Document:

EXHIBIT 10.1

INDEMNIFICATION AGREEMENT

          INDEMNIFICATION AGREEMENT, effective as of
[          ][          ],
200[  ], by and between AngioDynamics, Inc., a Delaware corporation
(the “Company”), and [          ]
(the “Indemnitee”).

          WHEREAS, it is essential to the Company to
retain and attract as directors and officers the most capable persons
available; and 

          WHEREAS, the Indemnitee is a director or
officer of the Company; and

          WHEREAS, both the Company and the
Indemnitee recognize the increased risk of litigation and other claims being
asserted against directors and officers of public companies in today’s
environment; and

          WHEREAS, the Certificate of Incorporation
and By-laws of the Company require the Company to indemnify and advance
expenses to its directors and officers to the fullest extent permitted by law
and the Indemnitee has been serving and continues to serve as a director or
officer of the Company in part in reliance on such provisions of the Certificate
of Incorporation and By-laws of the Company; and

          WHEREAS, in recognition of Indemnitee’s
need for substantial protection against personal liability in order to enhance
Indemnitee’s continued service to the Company in an effective manner and Indemnitee’s
reliance on the aforesaid provisions of the Certificate of Incorporation and
By-laws of the Company, and in part to provide Indemnitee with specific
contractual assurance that the protection promised by such provisions of the
Certificate of Incorporation and By-laws of the Company will be available to
Indemnitee (regardless of, among other things, any amendment to or revocation
of such provisions or any change in the composition of the Company’s Board of
Directors or acquisition transaction relating to the Company), the Company
wishes to provide in this Agreement for the indemnification of and the
advancing of expenses to Indemnitee to the fullest extent (whether partial or
complete) permitted by law and as set forth in this Agreement and for the continued
coverage of Indemnitee under the Company’s directors’ and officers’ liability
insurance policies.

          NOW, THEREFORE, in consideration of the
premises and of the Indemnitee continuing to serve the Company directly or, at
its request, another enterprise, and intending to be legally bound hereby, the
parties hereto agree as follows: 

	
   

  	
   

  	
   

  
	
  1.

  	
  Certain
  Definitions:

  
	
   

  	
   

  
	
   

  	
  (a)

  	
  Change in
  Control: shall be deemed to have occurred if (i) any
  “person” (as such term is used in Sections 13(d) and 14(d) of the Securities
  Exchange Act of 1934, as amended (the “Exchange Act”)), other than a trustee
  or other fiduciary holding securities under an employee benefit plan of the
  Company or a corporation owned directly or indirectly by the 

  

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  stockholders
  of the Company in substantially the same proportions as their ownership of
  stock of the Company, is or becomes the “beneficial owner” (as defined in
  Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
  the Company representing 20% or more of the total voting power represented by
  the Company’s then outstanding Voting Securities, or (ii) during any period
  of two consecutive years, individuals who at the beginning of such period
  constitute the Board of Directors of the Company and any new director whose
  election by the Board of Directors or nomination for election by the
  Company’s stockholders was approved by a vote of at least two-thirds (2/3) of
  the directors then still in office who either were directors at the beginning
  of the period or whose election or nomination for election was previously so
  approved, cease for any reason to constitute a majority thereof, or (iii) the
  stockholders of the Company approve a merger or consolidation of the Company
  with any other corporation, other than a merger or consolidation which would
  result in the Voting Securities of the Company outstanding immediately prior
  thereto continuing to represent (either by remaining outstanding or by being
  converted into Voting Securities of the surviving entity) at least 80% of the
  total voting power represented by the Voting Securities of the Company or
  such surviving entity outstanding immediately after such merger or
  consolidation, or the stockholders of the Company approve a plan of complete
  liquidation of the Company or an agreement for the sale or disposition by the
  Company of (in one transaction or a series of transactions) all or
  substantially all the Company’s assets.

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Claim:
  any threatened, pending or completed action, suit or proceeding, or any
  inquiry or investigation, whether instituted by the Company or any other
  party, that Indemnitee in good faith believes might lead to the institution
  of any such action, suit or proceeding, whether civil, criminal,
  administrative, investigative or other.

  
	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  Expenses:
  include attorneys’ fees and all other costs, expenses and obligations paid or
  incurred in connection with investigating, defending, being a witness in or
  participating in (including on appeal), or preparing to defend, be a witness
  in or participate in, any Claim relating to any Indemnifiable Event.

