Document:

License No. 23756 for the lease of telecommunications channels

 Exhibit 4.34 
 MINISTRY OF THE RUSSIAN FEDERATION 
 FOR TELECOMMUNICATIONS AND INFORMATION TECHNOLOGIES

 LICENSE 
 A
023303    No. 23756 
 In accordance with the applicable laws of the Russian Federation 
 this permission is given to 
 Joint Venture, Closed Joint Stock Company 
 Sakhalin Telecom Mobile 
 Legal Address: 
 693016,
Yuzhno-Sakhalinsk, Ul. Komsomolskaya, 213A 
 Type of Operations: 
 Lease of Telecommunications Channels 
 Conditions for carrying out this type of
activity and the territory 
 are set forth in the attachment which is an integral part hereof 
  

					
	Term of validity of the License:	 		 	until October 7, 2007
			
	Services to be rendered as of	 		 	
	    (no later than):	 		 	April 7, 2003
			
	 Date of registration of the License
 in the Unified
Register of
	 		 	
	Telecommunications Licenses:	 		 	October 7, 2002
			
	First Deputy	 		 	
	Minister of the Russian	 		 	
	Federation for	 	 /s/ B.D. Antonyuk

	Telecommunications and	 	[Signature]	 	B.D. Antonyuk
	Information Technologies	 	[Seal]	 	

 Ministry of the Russian Federation for Telecommunications and Information Technologies 

CONDITIONS FOR CARRYING OUT ACTIVITIES 
 UNDER LICENSE NO. 23756 
 1. Joint Venture, CJSC Sakhalin Telecom Mobile (the Licensee) is hereby authorized to provide
local, intra-zone communications channels and paths, physical links for transmission of telecommunications signals in the territory of Sakhalin Oblast. 
 The total number of tone frequency channels (main digital channels) organized by the Licensee, including as part of digital paths, shall be at least 210. 
 2. Communications channels and paths and physical links may be provided for the purposes of organization of telecommunications network provided that
their owners hold the relevant licenses of the Ministry of the Russian Federation for Telecommunications and Information Technologies (Ministry of the Russian Federation for Telecommunications, State Committee of the Russian Federation for
Telecommunications and Information Technologies, State Committee of the Russian Federation for Telecommunications) for internal production networks which do not provide telecommunications services for a fee, including those which have a connection
to the public telecommunications network, and for organization of subscriber lines with a view to gain access to various telecommunications networks pursuant to the construction rules of same. 
 Communications channels and physical links may be provided for the purposes of organization of subscriber and connection lines of local telephone
networks only within the territory of the relevant geographic numbering zones. 
 3. Telecommunications services with the use of radio
electronic devices may be provided only after a permission of the State Radio Frequencies Service of the Ministry of the Russian Federation for Telecommunications and Information Technologies to use operating frequencies is obtained. 
 4. The use of communications channels and physical links of the public telephone network for transmission of telecommunications signals shall be effected
under agreements with operators of the relevant public networks and subject to tariffs applicable to the given category of users. 
 5. The
Licensee shall provide telecommunications services provided for in this License 24 hours a day on a daily basis, except for interruptions for necessary maintenance and repairs to be scheduled so as to minimize damage caused to the users. 

6. The Licensee is required to provide users with telecommunications services which comply with the quality standards, technical parameters,
certificates, and terms of the agreement for provision of telecommunications services. 
 7. The Licensee shall be liable to the users for
failure to perform or improper performance of its obligations pursuant to the procedure and to the extent specified by the applicable laws of the Russian Federation. 
 8. The Licensee shall comply with the requirements of the Ministry of the Russian Federation for Telecommunications and Information Technologies concerning the procedure of use of telecommunications equipment in the
Integrated Telecommunications Network of the Russian Federation. 

 Ministry of the Russian Federation for Telecommunications and Information Technologies 

9. The Licensee shall comply with the requirements of the Agency of Telecommunications of the Russian Federation with respect to the traffic priority
and provision of services. 
 In situations set forth by the laws of the Russian Federation the centralized management of Licensee’s
telecommunications networks shall be effected directly by the Ministry of the Russian Federation for Telecommunications and Information Technologies. 
 10. At the request of the Ministry of the Russian Federation for Telecommunications and Information Technologies, the Licensee shall provide information on the technical condition and development prospects of the
network, conditions for the provision of telecommunications services and existing tariffs. 
 11. In case of Acts of God, quarantine or any
other natural or industrial force majeure events, the governmental authorities authorized thereto shall have the right of priority utilization and suspension of the operation of the Licensee’s network and telecommunications means. 

12. The Licensee shall provide an absolute priority for all emergency messages related to personal safety at sea, or land, in the air or space,
carrying out of emergency measures in the area of defense, security and law and order enforcement in the Russian Federation, as well as for messages on significant accidents, catastrophes, epidemics, epizootics and Acts of God. 
 13. The Licensee shall give priority to the use of telecommunications means manufactured in the Russian Federation pursuant to the Federal Law “On
Communications”. 
 14. Licensee’s technical facilities can be constructed only upon availability of design documents prepared in
compliance with Construction Norms and Rules and Industrial Technological Design Norms (SniP, VNTP) effective in the Russian Federation, and properly approved. 
 15. The Licensee’s technical devices shall be operated pursuant to the applicable operating norms and rules. 
 16. The tariffs for telecommunications services shall be established on a contractual basis. 
 In cases stipulated by the laws of
the Russian Federation with regard to specific types of telecommunications services provided by telecommunications enterprises, the tariffs may be regulated by the state. 
 17. Expenses associated with design and construction of Licensee’s technical devices shall be at the Licensee’s cost. 
 18. Specific categories of state officers, diplomatic and consulate representatives of foreign states, representatives of international organizations, as well as specific groups of 

