Document:

20-F

Exhibit 4.7  

CHECK POINT SOFTWARE
TECHNOLOGIES LTD. 

2005 ISRAEL EQUITY
INCENTIVE PLAN 

         1.        Purposes
of the Plan. The purposes of this Israel Equity Incentive Plan           are:  

	 	— 	to
attract and retain the best available personnel for positions of substantial
responsibility, 

	 	— 	to
provide additional incentive to Service Providers, and 

	 	— 	to
promote our employees' interest in the success of the Company's business. 

        Awards
granted under the Plan may be Options, Restricted Stock, Restricted Stock Units,
Performance Shares, Performance Units, Deferred Stock Units or Dividend Equivalents, as
determined by the Administrator at the time of grant.  

        Furthermore,
the Plan is designed to benefit from, and is made pursuant to, the provisions of Section
102 of the Ordinance, with respect to Awards granted to Employees pursuant to the Plan.  

        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 ý4 of                     the Plan.  

		        (b)        “Affiliate” means
an “employing company” as such term                     is defined in Section
102(a) of the Ordinance, other than the Company itself.  

		        (c)        “Applicable
Laws” means the requirements relating to the                     administration
of, or otherwise affecting, equity compensation plans under the
                    Companies Law, the Securities Law, other applicable laws of Israel,
U.S. federal                     and state securities laws, any stock exchange or
quotation system on which the                     Shares are listed or quoted, U.S. state
corporate laws, and any other country or                     jurisdiction where Awards
are granted under the Plan or a sub-plan or addendum                     hereto.  

		        (d)        “Approved
102 Award” means an Award granted pursuant to Section                     102(b)
of the Ordinance and held in trust by a Trustee for the benefit of the
                    Participant.  

		        (e)        “Award” means,
individually or collectively, a grant under the                     Plan of Options,
Restricted Stock, Restricted Stock Units, Performance Shares,
                    Performance Units, Deferred Stock Units or Dividend Equivalents.  

		        (f)        “Award
Agreement” means the written or electronic agreement                     setting
forth the terms and provisions applicable to each Award granted under
                    the Plan. The Award Agreement is subject to the terms and conditions
of the                     Plan.  

		        (g)        “Awarded
Stock” means the Shares subject to an Award.  

		        (h)        “Board” means
the Board of Directors of the Company.  

		        (i)        “Capital
Gains Award (CGA)” means an Approved 102 Award elected                     and
designated by the Company to qualify for capital gains tax treatment in
                    accordance with Section 102(b)(2) of the Ordinance.  

		         (j)        “Change
of Control” means the occurrence of any of the                     following
events, in one or a series of related transactions:  

		        (i)        any
individual or entity, other than the Company, a subsidiary of the Company or
                    a Company employee benefit plan, including any trustee of such plan
acting as                     trustee, is or becomes the “beneficial owner”,
directly or indirectly,                     of securities of the Company representing
fifty percent (50%) or more of the                     combined voting power of the
Company’s then outstanding securities entitled                     to vote generally
in the election of directors; or  

		        (ii)        a
merger or consolidation of the Company or any direct or indirect subsidiary of
                    the Company with any other corporation, other than a merger or
consolidation                     which would result in the voting securities of the
Company outstanding                     immediately prior thereto continuing to represent
(either by remaining                     outstanding or by being converted into voting
securities of the surviving                     entity) at least fifty percent (50%) of
the total voting power represented by                     the voting securities of the
Company or such surviving entity outstanding                     immediately after such
merger or consolidation; or  

		        (iii)        the
sale or disposition by the Company of all or substantially all the
                    Company’s assets.  

		        (k)        “Committee” means
a Committee appointed by the Board in                     accordance with Section ý4
of the Plan.  

		        (l)        “Companies
Law” means the Israeli Companies Law, 5759-1999.  

		        (m)        “Company” means
Check Point Software Technologies Ltd.  

		        (n)        “Consultant” means
any person, other than an Employee, engaged                     by the Company or any
Affiliate to render services and who is compensated for                     such
services.  

		        (o)        “Continuous
Status as a Director” means that the Director                     relationship
is not interrupted or terminated.  

		        (p)        “Controlling
Shareholder” shall have the meaning ascribed to                     such term in
Section 32(9) of the Ordinance.  

		        (q)        “Deferred
Stock Unit” means a deferred stock unit Award granted                     to a
Participant pursuant to Section ý13.  

		        (r)        “Director” means
a member of the Board.  

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		        (s)        “Disability” means
total and permanent disability as determined                     by the Administrator.  

		        (t)        “Dividend
Equivalent” means a credit, payable in cash, made at                     the
discretion of the Administrator, to the account of a Participant in an
                    amount equal to the cash dividends paid on one Share for each Share
represented                     by an Award held by such Participant. The Dividend
Equivalent for each Share                     subject to an Award shall only be paid to a
Participant on the vesting date for                     such Share.  

		        (u)        “Election” means
the Company’s election of the type of                     Approved 102 Awards as set
forth in Section ý19(b)(iii).  

		        (v)        “Employee” means
any person employed by the Company or any                     Affiliate of the Company,
and includes Officers and Directors. A Service                     Provider shall not
cease to be an Employee in the case of (i) any leave of                     absence
approved by the Company or (ii) transfers between locations of the
                    Company or between the Company, any Subsidiary, or any successor.  

		        (w)        “Fair
Market Value” means, as of any date, the value of Shares
                    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 of
the National                     Association of Securities Dealers, Inc. Automated
Quotation                     (“Nasdaq”) System, the Fair Market Value of
a Share shall be the                     closing sales price for such shares (or the
closing bid, if no sales were                     reported) as quoted on such system
or exchange (or the exchange with the                     greatest volume of trading in
Shares) on the day of determination, as                     reported in The Wall
Street Journal or such other source as the                     Administrator
deems reliable;  

		        (ii)        If
the Shares are quoted on the Nasdaq System (but not on the Nasdaq National
                    Market thereof) or are regularly quoted by a recognized
securities dealer                     but selling prices are not reported, the Fair
Market Value of a Share 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, as reported in The Wall                     Street Journal or
such other source as the Administrator deems reliable;  

		        (iii)        In
the absence of an established market for the Shares, the Fair Market Value
                    shall be determined in good faith by the Administrator.  

		        (x)        “ITA” means
the Israeli Tax Authorities.  

		        (y)        “Non-approved
102 Award” means an Award granted pursuant to                     Section 102(c)
of the Ordinance and not held in trust by a Trustee.  

		        (z)        “Non-employee
Director” means a Director who is neither an                     Employee nor a
Consultant, and who is a resident of Israel.  

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		        (aa)        “Notice
of Grant” means a written or electronic notice                     evidencing
certain terms and conditions of an individual Award. The Notice of
                    Grant is part of the Award Agreement.  

		        (bb)        “Officer” means,
with respect to the Company and Affiliates                     that are Israeli
companies, a person who is a “nosei misra”                    within the
meaning of the Companies Law but is not a Director, and with respect
                    to Affiliates that are not Israeli companies means a person who is an
officer                     within the meaning of the applicable corporate law of the
jurisdiction of                     incorporation of such Affiliate.  

		        (cc)        “Option” means
an option to purchase Shares granted pursuant to                     the Plan.  

		        (dd)        “Option
Agreement” means a written or electronic agreement                     between
the Company and a Participant evidencing the terms and conditions of an
                    individual Option grant. The Option Agreement is subject to the terms
and                     conditions of the Plan.  

		        (ee)        “Ordinance” means
the Israeli Income Tax Ordinance (New                     Version), 1961 as now in effect
and as hereafter amended.  

		        (ff)        “Ordinary
Income Award (OIA)” means an Approved 102 Award                     elected and
designated by the Company to qualify for ordinary income tax
                    treatment in accordance with Section 102(b)(1) of the Ordinance.  

		        (gg)        “Ordinary
Shares” shall mean the Ordinary Shares of the                     Company, NIS
0.01 nominal value.  

		        (hh)        “Participant” means
the holder of an outstanding Award granted                     under the Plan.  

		        (ii)        “Performance
Share” means a performance share Award granted to                     a
Participant pursuant to Section ý11.  

		        (jj)        “Performance
Unit”means a performance unit Award                     granted to a
Participant pursuant to Section ý12.  

		        (kk)        “Plan” means
this 2005 Israel Equity Incentive Plan.  

		        (ll)        “Restricted
Stock” means Shares granted pursuant to Section                     ý9 of
the Plan.  

		        (mm)        “Restricted
Stock Unit” means an Award granted pursuant to                     Section
ý10 of the Plan.  

		        (nn)        “Section
3(i) Award” means an Award granted to a Consultant or                     a
Controlling Shareholder in accordance with Section 3(i) of the Ordinance.  

		        (oo)        “Section
102” means Section 102 of the Ordinance and any                     regulations,
rules, and orders of procedures promulgated thereunder as now in
                    effect or as hereafter amended.  

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		        (pp)        “Section
102 Shares” means Shares issued under a Section 102                     Award
pursuant to Section ý19(c)(i) below.  

		        (qq)        “Section
102 Period” shall have the meaning ascribed to such                     term in
Section ý19(c)(i) below.  

		        (rr)        “Securities
Law” means the Israeli Securities Law,                     5728–1968.  

		        (ss)        “Service
Provider” means an Employee or Consultant.  

		        (tt)        “Share” means
one Ordinary Share, as adjusted in accordance                     with Section ý21
of the Plan.  

		        (uu)        “Trustee” means
a trustee designated by the Board and approved                     by the ITA, pursuant
to the requirements of Section 102 and a trust                     agreement to be
entered into and between the Company and such Trustee and                     approved by
the ITA.  

        3.        Shares
Subject to the Plan.  

		        (a)        Subject
to the provisions of Section ý21 of the Plan, the maximum
                    aggregate number of Shares which may be issued under the Plan is
30,000,000                     Shares, increased annually on the first day of each of the
Company’s fiscal                     years during the term of the Plan by 3,000,000
Shares.  

		        (b)        The
Shares may be authorized but unissued, or reacquired, Shares.  

		        (c)        Any
Shares subject to Options shall be counted against the numerical limits of
                    this Section ý3 as one Share for every Share subject
thereto. Any                     Shares subject to Restricted Stock, Performance Shares
or Restricted Stock Units                     with a per share or unit purchase price
lower than 100% of Fair Market Value on                     the date of grant shall be
counted against the numerical limits of this                     Section 3 as two
Shares for every one Share subject thereto. To the extent                     that a
Share that was subject to an Award that counted as two Shares against the
                    Plan reserve pursuant to the preceding sentence is recycled back into
the Plan                     under the next paragraph of this Section ý3, the
Plan shall be                     credited with two Shares.  

		        (d)        If
an Award expires or becomes unexercisable without having been exercised in
                    full, or, with respect to Restricted Stock, Performance Shares or
Restricted                     Stock Units, is forfeited to or repurchased by the Company
at its original                     purchase price due to such Award failing to vest, the
unpurchased Shares (or for                     Awards other than Options, the forfeited
or repurchased shares) which were                     subject thereto shall become
available for future grant or sale under the Plan                     (unless the Plan
has terminated). Shares that have actually been issued under                     the Plan
under any Award shall not be returned to the Plan and shall not become
                    available for future distribution under the Plan; provided, however,
that if                     Shares of Restricted Stock, Performance Shares or Restricted
Stock Units are                     repurchased by the Company at their original purchase
price or are forfeited to                     the Company due to such Awards failing to
vest, such Shares shall become                     available for future grant under the
Plan. Shares used to pay the exercise price                     of an Option shall not
become available for future grant or sale under the Plan.                     Shares used
to satisfy tax withholding obligations shall not become available                     for
future grant or sale under the Plan. To the extent an Award under the Plan
                    is paid out in cash rather than shares, such cash payment shall not
reduce the                     number of Shares available for issuance under the Plan.
Any payout of Dividend                     Equivalents or Performance Units, because they
are payable only in cash, shall                     not reduce the number of Shares
available for issuance under the Plan.                     Conversely, any forfeiture of
Dividend Equivalents or Performance Units shall                     not increase the
number of Shares available for issuance under the Plan.  

