Document:

WWW.EXFILE.COM, INC. -- 14371 -- MEDIS TECHNOLOGIES LTD. -- EXHIBIT 10.1 TO FORM 8-K

     

    EXHIBIT
      10.1

    

    

    

    

    

    May
      8,
      2006

     

    Mr.
      Robert K. Lifton

    Medis
      Technologies Ltd.

    805
      Third
      Avenue

     

    New
      York,
      New York 10022

     

    Dear
      Mr.
      Lifton:

     

    Upon
      the
      execution and delivery by the parties to this Letter Agreement, Merrill Lynch
      Investment Managers, L.P., on behalf of various advised funds (collectively,
      the
“Funds”), shall surrender $2,418,000 aggregate principal amount of the 6% Senior
      Convertible Notes due July 15, 2010 (the “Notes”) of Medis Technologies Ltd.
      (“Medis”), in the Funds’ favor, to Medis for cancellation. In exchange for the
      surrender of the Notes by the Funds, Medis shall issue to the Funds an aggregate
      of 153,068 shares of Medis common stock (the “Shares”). Of such Shares, an
      aggregate of (i) 139,769 Shares shall be freely tradable and (ii) 13,299 Shares
      shall be restricted, which Medis agrees to register as soon as
      possible.

     

    The
      Notes
      were issued under that Indenture dated as of July 26, 2005 by and between Medis
      and Wachovia Bank, National Association (the “Indenture”).

     

    We
      represent and warrant to you that (i) the Funds are the record and beneficial
      holder of the Notes, (ii) we have full authority and capacity to execute,
      deliver and perform the Agreement, and to bind and obligate the Funds hereunder,
      (iii) we and/or the Funds have received all consents or approvals of or have
      given proper notice to any person or authority required in order for us to
      execute, deliver and perform the Agreement, (iv) the Agreement is a legal,
      valid
      and binding agreement of ours, enforceable against us in accordance with its
      terms, (v) the Funds own the Notes free and clear of all liens, charges and
      encumbrances, and upon the consummation of the Exchange, Medis will own the
      Notes free and clear of all liens, charges and encumbrances and (vi) each Fund
      is acquiring the Shares for its own account for investment purposes only and
      not
      with a present view to the resale or distribution of the Shares.

     

    Additionally,
      we and the Funds hereby (i) waive any and all terms, conditions and covenants
      under the Indenture insofar as any of them may prohibit entering into or
      consummating the Exchange, (ii) waive any cause of action we or the Funds may
      have against Wachovia Bank, National Association, as Trustee under the Indenture
      governing the Notes (the “Trustee”) in connection with the Exchange, (iii) agree
      to indemnify the Trustee for any loss, liability, claim or damage it may incur
      in connection with the Exchange and (iv) authorize and direct the Trustee to
      consummate the Exchange.

     

    [Remainder
      of Page Intentionally Left Blank; Signature Page Follows in
      Counterparts]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              Sincerely
                yours, 

            
	 	 
	 	Merrill
              Lynch Investment Managers, L.P.
	 
 	 
 	 
 
	Date: 	By:  	/s/ 
	 	
              

              Name:
	 	Title:

    

     

    Agreed
      to
      and Accepted

    As
      of the
      Date Hereof:

     

    Medis
      Technologies Ltd.

     

    

     

    By:  
      /s/ Robert K. Lifton

    
      
        

      

    

    Name:
      Robert K. Lifton

    Title:
      Chairman and CEOWWW.EXFILE.COM, INC. -- 14384 -- BOSTON SCIENTIFIC CORP. -- EXHIBIT 10.1 TO FORM 8-K

    EXHIBIT
      10.1

     

     

    

      

      

      

      

      Boston
        Scientific Corporation

      

      2003
        Long-Term Incentive Plan

      

      Non-Qualified
        Stock Option Agreement

      

      __________________________

      

      

      PREPARED
        FOR:

      

      Employee’s
        Name

      

      

      

      

      

       

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      BOSTON
        SCIENTIFIC COPY

      

      PLEASE
        RETURN IN THE ENVELOPE PROVIDED

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      This
        Agreement is entered into by and between Boston Scientific Corporation (the
        "Corporation") and the person whose name appears on the signature page hereof
        (the "Optionee") effective as of the _____ day of ________________, 2006.
        This
        Agreement is made pursuant to the Boston Scientific Corporation 2003 Long-Term
        Incentive Plan, as amended (the "Plan"), which is administered by the
        Committee.

      

      Capitalized
        terms not defined in this Agreement have the same meanings specified in the
        Plan.

      

      

      
        	I.	
                Grant
                  of Option

              

      

      

      The
        Corporation hereby grants to the Optionee a Non-Qualified Stock Option (the
        "Option") to purchase that number of shares of common stock of the Corporation
        set forth on the signature page hereof (the "Option Shares") at the price
        set
        forth on the signature page hereof (the "Exercise Price").

      

      

      
        	
                II.

              	
                Term
                  and Vesting of Option

              

      

      

      Except
        as
        otherwise provided in Section IV, the Option shall have a term of ten (10)
        years
        from _______________________, 2006 until _____________________ 2016 and shall
        vest in accordance with the vesting schedule set forth on the signature page
        hereof. 