 Ministry of the Russian Federation for Telecommunications and Information Technologies 

individuals may have certain privileges and priorities while using telecommunications in terms of the order of priority, procedure of use and the amount of payment
for communications services. 
 The list of privileges as well as categories of officers and individuals who are entitled to such privileges
and priorities shall be determined by the laws of the Russian Federation and regulatory acts of the political subdivisions of the Russian Federation, as well as by international treaties and agreements of the Russian Federation. 
 19. Use of technical communications devices owned by the Licensee or users shall be allowed subject to availability of compliance certificate of
“Electrosvyaz” Compulsory Certification System. 
 Provision of services using the communications facilities hereunder may be
commenced only subject to availability of telecommunications network operating permission issued by the Russian state communications and information technologies control authority. 
 20. The Licensee shall not prevent any reviews of the technical parameters of the network by the state telecommunications and information technologies
control agencies of the Russian Federation, and, if necessary, must provide such agencies with access to its measuring devices to be used for such work. 
 21. The Licensee shall provide for strict confidentiality of communications. 
 Any information on messages
being transmitted through the communications network of the Licensee, as well as the messages themselves may be disclosed only to the senders and addressees or their legal representatives. 
 Any tapping of telecommunications messages or any other limitation of communications confidentiality shall be permitted only on the basis of the
applicable laws of the Russian Federation. 
 22. During development, creation and operation of the communications network, the Licensee
shall, pursuant to the laws of the Russian Federation, render assistance and provide the search and detection agencies with the possibility of carrying out such search and detection actions using the communications network, and shall take measures
to keep confidential all organizational and tactic methods of carrying out the mentioned activities. 
 Should communications means be used
for criminal purposes harmful to the interests of individuals, society and the state, operation of the networks and communications equipment of the Licensee may be suspended by the state bodies authorized thereto in accordance with the laws of the
Russian Federation. 
 Provision of communications channels to the users shall be effected after requirements of the Law of the Russian
Federation On Search and Detection Activities in the Russian Federation are met. 
 23. The Licensee shall be obliged to take measures to
prevent any unauthorized access to management of the network and any unauthorized control over its operations. 

 Ministry of the Russian Federation for Telecommunications and Information Technologies 

24. This License shall be governed, construed and performed in accordance with the applicable laws of the Russian Federation. 
 25. The Licensee shall operate in accordance with the regulatory acts and applicable laws of the Russian Federation. 
 26. The Ministry of the Russian Federation for Telecommunications and Information Technologies reserves the right to introduce any amendments or
supplements to this License to reflect any changes in the applicable laws of the Russian Federation. 
 27. The Licensee shall submit to
local statistical agencies and to the Ministry of the Russian Federation for Telecommunications and Information Technologies periodic and annual state statistical reports on communications in accordance with the procedure established by the State
Committee for Statistics of the Russian Federation. 
 Violation of the procedure for submitting statistical reports shall result in
administrative liability in accordance with the applicable laws. 
 28. This License is not assignable to any other entity. 
 29. The Licensee shall effect payments out of revenues received for the rendered telecommunications and information technologies services to the account
of the Ministry of the Russian Federation for Telecommunications and Information Technologies, pursuant to the standards established under Decree No. 380 of the Government of the Russian Federation of April 28, 2000. 
 Such transfers shall be effected on a monthly basis subject to the actual revenues received for the telecommunications and information technologies
services rendered in the preceding calendar month, no later than the 20th day of the subsequent month. The amount to
be transferred shall be adjusted on a quarterly basis upon filing of accounting statements with the tax agencies. 
 With a view to effecting
control over complete transfers to the account of the Ministry of the Russian Federation for Telecommunications and Information Technologies, the Licensee shall, upon written request of the management of the department for control over
telecommunications and information technologies in the relevant political subdivision of the Russian Federation, provide the corresponding accounting form which reflects the revenues from the provided telecommunications and information technologies
services. 
 30. The License shall be registered upon its issuance with the relevant state telecommunications and information technologies
control agency of the Russian Federation. 
 In case of any changes in the mailing or banking details or the telephone numbers, or in case of
reorganization or liquidation of the legal entity, the Licensee shall inform thereof the Ministry of the Russian Federation for Telecommunications and Information Technologies and the territorial department of the state telecommunications and
information technologies control which registered the License. 

 Ministry of the Russian Federation for Telecommunications and Information Technologies 

 

					
	First Deputy Minister	 		 	
	of the Russian Federation for	 		 	
	Telecommunications and	 	 /s/ B.D. Antonyuk

	Information Technologies	 	[Signature]	 	B.D. Antonyuk
		 	[Seal]	 	
			
	Head of the Department	 		 	
	of the Organization	 	 /s/ N.M. Popov

	of Licensing Activity	 	[Signature]	 	N.M. PopovnLayers Ltd. 2003 Share Option Plan

