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                                                                    EXHIBIT 10.2

                                [GRAPHIC OMITTED]

            CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors
Elbit Medical Imaging Ltd.:

We consent to the incorporation by reference in the registration statement (No.
333-117509) on Form S-8 of Elbit Medical Imaging Ltd. of our report dated March
30, 2005, with respect to the consolidated balance sheets of Plaza Centers
(Europe) B.V. and Subsidiaries as of December 31, 2004 and 2003, and the related
consolidated statements of income, shareholders' equity, and cash flows for each
of the years in the three-year period ended December 31, 2004, which report
appears in the December 31, 2004 Annual Report on Form 20-F of Elbit Medical
Imaging Ltd.

KPMG Hungaria Kft.

Budapest, Hungary
March 30, 2005<PAGE>
                                                                    Exhibit 10.3

                         CONSENT OF INDEPENDENT AUDITOR

We consent to the reference to our firm under the caption "Experts" in the
Registration Statement (Form S-8 No. 333-117509) relating to the registration of
shares to be used under Elbit Medical Imaging Ltd. 2001 Incentive Plan to
Employees and Officers, of our report dated February 28, 2005, with respect to
the consolidated financial statements of Gamida cell Ltd. included in the Annual
Report of Elbit Medical Imaging Ltd. (Form 20-F) for the year ended December 31,
2004, filed with the Securities and Exchange Commission.

Tel Aviv                                            KOST, FORER GABBAY& KASIERER
Israel
June 27, 2005                                    A Member of Ernst &Young GlobalEX-4.3

 

Exhibit 4.3

FRESENIUS AKTIENGESELLSCHAFT

ELSE-KRÖNER STRASSE 1

61352 BAD HOMBURG v.d.H

GERMANY

__________ __, 2005

Mr. Walter L. Weisman

Fresenius Medical Care AG

Else-Kröner Strasse 1

61352 Bad Homburg v.d.H.

Germany

Mr. John G. Kringel

Fresenius Medical Care AG

Else-Kröner Strasse 1

61352 Bad Homburg v.d.H.

Germany

Gentlemen:

     We refer to (i) the Pooling Agreement dated as of September 27, 1996 (the “Ordinary Shares
Pooling Agreement”) among Fresenius AG (“Fresenius AG”), Fresenius Medical Care AG (“FMC AG”) and
Messrs. Walter L. Weisman and Donald L. Staheli, and (ii) the Preference Shares Pooling Agreement
dated as of November 27, 1996 (the “Preference Shares Pooling Agreement” and, together with the
Ordinary Shares Pooling Agreement, the “Pooling Agreements”) among Fresenius AG, FMC AG and Messrs.
Walter L. Weisman and Donald L. Staheli. Capitalized terms used in this Agreement without
definition shall have the respective meanings set forth in the Pooling Agreements.

     Each of you currently serves as an “Independent Director” of FMC AG in accordance with the
Pooling Agreements. FMC AG proposes to carry out a series of transactions pursuant to which it
will (i) offer the holders of its preference shares the opportunity to convert such shares into
ordinary shares of FMC AG (the “Conversion”) and (ii) immediately following completion of the
Conversion, be transformed from a stock corporation (Aktiengesellschaft) organized under German law
into a partnership limited by shares (Kommanditgesellschaft auf aktien) organized under German law
(the “Transformation”) with the name Fresenius Medical Care AG & Co. KGaA (“FMC KGaA”). Fresenius
Medical Care Management AG (“FMC Management AG”), a wholly-owned subsidiary of Fresenius AG, will
be the sole general partner of FMC KGaA. Resolutions for approval of the Conversion and the
Transformation are proposed to be adopted at the extraordinary general meeting of FMC AG to be held
August ___, 2005, and have been submitted to FMC AG’s shareholders pursuant to the information
statement/prospectus of FMC AG and FMC KGaA dated ____________, 2005.

