Document:

10-K

Exhibit 10w  

	
 

	
 

	
 

	
Ampal-RSUO

	
 

	
Sale and Purchase of CWI Shares

SHARE SALE AND PURCHASE AGREEMENT

                    THIS
SHARE SALE AND PURCHASE AGREEMENT (this “Agreement”) is entered into this 22 day of
May, 2006 by and between AMPAL-AMERICAN
ISRAEL CORPORATION, a company incorporated under the laws of New
York (the “Seller”) and RED SEA UNDERWATER OBSERVATORY LTD., a
company incorporated under the laws of Israel (the “Purchaser”).

WITNESSETH

                    WHEREAS,
the Seller is the holder and record and beneficial owner of the Purchased
Shares (as defined in section 2.1 below); and

                    WHEREAS,
the Seller wishes to sell, transfer and assign the
Purchased Shares to the Purchaser in consideration for the payment of the
Purchase Price (as defined in section 3.1 below) and the Purchaser wishes to
purchase, assume and receive such Purchased Shares and pay the Purchase Price,
all on and subject to the terms and conditions set forth in this Agreement; and

                    WHEREAS,
simultaneously with the signing of this Agreement the Seller and Purchaser
shall sign a share sale and purchase agreement for the sale of Seller’s shares
in Red Sea Marineland Holding (1973) Ltd., and in Red Sea Underwater
Observatory Ltd. (the “Additional Agreement”)

                    NOW,
THEREFORE, in consideration of the premises and of the
mutual covenants and agreements herein contained, the parties hereto, intending
to be legally bound, agree as follows:

	
 

	
 

	
 

	
1.

	
DEFINITIONS

	
 

	
 

	
 

	
In this
  Agreement, the following terms shall have the meaning ascribed thereto in
  this Section 1:

	
 

	
 

	
 

	
1.1.

	
“Action” means any legal, administrative,
  governmental or regulatory proceeding or other action, suit, proceeding,
  claim, arbitration, mediation, alternative dispute resolution procedure, inquiry
  or investigation by or before any arbitrator, mediator, court or other
  governmental authority.

	
 

	
 

	
 

	
 

	
1.2.

	
“Additional Agreement” shall have the
  meaning ascribed thereto in the preamble.

	
 

	
 

	
 

	
 

	
1.3.

	
“Affiliate” means, with respect to any
  person, any other person directly or indirectly Controlling, Controlled by or
  under common Control with such Person. For purposes of this Agreement, the
  term “Control” (including, with
  correlative meanings, the terms “Controlling”, “Controlled by” and “under
  common Control with”), as used with respect to any person, means the
  possession, directly or indirectly, of the power to direct or cause the
  direction of the management and policies of such person, whether through
  ownership of voting securities or partnership interests, by contract or
  otherwise.

	
 

	
 

	
 

	
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Sale and Purchase of CWI Shares

	
 

	
 

	
 

	
 

	
1.4.

	
“Business Day” shall have the meaning
  ascribed thereto in section 12.1.

	
 

	
 

	
 

	
 

	
1.5.

	
“Closing” shall have the meaning ascribed
  thereto in section 4.1.

	
 

	
 

	
 

	
 

	
1.6.

	
“Closing Date” shall have the meaning
  ascribed thereto in section 4.1.

	
 

	
 

	
 

	
 

	
1.7.

	
“Company” shall have the meaning ascribed
  thereto in section 2.1.

	
 

	
 

	
 

	
 

	
1.8.

	
“Damages” means any and all losses,
  Liabilities, damages, fines, payments, costs and expenses, whenever or
  however arising and whether or not resulting from Third Party Claims
  (including the reasonable costs and expenses of any and all Actions or other
  legal matters; all amounts paid in connection with any demands, assessments,
  judgments, settlements and compromises relating thereto; interest and
  penalties with respect thereto; and costs and expenses, including reasonable
  attorneys’, fees and expenses, incurred in preparing for or defending against
  any such Actions or other legal matters or in asserting, preserving or
  enforcing an Indemnitee’s rights hereunder).

	
 

	
 

	
 

	
 

	
1.9.

	
“Liability” means any and all claims, debts
  and liabilities of whatever nature, whether asserted or, based on the current
  state of affairs or facts, fixed, absolute or contingent, matured, accrued,
  liquidated or unliquidated, and whenever or however arising (including those
  arising out of any contract or tort, whether based on negligence, strict
  liability or otherwise).

	
 

	
 

	
 

	
 

	
1.10.

	
“Liens” shall mean any charge, claim,
  community property interest, equitable
  interest, lien, encumbrance, option, proxy, pledge, security interest, mortgage, right of
  first refusal, right of preemption, transfer or retention of title agreement,
  right or claim of any third party or restriction by way of security of
  any kind or nature, including any restriction on use, voting, transfer,
  receipt of income or exercise of any other attribute of ownership (other than
  those specified in the incorporation documents of the Company).

	
 

	
 

	
 

	
 

	
1.11.

	
“Purchase Price” shall have the meaning
  ascribed thereto in section 3.1.

	
 

	
 

	
 

	
 

	
1.12.

	
“Purchased Shares” shall have the meaning
  ascribed thereto in section 2.1 below.

	
 

	
 

	
 

	
2.

	
PURCHASE AND SALE OF THE PURCHASED SHARES

	
 

	
 

	
 

	
2.1.

	
Subject to
  the terms and conditions of this Agreement, at the Closing the Seller will
  sell, convey, transfer, assign and deliver to Purchaser the Purchased Shares,
  free and clear of any Liens, and Purchaser will, in reliance on the
  representations and warranties of the Seller included in this Agreement only,
  purchase, assume and acquire from the Seller the Purchased Shares. 

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Sale and Purchase of CWI Shares

	
 

	
 

	
 

	
 

	
The “Purchased Shares” shall mean,
  collectively:

	
 

	
 

	
 

	
(i)

	
2,500
  Ordinary A Management Shares, par value GBP 1.00 each, of Coral World
  International Limited, a company incorporated under the laws of Guernsey (“Company”);

	
 

	
 

	
 

	
 

	
(ii)

	
500
  Preference C Shares, par value GBP 1.00 each, of Coral World; 

	
 

	
 

	
 

	
 

	
(iii)

	
100
  Redeemable Preference D Shares, par value GBP 1.00 each, of Coral World; 

	
 

	
 

	
 

	
 

	
2.2.

	
It is agreed that under the transaction contemplated by this
  Agreement all Purchased Shares
  together shall be purchased by the Purchaser, under no circumstances shall
  only part of the Purchased Shares be purchased by Purchaser.

	
 

	
 

	
 

	
3.

	
PURCHASE PRICE

	
 

	
 

	
 

	
3.1.

	
In
  consideration for the Purchased Shares sold and assigned by the Seller, the
  Purchaser shall pay to the Seller, at the Closing and subject to the
  fulfillment of the conditions precedent set forth in Section 9 below, an
  aggregate amount of US$19,338,250 (nineteen
  million three hundred thirty eight thousand two hundred and fifty United
  States dollars) (the “Purchase Price”).
  

	
 

	
 

	
 

	
 

	
3.2.

	
The Purchase
  Price shall be paid in United States dollars by wire transfer in immediately
  available funds to a bank account, as instructed by the Seller to the
  Purchaser in writing.

	
 

	
 

	
 

	
 

	
3.3.

	
Seller shall
  withhold from the Purchase Price any amount as may be required under
  applicable law, unless provided by Seller, prior to Closing, with a Tax
  Withholding Exemption from the Israeli tax authorities

	
 

	
 

	
 

	
4.

	
CLOSING

	
 

	
 

	
 

	
4.1.

	
Closing Date. The sale and transfer of the
  Purchased Shares will take place at a closing (the “Closing”) to be held at the offices of
  Meitar, Liquornik, Geva & Leshem, Brandwein, Law Offices, 16 Abba Hillel
  Silver Road, Ramat-Gan 52506, Israel, at 10:00 a.m. on a day to be mutually
  agreed upon by the parties but in no event later than June 26, 2006, provided however that all of the
  conditions set forth in Section 9 below are satisfied or waived by such date.
  The date on which the Closing occurs is referred to herein as the “Closing Date”. 

	
 

	
 

	
 

	
 

	
 

	
The Closing
  and the closing of the transaction contemplated in the Additional Agreement
  (the “Additional Closing”) shall
  occur simultaneously, and subject to the fulfillment of the conditions to
  closing under both agreements. All transactions occurring at the Closing and
  at the Additional Closing shall be deemed to take place simultaneously and no
  transaction in this Agreement and/or in the Additional Agreement shall be
  deemed to have been completed and no document or certificate shall be deemed
  to have been delivered until all transactions contemplated in this Agreement
  and in the Additional Agreement are completed and all documents to be delivered
  in the Closing and the Additional Closing are delivered. Unless otherwise
  indicated, all documents and certificates shall be dated on or as of the
  Closing Date.

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Sale and Purchase of CWI Shares

	
 

	
 

	
 

	
 

	
 

	
4.2.

	
Closing Deliveries of the Seller. At the
  Closing, the Seller shall deliver, or cause to be delivered, to the Purchaser
  the following documents:

	
 

	
 

	
 

	
 

	
 

	
4.2.1.

	
Share
  Certificates and Transfer Deeds.
  Share certificates representing all of the Purchased Shares, accompanied by
  duly signed share transfer deeds transferring the Purchased Shares to
  Purchaser, made in accordance with the respective incorporation documents of
  the Company, in the form of Schedule 4.2.1
  attached hereto;

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.2.

	
Compliance
  Certificate. A certificate in
  the form of Schedule 4.2.2
  hereto duly signed by the Seller confirming that (i) the representations and warranties of the Seller in
  Section 5 hereto are true and correct in all material respects as of the date
  of this Agreement and as of the Closing Date, (ii) all covenants and agreements of the Seller under
  this Agreement to be performed or complied with on or prior to the Closing
  Date have been performed and complied with; and (iii) all documents to be executed and delivered by the
  Seller at the Closing have been executed by a duly authorized officer of the
  Seller;

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.3.

	
Directors
  and Officers Resignation; Signature Rights Revocation. Written resignation letters from all
  directors and officers of the Company designated by the Seller, in the form
  of Schedule 4.2.2 hereto and
  revocation of signature rights in the Company;

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.4.

	
Board
  Resolutions. True and correct
  copies of the resolutions of the Board of Directors of the Company, approving
  and authorizing the transfer of the respective Purchased Shares from the
  Seller to the Purchaser, as contemplated by this Agreement; 

	
 

	
 

	
 

	
 

	
 

	
4.3.

	
Closing Deliveries of the Purchaser. At the Closing, the Purchaser shall
  deliver, or cause to be delivered, to the Seller the following documents:

	
 

	
 

	
 

	
 

	
 

	
4.3.1.

	
Share
  Transfer Deeds. A counterpart
  signature on the share transfer deeds transferring the Purchased Shares to
  Purchaser, duly signed by the Purchaser, in the form of Schedule 4.2.1 attached hereto; 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.3.2.

	
Compliance
  Certificate. A certificate in
  the form of Schedule 4.3.2
  hereto duly signed by the Purchaser confirming that: (i) the
  representations and warranties of the Purchaser in Section 6 hereto are true
  and correct in all material respects as of the date of this Agreement and as
  of the Closing Date; (ii) that all covenants and agreements of the
  Purchaser under this Agreement to be performed or complied with on or prior
  to the Closing Date have been performed and complied with; and (iii) all documents to be executed
  and delivered by the Seller at the Closing have been executed by a duly
  authorized officer of the Seller; and

	
 

	
 

	
 

	
 

	
 

	
 

	
4.3.3.

	
Payment of
  the Purchase Price. Evidence of
  transfer of the Purchase Price, in immediately available funds, by wire
  transfer to the account designated by the Seller.

	
 

	
 

	
 

	
 

	
5.

	
REPRESENTATIONS AND WARRANTIES OF SELLER

	
 

	
 

	
 

	
The Seller
  hereby represents and warrants to the Purchaser that as of the date hereof
  and as of the Closing:

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Sale and Purchase of CWI Shares

	
 

	
 

	
 

	
 

	
5.1.

	
Organization. The Seller is a duly
  incorporated public company, organized and validly existing under the laws of
  the New York State, U.S.A.. Seller’s securities are traded in Nasdaq. Seller
  did not have a receiver appointed or
  an assignee for the benefit of creditors, is not insolvent and is able to pay
  debts as they become due.

	
 

	
 

	
 

	
 

	
5.2.

	
Due Authority and Execution. The
  Seller has the legal capacity and authority to sign, deliver and perform this
  Agreement, without the necessity of any act or consent of any other person
  whomsoever. The signing, delivery and performance by the Seller of this
  Agreement and each and every agreement, document and instrument provided for
  herein has been duly authorized and approved by Seller. This Agreement and
  each and every agreement, document and instrument provided for herein has
  been signed by an officer that has been duly authorized to sign such document
  on behalf of the Seller. This Agreement, and each and every other agreement,
  document and instrument to be signed, delivered and performed by the Seller
  in connection herewith, constitute or will, when signed and delivered by the
  Seller, constitute the valid and legally binding obligation of the Seller
  enforceable against it in accordance with their respective terms.

	
 

	
 

	
 

	
 

	
5.3.

	
Noncontravention. The signing, delivery and
  performance of this Agreement by the Seller (i) is
  not subject to any restriction under any applicable law and (ii) do not and will not, violate
  any provisions of the organizational documents of Seller, or violate or
  constitute an occurrence of default under any provision of, or conflict with,
  result in acceleration of any obligation under, or give rise to a right by
  any party to terminate its obligations under, any material contract,
  mortgage, deed of trust, secured debt, note, loan or lien or any order,
  judgment, decree or other arrangement to which Seller is a party or is bound
  or by which it or its assets are affected.

	
 

	
 

	
 

	
 

	
 

	
There is no
  suit, action, proceeding, claim or investigation pending, or to the knowledge
  of Seller threatened, against the Seller that seeks to prevent such Seller
  from performing this Agreement.

	
 

	
 

	
 

	
 

	
5.4.

	
Title to Purchase Shares. The
  Seller is the sole owner of the Purchased Shares, and the Purchase Shares are
  held by the Seller free and clear of any Liens. Upon the Closing and the
  payment of the Purchase Price to the Seller in accordance with the provisions
  of this Agreement, the Purchaser shall acquire good and marketable title to
  all Purchased Shares free and clear of any Liens.

	
 

	
 

	
 

	
 

	
5.5.

	
Entire Holdings. The Purchased Shares
  constitute all interest which the Seller has in the Company and their
  respective Affiliates.

	
 

	
 

	
 

	
 

	
5.6.

	
Purchase Price. The Seller is familiar with
  the Company and the business conducted by them. In view thereof, the Seller
  believes that the Purchase Price represents the fair value of the Purchased
  Shares. The Seller hereby specifically waives any claim, whether current or
  future, in connection with such price and the valuation of the Purchased
  Shares.

	
 

	
 

	
 

	
 

	
5.7.

	
Shareholders Agreements. The Purchased
  Shares are not subject to any agreement with a third party, voting
  agreements, proxies, trusts or other agreement relating to the voting or
  disposition of the Purchased Shares (including pre-emptive rights and rights
  of first refusal of a third party) which would continue to be binding upon
  the Purchaser after the Closing.

	
 

	
 

	
 

	
 

	
5.8.

	
Disclosure. There is no material fact or
  information relating to the business, prospects, condition (financial or
  otherwise), affairs, operations or assets of the Company known to the Seller
  that has not been disclosed to the Purchaser in writing by the Seller in this
  Agreement. Neither this Agreement nor any certificate made or delivered by
  the Seller in connection herewith contains any untrue statement of a material
  fact or omits to state a material fact necessary to make the statements
  herein or therein not misleading, in view of the circumstances in which they
  were made. 

