Document:

Exhibit 10.43 - Agreement with Jonathan Adereth

                                 Magna-Lab Inc.

                               As of July 1, 2000

PERSONAL AND CONFIDENTIAL

Jonathan Adereth
47 Ivory Coast St.
Haifa  34980
Israel

Dear Mr. Adereth:

It is my pleasure to offer you the opportunity to serve as a consultant to and
as a member of the Board of Directors (the "Board") of Magna-Lab, Inc. (the
"Company") on the following terms and conditions which shall constitute your
agreement (the "Agreement") with the Company.

1. Start Date; Term: This Agreement shall become effective on August 1st 2000
      and the term shall end on the second anniversary thereof (the "Term"),
      subject to earlier termination as provided herein.

2. Duties: You shall serve as a management consultant to the Company. In this
      position, your responsibilities shall include:

      (a)   maintaining constant contact with the management of the Company;

      (b)   taking an active role in outlining the Company's business strategy
            and R&D plans; and

      (c)   monitoring the progress of the Company's management in such business
            strategy and R&D plans.

During the term of this Agreement, you shall devote such time as is reasonably
necessary to perform the duties and responsibilities referred to in this Section
1. You shall report to the Company's Chairman of the Board.

3. Directorship. On or promptly following the date of this Agreement, you
      will be elected as a member of the Board. The Company shall use its
      reasonable best efforts to cause you to be elected as a director of the
      Company at each of the Company's annual meetings of stockholders during
      the Term (as defined above).

      In the event that Noga Investments in Technologies Ltd. ("Noga") becomes
      eligible to nominate more than one director to the Board pursuant to that
      certain Letter Agreement

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      dated December 17, 1999, as subsequently amended, it is understood that
      you are to be one of Noga's nominees.

4. Fees: In consideration for your consulting services, you shall receive
      consulting fee of $3,500 plus Israeli VAT (if applicable) per month, due
      on the first business day of each month, from which the Company shall
      withhold and deduct all federal and state income, social security and
      other taxes to the extent required by applicable laws. Additionally the
      company will pay you a monthly allowance of $500 plus VAT (*) to cover
      your variable expenses (without presentation of expense reports). This
      payment will be made on the first date of each month together with the
      consulting fee mentioned above. Additionally, you shall receive $500 plus
      VAT per day for each day that you are in or you are on your way to and
      from the United States in order to attend and participate at Board
      meetings or, at the request of the Company, for other business matters of
      the Company outside of Israel. Such payments will be made together with
      the consulting fee mentioned here above on the first business day of the
      month following the month of travel. The company will also pay all your
      travel food and lodging expenses during such travels at the appropriate
      level suitable to your position ( i.e. Air Travel : Business Class,
      Hotels : Executive Business standard etc.).

5. Stock Option. You shall be granted an option, under the Company's Stock
      Option Plan, to purchase 2,500,000 shares of the common stock of the
      Company, subject to the terms of the Company's Option Plan and such other
      terms as are set forth herein and in the applicable option agreement (the
      "Option"). The Option shall vest and become exercisable in four equal
      installments on each of the next six-month anniversary dates of this
      Agreement. The Option shall be exercisable at a price per share of $0.49,
      which was the average of the closing bid and ask prices of the Company's
      common stock on July __, 2000, the date on which the Option was granted,
      and shall expire five years from the date of grant. In the event of any
      inconsistencey between the terms of the Stock Option Plan and the terms of
      the Option as set forth in this Agreement (including, without limitation,
      treatment of the Option upon cessation of services), the terms of the
      Stock Option Plan shall control. The Company does not currently have
      sufficient shares available under its Option Plan or authorized in its
      charter to cover the Option. Accordingly, the Company will use its best
      efforts to obtain approval from its stockholders to increase its
      authorized shares, both under the Option Plan and in its charter, in an
      amount sufficient to cover the share issuances under the Option.
      Additionally, the Company will use its best efforts to register the
      exercise of this Option with the Securities and Exchange Commission on
      Form S-8.

      In the event of a Change in Control (as defined below), notwithstanding
      anything contained herein to the contrary, any portion of the Option that
      has not yet vested shall immediately vest and be exercisable by you within
      sixty days following the consummation of the Change in Control; provided
      however, that if you are requested to continue as a member of the Board
      following such Change in Control, only 50% of the Option will be
      considered vested and exercisable and the remaining 50% will become vested
      and exercisable six months thereafter. For purposes of this Agreement, a
      "Change in Control" of the Company shall be deemed to have occurred if (i)
      there shall be consummated (x) any consolidation or merger of the Company
      in which the Company is

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      not the continuing or surviving corporation or pursuant to which the
      shares of the common stock of the Company would be converted into cash,
      securities or other property, other than a merger of the Company in which
      the holders of the common stock immediately prior to the merger have the
      same proportionate ownership of common stock of the surviving corporation
      immediately after the merger, or (y) any sale, lease, exchange or other
      transfer of all, or substantially all, of the assets of the Company, or
      (ii) the stockholders of the Company approve a plan for liquidation or
      dissolution of the Company, or (iii) any person (as such term is defined
      in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as
      amended (the "Exchange Act") who is not currently an affiliate of the
      Company, shall become the beneficial owner (within the meaning of Rule
      13d-3 under the Exchange Act) of 50% or more of the outstanding common
      stock of the Company. Notwithstanding the foregoing, in the event the
      definition of Change in Control herein is inconsistent with the terms in
      Option Plan then such definition shall be modified so that it is
      consistent with the Option Plan.