  
	
   

  	
   

  	
   

  
	
   

  	
  (d)

  	
  Indemnifiable
  Event: any event or occurrence related to the fact that Indemnitee is or was
  a director, officer, employee, agent or fiduciary of the Company, or is or
  was serving at the request of the Company as a director, officer, employee,
  trustee, agent or fiduciary of another corporation, partnership, joint
  venture, employee benefit plan, trust or 

  

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  other
  enterprise, or by reason of anything done or not done by Indemnitee in any such
  capacity.

  
	
   

  	
   

  	
   

  
	
   

  	
  (e)

  	
  Independent
  Legal Counsel: an attorney or firm of attorneys, selected in accordance with
  the provisions of Section 3, who shall not have otherwise performed services
  for the Company or Indemnitee within the last five years (other than with
  respect to matters concerning the rights of Indemnitee under this Agreement,
  or of other indemnitees under similar indemnity agreements).

  
	
   

  	
   

  	
   

  
	
   

  	
  (f)

  	
  Reviewing
  Party: any appropriate person or body consisting of a member or members of
  the Company’s Board of Directors or any other person or body appointed by the
  Board who is not a party to the particular Claim for which Indemnitee is
  seeking indemnification, or Independent Legal Counsel.

  
	
   

  	
   

  	
   

  
	
   

  	
  (g)

  	
  Voting
  Securities: any securities of the Company which vote generally in the
  election of directors.

  
	
   

  	
   

  	
   

  
	
  2.

  	
  Basic
  Indemnification Arrangement. 

  
	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  In the event
  Indemnitee was, is or becomes a party to or witness or other participant in,
  or is threatened to be made a party to or witness or other participant in, a
  Claim by reason of (or arising in part out of) an Indemnifiable Event, the
  Company shall indemnify Indemnitee to the fullest extent permitted by law as
  soon as practicable but in any event no later than thirty days after written
  demand is presented to the Company, against any and all Expenses, judgments,
  fines, penalties and amounts paid in settlement (including all interest,
  assessments and other charges paid or payable in connection with or in
  respect of such Expenses, judgments, fines, penalties or amounts paid in
  settlement) of such Claim. If so requested by Indemnitee, the Company shall
  advance (within two business days of such request) any and all Expenses to
  Indemnitee (an “Expense Advance”). Notwithstanding anything in this Agreement
  to the contrary, Indemnitee shall not be entitled to indemnification pursuant
  to this Agreement in connection with any Claim initiated by Indemnitee unless
  the Board of Directors has authorized or consented to the initiation of such
  Claim.

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Notwithstanding
  the foregoing, (i) the obligations of the Company under Section 2(a) shall be
  subject to the condition that the Reviewing Party shall not have determined
  (in a written opinion, in any case in which the 

  

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  Independent
  Legal Counsel referred to in Section 3 hereof is involved) that Indemnitee
  would not be permitted to be indemnified under applicable law, and (ii) the
  obligation of the Company to make an Expense Advance pursuant to Section 2(a)
  shall be subject to the condition that, if, when and to the extent that the
  Reviewing Party determines that Indemnitee would not be permitted to be so
  indemnified under applicable law, the Company shall be entitled to be
  reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all
  such amounts theretofore paid; provided, however, that if Indemnitee has
  commenced or thereafter commences legal proceedings in a court of competent
  jurisdiction to secure a determination that Indemnitee should be indemnified
  under applicable law, any determination made by the Reviewing Party that
  Indemnitee would not be permitted to be indemnified under applicable law
  shall not be binding and Indemnitee shall not be required to reimburse the
  Company for any Expense Advance until a final judicial determination is made
  with respect thereto (as to which all rights of appeal therefrom have been
  exhausted or lapsed). If there has not been a Change in Control, the
  Reviewing Party shall be selected by the Board of Directors, and if there has
  been such a Change in Control (other than a Change in Control which has been
  approved by a majority of the Company’s Board of Directors who were directors
  immediately prior to such Change in Control), the Reviewing Party shall be
  the Independent Legal Counsel referred to in Section 3 hereof. If there has
  been no determination by the Reviewing Party or if the Reviewing Party
  determines that Indemnitee substantively would not be permitted to be
  indemnified in whole or in part under applicable law, Indemnitee shall have
  the right to commence litigation in any court in the States of New York or
  Delaware having subject matter jurisdiction thereof and in which venue is
  proper seeking an initial determination by the court or challenging any such
  determination by the Reviewing Party or any aspect thereof, including the
  legal or factual bases therefor, and the Company hereby consents to service
  of process and to appear in any such proceeding. Any determination by the
  Reviewing Party otherwise shall be conclusive and binding on the Company and
  Indemnitee.

