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Options granted under the Plan expire within a maximum of ten years from adoption of the plan.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Each award agreement will provide the schedule under which such awards may be exercised (&#8220;Vesting Schedule&#8221;). The Vesting Schedule of an award will be determined by the Administrator provided that (to the extent permitted under Applicable Law) the Administrator, in its absolute discretion, shall have the authority to accelerate the vesting of any outstanding Option at such time and under such circumstances as it, in its sole discretion, deems appropriate. 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In addition, a substantial portion of the costs of the Company is incurred in U.S dollars.</font></div> <div>&#160;</div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company's management believes that the dollar is the currency of the primary economic environment in which the Company operates. Thus, its functional and reporting currency is the dollar.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Accordingly, monetary accounts maintained in currencies other than the dollar are re-measured into U.S. dollars in accordance with ASC 830, "Foreign Currency Matters". All transaction gains and losses of the re-measured monetary balance sheet items are reflected in the statement of operations as financial income or expenses, as appropriate, in the period in which the currency exchange rate changes.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The financial statements of the Company's foreign subsidiary, whose functional currency is not the U.S. dollar, have been translated into dollars. All balance sheet amounts have been translated using the exchange rates in effect at balance sheet date. Statement of operation amounts have been translated using the average exchange rate prevailing during the year. Such translation adjustments are reported as a separate component of accumulated other comprehensive income (loss) in equity.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div></div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><div><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"><tr style="vertical-align: top"><td style="width: 62.4pt"><div><font style="display: inline; font: 10pt Times New Roman"></font></div> </td> <td style="width: 27pt"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">c.</font></div> </td> <td> <div align="justify"><font style="display: inline; font: 10pt Times New Roman">Basis of consolidation:</font></div> </td> </tr></table> </div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The consolidated financial statements include the accounts of the Company and its subsidiary. Inter-company transactions and balances have been eliminated upon consolidation.</font></div></div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><div><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"><tr style="vertical-align: top"><td style="width: 27pt"><div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">d.</font></div> </td> <td> <div align="justify"><font style="display: inline; font: 10pt Times New Roman">Cash equivalents:</font></div> </td> </tr></table> </div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">All highly liquid investments that are readily convertible to cash and are not restricted as to withdrawal or use and the period to maturity of which did not exceed three months at time of deposit, are considered cash equivalents.</font></div></div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><div><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"><tr style="vertical-align: top"><td style="width: 62.4pt"><div><font style="display: inline; font: 10pt Times New Roman"></font></div> </td> <td style="width: 27pt"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">e.</font></div> </td> <td> <div align="justify"><font style="display: inline; font: 10pt Times New Roman">Restricted deposit:</font></div> </td> </tr></table> </div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Restricted cash is invested in long term and short-term bank deposits (less than twelve months), which are mainly used as security for the Company's guarantees to customers and lines of credits with banks. 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Inventory write-offs are provided to cover risks arising from slow-moving items, excess inventories and for market prices lower than cost (see also Note 5).</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Cost is determined as follows:</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Raw materials and components - using the FIFO cost method.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Work in progress and finished goods - represents the cost of manufacturing with the addition of allocable indirect manufacturing costs.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">&#160;</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font: 10pt Times New Roman">Costs incurred on long-term contracts in progress include direct labor, material, subcontractors, other direct costs and an allocation of overhead, which represent recoverable costs incurred for production.</font></font></div></div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><div><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"><tr style="vertical-align: top"><td style="width: 62.4pt"><div><font style="display: inline; font: 10pt Times New Roman"></font></div> </td> <td style="width: 27pt"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">g.</font></div> </td> <td> <div align="justify"><font style="display: inline; font: 10pt Times New Roman">Property, plant and equipment:</font></div> </td> </tr></table> </div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Property plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated by the straight-line method over the estimated useful lives of the assets. Annual rates of depreciation are as follows:</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="left" style="margin-left: 90pt"> <table cellpadding="0" cellspacing="0" style="width: 60%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"> <tr> <td style="vertical-align: bottom; width: 31%"><font style="display: inline; font: 10pt times new roman">&#160; </font></td> <td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: bold 10pt times new roman">%</font></div> </td> </tr><tr> <td style="vertical-align: bottom; width: 31%"><font style="display: inline; font: 10pt times new roman">&#160; </font></td> <td style="vertical-align: bottom; width: 11%"><font style="display: inline; font: 10pt times new roman">&#160; </font></td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 31%"> <div align="left" style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Factory and other buildings</font></div> </td> <td style="vertical-align: bottom; width: 11%"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">4</font></div> </td> </tr><tr style="background-color: white"> <td style="text-align: left; vertical-align: bottom; width: 31%"> <div align="left" style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Machinery and equipment</font></div> </td> <td style="vertical-align: bottom; width: 11%"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">7 - 33</font></div> </td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 31%"> <div align="left" style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Office furniture and equipment</font></div> </td> <td style="vertical-align: bottom; width: 11%"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">6 - 15</font></div> </td> </tr></table> </div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Leasehold improvements are depreciated over the shorter of the estimated useful life or the lease period.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Assets, in respect of which investment grants have been received, are presented at cost less the related grant amount. Depreciation is based on net cost.</font></div></div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><div><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"><tr style="vertical-align: top"><td style="width: 27pt"><div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">h.