6. Cessation of Services: In the event you shall cease to provide consulting
      services to the Company for any reason, then your compensation shall cease
      on the date of such event, except as otherwise provided herein. All
      amounts due and payable through the date of termination as defined below,
      shall be paid to you by the company within seven days of the date of
      termination.

7. Proprietary Rights and Confidentiality: As a condition of your retention
      as a Undersigned, you shall execute, contemporaneously with the execution
      of this agreement, the Proprietary Rights and Confidentiality Agreement
      attached as Exhibit 1 and incorporated herein by reference.

8. No Interference: . During the period that you are providing services for
      the Company, you shall not engage in any activity which conflicts or
      interferes with or derogates from the performance of your duties
      hereunder.

9. Termination: The Company may terminate this Agreement for Cause (as
      hereinafter defined), in the event of your Disability (as hereinafter
      defined), or in the event of your retirement or death, in which case the
      provisions of subsection 9.1 shall apply. The Company may also terminate
      this Agreement for any other reason by 90 days' prior written notice to
      you, in which case the provisions of subsection 9.2 shall apply. You may
      terminate this Agreement by your voluntary resignation by 30 days' prior
      written notice to the Company, in which case the provisions of subsection
      9.1 shall apply.

      9.1. Termination for Cause; Termination by Reason of Death or Retirement
            or Voluntary Resignation:

                  In the event that your retention hereunder is terminated
            during the Term by the Company for Cause (as hereinafter defined),
            then the entire Option shall immediately terminate and be no longer
            exercisable. In the event that your retention hereunder is
            terminated during the Term by reason of your voluntary resignation,
            then the portion of the Option that has not vested as of the date of
            such termination shall be automatically cancelled, and your right to
            exercise the

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            vested portion of the Option shall expire 90 days thereafter. In the
            event that your retention hereunder is terminated during the Term by
            reason of your death or retirement, then the portion of the Option
            that has not vested as of that date of such termination shall be
            automatically cancelled, and your heir's right or your right , as
            the case may be , to exercise the vested portion of the option shall
            expire 12 months thereafter. Additionally, you shall receive the
            fees that you have accrued under Section 4 through the date of
            termination.

      For purposes of this Agreement, "Cause" shall mean (i) conviction of any
      crime (whether or not involving the Company) constituting a felony in the
      jurisdiction involved; (ii) engaging in any substantiated act involving
      moral turpitude; (iii) engaging in any act which subjects, or if generally
      known would subject, the Company to public ridicule or embarrassment; (iv)
      gross neglect or misconduct in the performance of your duties hereunder;
      (v) willful or repeated failure or refusal to perform such duties as may
      be delegated to you commensurate with your position; or (vi) breach of any
      material provision of this Agreement by you.

      9.2. Termination By Company For Any Other Reason: In the event that your
            retention hereunder is terminated by the Company during the Term for
            any reason other than as provided in Section 9.1 hereof, then the
            entire Option shall accelerate and your right to exercise the Option
            shall expire 90 days thereafter. Additionally, you shall receive the
            fees that you have accrued under Section 4 through the date of
            termination.

      9.3. Definition: The term "date" of termination as used throughout this
            Agreement shall be deemed to include the entire notice period prior
            to any termination.

10. Insurance and Indemnification: For such period that you remain a director
      of the Company, the Company shall maintain directors' liability insurance
      in an amount not less than $1,000,000.

      To the extent permitted by New York law, the Company shall indemnify you
      for any liability not covered by the Company's directors' insurance policy
      for your acts or omissions performed in your capacity as a member of the
      Board. It is anticipated that you will enter into an indemnification
      agreement with the Company which, when entered into, will supercede the
      provisions of this paragraph.

11. Independent Contractor Status: It is agreed that you are acting as an
      independent contractor, and under no circumstances shall be deemed as an
      employee of the Company for any purpose. This Agreement shall not be
      construed as authority for either party to act for the other party in any
      agency or other capacity or to make commitments of any kind for the
      account of or on behalf of the other except to the extent and for the
      purposes expressly provided for herein.

12. Arbitration: With the exception of an action for equitable relief arising
      from a breach of the Proprietary Rights and Confidentiality Agreement, any
      controversy between you and the Company or between you and any employee of
      the Company arising out of or related to

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      your employment with the Company, including, but not limited to, claims of
      race, age, gender, religious, or national origin discrimination under
      federal, state or local laws and those involving the construction or
      application of any of the terms, provisions or conditions of this
      Agreement, shall be settled by arbitration in accordance with the then
      current employment dispute resolution rules of the American Arbitration
      Association, and the arbitrators shall be empowered to award any relief
      which could be awarded by any court of competent jurisdiction for such
      dispute brought before such court. Judgment on the award rendered by the
      arbitrator(s) may be rendered by any court having jurisdiction thereof.
      The parties shall each bear their own legal fees associated with this
      arbitration. The location of the arbitration shall be in New York, New
      York.

