Document:

exv10w1

 

EXHIBIT 10.1

Amendment to Employment Agreement

This Amendment to Employment Agreement is made and entered into effective as of April
27th, 2008 by and between TopSpin Medical (Israel) Ltd., of 2 Yodfat St., Lod 71291,
Israel (the “Company”) and Eyal Kolka, of 60 Hameri St., Givataim, Israel (the “Employee”).

WHEREAS, the Company and the Employee entered into a certain Employment Agreement dated as of April
25, 2001, as amended (the “Employment Agreement”); and

WHEREAS, the Company and the Employee wish to amend the Employment Agreement in the manner provided
below.

NOW, THEREFORE, in consideration of the premises and the mutual promises herein made, and in
consideration of the representations, warranties, and covenants herein contained, the parties agree
as follows:

	1.	 	All terms not otherwise defined herein, shall have the meaning ascribed to them in the
Employment Agreement.

	2.	 	Effective as of July 1, 2008 (the “Effective Date”), the Employee’s Position shall change,
and he shall no longer be employed as the Chief Financial Officer of the Company and the
Chief Financial Officer and Secretary of the Company’s parent corporation, TopSpin Medical,
Inc.(the “Parent”).

	3.	 	The Employee shall continue his engagement with the Company, form and after the Effective
Date, as Vice President of the Company, and in such capacity, will be responsible, among
others, for fund raising efforts of the Parent, including discussions with the Parent’s
security holders (shareholders and holders of the Parent’s issued and outstanding Series A
Convertible Bonds).

	4.	 	From and after the Effective Date, the Employee’s scope of employment shall be reduced to
50% part time position, such that he will devote 50% of his business time to the Company.

	5.	 	From and after the Effective Date, and following the reduction in the Employee’s scope of
employment, the Employee’s Salary , as well as the Company’s contributions made on behalf of
the Employee to the Fund, Disability Insurance and education fund shall be reduced to 50% of
the Salary and the other respective payments made immediately prior to the Effective Date.

	6.	 	The Company shall pay to the Employee, together with the payment of the June 2008 salary,
an amount equal to the value of the vacation days to which the Employee is entitled, as
accumulated from initiation of his employment, which have not been used by the Employee until
the Effective Date.

	7.	 	Notwithstanding the Employee’s reduction in scope of position and the additional changes
contained herein, the Employee’s entitlement to options to buy the Parent’s shares of common
stock shall not be affected in any way as a result of this amendment. In addition, the
Employee’s entitlement to Adaptation Compensation, under Section 4.5 of the Employment
Agreement, shall be calculated on the basis of the Employee’s Salary immediately prior to the
Effective Date, regardless of the actual termination date of his employment and his scope of
his position with the Company immediately prior to such termination.

	8.	 	All other terms and conditions of the Employment Agreement shall remain unchanged and in
full force and effect.

 

 

- 2 -

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

	 	 	 	 	 	 	 
	TopSpin Medical (Israel) Ltd.	 	Eyal Kolka	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	Name:

	 	 	 	Signature:	 	 
	Title:exv10w2

 

EXHIBIT
10.2

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into in Lod on the 6th day
of February, 2003, by and between: TOPSPIN MEDICAL (ISRAEL) LTD., (“Company”), an Israeli company,
whose principal place of business address is Ofek Center 1, 1 Lev Pesach St., North Industrial
Zone, Lod, Israel; and Tami Sharbit (I.D 028679314) of 166/3 Hayarkon St., Tel-Aviv, Israel
(“Employee”)

WHEREAS Employee wishes to be employed by Company and Company wishes to employ Employee at a
Position as defined below, subject to the terms and conditions detailed below in this Agreement;
and WHEREAS Employee represents and warrants that he has the qualifications and skills required for
the purposes of performing his obligations hereunder and that there is no hindrance — legal,
contractual or otherwise — for the execution by him of this Agreement, and he has expressed his
wish to be employed with Company in the Position, and; WHEREAS the parties wish to set forth in
writing the terms and conditions of Employee’s employment with Company, all as detailed below
herein and subject to the terms and conditions contained herein; NOW, THEREFORE, in consideration
of the premises and the mutual promises herein made, and in consideration of the representations,
warranties, and covenants herein contained, the parties agree as follows:

	I.	 	EMPLOYMENT — GENERAL

	 	A.	 	Employment. Company hereby employs Employee and Employee hereby accepts
employment upon the terms and conditions set forth hereinafter. Employee’s employment
according to this Agreement shall commence on March 2nd, 2003 (“Effective
Date”).
	 
