Document:

exv10w6wii

 

Exhibit 10.6 (ii)

	 	 	 
	

	 	TopSpin Medical, Inc.

			
	 	 	 
	To: Erez Golan
	 	Date: August 22, 2005

Re: Revision to Loan, Share Purchase and Share Repurchase Agreement of 

December 9, 2002 (“Loan Agreement”)

We hereby put in writing that which is agreed between yourself, Topspin Medical Inc.
(the “Corporation”) and Topspin Medical Ltd. (the “Subsidiary”) as regards the
modification of your Loan Agreement, in the event that the Company issues its stock
for trading on the Tel Aviv Stock Exchange (the “IPO”). Capitalized terms used
herein shall have the meaning ascribed to them in the Loan Agreement, unless the
context requires otherwise.

Upon consummation of the IPO the following provisions shall enter into effect:

	 	1.	 	The following shall follow on after Section 2.1
	 
	 	 	 	“Half of this loan and the interest accrued thereon shall be converted
to a grant on the second anniversary of the IPO, subject to your being
an employee or a consultant of the Company or any affiliate thereof at
the time and the remaining half of the loan and the interest accrued
thereon shall be converted to a grant on the third anniversary of the
IPO, subject to your being an employee or a consultant of the Company
or any affiliate thereof at the time.”
	 
	 	2.	 	Section 2.3 will be deleted and replaced with the following:
	 
	 	 	 	“Security Interest. As of the date of the Loan Agreement as security to
ensure the full and timely repayment of the Loan Amount, the Founder hereby
creates and grants to the Subsidiary for its benefit, and its successors and
assigns, a security interest in the shares held by the Founder in Erez Golan
Holdings Ltd. The shares subject to the security interest are referred to as the
“Pledged Founder Shares”. In the event of any default in repayment of the Loan
Amount, the Subsidiary shall be entitled to take

 

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	 	 	 	possession of the Pledged Founder Shares and, with respect to the Pledged Founder
Shares only, to exercise any and all rights afforded to a secured party under any
applicable law. In furtherance of the above, the Pledged Founder Shares shall be
stamped with a legend, as of the date hereof, stating that such securities have
been pledged to the benefit of the Subsidiary. In addition, the Founder
undertakes to execute any document required to register the pledge of the Pledged
Founder Shares with the Israeli Registrar of Pledges.

	 	 	 	The Subsidiary hereby represents, warrants and agrees that in the event that
the Loan Amount will not be repaid in full for any reason whatsoever, the
Subsidiary’s sole remedy shall be the foreclosure upon the Pledged Founder Shares.
The Subsidiary hereby irrevocably waives any and all other rights it may have both
in law and equity with respect to any default in repayment of the Loan Amount
(“Default”), and releases and forever discharges the Founder from any and all
actions, causes of action, suits, debts, dues, claims, liabilities, complaints and
demands whatsoever, however referred to and of any kind and/or nature, both in law
and equity, with respect to such Default, except with respect to the Pledged
Founder Shares.”
	 
	 	3.	 	The Subsidiary shall immediately return the Pledged Founder Share, as such term
is defined in the Loan Agreement in effect prior to this amendment, to the Founder and
the Company shall take all necessary actions to remove the legend from these share
certificate(s).

This letter constitutes an appendix to the Loan Agreement. All other provisions of
the Employment Agreement remain unchanged.

	 	 	 	 	 	 	 
	/s/ Michael Berman	 	 	 	/s/ Michael Berman	 	 
	 

	 	 	 	 

	 	 
	TopSpin Medical Inc.

	 	 	 	Topspin Medical (Israel) Ltd.	 	 

 

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I hereby declare that I have read and understood this letter and I agree
to its contents.

	 	 	 	 	 	 	 	 	 	 	 
	Signature:	/s/ Erez Golan	 	 
	Date:

	 	August 22, 2005	 
	 	 	 
	 
	 	 	 	 	Employee’s name:	 	Erez Golan	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	ID No.:exv10w7wiii

 

Exhibit 10.7(iii)

	 	 	 
	

	 	TopSpin Medical (Israel) Ltd.

	 	 	 
	To:

	 	Date: April 6th, 2006

	Mr. Erez Golan, CEO
	 	 

Re: Amendment to Employment Agreement

Dear Sir,

	1.	 	Pursuant to Section 6.6 of your employment agreement with the TopSpin Medical (Israel)
Ltd. (the “Company”), dated as of December 9, 2002, as amended (the “Employment Agreement”;
all capitalized terms used herein and not otherwise defined herein shall have the meanings
ascribed to them in the Employment Agreement), you are entitled to a class C Company Car and
were provided with a Citroen C5 (the “Car”).
	 
	2.	 	As a result of the reclassification of the new Citroen C5 currently used by you, the Car
is now classified as a class D car.
	 
