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<SEC-DOCUMENT>0001178913-06-000223.txt : 20060213
<SEC-HEADER>0001178913-06-000223.hdr.sgml : 20060213
<ACCEPTANCE-DATETIME>20060213061617
ACCESSION NUMBER:		0001178913-06-000223
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060213
FILED AS OF DATE:		20060213
DATE AS OF CHANGE:		20060213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUR MACROPRINTERS LTD
		CENTRAL INDEX KEY:			0000946394
		STANDARD INDUSTRIAL CLASSIFICATION:	PRINTING TRADES MACHINERY & EQUIPMENT [3555]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26498
		FILM NUMBER:		06600751

	BUSINESS ADDRESS:	
		STREET 1:		5 DAVID NAVON STREET
		STREET 2:		MOSHAV MAGSHIMIM
		CITY:			PETAH-TIKVA ISRAEL
		STATE:			L3
		ZIP:			00000
		BUSINESS PHONE:		01197239087676

	MAIL ADDRESS:	
		STREET 1:		P O BOX 8440
		STREET 2:		MOSHAV MAGSHIMIM
		CITY:			ISRAEL
		STATE:			L3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUR ADVANCED TECHNOLOGIES LTD
		DATE OF NAME CHANGE:	19950607
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk62207.htm
<TEXT>
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     <!-- Control Number: 62207                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    Nur Macroprinters Ltd                                            -->
     <!-- Project Name:   6-K                                                              -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>6-K</TITLE>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>SECURITIES AND
EXCHANGE COMMISSION </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Washington, D.C. 20549 </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>FORM 6-K </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Report of Foreign
Private Issuer <BR>
Pursuant to Rule
13a-16 or 15d-16 <BR>
of the Securities
Exchange Act of 1934 </FONT></H1>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the month of February
2006 <BR>
Commission File Number: 000-26498 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="5"><U><B>NUR Macroprinters
Ltd.</B></U> </FONT> <BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Translation of
registrant&#146;s name into English) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>12 Abba Hillel
Silver Street, Lod, Israel 71111 </U><BR>
(Address of principal executive
offices) </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
by check mark whether the registrant files or will file annual reports under cover Form
20-F or Form 40-F. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form 20-F <FONT size="3" face="Wingdings">x
</font> Form 40-F <FONT size="3" face="Wingdings">o
</font> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
 by  check  mark if the  registrant  is  submitting  the Form  6-K in  paper  as
 permitted  by Regulation S-T Rule 101(b)(1): ____ </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
 by  check  mark if the  registrant  is  submitting  the Form  6-K in  paper  as
 permitted  by Regulation S-T Rule 101(b)(7): ____ </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
by check mark whether by furnishing the information contained in this Form, the registrant
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Yes <FONT size="3" face="Wingdings">o
</font> No <FONT size="3" face="Wingdings">x</font> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
&#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in
connection with Rule  12g3-2(b): 82- ________ </FONT></P>

<p align=center>
<font size=2></font></p>
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<page>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Settlement Agreement</U> </FONT> </H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
District Court in Jerusalem has approved a settlement between the Company and the Israeli
Office of the Chief Scientist of the Ministry of Industry, Trade and Employment (the
&#147;OCS&#148;). As previously reported in the Company&#146;s Form 20-F for the year
ended December 31, 2004, in February 2005 the OCS initiated administrative proceedings in
order to confiscate certain assets of the Company to secure the Company&#146;s alleged
liability to the OCS for unpaid royalties related to the sale of printers. The Company
filed a suit with the District Court in Jerusalem against the OCS requesting a declaratory
judgment denying the OCS&#146; claim for royalties and for the recovery of previously
amounts paid to the OCS. As part of the dispute with the Ministry of Industry, Trade and
Employment the Company withheld payments owed to the Fund for the Encouragement of
Marketing Activities of the Ministry of Industry, Trade and Employment (the
&#147;Marketing Fund&#148;). The Marketing Fund had previously awarded the Company with
participation grants for overseas marketing expenses incurred by the Company. The Company
is obligated to pay royalties of up to four percent of any increase in sales over
historical levels to countries for which the Company used the grants to increase or
commence marketing efforts, to the Marketing Fund until the grants received in prior years
have been repaid in full. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the terms of the approved settlement, the Company will make aggregate payments of
approximately $800,000 to the OCS and approximately $1 million to the Marketing Fund, each
over a three year period. The Company had previously recorded a reserve in an amount equal
to the aggregate payments to be made to the OCS and the Marketing Fund. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Lease Agreement</U> </FONT> </H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January 24, 2006<B>, </B>the Company entered into a lease agreement with Telrad Networks
Ltd. (&#147;Telrad&#148;) pursuant to which the Company will lease approximately 3,400
square meters (11,154 square feet) in the Telrad Campus in Lod, Israel to house its
manufacturing facility (the &#147;Lease Agreement&#148;). Following expiration of its
existing lease, the Company plans to move on or about May 7, 2006 from its existing
manufacturing facility of approximately 2,800 square meters (9,186 square feet) in Rosh
Ha&#146;Ayin, Israel to the manufacturing facility on the Telrad Campus. The Lease
Agreement calls for fixed monthly lease payments of $31,000 which reflect an eight percent
lower rent per square meter compared to the rent paid for the Company&#146;s existing
facility. The Lease Agreement has a term of 60 months beginning on May 7, 2006. The
Company has the option to extend the lease period by one additional term of 60 months. In
the event the Company exercises its option to extend the lease, Telrad has the right to
increase the monthly lease payment by up to 5%. The Company may terminate the lease after
30 months on three-month prior notice. The Company expects that the new manufacturing
facility in the Telrad Campus will be sufficient for the Company&#146;s current and future
requirements. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortissimo
Capital, which is a major shareholder of Telrad, owns approximately 56% of the
Company&#146;s outstanding shares and has appointed 4 members to the Company&#146;s board
of directors (the &#147;Board&#148;). The Company&#146;s full Board and the audit
committee of the Board approved the execution and delivery of the Lease Agreement and
determined that the Lease Agreement was entered into on an arms length basis, in the
ordinary course of business and does not harm the Company&#146;s best interests. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following document is attached hereto and incorporated herein by reference: </FONT></P>


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<TR VALIGN=TOP>
<TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 1.  </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lease
Agreement dated as of January 24, 2006 </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>2</font></p>
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<page>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>SAFE HARBOR:</B></U> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
statements herein contain forward-looking statements that involve substantial
risks and uncertainties. All statements, other than statements of historical facts,
included herein regarding our plans and objectives of management are forward-looking
statements. The use of certain words, including the words "estimate," "project,"
"intend," "expect," "believe" and similar expressions are intended to identify
forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. We may not actually achieve the plans, intentions or expectations
disclosed in our forward-looking statements and you should not place undue reliance on
our forward-looking statements. Actual results or events could differ materially from
the plans, intentions and expectations disclosed in the forward-looking statements we