  

3.       Change
in Control. The Company agrees that if there is a Change in Control of the
Company (other than a Change in Control which has been approved by a majority
of the Company’s Board of Directors who were directors immediately prior to
such Change in Control) then with respect to all matters thereafter arising
concerning the rights of Indemnitee to indemnity payments and Expense Advances
under this Agreement or any other agreement or provision of the Company’s
Certificate of Incorporation or By-Laws now or hereafter in effect relating to
Claims for Indemnifiable Events, the Company shall seek legal advice only from
Independent Legal Counsel selected by Indemnitee and approved by the Company
(which approval shall not be unreasonably withheld). Such counsel, among other
things, shall render its written opinion to the Company and Indemnitee as to
whether and to what extent the Indemnitee would be permitted to be

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indemnified
under applicable law. The Company agrees to pay the reasonable fees of the
Independent Legal Counsel referred to above and to indemnify fully such counsel
against any and all expenses (including attorneys’ fees), claims, liabilities
and damages arising out of or relating to this Agreement or its engagement
pursuant hereto.

4.       Indemnification
for Additional Expenses. The Company shall indemnify Indemnitee against any
and all expenses (including attorneys’ fees) and, if requested by Indemnitee,
shall (within two business days of such request) advance such expenses to Indemnitee,
which are incurred by Indemnitee in connection with any action brought by
Indemnitee for (i) indemnification or advance payment of Expenses by the
Company under this Agreement or any other agreement or provision of the
Company’s Certificate of Incorporation or By-Laws now or hereafter in effect
relating to Claims for Indemnifiable Events and/or (ii) recovery under any
directors’ and officers’ liability insurance policies maintained by the
Company, regardless of whether Indemnitee ultimately is determined to be
entitled to such indemnification, advance expense payment or insurance
recovery, as the case may be.

5.       Partial
Indemnity, Etc. If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of the
Expenses, judgments, fines, penalties and amounts paid in settlement of a Claim
but not, however, for all of the total amount thereof, the Company shall
nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee
is entitled. Moreover, notwithstanding any other provision of this Agreement,
to the extent that Indemnitee has been successful on the merits or otherwise in
defense of any or all Claims relating in whole or in part to an Indemnifiable
Event or in defense of any issue or matter therein, including dismissal without
prejudice, Indemnitee shall be indemnified against all Expenses incurred in
connection therewith.

6.       Burden
of Proof. In connection with any determination by the Reviewing Party or
otherwise as to whether Indemnitee is entitled to be indemnified hereunder the
burden of proof shall be on the Company to establish that Indemnitee is not so
entitled.

7.       No
Presumptions. For purposes of this Agreement, the termination of any claim,
action, suit or proceeding, by judgment, order, settlement (whether with or
without court approval) or conviction, or upon a plea of nolo contendere, or
its equivalent, shall not create a presumption that Indemnitee did not meet any
particular standard of conduct or have any particular belief or that a court
has determined that indemnification is not permitted by applicable law. In
addition, neither the failure of the Reviewing Party to have made a
determination as to whether Indemnitee has met any particular standard of conduct
or had any particular belief, nor an actual determination by the Reviewing
Party that Indemnitee has not met such standard of conduct or did not have such
belief, prior to the commencement of legal proceedings by Indemnitee to secure
a judicial determination that Indemnitee should be indemnified under applicable
law shall be a defense to Indemnitee’s claim or create a presumption that
Indemnitee has not met any particular standard of conduct or did not have any
particular belief.

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8.       Nonexclusivity,
Etc. The rights of the Indemnitee hereunder shall be in addition to any
other rights Indemnitee may have under or provision of the Company’s
Certificate of Incorporation or By-Laws or the General Corporation Law of the
State of Delaware (the “DGCL”) or otherwise. To the extent that a change in the
DGCL (whether by statute or judicial decision) permits greater indemnification
by agreement than would be afforded currently under the provisions of the
Company’s Certificate of Incorporation and By-Laws and this Agreement, it is
the intent of the parties hereto that Indemnitee shall enjoy by this Agreement
the greater benefits so afforded by such change.

9.       Liability
Insurance. To the extent the Company maintains an insurance policy or
policies providing directors’ and officers’ liability insurance, Indemnitee
shall be covered by such policy or policies, in accordance with its or their
terms, to the maximum extent of the coverage available for any Company director
or officer.

