Document:

Exhibit 10.12

 

THIS TENTH AMENDED AND RESTATED SECURED
CONVERTIBLE PROMISSORY NOTE AND ANY SECURITIES INTO WHICH THIS TENTH AMENDED AND RESTATED SECURED CONVERTIBLE PROMISSORY NOTE IS
CONVERTIBLE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR QUALIFIED
UNDER ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR QUALIFICATION
OR AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

THIS TENTH AMENDED AND RESTATED SECURED
CONVERTIBLE PROMISSORY NOTE AND ANY SECURITIES INTO WHICH THIS SECURED CONVERTIBLE PROMISSORY NOTE IS CONVERTIBLE ARE SUBJECT TO
RESTRICTIONS ON TRANSFER CONTAINED IN THAT CERTAIN NINTH AMENDED AND RESTATED SECURITIES PURCHASE AGREEMENT, DATED AS OF JUNE 16,
2014, BETWEEN THE COMPANY AND THE LENDER REFERENCED HEREIN, WHICH RESTRICTIONS ON TRANSFER ARE INCORPORATED HEREIN BY REFERENCE.

 

TENTH AMENDED AND RESTATED

SECURED CONVERTIBLE PROMISSORY NOTE

 

	$800,000	June 16, 2014

 

New York, New York

 

FOR VALUE RECEIVED,
NANOVIBRONIX, INC., a Delaware corporation (the “Company”), hereby promises to pay to the order of GLOBIS CAPITAL
PARTNERS, L.P. (together with its successors, representatives, and assigns, the “Lender”), the principal sum
of EIGHT HUNDRED THOUSAND DOLLARS ($800,000) with interest on the outstanding principal amount at the rate, except as otherwise
provided herein, of six percent (6.00%) per annum (computed on the basis of actual calendar days elapsed and a year of 365 or 366
days, as the case may be) or, if less, at the highest rate of interest then permitted under applicable law; provided, however,
that from and after an Event of Default (as defined below), all indebtedness hereunder shall accrue interest at the rate of ten
percent (10.00%) per annum (computed on the basis of actual calendar days elapsed and a year of 365 or 366 days, as the case may
be) or, if less, at the highest rate permitted by applicable law (the “Post-Default Rate”). Interest shall commence
with the date hereof and shall continue on the outstanding principal of this Tenth Amended and Restated Secured Convertible Promissory
Note (this “Note”) until paid or converted in accordance with the provisions hereof.

 

Reference is made to
the Ninth Amended and Restated Securities Purchase Agreement, of even date herewith, by and between the Company and the Lender,
as the “Investor” (the “Agreement”), which amends and restates the Existing SPA (as defined
in the Agreement). In addition, the Company issued to the Lender that certain Ninth Amended and Restated Secured Convertible Promissory
Note dated May 15, 2014, in the principal amount of $720,000 (the “Existing Note”). The Company and the Lender
desire to amend and restate the Existing Note as set forth herein.

 

Reference is also made
to the Ninth Amended and Restated Securities Purchase Agreement, of even date herewith, by and between the Company and Globis Overseas
Fund Ltd. (the “Overseas SPA”). In connection with the Overseas SPA, the Company issued to Globis Overseas Fund
Ltd. that certain Tenth Amended and Restated Secured Convertible Promissory Note dated June 16, 2014, in the principal amount of
$200,000 (the “Overseas Note”).

 

    	 

    	 

    

 

1.           Definitions.
For purposes of this Note, the following terms shall have the following meanings (capitalized terms used herein but not otherwise
defined shall have the meanings provided therefor in the Agreement):

 

“Affiliate”
shall mean with respect to any Person, any other Person (i) which directly or indirectly through one or more intermediaries
Controls, or is Controlled by, or is under common Control with, such first Person, (ii) which beneficially owns or holds 10%
or more of any class of the voting stock of such first Person, or (iii) whereby 10% or more of the voting stock (or in the
case of a Person which is not a corporation, 10% or more of the equity interest) of such other Person is beneficially owned or
held by such first Person or by a Subsidiary of such first Person.

 

“Agreement” shall have
the meaning ascribed to such term in the recitals of this Note.

 

“Business
Day” means any day which is not a Saturday or Sunday or a legal holiday on which banks are authorized or required to
be closed in New York, New York.

 

“Collateral”
shall have the meaning ascribed to such term in Section 2 of this Note.

 

“Common Stock”
means the common stock of the Company.

 

“Common Stock
or Series C Equivalent” means any Convertible Security or warrant, Option or other right to subscribe for or purchase
any Additional Shares of Stock or any Convertible Security.

 

“Control”
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of a person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling”
and “Controlled” (and the lower-case versions of the same) shall have meanings correlative thereto.

 

“Convertible
Securities” shall mean evidences of indebtedness, shares of stock or other securities or instruments (other than Options)
which are convertible into or exchangeable for shares of Common Stock or Series C Preferred
Stock, either immediately or upon the arrival of a specified date or the occurrence of a specified event. 

 

“Debt”
shall mean, with respect to any Person, all liabilities, obligations and indebtedness of such Person of every kind and nature,
including, without limitation: (i) indebtedness or liability for borrowed money, or for the deferred purchase price of property
or services (including trade obligations); (ii) obligations as lessee under any leases (including under any capital leases); (iii)
any reimbursement or other obligations under any performance or surety bonds or any letters of credit issued for the account of
such Person; (iv) all net obligations in respect of any derivative products; (v) all guaranties, endorsements (other than for collection
or deposit in the ordinary course of business), and other contingent obligations to purchase, to provide funds for payment, to
supply funds to invest in any other Person, or otherwise to assure a creditor against loss; and (vi) obligations secured by any
Lien on property owned by such Person, whether or not the obligations have been assumed.

 

“Default”
means an Event of Default or an event or condition which with notice or lapse of time or both would constitute an Event of Default.

 

“Exercise
Price” shall have the meaning ascribed to such term in Section 5(a) of this Note

 

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“Fundamental
Transaction” means that (i) the Company or any of its subsidiaries shall, directly or indirectly, in one or more related
transactions, (1) consolidate or merge with or into (whether or not the Company or any of its subsidiaries is the surviving corporation)
any other Person, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of its
respective properties or assets to any other Person, or (3) allow any other Person to make a purchase, tender or exchange offer
that is accepted by the holders of more than 50% of the outstanding shares of Voting Stock of the Company (not including any shares
of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated with the Persons making
or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other
Person whereby such other Person acquires more than 50% of the outstanding shares of Voting Stock of the Company (not including
any shares of Voting Stock of the Company held by the other Person or other Persons making or party to, or associated or affiliated
with the other Persons making or party to, such stock or share purchase agreement or other business combination), or (5) reorganize,
recapitalize or reclassify the Common Stock or Series C Preferred Stock, or (ii) any “person”
or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”) and the rules and regulations promulgated thereunder) is or shall become the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate
ordinary voting power represented by issued and outstanding Voting Stock of the Company.

 

“GAAP”
means generally accepted principles of good accounting practice in the United States, consistently applied.

 

“Governmental
Authority” shall mean any federal, state, local or other governmental department, commission, board, bureau, agency or
other instrumentality or authority, domestic or foreign, exercising executive, legislative, judicial, regulatory or administrative
authority or functions of or pertaining to government.

 

“Lien”
shall mean any security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory
or other), claim or other priority or preferential arrangement of any kind or nature whatsoever (other than a financing statement
filed by a lessor in respect of an operating lease not intended as security).

 

“Material
Adverse Effect” shall mean (i) a material and adverse effect on the legality, validity or enforceability of any
Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, condition (financial
or otherwise) or prospects of the Company and its direct or indirect Subsidiaries, taken as a whole on a consolidated basis, or
(iii) a material and adverse impairment of the Company’s ability to perform fully on a timely basis its obligations
under any of the Transaction Documents to which such Person is party.

 

“Obligations”
shall mean all obligations of the Company to the Lender howsoever created, arising or evidenced, whether direct or indirect, joint
or several, absolute or contingent, or now or hereafter existing, or due or to become due, which arise out of or in connection
with this Note and the other Transaction Documents, including all costs and expenses incurred by the Lender in connection with
the enforcement of this Note or any other Transaction Document.

 

“Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock, Series C Preferred Stock or Convertible
Securities.

 

“Patents”
shall have the meaning ascribed to such term in Section 2 of this Note.

