Document:

WAIVER
AGREEMENT

 

This
WAIVER AGREEMENT (this “Waiver”), dated as of February 26, 2018, is entered into by and among INSPIREMD,
INC., a Delaware corporation (the “Company”), and the Purchasers identified on the signature page hereto.

 

WHEREAS,
the Company and the Purchasers have previously entered into that certain Securities Purchase Agreement, dated as of November 28,
2017 (the “Original Securities Purchase Agreement”);

 

WHEREASE,
the Company and the Purchasers have previously entered into that certain Amendment to Securities Purchase Agreement (together
with the Original Securities Purchase Agreement, the “Securities Purchase Agreement”), dated as February
21, 2018, whereby the Company and the Purchasers amended certain provisions of the Original Securities Purchase Agreement;

 

WHEREAS,
the Company has informed the Purchasers that the Company intends to conduct a Subsequent Financing consisting solely of shares
of Common Stock or units consisting of Common Stock and Common Stock purchase warrants (“Subsequent Financing Warrants”),
which shall be publicly registered on Form S-3 (“Registration Statement”) for gross proceeds to the
Company of up to $7,000,000, to be consummated by not later than March 9, 2018 (the “Offering”);

 

WHEREAS,
due to certain regulatory constraints, the Company is seeking a one-time waiver from compliance with Section 4.16 of the
Securities Purchase Agreement with respect to the Offering;

 

WHEREAS,
any provision of the Securities Purchase Agreement may be amended or waived upon the written consent of the Company and the Purchasers
holding at least 67% in interest of the Preferred Stock then outstanding;

 

WHEREAS,
the Purchasers executing the signature page hereto hold at least 67% in interest of the Preferred Stock outstanding as of the
date hereof; and

 

WHEREAS,
capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Securities Purchase Agreement.

 

NOW
THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as
follows:

 

1.
Series D Redemption. The parties hereto agree, notwithstanding the provisions of Section 4.22(a) of the Securities Purchase
Agreement, solely with respect to the Offering, the Company shall redeem shares of the Preferred Stock pursuant to the terms of
such Section 4.22(a) mutatis mutandis in lieu of shares of Series C Preferred Stock.

 

2.
One-Time Waiver of Section 4.16. The Purchasers hereby grant to the Company a one-time waiver from compliance with the
provisions of Section 4.16 of the Securities Purchase Agreement solely with respect to the Offering. Notwithstanding anything
herein to the contrary, the foregoing waiver shall be limited precisely as written to permit the Company to conduct the Offering
without violating the provisions of Section 4.16 of the Securities Purchase Agreement and nothing herein shall be deemed a continuing
waiver of Section 4.16 of the Securities Purchase Agreement.

 

    	 

     

    

 

3.
Reduction of Series D Conversion Price. On or prior to the date hereof, pursuant to Section 7(d) of the Certificate of
Designations, the Company’s Board of Directors adopted a resolution to permanently reduce, subject to the consummation of
the Offering, the Conversion Price of the Preferred Stock to the Base Conversion Price (as defined herein). The Company shall
not rescind, amend or modify such resolution after the date hereof. The Purchasers hereby grant a one-time waiver of the 20 day
prior notice requirement set forth in Section 7(d) of the Certificate of Designations with respect to the foregoing reduction
in the Conversion Price. For purposes hereof, “Base Conversion Price” means, to the extent lower than
the Conversion Price, the lowest effective price per share at which shares of the Company’s Common Stock (or exercise price,
if lower, of any Subsequent Financing Warrants, if any) are sold in the Offering (not taking into account the value of any Subsequent
Financing Warrants that may be issued as part of a unit with such Common Stock).

 

4.
Issuance to Purchasers of Common Stock Equivalents. In the event that the Company issues any Subsequent Financing Warrants
in the Offering as part of a unit consisting of Common Stock and such Subsequent Financing Warrants, then each Purchaser shall
receive, solely with respect to its Preferred Stock outstanding immediately prior to the redemption required pursuant to Section
3 (and, for the avoidance of doubt, not with respect to any of its Series C Preferred Stock), the same number of Subsequent Financing
Warrants as participants in the offering as if such Purchaser’s Subscription Amount was its subscription amount in the Offering.
The Purchasers acknowledge that any Subsequent Financing Warrants received pursuant to this Section 4 shall not be registered
for sale on the Registration Statement and accordingly shall have customary Securities Act restrictions on resale.

 

5.
Registration Right.

 

(a)
On or prior to the date that is 7 days after the Closing of the Offering, the Company shall use best efforts to prepare and file
with the SEC a registration statement on Form S-3 (or such other form if, at such time, the Company is not eligible to utilize
such Form S-3) (the “Resale Registration Statement” including the base prospectus contained therein
the “Prospectus”) covering the resale of all of the Conversion Shares and any shares issuable upon exercise
of the Subsequent Financing Warrant (if any) referred to in Section 4 (the “Registrable Securities”).

