Document:

NOTE
PURCHASE AGREEMENT

 

             This
Note Purchase Agreement (the "Agreement”) is made as of January 12, 2015 by and between Blue Sphere Corp. a
Nevada corporation with principal offices at 35 Asuta Street, Even Yehuda 40500, Israel (the "Company") and Tangiers
Investment Group, LLC, a Delaware LLC with principal offices at 501 West Broadway, Suite 800, San Diego, CA 92101 (the "Purchaser").
As used herein, the term “Parties” shall be used to refer to the Company and Purchaser jointly.

 

WHEREAS:

 

		A.	The
                                         Parties jointly warrant and represent that they have a pre-existing relationship prior
                                         to the date of this Agreement.

 

		B.	Purchaser
                                         warrants and represents that it is sophisticated and experienced in acquiring the debt
                                         instruments issued by small early-stage companies that have not achieve profitability,
                                         positive cash flow or both.

 

		C.	Purchaser
                                         warrants and represents that it is an “accredited investor,” as that term
                                         is defined in Rule 501 of the Securities Act of 1933, as amended (the “1933
                                         Act”).

 

		D.	Purchaser
                                         warrants and represents that prior to entering into this Agreement that it has received
                                         and completed its review of the Company’s corporate and financial statements as
                                         included in the filings and disclosures as listed for the Company with the Securities
                                         and Exchange Commission which has allowed Purchaser to make an informed investment decision
                                         with respect to purchase of that certain Convertible Promissory Note in the stated original
                                         principal amount of $220,000 (the “Note”) attached in Exhibit A and
                                         dated January 12, 2015.

 

		E.	The
                                         Purchaser acknowledges and agrees that it is acquiring the Note for investment purposes
                                         only and not with a view to a distribution.

 

		F.	The
                                         Purchaser acknowledges and agrees that: (i) the Note is a “restricted security,”
                                         as that term is defined in the 1933 Act and (ii) no registration rights have been granted
                                         to Purchaser to register the Note.

 

NOW
THEREFORE THE PARTIES AGREE AS FOLLOWS:

 

Section
1.         SALE AND ISSUANCE OF THE NOTE. In consideration of the Company’s
receipt of the initial sum of $60,000 at Closing (as defined in Section 2.1), the Company shall sell to the Purchaser, and the
Purchaser shall purchase from the Company (the “Issuance”) the Note upon the terms set forth in this Agreement.

 

Blue Sphere
Corp.

$220,000 Note
Purchase Agreement

January 12,
2015

 

    	1

    	 

    

 

Section
2.         THE CLOSING.

 

2.1.
       PLACE OF CLOSING AND PROCEDURE AT CLOSING. The closing of the issuance of the Note to
the Purchaser (the "Closing") shall take place simultaneously with and upon the satisfaction of the following
conditions:

 

(1)         the
Company’s execution and delivery to the Purchaser of the following: (a) an executed copy of this Agreement; (b) an executed
copy of the Note; (c) a signed copy of the Irrevocable Instructions to the Transfer Agent; and (d) that certain Action of the
Board of Directors, dated January 12, 2015 (the “Action of the Board of Directors”), a copy of which is attached
hereto as Exhibit A, signed by the Directors of the Company.

 

(2)         the
Purchaser’s execution of a wire transfer to the Company no later than 2 business days following the Closing as follows:
the sum of $55,000 in cash shall be remitted and delivered to the Company and $5,000 shall be retained by the Purchaser through
an original issue discount for due diligence and legal bills related to this transaction.

 

(3)         the
Purchaser reserves the right to pay additional consideration at any time and in any amount it desires, up to the total face value
of the Note, at its sole discretion.

 

Section
3.          REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The
Company hereby represents and warrants to the Purchaser as follows:

 

3.1.
       ORGANIZATION. The Company is duly organized, validly existing and in good standing under
the laws of the State of Nevada and is qualified to conduct its business as a foreign corporation in each jurisdiction where the
failure to be so qualified would have a material adverse effect on the Company.