 

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“Permitted
Debt” shall mean, with respect to the Company and each of its direct and indirect Subsidiaries, any of (i) the Obligations,
(ii) trade accounts payable incurred in the ordinary course which are due no later than 90 calendar days after invoice, (iii) other
current liabilities incurred in the ordinary course of business and not incurred through the borrowing of money or the obtaining
of credit, (iv) obligations under long-term real property leases incurred in the ordinary course of business, (v) short-term lease
obligations or indebtedness incurred to finance the cost of tangible personal property (which was acquired after the date hereof)
in an amount that does not exceed an aggregate of $10,000 during any twelve month period, (vi) Debt in respect of taxes or other
governmental charges which is not yet due or which is being contested in good faith by appropriate proceedings, and (vii) Debt
in connection with the Overseas Note.

 

“Permitted
Lien” shall mean, as of any particular time with respect to the Company and each of its direct and indirect Subsidiaries,
(i) Liens of taxes, assessments or other charges of a Governmental Authority not then delinquent or which are being contested in
good faith by appropriate proceedings, (ii) Liens in favor of the Lender created pursuant to the Transaction Documents, (iii) any
mechanic’s, worker’s, repairer’s, supplier’s, vendor’s or like Liens securing obligations arising
in the ordinary course of business (A) that are not mature and overdue, (B) that do not materially impair the value of the Collateral
provided to the Lender pursuant to the Transaction Documents and (C) that could not result in an aggregate liability in excess
of $10,000, (iv) Liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights
of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution,
provided that such deposit account is not a dedicated cash collateral account.

 

“Person”
shall mean an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

“Series C
Preferred Stock” means the Series C Preferred Stock of the Company.

 

“Subsidiary”
shall mean, with respect to any Person (herein referred to as the “parent”), any corporation, limited liability company,
partnership, association or other business entity (i) of which securities of other ownership interests representing more than 50%
of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time
any determination is being made, owned, controlled or held by the parent, or (ii) that is, at any time any determination is made,
otherwise Controlled by, the parent or one or more Subsidiaries of the parent and one or more Subsidiaries of the parent.

 

“UCC”
means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York.

 

“Voting Stock”
of a Person means capital stock of such Person of the class or classes pursuant to which the holders thereof have the general voting
power to elect, or the general power to appoint, at least a majority of the board of directors, managers or trustees of such Person
(irrespective of whether or not at the time capital stock of any other class or classes shall have or might have voting power by
reason of the happening of any contingency).

 

2.           Grant
of Security Interest. As collateral security for the prompt and complete payment and performance of all of the Company’s
present or future Obligations, the Company hereby grants a security interest and mortgage to the Lender, as security, in and to
the Company’s entire right, title and interest in, to and under the following intellectual property, now owned or hereafter
acquired by the Company or in which the Company now holds or hereafter acquires any interest (all of which shall collectively be
called the “Collateral” for purposes of this Note):

 

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(a)          All
letters patent of, or rights corresponding thereto in, the United States or any other country, all registrations and recordings
thereof, and all applications for letters patent of, or rights corresponding thereto in, the United States or any other country,
including, without limitation, registrations, recordings and applications in the United States Patent and Trademark Office or in
any similar office or agency of the United States, any State thereof or any other country; all reissues, continuations, continuations-in-part
or extensions thereof; all petty patents, divisionals, and patents of addition; and all patents to be issued under any such applications,
including without limitation the patents and patent applications set forth on Exhibit “A” attached hereto (collectively,
the “Patents”);

 

(b)          Any
and all claims for damages by way of past, present and future infringement of any of the rights included above, with the right,
but not the obligation, to sue for and collect such damages for said use or infringement of the intellectual property rights identified
above;

 

(c)          All
licenses or other rights to use any of the Patents, and all license fees and royalties arising from such use to the extent permitted
by such license or rights;

 

(d)          All
amendments, renewals and extensions of any of the Patents; and

 

(e)          All
proceeds and products of the foregoing, including without limitation all payments under insurance or any indemnity or warranty
payable in respect of any of the foregoing.

 

3.           Maturity.
Unless sooner paid or converted in accordance with the terms hereof, the entire unpaid principal amount and all unpaid accrued
interest shall become fully due and payable on the earlier of (a) August 31, 2014, (b) the closing date of a financing, conducted
through a bona fide arm’s length transaction, in which the Company (i) issues and sells for cash its capital stock to investor(s)
and/or (ii) issues indebtedness to lenders, in aggregate amount from the date hereof equal to or greater than Two Hundred and Fifty
Thousand Dollars ($250,000), or (c) the date of the acceleration of the maturity of this Note by the Lender upon the occurrence
of an Event of Default (such earlier date, the “Maturity Date”).

 

4.           Payments.

 

(a)          Form
of Payment. All payments of interest and principal (other than payment by way of conversion) shall be in lawful money of the
United States of America to the Lender, at the address specified in the Agreement, or at such other address as may be specified
from time to time by the Lender in a written notice delivered to the Company. All payments made hereunder shall be applied first
to accrued interest, and thereafter to principal and any fees due and owing to the Lender.

 

(b)          Prepayment.
Prepayment of principal or interest under this Note without the express prior written consent of the Lender is not permitted.

 

5.           Conversion.

 

(a)          Conversion
at the Option of the Lender. At any time prior to the Maturity Date, the Lender may, in its sole discretion and upon 5 Business
Days’ prior written notice to the Company, convert all or a portion of the Debt of the Company outstanding on such date under
this Note into that number of shares of Series C Preferred Stock which is equal to the quotient obtained by dividing (a) the sum
of (i) the outstanding principal amount of this Note elected by the Lender to be so converted and (ii) any accrued but unpaid interest
thereon elected by the Lender to be so converted by (b) $2.66 (subject to appropriate adjustments for any stock dividend, stock
split, stock combination, reclassification or similar transaction after the date hereof) (the “Exercise Price”).
Any accrued but unpaid interest not converted into shares of Series C Preferred Stock as provided in the preceding sentence shall
be paid in cash on such date. Prior to the execution of this Note, the Company shall have reserved and set aside for issuance to
the Lender such number of shares of Series C Preferred Stock as would be issuable upon conversion of the Note pursuant to this
Section 5(a).

 

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(b)          Conversion
or Repayment Upon Maturity. In the event that any Debt under this Note remains outstanding on the Maturity Date, then the principal
amount under this Note then outstanding and any accrued but unpaid interest thereon shall, at the option of the Lender, either
(a) become immediately due and payable on such date or (b) convert on such date into that number of shares of Series C Preferred
Stock which is equal to the quotient obtained by dividing (i) the sum of (A) the then outstanding principal amount of this Note
elected by the Lender to be so converted and (B) any accrued but unpaid interest thereon elected by the Lender to be so converted
by (ii) $2.66 (subject to appropriate adjustments for any stock dividend, stock split, stock combination, reclassification or similar
transaction after the date hereof). Any principal and any accrued but unpaid interest not converted into shares of Series C Preferred
Stock as provided in the preceding sentence shall be paid in cash on the Maturity Date. Prior to the execution of this Note, the
Company shall have reserved and set aside for issuance to the Lender such number of shares of Series C Preferred Stock as would
be issuable upon conversion of the Note pursuant to this Section 5(b).

 

(c)          Issuance
of Certificates. As soon as is reasonably practicable after a conversion has been effected (but in any event within five (5)
Business Days thereafter), the Company shall deliver to the Lender a certificate or certificates representing the number of shares
of Series C Preferred Stock issuable by reason of such conversion in such name or names and in such denomination or denominations
as the Lender may specify.

 

(d)          No
Fractional Shares. If any fractional share of Series C Preferred Stock would, except for the provisions hereof, be deliverable
upon conversion of this Note, the Company, in lieu of delivering such fractional share, shall pay an amount equal to the value
of such fractional share, as determined by the per share conversion price used to effect such conversion.

 

(e)          Issuance
Costs. The issuance of certificates for shares of capital stock issuable upon conversion of this Note shall be made without
charge to the Lender for any documentary stamp tax in respect thereof or other cost incurred by the Company in connection with
such conversion and the related issuance of such shares of Series C Preferred Stock; provided, that the Company shall not
be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such certificate
upon conversion in a name other than that of the Lender so converted and the Company shall not be required to issue or deliver
such certificates unless or until the person or persons requesting the issuance thereof shall have paid to the Company the amount
of such tax or shall have established to the satisfaction of the Company that such tax has been paid. Upon conversion of this Note,
the Company shall take all such actions as are necessary in order to ensure that the Series C Preferred Stock issuable with respect
to such conversion shall be validly issued, fully paid and nonassessable.