     Each of the Pooling Agreements terminates in the event that Fresenius AG’s ownership of FMC AG
securities entitled to vote generally in the election of directors declines to less than

 

 

     25%. Upon
consummation of the Transformation, the ordinary shares of FMC KGaA held by Fresenius AG and its
affiliates will not be entitled to vote in the election to members of the KGaA Board (as
hereinafter defined). Therefore, in connection with the Conversion and Transformation, Fresenius
AG, FMC Management AG, and FMC AG propose to provide certain rights and protections for holders of
the ordinary shares and preference shares of FMC KGaA (“KGaA Ordinary Shareholders” and “KGaA
Preference Shareholders,” respectively) substantially similar to the rights and protections
provided by the Pooling Agreements. Accordingly, we agree as follows:

     1. Definitions. As used in this letter agreement:

     (a) “Extraordinary Transaction” means ((i) any merger, consolidation, sale of
all or substantially all assets, recapitalization, other business combination, liquidation,
or other similar action out of the ordinary course of business of FMC KGaA, (b) any issuance
of ordinary shares of FMC KGaA representing more than 10% of the total FMC KGaA ordinary
            shares outstanding, or (c) any amendment of the organizational documents of FMC KGaA that
adversely affects any holder of FMC KGaA ordinary shares or FMC KGaA preference shares in
their capacities as such holders.

     (b) “GP Board” means the supervisory board (Aufsichtsrat) of FMC Management AG.

     (c) “GP Independent Director” means a member of the GP Board without a
substantial business or professional relationship with any of FMC AG, FMC KGaA, Fresenius
AG, FMC Management AG, or any Affiliate of any of the foregoing, other than as a member of
the GP Board, the KGaA Board, or both.

     (d) “KGaA Board” means the supervisory board (Aufsichtsrat) of FMC KGaA.

     (e) “Non-Employee Director” means a member of the GP Board, as the context
shall require, other than any such member representing employees pursuant to German
co-determination laws or works council constitution laws.

     2. GP Independent Directors; Compliance with Laws.

     (a) During the term of this Agreement, the ratio of GP Independent Directors to all
Non-Employee GP Directors shall be not less than one-third, and there shall be at least two
GP Independent Directors at all times. If any person serving as a GP Independent Director
shall resign, be removed or otherwise be unable or unwilling to serve in such capacity, a
new person shall be appointed to serve as a GP Independent Director in accordance with the
Articles of Association of FMC Management AG, this Agreement and applicable law if, as a
result of such resignation or removal, the number of GP Independent Directors falls below
the minimum number required by this
paragraph. Each GP Independent Director shall be afforded all rights of information,
access and participation with respect to the business and affairs of FMC KGaA and the

 

 

management of such business and affairs by FMC Management AG as are afforded any other GP
Director, and shall be afforded contemporaneous English translations of minutes of all
meetings of the GP Board (or any committee thereof) and such other documents as may be
advisable or requested in connection with the performance of their duties.

     (b) During the term of this Agreement, if the GP Board shall establish any committees
thereof, Fresenius AG will use its best efforts as the sole shareholder of FMC Management AG
to cause the ratio of GP Independent Directors to Non-Employee GP Directors appointed to any
such committee to be not less than one-third and to cause at least one GP Independent
Director to appointed at all times to any such committee; it being understood that, except
as required by applicable law (including, but not limited to the Sarbanes-Oxley Act of
2002), committees shall be formed by the GP Board in its sole discretion.

     (c) During the term of this Agreement, Fresenius AG undertakes to exercise all rights
as the sole shareholder of FMC Management AG, and to cause FMC Management AG to exercise all
rights as the sole general partner of FMC KGaA, in a manner consistent with, and in order to
effect the provisions of, sections 2.1(a) and 2.1(b).

     (d) During the term of this Agreement, Fresenius AG shall comply, and shall cause FMC
Management AG and the other Affiliates of Fresenius AG to comply, with all provisions of
German law applicable to Extraordinary Transactions.

