictions under applicable securities
law) by the Participant after the last day of the applicable Period of
Restriction.

      7.5 VOTING RIGHTS. At the Committee's sole discretion, Participants
holding Shares of Restricted Stock granted hereunder may be granted the right to
exercise full voting rights with respect to those Shares during the Period of
Restriction.

      7.6 DIVIDENDS AND OTHER DISTRIBUTIONS. At the Committee's sole discretion,
during the Period of Restriction, Participants holding Shares of Restricted
Stock granted hereunder may be credited with regular cash dividends paid with
respect to the underlying Shares while they are so held. The Committee may apply
any restrictions to the dividends that the Committee deems appropriate.

      7.7 TERMINATION OF DIRECTORSHIP OR SERVICE. Each Restricted Stock Award
Agreement shall set forth the extent to which the Participant shall have the
right to receive unvested Shares of Restricted Stock following termination of
the Participant's service to the Company as a Nonemployee Director or
Consultant. Such provisions shall be determined in the sole discretion of the
Committee, shall be included in the Award Agreement entered into with each
Participant, need not be uniform among all Shares of Restricted Stock issued
pursuant to the Program, and may reflect distinctions based on the reasons for
termination.

ARTICLE 8. BENEFICIARY DESIGNATION

      Each Participant under the Program may, from time to time, name any
beneficiary or beneficiaries (who may be named contingently or successively) to
whom any benefit under the Program is to be paid in case of his or her death
before he or she receives any or all of such benefit. Each such designation
shall revoke all prior designations by the same Participant, shall be in a form
prescribed by the Company, and will be effective only when filed by the
Participant in writing with the Company during the Participant's lifetime. In
the absence of any such designation, benefits remaining unpaid at the
Participant's death shall be paid to the Participant's estate.

                                      -9-
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ARTICLE 9. DEFERRALS

      The Committee may permit or require a Participant to defer such
Participant's receipt of the payment of cash or the delivery of Shares that
would otherwise be due to such Participant by virtue of the exercise of an
Option, or the lapse or waiver of restrictions with respect to Restricted Stock.
If any such deferral election is required or permitted, the Committee shall, in
its sole discretion, establish rules and procedures for such payment deferrals.

ARTICLE 10. RIGHTS OF NONEMPLOYEE DIRECTORS AND CONSULTANTS

      10.1 DIRECTORSHIP OR PROVISION OF SERVICES. Nothing in the Program or any
Award Agreement shall interfere with or limit in any way the right of the
Company to terminate at any time any Participant's service to the Company as a
Nonemployee Director or as a Consultant, nor confer upon any Participant any
right to continue in the service of the Company.

      10.2 PARTICIPATION. No Nonemployee Director or Consultant shall have the
right to be selected to receive an Award under this Program, or, having been so
selected, to be selected to receive a future Award.

ARTICLE 11. CHANGE IN CONTROL

      11.1 TREATMENT OF OUTSTANDING AWARDS. Subject to Section 11.3, upon the
occurrence of a Change in Control and notwithstanding the terms of any Award
Agreement, unless otherwise specifically prohibited under applicable laws, or by
the rules and regulations of any governing governmental agencies or national
securities exchanges:

          (a)  Any and all Options granted hereunder shall become immediately
               exercisable, and shall remain exercisable throughout their entire
               term; and

          (b)  Any restriction periods and restrictions imposed on Shares of
               Restricted Stock shall lapse.

      11.2 TERMINATION, AMENDMENT, AND MODIFICATIONS OF CHANGE-IN-CONTROL
PROVISIONS. Notwithstanding any other provision of this Program (but subject to
the limitations of Section 11.3 hereof) or any Award Agreement provision, the
provisions of this Article 11 may not be terminated, amended, or modified on or
after the date of a Change in Control to affect adversely any Award theretofore
granted under the Program without the prior written consent of the Participant
with respect to said Participant's outstanding Awards; provided, however, the
Board may terminate, amend, or modify this Article 11 at any time and from time
to time prior to the date of a Change in Control.

      11.3 POOLING OF INTERESTS ACCOUNTING. Notwithstanding any provision of the
Program or of any Award Agreement to the contrary, in the event that the
consummation of a Change in Control is contingent on using pooling of interests
accounting methodology, the Board may, in its sole discretion, take any action
necessary to preserve the use of pooling of interests accounting.

                                      -10-
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ARTICLE 12. AMENDMENT, MODIFICATION, AND TERMINATION

      12.1 AMENDMENT, MODIFICATION, AND TERMINATION. Subject to the terms of the
Program, the Board may at any time and from time to time, alter, amend, suspend
or terminate the Program in whole or in part.

      12.2 ADJUSTMENT OF AWARDS UPON THE OCCURRENCE OF CERTAIN UNUSUAL OR
NONRECURRING EVENTS. The Committee may make adjustments in the terms and
conditions of, and the criteria included in, Awards in recognition of unusual or
nonrecurring events (including, without limitation, the events described in
Section 5.4 hereof) affecting the Company or the financial statements of the
Company or of changes in applicable laws, regulations, or accounting principles,
whenever the Committee determines that such adjustments are appropriate in order
to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the Program.

      12.3 AWARDS PREVIOUSLY GRANTED. Notwithstanding any provision of the
Program or of any Award Agreement to the contrary (but subject to Sections 6.10
and 11.3 hereof), no termination, amendment, or modification of the Program
shall adversely affect in any material way any Award previously granted under
the Program, without the written consent of the Participant holding such Award.

