Document:

Exhibit 10.28

 

SENIOR SECURED

PROMISSORY NOTE

 

Issued on: February 21, 2012 Amount: $30,000.00 USD

 

Maturity Date:  November 20, 2012

 

FOR VALUE RECEIVED, the undersigned BLUE SPHERE ,
Corp a Nevada corporation (the “Debtor”), promises to pay to the order of Jean-Marc Karouby, MD or its affiliate,
subsidiary, assignee (the “Payee”), located at 5 RUE DU 4 SEPTEMBRE Aix En Provence, 13100 FRANCE or at such other
place as the Payee may hereafter designate, the total principal sum of Thirty Thousand ($30,000) Dollars, together with interest
(the “Indebtedness”), on November 20, 2012 on or before 5.00 P.M., E.T. (the “Maturity Date”).

 

A. Interest shall accrue on the outstanding principal balance
hereunder at the rate of Eighteen Percent (18%) for a 9 months period [or twenty four (24%) per annum] as permitted under Nevada
law. Interest shall be computed hereunder based on a 270-day period and based on the actual number of days elapsed for any month
in which interest is being calculated at two (2%) percent per calendar month. Interest shall accrue from the date on which funds
are advanced hereunder (regardless of the time of day) through and including the day on which funds are paid. Such interest rate
($5,400) is to be paid on monthly installments of six hundred ($600) monthly payments not later than the 20th of each month as
designated. (the “Interest Payments Date”)

 

B.  Payment of the Indebtedness shall be made by wire transfer
to such account as designated by Payee, wire fees for the account of Payee and all wire transfer fee carried by Debtor. If Payee
shall fail to provide Debtor with a current account from time to time, then payment of the Indebtedness shall be made by certified
or official bank check to be send to Payee’s above address, (in which case, the Interest Payment Date shall be extended by
five (5) business days).

 

C.  The occurrence of any of the following shall
be deemed an Event of Default hereunder:

 

(a) Debtor shall fail to pay when due any
portion of the Indebtedness; or

 

(b) Debtor shall file for protection under Chapter 7
or 11 of the United States Bankruptcy Code, or the similar with guarantor Shlomi Palas in Israel during the terms of this Note,
or there shall be appointed a receiver or custodian with respect to Debtor’s assets or Debtor shall become insolvent.

 

D.  If an Event of Default shall occur and continue
unremedied for more than ten (10) calendar days thereafter as notice of default was sent, then:

 

(a) The Indebtedness including all unpaid interest accrued
thereon, shall, at the option of Payee and without notice to Debtor, at once become due and payable and may be collected forthwith,
whether or not there has been a prior demand for payment and regardless of the stipulated date of maturity.

 

(b) Interest shall accrue on the Indebtedness, from
the date on which such Event of Default shall occur until the date the Indebtedness is paid in full, at a rate equal to thirty
five percent (35%) per annum; moreover and in addition to that cash payment it shall also allow for the immediate conversion of
that aggregate amount into one hundred and fifty (150%) percent of the Company’s common shares or as permitted under Nevada
law, the applicable maximum rate of interest shall apply.

 

    	 

    	 

    

 

(c) In the event that Payee cannot collect from Debtor,
Payee shall first attempt to collect under the terms of a certain confession of judgment (attached hereto as Exhibit A.) executed
by the Debtor in New York, enforceable by New York Courts. In the event that all or a portion of the amount due under the Event
of Default is not collected by Payee, Payee shall immediately enforce its rights under the Personal Guaranty for the remainder
(attached hereto as Exhibit B.) provided in Hebrew and under the laws of the state of Israel, against Mr. Shlomo Palas, (the “Guarantor#1”).,
an Israeli citizen with Passport#:[ [         ]and I.D# [         ]
the Debtor’s Chief Executive Officer, personally and individually guaranteeing for repayment that allows for the enforcement
of this Senior Secured Note and Debtor nor Guarantor#1 shall not oppose it in the Event of Default. In the event that Mr. Palas,
individually is insolvent Payee shall have the right to collect the uncollected remaining amount against Mr. Sunny Joseph Barkats
SS#: [          ] as a second guarantor (the “Guarantor#2) in the event
Mr. Palas or the Debtor are both insolvent.

