Document:

Exhibit 10.16

 

Loan Agreement- 2009

 

This Agreement (the “Agreement”) is entered into by and between
Card Guard Scientific Survival Ltd. (“CG”)
of Pekeris St. 2, Rehovot, Israel, and Lifewatch Holding Corporation (“Lifewatch”) of 1351 A Abbott court Buffalo
Grove, Illinois, USA (each of CG and Lifewatch shall be referred to
individually as a “Party” and
collectively as the “Parties”).

 

Whereas:        In December 2002 CG loaned
to Lifewatch the aggregate amount of US$1,250,000 (the “Transferred Amount”);

 

Whereas:        On January 1, 2003 the
Parties agreed that the terms of the loan regarding the Transferred Amount
shall be as set forth below; and

 

Whereas:           The parties wish to
document their mutual consent as of January 1, 2003

 

Now
Therefore the Parties agree as follows:

 

1.        Preamble

 

The preamble to this
Agreement is an integral and binding part of this Agreement.

 

2.        Loan
Principal

 

The Transferred Amount
shall bear interest at an annual rate (compounded annually) of 3.43% accruing
from January 1, 2003 and until the date of its actual repayment in full (the “Interest”).

 

3.        Repayment
and Rank

 

The Transferred Amount
and all interest accrued thereon (the “Loan”)
shall become due and payable to CG on December 31, 2009 (“Repayment Date”). The Loan underlying this
Agreement shall be subordinated in rank to the Loan underlying the Loan
Agreement - 2008.

 

All payments shall be
made in lawful money of the United States of America and shall be transferred
to CG’s bank account according to its instructions.

 

The Loan may be repaid at
any time prior to Repayment Date without penalty.

 

4.                         Without
derogating from the generality of the provisions of this Agreement, CG shall be
entitled to demand the immediate repayment of the Loan on the occurrence of any
one of the events enumerated below, in which case Lifewatch undertakes to pay
CG the Loan due to CG, and CG shall be entitled to take whatever steps it deems
fit for the collection of the Loan provided under this Agreement:

 

(a)                    If Lifewatch
commits a breach of or defaults in the performance of any of the terms and
conditions contained in this Agreement or if Lifewatch is in breach of any
covenant or other obligations which Lifewatch has or has incurred or may incur
towards CG and such default shall not have been remedied within five days after
receipt of written notice thereof by Lifewatch; or if it transpires that any
statement, declaration, representation

 

1

 

or warranty made by
Lifewatch in this Agreement or any other declaration in connection with the
loan made heretofore or hereafter by Lifewatch to CG is false or inaccurate;

 

(b)                   If Lifewatch,
without CG advance approval, adopts one or more resolutions for a merger,
combination, restructuring or other structural changes or resolutions creating
or involving a transferring company or a spin-off company, and such resolutions
are contrary to any of the provisions contemplated hereunder; or adopts a
voluntary winding up resolution or if an order for winding up is made against
Lifewatch or if a temporary liquidator or special manager or other similar
person is appointed over Lifewatch or its assets or if the name of Lifewatch is
struck out from any official register kept by law;

 

(c)                    If a receiver
or similar function is appointed or a receiving order is made over any of
Lifewatch’s assets;

 

(d)                   If an
attachment or similar process of execution is levied against any part of
Lifewatch’s assets and such attachment or similar process is not removed within
30 days;

 

(e)                    If Lifewatch
ceases to pay their debts for 10 or more days;

 

(f)                      If work at
Lifewatch’s business ceases or is substantially curtailed, for 30 days or more;

 

(g)                   If Lifewatch
makes an assignment for the benefit of its creditors, or shall be adjudicated
insolvent or bankrupt or if any such proceeds are commenced against Lifewatch
under any bankruptcy or similar law.

 

5.                         Undertakings
by Lifewatch

 

Lifewatch hereby
undertake as follows:

 

(a)                    Not to
mortgage, charge, pledge or otherwise encumber any of its assets in any manner
or form, with or without consideration, without obtaining CG’s prior written
consent.