 Exhibit 4.1 
 NLAYERS LTD. 
 2003 SHARE OPTION PLAN 
 1. Purposes of the Plan. The purpose of this Share Option Plan (the “Plan”) is to advance the interests of
NLayers Ltd. (the “Company”) and its shareholders by attracting and retaining the best available personnel for positions of substantial responsibility, providing additional incentive to employees, officers, directors, advisors and
consultants , and promoting a close identity of interests between those individuals and the Company. In addition, the Company may make contributions by issuing securities of the Company to worthy purposes, subject to approval of the Board and any
requirements of the Articles of Association of the Company. 
 2. Definitions. As used herein, the following definitions shall
apply: 
 (a) “Administrator” means the Board or any of its Committees as shall be administering the Plan, in accordance with
Section 3 hereof. 
 (b) “Affiliate” means any entity controlling, controlled by or under common control with the
Company and if such entity is a person, then the immediate family of such person. For the purpose of this definition of Affiliate, control shall mean the ability, to direct the activities of the relevant entity and/or shall include the holding of
more than 50% of the capital or the voting of such entity and any “employing company” within the meaning of Section 102(a) of the Ordinance. 
 (c) “Applicable Law” means the requirements relating to the administration of share option plans Israeli Tax laws, Israel securities laws, Israel Companies Act, any stock exchange or quotation system
on which the shares are listed or quoted and the applicable law of any country or jurisdiction where Options are granted under the Plan. 
 (d) “Board” means the Board of Directors of the Company. 
 (e) “Committee” means a compensation
committee of the Board, designated from time to time by the resolution of the Board, which shall consist of no fewer than two members of the Board. 
 (f) “Ordinary Shares” means the Common Stock, par value NIS 0.01 per share, of the Company. 
 (g)
“Consultant” means any person who is engaged by the Company or any Affiliate to render consulting or advisory services to such entity. 
 (h) “Director” means a member of the Board. 
 (i) “Employee” means any
person who is employed by the Company or its Affiliates, including an individual who is serving as a director or an office holder, but excluding Controlling Shareholder as defined in Section 32(9) of the Ordinance The term “Employee”
shall 
  

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 not include a stockholder of the Company who, at the time the Option is granted, owns stock representing more than ten
percent (10%) of the voting power of all classes of stock of the Company or any Affiliate. 
 (j) “Fair Market Value”
means, as of any date, the value of a Share determined as follows: 
 (i) If the Shares are listed on any established stock exchange or a
national market system, including without limitation the Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, their Fair Market Value shall be the closing sales price for such Shares (or the closing bid, if no sales were
reported) as quoted on such exchange or system for the last market trading day prior to the time of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; Without derogating from the
above and solely for the purpose of determining the tax liability pursuant to Section 102, if at the date of grant the Company’s Shares are listed on any established stock exchange or a national market system or if the Company’s
Shares will be registered for trading within ninety (90) days following the Date of Grant under the Capital Gain Track, the fair market value of the Share at the Date of Grant shall be determined in accordance with the average value of the
Company’s Shares on the thirty (30) trading days preceding the Date of Grant or on the thirty (30) trading days following the date of registration for trading, as the case may be. 
 (ii) If the Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, their Fair Market Value shall be the mean
between the high bid and low asked prices for the Shares on the last market trading day prior to the day of determination, or; 
 (iii) In
the absence of an established market for the Shares, the Fair Market Value thereof shall be determined in good faith by the Administrator. 
 (k) “Service Provider” means an Employee, director, consultant or adviser of the Company or any of its Affiliates. 
 (l) “Option” means a share option granted pursuant to the Plan. 
 (m) “Option Agreement” means a
written or electronic agreement between the Company and an Optionee evidencing the terms and conditions of an individual Option grant. The Option Agreement is subject to the terms and conditions of the Plan. 
 (n) “Optionee” means the holder of an outstanding Option granted under the Plan. 
 (o) “Section 102 Capital Gain Track” means grant of Options with a Trustee under the capital gain track as defined in Section 102.

 (p) “Section 102 Employment Income Track” means grant of Options with a Trustee under the employment income track as
defined in Section 102. 
 (q) “Section 102 Non Trustee Track” means grant of Options without a trustee as defined in
Section 102. 
  

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 (r) “Share” means a share of the Ordinary Shares of the Company, or such other class of
shares or other securities as may be applicable pursuant to Section 12 hereof. 
 3.
Administration of the Plan. 
 (a) Procedure. 
 (i) The Plan shall be administered by the Board or a Committee appointed by the Board. 
 (ii) In administering the Plan, the Board and/or the Committee shall comply with all Applicable Law. 
 (b) Powers of the Administrator. Subject to the provisions of the Plan, subject to Applicable Law and subject to the approval of
any relevant authorities, the Administrator shall have the authority, in its discretion: 
 (i) to construe and interpret the terms of the
Plan and any Options granted pursuant to the Plan; 
 (ii) to designate the Optionees to whom Options may from time to time be granted
hereunder; 
 (iii) to determine the number of Shares to be covered by each such award granted hereunder; 
 (iv) to prescribe forms of agreement for use under the Plan; 
 (v) to determine the terms and conditions of any Option granted hereunder; 
 (vi) to determine the Fair
Market Value of Shares; 
 (vii) to prescribe, amend and rescind rules and regulations relating to the Plan; 
 (viii) subject to Applicable Law, to make an Election (as defined below); 
 (ix) subject to Applicable Law, to allow Optionees to satisfy withholding tax obligations by electing to have the Company, if permitted under Applicable
Law, withhold from the Shares to be issued upon exercise of an Option that number of Shares having a Fair Market Value equal to the amount required to be withheld. The Fair Market Value of the Shares to be withheld shall be determined on the date
that the amount of tax to be withheld is to be determined. All elections by Optionees to have Shares withheld for this purpose shall be made in such form and under such conditions as the Administrator may deem necessary or advisable; and 

 