</font></div> </td> <td> <div align="justify"><font style="display: inline; font: 10pt Times New Roman">Impairment of long-lived assets:</font></div> </td> </tr></table> </div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company's long-lived assets are reviewed for impairment in accordance with ASC 360, "Property, plant and equipment"; whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. As of December 31, 2015, 2014 and 2013, no impairment losses have been identified.</font></div></div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><div><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"><tr style="vertical-align: top"><td style="width: 27pt"><div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">i.</font></div> </td> <td> <div align="justify"><font style="display: inline; font: 10pt Times New Roman">Goodwill</font></div> </td> </tr></table> </div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Goodwill has been recorded in the Company's financial statements as a result of acquisitions. Goodwill represents excess of the costs over the net tangible and intangible assets acquired of businesses acquired Under ASC 350, "Intangible - Goodwill and Other", according to which goodwill is not amortized.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">According to ASC 350, goodwill impairment testing is a two-step process. The first step involves comparing the fair value of a company's reporting units to their carrying amount. The Company elects to perform an annual impairment test of goodwill as of December 31 of each year, or more frequently if impairment indicators are present (as of December 31, 2015 and 2014, the Company&#8217;s management was in the opinion that the Company operates as one reporting unit). If the fair value of the reporting unit is determined to be greater than its carrying amount, there is no impairment.</font></div> <div style="text-indent: 0pt; display: block">&#160;</div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">If the reporting unit's carrying amount is determined to be greater than the fair value, the second step must be completed to measure the amount of impairment, if any. Step two calculates the implied fair value of goodwill by deducting the fair value of all tangible and intangible assets, excluding goodwill, of the reporting unit from the fair value of the reporting unit as determined in step one. The implied fair value of the goodwill in this step is compared to the carrying value of goodwill.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">If the implied fair value of the goodwill is less than the carrying value of the goodwill, an impairment loss equivalent to the difference is recorded. As of December 31, 2015, the Company identified impairment of goodwill and accordingly recorded impairment charge of its goodwill in the amount of $587 (see also Note 8). As of December 31, 2014 and 2013, no impairment losses were identified.</font></div></div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><div><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"><tr style="vertical-align: top"><td style="width: 62.4pt"><div><font style="display: inline; font: 10pt Times New Roman"></font></div> </td> <td style="width: 27pt"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">j.</font></div> </td> <td> <div align="justify"><font style="display: inline; font: 10pt Times New Roman">Research and development costs:</font></div> </td> </tr></table> </div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Research and development costs, net of participation grants, include costs incurred for research and development, are charged to the statement of operations as incurred.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company received royalty-bearing grants, from the Chief Scientist's Office of the Israeli Ministry of Economy ("OCS") for the purpose of partially funding research and development projects. The grants are recognized as a deduction from research and development costs incurred (see also Note 11b).</font></div></div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><div><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"><tr style="vertical-align: top"><td style="width: 62.4pt"><div><font style="display: inline; font: 10pt Times New Roman"></font></div> </td> <td style="width: 27pt"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">k.</font></div> </td> <td> <div align="justify"><font style="display: inline; font: 10pt Times New Roman">Income taxes:</font></div> </td> </tr></table> </div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company accounts for income taxes in accordance with ASC 740, "Income taxes". This statement prescribes the use of the liability method whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax based assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company applies ASC 740-10. ASC 740-10 contains a two-step approach to recognizing and measuring uncertain tax positions accounted for in accordance with ASC 740. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The adoption of ASC 740-10 did not result in a change in the Company's accumulated deficit. The Company did not record any provision in connection with ASC 740-10 as of December 31, 2015 and 2014.</font></div></div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><div><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"><tr style="vertical-align: top"><td style="width: 62.4pt"><div><font style="display: inline; font: 10pt Times New Roman"></font></div> </td> <td style="width: 27pt"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">l.</font></div> </td> <td> <div align="justify"><font style="display: inline; font: 10pt Times New Roman">Severance pay:</font></div> </td> </tr></table> </div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company's agreements with most of its employees are in accordance with section 14 of the Severance Pay Law - 1963, under which the Company's contributions for severance pay shall be instead of severance compensation. Upon release of the policy to the employee, no additional liability exists between the parties regarding the matter of severance pay and no additional payments will be made by the Company to the employee.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company's liability for severance pay for the employees that are not covered in section 14 is calculated pursuant to Israel's Severance Pay Law - 1963, based on the most recent salary of the employees as of the balance sheet date less monthly deposits for insurance policies and/or pension funds. Employees are entitled to one month's salary for each year of employment or a portion thereof.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The carrying value of deposited funds includes profits (losses) accumulated up to the balance sheet date. The deposited funds may be withdrawn only upon the fulfillment of the obligations pursuant to Israeli severance pay law or labor agreements.</font></div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Severance expense recorded in the statement of operations is net of interest and other income accumulated in the deposits. Severance expense for the years ended December 31, 2015, 2014 and 2013 amounted to $553, $674 and $483, respectively.</font></div></div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><div><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"> <tr style="vertical-align: top"> <td style="width: 62.4pt"> <div><font style="display: inline; font: 10pt Times New Roman">&#160; </font></div> </td> <td style="width: 27pt"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">m.</font></div> </td> <td> <div align="justify"><font style="display: inline; font: 10pt Times New Roman">Fair value of financial instruments:</font></div> </td> </tr></table> </div> <div style="text-indent: 0pt; display: block"><br /> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 90pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company measures its financial instruments at fair value. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. 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