ARTICLE 13. COMPLIANCE WITH APPLICABLE LAW AND WITHHOLDING

      13.1 GENERAL. The granting of Awards and the issuance of Shares under the
Program shall be subject to all applicable laws, rules, and regulations, and to
such approvals by any governmental agencies or national securities exchanges as
may be required. Notwithstanding anything to the contrary in the Program or any
Award Agreement, the following shall apply:

          (a)  The Company shall have no obligation to issue any Shares under
               the Program if such issuance would violate any applicable law or
               any applicable regulation or requirement of any securities
               exchange or similar entity.

          (b)  Prior to the issuance of any Shares under the Program, the
               Company may require a written statement that the recipient is
               acquiring the Shares for investment and not for the purpose or
               with the intention of distributing the Shares and that the
               recipient will not dispose of them in violation of the
               registration requirements of the Securities Act of 1933.

          (c)  With respect to any Participant who is subject to Section 16(a)
               of the Exchange Act, the Committee may, at any time, add such
               conditions and limitations to Award or payment under the Program
               or implement procedures for the administration of the Program
               which it deems necessary or desirable to comply with the
               requirements of Rule 16b-3 of the Exchange Act.

          (d)  If, at any time, the Company, determines that the listing,
               registration, or qualification (or any updating of any such
               document) of any Award, or the Shares issuable pursuant thereto,
               is necessary on any securities exchange or under any federal or
               state securities or blue sky law, or that the consent or approval
               of any

                                      -11-
<PAGE>

               governmental regulatory body is necessary or desirable as a
               condition of, or in connection with, any Award, the issuance of
               Shares pursuant to any Award, or the removal of any restrictions
               imposed on Shares subject to an Award, such Award shall not be
               granted and the Shares shall not be issued or such restrictions
               shall not be removed, as the case may be, in whole or in part,
               unless such listing, registration, qualification, consent, or
               approval shall have been effected or obtained free of any
               conditions not acceptable to the Company.

      13.2 SECURITIES LAW COMPLIANCE. With respect to Insiders, transactions
under this Program are intended to comply with all applicable conditions of Rule
16b-3 or its successors under the 1934 Act. To the extent any provision of the
Program or action by the Committee or the Board fails to so comply, it shall be
deemed null and void, to the extent permitted by law and deemed advisable by the
Board.

      13.3 TAX WITHHOLDING. 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 federal, state, and local taxes, domestic or foreign,
required by law or regulation to be withheld with respect to any taxable event
arising as a result of this Program.

      13.4 SHARE WITHHOLDING. With respect to withholding required upon any
taxable event arising as a result of Awards payable in Shares granted hereunder,
Participants may elect, subject to the approval of the Committee, to satisfy the
withholding requirement, in whole or in part, by having the Company withhold
Shares to satisfy their tax obligations. With respect to withholding required
upon the exercise of Options, or upon the lapse of restrictions on Shares of
Restricted Stock, Participants may only elect to have Shares withheld having a
Fair Market Value on the date the tax is to be determined equal to the minimum
statutory withholding tax which could be imposed on the transaction. All
elections shall be irrevocable, made in writing, signed by the Participant, and
shall be subject to any restrictions or limitations that the Committee, in its
sole discretion, deems appropriate.

ARTICLE 14. INDEMNIFICATION

      Each person who is or shall have been a member of the Committee, or of the
Board, shall be indemnified and held harmless by the Company against and from
any loss, cost, liability, or expense that may be imposed upon or reasonably
incurred by him or her in connection with or resulting from any claim, action,
suit, or proceeding to which he or she may be a party or in which he or she may
be involved by reason of any action taken or failure to act under the Program
and against and from any and all amounts paid by him or her in settlement
thereof, with the Company's approval, or paid by him or her in satisfaction of
any judgement in any such action, suit, or proceeding against him or her,
provided he or she shall give the Company an opportunity, at its own expense, to
handle and defend the same before he or she undertakes to handle and defend it
on his or her own behalf. The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which such persons may be
entitled under the Company's Certificate of Incorporation or Bylaws, as a matter
of law, or otherwise, or any power that the Company may have to indemnify them
or hold them harmless.

                                      -12-
<PAGE>

ARTICLE 15. SUCCESSORS

      All obligations of the Company under the Program with respect to Awards
granted hereunder 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
and/or assets of the Company.

ARTICLE 16. LEGAL CONSTRUCTION

      16.1 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.

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

      16.3 GOVERNING LAW. To the extent not preempted by federal law, the
Program, and all Award or other agreements hereunder, shall be construed in
accordance with and governed by the laws of the state of Delaware without giving
effect to principles of conflicts of laws.

