Document:

EXHIBIT 10.15

 

PERSONAL EMPLOYMENT AGREEMENT

BETWEEN NANOVIBRONIX AND Dr. JONA
ZUMERIS

 

AGREEMENT made as of March 1, 2008, between
NANO VIBRONIX (ISRAEL) LTD., an Israeli corporation, having an office at 47 Haatasia St. POB 515 Nesher, Israel 36603, (the "Company"),
which is a wholly-owned subsidiary of NANOVIBRONIX Inc., a Delaware corporation with an office at 601 Chestnut Street, Cedarhurst,
NY 11516, and Dr. Jona Zumeris (the "Employee").

 

 

WHEREAS, the Company desires to engage
the Employee in the position described in Exhibit A, and the Employee represent that he/she has the requisite skill and knowledge
to serve as such.

 

NOW, THEREFORE, in consideration of the
premises and of the mutual promises, representations and covenants herein contained, the parties hereto agree as follows:

 

1. EMPLOYMENT AND DUTIES

 

1.1 The Company hereby appoints the Employee
to act in the position described in Exhibit A. The Employee shall report regularly to the CEO of the Company with respect to Employee's
activities.

 

1.2 During the term of Employment hereunder,
Employee's employment shall be on a full time basis.

 

In the fulfillment
of his position in the Company, Employee shall devote his full attention and use his experience faithfully to the Company, shall
be available for work at all reasonable times, according to the Company’s policy and requirements, or in any work or other
engagement which might be in conflict with the interests of the Company, or might harm his work with the Company, unless he has
obtained prior written consent to such engagement from the Company. It is understood that Employee may undertake strictly volunteer
activities on behalf of recognized charity non-profit institutions, provided such activities do not harm or create conflicts of
any kind with his work with the Company.

 

However, employee may serve on Boards of
Directors of other companies as long as there is no conflict of interest.

 

1.3 It is agreed between the parties that
the duties and responsibilities of the Employee hereunder are of a managerial and administrative nature and require a special degree
of personal confidence, within the meaning of the Rest and Work Hours Law, 5711-1951 (the “Work Hours Law”). As such,
the provisions of the Work Hours Law shall not apply to this Agreement.

    	 

    	-2-

    

 

 

1.4 Employee shall perform Employee's duties
hereunder at the Company's facilities in Israel, but understands and agrees that Employee's position may involve extensive travel
abroad.

 

 

2. TERM OF EMPLOYMENT

 

2.1 The initial term of employment under
this Agreement shall begin on the date set forth in Exhibit A (the "Employment Date") and shall continue until it is
terminated as hereafter provided.

 

2.2 The Company may terminate this Agreement
and the employment relationship hereunder at its discretion at any time by giving the Employee 90 days prior written notice. The
Employee may terminate this Agreement and the employment relationship hereunder at Employee's discretion at any time by giving
the Company 90 days prior written notice.

 

2.3 During the period following notice
of termination by either party, this Agreement shall remain in full force and effect and there shall be no change in Employee's
position with the Company or any obligations hereunder, unless otherwise determined by the Company in a written notice to Employee,
and the Employee shall cooperate with the Company and use Employee's best efforts to assist the integration into the Company's
organization of the person or persons who will assume the Employee's responsibilities.

 

3. SALARY

 

3.1 The Company shall pay the Employee
a gross (“brutto”) monthly salary in the amount of New Israeli Shekels (“NIS”), set forth in Exhibit A.
(the "Salary"), which shall be paid 12 times annually (hereinafter "basic salary").

 

3.2 Payment of the Salary shall be made
no later then the 10th day of each calendar month after the month for which the salary is being made. The Company shall deduct
all required taxes and similar payments from the Salary and from all other payments made to the Employee.

 

3.3 The parties accept and agree that the
basic salary is an accurate and just consideration for the responsibility and assignments the Employee is about to undertake and
that an additional amount had been taken into account within the calculations of the basic salary and the other benefits Employee
may be granted, as a special remuneration for both, overtime and extra work beyond regular work time as well as his obligation
for non-competition. To remove any doubt, Employee waives and removes in advance any argument and/or claim, as he may have if at
all, for additional remuneration of any kind, due to overtime or extra work on weekends or on any irregular working times, or against
his obligation for non-competition.

 

    	 

    	-3-

    

 

4. INSURANCE AND SOCIAL
BENEFITS

 

4.1 The Company shall insure the Employee:
under an accepted "Manager's Insurance Scheme" or "Pension Fund" to be selected by the Employee; (hereinafter
referred to as the "Insurance Scheme") as follows: (i) the Company shall pay an amount equal to 5% of the Salary towards
a fund for insurance or pension, and shall deduct 5% from the Salary and pay such amount towards the Insurance Scheme for the Employee's
benefit; (ii) the Company shall also contribute 2.5% towards insurance for the event of loss of working ability (Ovdan Kosher Avoda)
in accordance with Company policy; and (iii) the Company shall pay an amount equal to 8.33% of the Salary towards a fund for severance
compensation.