	3.	 	This letter is to inform you that in accordance with the resolution of the Board of
Directors of the Company, dated as of April 6th, 2006, Section 6.6 to the
Employment Agreement shall be amended such that the Company Car you shall be entitled to
under the Employment Agreement shall be a class D car, effective as of January 1, 2006.
	 
	4.	 	All other terms and conditions of the Employment Agreement not specifically amended
herein shall remain unchanged and in full force and effect.
	 
	5.	 	Please confirm your consent to the abovementioned by returning an executed copy of this
letter.

	 	 	 	 	 
	 
	 	/s/ Michael Berman	 	 
	 

	 	 

TopSpin Medical (Israel) Ltd.
	 	 

I accept and confirm the above:

	 	 	 
	/s/ Erez Golan 
	 	 
	 

Erez Golan, CEOexv10w7wiv

 

Exhibit 10.7(iv)

	 	 	 
	

	 	TopSpin Medical (Israel) Ltd.

	 	 	 
	To:

	 	Date: January 7th, 2007

	Mr. Erez Golan
	 	 

Re: Amendment to Employment Agreement

Dear Sir,

We are pleased to inform you that on January 7, 2007 the stockholders of TopSpin Medical (Israel)
Ltd. (the “Company”) and the Board of Directors of the Company approved, following the
recommendation and the approval of the ESOP and Compensation Committee, the Audit Committee and
Board of Directors of TopSpin Medical, Inc., the Company’s parent company (the “Corporation”) on
November 17, 2007 and the approval of the stockholders of the Corporation on January 7, 2007, to
amend the terms of your employment with the Company in accordance with the following:

	1.	 	Salary: notwithstanding Section 5 of the Employment Agreement between you and the
Company, dated as of December 9, 2002, as amended (the “Employment Agreement”; all
capitalized terms used herein and not otherwise defined herein shall have the meanings
ascribed to them in the Employment Agreement), your monthly Salary shall be amended to a
total of NIS 55,000, to be linked to the increase of the Consumer Price Index (“CPI”) from
the CPI known on November 17, 2006 to the CPI as known on the date of payment of the Salary.
	 
	2.	 	Cash Bonus: you shall be entitled to receive a cash bonus to be calculated on the
basis of the Corporations revenues from sales of the Corporation’s IVMRI catheter system for
the cardiology field during the year 2007 (the “Revenues”), such cash bonus equaling 10% of
the Revenues grossed by the Corporation over US$ 250,000 and up to US$ 500,000 and 5% of the
Revenues grossed by the Corporation over US$ 500,000. The accumulated Revenues shall be
reviewed at the end of each calendar quarter of 2007. The cash bonus shall be calculated and
paid with respect to Revenues accumulated as of January 1, 2007 and until the end of each
quarter (after deduction of any amount paid on account of the cash bonus on the preceding
quarters). The cash bonus shall be paid with in 14 days following the approval of the
quarterly financial statements by the Board.
	 
	3.	 	Options: you shall be entitled to receive option to purchase Common Stock of the
Corporation with a par value of US$ 0.001 each, in the number and under the terms and
conditions set forth in the Option Agreement attached hereto as Exhibit A.
	 
	4.	 	All other terms and conditions of the Employment Agreement not specifically amended herein
shall remain unchanged and in full force and effect.
	 
	5.	 	Please confirm your consent to the abovementioned by returning an executed copy of this
letter.

	 	 	 	 	 
	 
	 	/s/ Michael Berman   /s/ Eyal Kolka	 	 
	 

	 	 

TopSpin Medical (Israel) Ltd.
	 	 

 

 

Agreed and confirmed:

	 	 	 
	/s/ Michael Berman   /s/ Eyal Kolka
	 	 
	 

TopSpin Medical, Inc.

	 	 

I confirm and agree to the above:

	 	 	 
	/s/ Erez Golan
	 	 
	 

Erez Golanexv10w16

 

Exhibit 10.16

	 	 	 
	

	 	TopSpin Medical (Israel) Ltd.

Ofek Center 1, 1 Lev Pesach St., North Industrial Zone

Lod, Israel

Phone: 972-8-9200033

Fax: 972-8-9281233

      
             
      [date]

	 	 	 	 	 	 	 
	 

	 	To:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

Dear                     ,

Re: Appointment to the Advisory Board

Further to our discussions, I am pleased to put in writing our offer to you in connection with you
accepting an appointment to the advisory board of TopSpin Medical (Israel) Ltd. (the “Company”)
effective as of the date on which you sign this letter agreement below.

You have represented to us that you have great expertise in the field in which the Company
operates. You have also represented to the Company that the performance of your duties and
obligations in accordance with this letter agreement do not and will not conflict with, or breach,
any prior agreement or restrictive covenant relating, or which may relate, to your involvement
whatsoever with the Company or any other instrument to which you are a party or by which you are
bound.

