Document:

Exhibit 10.3

        

        NEITHER THESE SECURITIES NOR THE SECURITIES FOR WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. SUCH SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED (A) EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2)
        PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS, OR (B) UNLESS SOLD PURSUANT TO RULE 144 UNDER
        THE SECURITIES ACT. NOTWITHSTANDING THE FOREGOING, SUCH SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY SUCH SECURITIES.

        OPHTHALMIC IMAGING SYSTEMS

        WARRANT

        
            	
                        Warrant No. [__]

                    	
                        Dated: [_______ __], 2010

                    

        

        Ophthalmic Imaging Systems, a California corporation (the “Company”), hereby certifies that, for value received, U.M. Accelmed, Limited Partnership or its registered assigns (the
        “Holder”), is entitled to purchase from the Company up to a total of 1,193,696 shares of common stock, no par value (the “Common Stock”), of the Company (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”) at an
        exercise price equal to $1.00 per share (as adjusted from time to time as provided in Section 9, the “Exercise Price”), at any time and on or after the Initial Exercise Date (as defined below) and through and including the date that is 36 (thirty-six) months from the Closing Date (being June 24, 2012) (the “Expiration Date”), subject to the following
        terms and conditions. This Warrant (this “Warrant”) was issued pursuant to that certain Purchase Agreement, dated as of June 24, 2009, by and among the Company and the Holder (the “Purchase Agreement”).

        1.         Definitions. In addition to the terms defined below and elsewhere in this Warrant, capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Purchase Agreement.

        “Initial Exercise Date” shall mean the date that any of the following occurs: (i) the date that the Company consummates a merger with and into another corporation or the date the Company consummates a sale, transfer or other disposition of all or substantially all of its assets, (ii) the date that
        the average closing price per share of the Company’s Common Stock on the OTC Bulletin Board (or wherever the Common Stock is listed or quoted for trading on the date in question) for 10 consecutive Trading Days exceeds $2.00; (iii) the date the Company’s Board of Directors offers a transaction pursuant to which the Company will raise at least $1,500,000 in capital raising transaction with persons who are shareholders of MediVision Medical Imaging Ltd., the parent entity
        of the Company, on the date hereof; and (iv) March 23, 2012.

         

        
            

        

         

        2.         Registration of Warrant. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
        treat the registered Holder of record of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

        3.         Registration of Transfers. The Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Company at its address
        specified in the Purchase Agreement. Upon any such registration of transfer, a new warrant to purchase Common Stock, in substantially the form of this Warrant (any such new warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the
        transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations of a holder of a Warrant.

        
            4.         Exercise and Duration of Warrants.

            (a)       This Warrant shall be exercisable by the registered Holder at any time and from time to time on or after the Initial Exercise Date and including the Expiration Date. At 6:30 P.M., New York City time on the Expiration Date, the portion of this Warrant not exercised prior
            thereto shall be and become void and of no value.

        

        (b)       A Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached hereto (the “Exercise Notice”), appropriately completed and duly signed, and (ii) payment of the Exercise Price for the number of Warrant Shares
        as to which this Warrant is being exercised (which may take the form of a “cashless exercise” if so indicated in the Exercise Notice), and the date such items are delivered to the Company (as determined in accordance with the notice provisions hereof) is an “Exercise Date.” The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise Notice shall have the same effect as
        cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares.

        
            5.          Delivery of Warrant Shares.

        

        (a)     Upon exercise of this Warrant, the Company shall promptly issue or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such name or names as the Holder may designate, a certificate for the Warrant Shares issuable upon such exercise, free of restrictive
        legends unless a legend is required to be placed on the certificate pursuant to the Purchase Agreement. The Holder, or any Person so designated by the Holder to

         

        
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        receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date. The Company shall, upon the written request of the Holder and provided that the Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, use its commercially
        reasonable efforts, to credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit Withdrawal Agent Commission system (“DWAC”); provided, that the Holder provides the Company the reasonably necessary details to effect the foregoing DWAC
        delivery.

        (b)     This Warrant is exercisable, either in its entirety or, from time to time, for a portion of the number of Warrant Shares. Upon surrender of this Warrant following one or more partial exercises, the Company shall issue or cause to be issued, at its expense, a New Warrant evidencing the right to
        purchase the remaining number of Warrant Shares.