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        4.        Administration
of the Plan.  

		        (a)        Procedure.
The Plan shall be administered by (A) the Board or (B) a
                    Committee, which committee shall be constituted to satisfy Applicable
Laws. The                     Plan may be administered by different Committees with
respect to different                     groups of Service Providers.  

		        (b)        Powers
of the Administrator. Subject to the provisions of the Plan, and
                    in the case of a Committee, subject to the specific duties delegated
by the                     Board to such Committee, the Administrator shall have the
authority, in its                     discretion:  

		        (i)        to
determine the Fair Market Value of the Shares, in accordance with
                    Section ý2(w) of the Plan;  

		        (ii)        to
select the Service Providers to whom Awards may be granted hereunder;  

		        (iii)        to
determine whether and to what extent Awards or any combination thereof, are
          granted hereunder;  

		        (iv)        to
determine the number of Shares or equivalent units to be covered by each           Award
granted hereunder;  

		        (v)        to
approve forms of agreement for use under the Plan;  

		        (vi)        to
determine the terms and conditions, not inconsistent with the terms of the
                    Plan, of any award granted hereunder. Such terms and conditions
include, but are                     not limited to, the exercise price, the time or
times when Options may be                     exercised or other Awards vest (which may
be based on performance criteria), any                     vesting acceleration or waiver
of forfeiture restrictions, and any restriction                     or limitation
regarding any Award or Shares relating thereto, based in each case                     on
such factors as the Administrator, in its sole discretion, shall determine;  

		        (vii)        to
construe and interpret the terms of the Plan and Awards;  

		        (viii)        to
prescribe, amend and rescind rules and regulations relating to the Plan,
                    including rules and regulations relating to sub-plans or Plan
addendums,                     established for the purpose of qualifying for preferred
tax treatment (e.g.,                     Section 102);  

		        (ix)        to
modify or amend each Award (subject to Section ý23(c) of the
                    Plan), including the discretionary authority to extend the
post-termination                     exercisability period of Options longer than is
otherwise provided for in the                     Plan;  

		        (x)        to
authorize any person to execute on behalf of the Company any instrument
                    required to effect the grant of an Award previously granted by the
                    Administrator;  

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		        (xi)        to
allow Participants to satisfy withholding tax obligations by electing to have
                    the Company and/or its Affiliates and/or the Trustee withhold taxes
in                     accordance with the Applicable Laws. The Fair Market Value of any
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 a
Participant to have Shares or cash                     withheld for this purpose shall be
made in such form and under such conditions                     as the Administrator may
deem necessary or advisable;  

		        (xii)        to
determine whether Dividend Equivalents will be granted in connection with
                    another Award;  

		        (xiii)        to
determine the terms and restrictions applicable to Awards;  

		        (xiv)        to
determine the price per each Share to be issued under the Awards (excluding
                    the Option exercise price to be set in accordance with Section
ý8(b)                     below). Shares to be issued under grants of Restricted
Stock, RSUs, Performance                     Shares and Performance Units may be issued
upon payment of their nominal value;  

		        (ix)        to
make an election as to the type of 102 Approved Award; and  

		        (xv)        to
make all other determinations deemed necessary or advisable for administering
          the Plan.  

		        (c)        Effect
of Administrator’s Decision. The Administrator’s
                    decisions, determinations and interpretations shall be final and
binding on all                     Participants and any other holders of Awards.  

        5.        Eligibility.
Awards may be granted to Service Providers, provided that                     Section 102
Awards may be granted only to Employees.  

        6.        No
Employment Rights. Neither the Plan nor any Award shall confer upon a
                    Participant any right with respect to continuing the Participant’s
                    employment with the Company or its Affiliates, nor shall they
interfere in any                     way with the Participant’s right or the Company’s
or Affiliate’s                     right, as the case may be, to terminate such
employment at any time, with or                     without cause or notice.  

        7.        Term
of Plan. The Plan shall continue in effect for a term of ten                     (10) years
following the date upon which the Board approved the Plan in                     2005.  

        8.        Options.  

		        (a)        Term.
The term of each Option shall be stated in the Notice of Grant;
                    provided, however, that the term shall be no more than seven (7) years
from                     the date of grant or such shorter term as may be provided in the
Notice of                     Grant.  

		        (b)        Option
Exercise Price. The per share exercise price for the Shares to be
                    issued pursuant to exercise of an Option shall be determined by the
                    Administrator and shall be no less than 100% of the Fair Market Value
per share                     on the date of grant.  

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		        (c)        Waiting
Period and Exercise Dates. At the time an Option is granted, the
                    Administrator shall fix the period within which the Option may be
exercised and                     shall determine any conditions which must be satisfied
before the Option may be                     exercised. In so doing, the Administrator
may specify that an Option may not be                     exercised until the completion
of a service period or until performance                     milestones are satisfied. In
any event, no Option granted hereunder shall vest                     until at least six
months following the Option grant date.  

		        (d)        Form
of Consideration. The Administrator shall determine the acceptable
                    form of consideration for exercising an Option, including the method
of payment.                     In the case of a Section 102 Award, the Administrator
shall determine the                     acceptable form of consideration at the time of
grant. Subject to Applicable                     Laws, such consideration may consist
entirely of:  

		        (i)        cash;  

		        (ii)        check;  

		        (iii)        other
Shares which (A) in the case of Shares acquired upon exercise of an
                    option, have been owned by the Participant for more than six months
on the date                     of surrender, and (B) have a Fair Market Value on
the date of surrender                     equal to the aggregate exercise price of the
Shares as to which said Option                     shall be exercised;  

		        (iv)        delivery
of a properly executed exercise notice together with such other
               documentation as the Administrator and the broker, if applicable, shall
require                to effect an exercise of the Option and delivery to the Company or
Affiliate of                the sale proceeds required to pay the exercise price;  

		        (v)        any
combination of the foregoing methods of payment; or  

		        (vi)        such
other consideration and method of payment for the issuance of Shares to the
                    extent permitted by Applicable Laws.  

		        (e)        Exercise
of Option; Rights as a Shareholder. 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. 

        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. Full payment may consist of any consideration
and method of payment authorized by the Administrator and permitted by the Option
Agreement and the Plan. Shares issued upon exercise of an Option shall be issued in the
name of the Participant, provided however that Shares issued following the exercise of
Options granted under Section 102(b) to the Ordinance shall be issued under the name of
the Trustee for the benefit of the Participant and shall be held in trust by the Trustee.
Until the stock certificate evidencing such Shares is issued (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer agent of
the Company), no right to vote or receive dividends or any other rights as a shareholder
shall exist with respect to the optioned stock, notwithstanding the exercise of the
Option. The Company shall issue (or cause to be issued) such stock certificate
promptly after the Option is exercised. No adjustment will be made for a dividend or
other right for which the record date is prior to the date the stock certificate is
issued, except as provided in Section 21 of the Plan.  

8

        Exercising
an Option in any manner shall decrease the number of Shares thereafter available for sale
under the Option, by the number of Shares as to which the Option is exercised.  

        9.        Restricted
Stock.  

		        (a)        Grant
of Restricted Stock. Subject to the terms and conditions of the
                    Plan, Restricted Stock may be granted to Participants at any time as
shall be                     determined by the Administrator, in its sole discretion. The
Administrator shall                     have complete discretion to determine (i) the
number of Shares subject to a                     Restricted Stock award granted to any
Participant, and (ii) the conditions                     that must be satisfied,
which typically will be based principally or solely on                     continued
provision of services but may include a performance-based component,
                    upon which is conditioned the grant, vesting or issuance of
Restricted Stock;                     provided, however that no Restricted Stock Award
shall vest until at least one                     year following the grant date.  

		        (b)        Other
Terms. The Administrator, subject to the provisions of the Plan,
                    shall have complete discretion to determine the terms and conditions
of                     Restricted Stock granted under the Plan. Restricted Stock grants
shall be                     subject to the terms, conditions, and restrictions
determined by the                     Administrator at the time the stock or the
restricted stock unit is awarded. The                     Administrator may require the
recipient to sign a Restricted Stock Award                     agreement as a condition
of the award. Any certificates representing the Shares                     of stock
awarded shall bear such legends as shall be determined by the
                    Administrator.  

		        (c)        Restricted
Stock Award Agreement. Each Restricted Stock grant shall be
                    evidenced by an agreement that shall specify the purchase price (if
any) and                     such other terms and conditions as the Administrator, in its
sole discretion,                     shall determine; provided; however, that if the
Restricted Stock grant has a                     purchase price, such purchase price must
be paid no more than ten (10) years                     following the date of grant.  

        10.        Restricted
Stock Units.  

		        (a)        Grant.
Restricted Stock Units may be granted at any time and from time to
                    time as determined by the Administrator. The Administrator shall have
complete                     discretion to determine (i) the number of Shares
subject to a Restricted                     Stock Unit award granted to any Participant,
and (ii) the conditions that                     must be satisfied, which typically
will be based principally or solely on                     continued service but may
include a performance-based component, upon which is                     conditioned the
grant or vesting of Restricted Stock Units. Restricted Stock                     Units
shall be granted in the form of units to acquire Shares. Each such unit
                    shall be the equivalent of one Share for purposes of determining the
number of                     Shares subject to an Award. Until the Shares are issued, no
right to vote or                     receive dividends or any other rights as a
shareholder shall exist with respect                     to the units to acquire Shares.  

9

		        (b)        Vesting
Criteria and Other Terms. The Administrator shall set vesting
                    criteria in its discretion, which, depending on the extent to which
the criteria                     are met, will determine the number of Restricted Stock
Units that will be paid                     out to the Participant. The Administrator may
set vesting criteria based upon                     the achievement of Company-wide,
Affiliate-wide, business unit, or individual                     goals (including, but
not limited to, continued employment), or any other basis                     determined
by the Administrator in its discretion; provided, however that no
                    Restricted Unit Award shall vest until at least one year following
the grant                     date.  

		        (c)        Earning
Restricted Stock Units. Upon meeting the applicable vesting
                    criteria, the Participant shall be entitled to receive a payout as
specified in                     the Restricted Stock Unit Award Agreement.
Notwithstanding the foregoing, at any                     time after the grant of
Restricted Stock Units, the Administrator, in its sole                     discretion,
may reduce or waive any vesting criteria that must be met to receive
                    a payout.  

		        (d)        Form
and Timing of Payment. Payment of earned Restricted Stock Units
                    shall be made as soon as practicable after the date(s) set forth in
the                     Restricted Stock Unit Award Agreement. The Administrator shall
pay earned                     Restricted Stock Units in Shares.  

		        (e)        Cancellation.
On the date set forth in the Restricted Stock Unit Award                     Agreement,
all unearned Restricted Stock Units shall be forfeited to the
                    Company.  

        11.        Performance
Shares.  

		        (a)        Grant
of Performance Shares. Subject to the terms and conditions of the
                    Plan, Performance Shares may be granted to Participants at any time
as shall be                     determined by the Administrator, in its sole discretion.
The Administrator shall                     have complete discretion to determine (i) the
number of Shares subject to a                     Performance Share award granted to any
Participant, and (ii) the conditions                     that must be satisfied,
which typically will be based principally or solely on                     achievement of
performance milestones but may include a service-based component,
                    upon which is conditioned the grant or vesting of Performance Shares.
                    Performance Shares shall be granted in the form of units to acquire
Shares. Each                     such unit shall be the equivalent of one Share for
purposes of determining the                     number of Shares subject to an Award.
Until the Shares are issued, no right to                     vote or receive dividends or
any other rights as a shareholder shall exist with                     respect to the
units to acquire Shares.  

		        (b)        Other
Terms. The Administrator, subject to the provisions of the Plan,
                    shall have complete discretion to determine the terms and conditions
of                     Performance Shares granted under the Plan. Performance Share
grants shall be                     subject to the terms, conditions, and restrictions
determined by the                     Administrator at the time the stock is awarded,
which may include such                     performance-based milestones as are determined
appropriate by the Administrator;                     provided, however that no
Performance Share Award shall vest until at least one                     year following
the grant date. The Administrator may require the recipient to                     sign a
Performance Shares agreement as a condition of the award. Any
                    certificates representing the Shares of stock awarded shall bear such
legends as                     shall be determined by the Administrator.  

