Document:

Form of Unit Purchase Option to be granted to Representative

 Exhibit 4.7 
  

THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN
PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR A PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I)
HCFP/BRENNER SECURITIES LLC (“BRENNER”) OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF BRENNER OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER. 
  
 THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF (I) THE CONSUMMATION BY
ISRAEL GROWTH PARTNERS ACQUISITION CORP. (“COMPANY”) OF A MERGER, CAPITAL STOCK EXCHANGE, ASSET ACQUISITION OR OTHER SIMILAR BUSINESS COMBINATION (“BUSINESS COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S
REGISTRATION STATEMENT (DEFINED HEREIN)) OR                     , 2007. VOID AFTER 5:00 P.M. EASTERN TIME,
                    , 2011. 
  
 UNIT PURCHASE OPTION 
  
 For the Purchase of 
  
              Series A Units 
  
 and/or 
  
              Series B Units 
  
 of 
  
 ISRAEL GROWTH PARTNERS ACQUISITION CORP. 
  
 1. Purchase Option. 
  
 THIS CERTIFIES THAT, in consideration of $100 duly paid by or on behalf of HCFP/Brenner Securities LLC (“Holder”), as registered owner of this
Purchase Option, to Israel Growth Partners Acquisition Corp. (“Company”), Holder is entitled, at any time or from time to time upon the later of the consummation of a Business Combination or
            , 2007 (“Commencement Date”), and at or before 5:00 p.m., Eastern Time,             , 2011
(“Expiration Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to             
(            ) Series A Units (“Series A Units”) of the Company and/or             
(            ) Series B Units (“Series B Units” and together with the Series A Units, the “Units”). Each Series A Unit consists of two shares of common stock of
the Company, par value $.0001 per share (“Common Stock”), and ten Class Z Warrants (“Class Z Warrants”). Each Series B Unit consists of two shares of Class B common stock of the Company, par value $.0001 per share (“Class B
Common Stock”) and two Class W Warrants (“Class W Warrants” and, together with the Class Z Warrants, the “Warrants”) and one Class Z Warrant. Each Warrant is the same as the warrants (“Public Warrants”) included in
the Units being offered for sale to the public (“Offering”) by way of a registration statement (“Registration Statement”) except that the Warrants have an exercise price of $5.50 per share and the Class Z Warrants included in
this Purchase Option expire five years from the effective date (“Effective Date”) of the Registration Statement. If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase Option may be
exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any 

 
action that would terminate the Purchase Option. This Purchase Option is initially exercisable at $17.325 per Series A Unit and $16.665 per Series B Unit so
purchased; provided, however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Option, including the exercise price per Unit and the number of Units (and shares of Common Stock and
Warrants) to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context. 
  
 2. Exercise. 
  
 2.1 Exercise Form. In order to exercise this Purchase Option, the exercise form attached hereto must be duly executed
and completed and delivered to the Company, together with this Purchase Option and payment of the Exercise Price for the Units being purchased payable in cash or by certified check or official bank check. If the subscription rights represented
hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date this Purchase Option shall become and be void without further force or effect, and all rights represented hereby shall cease and expire. 
  
 2.2 Legend. Each certificate for the securities purchased under this
Purchase Option shall bear a legend as follows unless such securities have been registered under the Securities Act of 1933, as amended (“Act”): 
  
 “The securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (“Act”) or applicable
state law. The securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act and applicable state law.”

  
 2.3 Cashless Exercise. 
  
 2.3.1 Determination of Amount. In lieu of the payment
of the Exercise Price multiplied by the number of Units for which this Purchase Option is exercisable (and in lieu of being entitled to receive Common Stock and Warrants) in the manner required by Section 2.1, the Holder shall have the right (but
not the obligation) to convert any exercisable but unexercised portion of this Purchase Option into Units (“Conversion Right”) as follows: upon exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by
the Holder of any of the Exercise Price in cash) that number of shares of Common Stock and Warrants comprising that number of Units equal to the quotient obtained by dividing (x) the “Value” (as defined below) of the portion of the
Purchase Option being converted by (y) the Current Market Value (as defined below). The “Value” of the portion of the Purchase Option being converted shall equal the remainder derived from subtracting (a) (i) the Exercise Price multiplied
by (ii) the number of Units underlying the portion of this Purchase Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the Purchase Option being converted. As used herein,
the term “Current Market Value” per Unit at any date means the remainder derived from subtracting (x) the exercise price of the Warrants multiplied by the number of shares of Common Stock issuable upon exercise of the Warrants underlying
one Unit from (y) the Current Market Price of the Common Stock multiplied by the number of shares of Common Stock underlying the Warrants and the Common Stock issuable upon exercise of one Unit. The “Current Market Price” of a share of
Common Stock shall mean (i) if the Common Stock is listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), the last sale
price of the Common Stock in the principal trading market for the Common Stock as reported by the exchange, 

  

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Nasdaq or the NASD, as the case may be; (ii) if the Common Stock is not listed on a national securities exchange or quoted on the Nasdaq National Market,
Nasdaq SmallCap Market or the NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), but is traded in the residual over-the-counter market, the closing bid price for the Common Stock on the last trading day preceding the date in
question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or (ii) above, such price as the
Board of Directors of the Company shall determine, in good faith. 
  
 2.3.2 Mechanics of Cashless Exercise. The Conversion Right may be exercised by the Holder on any business day on or after the Commencement Date and not later than the Expiration Date by delivering the Purchase
Option with the duly executed exercise form attached hereto with the cashless exercise section completed to the Company, exercising the Conversion Right and specifying the total number of Units the Holder will purchase pursuant to such Conversion
Right. 
  
