Document:

Exhibit 10.36

 

 

Bespoke
is Money...TM

 

CONSULTING AGREEMENT

 

This
Consulting Agreement (the “Agreement”) is made as of this 21st day of February 2019 (“Effective
Date”), by and between NanoVibronix, Inc., a Delaware Corporation, 9 Derech Hashalom Street, Nesher, Israel with
a United States office at 525 Executive Boulevard, Elmsford, NY 10523 (“NAOV” or the “Company”),
and Bespoke Growth Partners, Inc., a Delaware Corporation, 625 N. Flagler Drive, Ste. 600, West Palm Beach, FL 33401 (“Bespoke,”
or the “Consultant”).Company and/or Consultant may each be referred to herein as a “Party,”
and collectively as the “Parties.”

 

WHEREAS, NAOV
is focused on the manufacture and sale of noninvasive, biological response-activating devices that target biofilm prevention, wound
healing and pain therapy;

 

WHEREAS,
the Company’s products include UroShieldTM, an ultrasound-based product to prevent bacterial colonization
and biofilm in urinary catheters, enhance antibiotic efficacy and decrease pain and discomfort associated with urinary catheter
use; PainShieldTM, a patch-based therapeutic ultrasound technology to treat pain, muscle spasm, and joint contractures;
and WoundShieldTM, a patch-based therapeutic ultrasound device, which facilitates tissue regeneration and wound healing;

 

WHEREAS,
NAOV is exploring opportunities to grow its business lines and may potentially seek certain strategic opportunities to strengthen
the Company’s growth prospects and balance sheet;

 

WHEREAS, Consultant
has substantial corporate advisory expertise for public companies including in the areas of bioscience, pharmaceuticals and healthcare
including medical devices and general business and management consulting and the Company has contacted Consultant to assist Company
management with its development plans;

 

WHEREAS,
Company desires to retain Consultant to (i) assist the Company with its plans to expand its business; (ii) work towards institutionalizing
the Company from an investor perspective; (iii) develop and implement market-focused strategies and incorporate best practices;
and (iv) furnish additional ongoing management and business consulting services aimed at enhancing Company’s business (collectively,
the “Consulting Services”); 

 

WHEREAS, Consultant
desires to be engaged by Company and to provide the Consulting Services pursuant to such engagement; and

 

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NOW,
THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which is acknowledged, and intending to be legally bound hereby, Consultant and
Company agree as follows:

 

1.           TERM. This
Agreement shall commence on the date hereof along with receipt of the fees defined in Section 4 below and shall extend
thereafter for one (1) year (the “Term”). Unless immediate termination is otherwise specifically permitted herein
or by applicable law, the Company may cancel this Agreement by providing thirty (30) calendar day’s written notice to
the other Party (a “Termination Notice”). Notwithstanding, in the event of a Termination
Notice, all of the compensation mentioned in this Agreement and issued to consultant up to and including fifteen (15) days
following the Termination Notice [“Shares,” as defined in Section 4(a) and (c) below] shall
be deemed earned (or immediately due and payable).

 

2.
         CONSULTING SERVICES. Company expressly agrees and further
acknowledges that Consultant’s obligations are to be performed in a commercially reasonable manner and that the execution
of this Agreement cannot and does not guaranty any particular success or result. Consultant agrees to act reasonably and in good
faith to assist the Company via the Consulting Services, which may include, always at the Company’s specific request:

 

(a) Providing consulting and liaison services
to the Company relating to the further development and implementation of its corporate and business plan;

 

(b) Possible planning,
review and creation of certain corporate communications and presentations, the issuance of which shall be subject to applicable
United States securities laws, including those governing disclosure, private placements and public offerings;

 

(c) Advising the Company
with respect to potential future merger and/or acquisition activities, alliances, joint-ventures, and/or its financial structure
and that of its divisions or subsidiaries;

 

(d)
Assessment of the Company’s current shareholder base and working with the Company to introduce potential institutional investors
and high-quality retail investors to the Company and educate such investors in regards to the current position and potential of
the Company in accordance with the Company goal of achieving an appropriate investor mix of solid retail and institutional investors;

 

(e) Analysis of Company’s
current market strategies, recommendations, and implementation of best practices; and

 

(f) Such other Consulting
Services and assistance as Consultant and Company shall mutually deem reasonably necessary or appropriate to enhance NAOV’s business.

