Document:

EXHIBIT 4.6

                                     FORM OF
                                 PROMISSORY NOTE

$2,000,000                                                    September 25, 2006

     For value received, the undersigned, GAMING VENTURES PLC, a company
incorporated in the Isle of Man with its registered office at 9 Myrtle Street,
Douglas, Isle of Man and company number 117177C ("Obligor"), hereby promises to
pay to the order of Zone 4 Play, Inc. a Nevada corporation ("Lender"), at Lender
s principal office at Tel Aviv, Israel or at such other place as may be
designated from time to time in writing by Lender, the principal sum of up to
$2,000,000 together with interest in arrears from and including the date hereof
on the unpaid principal balance hereunder, computed daily and compounded
monthly, at the rate of $US Libor +1.5% per annum, payable as set forth below.
At the option of Lender and to the extent permitted by applicable law, the rate
of interest on any unpaid principal or interest not paid when due and payable
hereunder shall be two percent (2%) per annum above the rate of interest set
forth in the immediately preceding sentence. Interest shall be calculated on the
basis of actual number of days elapsed and a year of 365 days. Notwithstanding
any other provision of this Promissory Note, Lender does not intend to charge
and Obligor shall not be required to pay any interest or other fees or charges
in excess of the maximum permitted by applicable law; any payments in excess of
such maximum shall be credited to reduce principal hereunder. All payments
received by Lender hereunder will be applied first to costs of collection, if
any, then to interest and the balance to principal. Principal and interest shall
be payable in lawful money of the United States.

     This promissory Note shall be in affect for Two Years (24 months) and will
be paid in full in the end of this period. This Promissory Note may be prepaid
at any time, without premium or penalty, in whole or in part, all such
prepayments to be applied upon installments of most remote maturity. Any
prepayment of principal shall be accompanied by a payment of accrued interest in
respect of the principal being prepaid.

     If any day on which a payment is due pursuant to the terms of this
Promissory Note is not a day on which banks in the State of New York are
generally open (a "Business Day"), such payment shall be due on the next
Business Day following.

     This Promissory Note is secured by a Debenture and Equitable Share Charge
between the Obligor and Lender both of even date herewith (as each may be
amended or restated from time to time).

     This Promissory Note shall, at the option of the holder hereof, become due
and payable without notice or demand, upon the happening of any one of the
following specified events by or with respect to Obligor: (1) failure to pay any
amount as herein set forth; (2) default in the performance of any other
obligation to Lender, which default is not cured within thirty (30) days after
written notice of such default from Lender; (3) insolvency (however evidenced)
or the commission of any act of insolvency; (4) the making of a general
assignment for the benefit of creditors; (5) the filing of any petition or the
commencement of any proceeding for any relief under any bankruptcy or insolvency
laws, or any laws relating to the relief of debtors; (6) suspension of the
transaction of its usual business; or (7) an inability to pay its debts in
accordance with section 163 of the Companies Act 1931 (an Act of the Isle of Man
Tynwald).

<PAGE>

     Any deposits or other sums at any time credited by or due from Lender to or
for Obligor and any securities or other property of Obligor in the possession of
Lender shall at all times be held and treated as collateral security for the
payment of this Promissory Note and any other liability now existing or
hereafter arising of Obligor to Lender and Lender may apply or set off any such
deposits and sums against said liabilities.

     If this Promissory Note is not paid in accordance with its terms, Obligor
shall pay to Lender, in addition to principal and accrued interest thereon, all
costs of collection of the principal and accrued interest, including, but not
limited to, reasonable attorneys' fees, court costs and other costs for the
enforcement of payment of this Promissory Note.

     No waiver of any obligation of Obligor under this Promissory Note shall be
effective unless it is in a writing signed by Lender. A waiver by Lender of any
right or remedy under this Promissory Note on any occasion shall not be a bar to
exercise of the same right or remedy on any subsequent occasion or of any other
right or remedy at any time.

     This Promissory Note is delivered in and shall be enforceable in accordance
with the internal domestic laws of the State of New York (without regard to the
conflicts of law provisions thereof), and shall be construed in accordance
therewith, and shall have the effect of a sealed instrument. The parties agree
to submit to the jurisdiction of the New York Courts.

     Obligor hereby expressly waives presentment, demand, and protest, notice of
demand, dishonor and nonpayment of this Promissory Note, and all other notices
or demands of any kind in connection with the delivery, acceptance, performance,
default or enforcement hereof, and hereby consents to any delays, extensions of
time, renewals, waivers or modifications that may be granted or consented to by
the holder hereof with respect to the time of payment or any other provision
hereof.

                                                  OBLIGOR: [GAMING VENTURES LTD]
                                                  By: Uri Levy
                                                  Name:
                                                  Title: CFOS-8

Exhibit 4.1  

Optibase Ltd. 

2006 ISRAELI INCENTIVE
COMPENSATION PLAN 

	1.  	PURPOSE  

	 	
The
purpose of this Plan (as defined in Section 2.1 below) is to secure for OptibaseLtd.,
a company organized under the laws of the State of Israel (the “Company”)
and its shareholders the benefits arising from ownership of share capital by employees,
officers and directors of the Company and its Affiliates (as defined in Section 2.1
below), who are expected to contribute to the Company’s future growth and success.  

	2.  	DEFINITIONS  

	2.1  	DEFINED
TERMS 

	 	
Initially
capitalized terms, as used in this Plan, shall have the meaning ascribed thereto as set
forth below: 

	 	"Administrator"
	 means the Board of Directors  of the Company,  or a committee to
which the Board of Directors  shall have delegated  power to act
on  its  behalf  with  respect  to  the  Plan.  Subject  to  the
Articles of Association  of the Company,  as may be amended from
time to time,  the  Administrator,  if it is a committee,  shall
consist of such  number of  members  (but not less than two (2))
as may be determined by the Board.

	 	"Affiliate(s)"
	 means a present or future  entity that either (i)  Controls  the
Company or is Controlled  by the Company;  or (ii) is Controlled
by the same person or entity that Controls the Company.

	 	"Award(s)"
	 means an award of Restricted  Share(s) and/or  Restricted  Share
Unit(s) and/or Option(s).

	 	"Award Grant Letter"
	 means Option Grant Letter and/or  Restricted  Share Grant Letter
and/or Restricted Share Unit Grant Letter.

	 	"Allocate" or
"Allocated"
	 with respect to Awards,  means the  allocation  of Awards by the
Company to the Trustee on behalf of a Participant.

	 	"Articles"
	 the Articles of  Association  of the Company,  as may be amended
from time to time.

	 	"Board"
	 the board of directors of the Company.

