Document:

exh_104.htm

Exhibit 10.4

Form Of Indemnification Agreement

 

THIS AGREEMENT, dated as of the ____ day of  ___________, 20___, by and between MGPI Holdings, Inc., a Kansas corporation (the “Company”), and ______________ (the “Indemnitee”).

 

WHEREAS, it is contemplated that shortly after executing this Agreement the Company will change its name to MGP Ingredients, Inc.;

 

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

 

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

 

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

 

WHEREAS, the Kansas legislature, in recognition of the need to secure the continued service of competent and experienced people in senior corporate positions and to assure that they will be able to exercise judgment without fear of personal liability so long as they fulfill the basic duties of honesty, care and good faith, has enacted K.S.A. 17-6305, which empowers the Company to indemnify its officers, directors, employees and agents and expressly provides that the indemnification provided by the statute is not exclusive;

 

WHEREAS, the Bylaws of the Company require the Company to indemnify and advance expenses to its directors and officers to the fullest extent now or hereafter authorized by the Kansas Statutes Annotated, and the Bylaws, further, provide that the right to indemnification and payment of expenses conferred therein shall not be exclusive of any other right which any person may have or acquire under any statute, provision of the Articles of Incorporation, bylaw, agreement, vote of stockholders or disinterested directors, or otherwise; and

 

WHEREAS, in recognition of the fact that the Indemnitee continues to serve as a director or officer of the Company, in part in reliance on the Bylaws, and of the fact 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 in part to provide Indemnitee with specific contractual assurance that the protection promised by the Bylaws will be available to Indemnitee (regardless of, among other things, any amendment to the Bylaws or any change in the composition of the Company’s Board of Directors or any acquisition transaction relating to the Company), and due to the possibility that the Company’s directors’ and officers’ liability insurance coverage could at some future time become inadequate, 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) now or hereafter authorized or permitted by law and as set forth in this Agreement, and, to the extent insurance is maintained, for the continued coverage of Indemnitee under the Company’s directors’ and officers’ liability insurance policies.

 

  

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

 

1. CERTAIN DEFINITIONS:

 

(a) “Acquiring Person” means a person, entity or group that has made an acquisition described in Section 1(e)(i) or the reorganized or surviving company in a reorganization or consolidation described in Section 1(e)(iii).

 

(b) “Approved Law Firm” shall mean any law firm that has at least twenty (20) attorneys (wherever located) and an office located in Kansas and is rated “av” by Martindale-Hubbell Law Directory; provided, however, that such law firm shall not, for a five-year period prior to the earliest date as of which Indemnitee first has actual knowledge of the relevant Indemnifiable Claim, have been engaged by the Company, an Acquiring Person, any affiliate or associate of an Acquiring Person, or Indemnitee.

 

(c) “Applicable Standard of Conduct” shall mean the standard of conduct that must be satisfied to permit indemnification under K.S.A. 17-6305(a) or (b), whichever is or would be applicable under the circumstances.

 

(d) “Board of Directors” or “Board” shall mean the Board of Directors of the Company.

 

(e) A “Change in Control” shall be deemed to have occurred upon:

 

(i) The acquisition (other than from the Company) by any person, entity or “group,” within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (excluding, for this purpose, the Company or its subsidiaries, any employee benefit plan of the Company or its subsidiaries, trustees of the MGP Ingredients, Inc. Voting Trust or of the Cray Family Trust, or any person who acquires common or preferred stock of the Company from Cloud L. Cray, Jr. or from any trust controlled by or for the benefit of Cloud L. Cray, Jr. prior to or as a result of his death), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of at least 30% of the then outstanding shares of common stock and 50% of the then outstanding shares of $10 par value preferred stock of the Company or 30% of the combined voting power of the Company’s then outstanding voting securities entitled to vote generally in the election of directors; or

 

(ii) The cessation, for any reason, of individuals who, as of the date hereof, constitute the Board (as of the date hereof the “Incumbent Board”) to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board (other than an election or nomination of an individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the directors of the Company) shall be, for purposes of this Agreement, considered as though such person were a member of the Incumbent Board; or

 

  

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(iii) Approval by the stockholders of the Company of (A) a reorganization, merger or consolidation, in each case, with respect to which persons who were the stockholders of the Company immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own collectively as a group more than 50% of the combined voting power entitled to vote generally in the election of directors of the reorganized or surviving company’s then outstanding voting securities, or (B) a liquidation or dissolution of the Company or the sale of all or substantially all of the assets of the Company.

 

(f) “Claim” shall mean any threatened, pending or completed action, suit or proceeding, or any inquiry or investigation, whether conducted 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.

 

(g) “Company-Related Enterprise” shall mean any corporation of any type or kind, domestic or foreign, partnership, joint venture, trust, employee benefit plan or other enterprise for which Indemnitee serves or has served as a Fiduciary at the request of the Company.  For this purpose, and without limitation of any indemnification provided hereunder, if Indemnitee serves as a Fiduciary for (i) another corporation, partnership, joint venture or trust of which 20 percent or more of the voting power or residual economic interest is held, directly or indirectly, by the Company, or (ii) any employee benefit plan of the Company or any entity referred to in clause (i), Indemnitee shall be deemed to be doing or to have done so at the request of the Company.

 

(h) “Expenses” shall include attorneys’ fees and all other costs, expenses and obligations reasonably 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 Indemnifiable Claim, together with interest, computed at the Company’s average cost of funds for short-term borrowings, accrued from the date of payment of such expense to the date Indemnitee receives reimbursement therefor.

 

(i) “Fiduciary” shall mean director, officer, general partner, manager, employee, trustee, agent or other fiduciary.

 

(j) “Indemnifiable Claim” shall mean any Claim based upon, or arising in whole or in part out of (i) the fact that Indemnitee is or was a Fiduciary of the Company or is or was a Fiduciary of any Company-Related Enterprise, (ii) anything done or not done (or alleged to have been done or not done) by Indemnitee in any such capacity or (iii) anything done or not done (or alleged to have been done or not done) by Indemnitee in any other capacity for the Company or a Company-Related Enterprise while serving as a Fiduciary of the Company or a Company-Related Enterprise.

