Document:

10-K

Exhibit 10.L  

OMNIBUS AGREEMENT 

among 

MERHAV AMPAL ENERGY
LIMITED 

AND 

MERHAV (M.N.F.) LIMITED 

dated as of December 1,
2005 

TABLE OF CONTENTS 

				Page(s)

				
				
				
				
	 ARTICLE I DEFINITIONS	2 
	 			
	 ARTICLE II TRANSACTIONS	5 
	 	2.1 	Purchase of Initial Shares	5 
	 	2.2 	Nominee Agreement	5 
	 	2.3 	Purchase of Shares	5 
	 	2.4 	Purchase Price Adjustment	6 
	 	2.5 	Put Option	6 
	 	 	 	 
	 ARTICLE III SELLER'S REPRESENTATIONS AND WARRANTIES	7 
	 	3.1 	Existence; Authority; Enforceability	7 
	 	3.2 	The Shares	7 
	 	3.3 	Absence of Conflicts	7 
	 	3.4 	Compliance With Law; Consents	7 
	 	3.5 	Fees	8 
	 	3.6 	Disclosure	8 
	 	 	 	 
	 ARTICLE IV COVENANTS	8 
	 	4.1 	Exclusivity	8 
	 	4.2 	Tag Along	9 
	 	4.3 	Due Diligence	9 
	 	4.4 	Payment of Current Capital Call	9 
	 	4.5 	Limitation on Certain Representations	9 
	 	4.6 	Further Assurances	10 
	 	 	 	 
	 ARTICLE V SURVIVAL	10 
	 	5.1 	Survival	10 
	 	 	 	 
	 ARTICLE VI MISCELLANEOUS	10 
	 	6.1 	Governing Law	10 
	 	6.2 	Arbitration	10 
	 	6.3 	Severability	10 
	 	6.4 	Interpretation	10 
	 	6.5 	Costs and Expenses	11 
	 	6.6 	Notices	11 
	 	6.7 	Counterparts	12 
	 	6.8 	Entire Agreement	12 
	 	6.9 	No Third Party Rights; Assignment	12 
	 	6.10	Waivers and Amendments	12 

ii

OMNIBUS AGREEMENT 

        OMNIBUS
AGREEMENT (this “Agreement”), dated as of December 1, 2005, by and among
Merhav (m.n.f) Limited, a company organized under the laws of the State of Israel
(“Seller”), and Merhav Ampal Energy Limited, a company organized under
the laws of the State of Israel (“Purchaser”) (each, a
“Party” and, collectively, the “Parties”). 

RECITALS 

        WHEREAS,
Purchaser owns 15,000 shares (the “Shares”) of East Mediterranean Gas Co.
S.A.E., an Egyptian stock company (“EMG”), representing 25% of the issued
and outstanding capital stock of EMG; 

        WHEREAS,
Seller offered Purchaser the opportunity to purchase all or part of the Shares; 

        WHEREAS, Purchaser
requires additional time to complete due diligence with respect to EMG and Seller’s
ownership of the Shares before making a final determination with respect to the purchase
the Shares, and Seller and Purchaser need additional time to negotiate the price and terms
of such a purchase; 

        WHEREAS,
Seller has informed Purchaser that the shareholders of EMG are subject to a capital call
(the “Current Capital Call”) pursuant to which Seller, to maintain its
interest in EMG, will be required to contribute capital to EMG; 

        WHEREAS,
Seller has informed Purchaser that it may seek other purchasers of the shares; 

        WHEREAS, after
initial review, Purchaser has determined it is in its best interest to preserve the
opportunity to purchase the Shares pending completion of its due diligence; 

        WHEREAS,
to preserve the opportunity to purchase the Shares, Purchaser has agreed to purchase, and
Seller has agreed to sell, the beneficial ownership in 1200 shares of EMG (such shares
representing approximately 2% of the issued and outstanding capital stock of EMG) (the
“Initial Shares”), while the Parties continue to negotiate an agreement
to purchase the Shares; 

        WHEREAS,
the purchase of the Initial Shares will be subject to (a) a downward purchase price
adjustment based on any final negotiated purchase price for the Shares that is lower than
the purchase price for the Initial Shares herein and (b) Purchaser’s right to cause
under certain circumstances (including Purchaser not being satisfied with its due
diligence) Seller to repurchase the Initial Shares; and 

        WHEREAS,
the Parties will consummate certain additional transactions and enter into certain other
Transaction Documents (as hereinafter defined) in connection herewith. 

        NOW,
THEREFORE, in consideration of the aforesaid premises and of the mutual representations,
warranties and covenants contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as
follows: 

1

ARTICLE I

DEFINITIONS 

        The
following terms shall have the following meanings for purposes of this Agreement: 

        “Affiliate”
means (i) with respect to any Person, a Person that controls, is controlled by, or is
under common control with such Person (it being understood, that a Person shall be deemed
to “control” another Person, for purposes of this definition, if such Person
directly or indirectly has the power to direct or cause the direction of the management
and policies of such other Person, whether through holding ownership interests in such
other Person, through agreements or otherwise); and (ii) with respect to any natural
Person, (1) any parent, grandparent, sibling, child or spouse of such natural Person, or
other Person related by marriage to any such Persons, (2) any trust established for
the benefit of such natural Person or any Affiliate of such natural Person or (3) any
executor or administrator of the estate of such natural Person. 

        “Agreement”
has the meaning set forth in the Preamble. 

        “Authority” means
any governmental, judicial, legislative, executive, administrative or regulatory authority
of Egypt, Israel, the United States or any state, local, provincial or foreign government
or any subdivision, agency, commission, office or judicial, administrative or regulatory
authority thereof. 

        “Business
Day” means any day other than a Saturday, Sunday or a day on which banking
institutions in New York, New York, Israel or Egypt are authorized or obligated by law or
executive order to close. 

        “Charter
Documents” means any by-laws, charter, memorandum, certificate of incorporation,
articles of association and any other similar constitutive or governing documents. 

        “Consent”
means any consent, waiver, approval, authorization, exemption, registration, permit,
license or declaration of or by any Person or any Authority, or expiration or termination
of any applicable waiting period under any Legal Requirement, that is required with
respect to any Party in connection with (i) the execution and delivery of this Agreement
or any other Transaction Document or (ii) the consummation and performance of any of the
transactions provided for hereby or thereby. 

        “Contract”
or “Contracts” means any and all contracts and agreements, including
those that are franchises, warranties, understandings, arrangements, leases, licenses,
registrations, authorizations, mortgages, bonds, notes and other instruments (whether
written or oral). 

        “Current
Capital Call” has the meaning set forth in the Recitals. 