                                      -13-<PAGE>

                                                                  EXHIBIT 10.14

                             THE FOUNDERS AGREEMENT

              DRAWN UP AND SIGNED IN MAGSHIMIM ON SEPTEMBER 30 1999

BETWEEN:              NUR MACROPRINTERS LTD.
                      Public Company 52-003986-8
                      5 David Navon Street, Magshimim
                      (Hereinafter: "NUR")
                                                                OF THE ONE PART;

AND BETWEEN:     1.   GERA EIRON
                      I.D. number 050722719
                      50 HASEIFAN STREET, TEL-MOND
                      (Hereinafter: "EIRON")

                 2.   OGEN DIALOGIX LTD.
                      Private Company 51-283374-0
                      50 HASEIFAN STREET, TEL-MOND
                      (Hereinafter: "OGEN")

           (Eiron and Ogen jointly and severely, hereinafter: "GERA")

                                                             OF THE SECOND PART;

WHEREAS:       NUR is engaged, among other things in the production marketing
               and sales on its own and/or through others of wide format digital
               printers (hereinafter: the "PRINTERS");

AND WHEREAS:   Eiron has the know-how and experience in the field of assembling
               printers;

AND WHEREAS:   The parties wish to act in cooperation in the field of assembling
               the printers that NUR developed, and which are known as BlueBoard
               and Fresco, in executing development works for NUR, and subject
               to a future agreement, as mentioned in clause 5.3 below, the
               assembly of additional printers for NUR (hereinafter: the "JOINT
               ACTIVITIES"), all as detailed in this agreement;

AND WHEREAS:   The parties wish to establish a company, which will be jointly
               owned in equal shares, by NUR and Ogen whose joint activities
               will be carried out through it (hereinafter: the "COMPANY")
               and for which Ogen through Eiron will provide management
               services to the company, as its general manager in a full time
               position;

AND WHEREAS:   The parties wish to arrange and base the terms of the engagement
               between them regarding the joint operations in the Company in
               writing and all as detailed in this agreement;

<PAGE>

THEREFORE, IT IS AGREED, DECLARED AND CONDITIONED BETWEEN THE PARTIES AS
FOLLOWS:

1.   PREAMBLE AND INTERPRETATION

1.1  The Appendices and the preamble to this agreement are an integral part
     thereof,

1.2  The headings to the clauses in this agreement are for convenience and
     guidance only and should not be used to interpret the agreement.

2.   THE AGREEMENT

2.1  In effect as from October 1, 1999 (hereinafter: the "DETERMINING DATE") the
     parties will start acting in cooperation in the field of the joint
     activities including setting up the Company and operating it and all as
     detailed in this agreement.

2.2  This agreement comes into force from the date of its signing.

3.   ESTABLISHING THE COMPANY

3.1  Immediately after signing this agreement the parties will act to establish
     the Company, which will be registered as a private company limited by
     shares, and will function as the sole framework for operation of the
     parties in the field of their joint activities. The Company's Articles are
     attached hereto as APPENDIX A to this agreement (hereinafter: the
     "COMPANY'S ARTICLES").

3.2  The name of the Company will be "NUR Engineering Ltd." or a name similar to
     that, as approved by the Registrar of Companies. Apart from mentioning the
     name, the Company will not be entitled to use in a written document any
     other use of the name NUR and/or any trademark of NUR unless it receives
     the prior written agreement of NUR for this.

3.3  After establishing the Company it will adopt the provisions of this
     agreement and the provisions of the Assembly Agreement, the Development
     Agreement, the ITS Agreement and the Management Services Agreement as
     defined below. The parties will act in order to take all the decisions
     required by the competent organs of the Company in order for it to adopt
     the provisions of the said agreements.

4.   THE COMPANY'S CAPITAL

4.1  The Company's registered capital will be NIS 37,000 divided into 37,000
     ordinary registered shares of NIS 1 par value each (hereinafter: the
     "SHARES"). The rights attached to the shares will be as detailed in the
     Company's Articles.

4.2  At the time of registration, each of the parties, NUR and Ogen will be
     allotted 100 shares of the Company in cash, in consideration for the par
     value of these shares.

                                      -2-
<PAGE>

5.   JOINT OPERATIONS- OPERATING THE COMPANY

5.1  As of the determining date, as long as this agreement will remain in force,
     the Company will engage in joint operations including:

     a. The Company will carry out solely for NUR the assembly of the printers
        that NUR developed known as BlueBoard, including its future development
        based on the mechanical planning and that type of printer head
        (hereinafter: the "BB PRINTERS"), and this in accordance with the
        assembly agreement that will be signed between NUR and the Company at
        the time of signature of this agreement, a copy of which is attached
        hereto as APPENDIX B to this agreement (hereinafter: the "ASSEMBLY
        AGREEMENT").

     b. The Company will carry out for NUR the assembly of the printers that NUR
        developed and which are known as Fresco (hereinafter: the "FRESCO
        PRINTERS"). The assembly of the first hundred (100) Fresco printers will
        be executed by the Company exclusively, in accordance with the assembly
        agreement, and the assembly of additional Fresco printers, over 100 such
        printers will be carried out by the Company in accordance with and
        subject to the provisions of clause 5.3 below.

     c. The Company will carry out development and design work for NUR,
        according to job orders, which will be issued from time to time by NUR
        to the Company, and this in accordance with the development agreement,
        which is to be signed between NUR and between the Company at the time of
        signing this agreement, a copy of which is attached hereto as APPENDIX C
        to this agreement (hereinafter: the "DEVELOPMENT AGREEMENT").

     d. The Company will carry out for NUR, as far as this will be under NUR's
        control, assembly work of printers which will be developed in the future
        by NUR (hereinafter: the "ADDITIONAL PRINTERS"), whose execution will be
        given to the Company in accordance and subject to the provisions of
        clause 5.3 below.