 

3.2.
       AUTHORIZATION OF AGREEMENT, ETC. The execution, delivery and performance by the Company
of this Agreement, the Note, and each other document or instrument contemplated hereby or thereby (collectively, the "Financing
Documents") have been duly authorized by all requisite corporate action by the Company and delivered by the Company.
Each of the Financing Documents, when executed and delivered by the Company, constitutes a valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
fraudulent conveyance, moratorium or other similar laws affecting creditors' rights and remedies generally, and subject as to
enforceability to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

Section
4.          REPRESENTATIONS AND WARRANTIES OF THE PURCHASER.

 

The
Purchaser hereby represents and warrants to the Company as follows:

 

4.1.
       AUTHORIZATION OF THE DOCUMENTS. Purchaser has all requisite power and authority (corporate
or otherwise) to execute, deliver and perform the Financing Documents to which it is a party and the transactions contemplated
thereby, and the execution, delivery and performance by such Purchaser of the Financing Documents to which it is a party have
been duly authorized by all requisite action by such Purchaser and each such Financing Document, when executed and delivered by
the Purchaser, constitutes a valid and binding obligation of such Purchaser, enforceable against such Purchaser in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar
laws affecting creditors' rights and remedies generally, and subject, as to enforceability, to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

Blue Sphere
Corp.

$220,000 Note
Purchase Agreement

January 12,
2015

 

    	2

    	 

    

 

4.2.
        INVESTMENT REPRESENTATIONS. The Purchaser warrants and represents that:

 

		(a)	the
                                         Purchaser is an accredited investor (as that term is defined in Rule 501(a)(1) of Regulation
                                         D of the 1933 Act;

 

		(b)	the
                                         Purchaser is sophisticated and experienced in acquiring the securities of small public
                                         companies;

 

		(c)	the
                                         Purchaser has reviewed the Company’s Annual and Quarterly Reports together with
                                         the audited financial statements contained therein;

 

		(d)	the
                                         Purchaser has had sufficient opportunity to review and evaluate the risks and uncertainties
                                         associated with the purchase of the Company’s securities;

 

		(e)	the
                                         Purchaser is acquiring the Note from the Company for investment purposes only and not
                                         with a view to a distribution.

 

4.3
         RESTRICTED SECURITY.    Purchaser understands and acknowledges
that the Note has not been, and when issued will not be, registered with the Securities and Exchange Commission. Purchaser warrants
and represents that it has fully reviewed the restricted securities legend and the terms thereof with its financial, legal, investment,
and business advisors and that it has not relied upon the Company or any other person for any advice in connection with the purchase
of the Note, this Agreement, or both of them.

 

4.4
         LEGAL COUNSEL.   Purchaser has consulted with its own independent
legal, tax, investment, and other advisors of its own choosing prior to entering into this Agreement.

 

4.5
         ABSENCE OF REGISTRATION RIGHTS. Purchaser understands and agrees that it
is not acquiring and has not been granted any registration rights with respect to the Note. The Note is a restricted security
and the Purchaser understands that there is no trading market for the Note and no such market will likely ever develop.

 

Section
5.          BROKERS AND FINDERS.

 

The
Company shall not be obligated, unless previously detailed in Section 2.1(2), to pay any commission, brokerage fee or finder's
fee based on any alleged agreement or understanding between the Purchaser and a third person in respect of the transactions contemplated
hereby. The Purchaser hereby agrees to indemnify the Company against any claim by any third person for any commission, brokerage
or finder's fee or other payment with respect to this Agreement or the transactions contemplated hereby based on any alleged agreement
or understanding between the Purchaser and such third person, whether express or implied from the actions of the Purchaser.

 

Blue Sphere
Corp.

$220,000 Note
Purchase Agreement

January 12,
2015

 

    	3

    	 

    

 

Section
6.          SUCCESSORS AND ASSIGNS.

 

This Agreement
shall bind and inure to the benefit of the Company, the Purchaser and their respective successors and assigns.

 

Section
7.          ENTIRE AGREEMENT.

 

This
Agreement and the other writings and agreements referred to in this Agreement or delivered pursuant to this Agreement contain
the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings
among the parties with respect thereto.

 

Section
8.          NOTICES.