		        (c)        Performance
Share Award Agreement. Each Performance Share grant shall be
                    evidenced by an agreement that shall specify such other terms and
conditions as                     the Administrator, in its sole discretion, shall
determine.  

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        12.        Performance
Units.  

		        (a)        Grant
of Performance Units. Performance Units are similar to Performance
                    Shares, except that they shall be settled in a cash equivalent to the
Fair                     Market Value of the underlying Shares, determined as of the
vesting date.                     Subject to the terms and conditions of the Plan,
Performance Units may be                     granted to Participants at any time and from
time to time as shall be determined                     by the Administrator, in its sole
discretion. The Administrator shall have                     complete discretion to
determine the conditions that must be satisfied, which                     typically will
be based principally or solely on achievement of performance
                    milestones but may include a service-based component, upon which is
conditioned                     the grant or vesting of Performance Units. Performance
Units shall be granted in                     the form of units to acquire Shares. Each
such unit shall be the cash equivalent                     of one Share. No right to vote
or receive dividends or any other rights as a                     shareholder shall exist
with respect to Performance Units or the cash payable                     thereunder.  

		         (b)        Number
of Performance Units. The Administrator will have complete
                    discretion in determining the number of Performance Units granted to
any                     Participant.  

		        (c)        Other
Terms. The Administrator, subject to the provisions of the Plan,
                    shall have complete discretion to determine the terms and conditions
of                     Performance Units granted under the Plan. Performance Unit grants
shall be                     subject to the terms, conditions, and restrictions
determined by the                     Administrator at the time the grant is awarded,
which may include such                     performance-based milestones as are determined
appropriate by the Administrator.                     The Administrator may require the
recipient to sign a Performance Unit agreement                     as a condition of the
award. Any certificates representing the units awarded                     shall bear
such legends as shall be determined by the Administrator.  

		        (d)        Performance
Unit Award Agreement. Each Performance Unit grant shall be
                    evidenced by an agreement that shall specify such terms and
conditions as the                     Administrator, in its sole discretion, shall
determine.  

        13.        Deferred
Stock Units. Deferred Stock Units shall consist of a Restricted
                    Stock, Restricted Stock Unit, Performance Share or Performance Unit
Award that                     the Administrator, in its sole discretion permits to be
paid out in installments                     or on a deferred basis, in accordance with
rules and procedures established by                     the Administrator. Deferred Stock
Units shall remain subject to the claims of                     the Company’s
general creditors until distributed to the Participant.  

        14.        Automatic
Stock Option Grants to Non-employee Directors.  

		        (a)        Procedure
for Grants. All grants of Options to Non-employee Directors                     under
this Section ý14 shall be automatic and non-discretionary and shall
                    be made strictly in accordance with the following provisions:  

		        (i)        Each
Non-employee Director shall be automatically granted an Option to purchase
                    50,000 Shares, or a lesser amount determined by the Board, in its
sole                     discretion (the “First Option”), upon the date on
which such person                     first becomes a Director, whether through election
by the shareholders of the                     Company or appointment by the Board of
Directors to fill a vacancy; provided,                     however, that a Non-employee
Director who has previously been employed by the                     Company (or any
Affiliate) shall not be eligible to receive a First Option.  

11

		        (ii)        At
each of the Company’s annual shareholder meetings, and commencing in
                    2005,each Non-employee Director shall be automatically granted
an Option                     to purchase 25,000 Shares, or a lesser amount determined by
the Board, in its                     sole discretion (the “Annual Option”),
provided that such individual                     has served as an Non-Employee Director
for at least six months prior to the date                     of such annual meeting.  

		        (iii)        Notwithstanding
the provisions of subsections (i) and                     (ii) hereof, in
the event that an automatic grant hereunder would cause the                     number of
Shares subject to outstanding Options plus the number of Shares
                    previously purchased upon exercise of Options to exceed the number of
Shares                     available for issuance under the Plan, then each such
automatic grant shall be                     for that number of Shares determined by
dividing the total number of Shares                     remaining available for grant by
the number of Non-employeeDirectors on                     the automatic grant
date. Any further grants shall then be deferred until such                     time, if
any, as additional Shares become available for grant under the Plan.  

		        (iv)        The
terms of an Option granted hereunder shall be as follows:  

		        (A)         The
term of the Option shall be seven (7) years.  

		        (B)         The
Option shall be exercisable only while the Non-employeeDirector remains a Director
of the Company, except as set forth in           subsection (c) hereof.  

		        (C)        The
exercise price per Share shall be 100% of the fair market value                per Share
on the date of grant of the Option.  

		        (D)         The
First Option shall become exercisable as to 1⁄4 of the covered
                    Shares each year on the day prior to each year’s normally
scheduled annual                     shareholders’ meeting, so as to become 100%
vested on the day prior to the                     normally scheduled annual shareholders’ meeting
occurring approximately                     four years following the grant date, subject
to the Participant maintaining                     Continuous Status as a Director on
each vesting date.  

		        (E)         The
Subsequent Option shall become exercisable as to 50% of the covered
                    Shares six months following the grant date, and as to an additional
25% of the                     covered Shares each three months thereafter, so as to be
100% vested on the                     first anniversary of the grant date, subject to
the Participant maintaining                     Continuous Status as a Director on each
vesting date.  

		        (b)        Consideration
for Exercising Non-employee Director Stock Options. The
                    consideration to be paid for the Shares to be issued upon exercise of
an                     automatic Non-employeeDirector Option shall consist of any
consideration                     permitted under Section ý8(d) hereof and as set
forth in the Award                     Agreement.  

		        (c)        Post-Directorship
Exercisability. If a Non-employeeDirector                     ceases to serve
as a Director, he or she may, but only within one year after the                     date
he or she ceases to be a Director, exercise his or her Option to the extent
                    that he or she was entitled to exercise it at the date of such
termination. To                     the extent that he or she was not entitled to
exercise an Option at the date of                     such termination, or if he or she
does not exercise such Option (which he was                     entitled to exercise)
within the time specified herein, the Option shall                     terminate.  

12

		        (d)        Limitation
on Automatic Stock Option Grants. The Directors serving
                    immediately prior to the appointment or election of a new
Non-employee Director,                     or prior to an annual shareholders’ meeting,
as the case may be, shall                     determine as to each new Non-employeeDirector
whether he or she shall be                     granted an Award under this Section
ý14 or under the comparable                     provisions of another incentive
plan of the Company. A new Non-employee Director                     who receives an
Award of a First Option under this Plan shall not be eligible to
                    receive a comparable automatic stock option grant under any other
incentive plan                     of the Company. A Non-employee Director who receives
an Award of a Subsequent                     Option under this Plan shall not be eligible
to receive a comparable automatic                     stock option grant under any other
incentive plan of the Company with respect to                     such fiscal year of the
Company.  

        15.        Termination
of Relationships, Death or Disability.  

		        (a)        Termination
of Relationship as a Service Provider. If a Participant                     ceases to
be a Service Provider, other than upon the Participant’s death or
                    Disability, then (i) in the case of an Award that is an Option,
the                     Participant may exercise any Options within such period of time
as is specified                     in the Option Agreement to the extent that 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), and (ii) in the case of any                     Award other than an
Option, the Participant shall be entitled to the benefit                     conferred by
such Award during such period of time as is specified in the Award
                    Agreement to the extent that the Award is vested on the date of
termination (but                     in no event later than the expiration of the term of
such Award, if any, as set                     forth in the Award Agreement). In the
absence of a specified time in the Award                     Agreement, an Option shall
remain exercisable, and the Participant shall be                     entitled to the
benefit conferred by an Award other than an Option, for three                     months
following the Participant’s termination. If, on the date of
                    termination, the Participant is not vested as to his or her entire
Award, the                     Shares covered by the unvested portion of the Award shall
revert to the Plan.                     If, after termination, the Participant does not
exercise his or her Option, or                     receive the benefit conferred by an
Award other than an Option, within the time                     specified herein, the
Award shall terminate, and the Shares covered by such                     Award shall
revert to the Plan.  

		        (b)        Disability.
If a Participant ceases to be a Service Provider as a result                     of the
Participant’s Disability, then (i) in the case of an Award that
                    is an Option, the Participant may exercise his or her Option within
such period                     of time as is specified in the Option Agreement 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), and (ii) in                     the case of any
Award other than an Option, the Participant shall be entitled to                     the
benefit conferred by such Award during such period of time as is specified
                    in the Award Agreement to the extent that the Award is vested on the
date of                     termination (but in no event later than the expiration of the
term of such                     Award, if any, as set forth in the Award Agreement). In
the absence of a                     specified time in the Award Agreement, an Option
shall remain exercisable, and                     the Participant shall be entitled to
the benefit conferred by an Award other                     than an Option, for twelve
(12) months following the Participant’s                     termination due to
Disability. If, on the date of termination, the Participant                     is not
vested as to his or her entire Award, the Shares covered by the unvested
                    portion of the Award shall revert to the Plan. If, after termination,
the                     Participant does not exercise his or her Option, or receive the
benefit                     conferred by an Award other than an Option, within the time
specified herein,                     the Award shall terminate, and the Shares covered
by such Award shall revert to                     the Plan.  

13

		        (c)        Death
of Participant. If a Participant dies while a Service Provider,
                    then (i) in the case of an Award that is an Option, the Option
may be                     exercised following the Participant’s death within such
period of time as                     is specified in the Option Agreement to the extent
the Option is vested on the                     date of death (but in no event may the
option be exercised later than the                     expiration of the term of such
Option as set forth in the Option Agreement), by                     the Participant’s
designated beneficiary, provided such beneficiary has                     been designated
prior to Participant’s death in a form acceptable to the
                    Administrator, and (ii) in the case of any Award other than an
Option, the                     Participant’s designated beneficiary, provided such
beneficiary has been                     designated prior to Participant’s death in
a form acceptable to the                     Administrator, shall be entitled to the
benefit conferred by such Award during                     such period of time as is
specified in the Award Agreement to the extent that                     the Award is
vested on the date of death (but in no event later than the
                    expiration of the term of such Award, if any, as set forth in the
Award                     Agreement). If no such beneficiary has been designated by the
Participant, then                     such Option may be exercised by, or the benefit
conferred by such Award shall be                     provided to, the personal
representative of the Participant’s estate or by                     the person(s)
to whom the Award is transferred pursuant to the                     Participant’s
will or in accordance with the laws of descent and                     distribution. In
the absence of a specified time in the Award Agreement, the                     Option
shall remain exercisable, or the benefit conferred by such Award shall be
                    provided, for twelve (12) months following Participant’s death.
If the                     Option is not so exercised or the benefit conferred by such
Award is not                     provided within the time specified herein, the Award
shall terminate, and the                     Shares covered by such Award shall revert to
the Plan.  

        16.        Leaves
of Absence. Unless the Administrator provides otherwise or except
                    as otherwise required by Applicable Laws, vesting of Awards granted
hereunder                     shall cease commencing on the first day of any unpaid leave
of absence and shall                     only recommence upon return to active service.  

        17.        Part-Time
Service. Unless the Administrator provides otherwise or except                     as
otherwise required by Applicable Laws, any service-based vesting of Awards
                    granted hereunder shall be extended on a proportionate basis in the
event an                     Employee transitions to a work schedule under which they are
customarily                     scheduled to work on less than a full-time basis, or if
not on a full-time work                     schedule, to a schedule requiring fewer hours
of service. Such vesting shall be                     proportionately re-adjusted
prospectively in the event that the Employee                     subsequently becomes
regularly scheduled to work additional hours of service.  

        18.        Non-Transferability
of Awards. Unless determined otherwise by the                     Administrator, an
Award 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                     recipient, only by the recipient. If the Administrator makes an
Award                     transferable, it may only be transferable for no consideration
to transferees                     permitted pursuant to a Form S-8 Registration
Statement (such as family members                     or pursuant to a settlement of
marital property rights) and such Award shall                     contain such additional
terms and conditions as the Administrator deems                     appropriate.  