Accordingly, the Company is looking forward to benefiting from your expertise and networking. We
expect such contribution to be very helpful. Your services to the Company as part of its advisory
board shall include those set forth in Exhibit A to this letter agreement as may be reasonably
modified by the Company in order to more appropriately conform to its business demands. The
compensation for the abovementioned services is detailed in Exhibit B to this letter agreement. You
shall not be entitled to any additional payments or other benefits pursuant to this letter
agreement.

Your appointment shall continue in effect for an indefinite period, until terminated either by the
Company or by yourself at any time upon 14 days notice, without the need to give any reason. This
letter agreement together with its exhibits is the entire agreement between the parties with
respect to the subject matter hereof, and supersedes all prior understandings, agreements and
discussions between them, oral or written, with respect to such subject matter. Any modifications
to this letter agreement shall be in writing and signed by yourself and by the Company.

As a member of the advisory board you shall be a consultant of the Company and not an employee or
agent of the Company or INC. Unless separately authorized by a specific power of attorney, you
shall not bind or purport to bind the Company nor INC to any contract or obligation whatsoever.
You agree to indemnify the Company and hold it harmless to the extent of any obligations imposed by
law on the Company to pay any withholding taxes, social insurance payments or unemployment or
disability insurance or similar items in connection with any services performed by you.

During your membership of the advisory board the Company may, from time to time, disclose its
confidential information to you. Accordingly you are requested to sign the Proprietary Information
Agreement attached hereto as Exhibit C. Without limiting the generality of the foregoing, You shall
not disclose any information to the media, shall not submit scientific publications and may not

1

 

	 	 	 
	

	 	TopSpin Medical (Israel) Ltd.

Ofek Center 1, 1 Lev Pesach St., North Industrial Zone

Lod, Israel

Phone: 972-8-9200033

Fax: 972-8-9281233

disclose to anyone any information about the Company’s technology, applications, future products,
features or introduction schedules, without the Company’s prior consent.

This letter agreement shall be exclusively governed by and construed in accordance with the laws of
the State of Israel. Any action instituted by any of the parties shall be brought in the
appropriate court in the State of Israel, which shall have exclusive jurisdiction over such
actions. All notices or other communications hereunder shall be in writing and shall be given in
person, by registered mail, or by facsimile transmission (provided that written confirmation of
receipt is provided), at the above address or at such address as a party may from time to time
designate in writing to the other parties. Notices shall be deemed to be received 4 days after
being sent or 24 hours after being faxed.

We are excited to have you on board with us and look forward to be working together. If the
foregoing is acceptable, kindly acknowledge your agreement by signing this letter agreement below
and by signing Exhibits A, B and C and returning all of the signed agreements to us.

	 	 	 	 	 
	 

	 	Very truly yours,	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 

	 	TopSpin Medical (Israel) Ltd.	 	 
	 
	 	 	 	 
	 

	 	Accepted and Agreed:	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	Date:	 	 

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TopSpin Medical (Israel) Ltd.

Ofek Center 1, 1 Lev Pesach St., North Industrial Zone

Lod, Israel

Phone: 972-8-9200033

Fax: 972-8-9281233

     Exhibit A

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TopSpin Medical (Israel) Ltd.

Ofek Center 1, 1 Lev Pesach St., North Industrial Zone

Lod, Israel

Phone: 972-8-9200033

Fax: 972-8-9281233

     Exhibit B

4

 

	 	 	 
	

	 	
TopSpin Medical (Israel) Ltd.

Ofek Center 1, 1 Lev Pesach St., North Industrial Zone

Lod, Israel

Phone: 972-8-9200033

Fax: 972-8-9281233

     Exhibit C

PROPRIETARY INFORMATION AGREEMENT

This PROPRIETARY INFORMATION AGREEMENT is made as of                     by and between TopSpin Medical
(Israel) Ltd. (the “Company”) and                     (the “Advisor”).

1. Confidentiality. The Advisor acknowledges that during the course of the performance of services
for the Company, he will have access to confidential information, knowledge and data regarding or
relevant to the business of the Company and of TopSpin Medical Inc. (“INC”), whether received,
acquired or developed by it or otherwise, including, without limitation, trade secrets, marketing
and pricing data, customer information (collectively, “Proprietary Information”). The Advisor
hereby agrees:

     1.1 Other than in the course of performing services for the Company, it will not divulge,
disclose or communicate to any third party in any manner, directly or indirectly, Proprietary
Information or Work Product, except such as is at the time generally known to the public and which
did not become generally known through the breach of any provision hereof;

     1.2 It will not use for his own benefit or purposes or for the benefit or purposes of any
third party or permit or assist any third party to use in any manner, directly or indirectly,
Proprietary Information or Work Product; and

     1.3 Upon the termination of this Agreement, it will promptly deliver to the Company all
Proprietary Information and Work Product in its possession or under his control.