 

E. In the event that this Note or any part hereof, is collected
by or through an attorney-at-law, Debtor agrees to pay all costs of collection, including, but not limited to, reasonable attorneys'
fees in Israel and New York.

 

F.  No failure to accelerate the indebtedness evidenced
hereby by reason of default hereunder, acceptance of a partial or past due payment, or indulgences granted from time to time shall
be construed (i) as a notation of this Note or as a reinstatement of the indebtedness evidenced hereby or as a waiver of such right
of acceleration or of the right of Payee thereafter to insist upon strict compliance with the terms of this Note, or (ii) to prevent
the exercise of such right of acceleration or any other right granted hereunder or by any applicable laws; and Debtor hereby expressly
waives the benefit of any statute or rule of law or equity now provided, or which may hereafter be provided, which would produce
a result contrary to or in conflict with the foregoing. No extension of the time for the payment of this Note or any installment
due hereunder made by agreement with any person now or hereafter liable for the payment of this Note shall operate to release,
discharge, modify, change or affect the original liability of Debtor under this Note, either in whole or in part, unless Payee
agrees otherwise in writing. The equity fee in the amount of 2.8 million shares granted under the terms of this Note is not to
be calculated against the repayment of the debt nor its interest. This Note may not be changed orally, but only by an agreement
in writing signed by the party against whom enforcement of any waiver, change, modification or discharge is sought.

 

G. Debtor hereby waives all presentment for payment, demand,
protest, notice of demand, protest and nonpayment and all other notices. Debtor hereby further waives and renounces, to the fullest
extent permitted by law, all rights to the benefits of any moratorium, reinstatement, marshaling, forbearance, valuation, stay,
extension, redemption, appraisement, and exemption now or hereafter provided by the Constitution and laws of the United States
of America and of each state thereof, both as to itself and in and to all of its property, real and personal, against the enforcement
and collection of the obligations evidenced by this Note. In addition, in the event that the personal guaranty executed by Mr.
Palas is to be enforced Shlomi Palas, hereby waives all presentment for payment, demand, protest, notice of demand, protest and
nonpayment and all other notices and will comply with Israeli courts and regulations.

 

H.  THIS NOTE WAS NEGOTIATED IN THE STATE OF NEW YORK AND
THE PROCEEDS OF THIS NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP
TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY
OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF NEVADA WHERE THE COMPANY IS INCORPORATED, AND THUS WITH THE LAW APPLICABLE TO
CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT LAWS) AND ANY APPLICABLE LAW OF THE UNITED
STATES OF AMERICA.  TO THE FULLEST EXTENT PERMITTED BY LAW, DEBTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM
TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS NOTE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEVADA AND ENFORCIBLE IN and BY NEW YORK’S COURTS HAVING JURISDICTIONAL VENUE.

 

    	 

    	 

    

 

I. DEBTOR, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY,
INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT
TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THE DEBT EVIDENCED BY THIS
NOTE AND A CERTAIN CONFESSION OF JUDGMENT OR ANY CONDUCT, ACT OR OMISSION OF PAYEE OR DEBTOR, OR ANY OF THEIR RESPECTIVE DIRECTORS,
OFFICERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH PAYEE OR DEBTOR, IN EACH OR THE
FOREGOING CASES, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

 

J. The terms and provisions hereof shall be binding upon and
inure to the benefit of Debtor and Payee and their respective heirs, executors, legal representatives, successors, successors-in-title
and assigns, whether by voluntary action of the parties or by operation of law. As used herein, the terms "Debtor" and
"Payee" shall be deemed to include their respective heirs, executors, legal representatives, successors, successors-in-title
and assigns, whether by voluntary action of the parties or by operation of law.  This Note contains the entire agreement between
the parties hereto relating to the subject matter hereof and thereof and supersedes all prior agreements relative thereto.

 

IN WITNESS WHEREOF, this Senior Secured Promissory Note
has been duly executed as of the date and year first above written.

 

	 	DEBTOR:
	 	Blue Sphere, Corp.
	 	 	 
	 	By:	 
	 	Name: Shlomi Palas
	 	Title: Chief Executive Officer
	 	 	 
	 	Guarantor#1
	 	 	 
	 	By:	 
	 	Name: Shlomi Palas
	 	Title: Personally and Individually
	 	 	 
	 	Co-Guarantor#2
	 	 	 
	 	By:	 
	 	Name: Sunny Joseph Barkats,Exhibit 10.29

 

ADVISORY AGREEMENT

 

THIS AGREEMENT made this 29th day of February, 2012 (the
“Effective Date”).