	 	B.	 	The Position. The Employee shall be employed as Controller (“Position”) and in
such capacity, he shall be subject to the direction and control of the Board of Directors
of the Company, its CEO and officers.
	 
	 	C.	 	Personal Service Contract. The Parties hereto confirm that this is a personal
service contract and that the relationship between the parties hereto shall not be subject
to any general or special collective employment agreement or any custom or practice of
Company in respect to any of its other employees or contractors. Except as expressly
provided in this Agreement, Employee shall not be entitled to any payments or other
benefits in respect of his employment and the termination of his employment with Company.
	 
	 	D.	 	Special Degree of Personal Trust. Employee acknowledges and agrees, that from
the perspective of the status, responsibility and terms of employment of Employee, he shall
be counted amongst those employees whose functions require a special degree of personal
trust, and the conditions and circumstances of whose employment do not facilitate the
supervision of their work and rest hours as those expressions are defined in the Hours of
Work and Rest Law, 5711-1951 and accordingly the restrictions specified in the
aforementioned Law and in the Wage Protection Law shall not apply to his employment.
Employee shall not be entitled to demand or receive, inter alia, payment for overtime, as
may be required by the Company, and the amount paid to him as a Salary (as defined below),
shall also include full compensation for overtime hours and for non competition obligations
as specified below.

 

 

	II.	 	EMPLOYEE’S UNDERTAKINGS. Employee hereby undertakes as follows:

	 	A.	 	Carry out of Instructions. To carry out all of the instructions related to his
employment in accordance with all the resolutions of Company’s Board of Directors or the
instructions of the officers, all as set forth in Section B above.
	 
	 	B.	 	Fidelity. To perform the duties and assignments imposed upon himself in the
scope of his employment with Company with devotion, honesty and fidelity, subject to
Company’s policy in existence from time to time, and to dedicate to the performance of the
said duties all his know-how, qualifications and experience and all the time, diligence and
attention required for the performance thereof efficiently, with fidelity and in accordance
with the requirements of this Agreement, and to use his best endeavors in order to
consolidate Company and to advance the affairs and business of Company and the realization
of its objectives.
	 
	 	C.	 	 Conflict of Interest. Employee declares that he is not presently involved, and
he undertakes not to become involved in the future, for so long as he is an employee of
Company, in any obligations towards any third party whatsoever which entail any form of
conflict of interest with his employment with Company.

	III.	 	COMPENSATION

	 	A.	 	Salary. In consideration for Employee’s obligations under this Agreement,
Company shall pay Employee a monthly gross salary of NIS 13,750 (“Salary”).
	 
	 	B.	 	Payment. The Salary shall be paid in New Israel Shekels and shall be paid to
him by no later than the 9th of the following month. A Review of Employee’s
Salary shall take place annually by agreement between the Employee’s and the Board of
Directors of the Company or the CEO of the Company. As provided in Section A above, the
Salary includes remuneration for working overtime, on days of rest and in consideration for
Employees non competition obligations, and Employee shall not be entitled to any further
remuneration or payment whatsoever other than the Salary and/or benefits, unless expressly
specified in this Agreement. Employee acknowledges that the Salary to which he is entitled
constitutes due consideration for him working overtime and for his non-competition
obligations towards the Company. The Salary, as mentioned in Section A hereto, and it
alone, shall constitute the sole basis for calculating any of Employee’s rights under any
applicable law, and any other benefits provided under this Agreement shall not be deemed as
the Salary or any part thereof.
	 