 

(f)          Compliance
with Laws and Regulations. The Company shall take all such actions as may be necessary to assure that all shares of capital
stock issued upon conversion of this Note may be so issued without violation of any applicable law or governmental regulation or
any requirement of any domestic securities exchange upon which such shares of capital stock may be listed (except for official
notice of issuance which shall be immediately delivered by the Company upon such issuance).

 

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(g)          Stock
Dividends, Subdivisions and Combinations. Without limiting any provision of this Note, if the Company, at any time after the
date hereof, (1) pays a stock dividend on one or more classes of its then outstanding shares of Common Stock or Series C Preferred
Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock or Series C Preferred
Stock, (2) subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its then outstanding
shares of Common Stock or Series C Preferred Stock into a larger number of shares or (3) combines (by combination, reverse stock
split or otherwise) one or more classes of its then outstanding shares of Common Stock or Series C Preferred Stock into a smaller
number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the
number of shares of Common Stock or Series C Preferred Stock, as applicable, outstanding immediately before such event and of which
the denominator shall be the number of shares of Common Stock or Series C Preferred Stock, as applicable, outstanding immediately
after such event. Any adjustment made pursuant to clause (1) of this paragraph shall become effective immediately after the record
date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause
(2) or (3) of this paragraph shall become effective immediately after the effective date of such subdivision or combination. If
any event requiring an adjustment under this paragraph occurs during the period that an Exercise Price is used in any calculation
hereunder, then in such calculation such Exercise Price shall be adjusted appropriately to reflect such event.

 

(h)          Issuance
of Additional Shares of Stock. In the event the Company shall at any time following the date hereof issue or sell any share
of Common Stock or Series C Preferred Stock (otherwise than as provided in Section 5(g) hereof or pursuant to Common Stock or Series
C Equivalents granted or issued prior to the date hereof) (an “Additional Share of Stock”) at a price per share
less than the Exercise Price then in effect, or without consideration (in which case such Additional Shares of Stock shall be deemed
to have been issued at a price per share of $0.001 per share), the Exercise Price then in effect upon each such issuance shall
be decreased to the price equal to the consideration per share paid for such Additional Share of Stock.

 

(i)          Issuance
or Modification of Common Stock or Series C Equivalents. In the event the Company shall, at any time following the date hereof:
(1) issue or sell any Common Stock or Series C Equivalent with an exercise or conversion price less than the Exercise Price then
in effect, or (2) modify the conversion or exercise price of any Common Stock or Series C Equivalent issued prior to, on or after
the date hereof, to an exercise or conversion price less than the Exercise Price then in effect, the Exercise Price then in effect
shall be decreased to the exercise or conversion price of such Common Stock or Series C Equivalent.

 

(j)          Certain
Issues Excepted. Anything herein to the contrary notwithstanding, the Company shall not be required to make any adjustment
to the Exercise Price pursuant to Sections 5(h) or 5(i) hereof upon (1) securities issued (other than for cash) in connection with
a merger, acquisition, or consolidation, (2) securities issued pursuant to the exercise or conversion of Common Stock or Series
C Equivalents issued prior to the date hereof (but such exception shall not affect the obligation to decrease the Exercise Price
if required by Section 5(i)(2) hereof), (3) securities issued in connection with bona fide strategic license agreements or other
partnering arrangements so long as such issuances are not for the purpose of raising capital and (4) Common Stock or Series C Preferred
Stock issued or options to purchase Common Stock or Series C Preferred Stock granted, in each case, pursuant to the Company’s
stock option plans and employee stock purchase plans that have been approved for adoption by the Company’s board of directors
and stockholders.

 

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(k)         Fundamental Transactions.
Prior to the consummation of each Fundamental Transaction pursuant to which holders of shares of Series C Preferred Stock are
entitled to receive securities or other assets with respect to or in exchange for shares of Series C Preferred Stock (a “Corporate
Event”), the Company shall make appropriate provision to insure that the Lender will thereafter have the right to receive
upon conversion of this Note at any time after the consummation of the applicable Fundamental Transaction but prior to the repayment
in full of this Note, in lieu of the shares of the Series C Preferred Stock (or other securities, cash, assets or other property)
issuable upon the conversion of this Note prior to such Fundamental Transaction, such shares of stock, securities, cash, assets
or any other property whatsoever (including warrants or other purchase or subscription rights) which the Lender would have been
entitled to receive upon the happening of the applicable Fundamental Transaction had this Note been converted immediately prior
to the applicable Fundamental Transaction (without regard to any limitations on the conversion of this Note). Provision made pursuant
to the preceding sentence shall be in a form and substance reasonably satisfactory to the Lender. The provisions of this Clause
(k) shall apply similarly and equally to successive Fundamental Transactions and Corporate Events.

 

6.           Affirmative
Covenants. So long as any Obligations remain outstanding, the Company shall:

 

(a)          Compliance
with Laws. Comply in all material respects with applicable laws, rules, regulations and orders, such compliance to include,
without limitations, paying before the same become delinquent all taxes, assessments, and charges imposed upon it or upon its property
by any Governmental Authority except for good faith contests for which adequate reserves are being maintained.

 

(b)          Information.
Deliver to the Lender or cause to be delivered to the Lender, in form and detail satisfactory to Lender, the following financial
and other information:

 

(i)          written
notice of any of the following, promptly, and in any event within three (3) days after the Company actually becomes aware of any
of the following: (i) any proceeding being instituted or threatened by or against it involving a sum in excess of $25,000 in the
aggregate for all proceedings, (ii) any order, judgment or decree being entered against the Company or any of its properties or
assets involving a sum in excess of $25,000 in the aggregate for all such orders, judgments and decrees taken together, and (iii)
any actual or prospective change, development or event which has had or could reasonably be expected to have a Material Adverse
Effect; and

 

(ii)         such
other statements, lists of property and accounts, budgets, forecasts, projections, reports, or other information as the Lender
may from time to time reasonably request.

 

(c)          Notice
of Litigation. Provide to the Lender promptly after the commencement thereof, notice of all actions, suits, and proceedings
before any court or Governmental Authority affecting the Company, which, if determined adversely to the Company, could have a Material
Adverse Effect.

 

(d)          Notice
of Defaults and Events of Defaults. Provide to the Lender, as soon as possible and in any event within three (3) days after
the occurrence thereof, with written notice of each event which either (i) is an Event of Default, or (ii) with the giving
of notice or lapse of time or both would constitute an Event of Default, in each case setting forth the details of such event and
the action which is proposed to be taken by the Company with respect thereto.

 

(e)          Governmental
Approvals. Use commercially reasonable efforts to promptly obtain and maintain any and all authorizations, consents, approvals,
licenses, franchises, concessions, leases, rulings, permits, certifications, exemptions, filings or registrations by or with any
Governmental Authority necessary for the Company to conduct its business and own (or lease) its properties or to execute, deliver
and perform the Transaction Documents, except where the failure to do so could not reasonably be expected to result in a Material
Adverse Effect.

 

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(f)          Insurance.
Promptly obtain and maintain in full force and effect at all times with responsible insurance companies such insurance covering
its assets and properties, in such amounts and against such risks and with such deductibles as an enterprise conducting a similar
business under similar business conditions as the Company would customarily maintain, except where the failure to do so could not
reasonably be expected to result in a Material Adverse Effect.

 

(g)          Continuance
of Business. Maintain its legal existence, licenses and privileges in good standing under and in compliance with all applicable
laws and continue to operate the business currently conducted by the Company and its Subsidiaries. Without limiting the generality
of the foregoing, the Company shall do and cause to be done all things necessary to apply for, preserve, maintain and keep in full
force and effect all of its registrations of trademarks, service marks and other marks, trade names and other trade rights, patents,
copyrights and other intellectual property in accordance with prudent business practices.

 

(h)          Taxes.
Pay and discharge (i) all federal and other material taxes, fees, assessments and governmental charges or levies imposed upon
it or upon its properties or assets prior to the date on which penalties attach thereto, and all lawful claims for labor, materials
and supplies which, if unpaid, might become a Lien (other than a Permitted Lien) upon any of its properties or assets; and (ii) all
other lawful claims which, if unpaid, would by law become a Lien upon its property not constituting a Permitted Lien.