 

(b)                   Not to sell,
lease, assign any rights in, or otherwise dispose of any of its assets (except
in the ordinary course of business) without obtaining CG’s prior written
consent.

 

(c)                    To inform CG
immediately should any third-party lien be threatened or made on any of its
assets or should any execution office proceeding/bailiff threaten its assets.
Further, it shall, at its own expense, and with no delay, undertake every
action and effort in order to remove the said third party lien and/or other
threatened action.

 

2

 

6.                         General

 

(a)       This Loan Agreement may be executed in
any number of counterparts, each of which shall be deemed an original and
enforceable against the parties actually executing such counterpart, and all of
which together shall constitute one and the same instrument.

 

(b)       No delay or omission to exercise any
right, power, or remedy accruing to any party upon any breach or default under
this Agreement, shall be deemed a waiver of any other breach or default
theretofore or thereafter occurring.

 

(c)       Any
term of this Agreement may be amended and the observance of any term hereof may
be waived only with the written consent of all the parties to this Agreement.

 

(d)       This Agreement shall be construed and
enforced in accordance with, and the rights of the parties shall be governed
by, the laws of the State of Israel, without regard to choice of law
principles. For the purpose of this Agreement the exclusive place of
jurisdiction shall be the competent courts of law in Tel Aviv-Jaffa. Lifewatch
hereby irrevocably submits to the jurisdiction of these courts.

 

IN
WITNESS WHEREOF, each of the parties have caused this Loan
Agreement to be executed.

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Card Guard Scientific Survival Ltd.

  	
   

  	
  Lifewatch
  Holding Corporation

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ [ILLEGIBLE]

  	
   

  	
   

  	
  By:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
  Name:

  	
   

  	
  Name:

  
	
  Title:

  	
   

  	
  Title:

  
	
  Date:

  	
   

  	
  Date:

  
							

 

3Exhibit 10.17

 

Loan Agreement- 2010

 

This Agreement (the “Agreement”) is entered into by and between
Card Guard Scientific Survival Ltd. (“CG”)
of Pekeris St. 2, Rehovot, Israel, and Lifewatch Holding Corporation (“Lifewatch”) of 1351 A Abbott court Buffalo
Grove, Illinois, USA (each of GG and Lifewatch shall be referred to
individually as a “Party” and
collectively as the “Parties”).

 

Whereas:    In December 2002 CG loaned to
Lifewatch the aggregate amount of US$1,250,000 (the “Transferred Amount”);

 

Whereas:    On January 1, 2003 the Parties
agreed that the terms of the loan regarding the Transferred Amount shall be as
set forth below; and

 

Whereas:       The parties wish to
document their mutual consent as of January 1, 2003

 

Now
Therefore the Parties agree as follows;

 

1.                         Preamble

The preamble to this
Agreement is an integral and binding part of this Agreement.

 

2.                         Loan
Principal

The Transferred Amount
shall bear interest at an annual rate (compounded annually) of 3.43% accruing
from January 1, 2003 and until the date of its actual repayment in full (the “Interest”).

 

3.                         Repayment
and Rank

The transferred Amount
and all interest accrued thereon (the “Loan”)
shall become due and payable to CG on December 31, 2010 (“Repayment Date”). The Loan underlying this
Agreement shall be subordinated in rank to the Loans underlying the Loan
Agreements – 2008 and 2009.

 

All payments shall be
made in lawful money of the United States of America and shall be transferred
to CG’s bank account according to its instructions.

 

The Loan may be repaid at
any time prior to Repayment Date without penalty.