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 (x) to take all other action and make all other determinations necessary for the administration of the
Plan. 
 (c) Effect of Administrator’s Decision. All decisions, determinations and interpretations of the Administrator
shall be final and binding on all Optionees. No member of the Administrator shall be liable for any action or determination made in good faith with respect to the Plan or any Option granted thereunder. 
 (d) Grants to Committee Members. A member of such Committee shall be eligible to receive Options under the Plan while serving on the Committee,
only in accordance with the provisions of any Applicable Law. If the Administrator is a Committee appointed by the Board, the grant of Options under the Plan to members of such Committee, if any, shall be made by the Board and not by such Committee,
and subject to any Applicable Law. 
 (e) Certain Option Grants. All grants of Options to Employees, directors or office holders
(“Nosei Misra”, as such term is defined in the Israeli Companies Act, 1999, as amended from time to time (the “Companies Act”)), pursuant to this Plan, shall be authorized and implemented in accordance with the provisions
of the Companies Act. 
 4. Eligibility. 
 (a) Subject to the provisions of the Plan, the Board may at any time, and from time to time, grant Options under the Plan. 
 (b) Options granted under this Plan to Service Providers may or may not contain such terms as will qualify the Options as options granted pursuant to the provisions of Section 102 Capital Gain Track,
Section 102 Employment Income Track and Section 102 Non Trustee Track (together “Section 102 Tracks”) and any pre-ruling related thereto or Section 3(i) of the Ordinance and any regulations, rules, orders or
procedures promulgated thereunder including the Income Tax Rules (Tax Benefits in Stock Issuance to Employees) 2003 (the “Rules”). 
 (c) Upon election of the Administrator between the Section 102 Tracks (“Election”), Options shall be granted under the Plan pursuant to the elected Section 102 Track, until such time as the Board changes its
Election, in accordance with the provisions of Section 102. Such Election shall become effective as of the first Date of Grant of Option under this Plan and shall remain in effect until the end of the year following the year during which the
Company first granted Options pursuant to its Election. The Election shall obligate the Company, and shall apply to all Optionees who were granted Options during the period indicated herein, all in accordance with the provisions of
Section 102(g) of the Ordinance. For avoidance of doubt, such Election shall not prevent the Company from granting Option under Section 102 Non Trustee Track simultaneously. 
 (d) For avoidance of doubt, the grant of Options under Section 102 Tracks is subject to (i) the approval of the Plan by the Israeli income tax
authority, (ii) filing the Company’s Election with the Israeli income tax authorities at least thirty (30) days before the date grant of Options. 
  

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 (e) Options under Section 102 Capital Gain Track and Section 102 Employment Income Track shall
be held in trust pursuant to the Section 5 of this Plan. 
 (f) All Service Providers of the Company or any Affiliate of the Company
shall be eligible to receive Options under the Plan; provided, however, that Options granted pursuant to Section 102 of the Ordinance shall be granted only to Employees of the Company and provided that Options granted pursuant to
Section 3(i) of the Ordinance shall not be granted to Employees of the Company. 
 (g) For the avoidance of doubt, the designation of
Section 102 Capital Gain Track, Section 102 Employment Income Track and Section 102 Non Trustee Track shall be subject to the terms and conditions of Section 102 and the regulations promulgated thereunder. 
 (h) No individual shall at any time have a right to receive an Option under the Plan. The receipt of an Option under the Plan shall not confer upon any
Optionee any right with respect to continuing the Optionee’s relationship as a Service Provider with the Company or a Affiliate of the Company, nor shall it interfere in any way with his or her right or the Company’s right, or the right of
the Company’s Affiliate, to terminate such relationship at any time, with or without cause. 
 5. Appointment of a
Trustee. 
 (a) In case of Election of either Section 102 Capital Gain Track or Section 102 Employment Income Track, the
Administrator shall elect and appoint a Trustee for this Plan (the “Trustee”). Upon such appointment a trust agreement, which comply with the relevant and Applicable Law, will be signed between the Trustee and the Company.

 (b) In case of Election of either Section 102 Capital Gain Track or Section 102 Employment Income Track and in the event that a
Trustee has been appointed, all Options granted according to this Plan shall be issued to the Trustee and registered in the Trustee’s name. Such Options or any Shares allocated or issued upon exercise of such Options and/or other shares
received subsequently following any realization of rights, including without limitation bonus shares, shall be held for the benefit of the Optionees for the Restricted Period (as defined below). 
 (c) In the event the requirements under Section 102 Capital Gain Track or Section 102 Employment Income Track are not met, then such Options
may be treated under No Trustee Track, all in accordance with the provisions of Section 102 and regulations promulgated thereunder. 
 (d) In the event that the Company issues Options to the Trustee the sale or transfer of the Options or the underlying Shares shall be restricted for a certain period of time as required under the Applicable Law (the “Restricted
Period”), in order to ensure that the Plan should qualify under the laws of any country or jurisdiction where Options are granted under the Plan. 
 (e) Notwithstanding anything to the contrary, the Trustee shall not release any Shares allocated or issued upon exercise of Options under Section 102 Capital Gain Track and Section 102 Employment Income
Track prior to the full payment of the Optionee’s tax liabilities arising from such Options which were granted to him/her and/or any Shares allocated or issued upon exercise of such Options. 
  