 3. Transfer. 
  
 3.1 General Restrictions. The registered Holder of this Purchase
Option, by its acceptance hereof, agrees that it will not sell, transfer, assign, pledge or hypothecate this Purchase Option for a period of one year following the Effective Date to anyone other than (i) Brenner or an underwriter or a selected
dealer in connection with the Offering, or (ii) a bona fide officer or partner of Brenner or of any such underwriter or selected dealer. On and after the first anniversary of the Effective Date, transfers to others may be made subject to compliance
with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed, together with the Purchase Option and payment of
all transfer taxes, if any, payable in connection therewith. The Company shall within five business days transfer this Purchase Option on the books of the Company and shall execute and deliver a new Purchase Option or Purchase Options of like tenor
to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Units purchasable hereunder or such portion of such number as shall be contemplated by any such assignment. 
  
 3.2 Restrictions Imposed by the Act. The securities evidenced by this
Purchase Option shall not be transferred unless and until (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration under the Act and applicable state
securities laws, the availability of which is established to the reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Blank Rome LLP shall be deemed satisfactory evidence of the availability of an exemption), or
(ii) a registration statement or a post-effective amendment to the Registration Statement relating to such securities has been filed by the Company and declared effective by the Securities and Exchange Commission and compliance with applicable state
securities law has been established. 
  
 4. New Purchase Options to be
Issued. 
  
 4.1 Partial Exercise or Transfer. Subject
to the restrictions in Section 3 hereof, this Purchase Option may be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Option for cancellation, together with
the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a new Purchase Option of like tenor to this Purchase Option in the
name of the Holder evidencing the right of the Holder to purchase the number of Units purchasable hereunder as to which this Purchase Option has not been exercised or assigned. 
  

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 4.2 Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss,
theft, destruction or mutilation of this Purchase Option and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Option of like tenor and date. Any such new Purchase Option
executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company. 
  
 5. Registration Rights. 
  
 5.1 Demand Registration. 
  
 5.1.1 Grant of Right. The Company, upon written demand (“Initial Demand Notice”) of the Holder(s) of at least 51% of the
Purchase Options and/or the underlying Units and/or the underlying securities (“Majority Holders”), agrees to use its best efforts to register on one occasion, all or any portion of the Purchase Options requested by the Majority Holders in
the Initial Demand Notice and all of the securities underlying such Purchase Options, including the Units, Common Stock, the Warrants and the Common Stock underlying the Warrants (collectively, the “Registrable Securities”). On such
occasion, the Company will use its best efforts to file a registration statement or a post-effective amendment to the Registration Statement covering the Registrable Securities within sixty days after receipt of the Initial Demand Notice and use its
best efforts to have such registration statement or post-effective amendment declared effective as soon as possible thereafter. The demand for registration may be made at any time during a period of five years beginning on the Effective Date. The
Company covenants and agrees to give written notice of its receipt of any Initial Demand Notice by any Holder(s) to all other registered Holders of the Purchase Options and/or the Registrable Securities within ten days from the date of the receipt
of any such Initial Demand Notice. 
  
 5.1.2
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable
Securities, but the Holders shall pay any and all underwriting commissions. The Company agrees to use its reasonable best efforts to qualify or register the Registrable Securities in such States as are reasonably requested by the Majority Holder(s);
provided, however, that in no event shall the Company be required to register the Registrable Securities in a State in which such registration would cause (i) the Company to be obligated to qualify to do business in such State, or would subject the
Company to taxation as a foreign corporation doing business in such jurisdiction or (ii) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall use its best efforts to
cause any registration statement or post-effective amendment filed pursuant to the demand rights granted under Section 5.1.1 to remain effective for a period of nine consecutive months from the effective date of such registration statement or
post-effective amendment. 
  
 5.2 “Piggy-Back”
Registration. 
  
 5.2.1 Grant of
Right. In addition to the demand right of registration, the Holders of the Purchase Options shall have the right for a period of seven years commencing on the Effective Date, to include the Registrable Securities as part of any other
registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Act or pursuant to Form S-8); provided, however, that if, in the written opinion of the Company’s
managing 

  

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underwriter or underwriters, if any, for such offering, the inclusion of the Registrable Securities, when added to the securities being registered by the
Company or the selling stockholder(s), will exceed the maximum amount of the Company’s securities which can be marketed (i) at a price reasonably related to their then current market value, and (ii) without materially and adversely affecting
the entire offering, then the Company will still be required to include the Registrable Securities, but may require the Holders to agree, in writing, to delay the sale of all or any portion of the Registrable Securities for a period of 90 days from
the effective date of the offering, provided, further, that if the sale of any Registrable Securities is so delayed, then the number of securities to be sold by all stockholders in such public offering during such 90 day period shall be apportioned
pro rata among all such selling stockholders, including all holders of the Registrable Securities, according to the total amount of securities of the Company owned by said selling stockholders, including all holders of the Registrable
Securities. 
  
 5.2.2 Terms. The Company
shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities but the Holders
shall pay any and all underwriting commissions related to the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen days
written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each applicable registration statement filed (during the period in which the Purchase Option is
exercisable) by the Company until such time as all of the Registrable Securities have been registered and sold. The holders of the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice,
within ten days of the receipt of the Company’s notice of its intention to file a registration statement. The Company shall use its best efforts to cause any registration statement filed pursuant to the above “piggyback” rights to
remain effective for at least nine months from the date that the Holders of the Registrable Securities are first given the opportunity to sell all of such securities. 
  