        19.        Grant
of Approved 102 Awards and Non-approved 102 Awards.  

		        (a)        Participants.
Approved 102 Awards may only be granted to Employees who                     are
residents of the State of Israel. Except as otherwise specifically approved
                    by the ITA, a Controlling Shareholder or a Consultant shall not be
eligible for                     grant of Approved 102 Awards or Non-approved 102 Awards,
and shall only be                     eligible for grant of Section 3(i) Awards.  

14

		        (b)        Grant
of Section 102 Awards. 

		        (i)        The
Company may designate Awards granted to Employees pursuant to Section 102 as
                    Non-approved 102 Awards or Approved 102 Awards.  

		        (ii)        The
grant of Approved 102 Awards under the Plan shall be conditioned upon the
                    approval of the Plan by the ITA.  

		        (iii)        Approved
102 Awards may either be classified as Capital Gains Awards (CGAs) or
                    Ordinary Income Awards (OIAs). No Approved 102 Award may be granted
under the                     Plan unless and until the Company’s election of the
type of Approved 102                     Awards as CGA or OIA granted to Employees (the
“Election”) is                     appropriately filed with the ITA.
Such Election shall become effective beginning                     the first date of
grant of an Approved 102 Award and shall remain in effect                     until the
end of the year following the year during which Employees were first
                    granted Approved 102 Awards. The Election shall obligate the Company
to grant only the type of Approved 102 Awards it has elected, and shall apply to
                    all Participants who were granted such Approved 102 Awards during the
period                     indicated herein, all in accordance with the provisions of
Section 102(g) of the                     Ordinance. For the avoidance of doubt, such
Election shall not prevent the                     Administrator from granting Employees
Approved 102 Awards and Non-approved 102                     Awards simultaneously.  

		        (iv)        All
Approved 102 Awards must be held in trust by a Trustee, as described in
                    subsection (c) below.  

		        (v)        For
the avoidance of doubt, the designation of Non-approved 102 Awards and
                    Approved 102 Awards shall be subject to the terms and conditions of
Section 102.  

		        (vi)        With
respect to Non-approved 102 Award, if the Employee ceases to be employed by
                    the Company or any Affiliate, the Employee shall extend to the
Company and/or                     its Affiliate a security or guarantee for the payment
of tax due at the time of                     sale of Shares, all in accordance with the
provisions of Section 102.  

		        (c)        Trustee.  

		        (i)        All
Approved 102 Awards granted under the Plan and any Shares allocated or
                    issued upon exercise of such Approved 102 Awards (“Section
102                     Shares”) or other shares received subsequently following
any                     realization of rights, including bonus shares, shall be allocated
or issued to                     the Trustee, and shall be held by the Trustee for the
benefit of the                     Participants for such period of time as required by
Section 102 (the                     “Section 102 Period”). In case the
requirements for Approved                     102 Awards are not met, then the Approved
102 Awards shall be regarded as                     Non-approved 102 Awards, all in
accordance with the provisions of Section 102.  

15

		        (ii)        Notwithstanding
anything to the contrary, the Trustee shall not release any                     Section
102 Shares or other Shares received subsequently following any
                    realization of the Participant’s rights prior to the full
payment of the                     Participant’s tax liabilities arising from the
grant, exercise, release or                     transfer of the Approved 102 Award and
any Section 102 Shares or other Shares                     received subsequently
following any realization of rights.  

		        (iii)        With
respect to any Approved 102 Awards, subject to the provisions of Section
                    102, a Participant shall not sell or release from trust any Section
102 Shares                     or any Shares received subsequently following any
realization of rights,                     including bonus shares, until the lapse of the
Section 102 Period.                     Notwithstanding the above, if any such sale or
release occurs during the Section                     102 Period, the sanctions under
Section 102 shall apply to, and be borne by,                     such Participant.  

		        (iv)        Upon
receipt of an Approved 102 Award, the Participant will sign an Award
                    Agreement under which the Participant will agree to be subject to the
trust                     agreement between the Company and the Trustee, stating, among
others, that the                     Trustee will be released from any liability in
respect of any action or decision                     duly taken and bona fide executed
in relation with the Plan, or any Approved 102                     Award or Section 102
Share granted to him or her thereunder.  

		        (v)        As
long as Approved 102 Awards granted, or Section 102 Shares are held by the
                    Trustee, then all rights the Participant possesses over such Awards
or Shares                     may not be transferred, assigned, pledged or mortgaged by
the Participant, other                     than by will or laws of descent and
distribution.  

		        (vi)        If
dividends, whether cash, property or stock dividends, are declared on Section
                    102 Shares held by the Trustee, such dividends shall also be subject
to the                     provisions of Section 102 and the provisions of this Section
ý19. The                     Section 102 Period for any such additional shares
shall be equal to the Section                     102 Period for the original Section 102
Shares.  

		        (vii)        At
any time after the end of the Section 102 Period with respect to any Section
                    102 Awards or Section 102 Shares, the Participant may order (but
shall not be                     obligated to order) the Trustee to sell or transfer to
the Participant such                     Section 102 Awards or Section 102 Shares,
provided that no securities shall be                     sold or transferred until all
required payments have been fully made:                     (i) such Participant has
deposited with the Trustee an amount of money                     which, in the Trustee’s
opinion, is necessary to discharge such                     Participant’s tax
obligations with respect to such Section 102 Awards or                     Section 102
Shares, or (ii) the receipt by the Trustee of an acknowledgment
                    from the ITA that the Participant has paid any applicable tax due
pursuant to                     the Ordinance, or (iii) the Company has made other
arrangements for the                     deduction of tax at source acceptable to the
Trustee, or (iv) upon the sale                     by the Trustee of any securities
held in trust from the proceeds of which the                     Company or the Trustee
has withheld all applicable taxes and has remitted the                     amount
withheld to the appropriate Israeli tax authorities, has paid the balance
                    thereof directly to such Participant, and has reported to such
Participant the                     amount so withheld and paid to such tax authorities.  

16

		        (d)        Integration
of Section 102 and Tax Assessing Officer’s Permit.  

With regards to Approved 102 Awards,
the provisions of the Plan and the Award Agreement shall be subject to the provisions of
Section 102 of the Ordinance and the Tax Assessing Officer’s permit, and the said
provisions and permit shall be deemed an integral part of the Plan and of the Award
Agreement.  

		        (e)       Tax
Consequences.  

		        (i)       Any
and all tax consequences arising from the grant, exercise transfer, or sale           of
an Award or from the payment for Shares covered thereby or from any other           event
or act under the Plan (whether of a Participant and/or of the Company           and/or a
Affiliate and/or the Trustee) shall be borne solely by the Participant.           The
Company and/or its Affiliates and/or the Trustee shall withhold taxes           according
to the requirements under the applicable laws, rules, and regulations,
          including withholding taxes at source. Furthermore, the Participant shall agree
          to indemnify the Company and the Trustee, if applicable, and hold them harmless
          against and from any and all liability for any tax or interest or penalty
          thereon, including (without limitation) liabilities relating to the necessity
to           withhold, or to have withheld, any tax from any payment made to the
Participant.  

		        (ii)       The
Company, or where applicable, the Trustee, shall not be required to release           any
share certificate to a Participant until all requirement payment have been
          fully made.  

		        (iii)       Without
derogating from Section ý2 above and solely for the purpose of
          determining the tax liability pursuant to Section 102(b)(3) of the Ordinance,
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
of           the Approved 102 Award, the Fair Market Value of the Shares at the date of
grant           shall be determined in accordance with the average value of the Company’s
          Shares on the thirty trading days preceding the date of grant or the thirty
          trading days following the date of registration for trading, as the case may
be.  

        20.       Grant
of Section 3(i) Awards. In the event that grants are made under           Section
3(i) of the Ordinance, the Company may elect to enter into an agreement           with a
trustee concerning the administration of the exercise of Options, the           purchase
and sale of Shares, and the arrangements for payment of or withholding           of taxes
due in connection with such exercise, purchase and sale. The trust           agreement
may provide that the Company will issue the Shares to such trustee for           the
benefit of the Participants. The type of Section 3(i) Awards to be granted
          under the Plan shall be subject to the provisions of Section 3(i) to the
          Ordinance.  

        21.       Adjustments
Upon Changes in Capitalization, Dissolution or Liquidation or           Change of Control.  

		        (a)       Changes
in Capitalization. Subject to any required action by the           shareholders of
the Company, the number of shares of Ordinary Shares covered by           each
outstanding Award, the number of shares of Ordinary Shares which have been
          authorized for issuance under the Plan but as to which no Awards have yet been
          granted (including the automatic annual replenishment of three million Shares)
          or which have been returned to the Plan upon cancellation or expiration of an
          Award, as well as the price per Ordinary Shares covered by each such
outstanding           Award shall be proportionately adjusted for any increase or
decrease in the           number of issued Ordinary Shares resulting from a stock split,
reverse stock           split, stock dividend, combination or reclassification of the
Ordinary Shares,           or any other increase or decrease in the number of issued
Ordinary Shares           effected without receipt of consideration by the Company;
provided, however,           that conversion of any convertible securities of the Company
shall not be deemed           to have been “effected without receipt of
consideration.” Such           adjustment shall be made by the Administrator, whose
determination in that           respect shall be final, binding and conclusive. Except as
expressly provided           herein, no issuance by the Company of shares of stock of any
class, or           securities convertible into shares of stock of any class, shall
affect, and no           adjustment by reason thereof shall be made with respect to, the
number or price           of Ordinary Shares subject to an Award.  

17

		        (b)       Dissolution
or Liquidation. In the event of the proposed dissolution or           liquidation of
the Company, the Administrator shall notify each Participant as           soon as
practicable prior to the effective date of such proposed transaction.           The
Administrator in its discretion may provide for a Participant to have the           right
to exercise his or her Option until ten (10) days prior to such           transaction as
to all of the Awarded Stock covered thereby, including Shares as           to which the
Award would not otherwise be exercisable. In addition, the           Administrator may
provide that any Company repurchase option or forfeiture           rights applicable to
any Award shall lapse 100%, and that any Award vesting           shall accelerate 100%,
provided the proposed dissolution or liquidation takes           place at the time and in
the manner contemplated. To the extent it has not been           previously exercised
(with respect to Options) or vested (with respect to other           Awards), an Award
will terminate immediately prior to the consummation of such           proposed action.  

		        (c)       Change
of Control.  

		        (i)       Options.
In the event of a Change of Control, each outstanding Option           shall be assumed
or an equivalent option substituted by the successor           corporation or a parent or
Affiliate of the successor corporation. In the event           that the successor
corporation refuses to assume or substitute for the Option,           the Administrator,
in its sole discretion, may provide that either (i) all           Options shall
terminate immediately prior to the consummation of the Change of           Control, or
(ii) Participants shall fully vest in and have the right to           exercise their
Options as to all of the Awarded Stock, including Shares as to           which it would
not otherwise be vested or exercisable. If an Option becomes           fully vested and
exercisable in lieu of assumption or substitution in the event           of a Change of
Control, the Administrator shall notify the Participant in           writing or
electronically that the Option shall be fully vested and 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. For the purposes of this
          paragraph, the Option shall be considered assumed if, following the Change of
          Control, the option confers the right to purchase or receive, for each Share of
          Awarded Stock subject to the Option immediately prior to the Change of Control,
          the consideration (whether stock, cash, or other securities or property)
          received in the Change of Control by holders of Ordinary Shares for each Share
          held on the effective date of the transaction (and if holders were offered a
          choice of consideration, the type of consideration chosen by the holders of a
          majority of the outstanding Ordinary Shares); provided, however, that if such
          consideration received in the Change of Control is not solely stock of the
          successor corporation or its parent, the Administrator may, with the consent of
          the successor corporation, provide for the consideration to be received upon
the           exercise of the Option, for each Share of Awarded Stock subject to the
Option,           to be solely stock of the successor corporation or its parent equal in
fair           market value to the per share consideration received by holders of
Ordinary           Shares in the Change of Control.  