 

4.2 The Company and the Employee shall
maintain an advanced study fund (Keren Hishtalmut Fund). The Company shall contribute to such Fund an amount equal to 7.5% of the
Salary, and the Employee shall contribute to such fund an amount equal to 2.5% of the Salary. Employee hereby instructs the Company
to transfer to such fund the amount of the Employee's and the Company's contribution from each monthly salary payment. For any
amounts contributed by the Company and the Employee in terms hereof which exceed the maximum permitted under the Law for tax purposes
(the “Excess Amounts”), the Company shall deposit such Excess Amounts into the advanced study fund, and the Employee
shall bear all taxes arising from the Excess Amounts. (It is further agreed and acknowledged by the Employee that any Excess Amounts
shall in no way be deemed to form part of the Salary and the Employee shall have no claim against the Company for any severance
pay or any social or other employment benefits arising from or based upon the Excess Amounts.)

 

4.3 Upon termination of this Agreement
by the Company or by the Employee, other than in circumstances justifying the non-payment of severance pay under applicable law,
the Company shall assign and transfer to the Employee, after Employee has met all of Employee's obligations including, but not
limited to, transfer all the information related to his job, to his replacement as the company shall assign, hereunder in connection
with such termination of employment, the ownership in the aforesaid Manager's Insurance Scheme and Keren Hishtalmut Fund. In the
event that this Agreement is terminated in circumstances justifying the non-payment of severance pay under applicable law, the
Company, in its absolute discretion, may retain its payments to the aforesaid Manager’s Insurance Scheme which were paid
according to sub-section 4.1(iii) above and release to the employee all other sums contributed by both parties to aforesaid Manager's
Insurance Scheme and Keren Hishtalmut Fund.

 

    	 

    	-4-

    

 

5. OTHER BENEFITS

 

5.1 To remove any doubt it is agreed and
accepted by the parties, that any bonus program, as much as shall prevail, if at all, cannot be considered an obligation of the
Company and the Company has no obligation or commitment to pay payments and/or bonuses and/or any benefit to Employee. Also it
is agreed and accepted by the parties, that the Company may, according to criteria of its sole discretion, pay or grant different
benefits and/or payments to certain Employees and not to others. Accordingly, Employee declares and confirms upon signing this
agreement, that he waives and removes in advance any argument and/or claim, as he may have if at all, for discrimination in bonuses
and/or other benefit payments that may be paid to certain employees or any employee and not paid to Employee.

 

5.2 The employee shall be entitled to be
reimbursed for Employee's necessary and actual business expenses in accordance with the Company’s policies, as the same shall
change from time to time.

 

5.3 Employee shall be entitled to that
number of vacation days per year set forth in Exhibit A. The employee will have to use at least 10 vacation days each year (out
of which, 5 days will have to be consecutive). The Company shall be entitled to direct use of the vacation days, at its discretion.
In the event that the demands of Employee's activities preclude or limit the ability of the Employee to actually use all or part
of such vacation in any year, the Employee shall be entitled to the balance of such vacation only in the next succeeding three
years or, if unable to take the balance in these next succeeding years, to receive an amount equal to the rate of Salary then applicable
to the vacation time not taken during such years, subject to applicable law.

 

5.4 Employee shall be entitled to receive
the statutory required “Recreation Pay” (Dmei Havra'a).

 

5.5         
The Company will provide a car (motor 2000) to the Employee (the “Car”), and will bear all of the fixed and
variable maintenance costs, including licenses, insurance, gas, repairs, etc., but excluding personal traffic summons and the like.
The Car will be leased by the Company, and will be returned to the Company by the Employee immediately upon the termination of
the relationship between the Company and the Employee. Under no circumstances shall the Employee have a lien on the Car. Use of
the Car at all times and payment of Early Return Fine shall be subject to the Company policies regarding the use of the Car, as
these shall be in effect from time to time.

 

5.6 Employee shall be entitled to full
sick leave payments.

 

    	 

    	-5-

    

 

6. STOCK OPTIONS.

 

The company shall grant the Employee options,
pending BOD resolution, at a discount of present share price as set forth in Exhibit A. They are subject to ESOP of the company.

Any future grant of stock options shall
be subject to such terms as the Board of Directors or its Committee in its sole discretion shall specify at the time of grant.

