Document:

S-8 POS

EXHIBIT 4.1  

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 4 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.  

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		    (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 4 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  13.  

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

		    (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 19(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.  

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		    (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.  

		    (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.  

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		    (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 11.  

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

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

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

		    (mm)        “Restricted
Stock Unit” means an Award granted pursuant to           Section  10 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.  

		    (pp)        “Section
102 Shares” means Shares issued under a Section 102           Award pursuant to
Section  19(c)(i) below.  

		    (qq)        “Section
102 Period” shall have the meaning ascribed to such           term in Section
 19(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 21 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 21 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  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.  

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		    (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.  

    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 2(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;  

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		    (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 23(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 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  8(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;  

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

		    (xvi)        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.  

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		    (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.  

		    (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. 

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        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.  

		    (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.  

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		    (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.  

    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.  

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		    (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 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.  

		    (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-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.  

		    (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.  

- 10 -

		    (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(d) 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 shareholders’ 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 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.  

- 11 -

		    (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.  

- 12 -

		    (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.  

		    (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.  

- 13 -

		    (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  19.           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.  

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

		    (i)        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.  

- 14 -

		    (iii)        Without
derogating from Section 2 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.  

		    (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.  

- 15 -

		    (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.  

		    (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.  

- 16 -

		    (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.  

		    (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 23(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.  

- 17 -

CHECK POINT SOFTWARE
TECHNOLOGIES LTD. 

2005 ISRAEL EQUITY
INCENTIVE PLAN 

OPTION AWARD AGREEMENT 

Unless otherwise defined herein, each
capitalized term defined in the Check Point Software Technologies Ltd. 2005 Israel
Equity Incentive Plan, a copy of which is attached as Exhibit A
 hereto (the “Plan”), shall have the same defined meaning in this
Option Award Agreement (the “Award Agreement”). 

	I.  	NOTICE
OF OPTION GRANT  

	 	
Participant
Name:  

	 	
ID:  

	 	
Address:  

You have been granted an option to
purchase Ordinary Shares (the “Shares”) of the Company, subject to the terms and
conditions of the Plan and this Award Agreement, as follows: 

		
	Date of Grant                                     

Vesting Commencement Date                         

Exercise Price per Share                          

Total Number of Shares Covered by Options Granted
	____________________________________________

____________________________________________

$___________________________________________

____________________________________________

	Designation:	 o
	Approved
102 Option:

	 	 o
	Capital
Gain Option (CGO); or 

	 	 o
	Ordinary
Income Option (OIO) 

	 	 o
	Non-approved
102 Option

	 	 o
	3(i)
Option

		
	Term/Expiration Date:	7 years from Date of Grant 

        Vesting
Schedule:  

This Option (as defined below) may be
exercised, in whole or in part, in accordance with the following schedule: 

	 	— 	25%
of the options will vest after 24 months, measured from grant date

	 	— 	25%
of the options will vest after 36 months, measured from grant date

	 	— 	25%
of the options will vest after 48 months, measured from grant date

	 	—  	25%
of the options will vest after 60 months, measured from grant date

        Termination
Period:  

        This
Option shall be exercisable for three (3) months after Participant ceases to be a Service
Provider, unless such termination is due to Participant’s death or Disability, in
which case this Option shall be exercisable for twelve (12) months after Participant
ceases to be a Service Provider. Notwithstanding the foregoing, in no event may this
Option be exercised after the Term/Expiration Date as provided above. 

	II.  	AGREEMENT  

	 	A. 	Grant
of Option. 

        The
Plan Administrator of the Company hereby grants to the Participant named in the Notice of
Stock Option Grant (the “Notice of Grant”) attached as Part I of this Agreement
(the “Participant”) an option (the “Option”) to purchase the number of
Shares, as set forth in the Notice of Grant, at the exercise price per Share set forth in
the Notice of Grant (the “Exercise Price”), subject to the terms and conditions
of the Plan, which is incorporated herein by reference. Subject to Section 23(c) of the
Plan, in the event of a conflict between the terms and conditions of the Plan and the
terms and conditions of this Award Agreement, the terms and conditions of the Plan shall
prevail. 

