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EXHIBIT 4.12

# Consulting and
Management Services Agreement

This Management Services Agreement
(this Agreement) is made and entered into as of January 1, 2004 by and
between Franz Kalff GmbH (Franz Kalff) a private German company
and Robomatix Technologies Ltd. a public Israeli company (Robomatix).

|Whereas, | Franz Kalff desires to retain the consulting and management services of Robomatix pursuant
to the terms and conditions set forth in this Agreement, and Robomatix agrees to provide
such consulting and management services to Franz Kalff on such terms and conditions;
|-------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Now, Therefore, in
consideration of the covenants and conditions hereinafter set forth, the parties hereby
agree as follows:

|1. | Scope
of Services
|-- | -----------------

| | 1.1. | During
the term of this Agreement Robomatix shall provide Franz Kalff with
                    consulting and management services with respect to Franz Kalffs
business                     as detailed below:
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.1.1 | Expansion
into new markets;
| | ----- | ---------------------------

| | 1.1.2 | Financing;
| | ----- | ----------

| | 1.1.3 | Organizational
restructuring;
| | ----- | -----------------------------

| | 1.1.4 | Assistance
in obtaining new products for sale related to the Company's business;
| | ----- | --------------------------------------------------------------------------------

| | 1.1.5 | Development
of business relationships with export countries (excluding Germany);
| | ----- | --------------------------------------------------------------------------------

| | 1.1.6 | Such
other services as shall be agreed upon between the parties from time to time.
| | ----- | ----------------------------------------------------------------------------------

| | Collectively
the Management Services.
| | ---------------------------------------

| | 1.2. | By
rendering the Management Services hereunder, Robomatix shall cooperate with
                    Franz Kalff and utilize a professional skill and diligence to provide
the                     expertise required in connection with such services. The
Management Services are                     to be provided by Mr. Zvi Barinboim, Mr. Amit
Goldwasser and Mr. Yochi Korman.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|2. | Consideration
|-- | -------------

| | 2.1. | In
consideration of the performance of the Management Services hereunder Franz
                    Kalff shall pay to Robomatix management fees on an arms length
basis (the Management Fees). The monthly Management Fees will be at
the                     amount of twelve thousand Euros (12,000). The Management
Fees for the year                     2004 shall be paid on March 30, 2005 and the
Management Fees for the year 2005                     and thereafter shall be paid in
quarterly installments of thirty six thousand                     Euros (36,000).
Each quarterly installment of the Management Fees shall be                     paid not
later than the seventh (7th) day of each calendar quarter
                    for Management Services rendered during the preceding calendar
quarter. The                     aforesaid Management Fees, as defined above, are
calculated on a cost plus                     basis.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.2 | During
the term of this Agreement Franz Kalff will reimburse will reimburse Robomatix for
out-of-pocket expenses borne by Robomatix or any of its employees, directors or officers
in connection with the provision of the Management Services within 30 days of submittal
of the relevant invoices and receipts to Franz Kalff.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.3 | All
payments under this Agreement shall be made against the issuance of a valid invoice
furnished by Robomatix to Franz Kalff. Such payments shall also include Value Added Tax
pursuant to applicable law.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | Term;
Termination
|-- | -----------------

| | This
Agreement shall be deemed effective as of January 1, 2004 and shall continue as long as
Robomatix is the controlling shareholder of Franz Kalff and shall continue to provide the
Management Services.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | Independent
Contractor
|-- | ----------------------

| | Robomatix
is an independent contractor and is not an agent or employee of Franz Kalff by contract or
otherwise. Robomatix will perform the Management Services under the general direction of
Franz Kalff.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | Miscellaneous
|-- | -------------

| | 5.1. | Entire
Agreement. This Agreement constitutes the entire understanding and
                    agreement between the parties hereto, supersedes any and all prior
discussions,                     agreements and correspondence with regard to the subject
matter hereof, and may                     not be amended, modified or supplemented in
any respect, except by a subsequent                     written document executed by both
parties hereto.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 5.2. | No
Waiver. No failure, delay of forbearance of either party in exercising
                    any power or right hereunder shall in any way restrict or diminish
such                     partys rights and powers under this Agreement, or operate
as a waiver of                     any breach or nonperformance by either party of any
terms of conditions hereof.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.3. | Severability.
In the event it shall be determined under any applicable                     law that a
certain provision set forth in this Agreement is invalid or
                    unenforceable, such determination shall not affect the remaining
provisions of                     this Agreement unless the business purpose of this
Agreement is substantially                     frustrated thereby.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.4. | Assignment.
Robomatix may freely assign this Agreement to a third party,
                    provided, that the assignee has the experience know how,
ability and                     expertise required for the provision of the Management
Services under this                     Agreement.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.5. | Notices.
Any notices under this Agreement shall be sent by courier or
                    certified mail, return receipt requested, postage or fees prepaid, to
the                     address specified above or such other address as the party
specifies in writing.                     Such notice will be effective one business day
after delivery to the courier or                     mailing as specified.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.6. | Governing
Law; Jurisdiction. The laws of the State of Israel shall apply                     to
this Agreement without giving effect to their rules regarding conflict of
                    laws and the sole and exclusive place of jurisdiction in any matter
arising out                     of or in connection with this Agreement shall be the
competent court in                     Tel-Aviv, Israel.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

In Witness Whereof the parties
have executed this Agreement on the date first written above.

|                 |                             |        |               
|---------------- | --------------------------- | ------ | --------------
|
|
|
|
|Franz KALFF GMBH | ROBOMATIX TECHNOLOGIES LTD.
|By:              | ______________              | By:    | ______________
|Name:            | ______________              | Name:  | ______________
|Title:           | ______________              | Title: | ______________
|                 |                             |        |               

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