Document:

20-F

EXHIBIT 10.1  

CONSENT OF INDEPENDENT
AUDITORS

        We
consent to the incorporation by reference in the Registration Statements on Form S-8 (File
No. 333-116429), pertaining to On Track Innovations Ltd.‘s 2001 Share Option Plan,
2001 Employee Share Purchase Plan and 1995 Share Option Plan, Forms F-3 (File Nos.
333-111770, 333-115953 and 333-121316) and related Prospectus of On Track Innovations Ltd.
and its subsidiaries contained in each of the aforementioned registration statements of
our report dated March 28, 2003 with respect to the consolidated financial statements of
On Track Innovations Ltd. and its subsidiaries for the year ended December 31, 2002
included in this Annual Report on Form 20-F for the year ended December 31, 2004. 

	May 1, 2005 	Luboshitz Kasierer 
	  	  
	Tel-Aviv, Israel 	An affiliate member of Ernst & Young International 

8020-F

EXHIBIT 10.2  

CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM 

        We
consent to the incorporation by reference in the Registration Statements on Form S-8 (File
No. 333-116429), pertaining to On Track Innovations Ltd.‘s 2001 Share Option Plan,
2001 Employee Share Purchase Plan and 1995 Share Option Plan, Forms F-3 (File Nos.
333-111770, 333-115953 and 333-121316) of On Track Innovations Ltd. and its subsidiaries
of our report dated March 25, 2005 with respect to the consolidated balance sheets of On
Track Innovations Ltd. and its subsidiaries (the “Company”) as of December 31,
2004 and 2003 and the related consolidated statements of operations, shareholders’
equity and comprehensive loss and cash flows for the year then ended included in the
Company’s Annual Report on Form 20-F for the year ended December 31, 2004. 

Somekh Chaikin 

A member of KPMG
International 

Tel Aviv, May 1, 2005 

81February 13, 2001

April 28, 2005

 

Technitrol, Inc.

1210 Northbrook Drive, Suite 470

Trevose, PA  19053

 

AMI Doduco, Inc.

Murray Corporate Park

1003 Corporate Drive

Export, PA  15632

 

Gentlemen:

Upon your acceptance of the terms of this letter agreement as evidenced by your execution and delivery to Fleet Precious Metals Inc. d/b/a Bank of America Precious Metals (the "Consignor"), on or before the date hereof, of a copy of this letter, Technitrol, Inc. and AMI Doduco, Inc. (f/k/a Advanced Metallurgy, Incorporated) (collectively, the "Customer") and the Consignor agree, effective as of the date hereof to amend the fifth sentence of Paragraph 1 of that certain Consignment Agreement dated as of November 18, 1997, by and between the Consignor and the Customer, as the same may have been heretofore amended (as amended, the "Consignment Agreement"), to read as follows:

At no time shall the value of consigned commodities exceed (i) $35,000,000; (ii) such limit as the parties may agree upon; or (iii) such limit as Consignor may approve in its sole discretion ("Consignment Limit").

Except as amended hereby, the Consignment Agreement and all agreements securing the Consignment Agreement shall remain in full force and effect and are in all respects hereby ratified and affirmed.

Sincerely,

Fleet Precious Metals Inc.

D/B/A BANK OF AMERICA

PRECIOUS METALS INC.

Consignor

By:  /s/ David R. Vega

David R. Vega

Senior Vice President

Accepted and agreed as OF THE

28th day of APRIL, 2005.

TECHNITROL, INC.

Customer

By:  /s/ James M. Papada

James M. Papada

CEO & President

 

AMI DODUCO, INC.

Customer

By:  /s/ Drew A. Moyer

Drew A. Moyer

Secretary

 

The above signatory has the authority to execute the above amendment on behalf of Technitrol, Inc.

TECHNITROL, INC.

By: /s/ Ann Marie Janus

Ann Marie Janus

Corporate Secretary

 

The above signatory has the authority to execute the above amendment on behalf of AMI Doduco, Inc.

AMI DODUCO, INC.

By: /s/ Drew A. Moyer

Drew A. Moyer

SecretaryAgreement between the Company and Tracy Y. Wan

 Exhibit 10.16 
  
 Sharper Image Corporation 
 650 Davis Street 
 San Francisco, CA 94111 
  
 October 20, 2003 
  
 Tracy Wan 
 c/o Sharper Image Corporation 
 650 Davis Street 
 San Francisco, CA 94111 
  
 Re: Continuation of Medical Benefits 
  
 Dear Tracy: 
  
 We are pleased to advise you that Sharper Image Corporation (the “Company”) is committed to ensuring that you continue to have
medical benefit insurance following your termination of employment with the Company. This benefit continuation program reflects both your length of service with the Company, since 1988, and your progressively increasing levels of executive
responsibility to President and Chief Operating Officer. 
  