	 	"Cause"
	 when used in connection  with the termination of a Participant's
employment  with,  or services  to the Company or an  Affiliate,
and forming the basis of such  termination:  (a) the  definition
ascribed  to Cause in the  individual  employment  agreement  or
services  agreement between the Company and/or its Affiliate and
the Participant,  (b) if no such definition exists, then any one
of the following:  (i)  termination of engagement by the Company
or  an   Affiliate,   which   under   Israeli   law  denies  the
Participant's  entitlement  to severance  pay;  (ii)  dishonesty
towards the Company or an Affiliate,  (iii) insubordination with
respect to  reasonable  directives of the  Participant's  direct
supervisor  or to  directives  of the  Board,  (iv)  substantial
malfeasance  or nonfeasance  of duty,  (v)  embezzlement  of the
Company's or an Affiliate's funds, (vi) unauthorized  disclosure
of  confidential   information,   (vii)  conduct   substantially
prejudicial to the business of the Company or Affiliate,  (viii)
any   substantial   breach  by  the   Participant  of  his/  her
employment  or  service   agreement  or  any  other  obligations
towards Company or an Affiliate.

	 	"Commencement Date"
	 means the date of  commencement  of the  vesting  schedule  with
respect to a Grant of Awards which, unless otherwise  determined
by the  Administrator,  shall be the date on which such Grant of
Awards shall be Allocated.

	 	"Control" or
"Controlled"
	 shall have the meaning ascribed thereto in Section 102.

	 	"Disability"
	 means   disability   resulting  in  the   inability  to  perform
services for the Company for six months or more.

	 	"Exercise Price"
	 means the price  determined by the  Administrator  in accordance
with  Section  7.1 below  which is to be paid to the  Company in
order to exercise a granted  Option and convert such Option into
an Underlying Share.

	 	"Exercise Notice"
	 means a notice  delivered by a Participant to the Company in the
form  prescribed  by the  Company,  for  the  initiation  of the
Exercise process of an Option.

	 	"Option Grant Letter"
	 means a letter from the Company or  Affiliate  to a  Participant
in which the  Participant  is notified of the  decision to Grant
to the  Participant  of  Options  according  to the terms of the
Plan.  The Grant  Letter may  specify (i) the Tax Track that the
Company  chooses  according to Section 11 of the Plan;  (ii) the
Exercise  Price;  (iii) the  number of  Options  Granted  to the
Participant  and (iv) the time(s) at which all or portions of an
outstanding   Option  becomes  vested  and  exercisable  by  the
Participant.

2

	 	"Grant of Award(s)"
	 with  respect  to  Awards,  means  the  grant of  Awards  by the
Company to a Participant pursuant to a Award Grant Letter.

	 	"Holding Period"
	 means the  period in which the  Allocated  Awards  granted  to a
Participant  are to be  held by the  Trustee  on  behalf  of the
Participant,  in  accordance  with  Section 102, and pursuant to
the Tax Track which the Company selects.

	 	"Law"
	 means the laws of the  State of  Israel  as are in  effect  from
time to time.

	 	"NASDAQ"
	 means the Nasdaq Market Inc. National Market.

	 	"Option"
	 means the right  granted to a  Participant  to purchase  one (1)
Share of the Company.

	 	"Parent"
	 a parent  corporation,  whether now or  hereafter  existing,  as
means in the Securities Law.

	 	"Participant"
	 means an  employee,  officer or  director  of the Company or any
Affiliate  (provided  that  such  person  does not  Control  the
Company  as such  term is  defined  in the  Tax  Ordinance),  on
behalf of whom an Award is Granted pursuant to the Plan.

	 	"Plan" or "Option Plan"
	 means the 2006 Israeli  Incentive  Compensation  Plan, as may be
amended from time to time.

	 	"Retirement"
	 means the termination of a Participant's  employment as a result
of his/her  reaching  the  earlier of (i) the age of  retirement
prescribed  by Law; or (ii) the age of  retirement  specified in
the Participant's  employment agreement;  or (iii) the Company's
written consent for retirement.

	 	"Restricted Share(s)"
	 means  a  specified  number  of  Shares  which  are  subject  to
restrictions  and are subject to  forfeiture  upon  happening of
specified  events.  If and when the  restrictions  set  forth in
Paragraph 8.2 expire in  accordance  with the terms of this Plan
and the Restricted Share Grant Letter without  forfeiture of the
Restricted  Shares,  and  upon  the  satisfaction  of all  other
applicable  conditions as to the Restricted Shares,  such shares
shall no longer be considered  Restricted Shares for purposes of
this  Plan.  No  expiration  of the  restrictions  set  forth in
Paragraph 8 shall affect the  restrictions  contained in Section
102.

3

	 	"Restricted Share
Unit(s)" or RSU(s)
	 means  a   specified   number  of  units   which   entitle   the
Participants  to a specified  number of Shares upon Vesting on a
one-for-one  basis.  Unless and until a  Restricted  Share Units
shall have vested in the manner set forth in paragraph  9.1, the
Participant  will have no right to receive  Shares  issued  upon
vesting  of such  Restricted  Share  Units  and such  Restricted
Share Units will  represent  an unsecured  obligation.  Delivery
of any  vested  Restricted  Share  Units  shall be made in whole
Shares only.

	 	"Restricted Share Grant
Letter"
	 means a letter from the Company or  Affiliate  to a  Participant
in which the  Participant  is notified of the  decision to Grant
to the Participant  Restricted  Shares according to the terms of
the Plan.  The  Restricted  Shares  Grant Letter may specify (i)
the Tax Track that the Company  chooses  according to Section 11
of the Plan;  (ii) the number of  Restricted  Shares  Granted to
the  Participant  and (iii) the time(s) at which all or portions
of  an  outstanding   Restricted  Shares  become  released  from
Vesting Period as defined in Paragraph 8.3.

	 	"Restricted Share Unit
Grant Letter"
	 means a letter from the Company or  Affiliate  to a  Participant
in which the  Participant  is notified of the  decision to Grant
to the  Participant of Restricted  Share Units  according to the
terms of the Plan.  The  Restricted  Share Unit Grant Letter may
specify (i) the Tax Track that the Company chooses  according to
Section  11 of the Plan;  (ii) the  number of  Restricted  Share
Units Granted to the  Participant and (iii) the time(s) at which
all or portions of an outstanding  Restricted Share Units become
vested.

	 	"Section 102"
	 means Section 102 of the Tax Ordinance.

	 	"Section 102 Rules"
	 means the Income Tax Rules (Tax Relief for Issuance of Shares
to Employees), 2003.

	 	"Securities Law"
	 means the Israeli Securities Law - 1968, as amended

	 	"Share(s)"
	 means the  Company's  Ordinary  Shares having a nominal value of
0.13 NIS, as adjusted in accordance with Section 4 below.

4

	 	"Subsidiary"
	 means a "subsidiary corporation," whether now or hereafter
existing, as defined in Section 1 of the Securities Law.

	 	"Tax Ordinance"
	 means the Israeli Income Tax Ordinance  [New Version],  1961, as
amended,  and  any  regulations,  rules,  orders  or  procedures
promulgated there under.

	 	"Tax Track"
	 means one of the three tax tracks  described  under Section 102,
specifically:  (1) the "Capital  Gains Track Through a Trustee";
(2)  "Income Tax Track  Through a  Trustee";  or (3) the "Income
Tax Track  Without  a  Trustee";  each as  defined  in  Sections
11.1-11.2 of this Plan, respectively.