 5.3 Damages. Should the registration or the effectiveness thereof required by Sections 5.1 and 5.2
hereof be delayed by the Company because of the Company’s failure to use its best efforts to comply with such provisions, the Company shall, in addition to any other equitable or other relief available to the Holder(s), be liable for any and
all incidental, special and consequential damages sustained by the Holder(s), including, but not limited to, the loss of any profits that might have been received by the holder upon the sale of shares of Common Stock or Warrants (and shares of
Common Stock underlying the Warrants) underlying this Purchase Option. If, however, the Company uses its best efforts to comply with such provisions then it shall have no liability due to a delay in the registration or the effectiveness thereof. In
such case, the Company shall have no obligation to deliver registered securities to the Holder until such time, if any, that a registration statement is declared effective. In no event will the Company be required to net cash settle the exercise of
the Purchase Option or the Warrants underlying the Purchase Option. 
  
 5.4 General Terms. 
  
 5.4.1
Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the
Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in
investigating, preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether arising out of any action between the Underwriter and the Company or between the Underwriter and any third party or otherwise) to
which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify
the Underwriters contained in Section 5 of the Underwriting Agreement between the Company, Brenner and the other Underwriters named therein dated the Effective Date. The Holder(s) of the Registrable Securities to be sold pursuant 

  

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to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, its officers and directors and
each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses
reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their
successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in Section 5 of the Underwriting Agreement pursuant to which the Underwriters have
agreed to indemnify the Company. 
  
 5.4.2
Exercise of Purchase Options. Nothing contained in this Purchase Option shall be construed as requiring the Holder(s) to exercise their Purchase Options or Warrants underlying such Purchase Options prior to or after the initial filing of any
registration statement or the effectiveness thereof. 
  
 5.4.3 Documents Delivered to Holders. In connection with an underwritten public offering, the Company shall furnish Brenner, as representative of the Holders participating in such offering, a signed counterpart, addressed to the
participating Holders, of (i) any opinion of counsel to the Company delivered to the managing underwriters and (ii) any “cold comfort” letter signed by the independent public accountants who have issued a report on the Company’s
financial statements included in such registration statement, delivered to the managing underwriters. The Company shall also deliver promptly to Brenner, as representative of the Holders participating in the offering, the correspondence and
memoranda described below and copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and
permit Brenner, as representative of the Holders, to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to comply with
applicable securities laws or rules of the National Association of Securities Dealers, Inc. (“NASD”). Such investigation shall include access to books, records and properties and opportunities to discuss the business of the Company with
its officers and independent auditors, all to such reasonable extent and at such reasonable times and as often as Brenner, as representative of the Holders, shall reasonably request. The Company shall not be required to disclose any confidential
information or other records to Brenner, as representative of the Holders, or to any other person, until and unless such persons shall have entered into reasonable confidentiality agreements (in form and substance reasonably satisfactory to the
Company), with the Company with respect thereto. 
  

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 5.4.4 Underwriting Agreement. The Company shall enter into an underwriting
agreement with the managing underwriter(s), if any, selected by any Holders whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably acceptable to the Company. Such agreement shall
be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in
agreements of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the
representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or
agreements with the Company or the underwriters except as they may relate to such Holders and their intended methods of distribution. Such Holders, however, shall agree to such covenants and indemnification and contribution obligations for selling
stockholders as are customarily contained in agreements of that type used by the managing underwriter. Further, such Holders shall execute appropriate custody agreements and otherwise cooperate fully in the preparation of the registration statement
and other documents relating to any offering in which they include securities pursuant to this Section 5. Each Holder shall also furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method
of disposition of such securities as shall be reasonably required to effect the registration of the Registrable Securities. 
  
 5.4.5 Rule 144 Sale. Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation
pursuant to Section 5.1 or 5.2 to use its best efforts to obtain the registration of Registrable Securities held by any Holder (i) where such Holder would then be entitled to sell under Rule 144 within any three-month period (or such other period
prescribed under Rule 144 as may be provided by amendment thereof) all of the Registrable Securities then held by such Holder, and (ii) where the number of Registrable Securities held by such Holder is within the volume limitations under paragraph
(e) of Rule 144 (calculated as if such Holder were an affiliate within the meaning of Rule 144) and the Holder is not an affiliate (as defined in Rule 144(a)) of the Company. 
  
 5.4.6 Supplemental Prospectus. Each Holder agrees, that upon receipt of any notice from the Company
of the happening of any event as a result of which the prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary
to make the statements therein not misleading in light of the circumstances then existing, such Holder will immediately discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities
until such Holder’s receipt of the copies of a supplemental or amended prospectus, and, if so desired by the Company, such Holder shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate
of such destruction) all copies, other than permanent file copies then in such Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 
  
 5.4.7 Rule 144. The Company covenants that it shall
use its best efforts to file any reports required to be filed by it under the Act and the Exchange Act and shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required from time to time
to enable such holders to sell Registrable Securities without registration under the Act within the limitation of the exemptions provided by Rule 144, as such Rule may be amended from time to time, or any similar Rule or regulation hereafter adopted
by the Securities and Exchange Commission. 
  

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 6. Adjustments. 
  
 6.1 Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Units underlying the Purchase Option shall be
subject to adjustment from time to time as hereinafter set forth: 
  
 6.1.1 Stock Dividends - Split-Ups. If after the date hereof, and subject to the provisions of Section 6.4 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in
shares of Common Stock or by a split-up of shares of Common Stock or other similar event, then, on the effective date thereof, the number of shares of Common Stock underlying each of the Units purchasable hereunder shall be increased in proportion
to such increase in outstanding shares. In such case, the number of shares of Common Stock, and the exercise price applicable thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance with
the terms of the Warrants. 
  
 6.1.2
Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 6.4, the number of outstanding shares of Common Stock is decreased by a consolidation, combination or reclassification of shares of Common Stock or
other similar event, then, on the effective date thereof, the number of shares of Common Stock underlying each of the Units purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares. In such case, the number of
shares of Common Stock, and the exercise price applicable thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance with the terms of the Warrants. 
  