        (c)     If within three Trading Days after the Company’s receipt of an Exercise Notice the Company shall fail to issue and deliver a certificate to the Holder and register the shares of Common Stock issuable pursuant to the Exercise Notice on the Company’s share register or credit the
        Holder’s balance account with DTC for the number of shares of Common Stock to which the Holder is entitled upon such exercise, and if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of shares of Common Stock issuable upon such exercise that the Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, within three
        Trading Days after the Holder’s request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the “Buy-In Price”), at which point the Company’s obligation to deliver such certificate (and to issue such shares of Common Stock) or credit such Holder’s balance account with DTC shall
        terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such shares of Common Stock or credit such Holder’s balance account with DTC and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common Stock, times (B) the Closing Bid Price on the date of exercise. For purposes of this Warrant, “Closing Bid Price” shall mean,
        for any security as of any date, the last closing bid price for such security on the Trading Market, as reported by the Bloomberg Financial Markets (“Bloomberg”), or, if the Trading Market begins to operate on an extended hours basis and does not designate the closing bid price, then the last bid price of such security prior to 4:00:00 p.m., New York Time, as reported by Bloomberg, or, if the Trading Market is not the principal securities exchange or trading market
        for such security, the last closing bid price or last trade price, respectively, of such security on the Eligible Market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If the Closing Bid Price cannot be calculated for a
        security on a particular date on any of the foregoing bases, the Closing Bid Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. “Principal Market” means the OTC Bulletin Board® or, at any time that the Common Stock is not quoted on the OTC Bulletin Board, the Eligible Market on which the Common Stock is listed or quoted for trade. “Eligible Market” means the
        Principal Market, the American Stock Exchange, The New York Stock Exchange, Inc., The NASDAQ Capital Market, The NASDAQ Global Market or The NASDAQ Global Select Market.

         

        
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        (d)     The Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any
        judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Nothing herein
        shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of this Warrant as required pursuant to the terms hereof.

        6.       Charges, Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be made without charge to the Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in
        respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or Warrants in a name other than that of the Holder. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving
        Warrant Shares upon exercise hereof.

        7.       Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
        receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable bond or indemnity, if requested. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to
        the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

        8.       Reservation of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise
        of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (after giving effect to the adjustments and restrictions of Section 9, if any). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with
        the terms hereof, be duly and validly authorized, issued and

         

        
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        fully paid and nonassessable. The Company will take all such action as may be necessary to assure that such shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or automated quotation system upon which the Common Stock may be listed.

        9.       Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 9.

        (a)     Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock (which for the avoidance of doubt, shall not
        include shares of Common Stock issued by the Company pursuant to this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the number of
        shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination.

        (b)     Fundamental Transactions. If any capital reorganization, reclassification of the capital stock of the Company, consolidation or merger of the Company with another corporation, or sale, transfer or other disposition of all or substantially all of the Company’s assets to another
        corporation shall be effected (each a “Fundamental Transaction”), then, as a condition of such Fundamental Transaction, lawful and adequate provision shall be made whereby the Holder shall thereafter have the right to purchase and receive upon the basis and upon the terms and conditions herein specified and in lieu of the Warrant Shares immediately theretofore issuable upon exercise of the Warrant, such shares of stock, securities or assets as would have been issuable
        or payable with respect to or in exchange for a number of Warrant Shares equal to the number of Warrant Shares immediately theretofore issuable upon exercise of the Warrant, had such Fundamental Transaction not taken place, and in any such case appropriate provision shall be made with respect to the rights and interests of the Holder to the end that the provisions hereof (including, without limitations, provision for adjustment of the Exercise Price) shall thereafter be applicable, as
        nearly equivalent as may be practicable in relation to any shares of stock, securities or properties thereafter deliverable upon the exercise hereof. The Company shall not effect any such Fundamental Transaction unless prior to or simultaneously with the consummation thereof the successor corporation (if other than the Company) resulting from such consolidation or merger, or the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or entity shall
        assume, by written instrument executed and delivered to the Company (a copy of which shall be delivered to the Holder), the obligation to deliver to the holder of the Warrant such shares of stock, securities or assets as, in accordance with the foregoing provisions, such holder may be entitled to purchase and the other obligations under this Warrant. The provisions of this paragraph (b) shall similarly apply to successive Fundamental Transactions.

         

        
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        (c)     Subsequent Equity Sales. If the Company at any time while this Warrant is outstanding, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise issue any Common Stock or Common Stock Equivalents (as defined below) entitling any person to acquire
        shares of Common Stock, at an effective price per share less than $1.00 per share of Common Stock (each such issuance, a “Dilutive Issuance”) (if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be
        entitled to receive shares of Common Stock at an effective price per share which is less than $1.00 per share of Common Stock, such issuance shall be deemed to have occurred for less than $1.00 per share of Common Stock on such date of the Dilutive Issuance), then if such Dilutive Issuance shall occur, the Exercise Price shall be reduced to be equal to the product of (A) the Exercise Price in effect immediately prior to such Dilutive Issuance and (B) the quotient determined by
        dividing (1) the sum of (I) the product derived by multiplying the Exercise Price in effect immediately prior to such Dilutive Issuance and the number of outstanding shares of Common Stock immediately prior to such Dilutive Issuance plus (II) the consideration, if any, received by the Company upon such Dilutive Issuance, by (2) the product derived by multiplying (I) the Exercise Price in effect immediately prior to such Dilutive Issuance by (II) the number of shares
        of Common Stock outstanding immediately after such Dilutive Issuance.