     3. Interested Transactions. During the term of this Agreement, none of Fresenius AG,
FMC Management AG, or any of their respective Affiliates (other than FMC KGaA and its Controlled
Affiliates) shall enter into any contract or other transaction or series of related contracts or
transactions with FMC KGaA or any Controlled Affiliate of FMC KGaA involving aggregate payments or
other consideration in any calendar year in an amount in excess of EUR 5,000,000 without the
approval of a majority of the GP Independent Directors (or all of the GP Independent Directors if
there shall be less than three GP Independent Directors), unless such contract, transaction or
series of related contracts or transactions has been described in a business plan or budget of FMC
KGaA or any Controlled Affiliate of FMC KGaA that has been previously approved by a majority of the
GP Independent Directors (or all of the GP Independent Directors if there shall be less than three
GP Independent Directors); provided, that once aggregate payments or other consideration payable in
any year under all such contracts or other transactions or series of related contracts or
transactions that require approval in such calendar year (or that would have required approval in
such calendar year but for the fact that such payments or other consideration did not exceed EUR
5,000,000 exceeds EUR 25,000,000, none of Fresenius AG, FMC Management AG, or any of their
respective Affiliates (other than FMC KGaA and its Controlled Affiliates) shall enter into any such
contract or other transaction or series of related transactions involving aggregate payments or
other consideration in any calendar year in excess of EUR 2,500,000, without the approval of a
majority of the GP
Independent Directors (or all of the GP Independent Directors if there shall be less than
three GP Independent Directors), unless such contract, transaction or series of related
transactions has

 

 

been described in a budget or business plan of FMC KGaA or any Controlled
Affiliate of FMC KGaA that has been previously approved by a majority of the GP Independent
Directors (or all of the GP Independent Directors if there shall be less than three GP Independent
Directors).

     5. Listing of American Depositary Shares; SEC Filings. During the term of this
Agreement Fresenius AG and FMC Management AG shall use their best efforts as sole shareholder of
FMC Management AG and general partner of FMC KGaA, respectively, to cause FMC KGaA to, and FMC KGaA
shall:

     (a) maintain in effect a deposit agreement for the ordinary shares of FMC KGaA and, if
the preference shares of FMC KGaA are eligible for listing on the New York Stock Exchange,
the preference shares of FMC KGaA and the listing of American Depositary Shares (“ADSs”)
representing the ordinary shares and, subject to satisfaction of applicable listing
requirements, the preference shares of FMC KGaA on either the New York Stock Exchange or the
Nasdaq Stock Market;

     (b) file (or, if permitted by the rules of the SEC, furnish) all Securities Filings
required by the exchange or other market on which ADSs of FMC KGaA are listed, and by the
1933 Act, the 1934 Act, and other applicable laws;

     (c) prepare all financial statements required to be included in any Securities Filings
in accordance with US GAAP;

     (d) on an annual basis, prepare audited consolidated financial statements including,
without limitation, a balance sheet, a statement of operations and a statement of cash
flows, and all appropriate notes, all in accordance with US GAAP and, on a quarterly basis,
prepare and furnish to the SEC consolidated financial statements prepared in accordance with
US GAAP under cover of form 6-K or a comparable successor form;

     (e) in connection with any exercise of voting or consent rights by holders of a class
of shares registered under Section 12 of the 1934 Act, or ADSs representing any such class
of shares, furnish to the SEC under cover of Form 6-K materials relating to the solicitation
of voting instructions from holders of ADSs with respect to the matter or matters to be
voted on, and make such materials available to the depositary under the deposit agreement(s)
for distribution to holders of American Depositary Receipts (“ADRs”) evidencing such ADSs,
such materials to include information generally comparable to that which would be included
in proxy materials prepared in accordance with Regulation 14A under the 1934 Act; provided
that such materials need include only such information concerning (i) the beneficial
ownership of FMC KGaA’s outstanding voting securities, (ii) the trading market for and the
price of such securities, (iii) the directors and officers of FMC KGaA, (iv) compensation of
directors and officers of FMC KGaA and compensation plans relating thereto, (v) options to
purchase securities of FMC KGaA of a class registered under the 1934 Act and (vi) material
transactions between FMC KGaA and its subsidiaries and directors and officers of FMC KGaA,
controlling
persons of FMC KGaA, and relatives or spouses of such directors, officers and
controlling persons as would be required to be provided by the applicable items of an

 

 

annual
report on Form 20-F under the 1934 Act, or any successor form, as in effect from time to
time: and

     (f) make available to the depositary under the deposit agreement(s) for distribution to
holders of ADRs on an annual basis, a copy of any report prepared by the KgaA Board and
provided to the shareholders of FMC KGaA generally pursuant to Section 314(2) of the German
Stock Corporation Law (or any successor provision) concerning the results of its examination
of the managing board report on the relations of FMC KGaA with connected enterprises.