 

(k) “Reviewing Party” shall be (i) the Board of Directors, acting by majority vote of directors (the “Disinterested Directors”) who are not parties to the particular Claim with respect to which Indemnitee is seeking indemnification, even through less than a quorum, (ii) a committee of the Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, or (iii) if there are no Disinterested Directors, or if the Disinterested Directors so direct, (A) independent legal counsel or (B) the stockholders.

 

  

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2. BASIC INDEMNIFICATION ARRANGEMENT.  If Indemnitee was, is or becomes at any time a party to, or witness or other participant in, or is threatened to be made a party to, or witness or other participant in, an Indemnifiable Claim, the Company shall indemnify Indemnitee to the fullest extent now or hereafter authorized or permitted by law as soon as practicable but in any event no later than 30 days after written demand is presented to the Company, against any and all Expenses, judgments, fines (including excise taxes assessed against Indemnitee with respect to an employee benefit plan), penalties and amounts paid in settlement of such Claim (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).  If so requested by Indemnitee, and upon compliance with the condition stated in Section 3, the Company shall advance (within two business days of such request and compliance) 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 (i) in respect of any Claim based upon or arising out of conduct of Indemnitee that does not satisfy the Applicable Standard of Conduct, or (ii) in any action by or in the right of the Company in which Indemnitee has been finally adjudged to be liable to the Company, unless and only to the extent that the court in which the proceeding was brought determines upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such expenses as the court shall deem proper, nor shall the Company be liable, unless otherwise provided by separate written agreement, bylaw or other provision for indemnity, to make any payment in connection with any Claim (x) for an accounting of profits made from the purchase or sale by the Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934 and amendments thereto, (y) for amounts paid in settlement of any proceeding effected without the written consent of the Company, which consent shall not be unreasonably withheld or (z) in connection with any Claim initiated prior to a Change in Control by Indemnitee, unless the Board of Directors has joined in or consented to the initiation of such Claim.

 

3. PAYMENT.

 

a.           Notwithstanding the provisions of Section 2, the indemnification obligations of the Company under Section 2 (which shall in no event be deemed to preclude any right to indemnification to which Indemnitee may be entitled under K.S.A. 17-6305) shall be subject to the condition that unless indemnification is ordered by a court, the Reviewing Party shall have authorized such indemnification in the specific case upon a determination that Indemnitee has met the Applicable Standard of Conduct and that indemnification is not precluded by circumstances described in the last sentence of Section 2 of this Agreement.  If the Reviewing Party is independent legal counsel, the determination shall be made in a written opinion.

 

b.           The Company shall promptly call a meeting of the Board of Directors with respect to a Claim and agrees to use its best efforts to facilitate a prompt determination by the Reviewing Party with respect to the Claim. Indemnitee shall be afforded the opportunity to make submissions to the Reviewing Party with respect to the Claim.

 

  

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c.            The Company shall have no obligation under this Agreement to make an Expense Advance pursuant to Section 2 with respect to matters described in clauses (y) and (z) of the last sentence of Section 2.

 

d.           The obligation of the Company to make an Expense Advance pursuant to Section 2 shall only be subject to the condition that the Indemnitee must first deliver to the Company a signed, written undertaking to repay the Expense Advance (i) if and when Indemnitee settles any proceeding without the written consent of the Company, which consent shall not be unreasonably withheld or (ii) if, when and to the extent that the Reviewing Party determines that Indemnitee is not entitled to be indemnified under Section 2 and applicable law; provided, however, with respect to clause (ii), that if Indemnitee has commenced legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee is entitled to be indemnified under Section 2, applicable law or both, any decision by the Reviewing Party not to authorize indemnification 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 and all rights of appeal therefrom have been exhausted or lapsed.

 

e.            If a claim for indemnification or Expense Advance has not been paid in full by the Company within ninety (90) days after written demand is presented to the Company, Indemnitee shall have the right to commence litigation in any court in the State of Kansas having subject matter jurisdiction thereof and in which venue is proper, seeking an initial determination by the court or challenging any determination by the Reviewing Party or any aspect thereof, and the Company hereby consents to service of process and agrees to appear in any such proceeding.  It shall be a defense to any such action (other than an action brought to enforce a claim for Expenses incurred in defending any proceeding in advance of its final disposition where the required undertaking has been tendered to the Company) that the Indemnitee has not met the Applicable Standard of Conduct, but the burden of proving such defense shall be on the Company.  However, neither the failure of the Reviewing Party to have made a determination prior to the commencement of such action that the Indemnitee has met the Applicable Standard of Conduct, nor an actual determination by the Reviewing Person that the Indemnitee had not met such Applicable Standard of Conduct, shall be a defense to the action or create a presumption that the Indemnitee has not met the Applicable Standard of Conduct.

 

4. COMPANY PARTICIPATION.  The Company shall be entitled to participate at its expense in any proceeding for which Indemnitee may be entitled to indemnity hereunder, and it may assume the defense thereof with counsel satisfactory to the Indemnitee unless the Indemnitee reasonably concludes that there may be a conflict of interest between the Company and the Indemnitee in the conduct of such defense.

 

5. CHANGE IN CONTROL.  If there is a Change in Control (other than a Change in Control which has been approved by a majority of the directors who were directors immediately prior to such Change in Control and were or are deemed to have been members of the Incumbent Board), then (i) for the purpose of all authorizations and determinations pursuant to the first sentence of Section 3 hereof and K.S.A. 17-6305, the Reviewing Party shall be independent legal counsel and (ii) with respect to all matters thereafter arising concerning the rights of Indemnitee to indemnification and Expense Advances under this Agreement, the Company (including the Board of Directors) shall seek legal advice from (and only from) special, independent counsel selected by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld), and who (except in connection with such matters) has not performed services for the Company (or any subsidiary of the Company) or an Acquiring Person, any affiliate or associate of an Acquiring Person, or Indemnitee within the five-year period prior to the earliest date as of which Indemnitee first has actual knowledge of the relevant Indemnifiable Claim.  Unless Indemnitee has theretofore selected counsel pursuant to this Section 5 and such counsel has been approved by the Company, any Approved Law Firm selected by Indemnitee shall be deemed to be approved by the Company.  Such counsel, among other things, shall render their written opinion to the Company, the Board of Directors and Indemnitee as to whether and to what extent Indemnitee is entitled to be indemnified under applicable law.  The Company agrees to pay the reasonable fees of the special, independent counsel referred to above and to fully indemnify such counsel, to the extent not prohibited by applicable rules of professional conduct, against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or counsel’s engagement pursuant hereto.  As used in this Agreement, the terms “affiliate” and “associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under the Exchange Act as in effect on the date of this Agreement.