make. Various important factors could cause actual results or events to differ
materially from those which may be expressed or implied by the forward-looking
statements that we make, including, among others, changes in general economic and
business conditions and specifically, a decline in demand for our products, our
inability to timely develop and introduce new technologies, products and
applications and loss of market. These and other risks and uncertainties associated
with our business are described in greater detail in the filings we make from time to
time with Securities and Exchange Commission, including our Annual Report on Form
20-F. The forward-looking statements are made as of this date and the Company does
not undertake any obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise. This report is available at
<U>www.nur.com</U> </FONT> </P>



<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Signatures</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the  requirements  of the  Securities  Exchange Act of 1934,  the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized. </FONT></P>





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<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR Macroprinters Ltd.<BR><BR>
<BR>BY: /S/ Eli Blatt<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Eli Blatt<BR>Interim Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date
February 13, 2006 </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit Index </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 1.  </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lease
Agreement dated as of January 24, 2006 </FONT></TD>
</TR>
</TABLE>
<BR>



<p align=center>
<font size=2>3</font></p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exhibit_1.htm
<TEXT>
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
     <!-- Project:        \\backup\office\EDGAR Filing\Nur Macroprinters Ltd\62207\a62207.eep -->
     <!-- Control Number: 62207                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    Nur Macroprinters Ltd                                            -->
     <!-- Project Name:   6-K                                                              -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>6-K</TITLE>
</HEAD>
<BODY>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Unprotected Tenancy
Agreement</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Made and entered into
on <U>January</U> 24, 2006 </FONT> </P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Between: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Telrad Networks Ltd. </B><BR>
PCN 510852643 <BR>
Of 14 Ha-Melacha Street, Afeq Park, Rosh Ha&#146;Ayin<BR>
(hereinafter referred to as: the &#147;<B>Landlord</B>&#148;) </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>of the first part</B></U> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and between: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>NUR Macroprinters Ltd. </B><BR>
PLC 52-003986-8 <BR>
Of 12 Abba Hillel Silver Street, Lod <BR>
(hereinafter referred to as: the &#147;<B>Tenant</B>&#148;) </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>of the second part</B></U> </FONT> </P>


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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Whereas,</B> </FONT> </TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Landlord  owns the rights of title and  occupation  in the Leased  Premises (as defined
                           below).</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>And Whereas,</B> </FONT> </TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant is interested in renting the said premises on an unprotected  tenancy subject to
                           and in accordance with the provisions of this Agreement.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>And Whereas,</B> </FONT> </TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
parties  wish to define,  to regulate  and to  formalize  in writing  their  rights and
                           obligations in connection with the Premises and the
unprotected  tenancy  arrangement,  all                            as hereinbefore and
hereinafter detailed in this Agreement.</FONT></TD>
</TR>
</TABLE>
<BR>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Wherefore, it is hereby agreed,
conditioned and warranted between the parties as follows</U></B><U></U>: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
aforementioned preamble constitutes an integral part of this Agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Construction</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
following expressions shall bear the interpretation alongside them, save
               where expressly determined otherwise under this Agreement: </FONT></TD>
</TR>
</TABLE>
<BR>


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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B> "Telrad Campus"</B> </FONT> </TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">that
enclosed area of land known as Parcel 257 in Block 4024, which is
situated at 1 Bat Sheva Street, Lod, on
which a number of buildings are erected in
the Lod Industrial Zone according to the plan attached
herewith as <U><B>Exhibit A</B></U> of this Agreement
and which are designated, according to
the Town Planning Scheme, inter alia, as<I> Lamed-Lamed Dalet</I>
6/2(A), <I>Lamed Dalet</I> 1012, all in accordance
with the said Scheme. </FONT> </TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2></font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>"Leased Premises"</B><BR>
or <B>"Premises"</B> </FONT> </TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>An
area of c. 3,390 m(2)in Building 1, comprising the first floor and the
basement area, marked on <U><B>Exhibit B</B></U> which is
attached to this Agreement, together with
the Public Areas. </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B> "Public Areas"</B> </FONT> </TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
those areas  outside the area of the  Building  which are  intended to
                                            serve the  public  and  those  entering  the
 Building,  including  roads,                                             access routes,
sidewalks, gardens, sign posts, passageways etc.</FONT></TD>
</TR>
</TABLE>
<BR>



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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>"Dollar<BR>
Exchange Rate"</B> </FONT> </TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>The
 representative  rate of exchange of the US dollar as published by the
                                            Bank of Israel which is known on the date of
issuing the invoice.</FONT></TD>
</TR>
</TABLE>
<BR>




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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
parties agree that any change to this Agreement by the parties with regard
               to the description of the Premises, the Lease Period, the rental amount
and the                manner of its payment, or on any other matter, shall only be
executed and shall                only be valid if made in writing and signed by all of
the parties to this                Agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
headings of the clauses to this Agreement do not form part of the Agreement
               per se and shall not be relied upon for the purpose of its construction. </FONT></TD>
</TR>
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<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
appendices to this Agreement constitute an integral part thereof. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
provisions of this Agreement exhaust absolutely all of the agreements
               between the parties and no regard shall be taken in respect of any
negotiations                which preceded its execution or which existed at the time of
its execution, and                of any warranties, representations, undertakings or
agreements which preceded or                which formed a precondition of entering into
this Agreement, all of which shall                be deemed null and void herewith. </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Oral
warranties and notices by the directors, officers and employees of either party are
non-binding, and the parties shall be bound only by a document which has been duly
executed by its authorized signatories. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>The
Lease and its Duration</U></B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Landlord hereby leases to the Tenant and the Tenant hereby rents from the
               Landlord the Premises for a period of 60 months commencing May 7, 2006
               (hereinafter: the &#147;<B>Completion Date</B>&#148;) and terminating on
April                30, 2011 (hereinafter: the &#147;<B>Initial Lease Period</B>&#148;).