 

 

 

 

7.
TERMINATION

 

a.         This Agreement
may be terminated by either party with or without cause on the terms and conditions contained herein.

 

b. During such notice
period, the Company shall maintain the option to either employ Employee or renounce such employment, at any time during the notice
period

 

c.         Notwithstanding
the terms of the above subsection b, the Company may terminate this agreement for cause, without giving Employee any notice period
and with immediate effect, upon the occurrence of one or more of the causes as detailed in the following subsections. . In the
event of termination for such cause, Employee shall not be entitled to receive any distribution of the Insurance Program, or any
other severance benefit, except to the extent required by applicable law.

 

(i)         Employee has
committed any act of moral turpitude or dishonesty vis-à-vis the Company or any of its affiliates, customers, suppliers
or service providers, including but not limited to theft, fraud, embezzlement, breach of trust or fiduciary duty;

 

(ii)         Employee is
found by the Company to have been in willful neglect of his duty hereunder or Employee committed any material breach of this Agreement
other than a breach which is eligible for remedy and is remedied forthwith by Employee at the Company’s request;

 

(iii)         Employee has
been arrested or convicted for the commission of any crime involving an act of moral turpitude; or

 

(iv) Employee has violated
one or more of the restrictions set forth herein regarding confidentiality, inventions, work products and non-competition.         

    	 

    	-6-

    

(v)         Employee has
been involved in a conduct for which according to the Israeli labor law, employers are entitled to terminate work relations with
employees without the obligation to pay severance payments.

 

d.         In the event
Employee elects to terminate this Agreement, he shall give a written notice to the Company at least 30 days in advance.

 

e.         Upon termination
of this Agreement for any reason, Employee shall immediately return to the Company any equipment, including company car if same
supplied to him as part of work benefits, documentation and moneys advanced to him by the Company, and/or by any affiliate, customer
or supplier, as well as all other items, documents and materials as required hereunder. In the event Employee fails to do so, the
Company shall be entitled, as much as it is in compliance with Israeli labor laws, to withhold any salary payments, distribution
of the Insurance Program, or other severance benefit, if any, due hereunder until such time as Employee shall have complied fully
with the provisions of this subsection.

 

f.         In the event
that Employee owes the Company money at the time of the termination of this Agreement, the Company shall be entitled, as much as
it is in compliance with Israeli labor laws, to offset the amount owed by Employee from his last salary payment or any other payment
due to him prior to termination including any unreimbursed legitimate business expenses for which Employee is entitled to reimbursement
under this Agreement.

 

8. DUTIES.

 

Employee shall serve
as VP Research and shall be responsible for the overall Research and Technologies programs of all of the company products and other
functions as the Chief Executive Officer of the Company shall from time to time determine. The Employee shall comply, in the performance
of his duties with the policies of the Company.

 

9. REPRESENTATIONS
AND AGREEMENTS.

 

Employee represents
and warrants that he is free to enter into this Agreement and to perform the duties required hereunder, and that there are no employment
contracts or understandings, restrictive covenants or other restrictions, whether written or oral, preventing the performance of
his duties hereunder.

 

 

    	 

    	-7-

    

 

10. NON-DISCLOSURE
OF CONFIDENTIAL INFORMATION.

 

(a) Employee shall
not, during the term of this Agreement, or at any time following termination of this Agreement, directly or indirectly, disclose,
permit to be known or make accessible (other than as is required in the regular course of his duties or is required by law (in
which case Employee shall give the Company prior written notice of such required disclosure) or with the prior written consent
of the CEO), to any person, firm or corporation, any confidential information acquired by him during the course of, or as an incident
to, his employment. Such confidential information shall include, but shall not be limited to, proprietary technology, trade secrets,
patented processes, research and development data, know-how, market studies and forecasts, competitive analyses, pricing policies,
employee lists, personnel policies, the substance of agreements with customers and others, marketing or dealership arrangements,
servicing and training programs and arrangements, customer lists and any other documents embodying such confidential information.
This confidentiality obligation shall not apply to any confidential information which thereafter becomes publicly available other
than pursuant to a breach of this Section 10(a) by Executive.

 

(b) All information
and documents relating to the Company and its affiliates as hereinabove described (or other business affairs) shall be the exclusive
property of the Company, and Employee shall use commercially reasonable best efforts to prevent any publication or disclosure thereof.
Upon termination of Employee's employment with the Company, all documents, records, reports, writings and other similar documents
containing confidential information, including copies thereof, then in Employee's possession or control shall be returned and left
with the Company.