        “Definitive
Documentation” has the meaning set forth in Section 2.4. 

2

        “Initial
Shares” has the meaning set forth in the Recitals. 

        “Definitive
Per Share Purchase Price” has the meaning set forth in Section 2.4. 

        “EMG”
has the meaning set forth in the Recitals. 

        “Initial
Per Share Purchase Price” has the meaning set forth in Section 2.4. 

        “Judgments”
means any and all judgments, orders, writs, directives, rulings, decisions, injunctions,
decrees, settlement agreements or awards of any Authority or arbitrator. 

        “Legal
Requirements” means any and all (i) laws, ordinances and regulations, whether
federal, provincial, state or local, of Israel, Egypt, the United States, or any other
applicable jurisdiction; (ii) codes, standards, rules, requirements and criteria issued
under any laws, ordinances and regulations, whether federal, provincial, state or local of
Israel, Egypt, the United States or any other applicable jurisdiction; and
(iii) Judgments. 

        “Liabilities”
means any obligation, liability, or indebtedness of any kind, character or description,
whether absolute, contingent, accrued, liquidated, unliquidated, known, unknown, executory
or otherwise. 

        “Lien”
means any mortgage, pledge, hypothecation, charge, assignment, deposit arrangement,
encumbrance, security interest, lien, fiduciary assignment and any security or similar
agreement of any kind or nature whatsoever. 

        “Necessary
Action” means, with respect to a result required to be caused, all actions (to
the extent such actions are permitted by applicable Legal Requirements) reasonably
necessary to cause such result. 

        “Nominee
Agreement” means the Nominee Agreement, dated as of the date hereof, between
Seller and Purchaser. 

        “Option
Termination Date” has the meaning set forth in Section 2.3. 

        “Party”
or “Parties” has the meaning set forth in the Preamble. 

        “Person”
means an individual, corporation, partnership, trust, limited liability company, a branch
of any legal entity, unincorporated organization, joint stock company, joint venture,
association or other entity, or any government, or any agency or political subdivision
thereof. 

        “Preamble”
means the preamble to this Agreement. 

        “Proceeding”
means any action, suit, charge, hearing, claim or legal, administrative, arbitration or
other alternative dispute resolution proceeding or investigation. 

        “Pipeline”
means the proposed pipeline to be built by EMG from El-Arish, Egypt to Ashkelon, Israel,
and any future locations. 

        “Put”
shall have the meaning set forth in Section 2.5. 

3

        “Put
Closing” shall have the meaning set forth in Section 2.5. 

        “Put Notice”
shall have the meaning set forth in Section 2.5. 

        “Put
Price” means, with respect to any date of determination, the amount set forth in
the following table and any amounts of additional capital calls (if any) contributed by
Purchaser on account of the Initial Shares in accordance with the provisions of the
Nominee Agreement: 

	On or Prior to:
	Amount

	 	
		
		
		
	May 31, 2006	$30,377,500 
	  	 
	November 30, 2006	$30,795,000 
	  	 
	May 31, 2007	$31,212,500 
	  	 
	November 30, 2007	$31,630,000 
	  	 
	May 31, 2008	$32,047,500 
	  	 
	November 30, 2008	$32,465,000 

        “Purchase
Price” has the meaning set forth in Section 2.1. 

        “Purchaser”
has the meaning set forth in the Preamble. 

        “Recitals”
means the recitals to this Agreement. 

        “Sale
Notice” has the meaning set forth in Section 4.2. 

        “Seller”
has the meaning set forth in the Preamble. 

        “Shares” has
the meaning set forth in the Recitals. 

        “Tag-Along
Notice” has the meaning set forth in Section 4.2. 

        “Tag-Along Shares”
has the meaning set forth in Section 4.2. 

        “Third-Party”
has the meaning set forth in Section 4.2. 

        “Transaction
Documents” means each of this Agreement, the Nominee Agreement and any other
agreement, certificate or instrument delivered pursuant to any of the foregoing. 

        “Transfer”
means, whether voluntary or involuntary, any transfer, assignment (including any fiduciary
assignment), conveyance, sale, pledge or hypothecation. 

        “Transfer
Instruments” has the meaning set forth in Section 2.1. 

        “Valuation
Report” has the meaning set forth in Section 3.6. 

4

ARTICLE II

TRANSACTIONS 

     2.1        Purchase
of Initial Shares.  

		    (a)        On
the date hereof, Seller shall sell to Purchaser, and Purchaser shall purchase from
Seller, the beneficial ownership in the Initial Shares, for the purchase price specified
in Section 2.1(c). Seller shall deliver to Purchaser, against payment of the Purchase
Price, such instruments of transfer (“Transfer Instruments”) reasonably
requested by Purchaser to evidence the sale, transfer and assignment of the beneficial
ownership of the Initial Shares from Seller to Purchaser. Any transfer or similar taxes
shall be the responsibility of Seller. Except pursuant to Section 6 of the Nominee
Agreement, or during the existence of a default by Seller in payment of the Put Price
when due, the Purchaser hereby covenants and agrees not to seek or take any action to
register the Initial Shares in its name on the registry of EMG.  

		    (b)        The
closing of the purchase and sale of the Shares (the “Closing”) shall take place
on the date hereof at the offices of Seller, 33, Havazelet Hasharon St., Herzliya Pituah,
Herzliya 46105, Israel.  

		    (c)        The
aggregate purchase price for the Initial Shares shall be $29,960,000 (the “Purchase
Price”). The Purchase Price shall be paid on the date hereof by Purchaser to
Seller, or to its order, by wire transfer of immediately available funds to an account or
accounts of Seller at the bank or banks specified by Seller in writing. The Purchase
Price is subject to adjustment in accordance with Section 2.4.  

    2.2        Nominee
Agreement. Seller and Purchaser shall enter into the Nominee Agreement which shall
set forth the agreements between the Parties with respect to, among other things, (i)
Seller’s holding of the Initial Shares on behalf of and for the benefit of
Purchaser; (ii) capital calls by EMG; (iii) voting of the Initial Shares; (iv) payment of
dividends and other distributions from EMG; (v) Purchaser’s right to receive
additional shares of EMG from Seller in consideration for Purchaser making certain
capital contributions to EMG; and (vi) the transfer and registration of the Shares.
Seller shall deal with the Initial Shares as provided in the Nominee Agreement.  

