Document:

Exhibit 10.32

 

AMENDMENT NO. 2 TO

 

CONVERTIBLE PROMISSORY NOTES

 

This Second Amendment to Convertible Promissory
Notes (this “Amendment”) is made as of January 28, 2015, by and among NanoVibronix, Inc., a Delaware corporation
(the “Company”), and the persons who execute this Amendment (the “Majority Noteholders”).

 

W I T N E S S E T H:

 

WHEREAS, the Company
has certain outstanding Convertible Promissory Notes convertible into shares of Series B-1 Participating Convertible Preferred
Stock (as amended from time to time, the “Series B-1 Notes”); and

 

WHEREAS, the Company
and the investors in the Series B-1 Notes are parties to that certain Subscription Agreement for Convertible Promissory Notes,
dated November 22, 2011, as amended by that certain Amendment to Subscription Agreement for Convertible Promissory Notes, dated
as of February 28, 2014 (the “Subscription Agreement”); and

 

WHEREAS, pursuant to
Section 5.a of the Series B-1 Notes, the Series B-1 Notes may be amended as provided in the Subscription Agreement; and

 

WHEREAS, pursuant to
Section 4.8 of the Subscription Agreement, the Series B-1 Notes may be amended with the written consent of the Company and the
holders of a majority of the aggregate then-outstanding principal amount of the Series B-1 Notes and any such amendment shall be
binding upon each holder of any Series B-1 Notes at the time outstanding and the Company; and

 

WHEREAS, the Majority
Noteholders hold a majority of the aggregate currently-outstanding principal amount of the Series B-1 Notes; and

 

WHEREAS,
the Company and the Majority Noteholders desire to amend the Series B-1 Notes to provide that the outstanding principal
and interest on the Series B-1 Notes will remain convertible following maturity of the Series B-1 Notes;

 

NOW, THEREFORE, in
consideration of the mutual promises and covenants set forth herein, the parties hereto, intending legally to be bound, hereby
agree as follows:

 

		1.	Section 2(b) of each of the outstanding Series B-1 Notes is hereby deleted and replaced in its
entirety with the following:

 

		“b.	If an Issuance Conversion Event or Entity Conversion Event shall occur at any time while any principal
or interest on this Note is outstanding, this Note (including accrued but unpaid interest) shall automatically be converted, at
the Conversion Price, into shares of Series B-1 Participating Convertible Preferred Stock of the Company, par value $.001 per share.”

 

		2.	Section 2(c) of each of the outstanding Series B-1 Notes is hereby deleted and replaced in its
entirety with the following:

 

		“c.	Election to Convert. At any time while any principal or interest on this Note is outstanding,
the Investor may elect by written notice to the Company and the surrender of this Note to convert this Note (including accrued
but unpaid interest), at the Conversion Price, into shares of Series B-1 Participating Convertible Preferred Stock of the Company,
par value $.001 per share.”

 

    	 

    	 

    

 

		3.	This Amendment shall be effective upon its execution by the Company and the Majority Noteholders.

 

		4.	This Amendment may be executed in any number of counterparts, all of which taken together shall
constitute one and the same agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart.
Delivery of an executed counterpart of a signature page to this Amendment by telecopier or by electronic mail (in portable document
format (“PDF”)) shall be effective as delivery of a manually executed counterpart of this Amendment. 

 

		5.	This Amendment shall be governed by and construed according to the laws of the State of Delaware,
without regard to the conflict of laws provisions thereof.

 

[Signature page follows] 

 

    	 

    	 

    

 

IN WITNESS WHEREOF
the parties have signed this Amendment as of the date first written above.

 

	NANOVIBRONIX, INC.	 
	 	 	 
	 	 	 
	By:   	/s/ William Stern, Ph.D.	 
	 	Name: William Stern, Ph.D. 	 
	 	Title: Chief Executive Officer	 

 

HOLDERS

 

/s/ CollabRx, Inc. (f/k/a Tegal Corp.)