	 	C.	 	Statuary Deductions. Company shall make the required statutory deductions from
the Salary and from any other amount paid to Employee by Company under this Agreement,
including income tax, social security and healthcare tax, and make the appropriate payments
on behalf of Employee to the Income Tax Authorities, to the Institute of National Insurance
and any other relevant authority.
	 
	 	D.	 	Manager’s Insurance Policy. In respect of the term commencing from the
beginning of Employee’s employment in the Company, the Company shall contribute funds on
behalf the Employee to a Managers Insurance Fund in the name of the Employee (“Fund”) and
disability insurance for loss of ability to work (“Disability Insurance”) as specified
below.

 

 

	 	1.	 	The Company shall allocate to the Fund, an aggregated amount equal to
thirteen and a third percent (13.33%) in the following portions; five percent (5%) of
each monthly Salary for pension compensation and eight and a third percent (8.33%) of
each monthly Salary to severance compensation. Moreover, the Company will allocate
for the purpose of the Disability Insurance a maximum premium of 2.5% of Employee’s
monthly Salary, as provided by the general approval of the Minister of Labor and
Social Welfare regarding payments by employers to a pension fund and insurance fund
in lieu of severance pay, (“General Approval”) annexed hereto as Exhibit A.
The Company shall deduct from Employee’s monthly Salary an aggregated amount equal to
five percent (5%) of Employee’s monthly Salary for the Fund.
	 
	 	2.	 	The aforementioned allocations shall be in lieu of Severance Pay according
to the Severance Pay Law 5723-1963 (“Severance Pay Law”), if Employee is entitled to,
and this in view of the General Approval. For clarification purposes, it is hereby
expressed that the Company is waiving its right to a refund of the funds accumulated
in the Fund in accordance with the provisions of the General Approval.

	 	E.	 	Education Fund. In respect of the term commencing from the beginning of
Employee’s employment in the Company, the Company shall pay a sum as high as the recognized
deductible cap by the tax authorities, but in no event no more than 7.5% of the Salary and
shall deduct 2.5% from the Salary to be paid on behalf of Employee toward a further
education fund. Use of these funds shall be in accordance with the by-laws of the fund. The
Employee hereby grants his consent to such a deduction provided in this section herein.
	 
	 	F.	 	Expenses. The Company will reimburse Employee for any documented, out-of-pocket
expenses from time to time properly incurred by Employee in connection with his employment
by Company, provided that such expenses have been approved in advance by
Company.
	 
	 	G.	 	Sick Leave and Recuperation Pay. Employee shall be entitled to sick leave and
Recuperation Pay  as provided by law.
	 
	 	H.	 	Vacation. Employee shall be entitled to annual leave as provided by the Annual
Vacation Law, 5711-1951, or 16 days, the higher of the two, and such annual leave shall be
increased annually according to the Annual Vacation Law, 5711-1951. Leave may not be
accumulated for over 2 years, unless otherwise mutually agreed between the Company and the
employee, and Company shall be entitled to redeem leave at any time.
	 
	 	I.	 	Options. The Employee shall be entitled to participate in the Company’s
approved Employee Stock Option Plan.

	IV.	 	TERM OF AGREEMENT

	 	A.	 	Term. This Agreement is entered into for an indefinite period of time.
	 
	 	B.	 	Termination by Employee. Employee shall be entitled to terminate this Agreement
by giving Company a prior notice, to be delivered to Company, in writing, of 45 (forty
five) days; It being understood that during such period, Employee shall (subject to the
needs of the Company) continue to perform his duties for Company, including the training
and initiation of his replacement, and, subject to the performance of such obligations,
Company shall make all payments as required hereunder.

 

 

	 	C.	 	Termination by Company. Subject to section 1.3 above, the Company shall be
entitled to terminate this Agreement, at any time, by giving Employee a prior notice, to be
delivered to Employee, in writing, of 30 (thirty) days. In such an event Employee shall
(subject to the needs of the Company) continue to perform his duties for the Company,
including the training and initiation of his replacement, and, subject to the performance
of such obligations, Company shall make all payments as required hereunder. The Company
shall be entitled to terminate the actual employment of Employee at any time forthwith,
including prior to the notice, and to make a payment to Employee in lieu of such prior
notice.
	 
