Document:

S-8

Exhibit 4.8  

TOWER SEMICONDUCTOR
LTD.  

CHAIRMAN SHARE OPTION
PLAN 2006  

A PLAN UNDER SECTION
102 OF THE INCOME TAX ORDINANCE 

	1.  	Name
and Purpose: 

	 	1.1 	This
plan, as amended from time to time, shall be known as the Tower Semiconductor Ltd.
Chairman Share Option Plan 2006 (the "Plan"). 

	 	1.2 	The
purpose and intent of the Plan is to provide incentives to the Chairman of the Board of
Directors (the “Chairman”) of Tower Semiconductor Ltd. (the “Company”)
by providing him/her with options (“Options”) to purchase ordinary
shares (“Ordinary Shares”) of the Company, and was approved by the
Company’s Board of Directors (the “Board”). Options under this Plan
shall be granted pursuant to the provisions of Section 102 (“Section 102”)
of the Israeli Income Tax Ordinance (New Version), 1961 as amended from time to time, the
Law Amending the Income Tax Ordinance (Number 132) 2002 (as amended, the “Ordinance”)
and the rules promulgated thereunder (the “Rules”). 

	 	1.3 	The
Plan shall become effective upon its approval by the Board (the "Effective Date"). 

	2.  	Scope: 

	 	
The
total number of Options that may be granted under this Plan is 3,158,090 (three million
one hundred and fifty eight thousand and ninety), of which all may be granted as 102
Trustee Options (as defined below). Each Option shall be exercisable into one Ordinary
Share of the Company (nominal value NIS 1.00 per share) (the “Underlying
Share”). 

	3.  	Options
granted under Section 102: 

	 	
Options
granted pursuant to Section 102(b) shall be either (a) capital gains track options under
Section 102(b)(2), in which income resulting from the sale of Underlying Shares is taxed
as capital gain (“102 Capital Gains Track Options”), or (b) ordinary
income track options under Section 102(b)(1), in which income resulting from the sale of
Underlying Shares is taxed as ordinary income (“102 Ordinary Income Track
Options”; together with 102 Capital Gains Track Options, “102 Trustee
Options”). Pursuant to the Company’s election filed with the Israeli Income
Tax Authorities to issue 102 Capital Gains Track Options under the Company’s Employee
Share Option Plan 2003/1, the Company may currently grant only 102 Capital Gains Track
Options. The Company may change such election, following the approval of the Board, all in
accordance with the provisions of Section 102(g) of the Ordinance. 

	4.  	Eligible
Grantees: 

	 	4.1. 	Options
may be granted to the Chairman of the Company (referred to as the                “Grantee”).
The grant of an Option to the Grantee hereunder                shall neither entitle such
Grantee to participate, nor disqualify him/her from                participating, in any
other grant of Options pursuant to this Plan or any other                share incentive
or share option plan of the Company. 

	5.  	Options: 

	 	5.1. 	102
Trustee Options may be granted from the later of (i) the Effective Date; or
               (ii) 30 (thirty) days from the filing of this Plan with the Israeli Income
Tax                Authorities in accordance with applicable law. 

	 	5.2. 	Options
may be granted until 10 (ten) years from the Effective Date. 

	 	5.3. 	Options
shall be granted by issuance of an Option letter to the Grantee stating,
               inter alia, the number of Underlying Shares, the dates when the Options
may be                exercised, the Option exercise price and such other terms and
conditions at the                discretion of the Board, provided that they are
consistent with this Plan and                with applicable law (the “Option
Letter”). The Option Letter                shall also list the date of grant of
the respective Options (the “Date                of Grant”). 

	 	5.4. 	The
Options will not be listed in any stock exchange and are not transferable
               (except to the Grantee’s legal heirs or estate). 

	 	5.5. 	The
Grantee shall have no right to vote or receive dividends (subject to Section
               11.1) or any other rights of a shareholder prior to his/her exercise of
the                Options and until the issuance of the share certificate evidencing the
               Underlying Shares. 