    2.3        Purchase
of Shares. (a) The Parties hereby agree to use their good faith efforts to negotiate
the terms and/or structure of, and Definitive Documentation relating to, the sale and
purchase of the remaining Shares whether directly or by joint ownership of MAE, all as
will be discussed and agreed between the Parties. Although the Parties hereby agree to
enter into negotiations relating to the sale and purchase of the remaining Shares, the
Parties acknowledge (i) that neither this Agreement, the Nominee Agreement nor any other
Transaction Document bind the Parties to sell or purchase, as the case may be, the
remaining Shares (except to the extent Purchaser has a right to additional Shares of EMG
in connection with making of required capital contributions to EMG pursuant to a capital
call) and (ii) that only the Definitive Documentation shall be binding on a Party with
respect to either the sale or purchase of the remaining Shares. For the avoidance of
doubt, this foregoing limitation on the binding nature of this Agreement applies only to
this Section 2.3(a) and the obligation to either sell or purchase the remaining Shares,
as the case may be, and not any other provision of this Agreement or the Transaction
Documents.  

5

		    (b)        The
obligations of the Parties under this Section will terminate on the date (the “Option
Termination Date”) which is the later of (x) December 1, 2006 or (y) the date on
which EMG commences regularly scheduled deliveries of natural gas through the Pipeline.  

    2.4        Purchase
Price Adjustment.  

		    (a)        In
the event that the Parties enter into a binding agreement for the purchase of the Shares
pursuant to Section 2.3 above (the “Definitive Documentation”) and the
purchase price per share for the Shares in the Definitive Documentation (the “Definitive
Per Share Purchase Price”) is less than the purchase price per share paid for
the Initial Shares (the “Initial Per Share Purchase Price”), the Initial
Per Share Purchase Price shall be reduced to the Definitive Per Share Purchase Price.
Upon closing of the sale and purchase of the Shares, Seller shall either, at its own
discretion, (i) deliver to Purchaser an amount equal to the product of (x) the excess of
the Initial Per Share Purchase Price over the Definitive Per Share Purchase Price multiplied by
(y) 1200; or (ii) provide Purchaser with a notice according to which the amount specified
in (i) above will be set off against payment of the consideration to Seller in the
closing of the sale and purchase of the Shares pursuant to the Definitive Documentation.
The parties acknowledge that the payment required hereunder may be paid by way of credit
in connection with the purchase of the remaining Shares pursuant to the Definitive
Documentation.  

    2.5        Put
Option.  

		    (a)        At
any time after March 1, 2006 and prior to the Option Termination Date, Purchaser shall
have the right for any reason whatsoever (including, without limitation, due diligence
with respect to EMG or Seller’s ownership of the Shares) to require Seller to
repurchase (the “Put”) all or any of the Initial Shares for the Put
Price by delivering written notice of its exercise of such right to Seller (the “Put
Notice”). For purposes of determining the Put Price, the determination date
shall be the date on which the Put Closing occurs. Notwithstanding the foregoing,
Purchaser may exercise the Put prior to March 1, 2006, if any representation or
warranties of Seller herein are determined by Purchaser in its reasonable opinion not to
be complete, accurate, and correct in all respects.  

		    (b)        Seller
will be obligated to purchase all of the Initial Shares requested to be repurchased in
the Put Notice, at a mutually agreeable time and place which will in no event be later
than forty-five (45) days after the date of the Put Notice (the “Put Closing”).
At the Put Closing, Purchaser shall deliver to Seller such documentation reasonably
requested by Seller and required to transfer to Seller Purchaser’s interest in the
Initial Shares being repurchased by Seller, free and clear of any Liens attributable to
Purchaser, and Seller shall deliver to Purchaser an amount equal to the quotient of (x)
the Put Price divided by (y) the number of shares being repurchased by Seller.  

6

ARTICLE III

SELLER’S
REPRESENTATIONS AND WARRANTIES 

        Seller
hereby represents and warrants to Purchaser on the date hereof: 

    3.1        Existence;
Authority; Enforceability. Seller is a company duly organized and validly existing
under the laws of Israel. EMG is a company duly organized and validly existing under the
laws of Egypt. Seller has the requisite power and authority to enter into each
Transaction Document to which it is a party and to perform its respective obligations
thereunder. The execution, delivery and performance by Seller of each Transaction
Document to which it will be a party and the consummation by it of the transactions
contemplated hereby and thereby have been duly authorized and approved by all corporate
action of Seller. Seller has duly and validly executed and delivered each Transaction
Document to which it is a party, and each such Transaction Document constitutes its
legal, valid and binding obligation, enforceable against Seller, in accordance with its
terms.  

    3.2        The
Shares. (a) Seller owns 15,000 normal shares of stock, nominal value $1,000 per
share, of EMG, representing 25% of all of the issued and outstanding capital stock or
other equity interest of EMG on a fully-diluted basis. All of the issued and outstanding
shares of capital stock of EMG have been duly authorized, validly issued and after
payment of the Current Capital Call will be fully paid, nonassessable and except as set
forth in EMG’s Charter Documents, free of preemptive rights, with no personal
liability attaching to the ownership thereof. To the best of Seller’s knowledge,
there are no outstanding securities convertible into, exchangeable for, or carrying the
right to acquire, any capital stock of EMG, or subscriptions, warrants, options, calls,
rights (pre-emptive or other) or other arrangements or commitments obligating EMG to
issue or dispose of any of its capital stock or any ownership interest therein.  

		    (b)        Seller
is the record owner of the Shares, and except as set forth in EMG’s Charter
Documents, free and clear of any and all Liens. Upon the delivery of the Transfer
Instrument, Purchaser shall have good and valid beneficial ownership of the Initial
Shares, free and clear of any Liens.  

    3.3        Absence
of Conflicts. The execution and delivery by Seller of the Transaction Documents to
which it is a party and the performance of its respective obligations hereunder and
thereunder, and the consummation of the transactions contemplated hereby and thereby does
not and will not conflict with, or result in the breach of any provision of, the Charter
Documents of Seller or any Contract or violate any Legal Requirement applicable to
Seller.  

    3.4        Compliance
With Law; Consents. No Consent is required to be made or obtained by Seller in
connection with (i) the execution, delivery or performance of the Transaction Documents
to be entered into by Seller or (ii) the consummation of any of the transactions
contemplated by the Transaction Documents. To the best of Seller’s knowledge, Seller
is in compliance in all respects with all applicable Legal Requirements, except where
such failure would not have or could not reasonably by expected to have a material
adverse effect on Seller or its ability to consummate the transactions contemplated by,
and perform its obligations, under the Transaction Documents.  

7

    3.5        Fees.
          Neither Seller nor any of its Affiliates has paid or become obligated to pay
any           fee or commission to any broker, finder or intermediary in connection with
the           transactions contemplated hereby.  