        The following formula illustrates the foregoing:

        NP = OP x (OP x CS + C) / (OP x CSA)

        WHERE

        NP = the adjusted Exercise Price (after the Dilutive Issuance)

        OP = Exercise Price in effect immediately prior to such Dilutive Issuance

        CS = the number of outstanding shares of Common Stock immediately prior to such Dilutive Issuance

         

        C = the consideration, if any, received by the Company upon such Dilutive Issuance

         

        CSA = the number of outstanding shares of Common Stock immediately after such Dilutive Issuance

         

        Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 9(c) in respect of an Exempt Issuance. For purposes of this Warrant: “Common Stock Equivalents” shall mean securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly, shares of Common Stock, or Preferred
        Stock; and “Exempt Issuance” shall mean the issuance of: (a) shares of Common Stock or Common Stock 

         

        
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        Equivalents to employees, officers or directors of the Company pursuant to any stock or option plan duly adopted for such purpose by the Board of Directors or a majority of the members of a committee established for such purpose by the Board of Directors; (b) securities upon the exercise of this Warrant (and any other securities issued pursuant to the Purchase Agreement) and/or the exercise or conversion
        of Common Stock Equivalents issued and outstanding on the date of this Warrant (as set forth in Schedule 4.3(i) of the Purchase Agreement); provided, that such securities have not been amended since the date of this Warrant to increase the number of such securities or to decrease the exercise, exchange or conversion price of such securities; or (c) securities issued in connection with any stock split, stock dividend, recapitalization or
        similar transaction by the Company.

        (d)     Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to Section 9(a), the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be adjusted proportionately, so that after such adjustment the aggregate Exercise Price
        payable hereunder for the increased or decreased number of Warrant Shares, as applicable, shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.

        (e)     Calculations. All calculations under this Section 9 shall be made to the nearest cent or the nearest 1/100th of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company, and the
        disposition of any such shares shall be considered an issue or sale of Common Stock.

        (f)      Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will promptly compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including a statement of
        the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Transfer Agent.

        (g)     Notice of Corporate Events. If the Company (i) declares a dividend or any other distribution of cash, securities or other property in respect of its Common Stock, including without limitation any granting of rights or warrants to subscribe for or purchase any capital stock of the Company
        or any Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then the Company shall deliver to the Holder a notice describing the material terms and conditions of such transaction, at least ten calendar days prior to the applicable record or effective date on which a Person would need to hold
        Common Stock in order to participate in or vote with respect to such transaction, and the Company will take all steps reasonably necessary in order to insure that the Holder is given the practical opportunity to exercise this Warrant prior to such time so as to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required to be
        described in such notice.

         

        
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        10.     Payment of Exercise Price. The Holder shall pay the Exercise Price (i) in cash in immediately available funds or (ii) through a “cashless exercise,” in which event the Company shall issue to the Holder the number of Warrant Shares determined as follows:

        
            	
                         

                    	
                        X = Y [(A-B)/A]

                    
	
                        where:

                    	
                         

                    
	
                         

                    	
                        X = the number of Warrant Shares to be issued to the Holder.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        Y = the number of Warrant Shares with respect to which this Warrant is being exercised.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        A = the average of the Closing Prices for the five Trading Days immediately prior to (but not including) the Exercise Date.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        B = the Exercise Price.

                    

        

         

        Notwithstanding anything in this Warrant to the contrary, the Holder may only exercise this Warrant through a cashless exercise if no Registration Statement (as defined in the Purchase Agreement) is effective for more than 30 consecutive days that covers the Warrant Shares issuable upon the exercise of this Warrant.

        For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued pursuant to the Purchase Agreement.

        11.     Fractional Shares. The Company shall not be required to issue or cause to be issued fractional Warrant Shares on the exercise of this Warrant. If any fraction of a Warrant Share would, except for the provisions of this Section, be issuable upon exercise of this Warrant, the number of Warrant Shares to be
        issued will be rounded up to the nearest whole share.

        12.     Notices. Any and all notices or other communications or deliveries hereunder (including without limitation any Exercise Notice) shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the
        facsimile number specified in the Purchase Agreement prior to 6:30 p.m. (New York City time) on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in the Purchase Agreement on a day that is not a Trading Day or later than 6:30 p.m. (New York City time) on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier
        service, or (iv) upon actual receipt by the party to whom such notice is required to be given. The address for such notices or communications shall be as set forth in the Purchase Agreement with respect to the Company and, with respect to the Holder, the Holder’s last address as shown on the Warrant Register.

         

        
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        13.     Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon 10 days’ notice to the Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any
        consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent transfers substantially all of its corporate trust or stockholder services business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s
        last address as shown on the Warrant Register.

        
            14.      Investment Intent; Limited Transferability.

        

        (a)     If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, this Warrant shall not be registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws, the Company may require, as a
        condition of allowing such transfer (i) that the Holder furnish to the Company a legal opinion of counsel to the Holder to such effect, the substance of which shall be reasonably acceptable to the Company and (ii) that the holder or transferee execute and deliver to the Company an investment letter in form and substance acceptable to the Company representing that they are acquiring such Warrant Shares for investment purposes and that they are an accredited investor as defined in Rule
        501(a) under the Securities Act. The Holder understands that it must bear the economic risk of its investment in this Warrant and any securities obtainable upon exercise of this Warrant for an indefinite period of time, as this Warrant and such securities have not been registered under Federal or state securities or blue sky laws.

        (b)     The Holder represents that it has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of this Warrant or the exercise of the Warrant and the finance operations and
        business of the Company; and (ii) the opportunity to request such additional information which the Company possesses or can acquire without unreasonable effort or expense. Nothing contained in this Section 14(b) shall alter, amend or change the Holder’s reliance on the representations, covenants or warranties contained herein.