	 	"Termination of
Employment"
	 Termination of the employment  relationship of a Participant who
is either an employee,  director or officer of the Company or an
Affiliate,   by  either  the   Company,   an  Affiliate  or  the
Participant.

	 	"Term of the Options"
	 means,  with  respect to Granted but  unexercised  Options,  the
time period set forth in Section 7.6 below.

	 	"Trustee"
	 means a  Trustee  appointed  by the  Company  to hold in  trust,
Awards and Underlying Shares.

	 	"Underlying Shares"
	 means  Shares  issued or to be issued  upon  exercise of Granted
Options  and/or  Shares issued upon vesting of RSU and/or Shares
released  upon vesting of Restricted  Shares,  all in accordance
with the Plan.

	2.2  	GENERAL 

	 	
Without
derogating from the meanings ascribed to the capitalized terms above, all singular
references in this Plan shall include the plural and vice versa, and reference to one
gender shall include the other, unless otherwise required by the context.  

	3.  	SHARES
AVAILABLE FOR OPTIONS  

	 	
The
total number of Shares reserved for issuance under this Plan and any modification
thereof, shall be 200,000, unless otherwise determined by the Board of Directors. Such
number of Shares shall be subject to adjustment as required for the implementation of the
provisions of this Plan, in accordance with the provisions of Section 4 below.  

	 	
In
the event that Awards Allocated under the Plan expire, forfeit or otherwise terminate in
accordance with the provisions of the Plan, such expired or terminated Awards shall
become available for future Grants and Allocations under the Plan.  

5

	4.  	ADJUSTMENTS  

	 	
Changes
in Capitalization – In the event the Shares shall be subdivided or combined into
a greater or smaller number of Shares or if, upon a reorganization, recapitalization or
the like, the Shares shall be exchanged for other securities of the Company, each
Participant shall be entitled, subject to the conditions herein stated, to purchase or
receive such greater or smaller number of Shares or amount of other securities of the
Company as were exchangeable, for the number of Shares of the Company which such
Participant would have been entitled to purchase or receive following such subdivision,
combination or exchange in order to prevent diminution or enlargement of the benefits or
potential benefits intended to be made available under this Plan. With respect to
Options, appropriate adjustments may be made in the exercise price per share to reflect
such subdivision, combination or exchange.  

	 	
In
the event that the Company shall issue any of its Shares or other securities as bonus
shares or a stock dividend upon or with respect to any Shares, which shall at the time be
subject to an Award hereunder, each Participant upon exercising or vesting of such Award,
shall be entitled to receive (for the purchase price payable upon such exercise or
vesting, as applicable), the Shares as to which he or she is exercising such Option or
the Shares as to which he or she is entitled to receive upon vesting of RSU or Restricted
Shares. In addition thereto (at no additional cost), such number of Shares (of the class
or classes in which such bonus shares or stock dividend were declared), and such amount
of Shares (and the amount in lieu of fractional Shares) as is equal to the Shares which
he would have received had he been the holder of the Shares as to which he is exercising
his Option at all times between the date of the granting of such Option and the date of
its exercise, and/or such amount of Shares (and the amount in lieu of fractional Shares)
as is equal to the Shares which he would have received had he been the holder of the
Shares as to which he is entitled to receive at all times between the date of the
granting of such RSU or Restricted Shares and the date of its vesting.  

	 	
If
the Company offers the holders of the Shares, or of any other class of security for which
the Options are then exercisable, rights to purchase securities of the Company, then the
Company shall offer the same rights to the Participants as if they had exercised their
Options on the record date with respect to such rights offering.  

	5.  	ADMINISTRATION
OF THE PLAN  

	5.1  	POWER 

	 	
Subject
to applicable law, the Articles of Association of the Company, and any resolution to the
contrary by the Company’s Board of Directors, the Administrator is authorized, in
its sole and absolute discretion, to exercise all powers and authorities either
specifically granted to it under the Plan or necessary or advisable in the administration
of the Plan; including, without limitation:  

6

	 	(A) 	to
determine: 

	 	(i) 	the
Participants in the Plan, the number of Awards to be Granted for each
               Participant’s benefit and the Exercise Price (in case of Options)
subject                to the approval of the Board of Directors if such approval is
required by Law;  

	 	(ii) 	the
time or times at which Awards shall be Granted;  

	 	(iii) 	whether,
to what extent, and under what circumstances an Award may be settled,
               canceled, forfeited, exchanged, or surrendered;  

	 	(iv) 	any
terms and conditions in addition to those specified in the Plan under which
               an Award may be Granted; and  

	 	(v) 	any
measures, and to take actions, as deemed necessary or advisable for the
               administration and implementation of the Plan.  

	 	(B) 	to
interpret the provisions of the Plan and to take all actions resulting
               therefrom including without limitation; 

	 	(i) 	subject
to Section 7, 8 and 9, to accelerate the date on which any Allocated                Award
under the Plan becomes vested;  

	 	(ii) 	to
waive or amend Plan provisions relating to exercise of Options, including
               exercise of Options after termination of employment, for any reason; and  

	 	(iii) 	to
amend any of the terms of the Plan, including the terms of specific
               Allocation or any prior determinations of the Administrator;  

	 	(C) 	The
Administrator may, at any time, and when applicable, after consultation with
                    the Trustee, amend, alter, suspend or terminate this Plan.
Termination of this                     Plan shall not affect the Administrator’s
ability to exercise the powers                     granted to it hereunder with respect
to Awards granted under this Plan prior to                     the date of such
termination. 

	5.2  	LIMITATIONS 

	 	
Notwithstanding
the provisions of Section 5.1 above, no interpretations, determinations or actions of the
Administrator shall contradict the provisions of Section 102, and no waiver or amendment
with respect to the Plan shall have a material adverse affect on any Participant’s
rights in connection with any Granted Award under the Plan without receiving the consent
of such Participant.  

7

	6.  	ALLOCATION
OF AWARDS  

	6.1  	CONDITIONS
FOR ALLOCATION OF AWARDS 

	 	
Awards
may be Allocated at any time after:  

	 	(A) 	the
Plan has been approved by the necessary corporate bodies of the Company; and 

	 	(B) 	the
Trustee and the Plan have been approved by the Israeli Income Tax
                    Authorities pursuant to the requirements of the Tax Ordinance or the
Company has                     filed all required documents with the Israeli Tax
Authorities as specified in                     Section 102 and the Rules; and 

	 	(C) 	all
other approvals, consents or requirements necessary by Law and/or NASDAQ
                    rules have been received or met 

	6.2  	DATE
OF ALLOCATION 

	 	(A) 	In
case of allocation to a Trustee according to Section 102, the date on which
                    Awards shall be deemed Allocated under the Plan shall be the date on
which the                     Company shall notify the Trustee that such Allocated Awards
have been Allocated                     in the name of the Trustee on behalf of a
Participant 

	 	(B) 	In
case of allocation to a Participant, the date on which Awards shall be deemed
                    Granted under this Plan shall be the date on which the Administrator
resolved                     that an Award has been Granted to a Participant. 