The Tenant                shall have the right to extend the lease for an additional
period of 60 months,                after giving a minimum of 3-month advance written
notification before the                termination of the Initial Lease Period
(hereinafter: the                &#147;<B>Additional</B><B>Lease </B><B>Period</B>&#148;). </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Initial Lease Period and the Additional Lease Period (or part thereof, as applicable)
shall be referred in this Agreement as the &#147;Lease Period&#148; and all of the
provisions of this Agreement (in the event that the Additional Lease Period is desired by
the Tenant) shall apply to them.  </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>2</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
parties agree that the Tenant has the right to adapt the Premises to its own
               needs even before the start of the Lease Period commencing from February
15,                2006, pursuant to the provisions of Section 7 below. The Tenant
declares and                agrees that the granting of permission to perform the
adaptation works on the                Premises shall not have the effect of transferring
the title to the Premises and                that until the commencement of the Lease
Period it shall perform all of the said                adaptation works solely as a
licensee. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
parties agree that the Tenant shall be entitled to break the Initial Lease
               Period after giving three (3)-month advance notification, provided that
the date                of vacating the Premises shall be no earlier than thirty (30)
months from the                Completion Date. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>The
Parties&#146; Warranties</U></B></FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Landlord hereby declares and affirms that it is the owner of the title to
               the property, that it is entitled to lease the Premises to the Tenant
according                to the provisions of this Agreement, and that there is no legal,
contractual or                any other impediment to its entering into this Agreement
with the Tenant and/or                to the performance of its obligations thereunder. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant affirms that it has visited the Premises, seen them and the
               surrounding area, is aware and cognizant of all of the plans and all of
the                details which relate to the Premises, which may influence its entering
into this                Agreement, and has found everything to be suitable in all
respects for its                purposes, subject only to the delivery of the Premises
into its possession,                pursuant to the provisions of this Agreement, and it
waives any claim of                incompatibility and any other claim in respect of the
Premises, the ability to                use them and to enter into this Agreement, save
for claims in respect of latent                defects. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Object
of Tenancy</U></B></FONT></TD>
</TR>
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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Tenant  undertakes  not to use the  Premises  for any purpose and by any means save for
the object of the          rental, viz. offices and industry. </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
provisions of this Section constitute a fundamental condition of this Agreement and their
infringement shall constitute a fundamental breach of the Agreement. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Rent
and Additional Payments</U></B> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Rental
Amount</U></B> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Tenant undertakes to pay the Landlord the rental amount in the installments, at the times
and in the manner detailed below: </FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
monthly rental during the Initial Lease Period shall be the New Shekel
          equivalent of the sum of $31,000 (thirty-one thousand US dollars), in
accordance           with the Dollar Exchange Rate known on the date of issuing the
invoice, together           with duly payable VAT. The rent (save in respect of the first
lease year) shall           be paid by the Tenant to the Landlord in advance at quarterly
intervals on the           fifth day of the month of each calendar quarter (January 5,
April 5, July 5 and           October 5) against receipt of a tax invoice according to
law which shall be           submitted on the 20<SUP>th</SUP> of each month prior to the
commencement of the           new quarter for the aforesaid payment, via direct transfer
to the           Landlord&#146;s bank account in accordance with the bank account details
which           shall be detailed in the tax invoice.  </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>3</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notwithstanding
the foregoing, it is hereby clarified and agreed that the rent           for the Initial
Lease Period in a total sum of $372,000 shall be paid during the           course of 2006
in three equal installments, each of $124,000 (one hundred           twenty-four thousand
dollars) which shall be paid at the times listed below: the           first payment
within one week of the date of signing this Agreement, the second           payment in
the first week of April 2006, and the third and final payment in the           first week
of July 2006.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1.3. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>It
is agreed between the parties that the Tenant shall pay municipal taxes in
          respect of the leased area as detailed in <B><U>Exhibit B</U></B><U></U> for a
          period of two and a half months, in the course of which the adaptation works
          shall be carried out, according to the work and industry tariff in Area A in
          Lod. The municipal tax payment shall be made by February 15, 2006.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1.4. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
the event that after 30 months from the beginning of the Initial Lease Period
          the Tenant commits to the Landlord that it will not bring the lease to an end
          prior to the termination of the Initial Lease Period, the following provisions
          shall apply:  </FONT></TD>
</TR>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A. </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
monthly rental sums during the remaining 30 months of the Initial Lease
               Period shall stand, notwithstanding the terms of Section 6.1.1 above, at
the New                Shekel equivalent of the sum of $30,500 (thirty thousand five
hundred US                dollars) in accordance with the Dollar Exchange Rate known on
the date of                issuing the invoice, together with duly payable VAT.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>B. </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Landlord shall credit the Tenant with the sum of $500 (five hundred dollars)
               per month retroactively from the date of the commencement of the lease,
i.e. a                total of $15,500 (fifteen thousand five hundred dollars). The
Tenant will be                entitled to deduct the amount credited from the two final
rental payments of the                Initial Lease Period.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1.5. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
the event that the Tenant decides to continue the lease as stated in Section
          6.1.4 above, and if the Tenant shall transfer its executive offices to the
          Telrad Campus for a minimum period of 30 months, and hire an additional area on
          the Campus of at least 2,000 m&sup2; during the Initial Lease Period, the
          following provisions shall apply:  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A. </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
monthly rental for the remaining 30 months of the Initial Lease Period shall
               amount, notwithstanding the provisions of Section 6.1 above, to the New
Shekel                equivalent of the sum of $30,000 (thirty thousand US dollars) in
accordance with                the Dollar Exchange Rate known on the date of issuing the
invoice, together with                duly payable VAT.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>B. </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Landlord shall credit the Tenant with an additional five hundred dollars
               ($500) per month, retroactively from the date of the Tenant&#146;s entry
into                the additional premises and until the commencement of the Lease
Period, but no                more than the sum of fifteen thousand five hundred US
dollars ($15,500). The                Tenant shall be entitled to deduct the credit
amount from the initial rental                payments for the additional premises.  </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>4</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1.6. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Landlord shall be entitled to increase the rental amount during the           Additional
Lease Period at a rate which shall not exceed by 5% the rental sums           that are
paid in practice by the Tenant at the end of the Initial Lease Period.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1.7. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
