Magna-Lab Inc
6800 Jerihco Turnpike, Suite 200
Syosset, NY 11791
(516) 393 5874
Writers Direct Dial
AMENDMENT
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March 7, 2000
Noga Investments in Technologies Ltd.
Netanya, Israel
Re: Magna-Lab, Inc.
Dear Sirs;
We refer to the letter agreement between Magna-Lab, Inc. and Noga
Electrotechnica Ltd., dated December 17, 1999 (the "Agreement"), it being noted
that Noga Electrotechnica Ltd. has transferred its rights and obligations under
the Agreement to Noga 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, Noga shall have the
right to nominate one (1) of six (6) directors to Magna-Lab's
board of directors. If, as and when Noga 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, Noga
shall have the right to nominate a number of directors to
Magna-Lab's board of directors such that the total number of
non Noga-nominated directors on the Board exceeds the number
of Noga-nominated directors by one. Noga designates Jerry
Feldman as its initial nominee.
UNQUOTE
AGREED: MAGNA-LAB, INC.
By: /s/Daniel M. Mulvena
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Print Name: Daniel M. Mulvena
Print Title: Chairman and CEO
AGREED: NOGA INVESTMENTS IN TECHNOLOGIES LTD
By: /s/Eli Uzan /s/Itzhak Goldenberg
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Print Names: (1) Eli Uzan, (2) Itzhak Goldenberg
Print Titles: (1) Chairman, (2) Managing Director