    3.6        Disclosure.
          Seller has provided to Purchaser all documents and information (i) in
          Seller’s or any of its Affiliate’s possession relating to EMG, and
          (ii) that is reasonably material in connection with a decision to purchase the
          Initial Shares. Seller has not withheld from Purchaser or Giza Singer Even Ltd.
          (“GSE”) (in connection with GSE’s engagement by Seller or its
          Affiliates to prepare a valuation report of EMG) any information or documents
          regarding Seller, its Affiliates or EMG, as the case may be, that are
reasonably           material in connection with a decision to purchase the Initial
Shares or in           determining the valuation of EMG. No representation or warranty by
Seller           contained in this Agreement or any other Transaction Document and no
information           contained in any other instrument furnished or to be furnished to
Purchaser or           GSE, as the case may be, pursuant hereto or in connection with the
transaction           contemplated by this Agreement, any other Transaction Document or
in connection           with the Valuation Report (as defined below) contains or will
contain any untrue           statement of a material fact or omits or will omit to state
a material fact           necessary in order to make the statements contained herein or
therein not           misleading. Seller is not aware of any facts or circumstances which
would cause           the representations and warranties of Seller contained in this
Agreement or any           other Transaction Documents to be untrue or incorrect. To the
knowledge of           Seller, after due inquiry, there is no fact, circumstance or
condition which has           had or could reasonably be expected to have a material
adverse effect on EMG or           Seller, which has not been disclosed to Purchaser or
its representatives.           Neither Seller nor any of its Affiliates are aware of any
untrue statement of           material fact in the draft Economic Valuation, dated
November 11, 2005, prepared           by GSE (the “Valuation Report”).
Seller believes that the           assumptions made by GSE set forth in the Valuation
Report are reasonable.  

ARTICLE IV

COVENANTS 

    4.1        Exclusivity.
          (a) During the period from the date hereof through the one year anniversary of
          the date hereof, Seller shall not, and shall cause its Affiliates and agents,
          directly or indirectly, not to (i) solicit, initiate or encourage any
inquiries,           discussions or proposals from any other Person relating to a
possible           acquisition of any part of the Shares; (ii) continue, solicit,
encourage or           enter into negotiations or discussions relating to any such
possible           acquisition; (iii) furnish to any other Person any information
(not already           in the public domain) relating to the transactions contemplated
hereby; or (iv)           enter into or consummate any agreement or understanding
providing for any such           possible acquisition. To the extent Seller or any of its
Affiliates is contacted           or solicited in writing by any Person in connection
with the purchase of Shares,           Seller shall notify Purchaser in writing of any
such written proposal or offer,           or any inquiry or other contact with any Person
with respect thereto, in each           case promptly after such proposal, offer, inquiry
or contact is made and shall,           in any such notice to Purchaser, indicate in
reasonable detail the identity of           the Person making such proposal, offer
inquiry or contact and the terms and           conditions of such proposal, offer,
inquiry or other contact.  

8

		    (b)        Notwithstanding
the foregoing, the restriction on Seller set forth in Section 4.1(a) shall apply only
with respect to 10,013 of the remaining Shares.  

    4.2        Tag
Along. (a) In the event, Seller wishes to Transfer all or a portion of the Shares to
a non-Affiliated third-party purchaser (a “Third-Party”), Seller shall
provide Purchaser with a notice, via facsimile, describing the proposed sale to such
Third-Party Purchaser, including the name of the Third-Party, the purchase price and the
other material terms and conditions on which such Third-Party is willing to acquire the
Shares (the “Sale Notice”), and Purchaser shall have the right, but not
the obligation, to require Seller to include a pro rata portion of shares of EMG
beneficially owned by Purchaser in such sale, on the same terms and conditions as apply
to the Shares to be sold by Seller, by delivering written notice (a “Tag-Along
Notice”) to Seller, via facsimile, within five (5) Business Days after receiving
the Sale Notice, of its intent to exercise such right. The Tag-Along Notice shall specify
the number of Initial Shares to be included in the proposed sale (the “Tag-Along
Shares”). If Purchaser has not timely delivered the Tag-Along Notice, Seller
shall be entitled to consummate the sale to the Third-Party on the terms described in the
Sale Notice. In the event that the Third-Party is not willing to purchase all of the
Shares offered by Seller and all of the Tag-Along Shares, each of Seller and Purchaser
shall be entitled to include in such sale a pro rata portion of the shares held or
beneficially owned by it.  

		     (b)        In
the event Purchaser has timely delivered the Tag-Along Notice, if Seller is
          able to effect a sale of such shares which complies with Section 4.2(a) above,
          then Seller shall arrange for the consideration to be paid by the Third-Party
          for the shares to be sold by Purchaser to be transferred directly to Purchaser
          upon delivery by Purchaser of appropriate documentation Transferring its
          interest in the Tag Along Shares. All costs and expenses incurred by Seller and
          Purchaser in connection with such sale shall be borne by such Seller and
          Purchaser, respectively.  

    4.3        Due
Diligence. Seller hereby agrees to cooperate with Purchaser in its due diligence and
shall provide Purchaser with such information and documents as Purchaser shall reasonably
request, and use reasonable commercial efforts to cause EMG to provide such information
and documents as Purchaser shall reasonably request. The Parties agree that the due
diligence to be conducted by Purchaser shall be to assist Purchaser (i) in confirming the
representations and warranties of Seller set forth in this Agreement, and (ii)
determining whether to exercise its Put and (iii) evaluating whether or not to purchase
the remaining Shares.  

    4.4        Payment
of Current Capital Call. Seller hereby undertakes to make the payment of any funds
due to EMG pursuant to the Current Capital Call.  

    4.5        Limitation
on Certain Representations. Notwithstanding anything to the contrary in Section 3.1,
3.3 and 3.4 above, it is agreed between the Parties that in the event that any
representation or warranty given by Seller under Sections 3.1, 3.3 and/or 3.4 above, is
determined to be inaccurate or incorrect, solely due to reasons attributable to the
applicable laws and regulations of Egypt and/or EMG’s Charter Documents, then
Purchaser’s sole and exclusive remedy will be to immediately exercise the Put Option
as per the provisions of Section 2.5 above, and if such exercise of the Put Option is
impossible for any reason whatsoever (including a determination that due to applicable
law, the transfer of the beneficial ownership of the Initial Shares to Purchaser was
invalid or unenforceable), then to receive an amount which is equal to the relevant Put
Price applicable at that time, no later than forty-five (45) days after the date on which
Seller will receive a notice, in writing, from Purchaser to that effect, against delivery
of the documents evidencing the transfer of any rights Purchaser may have in the Initial
Shares to Seller in accordance with Section 2.5(b).  