/s/ Globis International Investments, LLC

/s/ Globis Capital Partners, LP

/s/ Globis Overseas Fund, Ltd.

/s/ Harold JacobExhibit 10.33

 

AMENDMENT NO. 2 TO

 

CONVERTIBLE PROMISSORY NOTES

 

This Second Amendment to Convertible Promissory
Notes (this “Amendment”) is made as of January 28, 2015, by and among NanoVibronix, Inc., a Delaware corporation
(the “Company”), and the persons who execute this Amendment (the “Majority Noteholders”).

 

W I T N E S S E T H:

 

WHEREAS, the Company
has certain outstanding Convertible Promissory Notes convertible into shares of Series B-2 Participating Convertible Preferred
Stock (as amended from time to time, the “Series B-2 Notes”); and

 

WHEREAS, the Company
and the holders of the Series B-2 Notes are parties to that certain Subscription Agreement for Series B Convertible Preferred Stock,
dated March 2009, as amended by that certain First Amendment to Subscription Agreement for Series B Convertible Preferred Stock,
dated November 14, 2011, that certain Second Amendment to Subscription Agreement for Series B Convertible Preferred Stock, dated
as of February 28, 2014, and that certain Third Amendment to Subscription Agreement for Series B Convertible Preferred Stock, dated
as of February 28, 2014 (as amended, the “Subscription Agreement”); and

 

WHEREAS, pursuant to
Section 5.a of the Series B-2 Notes, the Series B-2 Notes may be amended as provided in the Subscription Agreement; and

 

WHEREAS, pursuant to
Section 5.8 of the Subscription Agreement, the Series B-2 Notes may be amended with the written consent of the Company and the
holders of a majority of the aggregate then-outstanding principal amount of the Series B-2 Notes and any such amendment shall be
binding upon each holder of any Series B-2 Notes at the time outstanding and the Company; and

 

WHEREAS, the Majority
Noteholders hold a majority of the aggregate currently-outstanding principal amount of the Series B-2 Notes; and

 

WHEREAS, the Company
and the Majority Noteholders desire to amend the Series B-2 Notes to provide that the outstanding principal and interest on the
Series B-2 Notes will remain convertible following maturity of the Series B-2 Notes;

  

NOW, THEREFORE, in
consideration of the mutual promises and covenants set forth herein, the parties hereto, intending legally to be bound, hereby
agree as follows:

 

		1.	Section 2(b) of each of the outstanding Series B-2 Notes is hereby deleted and replaced in its
entirety with the following:

 

		“b.	If an Issuance Conversion Event or Entity Conversion Event shall occur at any time while any principal
or interest on this Note is outstanding, this Note (including accrued but unpaid interest) shall automatically be converted, at
the Conversion Price, into shares of Series B-2 Participating Convertible Preferred Stock of the Company, par value $.001 per share.”

 

		2.	Section 2(c) of each of the outstanding Series B-2 Notes is hereby deleted and replaced in its
entirety with the following:

 

		“c.	Election to Convert. At any time while any principal or interest on this Note is outstanding,
the Investor may elect by written notice to the Company and the surrender of this Note to convert this Note (including accrued
but unpaid interest), at the Conversion Price, into shares of Series B-2 Participating Convertible Preferred Stock of the Company,
par value $.001 per share.”

 

    	 

    	 

    

 

		3.	This Amendment shall be effective upon its execution by the Company and the Majority Noteholders.

 

		4.	This Amendment may be executed in any number of counterparts, all of which taken together shall
constitute one and the same agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart.
Delivery of an executed counterpart of a signature page to this Amendment by telecopier or by electronic mail (in portable document
format (“PDF”)) shall be effective as delivery of a manually executed counterpart of this Amendment. 

 

		5.	This Amendment shall be governed by and construed according to the laws of the State of Delaware,
without regard to the conflict of laws provisions thereof.