18

		        (ii)       Restricted
Stock, Restricted Stock Units, Performance Shares, Performance           Units and
Deferred Stock  Units. In the event of a Change of Control, each
          outstanding Restricted Stock, Restricted Stock Unit, Performance Share,
          Performance Unit and Deferred Stock Unit award (and any related Dividend
          Equivalent), shall be assumed or an equivalent Restricted Stock, Restricted
          Stock Unit, Performance Share, Performance Unit and Deferred Stock Unit award
          substituted by the successor corporation or a parent or Affiliate of the
          successor corporation. In the event that the successor corporation refuses to
          assume or substitute for the Restricted Stock, Restricted Stock Unit,
          Performance Share, Performance Unit or Deferred Stock Unit award, the
          Administrator, in its sole discretion, may provide either that (i) such
          Awards shall terminate immediately prior to the consummation of the Change of
          Control, or (ii) Participants shall fully vest in the Restricted Stock,
          Restricted Stock Unit, Performance Share, Performance Unit or Deferred Stock
          Unit Awards including as to Shares (or with respect to Performance Units, the
          cash equivalent thereof) which would not otherwise be vested. For the purposes
          of this paragraph, a Restricted Stock, Restricted Stock Unit, Performance
Share,           Performance Unit and Deferred Stock Unit award shall be considered
assumed if,           following the Change of Control, the award confers the right to
purchase or           receive, for each Share (or with respect to Performance Units, the
cash           equivalent thereof) subject to the Award immediately prior to the Change
of           Control, the consideration (whether stock, cash, or other securities or
          property) received in the Change of Control by holders of Ordinary Shares for
          each Share held on the effective date of the transaction (and if holders were
          offered a choice of consideration, the type of consideration chosen by the
          holders of a majority of the outstanding Ordinary Shares); provided, however,
          that if such consideration received in the Change of Control is not solely
stock           of the successor corporation or its parent, the Administrator may, with
the           consent of the successor corporation, provide for the consideration to be
          received, for each Share and each unit/right to acquire a Share subject to the
          Award, to be solely stock of the successor corporation or its parent equal in
          fair market value to the per share consideration received by holders of
Ordinary           Shares in the Change of Control.  

        22.       Date
of Grant. The date of grant of an Award shall be, for all purposes,           the
date on which the Administrator makes the determination granting such Award,           or
such other later date as is determined by the Administrator. Notice of the
          determination shall be provided to each Participant within a reasonable time
          after the date of such grant.  

        23.       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 Company shall obtain shareholder approval of           any Plan
amendment to the extent necessary and desirable to comply with the           Applicable
Laws and in such a manner and to such a degree as is required by the           Applicable
Laws.  

19

		        (c)       Effect
of Amendment or Termination. No amendment, alteration, suspension           or
termination of the Plan shall impair the rights of any Participant, unless
          mutually agreed otherwise between the Participant and the Administrator, which
          agreement must be in writing (or electronic format) and signed by the
          Participant and the Company or its Affiliate.  

        24.       Conditions
Upon Issuance of Shares.  

		        (a)       Legal
Compliance. Shares shall not be issued pursuant to the exercise of           an Award
unless the exercise of the Award or the issuance and delivery of such           Shares
(or with respect to Performance Units, the cash equivalent thereof) shall
          comply with Applicable Laws 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 or receipt of           an Award, the
Company may require the person exercising or receiving such Award           to represent
and warrant at the time of any such exercise or receipt 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.  

		        (c)       Tax
Consequences. Any and all tax consequences arising from the grant or
          exercise, or otherwise relating to, an Award or from the payment for Shares
          covered thereby or from any other event or act under the Plan (whether of the
          Participant or of the Company or of a Affiliate) shall be borne solely by the
          Participant. The Company or its Affiliates shall withhold taxes according to
the           requirements under the Applicable Laws, including withholding taxes at
source.           Furthermore, the Participant shall agree to indemnify the Company and
its           Affiliates, if applicable, and hold them harmless from and against any and
all           liability for any tax, or interest or penalty thereon, including
liabilities           relating to the necessity to withhold, or to have withheld, any tax
from any           payment made to the Participant.  

        25.       Liability
of Company.  

		        (a)       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 and           sale 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.  

		        (b)       Grants
Exceeding Allotted Shares. If the Awarded Stock covered by an           Award
exceeds, as of the date of grant, the number of Shares which may be issued
          under the Plan without additional shareholder approval, such Award shall be
void           with respect to such excess Awarded Stock, unless shareholder approval of
an           amendment sufficiently increasing the number of Shares subject to the Plan
is           timely obtained in accordance with Section ý23(b) of the
Plan.  

        26.       Reservation
of Shares. The Company, during the term of this Plan, will at           all times
reserve and keep available such number of Shares as shall be           sufficient to
satisfy the requirements of the Plan.  

2020-F

Exhibit 4.8  

CHECK POINT SOFTWARE
TECHNOLOGIES LTD. 

2005 UNITED STATES
EQUITY INCENTIVE PLAN 

        1.       Purposes
of the Plan. The purposes of this Unites States Incentive Plan           are:  

	 	— 	to
attract and retain the best available personnel for positions of substantial
responsibility, 

	 	— 	to
provide additional incentive to Service Providers, and 

	 	— 	to
promote the success of the Company's business. 

        Awards
granted under the Plan may be Incentive Stock Options, Nonstatutory Stock Options,
Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units, Deferred
Stock Units or Dividend Equivalents, as determined by the Administrator at the time of
grant. 

        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 4 of the Plan.  

		        (b)        “Applicable
Laws” means the requirements relating to the                administration of,
or otherwise affecting, equity compensation plans under                Israeli corporate
laws, U.S. state corporate laws, Israeli securities laws, U.S.                federal and
state securities laws, the Code and foreign tax laws, any stock                exchange
or quotation system on which the Shares are listed or quoted and the
               applicable laws of any other country or jurisdiction where Awards are
granted                under the Plan or a sub-plan or addendum hereto.  

		        (c)        “Award” means,
individually or collectively, a grant under the                Plan of Options,
Restricted Stock, Restricted Stock Units, Performance Shares,                Performance
Units, Deferred Stock Units or Dividend Equivalents.  

		        (d)        “Award
Agreement” means the written or electronic agreement                setting
forth the terms and provisions applicable to each Award granted under                the
Plan. The Award Agreement is subject to the terms and conditions of the
               Plan.  

		        (e)        “Awarded
Stock” means the Ordinary Shares subject to an Award.  

		        (f)        “Board” means
the Board of Directors of the Company.  

		        (g)        “Change
of Control” means the occurrence of any of the                following events,
in one or a series of related transactions:  

		        (i)        any
“person,” as such term is used in Sections 13(d) and 14(d) of the
               Exchange Act, other than the Company, a subsidiary of the Company or a
Company                employee benefit plan, including any trustee of such plan acting
as trustee, is                or becomes the “beneficial owner” (as defined in
Rule 13d-3 under the                Exchange Act), directly or indirectly, of securities
of the Company representing                fifty percent (50%) or more of the combined
voting power of the Company’s                then outstanding securities entitled to
vote generally in the election of                directors; or  

		        (ii)        a
merger or consolidation of the Company or any direct or indirect subsidiary of
               the Company with any other corporation, other than a merger or
consolidation                which would result in the voting securities of the Company
outstanding                immediately prior thereto continuing to represent (either by
remaining                outstanding or by being converted into voting securities of the
surviving                entity) at least fifty percent (50%) of the total voting power
represented by                the voting securities of the Company or such surviving
entity outstanding                immediately after such merger or consolidation; or  

		        (iii)        the
sale or disposition by the Company of all or substantially all the                Company’s
assets.  

		        (h)                 “Code” means
the Internal Revenue Code of 1986, as amended.  

		        (i)              “Committee” means
a Committee appointed by the Board in           accordance with Section 4 of the
Plan.  

		        (j)               “Company” means
Check Point Software Technologies Ltd.  

		        (k)               “Consultant” means
any person, other than an Employee, engaged           by the Company, or any Subsidiary
to render services and who is compensated for           such services.  

		        (l)                “Continuous
Status as a Director” means that the Director           relationship is not
interrupted or terminated.  

		        (m)                “Deferred
Stock Unit” means a deferred stock unit Award granted           to a Participant
pursuant to Section 13.  

		        (n)              “Director” means
a member of the Board.  

		        (o)                “Disability” means
total and permanent disability as defined in           Section 22(e)(3) of the
Code.  

		        (p)                “Dividend
Equivalent” means a credit, payable in cash, made at           the discretion of
the Administrator, to the account of a Participant in an           amount equal to the
cash dividends paid on one Share for each Share represented           by an Award held by
such Participant. The Dividend Equivalent for each Share           subject to an Award
shall only be paid to a Participant on the vesting date for           such Share.  

		        (q)                “Employee” means
any person, including Officers and Directors,           employed by the Company or any
Subsidiary of the Company. A Service Provider           shall not cease to be an Employee
in the case of (i) any leave of absence           approved by the Company or (ii) transfers
between locations of the Company           or between the Company, any Subsidiary, or any
successor. For purposes of           Incentive Stock Options, no such leave may exceed
ninety days, unless           reemployment upon expiration of such leave is guaranteed by
statute or contract.           If reemployment upon expiration of a leave of absence
approved by the Company or           its Subsidiary is not so guaranteed, then three (3)
months following the           91st day of such leave any Incentive Stock
Option held by the           Participant shall cease to be treated as an Incentive Stock
Option and shall be           treated for tax purposes as a Nonstatutory Stock Option.  

- 2 -

		        (r)                “Exchange
Act” means the Securities Exchange Act of 1934, as           amended.  

		        (s)                “Fair
Market Value” means, as of any date, the value of           Ordinary Shares
determined as follows:  

		        (i)           If
the Ordinary Shares are listed on any established stock exchange or a           national
market system, including without limitation the Nasdaq National Market           of the
National Association of Securities Dealers, Inc. Automated Quotation           (“Nasdaq”) System,
the Fair Market Value of a Share of Ordinary           Shares shall be the closing sales
price for such shares (or the closing bid, if           no sales were reported) as
quoted on such system or exchange (or the           exchange with the greatest volume of
trading in Ordinary Shares) on the day           of determination, as reported in The
Wall Street Journal or such other           source as the Administrator deems
reliable;  

		        (ii)            If
the Ordinary Shares are quoted on the Nasdaq System (but not on the Nasdaq
          National Market thereof) or are regularly quoted by a recognized
securities           dealer but selling prices are not reported, the Fair Market Value of
an Ordinary           Share shall be the mean between the high bid and low asked prices
for the           Ordinary Shares on the last market trading day prior to the day of
          determination, as reported in The Wall Street Journal or such other
          source as the Administrator deems reliable;  

		        (iii)                  In
the absence of an established market for the Ordinary Shares, the Fair Market
          Value shall be determined in good faith by the Administrator.  

		        (t)                “Incentive
Stock Option” means an Option intended to qualify as           an incentive
stock option within the meaning of Section 422 of the Code and           the
regulations promulgated thereunder.  

		        (u)                “Non-Employee
Director” means a Director who is neither an           Employee nor a Consultant
and who is not a resident of Israel.  

		        (v)                 “Nonstatutory
Stock Option” means an Option not intended to           qualify as an Incentive
Stock Option.  

		        (w)                “Notice
of Grant” means a written or electronic notice           evidencing certain
terms and conditions of an individual Award. The Notice of           Grant is part of the
Award Agreement.  

		        (x)                 “Officer” means
a person who is an officer of the Company or a           Subsidiary within the meaning of
Section 16 of the Exchange Act and the           rules and regulations promulgated
thereunder.  

		        (y)                 “Option” means
a stock option granted pursuant to the Plan.  

		        (z)                 “Option
Agreement” means a written or electronic agreement           between the Company
and a Participant evidencing the terms and conditions of an           individual Option
grant. The Option Agreement is subject to the terms and           conditions of the Plan.  

- 3 -

		        (aa)                “Ordinary
Shares” shall mean the Ordinary Shares of the           Company., NIS 0.01
nominal value.  