 

Company
understands and acknowledges that the Consulting Services are not intended to, will not constitute, and should never be construed
as, engaging in the provision of legal advice or broker-dealer activities to Company and that the Consultant shall have no authority
to make ‘offers’ to sell Company’s securities, make representations or warranties on Company’s behalf
or bind the Company in any way.

 

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3.
         APPROVAL OF INFORMATION. Company shall furnish Consultant
with such information as is reasonably required in order for Consultant to perform its duties hereunder (all such information
so furnished, the “Information”). Company recognizes and confirms that Consultant (i) will use, and
rely primarily on, the Information and information available from generally recognized public sources (the “Public
Information”) in rendering its services without having independently verified the same; (ii) does not assume responsibility
for the accuracy or completeness of the Information and Public Information; (iii) will not make an appraisal of any assets of
Company; and/or (iv) will provide its advice hereunder based on the Information and the Public Information. It is the Company’s
responsibility to make certain that the Information to be furnished by Company, when delivered, will be true and correct in all
material respects and will not contain any misstatement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading.
Consultant shall make no representations, warranties or guarantees on behalf of Company without Company’s prior written
consent.

 

4.            COMPENSATION.

 

For
the Consulting Services rendered during the Term, the following compensation/fees shall be due and owing the Consultant from the
Company:

 

(a)
Simultaneous with the execution of this Agreement, Company shall issue and immediately and irrevocably deliver to Consultant,
Two Hundred Seventy-Five Thousand (275,000) restricted shares of Common Stock of the Company (the “Shares”)
and Fifty Thousand United States Dollars ($50,000 USD) (the “Cash Fee”).

 

(b) The Shares and
Cash Fee are deemed and agreed to be a commencement incentive and consideration now due and owing for Consultant entering into
this Agreement and performing Consultant’s duties during the Term of this Agreement. Company acknowledges that Consultant has foregone
other opportunities to enter into this Agreement and to reserve sufficient resources to perform its duties throughout the Term
(including preliminary research, diligence and infrastructure set up for Company’s account), and that Company therefore derives
immediate benefit as a result of these actions taken by the Consultant hereunder.

 

(c)
If the Company has not previously terminated this Agreement pursuant to Section 1, on the three (3) month anniversary of
this Agreement, Company shall issue and immediately and irrevocably deliver to Consultant or its designated assignee, Seventy-Five
Thousand (75,000) additional restricted shares of Common Stock of the Company. Following such issuance of additional shares [as
well as the additional shares as set forth in this Section 4(d) and (e)] all references to “Shares”
herein shall also refer to such additional shares except that Section 4(b) above is not applicable to the additional
shares.

 

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(d) If the Company has not previously terminated
this Agreement pursuant to Section 1, on the seven (7) month anniversary of this Agreement, Company shall issue and immediately
and irrevocably deliver to Consultant or its designated assignee, Two Hundred Thousand (200,000) additional restricted shares of
Common Stock of the Company.

 

(e)
If the Company has not previously terminated this Agreement pursuant to Section 1, on the ten (10) month anniversary of
this Agreement, Company shall issue and immediately and irrevocably deliver to Consultant or its designated assignee, One Hundred
Thousand (100,000) additional restricted shares of Common Stock of the Company.

 

(f)
Consultant shall not be issued, at any time during the Term or any extension thereof, such number of shares of NAOV common stock
that would result in beneficial ownership by the Consultant and its affiliates of more than 9.99% of the outstanding shares of
Company Common Stock.

 

(g)
The Company agrees to take any and all action(s) necessary to clear the Shares and each issuance of additional shares awarded
to Consultant under this Section 4 of restriction upon presentation of any Rule 144 application by Consultant or its broker,
including, without limitation, (i) authorizing the Company’s transfer agent to remove the restrictive legend on the subject
Shares or additional shares, (ii) expediting the acquisition of a legal opinion from Company’s authorized counsel at Company’s
expense (or, in the event Consultant uses its own counsel, at company’s expense up to $500) favorably opining as to the
removal of the restrictive legend, and (iii) cooperating and communicating with Consultant and its broker in order to use the
Company’s commercially reasonable best efforts to clear the subject shares of restriction as soon as possible after presentation
of a Rule 144 application by Consultant or its broker to either the Company or its transfer agent. Further, the Company agrees
not to unreasonably withhold or delay approval of any application filed by Consultant or its broker under Rule 144 to clear the
subject shares or additional shares of restriction.