     6. Directors and Officers Insurance. FMC Management AG shall cause FMC KGaA to
obtain, and FMC KGaA shall obtain, directors and officers insurance for the members of the GP Board
and the members of the KGaA Board in respect of all liabilities arising from or relating to their
service as members of the GP Board, the KGaA Board, or both, in accordance with customary and usual
practices followed by public corporations in the United States, to the extent such insurance is
available at commercially reasonable rates and on commercially reasonable terms and conditions.

     7. Duration and Amendment. (a) Effective Date This Agreement shall be
effective upon the registration of the Transformation in the commercial register of Hof an der
Saale.

     (b) Termination. This Agreement shall terminate if:

     (i) Fresenius AG or its Affiliates acquire all of the voting shares of FMC KGaA;

     (ii) Fresenius AG’s beneficial ownership (as defined in Regulation 13D-G under the 1934
Act) is reduced to 25% or less of the share capital of FMC KGaA;

     (iii) Fresenius AG or an affiliate of Fresenius AG ceases to own the general partner
interest of FMC KGaA; or

     (iv) FMC KGaA no longer meet the minimum threshold for obligatory registration of its
ordinary shares or ADSs representing its ordinary shares or its preference shares or ADSs
representing its preference shares, as applicable, under Section 12(g)(1) of the 1934 Act
and Rule 12g-1 thereunder.

     (c) Termination; Amendment. This Agreement may be terminated or amended by mutual
consent of FMC KGaA and a majority of the GP Independent Directors, provided that beneficial owners
of 75% of the FMC KGaA ordinary shares held by shareholders other than Fresenius AG and its
Affiliates represented at a general meeting of shareholders and 75% of the preference shares
represented at a general meeting of preference shareholders, as applicable,
approve such termination or amendment. Any such amendment must be in writing and signed by or
on behalf of Fresenius AG, FMC Management AG, and the GP Independent Directors.

 

 

     8. Miscellaneous. If any provision of this Agreement shall be determined to be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions of this Agreement shall not be affected or impaired thereby. This Agreement is made and
shall be governed by and construed in accordance with the internal law of New York, without
reference to principles of conflicts of laws, except to the extent that matters relating to the
internal affairs of German corporations or other matters are governed as a matter of controlling
law by the law of Germany, the jurisdiction of organization of FMC KGaA. FMC AG, FMC Management AG
and Fresenius AG each irrevocably submits to and accepts the jurisdiction of any court of competent
jurisdiction in the State of New York (USA) in any action arising out of this Agreement and, in
connection therewith, waives any defense of forum non conveniens and agrees to be bound by
judgments rendered by such courts. FMC AG, FMC Management AG and Fresenius AG each acknowledges
that, in view of the uniqueness of the arrangements contemplated by this Agreement, the GP
Independent Directors and shareholders of FMC KGaA would not have an adequate remedy at law for
money damages in the event that this Agreement were not performed in accordance with its terms, and
therefore agree that the GP Independent Directors and such shareholders shall be entitled to
specific enforcement of the terms hereof in addition to any other remedy to such persons may be
entitled at law or in equity. This Agreement and any amendment hereto may be executed in one or
more counterparts. All of such counterparts shall constitute one and the same agreement. This
Agreement has been executed in the English language, and the English language version shall prevail
over any translation of this Agreement.

[Balance of this page intentionally left blank]

 

 

     Please indicate your agreement with the foregoing and your willingness to serve as a GP
Independent Director (and, if elected and designated as such, as a KGaA Independent Director) by
executing and returning a counterpart of this letter.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	FRESENIUS AG
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:
	 
	 	 	 	 
	 	 	FRESENIUS MEDICAL CARE AG
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:
	 
	 	 	 	 
	 	 	FRESENIUS MEDICAL CARE MANAGEMENT AG, for
itself and as General Partner of Fresenius
Medical Care AG & Co. KGaA, a partnership
limited by shares to be created upon the
transformation of legal form of Fresenius
Medical Care AG
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:

 

 

	 	 	 	 	 
	

	 	 	 	 
	

	 	 	 	Walter L. Weisman
	 
	 	 	 	 
	

	 	 	 	 
	

	 	 	 	John G. Kringel

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