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 (f) With respect to any Options under section 102 Capital Gain Track and section 102 Employment Income
Track, subject to the provisions of Section 102 and any rules or regulation or orders or procedures promulgated thereunder, an Optionee shall not be entitled to sell or release from trust any Share received upon the exercise of an such 102
Options and/or any Share received subsequently following any realization of rights, including without limitation, bonus shares, until the lapse of the Restricted Period. 
 (g) The Trustee shall be exempt from any liability in respect of any action or decision duly taken in its capacity as a Trustee, provided, however, that the Trustee acted at all times without negligence or fraud.

 6. Shares Subject to the Plan. Subject to the provisions of Section 12 hereof, the maximum
aggregate number of Shares which may be received upon the exercise of Options under the Plan is up to 1,295,763, which constitute up to 21.1% of the outstanding Shares of the Company as of the date this plan is adopted. Shares distributed pursuant
to the Plan may consist of authorized but unissued Shares. 
 If an Option expires or becomes unexercisable without having been exercised in
full, the unpurchased Shares which were subject thereto shall become available for grant or sale under the Plan (unless the Plan has terminated); provided, however, that Shares that have actually been issued under the Plan shall not be
returned to the Plan and shall not become available for future distribution under the Plan. 
 7. Option Exercise Price and
Consideration. 
 (a) The exercise price of an Option shall be determined by the Administrator on the date of grant of such Option in
accordance with Applicable Law and subject to guidelines as shall be suggested by the Board from time to time, but shall be subject to the following: 
 (i) The consideration for the exercise of the Options shall be payable upon the exercise of the Option in a form satisfactory to the administrator, including without limitation, by cash or check. The administrator
shall have the authority to postpone the date of payment on such terms as it may determine. 
 (ii) The proceeds received by the Company
from the issuance of Shares subject to the Options will be added to the general funds of the Company and used for its corporate purposes. 
 8. Exercise of Option; 
 (a) Any Option granted hereunder shall be exercisable according to the terms of the
Plan and at such times and under such conditions as determined by the Administrator and set forth in the Option Agreement. An Option may not be exercised for a fraction of a Share. 
 (b) An Option shall be deemed exercised when the Company receives: (i) written or electronic notice of exercise (in accordance with the Option
Agreement) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which 
  

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 the Option is exercised. Full payment may consist of any consideration and method of payment authorized by the
Administrator and permitted by Applicable Law, the Option Agreement and the Plan. Shares issued upon exercise of an Option shall be issued in the name of the Optionee or, if requested by the Optionee, in the name of the Optionee and his or her
spouse, provided that Shares issued upon exercise of any Option which was granted under Section 102 Capital Gain Track or under Section 102 Employment Income Track and as long as it is held by the Trustee, shall be issued in the name of
the Trustee for the benefit of the Optionee. 
 Prior to exercise, an Optionee, as such, shall have none of the rights of a shareholder of
the Company. Upon exercise of an Option, an Optionee shall have no shareholder rights until the Shares are issued, as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company. 

Upon their issuance, the Shares shall carry equal voting rights on all matters where such vote is permitted by Applicable Law. The Company shall issue
(or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other shareholder right for which the record date precedes the date of issuance of the Shares, except as provided in
Section 12 hereof. 
 (c) If any law or regulation requires the Company to take any action with respect to the Shares specified in such
notice before the issuance thereof, then the date of their issuance shall be extended for the period necessary to take such action. 
 (d)
Subject to Applicable Law, an Option may not be exercised unless, at the time the Optionee gives notice of exercise to the Company, the Optionee includes with such notice payment in cash or by bank check of all withholding taxes due, if any,
on account of his or her acquired Shares under the Option or gives other assurance satisfactory to the Administrator of the payment of those withholding taxes. 
 (e) Until the consummation of an Initial Public Offering (IPO), such Shares shall be voted by an irrevocable proxy (the “Proxy”) pursuant to the directions of the Board, such Proxy to be assigned to
the person or persons designated by the Board. Such person or persons designated by the Board shall be indemnified and held harmless by the Company against any cost or expense (including counsel fees) reasonably incurred by him/her, or any liability
(including any sum paid in settlement of a claim with the approval of the Company) arising out of any act or omission to act in connection with the voting of such Proxy unless arising out of such member’s own fraud or bad faith, to the extent
permitted by Applicable Law. Such indemnification shall be in addition to any rights of indemnification the person(s) may have as a director or otherwise under the Company’s incorporation documents, any agreement, any vote of shareholders or
disinterested directors, insurance policy or otherwise. Without derogating from the above, with respect to Options under 102 Capital Gain Track and 102 Employment Income Track, such Shares shall be voted in accordance with the provisions of
Section 102 and any rules, regulations or orders promulgated thereunder. 
 (f) Exercise of an Option in any manner shall result in a
decrease in the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 
 9. Term of Option. The term of an Option shall expire on such date or dates as the Administrator shall determine at the time of the grant
of the Option; provided, however, that the term of an Option shall not exceed ten (10) years from the date of grant thereof. 
  

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 10. Non-Transferability of Options. Except as set forth in Section 11(b)
hereof, Options may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee.