 

(b)
Upon filing the Resale Registration Statement, the Company shall use its best efforts to cause such Resale Registration Statement
to be declared effective by the SEC as soon as practicable thereafter, including the filing of amendments and post-effective amendments
and supplements to such Resale Registration Statement. The Company shall otherwise use its reasonable best efforts to comply with
all rules and regulations of the SEC and other governmental and regulatory authorities applicable to the registration of such
Registrable Securities and the effectiveness of the Resale Registration Statement.

 

(c)
The Company shall maintain such Resale Registration Statement and shall comply with its other obligations under this Section 4
until such time as the Registrable Securities may be resold by the Purchasers pursuant to Rule 144 of the Securities Act without
the requirement for the Company to be in compliance with the current public information required under such Rule and without volume
or manner-of-sale restrictions.

 

(d)
The Company shall notify the Purchasers of the occurrence or existence of any pending corporate development with respect to the
Company that it believes is material and that, in the determination of the Company and its counsel, causes the Resale Registration
Statement and the Prospectus to contain an untrue statement of material fact or to omit to state a material fact necessary to
make the statements contained therein not misleading, or otherwise makes the Resale Registration Statement and the Prospectus
not in the best interest of the Company to allow continued availability thereof. The Company shall use its reasonable best efforts
to cause the filing of amendments and post-effective amendments and supplements to such Resale Registration Statement and Prospectus
as the Company determines are necessary to again allow resales under the Resale Registration Statement as soon as practicable.

 

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(e)
All expenses incident to the Company’s compliance with this Section 5, including, without limitation, all registration and
filing fees, fees and expenses of compliance with securities laws, printing expenses, filing expenses, and fees and disbursements
of the Company’s counsel and independent registered public accountants will be borne by the Company.

 

6.
Continuing Effect. Except as expressly set forth herein, all of the terms and conditions of the Securities Purchase Agreement
shall remain in full force and effect and are hereby ratified and confirmed by the parties. Without limiting the generality of
the foregoing, nothing contained herein shall be deemed a waiver of any other provision of the Securities Purchase Agreement or
as a waiver of or consent to any further or future action on the part of any party that would require the waiver or consent of
another party. This Waiver shall be deemed a Transaction Document.

 

7.
Representations and Warranties. Each Purchaser hereby represents and warrants to the Company, severally, but not jointly,
and each Company hereby represents and warrants to the Purchaser, that (i) it has the full right, power and authority to enter
into this Waiver and to perform its obligations hereunder and under the Securities Purchase Agreement as amended by this Waiver,
and (ii) the execution of this Waiver by the individual whose signature is set forth at the end of this Waiver on behalf of such
party, and the delivery of this Waiver by such party, have been duly authorized by all necessary action on the part of such party;
and (iii) this Waiver has been executed and delivered by such party and constitutes the legal, valid and binding obligation of
such party, enforceable against such party in accordance with its terms, except as may be limited by any applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws and equitable principles related to or affecting creditors’ rights
generally or the effect of general principles of equity.

 

8.
Counterparts; Choice of Law. This Waiver may be executed in several identical counterparts all of which shall constitute
one and the same instrument. This Waiver shall be construed and enforced in accordance with the laws of the State of New York,
without regard to the principles of conflicts of law thereof.

 

9.
Further Assurances. Each of the parties hereto shall execute and deliver, at the reasonable request of the other party
hereto, such additional documents, instruments, conveyances and assurances and take such further actions as such other party may
reasonably request to carry out the provisions hereof and give effect to the transactions contemplated by this Waiver.

 

10.
Expense Reimbursement. The Company shall reimburse to the Purchasers the fees of Ellenoff Grossman & Schole LLP, counsel
to the Purchasers, in the amount of $5,000.

 

11.
Clarification regarding Amendment to Securities Purchase Agreement. The parties acknowledge and agree that the provisions
regarding the Series C Preferred Stock in the Amendment to the Securities Purchase Agreement (as modified by Section 1 of this
Waiver) are applicable to all Series C Preferred Stock held by the Purchasers and their Affiliates, whether or not purchasers
of the Preferred Stock.

 

[signature
page follows]

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Waiver to be duly executed as of the day and year written above.

 

	THE
                                         COMPANY:

	 	PURCHASER:

	 	 	 	 	 
	INSPIREMD,
                                         INC.

	 	Sabby
                                         Healthcare Master Fund, Ltd.

	 	 	 	 	 
	By:	/s/
    James Barry, Ph.D.	 	By:	/s/
    Robert Grundstein
	Name:	James
                                         Barry, Ph.D.

        
	 	Name:	Robert
    Grundstein
	Title:	Chief
    Executive Officer	 	Title:	COO
    of Investment ManagerExhibit

EXHIBIT 10.53

SJW GROUP

AMENDED AND RESTATED DIRECTOR COMPENSATION AND 
EXPENSE REIMBURSEMENT POLICIES

   Effective as of January 31, 2018

I.      DIRECTOR COMPENSATION.

A.      ROLE OF THE EXECUTIVE COMPENSATION COMMITTEE.

The Board, through the Executive Compensation Committee, will review, or request management or outside consultants to review, appropriate compensation policies for the directors serving on the Board and its committees.  This review may consider board compensation practices of other similar public companies, contributions to Board functions, service as committee chairs, and other appropriate factors.  

