Document:

exv10w17wi

 

Exhibit 10.17(i)

INTERCOMPANY LOAN AGREEMENT

This Intercompany Loan Agreement (the “Agreement”) is made as of June 21st, 2001 between
TopSpin Medical (Israel) Ltd. an Israeli company having its address at 1 Lev Pesach Street, North
Industrial Zone Lod Israel (“LTD”) and TopSpin Medical Inc. (“INC”) a company incorporated in
Delaware having its address at 1013 Center Road, Wilmington Delaware, USA.

WHEREAS:

(A) INC has from time to time made loans to LTD and a Promissory Note dated January 9, 2000 a copy
of which is attached hereto as exhibit A (the “Promissory Note”) was issued to INC against one of
those loans (the “Promissory Note Loan”);

(B) The parties wish to convert the Promissory Note Loan into shares of LTD and set the terms that
shall apply to all other loans made by INC to LTD prior to the date of this Agreement or following
the date hereof, all in accordance with the terms of this Agreement.

NOW THEREFORE, in consideration of their mutual undertakings herein, the parties, intending to be
legally bound, do hereby agree, declare and stipulate as follows:

1. This Agreement contains the entire understanding of the parties with respect to the subject
matter hereof or thereof, and all prior discussions, commitments, understandings and prior
agreements between them with respect thereto are merged herein and hereby terminated and cancelled,
and all rights thereunder irrevocably waived. Any modifications made hereto shall be in writing
and signed by both of the parties.

2. The Promissory Note Loan shall be converted into 5,000 ordinary shares of LTD (the “Shares”) at
a conversion price of $150 per share. The conversion of the Promissory Note Loan and the
termination of the Promissory Note (which shall be returned to LTD) shall take place upon the issue
of the Shares. LTD shall issue the Shares within one month of the date of this Agreement.

3. All funds transferred by INC to LTD prior to, upon or following the date of this Agreement,
excluding the Promissory Note Loan, shall be convertible loans upon the following terms and
conditions (each a “Convertible Loan”):

     3.1 Interest shall accrue on each Convertible Loan at the following
rates:

	 	3.1.1	 	During the period January 1, 2000 to June 30,
2001 – at an annual interest rate of 5%;
	 
	 	3.1.2	 	During the period commencing July 1, 2001 and
ending upon the repayment of the Convertible Loan – at an annual
interest rate of the US$ six months LIBOR + 0.75%, set every six
months according to the US$ LIBOR on June 30th and
December 31st of each year as applicable to each period.

     3.2 The Interest on each Convertible Loan shall be accrued and, subject to conversion
of the Convertible Loan, be paid on the date of repayment of the Convertible Loan.

     3.3 Repayment of the Convertible Loan shall, subject to Sections 3.4 and 3.5 below,
be made by LTD on June 30, 2009 (the “Maturity Date”).

     3.4 LTD may by 14 days notice repay to INC all or part of the Convertible Loans
together with the interest accrued thereon prior to the Maturity Date.

     3.5 INC may at any time prior to the Maturity Date convert any or all of the
outstanding Convertible Loans into ordinary shares of LTD at a conversion price per
ordinary share of $150 plus the accrued interest on the Convertible Loan(s) being
converted.

 

 

4. INC shall not be required by this Agreement to grant any further loans or transfer any further
funds to LTD.

5. This Agreement may be executed in any number of counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same instrument. This 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.

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

	 	 	 
	TopSpin Medical (Israel) Ltd.

	 	TopSpin Medical Inc.
	By:

	 	By:
	Name:

	 	Name:
	Title:

	 	Title:exv10w17wii

 

Exhibit 10.17(ii)

	 	 	 
	

	 	Top SpinMedical (Israel) Ltd.
Global Park, 2 Yodfat St., North Industrial Zone
Lod, Israel
Phone: 972-8-9200033
Fax: 972-8-9281233  
	 

	 	
	 

	 	
	 

	 	
	 

	 	

	 	 	 
	To:

	 	Date: December 29, 2005
	TopSpin Medical Inc. (the “Company”)
	 	 
	2 Yodfat St., Lod
	 	 
	Israel
	 	 

Re: Loan Agreement

Dear Sir,

	1.	 	On June 21, 2001, the Company and TopSpin Medical (Israel) Ltd., the Company’s fully
owned subsidiary (the “Subsidiary”), have entered into an Intercompany Loan Agreement, a
copy of which is enclosed as Exhibit A herewith (the “Original Agreement”; all
capitalized terms used and not otherwise defined herein, shall have the meaning ascribed to
them in the Original Agreement).

