Note 12: Commitments and contingent liabilities

The facilities of the Company are leased under various operating lease agreements for periods ending no later than 2024. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2020.

Future minimum lease payments under non-cancelable operating leases as of December 31, 2017, are as follows:

2018	$	3,512
2019		2,525
2020		2,049
2021		1,610
2022		1,377
Thereafter		1,356
	$	12,429

Lease and rental expense for the years ended December 31, 2017, 2016 and 2015 was $3,474, $2,748, and $2,194, respectively.

As of December 31, 2017 and 2016 the Company pledged bank deposits of $1,038 and $807, respectively, to cover bank guarantees in respect of its leases of operating facilities and obtained guarantees by the bank for the fulfillment of the Company’s lease commitments of $1,202 and $955, respectively.

In February 2015, the Company entered into a settlement agreement (the “Settlement Agreement”) with the Technion Research and Development Foundation (“Technion”) to resolve certain potential disputes regarding intellectual property developed by the Company’s founder and previously assigned to the Company. Pursuant to the Settlement Agreement, and in exchange for a release of potential disputes from Technion, the Company is obligated to pay a $5.5 million milestone payment (the “Milestone Payment”) to Technion in the quarter following the quarter in which the Company achieves $250.0 million of cumulative net sales (as defined in the Settlement Agreement) (the “Net Sales Milestone”). The Company achieved the Net Sales Milestone in the fourth quarter of 2017. Accordingly, in the first quarter of 2018, the Company anticipates making the Milestone Payment to Technion.