 

(h)
The Company (i) agrees that its Board of Directors has approved this Agreement and that it will appropriately and timely disclose
the issuance of the Shares as issued in its SEC filing(s) if required by applicable securities laws; (ii) shall provide Consultant
with a true and correct copy of the Company Board Resolution authorizing the issuance of the Shares; and (iii) represents and
warrants that the Shares issued to Consultant as compensation hereunder shall be validly issued, fully paid and non-assessable.

 

(i)
The Parties shall negotiate and agree in good faith regarding Consultant’s compensation package for any consulting services
to be provided beyond the scope of this Agreement and/or beyond the Term depending upon the Company’s needs at such time
and the services being requested of Consultant.

 

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(j)
The registration name on all stock certificates delivered to Consultant shall be “Bespoke Growth Partners, Inc.” unless
Consultant advises otherwise in a writing signed by its CEO.

 

5.           
LIMITATION OF ENGAGEMENT. Company acknowledges that Consultant has been retained only by Company, that Consultant
is providing Consulting Services hereunder as an independent contractor (and not in any fiduciary or agency capacity) and that
Company’s engagement of Consultant is not deemed to be on behalf of, and is not intended to confer rights upon, any shareholder,
owner or partner of NAOV or any other person not a Party hereto as against Consultant or any of its affiliates, or any of its
or their respective officers, directors, controlling persons, employees or agents. Unless otherwise expressly agreed in writing
by Consultant, no one other than the Company is authorized to rely upon this Agreement or any other statements or conduct of Consultant.
Company acknowledges that any recommendation or advice, written or oral, given by Consultant to the Company in connection with
Consultant’s engagement is intended solely for the benefit and use of the Company, and any such recommendation or advice
is not on behalf of, and shall not confer any rights or remedies upon, any other person or be used or relied upon for any other
purpose. Consultant shall not have the authority to make any commitment binding on the Company. Company in its sole discretion,
shall have the right to reject any investor introduced to it by Consultant.

 

Company
acknowledges that neither the price of the company’s stock, nor the trading volume thereof measure Consultant’s performance
hereunder.

 

6.
          CONFIDENTIALITY. Other than as required by applicable
law, neither Consultant nor any of its consultants, employees, agents, and/or officers or directors shall disclose any knowledge
or information they may obtain in the course of performing the Consulting Services, which knowledge or information might concern
confidential or material, non-public affairs of Company without the Company’s prior consent.

 

7.            COMPLIANCE
AND GOVERNING LAW.

 

(a)
NAOV, in connection with the issuance of any stock to Consultant hereunder, as may be applicable, shall be responsible for any
and all compliance with applicable securities laws, rules and regulations, including, without limitation, the Act as well as all
applicable filing requirements under the Securities Exchange Act of 1934 (“Exchange Act”), and all state
securities laws. Company recognizes and agrees that failure to timely make its Exchange Act filings will materially hinder the
effectiveness of the Consulting Services and will constitute automatic grounds for cancellation by the Consultant and all compensation
paid to Consultant up to and including the date of such failure shall be deemed fully earned by Consultant as of such date.

 

(b)
This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

 

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(c)
It is specifically understood that Consultant is not and does not hold itself out to be a ‘broker/dealer’ as that
term is understood in applicable law (including the ‘Paul Anka’ SEC no-action letter dated July 24, 1991, and the
‘Country Business, Inc.’ SEC no-action letter dated November 8, 2006) in reference to the Company procuring financing
sources and merger and/or acquisition candidates, and Consultant does not normally provide such services. Consultant may identify
and introduce to the Company potential investors but will not be responsible for the structuring of any transaction with any such
investor. Any obligation to pay compensation hereunder shall survive the merger, acquisition or other change in the form of entity
of the Company and to the extent it remains unfulfilled shall be assigned and transferred to any successor to the Company. The
Company agrees that no reference to the Consultant will be made in any filing, press release or advertisement of any financing
without the express approval, in writing, of such release by Consultant, except as required at law. It is further understood that
Company and not Consultant is responsible to perform any and all due diligence on any broker/dealer, lender, investor or merger
or acquisition candidate introduced to Company by Consultant under this Agreement prior to Company receiving funds or closing
on any transaction.