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Sale and Purchase of CWI Shares

	
 

	
 

	
 

	
 

	
 

	
6.

	
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

	
 

	
 

	
 

	
Purchaser
  hereby represents and warrants to Sellers that as of the date hereof and as
  of the Closing:

	
 

	
 

	
 

	
 

	
6.1.

	
Organization. Purchaser
  is a private company duly incorporated and validly existing under the laws of
  the State of Israel. 

	
 

	
 

	
 

	
 

	
6.2.

	
Due Authority and Execution. Purchaser has
  the legal capacity and authority to sign, deliver and perform this Agreement
  without the necessity of any act or consent of any other person whomsoever.
  The signing, delivery and performance by Purchaser of this Agreement and each
  and every agreement, document and instrument provided for herein have been
  duly authorized and approved by Purchaser. This Agreement and each and every
  agreement, document and instrument provided for herein has been signed by an
  officer that has been duly authorized to sign such document on behalf of
  Purchaser. This Agreement, and each and every other agreement, document and
  instrument to be signed, delivered and performed by Purchaser in connection
  herewith, constitute or will, when signed and delivered by the Purchaser,
  constitute the valid and legally binding obligation of Purchaser enforceable
  against it in accordance with their respective terms.

	
 

	
 

	
 

	
 

	
6.3.

	
Consents; No Conflict. The signing, delivery and performance
  of this Agreement by Purchaser (i) is
  not subject to any restriction under any applicable law and (ii) do not and will not, violate
  any provisions of the organizational documents or other corporate documents
  of Purchaser, or violate or constitute an occurrence of default under any
  provision of, or conflict with, result in acceleration of any obligation
  under, or give rise to a right by any party to terminate its obligations
  under, any material contract, mortgage, deed of trust, secured debt, note,
  loan, lien, or any order, judgment, decree or other arrangement to which the
  Purchaser is a party or is bound or by which it or its assets are affected. 

	
 

	
 

	
 

	
 

	
 

	
There is no
  suit, action, proceeding, claim or investigation pending or to the knowledge
  of Purchaser threatened, against Purchaser that seeks to prevent it from
  performing this Agreement.

	
 

	
 

	
 

	
7.

	
COVENANTS

	
 

	
 

	
 

	
7.1.

	
Reasonable Best Efforts. Subject
  to the terms and conditions of this Agreement and applicable law, each of
  Seller and Purchaser will use its reasonable best efforts to take, or cause
  to be taken, all actions which are in their responsibility, and to do, or
  cause to be done, all things reasonably necessary which are in their
  responsibility, proper or advisable under applicable laws and regulations
  applicable to each of them, or otherwise to consummate and make effective the
  transactions contemplated hereby as soon as practicable, including such
  actions or things as any other party hereto may reasonably request in order
  to cause any of the conditions to such other party’s obligation to consummate
  such transactions. 

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Sale and Purchase of CWI Shares

	
 

	
 

	
 

	
 

	
7.2.

	
Confidentiality. The Seller will, and will
  use its best efforts to cause its Affiliates to, hold in strict confidence
  for a period of three years after the date of the Closing, all documents and
  information, in any form whatsoever concerning the business, operations,
  financial condition, shareholders, customers, suppliers, intellectual
  property and other proprietary information concerning the Company (“Confidential Information”) and will take
  reasonable measures to prevent unauthorized disclosure of such information.
  Notwithstanding the foregoing, Confidential Information shall not include (i) any information which is or becomes
  public, unless such information becomes public as a result of a breach of
  this Section 7.1 by Seller, (ii) any
  information independently obtained by Seller without an obligations of
  confidentiality to the party disclosing such information to Seller as can be
  substantiated by Seller through the use of written documents, and (iii) any information which is
  required to be disclosed under applicable laws, regulations or judgments, provided that to the extent practicable
  in this clause (iii) Seller shall give to Purchaser prior notice of the
  contemplated disclosure and its content. 

	
 

	
 

	
 

	
 

	
7.3.

	
Non-Compete. For a period of four years
  after the Closing Date, the Seller and its Affiliates will not, directly or
  indirectly, without the written consent of Purchaser, enter into, engage in,
  manage, operate, control, invest or acquire any interest in, or otherwise
  engage or participate in, or own any beneficial interest in, any business
  engaged in the business of the Company as such business is conducted prior to
  the Closing, including the operation, management and/or construction of
  underwater observatories or marine parks, submarines, marine attractions of
  any nature.

	
 

	
 

	
 

	
8.

	
RELEASES AND WAIVERS.

	
 

	
 

	
 

	
8.1.

	
General Release by Seller. To the extent
permitted under applicable law, for and in consideration of the Purchase
Price, effective as of the Closing, Seller releases, acquits and forever
discharges the Company and each of their present and former shareholders,
officers, directors and employees (in their capacities as such) and each of
their respective heirs, executors, administrators, successors and assigns, of
and from any and all manners of action, or action, cause or causes of action,
demands, rights, Damages or Liabilities, debts, dues, sums of money,
accounts, reckonings, costs, expenses, responsibilities, covenants,
contracts, controversies, Actions, and claims whatsoever, whether known or
unknown, of every name and nature, both in law and in equity, which the
Seller, or its Affiliates, successors or assigns ever had, now has, or may
have or shall have against the Company or any other Person referred to above
arising out of any matters, causes, acts, conduct, claims, circumstances or
events occurring or failing to occur or conditions existing at or prior to
the Closing.  

	
 

	
 

	
 

	
 

	
8.2.

	
General Release by the Company. To the
extent permitted under applicable law, for the transfer of the Purchased
Shares, effective as of the Closing, Purchaser shall cause the Company to
release, acquit and forever discharge Jack Bigilio and Kenneth Handerson (“Seller’s Directors”) in
their capacity as directors of the Company),
of and from any and all manners of action, or action, cause or causes of
action, demands, rights, Damages or Liabilities, debts, dues, sums of money,
accounts, reckonings, costs, expenses, responsibilities, covenants,
contracts, controversies, Actions, and claims whatsoever, whether known or
unknown, of every name and nature, both in law and in equity, which the
Company, or its Affiliates, successors or assigns ever had, now has, or may
have or shall have against the Seller’s Directors in connection with any
actions taken or omitted to be taken by them as directors of the Company,
except for fraudulent or willful acts and omissions. Purchaser shall cause
the Company to sign an undertaking towards Seller’s Directors to that effect,
in the form attached hereto as Schedule 8.2, which will be delivered to the
Seller, signed by the Company, on the Closing Date, immediately after the
Closing.  

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Sale and Purchase of CWI Shares

	
 

	
 

	
 

	
 

	
 

	
 

	
8.3.

	
Waiver of Preemptive and Similar Rights. For and in consideration
  of the amounts payable to the Seller under this Agreement, the Seller hereby
  waives, such waiver to be effective only as of the Closing, any and all
  preemptive rights, rights of first refusal, tag along, co-sale or other
  similar rights with regard to the Company and any Affiliate thereof that such
  Seller has or is or may be entitled to receive, including those which arose
  or arise as a result of any event or transaction (whenever occurring),
  including the execution, delivery or performance of this Agreement or
  consummation of the transaction contemplated hereby.

	
 

	
 

	
 

	
9.

	
CONDITIONS TO CLOSING

	
 

	
 

	
 

	
9.1.

	
Conditions to Each Party’s Obligations. The respective
  obligations of each Seller and the Purchaser to effect the Closing are subject
  to the satisfaction at or prior to the Closing Date of each of the following
  conditions:

	
 

	
 

	
 

	
 

	
 

	
9.1.1.

	
No Injunctions or Restraints. There shall
  not exist or have been enacted, entered or enforced any law, regulation,
  judgment or injunction or any other action of any court or other governmental
  authority that makes, illegal or prohibits the consummation of the Closing.

	
 

	
 

	
 

	
 

	
 

	
 

	
9.1.2.

	
Consents. The following consents shall have
  been obtained: 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
9.1.2.1.

	
Consent of
  Bank HaPoalim under the Loan Agreement dated November 30, 1995 by and between
  Maui Ocean Center, Inc. and Bank HaPoalim B.M., as amended.

	
 

	
 

	
 

	
 

	
 

	
 

	
9.2.

	
Conditions to Obligations of Purchaser. The obligations
  of Purchaser to effect the Closing are subject to the satisfaction or waiver
  by Purchaser at or prior to the Closing Date of each of the following
  conditions:

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9.2.1.

	
Representations
  and Warranties. The representations and warranties of Seller set forth in
  Section 5 above shall be true and correct in all material respects as of the
  date of this Agreement and as of the Closing Date with the same effect as
  though made on and as of the Closing Date, and the Seller shall have
  delivered to Purchaser a certificate as specified in Section 4.2.2.

	
 

	
 

	
 

	
 

	
 

	
 

	
9.2.2.

	
Performance
  of Obligations of Seller. Each and all of the covenants and agreements of
  Seller to be performed or complied with on or prior to the Closing shall have
  been fully performed and complied, and Seller shall have delivered to
  Purchaser a certificate confirming the foregoing as of the Closing Date, as
  specified in Section 4.2.2.

	
 

	
 

	
 

	
 

	
 

	
 

	
9.2.3.

	
Documents.
  All documents required to be delivered by the Seller under Section 4.2 shall
  have been delivered. 

	
 

	
 

	
 

	
 

	
 

	
9.3.

	
Conditions to Obligations of Sellers. The obligations
  of the Seller to effect the Closing are subject to the satisfaction or waiver
  by Seller at or prior to the Closing Date of each of the following
  conditions:

	
 

	
 

	
 

	
 

	
 

	
9.3.1.

	
Representations
  and Warranties. The representations and warranties of Purchaser set forth in
  Section 6 shall be true and correct in all material respects as of the date
  of this Agreement and as of the Closing Date with the same effect as though
  made on and as of the Closing Date, and Purchaser shall have delivered to
  Sellers a certificate signed by an authorized officer of Purchaser as
  specified in Section 4.3.2.

	
 

	
 

	
 

	
 

	
 

	
 

	
9.3.2.

	
Performance
  of Obligations of Purchaser. Each and all of the covenants and agreements of
  Purchaser to be performed or complied with on or prior to the Closing shall
  have been fully performed and complied, and Purchaser shall have delivered to
  Seller a certificate signed by an executive officer of Purchaser confirming
  the foregoing as of the Closing Date, as specified in Section 4.3.2.

	
 

	
 

	
 

	
 

	
 

	
 

	
9.3.3.

	
Documents.
  All documents required to be delivered by Purchaser under Section 4.3 shall
  have been delivered. 

	
 

	
 

	
 

	
 

	
 

	
10.

	
INDEMNIFICATION.

	
 

	
 

	
 

	
10.1.

	
Either Party
  (the “Indemnifying Party”) shall
  indemnify defend and hold harmless the other party and its respective
  employees, directors shareholders and officers (collectively, the “Indemnitees”) from and against, and pay
  or reimburse, as the case may be, the Indemnitees for, any and all Damages as
  actually incurred or suffered by the Indemnitees directly or indirectly based
  upon, arising out of or otherwise in any way relating to or in respect of:

	
 

	
 

	
 

	
 

	
 

	
10.1.1.

	
any breach
  of any representation or warranty made by the Indemnifying Party hereunder;

	
 

	
 

	
 

	
 

	
 

	
 

	
10.1.2.

	
any breach
  or violation of any covenant or agreement of the Indemnifying Party
  hereunder; 

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10.2.

	
Procedure for Indemnification.

	
 

	
 

	
 

	
 

	
 

	
10.2.1.

	
Third Party
  Claims,

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.2.1.1.

	
Notice. If a claim or a demand is made
against an Indemnitee, or an Indemnitee shall otherwise learn of an
assertion, by any person, who is not a party to this Agreement (and who is
not an Affiliate of a Party to this Agreement) (a “Third Party Claim”) as to which the Indemnifying Party may
be obligated to provide indemnification pursuant to this Agreement, such
Indemnitee will notify the Indemnifying Party in writing, and in reasonable
detail, of the Third Party Claim reasonably promptly after becoming aware of
such Third Party Claim, provided, however,
that failure to give any such notification will not affect the
indemnification provided hereunder except to the extent the Indemnifying
Party shall have demonstrated that it has been actually prejudiced as a
result of such failure and to such extent.  

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10.2.1.2.

	
Assumption of Defense by Indemnifying Party.
  If a Third Party Claim is made against an Indemnitee and the Indemnifying
  Party agrees to indemnify the Indemnitee therefor, the Indemnifying Party
  will be entitled to assume the defense thereof (at the expense of the
  Indemnifying Party) with counsel selected by the Indemnifying Party and
  reasonably satisfactory to the Indemnitee. Should the Indemnifying Party so
  elect to assume the defense of a Third Party Claim, the Indemnifying Party
  will not be liable to the Indemnitee for any legal or other expenses
  subsequently incurred by the Indemnitee in connection with the defense
  thereof as long as the Indemnifying Party diligently conducts such defense; provided that, if in the Indemnitee’s
  reasonable judgment a conflict of interest exists in respect of such claim,
  such Indemnitee will have the right to employ separate counsel to represent
  such Indemnitee and in that event the reasonable fees and expenses of such
  separate counsel will be paid by the Indemnifying Party. 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.2.1.3.

	
Indemnitee’s Participation in the Defense. If the Indemnifying Party assumes the defense of any such Third Party Claim,
each Indemnitee will have the right to participate in the defense thereof and
to employ counsel, at its own expense, separate from the counsel employed by
the Indemnifying Party.  

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10.2.1.4.

	
Failure of Indemnifying Party to assume defense. The Indemnifying Party will be liable
for the reasonable fees and expenses of counsel employed by the Indemnitees
for any period during which the Indemnifying Party has failed to assume the
defense thereof or if it does not expressly elect to assume the defense
thereof (including the agreement by the Indemnifying Party to indemnify the
Indemnitees as aforesaid).  

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.2.1.5.

	
Information. If the Indemnifying Party
  assumes the defense of any such Third Party Claim, the Indemnifying Party
  will promptly supply to the Indemnitee copies of all correspondence and
  documents relating to or in connection with such Third Party Claim and keep
  the Indemnitee fully informed of all developments relating to or in
  connection with such Third Party Claim (including, without limitation, providing
  to the Indemnitee on request updates and summaries as to the status thereof).
  If the Indemnifying Party chooses to defend a Third Party Claim, all the
  Indemnitees will reasonably cooperate with the Indemnifying Party in the
  defense thereof if requested by the Indemnifying Party (such cooperation to
  be at the expense, including reasonable legal fees and expenses, of the
  Indemnifying Party).

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10.2.1.6.

	
Settlement, Compromise or Discharge. No Indemnifying
  Party will consent to any settlement, compromise or discharge (including the
  consent to entry of any judgment) of any Third Party Claim without the
  Indemnitee’s prior written consent, which will not be unreasonably withheld; provided, that if the Indemnifying Party
  agrees to indemnify the Indemnitee for a Third Party Claim, the Indemnitee
  will agree to any settlement, compromise or discharge of such Third Party
  Claim which the Indemnifying Party may recommend that unconditionally and
  irrevocably releases the Indemnitee (pursuant to a release which is
  reasonably satisfactory to the Indemnitee) completely from all Liability in
  connection with such Third Party Claim, provided,
  however, that the Indemnitee may refuse to agree to any such
  settlement, compromise or discharge that provides for injunctive or other
  non-monetary relief affecting the Indemnitee. If the Indemnifying Party
  agrees to indemnify the Indemnitee for a Third Party Claim, the Indemnitee
  will not (unless required by law) admit any liability with respect to, or
  settle, compromise or discharge, such Third Party Claim without the
  Indemnifying Party’s prior written consent (which consent will not be
  unreasonably withheld).