5.2  In order to execute the joint operations, the Company will engage in an
     agreement with ITS Machine Development Ltd. (hereinafter: "ITS"), a copy of
     which is attached hereto as APPENDIX D to this agreement (hereinafter: the
     "ITS AGREEMENT"), according to which:

     a. The Company will purchase from ITS the fixed assets that ITS uses in
        executing the work of assembling the BlueBoard printers, in
        consideration for 450,000 (four hundred and fifty thousand) US dollars.

     b. The Company will purchase from ITS the inventory of BB spare parts and
        printers in production which ITS has, in consideration for their value
        in ITS's books (the inventory includes items and parts in process).

     c. The Company will absorb ITS's employees, who, at its discretion, will be
        needed in order to carry out the joint work, while maintaining
        continuity regarding the period of work of these employees, and against
        transfer to the

                                      -3-
<PAGE>

        Company from ITS of all the social benefit deposits and deposits for
        severance pay for these employees.

     d. The Company will receive from ITS all ITS's rights relating to a machine
        for the production of tablets and a machine for packing bagels in
        packets, subject to the right granted to ITS to receive 25% of the
        capital gains, which will result, if at all, to the Company from these
        machines, and subject to ITS's obligation to compensate the Company for
        any claim and/or demand of third parties regarding these machines and/or
        the rights to them.

     e. ITS will do its best in order to assist the Company to engage with ITS's
        suppliers and service providers who will be required by the Company in
        order to carry out the joint operations.

     f. ITS will transfer to the Company all the rights and obligations under
        the rental agreement for the area that ITS rents in Rosh Ha'ayin and
        will see to obtaining the agreement of the landlords for such transfer.

     As mentioned in this clause 5.2 above and subject to the provisions of the
     agreement of ITS and Eiron, it hereby undertakes to do its best to carry
     out the aforesaid in sub-clauses c, e, and f above.

5.3  Should NUR request to produce the Fresco printers, whether on its own or
     through others, over and above the 100 first printers, (hereinafter: the
     "ADDITIONAL FRESCO PRINTERS") and/or should NUR request to produce the
     additional printers, NUR will contact the Company, and the Company will
     give NUR a proposal to execute the assembly work of the additional Fresco
     printers and/or the additional printers, whichever relevant (together,
     hereinafter: the "ADDITIONAL ASSEMBLY WORK").

     Should NUR have a preferable alternative to carry out the additional
     assembly work, compared to the Company's offer, NUR will give the Company
     the main details of the alternative and give the Company an opportunity to
     offer NUR, within 14 days, from the date on which NUR informed the Company
     that it has such a preferable alternative, an additional proposal to carry
     out the additional assembly work on the same conditions of the preferable
     alternative or with preferable conditions (hereinafter: the "ADDITIONAL
     PROPOSAL"). NUR will be entitled to prefer the alternative for carrying out
     the additional assembly work not through the Company, only if these will
     include significantly better conditions than those in the Company's
     proposal (or the additional proposal if submitted by the Company). It is
     hereby clarified that only an alternative, which includes a price lower by
     10% or more than the price set forth in the Company's proposal (or the
     additional proposal, if such is submitted by the Company), while
     maintaining a similar level of execution and quality (price/performance)
     will be considered a preferable alternative.

     Should NUR decide to give execution of the additional assembly work to the
     Company, the Company and NUR will negotiate in good faith and in the
     acceptable manner in order to make adjustments and additions to the
     assembly

                                      -4-
<PAGE>

     agreement in such a way that it will apply to executing the additional
     production work.

5.4  The Company will absorb NUR's employees, which at its discretion and that
     of NUR, will be required in order to carry out the joint operations while
     maintaining continuity of the period of the work of such employees and
     against transfer to the Company from NUR of the total social benefits
     deposits and deposits for severance pay for these employees.

6.   THE COMPANY'S MANAGEMENT

6.1  The Company's General Manager will be chosen by the Company's Board of
     Directors only among candidates agreed to by the two parties to this
     agreement. The parties hereby agree that from the date of establishing the
     Company Ogen through Eiron, will provide management services by filling the
     position of General Manager of the Company.

     Eiron hereby undertakes to put at the disposal of the Company, management
     services by filling the function of the Company's General Manager and
     investing the number of the hours equal to a full time position, and devote
     all his time, energy and efforts to fulfill the function.

6.2  A condition for providing management services will be as detailed in the
     management agreement attached hereto as APPENDIX E, to this agreement
     (above and blow: the "MANAGEMENT AGREEMENT").

7.   THE COMPANY'S BOARD OF DIRECTORS

7.1  Five directors will serve on the Company's Board of Directors in such a way
     that each shareholder holding 20% of the issued and paid up share capital
     of the Company will be entitled to appoint one director for the Company. In
     order to determine the right to appoint a director, the shareholder will
     not be entitled to add the number of shares held by it to the shares held
     by another shareholder, apart from the shares held by a company controlled
     by it and/or a company which controls it and/or a company, which is
     controlled by one that controls it (together, hereinafter: "A RELATED
     COMPANY"). In this agreement, "CONTROL" - as defined in clause 1 of the
     Securities Law - 1968.

7.2  Every party will be entitled to object for reasonable business reasons, to
     the identity of a director that the other party appointed, including an
     alternate director or an acting director for that director (in this clause
     below, together: "DIRECTOR"), provided that it will not be entitled to
     object to the appointment of a director employed in a full time capacity by
     one of the parties and/or a related party to it and/or one who holds at
     least 10% of the share capital of one of the parties and/or a related
     company to it.