 11. Termination of Employment 
 (a) In the event of termination of Optionee’s employment with the Company or any of its Affiliates, including without limitation, due to retirement, or if applicable, the termination of services given by the
Optionee to the Company or any of its Affiliates, all Options granted to the Optionee, which are vested and exercisable at the time of such termination, may, unless earlier terminated in accordance with the Option Agreement, be exercised within
three (3) months after the date of such termination (or such different period as the Board shall prescribe). If, on the date of termination, the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion
of the Option shall revert to the Plan. If the Option is not so exercised within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 
 (b) In the event of termination of Optionee’s employment with the Company or any of its Affiliates, or if applicable, the termination of services
given by the Optionee to the Company or any of its subsidiaries by reason of death or total and permanent disability, the outstanding Options may be exercised by the Optionee, the Optionee’s legal guardian, the Optionee’s estate or a
person who acquires the right to exercise the Option by bequest or inheritance, as the case may be, within twelve (12) months after termination to the extent the Option is vested on the date of termination (but in no event later than the
expiration of the term of such Option as set forth in the Option Agreement). If, on the date of termination, the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall revert to the
Plan. If the Option is not so exercised within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. Notwithstanding the above, the Optionee’s legal guardian, the Optionee’s
estate or a person who acquires the right to exercise the Option by bequest or inheritance, shall be entitled to acceleration of the outstanding non vested Options, until the end of the year in which such termination of employment took place.

 (c) In the event of termination of Optionee’s employment with the Company or any of its Affiliates, or if applicable, the termination
of services given by the Optionee to the Company or any of its subsidiaries for Cause (as defined hereunder), all outstanding Options granted to such Optionee (whether vested or not) shall, to the extent not theretofore exercised, terminate on the
date of such termination and the Shares covered by such Option shall revert to the Plan. For purposes of this Section, termination for “Cause” shall mean any of the following: (a) the Optionee’s theft, dishonesty, or
falsification of any Company documents or records; (b) the Optionee’s improper use or disclosure of the Company’s confidential or proprietary information; (c) any action by the Optionee which has a detrimental effect on the
Company’s reputation or business; (d) the Optionee’s failure or inability to perform any reasonable assigned duties after written notice from the Company of, and a reasonable opportunity to cure, such failure or inability;
(e) any material breach of the Optionee of any agreement between the Optionee and the Company, which breach is not cured pursuant to the terms of such agreement; or (f) the Optionee’s conviction (including any plea of guilty) of any
criminal act which impairs the Optionee’s ability to perform his or her duties with the Company. 
  

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 (d) In addition, if after termination of employment the Optionee does not comply in full with any of
non-compete, non solicitation, confidentiality or any other requirements of any agreement between the Company and the Optionee, the Administrator may, in its sole discretion, refuse to allow the exercise of the Options. 
 (e) With respect to a Non Trustee Track, in case the Optionee ceases to be an Employee of the Company or any of its Affiliate, then the Optionee shall
obtain and maintain to the Company and/or its Affiliates security or guarantee for the payment of tax due a the time of sale of Shares, all in accordance with the provisions of Section 102. 
 12. Adjustments upon Changes in Capitalization. 
 In the event of a shares split, reverse shares split, shares dividend, recapitalization, combination or reclassification of the Shares, rights issues or
any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company (but not the conversion of any convertible securities of the Company), the Administrator in its sole discretion shall make an
appropriate adjustment in the number of Shares related to each outstanding Option, the number of Shares reserved for issuance under the Plan, as well as the exercise price per Share of each outstanding Option. Except as expressly provided herein, no
issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Option. 
 13. Dissolution or Liquidation. 
 In the event of the proposed dissolution or liquidation of the Company, the Administrator shall notify each Optionee as soon as practicable prior to the effective date of such proposed transaction. The Administrator in its discretion will
determine the period of time of which such Option may be exercised, which in no event is less than fifteen (15) days prior to such transaction. To the extent it has not been previously exercised, an Option will terminate immediately prior to
the consummation of such proposed action. 
  

 9 

 14. Merger. 
 (a) In the event of a merger, acquisition, reorganization of the Company with one or more other entities, or a sale of all or substantially all of the assets of the Company in which the Company is not the surviving
entity, each outstanding Option shall be assumed or an equivalent option substituted by the successor company or an affiliate of the successor company. 
 (b) In the event that the successor company refuses to assume or substitute then all unvested options shall expire, unless the Administrator has determined otherwise with respect to certain Option Agreement.

 (c) In such case, the Administrator shall notify the Optionee in writing or electronically that the Option shall be fully exercisable for
a period of fifteen (15) days from the date of such notice, and the Option shall terminate upon the expiration of such period. 
 15.
Change in Control 
 (a) “Change in Control” shall mean a change in ownership or control of the
Company effected through any of the following transactions: 
  

	 	(i)	IPO; 

  

	 	(ii)	the acquisition, directly or indirectly by any person or related group of persons (other than the Company or a person that directly or indirectly controls, is controlled by, or is
under common control with, the Company), of beneficial ownership of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities; 

  

	 	(iii)	a merger, consolidation, reorganization of the Company or a similar business combination, in which the Company is a surviving entity; or 

  

	 	(iv)	the sale, transfer or other disposition of all or substantially all of the Company’s assets. 

 (b) Upon a Change in Control, no changes will be made to the terms of the Options, unless otherwise is determined by the Board.

 16. Restructuring. 
 Upon any
restructuring of the Company, Optionee shall vote his/her Shares in accordance with the vote of the majority of shareholders of ordinary shares of the Company. 
 17. Right of First Refusal; Lock-Up. 
 (a) Prior to the consummation of the Company’s
initial public offering, all Shares held by the Optionee or the Trustee, pursuant to this Plan shall be subject to a right of first refusal upon transfers. 
 (b) Notwithstanding the Articles of Association of the Company, Optionees shall not have a right of first refusal to purchase any securities proposed to be sold by any shareholder of the Company. 
  