 

BETWEEN:

 

Blue Sphere Corporation,
a Nevada company with a business office in Even Yehuda, Assuta Street, Israel.

 

(the “Company”)

 

AND:

 

Eli Weinberg from Haifa, 6 Hayarkon
Street, Israel.

 

(the “Advisor”)

 

WHEREAS:

  

A.                  The
Company has proposed the Advisor to serve as the Strategic and Business Advisor of the Company while maintaining his role of Director
with Eastern Sphere Ltd., an Israeli fully owned subsidiary of the Company

 

B.                  The
Advisor and the Company wish to formally record the terms and conditions upon which the Advisor will be hired by the Company and,
each of the Company and the Advisor, have agreed to the terms and conditions set forth in this Agreement, as evidenced by their
execution hereof; and

 

NOW THEREFORE THIS AGREEMENT WITNESSES
that, in consideration of the premises and the mutual covenants and agreements herein contained, the parties hereto covenant and
agree as follows:

 

Article 1

CONTRACT FOR SERVICES

 

	 	1.1	Engagement of Advisor. The Company hereby agrees to hire the Advisor in accordance with the terms and provisions hereof.

 

	 	(i)	Term. Unless terminated earlier in accordance with the provisions hereof, this Agreement will commence on the date of execution hereof (the “Commencement Date”) and will continue for a period of Five (5) years from the Commencement Date (the “Term”).

 

	 	(b)	Service. The Advisor agrees to faithfully, honestly and diligently serve the Company and to devote the time, attention efforts to further the business and interests of the Company and utilize his professional skills and care during the Term.

 

	 	1.2	The Company acknowledges that the advisory services given by the Advisor are not on an exclusive basis and that the Advisor has other business activities.

 

	 	1.3	Duties:

 

	 	(a)	The Advisor will Report directly to both, the Chief Executive Officer of the Company and the Chairman of the Board.

 

	 	(b)	The advisory services plans will be prepared jointly by the Chief Executive Officer of the Company and the Advisor from time to time.

 

	 	(c)	The Advisor will assist the Company in the process of taking strategic decisions, in the preparation of annual budgets, in project's appraisal, in financial analyses and in deals' structuring. The Company will work in full transparency with the Advisor in order to facilitate his work as Strategic and Business Advisor and will disclose to him all information, data, agreements that are substantial to the Company's business and/or necessary for the Advisor's successful work.

 

    	 

    	 

    

 

Article 2

COMPENSATION

 

	 	2.1	Remuneration.

 

	 	(a)	For services rendered by the Advisor during the Term, the Advisor will be paid a monthly remuneration, payable within 10 days after the end of each month against an invoice, of US$10,000 + VAT (the “Fee”). Subsequently, the Fee will increase to a gross monthly rate of USD $15,000 + VAT. The Fee will be paid in NIS translated pursuant to the official representative rate of exchange of the US$ as published by the Bank of Israel on the payment date. The Advisor acknowledges that presently the Company doesn't have sufficient funds to pay for the advisory services and agrees that his fees will be registered in the Company's books as a loan given to the Company by the Advisor. The Company acknowledges that the Advisor has already lent the company an amount of 135,000 USD+ VAT. The Company hereby commits to pay to the Advisor the above mentioned debt and the future advisory fees that will be accumulated in the Company's books as loan, when it will have the funds to do so, at the same time and priority as debts that will be paid to employees of the Company. The Advisor will have the option, at any time, to convert the above mentioned accumulated debt, or part of it into shares of the Company at the average traded price of the 10 days prior to the date of the request by the Advisor to exercise this option. This option will survive the Term of this agreement.

 

	 	(b)	In addition to the professional fees, the Company will grant you additional compensation in the form of cash or shares in cases of extraordinary contribution by you to the benefit of the Company.

 

	 	(c)	The Advisor’s position with the Company requires a special degree of personal trust, and the Company is not able to supervise the number of working hours of the Advisor; therefore the Advisor will not be entitled to any additional remuneration whatsoever for his work with the exception of that specifically set out in this Agreement.