      In the event of a breach of the Proprietary Rights and Confidentiality
      Agreement, you or the Company shall be entitled to institute proceedings
      in any court of competent jurisdiction to obtain equitable relief,
      including, but not limited to, specific performance or an injunction
      against performance of any acts, without the posting of a bond. The rights
      and remedies of the parties hereto are cumulative and shall not be
      exclusive, and each such party shall be entitled to pursue all legal and
      equitable rights and remedies and to secure performance of the obligations
      and duties of the other under this Agreement, and the enforcement of one
      or more of such rights and remedies by a party shall in no way preclude
      such party from pursuing, at the same time or subsequently, any and all
      other rights and remedies available to it.

13. Entire Agreement: This Agreement constitutes the entire agreement between
      you and the Company pertaining to the subject matter hereof, and
      supersedes all prior or contemporaneous written or oral agreements and
      understandings with you in connection with the subject matter hereof.

14. Governing Law; Jurisdiction: This Agreement and the rights and obligations
      hereunder shall be governed by the laws of the State of New York (without
      reference to its rules as to conflicts of laws), and you and the Company
      specifically consent to the jurisdiction of the courts of the State of New
      York or the United States District Courts for the Southern or Eastern
      Districts of New York over any action or arbitration arising out of or
      related to this Agreement and consent to the service of process in any
      such action or proceeding by certified or registered mailing of the
      summons and complaint therein directed to you at the address of your
      residence (as reflected in the Company's records or otherwise designated
      by you on 30 days prior written notice to the Company) and to the
      Company's designated agent for service of process.

15. Amendment: This Agreement may be amended only by a writing which makes
      express reference to this Agreement as the subject of such amendment and
      which is signed by you and, on behalf of the Company, by a duly authorized
      officer thereof.

16. Severability: If any term, provision, covenant or condition of this
      Agreement or part thereof, or the application thereof to any person, place
      or circumstance, shall be held to be invalid, unenforceable or void, the
      remainder of this Agreement and such term, provision, covenant or
      condition shall remain in full force and effect, and any such invalid,
      unenforceable or void term, provision, covenant or condition shall be
      deemed, without

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      further action on the part of the parties hereto, modified, amended and
      limited to the extent necessary to render the same and the remainder of
      this Agreement valid, enforceable and lawful. In this regard, you
      acknowledge that the provisions of the Proprietary Rights and
      Confidentiality Agreement are reasonable and necessary for the protection
      of the Company

17. Construction: The headings and captions of this Agreement are provided for
      convenience only and are intended to have no effect in construing or
      interpreting this Agreement. The language in all parts of this Agreement
      shall be in all cases construed according to its fair meaning and not
      strictly for or against the Company or you. The use herein of the word
      "including," when following any general provision, sentence, clause,
      statement, term or matter, shall be deemed to mean "including, without
      limitation." As used herein, "Company" shall mean the Company and its
      subsidiaries and any purchaser of, successor to or assignee (whether
      direct or indirect, by purchase, merger, consolidation or otherwise) of
      all or substantially all of the Company's business or assets which is
      obligated to perform this Agreement by operation of law or otherwise. As
      used herein, the words "day" or "days" shall mean a calendar day or days.

18. Nonwaiver: Neither any course of dealing nor any failure or neglect of
      either party hereto in any instance to exercise any right, power or
      privilege hereunder or under law shall constitute a waiver of any other
      right, power or privilege or of the same right, power or privilege in any
      other instance. All waivers by either party hereto must be contained in a
      written instrument signed by the party to be charged and, in the case of
      the Company, by its duly authorized officer

19. Notices: Any notice, request, consent or approval required or permitted to
      be given under this Agreement or pursuant to law shall be sufficient if in
      writing, and if and when sent by certified or registered mail, return
      receipt requested, with postage prepaid, to your residence (as reflected
      in the Company's records or as otherwise designated by you on thirty (30)
      days' prior written notice to the Company) or to the Company's principal
      executive office, attention: Chief Executive Officer, as the case may be.
      All such notices, requests, consents and approvals shall be effective five
      (5) business days after being deposited in the United States mail.
      However, the time period in which a response thereto must be given shall
      commence to run from the date of receipt on the return receipt of the
      notice, request, consent or approval by the addressee thereof. Rejection
      or other refusal to accept, or the inability to deliver because of changed
      address of which no notice was given as provided herein, shall be deemed
      to be receipt of the notice, request, consent or approval sent.

      If you wish to accept this offer, please sign in the space provided below.
      By so signing, you acknowledge that you have received no inducements or
      representations other than

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      those set forth in this letter which caused you to accept this offer of
      employment. We look forward to having you join us.

                                         Very truly yours,

                                         Magna-Lab Inc.

                                         By
                                           -----------------------------
                                         Name:
                                         Title:

Offer Accepted:

Full Name:
          -----------------------------
                 [Please Print]

Signature:
          -----------------------------
Date:
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                PROPRIETARY RIGHTS AND CONFIDENTIALITY AGREEMENT

In return for new or continued service to Magna-Lab Inc. (the "Company"), the
undersigned acknowledges and agrees as follows:

      1.    For the purposes of this Agreement:

            a)    "Information" shall mean any and all discoveries, ideas,
                  facts, or any other information relating, directly or
                  indirectly, to the operation of the Company's business, of
                  whatever type and in whatever form, which is disclosed or
                  otherwise made available to the undersigned by the Company in
                  confidence, including, but not limited to, all information
                  relating to personnel, sales, customers and financial and
                  scientific matters of the Company, and any other discoveries,
                  ideas, business plans, or facts relating to any of the
                  foregoing, whether developed by the undersigned or by others;

            b)    "Trade Secret" shall mean any and all Information that derives
                  independent economic value, actual or potential, from not
                  being generally known to persons who can obtain economic value
                  from its disclosure or use, and that is the subject of
                  reasonable efforts by Company to maintain its secrecy.

            c)    "Inventions" shall mean Information, Trade Secrets and, to the
                  extent they relate, directly or indirectly, to the Company's
                  business, designs, trademarks, discoveries, formulae,
                  processes, manufacturing techniques, Trade Secrets,
                  Information, improvements, ideas, inventions and copyrightable
                  works.