	6.  	Vesting
and Exercise of Options: 

	 	6.1. 	Options
shall vest and become exercisable as set forth in the Option Letter. 

	 	6.2. 	The
consideration to be paid for the Underlying Shares, including the method of
               payment, shall be determined by the Company and may consist entirely of
               (1) cash, (2) check (provided payment has cleared), or
               (3) cashless in the case of same day sale. The procedure for exercise
of                the Options shall be provided to each Grantee together with the Option
Letter.                The Company may change the procedures for exercise of the Options
at its                discretion, by giving notice thereof to the Grantee. 

2

	 	6.3. 	If
any Option has not been exercised within ten (10) years after the Date of
               Grant (or any shorter period set forth in the Option Letter), such Option
shall                immediately terminate and all of the Grantee’s interests in and
rights to                such Option shall immediately expire. 

	7.  	Options’ Exercise
Price: 

The purchase price in $US of each
share will be the closing sales price of the Company’s shares as reported by NASDAQ
or the principal national securities exchange upon which the Company’s shares are
listed or traded on the last market trading day (the “Fair Market Value”)
prior to the initial date the Board approved the Option grant, unless otherwise determined
by the Board and set forth in the Option Letter. 

To avoid doubt, Options designated as
102 Capital Gains Track Options whose exercise price is less than the “102 Fair
Market Value”, shall be subject to Section 102(b)(3) of the Ordinance. 

“102 Fair Market
Value” shall mean with respect to 102 Capital Gains Track Options only, and for
the sole purpose of determining tax liability pursuant to Section 102(b)(3) of the
Ordinance, the average value of the Company’s shares on the thirty (30) trading days
preceding the date of grant. 

	8.  	Trustee;
Required Holding Periods: 

	 	8.1. 	All
Options and the Underlying Shares will be held in trust by David H. Schapiro
               Legal Services (the “Trustee”) (i) in accordance with
Section                102 and the regulations, rules, orders and procedures promulgated
thereunder                with respect to Israeli residents; or (ii) pursuant to the
Company’s                instructions and all applicable laws with respect to
non-Israeli residents (all                such Options shall be referred to as the “Trustee
Options”). 

	 	8.2. 	The
102 Trustee Options and the Underlying Shares shall be held by the Trustee
               for the requisite period prescribed by the Ordinance and the Rules, or
such                other period as may be required (the “Required Holding Period”)
               and the Grantee shall not be entitled to sell or otherwise dispose of the
               Underlying Shares purchasable upon the exercise of such 102 Trustee
Options                during the Required Holding Period, unless permissible and in
accordance with                the Ordinance and the Rules. 

	 	8.3. 	The
Trustee and Grantee shall comply with the applicable laws and the terms and
               conditions of the Trust Agreement entered into between the Company and the
               Trustee. 

3

	 	8.4. 	In
the event that the Company issues securities as bonus shares                (maniyot hatava)
or performs a                share split or a similar dissolution, such bonus shares or
other similar rights                on shares which derive from 102 Trustee Options shall
be subject to the                provisions of this Section 8 and the Required Holding
Period for such bonus                shares or other similar rights shall be measured
from the commencement of the                Required Holding Period for the 102 Trustee
Options. All such bonus shares                and/or other similar rights shall be held
by the Trustee in accordance with                Section 102 and the regulations, rules,
orders and procedures promulgated                thereunder with respect to Israeli
residents. 

	 	8.5. 	The
Trustee shall not exercise the voting rights vested in the Underlying
               Shares, unless the Trustee believes, after consulting with the Company’s
               Compensation and Options Committee (or another committee given such
authority by                the Board, or in the absence of a committee, the Board) and
the Grantees who                hold a majority of the issued Options, that said rights
should be exercised for                the protection of the Grantees as a minority among
the Company’s                shareholders. 

	 	8.6. 	The
Company shall be entitled to replace the Trustee with another appointee from
               time to time and shall notify the Grantee of such replacement. 