 

	 	2.2	Incentive Plans. The Advisor will be entitled to participate in any bonus plan or incentive compensation plans for its employees, adopted by the Company.

 

	 	2.3	Expenses. The Advisor will be reimbursed by the Company for all reasonable business expenses incurred by the Advisor and pre-approved by the Company in connection with his duties. This includes, but not only, payments of expenses incurred when traveling abroad, per diem payments for travel abroad according to the rules set forth by the Israeli Tax Authorities and others.

 

Article 3

Insurance and Benefits

 

	 	3.1	Liability Insurance Indemnification. The Company will insure the Advisor (including his heirs, executors and administrators) with coverage under a standard directors' and officers' liability insurance policy at the Company's expense.

 

Article 4

CONFIDENTIALITY AND NON-COMPETITION

 

	 	4.1	Maintenance of Confidential Information.

 

	 	(a)	The Advisor acknowledges that, in the course of employment hereunder, the Advisor will, either directly or indirectly, have access to and be entrusted with Confidential Information (whether oral, written or by inspection) relating to the Company or its respective affiliates, associates or customers.

 

	 	(b)	The Advisor acknowledges that the Company’s Confidential Information constitutes a proprietary right, which the Company is entitled to protect. Accordingly, the Advisor covenants and agrees that, as long as he works for the Company, the Advisor will keep in strict confidence the Company’s Confidential Information and will not, without prior written consent of the Company, disclose, use or otherwise disseminate the Company’s Confidential Information, directly or indirectly, to any third party.

 

	 	(c)	The Advisor agrees that, upon termination of his services for the Company, he will immediately surrender to the Company all Company Confidential Information then in his possession or under his control.

 

	 	4.2	Exceptions. The general prohibition contained in Section 4.1 against the unauthorized disclosure, use or dissemination of the Company’s Confidential Information will not apply in respect of any Company Confidential Information that:

 

    	 

    	 

    

 

	 	(a)	is available to the public generally;

 

	 	(b)	becomes part of the public domain through no fault of the Advisor;

 

	 	(c)	is already in the lawful possession of the Advisor at the time of receipt of the Company’s Confidential Information; or

 

	 	(d)	is compelled by applicable law to be disclosed, provided that the Advisor gives the Company prompt written notice of such requirement prior to such disclosure and provides assistance at the request and expense of the Company, in obtaining an order protecting the Company’s Confidential Information from public disclosure.

 

	 	4.3	Non Competition. The Advisor agrees and undertakes that he will not, so long as this agreement is in force, become financially interested in or be employed by business or venture that competes directly with the Company’s business.

 

	 	4.4	No Solicitation.

 

	 	(a)	“Customer”: For the purposes of this Agreement, “Customer” means any Person who is, at any time during the Term of this agreement, a customer of the Company.

 

	 	(b)	The Advisor covenants and undertakes that he will not, at any time during the Term of this Agreement for any reason, directly or indirectly, in any way:

 

	 	(i)	solicit, hire or engage the services of any employee of the Company or its affiliates or persuade or attempt to persuade any such individual to terminate his employment or relationship with the Company or any of its Affiliates;

 

	 	(ii)	persuade or attempt to persuade any Customer to restrict, limit or discontinue purchasing or retaining the services provided by the Company or any of its affiliates to any such Customer or to reduce the amount of business which any such Customer has customarily done, or contemplates doing, with the Company or any of its affiliates in respect of the Company’s business, or to solicit or take away, or attempt to solicit or take away, from the Company or any of its affiliates any of its Customers in respect of the Company’s business.

 

Article 5

termination

 

This agreement may
be terminated by any of the parties with a prior notice of 6 months. During the notice period, both parties to this Agreement will
fulfil their duties and obligations under this Agreement. It is agreed that, in the event of termination of employment, neither
the Company, nor the Advisor will be entitled to any notice, or payment in excess of that specified in this Article 5.

 

Article 6

Mutual Representations

 

	 	6.1	The Advisor represents and warrants to the Company that the execution and delivery of this Agreement and the fulfillment of the terms hereof

 

	 	(a)	will not constitute a default under or conflict with any agreement or other instrument to which he is a party or by which he is bound, and

 

	 	(b)	do not require the consent of any person or entity.