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10.2.2.

	
Party’s
  Claims. Any claim on account of
  Damages which does not involve a Third Party Claim shall be asserted by
  written notice given by the Indemnitee to the Indemnifying Party. The failure
  by any Indemnitee so to notify the Indemnifying Party will not relieve the
  Indemnifying Party from any liability which it may have to such Indemnitee
  under this Agreement, except to the extent that the Indemnifying Party shall
  have demonstrated that it has been actually prejudiced as a result of such
  failure and to such extent. 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.2.3.

	
Failure to
  dispute obligation to indemnify.
  If the Indemnifying Party does not notify the Indemnitee prior to the
  expiration of a 30-calendar-day period following its receipt of such notice
  that the Indemnifying Party disputes its liability to the Indemnitee under
  this Agreement, such claim specified by the Indemnitee in such notice will be
  conclusively deemed a liability of the Indemnifying Party under this
  Agreement and the Indemnifying Party shall pay the amount of Damages subject
  to such claim to the Indemnitee on demand or, in the case of any notice in
  which the amount of the Damages subject to such claim (or any portion
  thereof) is estimated, on such later date when the amount of such claim (or
  such portion thereof) becomes finally determined. If the Indemnifying Party
  has timely disputed its liability with respect to such Damages subject to
  such claim, as provided above, the Indemnifying Party and the Indemnitee will
  proceed in good faith to negotiate a resolution of such dispute and, if not
  resolved through negotiations by the 90th day after notice of such claim was
  given to the Indemnifying Party, the Indemnifying Party and the Indemnitee
  will be free to pursue such remedies as may be available under this Agreement
  or applicable law.

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11.

	
TERMINATION

	
 

	
 

	
 

	
11.1.

	
Right to Terminate. Without derogating from
  the parties’ rights under any applicable law, this Agreement may be
  terminated at any time prior to the Closing as follows: 

	
 

	
 

	
 

	
 

	
 

	
11.1.1.

	
by consent
  in writing of all parties hereto; or

	
 

	
 

	
 

	
 

	
 

	
 

	
11.1.2.

	
notwithstanding
  any other term of this Agreement, by any party, if the Closing and payment of
  the full Purchase Price does not take place for a reason which is not attributable
  to such party until the date which is 60 days after the date hereof (the “Drop Dead Date”), provided,
however, that (i) Purchaser may not terminate the
  Agreement under this Section 11.1.2 if the closing conditions under Section
  9.2 are satisfied but the Closing does not take place because of failure by
  Purchaser to fulfill any of the conditions set forth in Section 9.3, and (ii) a Seller may not terminate the
  Agreement under this Section 11.1.2 if the closing conditions under Section
  9.3 are satisfied but the Closing does not take place because of failure by
  such Seller to fulfill any of the conditions set forth in Section 9.2; or

	
 

	
 

	
 

	
 

	
 

	
 

	
11.1.3.

	
by written
  notice by the Purchaser to the Seller or by the Seller to the Purchaser, if
  there shall be any law that makes consummation of the transaction
  contemplated hereby illegal or otherwise prohibited or if any court of
  competent jurisdiction or other governmental authority shall have issued an
  order, decree or ruling or taken any other action permanently restraining,
  enjoining or otherwise prohibiting the consummation of such transaction, and
  such order, decree, ruling or other action shall not be subject to appeal or
  shall have become final and unappealable; or

	
 

	
 

	
 

	
 

	
 

	
 

	
11.1.4.

	
by written
  notice by the Purchaser to the Seller, if there shall have been a material
  breach of any representation, warranty, covenant or agreement on the part of
  the Seller set forth in this Agreement, or if prior to the Closing Date any
  representation or warranty of the Seller set forth in this Agreement shall
  have become untrue.

	
 

	
 

	
 

	
 

	
 

	
11.2.

	
Effect of
  Termination. In the event of the
  termination of this Agreement pursuant to Section 11.1, this Agreement
  shall thereafter become void and have no effect, without any liability on the
  part of any party in respect thereof, except that nothing herein will relieve
  any party from Liability for any breach of any representation, warranty,
  covenant or agreement in this Agreement that were due to be performed prior
  to the termination hereof. 

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12.

	
NOTICES

	
 

	
 

	
 

	
12.1.

	
All notices
  required to be sent hereunder shall be in writing and delivered by hand, fax,
  registered mail or overnight courier and shall be deemed to have been given (a) upon three (3) Business Days
  following the date on which they were mailed by registered mail return,
  receipt requested, (b) upon
  one Business Day following the dispatch by a recognized overnight courier, or
  (c) upon one Business Day
  following a delivery by fax or hand, receipt acknowledged, all to the address
  specified hereinabove for the party receiving the notice. For purposes of
  this Agreement a “Business Day”
  is a day in which banks, generally, are open for business in Israel

	
 

	
 

	
 

	
 

	
12.2.

	
For purposes
  of this Agreement, the addresses of the parties shall be as follows, unless
  otherwise notified in writing by a party:

	
 

	
 

	
 

	
 

	
If to
  Purchaser:

	
 

	
 

	
 

	
Red Sea
  Underwater Observatory Ltd.16 Abba Hillel Silver Rd.

	
 

	
 

	
 

	
Ramat-Gan
  52506, Israel

	
 

	
 

	
 

	
Attention:

	
Miki Gur

	
 

	
 

	
 

	
 

	
Facsimile:

	
+972-3-576
  24 95

	
 

	
 

	
 

	
 

	
If to
  Seller:

	
 

	
 

	
 

	
Ampal
  American Israel Corporation

	
 

	
 

	
 

	
111
  Arlozorov St.

	
 

	
 

	
 

	
 

	
Tel
  Aviv, Israel

	
 

	
 

	
 

	
 

	
Attention:

	
Mr. Yoram
  Firon

	
 

	
 

	
 

	
 

	
Facsimile: 

	
+971-3-608 01 01

	
 

	
 

	
 

	
 

	
13.

	
GOVERNING LAW; EXCLUSIVE JURISDICTION.

	
 

	
 

	
 

	
This
  Agreement is subject to and shall be governed by and interpreted in
  accordance with the laws of the State of Israel, without giving effect to its
  relevant choice of law provisions, and each of the parties submits itself to
  the sole and exclusive jurisdiction of the courts of Tel-Aviv-Jaffa and
  waives to the fullest extent it may do so any objection which it may now or
  hereafter have to the laying of venue as aforesaid. 

	
 

	
 

	
14.

	
MISCELLENOUS

	
 

	
 

	
 

	
14.1.

	
Entire Agreement, Amendment. This Agreement
  constitutes the entire agreement between the parties with respect to the
  subject matter hereof and this Agreement, supersede all prior negotiations,
  agreements and understandings of the parties of any nature, whether oral or
  written, relating thereto. This Agreement may not be amended, modified or
  supplemented except by a written agreement executed by both parties hereto.

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14.2.

	
Enforceability. If any provision of this
  Agreement is held by a court of competent jurisdiction to be unenforceable
  under applicable law, then such provision shall be excluded from this
  Agreement and the remainder of this Agreement shall be interpreted as if such
  provision were so excluded and shall be enforceable in accordance with its
  terms; provided, however, that
  in such event this Agreement shall be interpreted so as to give effect, to
  the greatest extent consistent with and permitted by applicable law, to the
  meaning and intention of the excluded provision as determined by such court
  of competent jurisdiction.

	
 

	
 

	
 

	
 

	
14.3.

	
Assignment.
  No party to this Agreement will convey, assign or otherwise transfer any of
  its rights or obligations under this Agreement without the prior written
  consent of the other party, except to
  any Affiliate of such party or to any successor to all or any portion of its
  business. No assignment of this Agreement will relieve the assigning party of
  its obligations hereunder. Notwithstanding the above, Seller undertakes not
  the transfer the Purchased Shares from the date of execution of this
  agreement and until the Drop Dead Date.

	
 

	
 

	
 

	
 

	
14.4.

	
Waiver; Remedies. No failure or delay on the
  part of either party in exercising any right, power or privilege hereunder
  will operate as a waiver thereof, nor will any waiver on the part of either
  party of any right, power or privilege hereunder operate as a waiver of any
  other right, power or privilege hereunder, nor will any single or partial
  exercise of any right, power or privilege thereunder preclude any other or
  further exercise thereof or the exercise of any other right, power or privilege
  under this Agreement. The rights and remedies herein provided are cumulative
  and are not exclusive of any rights or remedies which the parties may
  otherwise have at law or in equity.

	
 

	
 

	
 

	
 

	
14.5.

	
Fees and Expenses. Each of the Parties hereto
  shall bear the expenses incurred by it relating to the transactions
  contemplated by this Agreement, including without limitation fees and
  expenses of counsel.

	
 

	
 

	
 

	
 

	
14.6.

	
Counterparts.
  This Agreement may be executed in separate counterparts, each such
  counterpart being deemed to be an original instrument, and all such
  counterparts will together constitute the same agreement.

	
 

	
 

	
 

	
 

	
14.7.

	
Interpretation. Unless the context otherwise
  requires, words denoting the singular number only shall include the plural
  and vice versa. The headings in this Agreement are inserted for convenience
  only and shall not affect the construction thereof. References herein to
  recitals, sections and exhibits refer to recitals, sections and exhibits of
  this Agreement unless otherwise stated. The recitals, exhibits and schedules
  form part of this Agreement and shall have the same force and effect as if
  expressly set out in the body of this Agreement, and any reference to this
  Agreement shall include the exhibits and schedules hereto.

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18

	
 

	
 

	
 

	
 

	

	
 

IN WITNESS
WHEREOF, the parties have caused this Agreement to be signed by its duly
authorized representatives as of the date first above written.

		
		
		
		
		
	Ampal American Israel Corporation	Red Sea Underwater Observatory Ltd.
	 
	By: /s/ Jack Bigio /s/ Yoram Firon	By: /s/ Benjamin Kahn /s/ Miki Gur
	 
	Name: Jack Bigio, Yoram Firon	Name: Benjamin Kahn, Miki Gur
	 
	Title: CEO, VP	Title:

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SHARE SALE AND PURCHASE AGREEMENT

                    THIS
SHARE SALE AND PURCHASE AGREEMENT (this “Agreement”) is entered into this 22 of May,
2006 by and between AMPAL-AMERICAN ISRAEL
CORPORATION, a company incorporated under the laws of New York (the
“Seller”) and RED SEA UNDERWATER OBSERVATORY LTD., a
company incorporated under the laws of Israel (the “Purchaser”).

WITNESSETH

                    WHEREAS,
the Seller is the holder and record and beneficial owner of the Purchased
Shares (as defined in section 2.1 below); and

                    WHEREAS,
the Seller wishes to sell, transfer and assign the
Purchased Shares to the Purchaser in consideration for the payment of the
Purchase Price (as defined in section 3.1 below) and the Purchaser wishes to
purchase, assume and receive such Purchased Shares and pay the Purchase Price,
all on and subject to the terms and conditions set forth in this Agreement; and

                    WHEREAS,
simultaneously with the signing of this Agreement, the Seller and Purchaser
shall sign a share sale and purchase agreement for the sale of Seller’s shares
in Coral World International Limited (the “Additional
Agreement”)

                    NOW,
THEREFORE, in consideration of the premises and of the
mutual covenants and agreements herein contained, the parties hereto, intending
to be legally bound, agree as follows:

	
 

	
 

	
 

	
 

	
 

	
1.

	
DEFINITIONS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
In this
  Agreement, the following terms shall have the meaning ascribed thereto in
  this Section 1:

	
 

	
 

	
 

	
1.1.

	
“Action” means any legal, administrative,
  governmental or regulatory proceeding or other action, suit, proceeding,
  claim, arbitration, mediation, alternative dispute resolution procedure,
  inquiry or investigation by or before any arbitrator, mediator, court or
  other governmental authority.

	
 

	
 

	
 

	
 

	
1.2.

	
“Additional Agreement” shall have the
  meaning ascribed thereto in the preamble.

	
 

	
 

	
 

	
 

	
1.3.

	
“Affiliate” means, with respect to any
  person, any other person directly or indirectly Controlling, Controlled by or
  under common Control with such Person. For purposes of this Agreement, the
  term “Control” (including, with
  correlative meanings, the terms “Controlling”, “Controlled by” and “under
  common Control with”), as used with respect to any person, means the
  possession, directly or indirectly, of the power to direct or cause the
  direction of the management and policies of such person, whether through
  ownership of voting securities or partnership interests, by contract or
  otherwise.

	
 

	
 

	
 

	
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1.4.

	
“Business Day” shall have the meaning
  ascribed thereto in section 12.1.

	
 

	
 

	
 

	
 

	
1.5.

	
“Closing” shall have the meaning ascribed
  thereto in section 4.1.

	
 

	
 

	
 

	
 

	
1.6.

	
“Closing Date” shall have the meaning
  ascribed thereto in section 4.1.

	
 

	
 

	
 

	
 

	
1.7.

	
“Companies” shall have the meaning ascribed
  thereto in section 2.1(i).

	
 

	
 

	
 

	
 

	
1.8.

	
“Damages” means any and all losses,
  Liabilities, damages, fines, payments, costs and expenses, whenever or
  however arising and whether or not resulting from Third Party Claims
  (including the reasonable costs and expenses of any and all Actions or other
  legal matters; all amounts paid in connection with any demands, assessments,
  judgments, settlements and compromises relating thereto; interest and
  penalties with respect thereto; and costs and expenses, including reasonable
  attorneys’, fees and expenses, incurred in preparing for or defending against
  any such Actions or other legal matters or in asserting, preserving or
  enforcing an Indemnitee’s rights hereunder).

	
 

	
 

	
 

	
 

	
1.9.

	
“Liability” means any and all claims, debts
  and liabilities of whatever nature, whether asserted or, based on the current
  state of affairs or facts, fixed, absolute or contingent, matured, accrued,
  liquidated or unliquidated, and whenever or however arising (including those
  arising out of any contract or tort, whether based on negligence, strict
  liability or otherwise).

	
 

	
 

	
 

	
 

	
1.10.

	
“Liens” shall mean any charge, claim,
  community property interest, equitable interest, lien, encumbrance, option,
  proxy, pledge, security interest, mortgage, right of first refusal, right of
  preemption, transfer or retention of title agreement, right or claim of any
  third party or restriction by way of security of any kind or nature, including
  any restriction on use, voting, transfer, receipt of income or exercise of
  any other attribute of ownership (other than those specified in the
  incorporating documents of any of the Companies).

	
 

	
 

	
 

	
 

	
1.11.

	
“Purchase Price” shall have the meaning ascribed
  thereto in section 3.1.

	
 

	
 

	
 

	
 

	
1.12.

	
“Purchased Shares” shall have the meaning
  ascribed thereto in section 2.1 below.

	
 

	
 

	
 

	
 

	
1.13.

	
“Red Sea” shall have the meaning ascribed
  thereto in section 2.1(i).

	
 

	
 

	
 

	
 

	
1.14.

	
“RSUO” shall have the meaning ascribed thereto
  in section 2.1(i).

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2.

	
PURCHASE AND SALE OF THE PURCHASED SHARES 

	
 

	
 

	
 

	
2.1.

	
Subject to
  the terms and conditions of this Agreement, at the Closing the Seller will
  sell, convey, transfer, assign and deliver to Purchaser the Purchased Shares,
  free and clear of any Liens, and Purchaser will, in reliance on the
  representations and warranties of the Seller included in this Agreement only,
  purchase, assume and acquire from the Seller the Purchased Shares. 