	9.  	Reserved
Shares:

	 	9.1. 	The
Company has reserved 3,158,090 (three million one hundred and fifty eight
               thousand and ninety) authorized but unissued Ordinary Shares (nominal
value NIS                1.00 per share) for purposes of the Plan, subject to adjustments
as provided in                Section 11 below. If any Options granted under the Plan
terminate, expire or                otherwise cease to exist, they shall no longer be
available for grant under this                Plan. 

	 	9.2. 	The
Company will maintain a sufficient quantity of Ordinary Shares, NIS 1.00
               nominal value, in its registered capital and shall increase said quantity
as                appropriate to allow for the exercise of the Options under the Plan. 

	10.  	Termination
of Service: 

	 	
The
Option Letter will include provisions regarding the termination of the Grantee serving as
Chairman of the Board and the consequences of such termination on the Grantee’s right
to exercise Options. 

	11.  	Adjustments: 

	 	11.1. 	In
the event that the Company shall issue any of its Ordinary Shares or other
               securities as bonus shares (maniyot hatava),
each Grantee who has been granted Options as of                such date shall, upon
exercising his/her Options that have been granted Options                as of such date,
be entitled to receive, for the purchase price payable upon                such exercise,
bonus shares at no additional cost, in an amount and of such                class, as the
Grantee would have received had he been the holder of the                Underlying
Shares at the time the Company issued such bonus shares. No                fractional
shares will be issued under this Section. The Company may aggregate                and
sell all fractional shares and will be entitled to the proceeds of the sale
               thereof. 

4

	 	11.2. 	If
securities of any kind are offered to the Company’s shareholders by
               means of a rights offering, the exercise price of the Options will not be
               adjusted, however, the number of Underlying Shares will be increased to
take                into account the element of economic benefit of the rights issue
               (“markiv hahatava”),
as is represented by the ratio                between the price per share of the Company’s
Ordinary Shares on the                effective date of the future rights offering and
the base price per share of the                Company’s Ordinary Shares that is
established by the Tel-Aviv Stock                Exchange (the “TASE”)
on the following trading day. If the TASE                does not establish a base price
per share of the Company’s Ordinary Shares,                no adjustment in the
number of Underlying Shares issuable upon exercise of the                Options will be
made with respect to such future rights offering. 

	 	11.3. 	If
the Company consolidates its Ordinary Shares, NIS 1.00 nominal value, into
               shares with a higher nominal value, or if it splits them into a larger
number of                shares having a lower nominal value, the number of Underlying
Shares issued upon                exercise of the Options will be adjusted as
appropriate. 

	 	11.4. 	In
the event that the Company is a party to any agreement or arrangement in
               which the holders of the Company’s ordinary shares are offered the
               opportunity to exchange their shares for the securities of any other
               corporation, such as a merger or reorganization (the “Exchange Transaction”),
the Company will endeavor to cause such other                corporation to issue such
securities as those offered to the Company’s                ordinary shareholders to
any Grantee who exercises his/her Options, as if said                Grantee was the
holder of the Underlying Shares on the determining date in                connection with
the Exchange Transaction. 

	 	11.5. 	Voluntary
Liquidation: In the event of a decision to voluntarily                liquidate the
Company, each Grantee will be (i) deemed to have exercised his/her                vested
and exercisable Options immediately prior to such decision; and (ii)
               entitled to payment equal to the amount that he/she would receive in
liquidation                if he/she were a holder of the Underlying Shares immediately
prior to the                decision to voluntarily liquidate less the exercise price. 

	 	11.6. 	The
Board, or a committee thereof given such authority by the Board, is
               authorized to implement all adjustments and execute the required
calculations,                pursuant to the principles in this Section 11. 

	12.  	Continuation
of Service:

	 	
Neither
the Plan nor the Option Letter shall impose any obligation on the Company to continue
receiving services from any Grantee. 

	13.  	Application
of Funds: 

	 	
The
proceeds received by the Company from the sale of Underlying Shares will be used for
general corporate purposes of the Company or any subsidiary thereof. 