 6.1.3 Replacement of Securities upon Reorganization,
etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such shares of Common Stock, or in the case of
any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the
outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the
Holder of this Purchase Option shall have the right thereafter (until the expiration of the right of exercise of this Purchase Option) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to
such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, by a
Holder of the number of shares of Common Stock of the Company obtainable upon exercise of this Purchase Option and the underlying Warrants immediately prior to such event; and if any reclassification also results in a change in shares of Common
Stock covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations,
mergers or consolidations, sales or other transfers. 
  
 6.1.4 Changes in Form of Purchase Option. This form of Purchase Option need not be changed because of any change pursuant to this Section, and Purchase Options issued after such change may state the same Exercise Price and the same
number of Units as are stated in the Purchase Options initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Options reflecting a required or permissive change shall not be deemed to waive any
rights to an adjustment occurring after the Commencement Date or the computation thereof. 
  

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 6.2 [Intentionally Omitted] 
  
 6.3 Substitute Purchase Option. In case of any consolidation of the Company with, or merger of the Company with, or
merger of the Company into, another corporation (other than a consolidation or merger which does not result in any reclassification or change of the outstanding Common Stock), the corporation formed by such consolidation or merger shall execute and
deliver to the Holder a supplemental Purchase Option providing that the holder of each Purchase Option then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Option) to receive, upon
exercise of such Purchase Option, the kind and amount of shares of stock and other securities and property receivable upon such consolidation or merger, by a holder of the number of shares of Common Stock of the Company for which such Purchase
Option might have been exercised immediately prior to such consolidation, merger, sale or transfer. Such supplemental Purchase Option shall provide for adjustments which shall be identical to the adjustments provided in Section 6. The above
provision of this Section shall similarly apply to successive consolidations or mergers. 
  
 6.4 Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of shares of Common Stock or Warrants upon the exercise of the Purchase Option, nor shall
it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up to the nearest whole number of Warrants, shares of Common
Stock or other securities, properties or rights. 
  
 7. Reservation and
Listing. The Company shall at all times reserve and keep available out of its authorized shares of Common Stock, solely for the purpose of issuance upon exercise of the Purchase Options or the Warrants underlying the Purchase Option, such number
of shares of Common Stock or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Options and payment of the Exercise Price therefor, all shares
of Common Stock and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder. The Company further covenants and agrees that upon exercise of
the Warrants underlying the Purchase Options and payment of the respective Warrant exercise price therefor, all shares of Common Stock and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable
and not subject to preemptive rights of any stockholder. As long as the Purchase Options shall be outstanding, the Company shall use its best efforts to cause all (i) Units and shares of Common Stock issuable upon exercise of the Purchase Options,
(iii) Warrants issuable upon exercise of the Purchase Options and (iv) shares of Common Stock issuable upon exercise of the Warrants included in the Units issuable upon exercise of the Purchase Option to be listed (subject to official notice of
issuance) on all securities exchanges (or, if applicable on the Nasdaq National Market, SmallCap Market, OTC Bulletin Board or any successor trading market) on which the Units, the Common Stock or the Public Warrants issued to the public in
connection herewith may then be listed and/or quoted. 
  
 8. Certain Notice
Requirements. 
  
 8.1 Holder’s Right to Receive
Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company. If,
however, at any time prior to the expiration of the Purchase Options and their exercise, any of the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least
fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the 

  

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determination of the stockholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote
on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a
copy of each notice given to the stockholders of the Company at the same time and in the same manner that such notice is given to the stockholders. 
  
 8.2 Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 in connection with one or more of the
following events: (i) if the Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable
otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, or (ii) the Company shall offer to all the holders of its Common Stock any additional shares of capital
stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in
connection with a consolidation or merger) or a sale of all or substantially all of its property, assets and business shall be proposed. 
  
 8.3 Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 6
hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the
Company’s President and Chief Financial Officer. 
  
 8.4
Transmittal of Notices. All notices, requests, consents and other communications under this Purchase Option shall be in writing and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier
service: (i) If to the registered Holder of the Purchase Option, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to the following address or to such other address as the Company may designate by notice
to the Holders: 
  
 Israel Growth Partners
Acquisition Corp. 
 Yahalom Tower, 28th floor 
 3a Zabotinski St. 
 Ramat Gan 52520 
 Israel 
  

Attn: Dror Gad 
  
 9. Miscellaneous. 
  
 9.1 Amendments. The Company and Brenner may from time to time supplement or amend this Purchase Option without the approval of any of the Holders
in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that
the Company and Brenner may deem necessary or desirable and that the Company and Brenner deem shall not adversely affect the interest of the Holders. All other modifications or amendments shall require the written consent of and be signed by the
party against whom enforcement of the modification or amendment is sought. 
  

 10 

 9.2 Headings. The headings contained herein are for the sole purpose of convenience of reference,
and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Purchase Option. 
  
 10. Entire Agreement. This Purchase Option (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase
Option) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof. 

 
 10.1 Binding Effect. This Purchase Option shall inure solely to the
benefit of and shall be binding upon, the Holder and the Company and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or
claim under or in respect of or by virtue of this Purchase Option or any provisions herein contained. 
  
 10.2 Governing Law; Submission to Jurisdiction. This Purchase Option shall be governed by and construed and enforced in accordance with the laws of
the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Option shall be brought and enforced in the courts of
the State of New York or of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid,
addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing
party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor.

  
 10.3 Waiver, Etc. The failure of the Company or the
Holder to at any time enforce any of the provisions of this Purchase Option shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Option or any provision hereof or the right of
the Company or any Holder to thereafter enforce each and every provision of this Purchase Option. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Option shall be effective unless set forth in a
written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or
subsequent breach, non-compliance or non-fulfillment. 
  
 10.4
Execution in Counterparts. This Purchase Option may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall
constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. 
  