 

	 	6.2	The Company represents and warrants to the Advisor that this Agreement has been duly authorized, executed and delivered by the Company and that the fulfillment of the terms hereof

 

	 	(a)	will not constitute a default under or conflict with any agreement of other instrument to which it is a party or by which it is bound, and

 

	 	(b)	do not require the consent of any person of entity.

 

	 	6.3	Each party hereto warrants and represents to the other that this Agreement constitutes the valid and binding obligation of such party enforceable against such party in accordance with its terms subject to applicable bankruptcy, insolvency, moratorium and similar laws affecting creditors' rights generally, and subject, as to enforceability, to general principles of equity (regardless if enforcement is sought in proceeding in equity or at law).

 

    	 

    	 

    

 

Article 7

notices

 

	 	7.1	Notices. All notices required or allowed to be given under this Agreement must be made either personally by delivery to or by facsimile transmission to the address as hereinafter set forth or to such other address as may be designated from time to time by such party in writing:

 

	 	(a)	in the case of the Company, to:

 

Blue Sphere Corporation

 

35 Assuta Street, Even Yehuda, Israel

 

	 	(b)	and in the case of the Advisor, to the Advisors’s last residence address known to the Company.

 

	 	7.2	Change of Address. Any party may, from time to time, change its address for service hereunder by written notice to the other party in the manner aforesaid.

 

Article 8

GENERAL

 

	 	8.1	Further Assurances. Each party hereto will promptly and duly execute and deliver to the other party such further documents and assurances and take such further action as such other party may from time to time reasonably request in order to more effectively carry out the intent and purpose of this Agreement and to establish and protect the rights and remedies created or intended to be created hereby.

 

	 	8.2	Waiver. No provision hereof will be deemed waived and no breach excused, unless such waiver or consent excusing the breach is made in writing and signed by the party to be charged with such waiver or consent. A waiver by a party of any provision of this Agreement will not be construed as a waiver of a further breach of the same provision.

 

	 	8.3	Amendments in Writing. No amendment, modification or rescission of this Agreement will be effective unless set forth in writing and signed by the parties hereto.

 

	 	8.4	Assignment. Except as herein expressly provided, the respective rights and obligations of the Advisor and the Company under this Agreement will not be assignable by either party without the written consent of the other party and will, subject to the foregoing, enure to the benefit of and be binding upon the Advisor and the Company and their permitted successors or assigns. Nothing herein expressed or implied is intended to confer on any person other than the parties hereto any rights, remedies, obligations or liabilities under or by reason of this Agreement.

 

	 	8.5	The Company acknowledges and agrees that the Advisor may submit to the Company invoices from a company that employs him in lieu of invoices on his name. The Advisor confirms that any such invoice will replace his own invoice and he agrees that his fees will be paid by the Company to third parties provided that it is done as per his instructions to the Company.

 

	 	8.6	Severability. In the event that any provision contained in this Agreement is declared invalid, illegal or unenforceable by a court or other lawful authority of competent jurisdiction, such provision will be deemed not to affect or impair the validity or enforceability of any other provision of this Agreement, which will continue to have full force and effect.

 

	 	8.7	Headings. The headings in this Agreement are inserted for convenience of reference only and will not affect the construction or interpretation of this Agreement.

 

	 	8.8	Number and Gender. Wherever the singular or masculine or neuter is used in this Agreement, the same will be construed as meaning the plural or feminine or a body politic or corporate and vice versa where the context so requires.

 

	 	8.9	Time. Time is of the essence in this Agreement.

 

	 	8.10	Governing Law. This Agreement will be construed and interpreted in accordance with the laws of the State of Israel applicable therein, and each of the parties hereto expressly attorns to the jurisdiction of the courts of the State of Israel. The sole and exclusive place of jurisdiction in any matter arising out of or in connection with this Agreement will be the applicable Tel-Aviv court.

 

    	 

    	 

    

 

IN WITNESS WHEREOF the parties hereto have executed this
Agreement effective as of the date and year first above written.

  

	Per:	/s/ Shlomo Palas	 	/s/ Eli Weinberg
	 	Blue Sphere Corporation	 	Eli Weinberg
	 	 	 	 
	Name:	Shlomo Palas	 	 
	 	 	 	 
	Title:	Chief Executive Officer

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