	
 

	
 

	
 

	
 

	
 

	
The “Purchased Shares” shall mean,
  collectively:

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
40,000
  Ordinary Shares, par value NIS 0.0001 each, of Red Sea Marineland Holding
  (1973) Limited, a company incorporated under the laws of Israel (“Red Sea”); and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
103 Ordinary
  Shares, par value NIS1.00 each, of Red Sea Underwater Observatory Limited, a
  company incorporated under the laws of the State of Israel (“RSUO” and together with Red Sea, the
“Companies”).

	
 

	
 

	
 

	
 

	
 

	
 

	
2.2.

	
It is agreed
  that under the transaction contemplated by this Agreement all Purchased Shares together shall be
  purchased by the Purchaser, under no circumstances shall only part of the
  Purchased Shares be purchased by Purchaser.

	
 

	
 

	
 

	
3.

	
PURCHASE PRICE

	
 

	
 

	
 

	
3.1.

	
In
  consideration for the Purchased Shares sold and assigned by the Seller, the
  Purchaser shall pay to the Seller, at the Closing and subject to the
  fulfillment of the conditions precedent set forth in Section 9 below, an
  aggregate amount of US$1,661,750 (one million six hundred sixty one thousand
  seven hundred and fifty United States dollars) (the “Purchase Price”). 

	
 

	
 

	
 

	
 

	
3.2.

	
The Purchase
  Price shall be paid in United States dollars by wire transfer in immediately
  available funds to a bank account, as instructed by the Seller to the Purchaser
  in writing.

	
 

	
 

	
 

	
 

	
3.3.

	
Seller shall
  withhold from the Purchase Price any amount as may be required under
  applicable law, unless provided by Seller, prior to Closing, with a Tax
  Withholding Exemption from the Israeli tax authorities.

	
 

	
 

	
 

	
4.

	
CLOSING

	
 

	
 

	
 

	
4.1.

	
Closing Date. The sale and transfer of
the Purchased Shares will take place at a closing (the “Closing”) to be held at the offices of
Meitar, Liquornik, Geva & Leshem, Brandwein, Law Offices, 16 Abba Hillel
Silver Road, Ramat-Gan 52506, Israel, at 10:00 a.m. on a day to be mutually
agreed upon by the parties but in no event later than June 26, 2006, provided
however that all of the conditions set forth in Section 9 below are satisfied
or waived by such date The date on which the Closing occurs is referred to
herein as the “Closing Date”.  

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The Closing
  and the closing of the transaction contemplated in the Additional Agreement
  (the “Additional Closing”) shall
  occur simultaneously, and subject to the fulfillment of the conditions to
  closing under both agreements. All transactions occurring at the Closing and
  at the Additional Closing shall be deemed to take place simultaneously and no
  transaction in this Agreement and/or in the Additional Agreement shall be
  deemed to have been completed and no document or certificate shall be deemed
  to have been delivered until all transactions contemplated in this Agreement
  and in the Additional Agreement are completed and all documents to be
  delivered in the Closing and the Additional Closing are delivered. Unless
  otherwise indicated, all documents and certificates shall be dated on or as
  of the Closing Date.

	
 

	
 

	
 

	
 

	
4.2.

	
Closing Deliveries of the Seller. At the
  Closing, the Seller shall deliver, or cause to be delivered, to the Purchaser
  the following documents:

	
 

	
 

	
 

	
 

	
 

	
4.2.1.

	
Share
  Certificates and Transfer Deeds. Share certificates
  representing all of the Purchased Shares, accompanied by duly signed share
  transfer deeds transferring the Purchased Shares to Purchaser, made in
  accordance with the respective incorporation documents of the respective
  Companies, in the form of Schedule 4.2.1
  attached hereto;

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.2.

	
Shareholders’
  Registrar. The register of shareholders of each
  Company certified by an authorized officer of such Company, evidencing the
  transfer of the applicable Purchased Shares to Purchaser, in the form of Schedule 4.2.2 attached
hereto;

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.3.

	
Compliance
  Certificate. A certificate in the form of Schedule 4.2.3 hereto duly signed by
  the Seller confirming that (i) the
  representations and warranties of the Seller in Section 5 hereto are true and
  correct in all material respects as of the date of this Agreement and as of
  the Closing Date, (ii) all
  covenants and agreements of the Seller under this Agreement to be performed
  or complied with on or prior to the Closing Date have been performed and
  complied with; and (iii) all
  documents to be executed and delivered by the Seller at the Closing have been
  executed by a duly authorized officer of the Seller;

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.4.

	
Directors
  and Officers Resignation; Signature Rights Revocation.
  Written resignations letters from all directors and officers of the Companies
  designated by the Seller, in the form of Schedule
  4.2.3 hereto and revocation of signature rights in the
  Companies;

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.5.

	
Board
  Resolutions. True and correct copies of the
  resolutions of the Board of Directors of each of the Companies, approving and
  authorizing the transfer of the respective Purchased Shares from the Seller
  to the Purchaser, as contemplated by this Agreement;

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.6.

	
Notice to
  Registrar – Transfer of Shares. Duly completed
  notices of the transfer of the Purchased Shares held in the Companies by the
  Seller to Purchaser to be submitted to the Israeli Registrar of Companies
  immediately after the Closing; and

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.7.

	
Notice to
  Registrar – Change of Directors. Duly completed
  notices of change in the composition of the board of directors of Red Sea and
  RSUO to be submitted to the Israeli Registrar of Companies immediately after
  the Closing.

	
 

	
 

	
 

	
 

	
 

	
4.3.

	
Closing Deliveries of the Purchaser. At the Closing, the Purchaser shall
  deliver, or cause to be delivered, to the Seller the following documents:

	
 

	
 

	
 

	
 

	
 

	
4.3.1.

	
Share
  Transfer Deeds. A counterpart signature on the share
  transfer deeds transferring the Purchased Shares to Purchaser, duly signed by
  the Purchaser, in the form of Schedule
  4.2.1 attached hereto; 

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4.3.2.

	
Compliance
  Certificate. A certificate in the form of Schedule 4.3.2 hereto duly signed by
  the Purchaser confirming that: (i) the representations and warranties of the
  Purchaser in Section 6 hereto are true and correct in all material respects
  as of the date of this Agreement and as of the Closing Date; (ii) that all
  covenants and agreements of the Purchaser under this Agreement to be
  performed or complied with on or prior to the Closing Date have been
  performed and complied with; and (iii) all
  documents to be executed and delivered by the Seller at the Closing have been
  executed by a duly authorized officer of the Seller; and

	
 

	
 

	
 

	
 

	
 

	
 

	
4.3.3.

	
Payment of
  the Purchase Price. Evidence of transfer of the
  Purchase Price, in immediately available funds, by wire transfer to the
  account designated by the Seller.

	
 

	
 

	
 

	
 

	
 

	
5.

	
REPRESENTATIONS AND WARRANTIES OF SELLER

	
 

	
 

	
 

	
The Seller
  hereby represents and warrants to the Purchaser that as of the date hereof
  and as of the Closing:

	
 

	
 

	
 

	
5.1.

	
Organization. The Seller is a duly
  incorporated public company, organized and validly existing under the laws of
  the New York State, U.S.A.. Seller’s securities are traded in Nasdaq. Seller
  did not have a receiver appointed or an assignee for the benefit of
  creditors, is not insolvent and is able to pay debts as they become due.

	
 

	
 

	
 

	
 

	
5.2.

	
Due Authority and Execution. The Seller
  has the legal capacity and authority to sign, deliver and perform this
  Agreement, without the necessity of any act or consent of any other person
  whomsoever. The signing, delivery and performance by the Seller of this
  Agreement and each and every agreement, document and instrument provided for
  herein has been duly authorized and approved by Seller. This Agreement and
  each and every agreement, document and instrument provided for herein has
  been signed by an officer that has been duly authorized to sign such document
  on behalf of the Seller. This Agreement, and each and every other agreement,
  document and instrument to be signed, delivered and performed by the Seller
  in connection herewith, constitute or will, when signed and delivered by the
  Seller, constitute the valid and legally binding obligation of the Seller
  enforceable against it in accordance with their respective terms.

	
 

	
 

	
 

	
 

	
5.3.

	
Noncontravention. The signing, delivery
  and performance of this Agreement by the Seller (i) is not subject to any restriction under any
  applicable law and (ii) do
  not and will not, violate any provisions of the organizational documents of
  Seller, or violate or constitute an occurrence of default under any provision
  of, or conflict with, result in acceleration of any obligation under, or give
  rise to a right by any party to terminate its obligations under, any material
  contract, mortgage, deed of trust, secured debt, note, loan or lien or any
  order, judgment, decree or other arrangement to which Seller is a party or is
  bound or by which it or its assets are affected.

	
 

	
 

	
 

	
 

	
 

	
There is no
  suit, action, proceeding, claim or investigation pending, or to the knowledge
  of Seller threatened, against the Seller that seeks to prevent such Seller
  from performing this Agreement.

	
 

	
 

	
 

	
 

	
5.4.

	
Title to Purchase Shares. The Seller is
  the sole owner of the Purchased Shares, and the Purchase Shares are held by
  the Seller free and clear of any Liens. Upon the Closing and the payment of the
  Purchase Price to the Seller in accordance with the provisions of this
  Agreement, the Purchaser shall acquire good and marketable title to all
  Purchased Shares free and clear of any Liens.

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5.5.

	
Entire Holdings. The Purchased Shares
  constitute all interest which the Seller has in each of the Companies and
  their respective Affiliates.

	
 

	
 

	
 

	
 

	
5.6.

	
Purchase Price. The Seller is familiar
  with the Companies and the business conducted by them. In view thereof, the
  Seller believes that the Purchase Price represents the fair value of the
  Purchased Shares. The Seller hereby specifically waives any claim, whether
  current or future, in connection with such price and the valuation of the
  Purchased Shares.

	
 

	
 

	
 

	
 

	
5.7.

	
Shareholders Agreements. The Purchased
  Shares are not subject to any agreement with a third party, voting
  agreements, proxies, trusts or other agreement relating to the voting or
  disposition of the Purchased Shares (including pre-emptive rights and rights
  of first refusal of a third party) which would continue to be binding upon
  the Purchaser after the Closing.

	
 

	
 

	
 

	
 

	
5.8.

	
Disclosure. There is no material fact or
  information relating to the business, prospects, condition (financial or
  otherwise), affairs, operations or assets of the Companies known to the
  Seller that has not been disclosed to the Purchaser in writing by the Seller
  in this Agreement. Neither this Agreement nor any certificate made or
  delivered by the Seller in connection herewith contains any untrue statement
  of a material fact or omits to state a material fact necessary to make the
  statements herein or therein not misleading, in view of the circumstances in
  which they were made. 

	
 

	
 

	
 

	
6.

	
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

	
 

	
 

	
 

	
Purchaser
  hereby represents and warrants to Sellers that as of the date hereof and as
  of the Closing:

	
 

	
 

	
 

	
6.1.

	
Organization. Purchaser is a private
  company duly incorporated and validly existing under the laws of [the State
  of Israel]. 

	
 

	
 

	
 

	
 

	
6.2.

	
Due Authority and Execution. Purchaser
  has the legal capacity and authority to sign, deliver and perform this
  Agreement without the necessity of any act or consent of any other person
  whomsoever. The signing, delivery and performance by Purchaser of this
  Agreement and each and every agreement, document and instrument provided for
  herein have been duly authorized and approved by Purchaser. This Agreement
  and each and every agreement, document and instrument provided for herein has
  been signed by an officer that has been duly authorized to sign such document
  on behalf of Purchaser. This Agreement, and each and every other agreement,
  document and instrument to be signed, delivered and performed by Purchaser in
  connection herewith, constitute or will, when signed and delivered by the
  Purchaser, constitute the valid and legally binding obligation of Purchaser
  enforceable against it in accordance with their respective terms.

	
 

	
 

	
 

	
 

	
6.3.

	
Consents; No Conflict. The
  signing, delivery and performance of this Agreement by Purchaser (i) is not subject to any
  restriction under any applicable law and (ii) do
  not and will not, violate any provisions of the organizational documents or
  other corporate documents of Purchaser, or violate or constitute an
  occurrence of default under any provision of, or conflict with, result in
  acceleration of any obligation under, or give rise to a right by any party to
  terminate its obligations under, any material contract, mortgage, deed of
  trust, secured debt, note, loan, lien, or any order, judgment, decree or
  other arrangement to which the Purchaser is a party or is bound or by which
  it or its assets are affected. 

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There is no
  suit, action, proceeding, claim or investigation pending or to the knowledge
  of Purchaser threatened, against Purchaser that seeks to prevent it from
  performing this Agreement.

	
 

	
 

	
 

	
7.

	
COVENANTS

	
 

	
 

	
 

	
7.1.

	
Reasonable Best Efforts. Subject to the
  terms and conditions of this Agreement and applicable law, each of Seller and
  Purchaser will use its reasonable best efforts to take, or cause to be taken,
  all actions which are in their responsibility, and to do, or cause to be
  done, all things reasonably necessary which are in their responsibility,
  proper or advisable under applicable laws and regulations applicable to each
  of them, or otherwise to consummate and make effective the transactions
  contemplated hereby as soon as practicable, including such actions or things
  as any other party hereto may reasonably request in order to cause any of the
  conditions to such other party’s obligation to consummate such transactions. 

	
 

	
 

	
 

	
 

	
7.2.

	
Confidentiality. The Seller will, and
will use its best efforts to cause its Affiliates to, hold in strict
confidence for a period of three years after the date of the Closing, all
documents and information, in any form whatsoever concerning the business,
operations, financial condition, shareholders, customers, suppliers,
intellectual property and other proprietary information concerning the
Companies (“Confidential Information”)
and will take reasonable measures to prevent unauthorized disclosure of such
information. Notwithstanding the foregoing, Confidential Information shall
not include (i) any
information which is or becomes public, unless such information becomes
public as a result of a breach of this Section 7.1 by Seller, (ii) any information independently
obtained by Seller without an obligations of confidentiality to the party
disclosing such information to Seller as can be substantiated by Seller
through the use of written documents, and (iii) any
information which is required to be disclosed under applicable laws,
regulations or judgments, provided that to the extent practicable in this
clause (iii) Seller shall give to Purchaser prior notice of the contemplated
disclosure and its content.  

	
 

	
 

	
 

	
 

	
7.3.

	
Non-Compete. For a period of four years
  after the Closing Date, the Seller and its Affiliates will not, directly or
  indirectly, without the written consent of Purchaser, enter into, engage in,
  manage, operate, control, invest or acquire any interest in, or otherwise
  engage or participate in, or own any beneficial interest in, any business
  engaged in the business of the Companies as such business is conducted prior
  to the Closing, including the operation, management and/or construction of
  underwater observatories or marine parks, submarines, marine attractions of
  any nature.

	
 

	
 

	
 

	
8.

	
RELEASES AND WAIVERS.

	
 

	
 

	
 

	
8.1.

	
General Release by Seller. To the
  extent permitted under applicable law, for and in consideration of the
  Purchase Price, effective as of the Closing, Seller releases, acquits and
  forever discharges each Company and each of their present and former
  shareholders, officers, directors and employees (in their capacities as such)
  and each of their respective heirs, executors, administrators, successors and
  assigns, of and from any and all manners of action, or action, cause or
  causes of action, demands, rights, Damages or Liabilities, debts, dues, sums
  of money, accounts, reckonings, costs, expenses, responsibilities, covenants,
  contracts, controversies, Actions, and claims whatsoever, whether known or
  unknown, of every name and nature, both in law and in equity, which the
  Seller, or its Affiliates, successors or assigns ever had, now has, or may
  have or shall have against the Companies or any other Person referred to
  above arising out of any matters, causes, acts, conduct, claims,
  circumstances or events occurring or failing to occur or conditions existing
  at or prior to the Closing. 