9

    4.6        Further
Assurances. Subject to the terms and conditions herein, each of the Parties agrees to
take, or use reasonable commercial efforts in order to cause to be taken, all Necessary
Actions and to do, or use reasonable commercial efforts in order to cause to be done, all
things necessary, proper or advisable under all applicable Legal Requirements to
consummate and make effective the transactions contemplated by the Transaction Documents
to which it is a party.  

ARTICLE V

SURVIVAL 

    5.1        Survival.
          Each representation and warranty in this Agreement shall survive the for a
          period of two years after the date hereof, providedthat (i) the
          representation set forth in Section 3.1 and 3.2 shall survive indefinitely and
          (ii) the survival periods set forth in this Section 5.1 shall not apply to any
          claims involving fraud or bad faith on the part of any Party hereto.  

ARTICLE VI

MISCELLANEOUS 

    6.1        Governing
Law. This Agreement shall be governed in all respects, including validity,
interpretation and effect, by the internal laws of the State of New York without regard
to its conflict of law principles (other than Section 5-1401 of the New York General
Obligation Law).  

    6.2        Arbitration.
. All disputes between the parties hereto arising under the terms of this
          Agreement or any other Transaction Documents shall be arbitrated in New York
          City under the rules of the American Arbitration Association then obtaining in
          the City of New York judgment on any award made by the arbitrators hereunder
may           be rendered in any court having jurisdiction.  

    6.3        Severability.
          Each Section, subsection and clause of this Agreement and each other
Transaction           Documents constitutes a separate and distinct undertaking, covenant
or provision           hereof. In the event that any provision of this Agreement or any
other           Transaction Document shall finally be determined to be unlawful, such
provision           shall be deemed severed from this Agreement or such Transaction
Document, but           every other provision of this Agreement or such Transaction
Document shall           remain in full force and effect.  

10

    6.4        Interpretation.
          Whenever used in this Agreement, except as otherwise expressly provided or
          unless the context otherwise requires, any noun or pronoun shall be deemed to
          include the plural as well as the singular and to cover all genders. Unless
          otherwise specified, words such as “herein”, “hereof”,
          “hereby”, “hereunder” and words of similar import refer to
          this Agreement as a whole and not to any particular Section or subsection of
          this Agreement, and references herein to “Articles” or
          “Sections” refer to Articles or Sections of this Agreement. The
          headings in this Agreement are intended solely for convenience of reference and
          shall be given no effect in the construction or interpretation of this
          Agreement.  

    6.5        Costs
and Expenses. Each Party shall bear its own expenses incurred in connection with the
negotiation, preparation, execution and closing of this Agreement and each other
Transaction Document and the transactions provided for hereby and thereby.  

    6.6        Notices.
          All notices or other communications required or permitted by this Agreement or
          any other Transaction Document shall be effective upon receipt and shall be in
          writing and delivered personally or by overnight courier, or sent by facsimile
          (with confirmation copies delivered personally or by courier within three (3)
          Business Days), as follows:  

        If
to Seller, to: 

	 	
Merhav
(m.n.f) Ltd         
          33 Havatzelet Hasharon Street       
            Herzlia,
Israel        
           Attention: Mr. Yossef Maiman and Mr. Leo Malamud
  
                Facsimile:+972-9-9501733 

        If
to Purchaser, to: 

	 	
Merhav
Ampal Energy Limited     
              111 Arlozorov Street          
         Tel Aviv
62098 Israel           
        Attention: Yoram Firon
           
       Facsimile:+972-3-6080101 

        with
copies to: 

	 	
Bryan
Cave LLP      
             1290 Avenue of the Americas          
         New York, NY,
USA 10019         
          Attention: Kenneth Henderson, Esq.
         
         Facsimile: (212) 541-1357 

or to such other address as hereafter
shall be furnished as provided in this Section 6.6 by any Party to any other Party. Any
demand, notice or other communication given by personal delivery shall be conclusively
deemed to have been given on the day of actual delivery thereof and, if given by
facsimile, on the day of transmittal thereof if given during the normal business hours of
the recipient, and on the Business Day during which such normal business hours next occur
if not given during such hours on any day. 

11

    6.7        Counterparts.
          This Agreement and each other Transaction Document may be executed in any
number           of counterparts, each of which shall be deemed an original, but all of
which           together shall constitute a single instrument.  

    6.8        Entire
Agreement. This Agreement together with the other Transaction Documents set forth the
entire understanding and agreement between the Parties as to the matters covered herein
and therein and supersede and replace any prior understanding, agreement or statement of
intent, in each case, written or oral, of any and every nature with respect thereto. In
the event of any inconsistency between this Agreement and the other Transaction
Documents, this Agreement shall govern as between the Parties with respect to the matters
set forth herein.  

    6.9        No
Third Party Rights; Assignment. This Agreement is intended to be solely for the
benefit of the Parties and is not intended to confer any benefits upon, or create any
rights in favor, of any Person other than the Parties and shall not be assignable without
the prior written Consent of the other Parties. Notwithstanding any of the foregoing,
Purchaser may Transfer its rights and interests hereunder to an Affiliate.  

    6.10        Waivers
and Amendments. No modification of or amendment to this Agreement or any other
Transaction Document shall be valid unless in a writing signed by the Parties referring
specifically to this Agreement or such other Transaction Document and stating the Parties’ intention
to modify or amend the same. Any waiver of any term or condition of this Agreement or any
other Transaction Document must be in a writing signed by the Party sought to be charged
with such waiver referring specifically to the term or condition to be waived, and no
such waiver shall be deemed to constitute the waiver of any other breach of the same or
of any other term or condition of this Agreement or any other Transaction Document.  

        IN
WITNESS WHEREOF, the parties hereto have duly executed this Omnibus Agreement as of the
date first above written. 

			 MERHAV AMPAL ENERGY LIMITED

BY: 
——————————————

Name:
Title:

			MERHAV (M.N.F)  LIMITED

BY: 
——————————————

Name:
Title:

[SIGNATURE PAGE TO
OMNIBUS AGREEMENT] 

12thinkorswim

This Option has not been registered under the Securities Act of 1933, as amended, or any applicable state securities laws, and may not be sold or transferred unless such sale or transfer is in accordance with the registration requirements of such Act and applicable laws or some other exemption from the registration requirements of such Act and applicable laws is available with respect thereto.  This Option is also subject to the transfer restrictions set forth herein.

 

NON-STATUTORY STOCK OPTION AGREEMENT

 

THIS OPTION GRANT AGREEMENT (the "Agreement"), dated as of March 29, 2006 (the "Grant Date"), is entered into between RUBINCON VENTURES INC., a Delaware corporation (the "Company"), and DONALD WRIGHT (the "Option-holder").