 

(i)          Additional
Patents. Following the date hereof, if the Company shall obtain rights to any new patents or otherwise acquires or becomes
entitled to the benefit of, or apply for registration of, any of the foregoing, the Company (i) shall promptly notify the
Lender thereof and (ii) hereby authorizes the Lender to modify, amend, or supplement Exhibit A and from time to time
to include any of the foregoing and make all necessary or appropriate filings with respect thereto.

 

(j)          Preservation
of Patents. The Company shall (i) prosecute diligently all applications in respect of the Patents, now or hereafter pending;
(ii) make federal applications on all of its unpatented but patentable inventions; (iii) preserve and maintain all of its material
rights in the Patents and protect the Patents from infringement, unfair competition, cancellation, or dilution by all appropriate
action necessary in the Company’s reasonable business judgment, including, without limitation, the commencement and prosecution
of legal proceedings to recover damages for infringement and to defend and preserve its rights in the Patents; and (iv) not abandon
any of the Patents necessary to the conduct of its business.

 

7.           Negative
Covenants. So long as any Obligations remain outstanding:

 

(a)          Liens.
The Company shall not, and shall not permit any of its direct or indirect Subsidiaries to, create or suffer to exist any Lien (other
than the Liens granted hereunder, under the Overseas Note and the Permitted Liens) on any assets of such Person.

 

(b)          Debt.
The Company shall not, and shall not permit any of its direct or indirect Subsidiaries to, incur any Debt other than Permitted
Debt; prepay, redeem, purchase, defease or otherwise satisfy in any manner prior to the scheduled repayment thereof any Debt (other
than amounts due in respect of this Note); or amend, modify or otherwise change the terms of any Debt (other than this Note) in
a manner which would accelerate the scheduled repayment thereof or otherwise be adverse to the interests of the Lender.

 

(c)          Sale
of Subsidiary. The Company shall not, and shall not permit any of its direct or indirect Subsidiaries to, sell, transfer, cause
to be sold or transferred, or otherwise dispose of, any interest in a Subsidiary of such Person.

 

    	9

    	 

    

 

(d)          Distributions.
The Company shall not declare or pay any dividends or make any distribution of any kind on the Company’s capital stock.

 

(e)          Amendment
of Organic Documents. The Company shall not amend, supplement, or otherwise modify any of the provisions of the Company’s
Organic Documents in a manner that would be materially adverse to the Lender.

 

(f)          Transaction
with Affiliates. The Company shall not, and shall not permit any of its direct or indirect Subsidiaries to, transfer, sell,
assign or otherwise dispose of any of its assets to any Affiliate or enter into any transaction directly or indirectly with or
for the benefit of any Affiliate unless the monetary or business consideration arising therefrom would be as advantageous to the
Company or, as applicable, such Subsidiary, as the Company or such Subsidiary would obtain in a comparable arm’s length transaction
with a Person not an Affiliate.

 

(g)          Sale
of Collateral. The Company shall not, and shall not permit any of its direct or indirect Subsidiaries to, sell, license, transfer
or otherwise dispose of any interest in any Collateral, except for licenses or sublicenses of rights in intellectual property on
a non-exclusive or other limited basis in the ordinary course of business.

 

(h)          Changes
in Business. The Company shall not enter into or engage in any business other than that carried on (or contemplated to be carried
on) as of the date hereof.

 

(i)          Accounting
Changes. The Company shall not change its fiscal year or make or permit any change in accounting policies or reporting practices,
except as permitted by GAAP.

 

8.           Use
of Proceeds. The Company shall use the proceeds from this Note solely to fund the operations of the Company in the ordinary
course of business.

 

9.           Default.

 

(a)          Events
of Default. For purposes of this Note, any of the following events which shall occur shall constitute an “Event of
Default”:

 

(i)          any
indebtedness under this Note is not paid when and as the same shall become due and payable, whether at maturity, by acceleration
or otherwise;

 

(ii)         a
default shall occur in the observance or performance of (A) any covenant, obligation or agreement of the Company contained in Sections
6, 7 or 8, or (B) any other provision of this Note, the Agreement or any Transaction Document and such default
shall continue uncured for a period of 5 days after the Company knew or should have known, exercising reasonable diligence, of
the event or circumstances giving rise to such default;

 

(iii)        any
representation, warranty or certification made by the Company herein or in the Agreement or in any certificate, report, document,
agreement or instrument delivered pursuant to any provision hereof or thereof shall prove to have been false or incorrect in any
material respect on the date or dates as of which made;

 

    	10

    	 

    

 

(iv)        the
Company shall (A) apply for or consent to the appointment of a receiver, trustee, custodian or liquidator of itself or any
part of its property, (B) become subject to the appointment of a receiver, trustee, custodian or liquidator for itself or
any part of its property that is not discharged or stayed within 60 days after such appointment, (C) make an assignment for
the benefit of creditors, (D)  or fail generally or admit in writing to its inability to pay its debts as they become due,
(E) institute any proceedings under the United States Bankruptcy Code or any other federal or state bankruptcy, reorganization,
receivership, insolvency or other similar law affecting the rights of creditors generally, or file a petition or answer seeking
reorganization or an arrangement with creditors to take advantage of any insolvency law, or file an answer admitting the material
allegations of a bankruptcy, reorganization or insolvency petition filed against it, or (F) become subject to any involuntary
proceedings under the United States Bankruptcy Code or any other federal or state bankruptcy, reorganization, receivership, insolvency
or other similar law affecting the rights of creditors generally that is not dismissed within 60 days after commencement, or have
an order for relief entered against it in any proceeding under the United States Bankruptcy Code that is not dismissed within 60
days of entry;

 

(v)         the
Company shall (A) liquidate, wind up or dissolve (or suffer any liquidation, wind-up or dissolution), (B) suspend its operations
other than in the ordinary course of business, or (C) take any action to authorize any of the actions or events set forth
above in Section 9(a)(iv);

 

(vi)        any
final judgment or judgments for the payment of money aggregating in excess of $50,000 shall be rendered against the Company which
judgments are not, within 30 days after the entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within
45 days after the expiration of such stay; provided, however, that any judgment which is covered by insurance or
an indemnity from a credit worthy party shall not be included in calculating such amount so long as the Company provides the Lender
with a written statement from such insurer or indemnity provider (which written statement shall be reasonably satisfactory to the
Lender) to the effect that such judgment is covered by insurance or an indemnity and the Company will receive the proceeds of such
insurance or indemnity within 30 days of the issuance of such judgment;

 

(vii)       (A)
any Debt of the Company (other than this Note) shall not be paid at its stated maturity or shall be duly declared to be or shall
become due and payable prior to the stated maturity thereof, or (B) there shall occur and be continuing any event under any agreement
or instrument relating to any such Debt, the effect of which is to cause such Debt to become due prior to its stated maturity,
or (C) the holder or holders of such Debt, or any trustee, agent or other representative on behalf of such holder or holders, shall
have demanded or required, pursuant to the terms of any agreement or instrument relating to such Debt, that the Company redeem,
repurchase or otherwise acquire or retire such Debt for value at any time prior to its stated maturity;

 

(viii)      the
occurrence or existence of any event or condition that, in the Lender’s reasonable and good faith judgment, has had or would
have or result in a Material Adverse Effect;

 

(ix)         any
material impairment in the value of the Collateral or the priority of the Lender’s Lien hereunder;

 

(x)          any
levy upon, seizure or attachment of a material portion of the Collateral which shall not have been rescinded or withdrawn within
20 days after the date of such levy, seizure or attachment; or

 

(xi)         (A)
the Company asserts that any Transaction Document is invalid or unenforceable, in whole or in part, or (B) the Lender shall cease
to have a perfected Lien in any of the Collateral (subject to Permitted Liens).

 

    	11

    	 

    

 

(b)          Consequences
of Events of Default.

