<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV style="font-size: 10pt">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): May 5, 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>TOPSPIN MEDICAL, INC.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>333-144472</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>510394637</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
</TABLE>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>36 Rothschild Blvd.<BR>Tel Aviv, Israel<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>Not Applicable</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>972-3-5257368</B>


<TABLE border="0" width="30%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="100%">&nbsp;</TD>
</TR>
<TR>
    <TD nowrap style="border-bottom: 1px solid #000000"><B>Not Applicable<BR></B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<P>
<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<P align="left" style="font-size: 10pt"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement.</B>


<P align="left" style="font-size: 10pt; text-indent: 8%">On May&nbsp;5, 2009, TopSpin Medical, Inc. (the &#147;<U>Company</U>&#148;) and Top-Notch Consultancy 2009 Ltd.
(&#147;<U>Top-Notch</U>&#148;), an entity of which Mr.&nbsp;Ehud Gilboa, the Chairman of the Company&#146;s Board of Directors, is the
controlling shareholder, entered into an agreement pursuant to which Mr.&nbsp;Gilboa will provide consulting services to the
Company. The agreement, which is governed by Israeli law, became effective under Israeli law upon the execution of an
amendment on May&nbsp;5, 2009 to an earlier agreement between the
Company and Top-Notch dated April&nbsp;19, 2009 (this earlier
agreement, as amended, is referred to in this Current Report on Form 8-K as the &#147;<U>Consulting Agreement</U>&#148;). The
Consulting Agreement sets forth the terms upon which Mr.&nbsp;Gilboa, through Top-Notch, would provide consulting services
as reasonably requested by the Board for at least 80 hours per month. The Consulting Agreement provides that Mr.&nbsp;Gilboa
will be paid a monthly fee of 34,105 NIS (approximately $8,300); Mr.&nbsp;Gilboa will be entitled to receive such fees
retroactively from January&nbsp;1, 2009. In addition, the Company will pay for up to 50% of all fixed and variable
maintenance costs of Mr.&nbsp;Gilboa&#146;s cellular phone. Under the terms of the Consulting Agreement, the consulting
relationship may be terminated by either party at any time upon 45&nbsp;days&#146; written notice, and by the Company in certain
cases involving a breach of the Consulting Agreement by Mr.&nbsp;Gilboa. The Consulting Agreement includes customary
non-compete and confidentiality obligations.


<P align="left" style="font-size: 10pt; text-indent: 8%">A copy of Consulting Agreement is attached hereto as Exhibits 10.1 and 10.2 and is incorporated herein by
reference. The foregoing description of the Consulting Agreement is qualified in its entirety by reference to the full
text of the Consulting Agreement.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.</B>


<P align="left" style="font-size: 10pt; text-indent: 8%">As disclosed in a current report on Form 8-K filed on April&nbsp;8, 2009, Tami Sharbit-Bachar, our Director of Finance,
tendered her letter of resignation on April&nbsp;2, 2009. As of May&nbsp;31, 2009, Ms.&nbsp;Sharbit-Bachar&#146;s employment with the
Company will terminate, but she will be entitled to receive salary payments through June&nbsp;7, 2009. Under the terms of
her employment agreement, Ms.&nbsp;Sharbit-Bachar&#146;s vested but unexercised options expire upon termination, but the Board
has approved extension of the expiration date of such vested but unexercised options until May&nbsp;31, 2011.


<P align="left" style="font-size: 10pt; text-indent: 8%">On May&nbsp;6, 2009, the Company entered into an employment agreement with Eldad Yehieli (the &#147;<U>Yehieli Employment
Agreement</U>&#148;), pursuant to which Mr.&nbsp;Yehieli, 53, will serve as the Chief Financial Officer of the Company. From
2004 until 2007, Mr.&nbsp;Yehieli provided freelance financial consulting services to private individuals and companies.
Since 2007, Mr.&nbsp;Yehieli served as the Chief Financial Officer of Golden Point LCD. Mr.&nbsp;Yehieli is a certified public
accountant in both the United States and Israel.