 

11. SPECIFIC PERFORMANCE.

 

Emplyee agrees that
if he breaches, or threatens to commit a breach of, any of the provisions of Section 9,10 (the "Restrictive Covenant"),
the Company shall have, in addition to, and not in lieu of, any other rights and remedies available to the Company under law and
in equity, the right to have the Restrictive Covenants specifically enforced by any court of competent jurisdiction, it being agreed
that any breach or threatened breach of the Restrictive Covenants would cause irreparable injury to the Company and that money
damages would not provide an adequate remedy to the Company. Notwithstanding the foregoing, nothing herein shall constitute a waiver
by Employee of his right to contest whether a breach or threatened breach of any Restrictive Covenant has occurred.

 

12. AMENDMENT OR ALTERATION.

 

No amendment or alteration
of the terms of this Agreement shall be valid unless made in writing and signed by both of the parties hereto.

 

13. GOVERNING LAW.

 

This Agreement shall be governed by the
laws of the State of Israel applicable to agreements made and to be performed therein.

 

 

    	 

    	-8-

    

14. SEVERABILITY.

 

The holding of any
provision of this Agreement to be invalid or unenforceable by a court of competent jurisdiction shall not affect any other provision
of this Agreement, which shall remain in full force and effect.

 

15. NOTICES.

 

Any notices required
or permitted to be given hereunder shall be sufficient if in writing, and if delivered by hand, or sent by certified mail, return
receipt requested, to the addresses set forth above or such other address as either party may from time to time designate in writing
to the other, and shall be deemed given as of 2 days after the date of the delivery or mailing.

 

16. WAIVER OR BREACH.

 

It is agreed that a
waiver by either party of a breach of any provision of this Agreement shall not operate, or be construed, as a waiver of any subsequent
breach by that same party.

 

17. ENTIRE AGREEMENT
AND BINDING EFFECT.

 

This Agreement contains
the entire agreement of the parties with respect to the subject matter hereof, shall be binding upon and inure to the benefit of
the parties hereto and their respective legal representatives, heirs, distributors, successors and assigns. Notwithstanding the
foregoing, all prior agreements between Employee and the Company relating to the confidentiality of information, trade secrets,
patents and stock options shall not be affected by this Agreement.

 

18. SURVIVAL.

 

The termination of
Employee's employment hereunder or the expiration of this Agreement shall not affect the enforceability of Sections, 10, and 11
hereof.

 

19. FURTHER ASSURANCES.

 

The parties agree to
execute and deliver all such further documents, agreements and instruments and take such other and further action as may be necessary
or appropriate to carry out the purposes and intent of this Agreement.

 

 

    	 

    	-9-

    

20. HEADINGS.

 

The Section headings
appearing in this Agreement are for the purposes of easy reference and shall not be considered a part of this Agreement or in any
way modify, demand or affect its provisions.

 

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

 

 

 

 

	 	NANO VIBRONIX (ISRAEL) LTD. 
	 	 	 
	 	By:	/s/ Harold Jacob	 
	 	 	 
	 	 	 
	 	/s/ Jona Zumeris	 
	 	Employee

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	-10-

    

 

 

Exhibit A

 

To Personal Employment Agreement by and
between NanoVibronix Ltd.and the Employee whose name is set forth herein

 

	Name of Employee:	Dr. Jona Zumeris	 
	ID No. of Employee	303996086	 
	Address of Employee	16/8 Mor, Haifa	 
	Position in the Company	VP Technology	 
	Employment Date	1.9.2004	 
	Salary	19.500	 
	
        Options and Vesting Schedule:

         
	 	 
	Vacation Days Per Year:	15	 

 

 

	
        The Company:

         

        NANO VIBRONIX

         

        /s/ Harold Jacob

         

        By: HAROLD JACOB

         

        Title: CEO
	
        Employee: (print name): Dr. Jona Zumeris

         

        Signature:

         

        /s/ Jona ZumerisExhibit 10.16

 

INDEMNITY AGREEMENT

 

This Indemnity Agreement,
dated as of [Date], is made by and between Nano Vibronix, Inc., a Delaware corporation (the “Company”), and
[Name of Indemnity] (the “Indemnitee”), to be effective upon the occurrence of a Reporting Event (as defined
below).

 

RECITALS

 

A.           The Company is
aware that competent and experienced persons are increasingly reluctant to serve as directors, officers or agents of corporations
unless they are protected by comprehensive liability insurance or indemnification, due to increased exposure to litigation costs
and risks resulting from their service to such corporations, and due to the fact that the exposure frequently bears no reasonable
relationship to the compensation of such directors, officers and other agents.

 

B.           The statutes
and judicial decisions regarding the duties of directors and officers are often difficult to apply, ambiguous, or conflicting,
and therefore fail to provide such directors, officers and agents with adequate, reliable knowledge of legal risks to which they
are exposed or information regarding the proper course of action to take.