7.3  The position of Chairman of the Board of Directors will be a director
     appointed by NUR. To avoid doubt it is hereby clarified that in the event
     of a parity of votes, the Chairman of the Board will not have a casting
     vote.

                                      -5-
<PAGE>

7.4  As long as Ogen will be entitled to appoint two directors, the quorum for
     holding a meeting of the Board of Directors will be at least two directors,
     on condition that at least one director appointed by Ogen and at least one
     director appointed by NUR are present.

     In every case where Ogen will not be entitled to appoint two directors, the
     quorum for holding a meeting of the Board of Directors will be a majority
     of the directors.

7.5  Decisions of the Board of Directors will be taken with a simple majority of
     votes of directors present and participating, provided that resolutions for
     the following matters will be passed with a majority of at least 75% of the
     votes of the directors present and voting:

     a. Distribution of a dividends to the Company's shareholders;
     b. Approval of allotment of securities of the Company;
     c. A decision for raising finance for the Company's operations from its
        shareholders and/or with their guarantee in addition and over and above
        the financing, which the parties must put at the disposal of the Company
        as detailed in clauses 8.1 and 8.2 below;
     d. Expanding or changing the field of operation of the Company over and
        above current operations;
     e. Establishing subsidiaries and/or related companies and/or partnerships
        and/or the transfer of the Company's operations to one of them;
     f. Transactions where an officer in the Company has a personal interest,
        provided that regarding such transactions that are an "exceptional
        transaction", the approval of the general meeting of the shareholders of
        the Company is required, as long it is required by Law.
        It is agreed by the parties that implementation of the assembly
        agreement, the development agreement and the management agreement will
        not be considered an exceptional transaction and the approval of the
        transaction between the Company and NUR in accordance with these
        agreements, will require the approval of the Company's Board of
        Directors only.

7.6  The other provision regarding appointment of directors are as detailed in
     the Company's Articles.

8.   FINANCING AND FINANCIAL MANAGEMENT

8.1  Each of the parties undertake to put at the disposal of the Company, soon
     after its establishment, a shareholders' loan in NIS equal to 175,000 (one
     hundred and seventy five thousand) US dollars at the last representative
     rate of exchange know on the date of providing the loan (hereinafter: the
     "SHAREHOLDERS' Loan"). The shareholders' loan will be linked to the US
     dollar and bear annual interest at 3%. The shareholders' loan will be
     repaid out of the Company's profit as will exist from time to time in such
     a way that it will not harm the management and continued operations of the
     Company.

                                      -6-
<PAGE>

8.2  In addition to the aforesaid in clause 8.1 above, NUR undertakes to put at
     the disposal of the Company, soon after its establishment, an amount in NIS
     equal to 100,000 (one hundred thousand) US dollars at the last
     representative rate of exchange known of the dollar at the time of
     providing the loan (hereinafter: "NUR'S LOAN"). NUR's loan will not be
     linked and will not bear interest and will be repayable at the end of 20
     (twenty) years from the date of providing it or from the date of taking a
     decision to liquidate the Company, whichever earlier.

8.3  It is agreed that additional financing required by the Company, if so
     required, will be arranged through bank credit, without collateral being
     provided by the Company's shareholders. Should the Company not succeed in
     raising such bank credit, provided that such financing will not be required
     due to a violation of an obligation by any of the parties to the Company,
     the parties will provide, subject to receiving approval of the Company's
     Board of Directors as mentioned in clause 7.5 above, collateral to secure
     bank credit for the Company, or they will put at the disposal of the
     Company actual financing in the amount required, and this each of them in
     accordance with its proportional share of the issued and paid up share
     capital of the Company, not later than 14 days from the date of receiving
     notice from the Company.

     Should within 14 days of receiving notice, one of the shareholders not
     provide its proportional share of financing to the Company, the other
     shareholder who provided its proportional share, will be entitled, at its
     choice, that the financing put at the disposal by it will be credited as a
     shareholders' loan and will have preference over all the other
     shareholders' loans or that it will be invested as share capital in the
     Company on the basis of "fair market value" of the Company as determined by
     an appraiser, who will be agreed by the parties, and in the absence of an
     agreement, will be appointed by the head of the Israeli Bar.

8.4  Signatory rights in the Company will be determined by the Company's Board
     of Directors.

8.5  The Company will open and manage a bank account, where the signatories in
     it and the signatory rights in it will be as determined by the Company's
     Board of Directors.

8.6  The auditor of the Company will be NUR's auditor, provided that it will be
     one of the accounting offices know as the "Big Five". Should this not be
     provided the Company's auditor will be determent by agreement between the
     parties. The first auditor of the Company will be Kost Forer & Gabbay,
     Certified Public Accountants.

8.7  The Company will provide NUR from time to time with reports as required by
     NUR in order for it to comply with the obligations of reporting which apply
     to it by Law, including due to the Company being a public company whose
     shares are listed for trading, and Gera undertakes not to object to the
     transfer of such information.

                                      -7-
<PAGE>

9.   GENERAL MEETINGS

9.1  Two members present themselves or by proxy, who hold or represent 70% of
     the voting rights in the Company, will be a quorum at a general meeting of
     shareholders of the Company.

9.2  A resolution put to the vote at a general meeting will be decided by a
     majority vote, provided that the resolutions for the following matters will
     be decided by a majority of at least 75% of the votes.

     a. An expansion and/or change in the field of operations of the Company
        over and above the operations;
     b. Distribution of a dividend to the Company's shareholders;
     c. Voluntary liquidation of the Company;
     d. Increase of the registered capital of the Company;
     e. Change of the Company's documents of incorporation.