        (c)     The Holder represents that it is an “accredited investor” within the meaning of Regulation D promulgated under the Securities Act and that it is acquiring the Warrants for its own account and not with a present view to, or for sale in connection with, any distribution thereof in
        violation of the registration requirements of the Securities Act, without prejudice, however, to such Holder’s right, subject to the provisions of this Warrant, at all times to sell or otherwise dispose of all or any part of the Warrant and Warrant Shares.

        (d)     The Holder represents that it, either by reason of such Holder’s business or financial experience or the business or financial experience of its professional advisors (who are unaffiliated with and who are not compensated by the Company or any affiliate, finder or selling agent of the
        Company, directly or indirectly), has such sophistication, knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Company and the capacity to protect such Holder’s interests in connection with the transactions contemplated by this Warrant and the Purchase Agreement.

         

        
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        (e)     The Holder represents that it has the ability to bear the economic risks of its investment for an indefinite period of time and could afford a complete loss of its investment.

        (f)      The Holder agrees and acknowledges that the representations made by the Holder in this Section 14 are conditions to the exercise of this Warrant.

        
            15.      Miscellaneous.

        

        (a)     Subject to the restrictions on transfer set forth on the first page hereof, this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company except to a successor in the event of a Fundamental Transaction (subject to the provisions of Section 9(b) hereof). This
        Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed by the Company and the Holder and their successors and assigns.

        (b)     The Company will not, by amendment of its governing documents or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
        Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder against impairment. Without limiting the generality of the foregoing, the Company (i) will not increase the par value of any Warrant Shares above the amount payable therefor on such exercise, (ii) will take all such action as may be reasonably necessary or appropriate in order that
        the Company may validly and legally issue fully paid and nonassessable Warrant Shares on the exercise of this Warrant, and (iii) will not close its stockholder books or records in any manner which interferes with the timely exercise of this Warrant.

        (c)     All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the laws of the State of California. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and
        federal courts sitting in the city of Sacramento, State of California, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the transaction documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, or that such suit, action or
        proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under Section 12 hereof and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall
        be deemed to limit in any way any right to serve process in any manner permitted by law. The Company hereby waives all rights to a trial by jury.

         

        
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        (d)     The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the provisions hereof.

        (e)     In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt in good faith to
        agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

        REMAINDER OF PAGE INTENTIONALLY LEFT BLANK,

        SIGNATURE PAGE FOLLOWS

         

        
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        IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.

         

        

        	
                     

                
	
                    OPHTHALMIC IMAGING SYSTEMS

                     

                
	
                     

                
	
                    By: 

                	
                	
                
	
                	
                    Name:

                
	
                     

                	
                    Title:    

                
	
                	
                
	
                	
                

        

        

         

         

        
             
        

         

        
            12Exhibit 10.4

         

        OPHTHALMIC IMAGING SYSTEMS

        AGREEMENT

        This AGREEMENT (this “Agreement”) is made and entered into as of June 24, 2009, by and among Ophthalmic Imaging Systems, a California corporation(“OIS”),U.M AccelMed, Limited Partnership, an Israeli limited partnership (“AccelMed”), MediVision Medical Imaging Ltd.,
        an Israeli company (“MediVision”), the entity listed on Schedule A hereto under the caption entitled “Agfa Group” (the “Agfa Group”), the entity listed on Schedule A hereto under the caption entitled “Inter-Gamma Group” (the “Inter-Gamma Group”) and the individuals listed on Schedule A hereto under the caption “Allon/Shenhar Group” (the “Allon/Shenhar
        Group,” and together with the Agfa Group and the Inter-Gamma Group, the “Principal MV Shareholders,” and MediVision and the Principal MV Shareholders may be referred to in this Agreement as the “MediVision/Principal MV Shareholders Group”) (OIS, AccelMed, MediVision and the Principal MV Shareholders may be referred to in this Agreement collectively as, the “Parties” and individually, as a “Party”).

        WHEREAS, OIS and MediVision are parties to that certain Asset Purchase Agreement, dated June 24, 2009 (the “Asset Purchase Agreement”) pursuant to which OIS will purchase certain assets from MediVision;

        WHEREAS, OIS and AccelMed are parties to a Purchase Agreement, dated June 24, 2009 (the “Purchase Agreement”), pursuant to which OIS will issue and sell to AccelMed up to an aggregate of 13,214,317 shares (the “Private Placement Shares”) of common stock, no par value (the
        “Common Stock”), of OIS, and warrants (the “Warrants”) to purchase up to an aggregate of 4,404,772 shares of Common Stock in a transaction that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Private Placement”);

        WHEREAS, the issuance and sale of the Private Placement Shares and Warrants has been structured to close in two closings;

        WHEREAS, at the first closing (the “First Closing”) of the Private Placement, OIS intends to issue and sell an aggregate of 9,633,228 shares of Common Stock and warrants to purchase up to an aggregate of 3,211,076 shares of Common Stock to AccelMed;

        WHEREAS, subject to certain conditions, at the second closing of the Private Placement OIS intends to issue and sell an aggregate of 3,581,089 shares of Common Stock and warrants to purchase up to an aggregate of 1,193,696 shares of Common Stock to AccelMed;

        WHEREAS, the Parties desire to set forth herein certain matters regarding the voting of all OIS Shares (as defined below) effective as of the date of the First Closing; and

        WHEREAS, it is a condition precedent for the First Closing that OIS, AccelMed, MediVision and the Principal MediVision Shareholders execute this Agreement.