 

C.           Plaintiffs often
seek damages in such large amounts and the costs of litigation may be so enormous (whether or not the case is meritorious), that
the defense and/or settlement of such litigation is often beyond the personal resources of directors, officers and other agents.

 

D.           The Company believes
that it is unfair for its directors, officers and agents and the directors, officers and agents of its subsidiaries to assume the
risk of huge judgments and other expenses which may occur in cases in which the director, officer or agent received no personal
profit and in cases where the director, officer or agent was not culpable.

 

E.           The Company recognizes
that the issues in controversy in litigation against a director, officer or agent of a corporation such as the Company or its subsidiaries
are often related to the knowledge, motives and intent of such director, officer or agent, that he is usually the only witness
with knowledge of the essential facts and exculpating circumstances regarding such matters, and that the long period of time which
usually elapses before the trial or other disposition of such litigation often extends beyond the time that the director, officer
or agent can reasonably recall such matters; and may extend beyond the normal time for retirement for such director, officer or
agent with the result that he, after retirement or in the event of his death, his spouse, heirs, executors or administrators, may
be faced with limited ability and undue hardship in maintaining an adequate defense, which may discourage such a director, officer
or agent from serving in that position.

 

F.           Based upon their
experience as business managers, the Board of Directors of the Company (the “Board”) has concluded that, to
retain and attract talented and experienced individuals to serve as directors, officers and agents of the Company and its subsidiaries
and to encourage such individuals to take the business risks necessary for the success of the Company and its subsidiaries, it
is necessary for the Company to contractually indemnify its directors, officers and agents and the directors, officers and agents
of its subsidiaries, and to assume for itself maximum liability
for expenses and damages in connection with claims against such directors, officers and agents in connection with their service
to the Company and its subsidiaries, and has further concluded that the failure to provide such contractual indemnification could
result in great harm to the Company and its subsidiaries and the Company’s stockholders.

 

    	 

    	 

    

 

G.           Section 145 of
the General Corporation Law of Delaware, under which the Company is organized (“Section 145”), empowers the
Company to indemnify its directors, officers, employees and agents by agreement and to indemnify persons who serve, at the request
of the Company, as the directors, officers, employees or agents of other corporations or enterprises, and expressly provides that
the indemnification provided by Section 145 is not exclusive.

 

H.           The Company desires
and has requested the Indemnitee to serve or continue to serve as a director, officer or agent of the Company and/or one or more
subsidiaries of the Company free from undue concern for claims for damages arising out of or related to such services to the Company
and/or one or more subsidiaries of the Company.

 

I.           Indemnitee is
willing to serve, or to continue to serve, the Company and/or one or more subsidiaries of the Company, provided that he is furnished
the indemnity provided for herein.

 

AGREEMENT

 

NOW, THEREFORE, the
parties hereto, intending to be legally bound, hereby agree as follows:

 

1.           Definitions.

 

(a)           Agent.
For the purposes of this Agreement, an “agent” of the Company means any person who is or was a director, officer, employee
or other agent of the Company or a subsidiary of the Company; or is or was serving at the request of, for the convenience of, or
to represent the interests of the Company or a subsidiary of the Company as a director, officer, employee or agent of another foreign
or domestic corporation, partnership, joint venture, trust or other enterprise; or was a director, officer, employee or agent of
a foreign or domestic corporation which was a predecessor corporation of the Company or a subsidiary of the Company, or was a director,
officer, employee or agent of another enterprise at the request of, for the convenience of, or to represent the interests of such
predecessor corporation.

 

(b)           Expenses.
For purposes of this Agreement, “expenses” include all out-of-pocket costs of any type or nature whatsoever (including,
without limitation, all attorneys’ fees and related disbursements), actually and reasonably incurred by the Indemnitee in
connection with either the investigation, defense or appeal of a proceeding or establishing or enforcing a right to indemnification
under this Agreement or Section 145 or otherwise; provided, however, that “expenses” shall not include any judgments.

 

    	2

    	 

    

 

(c)           Proceeding.
For the purposes of this Agreement, “proceeding” means any threatened, pending, or completed action, suit or other
proceeding, whether civil, criminal, administrative, or investigative.

 

(d)           Reporting Event. For purposes
of this Agreement, “Reporting Event” means the Company’s initial public offering of its common stock pursuant
to an effective registration statement under the United States Securities Act of 1933, as amended, or equivalent law of another
jurisdiction, or upon such date as the Company becomes subject to the reporting requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), including, without limitation, upon consummation of a
reverse merger or upon the effectiveness of a registration statement on Form 10 filed by the Company under the Exchange Act or
equivalent document.