      2.    The undersigned understands that any and all Information and Trade
            Secrets are received or developed by him/her and are disclosed to
            him/her in confidence, and are to be used only for the purposes for
            which they are provided. During the term of his agreement with
            Company and thereafter, The undersigned shall not, directly or
            indirectly, except as required by the normal business of the Company
            or expressly consented to in writing by the Board of Directors of
            the Company:

            a)    Disclose, publish or make available any Information or Trade
                  Secrets, other than to an employee, officer or director of the
                  Company who, in the reasonable exercise of Undersigned's
                  judgment, needs to know such Information or Trade Secrets in
                  order to perform his or her duties to the Company;

            b)    Sell, transfer or otherwise use or exploit or permit the sale,
                  transfer, use or exploitation of the Information or Trade
                  Secrets for any purposes other than those for which they were
                  provided;

            c)    Remove from the Company's premises or retain upon termination
                  any Information or Trade Secrets, any copies thereof or any
                  tangible or retrievable materials containing or constituting
                  Information or Trade Secrets.

                                   Exhibit 1
                                       1

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      3.    Upon termination of Undersigned's services or upon request by the
            Company, Undersigned shall return to the Company all tangible forms
            of Information and Trade Secrets.

      4.    Consultant agrees to cooperate with the Company both during and
            after the Undersigned has ceased to provide services to the Company
            in obtaining and enforcing patents, copyrights, and other protection
            of the Company's rights in Inventions. This section does not apply
            to any Inventions:

            a)    For which no equipment, supplies, facility, or Trade Secrets
                  of the Company were used;

            b)    Which were developed entirely on's own time; and

            c)    Which do not relate at the time of conception or reduction to
                  practice to the Company's current business or its actual or
                  demonstrably anticipated research or development, or which do
                  not result from any work performed by for the Company.

      5.    Undersigned certifies that he has no continuing obligations to third
            parties with respect to the assignment of Inventions or rights to
            Inventions, nor does claim any previous, unpublished Inventions
            within the scope of this Agreement as 's own, except for the
            Inventions, if any, which has listed in Appendix A to this
            Agreement.

      6.    Undersigned certifies that there is no other contract or duty on
            Undersigned's part that would interfere with Undersigned's ability
            to provide services to the Company. Undersigned agrees that, in
            performing work for the Company, Undersigned will not knowingly use
            any patented inventions, trade secrets, confidential information or
            proprietary information obtained from third parties, including any
            prior employer or any other organization or individual. Undersigned
            will not bring onto the premises of the Company any unpublished
            document or other property containing proprietary information or
            trade secrets belonging to Undersigned's former or concurrent
            employers or companies, unless consented to in writing by said
            employers or companies.

      7.    The restrictions against competition and disclosure set forth above
            are considered by the parties to be reasonable for the purposes of
            protecting the business of the Company, its subsidiaries and its
            affiliates. However, if any such restriction is found by any court
            of competent jurisdiction to be unenforceable because it extends for
            too long a period of time or over too great a range of activities or
            in too broad a geographic area, it shall be interpreted to extend
            only over the maximum period of time, range of activities or
            geographic area as to which it may be enforceable.

      8.    The parties hereto understand and intend that each restriction
            agreed to by Undersigned herein shall be construed as separable and
            divisible from every other restriction,

                                   Exhibit 1
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            and the un enforceability, in whole or in part, of any such
            restriction, in any jurisdiction, shall not affect the
            enforceability of such restriction in any other jurisdiction or of
            the remaining restrictions in any jurisdiction, and that one or more
            or all of such restrictions may be enforced in whole or in part as
            the circumstances warrant.

      9.    Undersigned acknowledges that the Company is relying upon the
            representations and covenants contained in this Agreement as an
            inducement to permit Undersigned to provide services in connection
            therewith to permit Undersigned to have continued access to
            Information and Trade Secrets.

      10.   This Agreement shall be governed by the laws of the State of New
            York (without reference to its rules as to conflicts of laws).
            Undersigned and the Company specifically consent to the jurisdiction
            of the courts of the State of New York or the United States District
            Courts for the Southern or Eastern Districts of New York over any
            action or arbitration arising out of or related to this Agreement
            and consent to the service of process in any such action or
            proceeding by certified or registered mailing of the summons and
            complaint therein directed to Undersigned at the address of
            Undersigned's residence (as reflected in the Company's records or
            otherwise designated by Undersigned on 30 days' prior written notice
            to the Company) and to the Company's designated agent for service of
            process.