WHEREAS, the Option-holder is a director of the Company;

WHEREAS, the Company desires to afford the Option-holder an opportunity to purchase shares of common stock ("Common Stock") in the Company as provided in this Agreement, effective as of the Grant Date; and

WHEREAS, the Board of Directors of the Company has approved the issuance of this option to Option-holder.

NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth in this Agreement and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto have agreed, and do hereby agree, as follows:

1.Issuance.

This option is issued by the Company as of the Grant Date.

2.Grant of Option, Option Price and Term.

(a)Grant.  Subject to the terms and conditions of this Agreement, the Company hereby grants to the Option-holder, as compensation for his services as a director of the Company, the right and option ("Option") to purchase twenty-five thousand (25,000) shares of Common Stock of the Company ("Option Shares").  This Option is intended to be neither an "incentive stock option" as defined in Section 422 of the Internal Revenue Code of 1986, as amended (the "Code"), nor an option granted pursuant to an "employee stock purchase plan" as defined in Section 423 of the Code.  

(b)Option Price.  For each of the Option Shares purchased, upon purchase thereof the Option-holder shall pay to the Company one dollar ($1.00) (the "Option Price") which the parties agree represents the fair market value of the Option Shares on the Grant Date.  Accordingly, the aggregate Option Price to purchase all of the Option Shares subject to the Option granted hereunder is $25,000 (the "Aggregate Option Price"). 

(c)No Fractional Shares.  The Company shall not be required to issue any fractional Option Shares hereunder.  The fair market value of any fractional Option Shares to be issued to the Option-holder upon exercise of an Option issued under this Agreement shall be paid by the Company to the Option-holder in cash.

(d)Option Term.  The term of the Option granted hereunder shall be a period of ten (10) years from the Grant Date (the "Option Period").  The termination of the Option Period shall result in the termination and cancellation of such Option.  In no event shall the Option be exercisable at any time after the expiration of the Option Period.

3.Vesting.

The Options granted herein shall vest in accordance with the Schedule attached hereto.

4.Exercise of Option.

a)Exercise for Cash

The vested portion of this Option may be exercised, in whole at any time or in part from time to time, commencing September 29, 2006, and prior to 5:00 P.M., P.S.T., on March 28, 2016, by the Option-holder by the surrender of this Option (with the subscription form at the end hereof duly executed) to the Company at its principal office, together with proper payment of the Option Price times the number of shares of Common Stock to be received.  Payment for Option Shares shall be made by certified or official bank check payable to the order of the Company or if applicable, without cash pursuant to a cashless net exercise.  If this Option is exercised in part, this Option must be exercised for a number of whole shares of the Common Stock, and the Option-holder is entitled to receive a new Option covering the Option Shares which have not been exercised.  Upon such surrender of this Option the Company will (a) issue a certificate or certificates in the name of the Option-holder for the largest number of whole shares of the Common Stock to which the Option-holder shall be entitled and, if this Option is exercised in whole, in lieu of any fractional share of the Common Stock to which the Option-holder shall be entitled, pay to the Option-holder cash in an amount equal to the fair value of such fractional share (determined in such reasonable manner as the Board of Directors of the Company shall determine), and (b) deliver the other securities and properties receivable upon the exercise of this Option, or the proportionate part thereof if this Option is exercised in part, pursuant to the provisions of this Option.

b)Cashless Net Exercise

At the Company's option, in lieu of exercising this Option in the manner set forth in paragraph 4(a) above, this Option may be exercised, in whole or in part, by surrender of the Option without payment of any other consideration, commission or remuneration, by execution of the cashless exercise subscription form (at the end hereof, duly executed).  The number of shares to be issued in exchange for the Option will be computed by subtracting the Option Exercise Price from either (i) the last sale price of the Common Stock on the date of receipt of the cashless exercise subscription form, or (ii) the most recent negotiated value used in connection with any sale of the Company's securities or in connection with any business combination involving the Company, and multiplying that amount by the number of shares represented by the Option, and dividing by the last sale price as of the same date.  If this Option is exercised in whole, in lieu of any fractional share of the Common Stock to which the Option-holder shall be entitled, the Company shall pay to the Option-holder cash in an amount equal to the fair value of such fractional share (determined in such reasonable manner as the Board of Directors of the Company shall determine).  If this Option is exercised in part, this Option must be exercised for a number of whole shares of the Common Stock, and the Option-holder is entitled to receive a new Option covering the Option Shares which have not been exercised.

5.Reservation of Option Shares.

The Company agrees that, prior to the expiration of this Option, the Company will at all times have authorized and in reserve, and will keep available, solely for issuance or delivery upon the exercise of this Option, the shares of the Common Stock and other securities and properties as from time to time shall be receivable upon the exercise of this Option, free and clear of all restrictions on sale or transfer (except for applicable state or federal securities laws restrictions) and free and clear of all pre-emptive rights.

 

6.Anti-Dilution Provisions.

a)If, at any time or from time to time after the date of this Option, the Company shall issue or distribute (for no consideration) to the holders of shares of Common Stock evidences of its indebtedness, any other securities of the Company or any cash, property or other assets (excluding a subdivision, combination or reclassification, or dividend or distribution payable in shares of Common Stock, referred to in Subsection 6(b), and also excluding cash dividends or cash distributions paid out of net profits legally available therefor if the full amount thereof, together with the value of other dividends and distributions made substantially concurrently therewith or pursuant to a plan which includes payment thereof, is equivalent to not more than 5% of the Company's net worth) (any such non-excluded event being herein called a "Special Dividend"), the Option Price shall be adjusted by multiplying the Option Price then in effect by a fraction, the numerator of which shall be the then current market price of the Common Stock (defined as the average for the ten consecutive business days immediately prior to the record date of the daily closing price of the Common Stock as reported by the principal exchange or market on which the Common Stock is listed) less the fair market value (as determined by the Company's Board of Directors) of the evidences of indebtedness, securities or property, or other assets issued or distributed in such Special Dividend applicable to one share of Common Stock and the denominator of which shall be such then current market price per share of Common Stock.  An adjustment made pursuant to this Subsection 6(a) shall become effective immediately after the record date of any such Special Dividend.