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8.2.

	
General Release by the Companies.
  To the extent permitted under applicable law, for the transfer of the
  Purchased Shares, effective as of the Closing, Purchaser shall cause the Companies
  to release, acquit and forever discharge Jack Bigio and Kenneth Handerson (“Seller’s
Directors”) in their capacity as directors of the Company),
  of and from any and all manners of action, or action, cause or causes of
  action, demands, rights, Damages or Liabilities, debts, dues, sums of money,
  accounts, reckonings, costs, expenses, responsibilities, covenants,
  contracts, controversies, Actions, and claims whatsoever, whether known or
  unknown, of every name and nature, both in law and in equity, which each of
  the Companies, or their Affiliates, successors or assigns ever had, now has,
  or may have or shall have against the Seller’s Directors in connection with
  any actions taken or omitted to be taken by them as directors of the
  Companies, except for fraudulent or willful acts and omissions. . Purchaser
  shall cause each of the Companies to sign an undertaking towards Seller’s
  Directors to that effect, in the form attached hereto as Schedule 8.2,
  which will be delivered to the Seller, signed by all Companies, on the
  Closing Date, immediately after the Closing. 

	
 

	
 

	
 

	
 

	
8.3.

	
Waiver of Preemptive and Similar Rights. For and in consideration
  of the amounts payable to the Seller under this Agreement, the Seller hereby
  waives, such waiver to be effective only as of the Closing, any and all
  preemptive rights, rights of first refusal, tag along, co-sale or other
  similar rights with regard to the Companies and any Affiliate thereof that
  such Seller has or is or may be entitled to receive, including those which
  arose or arise as a result of any event or transaction (whenever occurring),
  including the execution, delivery or performance of this Agreement or
  consummation of the transaction contemplated hereby.

	
 

	
 

	
 

	
9.

	
CONDITIONS TO CLOSING

	
 

	
 

	
 

	
9.1.

	
Conditions to Each Party’s Obligations. The
  respective obligations of each Seller and the Purchaser to effect the Closing
  are subject to the satisfaction at or prior to the Closing Date of each of
  the following conditions:

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9.1.1.

	
No Injunctions or Restraints. There
  shall not exist or have been enacted, entered or enforced any law,
  regulation, judgment or injunction or any other action of any court or other
  governmental authority that makes, illegal or prohibits the consummation of
  the Closing.

	
 

	
 

	
 

	
 

	
 

	
 

	
9.1.2.

	
Consents. The following consents shall
  have been obtained: 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
9.1.2.1.

	
Consent of
  Bank HaPoalim under the Loan Agreement dated November 30, 1995 by and between
  Maui Ocean Center, Inc. and Bank HaPoalim B.M., as amended.

	
 

	
 

	
 

	
 

	
 

	
 

	
9.2.

	
Conditions to Obligations of Purchaser. The
  obligations of Purchaser to effect the Closing are subject to the
  satisfaction or waiver by Purchaser at or prior to the Closing Date of each
  of the following conditions:

	
 

	
 

	
 

	
 

	
 

	
9.2.1.

	
Representations
  and Warranties. The representations and warranties
  of Seller set forth in Section 5 above shall be true and correct in all
  material respects as of the date of this Agreement and as of the Closing Date
  with the same effect as though made on and as of the Closing Date, and the
  Seller shall have delivered to Purchaser a certificate as specified in
  Section 4.2.3.

	
 

	
 

	
 

	
 

	
 

	
 

	
9.2.2.

	
Performance
  of Obligations of Seller. Each and all of the
  covenants and agreements of Seller to be performed or complied with on or
  prior to the Closing shall have been fully performed and complied, and Seller
  shall have delivered to Purchaser a certificate confirming the foregoing as
  of the Closing Date, as specified in Section 4.2.3.

	
 

	
 

	
 

	
 

	
 

	
 

	
9.2.3.

	
Documents.
  All documents required to be delivered by the Seller under Section 4.2 shall
  have been delivered. 

	
 

	
 

	
 

	
 

	
 

	
9.3.

	
Conditions to Obligations of Sellers. The
  obligations of the Seller to effect the Closing are subject to the
  satisfaction or waiver by Seller at or prior to the Closing Date of each of
  the following conditions:

	
 

	
 

	
 

	
 

	
 

	
9.3.1.

	
Representations
  and Warranties. The representations and warranties
  of Purchaser set forth in Section 6 shall be true and correct in all material
  respects as of the date of this Agreement and as of the Closing Date with the
  same effect as though made on and as of the Closing Date, and Purchaser shall
  have delivered to Sellers a certificate signed by an authorized officer of
  Purchaser as specified in Section 4.3.2.

	
 

	
 

	
 

	
 

	
 

	
 

	
9.3.2.

	
Performance
  of Obligations of Purchaser. Each and all of the
  covenants and agreements of Purchaser to be performed or complied with on or
  prior to the Closing shall have been fully performed and complied, and
  Purchaser shall have delivered to Seller a certificate signed by an executive
  officer of Purchaser confirming the foregoing as of the Closing Date, as
  specified in Section 4.3.2.

	
 

	
 

	
 

	
 

	
 

	
 

	
9.3.3.

	
Documents.
  All documents required to be delivered by Purchaser under Section 4.3 shall
  have been delivered. 

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10.

	
INDEMNIFICATION.

	
 

	
 

	
 

	
10.1.

	
Either Party
  (the “Indemnifying Party”) shall
  indemnify defend and hold harmless the other party and its respective
  employees, directors shareholders and officers (collectively, the “Indemnitees”) from and against,
and pay
  or reimburse, as the case may be, the Indemnitees for, any and all Damages as
  actually incurred or suffered by the Indemnitees directly or indirectly based
  upon, arising out of or otherwise in any way relating to or in respect of:

	
 

	
 

	
 

	
 

	
 

	
10.1.1.

	
any breach
  of any representation or warranty made by the Indemnifying Party hereunder;

	
 

	
 

	
 

	
 

	
 

	
 

	
10.1.2.

	
any breach
  or violation of any covenant or agreement of the Indemnifying Party
  hereunder; 

	
 

	
 

	
 

	
 

	
 

	
10.2.

	
Procedure for Indemnification. 

	
 

	
 

	
 

	
 

	
 

	
10.2.1.

	
Third Party
  Claims, 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.2.1.1.

	
Notice. If a claim or a demand is made against an Indemnitee, or an Indemnitee shall
otherwise learn of an assertion, by any person, who is not a party to this
Agreement (and who is not an Affiliate of a Party to this Agreement) (a “Third Party Claim”) as to
which the
Indemnifying Party may be obligated to provide indemnification pursuant to
this Agreement, such Indemnitee will notify the Indemnifying Party in
writing, and in reasonable detail, of the Third Party Claim reasonably
promptly after becoming aware of such Third Party Claim, provided, however,
that failure to give any such notification will not affect the
indemnification provided hereunder except to the extent the Indemnifying
Party shall have demonstrated that it has been actually prejudiced as a
result of such failure and to such extent.  

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10.2.1.2.

	
Assumption
of Defense by Indemnifying Party. If a Third Party
Claim is made against an Indemnitee and the Indemnifying Party agrees to
indemnify the Indemnitee therefor, the Indemnifying Party will be entitled to
assume the defense thereof (at the expense of the Indemnifying Party) with
counsel selected by the Indemnifying Party and reasonably satisfactory to the
Indemnitee. Should the Indemnifying Party so elect to assume the defense of a
Third Party Claim, the Indemnifying Party will not be liable to the
Indemnitee for any legal or other expenses subsequently incurred by the
Indemnitee in connection with the defense thereof as long as the Indemnifying
Party diligently conducts such defense; provided that, if in the Indemnitee’s
reasonable judgment a conflict of interest exists in respect of such claim,
such Indemnitee will have the right to employ separate counsel to represent
such Indemnitee and in that event the reasonable fees and expenses of such
separate counsel will be paid by the Indemnifying Party.  

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10.2.1.3.

	
Indemnitee’s
Participation in the Defense. If the Indemnifying
Party assumes the defense of any such Third Party Claim, each Indemnitee
will have the right to participate in the defense thereof and to employ
counsel, at its own expense, separate from the counsel employed by the
Indemnifying Party.  

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.2.1.4.

	
Failure of
Indemnifying Party to assume defense. The
Indemnifying Party will be liable for the reasonable fees and expenses of
counsel employed by the Indemnitees for any period during which the
Indemnifying Party has failed to assume the defense thereof or if it does not
expressly elect to assume the defense thereof (including the agreement by the
Indemnifying Party to indemnify the Indemnitees as aforesaid).  

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10.2.1.5.

	
Information. If the Indemnifying Party assumes the defense of any such Third Party Claim,
the Indemnifying Party will promptly supply to the Indemnitee copies of all
correspondence and documents relating to or in connection with such Third
Party Claim and keep the Indemnitee fully informed of all developments
relating to or in connection with such Third Party Claim (including, without
limitation, providing to the Indemnitee on request updates and summaries as
to the status thereof). If the Indemnifying Party chooses to defend a Third Party
Claim, all the Indemnitees will reasonably cooperate with the Indemnifying
Party in the defense thereof if requested by the Indemnifying Party (such
cooperation to be at the expense, including reasonable legal fees and
expenses, of the Indemnifying Party). 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.2.1.6.

	
Settlement,
Compromise or Discharge. No Indemnifying Party will
consent to any settlement, compromise or discharge (including the consent to
entry of any judgment) of any Third Party Claim without the Indemnitee’s
prior written consent, which will not be unreasonably withheld; provided,
that if the Indemnifying Party agrees to indemnify the Indemnitee for a Third
Party Claim, the Indemnitee will agree to any settlement, compromise or
discharge of such Third Party Claim which the Indemnifying Party may
recommend that unconditionally and irrevocably releases the Indemnitee
(pursuant to a release which is reasonably satisfactory to the Indemnitee)
completely from all Liability in connection with such Third Party Claim,
provided, however, that the Indemnitee may refuse to agree to any such
settlement, compromise or discharge that provides for injunctive or other
non-monetary relief affecting the Indemnitee. If the Indemnifying Party
agrees to indemnify the Indemnitee for a Third Party Claim, the Indemnitee
will not (unless required by law) admit any liability with respect to, or
settle, compromise or discharge, such Third Party Claim without the
Indemnifying Party’s prior written consent (which consent will not be
unreasonably withheld).  

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10.2.2.

	
Party’s
  Claims.
  Any claim on account of Damages which does not involve a Third Party Claim
  shall be asserted by written notice given by the Indemnitee to the
  Indemnifying Party. The failure by any Indemnitee so to notify the
  Indemnifying Party will not relieve the Indemnifying Party from any liability
  which it may have to such Indemnitee under this Agreement, except to the
  extent that the Indemnifying Party shall have demonstrated that it has been
  actually prejudiced as a result of such failure and to such extent. 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.2.3.

	
Failure to
  dispute obligation to indemnify. If the Indemnifying
  Party does not notify the Indemnitee prior to the expiration of a
  30-calendar-day period following its receipt of such notice that the
  Indemnifying Party disputes its liability to the Indemnitee under this
  Agreement, such claim specified by the Indemnitee in such notice will be
  conclusively deemed a liability of the Indemnifying Party under this Agreement
  and the Indemnifying Party shall pay the amount of Damages subject to such
  claim to the Indemnitee on demand or, in the case of any notice in which the
  amount of the Damages subject to such claim (or any portion thereof) is
  estimated, on such later date when the amount of such claim (or such portion
  thereof) becomes finally determined. If the Indemnifying Party has timely
  disputed its liability with respect to such Damages subject to such claim, as
  provided above, the Indemnifying Party and the Indemnitee will proceed in
  good faith to negotiate a resolution of such dispute and, if not resolved
  through negotiations by the 90th day after notice of such claim was given to
  the Indemnifying Party, the Indemnifying Party and the Indemnitee will be
  free to pursue such remedies as may be available under this Agreement or
  applicable law.

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11.

	
TERMINATION

	
 

	
 

	
 

	
11.1.

	
Right to Terminate. Without derogating
  from the parties’ rights under any applicable law, this Agreement may be
  terminated at any time prior to the Closing as follows: 

	
 

	
 

	
 

	
 

	
 

	
11.1.1.

	
by consent
  in writing of all parties hereto; or

	
 

	
 

	
 

	
 

	
 

	
 

	
11.1.2.

	
notwithstanding
any other term of this Agreement, by any party, if the Closing and payment of
the full Purchase Price does not take place for a reason which is not
attributable to such party until the date which is 60 days after the date
hereof, (the “Drop Dead Date”),
provided, however, that (i) Purchaser
may not terminate the Agreement under this Section 11.1.2 if the closing
conditions under Section 9.2 are satisfied but the Closing does not take
place because of failure by Purchaser to fulfill any of the conditions set
forth in Section 9.3, and (ii) a
Seller may not terminate the Agreement under this Section 11.1.2 if the
closing conditions under Section 9.3 are satisfied but the Closing does not
take place because of failure by such Seller to fulfill any of the conditions
set forth in Section 9.2; or 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.1.3.

	
by written
  notice by the Purchaser to the Seller or by the Seller to the Purchaser, if
  there shall be any law that makes consummation of the transaction
  contemplated hereby illegal or otherwise prohibited or if any court of
  competent jurisdiction or other governmental authority shall have issued an
  order, decree or ruling or taken any other action permanently restraining,
  enjoining or otherwise prohibiting the consummation of such transaction, and
  such order, decree, ruling or other action shall not be subject to appeal or
  shall have become final and unappealable; or

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11.1.4.

	
by written
  notice by the Purchaser to the Seller, if there shall have been a material
  breach of any representation, warranty, covenant or agreement on the part of
  the Seller set forth in this Agreement, or if prior to the Closing Date any
  representation or warranty of the Seller set forth in this Agreement shall
  have become untrue.

	
 

	
 

	
 

	
 

	
 

	
11.2.

	
Effect of
  Termination. In the event of the
  termination of this Agreement pursuant to Section 11.1, this Agreement
  shall thereafter become void and have no effect, without any liability on the
  part of any party in respect thereof, except that nothing herein will relieve
  any party from Liability for any breach of any representation, warranty,
  covenant or agreement in this Agreement that were due to be performed prior
  to the termination hereof. 

	
 

	
 

	
 

	
12.

	
NOTICES

	
 

	
 

	
 

	
12.1.

	
All notices
  required to be sent hereunder shall be in writing and delivered by hand, fax,
  registered mail or overnight courier and shall be deemed to have been given (a) upon three (3) Business
Days
  following the date on which they were mailed by registered mail return,
  receipt requested, (b) upon
  one Business Day following the dispatch by a recognized overnight courier, or
  (c) upon one Business Day
  following a delivery by fax or hand, receipt acknowledged, all to the address
  specified hereinabove for the party receiving the notice. For purposes of
  this Agreement a “Business Day”
  is a day in which banks, generally, are open for business in Israel

	
 

	
 

	
 

	
 

	
12.2.

	
For purposes
  of this Agreement, the addresses of the parties shall be as follows, unless
  otherwise notified in writing by a party:

	
 

	
 

	
 

	
 

	
If to
  Purchaser:

	
 

	
 

	
 

	
Red Sea
  Underwater Observatory Ltd.