		        (bb)               “Participant” means
the holder of an outstanding Award granted           under the Plan.  

		        (cc)                 “Performance
Share” means a performance share Award granted to           a Participant
pursuant to Section 11.  

		        (dd)               “Performance
Unit”means a performance unit Award           granted to a Participant
pursuant to Section 12.  

		        (ee)                 “Plan” means
this 2005 United States Equity Incentive Plan.  

		        (ff)                 “Restricted
Stock” means Shares granted pursuant to           Section 9 of the Plan.  

		        (gg)                 “Restricted
Stock Unit” means an Award granted pursuant to           Section 10 of the Plan.  

		        (hh)                 “Service
Provider” means an Employee, Consultant or           Non-Employee Director.  

		        (ii)                “Share” means
a share of the Ordinary Shares, as adjusted in           accordance with Section 19
of the Plan.  

		        (jj)                 “Subsidiary” means
a “subsidiary corporation”,           whether now or hereafter existing, as
defined in Section 424(f) of the           Code.  

        3.        Stock
Subject to the Plan. Subject to the provisions of Section 19           of the
Plan, the maximum aggregate number of Shares which may be issued under           the Plan
is twenty million Shares, increased annually on the first day of each           of the
Company’s fiscal years during the term of the Plan by two million           Shares.  

        The
Shares may be authorized, but unissued, or reacquired Ordinary Shares. 

        Any Shares
subject to Options shall be counted against the numerical limits of this Section 3 as
one Share for every Share subject thereto. Any Shares subject to Restricted Stock,
Performance Shares or Restricted Stock Units with a per share or unit purchase price lower
than 100% of Fair Market Value on the date of grant shall be counted against the numerical
limits of this Section 3 as two Shares for every one Share subject thereto. To
the extent that a Share that was subject to an Award that counted as two Shares against
the Plan reserve pursuant to the preceding sentence is recycled back into the Plan under
the next paragraph of this Section 3, the Plan shall be credited with two
Shares. 

- 4 -

        If
an Award expires or becomes unexercisable without having been exercised in full, or, with
respect to Restricted Stock, Performance Shares or Restricted Stock Units, is forfeited to
or repurchased by the Company at its original purchase price due to such Award failing to
vest, the unpurchased Shares (or for Awards other than Options, the forfeited or
repurchased shares) which were subject thereto shall become available for future grant or
sale under the Plan (unless the Plan has terminated). Shares that have actually been
issued under the Plan under any Award shall not be returned to the Plan and shall not
become available for future distribution under the Plan; provided, however, that if Shares
of Restricted Stock, Performance Shares or Restricted Stock Units are repurchased by the
Company at their original purchase price or are forfeited to the Company due to such
Awards failing to vest, such Shares shall become available for future grant under the
Plan. Shares used to pay the exercise price of an Option shall not become available for
future grant or sale under the Plan. Shares used to satisfy tax withholding obligations
shall not become available for future grant or sale under the Plan. To the extent an Award
under the Plan is paid out in cash rather than stock, such cash payment shall not reduce
the number of Shares available for issuance under the Plan. Any payout of Dividend
Equivalents or Performance Units, because they are payable only in cash, shall not reduce
the number of Shares available for issuance under the Plan. Conversely, any forfeiture of
Dividend Equivalents or Performance Units shall not increase the number of Shares
available for issuance under the Plan. 

        4.        Administration
of the Plan.  

		        (a)        Procedure.
The Plan shall be administered by (A) the Board or           (B) a Committee,
which committee shall be constituted to satisfy Applicable           Laws. The Plan may
be administered by different Committees with respect to           different groups of
Service Providers.  

		        (b)        Powers
of the Administrator. Subject to the provisions of the Plan, and           in the
case of a Committee, subject to the specific duties delegated by the           Board to
such Committee, the Administrator shall have the authority, in its           discretion:  

		        (i)        to
determine the Fair Market Value of the Ordinary Shares, in accordance with
          Section 2(s) of the Plan;  

		        (ii)        to
select the Service Providers to whom Awards may be granted hereunder;  

		        (iii)        to
determine whether and to what extent Awards or any combination thereof, are
          granted hereunder;  

		        (iv)        to
determine the number of Ordinary Shares or equivalent units to be covered by
          each Award granted hereunder;  

		        (v)        to
approve forms of agreement for use under the Plan;  

		        (vi)        to
determine the terms and conditions, not inconsistent with the terms of the
          Plan, of any award granted hereunder. Such terms and conditions include, but
are           not limited to, the exercise price, the time or times when Options may be
          exercised or other Awards vest (which may be based on performance criteria),
any           vesting acceleration or waiver of forfeiture restrictions, and any
restriction           or limitation regarding any Award or the Ordinary Shares relating
thereto, based           in each case on such factors as the Administrator, in its sole
discretion, shall           determine;  

		        (vii)        to
construe and interpret the terms of the Plan and Awards;  

		        (viii)        to
prescribe, amend and rescind rules and regulations relating to the Plan,
          including rules and regulations relating to sub-plans or Plan addendums
          established for the purpose of qualifying for preferred tax treatment under
          foreign tax laws;  

- 5 -

		        (ix)                 to
modify or amend each Award (subject to Section 21(c) of the Plan),
          including the discretionary authority to extend the post-termination
          exercisability period of Options longer than is otherwise provided for in the
          Plan;  

		        (x)         to
authorize any person to execute on behalf of the Company any instrument
          required to effect the grant of an Award previously granted by the
          Administrator;  

		        (xi)         to
allow Participants to satisfy withholding tax obligations by electing to have
          the Company or its Subsidiary withhold from the Shares or cash to be issued
upon           exercise or vesting of an Award (or distribution of a Deferred Stock Unit)
that           number of Shares or cash having a Fair Market Value equal to the minimum
amount           required to be withheld. The Fair Market Value of any 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 a Participant to have Shares or cash
withheld for           this purpose shall be made in such form and under such conditions
as the           Administrator may deem necessary or advisable;  

		        (xii)         to
determine whether Dividend Equivalents will be granted in connection with
          another Award;  

		        (xiii)         to
determine the terms and restrictions applicable to Awards; and  

		        (xiv)         to
make all other determinations deemed necessary or advisable for administering
          the Plan.  

		        (c)         Effect
of Administrator’s Decision. The Administrator’s           decisions,
determinations and interpretations shall be final and binding on all
          Participants and any other holders of Awards.  

        5.         Eligibility.
Restricted Stock, Restricted Stock Units, Performance           Shares, Performance
Units, Deferred Stock Units, Dividend Equivalents and           Nonstatutory Stock
Options may be granted to Service Providers. Incentive Stock           Options may be
granted only to Employees.  

        6.         No
Employment Rights. Neither the Plan nor any Award shall confer upon a
          Participant any right with respect to continuing the Participant’s
          employment with the Company or its Subsidiaries, nor shall they interfere in
any           way with the Participant’s right or the Company’s or Subsidiary’s
          right, as the case may be, to terminate such employment at any time, with or
          without cause or notice.  

        7.         Term
of Plan. The Plan shall continue in effect for a term of ten           (10) years
following the date upon which the Board approved the Plan in           2005.  

- 6 -

        8.         Stock
Options.  

		        (a)         Term.
The term of each Option shall be stated in the Notice of Grant;           provided,
however, that the term shall be no more than seven (7) years from           the date
of grant or such shorter term as may be provided in the Notice of           Grant.
Moreover, in the case of an Incentive Stock Option granted to a           Participant
who, at the time the Incentive Stock 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 Subsidiary, the term of the Incentive Stock           Option shall be
five (5) years from the date of grant or such shorter term           as may be
provided in the Notice of Grant.  

		        (b)         Option
Exercise Price. The per share exercise price for the Shares to be           issued
pursuant to exercise of an Option shall be determined by the           Administrator and
shall be no less than 100% of the Fair Market Value per share           on the date of
grant; provided, however, that in the case of an Incentive Stock           Option granted
to an Employee who, at the time the Incentive Stock 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 Subsidiary, the per Share           exercise price
shall be no less than 110% of the Fair Market Value per Share on           the date of
grant.  

		        (c)        Waiting
Period and Exercise Dates. At the time an Option is granted, the
          Administrator shall fix the period within which the Option may be exercised and
          shall determine any conditions which must be satisfied before the Option may be
          exercised. In so doing, the Administrator may specify that an Option may not be
          exercised until the completion of a service period or until performance
          milestones are satisfied. In any event, no Option granted hereunder shall vest
          until at least six months following the Option grant date.  

		        (d)         Form
of Consideration. The Administrator shall determine the acceptable           form of
consideration for exercising an Option, including the method of payment.           In the
case of an Incentive Stock Option, the Administrator shall determine the
          acceptable form of consideration at the time of grant. Subject to Applicable
          Laws, such consideration may consist entirely of:  

		        (i)        cash;  

		        (ii)        check; 

		        (iii)        other
Shares which (A) in the case of Shares acquired upon exercise of an
          option, have been owned by the Participant for more than six months on the date
          of surrender, and (B) have a Fair Market Value on the date of surrender
          equal to the aggregate exercise price of the Shares as to which said Option
          shall be exercised;  

		        (iv)        delivery
of a properly executed exercise notice together with such other           documentation
as the Administrator and the broker, if applicable, shall require           to effect an
exercise of the Option and delivery to the Company or Subsidiary of           the sale
proceeds required to pay the exercise price;  

		        (v)        any
combination of the foregoing methods of payment; or  

		        (vi)        such
other consideration and method of payment for the issuance of Shares to the
          extent permitted by Applicable Laws.  

- 7 -

		        (e)        Exercise
of Option; Rights as a Stockholder. 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. 

        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. Full payment may consist of any consideration and method of payment
authorized by the Administrator and permitted by the Option Agreement and the Plan. Shares
issued upon exercise of an Option shall be issued in the name of the Participant. Until
the stock certificate evidencing such Shares is issued (as evidenced by the appropriate
entry on the books of the Company or of a duly authorized transfer agent of the Company),
no right to vote or receive dividends or any other rights as a stockholder shall exist
with respect to the optioned stock, notwithstanding the exercise of the Option. The
Company shall issue (or cause to be issued) such stock certificate promptly after the
Option is exercised. No adjustment will be made for a dividend or other right for which
the record date is prior to the date the stock certificate is issued, except as provided
in Section 19 of the Plan. 

        Exercising
an Option in any manner shall decrease the number of Shares thereafter available for sale
under the Option, by the number of Shares as to which the Option is exercised. 

		        (f)        ISO
$100,000 Rule. Each Option shall be designated in the Notice of Grant           as
either an Incentive Stock Option or a Nonstatutory Stock Option. However,
          notwithstanding such designations, to the extent that the aggregate Fair Market
          Value:  

		        (i)        of
Shares subject to a Participant’s Incentive Stock Options granted by the
          Company or any Subsidiary, which  

		        (ii)        become
exercisable for the first time during any calendar year (under all plans           of the
Company or any Subsidiary) exceeds $100,000, such excess Options           shall be
treated as Nonstatutory Stock Options. For purposes of this           Section 8(i),
Incentive Stock Options shall be taken into account in the           order in which they
were granted, and the Fair Market Value of the Shares shall           be determined as of
the time of grant.  

        9.        Restricted
Stock.  

		        (a)        Grant
of Restricted Stock. Subject to the terms and conditions of the           Plan,
Restricted Stock may be granted to Participants at any time as shall be
          determined by the Administrator, in its sole discretion. The Administrator
shall           have complete discretion to determine (i) the number of Shares
subject to a           Restricted Stock award granted to any Participant, and (ii) the
conditions           that must be satisfied, which typically will be based principally or
solely on           continued provision of services but may include a performance-based
component,           upon which is conditioned the grant, vesting or issuance of
Restricted Stock;           provided, however that no Restricted Stock Award shall vest
until at least one           year following the grant date.  

