Document:

Exhibit 10.10

AMENDMENT TO LOAN AGREEMENT

First Amendment (this “Amendment”) dated as of October

24, 2002 but effective as of September 30, 2002 between MEDIS TECHNOLOGIES LTD.

(the “Borrower”) and FLEET NATIONAL BANK (the “Bank”).

WHEREAS, the Borrower and the Bank are parties to a

Loan Agreement dated as of December 29, 2000 (the “Agreement”); and

WHEREAS, the Borrower has requested that the Bank

amend, and the Bank has agreed to amend certain provisions of the Agreement.

NOW, THEREFORE, the parties hereto hereby agree as

follows:

1.             All capitalized terms used herein,

unless otherwise defined herein, have the same meanings provided therefor in

the Agreement.

2.             The definition of Termination Date as

defined in Section 1.1 (Defined Terms) of the Agreement is hereby amended it

its entirety to read as follows:

“Termination Date” shall mean December 26, 2003 or, if

such date is not a Business Day, the Business Day next succeeding such date.

3.             The Borrower hereby represents and

warrants to the Bank that:

(a)           Each

and every of the representations and warranties set forth in the Agreement

and/or the documents executed pursuant thereto or in connection therewith is

true as of the date hereof and with the same effect as though made on the data

hereof, and is hereby incorporated herein in full by reference as if fully

restated herein in its entirety.

(b)           No

Default or Event of Default and no event or condition which, with the giving of

notice or lapse of time or both, would constitute such a Default or Event of

Default, now exists or would exist.

4.             All obligations in connection with the

Agreement are and shall continue to be (i) secured by the collateral

referenced in the Agreement and more fully described in one or more pledge

agreements in favor of the Bank and (ii) guaranteed by the Guarantors

referenced in the Agreement pursuant to Guarantees in favor of the Bank.

5.             By their execution of this amendment in

the space provided below, each of the guarantors indicated below hereby consent

to this Amendment and reaffirm their continuing liability under their

respective guarantees, in respect of the Agreement as amended hereby and all

the documents, instruments and agreements executed pursuant thereto or in

connection therewith, without offset, defense or counterclaim (any such offset;

defense or counterclaim as may exist being hereby irrevocably waived by such

guarantors).

 

6.             The amendments set forth herein are

limited precisely as written and shall not be deemed to (a) be a consent

to or a waiver of any other term or condition of the Agreement or any of the

documents referred to therein or (b) prejudice any right or rights which

the Bank may now have or may have in the future under or in connection with the

Agreement or any documents referred to therein.  Whenever the Agreement is referred to in the Agreement or any of

the instruments, agreements or other documents or papers executed and delivered

it connection therewith, it shall be deemed to mean the Agreement as modified

by this Amendment.

7.             This Amendment shall be effective as of

the date first above written; provided that this Amendment shall not be

effective unless and until (i) the Bank shall have received counterparts

of this Amendment duly signed by the Borrower and Guarantors, (ii) the

Borrower shall have paid all the fees and expenses of the Bank’s outside

counsel in connection with the preparation and negotiation of this Amendment,

which fees are estimated at $1,000.00 plus out-of-pocket expenses and

(iii) the Bank shall have received evidence of such proper corporate

organization, existence, authority and appropriate corporate proceedings with

respect to the Borrower and the matters addressed by this Amendment and the

documents, instruments and agreements executed pursuant hereto or in connection

herewith, and such other certificates, instruments, and documents as the Bank

shall reasonably request.

8.             This Amendment may be executed by the

parties hereto individually or in any combination, in one or more counterparts,

each of which shall be an original and all of which shall together constitute

one and the same agreement.

IN WITNESS WHEREOF, the parties hereto have caused

this Amendment to be duly executed and delivered by their respective duly

authorized officers as of the date first above written.

	

   

  	

  MEDIS TECHNOLOGIES LTD.

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Howard Weingrow

  
	

   

  	

   

  	

  Name:

  
	

   

  	

   

  	

  Title:  President

  
	

   

  	

   

  
	

   

  	

  FLEET NATIONAL BANK

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Susan S. Mathes

  
	

   

  	

   

  	

  Name:  Susan S. Mathes

  
	

   

  	

   

  	

  Title:  Vice President

  

 

 

2

 

Each of the guarantors indicated below hereby consent

to this Amendment and reaffirm their continuing liability under their

respective guarantees in respect of the Agreement as amended hereby and all the

documents, instruments and agreements executed pursuant thereto or in

connection therewith, without offset, defense or counterclaim (any such offset,

defense or counterclaim as may exist being hereby irrevocably waived by such

guarantors).