	
 

	
 

	
 

	
16 Abba
  Hillel Silver Rd.

	
 

	
 

	
 

	
Ramat-Gan
  52506, Israel

	
 

	
 

	
 

	
Attention:     Miki
  Gur

	
 

	
 

	
 

	
Facsimile:     +972-3-576
  24 95

	
 

	
 

	
 

	
If to Seller:

	
 

	
 

	
 

	
Ampal
  American-Israel Corporation

	
 

	
 

	
 

	
111
  Arlozorov St.

	
 

	
 

	
 

	
Tel Aviv,
  Israel

	
 

	
 

	
 

	
Attention:     Mr.
  Yoram Firon

	
 

	
 

	
 

	
Facsimile:     +971-3-608 01 01

16

	
 

	
 

	
 

	
Ampal-RSUO

	

	
Sale and Purchase of RSUO/RSMH Shares

	
 

	
 

	
 

	
 

	
 

	
13.

	
GOVERNING LAW; EXCLUSIVE JURISDICTION.

	
 

	
 

	
 

	
This
  Agreement is subject to and shall be governed by and interpreted in
  accordance with the laws of the State of Israel, without giving effect to its
  relevant choice of law provisions, and each of the parties submits itself to
  the sole and exclusive jurisdiction of the courts of Tel-Aviv-Jaffa and
  waives to the fullest extent it may do so any objection which it may now or
  hereafter have to the laying of venue as aforesaid. 

	
 

	
 

	
14.

	
MISCELLENOUS

	
 

	
 

	
 

	
14.1.

	
Entire Agreement, Amendment. This
  Agreement constitutes the entire agreement between the parties with respect
  to the subject matter hereof and this Agreement, supersede all prior
  negotiations, agreements and understandings of the parties of any nature,
  whether oral or written, relating thereto. This Agreement may not be amended,
  modified or supplemented except by a written agreement executed by both
  parties hereto.

	
 

	
 

	
 

	
 

	
14.2.

	
Enforceability. If any provision of this
Agreement is held by a court of competent jurisdiction to be unenforceable
under applicable law, then such provision shall be excluded from this
Agreement and the remainder of this Agreement shall be interpreted as if such
provision were so excluded and shall be enforceable in accordance with its
terms; provided, however, that in such event this Agreement shall be interpreted
so as to give effect, to the greatest extent consistent with and permitted by
applicable law, to the meaning and intention of the excluded provision as
determined by such court of competent jurisdiction. 

	
 

	
 

	
 

	
 

	
14.3.

	
Assignment.
No party to this Agreement will convey, assign or otherwise transfer any of
its rights or obligations under this Agreement without the prior written
consent of the other party, except to any Affiliate of such party or to any
successor to all or any portion of its business. No assignment of this
Agreement will relieve the assigning party of its obligations hereunder.
Notwithstanding the above, Seller undertakes not the transfer the Purchased
Shares from the date of execution of this agreement and until the Drop Dead
Date. 

	
 

	
 

	
 

	
 

	
14.4.

	
Waiver; Remedies. No failure or delay on the
  part of either party in exercising any right, power or privilege hereunder
  will operate as a waiver thereof, nor will any waiver on the part of either
  party of any right, power or privilege hereunder operate as a waiver of any
  other right, power or privilege hereunder, nor will any single or partial
  exercise of any right, power or privilege thereunder preclude any other or
  further exercise thereof or the exercise of any other right, power or
  privilege under this Agreement. The rights and remedies herein provided are
  cumulative and are not exclusive of any rights or remedies which the parties
  may otherwise have at law or in equity.

17

	
 

	
 

	
 

	
Ampal-RSUO

	

	
Sale and Purchase of RSUO/RSMH Shares

	
 

	
 

	
 

	
 

	
 

	
 

	
14.5.

	
Fees and Expenses. Each of the Parties hereto
  shall bear the expenses incurred by it relating to the transactions contemplated
  by this Agreement, including without limitation fees and expenses of counsel.

	
 

	
 

	
 

	
 

	
14.6.

	
Counterparts.
  This Agreement may be executed in separate counterparts, each such
  counterpart being deemed to be an original instrument, and all such
  counterparts will together constitute the same agreement.

	
 

	
 

	
 

	
 

	
14.7.

	
Interpretation. Unless the context
  otherwise requires, words denoting the singular number only shall include the
  plural and vice versa. The headings in this Agreement are inserted for
  convenience only and shall not affect the construction thereof. References
  herein to recitals, sections and exhibits refer to recitals, sections and
  exhibits of this Agreement unless otherwise stated. The recitals, exhibits
  and schedules form part of this Agreement and shall have the same force and
  effect as if expressly set out in the body of this Agreement, and any
  reference to this Agreement shall include the exhibits and schedules hereto.

[THE REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK]

18

IN WITNESS
WHEREOF, the parties have caused this Agreement to be signed by its duly
authorized representatives as of the date first above written.

		
		
		
		
		
	Ampal American Israel Corporation	Red Sea Underwater Observatory Ltd.
	 
	By: /s/ Jack Bigio /s/ Yoram Firon	By: /s/ Benjamin Kahn /s/ Miki Gur
	 
	Name: Jack Bigio, Yoram Firon	Name: Benjamin Kahn, Miki Gur
	 
	Title: CEO, VP	Title:

1910-K

Exhibit 10x  

Employment Agreement – Part One

Made, entered into and signed in Tel Aviv on ______

By and Between

Ampal Industries (Israel) Ltd.
Of 111, Arlozorov Street, Tel Aviv

(Hereinafter: The Company)

Of the First Part

And Between

____________________________________ (Identity
Card Number: _______________)

At: ______________________________________________

(Hereinafter: The Employee)

Of the Second Part 

	
 

	
 

	
1)

	
This, Part
  One of the Employment Agreement, together with Part Two attached to it shall
  hereinafter be called (both Part One and Part Two) the Employment Agreement or the Agreement.

	
 

	
 

	
2)

	
The
  Employment Agreement in its entirety constitutes the Employment Agreement
  between the parties.

	
 

	
 

	
3)

	
Task

	
 

	
 

	
 

	
The Employee
  is hereby appointed to the postion of

                                

	
 

	
 

	
4)

	
Personal Trust

	
 

	
 

	
 

	
Clause 3(b)
  in Part Two of the Employment Agreement shall apply to the parties. 

	
 

	
 

	
 

	
 

	
5)  

	
Remuneration

	
 

	
 

	
 

	
The Company
  shall pay the Employee a gross monthly salary in the sum of
             
  and a total of 13 monthly salaries per annum. Each year, after publication of
  the Company’s annual balance sheet, agreement shall be reached between the
  Company’s CEO and the Employee, concerning an annual bonus in appropriate to
  the Employee’s performance and the Company’s achievements.

	
 

	
 

	
 

	
 

	
6)

	
Pension Insurance Program

	
 

	
 

	
 

	
 

	
 

	
a)

	
The Company
  shall pay the premiums incurred for the pension insurance program as
  mentioned in Part Two to the Employment Agreement and at the following rates:

	
 

	
 

	
 

	
 

	
 

	
 

	
i)

	
A rate of
131/3 % of the Employee’s gross salary (5% on account for benefits and
81/3 % on account for severance payments) and all such shall be on the
dates determined between the Company and the insurance company’s provident
fund. 

	
 

	
 

	
 

	
 

	
 

	
 

	
ii)

	
A rate of up
  to 2.5 % of the Employee’s gross salary (according to actual costs) for
  incapacity to work insurance.

	
 

	
 

	
 

	
 

	
 

	
b)

	
The Company
  shall deduct from the Employee’s gross salary, as mentioned in Part Two to
  the Employment Agreement, a total 5 % on account for benefits and shall
  transfer the sum to the pension insurance program and the Employee hereby
  confirms and agrees to that deduction.

	
 

	
 

	
 

	
 

	
7) 

	
Further Education Fund

	
 

	
 

	
 

	
 

	
 

	
As stated in
  Part Two to the Employment Agreement, each month, on the date on which the
  Employee’s salary is paid and as instructed by the Employee, the Company
  shall pay for the Employee into the Further Education Fund, the sum that is
  7.5 % (seven and one half parts in a hundred) of the Employee’s monthly
  salary and on the Employee’s part, the Employee shall agree to and instruct
  the Company to deduct and pay from the Employee’s monthly salary, an
  additional sum at the rate of 2.5 % (two and one half parts in a hundred) of
  the Employee’s monthly salaries into the aforementioned Further Education
  Fund. 

  If there will be payments, which will be higher than the ceiling for such
  provisions in accordance with Law, tax shall be grossed up for such payments.

	
 

	
 

	
 

	
 

	
8) 

	
Sick Leave

	
 

	
 

	
 

	
 

	
 

	
As stated in
  Part Two to the Employment Agreement, the Employee shall be entitled to
  annual sick leave as determined by Law.

	
 

	
 

	
9) 

	
Holidays 

	
 

	
 

	
 

	
As stated in
  Part Two to the Employment Agreement, the Employee shall be entitled to
                   
  holiday each year for each 12 (twelve) calendar months of continuous work
  during the Agreement period. 

	
 

	
 

	
10) 

	
Vehicle

	
 

	
 

	
 

	
That stated
  in Clause 6(c) in Part Two to the Employment Agreement shall apply to the
  parties. 

	
 

	
 

	
 

	
If that
  stated in Clause 6(c) in Part Two to the Employment Agreement shall apply to
  the parties, the Company shall put at the Employee’s disposal, a vehicle of
  the type:
                    .
  

	
 

	
 

	
 

	
The Company
  shall gross up the sum of tax payable for the use of the vehicle as
  aforementioned to Level       . 

	
 

	
 

	
11) 

	
Credit Cards

	
 

	
 

	
 

	
That stated
  in Clause 6(c) in Part Two to the Employment Agreement shall apply to the
  parties. 

	
 

	
 

	
12) 

	
Newspaper

	
 

	
 

	
 

	
The Company
  shall purchase for the Employee, an annual subscription for the Globes
  newspaper. 

	
 

	
 

	
13) 

	
Telephone

	
 

	
 

	
 

	
The Company
  shall place a mobile phone at the Employee’s disposal; the Company shall bear
  the costs and shall gross up the tax component. The Company shall pay the
  expense incurred for the telephone line in the Employee’s home.

	
 

	
 

	
14) 

	
Options

	
 

	
 

	
 

	
That stated
  in Clause 6(c) in Part Two to the Employment Agreement shall apply to the
  parties. 

	
 

	
 

	
 

	
If that
  stated in Clause 6(c) in Part Two to the Employment Agreement shall apply to
  the parties, the following provisions shall apply:

	
 

	
 

	
 

	
 

	
a)

	
The Company
shall grant the Employee, the option to purchase ____________ shares of the
type _____________ in Ampal-American Israel Corporation (hereinafter: Ampal
USA), each share to the nominal value of _____________, in lieu of a
realization price of ____________ US dollars (hereinafter: The Option).  

	
 

	
 

	
 

	
 

	
b)

	
The options
  shall be granted to the Employee in stages and on condition that for each
  stage, the Employee’s work at the Company is not halted for any reason
  whatsoever until the date of each stage as aforementioned: 

	
 

	
 

	
Beginning
  on: ____________ the Employee shall be granted part of the options for the
  purchase of __________ shares and beginning on: __________ the Employee shall
  be granted another part of the option for the purchase of _____________
  additional shares. Beginning on: ____________ the Employee shall be granted
  the part of the option for the purchase of ______________ additional shares.

	
 

	
 

	
 

	
 

	
c)

	
The date on
  which the options shall be granted shall be determined by the Company and
  Ampal USA and such shall be after approval for the new options program for
  Ampal USA, by the Board of Directors of Ampal USA.

Now, in witness thereof, the parties have
signed below: 

	
 

	
 

	
 

	

	
 

	

	
The Company

	
 

	
The Employee

Employment Agreement – Part Two

	
 

	
 

	
 

	
1)

	
Definitions

	
 

	
 

	
 

	
 

	
All definitions
  in Part Two to this Employment Agreement shall have the same meaning as in
  Part One to the Employment Agreement, unless stated otherwise in this Part
  Two to the Employment Agreement.

	
 

	
 

	
 

	
2)

	
Task and Employee Functioning

	
 

	
 

	
 

	
 

	
a)

	
The Company
  shall employ the Employee during the Agreement Period and the Employee
  undertakes to work in the Company’s service during the Agreement Period in
  the capacity stipulated in Part One to the Agreement and/or in any other
  appropriate capacity imposed on the Employee by the Company. 

	
 

	
 

	
 

	
 

	
 

	
Furthermore,
  the Employee undertakes to fulfill all the instructions and/or additional
  tasks that shall be transferred to the Employee by the Company, as part of
  the Employee’s tasks, in accordance with the Employee’s skills and professional
  knowledge, including in accordance with the Company’s procedures as shall be
  extant from time to time, including tasks that shall be imposed on the
  Employee in connection with work linked to the activities of the Holding
  Company, sister companies, subsidiary companies or companies linked to the
  Company. It is hereby declared and clarified that notwithstanding all that
  stated above; there shall be no employer / employee relationship between the
  Employee and those companies and the Employee shall receive no payment in
  lieu of the roles that the Employee shall fulfill in connection with those
  companies, beyond the payments listed in the Employment Agreement.

	
 

	
 

	
 

	
 

	
b)

	
The Employee
  shall dedicate the Employee’s time, energies, skills, knowledge and experience
  to the Employee’s work in the Company’s service and to that work alone. 

	
 

	
 

	
 

	
 

	
c)

	
During the
  Employment Agreement period, the Employee shall not be involved, either
  directly or indirectly, in any other work and/or employment, either as an
  employee or as self-employed; without the Company’s prior written agreement
  to such. 

	
 

	
 

	
 

	
 

	
d)

	
The Employee
  shall serve the Company loyally and shall assure the Company’s interests and
  shall protect those interests to the best of the Employee’s ability. The Employee
  shall obey the Company’s reasonable instructions on all matters referring to
  the manner in which the Employee fulfills the Employee’s tasks, work
  arrangements, discipline and behavior, as such shall be given to the Employee
  from time to time. 

	
 

	
 

	
 

	
 

	
e)

	
The Employee
  undertakes to inform the Company immediately and without delay, of any
  relevant matter or issue, in which the Employee, or any member of the
  Employee’s family have personal and/or other interests, which might create a
  conflict of interest with the Employee’s role at the Company. 

	
 

	
 

	
 

	
 

	
f)

	
The Employee
  undertakes to obey the instructions given by the Employee’s superiors on the
  Company’s behalf as given from time to time. 

	
 

	
 

	
 

	
 

	
g)

	
The Employee
  undertakes to inform the Employee’s superiors in the Company and the Company’s
  CEO, concerning any information referring to the Company’s interests, when
  the subject matter exceeds normal business practice, immediately after it
  comes to the Employee’s attention. 

	
 

	
 

	
 

	
3)

	
Scope of Employment

	
 

	
 

	
 

	
 

	
a)

	
The Employee
  has been informed by the Company and is aware that when working for the
  Company, the required scope of the Employee’s employment shall be full time
  and the Employee shall agree to such. 

	
 

	
 

	
 

	
 

	
b)

	
Furthermore,
  the Employee declares that the Employee is aware that the Hours of Work and
  Rest Law; 5711 – 1951, shall not apply to the Employee, because the Employee
  is employed at a task, which requires a special degree of personal trust in
  conditions and circumstances, which do not permit the Company any supervision
  of the Employee’s hours of work and rest. 

	
 

	
 

	
 

	
 

	
 

	
The Employee
  shall not be entitled to any additional payment in lieu of the additional
  hours of work.