 

  

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6. INDEMNIFICATION FOR ADDITIONAL EXPENSES.  The Company shall indemnify Indemnitee against any and all expenses (including attorneys’ fees) that are reasonably incurred by Indemnitee in connection with any claim successfully asserted, in whole or in part, or action brought by Indemnitee in which the Indemnitee prevails, in whole or in part, for (i) indemnification or advance payment of Expenses by the Company under this Agreement or any other agreement or Bylaw of the Company now or hereafter in effect relating to Indemnifiable Claims or (ii) recovery under any directors’ and officers’ liability insurance policies maintained by the Company.

 

7. PARTIAL INDEMNITY, ETC.  If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of the Expenses, judgments, fines, penalties and amounts paid in settlement relating to 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 Indemnifiable Claims or in defense of any issue or matter relating to an Indemnifiable Claim, including dismissal without prejudice, Indemnitee shall be indemnified, to the extent permitted by law, against all Expenses incurred in connection with such Indemnifiable Claims.

 

8. BURDEN OF PROOF.  In connection with any determination by the Reviewing Party or a court 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.

 

9. NO PRESUMPTION.  For purposes of this Agreement, the termination of any claim, action, suit or proceeding, whether civil or criminal, 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.

 

10. NONEXCLUSIVITY, ETC.  The rights of Indemnitee hereunder shall be in addition to any other rights Indemnitee may have under the Articles of Incorporation or Bylaws of the Company, applicable law, any other agreement, or otherwise.  To the extent that a change in the law (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under the Bylaws of the Company 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.

 

  

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11. 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 director or officer of the Company.

 

12. 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 effective unless in writing and no written waiver 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.

 

13. 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.  Indemnitee shall not be obligated to incur any expense in connection with, and Indemnitee shall be entitled to reasonable compensation for any time devoted by Indemnitee to, securing such rights of recovery for the Company.

 

14. 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, the Articles of Incorporation or Bylaws of the Company, or otherwise) of the amounts otherwise indemnifiable hereunder.

 

15. SPECIFIC PERFORMANCE.  The parties recognize that if any provision of this Agreement is violated by the Company, Indemnitee may be without an adequate remedy at law.  Accordingly, in the event of any such violation, the Indemnitee shall be entitled, if Indemnitee so elects, to institute proceedings, either at law or in equity, to obtain damages, enforce specific performance, enjoin such violation, obtain any other relief, or any combination of the foregoing.

 

16. BINDING EFFECT, ETC.  This Agreement shall be binding upon, inure to the benefit of, and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets, or both, of the Company), assigns, spouses, heirs, and personal and legal representatives.  This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as a Fiduciary of the Company or a Company-Related Enterprise.

 

  

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17. SEVERABILITY.  The provisions of this Agreement shall be severable if 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, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.

 

18. GOVERNING LAW.  This Agreement shall be governed by, and be construed and enforced in accordance with, the laws of the State of Kansas applicable to contracts made and to be performed in such state, without giving effect to the principles of conflicts of laws.

 

19. COUNTERPARTS.  This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.  Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf) form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

 

Remainder of Page Intentionally Left Blank

 

  

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IN WITNESS WHEREOF, the Company and Indemnitee have executed this Agreement effective as of the date first above written.

 

MGPI Holdings, Inc.

By: _______________________

Name: _____________________

Title: ______________________

_________________________

Name: ____________________

 

 

  

9exhibit_10-10.htm

Exhibit 10.10

 

Agreement

 

Drawn up and executed in Tel-Aviv on November 17, 2011

 

	
  

	
between:

	
Topspin Medical Inc.

	
  

	
directly or through its fully-owned subsidiary - Topspin Medical (Israel) Ltd.

	
  

	
Of 25 Lechi Street, Bnei-Brak

	
  

	
(hereinafter: “the Company”)

	
  

	
 

On the first part;

	
  

	
and:

	
Metamorfix Ltd.

	
  

	
Of 5 Oppenheimer Street, Rehovot

 

	
  

	
(hereinafter: "Metamorfix")

	
  

	
and Metamorfix's shareholders

	
  

	
set forth in Annex A' hereof

	
  

	
(hereinafter: "the Offerees")

On the second part;

The Company, Metamorfix and the Offerees shall hereinafter be jointly termed: ("the Parties")

 

	
WHEREAS:

	
the Company is a public Delaware company whose shares are registered for trading at the Tel-Aviv Stock Exchange Ltd.; and

 

	
WHEREAS:

	
Metamorfix is a private company registered in Israel; and

 

	
WHEREAS:

	
the Offerees wish to transfer another 5,725,000 shares from Metamorfix (which are not held by the Company) constituting 80.35% of Metamorfix's shares - to the Company against and in consideration for 8,009,009 ordinary shares of the Company constituting 40.49% of the total issued and outstanding capital of the Company (fully diluted) subject to the statements herein below; and

 

	
WHEREAS:

	
the parties wish to entrench in writing the terms of the transaction between them pursuant to the contents hereof below;

 

IT HAS THEREFORE BEEN AGREED, DECLARED AND STIPULATED BETWEEN THE 

PARTIES AS FOLLOWS:

 

	
1.

	
The preamble, annexes and section headings

 

	
  

	
1.1

	
The Preamble to this Agreement and its appendices shall constitute an integral part thereof.

