Document:

exv10w12wi

 

Exhibit 10.12 (i)

Date: April 6th, 2006

To:

Ms. Ora Setter

Re: Indemnification for VAT payments

Dear Madam,

On November 30, 2005 you were appointed to serve as an External Director of TopSpin Medical Inc.
(“TopSpin”). On November 7, 2005 the Board of Directors of TopSpin approved that each of the
External Directors of TopSpin will be entitled to certain considerations for the services provided
by them to TopSpin in such capacity (the “Consideration”).

After consulting with its tax advisors, no Value Added Taxes (“VAT”) should be born by you with
respect to the Consideration.

This letter is to confirm to you TopSpin’s undertaking, that if you will be required by the Israeli
tax authorities to pay VAT with respect to the Consideration, TopSpin will indemnify you with
respect to such amounts, subject to any applicable law, TopSpin incorporation documents and to the
following terms: (a) you will inform TopSpin immediately and in writing after you become aware of
any claim, demand or other action or proceeding (actual or potential), if a claim for
indemnification in respect thereof can be made by you under this letter (“Claim”); and (2) TopSpin
will be entitled to defend and settle, on your behalf, such Claim, and you will assist TopSpin to
defense or settle such Claim, including, without limitation, by issuing authorization letters or
proxies to TopSpin and its professional advisors to act on you behalf.

Our agreement is conditioned upon you acceptance of the terms of indemnification with your
signature hereunder.

Sincerely yours,

TopSpin Medical Inc.

I agree:

/s/ Ora Setter

Ora Setterexv10w12wii

 

Exhibit 10.12 (ii)

Date: April 6th, 2006

To:

Mr. Gil Bianco

Re: Indemnification for VAT payments

Dear Sir,

On November 30, 2005 you were appointed to serve as an External Director of TopSpin Medical Inc.
(“TopSpin”). On November 7, 2005 the Board of Directors of TopSpin approved that each of the
External Directors of TopSpin will be entitled to certain considerations for the services provided
by them to TopSpin in such capacity (the “Consideration”).

After consulting with its tax advisors, no Value Added Taxes (“VAT”) should be born by you with
respect to the Consideration.

This letter is to confirm to you TopSpin’s undertaking, that if you will be required by the Israeli
tax authorities to pay VAT with respect to the Consideration, TopSpin will indemnify you with
respect to such amounts, subject to any applicable law, TopSpin incorporation documents and to the
following terms: (a) you will inform TopSpin immediately and in writing after you become aware of
any claim, demand or other action or proceeding (actual or potential), if a claim for
indemnification in respect thereof can be made by you under this letter (“Claim”); and (2) TopSpin
will be entitled to defend and settle, on your behalf, such Claim, and you will assist TopSpin to
defense or settle such Claim, including, without limitation, by issuing authorization letters or
proxies to TopSpin and its professional advisors to act on you behalf.

Our agreement is conditioned upon you acceptance of the terms of indemnification with your
signature hereunder.

Sincerely yours,

TopSpin Medical Inc.

I agree:

/s/
Gil Bianco

Gil Biancoexv10w17wi

 

Exhibit 10.17(i)

INTERCOMPANY LOAN AGREEMENT

This Intercompany Loan Agreement (the “Agreement”) is made as of June 21st, 2001 between
TopSpin Medical (Israel) Ltd. an Israeli company having its address at 1 Lev Pesach Street, North
Industrial Zone Lod Israel (“LTD”) and TopSpin Medical Inc. (“INC”) a company incorporated in
Delaware having its address at 1013 Center Road, Wilmington Delaware, USA.

WHEREAS:

(A) INC has from time to time made loans to LTD and a Promissory Note dated January 9, 2000 a copy
of which is attached hereto as exhibit A (the “Promissory Note”) was issued to INC against one of
those loans (the “Promissory Note Loan”);

(B) The parties wish to convert the Promissory Note Loan into shares of LTD and set the terms that
shall apply to all other loans made by INC to LTD prior to the date of this Agreement or following
the date hereof, all in accordance with the terms of this Agreement.