 

(i)          Upon
the occurrence of any Event of Default, the Lender may declare any of the Obligations to be immediately due and payable and shall
have, in addition to all other rights and remedies granted to it in this Agreement or any other Transaction Document, all rights
and remedies of a secured party under the UCC and other applicable laws. Without limiting the generality of the foregoing, (w)
the Lender may, subject to the UCC and other applicable law, peaceably and without notice enter any premises of the Company, take
possession of any of the Collateral, remove or dispose of all or part of the Collateral on any premises of the Company or elsewhere,
and otherwise collect, receive, appropriate and realize upon all or any part of the Collateral, and demand, give receipt for, settle,
renew, extend, exchange, compromise, adjust, or sue for all or any part of the Collateral, as the Lender may determine; (x) the
Lender may require the Company to assemble all or any part of the Collateral and make it available to the Lender at any place and
time designated by the Lender; (y) the Lender may secure the appointment of a receiver of the Collateral or any part thereof (to
the extent and in the manner provided by applicable law); (z) the Lender may sell, resell, lease, use, assign, license, sublicense,
transfer or otherwise dispose of any or all of the Collateral in its then condition or following any commercially reasonable preparation
or processing (utilizing in connection therewith any of the Company’s assets, without charge or liability to the Lender therefor)
at public or private sale, by one or more contracts, in one or more parcels, at the same or different times, for cash or credit,
or for future delivery without assumption of any credit risk, all as the Lender deems advisable; provided, however, that
the Company shall be credited with the net proceeds of sale only when such proceeds are finally collected by the Lender.

 

(ii)         For
the purpose of enabling the Lender to exercise its rights and remedies under this Section 9 during the continuance of an Event
of Default, the Company hereby grants to the Lender an irrevocable, non-exclusive and assignable license (exercisable without payment
or royalty or other compensation to the Company) to use, license or sublicense any intellectual property Collateral.

 

(iii)        The
Lender has no obligation to attempt to satisfy the Obligations by collecting them from any other Person liable for them, and the
Lender may release, modify or waive any Collateral provided by any other Person to secure any of the Obligations, all without affecting
the Lender’s rights against the Company. The Company waives any right it may have to require the Lender to pursue any third
Person for any of the Obligations. The Lender may comply with any applicable state or federal law requirements in connection with
a disposition of the Collateral and compliance will not be considered adversely to affect the commercial reasonableness of any
sale of the Collateral. The Lender may sell the Collateral without giving any warranties as to the Collateral. The Lender may specifically
disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the commercial reasonableness
of any sale of the Collateral. If the Lender sells any of the Collateral upon credit, the Company will be credited only with payments
actually made by the purchaser, received by the Lender and applied to the indebtedness of the purchaser. In the event the purchaser
fails to pay for the Collateral, the Lender may resell the Collateral and the Company shall be credited with the proceeds of the
sale.

 

(iv)        The
cash proceeds actually received from the sale or other disposition or collection of Collateral, and any other amounts received
in respect of the Collateral the application of which is not otherwise provided for herein, shall be applied first, to the payment
of the reasonable costs and expenses of the Lender in exercising or enforcing its rights hereunder and in collecting or attempting
to collect any of the Collateral, and to the payment of all other amounts payable to the Lender; and second, to the payment of
the Obligations. Any surplus thereof which exists after payment and performance in full of the Obligations shall be promptly paid
over to the Company or otherwise disposed of in accordance with the UCC or other applicable law. The Company shall remain liable
to the Lender for any deficiency which exists after any sale or other disposition or collection of Collateral.

 

    	12

    	 

    

 

(v)         The
Lender shall also have any other rights which the Lender may have been afforded under any contract or agreement at any time and
any other rights which the Lender may have pursuant to applicable law. The Lender may exercise any and all of its remedies under
this Note, the Agreement and the other Transaction Documents contemporaneously or separately from the exercise of any other remedies
hereunder or under applicable law.

 

10.         Lost,
Stolen, Destroyed or Mutilated Note. In case this Note shall be mutilated, lost, stolen or destroyed, the Company shall issue
a new Note of like date, tenor and denomination and deliver the same in exchange and substitution for and upon surrender and cancellation
of any such mutilated Note, or in lieu of any such Note lost, stolen or destroyed, upon receipt of evidence satisfactory to the
Company of the loss, theft or destruction of any such Note.

 

11.         Governing
Law. This Note is to be construed in accordance with and governed by the laws of the State of New York. The provisions of Section
5.3 of the Agreement relating to venue, submission to jurisdiction and the waiver of the right to jury trial are by this reference
incorporated herein, mutatis mutandis, as if set forth herein in full.

 

12.         Amendment
and Waiver. Any term of this Note may be amended and the observance of any term of this Note may be waived (either generally
or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Lender.

 

13.         Notices.
Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Note
shall be made in accordance with Section 5.6 of the Agreement.

 

14.         Securities
Purchase Agreement. This Note is issued pursuant to the terms of the Agreement.

 

15.         Termination.
Upon payment and performance in full of all Obligations, the security interest created under this Note shall terminate.

 

16.         Authorization.
The Company hereby irrevocably authorizes the Lender (or its designee) at any time and from time to time to file in any jurisdiction
any financing or continuation statement and amendment thereto or any registration of charge, mortgage or otherwise, containing
any information required under the UCC or any applicable of any other applicable jurisdiction (in each case, without the signature
of the Company to the extent permitted by applicable law), reasonably necessary or appropriate in the judgment of the Lender to
perfect or evidence its first priority security interest in and Lien on the Collateral. The Company hereby irrevocably ratifies
and approves any such filing, registration or recordation in any jurisdiction by the Lender (or its designee) that has occurred
prior to the date hereof, of any financing statement, registration of charge, mortgage or otherwise. The Company agrees to provide
to the Lender (or its designee) any and all information required under the UCC or any applicable law of any other applicable jurisdiction
for the effective filing of a financing statement and any amendment thereto or any registration of charge, mortgage or otherwise
in connection with the Collateral.

 

17.         Severability.
If one or more provisions of this Note are held to be unenforceable under applicable law, such provision shall be excluded from
this Note and the balance of this Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance
with its terms.

 

18.         Assignment.
The Company shall not have the right to assign its rights and obligations hereunder or any interest herein. The Lender may at any
time assign or transfer all or part of its rights and/or obligations under this Note.

 

    	13

    	 

    

 

19.         Remedies
Cumulative; Failure or Indulgence Not a Waiver. The remedies provided in this Note shall be cumulative and in addition to all
other remedies available under this Note and any of the other Transaction Documents. No failure or delay on the part of the Lender
in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.

 

20.         Payments.
Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, such payment shall be made in lawful
money of the United States of America by a check drawn on the account of the Company and sent via overnight courier service to
such Person at such address as previously provided to the Company in writing (which address, in the case of the Lender as of the
date of issuance hereof, shall initially be the address for the Lender as set forth in the Agreement); provided that the
Lender may elect to receive a payment of cash via wire transfer of immediately available funds by providing the Company with prior
written notice setting out such request and the Lender’s wire transfer instructions. Whenever any payment to be made shall
otherwise be due on a day which is not a Business Day, such payment shall be made on the immediately succeeding Business Day and
such extension of time shall be included in the computation of accrued interest. All payments received by the Lender after 5:00
p.m. shall be deemed received on the next succeeding Business Day and any applicable interest shall continue to accrue.

 

21.         Excessive
Interest. Notwithstanding any other provision herein to the contrary, this Note is hereby expressly limited so that the interest
rate charged hereunder shall at no time exceed the maximum rate permitted by applicable law. If, for any circumstance whatsoever,
the interest rate charged exceeds the maximum rate permitted by applicable law, the interest rate shall be reduced to the maximum
rate permitted, and if the Lender shall have received an amount that would cause the interest rate charged to be in excess of the
maximum rate permitted, such amount that would be excessive interest shall be applied to the reduction of the principal amount
owing hereunder (without charge for prepayment) and not to the payment of interest, or if such excessive interest exceeds the unpaid
balance of principal, such excess shall be refunded to the Company.

 

22.         Facsimile
Transmission of Signature Page. The delivery of any executed signature page to this Note by telecopy or other electronic imaging
means shall be effective as delivery of a manually executed signature page to this Note.

 

23.         Amendment
and Restatement. The Company and the Lender agree that: (a) the Obligations represent, among other things, the restatement,
renewal, amendment and modification of the “Obligations” (as defined in the Existing Note); (b) this Note is intended
to, and does hereby, restate, renew, amend, modify, supersede and replace the Existing Note in its entirety; and (c) the entering
into and performance by the Company and the Lender of their respective obligations under the Transaction Documents and the transactions
evidenced hereby and thereby do not constitute a novation nor shall they be deemed to have terminated, extinguished or discharged
the indebtedness under the Existing Note, all of which indebtedness shall continue under and be governed by this Note. All references
in the other Transaction Documents to the Existing Note shall henceforth include references to this Note, as may, from time to
time, be further amended, modified, extended, and/or renewed. To the extent permitted by applicable Law, any and all of the terms
and provisions of the other Transaction Documents are hereby amended and modified wherever necessary, even though not specifically
addressed herein, so as to conform to the amendments and modifications set forth herein.