	14.  	Tax
Consequences: 

	 	14.1. 	Any
tax consequences arising from (i) the grant or exercise of any Option, (ii)
               the issuance of Underlying Shares and payment therefor, (iii) the sale,
transfer                or exchange of Underlying Shares, or (iv) any other event or act
of the Company                or the Grantee hereunder, and any commissions and other
expenses related                thereto, shall be borne solely by the Grantee. The
Company, any of its                Subsidiaries and/or the Trustee may withhold any
taxes, expenses and commissions                as required. The Grantee agrees to
indemnify the Company, any of its                Subsidiaries and/or the Trustee and hold
them harmless from and against any and                all liability for any such tax
consequences, commissions, expenses or interest                or penalty thereon,
including without limitation, liabilities relating to the                necessity to
withhold, or to have withheld, any such tax from any payment made                to the
Grantee. 

	 	14.2. 	The
Grantee will confirm in writing that he/she (1) understands that the Options
               are granted pursuant to the Plan under Section 102 and the Code, as
applicable,                (2) is aware of the taxation track that applies thereto, and
(3) undertakes not                to exercise the Options prior to the end of the
Required Holding Period, unless                otherwise permitted. 

	15.  	Administration: 

	 	15.1. 	The
Plan will be administered by the Board, or, at the Board’s discretion,
               a committee thereof, subject to applicable law. 

	 	15.2. 	No
member of the Board or a committee thereof shall be liable for any action or
               determination made in good faith with respect to the Plan or any Option
granted                hereunder. 

	16.  	Amendment
and Termination of the Plan: 

	 	
Subject
to applicable law, the Board may, at any time, terminate or amend the Plan in any
respect.  

6

	17.  	Governing
Law: 

	 	
The
Plan and all instruments issued hereunder in connection with Options granted pursuant to
Section 102 shall be governed by, and interpreted in accordance with, the laws of the
State of Israel. 

7S-8

Exhibit 4.9  

Option Grant Letter
Agreement 

Re: Grant of Options
– Chairman Share Option Plan 2006  

Dear: Mr. Dov Moran 

        Tower
Semiconductor Ltd. (the “Company”) is pleased to grant you, subject to the
receipt of the Company’s shareholders’ approval, options (“Options”)
to purchase up to 3,158,090 (three million one hundred and fifty eight thousand and
ninety) Ordinary Shares, nominal value NIS 1.00 each, of the Company (the
“Shares”), pursuant to the Chairman Share Option Plan 2006 of the Company (the
“Plan”), as of the date of the shareholders of the Company approve the grant of
Options to you (the “Date of Grant”). Capitalized terms not defined in this
letter agreement (this “Option Agreement”) shall have the meaning ascribed to
them in the Plan or in the Agreement dated as of December 21, 2006, by and between the
Company and you (the “Chairman Agreement”). 

        The
grant and issuance of Options pursuant to this Option Agreement is subject to the receipt
of all the approvals required under Section 102 of the Income Tax Ordinance (“Section
102”). The Options will therefore be issued to the Trustee, as such term is defined
in the Plan. The Options are granted as 102 Capital Gains Track Options. 

        The
exercise price of each Option shall be the closing price of the Ordinary Shares on the
Nasdaq Global Market on the trading day immediately preceding the Date of Grant (but no
less than the nominal value per Share). The terms and conditions set forth in this Option
Agreement are subject to and supplemented by the terms and conditions set forth in the
Plan, a copy of which is attached hereto. You are urged to review the Plan and shall be
deemed to be fully aware of all the terms and conditions governing the Options set forth
in the Plan. By your signature below, you agree to be bound by the terms and conditions of
the Plan. Notwithstanding the above, in the event of any contradiction between the terms
of this Option Agreement and the terms of the Plan, the terms of this Option Agreement
shall prevail. 

        The
Options granted pursuant to this Option Agreement will be issued once you sign and return
to the Company: (I) this Option Agreement, (II) the attached Declaration, and (III) any
other form which is required under Section 102 and which will be provided to you by the
Company. 