 

(e)           Subsidiary.
For purposes of this Agreement, “subsidiary” means any corporation of which more than 50% of the outstanding voting
securities is owned directly or indirectly by the Company, by the Company and one or more other subsidiaries, or by one or more
other subsidiaries.

 

2.           Agreement
to Serve. The Indemnitee agrees to serve and/or continue to serve as an agent of the Company, at its will (or under separate
agreement, if such agreement exists), in the capacity Indemnitee currently serves as an agent of the Company, so long as he is
duly appointed or elected and qualified in accordance with the applicable provisions of the Bylaws of the Company or any subsidiary
of the Company or until such time as he tenders his resignation in writing; provided, however, that nothing contained in this Agreement
is intended to create any right to continued employment by Indemnitee.

 

3.           Liability
Insurance.

 

(a)           Maintenance
of D&O Insurance. The Company hereby covenants and agrees that, so long as the Indemnitee shall continue to serve as an
agent of the Company and thereafter so long as the Indemnitee shall be subject to any possible proceeding by reason of the fact
that the Indemnitee was an agent of the Company, the Company, subject to Section 3(c), shall promptly obtain and maintain
in full force and effect directors’ and officers’ liability insurance (“D&O Insurance”) in reasonable
amounts from established and reputable insurers.

 

(b)           Rights and
Benefits. In all policies of D&O Insurance, the Indemnitee shall be named as an insured in such a manner as to provide
the Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s directors, if
the Indemnitee is a director; or of the Company’s officers, if the Indemnitee is not a director of the Company but is an
officer; or of the Company’s key employees, if the Indemnitee is not a director or officer but is a key employee.

 

(c)           Limitation
on Required Maintenance of D&O Insurance. Notwithstanding the foregoing, the Company shall have no obligation to obtain
or maintain D&O Insurance if the Company determines in good faith that such insurance is not reasonably available, the premium
costs for such insurance are disproportionate to the amount of coverage provided, the coverage provided by such insurance is limited
by exclusions so as to provide an insufficient benefit, or the Indemnitee is covered by similar insurance maintained by a subsidiary
of the Company.

 

    	3

    	 

    

 

4.           Mandatory
Indemnification. Subject to Section 9 below, the Company shall indemnify the Indemnitee as follows:

 

(a)           Successful
Defense. To the extent the Indemnitee has been successful on the merits or otherwise in defense of any proceeding (including,
without limitation, an action by or in the right of the Company) to which the Indemnitee was a party by reason of the fact that
he is or was an agent of the Company at any time, the Company shall indemnify the Indemnitee against all expenses of any type whatsoever
actually and reasonably incurred by him in connection with the investigation, defense or appeal of such proceeding.

 

(b)           Third Party
Actions. If the Indemnitee is a person who was or is a party or is threatened to be made a party to any proceeding (other than
an action by or in the right of the Company) by reason of the fact that he is or was an agent of the Company, or by reason of anything
done or not done by him in any such capacity, the Company shall indemnify the Indemnitee against any and all expenses and liabilities
of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes and penalties, and amounts paid in
settlement) actually and reasonably incurred by him in connection with the investigation, defense, settlement or appeal of such
proceeding, provided the Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Company and its stockholders, and, with respect to any criminal action or proceeding, had no reasonable cause
to believe his conduct was unlawful.

 

(c)           Derivative
Actions. If the Indemnitee is a person who was or is a party or is threatened to be made a party to any proceeding by or in
the right of the Company by reason of the fact that he is or was an agent of the Company, or by reason of anything done or not
done by him in any such capacity, the Company shall indemnify the Indemnitee against all expenses actually and reasonably incurred
by him in connection with the investigation, defense, settlement, or appeal of such proceeding, provided the Indemnitee acted in
good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company and its stockholders;
except that no indemnification under this subsection 4(c) shall be made in respect to any claim, issue or matter as to which
such person shall have been finally adjudged to be liable to the Company by a court of competent jurisdiction unless and only to
the extent that the court in which such proceeding was brought shall determine upon application that, despite the adjudication
of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such
amounts which the court shall deem proper.

 

(d)           Actions where
Indemnitee is Deceased. If the Indemnitee is a person who was or is a party or is threatened to be made a party to any proceeding
by reason of the fact that he is or was an agent of the Company, or by reason of anything done or not done by him in any such capacity,
and if prior to, during the pendency or after completion of such proceeding Indemnitee becomes deceased, the Company shall indemnify
the Indemnitee’s heirs, executors and administrators against any and all expenses and liabilities of any type whatsoever
(including, but not limited to, judgments, fines, ERISA excise taxes and penalties, and amounts paid in settlement) actually and
reasonably incurred to the extent Indemnitee would have been entitled to indemnification pursuant to Sections 4(a), 4(b),
or 4(c) above were Indemnitee still alive.

