Common use of Waiver of the Clause in Contracts

Waiver of the. “Qualified Joint and Survivor Annuity” and/or “Qualified Preretirement Survivor Annuity” Rights. A Participant may waive the “qualified joint and survivor annuity” described in Section 14.04 and elect another form of distribution permitted under the Plan at any time during the 180-day period ending on his Annuity Starting Date; provided, however, that if the Participant is married, his Spouse must consent in writing to such election as provided in Section 14.06. A Participant may waive or revoke a waiver of the “qualified joint and survivor annuity” described in Section 14.04 and elect another form of distribution permitted under the Plan at any time and any number of times during the 180-day period ending on his Annuity Starting Date; provided, however, that if the Participant is married and is electing a form of distribution other than the “qualified joint and survivor annuity” or the “qualified optional survivor annuity”, his Spouse must consent in writing to such election as provided in Section 14.06. A Participant may waive the “qualified preretirement survivor annuity” and designate a non-Spouse Beneficiary at any time during the “applicable election period”; provided, however, that the Participant’s Spouse must consent in writing to such election as provided in Section 14.06. The “applicable election period” begins on the later of (1) the date the Participant’s Account becomes subject to the requirements of Section 14.04 or (2) the first day of the Plan Year in which the Participant attains age 35 or, if he terminates employment prior to such date, the date he terminates employment with the Employer and all Related Employers. The “applicable election period” ends on the earlier of the Participant’s Annuity Starting Date or the date of the Participant’s death. A Participant whose employment has not terminated may elect to waive the “qualified preretirement survivor annuity” prior to the Plan Year in which he attains age 35, provided that any such waiver shall cease to be effective as of the first day of the Plan Year in which the Participant attains age 35. A Participant’s waiver of the “qualified joint and survivor annuity” or “qualified preretirement survivor annuity” shall be valid only if the applicable notice described in Section 14.07 or 14.08 has been provided to the Participant.

Waiver of the. “Qualified Joint and Survivor Annuity” and/or “Qualified Preretirement Survivor Annuity” RightsQUALIFIED JOINT AND SURVIVOR ANNUITY" AND/OR "QUALIFIED PRERETIREMENT SURVIVOR ANNUITY" RIGHTS. A Participant may waive the “"qualified joint and survivor annuity” " described in Section 14.04 and elect another form of distribution permitted under the Plan at any time during the 18090-day period ending on his Annuity Starting Date; provided, however, that if the Participant is married, his Spouse spouse must consent in writing to such election as provided in Section 14.06. A Spousal consent is not required if the Participant may waive or revoke elects distribution in the form of a waiver of the “different "qualified joint and survivor annuity” described in Section 14.04 and elect another form of distribution permitted under the Plan at any time and any number of times during the 180-day period ending on his Annuity Starting Date; provided, however, that if the Participant is married and is electing a form of distribution other than the “qualified joint and survivor annuity” or the “qualified optional survivor annuity”, his Spouse must consent in writing to such election as provided in Section 14.06. ". A Participant may waive the “"qualified preretirement survivor annuity” " and designate a non-Spouse spouse Beneficiary at any time during the “"applicable election period”"; provided, however, that the Participant’s Spouse 's spouse must consent in writing to such election as provided in Section 14.06. The “"applicable election period” " begins on the later of (1) the date the Participant’s 's Account becomes subject to the requirements of Section 14.04 or (2) the first day of the Plan Year in which the Participant attains age 35 or, if he terminates employment prior to such date, the date he terminates employment with the Employer and all Related Employers. The “"applicable election period” " ends on the earlier of the Participant’s 's Annuity Starting Date or the date of the Participant’s 's death. A Participant whose employment has not terminated may elect to waive the “"qualified preretirement survivor annuity” " prior to the Plan Year in which he attains age 35, provided that any such waiver shall cease to be effective as of the first day of the Plan Year in which the Participant attains age 35. A Participant’s waiver If the Employer has specified in Section 1.19 of the “qualified joint and survivor annuity” or “Adoption Agreement that less than 100 percent of a Participant's Account shall be used to purchase the "qualified preretirement survivor annuity” ", the Participant may designate a non-spouse Beneficiary for the balance of the Participant's vested interest in his Account that is not used to purchase the "qualified preretirement survivor annuity". Such designation shall not be valid only if the applicable notice described in Section 14.07 or 14.08 has been provided subject to the Participantspousal consent requirements of Section 14.06.