        The
issuance of the Options is subject to the main terms and conditions set out below. Other
terms and conditions of the Options are set out in the Plan. 

	1.  	Issuance
of Options.  

	 	
The
Options are hereby issued to the Trustee for your benefit, subject to the terms and
conditions hereunder. 

	 	
The
Options will not be listed on any stock exchange and are not transferable (except to your
legal heirs or estate). 

	2.  	Vesting;
Period of Exercise.  

	 	2.1 	Vesting
Schedule. Subject to the terms and conditions of the Plan and this Option Agreement
(including Section 2.6 below), the Options granted pursuant to this Option Agreement
shall become exercisable (vest) over a period of four years in accordance with the
following vesting schedule: 

	 	
(a)
               25% of the Options shall vest on the 12th month anniversary of
the                Date of Grant (the “First Vesting Date”);  

	 	
(b)
               the remaining 75% of the Options shall vest over the 3 years following the
First                Vesting Date as follows: 6.25% of the Options shall vest on each 3
month                anniversary of the First Vesting Date.  

In the event of any fractions, the
number of Options that vest shall be rounded down to the nearest whole number and on the
last vesting date the aggregate of all such fractions shall also vest, provided that the
total number of Options that vest pursuant to this Option Agreement does not exceed the
maximum number of Options granted pursuant to this Option Agreement. 

	 	2.2 	The
above Options will vest, and subject to the terms hereof, become exercisable, only if on
the date of vesting you serve as Chairman of the Board of Directors of the Company. 

	 	2.3 	Other
than as set forth in applicable law and Section 2.5 below, vested Options may be
exercised in whole or in part, at any time within a period of ten (10) years from the
Date of Grant (the “Exercise Period”). Any Option not exercised within the
Exercise Period shall lapse and become void and unexercisable. 

	 	2.4 	The
Company will come to an agreement with you as to how to value the Ordinary Shares of the
Company in the event that they are not publicly traded at the time of an option exercise. 

	 	2.5 	In
the event of the termination of the Chairman Agreement other than for Cause (as defined
in the Chairman Agreement) all unvested Options shall immediately expire and all vested
Options shall be exercisable within a 24-month period following termination, subject to
Section 2.3 above. In the event of the termination of the Chairman Agreement for Cause,
all vested and unvested Options shall immediately expire and become unexercisable. 

	 	2.6 	Notwithstanding
anything to the contrary in the Plan, upon the consummation of a sale of all or
substantially all of the shares and/or assets of the Company to any party (other than a
transaction in which the shareholders of the Company immediately prior to the
consummation thereof maintain the direct or indirect voting control of the surviving
entity or directly or indirectly control the purchaser immediately following such
transaction), all Options that were to vest over the next 12 months from the date such
transaction is consummated shall vest and become exercisable immediately prior to the
date such transaction is consummated and the balance of the Options shall vest 12 months
earlier than otherwise contemplated pursuant to their original vesting schedule and
terms, provided that you are serving as Chairman of the Board of Directors of the Company
at such time and that the Chairman Agreement has not been terminated. 

	 	2.7 	The
procedure for exercise of the Options shall be as detailed on the intranet website of the
Company (www.towersemi.com). However, the Company may change the procedure for
exercise of the Options at its discretion. The Company will notify you of any changes in
the procedure. 

	 	2.8 	There
shall be no restrictions on the resale of Shares by you, except as imposed by applicable
laws, including applicable securities laws. 