	7.  	OPTIONS  

	7.1  	EXERCISE
PRICE 

	 	
The
Exercise Price per Underlying Share deliverable upon the exercise of an Option shall be
determined by the Administrator. The Exercise Price shall be set forth in the Grant
Letter.  

	7.2  	VESTING
SCHEDULE 

	 	
Options
shall vest (i.e., Options shall become exercisable) at the dates set forth in the Option
Grant Letter (the “OptionVesting Dates”). The vesting schedule
may be conditioned on the achievement of certain performance goals as shall be determined
by the Administrator. An Option may be subject to such other terms and conditions on the
time(s) when it may be exercised as the Administrator may deem appropriate. The vesting
provisions of individual Options may vary.  

	 	
Unless
otherwise determined by the Administrator, all Options Granted on a certain date shall be
subject to the continued employment with or service to the Company or Affiliate by the
Participant, from the date the Option is Granted until the end of the last Option Vesting
Dates set forth in the Option Grant Letter.  

8

	7.3  	MINIMUM
EXERCISE 

	 	
When
exercising an Option, and unless restricted by the number of Underlying Shares available
for exercise, the Participant must exercise such Option with respect to at least one
hundred (100) Underlying Shares. An Option may not be exercised for fractional Shares.  

	 	
The
exercise by a Participant of a portion of the Options granted shall not cause the
expiration, termination or cancellation of the remaining portions of Options that have
vested and that are held by the Participant or the Trustee on behalf of the Participant.  

	7.4  	MANNER
OF EXERCISE 

	 	
An
Option may be exercised by and upon the fulfillment of the following:  

	 	(A) 	Method
of Exercise 

	 	
The
Option shall be exercisable by delivery of an Exercise Notice to the Company, which shall
state the election to exercise the Option, the number of Shares with respect to which the
Option is being exercised, and such other representations and agreements as may be
required by the Company. The Exercise Notice shall be accompanied by payment of the
aggregate Exercise Price. The Option shall be deemed to be exercised upon receipt by the
Company of such fully executed Exercise Notice accompanied by the aggregate Exercise
Price. The Company may revise the method of exercise and the form of the Exercise Notice
from time to time (including without limitation in connection with exercise of options
accompanied by instruction to sell). In the event of such change, none of the terms or
conditions specified herein shall be deemed to be revised unless explicitly being
revised..  

	 	(B) 	Payment
of Purchase Price 

	 	
The
consideration to be paid for the Shares to be issued upon exercise of an Option,
including the method of payment, shall be determined by the Administrator, shall be
determined at the time of grant and may consist entirely of (1) cash, (2) check,
(3) wire transfer, (4) consideration received by the Company under a formal
cashless exercise program adopted by the Company in connection with the Plan, or (5) any
combination of the foregoing methods of payment. To the extent that the consideration
paid for the Shares is denominated in a currency other than the currency in which the
exercise price is denominated, the exchange rate to be used shall be the last known
representative exchange rate published by the Bank of Israel on the date of grant of the
Option. In making its determination as to the type of consideration to accept, the
Administrator shall consider if acceptance of such consideration may be reasonably
expected to benefit the Company.  

9

	 	(C) 	Allocation
of Shares  

	 	
Upon
the delivery of a duly signed Notice of Exercise and the payment to the Company of the
Exercise Price, the Company shall issue the Underlying Shares to the Trustee (according
to the applicable Holding Period) or to the Participant, as the case may be. 

	 	(D) 	Expenses 

	 	
All
costs and expenses including broker fees and bank commissions, derived from the exercise
of Options or Underlying Shares, shall be borne solely on the Participant.  

	7.5  	WAIVER
OF OPTIONS

	 	(A) 	At
any time prior to the expiration of any Granted (but unexercised) Option, a
                    Participant may waive his rights to such Option by providing the
Company, at its                     principal office, written notice expressly waiving
his/her rights to the                     Option(s) (the “Waiver Notice”).
A Waiver Notice shall specify                     the number of Options being waived and
shall be signed by the Participant. 

	 	(B) 	Upon
receipt by the Company of the Waiver Notice, such Options shall expire and
                    become available for future Grants and Allocations under this Plan. 

	7.6  	TERM
OF THE OPTIONS 

	 	
Unless
earlier terminated pursuant to the provisions of this Plan, all Granted but unexercised
Options shall expire and cease to be exercisable at 5:00 p.m. Israel time on the tenth (10th)
anniversary of the Commencement Date of such Options.  

	8.  	RESTRICTED
SHARES  

	8.1  	GRANT
OF RESTRICTED SHARE 

	 	
As
soon as practicable after the Date of Allocation, the Company shall direct that the
Restricted Shares be registered in the name of and issued to the Trustee for the benefit
of the Participant, either in book entry format or represented by a stock certificate or
certificates. A Participant selected to receive Restricted Shares shall not have any
rights with respect to such Award, unless and until such Participant has delivered to the
Company a fully executed copy of the Restricted Share Grant Letter relating thereto and
has otherwise complied with the applicable terms and conditions of such Award. Further,
such Award shall be subject to the following conditions:  

10

	 	(A) 	Purchase
Price

	 	
The
purchase price of Restricted Shares shall be determined by the Administrator, all in
accordance with the Law. The purchase price shall be set forth in the Restricted Share
Grant Letter. Should the purchase price be less than the par value of the Share, the
Administrator shall follow the provisions of the Law. The payment of the purchase price
shall be made by the Participant at the Restricted Share Vesting Date as defined below.  

	 	(B) 	Legend 

	 	
Each
certificate, if any, for the Restricted Shares shall bear the following legend:  

	 	
“The
ownership and transferability of this certificate and the shares represented hereby are
subject to the terms and conditions (including forfeiture) of the Optibase Ltd. 2006
Israeli Incentive Compensation Plan and a Restricted Share Grant Letter entered into
between the beneficial owner and Optibase Ltd. Copies of such Plan and Letter are on file
in the executive offices of Optibase Ltd.” 

	 	
In
addition, the Restricted Shares shall be subject to restrictions as the Company may deem
advisable and the Company may cause a legend or legends to be placed on such certificate
or certificates to make appropriate reference to such other restrictions.  

	 	(C) 	Custody 

	 	
All
Restricted Shares and Underlying Shares, and any certificate or certificates representing
the same, shall be held in the Trustee, until the later of the time when (i) such shares
no longer are considered Restricted Shares and (ii) the required Holding Period (if
applicable) under the Tax Ordinance has run and the Participant has, provided in writing
to the Company, requested release of the Shares. Notwithstanding the above the Trustee
shall not release Shares to a Participant unless the latter, prior to, or concurrently
with, such release, provides the Company and the Trustee with evidence, satisfactory in
form and substance to the Company and the Trustee, that all taxes, if any, required to be
paid upon such release have, in fact, been paid.  