9.3  The other provisions relating general meetings of shareholders' of the
     Company are as detailed in the Company's Articles.

10.  INTELLECTUAL PROPERTY

     It is agreed that all rights existing and future, in the BB printers, in
     the Fresco printers and every development by the Company, including all the
     intellectual rights are and will belong solely to NUR, unless agreed
     otherwise in writing between the parties. NUR will give the Company a
     non-exclusive license, which cannot be transferred to use such rights, only
     as far as this is required in order to execute the joint operations.

11.  FIRST RIGHT OF A REFUSAL IN TRANSFERRING THE COMPANY'S SHARES

11.1 All transfers of the Company's shares will be subject to a first right of
     refusal as detailed below:

     a. A shareholder, who wishes to transfer its shares in the Company, fully
        or partly, to a third party (hereinafter: the "PROPOSER" and the
        "OFFERED SHARES", respectively), must offer them first to the other
        shareholders in the Company at identical terms to the terms at which it
        wishes to sell the offered shares. The offer will be made by giving
        written notice to the other shareholders, with a copy to the Company, in
        which details of the number of shares offered for sale, the price
        requested and the other conditions at which the shares are offered for
        sale (hereinafter: the "SALES NOTICE").

     b. Within 15 days of the date of delivering the sales notice, every
        shareholder will be entitled to inform the proposer by notice in
        writing, with a copy to the Company of its wish to purchase the offered
        shares, fully or partly, at a price and conditions stipulated in the
        sales notice (hereinafter: the "PURCHASE NOTICE"), provided that the
        number of shares stated in the purchase notice will not be less than its
        proportional share in the offered shares.

                                      -8-
<PAGE>

        Regarding clause 11.1 above, the proportional share of a shareholder in
        the offered shares means the ratio between the number of shares it owns
        and the total number of shares held at that time by the other
        shareholders in the Company (apart from the Offeror).

     c. If by the end of the date mentioned in sub-clause b above purchase
        notices will be received for a total number of shares equal to the
        number of shares offered, the shareholder who gave such purchase notices
        must purchase the number of shares stated in their purchase notices.

     d. If by the end of the period mentioned in sub-clause b above, purchase
        notices will be received for a total number of shares, which are greater
        than the number of shares offered, each party that gave a purchase
        notice must purchase the offered shares in the number to be determined
        in accordance with the ratio between its proportion of the share capital
        in the Company and the total share capital of the Company of each of the
        shareholders who gave purchase notices (but in every case not more than
        the number stipulated in the purchase notice). Any balance created as a
        result of such a division, will be distributed between the shareholders
        whose purchase notices were not fully answered in accordance with this
        division, until distribution of all these offered shares.

     e. If by the end of the period mentioned in sub-clause b above, purchase
        notices are received for a total number of shares, which are lest than
        the number of shares offered, the proposer is free, within 30 (thirty)
        days, to sell all the shares offered to the third party and the
        conditions which will not be better to the purchaser of shares in
        accordance with the terms stipulated in the sales notice, subject to
        obtaining approval of the Company's Board of Directors for the transfer
        of the offered shares. It is hereby clarified that in every case in
        which the offered shares will not be sold within 30 days as mentioned,
        their sale will again be subject to the first right of refusal as
        mentioned in this clause 11.1 above.

11.2 Not withstanding the provisions of clause 11.1 above, the first right of
     refusal will not apply to the transfer of shares in the Company to a
     related Company provided that prior to such transfer of shares the
     receiving corporation took on itself in writing all the provision of this
     agreement as if it was a party to it from the start.

11.3 The provisions of this clause regarding the first right of refusal will be
     based in the Company's Articles.

12.  ALLOTMENT OF ADDITIONAL SHARES

     The allotment of additional shares in the Company, over and above those
     mentioned in clause 4.2 above, a resolution for which was passed by the
     Company's Board of Directors, will first be offered to the existing
     shareholder in the Company, each one according to its share in the issued
     and paid up share capital at that time. Should any of the shareholders not
     wish or not be able to purchase the additional shares from the Company
     whether fully or partly, the

                                      -9-
<PAGE>

     other shareholders may, according to their proportional share in the issued
     and paid-up share capital of the Company held by them at that time,
     purchase those shares under conditions that are identical to those at which
     they purchased the other additional shares. Only if all the shares offered
     were not purchased by the existing shareholders in the Company, the Company
     may offer the shares to a third parties.

13.  TAG ALONG RIGHT

     Should any of the shareholders in the Company, request to sell the shares
     to a third party, and the other shareholders, do not realize their first
     right of refusal as mentioned in clause 11 above, the other shareholders
     may obligate the selling shareholders to have them tag along in such a way
     that the share of each party in the sold shares will be pro rata to his
     proportional shares in the share capital in the Company, held by the
     shareholders, who wish to participate in the sale.

14.  PLEDGE ON SHARES

14.1 Each of the parties will be entitled to pledge its shares in the Company,
     fully or partly, to a bank in order to secure credit provided to that party
     by such bank.

14.2 A party who will be interested to pledge his shares in the Company fully or
     partly, will receive the prior written agreement of the bank, that the
     exercise of the pledge by the bank will be subject to the provisions of
     this agreement regarding the first right of refusal of the other parties.