Dated
      ------------------------------          ----------------------------------
                                              Jonathan Adereth

                                   APPENDIX A

      I have made or improved the following Inventions and claim sole right to
them. I include below the names of co-inventors or employers to whom I owe a
continuing obligation with respect to these Inventions.

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                                   Exhibit 1
                                       3

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Dated
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                                              Jonathan Adereth

                                       2Exhibit 10.44 Consulting agreement with Daniel M. Mulvena

                                 Magna-Lab Inc.
                        6800 Jericho Turnpike, Suite 120W
                                Syosset, NY 11791

Daniel M. Mulvena
6 Fuller Lane
Marblehead, MA 01445

Dear Mr. Mulvena:

It is my pleasure to offer you the opportunity to serve as a consultant to, as
Chairman of the Board of Directors (the "Board") and Chief Executive Officer of
Magna-Lab, Inc. (the "Company") on the following terms and conditions which
shall constitute your agreement (the "Agreement") with the Company.

20. Start Date; Term: This Agreement shall reflect agreement reached in
      November 1999 and become effective for services subsequent to that date
      and shall be for a term shall that ends on the third anniversary of April
      1, 2001 (the "Term"), subject to earlier termination as provided herein.

21. Duties: You shall serve as Chairman and Chief Executive officer to the
      Company providing leadership and direction and overall management of all
      of the business development and operation of the business. Given the stage
      of the Company's development, you would be expected to spend up to 50% of
      your consulting time on the business of the Company up to and until such
      time as the Company determines to retain a full time CEO. You would be
      expected to participate in the selection of such CEO and your role, upon
      his/her retention would include transition support to ensure that suich
      individual can appropriately assume their responsibilities. Upon such
      retention you would remain as Chairman of the Board of Directors and a
      consultant to the Company.

      During the term of this Agreement, you shall devote such time as is
      reasonably necessary to perform the duties and responsibilities referred
      to in this Section 1 and it is explessly understood that such time is
      expected to approximate 50% of your business time and that the remaining
      time will be spend on other business activities which are not competitive
      with the actiities of the Company. You shall report to the Company's Board
      of Directors.

22. Fees: In consideration for your consulting services, you shall receive
      consulting fee as follows: from November 1999 through March 2001,
      $1,700.00 per day for your services and for the services of any executive
      associates you engage; from April 1, 2001 to June 30, 2001, $13,600 per
      month; from July 1, 2001 to December 31, 2001, $6,800, from January 1,
      2002 until December 31, 2003, $1,700 per month. Such fees from April 2001
      onward are based upon 8 days per month, 4 days per month and 1 day per
      month, respectively. If actual time incurred regularly exceeds this
      projected level of effort, they

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      will be billed based upon $1,700 per day or pro-rated amount for part
      days. Such fees will be due on the first business day of the succeeding
      month. Because you, and any executive associates you bring on, are
      operating as an independent contractor to the Company, the Company will
      not be required to withhold federal and state income, social security and
      other taxes and you will be required to pay such taxes directly.
      Additionally the company will pay you a monthly allowance for the cost of
      your health insurance and will pay for your reasonable out of pocket
      expenses including travel food and lodging expenses during such travels at
      the appropriate level suitable to your position (i.e. Air Travel: Business
      Class for flights, Hotels : Executive Business standard etc.).

23. Stock Option. You shall be granted an option, under the Company's Stock
      Option Plan, to purchase 1,300,000 shares of the common stock of the
      Company, subject to the terms of the Company's Option Plan and such other
      terms as are set forth in the applicable option agreement (the "Option")
      which has been provided to you.

      In the event of a Change in Control (as defined below), notwithstanding
      anything contained herein to the contrary, any portion of the Option that
      has not yet vested shall immediately vest and be exercisable by you within
      sixty days following the consummation of the Change in Control. For
      purposes of this Agreement, a "Change in Control" of the Company shall be
      deemed to have occurred if (i) there shall be consummated (x) any
      consolidation or merger of the Company in which the Company is not the
      continuing or surviving corporation or pursuant to which the shares of the
      common stock of the Company would be converted into cash, securities or
      other property, other than a merger of the Company in which the holders of
      the common stock immediately prior to the merger have the same
      proportionate ownership of common stock of the surviving corporation
      immediately after the merger, or (y) any sale, lease, exchange or other
      transfer of all, or substantially all, of the assets of the Company, or
      (ii) the stockholders of the Company approve a plan for liquidation or
      dissolution of the Company, or (iii) any person (as such term is defined
      in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as
      amended (the "Exchange Act") who is not currently an affiliate of the
      Company, shall become the beneficial owner (within the meaning of Rule
      13d-3 under the Exchange Act) of 50% or more of the outstanding common
      stock of the Company, in all cases excluding the financings contemplated
      with Allan Peres and Noga. Notwithstanding the foregoing, in the event the
      definition of Change in Control herein is inconsistent with the terms in
      Option Plan then such definition shall be modified so that it is
      consistent with the Option Plan.

24. Cessation of Services: In the event you shall cease to provide consulting
      services to the Company for any reason, then your compensation shall cease
      on the date of such event, except as otherwise provided herein. All
      amounts due and payable through the date of termination as defined below,
      shall be paid to you by the company within seven days of the date of
      termination.