	 	D.	 	Termination For Cause. Notwithstanding the foregoing provisions of this Section
IV, Company shall be entitled to terminate this Agreement forthwith, and without prior
notice, and Employee shall not be entitled to any severance pay or other compensation
whatsoever, in any of the following events: (i) Employee breaches any of his obligations
pursuant to this Agreement, including those provided in Sections V, VI and VII; (ii)
Employee is convicted of a crime or misdemeanor vis-a-vis the Company; (iii) any employee
of Company and/or any director thereof, or the Company has tangible evidence that Employee
(A) has committed an act of fraud vis-a-vis the Company or its directors or any of its
employees, or (B) has embezzled in any way Company moneys, or (C) has, by intentional act
or omission, caused damage to Company, or (D) has in a material conflict of interest
situation with the Company, acted to advance his own private interests, (iv) in any other
event according to any applicable law that entitles an employer not to pay, in whole or in
part, severance pay and not to grant prior notice.

	V.	 	PROPREITARY INFORMATION

	 	A.	 	Proprietary Information. The Employee acknowledge and agrees that he will have
access to confidential and proprietary information concerning the business and financial
activities of the Company and information and technology regarding the Company’s product
research and development, including without limitation, the Company’s banking investments,
investors, properties, employees, marketing plans, customers, trade secrets, and test
results, processes, data and know-how, improvements, inventions, techniques and products
(actual or planned). Such information, whether documentary; written oral or computer
generated, shall be deemed to be and referred to as “Proprietary Information”.
	 
	 	 	 	Proprietary Information shall be deemed to include any and all preparatory information
disclosed by or on behalf of the Company and irrespective of form, but excluding
information that (i) shall have appeared in any printed publication or patent or shall
have become a part of the public knowledge except as a result of a breach of this
Agreement by the Employee; (ii) reflects general skills and experience gained during the
Employee’s engagement by the Company or (iii) reflects information and data generally
known within the industries or trades in which the Company transacts business.
	 
	 	B.	 	Nondisclosure. Employee agrees and declares that all Proprietary Information,
patents and other rights in connection therewith shall be the sole property of the Company
and its assignees at all times. Both during his engagement by the Company and after its
termination. Employee will keep in confidence and trust all Proprietary Information and the
Employee will not use or disclose any Proprietary Information or anything relating to it
without the written consent of the

 

 

	 	 	 	Company, except as may be necessary in the ordinary course of performing the Employee’s
duties hereunder and in the best interests of the Company.
	 
	 	C.	 	Return of Documents. Upon termination of his employment with the Company, and
upon the Company’s request, the Employee will promptly deliver to the Company all documents
and materials of any nature pertaining to his work with the Company, including but not
limited to notebooks, notes, memoranda, records, diagrams, blueprints, bulletins, formulas,
reports, computer programs, other data of any kind coming into Employee’s possession or
prepared by him in connection with his Employment, and he will not take with him any
documents or materials or copies thereof containing any Proprietary Information.
	 
	 	D.	 	Third Party Information. Employee recognize that the Company received and will
receive confidential or proprietary information from third parties subject to a duty on the
Company’s part to maintain the confidentiality of such information and to use it only for
certain limited purposes at all times. Both during his employment and after its
termination, the Employee undertakes to keep and hold all such information in strict
confidence and trust. He will not trust or disclose any of such information without the
prior written consent of the Company, except as may be necessary to perform his duties as
an employee of the Company and consistent with the Company’s agreement with such third
party. Upon termination of his employment with the Company, Employee shall act with respect
to such information as set forth in Section C, mutatis mutandis.
	 
	 	E.	 	Survival. The Employee’s undertakings in this Section V shall remain in full
force and effect after termination of this Agreement.

