Document:

Exhibit
10.1

 

PROMISSORY
NOTE

 

	$75,000.00
     	 	October
    4, 2021
	 	 	Miami,
    FL

 

FOR
VALUE RECEIVED, the undersigned, Non-Invasive Monitoring Systems, Inc., a Florida corporation with its principal place of business at
4400 Biscayne Blvd., Miami, FL 33137 (“Maker”), promises to pay to the order of Frost Gamma Investments Trust, with
its principal place of business at 4400 Biscayne Blvd., 15th Floor Miami, FL 33137 (“Payee”), at such place as
may be designated in writing by Payee, the principal sum of SEVENTY-FIVE THOUSAND AND 00/XX ($75,000.00) (this “Note”).

 

1.
The principal amount of the loan evidenced hereby, together with any accrued and unpaid interest, and any and all unpaid costs, fees
and expenses accrued, shall be due and payable on October 4, 2023 (the “Maturity Date”).

 

2.
All amounts outstanding from time to time hereunder shall bear interest at the rate of eleven percent (11%) per annum until such amounts
are paid.

 

3.
This Note may be prepaid in whole or in part without penalty or premium. All payments of principal shall be made in lawful money of the
United States which shall be legal tender in payment of all debts, public and private, at the time of payment.

 

4.
The Maker agrees to pay all costs of collection incurred in enforcing this Note, including attorneys’ fees and costs at both trial
and appellate levels and in any bankruptcy action. In the event any legal proceedings are instituted in connection with, or for the enforcement
of, this Note, Payee shall be entitled to recover its costs of suit, including attorneys’ fees and costs, at both trial and appellate
levels and in any bankruptcy action.

 

5.
Each maker, endorser and guarantor or any person, firm or corporation becoming liable under this Note hereby consents to any extension
or renewal of this Note or any part hereof, without notice, and agrees that they will remain liable under this Note during any extension
or renewal hereof, until the debts represented hereby are paid in full.

 

6.
All persons now or at any time liable for payment of this Note hereby waive presentment, protest, notice of protest and dishonor. The
Maker expressly consents to any extension or renewal, in whole or in part, and all delays in time of payment or other performance which
Payee may grant at any time and from time to time without limitation and without any notice or further consent of the undersigned. The
remedies of Payee as provided herein shall be cumulative and concurrent and may be pursued singularly, successively or together, at the
sole discretion of Payee, and may be exercised as often as the occasion therefor shall arise.

 

7.
This Note is to be governed by and construed in accordance with the applicable laws of the State of Florida. Any action brought upon
the enforcement of this Note is hereby authorized to be instituted and prosecuted in the state and federal courts located in Miami-Dade
County, Florida, at the election of Payee.

 

NIMS
Promissory Note in Favor of FGIT – October 4, 2021

 

    	 

     

    

 

8.
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. This Note shall not be assignable or transferable by Maker without the express written consent
of Payee.

 

9.
No delay on the part of Payee in exercising any right or remedy hereunder shall operate as a waiver of such right or remedy. No single
or partial exercise of a right or remedy shall preclude other or further exercise of that or any other right or remedy. The failure of
Payee to insist upon strict performance of any term of this Note, or to exercise any right or remedy hereunder, shall not be construed
as a waiver or relinquishment by the Payee for the future use of that term, right or remedy. No waiver of any right of the Payee is effective
unless in writing executed by the Payee.

 

10.
The unenforceability or invalidity of any provision of this Note as to any person or circumstances shall not render that provision or
those provisions unenforceable or invalid as to any other provisions or circumstances, and all provisions hereof, in all other respects,
shall remain valid and enforceable.

 

IN
WITNESS WHEREOF, the undersigned has executed this Note on the date specified below.

 

	DATE:
    October 4, 2021	MAKER:
	 	 
	 	NON-INVASIVE
    MONITORING SYSTEMS, INC.
	 	 	 
	 	By:	/s/ James
    J. Martin
	 	Its:	Chief
    Financial Officer

 

NIMS
Promissory Note in Favor of FGIT – October 4, 2021Exhibit
10.2

 

PROMISSORY
NOTE

 

	$75,000.00
     	 	October
    4, 2021
	 	 	Miami,
    FL

 

FOR
VALUE RECEIVED, the undersigned, Non-Invasive Monitoring Systems, Inc., a Florida corporation with its principal place of business at
4400 Biscayne Blvd., Miami, FL 33137 (“Maker”), promises to pay to the order of Jane Hsiao of 4400 Biscayne Blvd.,
15th Floor Miami, FL 33137 (“Payee”), at such place as may be designated in writing by Payee, the principal sum
of SEVENTY-FIVE THOUSAND AND 00/XX ($75,000.00) (this “Note”).