	

   

  	

  PLAZA HOTEL MANAGEMENT COMPANY

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Howard

  Weingrow

  
	

   

  	

   

  	

  Name:

  
	

   

  	

   

  	

  Title: 

  Partner

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  /s/ Howard

  Weingrow

  
	

   

  	

   

  	

  Howard Weingrow, Individually

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  /s/ Robert

  Lifton

  
	

   

  	

   

  	

  Robert Lifton, Individually

  

 

3Exhibit 10.1

 

AMENDED AND RESTATED

INDEPENDENT CONTRACTOR CONSULTING AGREEMENT

 

This

AMENDED AND RESTATED INDEPENDENT CONTRACTOR CONSULTING AGREEMENT (“Agreement”)

is entered into as of October 1, 2002 between California Coastal Communities,

Inc., a Delaware corporation (the “Company”) and GSSW-REO, L.L.C., a Texas

limited liability company (“GSSW”).

 

WHEREAS, the Company and GSSW initially

entered into an Independent Contractor Consulting Agreement dated as of May 20,

1998, an Extension and Modification of Independent Contractor Consulting

Agreement dated as of December 7, 1999 and a Second Extension and

Modification of Independent Contractor Consulting Agreement dated as of April

30, 2001 (collectively, the “Prior Agreement”) through which GSSW has provided

various consulting capacities to the Company and the Company has obtained

various consulting services by GSSW; and

 

WHEREAS, the Company and

GSSW have agreed to amend and restate, in its entirely, the Prior Agreement by

executing and delivering this Agreement to memorialize the terms and conditions

of the above described relationship.

 

NOW, THEREFORE, in consideration

of the foregoing and the mutual covenants and obligations set forth herein, the

parties hereto, intending to be legally bound, hereby agree as follows:

 

1.             Term.  The Company agrees to engage GSSW and GSSW

agrees to provide consulting services to the Company, in accordance with the

terms of this Agreement, until April 30, 2003, subject to further extensions,

if any.

 

2.             Consulting Services.  GSSW hereby agrees to designate Thomas W.

Sabin as its representative to provide the consulting services (“Consultant”),

on a non-exclusive basis, which consulting services to the Company, including

without limitation the following:

 

•                                            developing and

implementing a strategic plan for the Company, consistent with the directives

established by the Company’s Board of Directors;

 

•                                            reviewing and

commenting on individual development projects and strategic opportunities,

including without limitation, financing and equity structures applicable

thereto;

 

•                                            assisting in

analysis of alternative approaches to maximizing the value of the Company’s

business and opportunities;

 

•                                            providing

motivational advice and counsel to the Company’s staff; and

 

•                                            assisting in

sourcing new and continuing development opportunities for the Company and

procuring staff to support such opportunities.

 

1

 

3.             Independent Contractor Status.  This Agreement is not intended to be an

employment agreement and there does not exist any intent to create any

employment relationship between the Company, GSSW or Consultant.  At all times during the term of this

Agreement, GSSW shall be an independent contractor as the consulting services

are rendered through Consultant.  GSSW

shall be solely responsible for all federal, state and local taxes,

withholdings and related obligations which may arise from any payments from the

Company to GSSW hereunder, and, except for the amounts to be paid pursuant to

the terms of Sections 5 and 14 below, Company shall not be liable or

responsible for any payment whatsoever to GSSW or Consultant, including without

limitation, any federal and state income tax obligations and contributions to

social security, disability and workers’ compensation insurance benefits.  GSSW agrees that GSSW will indemnify, defend

and hold the Company harmless from and against any and all claims or liability

arising out of or in connection with any alleged failure by GSSW to satisfy any

such obligations.

 

4.             Compensation. Until April

30, 2003, the Company hereby agrees to pay GSSW compensation at the monthly

rate of Ten Thousand Dollars ($10,000.00).

 

5.             Termination.  This Agreement may be terminated by either

party, without cause, upon thirty (30) days prior written notice.

Notwithstanding the foregoing, GSSW shall not be terminated for cause unless

and until GSSW has received written notice of a proposed termination for cause

and GSSW has had an opportunity to be heard before at least a majority of the

number of members of the Board of Directors of the Company authorized to take

such action.  GSSW shall be deemed to

have had such an opportunity if given written notice of telephonic notice by

any director at least three (3) business days in advance of a meeting of the

Board of Directors of the Company called for the purpose of such hearing.

 

6.             Entire Agreement.  This Agreement contains the entire agreement

between the parties with respect to the subject matter hereof.  This Agreement supersedes any and all prior

agreements and understandings between the parties hereto respecting the subject

matter hereof.

 

7.             Changes.  The terms and provisions of this Agreement

may not be modified or amended except pursuant to the written consent of the

GSSW and of the Company.  The waiver by

either party of any breach of any provision of this Agreement by the other

party shall not operate or be construed as a waiver of any subsequent breach.

 

8.             Assignability.  The obligations of GSSW may not be delegated

by GSSW or Consultant and the designation of the Consultant shall not be

changed without the prior written consent of the Company, which consent may be

withheld by the Company in its sole and absolute discretion.  Any such attempted delegation or change

shall be null and void ab  initio and without effect.  This Agreement and all of the Company’s

rights and obligations hereunder may be assigned or transferred by the Company

to, and shall be binding upon and inure to the benefit of, any subsidiary of

the Company or any successor to the Company.