15.  OGEN

15.1 Eiron hereby declares and undertakes that he holds total ownership and
     control in Ogen apart from one share held for him in trust by his wife Edna
     Gorody Eiron I.D. No. 51019115.

15.2 Every transfer of shares in Ogen or allotment of shares in Ogen, apart from
     an allotment to Eiron, will be subject to the first right of refusal in
     such a way that should Eiron request a transfer and/or sell his shares in
     Ogen to a third party, he will be obligated to offer them to first under
     the same conditions to NUR, and if Ogen requests to allot additional shares
     apart from to Eiron it will be obligated to offer the shares first under
     the same conditions to NUR. The provisions of clause 11.1 above will apply
     to such first right of refusal, with the necessary changes.

     Such first right of refusal mentioned in this clause above will not apply
     to the transfer of shares in Ogen to another corporation fully owned and
     controlled by Eiron or a member of Eiron's family, provided that prior to
     the transfer of such shares the transferee company or the member of the
     family, whichever relevant, took on itself, in writing all the provisions
     of this agreement as if it was a party to it from the start.
     For the purpose of this clause 15.2 a "FAMILY MEMBER" - means spouse or a
     descendant.

                                      -10-
<PAGE>

15.3 The provisions of this clause 15 regarding the first right of refusal will
     be included in Ogen's Articles.

15.4 Without derogating from any other relief in every case where Eiron will
     discontinue being the controlling shareholder in Ogen, for any reason
     whatsoever, NUR will be entitled to realize at NUR's option, as defined in
     clause 16 below.

16.  THE OPTION FOR PURCHASING THE COMPANY'S SHARES

16.1 NUR is hereby given an option (hereinafter: "NUR'S OPTION"), which on its
     execution by NUR, Ogen will be required to sell to NUR all the Company's
     shares owned by Ogen at that time (hereinafter: the "GERA SHARES") in
     accordance with and at the conditions and at the times detailed below:

     a. NUR's option can be realized by NUR at any time, as of from the date on
        which, for any reason, whatsoever (1) Eiron discontinued for a period of
        3 (three) months or more from fulfilling his function as General Manager
        of the Company or any other position in it, to the extent of the number
        of hours of at least 80% of the number of hours of a full time position,
        and this whether as an employer in the Company or whether by providing
        services to the Company and/or (2) Eiron will discontinue being a
        controlling shareholder in Ogen for any reason whatsoever and/or (3)
        Eiron will request a transfer his in shares in Ogen or Ogen will request
        to transfer its shares in the Company by transfer subject to the first
        right of refusal in favor of the NUR (in this clause 16, here below
        together: "THE TERMS FOR EXERCISING THE OPTION").

     b. NUR will entitled to exercise NUR's option with by a written agreement
        delivered to Ogen (hereinafter: "NUR'S NOTICE OF EXERCISING").

     c. The exercise price paid by NUR to Ogen for the Gera shares will be equal
        to 120,000 (one hundred and twenty thousand) ordinary shares of NIS 1
        par value each of NUR, which NUR will allot to Ogen and which will give
        the rights to register on the account of NUR as detailed in APPENDIX F
        to this agreement (hereinafter: the "OPTION SHARES"), plus a cash
        payment equal to 50% of the value of the net fixed assets of the Company
        (the cost of the fixed assets in the books less depreciation and less
        liabilities for those assets), as existing at the time of the exercise
        notice of NUR (together hereinafter: "NUR'S EXERCISE PRICE").

        NUR's exercise price as detailed above is calculated on the assumption
        that the Gera shares will be at the time of NUR's exercise notice 50% of
        the issued and paid up share capital of the Company. Should at the time
        of NUR's exercise notice the rate of Gera's shares in the issued and
        paid up share capital of the Company be more or less than 50%, the
        number of shares in the option, the amount paid as a result of the value
        of the net fixed assets of the Company, will be adjusted proportionally
        provided that the number of option shares will not be adjusted in the
        event that the rate of the shares is

                                      -11-
<PAGE>

        less than 50% but is 25% or more of the issued and paid up share capital
        of the Company.

        The number of share options will be adjusted in every case to changes in
        the composition of NUR's share capital including the distribution of
        bonus shares, the split of the share capital to shares of a par value of
        less than NIS 1 or the consolidation of the share capital to shares of
        par value greater than NIS 1.

        To avoid doubt it is hereby clarified that the NUR's exercise price will
        be determined only for option purposes of NUR and the parties hereby
        confirm that the parties will not be use it for any other purpose.

     d. Within 45 days from NUR giving notice of exercising NUR will pay Ogen
        the NUR exercised price and against NUR's payment Ogen undertakes to
        deliver to NUR share transfer deeds regularly signed for all the Gera
        shares and to transfer the Gera shares free of any pledge, mortgage,
        attachment and any other right in favor of a third party.

     e. It is hereby clarified that NUR's option is for the purpose of acquiring
        all the Gera shares and NUR will not be entitled to exercise the NUR
        option in order to acquire only part of the Gera shares.