        NOW, THEREFORE, in consideration of the premises, and of the representations, warranties, covenants and agreements contained herein, the Parties hereto agree as follows:

         

        
            

        

        ARTICLE 1

         

        VOTING

        
            Section 1.1      Election of Directors.

        

        (a)       Following the date of the First Closing and as long as each of AccelMed and the MediVision/Principal MV Shareholders Group holds between 25% and 50% of the outstanding shares of Common Stock of OIS, OIS will use its best efforts and will take all actions (including, if
        necessary, amend its bylaws) to cause to be nominated for election to OIS’ Board of Directors (the “Board of Directors”), and each of AccelMed and the members of the MediVision/Principal MV Shareholders Group, agree and undertake to vote all OIS voting securities (or the holders thereof shall consent pursuant to an action by written consent of the shareholders), whether directly or indirectly owned, and whether now owned or hereafter acquired, or which a Party
        may be empowered to vote (“OIS Shares”), from time to time and at all times, in whatever manner shall be necessary for the election of, at each annual or special meeting of shareholders at which an election of directors is held or pursuant to any written consent of the shareholders, for the following nominees:

        (i)               two “Independent Directors” as defined under the listing standards of The Nasdaq Capital Market, regardless of whether the Common Stock is then listed on the Nasdaq Capital Market, the identity of one shall be
        designated and named by AccelMed, and the identity of the other shall be designated and named by the MediVision/Principal MV Shareholders Group (which two directors are currently Mr. William Greer and Mr. Jonathan R. Phillips); provided, that if MediVision owns 30% or more of the shares of Common Stock owned collectively by MediVision and the Principal MV Shareholders, then MediVision shall designate and name the person to be nominated by the MediVision/Principal MV
        Shareholders Group pursuant to this Section 1.1(a)(i) and if MediVision owns less than 30% of the shares of Common Stock owned collectively by MediVision and the Principal MV Shareholders, then MediVision/Principal MV Shareholders shall designate and name the person to be nominated by the MediVision/Principal MV Shareholders Group pursuant to this Section 1.1(a)(i);

        (ii)              three persons designated and named by AccelMed (the “AccelMed Directors”);

        (iii)             three persons designated and named by MediVision (the “MediVision Directors”); provided, further, that if MediVision owns less than 30% of the shares of Common Stock owned collectively by MediVision and the
        Principal MV Shareholders, then the Agfa Group, the Inter-Gamma Group and the Allon/Shenhar Group, in proportion to their shareholdings in OIS, shall name the persons to be nominated pursuant to this Section 1.1(a)(iii); and

        (iv)             one person designated and named jointly by AccelMed and MediVision who shall be a reputable individual from OIS’ industry; provided, that if MediVision owns less than 30% of the shares of Common Stock owned collectively by
        MediVision and the Principal MV Shareholders, then AccelMed and the Principal MV Shareholders shall name the person to be nominated pursuant to this Section 1.1(a)(iv).

         

        
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        (b)       Following the date of the First Closing and as long as either AccelMed or the MediVision/Principal MV Shareholders Group holds less than 25% of the outstanding shares of Common Stock of OIS or more than 50% of the outstanding shares of Common Stock of OIS, OIS will use its best
        efforts and will take all actions (including, if necessary, amend it bylaws) to cause to be nominated for election to OIS’ Board of Directors, and each of AccelMed and the members of the MediVision/Principal MV Shareholders Group agree to vote all OIS Shares, from time to time and at all times, in whatever manner shall be necessary for the election of, at each annual or special meeting of shareholders at which an election of directors is held or pursuant to any written consent of
        the stockholders, for the following nominees.

        (i)               two “Independent Directors” as defined under the listing standards of The Nasdaq Capital Market, regardless of whether the Common Stock is then listed on the Nasdaq Capital Market, the identity of one shall be
        designated and named by AccelMed the identity of the other shall be designated and named by the MediVision/Principal MV Shareholders Group (which two directors are currently Mr. William Greer and Mr. Jonathan R. Phillips); provided, that if MediVision owns 30% or more of the shares of Common Stock owned collectively by MediVision and the Principal MV Shareholders, then MediVision shall designate and name the person to be nominated by the MediVision/Principal MV
        Shareholders Group pursuant to this Section 1.1(b)(i) and if MediVision owns less than 30% of the shares of Common Stock owned collectively by MediVision and the Principal MV Shareholders, then MediVision/Principal MV Shareholders shall designate and name the person to be nominated by the MediVision/Principal MV Shareholders Group pursuant to this Section 1.1(b)(i);