	3.  	Notices.  

	 	
Any
notice or other communication required or permitted hereunder shall be in writing and
shall be delivered personally, sent by facsimile transmission, electronic mail or
certified, registered or express mail, postage prepaid. Any such notice shall be deemed
given when so delivered personally, sent by facsimile transmission or electronic mail or,
if mailed, three days after the date of deposit in the Israeli mail, 

	 	(a) 	If
to you, at your address, fax number or e-mail listed beneath your signature
          below;  

	 	(b) 	If
to the Company: Human Resources Department, Tower Semiconductor, P.O. Box           619,
Migdal Ha’emek, Israel;  

	 	(c) 	If
with respect to Option exercise procedures: www.tamirfishman.com or Tel:
          +972-3-6849282 Fax: +972-3-6853773  

	 	
Email:
sop@tamfish.com  

	4.  	No
Waiver.  

	 	
The
delay or failure on the part of any party hereto to insist, in any one instance or more,
upon strict performance of any of the terms or conditions of this Option Agreement, or to
exercise any right or privilege herein conferred shall not be construed as a waiver of any
such terms, conditions, rights or privileges but the same shall continue and remain in
full force and effect. 

	5.  	Governing
Law; Jurisdiction.  

	 	
This
Option Agreement shall be governed by, and interpreted in accordance with, the laws of
the State of Israel. The District Court in Tel Aviv shall have exclusive jurisdiction to
settle any disputes that may arise out of or in connection with this Option Agreement and
that, accordingly, any suit, action or proceeding arising out of or in connection with
this Option Agreement may be brought in such court.  

	6.  	Effectiveness.  

	 	
The
terms and conditions of this Option Agreement shall be subject to and contingent upon the
approval of the shareholders of the Company and no Option may be exercised until such time
as the approval by the Company’s shareholders shall have been received. 

			Sincerely,

Tower Semiconductor Ltd.

		
	Name of Grantee: Mr. Dov Moran	Date: December 21, 2006

Grantee signature:
_____________________ 

Grantee Israeli Identity
Number: 

Grantee address, fax number and
e-mail:    

Grantee Declaration  

     1.    
          I, the undersigned, confirm that the contents of this Option Agreement, dated
          December 21, 2006 are acceptable and agreed to by me. 

     2.    
          Any tax consequences arising from (i) the grant or exercise of any Option, (ii)
          the issuance of Underlying Shares and payment therefor, (iii) the sale, transfer
          or exchange of Underlying Shares, or (iv) any other event or act of mine or of
          the Company hereunder, and any commissions and other expenses related thereto,
          shall be borne solely by me. The Company, any of its subsidiaries and/or the
          Trustee may withhold any taxes, expenses and commissions as required. I agree to
          indemnify the Company, any of its subsidiaries and/or the Trustee and hold them
          harmless from and against any and all liability for any such tax consequences,
          commissions, expenses or interest or penalty thereon, including without
          limitation, liabilities relating to the necessity to withhold, or to have
          withheld, any such tax from any payment made to me. 

     3.    
          I acknowledge and agree that in the event the Company issues securities as bonus
          shares or performs a share split or a similar dissolution, such bonus shares or
          other similar rights on the shares granted to me pursuant to this Option
          Agreement, shall be transferred by the Company to the Trustee, and the terms and
          provisions of the Ordinance and the Rules (as such terms are defined below)
          shall apply to the bonus shares and/or other similar rights, as shall the
          Trustee’s undertakings under the Agreement between the Trustee and the
          Company. 

     4.    
          Without derogating from the former provisions, I acknowledge that the ultimate
          liability for income tax, social insurance or other tax-related withholding in
          connection with this grant or its exercise is my responsibility. I specifically
          acknowledge that any and all applicable laws and regulations in Israel
          pertaining to the granting of options including but not limited to the
          provisions set forth in Section 102 of the Income Tax Ordinance [New Version]
          – 1961 (the “Ordinance”) and any rules promulgated thereunder
          including any amendment thereto, any interpretation published by the Israeli tax
          authorities in their official guidelines and any judicial interpretation of the
          Israeli courts, shall each apply with respect to my options and may affect the
          terms of my options. Any exercise of an option and sale of shares received upon
          the exercise of my options (the “Shares”), which deviates from the
          rules set forth in Section 102 of the Ordinance or in regulations promulgated
          thereunder may result in adverse tax consequences for me. I further acknowledge
          that each of the Company, brokers effecting transactions relating to my options
          and the Trustee (as defined in the Plan) is under no obligation to inform me as
          to whether a particular transaction I may consider effecting complies with the
          provisions of Section 102 of the Ordinance or the rules promulgated thereunder.
          I further acknowledge that the Company has not, nor does it intend to, provide
          tax advice with respect to the tax ramifications of an option grant under the
          laws of any jurisdiction, including Section 102 of the Ordinance or any rules
          promulgated thereunder, and that I am urged to seek my own personal tax advice. 