- 8 -

		        (b)        Other
Terms. The Administrator, subject to the provisions of the Plan,           shall have
complete discretion to determine the terms and conditions of           Restricted Stock
granted under the Plan. Restricted Stock grants shall be           subject to the terms,
conditions, and restrictions determined by the           Administrator at the time the
stock or the restricted stock unit is awarded. The           Administrator may require
the recipient to sign a Restricted Stock Award           agreement as a condition of the
award. Any certificates representing the Shares           of stock awarded shall bear
such legends as shall be determined by the           Administrator.  

		        (c)        Restricted
Stock Award Agreement. Each Restricted Stock grant shall be           evidenced by an
agreement that shall specify the purchase price (if any) and           such other terms
and conditions as the Administrator, in its sole discretion,           shall determine;
provided; however, that if the Restricted Stock grant has a           purchase price,
such purchase price must be paid no more than ten (10) years           following the date
of grant.  

        10.        Restricted
Stock Units.  

		        (a)        Grant.
Restricted Stock Units may be granted at any time and from time to           time as
determined by the Administrator. The Administrator shall have complete
          discretion to determine (i) the number of Shares subject to a Restricted
          Stock Unit award granted to any Participant, and (ii) the conditions that
          must be satisfied, which typically will be based principally or solely on
          continued service but may include a performance-based component, upon which is
          conditioned the grant or vesting of Restricted Stock Units. Restricted Stock
          Units shall be granted in the form of units to acquire Shares. Each such unit
          shall be the equivalent of one Share for purposes of determining the number of
          Shares subject to an Award. Until the Shares are issued, no right to vote or
          receive dividends or any other rights as a stockholder shall exist with respect
          to the units to acquire Shares.  

		        (b)        Vesting
Criteria and Other Terms. The Administrator shall set vesting           criteria in
its discretion, which, depending on the extent to which the criteria           are met,
will determine the number of Restricted Stock Units that will be paid           out to
the Participant. The Administrator may set vesting criteria based upon           the
achievement of Company-wide, Subsidiary-wide, business unit, or individual
          goals (including, but not limited to, continued employment), or any other basis
          determined by the Administrator in its discretion; provided, however that no
          Restricted Unit Award shall vest until at least one year following the grant
          date.  

		        (c)        Earning
Restricted Stock Units. Upon meeting the applicable vesting           criteria, the
Participant shall be entitled to receive a payout as specified in           the
Restricted Stock Unit Award Agreement. Notwithstanding the foregoing, at any
          time after the grant of Restricted Stock Units, the Administrator, in its sole
          discretion, may reduce or waive any vesting criteria that must be met to
receive           a payout.  

		        (d)        Form
and Timing of Payment. Payment of earned Restricted Stock Units           shall be
made as soon as practicable after the date(s) set forth in the           Restricted Stock
Unit Award Agreement. The Administrator shall pay earned           Restricted Stock Units
in Shares.  

		        (e)        Cancellation.
On the date set forth in the Restricted Stock Unit Award           Agreement, all
unearned Restricted Stock Units shall be forfeited to the           Company.  

- 9 -

        11.        Performance
Shares.  

		        (a)        Grant
of Performance Shares. Subject to the terms and conditions of the           Plan,
Performance Shares may be granted to Participants at any time as shall be
          determined by the Administrator, in its sole discretion. The Administrator
shall           have complete discretion to determine (i) the number of Shares
subject to a           Performance Share award granted to any Participant, and (ii) the
conditions           that must be satisfied, which typically will be based principally or
solely on           achievement of performance milestones but may include a service-based
component,           upon which is conditioned the grant or vesting of Performance
Shares.           Performance Shares shall be granted in the form of units to acquire
Shares. Each           such unit shall be the equivalent of one Share for purposes of
determining the           number of Shares subject to an Award. Until the Shares are
issued, no right to           vote or receive dividends or any other rights as a
stockholder shall exist with           respect to the units to acquire Shares.  

		        (b)        Other
Terms. The Administrator, subject to the provisions of the Plan,           shall have
complete discretion to determine the terms and conditions of           Performance Shares
granted under the Plan. Performance Share grants shall be           subject to the terms,
conditions, and restrictions determined by the           Administrator at the time the
stock is awarded, which may include such           performance-based milestones as are
determined appropriate by the Administrator;           provided, however that no
Performance Share Award shall vest until at least one           year following the grant
date. The Administrator may require the recipient to           sign a Performance Shares
agreement as a condition of the award. Any           certificates representing the Shares
of stock awarded shall bear such legends as           shall be determined by the
Administrator.  

		        (c)        Performance
Share Award Agreement. Each Performance Share grant shall be           evidenced by
an agreement that shall specify such other terms and conditions as           the
Administrator, in its sole discretion, shall determine.  

        12.
       Performance
Units.  

		        (a)        Grant
of Performance Units. Performance Units are similar to Performance           Shares,
except that they shall be settled in a cash equivalent to the Fair           Market Value
of the underlying Shares, determined as of the vesting date.           Subject to the
terms and conditions of the Plan, Performance Units may be           granted to
Participants at any time and from time to time as shall be determined           by the
Administrator, in its sole discretion. The Administrator shall have           complete
discretion to determine the conditions that must be satisfied, which           typically
will be based principally or solely on achievement of performance           milestones
but may include a service-based component, upon which is conditioned           the grant
or vesting of Performance Units. Performance Units shall be granted in           the form
of units to acquire Shares. Each such unit shall be the cash equivalent           of one
Share of Ordinary Shares. No right to vote or receive dividends or any           other
rights as a stockholder shall exist with respect to Performance Units or           the
cash payable thereunder.  

		        (b)        Number
of Performance Units. The Administrator will have complete           discretion in
determining the number of Performance Units granted to any           Participant.  

		        (c)        Other
Terms. The Administrator, subject to the provisions of the Plan,           shall have
complete discretion to determine the terms and conditions of           Performance Units
granted under the Plan. Performance Unit grants shall be           subject to the terms,
conditions, and restrictions determined by the           Administrator at the time the
grant is awarded, which may include such           performance-based milestones as are
determined appropriate by the Administrator.           The Administrator may require the
recipient to sign a Performance Unit agreement           as a condition of the award. Any
certificates representing the units awarded           shall bear such legends as shall be
determined by the Administrator.  

- 10 -

		        (d)        Performance
Unit Award Agreement. Each Performance Unit grant shall be           evidenced by an
agreement that shall specify such terms and conditions as the           Administrator, in
its sole discretion, shall determine.  

        13.        Deferred
Stock Units. Deferred Stock Units shall consist of a Restricted           Stock,
Restricted Stock Unit, Performance Share or Performance Unit Award that           the
Administrator, in its sole discretion permits to be paid out in installments           or
on a deferred basis, in accordance with rules and procedures established by           the
Administrator. Deferred Stock Units shall remain subject to the claims of           the
Company’s general creditors until distributed to the Participant.  

        14.        Automatic
Stock Option Grants to Non-Employee Directors.  

		        (a)        Procedure
for Grants. All grants of Options to Non-Employee Directors           under this
Section 14 shall be automatic and non-discretionary and shall be made           strictly
in accordance with the following provisions:  

		        (i)        Each
Non-Employee Director shall be automatically granted an Option to purchase
          50,000 Shares, or a lesser amount determined by the Board, in its sole
          discretion (the “First Option”) upon the date on which such person
          first becomes a Director, whether through election by the stockholders of the
          Company or appointment by the Board of Directors to fill a vacancy; provided,
          however, that an Non-Employee Director who has previously been employed by the
          Company (or any Subsidiary) shall not be eligible to receive a First Option.  

		        (ii)        At
each of the Company’s annual stockholder meetings, and commencing in           2005,each
Non-Employee Director shall be automatically granted an Option           to purchase
25,000 Shares, or a lesser amount determined by the Board, in its           sole
discretion (the “Subsequent Option”), provided that such           individual
has served as an Non-Employee Director for at least six months prior           to the
date of such annual meeting.  

		        (iii)        Notwithstanding
the provisions of subsections (i) and           (ii) hereof, in the event
that an automatic grant hereunder would cause the           number of Shares subject to
outstanding Options plus the number of Shares           previously purchased upon
exercise of Options to exceed the number of Shares           available for issuance under
the Plan, then each such automatic grant shall be           for that number of Shares
determined by dividing the total number of Shares           remaining available for grant
by the number of Non-Employee Directors on the           automatic grant date. Any
further grants shall then be deferred until such time,           if any, as additional
Shares become available for grant under the Plan.  

		        (iv)        The
terms of an Option granted hereunder shall be as follows:  

		        (A)        the
term of the Option shall be seven (7) years.  

		        (B)        the
Option shall be exercisable only while the Non-Employee Director remains a
          Director of the Company, except as set forth in subsection (c) hereof.  

- 11 -

		        (C)        the
exercise price per Share shall be 100% of the fair market value per Share on
          the date of grant of the Option.  

		        (D)        the
First Option shall become exercisable as to 1/4th of the covered
          Shares each year on the day prior to each year’s normally scheduled annual
          stockholders’ meeting, so as to become 100% vested on the day prior to the
          normally scheduled annual stockholders’ meeting occurring approximately
          four years following the grant date, subject to the Participant maintaining
          Continuous Status as a Director on each vesting date.  

		         (E)        The
Subsequent Option shall become exercisable as to 50% of the covered Shares           six
months following the grant date, and as to an additional 25% of the covered
          Shares each three months thereafter, so as to be 100% vested on the first
          anniversary of the grant date, subject to the Participant maintaining
Continuous           Status as a Director on each vesting date.  

		        (b)        Consideration
for Exercising Non-Employee Director Stock Options. The           consideration to be
paid for the Shares to be issued upon exercise of an           automatic Non-Employee
Director Option shall consist of any consideration           permitted under section 8(e)
hereof and as set forth in the Award Agreement.  

		        (c)        Post-Directorship
Exercisability. If a Non-Employee Director ceases to           serve as a Director,
he or she may, but only within one year after the date he           or she ceases to be a
Director, exercise his or her Option to the extent that he           or she was entitled
to exercise it at the date of such termination. To the           extent that he or she
was not entitled to exercise an Option at the date of such           termination, or if
he or she does not exercise such Option (which he was           entitled to exercise)
within the time specified herein, the Option shall           terminate. 

		        (d)        Limitation
on Automatic Stock Option Grants. The Directors serving           immediately prior
to the appointment or election of a new Non-Employee Director,           or prior to an
annual stockholders’ meeting, as the case may be, shall           determine as to
each new Non-Employee Director whether he or she shall be           granted an Award
under this Section 14 or under the comparable provisions of           another incentive
plan of the Company. A new Non-Employee Director who receives           a First Option
under this Plan shall not be eligible to receive a comparable           automatic stock
option grant under any other incentive plan of the Company. A           new Non-Employee
Director who receives a Subsequent Option under this Plan shall           not be eligible
to receive a comparable automatic stock option grant under any           other incentive
plan of the Company with respect to such fiscal year of the           Company.  

        15.
       Termination
of Relationships, Death or Disability.  

		        (a)  Termination
of Relationship as a Service Provider. If a Participant           ceases to be a
Service Provider, other than upon the Participant’s death or           Disability,
then (i) in the case of an Award that is an Option, the           Participant may
exercise any Options within such period of time as is specified           in the Option
Agreement to the extent that 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), and (ii) in the case of any           Award other
than an Option, the Participant shall be entitled to the benefit           conferred by
such Award during such period of time as is specified in the Award           Agreement to
the extent that the Award is vested on the date of termination (but           in no event
later than the expiration of the term of such Award, if any, as set           forth in
the Award Agreement). In the absence of a specified time in the Award
          Agreement, an Option shall remain exercisable, and the Participant shall be
          entitled to the benefit conferred by an Award other than an Option, for three
          months following the Participant’s termination. If, on the date of
          termination, the Participant is not vested as to his or her entire Award, the
          Shares covered by the unvested portion of the Award shall revert to the Plan.
          If, after termination, the Participant does not exercise his or her Option, or
          receive the benefit conferred by an Award other than an Option, within the time
          specified herein, the Award shall terminate, and the Shares covered by such
          Award shall revert to the Plan.  