25. Proprietary Rights and Confidentiality: As a condition of your retention
      as a Undersigned, you shall execute, contemporaneously with the execution
      of this agreement, the Proprietary Rights and Confidentiality Agreement
      attached as Exhibit 1 and incorporated herein by reference.

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<PAGE>

26. No Interference:. During the period that you are providing services for
      the Company, you shall not engage in any activity which conflicts or
      interferes with or derogates from the performance of your duties
      hereunder.

27. Termination: The Company may terminate this Agreement for Cause (as
      hereinafter defined), in the event of your Disability (as hereinafter
      defined), or in the event of your retirement or death, in which case the
      provisions of subsection 8.1 shall apply. The Company may also terminate
      this Agreement for any other reason by 90 days' prior written notice to
      you, in which case the provisions of subsection 8.2 shall apply. You may
      terminate this Agreement by your voluntary resignation by 30 days' prior
      written notice to the Company, in which case the provisions of subsection
      8.1 shall apply.

      27.1. Termination for Cause; Termination by Reason of Death or Retirement
            or Voluntary Resignation:

                  In the event that your retention hereunder is terminated
            during the Term by the Company for Cause (as hereinafter defined),
            then the entire Option shall immediately terminate and be no longer
            exercisable. In the event that your retention hereunder is
            terminated during the Term by reason of your voluntary resignation,
            then the portion of the Option that has not vested as of the date of
            such termination shall be cancelled. In the event that your
            retention hereunder is terminated during the Term by reason of your
            death, disability or retirement, then the portion of the Option that
            has not vested as of that date of such termination shall be
            automatically vested, and your heir's right or your right , as the
            case may be , to exercise the vested portion of the option shall
            expire 12 months thereafter. Additionally, you shall receive the
            fees that you have accrued under Section 4 through the date of
            termination.

      For purposes of this Agreement, "Cause" shall mean (i) conviction of any
      crime (whether or not involving the Company) constituting a felony in the
      jurisdiction involved; (ii) engaging in any substantiated act involving
      moral turpitude; (iii) engaging in any act which subjects, or if generally
      known would subject, the Company to public ridicule or embarrassment; (iv)
      gross neglect or misconduct in the performance of your duties hereunder;
      (v) willful or repeated failure or refusal to perform such duties as may
      be delegated to you commensurate with your position; or (vi) breach of any
      material provision of this Agreement by you.

      27.2. Termination By Company For Any Other Reason: In the event that your
            retention hereunder is terminated by the Company during the Term for
            any reason other than as provided in Section 8.1 hereof, then the
            entire Option shall accelerate and be exercisable according to their
            terms. Additionally, you shall receive the fees that you have
            accrued under Section 4 through the date of termination plus a
            payment equal to the previous years fees plus health insurance for
            such period[language on fees for Subs.].

      27.3. Definition: The term "date" of termination as used throughout this
            Agreement shall be deemed to include the entire notice period prior
            to any termination.

                                       5
<PAGE>

28. Insurance and Indemnification: For such period that you remain a director
      of the Company, the Company shall maintain directors' liability insurance
      in an amount not less than $1,000,000.

      To the extent permitted by New York law, the Company shall indemnify you
      for any liability not covered by the Company's directors' insurance policy
      for your acts or omissions performed in your capacity as a member of the
      Board. It is anticipated that you will enter into an indemnification
      agreement with the Company which, when entered into, will supercede the
      provisions of this paragraph.

29. Independent Contractor Status: It is agreed that you are acting as an
      independent contractor, and under no circumstances shall be deemed as an
      employee of the Company for any purpose. This Agreement shall not be
      construed as authority for either party to act for the other party in any
      agency or other capacity or to make commitments of any kind for the
      account of or on behalf of the other except to the extent and for the
      purposes expressly provided for herein.

30. Arbitration: With the exception of an action for equitable relief arising
      from a breach of the Proprietary Rights and Confidentiality Agreement, any
      controversy between you and the Company or between you and any employee of
      the Company arising out of or related to your employment with the Company,
      including, but not limited to, claims of race, age, gender, religious, or
      national origin discrimination under federal, state or local laws and
      those involving the construction or application of any of the terms,
      provisions or conditions of this Agreement, shall be settled by
      arbitration in accordance with the then current employment dispute
      resolution rules of the American Arbitration Association, and the
      arbitrators shall be empowered to award any relief which could be awarded
      by any court of competent jurisdiction for such dispute brought before
      such court. Judgment on the award rendered by the arbitrator(s) may be
      rendered by any court having jurisdiction thereof. The parties shall each
      bear their own legal fees associated with this arbitration. The location
      of the arbitration shall be in New York, New York.

      In the event of a breach of the Proprietary Rights and Confidentiality
      Agreement, you or the Company shall be entitled to institute proceedings
      in any court of competent jurisdiction to obtain equitable relief,
      including, but not limited to, specific performance or an injunction
      against performance of any acts, without the posting of a bond. The rights
      and remedies of the parties hereto are cumulative and shall not be
      exclusive, and each such party shall be entitled to pursue all legal and
      equitable rights and remedies and to secure performance of the obligations
      and duties of the other under this Agreement, and the enforcement of one
      or more of such rights and remedies by a party shall in no way preclude
      such party from pursuing, at the same time or subsequently, any and all
      other rights and remedies available to it.