	VI.	 	DISCLOSURE AND ASSIGNMENT OF INVENTIONS

	 	A.	 	Contributions. The Employee understandings that the Company is engaged in a
continuous program of research, development, production and marketing in connection with
its business and that, as an essential part of his employment with the Company, he is
expected to make new contributions to and create inventions of value for the Company.
Employee agrees to share with the Company all his knowledge and experience.
	 
	 	B.	 	Obligation to Keep the Company Informed. From and after the date he first
became associated with the Company; Employee undertakes and covenants that he will promptly
disclose in confidence to the Company all inventions, improvements, designs, original works
of authorship formulas, concepts, techniques, methods, systems, processes, compositions of
matter, computer software programs, databases, mask works, and trade secrets, related to
the Company’s business or current or anticipated research and development, whether or not
patentable, copyrightable or protactible as trade secretes, that are made or conceived or
first reduced to practice or created by him, either alone or jointly with others during the
period of his employment, whether or not in the course of his employment (“Inventions”).
	 
	 	C.	 	Ownership. All Inventions that (a) are or were developed, whole or in part on
Company’s time or with the use of any equipment, supplies, facilities or trade secrets of
the Company, (b) result directly from any work performed by him for the Company, or (c)
relate to the Company’s business or current or anticipated research and development, are
and will be the sole and exclusive property of the Company (“Company Invention”).

 

 

	 	D.	 	Assignment of Inventions. The Employee hereby irrevocably transfers and assigns
and will transfer and assign in the future to the Company (a) all worldwide patents, patent
applications, copyrights, mask works, trade secrets and other intellectual property rights
in any Company Invention; and (b) any and all “Moral Rights” (as defined below) that he may
have in or with respect to any Company Invention. Employee also hereby forever waives and
agrees never to assert any and all Moral Rights he may have in or with respect to any
Company Invention, even after termination of his work on behalf of the Company. “Moral
Rights” mean any rights of paternity any right to claim authorship of any Invention and all
right, title and interest worldwide in such Inventions and in all intellectual property
rights based upon such Inventions. To object to any distortion, mutilation or other
modification of, or other derogatory action in relation to any Invention whether or not
such would be prejudicial to his honor or reputation and any similar right, existing under
judicial or statutory law of any country in the world or under any treaty, regardless of
whether or not such right is denominated or generally referred to as a “Moral Right”.
	 
	 	E.	 	Assistance in Obtaining Patents and other Legal Protections. The Employee
agrees to assist the Company to obtain for the Company and enforce patents, copyrights,
mask work rights and other legal protections for the Company’s Inventions in any and all
countries. Employee will execute any documents that the Company may reasonably request for
use in obtaining or enforcing such patents, copyrights, mask work rights, trade secrets and
other legal protections. Employees obligation under this Section E will continue beyond the
termination of his employment with the Company, provided that the Company will compensate
him at a reasonable rate after such termination for time or expenses actually spent by him
at the Company’s request on such assistance. The Employee hereby irrevocably appoints the
Secretary of the Company as his attorney-in-fact to execute documents on his behalf for
this purpose.

	VII.	 	NON — COMPETITION

	 	A.	 	Non Competition. The Employee agrees and undertakes that he will not, so long
as he is employed by the Company and for a period of 24 months following termination of his
employment for whatever reason, directly or indirectly as owner, partner, joint venturer,
stockholder, employee, broker, agent principal, corporate officer, director, licensor or in
any other capacity whatever, engage in, become financially interested in, be employed by,
or have any connection with any business or venture that is engaged in activities competing
with products or services offered by the Company; provided, however, that
the Employee may own securities of any corporation which is engaged in such business and is
publicly owned and traded but in an amount not exceed at any one time, one percent of any
class of stock or securities of such company, so long as Employee has no active role in the
publicly owned and traded company as director, employee, consultant or otherwise.
	 
	 	B.	 	No Solicitation. Employee agrees and undertakes that during the period of his
employment and for a period of 24 months following termination, he will not, directly or
indirectly, including personally or in any business in which he is an officer, director or
shareholder, for any purpose or in any place, employ in any activity that competes with
Company’s activities, products or services offered by the Company, any key employee
employed by the Company or retained by the Company as a consultant on the date of such
termination or during the preceding twelve

 

 

	 	months. Employee agrees that during the period of his Employment with the Company and for
24 months thereafter, he will not solicit or encourage or cause others to solicit or
encourage any key employees of the Company to terminate their
employment with the Company.