rental amounts include:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT> </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Use
of the area containing the Premises.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT> </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">50
parking spaces according to the plan attached herewith as <U><B>Exhibit B.</B></U> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT> </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Construction
of coverings, partitioning walls between the lots of the Landlord and the Tenant, and
entrance doors, all as shown on the plan contained in <B><U>Exhibit D-2</U></B><U></U>.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT> </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment
of municipal property taxes. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT> </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Management
and service charges. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
For
the avoidance of doubt, it is hereby clarified and agreed that the rental sums do not
include any payment on account of electricity and telephone charges, which shall be paid
in accordance with the Tenant&#146;s usage, as well as the payment of any taxes and/or
fees and/or any other dues which apply to the Tenant by force of law. </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
All
payments in respect of electricity shall be paid to the Landlord within 10 days of the
date on which the receipt is received by the Landlord. The formula for calculating
electricity consumption by the Tenant is attached herewith as <B><U>Exhibit C</U></B><U></U> of
this Agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1.8. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additional
parking spaces on the Campus beyond 50 spaces shall be at a monthly                cost
of $40 + VAT per parking space.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1.9. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Municipal
property taxes shall be paid commencing from February 15, 2005, in
               accordance with the provisions of <B><U>Exhibit C</U></B><U></U>.  </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1.10. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Landlord shall bear any land tax and any other tax that derives from the
               ownership of the Premises.  </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Failure
to Meet Payments</U></B></FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.2.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
the event that the Tenant fails to discharge any of the Tenant&#146;s
               payments that it is obligated to make under this Agreement, immediately
upon the                demand of the competent authority or of the Landlord, then
without derogating                from this obligation the Landlord shall be entitled,
after giving written                notification to the Tenant ten business days in
advance, to discharge these                accounts at the Tenant&#146;s expense and the
Tenant shall be obligated to                reimburse the Landlord for the full amounts
paid out by it to cover any of the                Tenant&#146;s payments as stated within
7 days of the Landlord&#146;s first                demand for such reimbursement.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.2.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
the avoidance of doubt, it is hereby clarified that the obligation to pay
               the rental amounts and all other sums which are owed to the Landlord by
the                Tenant, rests absolutely on the Tenant from the beginning of the Lease
Period                and until the vacation of the Premises or the termination of the
Lease Period                &#150; whichever is the later &#150; and the failure of the
Landlord to issue a                rental account shall not derogate from this duty on
the Tenant&#146;s part.  </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>5</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Performance
of Adaptation Works on the Premises</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant shall perform, at its own expense, the works specified in <B><U>Exhibit D-1</U></B><U></U> attached
to this Agreement (hereinafter: the                &#147;<B>Tenant&#146;s Works</B>&#148;).
None of the Tenant&#146;s Works shall                be carried out before receiving the
prior approval of the Landlord and/or an                agent on its behalf. </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant shall deliver to the Landlord, before performing the Tenant&#146;s
               Works, confirmation of taking out &#147;works in progress&#148; insurance,
as                detailed in <B><U>Exhibit E</U></B><U></U> of this Agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Both
during the Tenant&#146;s Works and after their execution, the Tenant shall
               ensure that the area is clear of all waste, and is left in a state which
befits                the level of the Premises. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
of the systems performed by the Landlord and all of the improvements, the
               changes and the additions made by the Tenant during the Lease Period,
subject to                the provisions of Section 12 below, which cannot be removed
from the Premises,                shall transfer, at the termination of the Lease Period
or upon the rescission of                this Agreement, including by virtue of a change
in the Tenant, to the domain and                the ownership of the Landlord, subject to
returning the Premises to the same                state in which they were originally
delivered to the Tenant. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.5 </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Landlord will perform, at its own liability, the works specified in <B><U>Exhibit D-2</U></B><U></U> attached
to this Agreement (hereinafter: the &#147;<B>Landlord&#146;s Works</B>&#148;). The Tenant
shall pay the Landlord in respect of the Landlord&#146;s Works the New Shekel equivalent
of the sum of seventy thousand US dollars ($70,000). This sum shall be paid in three
equal installments each amounting to the New Shekel equivalent of the sum of $23,333
(twenty-three thousand three hundred thirty-three US dollars) at the time of paying the
rental amounts for the Initial Lease Period, as specified in Section 6.1.2 above, and
shall be added to these payments. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.6 </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant&#146;s Works and the Landlord&#146;s Works shall commence and shall be executed in
accordance with the timeframe specified in <B><U>Exhibits D-1 and D-2</U></B><U></U>,
respectively. The Landlord shall indemnify the Tenant immediately on its first request in
respect of any direct damage caused to the Tenant as a result of the Landlord&#146;s
failure to comply with the timeframe for performing the Landlord&#146;s Works as
specified in <B><U>Exhibit D-2</U></B><U></U>, together with a period of up to seven
calendar days, save where the said failure is caused as a result of an act and/or
omission of the Tenant and/or any changes in the plans submitted to the Landlord by the
Tenant. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Completion
and Delivery</U></B></FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Landlord undertakes that by no later than the Completion Date it will
               deliver the Premises to the Tenant&#146;s custody. The Tenant undertakes
to                receive the Premises to its custody on the Completion Date pursuant to
the                provisions of this Agreement. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant shall be entitled to examine the Premises before the Completion Date,
               after advance coordination with the Landlord, and shall be obligated to
examine                the Premises at the time of completion. The Landlord shall enable
the Tenant to                perform these examinations. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>6</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>No
Application of the Tenants&#146; Protection Law</U></B></FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant declares and agrees that the construction of the Premises was
               completed after August 20, 1968, such that the provisions of the Tenants&#146;               Protection
(Consolidated Version) Law, 5732-1972, or any other law in its stead
               (hereinafter: the &#147;<B>Tenants&#146; Protection Law</B>&#148;), shall
not                apply to the Premises and the rental therein. The Tenant similarly
affirms that,                other than the rental amounts specified in Section 6 and the
additional payments                detailed in <B><U>Exhibit C</U></B><U></U> of the
Agreement, it has not paid and                is not paying the Landlord any amount
whatsoever in respect of the rental and                the use of the Premises, whether
by way of key money, or in any other manner,                and that it shall not be
entitled to key money and to any payment whatsoever in                respect of its
vacation of the Premises. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant affirms that in the event that any investments are made by it in
               respect of the Premises, including to the equipment and appurtenances
therein,                these shall be made solely for its own needs, and it shall be
estopped from                claiming that these investments constitute key money or