 

1.
The principal amount of the loan evidenced hereby, together with any accrued and unpaid interest, and any and all unpaid costs, fees
and expenses accrued, shall be due and payable on October 4, 2023 (the “Maturity Date”).

 

2.
All amounts outstanding from time to time hereunder shall bear interest at the rate of eleven percent (11%) per annum until such amounts
are paid.

 

3.
This Note may be prepaid in whole or in part without penalty or premium. All payments of principal shall be made in lawful money of the
United States which shall be legal tender in payment of all debts, public and private, at the time of payment.

 

4.
The Maker agrees to pay all costs of collection incurred in enforcing this Note, including attorneys’ fees and costs at both trial
and appellate levels and in any bankruptcy action. In the event any legal proceedings are instituted in connection with, or for the enforcement
of, this Note, Payee shall be entitled to recover its costs of suit, including attorneys’ fees and costs, at both trial and appellate
levels and in any bankruptcy action.

 

5.
Each maker, endorser and guarantor or any person, firm or corporation becoming liable under this Note hereby consents to any extension
or renewal of this Note or any part hereof, without notice, and agrees that they will remain liable under this Note during any extension
or renewal hereof, until the debts represented hereby are paid in full.

 

6.
All persons now or at any time liable for payment of this Note hereby waive presentment, protest, notice of protest and dishonor.
The Maker expressly consents to any extension or renewal, in whole or in part, and all delays in time of payment or other
performance which Payee may grant at any time and from time to time without limitation and without any notice or further consent of
the undersigned. The remedies of Payee as provided herein shall be cumulative and concurrent and may be pursued singularly,
successively or together, at the sole discretion of Payee, and may be exercised as often as the occasion therefor shall
arise.

 

7.
This Note is to be governed by and construed in accordance with the applicable laws of the State of Florida. Any action brought upon
the enforcement of this Note is hereby authorized to be instituted and prosecuted in the state and federal courts located in Miami-Dade
County, Florida, at the election of Payee.

 

NIMS
Promissory Note in Favor of Jane Hsiao – October 4, 2021

 

    	 

     

    

 

8.
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. This Note shall not be assignable or transferable by Maker without the express written consent
of Payee.

 

9.
No delay on the part of Payee in exercising any right or remedy hereunder shall operate as a waiver of such right or remedy. No single
or partial exercise of a right or remedy shall preclude other or further exercise of that or any other right or remedy. The failure of
Payee to insist upon strict performance of any term of this Note, or to exercise any right or remedy hereunder, shall not be construed
as a waiver or relinquishment by the Payee for the future use of that term, right or remedy. No waiver of any right of the Payee is effective
unless in writing executed by the Payee.

 

10.
The unenforceability or invalidity of any provision of this Note as to any person or circumstances shall not render that provision or
those provisions unenforceable or invalid as to any other provisions or circumstances, and all provisions hereof, in all other respects,
shall remain valid and enforceable.

 

IN
WITNESS WHEREOF, the undersigned has executed this Note on the date specified below.

 

	DATE:
    October 4, 2021   	MAKER:
	 	 
	 	NON-INVASIVE
    MONITORING SYSTEMS, INC.
	 	 	 
	 	By:	/s/
    James J. Martin  
	 	Its:	Chief
    Financial Officer

 

NIMS Promissory
Note in Favor of Jane Hsiao – October 4, 2021smsi-ex101_6.htm

EXHIBIT 10.1

 

September 30, 2021

James M. Kempton, CPA

Dear Jim:

On behalf of Smith Micro Software, Inc. (“Smith Micro” or the “Company”) it is a pleasure to extend to you an offer of employment as Vice President and Chief Financial Officer.  If you accept this offer, you will begin work on November 3, 2021 and report to Bill Smith, President and CEO of Smith Micro.  

	
 
	
•
	
This is a full-time, exempt position with a salary of $ 11,458.34 per semi-monthly pay period, or when annualized $275,000.00 per year.

 

	
 
	
•
	
Vacation accrual to begin at twenty-five (25) days annually and follow company policy.

 

	
 
	
•
	
You will be eligible for a discretionary annual cash bonus of $40,000.00.  This annual amount, which is measured and paid quarterly, is a discretionary cash bonus and will be effective for the fourth quarter of 2021, which represents one quarter or $10,000.00. You are required to have active employment in good standing (i.e., continue to work productively and not resign or commit any act that would constitute “cause,” as determined by the Company) as of the last day of the last full payroll period each quarter to earn and receive payment.