B.      COMPENSATION POLICIES.   
1.    Annual Retainer.  
SJW Group (“SJW”), San Jose Water Company, SJW Land Company, and SJWTX, Inc. shall pay the Chairman of their Board who is not employed by SJW or any of its subsidiaries annual retainers of $30,000, $60,000, $10,000 and $5,000, respectively.
SJW, San Jose Water Company, SJW Land Company, and SJWTX, Inc. shall pay each of their other directors who are not employed by SJW or any of its subsidiaries annual retainers of $5,000, $40,000, $5,000 and $5,000, respectively.     
SJW shall pay its Lead Independent Director an annual retainer of $5,000.
2.    Board and Committee Meetings Held In Person.
The meeting fees set forth in this section shall be paid to the directors who are not employed by SJW or any of its subsidiaries (“Non-Employee directors”) in connection with Board and Committee meetings held in person.   
The meeting fees for the Chairman of the Board of SJWTX, Inc. shall be $2,500 for each Board meeting attended in person.  
The meeting fees for the Chairman of SJW’s Audit Committee and the Chairman of the other SJW Board Committees shall be $3,000 and $2,000, respectively, for each Committee meeting attended in person.  

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All other Non-Employee directors of SJW and San Jose Water Company shall be paid $1,000 for each Board or Committee meeting attended in person and all other Non-Employee directors of SJW Land Company and SJWTX, Inc. shall be paid $500 for each Board meeting attended in person.
In the event a Non-Employee director attends an in-person Board or Committee meeting by telephone, he or she shall be entitled to receive the meeting fees set forth above in this section for the first meeting attended by telephone in a calendar year and half of such meeting fees for subsequent meetings attended by telephone in the same calendar year.  
3.    Board and Committee Meetings Held Telephonically.
The meeting fees set forth in this section shall be paid to Non-Employee directors in connection with Board and Committee meetings held telephonically.   
The meeting fees for the Chairman of the Board of SJWTX, Inc. shall be $2,500 for each Board meeting attended.  
The meeting fees for the Chairman of SJW’s Audit Committee and the Chairman of the other SJW Board Committees shall be $3,000 and $2,000, respectively, for each Committee meeting attended.  
All other Non-Employee directors of SJW and San Jose Water Company shall be paid $1,000 for each Board or Committee meeting attended and all other Non-Employee directors of SJW Land Company and SJWTX, Inc. shall be paid $500 for each Board meeting attended. 
4.    Other Meetings.
Non-Employee directors may also receive fees which shall be determined on a case-by-case basis by SJW’s Executive Compensation Committee and ratified by the Board, for attending additional meetings, which are not Board or Committee meetings, such as Board retreats, strategic planning meetings, or other programs organized by SJW or any of its subsidiaries (“Other Meetings”).
5.    Long-Term Incentive Plan.
Non-Employee directors may be eligible to participate in SJW’s Long-Term Incentive Plan, as amended (“LTIP”), and may also be eligible to participate in programs now or hereafter established thereunder, as more fully set forth in the LTIP and the programs established thereunder.
6.    Director Pension Plan.
As more fully set forth in a resolution adopted by SJW’s Board of Directors on October 25, 2007 which amends the September 22, 1999 resolution, when a director ceases to be a director of SJW, he or she shall receive a benefit equal to one half of the aggregate annual retainer for service on the Board of Directors of SJW and the Boards of Directors of San Jose 

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Water Company and SJW Land Company as in effect at the time such director ceases to be a director (the “Director Pension Plan”).  This benefit will be paid to the director, his beneficiary or his estate, for the number of years the director served on the Board until December 31, 2007 up to a maximum of 10 years. These payments will be made with the same frequency as the ongoing Directors retainers.  Only Non-Employee directors who did not elect, in 2003, to have their existing Director Pension Plan benefits converted into deferred restricted stock pursuant to the Deferred Restricted Stock Program continue to participate in the Director Pension Plan.  Directors who elected to convert their existing Director Pension Plan benefits into deferred restricted stock in 2003 and each Non-Employee director who commences Board service on or after April 29, 2003 shall not be eligible to participate in the Director Pension Plan.

II.     EXPENSE REIMBURSEMENT.

All reasonable expenses incurred by a Non-Employee director in connection with his or her attendance at an SJW, San Jose Water Company, SJW Land Company, or SJWTX, Inc Board Meeting, Committee Meeting or Other Meeting, which shall include the expense of traveling by non-commercial aircraft if within 1,000 miles of company headquarters and approved by the Chairman of the Board, and the expense of traveling first class for any travel within the United States, shall be reimbursed.

Adopted By the Board on January 31, 2018        /s/ Suzy Papazian        
Suzy Papazian, Corporate Secretary

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