 

    	14

    	 

    

 

24.         Ratifications.
The Company hereby (a) ratifies and confirms all provisions of the other Transaction Documents, and (b) ratifies and confirm that
all guaranties, assurances, and liens granted, conveyed, or assigned to the Lender under the Existing Note are not released, reduced,
or otherwise adversely affected by this Note and continue to guarantee, assure, and secure full payment and performance of the
present and future obligations of the Company under this Note and the Transaction Documents. The Company hereby acknowledges that
immediately prior to the execution and delivery of this Note, the outstanding principal balance of the Existing Note is $720,000
and the accrued but unpaid interest thereon is $30,417.53, which amount is and shall be payable in accordance with the terms hereof
and is in addition to the interest that accrues under this Note after the date hereof.

 

25.         Waiver
of Notice. To the extent permitted by law, the Company hereby waives demand, notice, protest and all other demands and notices
in connection with the delivery, acceptance, performance, default or enforcement of this Note and the Transaction Documents. In
addition, the Company hereby waives, to the fullest extent permitted by law, (a) any right of redemption with respect to the Collateral,
whether before or after sale hereunder, and all rights, if any, of marshalling of the Collateral or other collateral or security
for the Obligations; (b) any right to require the Lender (i) to proceed against any Person, (ii) to exhaust any other collateral
or security for any of the Obligations, or (iii) to pursue any remedy in the Lender’s power; and (c) all claims, damages,
and demands against the Lender arising out of the repossession, retention, sale or application of the proceeds of any sale of the
Collateral.

 

(Remainder of page
intentionally left blank; signature page follows)

  

    	15

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused this Tenth Amended and Restated Secured Convertible Promissory Note to be duly executed by its officers,
thereunto duly authorized as of the date first above written.

 

	Address of the Company:	NANOVIBRONIX, INC.
	 	 	 
	105 Maxess Road, Suite S124  	By:	/s/ Ophir Shahaf
	Melville, NY  11747	 	 
	Attn: ____________	Name:	Ophir Shahaf
	 	 	 
	 	Its:	Chief Executive Officer

 

	Address of the Lender:	GLOBIS CAPITAL PARTNERS, L.P.
	 	 	 
	805 Third Avenue, 15th Floor	 	 
	New York, NY 10022	 	 
	 	By:	/s/ Paul Packer
	 	 	 
	 	Name:	Paul Packer
	 	 	 
	 	Its:	Managing Member of the General Partner

  

    	 

    	 

    

 

Exhibit A to

 

Secured Convertible Promissory Note

 

Important Notes:

Nanovibronix strategy was to create strong IP barrier for other
companies. Nanovibronix aimed to cover it's novel technology and devices world wide, because our attempts were to create valuable
company. The author of all ideas – Jona Zumeris, D.Sc. Nanovibronix is working with Pearl Cohen Zedek and Malina patent offices.
Annuity is being done through Dennemeyer&Co

 

	Exact Legal

Name of Owner	 	Description of

Intellectual

Property	 	Country(ies)

of

Registration	 	Application or

Registration

Number(s)	 	Registration

Office(s)	 	Application or

Registration

Date(s)
	NanoVibronix, Inc.	 	Method, apparatus and system for treating biofilms associated with catheters	 	USA	 	7,393,501 B2	 	USA	 	
        filed May28,2003

        reg.

        Jul1,2008

	NanoVibronix, Inc.	 	Method, apparatus and system for treating biofilms associated with catheters	 	China	 	ZL03818327.7	 	China	 	
        Filed May29,2003

        Grant

        April29,2009

	NanoVibronix, Inc.	 	Method, apparatus and system for treating biofilms associated with catheters	 	Israel	 	165422	 	Israel	 	
        filed May28,2003

        reg.

        Aug18,2010

	NanoVibronix, Inc.	 	Method, apparatus and system for treating biofilms associated with catheters 	 	Japan	 	4504183	 	Japan	 	
        filed May28,2003

        reg.

        Apr.30,2010

	NanoVibronix, Inc.	 	Method, apparatus and system for treating biofilms associated with catheters	 	India	 	246351	 	India	 	
        filed May29,2003

        reg.

        Feb24,2011,

	NanoVibronix, Inc.	 	Method, apparatus and system for treating biofilms associated with catheters	 	Australia	 	2003231892	 	Australia	 	
        filed May28,2003

        reg.

        Nov6,2008

	NanoVibronix, Inc.	 	Method, apparatus and system for treating biofilms associated with catheters	 	European Union	 	1511414 B	 	
        European Union

        (UK,Gr,Fr)
	 	
        Filed May29,2003

        Grant

        Aug8,2012

 

    	 

    	 

    

 

	Exact Legal

Name of Owner	 	Description of

Intellectual

Property	 	Country(ies)

of

Registration	 	Application or

Registration

Number(s)	 	Registration

Office(s)	 	Application or

Registration

Date(s)
	NanoVibronix, Inc.	 	Method, apparatus and system for treating biofilms associated with catheters	 	Hong Kong	 	Appl.nr 05107834.0	 	Hong Kong	 	Allowed, but decision to abandon
	NanoVibronix, Inc.	 	Acoustic add-on device for biofilm prevention in urinary catheter	 	USA	 	7,829.029 B2	 	USA	 	
        filed Mar29,2007

        reg.

        Nov9,2010

	NanoVibronix, Inc.	 	Acoustic add-on device for biofilm prevention in urinary catheter	 	China	 	Appl.nr. 200780019732.3	 	China	 	
        filed Mar29,2007

        allowed

	NanoVibronix, Inc.	 	Acoustic add-on device for biofilm prevention in urinary catheter	 	European Union	 	Appl.nr 07736150.9	 	
        European Union

        (Fr,UK,Gr)
	 	
        filed Mar29,2007

        allowed

	NanoVibronix, Inc.	 	System and method for SAW treatment of medical devices	 	USA	 	US nr. 11/710,616	 	USA	 	Filed Feb26,2007
	NanoVibronix, Inc.	 	System and method for surface acoustic waves treatment of skin	 	USA	 	US nr. 11/710,615	 	USA	 	Filed Feb26,2007
	NanoVibronix, Inc.	 	System and method for surface acoustic waves treatment of skin	 	India	 	 	 	India	 	Filed Feb26,2007
	NanoVibronix, Inc.	 	System and method for surface acoustic waves treatment of skin	 	Hong Kong	 	Appl.nr 09110611.9	 	Hong Kong	 	Filed Feb26,2007
	NanoVibronix, Inc.	 	System and method for surface acoustic waves treatment of skin	 	European Union	 	
        Appl.nr.

        07861247.0
	 	European Union	 	Filed Feb26,2007
	NanoVibronix, Inc.	 	System and method for surface acoustic waves treatment of skin	 	Canada	 	Appl.nr 2,643,423	 	Canada	 	Filed Feb26,2007
	NanoVibronix, Inc.	 	System and method for surface acoustic waves treatment of skin	 	China	 	Appl.nr. 2007/780014875.5	 	China	 	Filed Feb26,2007

                                   reg. Mar27,2013

 

    	 

    	 

    

 

	Exact Legal

Name of Owner	 	Description of

Intellectual

Property	 	Country(ies)

of

Registration	 	Application or

Registration

Number(s)	 	Registration

Office(s)	 	Application or

Registration

Date(s)
	NanoVibronix, Inc.	 	System and method for surface acoustic waves treatment of skin	 	Israel	 	Appl.nr.193600	 	Israel	 	Filed Feb26,2007
	NanoVibronix, Inc.	 	Method for friction reduction in medical tubing and applications using this method	 	USA	 	
        US nr.

        13/521,060
	 	USA	 	Filled Jul09,2012
	NanoVibronix, Inc. (Assignment from inventors to NanoVibronix, Inc. has not yet been recorded.  Each inventor to this patent is obligated per their employment agreement to assign these rights to NanoVibronix, Inc.)	 	Nanovibration coating process for medical devices using multi vibration modes of thin piezo element	 	USA	 	7,892,191	 	USA	 	
        filed May18,2005

        reg.

        Feb22,2011

	NanoVibronix, Inc.	 	Nanovibration coating process for medical devices using multi vibration modes of thin piezo element	 	Russia	 	2419395	 	Russia	 	
        filed May18,2005

        reg.