 10 

 (c) Optionee acknowledges that in the event that the Company’s shares shall be registered for
trading in any public market, Optionee’s rights to sell the Shares may be subject to certain limitations (including a lock-up period), as will be requested by the Company or its underwriters, and the Optionee unconditionally agrees and accepts
any such limitations. 
 18. Date of Grant. Subject to Applicable Law, the date of grant of an Option shall, for all purposes,
be the date on which the Administrator makes the determination granting such Option. 
 19. Tax Consequences. Any tax
consequences arising from the grant or exercise of any Option or from the payment for Shares or from any other event or act (whether of the Optionee or of the Company or its Affiliates or of its Trustee) hereunder, shall be borne solely by the
Optionee. The Company and/or the Trustee shall withhold taxes according to the requirements under the Applicable Laws, rules, and regulations, including withholding taxes at source. Furthermore, such Optionee shall agree to indemnify the Company
and/or Affiliate that employs the Optionee and/or the Trustee, and/or the Company’s shareholders and/or directors and/or officers if applicable, and hold them harmless against and from any and all liability for any such tax 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 Optionee. Except as otherwise required by law, the Company shall not be obligated to
honor the exercise of any Option by or on behalf of an Optionee until all tax consequences (if any) arising from the exercise of such Options are resolved in a manner reasonably acceptable to the Company. 
 20. Amendment and Termination of the Plan. 
 (a) Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan. 
 (b) Shareholder Approval. The Board shall obtain shareholder approval of any Plan amendment to the extent necessary or desirable to comply with
Applicable Law. 
 (c) Effect of Amendment or Termination. Subject to Applicable Law, no amendment, alteration,
suspension or termination of the Plan shall impair the rights of any Optionee, unless agreed otherwise between the majority of the Optionees (by number of Options) and the Administrator, which agreement must be in writing and signed by such majority
of Optionee and the Company. Termination of the Plan shall not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Options granted under the Plan prior to the date of such termination. 

21. Conditions upon Issuance of Shares. 
 (a) Legal Compliance. Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such Option, the method of payment
and the issuance and delivery of such Shares shall comply with Applicable Law and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
 (b) Investment Representations. As a condition to the exercise of an Option, the Administrator may require the person exercising such Option to
represent and warrant at the time of such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is
required. 
  

 11 

 (c) Other Compliance. At the time of issuance, the Optionee is not in default under any agreement
between the Company and any of its Affiliates and Optionee. 
 22. Inability to Obtain Authority. The inability of the Company
to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance of any Shares hereunder, shall relieve the Company of any liability in respect of the
failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 
 23.
Reservation of Shares. The Company, during the term of this Plan, shall at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. 
 24. Multiple Agreements. The terms of each Option may differ from other Options granted under the Plan at the same time. The Administrator
may also grant more than one Option to a given Optionee during the term of the Plan, either in addition to, or in substitution for, one or more Options previously granted to that Optionee. 
 25. Term of Plan. The Plan shall become effective upon its adoption by the Board. It shall continue in effect for a term of ten
(10) years after the earlier of its adoption by the Board or by the holders of the Company’s Shares, unless sooner terminated under Section 11 hereof. 
 26. Governing Law. This Plan shall be governed by and construed and enforced in accordance with the laws of the State of Israel, without giving effect to the principles of conflict of laws. The competent
courts of Tel-Aviv, Israel shall have sole jurisdiction in any matters pertaining to the Plan. 
  

 12 

 NLAYERS LTD. 
 US APPENDIX 
 to the 2003 SHARE OPTION PLAN 
  

	1.	Purposes 

  

	 	1.1.	This US appendix (the “Appendix”) shall apply to optionees who are residents of the United States or those who are deemed to be residents of the United States for the
payment of tax (“U.S Optionees”). The provisions under the Appendix are an integral part of the 2003 Share Option Plan of NLayers Ltd. (the “Plan” and the “Company”, respectively), which applies to the issuance of
options to purchase Shares of the Company. 

  

	 	1.2.	This Appendix refers to Options granted to U.S Optionees so that they comply with the requirements set by the U.S law in general, including without limitation, the provisions of
Sections 421-424 of the Code. 

  

	 	1.3	For the avoidance of doubt, this Appendix does not add to nor modify the Plan with respect to Optionees who are not U.S Optionees. 

  

	 	1.4	Options granted US Optionees under the Plan and under the US Appendix may or may not contain such terms as will qualify the Options as Incentive Stock Options
(“ISO”) or as Non-statutory Stock Options (“NSO”). 

  

	 	1.5	The Plan and this Appendix are complementary to each other and shall be deemed one. In any case of contradiction between the provisions of this Appendix and the Plan, the provisions
of this Appendix shall prevail with respect to Options granted to U.S Optionees only. 

  

	 	1.6	Any capitalized terms not specifically defined in this Appendix shall be construed according to the interpretation given to them in the Plan. 

	2.	Eligibility 

  

	 	2.1	The terms and conditions of the Options shall be as specified in the Option Agreement to be executed pursuant to the Plan and to this Appendix. 

  

	 	2.2	All Service Providers of the Company or any of its Affiliates shall be eligible to receive Options under the Plan; provided, however, that Options qualifying as ISO shall be
granted only to Employees of the Company or any of its Affiliates. 

  

	3.	Exercise of Options 

  

	 	3.1	An Option shall be deemed exercised when the Company receives: (i) written or electronic notice of exercise (in accordance with the Option Agreement) from the person entitled
to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised. The notice shall specify the number of Shares with respect to which the Option is being exercised. 