 10.5 Exchange Agreement. As a condition of the Holder’s receipt
and acceptance of this Purchase Option, Holder agrees that, at any time prior to the complete exercise of this Purchase Option by Holder, if the Company and Brenner enter into an agreement (“Exchange Agreement”) pursuant to 

  

 11 

 
which they agree that all outstanding Purchase Options will be exchanged for securities or cash or a combination of both, then Holder shall agree to such
exchange and become a party to the Exchange Agreement. 
  
 10.6
Cancellation or Conversion of Class B Common Stock. At any time after the consummation of a Business Combination thereby causing such Class B Common Stock to be cancelled or converted pursuant to the terms of the Company’s Certificate of
Incorporation, the rights of the Holder to exercise this Purchase Option and obtain shares of Class B Common Stock underlying Series B Units shall automatically be converted into the right to obtain the same number of shares of Common Stock as the
number of shares of Class B Common Stock as such holder would have been entitled to obtain upon exercise of this Purchase Option. 
  
 10.7 Underlying Warrants. At any time after exercise by the Holder of this Purchase Option, the Holder may exchange his Warrants (with a $5.50
exercise price) for Public Warrants (with a $5.00 exercise price) upon payment to the Company of the difference between the exercise price of his Warrant and the exercise price of the Public Warrants.  
  
 IN WITNESS WHEREOF, the Company has caused this Purchase Option to be signed
by its duly authorized officer as of the          day of                     , 2006.

  

			
	ISRAEL GROWTH PARTNERS
ACQUISITION CORP.
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 12 

 Form to be used to exercise Purchase Option: 
  
 Israel Growth Partners Acquisition Corp. 
  
 Date:
                                , 20      

  
 The undersigned hereby elects irrevocably to exercise all or a
portion of the within Purchase Option and to purchase              Series      Units of Israel Growth Partners Acquisition Corp. and hereby makes payment
of $                         (at the rate of
$                         per Series      Unit) in payment of the Exercise Price pursuant
thereto. Please issue the [Common Stock and Class Z Warrants] [Class B Common Stock and Class W Warrants] as to which this Purchase Option is exercised in accordance with the instructions given below. 
  
 or 
  
 The undersigned hereby elects irrevocably to convert its right to purchase
                     Series      Units purchasable under the within Purchase Option by surrender of the unexercised
portion of the attached Purchase Option (with a “Value” based of $                     based on a “Current Market Price”
of $                    ). Please issue the securities comprising the Series
                 Units as to which this Purchase Option is exercised in accordance with the instructions given below. 
  

	
	
	 
	 Signature

	
	 
	 Signature Guaranteed

  
 INSTRUCTIONS
FOR REGISTRATION OF SECURITIES 
  

					
	 Name
	 	 	 	 
	 	 	(Print in Block Letters)	 	 

					
			
	 Address
	 	 	 	 

  
 NOTICE: The
signature to this form must correspond with the name as written upon the face of the within Purchase Option in every particular without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank,
or by a trust company or by a firm having membership on a registered national securities exchange. 
  

 13 

 Form to be used to assign Purchase Option: 
  
 ASSIGNMENT 
  
 (To be executed by the registered Holder to effect a transfer of the within Purchase Option): 
  
 FOR VALUE RECEIVED,
                                        
                                        
                                        
     does hereby sell, assign and transfer unto
                                        
                                        
                                 the right to purchase
                     Series      Units of Israel Growth Partners Acquisition Corp. (“Company”) evidenced
by the within Purchase Option and does hereby authorize the Company to transfer such right on the books of the Company. 
  
 Dated:                                , 20    

  

	
	
	 
	 Signature

	
	 
	 Signature Guaranteed

  
 NOTICE: The
signature to this form must correspond with the name as written upon the face of the within Purchase Option in every particular without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank,
or by a trust company or by a firm having membership on a registered national securities exchange. 
  

 14Form of Restricted Stock Award Agreement

 Exhibit 10.1 
 MATERIAL SCIENCES CORPORATION 
 RESTRICTED STOCK AWARD AGREEMENT 
 UNDER THE 1992 OMNIBUS STOCK AWARDS PLAN FOR KEY EMPLOYEES 
 THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) is dated as of                     
(the “Grant Date”) between Material Sciences Corporation, a Delaware corporation (the “Company”), and
                     (“Employee”) and is entered into pursuant to the 1992 Omnibus Stock Awards Plan for Key Employees, as in
effect on the date hereof (the “Plan”). Capitalized terms used herein and not otherwise defined have the meanings ascribed thereto in paragraph 15. 
 1. Grant of Restricted Shares. Subject to the terms, conditions and restrictions set forth in the Plan and this Agreement, the Company hereby grants to Employee, pursuant to the Plan,
             shares (as such number of shares may be adjusted pursuant to the terms of this Agreement, “Restricted Shares”) of the Company’s common stock, $.02
par value (the “Common Stock”). 
 2. The Restricted Shares. 
 (a) Employee shall not be required to pay for the Restricted Shares, except to the extent set forth in paragraph 5 hereof. The Company agrees to pay any
original issue or transfer taxes incurred as a result of the award of the Restricted Shares. 
 (b) Except as otherwise provided herein,
Employee shall have all of the rights of a shareowner with respect to the Restricted Shares (including the right to vote the Restricted Shares and the right to receive dividends with respect to the Restricted Shares), provided, however, that any
cash dividends with respect to unvested Restricted Shares shall be automatically deferred and reinvested in additional Restricted Shares. 
 (c) All certificates representing the Restricted Shares shall have endorsed thereon the following legend: 
 “THE SHARES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A RESTRICTED STOCK AWARD AGREEMENT DATED AS OF
                    , BETWEEN THE COMPANY AND THE REGISTERED HOLDER, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. ANY
TRANSFER OR PURPORTED TRANSFER OF THE SHARES REPRESENTED BY THIS CERTIFICATE IN VIOLATION OF SUCH RESTRICTED STOCK AWARD AGREEMENT SHALL BE NULL AND VOID.” 
 (d) The Restrictions (as defined herein) on Employee’s Restricted Shares shall lapse on the date on which Employee becomes vested in the Restricted Shares pursuant to Section 3 of this Agreement;
provided, however, that if Employee is subject to Share Retention Guidelines (as defined herein), the Restrictions shall not lapse until Employee both has become vested in the Restricted Shares and one of the following events has
occurred: 
 (i) Employee has satisfied the Share Retention Guidelines; 