	8.2  	RESTRICTIONS 

	 	
The
Participant or the Trustee, as applicable, as registered holder of the Award (the “Holder”)
shall have all rights and privileges of a shareholder as to the Restricted Shares, and
receive dividends or other distributions with respect to the Restricted Shares, except
that the following restrictions shall apply:  

	 	
(A)
                    Restricted Shares issued to a Participant or to the Trustee for the
benefit of a                     Participant, shall be voted by an irrevocable proxy
assigned to a designated                     person, who has been appointed by the Company’s
Board of Directors as a                     representative (the “Representative”).  

11

	 	(I) 	The
Company’s Board of Directors may, at its discretion, replace the
                    Representative from time to time. 

	 	(II) 	Shares
subject to proxy shall be voted by the Representative on any issue or
                    resolution brought before the shareholders of the Company in
accordance with                     instructions of the Board of Directors of the
Company. 

	 	(III) 	Each
Participant, upon execution of the irrevocable proxy specified above,
                    undertakes to hold the Representative harmless from any and all
claims related                     or connected to said proxy. 

	 	(IV) 	The
Representative shall be indemnified and held harmless by the Company against
                    any cost or expense (including attorneys’ fees) reasonably
incurred by the                     Representative, or any liability (including any sum
paid in settlement of a                     claim with the approval of the Company)
arising out of any act or omission to                     act in connection with the
voting of the Shares subject to proxy, unless arising                     out of the
Representative’s own fraud or gross negligence, to the extent
                    permitted by applicable law. In the event the Representative shall
have                     indemnification by virtue of other functions or services he or
she performs for                     the Company or Affiliate (whether by agreement,
insurance policy or decision of                     the appropriate corporate body(ies)
of the Company and/or Affiliate) , this                     indemnification shall be in
addition to any such other indemnification. 

	 	
(B)
          the Participant shall not be entitled to delivery of any of the Restricted
          Shares (whether by transfer to Participant’s brokerage account or by
          delivery of stock certificates) until the applicable vesting period as defined
          in paragraph 8.3 has run and upon the satisfaction of all other applicable
          conditions whereupon Participant will only be entitled to the applicable
          percentage of Restricted Shares in accordance with the schedule set forth in
the           Restricted Share Grant Letter (the; “Restricted Share Vested
          Percentage”) on the applicable vesting date in accordance with the
          schedule set forth in the Restricted Share Grant Letter (the:           “Restricted
Share Vesting Date”);  

	 	
(C)
          Restricted Shares may not be sold, pledged, assigned, transferred, or otherwise
          encumbered or disposed of for any reason until the latter of the (i) applicable
          Restricted Share Vesting Date and (ii) the applicable Holding Period.  

	 	
(D)
          all Shares distributed as a dividend or distribution, if any, with respect to
          Restricted Shares prior to the applicable Restricted Share Vesting Date, shall
          be delivered to and held by the Trustee, and shall be subject to the same
          restrictions as the shares of Restricted Shares in respect of which the
dividend           or distribution was made; and  

	 	
(E)
          all unvested Restricted Shares shall be forfeited and returned to the Company
          and all rights of the Holder with respect to such Shares shall terminate in
          their entirety on the terms and conditions set forth in Paragraph 8.5.  

	 	
(F)
          Any attempt to dispose of unvested Restricted Share or any interest in such
          shares in a manner contrary to the restrictions set forth in this Plan shall be
          void and of no effect.  

12

	 	
For
the avoidance of doubt, the foregoing restrictions shall be in addition to, and separate
from, the restrictions contained in the Section 102 including, without limitation, the
restrictions on the Employee’s right to hold the shares directly or to sell or
otherwise dispose of the shares prior to the expiration of the Holding Period.  

	8.3  	VESTING
PERIOD 

	 	
Restricted
Shares shall vest at the dates set forth in the Restricted Share Grant Letter. The
vesting schedule may be conditioned on the achievement of certain performance goals as
shall be determined by the Administrator .A Restricted Share may be subject to such other
terms and conditions on the time(s) when it may be vested, as the Administrator may deem
appropriate. The vesting provisions of individual Restricted Shares may vary.  

	 	
Unless
otherwise determined by the Administrator, all Restricted Shares Granted shall be subject
to the continued employment with or service to the Company or Affiliate by the
Participant, from the date the Restricted Shares are Granted until the end of the last
Restricted Share Vesting Dates set forth in the Restricted Share Grant Letter. Vesting
shall cease upon the date Participant’s Employment terminates for any reason unless
otherwise determined by the Administrator in its sole discretion.  

	8.4  	LAPSE
OF RESTRICTION

	 	
The
restrictions set forth in Paragraph 8.2 with respect to Restricted Shares shall apply for
a period beginning on the Date of Allocation specified in the Restricted Share Grant
Letter and ending on the applicable Restricted Share Vesting Date. For the avoidance of
doubt, no vesting under this Plan shall entitle the Participant to take possession of any
Shares or become the registered holder thereof until the Holding Period has run (if
applicable).  

	 	
As
soon as administratively practicable following the applicable Restricted Share Vesting
Dates, and upon the satisfaction of all other applicable conditions as to such Vested
Percentage of Restricted Shares and without any notification by the Participant, the
Company shall, at its option, (i) deliver or cause to be delivered to the Trustee, or if
the Holding Period has run and the Participant has requested release of the Shares, the
Participant a certificate or certificates for the applicable Restricted Shares which
shall not bear the Legend or (ii) transfer or arrange to have transferred the vested
Shares to a brokerage account of the Trustee, or if the Holding Period has run and the
Participant has requested release of the shares released from trust free of any
Company-imposed transfer restrictions. Notwithstanding the above the Company shall not
deliver Shares to a Participant unless the latter, prior to, or concurrently with, such
release, provides the Company and the Trustee with evidence, satisfactory in form and
substance to the Company and the Trustee, that all taxes, if any, required to be paid
upon such release have, in fact, been paid. 

13

	8.5  	FORFEITURE 

	 	
At
the time of the Participant’s Termination of Employment for any or no reason, all
unvested Restricted Shares shall be forfeited by the Holder as of the date of termination
unless otherwise determined by the Administrator in its sole discretion. In the event of
any such forfeiture, all such forfeited Shares of Restricted Share shall become the
property of the Company and any certificate or certificates representing such Restricted
Shares shall be returned immediately to the Company at no cost, all in accordance with
the Law.  

	9.  	RESTRICTED
SHARES UNITS  

	9.1  	VESTING 

	 	
Restricted
Share Units shall vest at the dates set forth in the Restricted Share Unit Grant Letter
(the “UnitsVesting Dates”). The vesting schedule may be
conditioned on the achievement of certain performance goals as shall be determined by the
Administrator. The vesting provisions of individual Restricted Share Units may vary.  

	 	
Unless
otherwise determined by the Administrator, all Restricted Share Units Granted shall be
subject to the continued employment with or service to the Company or Affiliate by the
Participant, from the date the Restricted Share Unit is Granted until the end of the last
Units Vesting Dates set forth in the Restricted Share Unit Grant Letter.  