Waiver of the. “Qualified Joint RIGHTS OF THE DIRECTORS AS SHAREHOLDERS IN THE COMPANY AND OF RIGHTS DURING ISSUE OF STOCK 5.1. Concurrently with the transfer of the Transferred Shares of the Company to Ituran, as stated in this agreement above, the Directors shall waive any right whatsoever to receive shares/options in the Company, insofar as they exist, and Survivor Annuity” and/or “Qualified Preretirement Survivor Annuity” Rightsthese shall become void at that time. A Participant To avoid doubt, it is clarified that the options to receive management shares in the Company which have been given the Directors will also become void on the date shares of Ituran are allocated, as set out in this agreement. 5.2. Upon allocation of the shares of Ituran to the Directors as set out in this agreement, the Directors hereby waive any right whatsoever granted to them by both the Agreement and their Employment Agreements, concerning their holding of Company shares. The Directors shall sign any document that shall be required in order to amend the articles of the Company, so that they will convey what is stated in this Section. 5.3. Notwithstanding the above, the Directors shall continue to serve as directors on the Board of Directors of the Company, so long as they continue to serve as office holders in the Company. Subsequently, the board of directors may waive terminate their service by a resolution passed by a regular majority. 5.4. So long as the “qualified joint Directors continue to serve in the Company as office holders and survivor annuity” described for six months subsequently (if they should be dismissed from the Company), the Directors shall be entitled to have shares/stock options which shall be equivalent to 7.5% of the issued and paid up capital of the Company, allocated to them without consideration, as part of a prospectus to issue shares of the Company to the public (if there should be such a prospectus). The stock issue according to this Section shall be carried out subject to such conditions and in such a manner as shall be agreed upon with the underwriters of the stock issue. The exercise price shall be one NIS and other arrangements (such as the period of vesting) shall be as specified in said prospectus by the Board of Directors of the Company. 5.5. So long as the Directors continue to serve in the Company as office holders and for six months subsequently (if they should be dismissed from the Company), the Directors shall be entitled to have shares/stock options which shall be equivalent to 3.8% of the issued and paid up capital of the Company allocated to them without consideration, as part of a prospectus to issue shares of a subsidiary of the Company which is making use of the intellectual property of the Company, to the public (if there should be such a prospectus). The stock issue according to this Section 14.04 shall be carried out subject to such conditions and elect another form in such a manner as shall be agreed upon with the underwriters of distribution permitted under the Plan at any time during stock issue. The exercise price shall be one NIS and other arrangements (such as the 180-day period ending on his Annuity Starting Date; provided, howeverof vesting) shall be as specified in said prospectus by the Board of Directors of the Company. It shall be clearly understood, that if the Participant is married, his Spouse must consent in writing to such election as provided in Section 14.06. A Participant may waive or revoke a waiver of the “qualified joint and survivor annuity” described in Section 14.04 and elect another form of distribution permitted under the Plan at any time and any number of times during the 180-day period ending on his Annuity Starting Date; provided, however, that if the Participant is married and is electing a form of distribution other than the “qualified joint and survivor annuity” or the “qualified optional survivor annuity”, his Spouse must consent in writing to such election as provided in Section 14.06. A Participant may waive the “qualified preretirement survivor annuity” and designate a non-Spouse Beneficiary at any time during the “applicable election period”; provided, however, that the Participant’s Spouse must consent in writing to such election as provided in Section 14.06. The “applicable election period” begins on the later of (1) the date the Participant’s Account becomes stock issue shall be subject to the requirements of Section 14.04 or (2) the first day control of the Plan Year issued company remaining in which the Participant attains age 35 or, if he terminates employment prior to such date, the date he terminates employment with the Employer and all Related Employers. The “applicable election period” ends on the earlier hands of the Participant’s Annuity Starting Date or Company, and for this purpose the date Directors agree to sign a voting agreement insofar as one shall be required in order to keep control as stated. 5.6. Sections 6 and 7 of the Participant’s death. A Participant whose employment has not terminated may elect to waive the “qualified preretirement survivor annuity” prior to the Plan Year in which he attains age 35, provided that any such waiver shall cease to be effective as of the first day of the Plan Year in which the Participant attains age 35. A Participant’s waiver of the “qualified joint and survivor annuity” or “qualified preretirement survivor annuity” shall be valid only if the applicable notice described in Section 14.07 or 14.08 has been provided to the ParticipantAgreement are hereby voided.