<P align="left" style="font-size: 10pt; text-indent: 8%">The Yehieli Employment Agreement provides for a monthly salary of 25,000 NIS (approximately $6,100). The Company
will pay for a car and a cellular phone to be used by Mr.&nbsp;Yehieli in connection with his employment by the Company.
Under the terms of the Yehieli Employment Agreement, the agreement may be terminated by either party at any time upon
45&nbsp;days&#146; written notice, and by the Company in certain cases involving a breach of the Yehieli Employment Agreement by
Mr.&nbsp;Yehieli; the Company also has the option of terminating Mr.&nbsp;Yehieli&#146;s employment at any time (without satisfying
the 45&nbsp;days&#146; prior written notice described above) upon payment of the monthly salary amount. The Yehieli Employment
Agreement also provides for the grant of 1,500,000 options to purchase share of the Company&#146;s common stock; 750,000 of
the 1,500,000 options have an exercise price of 0.011 NIS/share (approximately $0.003/share) while the remaining
750,000 options may be exercised at a price of 0.022 NIS/share (approximately $0.005/share).

<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt; display: none">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<P align="left" style="font-size: 10pt; text-indent: 8%">The disclosure regarding the Consulting Agreement set forth in Item&nbsp;1.01 of this current report on Form 8-K is
incorporated herein by reference.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consulting Agreement by and among TopSpin Medical, Inc. and
Top-Notch Consultancy 2009 Ltd., dated April&nbsp;19, 2009.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to the Consulting Agreement by and among TopSpin
Medical, Inc. and Top-Notch Consultancy 2009 Ltd., dated May&nbsp;5,
2009.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">





<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt; text-indent: 7%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.



<P align="left" style="margin-left:46%; font-size: 10pt"><B>TOPSPIN MEDICAL, INC.</B>


<P align="left" style="font-size: 10pt">Date: May&nbsp;11, 2009



<P align="left" style="margin-left:46%; font-size: 10pt; margin-top: -11pt">By: <U><B>/</B>s/ Tami Sharbit-Bachar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>
Name: Tami Sharbit-Bachar
<BR>
Title: Director of Finance and Secretary

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Consulting Agreement by and among TopSpin Medical, Inc. and
Top-Notch Consultancy 2009 Ltd., dated April&nbsp;19, 2009.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Amendment to the Consulting Agreement by and among TopSpin
Medical, Inc. and Top-Notch Consultancy 2009 Ltd., dated May&nbsp;5,
2009.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">5