31. Entire Agreement: This Agreement constitutes the entire agreement between
      you and the Company pertaining to the subject matter hereof, and
      supersedes all prior or contemporaneous written or oral agreements and
      understandings with you in connection with the subject matter hereof.

                                       6
<PAGE>

32. Governing Law; Jurisdiction: This Agreement and the rights and obligations
      hereunder shall be governed by the laws of the State of New York (without
      reference to its rules as to conflicts of laws), and you and the Company
      specifically consent to the jurisdiction of the courts of the State of New
      York or the United States District Courts for the Southern or Eastern
      Districts of New York over any action or arbitration arising out of or
      related to this Agreement and consent to the service of process in any
      such action or proceeding by certified or registered mailing of the
      summons and complaint therein directed to you at the address of your
      residence (as reflected in the Company's records or otherwise designated
      by you on 30 days prior written notice to the Company) and to the
      Company's designated agent for service of process.

33. Amendment: This Agreement may be amended only by a writing which makes
      express reference to this Agreement as the subject of such amendment and
      which is signed by you and, on behalf of the Company, by a duly authorized
      officer thereof.

34. Severability: If any term, provision, covenant or condition of this
      Agreement or part thereof, or the application thereof to any person, place
      or circumstance, shall be held to be invalid, unenforceable or void, the
      remainder of this Agreement and such term, provision, covenant or
      condition shall remain in full force and effect, and any such invalid,
      unenforceable or void term, provision, covenant or condition shall be
      deemed, without further action on the part of the parties hereto,
      modified, amended and limited to the extent necessary to render the same
      and the remainder of this Agreement valid, enforceable and lawful. In this
      regard, you acknowledge that the provisions of the Proprietary Rights and
      Confidentiality Agreement are reasonable and necessary for the protection
      of the Company

35. Construction: The headings and captions of this Agreement are provided for
      convenience only and are intended to have no effect in construing or
      interpreting this Agreement. The language in all parts of this Agreement
      shall be in all cases construed according to its fair meaning and not
      strictly for or against the Company or you. The use herein of the word
      "including," when following any general provision, sentence, clause,
      statement, term or matter, shall be deemed to mean "including, without
      limitation." As used herein, "Company" shall mean the Company and its
      subsidiaries and any purchaser of, successor to or assignee (whether
      direct or indirect, by purchase, merger, consolidation or otherwise) of
      all or substantially all of the Company's business or assets which is
      obligated to perform this Agreement by operation of law or otherwise. As
      used herein, the words "day" or "days" shall mean a calendar day or days.

36. Nonwaiver: Neither any course of dealing nor any failure or neglect of
      either party hereto in any instance to exercise any right, power or
      privilege hereunder or under law shall constitute a waiver of any other
      right, power or privilege or of the same right, power or privilege in any
      other instance. All waivers by either party hereto must be contained in a
      written instrument signed by the party to be charged and, in the case of
      the Company, by its duly authorized officer

37. Notices: Any notice, request, consent or approval required or permitted to
      be given under this Agreement or pursuant to law shall be sufficient if in
      writing, and if and when sent

                                       7
<PAGE>

      by certified or registered mail, return receipt requested, with postage
      prepaid, to your residence (as reflected in the Company's records or as
      otherwise designated by you on thirty (30) days' prior written notice to
      the Company) or to the Company's principal executive office, attention:
      Chief Executive Officer or Secretary, as the case may be. All such
      notices, requests, consents and approvals shall be effective five (5)
      business days after being deposited in the United States mail. However,
      the time period in which a response thereto must be given shall commence
      to run from the date of receipt on the return receipt of the notice,
      request, consent or approval by the addressee thereof. Rejection or other
      refusal to accept, or the inability to deliver because of changed address
      of which no notice was given as provided herein, shall be deemed to be
      receipt of the notice, request, consent or approval sent.

      If you wish to accept this offer, please sign in the space provided below.
      By so signing, you acknowledge that you have received no inducements or
      representations other than

                                       8
<PAGE>

      those set forth in this letter which caused you to accept this offer of
      employment. We look forward to having you join us.

                                          Very truly yours,

                                          Magna-Lab Inc.

                                          By
                                            -----------------------------
                                          Name:
                                          Title:

Offer Accepted:

Full Name:
          -------------------------------
                   [Please Print]

Signature:
          -------------------------------
Date:
     ------------------------------------

                                       9
<PAGE>

                PROPRIETARY RIGHTS AND CONFIDENTIALITY AGREEMENT

In return for new or continued service to Magna-Lab Inc. (the "Company"), the
undersigned acknowledges and agrees as follows:

      11.   For the purposes of this Agreement:

            a)    "Information" shall mean any and all discoveries, ideas,
                  facts, or any other information relating, directly or
                  indirectly, to the operation of the Company's business, of
                  whatever type and in whatever form, which is disclosed or
                  otherwise made available to the undersigned by the Company in
                  confidence, including, but not limited to, all information
                  relating to personnel, sales, customers and financial and
                  scientific matters of the Company, and any other discoveries,
                  ideas, business plans, or facts relating to any of the
                  foregoing, whether developed by the undersigned or by others;

            b)    "Trade Secret" shall mean any and all Information that derives
                  independent economic value, actual or potential, from not
                  being generally known to persons who can obtain economic value
                  from its disclosure or use, and that is the subject of
                  reasonable efforts by Company to maintain its secrecy.

            c)    "Inventions" shall mean Information, Trade Secrets and, to the
                  extent they relate, directly or indirectly, to the Company's
                  business, designs, trademarks, discoveries, formulae,
                  processes, manufacturing techniques, Trade Secrets,
                  Information, improvements, ideas, inventions and copyrightable
                  works.