     2. Rights to, and Ownership of, Work Product

     2.1 Work Product” means all ideas and information which reasonably could concern or be in any
way beneficial to the business of the Company, that are created, developed, discovered, acquired or
invented by the Advisor (whether alone or with a third party) in connection with the Services
(defined below), including Technology (defined below) analyses, recommendations, reports,
compilations, studies, business opportunities, customer and supplier contacts, innovations and
improvements relating to the business of the Company.

     2.2 “Services” means all work performed by the Advisor pursuant to the letter agreement dated
                    (the “Letter Agreement”)

     2.3 “Technology” means data, discoveries, ideas, inventions, know-how, methods, processes,
research, technical information, and other intellectual property, whether tangible or intangible,
including, without limitation, any and all designs, drawings, flow charts, products, software, and
specifications, together with the intellectual property rights applicable thereto, including,
without limitation, copyrights, patents (including any extension, reissue, continuation,
substitution, continuation-in-part, division, or renewal patents), patent applications, inventor
certificates, and trade secrets.

     2.4 The Company shall own all rights, title, and interest in all Work Product, including all
patents and other intellectual property rights constituting Work Product, and shall have the
unrestricted right to use the Work Product and to license any third party to use the Work Product
without the consent of the Advisor, and without any duty to account to or share proceeds with the
Advisor on account of such use or licensing of the Work Product. The Advisor agrees promptly to
disclose all Work Product to the Company, and to take all actions, execute all assignments, verify
and deliver all documents the Company may reasonably request in applying for, obtaining,
perfecting, evidencing, sustaining and enforcing the Company’s proprietary rights in the Work
Product, during the term of this Agreement and thereafter.

5

 

	 	 	 
	

	 	
TopSpin Medical (Israel) Ltd.

Ofek Center 1, 1 Lev Pesach St., North Industrial Zone

Lod, Israel

Phone: 972-8-9200033

Fax: 972-8-9281233

     2.5 The provisions of the preceding paragraph shall not apply to any preexisting materials,
information, or ideas that may be in the possession of the Advisor in written form prior to the
date of this Agreement.

     3. Non-Competition

     During the term of the Letter Agreement and for 2 (two) years thereafter, the Advisor shall
not, directly or indirectly, on his own account, or as a shareholder, partner, joint venturer,
franchisor, licensor, director, officer, consultant, creditor and/or agent or otherwise:

     3.1 enter into or engage in any business or other entity in the same line of
work, or any business which competes with the business of the Company or of INC;

     3.2 promote or assist, financially or otherwise, any person, firm, association, corporation or
other entity engaged in any such business;

     3.3 canvass, solicit or accept any business, patronage, orders, customers, or clients, for
itself or for any other person or entity, from any clients or customers of the Company or its
affiliates, or give any other person, firm or corporation the right to do any of the foregoing on
his behalf; or

     3.4 directly or indirectly request or advise any clients, customers, shareholders, or
suppliers of the Company, or any governmental authority, to withdraw, curtail, or cancel their
business with the Company, or in any other way directly or indirectly interfere with or disrupt or
attempt to disrupt the Company’s relationship (express, implied, or otherwise) with any of its
clients, customers, shareholders, or suppliers or any governmental authority.

4. Non-Solicitation of Employees. During the term of this Agreement and for 2 years thereafter,
the Advisor shall not induce any employee, consultant or representative of the Company not to
continue as an employee, consultant or representative of the Company, or to accept any employment,
consultancy or representation with any person or entity other than the Company.

5. Specific Performance. The parties hereto agree and acknowledge that money damages may not be an
adequate remedy for any breach or threatened breach of the provisions of this Agreement, and that
any party may in its sole discretion, in addition to any other available remedies, apply to any
court of law or equity of competent jurisdiction for and be entitled to specific performance and/or
injunctive relief in order to enforce or prevent any violations of the provisions of this
Agreement.

6. Survival. The provisions of Sections 1, 2, 3, 4, 5 and 7 shall survive the termination of this
Agreement and of the Letter Agreement.

7. Severability. It is the desire and intent of the parties that the provisions of this Agreement
shall be enforced to the fullest extent permissible under the laws and public policies of the State
of Israel. Accordingly, if any particular portion of this Agreement shall be adjudicated to be
invalid or unenforceable, it shall be deemed to be amended to delete the portion thus adjudicated
to be invalid or unenforceable, and the remaining provisions will continue in full force and
effect.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	TopSpin Medical (Israel) Ltd.
	 	 	 	Advisor:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	Name:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 	 	 

6

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