Document:

Exhibit 10.1 

CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM 

                We
consent to the incorporation by reference in the registration statement on Form S-8 (No.
333-9354) pertaining to the employees stock option plan of Elbit Systems Ltd. of our
report dated March 14, 2006, with respect to the consolidated financial statements and
financial statement schedule of Elbit Systems Ltd. and subsidiaries included in this
Annual Report on Form 20-F for the year ended December 31, 2005. 

		
	 	 		 
	
	 
	 	 	/s/ Kost Forer Gabbay & Kasierer 	 
	 	 	Kost Forer Gabbay & Kasierer
A member of Ernst & Young Global	 
	 	 

Haifa, Israel, 
June 28,
2006Exhibit 10.2 

CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM 

        We
consent to the incorporation by reference in the registration statement of Elbit Systems
Ltd. on Form S-8 (File No. 333-9354) of our report dated March 5, 2006, with respect to
the consolidated financial statements of Elisra Electronic Systems Ltd. and subsidiaries,
which report appears in this December 31, 2005 annual report on Form 20-F of Elbit Systems
Ltd. 

/s/ Somekh Chaikin

Somekh Chaikin

Certified Public Accountants (Isr.) 

Tel-Aviv, Israel,

June 26, 2006Exhibit 10.3 

CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM 

We consent to the incorporation by
reference in the registration statement of Elbit Systems Ltd. on Form S-8 (File No.
333-9354) pertaining to the employees stock option plan of our report dated February 15,
2006, with respect to the financial statements of Tadiran Electronic Systems Ltd. included
in this Annual Report on Form 20-F for the year ended December 31, 2005. 

/s/ Brightman Almagor & Co.

Brightman Almagor & Co.

A member firm of Deloitte Touche Tohmatsu 

June 22, 2006Exhibit 10.4 

CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM 

We consent to the incorporation by
reference in the registration statement of Elbit Systems Ltd. on Form S-8 (File No.
333-9354) pertaining to the employees stock option plan of our report dated February 15,
2006, with respect to the financial statements of Tadiran Spectralink Ltd. included in
this Annual Report on Form 20-F for the year ended December 31, 2005. 

/s/ Brightman Almagor & Co.
Brightman Almagor & Co.
A member
firm of Deloitte Touche Tohmatsu 

June 22, 2006Exhibit 10.5 

CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM 

        We
consent to the incorporation by reference in the registration statement of Elbit Systems
Ltd. on Form S-8 (File No. 333-9354) of our report dated January 13, 2006, with respect to
the financial statements of Microwave Networks Solutions, Inc., which report appears in
this December 31, 2005 annual report on Form 20-F of Elbit Systems Ltd. 

/s/ Hoberman, Miller, Goldstein & Lesser, CPA's, P.C.

Hoberman, Miller, Goldstein & Lesser, CPA's, P.C.

June 27, 2006Exhibit
      10.1

     

    

      PROMISSORY
        NOTE

      

      THIS
        PROMISSORY NOTE is
        made
        as of the 15th day of June 2006 at 2601
        Annand Dr., Suite #16, Wilmington, Delaware 19808.

      

      FOR
        VALUE RECEIVED,
        the
        undersigned (“Maker”)
        promises to pay to the order of Universal Capital Management, Inc.
        (“Payee”)
        the
        principal sum of Eight Hundred Thousand Dollars ($800,000) in lawful money
        of
        the United States of America (or as provided otherwise in this Promissory
        Note)
        with interest calculated on the balance remaining unpaid from time to time
        at
        the rate of Four and 8/10 percent (4.8%) per annum. 

      

      Except
        as
        provided otherwise in this Promissory Note, (a) repayment shall be made in
        eleven (11) equal monthly installments of Seventy Two Thousand Dollars ($72,000)
        each, payable on the fifteenth day of each calendar month; (b) the first
        such
        payment shall be made on the fifteenth day of July, 2006; and (c) if not
        sooner
        paid in accordance with the terms hereof, all remaining principal and interest
        shall become due and payable on the first anniversary hereof.