</DIV>
</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "c85288e8vk.htm", "description": "8-K", "secsgml_size_bytes": 14124}]
{"company-data": {"conformed-name": "TOPSPIN MEDICAL INC", "cik": "0001211805", "assigned-sic": "3845", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-144472", "film-number": "09814741"}, "business-address": {"street1": "1013 CENTER ROAD", "city": "WILMINGTON", "state": "DE", "zip": "19805", "phone": "3026365400"}}
8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2009
TOPSPIN MEDICAL, INC.
(Exact name of registrant as specified in its charter)
Delaware
333-144472
510394637
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
36 Rothschild Blvd.
Tel Aviv, Israel
Not Applicable
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
972-3-5257368
Not Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On May 5, 2009, TopSpin Medical, Inc. (the "
Company
") and Top-Notch Consultancy 2009 Ltd.
("
Top-Notch
"), an entity of which Mr. Ehud Gilboa, the Chairman of the Company's Board of Directors, is the
controlling shareholder, entered into an agreement pursuant to which Mr. Gilboa will provide consulting services to the
Company. The agreement, which is governed by Israeli law, became effective under Israeli law upon the execution of an
amendment on May 5, 2009 to an earlier agreement between the
Company and Top-Notch dated April 19, 2009 (this earlier
agreement, as amended, is referred to in this Current Report on Form 8-K as the "
Consulting Agreement
"). The
Consulting Agreement sets forth the terms upon which Mr. Gilboa, through Top-Notch, would provide consulting services
as reasonably requested by the Board for at least 80 hours per month. The Consulting Agreement provides that Mr. Gilboa
will be paid a monthly fee of 34,105 NIS (approximately $8,300); Mr. Gilboa will be entitled to receive such fees
retroactively from January 1, 2009. In addition, the Company will pay for up to 50% of all fixed and variable
maintenance costs of Mr. Gilboa's cellular phone. Under the terms of the Consulting Agreement, the consulting
relationship may be terminated by either party at any time upon 45 days' written notice, and by the Company in certain
cases involving a breach of the Consulting Agreement by Mr. Gilboa. The Consulting Agreement includes customary
non-compete and confidentiality obligations.
A copy of Consulting Agreement is attached hereto as Exhibits 10.1 and 10.2 and is incorporated herein by
reference. The foregoing description of the Consulting Agreement is qualified in its entirety by reference to the full
text of the Consulting Agreement.
Item 5.02. Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
As disclosed in a current report on Form 8-K filed on April 8, 2009, Tami Sharbit-Bachar, our Director of Finance,
tendered her letter of resignation on April 2, 2009. As of May 31, 2009, Ms. Sharbit-Bachar's employment with the
Company will terminate, but she will be entitled to receive salary payments through June 7, 2009. Under the terms of
her employment agreement, Ms. Sharbit-Bachar's vested but unexercised options expire upon termination, but the Board
has approved extension of the expiration date of such vested but unexercised options until May 31, 2011.
On May 6, 2009, the Company entered into an employment agreement with Eldad Yehieli (the "
Yehieli Employment
Agreement
"), pursuant to which Mr. Yehieli, 53, will serve as the Chief Financial Officer of the Company. From
2004 until 2007, Mr. Yehieli provided freelance financial consulting services to private individuals and companies.
Since 2007, Mr. Yehieli served as the Chief Financial Officer of Golden Point LCD. Mr. Yehieli is a certified public
accountant in both the United States and Israel.
The Yehieli Employment Agreement provides for a monthly salary of 25,000 NIS (approximately $6,100). The Company
will pay for a car and a cellular phone to be used by Mr. Yehieli in connection with his employment by the Company.
Under the terms of the Yehieli Employment Agreement, the agreement may be terminated by either party at any time upon
45 days' written notice, and by the Company in certain cases involving a breach of the Yehieli Employment Agreement by
Mr. Yehieli; the Company also has the option of terminating Mr. Yehieli's employment at any time (without satisfying
the 45 days' prior written notice described above) upon payment of the monthly salary amount. The Yehieli Employment
Agreement also provides for the grant of 1,500,000 options to purchase share of the Company's common stock; 750,000 of
the 1,500,000 options have an exercise price of 0.011 NIS/share (approximately $0.003/share) while the remaining
750,000 options may be exercised at a price of 0.022 NIS/share (approximately $0.005/share).
The disclosure regarding the Consulting Agreement set forth in Item 1.01 of this current report on Form 8-K is
incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit No.
Description
10.1
Consulting Agreement by and among TopSpin Medical, Inc. and
Top-Notch Consultancy 2009 Ltd., dated April 19, 2009.
10.2
Amendment to the Consulting Agreement by and among TopSpin
Medical, Inc. and Top-Notch Consultancy 2009 Ltd., dated May 5,
2009.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
TOPSPIN MEDICAL, INC.
Date: May 11, 2009
By:
/
s/ Tami Sharbit-Bachar
Name: Tami Sharbit-Bachar
Title: Director of Finance and Secretary
Exhibit
Number
Description
10.1
Consulting Agreement by and among TopSpin Medical, Inc. and
Top-Notch Consultancy 2009 Ltd., dated April 19, 2009.
10.2
Amendment to the Consulting Agreement by and among TopSpin
Medical, Inc. and Top-Notch Consultancy 2009 Ltd., dated May 5,
2009.