 

4.
                      Without
derogating from the generality of the provisions of this Agreement, CG shall be
entitled to demand the immediate repayment of the Loan on the occurrence of any
one of the events enumerated below, in which case Lifewatch undertakes to pay
CG the Loan due to CG, and CG shall be entitled to take whatever steps it deems
fit for the collection of the Loan provided under this Agreement:

 

(a)                    If Lifewatch
commits a breach of or defaults in the performance of any of the terms and
conditions contained in this Agreement or if Lifewatch is in breach of any
covenant or other obligations which Lifewatch has or has incurred or may incur
towards CG and such default shall not have been remedied within five days after
receipt of written notice thereof by Lifewatch; or if it transpires that any
statement, declaration, representation

 

1

 

or warranty made by
Lifewatch in this Agreement or any other declaration in connection with the
loan made heretofore or hereafter by Lifewatch to CG is false or inaccurate;

 

(b)                   If
Lifewatch, without CG advance approval, adopts one or more resolutions for a
merger, combination, restructuring or other structural changes or resolutions
creating or involving a transferring company or a spin-off company, and such
resolutions are contrary to any of the provisions contemplated hereunder; or
adopts a voluntary winding up resolution or if an order for winding up is made
against Lifewatch or if a temporary liquidator or special manager or other
similar person is appointed over Lifewatch or its assets or if the name of
Lifewatch is struck out from any official register kept by law;

 

(c)                    If a receiver
or similar function is appointed or a receiving order is made over any of
Lifewatch’s assets;

 

(d)                   If an
attachment or similar process of execution is levied against any part of
Lifewatch’s assets and such attachment or similar process is not removed within
30 days;

 

(e)                    If Lifewatch
ceases to pay their debts for 10 or more days;

 

(f)                      If work at
Lifewatch’s business ceases or is substantially curtailed, for 30 days or more;

 

(g)                   If Lifewatch
makes an assignment for the benefit of its creditors, or shall be adjudicated
insolvent or bankrupt or if any such proceeds are commenced against Lifewatch
under any bankruptcy or similar law.

 

5.        Undertakings by Lifewatch

 

Lifewatch hereby
undertake as fallows:

 

(a)                    Not to
mortgage, charge, pledge or otherwise encumber any of its assets in any manner
or form, with or without consideration, without obtaining CG’s prior written
consent.

 

(b)                   Not to sell,
lease, assign any rights in, or otherwise dispose of any of its assets (except
in the ordinary course of business) without obtaining CG’s prior written consent.

 

(c)                    To inform CG
immediately should any third-party lien be threatened or made on any of its
assets or should any execution office proceeding/bailiff threaten its assets.
Further, it shall, at its own expense, and with no delay, undertake every action
and effort in order to remove the said third party lien and/or other threatened
action.

 

2

 

6.        General

 

(a)       This Loan Agreement may be executed in
any number of counterparts, each of which shall be deemed an original and
enforceable against the parties actually executing such counterpart, and all of
which together shall constitute one and the same instrument.

 

(b)       No delay or omission to exercise any
right, power, or remedy accruing to any party upon any breach or default under
this Agreement, shall be deemed a waiver of any other breach or default
theretofore or thereafter occurring.

 

(c)       Any term of this Agreement may be amended
and the observance of any term hereof may be waived only with the written consent
of all the parties to this Agreement.

 

(d)       This Agreement shall be construed and
enforced in accordance with, and the rights of the parties shall be governed
by, the laws of the State of Israel, without regard to choice of law
principles. For the purpose of this Agreement the exclusive place of
jurisdiction shall be the competent courts of law in Tel Aviv-Jaffa. Lifewatch
hereby irrevocably submits to the jurisdiction of these courts.

 

IN WITNESS WHEREOF, each of the
parties have caused this Loan Agreement to be executed.

 

 

	
  Card Guard Scientific Survival Ltd.

  	
   

  	
  Lifewatch
  Holding Corporation

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ [ILLEGIBLE]

  	
   

  	
   

  	
  By:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
  Name:

  	
   

  	
  Name:

  
	
  Title:

  	
   

  	
  Title:

  
	
  Date:

  	
   

  	
  Date:

  
							

 

3

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