	 	C.	 	Severability. If any one or more of the terms contained in this Section VII
shall, for any reason be held to be excessively broad with regard to time, geographic scope
or activity, the term shall be construed in a manner to enable it to be enforced to the
extent compatible with applicable law.

	VIII.	MISCELLANEOUS
	 
	 	A.	 	Governing Law. This Agreement shall be governed by and construed and enforced
in accordance with the laws of the State of Israel.
	 
	 	B.	 	Assignments. Employee may not assign or transfer any right, claim or obligation
provided herein. The Company may assign or transfer any right, claim or obligation provided
herein, provided that any right of the Employee under this Agreement shall not be
diminished.
	 
	 	C.	 	Notices. The addresses of the parties for the purposes of this Agreement shall
be as specified in the preamble hereto and/or any other address as notified by either party
to the other from time to time.
	 
	 	D.	 	Construction. Words in the masculine gender shall include the feminine and vice
versa.
	 
	 	E.	 	Entire Agreement. This Agreement contains the entire understanding of the
parties. There are no restrictions, agreements, promises, warranties, covenants or
undertakings between the parties with respect to the subject matter hereof.
	 
	 	F.	 	Amendments. This Agreement may not be altered, modified or amended except by a
written instrument signed by the parties.

IN WITNESS WHEREOF the parties have duly executed this Agreement as of the date first above
written:

	 	 	 	 	 	 	 	 	 
	/s/
Erez Golan
	 	 	 	/s/
Tami Sharbit-Bachar
	 	 
	 	 	 	 	 	 	 
	TOPSPIN MEDICAL (ISRAEL) LTD.	 	 	 	EMPLOYEE (Tami Sharbit-Bachar)	 	 
	By:

	 	Erez Golan
 

	 	 	 	 	 	 
	Title:

	 	CEO	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/
Eyal Kolka
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	TOPSPIN MEDICAL (ISRAEL) LTD.	 	 	 	 	 	 
	By:

	 	Eyal Kolka
 

	 	 	 	 	 	 
	Title:

	 	CFO	 	 	 	 	 	 

 

 

Exhibit A

	 	 	GENERAL APPROVAL REGARDING PAYMENTS BY EMPLOYERS TO A PENSION FUND AND INSURANCE FUND IN
LIEU OF SEVERANCE PAY
	 
	 	 	By virtue of my power under section 14 of the Severance Pay Law, 5723-1963
(hereinafter: the “Law”), I certify that payments made by an employer commencing from
the date of the publication of this approval publication for his employee to a
comprehensive pension benefit fund that is not an insurance fund within the meaning
thereof in the Income Tax (Rules for the Approval and Conduct of Benefit Funds)
Regulations, 5724-1964 (hereinafter: the “Pension Fund”) or to managers insurance
including the possibility of an insurance pension fund as aforesaid (hereinafter: the
“Insurance Fund), including payments made by him by a combination of payments to a
Pension Fund and an Insurance Fund (hereinafter: the “Employer’s Payments), shall be
made in lieu of the severance pay due to the said employee in respect of the salary from
which the said payments were made and for the period they were paid (hereinafter: the
“Exempt Salary”), provided that all the following conditions are fulfilled:

	(1)	 	The Employer’s Payments -

	 	(a)	 	to the Pension Fund are not less than 141/3% of the Exempt
Salary or 12% of the Exempt Salary if the employer pays for his employee in addition
thereto also payments to supplement severance pay to a benefit fund for severance pay
or to an Insurance Fund in the employee’s name in an amount of
21/3% of the Exempt Salary. In the event the employer has not
paid an addition to the said 12%, his payments shall be only in lieu of 72% of the
employee’s severance pay;
	 
	 	(b)	 	to the Insurance Fund are not less than one of the following:

	 	(1)	 	131/3% of the Exempt Salary, if the
employer pays for his employee in addition thereto also payments to secure
monthly income in the event of disability, in a plan approved by the
Commissioner of the Capital Market, Insurance and Savings Department of the
Ministry of Finance, in an amount required to secure at least 75% of the
Exempt Salary or in an amount of 21/2% of the Exempt
Salary, the lower of the two (hereinafter: “Disability Insurance”);
	 
	 	(2)	 	11% of the Exempt Salary, if the employer paid, in addition, a
payment to the Disability Insurance, and in such case the Employer’s Payments
shall only replace 72% of the Employee’s severance pay; In the event the
employer has paid in addition to the aforegoing payments to supplement
severance pay to a benefit fund for severance pay or to an Insurance Fund in
the employee’s name in an amount of 21/3% of the Exempt
Salary, the Employer’s Payments shall replace 100% of the employee’s severance
pay.

	(2)	 	No later than three months from the commencement of the Employer’s Payments, a written
agreement is executed between the employer and the employee in which -

	 	(a)	 	the employee has agreed to the arrangement pursuant to this approval in a text
specifying the Employer’s Payments, the Pension Fund and Insurance Fund, as the case
may be; the said agreement shall also include the text of this approval;

 

 

	 	(b)	 	the employer waives in advance any right which it may have to a refund of monies
from his payments, unless the employee has withdrawn monies from the Pension Fund or
Insurance Fund other than by reason of an entitling event; in such regard “Entitling
Event” means death, disability or retirement at after the age of 60.

	(3)	 	This approval is not such as to derogate from the employee’s right to severance pay
pursuant to any law, collective agreement, extension order or employment agreement, in
respect of salary over and above the Exempt Salary.

15th Sivan 5758 (9th June 1998).

 

 

AMENDMENT TO EMPLOYMENT AGREEMENT

This AMENDMENT TO EMPLOYMENT AGREEMENT is made and entered into in Tel Aviv effective as of April
1st 2004, by and between: TOPSPIN MEDICAL (ISRAEL) LTD., (“Company”); and Tami Sharbit
(“Employee”).

Notwithstanding section 3.1 of the EMPLOYMENT AGREEMENT between the parties dated February
6th 2003 and the raise in Employee salary effective as of January 1st 2004,
the monthly gross salary of Employee will be NIS 15,000 starting April 1st 2004.

Starting April 1st 2004 and during the term of the EMPLOYMENT AGREEMENT Employee shall
be entitled to the full time use of a Company vehicle. All the expenses in connection with the
maintenance and use of the said car shall be borne and paid by the Company. Employee hereby
undertakes to use the car reasonably and properly, as if he owned the car, and to return the car to
Company immediately upon the termination of the EMPLOYMENT AGREEMENT. For clarification purposes,
the parties agree that Employee shall gross up the value of the benefit to Employee in placing the
car at his disposal as aforesaid in the amount of the tax applicable to him in respect of the said
benefit. The Employee hereby covenants to pay and to bear any fine regarding parking violation,
traffic violation or any other violation, and to bear any expense with respect to any trial or
other proceeding thereto.

	 	 	 	 	 	 	 	 	 
	/s/ Erez Golan
	 	 	 	/s/
Tami Sharbit-Bachar
	 	 
	 	 	 	 	 	 	 
	TOPSPIN MEDICAL (ISRAEL) LTD.	 	 	 	EMPLOYEE (Tami Sharbit-Bachar)	 	 
	By:

	 	Erez Golan	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Title:

	 	CEO	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/
Eyal Kolka
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	TOPSPIN MEDICAL (ISRAEL) LTD.	 	 	 	 	 	 
	By:

	 	Eyal Kolka	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Title:

	 	CFO	 	 	 	 	 	 

 

 

SECOND
AMENDMENT TO EMPLOYMENT AGREEMENT

This AMENDMENT TO EMPLOYMENT AGREEMENT is made and entered into in Lod on the 7th day of
February 2005, by and between: TOPSPIN MEDICAL (ISRAEL) LTD. (“Company”) and Tami Sharbit
(“Employee”).

