Document:

December 17, 1999

Mr. Itzhak Goldenberg
Noga Electrotechnica Limited

Re:      Magna-Lab, Inc.

Ladies and Gentlemen,

On  behalf  of  our  client,  Magna-Lab,   Inc.,  this  letter  sets  forth  our
understanding of the terms under which Noga  Electrotechnica  Limited and or its
affiliated entities  (collectively,  "Noga") will commit to invest $3,000,000 in
Magna-Lab.

1.       Upon execution of this letter,  Noga will make a nonrefundable  payment
         to  Magna-Lab of  $250,000.  This will entitle Noga to receive,  for no
         additional  consideration,  $250,000 worth of Magna-Lab  class A common
         stock  ("common  stock")  at $.22 per share if and only if all  further
         payments required to be made by Noga under this letter are timely made.

2.       Within  30 days of the date of  execution  of this  letter,  Noga  will
         purchase $250,000 worth of common stock of Magna-Lab at $.22 per share.

3.       Within  60 days of the date of  execution  of this  letter,  Noga  will
         purchase an additional  $250,000  worth of common stock of Magna-Lab at
         $.22 per share.

4.       By May 30, 2000, Noga will purchase an additional  $2,250,000  worth of
         common stock of Magna-Lab at $.22 per share (it being  understood  that
         Noga has the right to make partial payments prior to May 30, 2000 for a
         pro rata  number of  shares);  provided,  however,  that if,  for any 5
         consecutive  trading  days or any 10 trading  days in a 30 trading  day
         period,  the bid price of  Magna-Lab's  common stock closes at $2.00 or
         more per share at any time  after the date of this  letter and prior to
         May 30, 2000,  Magna-Lab shall thereafter have the right to demand,  by
         delivery  of  written  notice to Noga,  that  Noga pay such  $2,250,000
         amount  immediately.  Within 15 days of delivery of such  notice,  Noga
         shall pay to Magna-Lab such amount.

5.       Noga  shall have an  option,  exercisable  at any time prior to May 30,
         2000, to purchase such additional  number of shares of Magna-Lab common
         stock at $.22 per share as is  necessary  for  Magna-Lab to meet Nasdaq
         SmallCap Market minimum listing requirements.

6.       Upon  payment  of the  initial  $250,000  and for a period of two years
         after the date of this letter,  Noga shall have the right to nominate a
         number of directors  to  Magna-Lab's  board of directors  such that the
         total number of non  Noga-nominated  directors on the Board exceeds the
         number  of  Noga-nominated  directors  by one.  Noga  designates  Jerry
         Feldman as its initial nominee.

7.       Noga  understands  that  Magna-Lab is currently  seeking to raise up to
         $2,000,000  in a private  placement  not  involving  Noga. In the event
         Magna-Lab is required to pay to third  parties an  investment  banking,
         placement  agent or similar fee or  commission,  whether in the form of
         stock or cash (other than salary),  for monies raised in that offering,
         Magna-Lab  agrees to pay to Noga, for no additional  consideration,  an
         amount  equal  to the  amount  of  such  fee or  commission;  provided,
         however,  that the total amount of stock or options, if any, payable to
         Noga  and  such  third  parties  shall  not  exceed  7,000,000  shares.
         Notwithstanding  the  foregoing,  if less than the full  $2,000,000  is
         raised in the  private  placement  not  involving  Noga,  the number of
         shares of stock or options payable to Noga and such third parties shall
         be  proportionate to the amount of funds raised.  For example,  if Noga
         provides the full  $3,000,000  it has  committed  under this letter and
         such third parties raise only $1,000,000 in such  financing,  then Noga
         shall be entitled to 75% of the total stock and option  compensation an
         such third parties shall be entitled to the remaining 25%.

8.       Upon payment of the initial $250,000  hereunder,  Magna-Lab agrees that
         any single payment or withdrawal  from the company's bank account(s) of
         $2,000 or more shall  require the  signature  of Jerry  Feldman or such
         other individual designated by Noga and acceptable to Magna-Lab.

9.       During  the  period  ending  two  years  from the date of this  letter,
         Magna-Lab  agrees to (i) hold Board  meetings  at least once a month or
         such other interval as is reasonably  acceptable to the Noga-designated
         directors,  and (ii) provide to the Board  members an annual budget and
         monthly updates as well as a monthly business report.

10.      Set forth on  Schedule  A attached  hereto is a summary of  Magna-Lab's
         outstanding stock, on an actual and fully diluted basis.

11.      It is  contemplated  that a  stockholder  agreement  between  Noga  and
         certain  principal  stockholders of Magna-Lab will be entered into with
         respect to certain voting and other matters.

12.      Noga will provide  appropriate  investor  representations  necessary to
         establish  compliance  with US  Securities  laws with  respect  to this
         investment.

13.      All rights of Noga and all  agreements  of Magna-Lab  under this letter
         shall  terminate and be of no further force or effect in the event that
         Noga  fails  to  timely  pay  any  amount  required  to be  paid  by it
         hereunder.

This letter  agreement shall be governed by and construed in accordance with the
laws of the  State  of New  York  (without  giving  effect  to its  rules  as to
conflicts of law). This letter agreement  contains the entire agreement  between
the parties  relating  to the  subject  matter  hereof and  supersedes  all oral
statements and prior writings with respect  thereto.  This letter  agreement may
not be amended or modified  except by a writing  executed by each of the parties
hereto.  This letter  agreement may not be assigned by Noga without  Magna-Lab's
prior written  consent.  This letter  agreement may be executed in counterparts,
each of which will be deemed an original,  but all of which taken  together will
constitute one and the same instrument.