        May27,2011

	NanoVibronix, Inc.	 	Nanovibration coating process for medical devices using multi vibration modes of thin piezo element	 	European Union	 	
        Appl.nr.

        05752180.9
	 	European Union	 	
        filed May18,2005

         

	NanoVibronix, Inc.	 	Nanovibration coating process for medical devices using multi vibration modes of thin piezo element	 	Japan	 	Appl..nr 2007-527384	 	Japan	 	
        filed May18,2005

         

 

    	 

    	 

    

 

	Exact Legal

Name of Owner	 	Description of

Intellectual

Property	 	Country(ies)

of

Registration	 	Application or

Registration

Number(s)	 	Registration

Office(s)	 	Application or

Registration

Date(s)
	NanoVibronix, Inc.	 	Nanovibration coating process for medical devices using multi vibration modes of thin piezo element	 	Israel	 	Appl.nr. 179372	 	Israel	 	
        filed May18,2005

         

	NanoVibronix, Inc. (under licensing agreement with Piezo top)	 	A system and method for detection of motion	 	USA	 	6,964,640 B2	 	USA	 	
        filed Jan22,2003

        reg.

        Nov.15, 2005

	NanoVibronix, Inc. (under licensing agreement with Piezo top)	 	A system and method for detection of fetal heartbeat	 	USA	 	6,454,716 B1	 	USA	 	
        filed May23,2000

        reg.

        Sep24,2002

	NanoVibronix, Inc. (under licensing agreement with Piezo top)	 	Apparatus for sterilizing a liquid with focused acoustic standing waves	 	USA	 	7,431,892 B2	 	USA	 	
        filed Sep.25,2002

        reg.

        Oct7, 2008

	NanoVibronix, Inc. (under licensing agreement with Piezo top)	 	System and method for sterilization of a liquid	 	USA	 	Appl.nr. 12/188,302	 	USA	 	Filled Aug8,2008Exhibit 10.29

 

FIRST AMENDMENT TO
PERSONAL EMPLOYMENT AGREEMENT

 

BETWEEN NANOVIBRONIX
AND DR. JONA ZUMERIS

 

This First
Amendment to PERSONAL Employment Agreement BETWEEN NANOVIBRONIX AND DR. JONA ZUMERIS (this “Amendment”)
is made and entered as of this 16th day of June, 2014 (the “Effective Date”), by and between
Nanovibronix (Israel) Ltd., an Israeli corporation (the “Company”) and Jona Zumeris (“Employee”)
for purposes of amending that certain Personal Employment Agreement Between Nanovibronix and Dr. Jona Zumeris dated as of March
1, 2008 by and between the Company and the Employee (the “Employment Agreement”). Terms used in this
Amendment with initial capital letters that are not otherwise defined herein shall have the meanings ascribed to such terms in
the Employment Agreement.

 

WHEREAS, Section
12 of the Employment Agreement provides that the parties to the Employment Agreement may amend the Employment Agreement in a writing
signed by the parties; and

 

WHEREAS, the
parties hereto desire to amend the Employment Agreement in certain respects.

 

NOW THEREFORE,
pursuant to Section 12 of the Employment Agreement, in consideration of mutual promises, conditions, and covenants contained herein
and in the Employment Agreement, and other good and valuable consideration, the adequacy of which is hereby acknowledged, the parties
agree as follows:

 

1.          Section
7.a is hereby amended by deleting said section in its entirety and substituting in lieu thereof the following new Section 7.a:

 

a.           This
Agreement may be terminated by either party with or without cause on the terms and conditions contained herein. In the event that
the Company decides to terminate this Agreement and the Employee’s employment hereunder without cause, it shall first seek
and receive the approval of the Company’s Board of Directors.

 

2.          Section
7.d is hereby amended by deleting said section in its entirety and substituting in lieu thereof the following new Section 7.d:

 

d.           Upon
the occurrence of all of the following benefits (i) the Company completes an initial public offering pursuant to which the Company
raises at least US$5,000,000 (the “IPO”) and (ii) the Employee’s employment is terminated by the
Company without cause within two (2) years from the Effective Date until June 16, 2016 (the “Target Date”),
subject to the Employee’s compliance with any obligations hereunder including the return of a signed release of all claims
in the form which the Company shall deliver to the Employee, the Company shall pay the Employee a special consideration in an amount
equal to his Salary according to the Employment Agreement multiplied by the number of months remaining from the date the employee
- employer relationship has ceased to the Target Date (the “Special Consideration”).

 

    	 

    	 

    

  

Notwithstanding
the foregoing, the parties agree that any amounts owed to the Employee due to severance pay, or redemption of a notice period,
from the Company shall be credited against the obligation of the Company to pay the Special Consideration under this Section.

 

For the removal
of doubt it is hereby clarified that the Special Consideration shall not be taken into an account in calculating any social benefits
that the Employee is entitled to, including for severance pay. The parties agree that the Special Consideration shall be considered
as compensation paid for the Employee’s obligations regarding confidentiality, proprietary and inventions assignment, including
the non-compete undertakings.

 

3.          A
new Section 8.01 is hereby added to the Employment Agreement to read in its entirety as follows:

 

8.01 PERSONNEL DECISION APPROVAL

 

In the event
that the Company decides to terminate the employment of Anatoly Vainshtok or Ian Tsimmer, at any time, for any reason, it shall
first seek the approval of the Employee. Notwithstanding the foregoing, the Company shall not be required to seek the Employee’s
approval should either individual be subject to termination for any reason similar in form, breadth or intent to those set forth
in Section 7c. herein.

 

4.          Section
10 (a) – (b) is hereby amended by deleting said section in its entirety and substituting in lieu thereof the following new
Section:

 

10. CONFIDENTIALITY

 

(a)          The
Employee recognizes and acknowledges that the Employee’s access to the trade secrets and confidential or proprietary information
(collectively, the “Confidential Information”) of the Company and its affiliates (the “Companies”)
is essential to the performance of the Employee’s duties as an employee of the Company.

 

(b)          By
way of illustration and not limitation, such Confidential Information of the Companies shall include: (i) any and all trade secrets
concerning the business and affairs of the Companies, product specifications, data, know-how, compositions, processes, formulas,
methods, designs, samples, inventions and ideas, past, current and planned development or experimental work, current and planned
distribution methods and processes, customer lists, current and anticipated customer requirements, price lists, market studies,
business plans, computer software and programs (including object code and source code), computer software and database technologies,
systems, structures and architectures (and related processes, algorithms, compositions, improvements, know-how, inventions, discoveries,
concepts, ideas, designs, methods and information) of the Companies, information relating to the projects of the Companies, and
any other information, however documented, of the Companies that is a trade secret; (ii) any and all information concerning the
business and affairs of the Companies (which includes historical financial statements, financial projections and budgets, historical
and projected sales, capital spending budgets and plans, the names and backgrounds of key personnel, personnel training and techniques
and materials), however documented; (iii) all derivatives, improvements and enhancements to the Companies’ technology which
are created or developed; (iv) information of third parties as to which the Companies have an obligation of confidentiality; and
(v) any and all notes, analysis, compilations, studies, summaries, and other material prepared by or for the Companies containing
or based, in whole or in part, on any information included in the foregoing.

 

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(c)          The
Confidential Information shall not include information which has become publicly known and made generally available through no
wrongful act of the Employee or of others who were under confidentiality obligations as to the information involved.

 

(d)          The
Employee further recognizes and acknowledges that such Confidential Information is a valuable and unique asset of the Companies,
and that its use or disclosure (except use or disclosure as required for carrying out the Employee’s duties as an employee
of the Company) would cause the Companies substantial loss and damages. The Employee undertakes and agrees that the Employee will
not, in whole or in part, disclose such Confidential Information to any person or organization under any circumstances, will not
make use of any such Confidential Information for the Employee’s own purposes or for the benefit of any other person or organization,
and will not reproduce any of the Confidential Information without the Company’s prior written consent. The Employee will
take strict precautions to maintain the confidentiality of the Confidential Information received from the date of receipt, and
take appropriate action, by instruction, agreement or otherwise with any person permitted access to the Confidential Information
received, to ensure that the Employee will be able to satisfy the Employee’s obligations under this Employment Agreement.

 

(e)          The
Employee will not, during the Employee’s employment with the Company, improperly use or disclose any proprietary information
or trade secrets of any former or concurrent employer or other person or entity and that the Employee will not bring onto the premises
of the Company any unpublished document or proprietary information belonging to any such employer, person or entity unless consented
to in writing by such employer, person or entity.