        (ii)              six persons designated and named by AccelMed and the MediVision/Principal MV Shareholders Group, with each of AccelMed and the MediVision/Principal MV Shareholders Group entitled to name the number of persons for election to
        OIS’ Board of Directors in proportion to their shareholdings in OIS vis-a-vi AccelMed and the MediVision/Principal MV Shareholders Group (i.e., calculated based on the portion (in percentages) of the holdings of each of them out of their combined aggregate holdings, multiplied by six, and rounded to the nearest whole number); provided, that if MediVision owns 30% or more of the shares of Common Stock owned collectively by MediVision and the Principal MV Shareholders, then
        MediVision shall designate and name the persons to be nominated by the MediVision/Principal MV Shareholders Group pursuant to this Section 1.1(b)(ii) and if MediVision owns less than 30% of the shares of Common Stock owned collectively by MediVision and the Principal MV Shareholders, then MediVision/Principal MV Shareholders shall designate and name the persons to be nominated by the MediVision/Principal MV Shareholders Group pursuant to this Section 1.1(b)(ii); and

        (iii)             one person designated and named jointly by AccelMed and MediVision who shall be a reputable individual from OIS’ industry; provided, that if MediVision owns less than 30% of the shares of Common Stock owned collectively by
        MediVision and the Principal MV Shareholders, then AccelMed and the Principal MV Shareholders shall name the person to be nominated pursuant to this Section 1.1(b)(iii).

        The number of persons that a Party is entitled to nominate pursuant to this Section 1.1 shall be rounded to the nearest person.

         

        
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        At the first annual meeting of the Company’s shareholders following the execution of this Agreement, AccelMed shall designate Mr. Ariel Shenhar, pursuant to Section 1.1(a)(ii) or 1.1(b)(ii) (as the case may be), to serve as a director until the next annual meeting, subject to his continuance service as
        OIS’ chief financial officer during such period and subject to Section 1.4 below.

        At the first annual meeting of the Company’s shareholders following the execution of this Agreement, MediVision/Principal MV Shareholders Group shall designate Mr. Gill Allon, pursuant to Section 1.1(a)(iii) or 1.1(b)(ii) (as the case may be), to serve as a director until the next annual meeting, subject to
        Section 1.4 below.

        
            Section 1.2      Election Chairman.

        

        (a)       The Parties agree to use their best efforts and to take all actions to cause a nominee of AccelMed and MediVision or the Principal MV Shareholders serving as a member of the Board of Directors pursuant to Section 1.1(a)(iv) or 1.1(b)(iii) (as the case may be) to be named by
        the Board of Directors as Chairman upon his or her election to the Board of Directors.

        
            Section 1.3      Appointment to Audit Committee.

        

        (a)       The Parties agree to use their best efforts and to take all actions to cause one AccelMed Director serving as a member of the Board of Directors pursuant to Section 1.1(a)(ii) or 1.1(b)(ii) (as the case may be) (other than the chief financial officer of OIS) to be appointed
        to OIS’ Audit Committee as its Chairman.

        Section 1.4      Removal of Directors. Each Party agrees and undertakes to vote all OIS Shares owned by such Party in whatever manner shall be necessary to ensure that no director elected pursuant to Section 1.1 may be removed from office other than for Cause unless such removal
        is directed or approved by the affirmative vote of the Party or Parties entitled under Section 1.1 to designate that director. For the purpose of this Section 1.4, the term “Cause” shall mean (a) a serious breach of trust, including but not limited to, theft, embezzlement, self-dealing, and/or breach of fiduciary duties, (b) a conviction of a misdemeanor or felony, or (c) a material breach by the director of any agreement between the director and OIS.

        
            Section 1.5      Death, Disability, Removal or Resignation of Directors.

        

        (a)       Any vacancy created by the death, disability, resignation or removal of a director elected pursuant to Section 1.1 shall be filled in accordance with the provisions of Section 1.1.

        (b)       If any Party entitled to nominate a director for election pursuant to Section 1.1 (the “Nominating Party”) serves notice on the Board of Directors and the other Parties, whereby the Nominating Party wishes to remove or replace a serving director nominated
        thereby pursuant to Section 1.1, then the Company shall take all required actions, subject to applicable law, to convene a meeting of shareholders for such purpose (unless and to the extent such removal or appointment can be effected without a meeting of shareholders), and all other Parties agree to vote in favor (or approve by written consent) of removing said director, and further agree that the Nominating Party shall have the right to nominate a replacement director for submission to
        a vote or consent of the other Parties of such new nominee to fill the vacancy, and in such event all other Parties undertake to vote in favor (or approve by written consent) of electing such new nominee as a replacement director.

         

        
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        Section 1.6      Non-Voting Observer. In the sole discretion of the Board of Directors, Noam Allon shall attend all meetings of the Board of Directors as an observer.

         

        ARTICLE 2

         

        TERMINATION

        Section 2.1      This Agreement shall continue in full force and effect with respect to each of the Parties, from the date hereof through the occurrence of any of the following:

        
            (a)       The First Closing is not consummated;

        

        (b)       AccelMed ceases to own 10% of the Common Stock of OIS on a fully-diluted and as converted basis.

        (c)       The MediVision/Principal MV Shareholder Group ceases to own, in the aggregate 10% of the Common Stock of OIS on a fully-diluted and as converted basis.