If the foregoing is acceptable to you,  please sign in the space  provided below
and return a copy of this letter by fax and mail to indicate your commitment. We
will  then  submit  the  proposal  to  Magna-Lab's  board of  directors  for its
approval.  This  letter  will not be  binding on either  party  unless and until
signed by both  parties  and  approved by each  party's  board of  directors  or
comparable governing body.

Sincerely,

GRAHAM & JAMES LLP

By: /s/Irwin M. Rosenthal
    ---------------------
    Irwin M. Rosenthal

AGREED: NOGA ELECTROTECHNICA LIMITED

        By: /s/Itzak Goldenberg
            -------------------
            Print Name: Itzak Goldenberg
            Print Title: Managing Director

AGREED: MAGNA LAB, INC.

        By: /s/Irwin M. Rosenthal
        ---------------------
            Print Name: Irwin M. Rosenthal
            Print Title: DirectorALLAN PERRES

December 20, 1999

Mr. Irwin Rosenthal
Attorney for Magna-Lab, Inc.
Graham & James, LLP
885 Third Avenue, 21st Floor
New York, NY 10022

RE:  Magna-Lab Transaction with Noga

Dear Mr. Rosenthal:

We are in receipt of a letter  written to Mr. Itzhak  Goldenberg  dated December
17, 1999 in which the terms of a working agreement are described.

Pursuant  to your  request,  this letter is to inform you and the Magna board of
directors that: 1) we understand that our group will be issued one board seat on
Magna's board of directors if our fundraising does not exceed $2 million and, 2)
that we  understand  the terms  described in paragraph #7 of the subject  letter
which  indicates that the amount of shares and/or  options  granted to our group
and to Noga will coincide with total funds raised.

Sincerely,

/s/Allen Perres
Allen PerresMagna-Lab Inc.

P.O. Box 780
Syosset, NY 11791
(516) 393 5874
Writers Direct Dial: (516) 869 8265
Writers Mobile Phone: (516) 241 8523

January 24, 2000

Ms. Sharon Mias
Administrator,
Cardiovascular Institute, Mount Sinai Medical Center
One Gustave Levy Plaza
New York, NY 10029-6574

Dear Ms. Mias:

The  purpose of this  letter is to confirm  the  conclusions  of our  meeting on
January 9, 2000 relative to our May 1997  Collaborative  Research Agreement with
The Mount Sinai School of Medicine (the "Agreement").

At that meeting we agreed to modify the payment terms referred to in Section 2.4
of the Agreement to more appropriately reflect the status of the work efforts as
follows:

     $300,000 upon signing of this agreement (amount enclosed) and then
     No payment at the end of April 2000 and then
     $150,000  at the end of July and  October  2000 and  January and April 2001
     (total $600,000).

When added to the $600,000  already paid under the project,  this  schedule will
result in the total  payments of $1,500,000  being made and will reflect  actual
differences in the scheduling of the work vs. that  scheduling  contemplated  by
the Agreement.

If this  correctly  reflects  our  discussion,  would you kindly  indicate  your
agreement below. Thank you.

Sincerely,
Magna-Lab Inc.

/s/Lawrence A. Minkoff
Lawrence A. Minkoff, Ph.D., President

Agreed:
Mount Sinai School of Medicine

/s/Sharon Mias
---------------
Sharon Mias, AdministratorMagna-Lab Inc

6800 Jerihco Turnpike, Suite 200
Syosset, NY 11791
(516) 393 5874
Writers Direct Dial

AMENDMENT
---------

March 7, 2000

Noga Investments in Technologies Ltd.
Netanya, Israel

Re:    Magna-Lab, Inc.

Dear Sirs;

We  refer  to  the  letter   agreement   between   Magna-Lab,   Inc.   and  Noga
Electrotechnica Ltd., dated December 17, 1999 (the "Agreement"),  it being noted
that Noga  Electrotechnica Ltd. has transferred its rights and obligations under
the Agreement to Noga Investments in Technologies Ltd.

Kindly  confirm by  countersigning  this letter and  returning it to  Magna-Lab,
Inc.,  that paragraph 6 of the Agreement is replaced by the following  paragraph
6:

QUOTE:
         6.       Upon  payment  of the  initial  $250,000,  Noga shall have the
                  right to nominate one (1) of six (6) directors to  Magna-Lab's
                  board of  directors.  If, as and when Noga will have  invested
                  the full sum of  $3,000,000  in common stock of Magna-Lab  and
                  paid the said sum of $3,000,000 in full to Magna-Lab, then for
                  a period of two years,  commencing on December 17, 1999,  Noga
                  shall  have the right to  nominate  a number of  directors  to
                  Magna-Lab's  board of directors  such that the total number of
                  non  Noga-nominated  directors on the Board exceeds the number
                  of  Noga-nominated  directors by one.  Noga  designates  Jerry
                  Feldman as its initial nominee.
UNQUOTE

AGREED: MAGNA-LAB, INC.

       By: /s/Daniel M. Mulvena
           ----------------------------------
              Print Name:  Daniel M. Mulvena
              Print Title:    Chairman and CEO

AGREED: NOGA INVESTMENTS IN TECHNOLOGIES LTD

       By: /s/Eli Uzan  /s/Itzhak Goldenberg
           --------------------------------------
              Print Names: (1) Eli Uzan, (2) Itzhak Goldenberg
              Print Titles: (1) Chairman, (2) Managing Director

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