	 	
Vested
Restricted Share Units included in the Award shall be settled in Shares of the Company’s
Share on a one-for-one basis. As soon as administratively practicable following each of
the Units Vesting Dates specified in the Restricted Share Unit Grant Letter and without
any notification by the Participant, the Company shall deliver the Trustee for the
benefit of the Participant or if the Holding Period has run and the Participant has
requested release of the Shares, the Participant a certificate, representing a number of
Shares equal to the number of vested Restricted Share Units. Notwithstanding the above
the Company shall not release Shares to a Participant unless the latter, prior to, or
concurrently with, such release, provides the Company and the Trustee with evidence,
satisfactory in form and substance to the Company and the Trustee, that all taxes, if
any, required to be paid upon such release have, in fact, been paid.  

	9.2  	SELLING
SHARES

	 	
The
Trustee shall act with respect to the Underlying Shares issued upon vesting of RSU as
follows: upon a written request of the Participant the trustee shall release and/or sell
from the trust Underlying Shares, on behalf of the Participant, by executing and
delivering to the Company such instrument(s) as the Company may require, giving due
notice of such release to such Participant. Notwithstanding the above the Trustee shall
not release such Shares to such Participant unless the latter, prior to, or concurrently
with, such release, provides the Trustee with evidence, satisfactory in form and
substance to the Trustee, that all taxes, if any, required to be paid upon such release
have, in fact, been paid.  

14

	9.3  	RESTRICTIONS 

	 	
Notwithstanding
any other provision of this Plan, if the Administrator shall at any time determine that
any Consent (as hereinafter defined) is necessary or desirable as a condition of, or in
connection with, the issuance or transfer of Shares or the taking of any other action in
connection with the Restricted Share Unit Grant Letter or the Plan, then such action
shall not be taken, in whole or in part, unless and until such Consent shall have been
effected or obtained to the full satisfaction of the Administrator, or the Administrator
may require that such action be taken only to the extent and in such manner as to make
such Consent unnecessary.  

	 	
For
purposes of this Section 9.3, the term “Consent” means (a) any and all
listings, registrations or qualifications in respect thereof upon any securities exchange
or under any foreign or local law, rule or regulation, (b) any and all written agreements
and representations by the Participant with respect to the disposition of Shares, or with
respect to any other matter, which the Administrator shall deem necessary or desirable to
comply with the terms of any such listing, registration or qualification or to obtain an
exemption from the requirement that any such listing, qualification or registration be
made and (c) any and all consents, clearances and approvals by any governmental or other
regulatory bodies in respect of any action taken or to be taken under the Plan or
Restricted Share Unit Grant Letter.  

	9.4  	NO
RIGHTS AS A SHAREHOLDER 

	 	
Until
the Shares subject to RSU, are issued (as evidenced by the appropriate entry on the books
of the Company or of a duly authorized transfer agent of the Company), no right to vote
or receive dividends or any other rights as a shareholder, shall exist with respect to
the Shares.  

	9.5  	FORFEITURE 

	 	
Notwithstanding
any contrary provision of this Plan, the balance of the Restricted Share Units that have
not vested pursuant to paragraph 9.1 at the time of the Participant’s Termination of
Employment for any or no reason will be forfeited and automatically transferred to and
reacquired by the Company at no cost to the Company, all in accordance with the Law.  

	10.  	TERMINATION
OF EMPLOYMENT  

	10.1  	TERMINATION
OF EMPLOYMENT 

	 	
If
a Participant ceases to be an employee, director, or officer of the Company or Affiliate
for any reason (as defined above – Termination of Employment) other than death,
Retirement, Disability or Cause, then (A) any vested but unexercised Options on the date
of Termination of Employment (as shall be determined by the Company or Affiliate, in its
sole discretion), Allocated on the Participant’s behalf (“Exercisable Options”)
may be exercised, if not previously expired, not later than the earlier of (i) 90 days
after the date of Termination of Employment; or (ii) the Term of the Options and (B) any
rights upon vested Restricted Share or vested Restricted Share Units shall be delivered
to Participant but only to the extent that they were vested within the date his
employment terminates.  

15

	 	
All
other Granted Awards for the benefit of Participant shall expire upon the date of
Termination of Employment.  

	10.2  	TERMINATION
FOR CAUSE 

	 	
In
the event of Termination of Employment of a Participant for Cause, than (A) the
Participant’s right to exercise any unexercised Options, Granted to such
Participant, whether vested or not on the date of Termination of Employment, shall cease
as of such date of Termination of Employment, and the Options shall thereupon expire and
(B) any unvested Restricted Shares or unvested Restricted Share Units shall terminate and
expire on the day the Participant is notified of his dismissal or on such earlier date as
the Administrator may determine.  

	 	
If
subsequent to the Participant’s Termination of Employment, but prior to the exercise
of Options Granted to such Participant, the Administrator determines that either prior or
subsequent to the Participant’s Termination of Employment, the Participant engaged
in conduct which would constitute Cause, then the Participant’s right to exercise
the Options Granted to such Participant shall immediately cease upon such determination
and the Options shall thereupon expire.  

	 	
The
determination by the Administrator as to the occurrence of Cause shall be final and
conclusive for all purposes of this Plan.  

	10.3  	TERMINATION
BY REASON OF DEATH, RETIREMENT, OR DISABILITY 

	 	
(A)    Death.
If Termination of Employment is by reason of death           of the Participant, than (A)
his/her estate, personal representative or           beneficiaries may, exercise the
Participant’s Options, to the extent it was           vested within the 30th day
after the Participant’s death, at any time but           not later than the first to
occur of: (i) one (1) year following           Participant’s death; or (ii) the end
of the Term of the Options and (B) any           rights upon vested Restricted Shares or
vested Restricted Share Units shall be           delivered to Participant’s estate,
personal representative or beneficiaries           but only to the extent it was vested
within the 30th day after employment           terminates.  

	 	
(B)    Disability
and Retirement. If Termination of Employment is           by reason of
Retirement or Disability of the Participant, the Participant than           (A) may
exercise any portion of the Options which have vested within 30 days           after the
date of Retirement or Disability, at any time but not later than the           first to
occur of: (i) one (1) year after the date of Retirement or Disability,           as the
case may be; or (ii) the end of the Term of the Options and (B) shall be
          entitled to any rights upon vested Restricted Shares or vested Restricted Share
          Units to be delivered to Participant’s estate, personal representative or
          beneficiaries but only to the extent it was vested within the 30th day after
          employment terminates.  

16

	 	
All
other Granted Options for the benefit of a Participant and which have not vested on the
date of Disability or Retirement, as the case may be, shall expire upon the date of
Retirement or Disability, as applicable  

	10.4  	EXCEPTIONS  

	 	
In
special circumstances, pertaining to the Termination of Employment of a certain
Participant, the Administrator may in its discretion decide to extend any of the periods
stated above in Sections 10.1-10.3.  

	10.5  	TRANSFER
OF EMPLOYMENT OR SERVICE 

	 	
Subject
to the receipt of appropriate approvals from the Israeli Tax Authorities, a Participant’s
right to Awards that were Granted to him or her under this Plan, shall not be terminated
or expire or forfeited solely as a result of the fact that the Participant’s
employment or service as an employee, officer or director changes from the Company to an
Affiliate or vice versa.  