 

8.            NOTICE.
All notices and correspondence hereunder shall be in writing and sent by overnight delivery service, with all charges prepaid,
to the applicable Party at the addresses set forth above, or by confirmed facsimile transmission (including, without limitation,
computer generated facsimile) or by e-mail, as to each Party, to such address as any Party may from time-to-time designate for
itself by notice in writing given to the other Party complying as to delivery with the terms of this Section 8. All such
notices and correspondence shall be deemed given upon the earliest to occur of (i) if by e-mail, actual receipt; (ii) if sent
by overnight delivery service, when received at the above stated addresses or when delivery is refused; or (iii) if sent by facsimile
transmission or electronic mail, on the next business day or when receipt of such transmission is acknowledged or confirmed, whichever
is earlier.

 

9.           
INDEMNIFICATION. Subject to Section 10 hereunder, Company agrees to indemnify, defend and hold harmless Consultant,
its officers, directors, members, employees, affiliates, and agents against all losses, expenses, damages and costs, including
reasonable attorneys’ fees, resulting from any act, action or omission, except for acts of Consultant of willful misconduct,
bad faith or gross negligence related to this Agreement.

 

10.
         LIMITATIONS. Any liability of Consultant and its officers,
directors, controlling persons, employees or agents related to this Agreement shall not exceed Twenty-Five Thousand United States
Dollars (USD $25,000), unless it is finally judicially determined that such liability resulted primarily from the gross negligence
or willful misconduct of Consultant (in which case there shall be no such limitation). Subject to Section 7(a), any liability
of Company and its officers, directors, controlling persons, employees or agents related to this Agreement shall not exceed the
compensation (Shares) actually issued to Consultant by Company pursuant this Agreement, unless it is finally judicially determined
that such liability resulted primarily from the gross negligence or willful misconduct of Company (in which case there shall be
no such limitation). No guarantees of NAOV stock performance express or implied have been made by or involving the Company
or Consultant in connection with this Agreement, which Agreement memorializes the full extent of the relationship between the
Company and Consultant. 

 

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11.          
EXPENSES. Company will reimburse Consultant for its receipted expenses incurred in connection with the Consulting Services,
if such expenses are approved in advance in writing (email confirmation is acceptable). Reimbursement shall be made within thirty
(30) business days following receipt of Consultant’s invoice. Company shall also reimburse Consultant for costs incurred
by Consultant for collection of any fees due to Consultant under this Agreement, including but not limited to reasonable attorneys’
fees and court costs.

 

12.
          INDEPENDENT CONTRACTORS. No agency, joint venture, partnership
or employment shall be created by this Agreement, as the Parties are independent contractors with respect to one another. Neither
Party shall have authority to act as an agent of the other or to otherwise bind the other to any agreement, commitment, obligation,
contract, instrument, undertaking, arrangement, certificate or other matter. Each Party hereto shall refrain from making any representation
intended to create an apparent agency, employment, partnership or joint venture relationship.

 

13.
         MISCELLANEOUS. This Agreement shall not be modified or amended
except in writing signed by the Parties. This Agreement shall be binding upon and inure to the benefit of the Parties. This Agreement
constitutes the entire agreement of the Parties with respect to the subject matter hereof and supersedes any prior agreements.
If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect
such provision in any other respect, and the remainder of the Agreement shall remain in full force and effect. In the interpretation
of this Agreement, the ‘contra proferentem’ rule of construction will not apply (this Agreement being the product
of negotiations between commercially sophisticated Parties) and this Agreement will therefore not be construed in favor of or
against any Party by reason of the extent to which any Party or its professional advisors participated in the preparation and
drafting hereof. This Agreement may be executed in counterparts (including e-mail or facsimile counterparts), each of which shall
be deemed an original but all of which together shall constitute one and the same instrument.

 

IN
WITNESS WHEREOF, the Parties to this Consulting Agreement have hereunto set their hands and seal the day and year first above
written.

 

	Bespoke Growth Partners, Inc.	 	Nano
    Vibronix, Inc.
	 	 	 
	By:	 	 	By:	 
	Name: Mark H. Peikin, Esq.	 	Name: Brian Murphy
	Title: CEO	 	Title: CEO
	Duly Authorized	 	Duly Authorized

 

[Signature
Page 7 of 7 / Bespoke Growth Partners, Inc. / NAOV / Consulting Agreement / February 2019]

 

	Page
7 of 7Exhibit 10.37

 

THIS NOTE AND THE SECURITIES ISSUABLE UPON
THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO THE BORROWER THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT
OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT.

