Magna-Lab Inc
0000 Xxxxxxx Xxxxxxxx, Xxxxx 000
Xxxxxxx, XX 00000
(000) 000 0000
Writers Direct Dial
AMENDMENT
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March 7, 2000
Xxxx Investments in Technologies Ltd.
Netanya, Israel
Re: Magna-Lab, Inc.
Dear Sirs;
We refer to the letter agreement between Magna-Lab, Inc. and Xxxx
Electrotechnica Ltd., dated December 17, 1999 (the "Agreement"), it being noted
that Xxxx Electrotechnica Ltd. has transferred its rights and obligations under
the Agreement to Xxxx Investments in Technologies Ltd.
Kindly confirm by countersigning this letter and returning it to Magna-Lab,
Inc., that paragraph 6 of the Agreement is replaced by the following paragraph
6:
QUOTE:
6. Upon payment of the initial $250,000, Xxxx shall have the
right to nominate one (1) of six (6) directors to Magna-Lab's
board of directors. If, as and when Xxxx will have invested
the full sum of $3,000,000 in common stock of Magna-Lab and
paid the said sum of $3,000,000 in full to Magna-Lab, then for
a period of two years, commencing on December 17, 1999, Xxxx
shall have the right to nominate a number of directors to
Magna-Lab's board of directors such that the total number of
non Xxxx-nominated directors on the Board exceeds the number
of Xxxx-nominated directors by one. Xxxx designates Xxxxx
Xxxxxxx as its initial nominee.
UNQUOTE
AGREED: MAGNA-LAB, INC.
By: /s/Xxxxxx X. Xxxxxxx
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Print Name: Xxxxxx X. Xxxxxxx
Print Title: Chairman and CEO
AGREED: XXXX INVESTMENTS IN TECHNOLOGIES LTD
By: /s/Xxx Xxxx /s/Xxxxxx Xxxxxxxxxx
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Print Names: (1) Xxx Xxxx, (2) Xxxxxx Xxxxxxxxxx
Print Titles: (1) Chairman, (2) Managing Director