	2.	 	Under the Original Agreement the Company has extended to the Subsidiary a Convertible
Loan in accordance with the terms set forth in the Original Agreement.

	3.	 	As of December 31, 2005 the loan amount under the Original Agreement consists of a
principal amount of US$ 18,247,671.69 and accrued interest of US$ 1,544,570.57 on the
principal amount.

	4.	 	The Subsidiary requests that, as of the date hereof, the Company shall waive any interest
payments due to the Company in connection with the amounts extended by the Company to
Subsidiary until December 31, 2005 under the Convertible Loan in accordance with the terms
of the Original Agreement, totaling an aggregate interest amount of US$ 1,544,570.57 as of
December 31, 2005.
	 
	5.	 	Please confirm your agreement to the above with your signature hereunder.

                                                            

TopSpin Medical (Isracel)

By:                     

We confirm and agree to the aforesaid:

                                                            

TopSpin Medical Inc.

By:exv10w17wiii

 

Exhibit 10.17(iii)

FIRST SUPPLEMENT TO INTERCOMPANY LOAN AGREEMENT

This First Supplement to Intercompany Loan Agreement made as of June
21st, 2001 between TopSpin Medical (Israel) Ltd. an Israeli company having its address
at 1 Lev Pesach Street, North Industrial Zone Lod Israel (“LTD”) and TopSpin Medical Inc.
(“INC”) a company  incorporated in Delaware having its address at 1013 Center Road, Wilmington
Delaware, USA (the “Original Agreement”; All capitalized terms as used herein shall have the
meaning assigned to them in the Original Agreement, unless otherwise specifically stated in this
Opinion ) is entered into on April 6, 2006 between LTD and INC(the Supplement”) .

WHEREAS:

(A) Pursuant to the Original Agreement INC has provided from time to time Convertible Loans to LTD;

(B) On December 29, 2005 INC waived its right to recive any interest owed to INC by LTD as of
December 31, 2005 pursuant to the Original Agreement in connection with any Convertible Loans
extended to LTD by INC.

NOW THEREFORE, in consideration of their mutual undertakings herein, the parties, intending to be
legally bound, do hereby agree, declare and stipulate as follows:

1. The outstanding principal amount of Convertible Loan extended to LTD by INC as of December 31,
2005, totaling US$ 18,247,671.69 shall be converted into 121,651 ordinary shares of LTD (the
“Shares”) at a conversion price of $150 per share as of December 31, 2005. For the avoidance of
doubt, INC shall not be entitled to any interest with respect to the Convertible Loan from and
after December 31, 2005.

2. The provisions of the Original Agreement, to the extent not explicitly amended under this
Supplement, shall remain in force and affect.

IN WITNESS WHEREOF, the parties have executed this First Supplement to Intercompany Loan Agreement
as of the date first above written.

	 	 	 
	TopSpin Medical (Israel) Ltd.

	 	TopSpin Medical Inc.
	By:

	 	By:
	Name:

	 	Name:
	Title:

	 	Title:exv10w18

 

Exhibit 10.18

TRANSFER OF THIS WARRANT DIRECTLY OR INDIRECTLY, WITHIN THE UNITED STATES OR TO OR FOR THE
ACCOUNT OR BENEFIT OF U.S. PERSONS IS PROHIBITED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
REGULATION S PROMULGATED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) (RULE 901 THROUGH
RULE 905, AND PRELIMINARY NOTES), PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM REGISTRATION

WARRANT CERTIFICATE

TO PURCHASE SHARES OF COMMON STOCK OF

TOPSPIN MEDICAL, INC.

			
	 	 	 
	No. 1
	 	22,800,000 Shares of Common Stock

     THIS CERTIFIES THAT, for good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, The Registration Company of Bank Hapoalim Ltd., or its registered assigns
(the “Holder”), is the registered owner of warrants to purchase up to 22,800,000
shares of Common Stock (the “Warrant Shares”) of TopSpin Medical, Inc., a Delaware corporation
(“Company”), at a purchase price per share equal to NIS 1.1, linked to the Israeli representative
rate of the US Dollar as of August 25, 2005. (the “Exercise Price”), and as may be adjusted
pursuant to Section 3 below. This Warrant shall not be terminable by the Company prior to the
Expiration Date. The maximum number of Warrant Shares so issuable under this Warrant Certificate
is sometimes referred to as the “Aggregate Number” (as such number may be increased or
decreased, as more fully set forth herein).