 

b)In case the Company shall hereafter (i) pay a dividend or make a distribution on its capital stock in shares of Common Stock, (ii) subdivide its outstanding shares of Common Stock into a greater number of shares, (iii) combine its outstanding shares of Common Stock into a smaller number of shares or (iv) issue by reclassification of its Common Stock any shares of capital stock of the Company, the Option Price shall be adjusted so that the Option-holder of this Option upon the exercise hereof shall be entitled to receive the number of shares of Common Stock or other capital stock of the Company which he would have owned had he exercised his Options immediately prior thereto.  An adjustment made pursuant to this Subsection 6(b) shall become effective immediately after the record date in the case of a dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or recapitalization.  If, as a result of an adjustment made pursuant to this Subsection 6(b), the Option-holder of any Option thereafter surrendered for exercise shall become entitled to receive shares of two or more classes of capital stock or shares of Common Stock and other capital stock of the Company, the Board of Directors (whose determination shall be conclusive and shall be described in a written notice to the Option-holder of any Option promptly after such adjustment) shall reasonably determine the allocation of the adjusted Option Price between or among shares of such classes or capital stock or shares of Common Stock and other capital stock.

	In case of any capital reorganization or reclassification, or any consolidation or merger to which the Company is a party other than a merger or consolidation in which the Company is the continuing corporation, or in case of any sale or conveyance to another entity of the property of the Company as an entirety or substantially as an entirety, or in the case of any statutory exchange of securities with another corporation (including any exchange effected in connection with a merger of a third corporation into the Company), the Option-holder of this Option shall have the right thereafter to convert such Option into the kind and amount of securities, cash or other property which he would have owned or have been entitled to receive immediately after such reorganization, reclassification, consolidation, merger, statutory exchange, sale or conveyance had this Option been converted immediately prior to the effective date of such reorganization, reclassification, consolidation, merger, statutory exchange, sale or conveyance and in any such case, if necessary, appropriate adjustment shall be made in the application of the provisions set forth in this Section 6 with respect to the rights and interests thereafter of the Option-holder to the end that the provisions set forth in this Section 6 shall thereafter correspondingly be made applicable, as nearly as may reasonably be, in relation to any shares of stock or other securities or be, in relation to any shares of stock or other securities or property thereafter deliverable on the conversion of this Option.  The above provisions of this Subsection 6(c) shall similarly apply to successive reorganizations, reclassifications, consolidations, mergers, statutory exchanges, sales or conveyances.  The issuer of any shares of stock or other securities or property thereafter deliverable on the conversion of this Option shall be responsible for all of the agreements and obligations of the Company hereunder.  Notice of any such reorganization, reclassification, consolidation, merger, statutory exchange, sale or conveyance and of said provisions so proposed to be made, shall be mailed to the Option-holders of the Options not less than 10 days prior to such event.  A sale of all or substantially all of the assets of the Company for a consideration consisting primarily of securities shall be deemed a consolidation or merger for the foregoing purposes.

(d)Notwithstanding anything herein to the contrary, the Company  may, in its sole discretion, accelerate the timing of the exercise provisions of this Option in the event of (i) the adoption of a plan of merger or consolidation under which all the shares of capital stock of the Company would be eliminated, (ii) a sale of all or substantially all of the Company's assets or shares of capital stock, or (iii) a change of control wherein the stockholders of the Company immediately prior to the transaction own less than 50% of the outstanding stock of the Company immediately after the transaction.    Alternatively, the Company may, in its sole discretion, cancel all or any portion of this Option upon any of the foregoing events and provide for the payment to the Option-holder in cash of an amount equal to the difference between the Option Price and the price of a share of Common Stock, as determined in good faith by the Board of Directors of the Company, at the close of business on the date of such event, multiplied by the number of shares of Common Stock subject to this Option that are so canceled.

(e)Upon the dissolution or liquidation of the Company other than in connection with a transaction to which another provision or provisions of this Section 6 is/are applicable, this Option shall terminate and become null and void; provided, however, that if the rights of the Option-holder under this Option has not otherwise terminated and expired, the Option-holder shall have the right immediately prior to such dissolution or liquidation to exercise the vested portion of this Option to the extent that the right to purchase shares under this Option has become exercisable as of the date immediately prior to such dissolution or liquidation.

f)No adjustment in the Option Exercise Price shall be required unless such adjustment would require an increase or decrease of at least $0.05 per share of Common Stock; provided, however, that any adjustments which by reason of this Subsection 6(f) are not required to be made shall be carried forward and taken into account in any subsequent adjustment; provided further, however, that adjustments shall be required and made in accordance with the provisions of this Section 6 (other than this Subsection 6(f)) not later than such time as may be required in order to preserve the tax-free nature of the issuance to the Option-holder of this Option.  All calculations under this Section 6 shall be made to the nearest cent.  Anything in this Section 6 to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Option Price, in addition to those required by this Section 6, as it in its discretion shall deem to be advisable in order that any stock dividend, subdivision of shares or distribution of rights to purchase stock or securities convertible or exchangeable for stock hereafter made by the Company to its shareholders shall not be taxable.

g)Whenever the Option Price is adjusted as provided in this Section 6 and upon any modification of the rights of the Option-holder in accordance with this Section 6, the Board of Directors of the Company shall prepare a certificate setting forth the Option Price and the number of Option Shares after such adjustment or the effect of such modification, a brief statement of the facts requiring such adjustment or modification and the manner of computing the same and cause copies of such certificate to be mailed to the Option-holder.

h)If the Board of Directors of the Company shall declare any dividend or other distribution with respect to the Common Stock, other than a cash distribution out of earned surplus, the Company shall mail notice thereof to the Option-holder not less than 10 days prior to the record date fixed for determining shareholders entitled to participate in such dividend or other distribution.

7.Fully Paid Stock, Taxes.

The Company agrees that the shares of the Common Stock represented by each and every certificate for Option Shares delivered on the exercise of this Option shall, at the time of such delivery, be validly issued and outstanding, fully paid and nonassessable, and not subject to pre-emptive rights, and the Company will take all such actions as may be necessary to assure that the par value or stated value, if any, per share of the Common Stock is at all times equal to or less than the then Option Price.  The Company further covenants and agrees that it will pay, when due and payable, any and all Federal and state stamp, original issue or similar taxes which may be payable in respect of the issue of any Option Share or certificate therefor.

8.Transferability.

Subject to compliance with federal and applicable state securities laws and the provisions of Section 14, the Option-holder may, prior to exercise or expiration thereof, surrender such Option at the principal office of the Company for transfer or exchange. Within a reasonable time after notice to the Company from a registered Option-holder of its intention to make such exchange and without expense (other than transfer taxes, if any) to such registered Option-holder, the Company shall issue in exchange therefor another Option or Options, in such denominations as requested by the registered Option-holder, for the same aggregate number of Option Shares so surrendered and containing the same provisions and subject to the same terms and conditions as the Option(s) so surrendered.  The Company may treat as the registered Option-holder of this Option as his or its name appears on the Company's books at any time as the Option-holder for all purposes.  All Options issued upon the transfer or assignment of this Option will be dated the same date as this Option, and all rights of the transferee Option-holder thereof shall be identical to those of the original Option-holder.