(f)          The Employee further recognizes and acknowledges that the Companies
have received and in the future will receive from third parties their confidential or proprietary information subject to certain
limited purposes. The Employee agrees to hold all such confidential or proprietary information in the strictest confidence and
not to disclose it to any person or entity or to use it except as necessary in carrying out the Employee’s work for the Company
consistent with the Companies’ agreement with the third party, all in a fashion consistent with his undertakings in this
Section 10.

 

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(g)          The
obligations set forth in this Section are perpetual, and shall survive termination of the Employment Agreement and of the Employee’s
employment with the Company.

 

(h)          Upon
termination of the Employee’s employment with the Company or at any time before termination if the Company so requests, the
Employee will promptly deliver to the Company all copies of all written and tangible material (without retaining any copies thereof)
in the Employee’s possession or under the Employee’s control, incorporating the Confidential Information or otherwise
relating to the Companies’ business. The obligations set forth in this Section shall survive termination of the Employment
Agreement and of the Employee’s employment with the Company.

 

5.          A
new Section 10.01 and 10.02 is hereby added to the Employment Agreement to read in its entirety as follows:

 

10.01         OWNERSHIP
OF PROPERTY AND RIGHTS

 

(a)          
Exclusive Property. The Employee confirms that all Confidential Information is, will be, and shall remain the exclusive
property of the Companies. All business records, papers and documents, however documented, kept or made by the Employee and which
relate to the business of the Companies, shall be and remain the sole property of the Companies. Without derogating from any of
the provisions of this Employment Agreement, the Employee represents that any of the Work Product (as defined below) are the sole
property of the Companies and the Employee has no rights to such Work Product or Confidential Information related thereto or embodied
therein.

 

    	4

    	 

    

 

(b)          Assignment
of Inventions.

 

i.            For
the purposes of this Employment Agreement, the term “Work Product” shall mean, collectively, all work product, information,
inventions, original works of authorship, ideas, know-how, formula, techniques data, whether or not patentable, processes, designs,
computer programs, photographs, illustrations, developments, trade secrets and discoveries, including improvements thereto, and
all other intellectual property, including patents, trademarks, copyrights and trade secrets, that the Employee conceives, creates,
develops, makes, reduces to practice, or fixes in a tangible medium of expression, either alone or with others that (a) relates
in any manner to the previous, existing or significantly contemplated business, work, or investigations of the Companies; (b) is
or was suggested by, has resulted or will result from, or has arisen or will arise out of any work that the Employee has done or
may do for or on behalf of the Companies; (c) has resulted or will result from or has arisen or will arise out of any materials
or Confidential information that may have been disclosed or otherwise made available to the Employee as a result of duties assigned
to the Employee by the Companies; or (d) has been or will be otherwise made through the significant use of the Companies’
time, information, facilities, or materials, even if conceived, created, developed, made, reduced to practice, or fixed during
other than working hours. Following the termination of the Employee’s employment for any reason, the Employee agrees to make
full written disclosure to the Companies of all Work Product conceived, created, developed, made, reduced to practice, or fixed
in a tangible medium of expression during the period of the Employee’s employment with the Companies. The Employee hereby
assigns and shall be deemed to have assigned to the Companies or their designee, all of the Employee’s right, title, and
interest in and to any and all Work Product conceived, created, developed, made, reduced to practice, or fixed in a tangible medium
of expression during the period of the Employee’s employment with the Companies. The Employee further acknowledges that all
original works of authorship that have been or will be made or fixed in a tangible medium of expression by the Employee (solely
or jointly with others) within the scope of the Employee’s employment with the Companies that are protectable by copyright
are “Works Made for Hire,” as that term is defined in the United States Copyright Act or under any comparable domestic
or international law or regulations and as contemplated under Chapter H of the Patents Law - 1967. The Employee understands and
agrees that that all such “Works Made for Hire” are owned by the Company, its successors, assigns or nominees, and
that the Employee shall not be entitled to any compensation other than the Salary and specifically the Special Consideration for
creation or assignment of the same to the Company, its successors, assigns or nominees; it being acknowledged and agreed that the
Salary, the Special Consideration and all other employment terms of the Employee under the Employment Agreement shall constitute
the sole consideration and remuneration for any Work Product, including, without limitation, “Works Made for Hire”,
regardless of the current or future value of the Work Product. The Employee waives any right to claim royalties or other consideration
with respect to any Work Product, including under section 134 of the Israeli Patent Law – 1967. The Employee understands
and agrees that the decision whether or not to commercialize or market any Work Product is within the Companies’ sole discretion
and for the Companies’ sole benefit, and that no royalty will be due to the Employee as a result of the Companies’
efforts to commercialize or market any such Work Product. This Section shall be deemed as an “agreement” for purposes
of Section 134 of the Patents Law - 1967.

 

ii.         The
Employee agrees to keep and maintain adequate and current electronic records of all Work Product made by the Employee (solely or
jointly with others) during the term of the Employee’s employment with the Companies. The records will be available to and
remain the sole property of the Companies during the Employee’s employment with the Companies and at all times thereafter.

 

iii.         The
Employee agrees to assist the Companies, or their designee, at the Companies’ expense, in every proper way to secure the
Companies’ rights in Work Product in any and all countries, including the disclosure to the Companies of all pertinent information
and data with respect thereto, the execution of all applications, specifications, oaths, assignments, affidavits, and all other
instruments which the Companies shall deem necessary in order to apply for and obtain such rights and in order to assign and convey
to the Companies, their successors, assigns, and nominees the sole and exclusive rights, title and interest in and to such Work
Product. The Employee further agrees that the Employee’s obligation to execute or cause to be executed, when it is in the
Employee’s power to do so, any such instrument or papers shall continue after the termination of this Agreement. The Companies
will reimburse the Employee for any reasonable documented expenses incurred with respect to fulfilling his obligation under this
Section.

 

    	5

    	 

    

  

10.02         NON-COMPETITION
AND NON-SOLICITATION.

 

(a)          In
consideration for the Salary and the Special Consideration paid to the Employee by the Company, the Employee shall not (either
personally or via any of his agents, affiliates or businesses in which the Employee is a shareholder, partner, owner, employee,
officer, director, consultant or otherwise), during the term of the Employment Agreement and until the lapse of twelve (12) months
thereafter:

 

(i)          Directly
or indirectly solicit, hire, engage, endeavor to entice away from the Companies or otherwise interfere with the relationship of
the Companies with any person or entity who is, or was within the one (1) year period preceding the termination of the Employee’s
employment with the Companies, a customer of the Companies, or who is, or was within the one (1) year period preceding the termination
of the Employee’s employment with the Companies, an employee, officer, director, consultant or contractor of the Companies;
or

 

(ii)         Directly or indirectly own an interest in, establish, open, manage,
operate, join, control, or participate in or be connected with, as a shareholder, partner, owner, employee, officer, director,
consultant or otherwise, in any business, enterprise, trade or occupation similar to, or in competition with, the business conducted,
or proposed to be conducted, by the Companies.

 

(b)          The
Employee further recognizes and acknowledges that a breach of this Section would cause the Company substantial and irreparable
damages.

 

(c)          The
obligations set forth in this Section shall survive termination of the Employment Agreement and of the Employee’s employment
with the Company pursuant to the specific terms set forth herein.

 

6.          The
Appendix to the Employment Agreement is hereby amended in part by deleting the term and amount of Monthly Salary in its entirety
and substituting in lieu thereof the following term and amount:

 

Monthly Salary 19,500 NIS, with
an increase to 35,000 NIS following the IPO.

 

7.          Except
as expressly amended by this Amendment, the Employment Agreement shall continue in full force and effect in accordance with the
provisions thereof.

 

8.          In
the event of a conflict between the Employment Agreement and this Amendment, the Amendment shall govern.

 

* * * * * * * * * *

 

[Remainder of Page
Intentionally Left Blank

Signature Page Follows.]

 

    	6

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amendment as of the date first indicated above.

  

	 	THE COMPANY:	 
	 	NANOVIBRONIX (ISRAEL) LTD.	 
	 	 	 	 
	 	By:	/s/ Ophir Shahaf	 
	 	Name:	Ophir Shahaf	 
	 	Title:	Chief Executive Officer	 

  

	 	EMPLOYEE:	 
	 	 	 
	 	/s/ Jona Zumeris	 
	 	Jona Zumeris

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