16.2    Ogen is hereby given an option (hereinafter: the "GERA option"), which
        with its exercise by Ogen NUR will be obligated to purchase from Ogen
        all the Gera shares in accordance and at the times detailed below:

     a. The Gera option can be exercised by Ogen at any time as of the date on
        which one of the option exercised conditions will exist as defined in
        clause 16.1 above.

     b. Ogen will be entitled to exercise the Gera option, by written notice
        delivered to NUR (hereinafter: the "GERA EXERCISE NOTICE"). The Gera
        exercise notice will include the price required by Ogen for the Gera
        shares (hereinafter: the "PROPOSED EXERCISE PRICE").

     c. Should within 14 days from the date of delivery of the Gera exercise
        notice to NUR, NUR not deliver to Ogen NUR's conter notice as mentioned
        in sub-clause d below, NUR will be obligated to purchase from Ogen,
        within 30 days from the date of delivering Gera exercise notice, in
        consideration for the proposed exercise price. In consideration for the
        payment by NUR, Ogen undertakes to deliver to NUR share transfer deeds
        regularly signed for all Gera shares and to transfer the Gera shares
        being free of any pledge, mortgage, attachment and any other right in
        favor of a third party.

     d. Within 14 days from the date of delivery of the Gera exercise notice to
        NUR, NUR will be entitled, instead of purchasing the Gera shares in
        accordance with Gera's exercise notice, deliver to Ogen a written
        notice, (hereinafter: "NUR'S COUNTER NOTICE"), in which the price per
        share will be stated, at which NUR will be prepared to sell to Ogen all
        the Company's shares owned

                                      -12-
<PAGE>

        by NUR at that time (hereinafter: the "NUR SHARES"), provided that this
        price will express the value of the Company less than the value of the
        Company from which the proposed exercise price emanates (hereinafter:
        the "PROPOSED PRICE PER SHARE").

        Within 14 days from the date of receiving NUR's counter notice, if such
        notice is given, Ogen will be entitled instead of purchasing the NUR's
        shares at the proposed price per share to deliver to NUR a written
        notice of its choice to sell to NUR the Gera shares at the proposed
        price per share (hereinafter: "NUR'S COUNTER NOTICE").

        Should Ogen deliver to NUR the Gera counter notice, NUR will purchase
        the Gera shares, in consideration for the proposed price per share, and
        against NUR's payment, Ogen undertakes to deliver to NUR share transfer
        deeds regularly signed for all the Gera shares and to transfer the Gera
        shares free of any pledge, mortgage, attachment and/or any other right
        in favor of a third party.

        It is hereby clarified that in the event that Ogen does not deliver to
        NUR a Gera counter notice this will be considered as if Ogen chose to
        purchase NUR's shares. Should Eiron choose to purchase NUR's shares it
        will be obligated to purchase from NUR, within 30 days from the date of
        delivery of NUR's counter notice, NUR's shares in consideration for the
        proposed price per share. Against payment of Ogen, NUR undertakes to
        deliver to Ogen shares transfer deeds, regularly signed for all the
        NUR's shares and to transfer the NUR shares free of any pledge,
        mortgage, attachment and any other right in favor of a third party.

     e. It is hereby clarified that the Gera option can be exercised with regard
        to all Gera shares only and cannot be exercised in order to sell part of
        Gera shares.

16.3 It is agreed that as of the date on which the parties informed of their
     wish to exercise the option given it by clauses 16.1 or 16.2 above,
     whichever relevant, the other party will not be entitled to exercise the
     option given it under these clauses.

17.  ARBITRATION

17.1 Any conflict or dispute, which arises between the parties in this
     agreement, and every thing connected with its existence, interpretation,
     implementation, or cancellation of this agreement and/or any of its
     provisions will be brought for arbitration, which will take place with an
     arbitrator to be determined in agreement between the parties, and in the
     lack of an agreement of the identity of the arbitrator, as determined by
     the head of the Israeli Bar (hereinafter: the "ARBITRATOR") and this within
     15 (fifteen) days from the day that a party to the agreement so requested.

17.2 The arbitrator will be entitled to give any interim decision and temporary
     orders. The ruling and decisions of the arbitrator will be final and
     binding. The arbitrator will not be subject to the Laws of Procedure and to
     the Laws of

                                      -13-
<PAGE>

     evidence but will be subject to the provisions of the Substantive Law and
     must explain his ruling.

17.3 This clause will be an arbitration in agreement between the parties and
     signature on this agreement will also be signature on an arbitration
     agreement.

18.  MISCELLANEOUS

18.1 The terms of this agreement fully include what has been conditioned and
     agreed between the parties regarding the joint operations of the Company,
     regarding those matters included in it, and they supercede , unless stated
     otherwise in this agreement, any other engagement, agreement, presentation
     and undertaking prior to signing this agreement which were prepared, either
     in writing or verbally.

18.2 Any change and/or cancellation of any provisions in this agreement will be
     carried out only in a written document, which will be signed by the two
     parties.

18.3 In any case where one of the parties does not use a right given it by this
     agreement or by any Law, this will not be considered as a waiver on its
     part of that right and it will be entitled to reuse these rights, and claim
     of concession or waiver will not be valid regarding the violating party.

18.4 Any notice sent by one of the parties to the other by registered mail will
     be considered as if received by the other party within 72 hours from the
     date of its dispatch.

18.5 The addresses of the parties for the purpose of this agreement are as
     detailed in the preamble to this agreement.

             IN WITNESS WHEREOF THE PARTIES HEREBY SIGN:

               (-)                                        (-)
     ------------------------                     -------------------
     NUR MACROPRINTERS LTD.                       OGEN DIALOGI X LTD.

                                              -----------------------
                                                  GERA EIRON

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