      

      Maker
        may
        repay the principal hereof, in whole or in part, along with any interest
        thereon, upon Maker’s delivery to Payee of shares of common stock of Payee owned
        by Maker. Any shares delivered to Payee by Maker pursuant to the preceding
        sentence shall be valued at Fair Market Value (as defined in the Payee’s 2006
        Equity Incentive Plan) on the date of Maker’s election to repay this Promissory
        Note, so long as such shares are delivered by Maker to Payee within five
        business days of such election. 

      

      Maker
        may
        prepay the principal hereof in whole or in part at any time and from time
        to
        time without penalty or premium; provided, however, that partial prepayments
        of
        principal shall be applied to the monthly installments due pursuant hereto
        in
        the inverse order of maturity.

      

      The
        obligations of this Promissory Note are fully secured by a Security Agreement
        entered into on the date hereof between the Maker and the Payee on terms
        satisfactory to Payee in accordance with the terms therein.

      

      Maker
        hereby irrevocably waives presentment, protest, notice of protest, and dishonor.
        If any installment of principal or interest is not paid within fifteen (15)
        days
        of the date when due, the holder hereof, at his option, may declare all
        remaining installments of principal immediately due and payable and proceed
        to
        collect the same at once.

      

      Witness:

       

      
        	 	 	 	 
	/s/ Cheryl
                Rummings	 	 	/s/ David
                M.
                Bovi
	
                
Cheryl
                Rummings	 	 	
                
David
                M. Bovi, MakerExhibit
      10.2

     

    

      SECURITY
        AGREEMENT

      

      THIS
        SECURITY AGREEMENT is
        made
        as of the 15th day of June 2006 at 2601
        Annand Dr., Suite #16, Wilmington, Delaware 19808,
        by
        and between David M. Bovi, and individual (“Maker”)
        and
        Universal Capital Management, Inc. (“Payee”).
        Concurrently with the execution of this security agreement (“Agreement”),
        Maker
        is executing and delivering to Payee a promissory note (the “Note”)
        of
        even date hereof, in the principal amount of $800,000.

      

      In
        order
        to induce Payee to accept the Note as evidence of such loan, and as further
        security for the payment by Maker of the Note, Maker has agreed to pledge
        with
        Payee the collateral, as described below, on the terms and conditions set
        forth
        below.

      

      In
        consideration of the premises, the parties agree as follows:

      

      
        	
              	1.	
                As
                  security for the payment of the Note by Maker to Payee, Maker pledges,
                  assigns and delivers to Payee all of the right, title and interest
                  to four
                  hundred thousand shares of the capital stock of Payee, represented
                  by
                  Certificate No. _________ registered in the name of Maker. All
                  such shares
                  together with any substitutions for them or additional shares of
                  any
                  class, pledged or intended to be pledged with Payee under this
                  Agreement
                  are here sometimes collectively called the “collateral”.

              

      

      

      
        
          	
                	2.	
                  Maker
                    represents, warrants and covenants to and with Payee that Maker
                    is, on
                    this date, the owner, free and clear of all liens, encumbrances
                    and other
                    charges or interests of others, of the abovementioned certificate
                    for
                    shares registered in Maker's name; that Maker will not sell,
                    assign,
                    transfer or otherwise dispose of, or mortgage, pledge or otherwise
                    hypothecate, any of such shares other than described herein;
                    and that
                    Maker has full power and authority to transfer and pledge the
                    shares
                    stated with Payee as provided herein.

                

        

      

      

      
        	
              	3.	
                Notwithstanding
                  the provisions of paragraph 2 above, Maker shall have the right
                  to sell,
                  assign, transfer or otherwise dispose of, or mortgage, pledge or
                  otherwise
                  hypothecate, any of such shares to Payee in connection with Maker’s
                  repayment of the principal and interest of the Note, in whole or
                  in part,
                  pursuant to the terms of the Note.

              

      

      

      
        	
              	4.	
                If
                  no default shall have occurred and be continuing, Maker shall have
                  the
                  right to vote the shares stated and to exercise the other rights
                  and
                  privileges of the owner, but subject to the provisions of paragraph
                  2
                  above.