 

	
 
	
•
	
You will be eligible to participate in Smith Micro’s discretionary Corporate Incentive Bonus program beginning with our fourth quarter, which begins October 1, 2021.  Your annual target bonus amount is $100,000.00, and your actual bonus earned will be calculated and paid quarterly based upon the corporation’s achievement of set goals for revenue and operating expense.  Note that your fourth quarter bonus amount may be prorated based on your actual start date of employment.

 

	
 
	
•
	
Equity:

	
 
	
o
	
Sign-on grant of 20,000 immediately vested shares pursuant to the Company’s 2015 Omnibus Equity Incentive Plan, as amended (the “Plan”).

	
 
	
o
	
Subject to annual compensation committee approval, targeted annual restricted stock award (RSA) grant of 100,000 restricted shares pursuant to the Plan.  RSAs are typically subject to time-based and performance-based vesting.

	
 
	
o
	
The details, terms, and conditions of your grants, including vesting provisions as applicable, will be included in the applicable award agreement executed pursuant to the Plan.  The award agreement associated with your initial sign-on grant will be provided to you within 30 days of the date on which your employment with the Company begins.  

Smith Micro Software, Inc. | 5800 Corporate Drive, 5th Floor, Pittsburgh, PA 15237, USA | phone: 412.837.5300 | www.smithmicro.com

September 30, 2021

Smith Micro Offer Letter - James M. Kempton, CPA

Page 2 of 3

Also, in accordance with the Smith Micro Employee Handbook, you will receive our standard benefits package, including medical, dental, vision, short-term disability, long-term disability and life insurance coverage.  You will be eligible to participate in our 401(k) and Section 125 (Flexible Spending Account) plans.  Note that the precise benefits provided by the Company may change over time, at the Company's discretion.  You will be notified of any changes no later than the date they become effective.

This offer of employment is not for any definite period of time and all employment with the Company is “at-will.”  This means that it can be terminated by you or by the Company at any time, with or without advance notice, and for any or no particular reason or cause.  It also means that your job duties, title and responsibility and reporting level, compensation and benefits, as well as the Company’s personnel policies and procedures, may be changed with or without notice at any time in the sole discretion of the Company.  This “at-will” nature of your employment shall remain unchanged during your tenure as an employee and may not be changed, except in an express writing signed by you and by the Company’s Chief Executive Officer.  

 

This offer, and any employment pursuant to this offer, is conditioned upon the following: 

 

	
 
	
•
	
As authorized by you, the completion of a background check and pre-employment drug test with satisfactory results.

	
 
	
•
	
As required by law, your ability to provide satisfactory documentary proof of your identity and right to work in the United States of America no later than the third day after you commence working for the Company.  Please let me know if you need a list of acceptable USCIS Form I-9 documentation.

	
 
	
•
	
Your signed agreement to, and ongoing compliance with, the terms of our standard Employee Proprietary Information and Inventions Agreement without modification.

	
 
	
•
	
Your return of a copy of this letter, after being signed by you without modification, as instructed no later than 10/8/2021, after which time this offer will expire.  By signing and accepting this offer, you represent and warrant that you are not subject to any pre-existing contractual or other legal obligation with any person, company or business enterprise which may be an impediment to your employment with, or your providing services to, the Company, as its employee.  If you accept employment, you may not either bring onto Company premises or use in any manner any confidential or proprietary information developed, used or disclosed to you while you were employed by any company or entity.

 

September 30, 2021

Smith Micro Offer Letter - James M. Kempton, CPA

Page 3 of 3

 

If you accept this offer, this letter and the written agreements referenced in this letter shall constitute the complete agreement between you and the Company with respect to the terms and conditions of your employment.  Any representations not contained in this letter, or contrary to those contained in this letter (whether written or oral), that may have been made to you are expressly superseded by this offer.   Except as otherwise specified in this letter, the terms and conditions of your employment pursuant to this letter may not be changed, except by a writing issued by the Chief Executive Officer of the Company. 

We look forward to you accepting this offer and a mutually rewarding relationship.  As with any important decision, you should rely on your own independent investigation and judgment concerning the Company and its future prospects. 

To indicate your acceptance of this offer, date, and sign in the space below.  

We at Smith Micro look forward to working with you.

Sincerely,

 

/s/ Angel Hermes

 

Angel Hermes

Global Director, Human Resources

 

 

I accept this offer of employment as outlined above:

 

 

/s/ James M. Kempton10/04/2021

James M. Kempton, CPADate

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