	11.  	TRUST
ARRANGEMENT AND HOLDING PERIOD  

	11.1  	TRUSTEE
TAX TRACKS 

	 	
If
the Company elects to Grant Awards through (i) the Capital Gains Track Through a Trustee,
or (ii) the Income Tax Track Through a Trustee, then, in accordance with the requirements
of Section 102, the Company shall appoint a Trustee who will hold in trust on behalf of
each Participant the Allocated Awards and the Underlying Shares issued upon (i) exercise
of Options (ii) vesting of Restricted Shares and (iii) vesting of Restricted Share Units
in trust on behalf of each Participant.  

	 	
The
Holding Period for the Awards will be as follows:  

	 	(A) 	The
Capital Gains Tax Track Through a Trustee – if the Company
                    elects to Allocate the Awards according to the provisions of this
track, then                     the Holding Period will be 24 months from the date of
Allocation; or such period                     as may be determined in any amendment of
Section 102 or the Section 102 Rules. 

	 	(B) 	Income
Tax Track Through a Trustee – if the Company elects to
                    Allocate Awards according to the provisions of this track, then the
Holding                     Period will be 12 months from the date of Allocation; or such
period as may be                     determined in any amendment of Section 102. 

	 	
Subject
to Section 102 and the Rules, Participants shall not be able to receive from the Trustee,
nor shall they be able to sell or dispose of Underlying Shares before the end of the
applicable Holding Period. If a Participant sells or removes the Underlying Shares form
the Trustee before the end of the applicable Holding Period (“Breach”),
the Participant shall pay all applicable taxes imposed on such Breach by Section 7 of the
Rules.  

17

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

	11.2  	INCOME
TAX TRACK WITHOUT A TRUSTEE 

	 	
If
the Company elects to Allocate Awards according to the provisions of this track, then the
Awards will not be subject to a Holding Period. However, upon exercise or vesting of
Awards under this Tax Track, the Trustee shall hold Underlying Shares for the benefit of
the Participant until the sale or transfer from the Trustee of such Shares and the full
payment of all required taxes under Rule 7.  

	11.3  	TRACK
SELECTION 

	 	
The
Company, in its sole discretion, shall elect under which of the above three Tax Tracks
each Award is Granted and shall notify the Participant in the Grant Letter, which Tax
Track applies to each Granted Award.  

	11.4  	CONCURRENT
CONDITIONS 

	 	
The
Holding Period, if any, is in addition to any vesting period as specified in this Plan.
The Holding Period and vesting period may run concurrently, but neither is a substitute
for the other, and each are independent terms and conditions for Awards Granted.  

	11.5  	TRUST
AGREEMENT 

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

	12.  	TERM
OF SHARES HELD IN TRUST  

	 	
No
Underlying Shares or Additional Rights issued by the Company to the Trustee, shall be
held by the Trustee on behalf of the Participant for a period longer than ten (10) years.
The Administrator shall instruct the Trustee as to the transfer of these Shares.  

	13.  	RIGHTS
AS A SHAREHOLDER  

	 	
Unless
otherwise specified in the Plan, until the Shares are issued (as evidenced by an
appropriate share certificate or by the appropriate entry on the books of the Company or
of a duly authorized transfer agent of the Company), no right to vote or receive
dividends or any other rights as a shareholder shall exist with respect to the Shares,
notwithstanding the exercise of an Option.  

18

	 	
For
the avoidance of doubt, any rights as a shareholder with respect to Restricted Shares
shall be in accordance with Section 8 to this Plan.  

	14.  	NO
SPECIAL EMPLOYMENT RIGHTS  

	 	
Nothing
contained in this Plan or any Award Grant Letter shall confer upon any Participant any
right with respect to the continuation of employment by or service to the Company or an
Affiliate or to interfere in any way with the right of the Company or an Affiliate to
terminate such employment or service or to increase or decrease the compensation of the
Participant with respect to such employment or service.  

	15.  	RESTRICTIONS
ON SALE OF OPTIONS AND SHARES  

	15.1  	AWARDS 

	 	
(A)              Awards
Granted under this Plan: (i) are not transferable by Participants other           than by
will or the laws of descent and during the lifetime of a Participant may           be
exercised only by the Participant; and (ii) whether or not fully paid, may           not
be sold, assigned, transferred, pledged, encumbered, hypothecated or           otherwise
disposed of (each, a “Disposition”); and (iii) are           not
assignable by operation of law, and shall not be subject to execution,
          attachment or similar process.  

	 	
(B)              During
the lifetime of a Participant, each and all of such Participant’s           rights
to receive or purchase the Underlying Shares may be received or exercised           only
by the Participant.  

	 	
(C)              Any
attempted Disposition contrary to the provisions of this Plan, and the levy           of
any execution, attachment or similar process upon an Award, whether directly           or
indirectly, shall be null and void.  

	15.2  	DISSOLUTION,
LIQUIDATION, MERGER OR ASSETS SALE 

	 	
Dissolution
or Liquidation – In the event of a proposed dissolution or liquidation of the
Company, the Administrator shall notify each Participant as soon as practicable, prior to
the effective date of such proposed transaction. The Administrator in its discretion may
provide for a Participant to have the right to exercise his or her Option until fifteen
(15) days prior to such transaction as to all of the Shares subject to Options, including
Shares as to which the Option would not otherwise be exercisable. To the extent it has
not been previously exercised, an Option will terminate immediately prior to the
consummation of such proposed action. The Administrator may in its sole discretion decide
if and how the vesting of RSU or Restricted Shares shall be accelerated in such cases.  

	 	
Merger
or Asset Sale – In the event of a merger of the Company with or into another
corporation, or the sale of substantially all of the assets of the Company, each
outstanding Award shall be assumed or an equivalent Award substituted by the successor
corporation or a Parent or Subsidiary of the successor corporation. In the event that the
successor corporation refuses to assume or substitute for the RSU and/or Option, the RSU
and/or Option shall terminate as of the closing of the merger or sale of assets. For the
purposes of this paragraph, the Award shall be considered assumed if, following the
merger or sale of assets, the Award confers the right to purchase or receive, for each
Award immediately prior to the merger or sale of assets, the consideration (whether
shares, cash, or other securities or property) received in the merger or sale of assets
by holders of Shares for each Share held on the effective date of the transaction (and if
such holders were offered a choice of consideration, the type of consideration chosen by
the holders of a majority of the outstanding Shares); provided, however, that if such
consideration received in the merger or sale of assets is not solely ordinary shares (or
their equivalent) of the successor corporation or its Parent, the Administrator may, with
the consent of the successor corporation, provide for the consideration to be received
upon the exercise or vesting of the Award, for each Shares subject to Awards, to be
solely ordinary shares (or their equivalent) of the successor corporation or its Parent
equal in fair market value to the per Share consideration received by holders of Ordinary
Shares in the merger or sale of assets.  

19

	15.3  	ACCELERATION
PROVISION 

	 	
The
Administrator, in its sole discretion, may decide to add a provision in certain Awards
Grant Letters, according to which in case of a Merger, all or some of the unvested
Awards, shall automatically accelerate.  