Waiver of the. “Qualified Joint and Survivor Annuity” and/or “Qualified Preretirement Survivor Annuity” RightsQUALIFIED JOINT AND SURVIVOR ANNUITY" AND/OR "QUALIFIED PRERETIREMENT SURVIVOR ANNUITY" RIGHTS. A Participant may waive the “"qualified joint and survivor annuity” " described in Section 14.04 and elect another form of distribution permitted under the Plan at any time during the 18090-day period ending on his Annuity Starting Date; provided, however, that if the Participant is married, his Spouse spouse must consent in writing to such election as provided in Section 14.06. A Spousal consent is not required if the Participant may waive or revoke elects distribution in the form of a waiver of the “different "qualified joint and survivor annuity” described in Section 14.04 and elect another form of distribution permitted under the Plan at any time and any number of times during the 180-day period ending on his Annuity Starting Date; provided, however, that if the Participant is married and is electing a form of distribution other than the “qualified joint and survivor annuity” or the “qualified optional survivor annuity”, his Spouse must consent in writing to such election as provided in Section 14.06. ". A Participant may waive the “"qualified preretirement survivor annuity” " and designate a non-Spouse spouse Beneficiary at any time during the “"applicable election period”"; provided, however, that the Participant’s Spouse 's spouse must consent in writing to such election as provided in Section 14.06. The “"applicable election period” " begins on the later of (1) the date the Participant’s 's Account becomes subject to the requirements of Section 14.04 or (2) the first day of the Plan Year in which the Participant attains age 35 or, if he terminates employment prior to such date, the date he terminates employment with the Employer and all Related Employers. The “"applicable election period” " ends on the earlier of the Participant’s 's Annuity Starting Date or the date of the Participant’s 's death. A Participant whose employment has not terminated may elect to waive the “"qualified preretirement survivor annuity” " prior to the Plan Year in which he attains age 35, provided that any such waiver shall cease to be effective as of the first day of the Plan Year in which the Participant attains age 35. A Participant’s waiver If the Employer has specified in Section 1.19 of the “qualified joint and survivor annuity” or “Adoption Agreement that less than 100 percent of a Participant's Account shall be used to purchase the "qualified preretirement survivor annuity” ", the Participant may designate a non- spouse Beneficiary for the balance of the Participant's vested interest in his Account that is not used to purchase the "qualified preretirement survivor annuity". Such designation shall not be valid only if the applicable notice described in Section 14.07 or 14.08 has been provided subject to the Participantspousal consent requirements of Section 14.06.

Waiver of the. “Qualified Joint and Survivor Annuity” " and/or “"Qualified Preretirement Survivor Annuity” " Rights. A Participant may waive the “"qualified joint and survivor annuity” " described in Section 14.04 and elect another form of distribution permitted under the Plan at any time during the 18090-day period ending on his Annuity Starting Date; provided, however, that if the Participant is married, his Spouse spouse must consent in writing to such election as provided in Section 14.06. A Spousal consent is not required if the Participant may waive or revoke elects distribution in the form of a waiver of the “different "qualified joint and survivor annuity” described in Section 14.04 and elect another form of distribution permitted under the Plan at any time and any number of times during the 180-day period ending on his Annuity Starting Date; provided, however, that if the Participant is married and is electing a form of distribution other than the “qualified joint and survivor annuity” or the “qualified optional survivor annuity”, his Spouse must consent in writing to such election as provided in Section 14.06. ". A Participant may waive the “"qualified preretirement survivor annuity” " and designate a non-Spouse spouse Beneficiary at any time during the “"applicable election period”"; provided, however, that the Participant’s Spouse 's spouse must consent in writing to such election as provided in Section 14.06. The “"applicable election period” " begins on the later of (1) the date the Participant’s 's Account becomes subject to the requirements of Section 14.04 or (2) the first day of the Plan Year in which the Participant attains age 35 or, if he terminates employment prior to such date, the date he terminates employment with the Employer and all Related Employers. The “"applicable election period” " ends on the earlier of the Participant’s 's Annuity Starting Date or the date of the Participant’s 's death. A Participant whose employment has not terminated may elect to waive the “"qualified preretirement survivor annuity” " prior to the Plan Year in which he attains age 35, provided that any such waiver shall cease to be effective as of the first day of the Plan Year in which the Participant attains age 35. A Participant’s waiver If the Employer has specified in Section 1.19 of the “qualified joint and survivor annuity” or “Adoption Agreement that less than 100 percent of a Participant's Account shall be used to purchase the "qualified preretirement survivor annuity” ", the Participant may designate a non-spouse Beneficiary for the balance of the Participant's vested interest in his Account that is not used to purchase the "qualified preretirement survivor annuity". Such designation shall not be valid only if the applicable notice described in Section 14.07 or 14.08 has been provided subject to the Participantspousal consent requirements of Section 14.06.