 (ii) Employee has a Termination of Employment (as defined herein); or 
 (iii) Employee has an Unforeseeable Emergency (as defined herein) which cannot be satisfied from other resources reasonably available to Employee;
provided, however, that in the event of an Unforeseeable Emergency, the Restrictions shall lapse only with respect to that number (rounded up to the nearest whole share) of Restricted Shares that Employee needs to satisfy such
Unforeseeable Emergency. 
 The Committee (as defined herein) shall have the discretion to determine whether the Restrictions have lapsed.
Any such determination shall be final and binding on the Company and Employee and shall not be subject to contest or challenge. 
 (e) After
the Restrictions have lapsed, Employee may request the removal of the above described legend from certificates representing any Restricted Shares with respect to which the Restrictions have lapsed. Employee shall be entitled to such removal of the
legend even if Employee, after having met the Share Retention Guidelines, fails on a subsequent date to meet the Share Retention Guidelines because of a change in the value of the Common Stock, a change in the Share Retention Guidelines or any other
reason. Each certificate for Restricted Shares shall be registered in the name of Employee and deposited, together with a stock power endorsed in blank by Employee, with the Company. 
 (f) In the event the Company shall effect a merger, consolidation or other reorganization pursuant to which the outstanding shares of Common Stock shall
be exchanged for other shares or securities of the Company or of another corporation which is a party to such merger, consolidation or other reorganization, the Company shall use its best efforts to provide in any agreement or plan which it enters
into or adopts to effect any such merger, consolidation or reorganization that Employee shall receive in such merger, consolidation or reorganization, subject to substantially the same vesting requirements and Restrictions as set forth herein, the
kind and number of shares or other securities of the Company or of such other corporation which would have been issuable to Employee in respect of the Restricted Shares owned by him immediately prior to the effective date of such merger,
consolidation or reorganization if such Restricted Shares were not subject to the vesting requirements and Restrictions set forth herein. If the provision described in this paragraph has not been made with respect hereto by the date (the
“Adjustment Date”) ten days prior to the scheduled effective date of any such merger, consolidation or other reorganization, then the Restrictions imposed by this Agreement shall thereupon lapse and Employee shall become fully
vested in all of the Restricted Shares as of the Adjustment Date, provided that Employee is in Employment by the Company (as defined herein) as of the Adjustment Date. 
 (g) In the event that the Company shall effect a merger, consolidation or other reorganization pursuant to which the outstanding shares of Common Stock shall be 
  

 2 

 exchanged for cash or upon the adoption of a plan of complete liquidation for the Company, then the Restrictions imposed
by this Agreement shall thereupon lapse upon approval of such reorganization or plan of complete liquidation by the shareowners of the Company (the “Approval Date”) and Employee shall become fully vested in all of the Restricted Shares as
of the Approval Date, provided that Employee is in Employment by the Company (as defined herein) as of the Approval Date. 
 3. Vesting. 

(a) The Restricted Shares shall vest as follows: 
 (i) Provided that Employee remains continuously in Employment by the Company until the Vesting Date (as defined herein) and the sum of the after-tax net income per diluted share for the Company’s fiscal years ended February 28,
2007, February 29, 2008 and February 28, 2009, as shown on the Company’s audited financial statements, is at least equal to the Cumulative Target (as defined herein), Employee will become vested in the Restricted Shares on the
Vesting Date. As soon as practicable after the completion of the Company’s audited financial statements for the Company’s fiscal year ended February 28, 2009, the Company shall determine the cumulative after-tax net income per diluted
share for the Company’s fiscal years ended February 28, 2007, February 29, 2008 and February 28, 2009. Such determination by the Company shall be final and binding on the Company and Employee and shall not be subject to
contest or challenge. For purposes of determining whether an employee has been continuously employed, any leave of absence for periods and purposes conforming to the personnel policies of the Company and approved by the Committee shall not be deemed
to be an interruption of continuous service. 
 (ii) Subject to Paragraph 2(f) and (g) hereof, Employee will become vested in a Pro Rata
Share (as defined herein) of the Restricted Shares upon the occurrence of a Vesting Event (as defined herein) provided that (A) Employee is actively employed by the Company on the effective date of such Vesting Event and (B) the Company is
on track to meet the Cumulative Target at the end of the fiscal quarter coincident with or next preceding the Vesting Event (the “Fiscal Quarter”). The Company will be determined to be on track to meet the Cumulative Target if the
sum of (y) the Company’s after-tax net income per diluted share equals or exceeds the Target (as defined herein), or, if applicable, the sum of the Targets, for the Company’s fiscal year(s) that ended prior to or coincident with the
Fiscal Quarter and (z) if the Fiscal Quarter does not end on the last day of a fiscal year, the Company has earned a pro rata portion of the Target, as adjusted for seasonality and other factors if and to the extent the Committee deems
appropriate, for the fiscal year which ends after the Fiscal Quarter. As soon as practicable after the completion of the Company’s audited financial statements for the Fiscal Quarter and any fiscal years ending prior to the Fiscal Quarter, the
Company shall determine whether it is on track to meet the Cumulative Target, as set forth above. Such determination by the Company shall be final and binding on the Company and Employee and shall not be subject to contest or challenge. Any unvested
Restricted Shares that do not become vested as hereinabove provided shall remain unvested, and concurrent with the effective date of Employee’s Termination of Employment, Employee shall forfeit all of the Restricted Shares. On such date, all
such Restricted Shares shall be transferred to the Company without consideration. 
  