- 12 -

	 	        (b)
Disability. If a Participant ceases to be a Service Provider as a result
          of the Participant’s Disability, then (i) in the case of an Award
that           is an Option, the Participant may exercise his or her Option within such
period           of time as is specified in the Option Agreement 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), and (ii) in
          the case of any Award other than an Option, the Participant shall be entitled
to           the benefit conferred by such Award during such period of time as is
specified           in the Award Agreement to the extent that the Award is vested on the
date of           termination (but in no event later than the expiration of the term of
such           Award, if any, as set forth in the Award Agreement). In the absence of a
          specified time in the Award Agreement, an Option shall remain exercisable, and
          the Participant shall be entitled to the benefit conferred by an Award other
          than an Option, for twelve (12) months following the Participant’s
          termination due to Disability. If, on the date of termination, the Participant
          is not vested as to his or her entire Award, the Shares covered by the unvested
          portion of the Award shall revert to the Plan. If, after termination, the
          Participant does not exercise his or her Option, or receive the benefit
          conferred by an Award other than an Option, within the time specified herein,
          the Award shall terminate, and the Shares covered by such Award shall revert to
          the Plan.  

	 	        (c)
Death of Participant. If a Participant dies while a Service Provider,
          then (i) in the case of an Award that is an Option, the Option may be
          exercised following the Participant’s death within such period of time as
          is specified in the Option Agreement to the extent the Option is vested on the
          date of death (but in no event may the option be exercised later than the
          expiration of the term of such Option as set forth in the Option Agreement), by
          the Participant’s designated beneficiary, provided such beneficiary has
          been designated prior to Participant’s death in a form acceptable to the
          Administrator, and (ii) in the case of any Award other than an Option, the
          Participant’s designated beneficiary, provided such beneficiary has been
          designated prior to Participant’s death in a form acceptable to the
          Administrator, shall be entitled to the benefit conferred by such Award during
          such period of time as is specified in the Award Agreement to the extent that
          the Award is vested on the date of death (but in no event later than the
          expiration of the term of such Award, if any, as set forth in the Award
          Agreement). If no such beneficiary has been designated by the Participant, then
          such Option may be exercised by, or the benefit conferred by such Award shall
be           provided to, the personal representative of the Participant’s estate or
by           the person(s) to whom the Award is transferred pursuant to the
          Participant’s will or in accordance with the laws of descent and
          distribution. In the absence of a specified time in the Award Agreement, the
          Option shall remain exercisable, or the benefit conferred by such Award shall
be           provided, for twelve (12) months following Participant’s death. If the
          Option is not so exercised or the benefit conferred by such Award is not
          provided within the time specified herein, the Award shall terminate, and the
          Shares covered by such Award shall revert to the Plan.  

- 13 - 

        16.        Leaves
of Absence. Unless the Administrator provides otherwise or except           as
otherwise required by Applicable Laws, vesting of Awards granted hereunder
          shall cease commencing on the first day of any unpaid leave of absence and
shall           only recommence upon return to active service.  

        17.        Part-Time
Service. Unless the Administrator provides otherwise or except           as otherwise
required by Applicable Laws, any service-based vesting of Awards           granted
hereunder shall be extended on a proportionate basis in the event an           Employee
transitions to a work schedule under which they are customarily           scheduled to
work on less than a full-time basis, or if not on a full-time work           schedule, to
a schedule requiring fewer hours of service. Such vesting shall be
          proportionately re-adjusted prospectively in the event that the Employee
          subsequently becomes regularly scheduled to work additional hours of service.  

         18.        Non-Transferability
of Awards. Unless determined otherwise by the           Administrator, an Award 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           recipient, only by the recipient. If
the Administrator makes an Award           transferable, it may only be transferable for
no consideration to transferees           permitted pursuant to a Form S-8 Registration
Statement (such as family members           or pursuant to a settlement of marital
property rights) and such Award shall           contain such additional terms and
conditions as the Administrator deems           appropriate.  

        19.        Adjustments
Upon Changes in Capitalization, Dissolution or Liquidation or           Change of Control.  

		        (a)        Changes
in Capitalization. Subject to any required action by the           stockholders of
the Company, the number of Ordinary Shares covered by each           outstanding Award,
the number of Ordinary Shares which have been authorized for           issuance under the
Plan but as to which no Awards have yet been granted           (including the automatic
annual replenishment of two million Ordinary Shares) or           which have been
returned to the Plan upon cancellation or expiration of an           Award, the number of
Ordinary Shares subject to automatic option grants to           Non-Employee Directors
under Section 14 hereof, as well as the price per           Ordinary Share covered by
each such outstanding Award shall be proportionately           adjusted for any increase
or decrease in the number of issued Ordinary Shares           resulting from a stock
split, reverse stock split, stock dividend, combination           or reclassification of
the Ordinary Shares, or any other increase or decrease in           the number of issued
Ordinary Shares effected without receipt of consideration           by the Company;
provided, however, that conversion of any convertible securities           of the Company
shall not be deemed to have been “effected without receipt           of
consideration.” Such adjustment shall be made by the Administrator,           whose
determination in that respect shall be final, binding and conclusive.           Except as
expressly provided herein, no issuance by the Company of shares of           stock of any
class, or securities convertible into shares of stock of any class,           shall
affect, and no adjustment by reason thereof shall be made with respect to,           the
number or price of Ordinary Shares subject to an Award.  

		        (b)        Dissolution
or Liquidation. In the event of the proposed dissolution or           liquidation of
the Company, the Administrator shall notify each Participant as           soon as
practicable prior to the effective date of such proposed transaction.           The
Administrator in its discretion may provide for a Participant to have the           right
to exercise his or her Option until ten (10) days prior to such           transaction as
to all of the Awarded Stock covered thereby, including Shares as           to which the
Award would not otherwise be exercisable. In addition, the           Administrator may
provide that any Company repurchase option or forfeiture           rights applicable to
any Award shall lapse 100%, and that any Award vesting           shall accelerate 100%,
provided the proposed dissolution or liquidation takes           place at the time and in
the manner contemplated. To the extent it has not been           previously exercised
(with respect to Options) or vested (with respect to other           Awards), an Award
will terminate immediately prior to the consummation of such           proposed action.  

- 14 -

        (c)        Change
of Control.  

		        (i)        Stock
Options. In the event of a Change of Control, each outstanding           Option shall
be assumed or an equivalent option substituted by the successor           corporation or
a parent or Subsidiary of the successor corporation. In the event           that the
successor corporation refuses to assume or substitute for the Option,           the
Administrator, in its sole discretion, may provide that either (i) all           Options
shall terminate immediately prior to the consummation of the Change of           Control,
or (ii) Participants shall fully vest in and have the right to exercise           their
Options as to all of the Awarded Stock, including Shares as to which it           would
not otherwise be vested or exercisable. If an Option becomes fully vested           and
exercisable in lieu of assumption or substitution in the event of a Change           of
Control, the Administrator shall notify the Participant in writing or
          electronically that the Option shall be fully vested and 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. For the purposes of this
          paragraph, the Option shall be considered assumed if, following the Change of
          Control, the option confers the right to purchase or receive, for each Share of
          Awarded Stock subject to the Option immediately prior to the Change of Control,
          the consideration (whether stock, cash, or other securities or property)
          received in the Change of Control by holders of Ordinary Shares for each Share
          held on the effective date of the transaction (and if holders were offered a
          choice of consideration, the type of consideration chosen by the holders of a
          majority of the outstanding Ordinary Shares); provided, however, that if such
          consideration received in the Change of Control is not solely stock of the
          successor corporation or its parent, the Administrator may, with the consent of
          the successor corporation, provide for the consideration to be received upon
the           exercise of the Option, for each Share of Awarded Stock subject to the
Option,           to be solely stock of the successor corporation or its parent equal in
fair           market value to the per share consideration received by holders of
Ordinary           Shares in the Change of Control.  

		        (ii)        Restricted
Stock, Restricted Stock Units, Performance Shares, Performance           Units and
Deferred Stock Units. In the event of a Change of Control, each           outstanding
Restricted Stock, Restricted Stock Unit, Performance Share,           Performance Unit
and Deferred Stock Unit award (and any related Dividend           Equivalent) shall be
assumed or an equivalent Restricted Stock, Restricted Stock           Unit, Performance
Share, Performance Unit and Deferred Stock Unit award           substituted by the
successor corporation or a parent or Subsidiary of the           successor corporation.
In the event that the successor corporation refuses to           assume or substitute for
the Restricted Stock, Restricted Stock Unit,           Performance Share, Performance
Unit or Deferred Stock Unit award, the           Administrator, in its sole discretion,
may provide either that (i) such Awards           shall terminate immediately prior to
the consummation of the Change of Control,           or (ii) Participants shall fully
vest in the Restricted Stock, Restricted Stock           Unit, Performance Share,
Performance Unit or Deferred Stock Unit Awards           including as to Shares (or with
respect to Performance Units, the cash           equivalent thereof) which would not
otherwise be vested. For the purposes of           this paragraph, a Restricted Stock,
Restricted Stock Unit, Performance Share,           Performance Unit and Deferred Stock
Unit award shall be considered assumed if,           following the Change of Control, the
award confers the right to purchase or           receive, for each Share (or with respect
to Performance Units, the cash           equivalent thereof) subject to the Award
immediately prior to the Change of           Control, the consideration (whether stock,
cash, or other securities or           property) received in the Change of Control by
holders of Ordinary Shares for           each Share held on the effective date of the
transaction (and if holders were           offered a choice of consideration, the type of
consideration chosen by the           holders of a majority of the outstanding Ordinary
Shares); provided, however,           that if such consideration received in the Change
of Control is not solely stock           of the successor corporation or its parent, the
Administrator may, with the           consent of the successor corporation, provide for
the consideration to be           received, for each Share and each unit/right to acquire
a Share subject to the           Award, to be solely stock of the successor corporation
or its parent equal in           fair market value to the per share consideration
received by holders of Ordinary           Shares in the Change of Control.  

- 15 -

        20.        Date
of Grant. The date of grant of an Award shall be, for all purposes,           the
date on which the Administrator makes the determination granting such Award,           or
such other later date as is determined by the Administrator. Notice of the
          determination shall be provided to each Participant within a reasonable time
          after the date of such grant.  

        21.        Amendment
and Termination of the Plan.  

		        (a)        Amendment
and Termination. The Board may at any time amend, alter,           suspend or
terminate the Plan.  

		        (b)        Stockholder
Approval. The Company shall obtain stockholder approval of           any Plan
amendment to the extent necessary and desirable to comply with           Section 422
of the Code (or any successor rule or statute or other           Applicable Law). Such
stockholder approval, if required, shall be obtained in           such a manner and to
such a degree as is required by Applicable Law.  

		        (c)        Effect
of Amendment or Termination. No amendment, alteration, suspension           or
termination of the Plan shall impair the rights of any Participant, unless
          mutually agreed otherwise between the Participant and the Administrator, which
          agreement must be in writing (or electronic format) and signed by the
          Participant and the Company or its Subsidiary.  

         22.        Conditions
Upon Issuance of Shares.  

		        (a)        Legal
Compliance. Shares shall not be issued pursuant to the exercise of           an Award
unless the exercise of the Award or the issuance and delivery of such           Shares
(or with respect to Performance Units, the cash equivalent thereof) shall
          comply with Applicable Laws 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 or receipt of           an Award, the
Company may require the person exercising or receiving such Award           to represent
and warrant at the time of any such exercise or receipt 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.  

- 16 -

        23.        Liability
of Company.  

		        (a)        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 and           sale 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.  

		        (b)        Grants
Exceeding Allotted Shares. If the Awarded Stock covered by an           Award
exceeds, as of the date of grant, the number of Shares which may be issued
          under the Plan without additional stockholder approval, such Award shall be
void           with respect to such excess Awarded Stock, unless stockholder approval of
an           amendment sufficiently increasing the number of Shares subject to the Plan
is           timely obtained in accordance with Section 21(b) of the Plan.  

        24.        Reservation
of Shares. The Company, during the term of this Plan, will at           all times
reserve and keep available such number of Shares as shall be           sufficient to
satisfy the requirements of the Plan.  

- 17 -

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