	 	B. 	Exercise
of Option. 

		    a)        Right
to Exercise. This Option is exercisable during its term in           accordance with
the Vesting Schedule set out in the Notice of Grant and the           applicable
provisions of the Plan and this Award Agreement.  

		    b)        Method
of Exercise. This Option is exercisable by delivery of an exercise           notice,
in the form attached as Exhibit B (the “Exercise           Notice”) or
in such other form and manner as determined by the           Administrator, which shall
state the election to exercise the Option, the number           of Shares in respect of
which the Option is being exercised (the “Exercised           Shares”), and
such other representations and agreements as may be required           by the Company
pursuant to the provisions of the Plan. The Exercise Notice shall           be completed
by the Participant and delivered to the Company. The Exercise           Notice shall be
accompanied by payment of the aggregate Exercise Price as to all           Exercised
Shares. This Option shall be deemed to be exercised upon receipt by           the Company
of such fully executed Exercise Notice accompanied by such aggregate           Exercise
Price.  

	 	        No
Shares shall be issued pursuant to the exercise of this Option unless such issuance and
exercise complies with Applicable Laws.  

- 2 -

	 	C. 	Method
of Payment. 

        Payment
of the aggregate Exercise Price shall be by any of the following, or a combination
thereof, at the election of the Participant: 

	 	1. 	cash;  

	 	2. 	cashier’s
check;  

	 	3. 	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;  

	 	4. 	any
combination of the foregoing methods of payment.  

	 	D. 	Non-Transferability
of Option or Shares; Release of Shares. 

		    1.        This
Option may not be transferred in any manner otherwise than by will or by
               the laws of descent or distribution and may be exercised during the
lifetime of                Participant only by the Participant. The terms of the Plan and
this Award                Agreement shall be binding upon the executors, administrators,
heirs, successors                and assigns of the Participant.  

		    2.        With
respect to any Approved 102 Award, subject to the Section 102, a
               Participant shall not sell or release from trust any Exercised Share
received                upon the exercise of an Approved 102 Award and/or any Share
received                subsequently following any realization of rights, including
without limitation,                bonus shares, until the lapse of the Section 102
Period. Notwithstanding the                above, if any such sale or release occurs
during the Holding Period, the                sanctions under Section 102 shall apply to
and shall be borne by such                Participant.  

		    3.        With
respect to Non-approved 102 Award, if the Participant ceases to be employed
               by the Company or any Affiliate, the Participant 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 Exercised Shares, all in accordance with
the provisions of                Section 102.  

		    4.        The
Participant shall not dispose of any Exercised Shares in transactions which
               violate, in the opinion of the Company, any applicable laws, rules and
               regulations.  

		    5.        The
Participant agrees that the Company shall have the authority to endorse upon
               the certificate or certificates representing the Exercised Shares such
legends                referring to the foregoing restrictions, and any other applicable
restrictions                as it may deem appropriate (which do not violate the
Participant’s rights                according to this Award Agreement).  

	 	E. 	Term
of Option. 

        This
Option may be exercised only within the term set out in the Notice of Grant, and may be
exercised during such term only in accordance with the Plan and the terms of this Award
Agreement. 

- 3 -

	 	F. 	Tax
Obligations. 

		    1.        Withholding
Taxes. Participant agrees to make appropriate arrangements           with the Company
(or the Parent or Subsidiary employing or retaining           Participant) for the
satisfaction of all income, employment tax, national           insurance and other
withholding requirements applicable to the Option exercise.           Participant
acknowledges and agrees that the Company may refuse to honor the           exercise and
refuse to deliver Shares if such withholding amounts are not           delivered at the
time of exercise.  

		    2.        With
respect to Approved 102 Awards, the Participant hereby acknowledges that he           is
familiar with Section  102, including without limitations the type of Award granted
hereunder and the tax implications applicable to such grant.  

		    3.        The
Participant accepts the provisions of the trust agreement signed between the
          Company and the Trustee as amended from time to time (the “Trust
          Agreement”), and agrees to be bound by its terms . A copy of the Trust
          Agreement is and will be available for review on the Company’s intranet.
          The Participant undertakes to take all actions and to execute any document
          reasonably requested by the Trustee. The Trustee is released from any liability
          in respect of any action or decision duly taken and bona fide executed in
          relation with the Plan, this Agreement, or any Approved 102 Award or Section
102           Share granted hereunder.  

		    4.        The
income that may be earned in connection with the issuance of the Exercised
          Shares, their transfer in the name of the Participant or sale thereof shall not
          be taken into account in calculation of the entitlement of the Participant to
          any social benefits. Such social benefits shall include, without limitation,
          national insurance, managers’ insurance, study funds, pension funds,
          severance pay and vacation payments. In the event that the Company or any
          Affiliate shall be obligated by applicable law to include social benefits as
          income or profits of the Participant then the Participant shall indemnify and
          hold harmless the Company and the Trustee for any cost that they may incur in
          this regards.  