other similar payment or                consideration which might otherwise entitle it to
any rights in the Premises,                including a right to a protected tenancy. The
Tenant shall be similarly estopped                from demanding of the Landlord any
reimbursement and/or contribution, in whole                or in part, with regard to the
aforesaid investments, and Section 12 of this                Agreement shall apply in
their respect. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Management
of the Premises</U></B></FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
management and maintenance of the building on the Premises and the Public Areas shall be
performed by the Landlord and/or agents on its behalf (including the management
corporation) and at its liability, subject to the payment of the rental amounts by the
Tenant and subject to the payments stipulated in <B><U>Exhibit C</U></B><U></U>. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Use
of the Premises</U></B> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant is responsible for obtaining from the authorities all of the licenses
               and/or permits and/or authorizations required by law for managing a
business on                the Premises, within the framework of the object of the
tenancy (hereinafter:                the &#147;<B>Licenses</B>&#148;) and it undertakes
to manage them solely in                accordance with the aforesaid Licenses and the
requirements of the law and of                any competent authority. </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Tenant undertakes that it has examined and is aware of the fact that the aforesaid
Licenses are in fact obtainable and that the Landlord shall bear no liability in the event
that the Tenant does not succeed in obtaining them. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
It
is agreed that the failure to obtain any of the said Licenses shall not release the Tenant
from any of its undertakings according to this Agreement. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant shall not hold any materials, tools, equipment, products, stock or
               any other chattels whatsoever (hereinafter collectively referred to as the
               &#147;<B>Chattels</B>&#148;) outside of the Premises, without the
               Landlord&#146;s consent. In the event that any Chattels belonging to the
Tenant                are found outside of the Premises without having obtained the
Landlord&#146;s                consent in this regard, the Landlord shall give the Tenant
a warning to remove                the Chattels and stating that, if they are not removed
within forty-eight (48)                hours, the Landlord shall be entitled to remove
them from their location at the                Tenant&#146;s expense and the Landlord
shall bear no liability for their state. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>7</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant shall comply with all legislation, regulations and bye-laws which
               apply to the Premises, to the use therein, and to the business, the work
and the                activities performed therein. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No
use shall be made of the Premises or any part thereof in a manner which
               causes noises, smells, tremors, pollution, smoke, dust and other nuisances
which                deviate from what is legally permitted. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant shall not discharge into the sewage system waste whose quality or
               quantity is liable to injure the said system, or to injure its proper
               functioning. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
this regard, &#147;sewage system&#148; shall mean: central sewage or septic tanks, as well
as a channeling and drainage system and water purification devices, depending on what
actually exists. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Tenant shall ensure that no solid materials liable to harm or to block pipes or channels
and to cause damage to the sewage piping, the control mechanism, the measuring or the
purification devices, are found in the sewage effluent. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.6. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant undertakes not to hang, not to erect and not to affix any signposts,
               marks or promotional materials on any part of the building in which the
Premises                are situated, without the Landlord&#146;s advance approval. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.7. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant shall use the Premises and the surrounding area in a manner which
               causes no disturbance to other residents on the Telrad Campus. </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Prohibition
Against Changes</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant undertakes not to make and not to perform any changes, modifications,
               improvements, additions, or any other building works of any description,
to the                Premises (all of which shall hereinafter be called, collectively,
the                &#147;<B>Works</B>&#148;) without receiving the advance written
approval of the                Landlord. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Especially
emphasized in this regard is the prohibition on erecting shutters or air conditioning in
the Premises without the Landlord&#146;s advance written approval, and in the manner and
form determined by the Landlord. If Works are performed without obtaining the
Landlord&#146;s consent, then without derogating from its entitlement to regard such Works
as a breach of this contact, the Landlord shall be entitled: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.1.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
require the Tenant to demolish and/or to dismantle and/or to remove the Works
          from the Premises, and in such case the Tenant will be obligated to perform all
          of the repairs to the Premises attendant thereon, in order to bring the
Premises           to the state in which they existed before the Works were executed, and
to           complete the same within 14 days of the Landlord&#146;s request. In the
event           that the Tenant fails to take such action, the Landlord shall be entitled
to do           so, at the Tenant&#146;s expense, or &#150; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.1.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
leave the Works in the Landlord&#146;s possession and the Tenant agrees that
          the Works shall be the exclusive property of the Landlord and the Tenant shall
          not be entitled to anything in respect of the Works.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
Works are performed with the Landlord&#146;s consent, then at the time of
          vacating the Premises the Tenant shall have the choice of either: </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>8</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.2.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Demolishing
and/or removing the Works from the Premises, and in such case the           Tenant will
be obligated to make all of the necessary repairs to the Premises           required as a
result in order to restore that part of the Premises, in which the           Works were
performed, to its former state before the Works were executed, and to           conclude
all this by no later than the end of the Lease Period according to this
          Agreement. If the Tenant fails to act in this manner, the Landlord shall be
          entitled to do so at the Tenant&#146;s expense;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
or </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.2.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
the Landlord&#146;s advance written consent, to leave the Works on the
          Premises, and in such case they will become the Landlord&#146;s possession and
          the Tenant shall not be entitled to anything in respect of the Works.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>It
is hereby agreed that changes made to the Premises, with the Landlord&#146;s
          consent, which are not fixed in a permanent manner to the Premises and which
are           capable of being undone, such as moveable walls, chandeliers, lights, air
          conditioning units, lifting equipment etc., are the sole possession of the
          Tenant and shall be dismantled by the Tenant, if it so wishes, by the end of
the           tenancy, and the Tenant shall restore the Premises to the same usable state
in           which it received the Premises before the completion. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Preservation
of the Premises</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant undertakes to use the Premises in a cautious and reasonable manner,           to
preserve their cleanliness and the cleanliness of the surrounding area, and           to
avoid any harm or damage to the Premises, including any of the appliances           which
benefit the Premises per se or together with premises leased to others,           save
for regular and fair wear and tear and save for defects which are the           Landlord&#146;s
responsibility and/or defects in the infrastructures or in the           structure of the
Premises, the duty to repair which rests on the Landlord, who           shall perform
these repairs within 14 days of the date of which it is made aware           of them by