 

  

  

  

 

	
  

	
1.2

	
Section headings herein are for the purposes of convenience only, and do not and shall not have any weight even for the purpose of interpreting the Agreement.

 

	
2.

	
Definitions

 

The terms listed in section 2 below shall bear the meanings in this Agreement set forth alongside them below:

 

	 	
2.1

	
"Approval from the Company's Institutions"

 

 

	
an approval from the Company's Board and general meeting pursuant to section 270(5) and 274 of the Companies Law.

 

	 	
2.2

	
"General Meeting"

	
the Company's general meeting of shareholders which was convened by the Company on October 24, 2011 pursuant to the Securities Regulations (Transaction between Company and Controlling Shareholder Therein), 5761-2001 and the Securities Regulations (Private Offer of Securities in a Registered Company), 5760-2000, for the purpose of approving the engagement of the Company in this Agreement and the implementation thereof including the engagements stemming from this Agreement requiring approval of the General Meeting under any law.

 

	 	
2.3

	
"The Stock Exchange"

	
the Tel-Aviv Stock Exchange Ltd.

 

	 	
2.4

	
"The Company's Share Capital"

	
the Company's issued and outstanding share capital.

 

	 	
2.5

	
"Shares"

	
the Company's ordinary shares with a nominal value of 0.001 US dollars each.

 

	 	
2.6

	
"The Allotted Shares"

	
8,009,009 Company shares which shall be allotted to the Offerees, which following the allotment thereof shall constitute 40.49% of the Company's issued and outstanding share capital and of the voting rights therein (fully diluted).

 

	 	
2.7

	
"The Transferred Shares"

	
5,725,000 Metamorfix shares held by the Offerees.

 

	 	
2.8

	
"The Offerees"

	
as defined above.

 

	 	
2.9

	
“The Companies Law”

	
the Companies Law, 5759-1999.

 

	 	
2.10

	
“The Securities Law”

	
the Securities Law, 5728-1968.

 

	 	
2.11

	
"The Ordinance"

	
the Income Tax Ordinance [New Version], 5721-1961

 

	 	
2.12

	
"The Closing Date"

	
as defined in section 8 below.

 

	 	2.13	"The Ruling on the Option Deeds"	a ruling to be obtained from the income tax authorities which shall confirm that the exchange between Metamorfix's options with options of the Company shall not constitute a tax event. Furthermore, section 102 of the Ordinance shall apply to the options to be allotted in a capital track with respect to employees and a tax event, should such occur, shall defer the realization date.

 

  

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3.

	
The Transaction

 

On the Closing Date, and subject to fulfillment of the conditions precedent set forth in section 8 below, the actions listed below shall be performed simultaneously:

 

	 	
3.1

	
The Company, through its subsidiary Topspin Medical (Israel) Ltd (hereinafter: "the Subsidiary"), shall acquire the Transferred Shares from the Offerees against an allotment of the Allotted Shares on the basis of the following division:

 

	
 

 

Name of shareholder:

	
 

Quantity of Metamorfix shares to be transferred by him to the Company

	
 

Quantity of options held by Metamorfix

	
 

Rate of Transferred Shares out of Metamorfix's share capital

	
 

Amount of allotted shares to be allotted to him in the Company

	
 

Amount of options in the Company to be allotted to him

	
Total of all the holdings of the offeree in the Company upon completion of the allotment following exercise of the offered options alone1

	
Asher Shmulevitz (including Madgenesis Partners Ltd.)

	
1,400,000

	
-  

	
19.65%

	
1,958,535

	
-  

	
45.09%

	
Moshe Mizrachi

	
1,400,000

	
-  

	
19.65%

	
1,958,585

	
-  

	
14.13%

	
Amir Waldman

	
1,400,000

	
-  

	
19.65%

	
1,958,535

	
-  

	
8.50%

	
Eitan Nachum

	
1,350,000

	
-  

	
18.95%

	
1,888,587

	
-  

	
8.19%

	
Mazal Dehan

	
100,000

	
200,000

	
1.40%

	
139,895

	
279,791

	
2.03%

	
James Shaul

	
50,000

	
20,000

	
0.70%

	
69,948

	
27,979

	
0.47%

	
Yoav Matan

	
25,000

	
20,000

	
0.35%

	
34,974

	
27,979

	
0.30%

	
Miri Horovitz

	
-  

	
15,000

	
-  

	
-  

	
20,984

	
0.10%

	
Anita Porat

	
-  

	
5,000

	
-  

	
-  

	
6,995

	
0.03%

	
TOTAL

	
5,725,000

	
260,000

	
100%  

	
8,009,009

	
363,728

	
-  

 

	
  

	
3.2

	
The Allotted Shares are allotted to the Offerees free and clear of any encumbrance, bond, attachment, demand, claim, lien, option, right of first refusal, tag-along right, debt, trust, and/or other third-party right.

 

 

1  Following a deduction of 800,901 ordinary shares of the Company which are be transferred to IHCV from Messrs. Shmulevitz, Mizrachi and Eitan Nachum, as part of the agreement between Madgenesis Partners and IHCV, which guarantees that upon completion of the allotment IHVC[sic] shall hold 10% of the Company's shares.

 

  

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The Allotted Shares shall have the same standing and enjoy the same rights, and shall grant the owners thereof any right stemming from and/or pertaining to ownership in the Company, including, inter alia, the right to participate and vote in the Company's general meetings, whether ordinary, special or extraordinary, the right to participate in dividend distributions, bonus shares, rights etc, as well as rights in the distribution of the Company's surplus assets upon the liquidation thereof, pursuant to the Company's articles of incorporation and subject to any law.

 

	
  

	
3.3

	
Lock Up. Section 15 of the Securities Law and the Private Allotment Regulations shall apply to the Allotted Shares. The following are the restrictions which shall apply in connection with a resale of the Allotted Shares (hereinafter: "Resale Restrictions"): An offeree shall not be entitled to offer the shares to be allotted to him in the course of trading on the Stock Exchange for a period of 6 months from the allotment date other than pursuant to a prospectus whose publication shall be approved by the Securities Authority (hereinafter in this section: "the Complete Lock Up Period").