 3 

 (iii) In the event that Employee’s Employment by the Company is terminated for any reason other than
death, Permanent Disability (as defined herein), Retirement (as defined herein) or termination by the Company without Cause (as defined herein), Employee’s rights to receive any unvested Restricted Shares shall remain unvested, and concurrent
with the effective date of such termination of employment, Employee shall forfeit all of the Restricted Shares. On such date, all such Restricted Shares shall be transferred to the Company without consideration. 
 (b) Notwithstanding the foregoing, the Committee reserves the discretion to change the Targets and the Cumulative Target in the event of unforeseen
events such as changes in law, regulations or rulings; changes in accounting principles or practices; or a merger, acquisition, divestiture or other significant transaction. 
 4. Transferability. 
 (a) Except as otherwise provided herein, Employee may not sell, transfer,
assign, pledge or otherwise encumber (any such disposition or encumbrance being referred to herein as a “Transfer”) any of the Restricted Shares or the rights granted to Employee hereunder. Any Transfer or purported Transfer by
Employee of any of the Restricted Shares or any of the rights granted to Employee hereunder except in accordance herewith shall be null and void for all purposes and respects. 
 (b) The Restricted Shares shall not be subject to execution, attachment or other process and no person shall be entitled to exercise any rights of
Employee as the holder of such Restricted Shares by virtue of any attempted execution, attachment or other process until the Restrictions lapse as provided in this Agreement. 
 (c) Notwithstanding anything contained in this Agreement to the contrary, the Restricted Shares may be transferred (i) by law or pursuant to the
laws of descent and distribution and (ii) by Employee to a “family member” of such Employee by gift or by domestic relations order. For purposes of this paragraph, “family member” means any child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing
Employee’s household (other than as a tenant or employee), a trust in which these persons have more than fifty percent of the beneficial interest, a foundation in which these persons (or Employee) control the management of assets, and any other
entity in which these persons (or Employee) own more than fifty percent of the voting interests. In the case of any transfer pursuant to this paragraph 4, this Agreement shall be interpreted such that the term “Employee” shall mean the
transferring Employee and his or her family members that have received a transfer of Restricted Shares, it being agreed that all of the obligations of Employee hereunder shall be allocated as appropriate between the transferring Employee and his or
her family members that have received a transfer of Restricted Shares. 
  

 4 

 5. Taxes. 
 (a) As a condition precedent to the receipt of any Restricted Shares hereunder, Employee agrees to pay to the Company at such times as the Company shall determine such amounts as the Company shall deem necessary to satisfy any withholding
taxes due on income that Employee recognizes as a result of the vesting in the Restricted Shares or as a result of Employee’s timely filing of an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended (the
“Code”), with respect to the Restricted Shares. Employee’s obligation under this paragraph shall remain with Employee notwithstanding any Transfer of Restricted Shares to a family member. The Committee shall have the power to
withhold, or require Employee to remit to the Company, an amount sufficient to satisfy any withholding or other tax due with respect to any Restricted Shares and/or any amount payable hereunder, and the Committee may defer such payment or issuance
unless indemnified to its satisfaction. 
 (b) In the event that Employee does not timely file an election pursuant to Section 83(b) of
the Code, Employee may elect to pay such amounts referred to in the preceding paragraph to the Company in Restricted Shares, in which case the number of Restricted Shares held by Employee under this Agreement shall be reduced by the number of
Restricted Shares (rounded to the nearest whole share) having an aggregate value equal to such amounts to be withheld. For purposes of this paragraph, the value of a share of Common Stock shall be equal to the Fair Market Value (as defined herein)
of the Common Stock on the date Employee’s rights to the Restricted Shares is vested, or if such a date is not a trading day on such exchange, the trading day immediately preceding such date. Any election described in this clause (b) must
be made by Employee prior to the date on which the relevant tax obligation arises. 
 6. Registration. The Company’s obligation to deliver
Restricted Shares hereunder is subject to the condition that if at any time the Committee shall determine, in its discretion, that the listing of the shares of Common Stock subject hereto on any securities exchange, or the registration or
qualification of such shares under any federal or state law, or the consent or approval of any regulatory body, shall be necessary or desirable as a condition of, or in connection with, the grant, receipt or delivery of shares hereunder, such
delivery will not be effected unless and until such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. The Company agrees to make every reasonable
effort to effect or obtain any such listing, registration, qualification, consent or approval. 
 7. Employment Relationship. In no event shall the
granting of the Restricted Shares or the other provisions hereof or the acceptance of the Restricted Shares by Employee interfere with or limit in any way the right of the Company to terminate Employee’s employment at any time, nor confer upon
Employee any right to continue in the employ of the Company for any period of time or to continue his or her present or any other rate of compensation. 
 8.
Descriptive Headings; Interpretation of Agreement. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. This Agreement is intended to be consistent with the
Plan, and it shall be 
  

 5 

 interpreted consistently with that intent. Any questions which arise in connection with the interpretation or performance
of this grant shall be resolved by the Committee in its sole and absolute discretion. 
 9. Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of any successor or successors of the Company and any person or persons who shall, upon the death of Employee or Transfer of Restricted Shares in accordance herewith, acquire any rights hereunder. 
 10. Further Assurances. The parties agree to execute such further instruments and to take such further actions as may reasonably be required to carry out the
intent of this Agreement. 
 11. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given
when personally delivered or five (5) business days after deposit in the United States Post Office, by certified mail with postage and fees prepaid, return receipt requested. Notices shall be addressed, in the case of Employee, to the address
set forth below his or her signature on the signature page hereto and in the case of the Company, to it at its principal executive office, or at such other address as such party may designate by ten (10) days’ advance written notice to the
other party. 
 12. Entire Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof.