the Tenant. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant shall be obligated to cure within a reasonable time any damage and/or
          disrepair caused to the Premises and to the appliances as stated in Section
13.1           above, and to install within a reasonable time a replica of any appliance
          installed in the Premises, which has been destroyed or ruined, save for faults
          and/or defects and/or damage which are caused as a result of regular and fair
          wear and tear of the Premises and of the appliances thereon. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
the Tenant and/or Landlord fail to carry out any repair which either party is
          obligated to perform, or fail to replace any unit which it is obligated to
          replace, the other party shall be entitled, but not obligated, to do so, at the
          expense of the party on whom the repairing responsibility rests. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Warranty
and Indemnification</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
parties&#146; warranty in respect of damage caused as a result of and/or in
          connection with the tenancy, in accordance with this Agreement, shall be as
          prescribed by law. </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Without
derogating from the generality of the foregoing: </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>9</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.2.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant shall not be liable for any damage and/or disrepair to the Premises
          which emanates from fair wear and tear and/or the reasonable use of the
          Premises.  </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.2.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
parties release each other, in a reciprocal manner, from liability for any
          consequential loss and/or consequential damage in general, and for any loss of
          profits, injury to goodwill and loss of business opportunities in particular.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.3 </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
parties shall indemnify one another in respect of any amount which they shall be
obligated to pay according to a final and absolute judgment, including reasonable court
expenses incurred, as a result of any action that may be filed in connection with damage
for which they are responsible according to Section 14 herein, provided they undertake to
notify the other party at the earliest opportunity of the receipt of such an action, in
order to enable it to defend itself and to collaborate with the other party. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Insurance</B></U> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
parties&#146; undertakings on the subject of insurance are contained in <B><U>Exhibit
E</U></B><U></U> of this Agreement and in the insurance certificates attached herewith as
<B><U>Exhibit E</U></B><U></U> of this Agreement. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Landlord&#146;s
Access to the Premises</U></B> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Landlord and/or its proxies and/or any of its agents retain the right to
               build on the Premises or thereabouts additional floors and/or to perform
other                building works on the Telrad Campus and/or to transfer by way of (or
on the                surface of) the Premises any pipes, gutters and other conduits in
respect of                water, sewage, channeling, gas, electricity or telephone
services, or for any                other similar purpose, provided that the use of the
aforesaid powers shall be                made in the manner which causes, insofar as is
reasonably possible, the least                inconvenience and disruption. </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Landlord shall carry out, or shall ensure that its proxies or agents carry out, in those
parts of the Premises which are damaged as a result of the aforesaid Works, all repairs
which are reasonably required in order to restore the Premises to their previous state, to
the extent this is possible. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Landlord or its attorneys retain the right, after prior coordination with
               the Tenant: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.2.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
enter the Premises at any reasonable time in order to check whether the terms
               of this Agreement are being fulfilled.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.2.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
enter the Premises at any reasonable time in order to carry out repairs in
               the area of the Premises which are required for the Premises or parts
thereof.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.2.3. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
the final three months of the tenancy, to enter into the Premises during
               normal working hours, accompanied by visitors.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant undertakes not to prevent access to the Landlord of the kind
               specified in Section 16.2.2 above and to enable it to perform the Works
stated                in that clause. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
addition to the foregoing, the Landlord, the management corporation and/or
               any of their agents are entitled to enter the Premises at any time when
this is                required in order to avoid immediate damage. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>10</font></p>
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<page>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Prohibition
Against Assignment of Rights</U></B></FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant shall not be entitled to transfer and/or to assign its rights in
               accordance with this Agreement, whether in whole or in part, unless it has
               received the Landlord&#146;s advance written consent to do so. If the
Landlord                stipulates conditions for granting the aforesaid consent the
Tenant shall not be                entitled to transfer and/or to assign its rights
before all these preconditions                have been fulfilled. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Landlord shall have total and absolute discretion to refuse to grant the aforesaid
consent, and without derogating from the foregoing, the Landlord&#146;s refusal on the
grounds of the non-compatibility of the transferee/assignee to the range of businesses on
the Telrad Campus and/or matters connected to the good name and/or reliability and/or
economic ability of the transferee/assignee and/or its business, and/or the object of its
business, will not be regarded as an unjustified and/or unreasonable refusal. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Without
derogating from the generality of the foregoing, it is hereby agreed           that the
Tenant shall be entitled to lease any part of the Premises by way of
          sub-rental, subject to the Landlord&#146;s advance written consent regarding
the           identity of the sub-tenant. The Landlord shall not object to the aforesaid
          sub-rental, save on reasonable grounds. It is hereby clarified and agreed that
          the Tenant shall remain liable vis-&agrave;-vis the Landlord for the
fulfillment           of its obligations under this Agreement, also in respect of the
area that is           leased out on sub-rental in the aforesaid manner. The sub-tenant
shall give           advance confirmation to the Landlord, in writing, that the
sub-rental will lapse           immediately upon the termination and/or annulment of this
tenancy agreement. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
provisions of this clause constitute a fundamental term of the Agreement and
          their infringement, in whole or in part, shall constitute a fundamental breach
          of the Agreement. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Vacating
the Premises</U></B></FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.1. </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.1.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Tenant undertakes that by no later than the end of the Initial Lease           Period
and/or the end of the Additional Lease Period and/or if the Agreement is
          annulled by any one of the parties due to its breach by the other party, it
will           vacate the Premises and return them to the Landlord. The Tenant undertakes
that           at the time of vacating the Premises and returning same to the Landlord
the           Premises will be vacant and clear of any person or object, in the same
good,           orderly and whole condition as it received them, subject to normal wear
and tear           caused during the rental of the Premises. For the avoidance of doubts,
it is           hereby agreed that the Premises will be returned to the Landlord in the
same           condition as it received them from the Landlord, with the exception of
fair wear           and tear. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.1.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant will deliver to the Landlord, within 30 days of the date of vacating           the
Premises, confirmations from any municipal and/or governmental authority of           the
fact that it has discharged all of its obligations towards them according to
          this Agreement.  </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