This Warrant is executed and delivered in connection with the initial public offering of the shares
of Common Stock and Warrants (Series 1) of the Company pursuant to that certain prospectus dated
August 25, 2005 filed by the Company with the Israeli Securities Authority Investment Agreement
(the “Prospectus”). This Warrant shall be void and all rights represented hereby shall cease on the
Expiration Date (as defined in Section 1 hereof).

     The Warrants are subject to the following provisions, terms and conditions:

1. Definitions. As used in this Warrant Certificate, unless the context otherwise
requires, the following terms have the following respective meanings:

“Aggregate Number” shall have the meaning set forth in the first paragraph of the Warrant
Certificate.

“Common Stock” shall mean the shares of common stock of the Company, currently provided for
in the Certificate of Incorporation of the Company, and including, for all purposes hereunder, any
other capital stock of the Company into which such shares of

 

 

common stock
may be converted or reclassified or that may be issued in respect of, in exchange for, or in
substitution of, such common stock by reason of any stock splits, stock dividends, distributions,
mergers, consolidations or like events.

“Expiration Date” shall mean the February 28, 2008.

“Person” shall mean an individual, corporation, partnership, trust or unincorporated
organization, or other legal entity, or a government or any agency or political subdivision
thereof.

2. Exercise; Issue of Certificates; Payment for Shares.

(a) The rights represented by this Warrant Certificate may be exercised at any time prior to the
Expiration Date by Holder hereof, in whole or in part (but not as to fractional shares of Common
Stock).

(b) This Warrant shall be exercisable by surrendering this Warrant Certificate to the Company at
its principal office, and upon payment to the Company of the Exercise Price for the Warrant Shares
being purchased.

(c) Certificates for the shares so purchased or a letter of allocation shall be delivered to Holder
hereof within a reasonable time, not later than the end of the month following the month , after
this Warrant Certificate shall have been so exercised, provided that 3 months have not passed since
the completion of the public tender and unless the Warrants have expired. A new Warrant Certificate
representing the number of shares, if any, with respect to which this Warrant Certificate shall not
then have been exercised shall also be delivered to Holder hereof within such time.

3. Adjustments to Exercise Price.

The Exercise Price shall be adjusted to confer on the Holder the original economic benefit
hereunder in the event of any increase or decrease in the number of outstanding shares of Common
Stock resulting from stock splits, reverse stock splits, stock dividends, reclassifications,
recapitalizations, consolidations or similar events, as described in the Prospectus.

4. Warrant Transferable. The transfer of this Warrant and all rights hereunder, in whole
or in part, is registerable at the office or agency of the Company by the Holder hereof in person
or by duly authorized attorney, upon surrender of this Warrant Certificate. Each taker and holder
of any Warrant, by taking or holding the same, consents and agrees that this Warrant Certificate,
when endorsed in blank, shall be deemed negotiable, and that the holder hereof, when this Warrant
Certificate shall have been so endorsed, may be treated by the Company and all other persons
dealing with this Warrant Certificate as the absolute owner hereof for any purpose and as the
person entitled to exercise the rights represented by this Warrant Certificate, or to the
registration of transfer hereof on the books of the Company; and until due presentment for
registration of transfer on such books, the Company may treat the registered holder hereof as the
owner for all purposes, and the Company shall not be affected by notice to the contrary.

5. Warrant Certificates Exchangeable for Different Denominations. This Warrant
Certificate is exchangeable, upon the surrender hereof by the holder hereof at such office or
agency of

 

 

the
Company, for new Warrant Certificates of like tenor representing in the aggregate the right to
purchase the number of shares that may be purchased hereunder, each of such new Warrant
Certificates to represent the right to purchase such number of shares as shall be designated by
said holder at the time of such surrender; provided, however, that the new Warrant
Certificates so issued do not include the rights to fractional shares.

IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be executed as a deed by its
duly authorized officer and this Warrant Certificate to be dated September 1, 2005.

	 	 	 	 	 	 	 
	 	 	TopSpin Medical, Inc.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name and Title: Erez Golan, President and CEO and
Eyal Kolka, CFO

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