      

      

      
        	
                III.

              	
                Exercise
                  of Option

              

      

      

      While
        this Option remains exercisable, the Optionee may exercise a vested portion
        of
        the Option by delivering to the Corporation or its designee in the form and
        at
        the location specified by the Corporation, notice stating the Optionee's
        intent
        to exercise a specified number of shares subject to the Option and payment
        of
        the full Exercise Price for the specified number of shares. The payment for
        the
        full Exercise Price for the shares exercised must be made in (i) cash, (ii)
        by
        certified check or bank draft payable in U.S. dollars ($US) to the order
        of the
        Corporation, (iii) in whole or in part in Common Stock of the Corporation
        owned
        by the Optionee, valued at Fair Market Value or (iv) by "cashless exercise",
        by
        the Optionee delivering to his/her securities broker instructions to sell
        a
        sufficient number of shares of Common Stock to cover the Exercise Price,
        applicable tax obligations and the brokerage fees and expenses associated
        therewith.

      

      Shares
        of
        Common Stock of the Corporation used for payment, in whole or part, of the
        Exercise Price must have been owned by the Optionee, free and clear of all
        liens
        or encumbrances for a period of at least six (6) months prior to the exercise
        date. In addition, the Committee may impose such other or different requirements
        as it may deem necessary to avoid charges to earnings of the
        Corporation.

      

      The
        exercise date for the Optionee's exercise of all or a specified portion of
        the
        Option pursuant to this Section III will be deemed to be the date on which
        the
        Corporation receives the Optionee's payment in full for the Option Shares
        to be
        exercised accompanied by the notice of exercise 

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      specified
        by the Corporation as set forth above. Notice of exercise of all portions
        of the
        Option being exercised along with payment in full of the Exercise Price for
        such
        portion must be received by the Corporation or its designee on or prior to
        the
        last day of the Option term, as set forth in Section II above, except as
        provided in Section IV below.

      

      Upon
        the
        Corporation's determination that there has been a valid exercise of the Option,
        the Corporation shall issue certificates in accordance with the terms of
        this
        Agreement, or cause the Corporation’s transfer agent to make the necessary book
        entries, for the shares subject to the exercised portion of the Option. However,
        the Corporation shall not be liable to the Optionee, the Optionee's personal
        representative, or the Optionee's successor(s)-in-interest for damages relating
        to any delays in issuing the certificates or in making book entries, any
        loss of
        the certificates, or any mistakes or errors in the issuance of the certificates
        or in making book entries, or in the certificates themselves.

      

      

      
        	IV.	
                Termination
                  of Employment

              

      

      

      Upon
        the
        Optionee's termination of employment for reasons of death or Disability,
        all
        remaining unexercised portion(s) of the Option shall immediately vest and
        become
        exercisable by the Optionee or the Optionee's appointed representative, as
        the
        case may be, until the expiration of term of the Option, or such other term
        as
        the Committee may determine at or after grant. 

      

      Upon
        termination of the Optionee's employment for reasons (including
        Retirement)
        other
        than for Cause or
        those
        set forth above, the Optionee shall have the shorter of (i) twelve (12) months
        from the date of termination or (ii) the remaining term of the Option, to
        exercise all vested, unexercised portion(s) of the Option. Upon termination
        of
        the Optionee's employment for reasons (including
        Retirement) other
        than for Cause or those set forth above, all non-vested unexercised portions
        of
        the Option shall lapse; provided that the Committee, in its sole discretion,
        may
        extend the exercise period and/or accelerate vesting of unvested portions
        of the
        Option provided that such exercise period does not extend beyond the original
        term of the Option and no portion of the Option shall become vested earlier
        than
        six (6) months from the date of grant.

      

      At
        the
        time the Optionee is informed of termination of the Optionee's employment
        for
        Cause, all unexercised portions of the Option shall lapse and be
        forfeited.

      

      The
        Option, to the extent unexercised on the date following the end of any period
        described above or the Option term set forth above in Section II, shall
        thereupon lapse and be forfeited.

      

      Any
        permitted transferee (pursuant to Section VIII below) of the Optionee shall
        receive the rights herein granted subject to the terms and conditions of
        this
        Agreement. No transfer of this Option shall be approved and effected by the
        Corporation unless (i) the Corporation shall have been timely furnished with
        written notice of such transfer and any copies of such notice as the Committee
        may deem, in its sole discretion, necessary to establish the validity of
        the
        transfer; (ii) the transferee or transferees shall have agreed in writing
        to be
        bound by the terms and conditions of this Agreement; and (iii) such transfer
        complies with applicable laws and regulations.

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      

      
        	V.	
                No
                  Rights to Continued
                  Employment

              

      

      

      The
        Option grant made under the Plan and this Agreement shall not confer on the
        Optionee any right to continue serving as an employee of the Corporation
        and
        this Agreement shall not be construed in any way to limit the Corporation's
        right to terminate or change the terms of the Optionee's
        employment.