        ARTICLE 3

         

        MISCELLANEOUS

        Section 3.1      No Liability for Election of Recommended Directors. None of OIS, AccelMed, MediVision the Principal MV Shareholders, nor any officer, director, shareholder, partner, employee or agent of such Party, if any, makes any representation or warranty as to the fitness or
        competence of the nominee of any Party hereunder to serve on the Board of Directors by virtue of such Party’s execution of this Agreement or by the act of such Party in voting for such nominee pursuant to this Agreement.

        Section 3.2      Rights under the Convertible Loan Agreement. Each of Noam Allon, Gill Allon and Ariel Shenhar (the “Lenders”) hereby agree, under the circumstances described below, to waive the security and pledge rights
        granted to him under that certain convertible loan agreement between OIS, MediVision, the Lenders and Delta Trading And Services (1986) Ltd, dated January 12, 2009 (the “Loan Agreement”) with respect to 2,000,000 OIS Shares (such amount, the “Released Shares”) out of an aggregate of 4,837,391 OIS Shares which are owned by MediVision and pledged to all lenders
        (out of which 2,056,905 OIS Shares are pledged to the Lenders) under the Loan Agreement (the “Pledge” and the “Pledged Shares”), immediately prior to the date on which the Released Shares shall be deposited in an escrow account (the “Escrow”) pursuant to that certain escrow agreement, dated June 24,
        2009 (the “Escrow Agreement”), by and among OIS, MediVision and Stephen L. Davis, Esq., as escrow agent (the “Escrow Agent”). The Lenders and MediVision agree and irrevocably undertake that they will deposit the Released Shares in the Escrow together with an irrevocable power of attorney authorizing the Escrow Agent to release the Released Shares from the Pledge,
        to file a release notice with the Israeli Registrar of Pledges and to take any other reasonable action required to implement such release (without the need for any further consent from the Lenders) immediately prior to any event on which the escrow agent shall be entitled to dispose the Released Shares pursuant to the Escrow Agreement, resulting in the Released Shares being free and clear of any third party charge or rights (as shall be evidenced in writing Israeli Registrar of
        Pledges’ printout). For the avoidance of doubt, a remainder of 2,837,391 Pledged Shares which are not held in the escrow account will not be subject to this Section 3.2. This Section 3.2 shall serve as an amendment of the Loan Agreement in accordance with its terms.

        Section 3.3      Notice of Transfer; Agreement Binding on Affiliates. If and whenever OIS Shares are transferred by any of AccelMed, MediVision or the Principal MV Shareholders, the transferring Party shall report, within three calendar days, such transaction to the chief financial
        officer of OIS. Any transferee who is an “affiliate” of the transferring Party pursuant to Rule 144 of the Securities Act of 1933, as amended shall take any such transferred OIS Shares subject to and shall comply with this Agreement.

         

        
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        Section 3.4      Specific Performance. The Parties hereby intend this Agreement to be an agreement pursuant to California Corporations Code Section 706 and further declare that it is impossible to measure in money the damages that will accrue to a Party by reason of a failure of a
        Party to perform any of the obligations under this Agreement. The Parties agree the terms of this Agreement shall be specifically enforceable. If any Party institutes any action or proceeding to specifically enforce the provisions hereof, any person against whom such action or proceeding is brought hereby waives the claim or defense therein that such Party has an adequate remedy at law, and such person shall not offer in any such action or proceeding the claim or defense that such
        remedy at law exists.

        Section 3.5      Governing Law. THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF THAT WOULD RESULT IN THE
        APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

        Section 3.6      Third-Party Beneficiaries. This Agreement does not create, and shall not be construed as creating, any rights enforceable by any person not a party to this Agreement (except as provided in Section 4.8).

        Section 3.7      Severability. The provisions of this Agreement shall be deemed severable, and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application
        thereof to any person or any circumstance, is invalid or unenforceable, (a) a suitable and equitable provision shall be substituted therefor to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability
        affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

        Section 3.8      Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

        Section 3.9      Additional Shares. In the event that subsequent to the date of this Agreement any shares or other securities are issued on, or in exchange for, any of the Common Stock by reason of any stock dividend, stock split, combination of shares, reclassification or the like,
        such shares or securities shall be deemed to be Common Stock and/or OIS Shares, as appropriate, for purposes of this Agreement.

        Section 3.10    Counterparts. This Agreement may be executed in any number of counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement.

         

        
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        Section 3.11    Waiver. No waivers of any breach of this Agreement extended by any Party to any other Party shall be construed as a waiver of any rights or remedies of any other Party hereto or with respect to any subsequent breach.

        Section 3.12    Modification or Amendment. This Agreement may be amended or modified and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Parties. Any
        amendment, modification or waiver so effected shall be binding upon the Parties, and all of their respective successors and permitted assigns.

        Section 3.13    Attorneys’ Fees. In the event that any suit or action is instituted to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing
        party under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals.

