|15. || |
RESTRICTIONS ON ASSIGNABILITY AND SALE OF OPTIONS
| ||15.1 || |
No Option or any right with respect thereto, purchasable hereunder, whether fully paid or not, shall be assignable, transferable or given as collateral or any right with respect to it given to any third party whatsoever, except as specifically allowed under this ESOP, and during the lifetime of the Optionee each and all of such Optionees rights to purchase Shares hereunder shall be exercisable only by the Optionee.
Any such action made directly or indirectly, for an immediate validation or for a future one, shall be void.
| ||15.2 || |
So long as Options and/or Shares are held by the Trustee on behalf of the Optionee, all rights of the Optionee over the Shares are personal, can not be transferred, assigned, pledged or mortgaged, other than by will or pursuant to the laws of descent and distribution.
|16. || |
EFFECTIVE DATE AND DURATION OF THE ESOP
This ESOP shall be effective as of the day it was adopted by the Board and shall remain in full force and effect until terminated by the Board pursuant to Section 17 below.
|17. || |
AMENDMENTS OR TERMINATION
The Board may at any time, but when applicable, after consultation with the Trustee, amend, alter, suspend or terminate this ESOP. No amendment, alteration, suspension or termination of this ESOP shall impair the rights of any Optionee, unless mutually agreed otherwise between the Optionee and the Company, which agreement must be in writing and signed by the Optionee and the Company. Termination of this ESOP shall not affect the Committees ability to exercise the powers granted to it hereunder with respect to Options granted under this ESOP prior to the date of such termination.
|18. || |
This ESOP, and the grant and exercise of Options hereunder, and the obligation of the Company to sell and deliver Shares under such Options, shall be subject to all applicable laws, rules, and regulations, whether of the State of Israel any other State having jurisdiction over the Company and the Optionee, including, without limitation, the United States Securities Act of 1933, the Companies Law, the Securities Law, 1968, and the Ordinance (including any and all rules and regulations promulgated thereunder, as now in effect or as hereafter amended), and to such approvals by any governmental agencies or national securities exchanges as may be required. Nothing herein shall be deemed to require the Company to register the Shares under the securities laws of any jurisdiction.
|19. || |
CONTINUANCE OF EMPLOYMENT OR HIRED SERVICES
Neither this ESOP nor the Grant Letter with the Optionee shall impose any obligation on the Company or an Affiliate thereof, to continue any Optionee in its employ or service, and nothing in this ESOP or in any Option granted pursuant thereto shall confer upon any