Starting February 7th 2005 and during the term of the EMPLOYMENT AGREEMENT Employee
shall be entitled to the full time use of a Company cellular phone. All the expenses in connection
with the maintenance and use of the said cellular phone shall be borne and paid by the Company,
subject to certain conditions and up to certain ceiling that may be decided by the Company from
time to time. Employee hereby undertakes to use the cellular phone reasonably and properly, as if
he owned the phone, and to return the phone to Company immediately upon the termination of this
Agreement. For clarification purposes, the parties agree that Employee shall gross up the value of
the benefit to Employee in placing the cellular phone at his disposal as aforesaid in the amount of
the tax applicable to him in respect of the said benefit.

In addition, starting February 1st 2005 employee shall be entitled to annual leave as
provided by the Annual Vacation Law, 5711-1951, or 20 days, the higher of the two, and such annual
leave shall be increased annually according to the Annual Vacation Law, 5711-1951. Leave may not be
accumulated for over 2 years, unless otherwise mutually agreed between the Company and the
employee, and Company shall be entitled to redeem leave at any time.

	 	 	 	 	 	 	 	 	 
	/s/
Erez Golan
	 	 	 	/s/
Tami Sharbit-Bachar
	 	 
	 	 	 	 	 	 	 
	TOPSPIN MEDICAL (ISRAEL) LTD.	 	 	 	EMPLOYEE (Tami Sharbit-Bachar)	 	 
	By:

	 	Erez Golan	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Title:

	 	CEO	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/
Eyal Kolka
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	TOPSPIN MEDICAL (ISRAEL) LTD.	 	 	 	 	 	 
	By:

	 	Eyal Kolka	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Title:

	 	CFO	 	 	 	 	 	 

 

 

AMENDMENT TO EMPLOYMENT AGREEMENT

     This Amendment to Employment Agreement is made and entered into effective as of April 27th,
2008 by and between TopSpin Medical (Israel) Ltd., of 2 Yodfat St., Lod 71291, Israel (the
“Company”) and Tami Sharbit-Bachar, of 19A Ramban St., Rishon Letzion, Israel (the “Employee”).

     WHEREAS, the Company and the Employee entered into a certain Employment Agreement dated as of
February 6, 2003, as amended (the “Employment Agreement”); and

     WHEREAS, the Company and the Employee wish to amend the Employment Agreement in the manner
provided below.

     NOW, THEREFORE, in consideration of the premises and the mutual promises herein made, and in
consideration of the representations, warranties, and covenants herein contained, the parties agree
as follows:

1. All terms not otherwise defined herein, shall have the meaning ascribed to them in the
Employment Agreement.

2. Effective as of July 1, 2008 (the “Effective Date”), the Employee’s Position shall change, and
she shall be employed as the Director of Finance of the Company and the Director of Finance and
Secretary of the Company’s parent corporation, TopSpin Medical, Inc.(the “Parent”).

3. From and after the Effective Date, the Employee’s Salary shall be increased, to a monthly gross
salary of NIS 32,000.

4. Notwithstanding Section 3.5 of the Employment Agreement, from and after the Effective Date the
Company’s contributions towards an education fund shall be 7.5% of the full Salary (whether or not
the Salary is higher than the recognized deductible cap by the Israeli tax authorities).

5. All other terms and conditions of the Employment Agreement shall remain unchanged and in full
force and effect.

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

	 	 	 	 	 	 	 	 	 
	/s/
Yaron Tal
	 	 	 	/s/
Tami Sharbit-Bachar
	 	 
	 	 	 	 	 	 	 
	TOPSPIN MEDICAL (ISRAEL) LTD.	 	 	 	EMPLOYEE (Tami Sharbit-Bachar)	 	 
	By:

	 	Yaron Tal	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Title:

	 	CEO	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/
Eyal Kolka
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	TOPSPIN MEDICAL (ISRAEL) LTD.	 	 	 	 	 	 
	By:

	 	Eyal Kolka	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Title:

	 	CFO

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