	15.4  	LOCK
UP 

	 	
The
Participant shall undertake that, if so requested by the Company or any representative of
the underwriters (the “Managing Underwriter”) in connection with any
registration of the offering of any securities of the Company, Participant shall not sell
or otherwise transfer any Shares or other securities of the Company during the 180-day
period (or such other period as may be requested in writing by the Managing Underwriter
and agreed to in writing by the Company) (the “Market Standoff Period”)
following the effective date of a registration statement of the Company. The Company may
impose stop-transfer instructions with respect to securities subject to the foregoing
restrictions until the end of such Market Standoff Period  

	15.5  	RIGHTS
OF ORDINARY SHARES 

	 	
Unless
specifically restricted by this Plan and/or the provisions of the Award Grant Letter, the
Restricted Shares and the Underlying Shares or any other securities of the Company so
issuable, shall have the rights set forth in the Articles, and shall be subject to the
obligations set forth in the Articles for holders of the same class of securities. Upon
the registration of a Participant in the Share Register, the Participant shall be
entitled to receive a copy of the Articles at his/her request.  

20

	16.  	VOTING  

	 	
Each
of the Underlying Shares shall entitle the holder thereof to one vote at shareholders
meetings of the Company. The Trustee shall forward any notice regarding shareholders
meetings to the last address of the Participants provided to the Trustee by the Company.
A Participant, who wishes to exercise his/her right to vote at such meeting, shall send a
letter to the Trustee at least two (2) working days before the meeting. The Trustee shall
issue a power of attorney to such Participant, enabling the Participant to vote the
number of Underlying Shares held for him/her in trust.  

	17.  	TAX
MATTERS  

	 	
This
Plan shall be governed by, and shall conform with and be interpreted so as to comply
with, the requirements of Section 102 and any written approval from the Israeli Tax
Authorities. All tax consequences under any applicable law (other than stamp duty) which
may arise from the Grant or Allocation of Awards, from the exercise or vesting thereof or
from the holding or sale of Underlying Shares (or other securities issued under the Plan)
by or on behalf of the Participant, shall be borne solely by the Participant. The
Participant shall indemnify the Company and/or Affiliate, as the case may be, and hold
them harmless, against and from any liability for any such tax or any penalty, interest
or indexing.  

	18.  	WITHHOLDING
TAXES  

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

	 	
Until
all taxes have been paid in accordance with Rule 7 of the Section 102 Rules, Awards
and/or Underlying Shares may not be sold, transferred, assigned, pledged, encumbered, or
otherwise willfully hypothecated or disposed of, and no power of attorney or deed of
transfer, whether for immediate or future use may be validly given. Notwithstanding the
foregoing, the Awards and/or Underlying Shares may be validly transferred in accordance
with Section 20 below, provided that the transferee thereof shall be subject to the
provisions of Section 102 and the Section 102 Rules as would have been applicable to the
deceased Participant were he or she to have survived.  

	19.  	NO
TRANSFER OF AWARDS BY TRUSTEE  

	 	
The
Trustee is prohibited from transferring Awards to any third party, including a
Participant, except in accordance with instructions received from the Administrator.  

21

	20.  	TRANSFER
OF RIGHTS UPON DEATH  

	 	
No
transfer of any right to an Award or Underlying Share issued upon the exercise or vesting
by will or by the laws of descent shall be effective to bind the Company unless the
Company shall have been furnished with the following signed and notarized documents: 

	 	(A) 	A
written request for such transfer and a copy of the legal documents creating
                    and confirming the right of the person acting with respect to the
                    Participant’s estate and of the transferee; 

	 	(B) 	A
written consent by the transferee to pay any amounts in connection with the
                    Awards and Underlying Shares any payment due according to the
provisions of the                     Plan and otherwise abide by all the terms of the
Plan; and 

	 	(C) 	any
such other evidence as the Administrator may deem necessary to establish the
                    right to the transfer of the Award or Underlying Share issued upon
the exercise                     thereof and the validity of the transfer. 

	21.  	NO
RIGHT OF OTHERS TO AWARDS  

	 	
Subject
to the provisions of this Plan, no person other than a Participant shall have any right
with respect to Awards Granted to the Participant under this Plan.  

	22.  	EXPENSES
AND RECEIPTS  

	 	
The
expenses incurred in connection with the administration and implementation of this Plan
shall be borne by the Company. Any proceeds received by the Company in connection with
the exercise of any Option may be used for general corporate purposes.  

	23.  	REQUIRED
APPROVALS  

	 	
The
Plan is subject to the receipt of all approvals required under Section 102 and the Law.  

	24.  	GOVERNING
LAW  

	 	
This
Plan and all documents delivered or executed by the Company or an Affiliate in connection
herewith shall be governed by, construed and administered in accordance with the Israeli
law. The district courts of Tel Aviv-Jaffa shall be the appropriate and exclusive venue
for any disputes arising under and in connection with this Plan and any and all documents
delivered or executed in connection hereto.  

	25.  	TREATMENT
OF PARTICIPANTS  

	 	
The
Company and/or an Affiliate are under no obligation to treat Participants in a uniform
manner. Subject to the requirements of the Israeli law resulting from the Company’s
election of a particular Tax Track, the terms of each Award may differ, in the sole
discretion of the Administrator, from other Awards Granted under this Plan at the same
time, or at any other time. The Administrator may also grant more than one (1) Award to a
given Participant during the term of this Plan, either in addition to, or in substitution
for, one or more Awards previously Granted to that Participant.  

22

	26.  	NO
CONFLICTS  

	 	
Unless
otherwise specified in the Award Grant Letter, in the event of any conflict between the
terms of the Plan and the Award Grant Letter, the Plan shall prevail.  

	27.  	PARTICIPANT
UNDERTAKINGS  

	 	
By
entering into this Plan, any Participant who is a resident of Israel shall (1) agrees and
acknowledges that he or she have received and read the Plan, and the Award Grant Letter;
(2) undertake all the provisions set forth in: Section 102 (including provisions
regarding the applicable Tax Track that the Company has selected), the 102 Rules, the
Plan, the Award Grant Letter and the Trust Agreement; and (3) subject to the provisions
of Section 102 and the Rules, undertake not to sell or release the underlying Shares from
trust before the end of the Holding Period (if any).  

	28.  	ENFORCEABILITY  

	 	
The
provisions of this Plan shall be binding upon the Participant, his/her estate, personal
representatives, heirs and beneficiaries.  

	29.  	NOTICES  

	 	
Each
notice relating to this Plan and any Award Grant Letter issued hereunder shall be in
writing and delivered in person or by first class mail, postage prepaid, to the address
last known of the person to be notified. Each notice shall be deemed given on the date it
is received. If delivered in person, it shall be deemed received upon such delivery. If
sent by mail, it shall be deemed received no later than five (5) business days following
its mailing. The Company’s address for notice purposes is:  

	 	
Optibase
Ltd.  

	 	
Attn:
__________________________  

	 	
Address:
________________________  

23

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