NOW THEREFORE, in consideration of their mutual undertakings herein, the parties, intending to be
legally bound, do hereby agree, declare and stipulate as follows:

1. This Agreement contains the entire understanding of the parties with respect to the subject
matter hereof or thereof, and all prior discussions, commitments, understandings and prior
agreements between them with respect thereto are merged herein and hereby terminated and cancelled,
and all rights thereunder irrevocably waived. Any modifications made hereto shall be in writing
and signed by both of the parties.

2. The Promissory Note Loan shall be converted into 5,000 ordinary shares of LTD (the “Shares”) at
a conversion price of $150 per share. The conversion of the Promissory Note Loan and the
termination of the Promissory Note (which shall be returned to LTD) shall take place upon the issue
of the Shares. LTD shall issue the Shares within one month of the date of this Agreement.

3. All funds transferred by INC to LTD prior to, upon or following the date of this Agreement,
excluding the Promissory Note Loan, shall be convertible loans upon the following terms and
conditions (each a “Convertible Loan”):

     3.1 Interest shall accrue on each Convertible Loan at the following
rates:

	 	3.1.1	 	During the period January 1, 2000 to June 30,
2001 – at an annual interest rate of 5%;
	 
	 	3.1.2	 	During the period commencing July 1, 2001 and
ending upon the repayment of the Convertible Loan – at an annual
interest rate of the US$ six months LIBOR + 0.75%, set every six
months according to the US$ LIBOR on June 30th and
December 31st of each year as applicable to each period.

     3.2 The Interest on each Convertible Loan shall be accrued and, subject to conversion
of the Convertible Loan, be paid on the date of repayment of the Convertible Loan.

     3.3 Repayment of the Convertible Loan shall, subject to Sections 3.4 and 3.5 below,
be made by LTD on June 30, 2009 (the “Maturity Date”).

     3.4 LTD may by 14 days notice repay to INC all or part of the Convertible Loans
together with the interest accrued thereon prior to the Maturity Date.

     3.5 INC may at any time prior to the Maturity Date convert any or all of the
outstanding Convertible Loans into ordinary shares of LTD at a conversion price per
ordinary share of $150 plus the accrued interest on the Convertible Loan(s) being
converted.

 

 

4. INC shall not be required by this Agreement to grant any further loans or transfer any further
funds to LTD.

5. This Agreement may be executed in any number of counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same instrument. This Agreement
shall be exclusively governed by and construed in accordance with the laws of the State of Israel.
Any action instituted by any of the parties shall be brought in the appropriate court in the State
of Israel, which shall have exclusive jurisdiction over such actions. All notices or other
communications hereunder shall be in writing and shall be given in person, by registered mail, or
by facsimile transmission (provided that written confirmation of receipt is provided), at the above
address or at such address as a party may from time to time designate in writing to the other
parties. Notices shall be deemed to be received 4 days after being sent or 24 hours after being
faxed.

IN WITNESS WHEREOF, the parties have executed this Intercompany Loan Agreement as of the date first
above written.

	 	 	 
	TopSpin Medical (Israel) Ltd.

	 	TopSpin Medical Inc.
	 	 	 
	By: /s/ Eyal Kolka

	 	By: /s/ Erez Golan 
	 

	 	 

	Name: Eyal Kolka

	 	Name: Erez Golan 
	Title:  
CFO

	 	Title:   CEOexv10w17wii

 

Exhibit 10.17(ii)

	 	 	 
	

	 	Top SpinMedical (Israel) Ltd.
Global Park, 2 Yodfat St., North Industrial Zone
Lod, Israel
Phone: 972-8-9200033
Fax: 972-8-9281233  
	 

	 	
	 

	 	
	 

	 	
	 

	 	

	 	 	 
	To:

	 	Date: December 29, 2005
	TopSpin Medical Inc. (the “Company”)
	 	 
	2 Yodfat St., Lod
	 	 
	Israel
	 	 

Re: Loan Agreement

Dear Sir,

	1.	 	On June 21, 2001, the Company and TopSpin Medical (Israel) Ltd., the Company’s fully
owned subsidiary (the “Subsidiary”), have entered into an Intercompany Loan Agreement, a
copy of which is enclosed as Exhibit A herewith (the “Original Agreement”; all
capitalized terms used and not otherwise defined herein, shall have the meaning ascribed to
them in the Original Agreement).