	 	G. 	Entire
Agreement; Governing Law. 

        The
Plan is incorporated herein by reference. The Plan and this Award Agreement constitute the
entire agreement of the parties with respect to the subject matter hereof and supersede in
their entirety all prior undertakings and agreements of the Company and Participant with
respect to the subject matter hereof, and may not be modified adversely to the
Participant’s interest except by means of a writing signed by the Company and
Participant. This Award Agreement is governed by the internal substantive laws, but not
the choice of law rules, of the State of Israel. 

	 	H. 	NO
GUARANTEE OF CONTINUED SERVICE. 

        PARTICIPANT
ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF
IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY OR
PARTICIPANT’S EMPLOYER (AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED AN
OPTION OR PURCHASING SHARES HEREUNDER). PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT
THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET
FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A
SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT
INTERFERE WITH PARTICIPANT’S RIGHT OR THE COMPANY’S (OR PARTICIPANT’S
EMPLOYER’S) RIGHT TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER
AT ANY TIME, WITH OR WITHOUT CAUSE. 

[Remainder of Page
Intentionally Left Blank]  

- 4 -

By Participant’s signature and
the signature of the Company’s representative below, Participant and the Company
agree that this Option is granted under and governed by the terms and conditions of the
Plan and this Award Agreement. Participant has reviewed the Plan and this Award Agreement
and all exhibits hereto in their entirety, has had an opportunity to obtain the advice of
counsel prior to executing this Award Agreement and fully understands all provisions of
the Plan and Award Agreement. Participant hereby agrees to accept as binding, conclusive
and final all decisions or interpretations of the Administrator upon any questions
relating to the Plan and Award Agreement. Participant further agrees to notify the Company
upon any change in the residence address indicated below. 

	PARTICIPANT:

____________________________________ 

Signature                            

____________________________________ 

Print Name                           

____________________________________

Residence Address

____________________________________
	CHECK POINT SOFTWARE 

TECHNOLOGIES LTD.

____________________________________

By

____________________________________

Title

- 6 -

EXHIBIT B  

CHECK POINT SOFTWARE
TECHNOLOGIES LTD. 

2005 ISRAEL EQUITY
INCENTIVE PLAN 

EXERCISE NOTICE 

Check Point Software
Technologies Ltd. 

Diamond Tower, 24th floor 

3a Jabotinsky street 

Ramat Gan 

Israel 52520 

Attention: Stock Option
Administration 

    1.        Exercise
of Option. Effective as of today, ________________, 20__, the           undersigned (“Purchaser”)
hereby elects to purchase ______________           Ordinary Shares (the “Shares”)
of Check Point Software Technologies           Ltd. (the “Company”) under and
pursuant to the 2005 Israel Equity           Incentive Plan (the “Plan”) and
the Option Award Agreement dated           ___________ (the “Award Agreement”).
The purchase price for the Shares           shall be $_____, as required by the Award
Agreement.  

	    2.        Delivery
of Payment. Purchaser herewith delivers to the Company the full           purchase
price for the Shares and any required withholding taxes and other           amounts to be
paid in connection with the exercise of the Option.  

    3.        Representations
of Purchaser. Purchaser acknowledges that Purchaser has           received, read, and
understood the Plan and the Award Agreement and agrees to           abide by and be bound
by their terms and conditions.  

    4.        Rights
as Shareholder. Until the issuance (as evidenced by the           appropriate entry
on the books of the Company or of a duly authorized transfer           agent of the
Company) of the Shares, no right to vote or receive dividends or           any other
rights as a shareholder shall exist with respect to the Shares subject           to the
Option, notwithstanding the exercise of the Option. The Shares so           acquired
shall be issued to the Participant or to the Trustee in accordance with           the
Plan and the Award Agreement as soon as practicable after exercise of the
          Option. No adjustment shall be made for a dividend or other right for which the
          record date is prior to the date of issuance, except as provided in
          Section 21 of the Plan.  

    5.        Tax
Consultation. Purchaser understands that Purchaser may suffer adverse           tax
consequences as a result of Purchaser’s purchase or disposition of the
          Shares. Purchaser represents that Purchaser has consulted with any tax
          consultants Purchaser deems advisable in connection with the purchase or
          disposition of the Shares and that Purchaser is not relying on the Company for
          any tax advice.  