 

[Signature page follows] 

 

    	 

    	 

    

 

IN WITNESS WHEREOF
the parties have signed this Amendment as of the date first written above.

 

	NANOVIBRONIX, INC.	 
	 	 	 
	 	 	 
	By:  	/s/ William Stern, Ph.D.	 
	 	Name: William Stern, Ph.D. 	 
	 	Title: Chief Executive Officer	 

 

HOLDERS

 

/s/ Ira Greenstein

/s/ Paul Packer

/s/ Miriam Winder Kelly

/s/ Medical Instrument Development Inc.

/s/ Globis Overseas Fund, Ltd.

/s/ David Kreinberg

/s/ American Investments Limited

/s/ Joseph Bronner

/s/ Globis Capital Partners, LPExhibit 10.34

 

NANOVIBRONIX, INC.

105 Maxess Road, Suite S124

Melville, NY 11747

(631) 574-4410

January 30, 2015

 

AYTA Consulting, LLC (“Contractor”)

805 Third Avenue, 15th Floor

New York, NY 10022

Attention: Paul Packer

 

Re: Restricted Stock Award Agreement

 

Dear Contractor:

 

Reference is made to
that certain Restricted Stock Award Agreement, dated as of February 21, 2014 (the “Award Agreement”),
by and between NanoVibronix, Inc., a Delaware corporation (the “Company”), and Contractor, pursuant to
which the Company granted to Contractor a restricted stock award of 57,143 shares (the “Awarded Shares”)
of the Company’s common stock, par value $0.001 per share (“Common Stock”), subject to the terms
and conditions of the Award Agreement. All capitalized terms in this letter (the “Letter Agreement”)
shall have the meanings assigned to them under the Award Agreement, unless otherwise defined herein. Except as otherwise indicated,
information in this Letter Agreement reflects a one-for-seven reverse split of the Common Stock that occurred on May 7, 2014.

 

Contractor has advised
the Company that it desires to exchange the Awarded Shares for an equal number of shares of Series C Preferred Stock of the Company,
par value $0.001 per share (the “Series C Preferred Stock”). Amendments or modifications may be made
to the Award Agreement by written instrument signed by the Company and Contractor. By signature and countersignature below, the
Company and Contractor agree to the following:

 

		1)	Effective as of the date hereof, all Awarded Shares under the Award Agreement shall be exchanged
and automatically converted into such number of shares of Series C Preferred Stock as equals the number of shares of Common Stock
that Contractor would have otherwise been entitled to receive under the Award Agreement (as adjusted, the “Awarded
Series C Shares”). Notwithstanding the foregoing exchange, the Awarded Series C Shares shall be subject to the same
restrictions and all other terms and conditions set forth in the Award Agreement.

 

		2)	Except as otherwise modified pursuant to the paragraph above, no other changes or modifications
to the Award Agreement are intended or implied and in all other respects the Award Agreement is specifically deemed ratified, restated
and confirmed by the parties hereto, effective as of the date hereof. To the extent that there exists any conflict between the
terms of this Letter Agreement and the Award Agreement, the terms of this Letter Agreement shall control. This Letter Agreement,
together with the Award Agreement, shall be read and construed as one agreement.

 

Please return an executed,
counter-signed copy of this Letter Agreement to the Company.

 

[Signature Page Follows]

 

    	 

    	 

    

 

[Signature Page to Side Letter]

 

	 	Very truly yours,
	 	 	 
	 	NanoVibronix, Inc.
	 	 	 
	 	By:  	/s/ William Stern, Ph.D.  
	 	Name:  	William Stern, Ph.D.
	 	Title:  	Chief Executive Officer

 

Acknowledged and Agreed:

AYTA Consulting, LLC:

 

	By:  	/s/ Paul Packer	 
	 	Name: Paul Packer	 
		Title: Managing Member

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