the Tenant does not furnish all of the said certificates in a timely manner, the Landlord
may avail itself of all of the rights afforded to it by law and according to this
Agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>11</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
respect of any day of delay in vacating the Premises beyond five days of
               delay, then, without derogating from the Landlord&#146;s right to exercise
its                rights in any manner that it sees fit, and without derogating from any
other                right to which the Landlord is entitled by law and/or under the
Agreement in the                above circumstances, the Tenant shall pay the Landlord
due use fees amounting to                $1,000, together with VAT, for each day, as
liquidated damages. The said use                fees shall be linked to the consumer
price index. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Tenant will be similarly responsible for payment of the management fees, together with
VAT, the municipal taxes and other payments according to this Agreement in respect of the
period of delay in vacating the Premises, and it is hereby agreed that with regard to the
payment of the aforesaid management fees a delay of part only of a month in vacating the
Premises shall be regarded as a delay of a whole month. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
time for payment of the liquidated damages in respect of every day of delay in vacating
the Premises shall be at the commencement of each such day of delay. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
It
is expressly agreed and warranted between the parties that the sum of liquidated damages
has been set after a considered and level-headed assessment, taking into account the
reasonable proportion of damages which are foreseeable at the time of entering into this
Agreement, which would be caused to the Landlord as a result of the non-vacation of the
Premises by the Tenant at the aforesaid time, and the Tenant shall not be allowed to make
any claim to the effect that the said amount was set by way of a fine, and the Tenant
shall be estopped from making such a claim. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
parties expressly agree and warrant that none of the provisions of Section
               18.2 above shall have the effect of releasing the Tenant from its
obligations                according to Section 18.1 above, and/or of granting the Tenant
any right                whatsoever, including, but without derogating from the
generality of the                foregoing, any protected tenancy right under the Tenants&#146; protection
Law,                and/or of constituting an agreement by the Landlord to an extension
of the Lease                Period in the Premises by the Tenant and/or of constituting
any kind of waiver                on the part of the Landlord to the Tenant and/or of
derogating from or                diminishing any of its entitlements and/or of injuring
the Landlord&#146;s right                to receive any other relief and remedy according
to this Agreement and by law,                including the Tenant&#146;s dispossession
from the Premises. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Without
derogating from any other entitlement to which the Landlord may be
               entitled according to any law, in the event that at the time of vacating
the                Premises and returning them to the Landlord, the Premises will not be
in the                condition as described in Section 18.1 above, the Landlord shall
have the option                of receiving from the Tenant, immediately on its first
demand, all of the                reasonable expenses paid out by the Landlord in order
to restore the Premises to                the state in which the Tenant was under an
obligation to return them to the                Landlord, together with all of the
reasonable expenses entailed therein, or to                determine that the Tenant has
not vacated the Premises as required under the                terms of the Agreement, in
which case the provisions of the Agreement governing                the non-vacation of
the Premises by the Tenant in a timely manner will apply. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
addition to any right to which the Landlord shall be entitled according to
               any law and this Agreement, in the event that the Tenant does not vacate
the                Premises in a timely manner, the Landlord or anyone appointed by it
shall be                competent and entitled, and the Tenant hereby gives its consent
and                authorization, to terminate immediately the supply of water,
electricity, air                conditioning and other services to the Premises and/or to
the Tenant, in                Landlord&#146;s absolute discretion, and the Tenant hereby
waives any claim                and/or action and/or demand in this regard. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>12</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.6. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
the Tenant fails to vacate the Premises on time, or fails to comply with any
               of the terms in respect of vacating the Premises, the Tenant shall be
regarded                as an intruding trespasser and an encroacher on the Landlord&#146;s
territory,                to all intents and purposes. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.7. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
provisions of this clause constitute a fundamental term of this Agreement. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Guarantees
and Collaterals</U></B></FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As
security for the fulfillment of the Tenant&#146;s obligations under this
               Agreement, the Tenant undertakes to furnish, at the time of signing this
               Agreement, an autonomous bank guarantee to the NIS equivalent of $93,000
which                shall remain in force for the duration of this Agreement and 60 days
after the                termination of its validity, according to the wording attached
herewith in <B><U>Exhibit F</U></B><U></U> of the Agreement. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Landlord shall be entitled to present the guarantee for payment in the event
               that the Tenant does not perform any or all of its obligations pursuant to
this                Agreement, to the Landlord&#146;s satisfaction, and according to the
prescribed                time schedule, provided that the Landlord has given the Tenant
14 days advance                written notification and the breach is not cured within
that time. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nothing
in the foregoing shall release the Tenant from the full and precise
               fulfillment of its obligations according to this Agreement or impose any
               obligation whatsoever on the Landlord. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Delivery
of the aforesaid guarantee is a precondition of this Agreement&#146;s
               entry into force. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Interest</U></B></FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Any
delay in any payment by the Tenant shall bear interest at the maximal rate permitted
according to the law at that time, and if there is no legal restriction on the rate of
interest, interest for delay at the maximal rate charged by Bank Leumi Le-Israel Ltd. for
unauthorized overdrafts at that time in respect of the period of delay, none of which
shall derogate from the right of the Landlord and/or the management corporation to
compensation at a higher rate for any other relief. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
written authorization of any branch director of the Bank regarding the rate of interest as
aforesaid shall constitute proof as to the rate of such interest. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Infringement
and Remedies</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Any
party which breaches or fails to perform any of its obligations under this
               Agreement shall be obligated to compensate the performing party for all of
the                damage and losses sustained by it as a result, without derogating from
the right                of the party not in breach to any alternative and/or additional
relief and                remedy, including specific performance and an eviction order. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Landlord shall be entitled to annul this Agreement, notwithstanding any
               provision of the Agreement in relation to the Lease Period, and to require
the                Tenant to immediately vacate the Premises after giving ten (10) days
advance                notification (hereinafter: the &#147;<B>Annulment Notice</B>&#148;)
and to                restore the possession therein to the Landlord in each of the
following cases: </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>13</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.2.1 </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant commits a fundamental breach of this Agreement or any of its fundamental terms and
does not cure this breach within 14 days of the date of receiving the notice from the
Landlord.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.2.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant breaches this Agreement in a non-fundamental manner and does not cure
               the breach within 30 days of the date it is required to do so.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.2.3. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A