 

	
  

	
For period of 6 successive quarters following the Complete Lock Up Period an offeree shall only be entitled to offer the shares in the course of trading on the Stock Exchange pursuant to a prospectus whose publication shall be approved by the Securities Authority on the following terms: (hereinafter: "the Trickle Period"): On each trading day on the Stock Exchange the quantity of shares to be offered for sale shall not exceed the average daily trading volume for a share in the 8 weeks preceding such date; alternatively - the offeree shall be entitled to offer for sale in each quarter in the course of trading on the Stock Exchange a quantity of shares which shall not exceed 1% of the Company's issued and outstanding share capital (without taking into account convertible securities that have not yet been exercised or converted into shares).  For this purpose "Quarter" shall mean a period of 3 months, with the first quarter to commence upon the conclusion of the period specified in subsection (a) above.

 

	 	
3.4

	
Restrictions by virtue of American law.

 

	
  

	
3.4.1

	
In addition to the provisions of section 3.3 above, the Allotted Shares shall be subject to sale restrictions pursuant to Rule 144. The restrictions set forth in Rule 144 apply in general to the sale of securities within the United States and to a sale to a US person (as defined in the American Securities Law).

 

	
  

	
3.4.2

	
An offeree defined as a US person shall be allotted the Allotted Shares on condition that such offeree has confirmed that he is an accredited investor (as defined in the American Securities Law) and the Company is convinced that the Allotted Shares can be allotted to him subject to an exemption from registration under the American Securities Law. In addition, an offeree defined as an affiliated party (as defined in the American Securities Law) shall be limited in a sale in the United States and/or to a US person other than within the framework of the exemptions specified therefor, for a period of one year from the allotment date (in this section 3.4.2 hereinafter: ("the Complete Lock Up Period") and following the conclusion of the Complete Lock Up Period  for such periods and amounts as are provided in American law, provided that the investor shall be deemed to be an affiliated party.

 

  

- 4 -

  

 

	
  

	
Each offeree hereby confirms that he is aware that notwithstanding the fact that the aforementioned restrictions may not apply directly to the sale of the Allotted Shares, according to the position of the Stock Exchange, which it adopted commencing from 2007, with regard to companies incorporated under the laws of the United States, securities of such companies may not be sold within the framework of trading on the Stock Exchange as long as sale restrictions apply to them under American law, in light of the inability to prevent the sale of such shares to a US person.

 

	
  

	
3.4.3

	
The aforementioned restrictions shall apply as long as the shares have not been registered pursuant to section 9.1 below, and thereafter, each offeree shall be responsible for enquiring whether there are restrictions that continue to apply to his shares.

 

	
4.

	
Declarations by the Parties

 

The Parties declare - each with regard to itself alone - that they have investigated the legal and tax situation in connection with this Agreement and the transaction and that subject to the fulfillment of the conditions precedent set forth in section 8 below, there is no restriction, and/or prohibition and/or impediment under the provisions of any agreement whatsoever, whether written or oral, and/or an impediment under any law for their purposes to their engagement herein and to the performance of their obligations under the provisions hereof, and that their engagement herein and the performance thereof (subject to the fulfillment of all the conditions precedent set forth in section 8 below) by them does not and shall not constitute a breach of any obligation whatsoever of any of them, as the case may be.

 

	
5.

	
Representations, Declarations and Undertakings by the Company

 

In addition to the aforementioned declarations in section 4 above, the Company hereby declares, confirms and undertakes towards each of the Offerees, that as of the date of execution hereof, and as of the Closing Date:

 

	
  

	
5.1

	
The Company is a public limited company registered in the State of Delaware whose shares are traded and registered for trading on the Stock Exchange.

 

	
  

	
5.2

	
The Company has been duly registered and is eligible to run its affairs as it currently does and expects to in the future, to execute this Agreement and to perform all the actions required thereunder.

 

	
  

	
5.3

	
By the Closing Date, the Company shall adopt all the resolutions and approvals, should such be required, by the shareholders and/or the Board and/or any other body in the Company with regard to this Agreement.

 

	
  

	
5.4

	
There is no impediment of any kind whatsoever hereunder and/or under any law to the conclusion and completion of this Agreement, or the performance of the Company's obligations under the provisions thereof. Without detracting from the aforesaid, the Company's engagement herein and the realization of its obligations thereunder do not constitute a breach and/or expected breach and/or do not conflict with any provisions of any agreement whatsoever to which it is a party, and/or any undertaking whatsoever and/or with any third party rights whatsoever and/or with any order or judgment whatsoever applying to it and/or the securities allotted thereunder, and/or with the provisions of any law whatsoever and/or the provisions of any regulatory authority whatsoever, and do not require the approval and/or consent of any third party whatsoever and/or the conferral of a notice to any third party whatsoever (with the exception of the approval of the Stock Exchange and the Securities Authority).

 

  

- 5 -

  

 

	
  

	
5.5

	
The execution of this Agreement does not constitute a breach of the Company's articles of incorporation and does not conflict with the Company's articles of incorporation.

 

	
  

	
5.6

	
The Company has been duly registered. The Company's registration is completely effective on the date of the execution thereof and on the Closing Date and, to the best of the Company's knowledge, no ground whatsoever exists for deleting the Company from the registers in which it is registered.

 

	
  

	
5.7

	
Prior to the execution hereof the Company's registered share capital is composed of 50,000,000 (fifty million) ordinary shares, enjoying the same rights with a nominal value of 0.001 dollars each (hereinafter: “the Ordinary Shares”).

 

	
  

	
5.8

	
The Company's issued and outstanding share capital is composed of 11,645,404 of the Company's Ordinary Shares having a nominal value of 0.001 dollars each. The Company has allotted non-convertible option deeds specified in the Company's capital table attached as Annex 5.8 hereof - as of the date of the execution hereof the Company is not subject to any obligation towards any person to perform an allotment of its securities or to perform a transaction in its securities, with the exception of the Company's immediate intention to recruit capital by way of a private recruitment and with the exception of the Company's intention to allot options to various suppliers in lieu of a monetary debt in respect of services.