 Specifically, if you, or any of your dependents, are participating in any Company-sponsored group health plan (including dental plans, but excluding life and disability) as of the date of your termination of
employment with the Company and such plans continue in effect for active employees of the Company, the Company will continue coverage thereunder (under the terms applicable to senior executives) or under another plan or policy which provides similar
coverage and will pay any premiums thereunder until the earlier of (a) the date you become eligible for medical insurance benefits from another employer or (b) the date you are eligible for Medicare, currently estimated at age 65, and in the case of
any child dependent through the date he or she would be covered under the Company plans in effect as of your date of termination. 
  
 If you terminate employment other than by reason of death before your 50th birthday, at your election, either (i) the amount payable by the Company in support of health care benefits will be an amount equal to the amount for such
coverage multiplied by a fraction, the numerator of which is the number of days of your employment beginning on and including the date you began employment with the Company and ending on and including the date of your termination of employment and
the denominator of which is the number of days beginning on and including the employment commencement date and ending on and including your 50th birthday or (ii) you may choose to begin full healthcare continuation coverage at age 50. 
  
 If a Change of Control (as defined below) of the Company occurs while you are still employed with the Company, the Company shall establish
a grantor trust, which substantially complies with the requirements of Rev. Proc. 92-64 (or its successor), into which the Company shall, within 30 days of the effectiveness of a Change in Control, deposit the then present value of your
post-retirement medical benefits. If you are not employed with the Company at the effective time of a Change of Control and have not previously received a lump sum payment, you may elect to either (i) receive, within 30 days of the effectiveness of
a Change of Control, a lump sum cash payment equal to the then present value of the cost of continued coverage in lieu of having the Company continue to provide health care benefits or (ii) continue health coverage hereunder and require the Company
to establish and fund a grantor trust in support of your continued benefit coverage. 

 For purposes of the foregoing, a “Change of Control” shall mean: 
  
 (i) the acquisition, directly or indirectly,
by any person or related group of persons (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) of beneficial ownership (as defined in Rule 13d-3 of the Exchange Act,
except that a person shall be deemed to be the “beneficial owner” of all shares that any such person has the right to acquire pursuant to any agreement or arrangement or upon exercise of conversion rights, warrants, options or otherwise,
without regard to the sixty day period referred to in such Rule) of securities that results in such person or related group of persons beneficially owning securities representing 50% or more of the combined voting power of the Company’s then
outstanding securities). 
  
 (ii)
a merger, consolidation or similar transaction to which the Company is a party or the sale, transfer or other disposition of all or substantially all of the Company’s assets, unless (A) securities representing at least 50% of the combined
voting power of the then outstanding securities of the surviving entity or the entity acquiring the Company’s assets, as the case may be, or a parent thereof, are immediately thereafter beneficially owned, directly or indirectly and in
substantially the same proportions, by persons who beneficially owned the Company’s outstanding voting securities immediately before the transaction, (B) the directors of the Company immediately before the transaction constitute, upon the
closing of the transaction, at least a majority of the board of directors of the surviving entity or the entity acquiring the Company’s assets, as the case may be, or the ultimate parent thereof (for this purpose, treating any change in board
of director composition that is anticipated or pursuant to an understanding or agreement in connection with the transaction as deemed to have occurred at the time of the transaction) and (C) no person or group of related persons (as such terms are
used in Sections 13(d) and 14(d) of the Exchange Act) other than the Executive acquires securities representing 30% or more of the combined voting power of the then outstanding securities of the surviving entity or the entity acquiring the
Company’s assets, or a parent thereof, as the case may be; and 
  
 (iii) a change in the composition of the Board of Directors of the Company over a period of thirty-six months or less such that the majority of the Board of Directors ceases by reason of one or
more contested elections for Board of Directors membership, to be comprised of individuals who either (A) have been members of the Board of Directors since the beginning of such period or (B) have been elected or nominated for election during such
period by at least a majority of the members who were described in clause (A) or who were previously so elected or approved and who were still in office at the time the Board of Directors approved such election or nomination. 
  

			
	 	 	 Sincerely,

	
	 Sharper Image Corporation

		
	 By:
	 	  

	 	 	 Richard Thalheimer

  

	
	 Accepted:

	
	  

	 Tracy Wan

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