	
 

	
 

	
4)

	
Remuneration

	
 

	
 

	
 

	
 

	
a)

	
In lieu of
the Employee’s work and as full remuneration for all the Employee’s
undertakings in accordance with the Employment Agreement; each calendar month
the Company shall pay the Employee a gross monthly salary to the sum
stipulated in Part One to the Employment Agreement, (hereinafter: The Gross
Salary).  

	
 

	
 

	
 

	
 

	
b)

	
After the
publication of the Company’s annual balance sheet for each calendar year; the
Company shall decide whether to grant the Employee a bonus to a sum that
shall be determined by the Company and at the Company’s sole discretion
(hereinafter: The Bonus). 

 

	
 

	
c)

	
From the
  Gross Salary, the Bonus and from any other payment as required by all Law,
  the Company shall deduct and subtract all payments and/or taxes and/or
  levies, including income tax payments, health tax, national insurance
  payments and the like, as required by all Law. 

	
 

	
 

	
5)

	
Pension Insurance Program

	
 

	
 

	
 

	
 

	
a)

	
The Company
  shall maintain for the Employee, a pension insurance program with an
  insurance company and/or a provident fund and/or a pension fund, as shall be
  determined by the Company and subject to that stipulated in this Clause
  below. 

	
 

	
 

	
 

	
 

	
b)

	
The Company
  shall pay the premiums for the pension insurance program at the rates listed
  in Part One to the Employment Agreement. 

	
 

	
 

	
 

	
 

	
c)

	
The Company
  shall deduct from the Employee’s Gross Salary as stipulated in Part One to
  the Employment Agreement on account for payments and shall transfer the sum
  to the pension insurance program and the Employee hereby confirms and agrees
  to this deduction. 

	
 

	
d)

	
The pension
  insurance program shall be registered in the Company’s name and if the
  Employee has a pension insurance program taken out by a previous employer,
  the Employee shall request its transfer into the Company’s name; the Company
  shall not object to such; on condition that the Company shall not be required
  to set aside any sum for previous periods. 

	
 

	
 

	
 

	
 

	
 

	
To remove
  all doubt: It is hereby clarified that after transfer of the program into the
  Company’s name as aforementioned, the Company and the Employee shall set
  aside for the program, the sums stipulated in Part One to the Employment
  Agreement for the period beginning only on the day on which the Employee
  starts work as a Company employee, as stipulated in this Employment
  Agreement.

	
 

	
 

	
 

	
 

	
e)

	
It is agreed
  that the component set aside for severance pay in the pension insurance
  program, as set aside by the Company during the Employee’s employment by the
  Company, shall be transferred into the Employee’s name with the Employee’s
  departure from the Company; only if the following condition is met: 

	
 

	
 

	
 

	
 

	
 

	
Cessation of
  the employer / employee relationship did not occur under any circumstance
  listed in Clause 10(b), (c) or (d) below.

	
 

	
 

	
 

	
 

	
 

	
To remove
  all doubt: It is hereby clarified that all other components of the pension
  insurance program, including components and monies within it, which were in
  it or were to the Employee’s credit before the date on which the Employee
  began work as an employee of the Company, shall be transferred into the
  Employee’s name with the Employee’s departure from the Company.

	
 

	
 

	
6)

	
Additional Conditions of Work 

	
 

	
 

	
 

	
 

	
a)

	
Sick Leave
  – The Employee shall be entitled to sick leave each year as stipulated in
  Part One to the Employment Agreement, on condition that the Employee delivers
  to the Company, appropriate medical certificates, attesting to illness and
  the Employee’s inability to work for the period; if so required by the
  Company and at the Company’s discretion. 

	
 

	
 

	
 

	
 

	
b)

	
Leave
  – The Employee shall be entitled to days of leave for each 12 (twelve)
  calendar months of continuous work during the Agreement period, as stipulated
  in Part One to the Employment Agreement. 

	
 

	
 

	
 

	
 

	
 

	
The Employee
  declares that the Employee is aware of and agrees to prior coordination of
  leave with the Company and the Company shall be entitled to refuse to allow
  the Employee to take leave on specific dates and all such shall be in
  accordance with the Company’s needs and requirements and at the Company’s
  sole discretion.

	
 

	
 

	
 

	
 

	
 

	
c)

	
Vehicle 

	
 

	
 

	
 

	
 

	
 

	
 

	
If the
  Company places a vehicle at the Employee’s disposal, as stated in Part One to
  the Employment Agreement, the following provisions shall apply:

	
 

	
 

	
 

	
 

	
 

	
 

	
i)

	
The vehicle
  type and model shall be determined by the Company and as stipulated in Part
  One to the Employment Agreement. To remove all doubt – Nothing in that stated
  above shall oblige the Company to place a new-model vehicle at the Employee’s
  disposal and the vehicle shall be from the stock fleet of vehicles at the
  Company’s disposal at the time and at the Company’s discretion. 

	
 

	
 

	
 

	
 

	
 

	
 

	
ii)

	
The Company
  shall arrange insurance (obligatory, comprehensive, third party) for the
  vehicle at the Company’s sole discretion and the Company shall bear the costs
  of that insurance. 

	
 

	
 

	
 

	
 

	
 

	
 

	
iii)

	
The Company
  shall bear the cost of the vehicle’s ongoing service and repair. 

	
 

	
 

	
 

	
 

	
 

	
 

	
iv)

	
The Company
  shall bear fuel costs. 

	
 

	
 

	
 

	
 

	
 

	
 

	
v)

	
The Employee
  shall bear the cost of all fines and traffic violations imposed on the
  vehicle and/or its driver and all other expenses not listed in this Clause. 

	
 

	
 

	
 

	
 

	
 

	
 

	
vi)

	
The Company
  shall deduct from the Employee’s Gross Salary, the income tax payments
  incurred for that stated in this Clause above, or shall gross up those tax
  payments; all as such is stipulated in Part One to the Agreement. 

	
 

	
 

	
 

	
 

	
 

	
 

	
vii)

	
The Employee
  shall present to the Company, claims concerning expenses relating to the
  vehicle as required by Law and as instructed by the Company from time to
  time. 

	
 

	
 

	
 

	
 

	
 

	
d)

	
Convalescence
  Pay

	
 

	
 

	
 

	
 

	
 

	
 

	
The Employee
  shall be entitled to Convalescence Pay as determined in the Expansion Orders
  issued by the Minister of Labor and Social Affairs and as such apply to all
  employers and employees and as valid from time to time and as is accepted
  practice at the Company.

	
 

	
 

	
 

	
 

	
 

	
e)

	
Military
  Reserve Duty

	
 

	
 

	
 

	
 

	
 

	
 

	
During
  periods of active duty in the Reserves, the Employee shall be paid salary, on
  condition that all the payments received by the Employee or which the
  Employee shall be entitled to receive from any party whatsoever, in lieu of
  service in the Reserves, shall be transferred to the Company by the Employee
  immediately upon their receipt and if the Employee does not so act, such sums
  shall be deducted from the Employee’s salary.

	
 

	
 

	
 

	
 

	
 

	
f)

	
Travel
  Abroad

	
 

	
 

	
 

	
 

	
 

	
 

	
The Employee
  hereby declares and agrees that as part of the Employee’s work at the Company,
  it is possible that the Employee might be required to travel abroad for
  periods of varying lengths. Reasonable travel and accommodation costs shall
  apply and shall be paid by the Company, subject to approval by the Company
  and in accordance with the Company’s procedures from time to time.

	
 

	
 

	
 

	
 

	
 

	
g)

	
Further
  Education Fund

	
 

	
 

	
 

	
 

	
 

	
 

	
Each month,
  on the date on which the Employee’s salary is paid and as instructed by the
  Employee, the Company shall pay into a Further Education Fund  for the Employee, a sum to the total
  stipulated in Part One to the Employment Agreement and on the Employee’s
  part, the Employee agrees and instructs the Company to deduct and pay from
  the Employee’s salary, an additional sum to the total stipulated in Part One
  to the Employment Agreement from the Employee’s monthly salary to the
  aforementioned Further Education Fund.

	
 

	
 

	
 

	
 

	
 

	
h)

	
Reimbursement
  of Expenses

	
 

	
 

	
 

	
 

	
 

	
 

	
The Company
  shall reimburse the Employee, for reasonable expenses laid out during the
  Employee’s work for the Company, in accordance with the procedures, which
  shall be determined by the Company (such as: Hospitality for the Company’s
  guests, reimbursement of expenses abroad, etc.), subject to the guidelines
  that shall be given to the Employee by the Company, from time to time.

	
 

	
 

	
 

	
 

	
 

	
 

	
At the end
  of each calendar month, or on any other date determined by the Company, the
  Employee shall provide the Company with an expense claim, accompanied by the
  appropriate receipts, in accordance with the accepted procedures at the
  Company and/or as required by the provisions of all Law applicable to the
  matter.

	
 

	
 

	
 

	
 

	
 

	
i)

	
Company
  Property for the Employee’s Use

	
 

	
 

	
 

	
 

	
 

	
 

	
If the
  Company provides for the Employee’s use while fulfilling the Company’s tasks,
  various items and property belonging to the Company and in the Company’s
  opinion the Employee needs them to fulfill those tasks, such as a mobile
  telephone (and bears the cost of reasonable use), a laptop computer and the
  like; when all such is as appropriate to the Employee’s role and at the Company’s
  discretion; in such circumstances the Employee hereby undertakes to return to
  the Company, immediately upon the end of the Employee’s employment at the
  Company for any reason whatsoever, all the property in the Employee’s
  possession that belongs to the Company, including the vehicle at the Employee’s
  disposal as aforementioned and all other property placed at the Employee’s
  disposal in accordance with that stipulated in this Clause.

	
 

	
 

	
 

	
 

	
 

	
j)

	
Credit Cards

	
 

	
 

	
 

	
 

	
 

	
 

	
i)

	
If the
Company places at the Employee’s disposal, a credit card selected by the
Company as stipulated in Part One to the Employment Agreement; the Employee
shall be entitled to use it solely for the purposes of the Employee’s work
for the Company (hereinafter: The Credit Card).  

	
 

	
 

	
 

	
 

	
 

	
 

	
ii)

	
The Employee
  shall make use of the Credit Card solely for the purposes of the Employee’s
  work for the Company and in connection with the Credit Card, the Employee
  undertakes to act in accordance with the Management’s instructions and in
  accordance with the different guidelines that shall be given to the Employee
  on this matter from time to time. 

	
 

	
 

	
 

	
 

	
k)

	
Options

	
 

	
 

	
 

	
 

	
 

	
 

	
If the
  Company grants to the Employee, Options for the purchase of shares in Ampal
  USA as stated in Part One to the Employment Agreement; then the following
  provisions shall apply:

	
 

	
 

	
 

	
 

	
 

	
i)

	
The Options
shall be for the purchase of shares in Ampal USA to the number and at the
realization price stipulated in Part One to the Employment Agreement
(hereinafter: The Options). 

 

	
 

	
 

	
ii)

	
The Options
  shall be granted to the Employee in the stages listed in Part One to the
  Employment Agreement and on condition that at each stage, the Employee’s
  employment shall not be terminated for any reason whatsoever until the date
  of that stage. 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Granting of
  Options as aforementioned in this Clause is possible for as long as the
  working relationship between the parties continues or for a period of 60
  (sixty) days from the day on which the working relationship ends between the
  parties for any reason whatsoever; according to the earlier of the two and on
  condition that on the date when the Options or any part thereof were first
  granted to the Employee, an employer / employee relationship was still extant
  between the Employee and the Company.

	
 

	
 

	
 

	
 

	
 

	
 

	
iii)

	
The Options
  shall be granted to the Employee in accordance with the options program for
  Ampal USA, as shall be approved by its Board of Directors and in accordance
  with the documents appropriately drawn up and whenever a contradiction
  arises, particularly between the provisions of this Clause 6 and the
  Employment Agreement as a whole and the provisions of the options program and
  its documents as aforementioned, the provisions of the options program and
  its documents shall take precedence. 

	
 

	
 

	
 

	
 

	
7)

	
Confidentiality and Non-Competition

	
 

	
 

	
 

	
 

	
 

	
a)

	
The Employee
  undertakes not to reveal the provisions of the Employment Agreement in
  general and the conditions of the Employee’s employment (in other words –
  salary, additional conditions, etc.) in particular, to any third party
  whatsoever (with the exception of close relatives, subject to the condition
  that the limitations of the aforementioned confidentiality shall also apply
  to such close relatives) either directly or indirectly, including to other
  employees at the Company.

	
 

	
 

	
 

	
 

	
 

	
b)

	
In this
  clause, the following terms shall have the meanings given alongside them: “Company
  Secrets” – Any commercial, professional or business knowledge or information
  whatsoever, which is not public knowledge and cannot be discovered lawfully
  with ease by others, which has come to the Employee’s attention and/or has
  been passed on to the Employee and/or the Employee has been made aware of
  and/or has been developed by the Employee, either directly or indirectly,
  during and/or consequential to the Employee’s work at the Company. Without
  any derogation from the generality of the above; such knowledge shall include
  among other things, both existing and future research results and processes,
  information referring to the development of ideas in the Company’s
  possession, lists of existing and future clients, commercial information
  referring to clients and/or the Company’s links with third parties, marketing
  information and sales promotion strategies, documents, records, contracts,
  offers, intellectual copyright, databases and data and all information
  referring to the planning, manufacturing, marketing and distribution of
  products manufactured by and/or planned by the Company and all other written
  materials (hardcopy) stored in electro-magnetic devices or using any other
  means, as they touch upon the Company’s interests, products, services, plans
  and commercial interests and information regarding the computer array and
  information systems at the Company and information regarding the Company’s
  relationships with the Company’s employees and/or clients and/or suppliers;

	
 

	
 

	
 

	
 

	
 

	
 

	
“Company
  Documents” – All documents that shall be passed on to the Employee and/or
  that shall reach the Employee as the consequence to and/or following the
  Employee’s work at the Company, as linked either directly or indirectly to
  the Company or its employees’ activities and/or its clients and/or suppliers
  and/or that contain and/or refer to information and/or any knowledge
  whatsoever belonging to the Company.

	
 

	
 

	
 

	
 

	
 

	
c)

	
The Employee
  hereby declares and undertakes to preserve confidentiality and not to reveal
  and/or expose and/or advertise and/or use and/or pass on to others, any of
  the Company’s secrets, either directly or indirectly. Moreover, the Employee
  undertakes not to make any use whatsoever of the Company’s secrets, which can
  be commercially exploited in any manner whatsoever, unless by way of
  fulfillment of the Employee’s role at the Company and the execution of work
  at and for the Company and to the extent that such is necessary for that
  purpose alone.

	
 

	
 

	
 

	
 

	
 

	
To remove
  all doubt – It is hereby clarified and agreed that the Employee’s
  undertakings, as made in accordance with this Clause, shall remain valid and
  shall oblige the Employee, even after the end of the period of the Employee’s
  employment by the Company.

	
 

	
 

	
 

	
 

	
 

	
d)

	
Proprietary
  Rights

	
 

	
 

	
 

	
 

	
 

	
 

	
i)

	
It is hereby
  declared and agreed by both parties that the Company’s documents are the
  Company’s property for all purposes and in all matters and they shall be
  returned to the Company by the Employee (including all copies and duplicates
  thereof of any type or kind, both if such were made with permission and if
  made without permission by the Employee or another acting on the Employee’s
  behalf), immediately upon the end of the Agreement period and/or at the end
  of the employer / employee relationship between the Company and the Employee
  (the earlier of the twos) or on any other date, as required by the Company.
  The Employee undertakes not to copy the documents in any manner whatsoever,
  unless for the purposes of fulfilling and executing the Employee’s tasks
  and/or relationships with and in the name of the Company.