 

    	4

    	 

    

 

(e)           Notwithstanding
the foregoing, the Company shall not be obligated to indemnify the Indemnitee for expenses or liabilities of any type whatsoever
(including, but not limited to, judgments, fines, ERISA excise taxes and penalties, and amounts paid in settlement) for which payment
is actually made to or on behalf of Indemnitee under a valid and collectible insurance policy of D&O Insurance, or under a
valid and enforceable indemnity clause, by-law or agreement.

 

5.           Partial Indemnification.
If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of
any expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes and penalties,
and amounts paid in settlement) incurred by him in the investigation, defense, settlement or appeal of a proceeding, but not entitled,
however, to indemnification for all of the total amount hereof, the Company shall nevertheless indemnify the Indemnitee for such
total amount except as to the portion hereof to which the Indemnitee is not entitled.

 

6.           Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of the fact that the Indemnitee is or was an agent of the Company, a witness in any proceeding to which Indemnitee is not a party,
he shall be indemnified against all expenses actually and reasonably incurred by him or on his behalf in connection therewith.

 

7.           Mandatory
Advancement of Expenses. Subject to Section 9 below, the Company shall advance all expenses incurred by the Indemnitee
in connection with the investigation, defense, settlement or appeal of any proceeding to which the Indemnitee is a party or is
threatened to be made a party by reason of the fact that the Indemnitee is or was an agent of the Company. Indemnitee hereby undertakes
to repay such amounts advanced only if, and to the extent that, it shall be determined ultimately that the Indemnitee is not entitled
to be indemnified by the Company as authorized hereby. The advances to be made hereunder shall be paid by the Company to the Indemnitee
within twenty (20) days following delivery of a written request therefor by the Indemnitee to the Company. In the event that the
Company fails to pay expenses as incurred by the Indemnitee as required by this paragraph, Indemnitee may seek mandatory injunctive
relief from any court having jurisdiction to require the Company to pay expenses as set forth in this paragraph. If Indemnitee
seeks mandatory injunctive relief pursuant to this paragraph, it shall not be a defense to enforcement of the Company’s obligations
set forth in this paragraph that Indemnitee has an adequate remedy at law for damages.

 

8.           Notice and
Other Indemnification Procedures.

 

(a)           Promptly after
receipt by the Indemnitee of notice of the commencement of or the threat of commencement of any proceeding, the Indemnitee shall,
if the Indemnitee believes that indemnification with respect thereto may be sought from the Company under this Agreement, notify
the Company of the commencement or threat of commencement thereof.

 

    	5

    	 

    

 

(b)           If, at the time
of the receipt of a notice of the commencement of a proceeding pursuant to Section 8(a) hereof, the Company has D&O
Insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance
with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to
cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with
the terms of such policies.

 

(c)           In the event the
Company shall be obligated to pay the expenses of any proceeding against the Indemnitee, the Company, if appropriate, shall be
entitled to assume the defense of such proceeding, with counsel approved by the Indemnitee, upon the delivery to the Indemnitee
of written notice of its election so to do. After delivery of such notice, approval of such counsel by the Indemnitee and the retention
of such counsel by the Company, the Company will not be liable to the Indemnitee under this Agreement for any fees of counsel subsequently
incurred by the Indemnitee with respect to the same proceeding, provided that (i) the Indemnitee shall have the right to employ
his counsel in any such proceeding at the Indemnitee’s expense; and (ii) if (A) the employment of counsel by the Indemnitee
has been previously authorized by the Company, (B) the Indemnitee shall have reasonably concluded that there may be a conflict
of interest between the Company and the Indemnitee in the conduct of any such defense, or (C) the Company shall not, in fact, have
employed counsel to assume the defense of such proceeding, then the fees and expenses of Indemnitee’s counsel shall be at
the expense of the Company. The Company shall not enter into any settlement of any proceeding in which the Company is jointly liable
with Indemnitee (or would be if joined in such proceeding) unless such settlement provides for the full and final release of all
claims asserted against Indemnitee.