    6.        Entire
Agreement; Governing Law. The Plan and Award Agreement are           incorporated
herein by reference. This Agreement, the Plan, and the Award           Agreement
constitute the entire agreement of the parties with respect to the           subject
matter hereof and supersede in their entirety all prior undertakings and
          agreements of the Company and Purchaser with respect to the subject matter
          hereof, and may not be modified adversely to the Purchaser’s interest
          except by means of a writing signed by the Company and Purchaser. This
agreement           is governed by the internal substantive laws, but not the choice of
law rules,           of the State of Israel.  

		
	Submitted by: 

PURCHASER: 

____________________________________ 

Signature 

____________________________________ 

Print Name 

Address: 

____________________________________ 

____________________________________

 

	Accepted by:

CHECK POINT SOFTWARE 
TECHNOLOGIES LTD.

____________________________________

By

____________________________________

Its

Address:

Check Point Software Technologies Ltd.

Diamond Tower, 24th floor

3a Jabotinsky street

Ramat Gan

Israel 52520

____________________________________

Date Received 

- 2 -S-8 POS

EXHIBIT 4.2  

CHECK POINT SOFTWARE
TECHNOLOGIES LTD. 

2005 UNITED STATES
EQUITY INCENTIVE PLAN 

    7.        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. 

    8.        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.  

		    (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:  

- 2 -

		    (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.  

		    (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.  

- 3 -

		    (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.  

    9.        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. 

        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. 

    10.        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:  

- 4 -

		    (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;  

		    (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 -

    11.        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.  

    12.        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.  

    13.        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.  

    14.        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;  

- 6 -

		    (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.  

		    (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.  

    15.        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.  

- 7 -

		    (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.  

    16.        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.  

    17.        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.  

- 8 -

		    (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.  

	    18.        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.  

		    (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.  

    19.        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.  

- 9 -

    20.        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.  

		    (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.  

- 10 -

		    (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.  

    21.        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.  

- 11 -

		    (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.  

    22.        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.  

    23.        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.  

    24.        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.  

    25.        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.  

- 12 -

		    (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)        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.  

- 13 -

    26.        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.  

    27.        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.  

    28.        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.  

    29.        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.  

- 14 -

		    (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.  

    30.        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.  

- 15 -

CHECK POINT SOFTWARE
TECHNOLOGIES LTD. 

2005 UNITED STATES
EQUITY INCENTIVE PLAN 

OPTION AWARD AGREEMENT 

Unless otherwise defined herein, the
terms defined in the Plan shall have the same defined meanings in this Option Award
Agreement (the “Award Agreement”). 

NOTICE OF OPTION GRANT  

Name: 

Address: 

You have been granted an option to
purchase Ordinary Shares (the “Shares”) of the Company, subject to the terms and
conditions of the Plan and this Award Agreement, as follows: 

		
	Grant Number                                 

                                             

Date of Grant                                

                                             

Vesting Commencement Date                    

                                             

Exercise Price per Share                     

                                             

Total Number of Shares Granted               

                                             

Total Exercise Price                         

                                             

Type of Option:                              

                                             

                                             

Term/Expiration Date:                        

	____________________________________________

                                            

____________________________________________

                                            

____________________________________________

                                            

$___________________________________________

                                            

____________________________________________

                                            

$___________________________________________

                                            

___ Incentive Stock Option   

___ Nonstatutory Stock Option               

                                            

____________________________________________

Vesting Schedule:  

This Option (as defined below) may be
exercised, in whole or in part, in accordance with the following schedule: 

        [25%
of the Shares subject to the Option shall vest twelve (12) months after the Vesting
Commencement Date, and 1/48 of the Shares subject to the Option shall vest on the last day
of each full calendar month thereafter, subject to Participant continuing to be a Service
Provider through such dates.] 

- 16 -

Termination Period:  

        This
Option shall be exercisable for three (3) months after Participant ceases to be a Service
Provider, unless such termination is due to Participant’s death or Disability, in
which case this Option shall be exercisable for twelve (12) months after Participant
ceases to be Service Provider. Notwithstanding the foregoing, in no event may this Option
be exercised after the Term/Expiration Date as provided above. 