 

CONVERTIBLE PROMISSORY NOTE

 

	$125,000	March 29, 2019

 

FOR VALUE RECEIVED,
NanoVibronix, Inc., a Delaware corporation (the “Borrower”), hereby promises to pay to the order of
Globis Capital Partners, L.P. (“Lender”), the principal amount (“Principal Amount”)
equal to $125,000 Interest on the unpaid portion of the Principal Amount shall be payable on the Maturity Date (as defined below)
at a rate per annum equal to 6%.

 

1.            Terms;
Payment.

 

1.1         
Terms. This Note is one of a number of similar notes (the “Other Notes”) being issued and
delivered by the Borrower to certain note holders (together with Lender, the “Note Holders”) pursuant to a debt financing
of up to $750,000

 

1.2          Payment.
Unless this Note has been previously converted in accordance with the terms of Section 3 hereunder, the Principal Amount
and all accrued but unpaid interest thereon shall be due and payable on the date that is the earlier of the (i) 5-year anniversary
of the date hereof, or (ii) the date that the Borrower completes a Qualified Financing (as hereafter defined) (the “Maturity
Date”). On the affirmative vote of the holders of at least two-thirds (2/3rds) of the outstanding aggregate Principal
Amount of this Note and each of the Other Notes (the “Required Holders”), the Borrower may from time
to time extend the Maturity Date of this Note and each of the Other Notes. All payments shall be made in lawful money of the United
States of America at the principal office of the Borrower, or at such other place as the holder hereof may from time to time designate
in writing to the Borrower. Payment shall be credited first to accrued interest due and payable and the remainder applied to principal.
The Borrower hereby waives demand, notice, presentment, protest and notice of dishonor.

 

2.           Representations
and Warranties of Lender. In connection with the transactions provided for herein, Lender hereby represents and warrants
to the Borrower that:

 

2.1          Purchase Entirely
for Own Account. Lender acknowledges that this Note is issued to Lender in reliance upon Lender’s representation to the Borrower that this Note will be acquired for investment
for Lender’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof,
and that such Lender has no present intention of selling, granting any participation in, or otherwise distributing the same. By
executing this Note, Lender further represents that Lender does not have any contract, undertaking, agreement or arrangement with
any person to sell, transfer or grant participations to such person or to any third person, with respect to this Note.

 

     

     

    

 

2.2         Investment
Experience. Lender is an investor in securities of companies in the development stage and acknowledges that it, he or
she is able to fend for itself, himself or herself, can bear the economic risk of its, his or her investment, and has such knowledge
and experience in financial or business matters that it, he or she is capable of evaluating the merits and risks of the investment
in this Note. Lender also represents it, he or she has not been organized solely for the purpose of acquiring this Note.

 

2.3         Accredited
Investor. Lender is an “accredited investor” within the meaning of Rule 501 of Regulation D, as presently
in effect, as promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933,
as amended (the “Act”).

 

2.4         Restricted
Securities. Lender understands that this Note is characterized as a “restricted security” under the federal
securities laws inasmuch as it is being acquired from the Borrower in a transaction not involving a public offering and that under
such laws and applicable regulations such securities may be resold without registration under the Act only in certain limited
circumstances. In this connection, Lender represents that it is familiar with Rule 144 as promulgated by the SEC under the Act,
as presently in effect, and understands the resale limitations imposed thereby and by the Act.

 

3.            Conversion
of this Note. This Note shall be convertible according to the following terms:

 

3.1          Definitions.
The following terms shall have the meanings assigned below:

 

(a)        “Change
of Control” means any consolidation or merger of the Borrower with or into any other corporation or other entity
or person, or any other corporate reorganization in which the Borrower shall not be the continuing or surviving entity of such
reorganization or any transaction or series of related transactions by the Borrower in which in excess of 50% of the Borrower’s
voting power is transferred, or a sale of all or substantially all of the assets of the Borrower, other than any transaction or
series of related transactions which is primarily for the purpose of financing the Borrower or a reincorporation of the Borrower.

 

(b)        “Equity
Financing” means the issuance and sale by the Borrower of shares of its Capital Stock, with the principal purpose
of raising capital, for cash.

 

(c)        “Equity
Securities” means the Borrower’s capital stock (the “Capital Stock”) or any securities conferring
the right to purchase such Capital Stock or securities convertible into, or exchangeable for (with or without additional consideration),
such Capital Stock.