9.Loss, etc., of Option.

Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this Option, and of indemnity reasonably satisfactory to the Company, if lost, stolen or destroyed, and upon surrender and cancellation of this Option, if mutilated, the Company shall execute and deliver to the Option-holder a new Option of like date, tenor and denomination.

10.Option-holder Not Shareholder.

Except as otherwise provided herein, this Option does not confer upon the Option-holder any right to vote or to consent to or receive notice as a shareholder of the Company, as such, in respect of any matters whatsoever, or any other rights or liabilities as a shareholder, prior to the exercise hereof.

11.Communication.

Any notice or other communication shall be effective and shall be deemed to have been given if, the same is in writing, (i) and is personally delivered, (ii) five days after such written material is mailed by first-class mail, postage prepaid, or (iii) one day after such written material is sent by a nationally recognized overnight courier, addressed to:

a)the Company at 1313 East Maple Street, Suite 223, Bellingham, WA 98225. Attn:  President or such other address as the Company has designated in writing to the Option-holder; or

	the Option-holder at 2655 Camino Del Rio North, Suite 450, San Diego, CA 92108, or such other address as the Option-holder has designated in writing to the Company.

12.No Disclosure Rights.

None of the Company or any of its affiliates shall have a duty or obligation to affirmatively disclose to the Option-holder or a representative of Option-holder in the capacity as Option-holder or representative, and the Option-holder or a representative shall have no right to be advised of, any material information regarding the Company or any of its affiliates at any time prior to, upon or in connection with the exercise of an Option in accordance with the terms of this Agreement.

13.Headings.

The headings of this Option have been inserted as a matter of convenience and shall not affect the construction hereof.

14.Withholding.  

The Option-holder acknowledges that, upon any exercise of this Option, the Company shall have the right to require the Option-holder to pay to the Company an amount equal to the amount the Company is required to withhold as a result of such exercise for federal and state income tax purposes.

15.Applicable Law.

This Option shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to the principles of conflicts of law thereof.

16.Securities Law Compliance.

The exercise of all or any parts of this Option shall only be effective at such time as counsel to the Company shall have determined that the issuance and delivery of Common Stock pursuant to such exercise will not violate any state or federal securities or other laws.  The Option-holder may be required by the Company, as a condition of the effectiveness of any exercise of this Option, to agree in writing that all Common Stock to be acquired pursuant to such exercise shall be held, until such time that such Common Stock is registered or exempt from registration and freely tradable under applicable state and federal securities laws, for Option-holder's own account without a view to any further distribution thereof, that the certificates for such Option Shares shall bear an appropriate legend to that effect and that such Option Shares will be not transferred or disposed of except in compliance with applicable state and federal securities laws.

17.Nontransferability.  

Except as otherwise agreed to by the Company, during the lifetime of Option-holder, this Option shall be exercisable only by Option-holder or by the Option-holder's guardian or other legal representative, and shall not be assignable or transferable by Option-holder, in whole or in part, other than by will or by the laws of descent and distribution. Notwithstanding any other Section of this Agreement, any such attempted sale, assignment, conveyance, gift, pledge, hypothecation or transfer shall be null and void and shall nullify such Option immediately.  

18.  Scope of Agreement.  

This Agreement shall bind and inure to the benefit of the Company and its successors and assigns and Option-holder and any successor or successors of Option-holder permitted by Section 17 above.

19.Market-Stand-Off Agreement.

The Option-holder agrees (and the Option-holder shall cause any holder of the Option Shares who receives his or her Option Shares pursuant to a private transfer from the Option-holder to agree) that the Option-holder shall not sell or otherwise transfer or dispose of any Option Shares held by such Option-holder (other than any Option Shares concurrently being registered) for 180 days or such other period specified by the underwriters of the Option Shares, or other class of securities of the Company being registered, not to exceed twelve months following the effective date of a registration statement of the Company filed under the Securities Act, excluding Form S-8 and Form S-4 and other non-applicable forms.  The Option-holder shall enter into such written agreement(s) as shall be requested by the Company which are consistent with the foregoing or which are necessary to given effect thereto.

20.Changes in Company's Capital or Organizational Structure.

The existence of the Option shall not affect in any way the right or authority of the Company or its members to make or authorize any or all adjustments, recapitalizations, reclassifications, reorganizations or other changes in the Company's capital structure or its business, or any merger or consolidation of the Company, or any class of interests in the Company or affecting the Option Shares or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other act or proceeding, whether of a similar character or otherwise.  

21.Entire Agreement.

This Agreement constitutes the entire obligation of the parties hereto with respect to the subject matter of this Agreement and shall supersede any prior expressions of intent or understanding with respect to such subject matter.

22.Amendment.

Any amendment to this Agreement shall be in writing and signed on behalf of the Company, and if required pursuant to this Agreement, by Option-holder.

23.Waiver; Cumulative Rights.

The failure or delay of either party hereto to require performance by the other party of any provision hereof shall not affect its right to require performance of such provision unless and until such performance has been waived in writing.  Each and every right hereunder is cumulative and may be exercised in part or in whole from time to time.

24.Counterparts.

This Agreement may be signed in two (2) counterparts, each of which shall be an original, but both of which shall constitute but one and the same instrument. 

 
25.Headings, Gender and Number.

The headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.  Common nouns and pronouns shall be deemed to refer to the masculine, feminine, neuter, singular and plural, as the context so requires.

26.Severability.

If any one or more of the provisions of this Agreement shall be held by a court or arbitration tribunal of competent jurisdiction or other authority to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby; such court, arbitration tribunal or other authority is hereby authorized and directed to modify or amend the invalid, illegal or unenforceable provision to the minimum extent necessary to render it valid and enforceable and to achieve as fully as lawful the intention of the parties in agreeing to such provision, and such provision, as so modified or amended, shall be valid and binding upon the parties.

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunto duly authorized, and the Option-holder has hereunto set his hand, all as of the day and year first above written.

RUBINCON VENTURES INC.

a Delaware corporation

/s/Guy Peckham

By:_____________________________

            Guy Peckham

Its:President

                                                                                     

OPTION-HOLDER:

/s/Donald A. Wright

By:_____________________________

Donald A. Wright

 

VESTING

SCHEDULE

 

Option-holder's Options shall vest and become exercisable in accordance with the following terms:

12,500 of the options granted to Option-holder under this Non-Statutory Stock Option Agreement (the "Agreement") by the Company shall vest immediately on the Grant Date under the Agreement and become exercisable on September 29, 2006.

12,500 of the options granted to Option-holder under this Agreement by the Company shall vest and become exercisable on March 29, 2007.

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