AGREEMENT  

	 	         A. 	Grant
of Option.

	 	        The
Plan Administrator of the Company hereby grants to the Participant named in the Notice of
Stock Option Grant (the “Notice of Grant”) attached as Part I of this Agreement
(the “Participant”) an option (the “Option”) to purchase the number
of Shares, as set forth in the Notice of Grant, at the exercise price per Share set forth
in the Notice of Grant (the “Exercise Price”), subject to the terms and
conditions of the Plan, which is incorporated herein by reference. Subject to Section
20(c) of the Plan, in the event of a conflict between the terms and conditions of the
Plan and the terms and conditions of this Award Agreement, the terms and conditions of
the Plan shall prevail.  

	 	        If
designated in the Notice of Grant as an Incentive Stock Option (“ISO”), this
Option is intended to qualify as an Incentive Stock Option under Section 422 of the
Code. However, if this Option is intended to be an Incentive Stock Option, to the extent
that it exceeds the $100,000 rule of Code Section 422(d) it shall be treated as a
Nonstatutory Stock Option (“NSO”).  

	 	         B. 	Exercise
of Option. 

		    1.        Right
to Exercise. This Option is exercisable during its term in           accordance with
the Vesting Schedule set out in the Notice of Grant and the           applicable
provisions of the Plan and this Award Agreement.  

		    2.        Method
of Exercise. This Option is exercisable by delivery of an exercise notice, in the
form attached as Exhibit A (the “Exercise Notice”) or in such other form
and manner as determined by the Administrator, which shall state the election to exercise
the Option, the number of Shares in respect of which the Option is being exercised (the
“Exercised Shares”), and such other representations and agreements as may be
required by the Company pursuant to the provisions of the Plan. The Exercise Notice shall
be completed by the Participant and delivered to the Company. The Exercise Notice shall
be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares.
This Option shall be deemed to be exercised upon receipt by the Company of such fully
executed Exercise Notice accompanied by such aggregate Exercise Price.  

	 	        No
Shares shall be issued pursuant to the exercise of this Option unless such issuance and
exercise complies with Applicable Laws. Assuming such compliance, for income tax purposes
the Exercised Shares shall be considered transferred to the Participant on the date the
Option is exercised with respect to such Exercised Shares.  

- 17 -

	 	         C. 	Method
of Payment.

	 	        Payment
of the aggregate Exercise Price shall be by any of the following, or a combination
thereof, at the election of the Participant:  

		                      1.        cash; 

		                      2.        cashier's
check; 

		    3.        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; 

		                      4.        any
combination of the foregoing methods of payment. 

	 	         D. 	Non-Transferability
of Option.

	 	        This
Option may not be transferred in any manner otherwise than by will or by the laws of
descent or distribution and may be exercised during the lifetime of Participant only by
the Participant. The terms of the Plan and this Award Agreement shall be binding upon the
executors, administrators, heirs, successors and assigns of the Participant.  

	 	         E. 	Term
of Option.

	 	        This
Option may be exercised only within the term set out in the Notice of Grant, and may be
exercised during such term only in accordance with the Plan and the terms of this Award
Agreement.  

	 	         F. 	Tax
Obligations.

		    1.        Withholding
Taxes. Participant agrees to make appropriate arrangements with the Company (or the
Parent or Subsidiary employing or retaining Participant) for the satisfaction of all
Federal, state, and local income and employment tax withholding requirements applicable
to the Option exercise. Participant acknowledges and agrees that the Company may refuse
to honor the exercise and refuse to deliver Shares if such withholding amounts are not
delivered at the time of exercise.  

		     2.        Notice
of Disqualifying Disposition of ISO Shares. If the Option granted to Participant
herein is an ISO, and if Participant sells or otherwise disposes of any of the Shares
acquired pursuant to the ISO on or before the later of (i) the date two (2) years
after the Date of Grant, or (ii) the date one (1) year after the date of exercise,
the Participant shall immediately notify the Company in writing of such disposition.
Participant agrees that Participant may be subject to income tax withholding by the
Company on the compensation income recognized by the Participant.  

	 	         G. 	Entire
Agreement; Governing Law.

	 	        The
Plan is incorporated herein by reference. The Plan and this Award Agreement constitute
the entire agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the Company and
Participant with respect to the subject matter hereof, and may not be modified adversely
to the Participant’s interest except by means of a writing signed by the Company and
Participant. This agreement is governed by the internal substantive laws, but not the
choice of law rules, of California.  