 

9.           Exceptions.
Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement:

 

(a)           Claims Initiated
by Indemnitee. To indemnify or advance expenses to the Indemnitee with respect to proceedings or claims initiated or brought
voluntarily by the Indemnitee and not by way of defense, unless (i) such indemnification is expressly required to be made by law,
(ii) the proceeding was authorized by the Board, (iii) such indemnification is provided by the Company, in its sole discretion,
pursuant to the powers vested in the Company under the General Corporation Law of Delaware or (iv) the proceeding is brought to
establish or enforce a right to indemnification under this Agreement or any other statute or law or otherwise as required under
Section 145;

 

(b)           Lack of Good
Faith. To indemnify the Indemnitee for any expenses incurred by the Indemnitee with respect to any proceeding instituted by
the Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material
assertions made by the Indemnitee in such proceeding was not made in good faith or was frivolous; or

 

(c)           Unauthorized
Settlements. To indemnify the Indemnitee under this Agreement for any amounts paid in settlement of a proceeding unless the
Company consents to such settlement, which consent shall not be unreasonably withheld.

 

    	6

    	 

    

 

10.           Non-exclusivity.
The provisions for indemnification and advancement of expenses set forth in this Agreement shall not be deemed exclusive of any
other rights which the Indemnitee may have under any provision of law, the Company’s Amended and Restated Certificate of
Incorporation or Bylaws, the vote of the Company’s stockholders or disinterested directors, other agreements, or otherwise,
both as to action in his official capacity and to action in another capacity while occupying his position as an agent of the Company,
and the Indemnitee’s rights hereunder shall continue after the Indemnitee has ceased acting as an agent of the Company and
shall inure to the benefit of the heirs, executors and administrators of the Indemnitee.

 

11.           Enforcement.
Any right to indemnification or advances granted by this Agreement to Indemnitee shall be enforceable by or on behalf of Indemnitee
in any court of competent jurisdiction if (i) the claim for indemnification or advances is denied, in whole or in part, or (ii)
no disposition of such claim is made within ninety (90) days of request therefor. Indemnitee, in such enforcement action, if successful
in whole or in part, shall be entitled to be paid also the expense of prosecuting his claim. It shall be a defense to any action
for which a claim for indemnification is made under this Agreement (other than an action brought to enforce a claim for expenses
pursuant to Section 7 hereof, provided that the required undertaking has been tendered to the Company) that Indemnitee is
not entitled to indemnification because of the limitations set forth in Sections 4 and 9 hereof. Neither the failure
of the Company (including its Board or its stockholders) to have made a determination prior to the commencement of such enforcement
action that indemnification of Indemnitee is proper in the circumstances, nor an actual determination by the Company (including
its Board or its stockholders) that such indemnification is improper, shall be a defense to the action or create a presumption
that Indemnitee is not entitled to indemnification under this Agreement or otherwise.

 

12.           Subrogation.
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such
rights and to enable the Company effectively to bring suit to enforce such rights.

 

13.           Survival
of Rights.

 

(a)           All agreements
and obligations of the Company contained herein shall continue during the period Indemnitee is an agent of the Company and shall
continue thereafter so long as Indemnitee shall be subject to any possible claim or proceeding by reason of the fact that Indemnitee
was serving in the capacity referred to herein.

 

(b)           The Company shall
require any successor to the Company (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business or assets of the Company, expressly to assume and agree to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform if no such succession had taken place.

 

14.           Interpretation
of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide
indemnification to the Indemnitee to the fullest extent permitted by law including those circumstances in which indemnification
would otherwise be discretionary.

 

    	7

    	 

    

 

15.           Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever,
(i) the validity, legality and enforceability of the remaining provisions of the Agreement (including without limitation, all portions
of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves
invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and (ii) to the fullest extent possible,
the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any
such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be
construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect
to Section 14 hereof.

 

16.           Modification
and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both
of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

17.           Notice.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given
(i) if delivered by hand and receipted for by the party addressee or (ii) if mailed by certified or registered mail with postage
prepaid, on the third business day after the mailing date. Addresses for notice to either party are as shown on the signature page
of this Agreement, or as subsequently modified by written notice.

 

18.           Governing
Law. This Agreement shall be governed exclusively by and construed according to the laws of the State of Delaware as applied
to contracts between Delaware residents entered into and to be performed entirely within Delaware.

 

    	8

    	 

    

 

The parties hereto
have entered into this Indemnity Agreement effective as of the date first above written.

 

	 	COMPANY:
	 	 	 
	 	Nano Vibronix, Inc.
	 	 	 
	 	 	 
	 	By:	   	 	 
	 	Name:	   	 	 
	 	Title:	   	 	 
	 	Address:	105 Maxess Road, Suite S124 Melville, NY 11747
	 	 	 
	 	 	 
	 	INDEMNITEE:
	 	 
	 	By:	 	 
	 	 	[Name of Indemnitee]
	 	Address:	 

 

 

 

 

 

 

 

 

 

 

 

 

Signature
Page to Indemnity Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}]]