 

9.             Notices.  All notices, requests, consents and other

communications hereunder to either party shall be deemed to be sufficient if

contained in a written instrument delivered in person, duly sent by first class

registered or certified airmail, postage prepaid, or telecopied or telexed

addressed to such party at his or its address as set forth below.  All such notices, requests, consents and

communications shall be deemed to have been delivered (a) in the case of

personal delivery, on the date of such delivery, (b) in the case of telex

or facsimile transmission, on the date on which the sender receives machine

confirmation of such transmission, and (c) in the case of mailing, on the

 

2

 

fifth

(5th) business day following the date of such mailing.  Either party may change the address to which

notices, requests, consents and other communications hereunder shall be sent by

sending written notice of such change of address to the other party.

 

	

  If

  to the Company:

  	

   

  	

  California

  Coastal Communities, Inc.

  
	

   

  	

   

  	

  6

  Executive Circle, Suite 250

  
	

   

  	

   

  	

  Irvine,

  California 92614

  
	

   

  	

   

  	

  Attention:  Raymond J. Pacini

  
	

   

  	

   

  	

  Telephone:

  (949) 250-7781

  
	

   

  	

   

  	

  Facsimile:  (949) 261-6550

  

 

	

  If

  to GSSW and/or Consultant:

  	

   

  	

  GSSW,

  REO, L.L.C.

  
	

   

  	

   

  	

  Lincoln

  Plaza

  
	

   

  	

   

  	

  500

  N. Akard, Suite 328

  
	

   

  	

   

  	

  Dallas,

  Texas  75201

  
	

   

  	

   

  	

  Telephone:

  (214) 954-8701

  
	

   

  	

   

  	

  Facsimile:  (214) 954-8704

  

 

10.           Governing Law.  This Agreement shall be governed by, and

construed in accordance with, the laws of the state of California, without

regard to the conflicts of law provisions thereof.  While governed by the laws of the state of California, GSSW and

Consultant shall be deemed to perform this Agreement and the services

contemplated by this Agreement in and from the state of Texas, in which both

GSSW and Consultant shall be and remain resident and domiciled for purposes of

this Agreement.  In no event shall the

performance of the consulting service by GSSW require either GSSW or Consultant

to be or become resident or domiciled in the state of California.

 

11.           Counterparts.  This Agreement may be executed in any number

of counterparts, and each such counterpart shall be deemed to be an original

instrument, but all such counterparts together shall constitute but one

agreement.

 

12.           Headings.  The headings of the various sections of this

Agreement have been inserted for convenience of reference only and shall not be

deemed to be part of this Agreement.

 

13.           Severability.  Any provision of this Agreement that is

prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,

be ineffective to the extent of such prohibition or unenforceability.  Such prohibition or unenforceability in any

one jurisdiction shall not invalidate or render unenforceable such provision in

any other jurisdiction.  Any provision

of this Agreement that is prohibited or unenforceable by reason of its temporal

duration or geographical scope shall be deemed to be changed to the longest

duration and widest geographical scope that is enforceable.

 

14.           Expenses. GSSW shall be

reimbursed for all reasonable out-of-pocket expenses incurred incident to the

performance of the consulting services of GSSW contemplated by this Agreement

such as travel, hotel, telephone and similar expenses, subject to delivery of

an itemized invoice therefor.

 

15.           Representations and Warranties of

GSSW.  GSSW hereby represents,

warrants and agrees to the following:

 

3

 

 

(a)  None of the payments that

will be made by the Company to GSSW under this Agreement and/or the Prior

Agreement (“Payments”) during this calendar year, any subsequent calendar year

or during any of the past three (3) calendar years will exceed or has exceeded

(i) 5% of GSSW entities' consolidated gross revenues during such calendar year;

or (ii) $200,000, whichever is greater (“Excess Payment”).  In the event that any Excess Payment should

be determined to exist, GSSW agrees to promptly remit to the Company the amount

of such Excess Payment.

 

(b)  The Payments received by

GSSW are deposited into its general accounts and are not paid or otherwise

distributed to Consultant, and Consultant is not paid a bonus or otherwise

financially rewarded by virtue of the consulting services he performs on GSSW’s

behalf pursuant to this Agreement.

 

 

IN WITNESS

WHEREOF, the parties hereto have executed this Agreement as of

the date first above written.

 

	

   

  	

   

  	

  CALIFORNIA

  COASTAL COMMUNITIES, INC.

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By

  	

   /s/ Raymond J. Pacini

  
	

   

  	

   

  	

   

  	

  Raymond

  J. Pacini

  
	

   

  	

   

  	

   

  	

  Chief

  Executive Officer

  

 

 

	

   

  	

   

  	

  GSSW-REO,

  L.L.C.,

  
	

   

  	

   

  	

  a

  Texas limited liability company

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By

  	

   /s/ J. Kevin Rucker

  
	

   

  	

   

  	

   

  	

  Name:

  J. Kevin Rucker

  
	

   

  	

   

  	

   

  	

  Title:

  Manager of Financial Operations

  

 

4

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