- 18 -

	 	         H. 	NO
GUARANTEE OF CONTINUED SERVICE.

	 	        PARTICIPANT
ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE
HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY OR
PARTICIPANT’S EMPLOYER (AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED AN
OPTION OR PURCHASING SHARES HEREUNDER). PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT
THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE
SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT
AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT
INTERFERE WITH PARTICIPANT’S RIGHT OR THE COMPANY’S (OR PARTICIPANT’S
EMPLOYER’S) RIGHT TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER
AT ANY TIME, WITH OR WITHOUT CAUSE.  

[Remainder of Page
Intentionally Left Blank]  

- 19 -

By Participant’s signature and
the signature of the Company’s representative below, Participant and the Company
agree that this Option is granted under and governed by the terms and conditions of the
Plan and this Award Agreement. Participant has reviewed the Plan and this Award Agreement
in their entirety, has had an opportunity to obtain the advice of counsel prior to
executing this Award Agreement and fully understands all provisions of the Plan and Award
Agreement. Participant hereby agrees to accept as binding, conclusive and final all
decisions or interpretations of the Administrator upon any questions relating to the Plan
and Award Agreement. Participant further agrees to notify the Company upon any change in
the residence address indicated below. 

	PARTICIPANT:  	CHECK
POINT SOFTWARE TECHNOLOGIES LTD. 

		
	____________________________________

Signature                           

____________________________________

Print Name                          

____________________________________

Residence Address

____________________________________
	____________________________________

By

____________________________________

Title

- 20 -

EXHIBIT A  

CHECK POINT SOFTWARE
TECHNOLOGIES LTD. 

2005 UNITED STATES
EQUITY INCENTIVE PLAN 

EXERCISE NOTICE 

Check Point Software
Technologies Ltd. 

800 Bridge Parkway 

Redwood City, CA 94065 

Attention: Stock Option
Administration 

    1.        Exercise
of Option. Effective as of today, ________________, _____, the undersigned (“Purchaser”)
hereby elects to purchase ______________ Ordinary Shares (the “Shares”) of
Check Point Software Technologies Ltd. (the “Company”) under and pursuant to
the 2005 United States Equity Incentive Plan (the “Plan”) and the Option Award
Agreement dated, _____ (the “Award Agreement”). The purchase price for the
Shares shall be $_____, as required by the Award Agreement.  

    2.        Delivery
of Payment. Purchaser herewith delivers to the Company the full purchase price for
the Shares and any required withholding taxes to be paid in connection with the exercise
of the Option.  

    3.        Representations
of Purchaser. Purchaser acknowledges that Purchaser has received, read, and
understood the Plan and the Award Agreement and agrees to abide by and be bound by their
terms and conditions.  

    4.        Rights
as Shareholder. Until the issuance (as evidenced by the appropriate entry on the
books of the Company or of a duly authorized transfer agent of the Company) of the
Shares, no right to vote or receive dividends or any other rights as a shareholder shall
exist with respect to the Shares subject to the Option, notwithstanding the exercise of
the Option. The Shares so acquired shall be issued to the Participant as soon as
practicable after exercise of the Option. No adjustment shall be made for a dividend or
other right for which the record date is prior to the date of issuance, except as
provided in Section 18 of the Plan.  

    5.        Tax
Consultation. Purchaser understands that Purchaser may suffer adverse tax
consequences as a result of Purchaser’s purchase or disposition of the Shares.
Purchaser represents that Purchaser has consulted with any tax consultants Purchaser
deems advisable in connection with the purchase or disposition of the Shares and that
Purchaser is not relying on the Company for any tax advice.  

    6.        Entire
Agreement; Governing Law. The Plan and Award Agreement are incorporated herein by
reference. This Agreement, the Plan, and the Award Agreement constitute the entire
agreement of the parties with respect to the subject matter hereof and supersede in their
entirety all prior undertakings and agreements of the Company and Purchaser with respect
to the subject matter hereof, and may not be modified adversely to the Purchaser’s
interest except by means of a writing signed by the Company and Purchaser. This agreement
is governed by the internal substantive laws, but not the choice of law rules, of
California.  

- 1 -

		
	Submitted by:	Accepted by:

PURCHASER: CHECK
POINT SOFTWARE TECHNOLOGIES LTD. 

		
	____________________________________ 

Signature 

____________________________________ 

Print Name 

Address: 

____________________________________ 

____________________________________ 

 

	____________________________________

By

____________________________________

Its

Address:

Check Point Software Technologies Ltd.

800 Bridge Parkway

Redwood City, CA 94065

____________________________________ 

Date Received 

- 2 -

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