10.     Period
of Limitations. No legal action shall be brought and no cause of action
shall be asserted by or in the right of the Company against Indemnitee,
Indemnitee’s spouse, heirs, executors or personal or legal representatives
after the expiration of two years from the date of accrual of such cause of
action, and any claim or cause of action of the Company shall be extinguished
and deemed released unless asserted by the timely filing of a legal action
within such two-year period; provided, however, that if any shorter period of
limitations is otherwise applicable to any such cause of action such shorter
period shall govern.

11.     Amendments,
Etc. No supplement, modification or amendment of this Agreement shall be
binding unless executed in writing by both of the parties hereto. No waiver of
any of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provisions hereof (whether or not similar) nor shall such
waiver constitute a continuing waiver.

12.     Subrogation.
In the event of payment under this Agreement, the Company shall be subrogated
to the extent of such payment to all of the rights of recovery of Indemnitee,
who shall execute all papers required and shall do everything that may be
necessary to secure such rights, including the execution of such documents
necessary to enable the Company effectively to bring suit to enforce such
rights.

13.     No
Duplication of Payments. The Company shall not be liable under this
Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, By-law or otherwise) of the amounts otherwise
indemnifiable hereunder.

14.     Binding
Effect, Etc. This Agreement shall be binding upon and inure to the benefit
of and be enforceable by the parties hereto and their respective successors,
assigns, including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business and/or
assets of the Company, spouses, heirs, executors and personal and legal
representatives. This Agreement shall continue in

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effect
regardless of whether Indemnitee continues to serve as an officer or director
of the Company or of any other enterprise at the Company’s request.

15.     Severability.
The provisions of this Agreement shall be severable in the event that any of
the provisions hereof (including any provision within a single section,
paragraph or sentence) are held by a court of competent jurisdiction to be
invalid, void or otherwise unenforceable in any respect, and the validity and
enforceability of any such provision in every other respect and of the
remaining provisions hereof shall not be in any way impaired and shall remain
enforceable to the fullest extent permitted by law.

16.     Governing
Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Delaware applicable to contracts made
and to be performed in such state without giving effect to the principles of
conflicts of laws.

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of this [    ]
day of [          ],
200[    ].

	
   

  	
   

  	
   

  
	
   

  	
  ANGIODYNAMICS,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title: 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Indemnitee]

  

7EXHIBIT 10.1

Pharmos Corporation

99 Wood Avenue South, Suite 311

Iselin, NJ 08830

	
 

	
 

	
 

	
As of January
  25, 2006

Dr. Haim Aviv 

Pharmos Ltd.

Kiryat Weizmann 

Rehovot, Israel

          Re: Amendment
of
Employment Agreement 

Dear Haim:

          I
am writing to confirm the decision of the Board of Directors of Pharmos
Corporation (the “Company”), upon the recommendation of its Compensation
Committee, to amend the Employment Agreement dated as of April 2, 2001 between
the Company and you (the “Employment Agreement”). Unless otherwise indicated,
capitalized terms used in this letter shall have the same meaning as when used
in the Employment Agreement. Except for the changes provided herein, the
Employment Agreement remains in full force and effect.

          We
have agreed to clarify the Employment Agreement to confirm that the calculation
of any severance payments to be received by you upon a termination of
employment in certain circumstances shall be based on the aggregate annual
compensation you had been receiving at the time of termination, both in the
form of base salary as an employee of the Company’s Pharmos Ltd. subsidiary and
in the form of an annual consulting fee paid directly by the Company to an
entity owned by you. We have also agreed to make certain additional conforming
changes to the Employment Agreement. To that end, we have agreed to add the
following sentence at the end of Section 3(a) of the Employment Agreement, as
follows:

	
 

	
 

	
 

	“When
used herein, the term “Base Compensation” shall mean the aggregate of the
annual salary paid to AVIV from Limited and the consulting fees paid to HA
Ventures from the Corporation.”

          We
have also agreed to substitute the words “Base Compensation” for “base salary”
in Sections 6(d)(i),
6(e)(i), 6(f)(i), 7(b) and 7(d)(ii) of the Employment
Agreement.

          Please
acknowledge your acceptance of the foregoing by signing and returning a copy of
this letter to us.

	
 

	
 

	
 

	
 

	
 

	
 

	
PHARMOS
  CORPORATION

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
 

	
 

	

	

	
 

	
 

	
 

	
James Meer, 

	
 

	
 

	
 

	
Senior Vice
  President and 

	
 

	
 

	
 

	
Chief
  Financial Officer

	
 

	
 

	
 

	
 

	
 

	
AGREED AND
  ACCEPTED:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Haim Aviv

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