motion is submitted to the competent court for the Tenant&#146;s liquidation,
               the appointment of a trustee, liquidator, temporary liquidator,
pre-liquidator,                receiver of a substantial portion of the Tenant&#146;s
assets, and an order is                made according to the motion or the motion was not
cancelled or was dismissed                within 90 days of the date of its submission to
the court and/or if the Tenant                has filed a motion for its own liquidation
and/or for forming a creditors&#146;               arrangement.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
Annulment Notices are given, the terms of this Agreement governing vacation
               shall apply, together with the following provisions: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Tenant shall be liable to reimburse the Landlord and the management corporation,
immediately upon their first demand in writing, for any expenses, damage and losses
sustained by them on account of the breach of the Agreement by the Tenant. Notwithstanding
the foregoing, an Annulment Notice which is sent by the Landlord pursuant to sub-section
[19.2.3][sic. 21.2.3] above shall not be considered as a breach of Agreement by the Tenant
and shall not entitle the Landlord to any right of compensation as aforesaid. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Transfer
of Rights by the Landlord</U></B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.1 </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Landlord is entitled to lease and/or to sell its rights in the Building and/or the
Premises, in whole or in part, for any purpose (including a similar object to the object
of the tenancy) which it shall deem fit, without derogating from the Tenant&#146;s rights
under this Agreement, and the substitute landlord shall commit in writing to comply with
all of the Landlord&#146;s obligations pursuant to the provisions of this Agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.2 </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Tenant affirms that it is aware that the Landlord gives no commitment that in the other
units of the Building, or anywhere else in the area, no businesses will be conducted
which are identical to or in competition with the business conducted by the Tenant in the
Premises. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Miscellaneous</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No
conduct on the part of either of the parties to this Agreement shall be
               regarded as a waiver of any of its rights under this Agreement or pursuant
to                any law, or as a waiver or agreement on its part to any breach or
               non-fulfillment of the terms of this Agreement by the other party, or as
               granting a postponement or extension to perform any act which the other
party is                obligated to perform, or as modifying, annulling or adding any
condition                whatsoever, unless the waiver, the postponement, the
modification, the annulment                or the addition was made expressly and in
writing. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>15</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>It
is affirmed and agreed that the provisions of this rental Agreement override
               the provisions of the Hire and Loan Law, 5731-1971, insofar as it is
possible to                override them. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
parties agree that the authorized court in the city of Tel-Aviv shall have
               the sole and exclusive juridical competence on all matters relating to
this                Agreement and the communications thereunder. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This
Agreement and the exhibits thereto contain and encapsulate all of the
               relations, rights and obligations between the Landlord and the Tenant in
an                exclusive and absolute manner. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
parties hereby affirm that they have entered into this Agreement after due
               investigation and examination, and that no party has relied on any
information,                save for that which is expressly contained in this Agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.6. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nothing
in this Agreement shall have the effect of creating any partnership                and/or
agency relations between the parties and nothing therein has the effect                of
conferring rights on any third party who is not mentioned in the Agreement,
               and similarly nothing in the Agreement is capable of derogating from or
injuring                any obligation or undertaking of any third party. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.7. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
the avoidance of doubt, it is hereby clarified that any rights to which the
               Tenant is entitled under this Agreement are granted to the Tenant solely
in                relation to the Premises, and the Tenant has no and shall have no right
in                relation to the existing or additional building rights and/or existing
or                additional building areas which may be approved and constructed by any
third                party, and/or in relation to the use of any part of the Park,
whether existing                now or constructed in the future, which is not within the
area of the Premises,                including roofs, passageways etc. The Tenant gives
its advance consent to any                act [and/or][sic.] as aforesaid and shall not
be entitled to object in any                manner to the same. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
It
is further clarified, for the avoidance of doubt, that the Tenant shall not be entitled at
any time to register a cautionary note in respect of its rights under this Agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.8. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
parties&#146; addresses are as detailed alongside their names at the
               beginning of this Agreement and any notice which is dispatched to any of
the                parties according to the address that appears alongside its name shall
be                regarded as if was received by it within 72 hours of its dispatch by
registered                mail. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
the Tenant contains a number of units, the notice shall be considered as if it was
delivered to each of the Tenant&#146;s units if sent, as aforesaid, to one of the
Tenant&#146;s units according to the above address. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.9. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>It
is hereby agreed that in the event that stamp duty is payable in respect of
               this Agreement, it shall be paid by the parties in equal shares at the
rates                which apply from time to time. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Exhibit A &#150; Telrad Campus <BR>
Exhibit B &#150; The Leased Premises <BR>
Exhibit C &#150; Calculation of Electricity Consumption <BR>
Exhibit D-1 &#150; Tenant&#146;s Works <BR>
Exhibit D-2 &#150; Landlord&#146;s Works <BR>
Exhibit E &#150; Insurance <BR>
Exhibit F &#150; Guarantees and Collaterals <BR>
Exhibit G &#150; Security and Safety </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>15</font></p>
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<page>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.10 </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each
party shall bear its own costs associated with the negotiations prior to entering into
this Agreement, including attorney&#146;s fees. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Wherefore the parties
have heretofore set their hands <BR>
on the aforementioned
date: </FONT></H1>












<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Telrad Networks Ltd.</B> </FONT></TD>
     <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>NUR Macroprinters Ltd.</B> </FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Signature:</FONT></TD>
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">/s/ Ran Laor</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Signature:</FONT></TD>
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">/s/ <I>Eli Blatt</I></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151; </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> &#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151; </FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ran Laor </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Eli Blatt</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Vice President &amp; Chief</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Interim CEO</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Financial Officer</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>
<BR>







<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Signature:</FONT></TD>
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">/s/ Osnat Michaeli</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> &#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151; </FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Osnat Michaeli</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Manager of Finance and</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Economic Department</FONT></TD></TR>
</TABLE>
<BR>


<p align=center>
<font size=2>16</font></p>
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