 

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3.2          Qualified
Financing. In the event the Borrower consummates an Equity Financing following the date of issuance of this Note pursuant
to which it issues and sells shares of Capital Stock resulting in aggregate proceeds (excluding the conversion of this Note and
each of the Other Notes) to the Borrower of at least $2,000,000 (a “Qualified Financing”), and provided
that this Note remains outstanding at the time of such Qualified Financing, Lender may, upon 10 days’ prior notice, elect
to have the outstanding principal and unpaid accrued interest of this Note converted into shares of the same class and series
of Equity Securities sold in such Qualified Financing, provided that the Lender may elect to receive shares of the Series C Convertible
Preferred Stock of the Borrower instead of shares of common stock of the Borrower (the “Common Stock”)
to the extent that shares of Common Stock are issued in such Qualified Financing, at a price per share equal to the lesser of:
(a) 80% (i.e., a 20% discount) of the price per share at which such securities are sold in such Qualified Financing and (b) $4.00
per share, as such amount may be adjusted for any stock split, stock dividend, reclassification or similar events affecting our
Capital Stock. At least 10 business days prior to the closing of the Qualified Financing, the Borrower shall notify Lender in
writing of the terms under which the Equity Securities of the Borrower will be sold in such financing. The conversion of this
Note into Equity Securities under this Section 3.2 shall occur on the closing date of such Qualified Financing, and at
the closing of the Qualified Financing, Lender shall execute a stock purchase agreement in the same form as that executed by the
other investors of the Qualified Financing. Notwithstanding the foregoing in no event will the number of shares to be issued upon
(i) conversion of this Note or the Other Notes, or (ii) upon exercise of the warrants to purchase capital stock of the Company
issued to the Note Holders on the date hereof exceed, in the aggregate, 9.9% of the total shares outstanding or the voting power
outstanding on the date immediately preceding the day hereof.

 

3.3          Change
of Control. If prior to the Maturity Date, there is a Change of Control and this Note has not previously converted pursuant
to Section 3.2, Lender may, upon 10 days’ prior notice, elect to have this Note converted or repaid in one of the
following two ways: (a) Lender may elect to receive from the Borrower an amount in cash equal to the sum of the original Principal
Amount and interest then accrued and unpaid under the Note, or (b) Lender may elect to convert this Note plus all accrued and
unpaid interest into shares of Common Stock or, if Lender so elects, into shares of the Series C Convertible Preferred Stock of
the Borrower, immediately prior to the closing of such Change of Control at a price per share equal to the Change of Control Exchange
Price. For purposes of the foregoing sentence, the “Change of Control Exchange Price” means the lesser
of: (x) 80% (i.e., a 20% discount) of the amount (expressed in dollars) equal to the quotient obtained by dividing (i)
the estimated value of the Borrower implied by the exchange ratio set forth in the agreement governing such Change of Control,
as determined in good faith by the Borrower’s board of directors, by (ii) the aggregate number of outstanding shares of
the Borrower’s Common Stock, immediately prior to such Change of Control on a fully diluted basis, and (y) $5.90 per share,
as such amount may be adjusted for any stock split, stock dividend, reclassification or similar events affecting our Capital Stock.
In the event that Lender does not make an election within 10 days of the notice from the Borrower (with email being adequate notice),
the Borrower shall determine, in its reasonable discretion, to convert or repay the Note, based upon whether the value of the
consideration that would be payable to Lender in a Change of Control if Lender converted this Note is greater than the Principal
Amount and accrued and unpaid interest on this Note.

 

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3.4         
Maturity Date. If on the Maturity Date this Note has not previously converted pursuant to Sections 3.2 or 3.3,
Lender may, upon 10 days’ prior notice, elect to have this Note converted or repaid in one of the following two ways: (a)
Lender may elect to receive from the Borrower an amount in cash equal to the sum of the original Principal Amount and interest
then accrued and unpaid under the Note, or (b) Lender may elect to convert this Note plus all accrued and unpaid interest into
shares of Common Stock or, if Lender so elects, into shares of the Series C Convertible Preferred Stock of the Borrower, on the
Maturity Date at a price per share equal to the Maturity Date Exchange Price. For purposes of the foregoing sentence, the “Maturity
Date Exchange Price” means the lesser of: (x) 80% (i.e., a 20% discount) of the amount (expressed in dollars)
equal to the quotient obtained by dividing (i) the estimated value of the Borrower as of the Maturity Date, as determined in good
faith by the Borrower’s board of directors, by (ii) the aggregate number of outstanding shares of the Borrower’s Common
Stock, as of the Maturity Date on a fully diluted basis, and (y) $5.90 per share, as such amount may be adjusted for any stock
split, stock dividend, reclassification or similar events affecting our Capital Stock. In the event that Lender does not make
an election within 10 days of the notice from the Borrower (with email being adequate notice), the Borrower shall determine, in
its sole discretion, to convert or repay the Note.