     5.    
          Appointment of a Trustee. I acknowledge that the Trustee has been
          appointed to administer my options in accordance with Section 102 of the
          Ordinance and the Income Tax Rules (Tax Benefits Regarding the Grant of Options
          to Employees), 2003 (the “Rules”) and pursuant to an agreement between
          the Company and the Trustee that may be amended from time to time (the
          “Trust Agreement”). In accordance with the terms of this Option
          Agreement, the Company and/or the Trustee are responsible, among other things,
          to: (a) withhold and pay any applicable taxes owed to the tax authorities in
          Israel in connection with my options, including as a result of an exercise of my
          options and sale of the Shares by me, prior to releasing any funds owed to me,
          (b) provide the tax authorities in Israel with an annual report in accordance
          with the Rules, and (c) provide the Israeli tax authorities with a report
          regarding the grant of Options under the Plan, within ninety (90) days from the
          Grant Date in accordance with the Rules. Any fees associated with the exercise
          of my options as specified in the Trust Agreement will be borne solely by me. In
          accordance with the approval granted by the Israel tax authorities in connection
          with the Plan, certain of the functions related to the administration of my
          options may be performed by the Company. 

     6.    
          Required Holding Period. In accepting this grant, I acknowledge that
          unless otherwise permitted by the Israeli tax authorities, the Rules as of the
          Option Date, prohibit me from selling my Shares during a period of twenty-four
          months from the date the grant took place as my options are subject to the
          “capital gains track” as set forth in Section 102(b)(2) of the
          Ordinance (the “Capital Gains Track”). Notwithstanding the above, if I
          elect to sell my Shares during the Required Holding Period, I hereby acknowledge
          that the sale of the Shares will be taxed in accordance with the relevant
          provisions of Section 102 of the Ordinance and the Rules regarding a breach of
          the terms of the Required Holding Period. For the avoidance of doubt, a sale of
          the Shares during the Required Holding Period will forfeit my right to receive
          the tax benefits of the Capital Gains Track and the income derived from the
          exercise of the Options and the sale of the Shares will be taxed as ordinary
          income (and not at the reduced capital gains tax rate, if applicable) and will
          be generally subject to National Insurance and Health Tax. 

     7.    
          I am aware that: (i) the Company intends to issue additional shares and options
          in the future to various entities and individuals, as the Company, in its sole
          discretion, shall determine; and (ii) the Company may increase its share capital
          by new securities in such amount as it finds expedient; and I hereby waive any
          claim I might or may have regarding such issuance or increase other than any
          claim or right I may have pursuant to any written agreement between myself and
          the Company. 

     8.    
          I am aware that pursuant to Section 102(b)(3) of the Ordinance if my options are
          issued with an exercise price lower than the average closing price of the
          Company’s shares on the 30 (thirty) trading days preceding the issuance of
          the options, a part of any benefit ultimately derived from the exercise of the
          Options and the sale of the Shares, generally up to the amount equivalent to the
          difference between these prices, will be taxed as ordinary income and not at the
          reduced capital gains tax rate and generally will be subject to National
          Insurance and Health Tax. 

     9.    
          Transfer of Information. I hereby consent to the transfer of information
          that the Company is required to report to the tax authorities and to the Trustee
          relating to the Options in accordance with the provisions of Section 102 of the
          Ordinance and the Rules. 

		
	Name of Grantee: Mr. Dov Moran	Signature: ___________
	 
	ID Number: 	Date: December 21, 2006

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