      

      

      
        	VI.	
                Change
                  in Control

              

      

      

      All
        unvested portions of the Option shall vest in the event of a Change in Control
        (as defined in the Plan), immediately prior to the effective date of the
        Change
        in Control. All vested portions of the Option shall terminate immediately
        prior
        to a Change in Control unless the Committee provides, at its discretion,
        for the
        substitution or assumption of the Option, by conversion into an option to
        acquire securities of equivalent kind and value of the surviving entity as
        of
        the effective date of the Change in Control. 

      

      

      
        	VII.	
                Legend
                  on Certificate

              

      

      

      The
        certificates representing the shares received by the Optionee pursuant to
        the
        exercise of the Option may be stamped or otherwise imprinted with a legend
        in
        such form as the Corporation or its counsel may require with respect to any
        applicable restrictions on sale or transfer and the stock transfer records
        of
        the Corporation may reflect stop-transfer instructions with respect to such
        shares.

      

      

      
        	
                VIII.

              	
                Transferability

              

      

      

      Except
        as
        required by law, the Option granted under this Agreement is not transferable
        and
        shall not be sold, transferred, assigned, pledged, gifted, hypothecated or
        otherwise disposed of by the Optionee other than by will or the laws of descent
        and distribution or without payment of consideration to Family Members of
        the
        Optionee or to trusts or other partnerships for the benefit of immediate
        family
        members of the Optionee. During the Optionee's lifetime, the Option is
        exercisable only by the Optionee, except as provided in Section IV
        above.

      

      

      
        	
                IX.

              	
                Satisfaction
                  of Tax Obligations

              

      

      

      The
        Optionee agrees to make appropriate arrangements with the Corporation for
        satisfaction of any applicable federal, state or local income tax, withholding
        requirements or like requirements, including the payment to the Corporation
        at
        the time of exercise of the Option of all such taxes and
        requirements.

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      

      
        	X.	
                Securities
                  Laws

              

      

      

      Upon
        the
        acquisition of any shares pursuant to the exercise of the Option, Optionee
        will
        make or enter into such written representations, warranties and agreements
        as
        the Corporation may reasonably request in order to comply with applicable
        securities laws, or with the Plan.

      

      

      
        	XI.	
                Legal
                  Notices

              

      

      

      Any
        legal
        notice necessary under this Agreement shall be addressed to the Corporation
        in
        care of its Secretary at the principal executive office of the Corporation
        and
        to the Optionee at the address appearing in the personnel records of the
        Corporation for such Optionee or to either party at such other address as
        either
        party may designate in writing to the other. Any such notice shall be deemed
        effective upon receipt thereof by the addressee.

      

      

      
        	XII.	
                Choice
                  of Law

              

      

      

      The
        interpretation, performance and enforcement of this Agreement shall be governed
        by the laws of The Commonwealth of Massachusetts (without regard to the
        conflicts of laws principles) and applicable federal laws.

      

      

      
        	XIII.	
                Conflicts

              

      

      

      The
        Option granted by this Agreement is subject to the Plan. The terms and
        provisions of the Plan as it may be amended from time to time are hereby
        incorporated herein by reference. In the event of a conflict between any
        term or
        provision contained in this Agreement and a term or provision of the Plan,
        the
        applicable terms and provisions of the Plan will govern and prevail. The
        Committee retains the right to alter or modify the Option granted under this
        Agreement as the Committee may determine as in the best interests of the
        Company.

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      
        	XIV.	
                Headings

              

      

      

      The
        headings contained in this Agreement are for convenience only and shall not
        affect the meaning or interpretation of this Agreement.

      

      

      
        	XV.	
                Counterparts

              

      

      

      This
        Agreement may be executed in any number of counterparts, each of which shall
        be
        deemed to be an original and all of which together shall be deemed to be
        one and
        the same instrument.

      

      

      IN
        WITNESS WHEREOF, the Corporation, by its duly authorized officer, and the
        Optionee have executed and delivered to the Agreement effective as of the
        date
        and year first above written.

      

      

      Option
        Shares: #
        ________of Shares

      

      Exercise
        Price: $_______

      

      Vesting
        Schedule:

      

      
        	
                 

              	
                 

              	
                 

              
	 

                Percent
                  of Option

              	 	 

                Shares
                  Vesting

              	 

                Date
                  Vested

              
	
                25%

              	 	 	
                Date
                  of First Anniversary

              
	
                25%

              	 	 	
                Date
                  of Second Anniversary

              
	
                25%

              	 	 	
                Date
                  of Third Anniversary

              
	
                25%

              	 	 	
                Date
                  of Fourth Anniversary

              

      

      

       

       

      
        

         

        
          	 	 	 
	 	OPTIONEE
	 
 	 
 	 
 
	
                	Signature: 
                  	
                
	 	 

                   Name:

                	
                  
 Employee’s
                  Name

        

         

         

         

        
           

          
            	 	 	 
	 	BOSTON
                    SCIENTIFIC CORPORATION
	 	 
	 	 
	 	
                    James
                      R. Tobin

                  
	 	President
                    and Chief Executive Officer
	 	 
	
                  	                 
                    	
                  
	 	 

                     

                  	 

          

           

        

      

       

       

       

      
        
           

        

        
          5

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