 

	
  

	
5.9

	
All the Ordinary Shares in the Company's issued and outstanding share capital have the same standing and enjoy the same rights, inter alia with respect to voting rights, the right to participate in the Company's profits and the right to participate in the distribution of the Company's surplus assets in the event of liquidation.

 

  

- 6 -

  

 

	
  

	
5.10

	
Between the date of the financial reports of June 30, 2011 (hereinafter: "the Financial Reports"), and the date of the execution hereof and the Closing Date, there has not been/shall not be a material deterioration in the state of the Company's affairs and results and the Company has not and shall not perform any transactions and has not and shall not assume any obligation other than in the course of ordinary business, which did not find expression in the Financial Reports and the immediate reports published by the Company prior to the execution hereof; furthermore, there has not/shall not be:

 

	
  

	
5.10.1

	
a material change in its assets, obligations, cash flow, and business status from those reflected in the Financial Reports;

 

	
  

	
5.10.2

	
any loss, destruction or damage having a material adverse effect on its assets, property, situation business results or business;

 

	
  

	
5.10.3

	
any waiver whatsoever by the Company of a valuable right or material debt due to it;

 

	
  

	
5.10.4

	
any change whatsoever or amendment of an agreement or material arrangement to which the Company or any of its assets or other property are obligated thereunder or subject thereto;

 

	
  

	
5.11

	
The Company's annual and quarterly financial reports are correct, complete and accurate, and properly reflect the Company's situation, its assets, rights and obligations, and the capital and business results of the Company and its subsidiaries, on the dates specified therein, and the results of its operations for the periods to which they relate, and they were prepared in accordance with the IFRS which were implemented consistently without changes compared to previous years unless specified otherwise in the Financial Reports.

 

	
  

	
5.12

	
The Company's public reports (including prospectuses), as such appear in the electronic reporting system, including its published Financial Reports, were prepared in accordance with the provisions of the relevant laws on the date of delivery thereof. The Company has published all the immediate reports required under the law on time. All the transactions in which the controlling shareholders and/or officeholders of the Company have a personal interest have been duly approved.

 

	
  

	
5.13

	
The Company's shares are not on the preservation list and the Company has not received a warning from the Stock Exchange concerning its intention to transfer trading of the Company's shares to the preservation list.

 

	
  

	
5.14

	
The Company and/or the officeholders therein are not involved in legal proceedings pertaining to the Company, inter alia before a court or in arbitration, and/or in an investigation by any governmental and/or regulatory authority whatsoever which are not listed in the periodic reports or reported by the Company to the public (hereinafter: "Legal Proceedings") and it is not aware of any change whatsoever with respect to the situation of the legal proceedings compared to that described in the periodic reports and the Company is not aware of any fact establishing or likely to establish a cause of action for any such suit and/or investigation.

 

  

- 7 -

  

 

	
  

	
5.15

	
The Company is in possession of any and all licenses and permits required for the purpose of its operations, and such licenses and permits are in force, and it is not in breach of any provisions and/or requirements with regard to such licenses or permits.

 

	
  

	
5.16

	
The Company's reports, including the immediate and periodic reports, are correct, accurate, and complete, and do not include any misleading detail which would have caused the Offerees as reasonable investors to refrain from engaging in this Agreement had they known thereof. The Company is in compliance with all the reporting requirements imposed on it both in Israel and in the US.

 

	
  

	
5.17

	
In addition to the Lock Up rules applying to blocked securities, as far as this applies to the Company, the securities shall be free of any debt and/or liability and/or any third-party right whatsoever.

 

	
  

	
5.18

	
The Company has had time to conduct due diligence investigations of Metamorfix, the Company has conducted such investigations and as an existing shareholder in Metamorfix, it confirms and consents to the fact that within the framework of the transaction, the Offerees are making declarations and assuming obligations with regard to their shares alone and not with regard to the Company and that the transaction and the consideration reflect this. The Company is acquiring the Transferred Shares "as is", and it has not relied on any representation or assurance by the Offerees, subject to the provisions of sections 6 and 8 below.

 

	
  

	
5.19

	
The Company is aware that the Offerees have engaged with them in this Agreement on the basis of its declarations and obligations specified in this section 5, and were it not for such declarations and obligations the Offerees would not have engaged in this Agreement, including all the terms thereof.

 

	
6.

	
The Oferees’ Declarations and Undertakings

 

In addition to the declarations specified in section 4 above, every offeree jointly and severally declares and confirms as follows:

 

	
  

	
6.1

	
The engagement in this Agreement and its performance by the offeree, does not and shall not constitute a breach of any obligation whatsoever by the offeree. The offeree is entitled to transfer the Transferred Shares in accordance with the conditions hereof.

 

	
  

	
6.2

	
No attachment or lien has been imposed on the Transferred Shares owned by it, and no third party whatsoever has any right or claim whatsoever in such shares or in respect thereof.

 

  

- 8 -

  

 

	
  

	
6.3

	
With the exception of the Transferred Shares, the options, the loan balances and the exemption from a guarantee pursuant to this Agreement and the employment relationship (existing between Mazal Dahan and the Company), the Company has no obligations towards the offeree, and no demand, claim or action is being or shall be raised against the Company, or any agent thereof in respect of a matter, action, or event preceding the transfer of the Transferred Shares to the Company.

 

	
7.

	
Interim period

 

	
  

	
7.1

	
Commencing from the date of execution hereof, and until the Closing Date or the final date, whichever occurs first (hereinafter:  "the Interim Period"), the Company shall not perform any action deviating from its ordinary course of business and/or any material action, nor shall the Company perform an allotment of securities of any kind whatsoever, a distribution (as such term is defined in the Companies Law), a change in the composition of the Company's assets, and a registration of liens over the Company's assets, subject, however, to actions required hereunder or under any law. The Company shall further refrain from performing any action conflicting with its representations contained herein and/or which are likely to frustrate the transaction forming the subject matter hereof.