              

      

      

      
        	
              	5.	
                Maker
                  expressly agrees that (i) if, by virtue of a default by Maker under
                  the
                  Note, Payee shall accelerate the indebtedness in accordance with
                  the terms
                  of the Note; or (ii) if Maker shall violate or suffer any of the
                  provisions of Section 2 above (called an “event of default”); Payee may,
                  at its election, transfer the shares pledged hereto to its name
                  and
                  exercise all rights of owner in respect of such shares, including,
                  without
                  limitation, the right to vote such shares; and Maker irrevocably
                  constitutes and appoints Payee, its attorney-in-fact to effectuate
                  such
                  transfer upon the books of Payee. In addition, Payee shall have
                  all of the
                  rights in respect of the collateral that are accorded it as a secured
                  party under the Uniform Commercial Code. For the purpose of determining
                  what constitutes reasonable notice of any sale of the collateral
                  under the
                  provisions of the Uniform Commercial Code, the parties agree that
                  Thirty
                  (30) days shall be sufficient.

              

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
              	6.	
                Maker
                  waives demand, notice, protest and notice of acceptance of this
                  Agreement
                  and of all other demands and notices of any description not expressly
                  provided for here that it may lawfully waive. No delay or omission
                  by
                  Payee in exercising any right under this Agreement, and no partial
                  exercise of any right under this Agreement, shall operate as a
                  waiver of
                  such right or of any other right under this Agreement or provided
                  for by
                  law. No purported waiver of any right shall be effective unless
                  in writing
                  signed by Payee and no waiver on one occasion shall be construed
                  as a bar
                  to or waiver of any such right on any other occasion. All rights
                  of Payee
                  under this Agreement or by law are cumulative and the exercise
                  of one
                  shall not be construed as a bar to or waiver of any
                  other.

              

      

      

      
        	
              	7.	
                Upon
                  payment in full of the Note, Payee shall transfer and deliver the
                  collateral to Maker or to such other person or persons as Maker
                  may
                  direct, together with any stock power or powers delivered in connection
                  with that by Maker.

              

      

      

      
        	
              	8.	
                Notwithstanding
                  any other provision of this Agreement, all notices and other
                  communications given under or pursuant to this Agreement (hereafter
                  collectively “notices”) shall be in writing and shall be addressed to the
                  party to receive them at its address or at such other address as
                  it may
                  later designate as provided below, and shall be sent by registered
                  or
                  certified mail, return receipt requested or any other means (including
                  personal delivery, expedited courier, messenger service, telecopy,
                  telex,
                  ordinary mail, or electronic mail). Any party may, by like notice,
                  change
                  its address for receipt of further notices. Notices given in the
                  manner
                  stated shall be deemed given and served when mailed or sent or
                  received.

              

      

      

      
        	
              	9.	
                Maker
                  agrees that he will at any time and from time to time, upon request,
                  execute and deliver such further documents and do such further
                  acts and
                  things as Payee may reasonably request in order to more fully effectuate
                  the purposes of this Agreement.

              

      

      

      
        	
              	10.	
                This
                  Agreement shall be binding upon and shall inure to the benefit
                  of Maker
                  and Payee, and subject to the restrictions set forth in Section
                  2 above in
                  the case of Maker, Maker's respective legal representatives, successors
                  and assigns. This Agreement shall be governed by and construed
                  in
                  accordance with the laws of the state of Delaware applicable to
                  agreements
                  made and to be performed wholly within that state. Maker and Payee
                  agree
                  that proper venue shall lie in New Castle County,
                  Delaware.

              

      

      

      IN
        WITNESS WHEREOF,
        the
        undersigned has executed this Agreement as of date first written
        above.      

       

      
        
           

          
            	 	 	 	 
	Witnesses:	 	 	
                    UNIVERSAL
                      CAPITAL MANAGEMENT,
                      INC.,

                  

          

           

        

         

        
          	 	 	 	 
	/s/ Jennifer
                  Soto	 	 	/s/ Michael
                  Queen
	
                  
Name:
                  Jennifer Soto	 	 	
                  
Michael
                  Queen, president

        

         

      

      
         

        
          	 	 	 	 
	/s/ Cheryl
                  Rummings	 	 	/s/ David
                  M.
                  Bovi
	
                  
Cheryl
                  Rummings	 	 	
                  
David
                  M. Bovi

        

         

      

       

      
        
           

        

        
          -2-

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