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<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): September 25, 2008</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>

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    <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>
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<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>
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    <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>Global Park<BR>2 Yodfat Street, Third Floor<BR>North Industrial Area<BR>Lod 71291<BR>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>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>972-8-9200033</B>


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    <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>


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<P align="center" style="font-size: 10pt; display: none">1
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<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
July&nbsp;13, 2008, TopSpin Medical, Inc. (the &#147;Company&#148;) and the Ziv Haft Trust Company Ltd., the Co-Trustee of the
Series&nbsp;A Debentures, reached an agreement (the &#147;Settlement Agreement&#148;) as previously disclosed by the Company in
current reports filed on Form 8-K as well as in the quarterly report on Form 10-Q for the quarter ended June&nbsp;30, 2008.


<P align="left" style="font-size: 10pt; text-indent: 8%">In order for the Settlement to become effective, the Company needed to secure certain conditions, including the
approval of the Tel Aviv Stock Exchange for listing for trade of the additional shares to be issued to the holders of
the Series&nbsp;A Debentures in connection with a revised indenture (the &#147;Supplemental Indenture&#148;). On Thursday, September
25, the Tel Aviv Stock Exchange approved the listing for trade of the additional shares to be issued pursuant to the
Supplemental Indenture, the Supplemental Indenture was executed by the Company, Wilmington Trust Company (in its
capacity as Trustee of the Series&nbsp;A Debentures), and the Co-Trustee and all of the abovementioned conditioned were
fulfilled. The Supplemental Indenture, which supplements the original indenture governing the Series&nbsp;A Debentures
executed on July&nbsp;10, 2007 (the &#147;Indenture&#148;), provides that every 1.00 NIS of principal amount of Convertible Bonds held
by an Eligible Bondholder (as defined in the Settlement Agreement), will be converted into a right to receive from the
Company nine (9)&nbsp;shares of Common Stock and 0.25 NIS in cash, all under the terms set in the Settlement Agreement (the
&#147;Conversion&#148;). Upon consummation of the Conversion, the Convertible Bonds will be deemed cancelled, delisted from
trade and become null and void and the Indenture will terminate (except for certain provisions that survive
termination).


<P align="left" style="font-size: 10pt; text-indent: 8%">The Effective Date (as defined in the Settlement Agreement) for the Conversion of the Convertible Bonds pursuant
to Section&nbsp;1.1 of the Settlement Agreement will be October&nbsp;6, 2008. The Conversion to Shares Date for the Entitled
Bondholders will be October&nbsp;12, 2008 and the Date of Payment in Cash (each as defined in the Settlement Agreement) will
be October&nbsp;15, 2008.


<P align="left" style="font-size: 10pt; text-indent: 8%">A copy of
the Supplemental Indenture is attached hereto as Exhibit&nbsp;4.1 and is incorporated herein by reference.
The foregoing description of the Supplemental Indenture is qualified in its entirety by reference to the full text of
that agreement.


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


<P align="left" style="font-size: 10pt">(d)&nbsp;The following exhibit is furnished with this Form 8-K:

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    <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>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indenture by and
between TopSpin Medical, Inc.,
Wilmington Trust Company, and the Ziv-Haft Trust Company, dated
September&nbsp;25, 2008</TD>
</TR>
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<P align="center" style="font-size: 10pt">&nbsp;

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



<P align="left" style="font-size: 10pt; text-indent: 8%">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: September&nbsp;29, 2008



<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;</U>
<BR>
Title: Director of Finance and Secretary

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

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


<DIV align="center">
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<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"><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>

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<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">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indenture by and
between TopSpin Medical, Inc.,
Wilmington Trust Company, and the Ziv-Haft Trust Company, dated
September&nbsp;25, 2008</TD>
</TR>
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<P align="center" style="font-size: 10pt">&nbsp;

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




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Filed by Bowne Pure Compliance
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): September 25, 2008
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.)
Global Park
2 Yodfat Street, Third Floor
North Industrial Area
Lod 71291
Israel
Not Applicable
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
972-8-9200033
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
July 13, 2008, TopSpin Medical, Inc. (the "Company") and the Ziv Haft Trust Company Ltd., the Co-Trustee of the
Series A Debentures, reached an agreement (the "Settlement Agreement") as previously disclosed by the Company in
current reports filed on Form 8-K as well as in the quarterly report on Form 10-Q for the quarter ended June 30, 2008.
In order for the Settlement to become effective, the Company needed to secure certain conditions, including the
approval of the Tel Aviv Stock Exchange for listing for trade of the additional shares to be issued to the holders of
the Series A Debentures in connection with a revised indenture (the "Supplemental Indenture"). On Thursday, September
25, the Tel Aviv Stock Exchange approved the listing for trade of the additional shares to be issued pursuant to the
Supplemental Indenture, the Supplemental Indenture was executed by the Company, Wilmington Trust Company (in its
capacity as Trustee of the Series A Debentures), and the Co-Trustee and all of the abovementioned conditioned were
fulfilled. The Supplemental Indenture, which supplements the original indenture governing the Series A Debentures
executed on July 10, 2007 (the "Indenture"), provides that every 1.00 NIS of principal amount of Convertible Bonds held
by an Eligible Bondholder (as defined in the Settlement Agreement), will be converted into a right to receive from the
Company nine (9) shares of Common Stock and 0.25 NIS in cash, all under the terms set in the Settlement Agreement (the
"Conversion"). Upon consummation of the Conversion, the Convertible Bonds will be deemed cancelled, delisted from
trade and become null and void and the Indenture will terminate (except for certain provisions that survive
termination).
The Effective Date (as defined in the Settlement Agreement) for the Conversion of the Convertible Bonds pursuant
to Section 1.1 of the Settlement Agreement will be October 6, 2008. The Conversion to Shares Date for the Entitled
Bondholders will be October 12, 2008 and the Date of Payment in Cash (each as defined in the Settlement Agreement) will
be October 15, 2008.
A copy of
the Supplemental Indenture is attached hereto as Exhibit 4.1 and is incorporated herein by reference.
The foregoing description of the Supplemental Indenture is qualified in its entirety by reference to the full text of
that agreement.
Item 9.01. Financial Statements and Exhibits.
(d) The following exhibit is furnished with this Form 8-K:
Exhibit No.
Description
4.1
Supplemental Indenture by and
between TopSpin Medical, Inc.,
Wilmington Trust Company, and the Ziv-Haft Trust Company, dated
September 25, 2008
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: September 29, 2008
By:
/
s/ Tami Sharbit-Bachar
Title: Director of Finance and Secretary
EXHIBIT INDEX
Exhibit
Number
Description
4.1
Supplemental Indenture by and
between TopSpin Medical, Inc.,
Wilmington Trust Company, and the Ziv-Haft Trust Company, dated
September 25, 2008