 

	
  

	
7.2

	
The Parties shall cooperate and deliver any information required by the Company for the purpose of reporting to the Securities Authority and to the Company's shareholders in connection with this Agreement. Furthermore, during the Interim Period the Parties shall act together in order to bring about the fulfillment of all the conditions precedent specified in section 8 below.

 

	
  

	
7.3

	
Subject to completion of the capital recruitment by the Company for the purposes of the Company, including the current recruitment through convertible loans in an amount which shall not be less than NIS 1.35 million, and to the approval of the Company's General Meeting of this Agreement, the Company undertakes to finance Metamorfix's ongoing activity, commencing from the Closing Date of the transaction, in an amount which shall not be less than US$ 50,000 a month at the beginning of each month in advance. The financing terms shall be set by the Parties by mutual consent.

 

  

- 9 -

  

 

	
8.

	
Closing

 

	
  

	
The closing shall be effected on one or more dates with part or all of the Offerees as shall be set forth below. As soon as the Company has complied with all its obligations for closing, it shall advise the Offerees thereof. An offeree who has completed his obligations for the purpose of closing, including the one specified in section 8.4 below, shall advise the Company thereof and fix a date for completion by no later than December 15, 2011 ("the Final Date"). If the Company shall not have completed its obligations for closing set forth below by the Final Date, this Agreement shall be cancelled, unless the Final Date has been extended by the mutual consent of the Parties. It is hereby clarified that the Company shall not be obliged to complete the transaction until Offerees holding at least 40% of Metamorfix's share capital have announced that they have fulfilled their obligations for closing. The Company and any of the Offerees shall convene on the Closing Date and complete the transaction pursuant to this section below, whereby all the actions specified below shall be performed simultaneously and in an integrated fashion and no individual action shall be deemed to be a complete one and no individual document shall be deemed to have been delivered until all the actions have been completed and all the documents delivered pursuant to the provisions set forth below:

 

The Parties

 

	
  

	
8.1

	
The Company and the Offerees who have announced the completion of the transaction shall deliver a confirmation that all the representations specified in sections 4, 5 and 6 above (respectively with regard to the representations of each party) are correct also on the Closing Date and that no material changes have taken place in any of them up to the Closing Date, in respect of which no notice in writing has been made to the other party to this Agreement (and the party receiving such notice has agreed to close the transaction notwithstanding such change) subject to changes performed in accordance with the provisions of this Agreement.

 

The Offerees

 

	
  

	
8.2

	
Every offeree shall deliver confirmations from the institutions of Metamorfix for the transfer of his shares in Metamorfix to the Company and his resignation from Metamorfix’s Board, if relevant.

 

	
  

	
8.3

	
The offeree shall transfer all the Transferred Shares to the subsidiary pursuant to the law, being clear and free, and for such purpose shall execute a share transfer deed.

 

	
  

	
8.4

	
The offeree shall present the Company with a confirmation from the income tax authorities regarding the rate for deduction at source applying to him, or shall confirm in writing that he agrees to have tax deducted at source at the rate applying under the law. If the offerree has failed to present such a confirmation and has not confirmed to the Company that it can make a deduction under the law by the Final Date, such offeree shall be deemed to have cancelled his execution of this Agreement and no party shall have any claim or action against such offeree.

 

  

- 10 -

  

 

The Company

 

	
  

	
8.5

	
Shall forward to the Offerees a copy of the resolutions of the Company's institutions (including due confirmation of the General Meeting) concerning its engagement herein and the performance of all its provisions, inter alia also the performance of the allotment to the Offerees against the share transfer from Metamorfix to the Company described above.

 

	
  

	
8.6

	
Shall forward a copy and shall confirm to the Offerees that it has made all the reports required of it in respect of its engagement in and performance hereof, both in Israel and in the US, and shall confirm having obtained all the approvals from the regulatory bodies required under any law in Israel and in the US.

 

	
  

	
8.7

	
Shall allot the Allotted Shares to the Offerees, being clear and free (subject to lock up conditions) and shall issue share certificates to them in respect of the Allotted Shares pursuant to Section 3.1 above.

 

	
  

	
8.8

	
Shall appoint directors to Metamorfix to replace the resigning directors and shall announce the share transfer to the Companies Registrar.

 

	
  

	
8.9

	
The Subsidiary undertakes to ensure that Metamorfix continues to comply with all of Metamorfix's obligations under the Encouragement of Research and Development and Industry Law, the plan approvals and the instructions of the Chief Scientist. Should the Chief Scientist require it, the Company in its capacity as shareholder of the subsidiary shall execute a deed of undertaking towards the Chief Scientist employing wording acceptable to the Scientist.

 

Metamorfix

 

	
  

	
8.10

	
Shall submit an application to the Chief Scientist to approve the share transfer from the shareholders to the subsidiary, and shall obtain his approval.

 

	
  

	
8.11

	
Shall announce the share transfer and resignation of the directors to the Companies Registrar and update the Company's shareholders' register with regard thereto.

 

	
9.

	
The Company's obligations following the closing

 

	
  

	
9.1

	
Registration. The Allotted Shares shall be registered for trading as part of the first registration to be effected to the Company's shares both in the US and in the Stock Exchange, and shall be registered in the name of the Company for registration on the same date in order to reduce the lock up period to a minimum and to enable registration of the shares for trading. The aforementioned registration procedures shall be completed no later than upon the expiry of 6 months from the date of this Agreement specified above.

 

  

- 11 -

  

 

	
  

	
9.2

	
Options. As soon as the Company can allot options to employees under a plan pursuant to section 102 of the Ordinance, and in coordination with the offeree employees the Company undertakes to exchange the options granted in Metamorfix to employees and advisers with Company options. The said exchange shall be effected with regard to options which have matured by the Closing Date. The conditions of the new options shall be similar as far as possible to the conditions of Metamorfix's option deeds whereby each of them shall be convertible into one Company share with a nominal value of US$.0.001 each and the realization period shall be two years from the date on which the options were exchanged and registered. The conversion ratio shall be based on the conversion rate of the Offerees' shares. The realization price shall be fixed by the Company's Board having regard to the realization prices of the options exchanged in Metamorfix. The Company shall be responsible for registering the options and realized shares under the laws of the US and Israel as promptly as possible following the allotment thereof.