 

3.5          Additional
Terms. Upon the conversion of this Note, in lieu of any fractional shares to which Lender would otherwise be entitled,
the Borrower shall pay Lender cash equal to such fraction multiplied by the issue price of such Equity Securities or Common Stock,
as applicable. As promptly as practicable after the conversion of this Note, the Borrower at its expense will issue and deliver
to Lender, upon surrender of this Note, a certificate or certificates for the number of full shares of Equity Securities or Common
Stock, as applicable, issuable upon such conversion.

 

4.            Miscellaneous.

 

4.1          No Prepayments.
Except to the extent expressly permitted in writing by the Required Holders, the Borrower shall not be entitled to prepay
any portion of the outstanding Principal Amount of this Note or any of the Other Notes.

 

4.2         
Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Note shall inure to the
benefit of and be binding upon the respective successors and assigns of the parties; provided, however, that neither party
may assign its rights or obligations under this Note without the prior written consent of the other party. Nothing in this Note,
express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns
any rights, remedies, obligations or liabilities under or by reason of this Note, except as expressly provided in this Note.

 

4.3          Governing
Law and Venue. This Note shall be governed by and construed and enforced in accordance with the laws of the State of New
York, without giving effect to its conflicts of laws principles. Any disputes shall be resolved in the federal or state courts
situated in New York, New York, with the prevailing party being entitled to attorneys’ fees and reasonable costs.

 

    4 

     

    

 

4.4          Notices.
All notices and other communications given or made pursuant hereto shall be in writing to the addresses set forth on the signature
pages hereof and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by
confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business
day, (iii) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv)
one (1) day after deposit with an internationally recognized overnight courier, specifying next day delivery, with written verification
of receipt.

 

4.5          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.

 

4.6          Further Assurance.
From time to time, the Borrower shall execute and deliver to Lender such additional documents and shall provide such additional
information to Lender as Lender may reasonably require to carry out the terms of this Note, and any agreements executed in connection
herewith, and to be informed of the financial and business conditions and prospects of the Borrower.

 

4.7         Entire Agreement;
Amendments and Waivers. This Note constitutes the entire agreement of the parties, superseding and extinguishing all prior
agreements and understandings, representations and warranties, relating to the subject matter hereof. Any provision of this Note
may be amended, waived or modified upon the written consent of the Borrower and the Required Holders. Notwithstanding the foregoing,
in the event an amendment, waiver, or modification of this Note adversely affects the rights of Lender in a manner different than
the other Note Holders other than by virtue of the amount of principal and interest then outstanding owed to such persons, then
the written consent of Lender shall also be required to enforce such amendment, waiver or modification.

 

[ Signature Page
Follows ]

 

    5 

     

    

 

 

IN WITNESS WHEREOF, this Note is executed as of the date first
above written.

 

THE “BORROWER”: 

	 	 
	March 29, 2019	NANOVIBRONIX, INC.,
	 	a Delaware corporation

 

	Address:	By:	/s/Stephen
    Brown	 

	525 Executive Blvd	Name:	Stephen Brown	 
	Elmsford NY 10523	Title:	CFO	 

 

[Convertible Promissory
Note - Borrower’s Signature Page]

 

     

     

    

 

LENDER’S COUNTERPART SIGNATURE PAGE

 TO 

CONVERTIBLE PROMISSORY NOTE

 

The undersigned Lender
agrees to be bound by the terms of the Convertible Promissory Note of NanoVibronix, Inc., a Delaware corporation, executed by the
Borrower in favor of the undersigned Lender, and agrees to all of the terms thereof.

 

	March 29, 2019	GLOBIS CAPITAL PARTNERS, L.P.

 

	Address:	 	By:	/s/Paul Packer	 

	 	 	Name:	Paul Packer	 
	 	 	Title:	Managing Partner	 

 

[Convertible Promissory
Note - Lender’s Signature Page]

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