        Section 3.14    Notices. Any notice, request, instruction or other document to be given hereunder by any party to the others shall be in writing and delivered personally or sent by registered or certified mail, postage prepaid, or by facsimile at:

        (a)     If to OIS:

        Ophthalmic Imaging Systems

        221 Lathrop Way

        Suite I

        Sacramento, CA 95815

        Attn: Gil Allon, Chief Executive Officer

        Phone: 916-646-2020

        Fax: 916-646-0207

        Email: Info@oisi.com

         

        With a copy to:

        Troutman Sanders LLP

        The Chrysler Building

        405 Lexington Avenue

        New York, NY 10174

        Attn: Henry I. Rothman, Esq.

        Phone: 212-704-6000

        Fax: 212-704-5950

        E-mail: Henry.rothman@troutmansanders.com

        
             
        

        
            7
        

        
            

        

        
            (b)     If to AccelMed:

        

        6 Hachoshlim St. 

        Herzliya Pituach

        46120, Israel

        P.O.Box 12006

        Attention: Dr. Uri Geiger 

        Facsimile: 972-9-9588594

        E-mail: Uri@accelmed.co.il 

        With a copy (which shall not constitute a notice)to:  

        Shenhav & Co. 

        Or Towers, Building B

        11th Floor

        4 Ha’nechoshet St., Ramat Ha’chayal, Tel Aviv 69710, 

        Attn: Dr. Ayal Shenhav, Adv.

        Phone: 972-3- 6110760 

        Fax: 972-3-6110788

        Email: ayal @shenhavlaw.co.il 

        
            (c)     If to MediVision:

        

        MediVision Medical Imaging, Ltd.

        Hermon Building, Industrial Park 

        PO Box 45

        Yokneam Elit 20692, Israel 

        Attn: Noam Allon, President & CEO 

        Phone: 011-972-4-989-4884

        Fax: 011-972-4-989-4883

        Email: general@medivision-ois.com

        With a copy to: 

        Eitan-Mehulal Law Group 

        10 Abba Eban Blvd.

        PO Box 2081

        Herzlia 46120, Israel 

        Attn: Nir Weissberger 

        Tel +972-9-972-6000

        Fax +972-9-972-6001

        Email: nirweissberger@israelilaw.com

        (d)       If to any Principal MV Shareholder, then notice shall be given to each and all of the Principal MV Shareholders, at such address as the party shall have furnished in writing in accordance with the provisions of this Section 3.13).

        Any notice, request, instruction or other document given as provided above shall be deemed given to the receiving party upon actual receipt, if delivered personally; three (3) business days after deposit in the mail, if sent by registered or certified mail; upon confirmation of successful transmission if sent by
        facsimile (provided that if given by facsimile such notice, request, instruction or other document shall be followed up within one (1) business day by dispatch pursuant to one of the other methods described herein); or on the next business day after deposit with an overnight courier, if sent by an overnight courier.

         

        
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        Section 3.15    Delays and Omissions. Subject to applicable law, no delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such
        non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence thereof, or of any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

        Section 3.16    Entire Agreement. This Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations, and warranties, both written and oral, among the parties with respect to the subject matter hereof.

        * * * * * *

        
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        IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written.

         

        

        	
                     

                	
                    OPHTHALMIC IMAGING SYSTEMS

                    

                
	
                     

                	
                     

                
	
                     

                	
                    By: /s/ Gil Allon

                    Name: Gil Allon

                    Title:   Chief Executive Officer

                
	
                     

                	
                     

                
	
                     

                	
                    By: /s/ Ariel Shenhar

                    Name: Ariel Shenhar 

                    Title:   Chief Financial Officer

                
	
                     

                	
                     

                
	
                	
                
	
                     

                	
                    U.M ACCELMED, LIMITED 

                    PARTNERSHIP

                     

                    By: /s/ Uri Geiger

                    Name: Uri Geiger

                    Title:   Chairman

                
	
                     

                	
                     

                
	
                     

                	
                     

                
	
                     

                	
                    MEDIVISION MEDICAL IMAGING LTD 

                     

                    By: /s/ Noam Allon

                    Name: Noam Allon

                    Title:   Chief Executive Officer

                
	
                     

                	
                     

                
	
                     

                	
                     

                
	
                     

                	
                    AGFA GEVAERT N.V.

                     

                    By: /s/ Wilfried Van Lishoot

                    Name: Wilfried Van Lishoot

                    Title:   General Counsel and

                                Company Secretary

                
	
                     

                	
                     

                
	
                     

                	
                     

                
	
                     

                	
                    DELTA TRADING AND SERVICES (1986) 

                    LTD.

                     

                    By: /s/ Tanhum Oren

                    Name: Tanhum Oren

                    Title:   Chairman

                     

                    By: /s/ Yigal Berman

                    Name: Yigal Berman

                    Title:   Director

                     

                

        

        

        
             
        

         

        
            10
        

        
            

        

         

        

        	
                     

                	
                    /s/ Gil Allon

                	
                
	
                	Gil Allon	
                

        

        

         

         

        

        	
                     

                	
                    /s/ Noam Allon

                	
                
	
                	Noam Allon	
                

        

        

         

         

        

        	
                     

                	
                    /s/ Ariel Shenhar

                	
                
	
                	Ariel Shenhar	
                

        

        

         

         

        

        	
                     

                	
                    /s/ Yuval Shenhar

                	
                
	
                	Yuval Shenhar	
                

        

        

         

         

        
            11

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