      12.   The undersigned understands that any and all Information and Trade
            Secrets are received or developed by him/her and are disclosed to
            him/her in confidence, and are to be used only for the purposes for
            which they are provided. During the term of his agreement with
            Company and thereafter, The undersigned shall not, directly or
            indirectly, except as required by the normal business of the Company
            or expressly consented to in writing by the Board of Directors of
            the Company:

            a)    Disclose, publish or make available any Information or Trade
                  Secrets, other than to an employee, officer or director of the
                  Company who, in the reasonable exercise of Undersigned's
                  judgment, needs to know such Information or Trade Secrets in
                  order to perform his or her duties to the Company;

            b)    Sell, transfer or otherwise use or exploit or permit the sale,
                  transfer, use or exploitation of the Information or Trade
                  Secrets for any purposes other than those for which they were
                  provided;

            c)    Remove from the Company's premises or retain upon termination
                  any Information or Trade Secrets, any copies thereof or any
                  tangible or retrievable materials containing or constituting
                  Information or Trade Secrets.

                                   Exhibit 1
                                       1

<PAGE>

      13.   Upon termination of Undersigned's services or upon request by the
            Company, Undersigned shall return to the Company all tangible forms
            of Information and Trade Secrets.

      14.   Consultant agrees to cooperate with the Company both during and
            after the Undersigned has ceased to provide services to the Company
            in obtaining and enforcing patents, copyrights, and other protection
            of the Company's rights in Inventions. This section does not apply
            to any Inventions:

            a)    For which no equipment, supplies, facility, or Trade Secrets
                  of the Company were used;

            b)    Which were developed entirely on 's own time; and

            c)    Which do not relate at the time of conception or reduction to
                  practice to the Company's current business or its actual or
                  demonstrably anticipated research or development, or which do
                  not result from any work performed by for the Company.

      15.   Undersigned certifies that he has no continuing obligations to third
            parties with respect to the assignment of Inventions or rights to
            Inventions, nor does claim any previous, unpublished Inventions
            within the scope of this Agreement as 's own, except for the
            Inventions, if any, which has listed in Appendix A to this
            Agreement.

      16.   Undersigned certifies that there is no other contract or duty on
            Undersigned's part that would interfere with Undersigned's ability
            to provide services to the Company. Undersigned agrees that, in
            performing work for the Company, Undersigned will not knowingly use
            any patented inventions, trade secrets, confidential information or
            proprietary information obtained from third parties, including any
            prior employer or any other organization or individual. Undersigned
            will not bring onto the premises of the Company any unpublished
            document or other property containing proprietary information or
            trade secrets belonging to Undersigned's former or concurrent
            employers or companies, unless consented to in writing by said
            employers or companies.

      17.   The restrictions against competition and disclosure set forth above
            are considered by the parties to be reasonable for the purposes of
            protecting the business of the Company, its subsidiaries and its
            affiliates. However, if any such restriction is found by any court
            of competent jurisdiction to be unenforceable because it extends for
            too long a period of time or over too great a range of activities or
            in too broad a geographic area, it shall be interpreted to extend
            only over the maximum period of time, range of activities or
            geographic area as to which it may be enforceable.

      18.   The parties hereto understand and intend that each restriction
            agreed to by Undersigned herein shall be construed as separable and
            divisible from every other restriction, and the un enforceability,
            in whole or in part, of any such restriction,

                                   Exhibit 1
                                       2

<PAGE>

            in any jurisdiction, shall not affect the enforceability of such
            restriction in any other jurisdiction or of the remaining
            restrictions in any jurisdiction, and that one or more or all of
            such restrictions may be enforced in whole or in part as the
            circumstances warrant.

      19.   Undersigned acknowledges that the Company is relying upon the
            representations and covenants contained in this Agreement as an
            inducement to permit Undersigned to provide services in connection
            therewith to permit Undersigned to have continued access to
            Information and Trade Secrets.

      20.   This Agreement shall be governed by the laws of the State of New
            York (without reference to its rules as to conflicts of laws).
            Undersigned and the Company specifically consent to the jurisdiction
            of the courts of the State of New York or the United States District
            Courts for the Southern or Eastern Districts of New York over any
            action or arbitration arising out of or related to this Agreement
            and consent to the service of process in any such action or
            proceeding by certified or registered mailing of the summons and
            complaint therein directed to Undersigned at the address of
            Undersigned's residence (as reflected in the Company's records or
            otherwise designated by Undersigned on 30 days' prior written notice
            to the Company) and to the Company's designated agent for service of
            process.

Dated
     --------------------------------     -----------------------------------
                                          Daniel M. Mulvena

                                   Exhibit 1
                                       3

<PAGE>

                                   APPENDIX A

      I have made or improved the following Inventions and claim sole right to
them. I include below the names of co-inventors or employers to whom I owe a
continuing obligation with respect to these Inventions.

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Dated
      ------------------------------          ----------------------------------
                                              Daniel M. Mulvena

                                   Exhibit 1
                                       4

<PAGE>

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