Document:

WWW.EXFILE.COM, INC. -- 14319 -- MEDIS TECHNOLOGIES LTD. -- EXHIBIT 10.2 TO FORM 8-K

     

    
      EXHIBIT
        10.2

       

      
        	 	April 26,
                2006 

      

       

      Mr.
        Robert K. Lifton

      Medis
        Technologies Ltd.

      805
        Third
        Avenue

      New
        York,
        New York 10022

       

      Dear
        Mr.
        Lifton:

       

      Reference
        is hereby made to that letter agreement (as amended hereby, the “Agreement”)
        dated April 21, 2006 between McMahan Securities Co. L.P. and Medis Technologies
        Ltd. (“Medis”), pursuant to which we have agreed to exchange (the “Exchange”) an
        aggregate of $1,193,000 face value amount of Medis’ 6% senior convertible notes
        due July 15, 2010 (the “Notes”) for an aggregate of 75,522 shares of Medis
        common stock (the “Shares”). Of such Shares, an aggregate of (i) 68,960 Shares
        shall be freely tradable and (ii) 6,562 Shares shall be restricted, which
        Medis
        agrees to register as soon as possible.

       

      The
        Notes
        were issued under that Indenture dated as of July 26, 2005 by and between
        Medis
        and Wachovia Bank, National Association (the “Indenture”).

       

      We
        represent and warrant to you that (i) we are the record and beneficial holder
        of
        the Notes, (ii) we have full authority and capacity to execute, deliver and
        perform the Agreement, and to bind and obligate the Funds hereunder, (iii)
        we
        have received all consents or approvals of or have given proper notice to
        any
        person or authority required in order for us to execute, deliver and perform
        the
        Agreement, (iv) the Agreement is a legal, valid and binding agreement of
        ours,
        enforceable against us in accordance with its terms, (v) we own the Notes
        free
        and clear of all liens, charges and encumbrances, and upon the consummation
        of
        the Exchange, Medis will own the Notes free and clear of all liens, charges
        and
        encumbrances and (vi) we are acquiring the Shares for our own account for
        investment purposes only and not with a present view to the resale or
        distribution of the Shares.

       

      Additionally,
        we hereby (i) waive any and all terms, conditions and covenants under the
        Indenture insofar as any of them may prohibit entering into or consummating
        the
        Exchange, (ii) waive any cause of action we may have against Wachovia Bank,
        National Association, as Trustee under the Indenture governing the Notes
        (the
“Trustee”) in connection with the Exchange, (iii) agree to indemnify the Trustee
        for any loss, liability, claim or damage it may incur in connection with
        the
        Exchange and (iv) authorize and direct the Trustee to consummate the
        Exchange.

       

      [Remainder
        of Page Intentionally Left Blank; Signature Page Follows in
        Counterparts]

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	 	 	 
	 	Sincerely yours, 
	 	 
	 	
                McMahan
                  Securities Co. L.P.

              
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
                
Name:
	 	Title: 

      

       

      Agreed
        to
        and Accepted

      As
        of the
        Date Hereof:

       

      Medis
        Technologies Ltd.

       

       

      By: 
        /s/

        
          

        

      

      Name:
        Robert K. Lifton

      Title:
        Chairman and CEOWWW.EXFILE.COM, INC. -- 14319 -- MEDIS TECHNOLOGIES LTD. -- EXHIBIT 10.3 TO FORM 8-K

    EXHIBIT
      10.3

      

      

      
        	 	
                April
                  26, 2006 

              

      

       

      Mr.
        Robert K. Lifton

      Medis
        Technologies Ltd.

      805
        Third
        Avenue

      New
        York,
        New York 10022

       

      Dear
        Mr.
        Lifton:

       

      Reference
        is hereby made to that letter agreement (as amended hereby, the “Agreement”)
        dated April 21, 2006 between JMG Triton Offshore Ltd. and Medis Technologies
        Ltd. (“Medis”), pursuant to which we have agreed to exchange (the “Exchange”) an
        aggregate of $2,916,000 face value amount of Medis’ 6% senior convertible notes
        due July 15, 2010 (the “Notes”) for an aggregate of 184,625 shares of Medis
        common stock (the “Shares”). Of such Shares, an aggregate of (i) 168,584 Shares
        shall be freely tradable (and of which 1,500 Shares shall be delivered upon
        issuance to McMahan Securities Co. L.P.) and (ii) 16,041 Shares shall be
        restricted, which Medis agrees to register as soon as possible.

       

      The
        Notes
        were issued under that Indenture dated as of July 26, 2005 by and between
        Medis
        and Wachovia Bank, National Association (the “Indenture”).