  

	 	3.2	To the extent the aggregate Fair Market Value (determined at the Date of Grant by the Administrator) of the Shares with respect to which ISO are exercisable for the first time by
any Optionee during any calendar year under all plans of the Company and any of its Affiliates exceeds US $100,000 (or such other limit as may be required by the Code, from time to time) the Options or portions thereof which exceed such limit
(according to the order in which they were granted) shall be treated as NSO. 

  

	4.	Term of Option 

  

	 	4.1	The term of an Option shall expire on such date or dates as the Administrator shall determine at the time of the grant of the Option; provided, however, that the term of an
Option shall not exceed ten (10) years from the date of grant thereof. 

  

	 	4.2	In the case of an ISO’s granted to an Optionee who, at the time the Option is granted, owns stock representing more than ten percent (10%) of the voting power of all
classes of stock of the Company or any Affiliate, the term of the Option shall be five (5) years from the date of grant or such shorter term as may be provided in the Option Agreement. 

	5.	Exercise Price 

 In the case of an ISO, the
exercise price shall be not less than the Fair Market Value of the Company shares on the date the Option is granted; provided, however, that if an ISO is granted to an employee who, at the time of grant of such Option, owns stock representing more
than ten percent (10%) of the voting power of all classes of stock of the Company or any Affiliate, the exercise price shall be no less than 110% of the Fair Market Value of the Company shares on the date the Option is granted. 
  

	6.	Non Transferability of Option 

 Except as
specifically permitted under the Plan, Options may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the
Optionee, only by the Optionee. 
  

	7.	Effective Date 

 This Appendix shall be effective
as of the date on which it is adopted by the Administrator and shall terminate at the end of ten (10) years from such date of adoption or its date of approval by the shareholders, whichever is earlier. 
  

	8.	Tax Consequences 

 To the extent permitted by
applicable law, any tax consequences arising from the grant or exercise of any Option, from the payment for Shares covered thereby or from any other event or act (of the Company and/or its Affiliates, or the U.S Optionee), hereunder, shall be borne
solely by the U.S Optionee. The Company and/or its Affiliates shall withhold taxes according to the requirements under the applicable law, rules, and regulations, including withholding taxes at source. Furthermore, the U.S Optionee shall agree to
indemnify the Company and/or its Affiliates and hold them harmless against and from any and all liability for any such tax 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 Optionee. 
 The Company shall not be required to release any Share certificate to an
Optionee until all required payments have been fully made. 

	9.	Conversion of ISO into NSO; Termination of ISO 

 The Administrator, at the written request of any U.S Optionee, may in its discretion take such actions as may be necessary to convert such Optionee’s ISO (or any portions thereof) that have not been exercised on the date of conversion
into NSO at any time prior to the expiration of such ISO, regardless of whether the Optionee is an Employee of the Company or its Affiliates at the time of such conversion. Such actions may include, but not be limited to, extending the exercise
period or reducing the Exercise Price of the appropriate installments of such Options. At the time of such conversion, the Administrator (with the consent of the Optionee) may impose such conditions on the exercise of the resulting NSO as the
Administrator in its discretion may determine, provided that such conditions shall not be inconsistent with the Plan and/or this Appendix. Nothing in the Plan and/or in this Appendix shall be deemed to give any Optionee the right to have such
Optionee’s ISO converted into NSO, and no such conversion shall occur unless and until the Administrator takes appropriate action. The Administrator, with the consent of the Optionee, may also terminate any portion of any ISO that has not been
exercised at the time of such conversion. 
  

	10.	California Provisions 

 Notwithstanding the
foregoing Sections, any grant of Options that are deemed by the California Securities Law of 1968 to be made in California, shall be subject to the following additional terms and conditions: 
  

	 	10.1	The Exercise Price of any Option shall not be less than 85% of Fair Market Value on the Date of Grant (determined in a manner not inconsistent with Section 260.140.50 of the
California Code of Regulations or any successor statute), provided that the Exercise Price of any Option granted to an Optionee who, at the time the Option is granted, owns stock representing more than ten percent (10%) of the voting power of
all classes of stock of the Company or any Affiliate, shall not be less than 110% of the Fair Market Value on the Date of Grant (determined in a manner not inconsistent with Section 260.140.50 of the California Code of Regulations or any
successor statute). 

  

	 	10.2	Any Option granted under the Plan to a U.S Optionee who is not an officer, director, or consultant of the Company or its Affiliates shall become exercisable at a rate of at least
twenty percent (20%) of the Shares subject to such grant per year for a period of five (5) years from the Date of Grant. 

	 	10.3	The Company shall deliver to the US Optionee financial statements of the Company on an annual basis. The financial statements so provided shall comply with Section 260.140.46
of the California Code of Regulations or any successor statute. 

  

	 	10.4	At no time shall the total number of Shares issuable upon exercise of all outstanding Options and the total number of Shares provided for under all stock bonus or similar plans of
the Company exceed the applicable percentage as calculated in accordance with the conditions and exclusions of Section 260.140.45 of the California Code of Regulations or any successor statute. 

  

	 	10.5	If the Share is listed on an established national or regional stock exchange or is admitted to quotation on the National Association of Securities Dealers Automated Quotation
System, or is publicly traded in an established securities market, the restrictions of this Section 10 above shall terminate as of the first date that the Share is so listed, quoted or publicly traded. 

  

	11.	Governing Law 

 This Appendix shall be governed by
and construed and enforced in accordance with the laws of the State of the US applicable to contracts made and to be performed therein, without giving effect to the principles of conflict of laws. The competent courts of New York, US shall have sole
jurisdiction in any matters pertaining to this Appendix.

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