 13. Governing Law. The corporate law of the State of Delaware shall govern all questions concerning the relative rights of the Company and its
shareowners. All other questions concerning the construction, validity and interpretation of this Agreement shall be governed by the internal laws (and not the laws of conflicts) of the State of Illinois. 
 14. Termination. This award shall be null and void unless Employee shall accept the same below and return this executed stock award agreement to the Secretary of
the Company at its office in Elk Grove Village, Illinois, within thirty (30) days of the date this executed stock award agreement is delivered to Employee. 
 15. Certain Definitions. As used herein, the following terms have the following meanings: 
 (a) “Affiliate”
means a corporation which is a “parent corporation” or a “subsidiary corporation” of the Company, as such terms are defined in subsections (e) and (f) of Section 424 of the Code, and any corporation, or a
“parent corporation” or “subsidiary corporation” of such corporation, assuming this grant or substituting a new grant in lieu thereof, in a transaction to which Section 424(a) of the Code shall apply. The term
“subsidiary corporation” shall also include partnerships, joint ventures, and limited liability companies of which the Company owns an interest of fifty percent (50%) or more. 
 (b) “Cause” with respect to the termination of Employee’s Employment by the Company, means (i) the willful and continued
failure by Employee to perform substantially Employee’s duties to the Company (other than any such failure resulting from Employee’s Permanent Disability) within a reasonable period of time after a written demand for a 
  

 6 

 substantial performance is delivered to Employee by the Company which demand specifically identifies the manner in which
the Company believes that Employee has not substantially performed Employee’s duties; or (ii) the willful misconduct by Employee in the performance of Employee’s duties to the Company or the willful engaging by Employee in conduct
which, in either case, is illegal or materially injurious to the Company monetarily or otherwise. 
 (c) “Committee” means
the Company’s Compensation, Organization and Corporate Governance Committee or any successor committee thereto. 
 (d)
“Cumulative Target” means the cumulative target set by the Committee for the fiscal years covered by this Agreement. 
 (e)
“Employment by the Company” shall mean employment by the Company or an Affiliate. 
 (f) “Fair Market
Value” means the last reported sale price of Common Stock on the principal securities exchange on which shares of the Common Stock are then listed. 
 (g) “Permanent Disability” means an illness, accident or other condition which entitles Employee to benefits under a permanent disability program of the Company or an Affiliate. 
 (h) “Pro Rata Share” means the lesser of (1) a fraction, (A) whose numerator is equal to the after-tax net income per diluted
share for the period beginning March 1, 2006 and ending on the fiscal quarter coincident with or next preceding the Vesting Event, and (B) whose denominator is equal to the Cumulative Target and (2) a fraction, (A) whose
numerator is equal to the number of whole or partial calendar months which have elapsed from March 1, 2006, and (B) whose denominator is 36. 
 (i) “Restrictions” means the restrictions on the Transfer, attachment, garnishment or other process with respect to the Restricted Shares that are described in Paragraph 4 of this Agreement.

 (j) “Retirement” means the termination of Employee’s Employment by the Company after the Employee has attained the
age of sixty five (65), other than a termination by the Company or an Affiliate for Cause. 
 (k) “Sale of the Company”
means any transaction or series of transactions pursuant to which any person(s) or entity(ies) in the aggregate acquire(s) (i) capital stock of the Company possessing the voting power (other than voting rights accruing only in the event of a
default, breach or event of noncompliance) to elect a majority of the Company’s Board of Directors (whether by merger, consolidation, reorganization, combination, sale or transfer of the Company’s capital stock, shareholder or voting
agreement, proxy, power of attorney or otherwise) or (ii) all or substantially all of the Company’s assets determined on a consolidated basis. 
  

 7 

 (l) “Share Retention Guidelines” means such guidelines adopted by the Committee
regarding equity ownership by Employees as are in effect from time to time. The Share Retention Guidelines in effect on the Grant Date are set forth in Exhibit A, attached hereto. 
 (m) “Target” means the target set by the Committee for a single fiscal year covered by this Agreement. 
 (n) “Termination of Employment” means Employee ceasing to be in Employment by the Company for any reason whatsoever, including without
limitation, Employee’s death, Permanent Disability, discharge or resignation. 
 (o) “Unforeseeable Emergency” means a
severe financial hardship of Employee resulting from an illness or accident of Employee, Employee’s spouse, or Employee’s dependent (as defined in section 152(a) of the Code); loss of Employee’s principal residence due to casualty; or
other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of Employee. 
 (p)
“Vesting Date” means the date on which the Company’s audited financial statements for the fiscal year ending February 28, 2009 are issued. 
 (q) “Vesting Event” means a Sale of the Company or the termination of Employee’s Employment by the Company due to death, Permanent Disability, Retirement or termination by the Company without
Cause. 
  

			
	MATERIAL SCIENCES CORPORATION
		
	By:	 	  

	Name:	 	Clifford D. Nastas
	Title:	 	Chief Executive Officer

 Accepted this
             day of 
                     , 2006 
  

			
	  

	Employee
		
	Address:	 	  

		 	  

		 	  

  

 8 

 Exhibit A 
 SHARE RETENTION GUIDELINES 
 Following are the share retention guidelines for officers and employees
of Material Sciences Corporation in effect as of June 1, 2006. These guidelines may be amended or terminated, in whole or in part, at any time by the Compensation, Organization and Corporate Governance Committee or any successor committee
thereto: 
 Chief Executive Officer: Five (5) times base salary 
 Other Officers: Two (2) times base salary 
 All other employees: None 
  

 9

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