	
 

	
 

	
 

	
 

	
 

	
 

	
ii)

	
The Employee
  shall not pass on or publish any information, articles, research or the like,
  referring to matters linked to or touching upon the field of the Company’s
  activities, without receiving prior written approval for such from the
  Company.

	
 

	
 

	
 

	
 

	
 

	
e)

	
During the
  Employee’s work at the Company – without any derogation from that stated in
  the Employment Agreement and for a period of 6 (six) months following the end
  of the Employee’s employment by the Company, the Employee shall not be
  involved, either directly or indirectly, the Employee himself or through
  others, in any manner whatsoever, including through a corporation in which
  the Employee has part ownership and/or is an interested party or is the
  controlling interest in that corporation; in any other employment in the
  field of the Company’s activities and/or direct competition in the field of
  the Company’s activities.

	
 

	
 

	
 

	
 

	
 

	
f)

	
Without any
  derogation from the generality of that stated above, the Employee undertakes
  that during the Employee’s period of employment at the Company and for a
  period of 24 (twenty four) months after the end of the employment by the
  Company, the Employee shall abstain from providing services in any manner
  whatsoever, including consulting services, either paid or not paid, to any
  business or occupation in which the Company was involved.

	
 

	
 

	
 

	
 

	
8)

	
Agreement Period

	
 

	
 

	
 

	
 

	
 

	
The Employment
  Agreement shall become valid on
                        
  and shall remain valid, for as long as it is not abrogated by either of the
  parties to the Agreement as stipulated in Clauses 9 and/or 10 below.

	
 

	
 

	
 

	
 

	
9)

	
Each side to
  the Agreement shall be entitled to bring the Agreement to an early close by
  providing early written notice without reasons, of at least
               
   months to the other party.

	
 

	
 

	
 

	
 

	
 

	
If the
  aforementioned notice shall be given by the Company to the Employee, the
  Company shall specify in the notice, at the Company’s sole discretion, the
  date on which the Employee shall end employment at the Company. If the date
  for the end of the Employee’s work at the Company as mentioned above, is
  before the end of the aforementioned
               
  month period, or occurs on the date on which the aforementioned notice was
  given; the Employee shall be entitled to early notice payments, for the
  remainder of the            
  month period mentioned above or the entire period, as appropriate. Furthermore,
  if the date for the end of the Employee’s employment at the Company as
  aforementioned is before the end of the aforementioned            
  month period or shall apply on the date when the aforementioned notice is
  given; until the end of the aforementioned             
  month period (either if the Employee actually ceases work at the Company or
  if not) the Employee shall be entitled to receive all the accompanying
  conditions and rights (provisions for social benefits, use of a vehicle,
  mobile phone and all other accompanying rights and conditions to the Employee’s
  employment by the Company in accordance with the Employment Agreement).

	
 

	
 

	
 

	
 

	
10)

	
Notwithstanding
  that stated above, the Company shall be entitled to bring the Employment
  Agreement to an immediate close, if any of the following incidents occurs:

	
 

	
 

	
 

	
 

	
 

	
a)

	
If the
  Employee breaches any provision whatsoever in Clause 2 above.

	
 

	
 

	
 

	
 

	
b)

	
If the
  Employee breaches any provision whatsoever in Clause 7 above.

	
 

	
 

	
 

	
 

	
c)

	
If the
  Employee is accused of or convicted of a criminal offense that is a
  misdemeanor or an infamous crime.

	
 

	
 

	
 

	
 

	
d)

	
If the
  Employee abused the trust placed in the Employee by the Company and/or was
  contemptuous of the work and/or the Company and/or damaged the Company’s
  reputation. 

	
 

	
 

	
 

	
11)

	
With the end
  of the Agreement for any reason whatsoever, the Employee shall cease working
  for the Company and the employer / employee relationship between the Employee
  and the Company shall reach conclusion.

	
 

	
 

	
 

	
 

	
12)

	
With the
cessation of the Agreement Period in accordance with that stipulated in the
Employment Agreement; the Employee shall receive the Employee’s salary or the
early notice payments, if there shall be such, as appropriate, until the date
on which the Agreement Period ends as stipulated in Clause 9 and/or Clause 10
above (hereinafter: The Cessation Date) on condition that until the Cessation Date, the Employee shall work and fulfill the Employee’s tasks in accordance
with the Company’s demands.  

	
 

	
 

	
 

	
 

	
 

	
The Employee
  undertakes that until the Cessation Date, the Employee shall pass on the
  Employee’s role at the Company in a full, orderly manner to another employee
  or to other employees, in accordance with the Company’s instructions and
  furthermore, the Employee shall deliver to the Company, all the documents,
  the required equipment and all other materials of any sort or kind
  whatsoever, which has reached the Employee or is in the Employee’s control
  and/or has been prepared by the Employee in connection with the Company
  and/or the Employee’s work at the Company, including all copies of such.

	
 

	
 

	
 

	
 

	
 

	
Furthermore,
  the Employee shall be entitled to Holiday Pay and to Convalescence Pay, for
  the relative part of the Employee’s holiday entitlement as stipulated in the
  Employment Agreement above, when not realized before the Cessation Date.

	
 

	
 

	
 

	
 

	
13)

	
Notwithstanding
  that mentioned in Sub-clause 12 above, it is agreed that if the full transfer
  process for the Employee’s work is not completed during the early notice
  period, the Employee shall cooperate with the Company in the transfer of the
  task as aforementioned, even after the end of the early notice period and
  such shall not be considered an employer / employee relationship in any
  manner whatsoever and on condition that the transfer completion dates as
  aforementioned shall be determined in coordination with the Employee and the
  Company shall act to the best of its ability, to shorten the additional
  transfer period as much as possible.

	
 

	
 

	
 

	
 

	
14)

	
The
  Employment Agreement, including the Appendices thereto, constitutes all that
  agreed between the parties in reference to the matters considered within it
  and it is not amendable and/or changeable unless through a written document
  signed by both parties. 

	
 

	
 

	
15)

	
The Company
  shall be entitled to set off any sum, which the Company is entitled to
  receive from the Employee in accordance with the Employment Agreement,
  against any sum to which the Employee is entitled at any time whatsoever from
  the Company and/or to appropriate as aforementioned without any derogation of
  the Company’s right to collect the sum by any other means. 

	
 

	
 

	
16)

	
The
  Employment Agreement replaces all other previous agreements or arrangements
  of any sort or type whatsoever that existed (if any such did exist) between
  the Employee and the Company and it shall apply to the working relationship
  between the parties, beginning with the start of the Agreement Period as
  aforementioned in Clause 8 above, but it shall in no way harm the Employee’s
  rights as such accrue to the Employee through the Employee’s work in the
  Company’s service until the aforementioned date. 

	
 

	
 

	
17)

	
Notices

	
 

	
 

	
 

	
Any notice
  or any other document that must be provided in accordance with the Employment
  Agreement, shall be made out in writing and for as long as any party has not informed
  the other party otherwise, the parties’ addresses shall be as stated in the
  preamble to the Employment Agreement and any such notice shall be considered
  as received by the addressee, 7 (seven) days from the day on which it was
  sent by registered mail or with its delivery if delivered by hand. 

Now, in witness thereof, the parties have
signed below: 

	
 

	
 

	
 

	

	
 

	

	
The Company

	
 

	
The Employee

Addition to the Employment Agreement Dated: _____________

Made, entered into and signed in Tel Aviv

On ___________

By and Between

Ampal Industries (Israel) Ltd.
At 111, Arlozorov Street, Tel Aviv

(Hereinafter: The Company)

Of the First Part

And Between

____________________________________
(Identity Card Number: _______________)
At:
__________________________________________

(Hereinafter: The Employee)

Of the Second Part

	
 

	
 

	
Whereas:

	
On
                    ,
  the parties signed an Employment Agreement (hereinafter: The Employment Agreement); 

	
 

	
 

	
And Whereas:

	
The Appendix
  marked “A” (hereinafter: Appendix A)
  attached to the Employment Agreement lists specific conditions for the
  employment of the Employee by the Company; 

	
 

	
 

	
And Whereas:

	
It is the
  parties’ wish to add the provisions of this Addition to Appendix A, all
  subject to the provisions of the Employment Agreement and the provisions of
  this Addition as given below;

Now, therefore, the parties hereto agree,
stipulate and declare as follows:

	
 

	
 

	
1.

	
The preamble
  to this Addition constitutes an integral part thereof and obliges as all its
  other conditions.  

	
 

	
 

	
2.

	
All terms
  not specifically defined in this Addition, shall have the same meaning as
  that given for them in the Employment Agreement. 

	
 

	
 

	
3.

	
The following clause shall be added to the provisions of Appendix A:
If during the period of the Employment Agreement, control of the Ampal
  American – Israel Corporation (hereinafter: Ampal
  USA) shall change and the controlling interest in Ampal USA on the
  date on which this addition is signed shall cease to be the controlling
  interest in Ampal USA and if during six months from the change in controlling
  interest as aforementioned, the Company ceases employment of the Employee for
  any reason whatsoever or if the Employee shall cease the Employee’s
  employment at the Company for any reason whatsoever; the Employee shall be
  entitled, in addition to and without any derogation from any other right and
  relief to which the Employee shall be entitled in accordance with the
  provisions of the Employment Agreement and/or in Law; to an adjustment grant
  (hereinafter: Adjustment Grant)
  to the value of            
  months of the Employee’s last salary, including all the accruing conditions
  and rights (provisions for social benefits, use of a vehicle, mobile
  telephone and any other rights accompanying the Employer’s employment by the
  Company in accordance with the Employment Agreement and Appendix A). The
  Adjustment Grant shall be paid and given to the Employee for a period of         
  months from the date on which the Employee’s employment ended as
  aforementioned. The rights, which by their very nature do not find monetary
  expression (such as use of a vehicle, mobile telephone, etc.), shall be
  actually provided to the Employee during the aforementioned           
  month period.

	
 

	
 

	
 

	
To remove all doubt – the Employee shall be responsible for all
  payment of taxes imposed on the Employee as a consequence to the receipt of
  the Adjustment Grant. Furthermore, the Employee hereby agrees that if and to
  the extent that such shall be required by Law, the Company shall deduct from
  the Adjustment Grant and shall garner from it, all payments and/or taxes
  and/or levies, including income tax payments, health tax and National
  Insurance levies and all the like, if so required by all Law. 

	
 

	
 

	
4.

	
The
  provisions of this Addition are complementary to the provisions of the
  Employment Agreement and in no circumstances shall they replace the
  provisions of the Employment Agreement, unless such is stated explicitly. 

	
 

	
 

	
 

	
In the event
  of any contradiction between the provisions of this Addition and the
  provisions of the Employment Agreement, the provisions of this Addition shall
  take precedence.

Now, in witness thereof, the parties have
signed below:

	
 

	
 

	
 

	

	
 

	

	
The Company

	
 

	
The Employee

Employee Transfer Agreement

Made, entered into and signed on the

_________ Day of the Month of _______________ in the Year ________

By and Between

Ampal Industries (Israel) Ltd.
At: 111, Arlozorov Street, Tel Aviv

(Hereinafter: The Transferring Company) 

Of the First Part

And Between

Ampal Israel Ltd.
At:111, Arlozorov Street, Tel Aviv

(Hereinafter: The Receiving Company)

Of the Second Part

And Between

____________________________________
(Identity Card Number: _______________)
(Hereinafter: The Employee)

Of the Third Part

	
 

	
 

	
Whereas:

	
The Employee
  is employed by the Transferring Company in accordance with an employment
  agreement between them as signed on: _______________ , as such was amended
  from time to time and as attached to this agreement marked Appendix “A”
  (hereinafter: The Employment Agreement);
  

	
 

	
 

	
And Whereas:

	
The
  Transferring Company and the Receiving Company are companies under common
  control; 

	
 

	
 

	
And Whereas:

	
It is the
  parties’ wish that from December 1, 2004 (hereinafter: The Deciding Date), the employee shall cease
  working for the Transferring Company and shall begin working for the Receiving
  Company and as is stipulated below;

Now, therefore, the parties hereto agree,
stipulate and declare as follows:

	
 

	
 

	
5.

	
The preamble
  to this agreement and the appendices thereto constitute integral parts
  thereof. 

	
 

	
 

	
6.

	
It is hereby
  agreed that on the Deciding Date, the employee shall cease working for the
  Transferring Company and shall begin working for the Receiving Company and to
  further that purpose, on the Deciding Date, the Transferring Company shall
  assign and transfer to the Receiving Company, all the rights and obligations
  in accordance with the Employment Agreement and beginning on the Deciding
  Date, the Receiving Company shall take upon itself all the rights and
  obligations accruing to the Transferring Company in accordance with the
  Employment Agreement and wherever the Employment Agreement makes any
  reference whatsoever to the Transferring Company, such shall be considered a
  reference to the Receiving Company.

	
 

	
 

	
7.

	
Beginning on
  the Deciding Date, the Receiving Company shall bear all the commitments made
  to the Employee in accordance with all Law and/or agreement, including the
  Employment Agreement. 

	
 

	
 

	
8.

	
The Employee
  hereby confirms and declares that the Employee agrees to the full assignment
  of the Transferring Company’s rights and obligations in accordance with the
  Employment Agreement to the Receiving Company and that from the Deciding
  Date, the Receiving Company shall be the Employee’s employer and such is
  instead of the Transferring Company and the Employee confirms that the
  provisions of the Employment Agreement shall continue to apply to and oblige
  the Employee vis-à-vis the Receiving Company, with the necessary adjustments.
  Furthermore, the Employee hereby declares and confirms that the Employer’s
  agreement to transfer to employment at the Receiving Company shall not be
  considered any dismissal granting the Employee rights to severance payments
  or to any other payment.

	
 

	
 

	
9.

	
The
  Receiving Company hereby declares and undertakes that the Transferring
  Company’s commitments to employees concerning severance pay, holidays,
  further education funds, sick leave, social benefits and all other
  commitments referring to employment agreements with employees, shall be
  transferred and honored in full by the Receiving Company and that the transfer
  of the Employee to the Receiving Company shall not impinge upon the
  continuity of the Employee’s rights in reference to all rights to which the
  Employee was entitled at the Transferring Company and that payments deposited
  by the Transferring Company in external Funds and/or Managers’ Insurance
  programs and/or as reserves (provisions) shall endure for the Employee.

	
 

	
 

	
10.

	
All deposits
  and/or provisions made, be such in external Funds, or in Managers’ Insurance
  programs, or from the Transferring Company’s sources, shall be transferred on
  the Deciding Date to the Receiving Company, subject to the receipt of any
  permit that might be required for that purpose from the Tax Authorities in
  accordance with Law. 

	
 

	
 

	
11.

	
Without any
  derogation from the commitments made in accordance with this agreement; each
  of the parties undertakes to sign any document and perform any act, the
  signing of which or the execution of which by that party is required for the
  purposes of granting validity to the provisions of this agreement and their
  execution. 

	
 

	
 

	
12.

	
This
  Agreement obliges that agreed by the parties concerning the matters
  enumerated therein and it shall not be open to amendment or change, unless in
  a written document signed by them.

	
 

	
 

	
13.

	
All notices
  sent by any party whatsoever to another party, to the address given in the
  preamble to this agreement, shall be considered as received by the party to
  which it was addressed on the date on which it was sent; if sent by
  messenger, or if sent by facsimile and confirmation of transmission was
  received and if sent by mail – four business days from the date on which it
  was sent by registered mail.

Now, in witness thereof, the parties have
signed below: 

	
 

	
 

	
 

	
 

	
 

	

	
 

	

	
 

	

	
The Transferring Company 

	
 

	
The Employee 

	
 

	
The Receiving Company

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