	2.	 	Under the Original Agreement the Company has extended to the Subsidiary a Convertible
Loan in accordance with the terms set forth in the Original Agreement.

	3.	 	As of December 31, 2005 the loan amount under the Original Agreement consists of a
principal amount of US$ 18,247,671.69 and accrued interest of US$ 1,544,570.57 on the
principal amount.

	4.	 	The Subsidiary requests that, as of the date hereof, the Company shall waive any interest
payments due to the Company in connection with the amounts extended by the Company to
Subsidiary until December 31, 2005 under the Convertible Loan in accordance with the terms
of the Original Agreement, totaling an aggregate interest amount of US$ 1,544,570.57 as of
December 31, 2005.
	 
	5.	 	Please confirm your agreement to the above with your signature hereunder.

  /s/
Erez Golan

TopSpin Medical (Isracel)

By:
Erez Golan          
             

We confirm and agree to the aforesaid:

/s/ Erez Golan

TopSpin Medical Inc.

By: Erez Golanexv10w17wiii

 

Exhibit 10.17(iii)

FIRST SUPPLEMENT TO INTERCOMPANY LOAN AGREEMENT

This First Supplement to Intercompany Loan Agreement made as of June
21st, 2001 between TopSpin Medical (Israel) Ltd. an Israeli company having its address
at 1 Lev Pesach Street, North Industrial Zone Lod Israel (“LTD”) and TopSpin Medical Inc.
(“INC”) a company  incorporated in Delaware having its address at 1013 Center Road, Wilmington
Delaware, USA (the “Original Agreement”; All capitalized terms as used herein shall have the
meaning assigned to them in the Original Agreement, unless otherwise specifically stated in this
Opinion ) is entered into on April 6, 2006 between LTD and INC(the Supplement”) .

WHEREAS:

(A) Pursuant to the Original Agreement INC has provided from time to time Convertible Loans to LTD;

(B) On December 29, 2005 INC waived its right to recive any interest owed to INC by LTD as of
December 31, 2005 pursuant to the Original Agreement in connection with any Convertible Loans
extended to LTD by INC.

NOW THEREFORE, in consideration of their mutual undertakings herein, the parties, intending to be
legally bound, do hereby agree, declare and stipulate as follows:

1. The outstanding principal amount of Convertible Loan extended to LTD by INC as of December 31,
2005, totaling US$ 18,247,671.69 shall be converted into 121,651 ordinary shares of LTD (the
“Shares”) at a conversion price of $150 per share as of December 31, 2005. For the avoidance of
doubt, INC shall not be entitled to any interest with respect to the Convertible Loan from and
after December 31, 2005.

2. The provisions of the Original Agreement, to the extent not explicitly amended under this
Supplement, shall remain in force and affect.

IN WITNESS WHEREOF, the parties have executed this First Supplement to Intercompany Loan Agreement
as of the date first above written.

	 	 	 
	TopSpin Medical (Israel) Ltd.

	 	TopSpin Medical Inc.
	 	 	 
	By:
/s/ Erez Golan  /s/ Eyal Kolka

	 	By: /s/ Erez Golan  /s/ Eyal Kolka
	 

	 	 

	Name: Erez Golan & Eyal Kolka

	 	Name: Erez Golan & Eyal Kolka
	Title:  
CEO & CFO

	 	Title:   CEO & CFO

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