 

The exchange of all the aforementioned option deeds shall be subject to the provisions of the Ruling on the Option Deeds and shall be effected in accordance therewith. The Company shall be responsible for obtaining the said Ruling. The Ruling shall confirm that the exchange between Metamorfix's options with options of the Company shall not constitute a tax event. Furthermore, section 102 of the Ordinance shall apply to the options to be allotted in a capital track with respect to employees and a tax event, should such occur, shall be deferred to the realization date.

 

	
  

	
9.3

	
Repayment of loans and exemption from guarantees.

 

	
  

	
9.3.1

	
Metamorfix has loans in the total amount of 225,800 US dollars as of the date of the execution hereof, which were borrowed from part of the Offerees and from Israel Healthcare Ventures 2 LP Incorporated, from the period in which it was a shareholder in Metamorfix (in this section: "the Lenders"). The Lenders undertake following the approval of the Company's General Meeting of this transaction to convert the loan to Metamorphx into 859,889 Company shares following performance of the share exchange set out herein.

 

	
  

	
9.3.2

	
Immediately following the closing, the Company shall exchange, to the lessor's satisfaction, the personal guarantee executed by Mr. Moshe Mizrachi in the amount of NIS 25,000 with another security to secure Metamorfix's obligations to the lessor, and Mr. Moshe Mizrachi shall be released from his guarantee.

 

  

- 12 -

  

 

	
10.

	
Miscellaneous

 

	
  

	
10.1

	
In any event that any party whatsoever shall fail to use any right whatsoever granted to it hereunder or under any law, this shall not be deemed to be a waiver on its part of such right and it shall be entitled to once again exercise such rights. A party in breach shall not be entitled to plead delay or waiver.

 

	
  

	
10.2

	
The terms of this Agreement include in their entirety the stipulations and agreements between the Parties with regard to the share allotment allotted to the Offerees and shall prevail over any engagement, agreement, representation or undertaking preceding the execution hereof, including the option deed granted to the Company in September 2011, whether drawn up in writing or orally.

 

	
  

	
10.3

	
In any event that the date for performing any of the stages hereunder shall fall on a day which is not a business day, the said date shall be postponed until the first business day thereafter.

 

	
  

	
10.4

	
Any change, amendment and/or addition hereto shall not be valid and shall be deemed not to have been effected, unless effected in writing and executed by all the Parties together.

 

	
  

	
10.5

	
The Parties shall adopt any additional measures required for the purpose of implementing and executing this Agreement, in its letter and spirit, including the execution of additional documents.

 

	
  

	
10.6

	
The Parties' addresses for the purpose of this Agreement shall be the ones specified in the Preamble hereof and in Annex A' or any other address of any of the Parties which such party shall advise in writing to the other party hereto.

 

	
  

	
10.7

	
Any announcement by any of the Parties in connection with this Agreement shall be sent to the addressee by personal delivery or registered letter to his aforementioned address, and shall be deemed to have been delivered to the addressee on the date of delivery by personal delivery, or within 3 days following the date of dispatch thereof by registered letter as aforesaid, or on the first business day following its dispatch by fax or e-mail, as the case may be.

 

	
  

	
10.8

	
This Agreement shall be governed by Israeli law and the jurisdictional venue for the purpose of a jurisdiction clause shall be the Tel Aviv-Jaffa District Court.

 

	
  

	
10.9

	
On the Closing Date the Company shall bear the legal costs of Metamorfix and of the Offerees stemming from the transaction and this Agreement.

 

[Signature pages are attached hereto]

 

  

- 13 -

  

 

IN WITNESS WHEREOF THE PARTIES HEREBY AFFIX THEIR SIGNATURES:

 

	
Metamorefix Ltd.

 

	 	
TopSpin Medical, Inc.

	 
	/s/ Amir Valdman	 	/s/ Uri Ben-Or	 
	Title: Authorised signature	 	Title: CFO	 
	 	 	 	 
	/s/ Mazal Dahan	 	/s/ Hanan Waksman	 
	Title: CEO	 	Title: CEO	 

 

  

- 14 -

  

 

Annex A’

 

Each of the undersigned Offerees agrees to the contents of the above Agreement and undertakes to act in accordance therewith and further confirms that the provisions of the said Agreement have been explained to them and that they understand such provisions:

 

	  	/s/ Asher Shmulevitz
	
Address: 25 Lechi Street, Bnei Brak

	
Asher Shmulevitz

	  	  
	  	/s/ Asher Shmulevitz
	
Address: 25 Lechi Street, Bnei Brak

	
Madgenesis Partners Ltd.

	  	  
	  	/s/ Moshe Mizrachi
	
Address: 2 Yatziz Street, Tel Aviv

	
Moshe Mizrachi

	  	  
	  	/s/ Amir Waldman
	
Address: 115 Hazalon Street, Yarkona

	
Amir Waldman

	  	  
	  	/s/ Eitan Nachum
	
Address: New York, USA

	
Eitan Nachum

	  	  
	  	/s/ Mazal Dshan
	
Address: 23 Hazayit Street, Mazkeret Batya

	
Mazal Dshan

	  	  
	  	 /s/ James Shaul
	
Address: 134/1 Hasenunit, Mevaseret Zion

	
James Shaul

	  	  
	
Address: 28 Habareket, Mevaseret Zion

	/s/ Yoav Matan
	  	
Yoav Matan

	  	  
	Address: _____________________	/s/ Miri Horowitz
	 	
Miri Horowitz - employee

	  	  
	
Address: ___________________

	/s/ Anita Porat
	  	
Anita Porat

Israel Healthcare Ventures 2 L.P. Incorporated, hereby countersigns this Agreement only with respect to Section 9.3.1 hereto and agrees to be bound by this Section 9.3.1 above.

 

/s/ Eran Perry

______________________________________

Israel Healthcare Ventures 2 L.P. Incorporated

 

- 15 -

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