       

      We
        represent and warrant to you that (i) we are the record and beneficial holder
        of
        the Notes, (ii) we have full authority and capacity to execute, deliver and
        perform the Agreement, and to bind and obligate the Funds hereunder, (iii)
        we
        have received all consents or approvals of or have given proper notice to
        any
        person or authority required in order for us to execute, deliver and perform
        the
        Agreement, (iv) the Agreement is a legal, valid and binding agreement of
        ours,
        enforceable against us in accordance with its terms, (v) we own the Notes
        free
        and clear of all liens, charges and encumbrances, and upon the consummation
        of
        the Exchange, Medis will own the Notes free and clear of all liens, charges
        and
        encumbrances and (vi) we are acquiring the Shares for our own account for
        investment purposes only and not with a present view to the resale or
        distribution of the Shares.

       

      Additionally,
        we hereby (i) waive any and all terms, conditions and covenants under the
        Indenture insofar as any of them may prohibit entering into or consummating
        the
        Exchange, (ii) waive any cause of action we may have against Wachovia Bank,
        National Association, as Trustee under the Indenture governing the Notes
        (the
“Trustee”) in connection with the Exchange, (iii) agree to indemnify the Trustee
        for any loss, liability, claim or damage it may incur in connection with
        the
        Exchange and (iv) authorize and direct the Trustee to consummate the
        Exchange.

       

      

       

      [Remainder
        of Page Intentionally Left Blank; Signature Page Follows in
        Counterparts]

       

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 	 	 
	 	Sincerely yours, 
	 	 
	 	
              JMG
                Triton Offshore Ltd.

            
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              
Name:
	 	Title: 

    

     

    Agreed
      to
      and Accepted

    As
      of the
      Date Hereof:

     

    Medis
      Technologies Ltd.

     

     

    By: 
      /s/

      
        

      

    

    Name:
      Robert K. Lifton

    Title:
      Chairman and CEOWWW.EXFILE.COM, INC. -- 14319 -- MEDIS TECHNOLOGIES LTD. -- EXHIBIT 10.4 TO FORM 8-K

    EXHIBIT
      10.4

    
      	 	April 26,
              2006 

    

     

    Mr.
      Robert K. Lifton

    Medis
      Technologies Ltd.

    805
      Third
      Avenue

    New
      York,
      New York 10022

     

    Dear
      Mr.
      Lifton:

     

    Reference
      is hereby made to that letter agreement (as amended hereby, the “Agreement”)
      dated April 21, 2006 between JMG Capital Partners L.P. and Medis Technologies
      Ltd. (“Medis”), pursuant to which we have agreed to exchange (the “Exchange”) an
      aggregate of $2,917,000 face value amount of Medis’ 6% senior convertible notes
      due July 15, 2010 (the “Notes”) for an aggregate of 184,625 shares of Medis
      common stock (the “Shares”). Of such Shares, an aggregate of (i) 168,584 Shares
      shall be freely tradable (and of which 1,500 Shares shall be delivered upon
      issuance to McMahan Securities Co. L.P.) and (ii) 16,041 Shares shall be
      restricted, which Medis agrees to register as soon as possible.

     

    The
      Notes
      were issued under that Indenture dated as of July 26, 2005 by and between Medis
      and Wachovia Bank, National Association (the “Indenture”).

     

    We
      represent and warrant to you that (i) we are the record and beneficial holder
      of
      the Notes, (ii) we have full authority and capacity to execute, deliver and
      perform the Agreement, and to bind and obligate the Funds hereunder, (iii)
      we
      have received all consents or approvals of or have given proper notice to any
      person or authority required in order for us to execute, deliver and perform
      the
      Agreement, (iv) the Agreement is a legal, valid and binding agreement of ours,
      enforceable against us in accordance with its terms, (v) we own the Notes free
      and clear of all liens, charges and encumbrances, and upon the consummation
      of
      the Exchange, Medis will own the Notes free and clear of all liens, charges
      and
      encumbrances and (vi) we are acquiring the Shares for our own account for
      investment purposes only and not with a present view to the resale or
      distribution of the Shares.

     

    Additionally,
      we hereby (i) waive any and all terms, conditions and covenants under the
      Indenture insofar as any of them may prohibit entering into or consummating
      the
      Exchange, (ii) waive any cause of action we may have against Wachovia Bank,
      National Association, as Trustee under the Indenture governing the Notes (the
      “Trustee”) in connection with the Exchange, (iii) agree to indemnify the Trustee
      for any loss, liability, claim or damage it may incur in connection with the
      Exchange and (iv) authorize and direct the Trustee to consummate the
      Exchange.

     

    

     

    [Remainder
      of Page Intentionally Left Blank; Signature Page Follows in
      Counterparts]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 	 	 
	 	Sincerely yours, 
	 	 
	 	JMG
              Capital Partners L.P.
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              
Name:
	 	Title: 

    

     

    Agreed
      to
      and Accepted

    As
      of the
      Date Hereof:

     

    Medis
      Technologies Ltd.

     

     

    By: 
      /s/

      
        

      

    

    Name:
      Robert K. Lifton

    Title:
      Chairman and CEO

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