 

All
notices, demands and requests of any kind to be delivered to any party in connection with this Agreement shall be personally served,
sent via facsimile or e-mail, or sent in writing via an internationally recognized overnight courier or by registered or certified
mail, return receipt requested and postage prepaid to the address of each party listed on the first page of this Agreement or
to such other address as the party to whom notice is to be given may have furnished to the other parties to this Agreement in
writing in accordance with the provisions of this Section 8. Any such notice or communication shall be deemed to have been received
(i) in the case of personal delivery, on the date of such delivery, (ii) in the case of facsimile or e-mail, immediately (iii)
in the case of an internationally-recognized overnight courier, on the next business day after the date when sent and (iv) in
the case of mailing, on the third business day following that on which the piece of mail containing such communication is posted.

 

Section
9.          AMENDMENTS.

 

This Agreement
may not be modified or amended, or any of the provisions of this Agreement waived, except by written agreement of the Company
and the Purchaser.

 

Section
10.          ATTORNEYS’ FEES.

 

In the event
of a dispute between the parties concerning the enforcement or interpretation of this Agreement, the prevailing party in such
dispute, whether by legal proceedings or otherwise, shall be reimbursed immediately for the reasonably incurred attorneys' fees
and other costs and expenses by the other parties to the dispute.

 

Section
11.          GOVERNING LAW AND ARBITRATION.

 

All
questions concerning the construction, interpretation and validity of this Agreement shall be governed by and construed and enforced
in accordance with the domestic laws of the State of California without giving effect to any choice or conflict of law provision
or rule (whether in the State of California or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of California. In furtherance of the foregoing, the internal law of the State of California will control
the interpretation and construction of this Agreement, even if under such jurisdiction's choice of law or conflict of law analysis,
the substantive law of some other jurisdiction would ordinarily or necessarily apply.

 

Blue Sphere
Corp.

$220,000 Note
Purchase Agreement

January 12,
2015

 

    	4

    	 

    

 

Section
12.          CAPTIONS AND EXHIBIT A.

 

The
captions by which the sections and subsections of this Agreement are identified are for convenience only, and shall have no effect
whatsoever upon its interpretation. Exhibit A is attached hereto and each of the attachments listed in Exhibit A are each with
Exhibit A incorporated by reference herein.

 

Section
13.          SEVERANCE.

 

If
any provision of this Agreement is held to be illegal or invalid by a court of competent jurisdiction, such provision shall be
deemed to be severed and deleted; and neither such provision, nor its severance and deletion, shall affect the validity of the
remaining provisions.

 

Section
14.          COUNTERPARTS.

 

This
Agreement may be executed in any number of counterparts, and each such counterpart of this Agreement shall be deemed to be an
original instrument, but all such counterparts together shall constitute but one agreement. Facsimile counterpart signatures to
this Agreement shall be acceptable and binding.

 

[The
remainder of this page has been left intentionally blank.]

 

Blue Sphere
Corp.

$220,000 Note
Purchase Agreement

January 12,
2015

 

    	5

    	 

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Note

Purchase
Agreement as of the date first written above.

 

	 	FOR THE COMPANY:	 
	 	 	 
	 	Blue Sphere Corp.	 
	 	 	 
	 	By: ___	 
	 	 	 
		 
		 

 

	 	Name: _Shlomi Palas___________________________________	 
	 	 	 
	 	Its: CEO____________________________________	 

 

	 	FOR THE PURCHASER:	 
	 	 	 
	 	Tangiers Investment Group, LLC	 
	 	 	 
	 	                                        By:
    ________________________________	 
	 	 	 
	 	                                        Name:
    	 
	 	 	 
	 	Its:  Managing Member	 

 

[SIGNATURE
PAGE TO NOTE PURCHASE AGREEMENT]

 

[The
remainder of this page has been left intentionally blank.]

 

Blue Sphere
Corp.

$220,000 Note
Purchase Agreement

January 12,
2015

 

    	6

    	 

    

 

EXHIBIT
A

 

(Copy
of Convertible Promissory Note, Board Resolution, and Irrevocable Instructions to Stock Transfer Agent, are each attached hereto.)

 

1.          Copy
of Convertible Promissory Note

 

2.          Copy
of the Board Resolution of the Borrower

 

3.          Copy
of Irrevocable Instructions to Stock Transfer Agent

 

[The
remainder of this page has been left intentionally blank.]

 

Blue Sphere
Corp.

$220,000 Note
Purchase Agreement

January 12,
2015

 

    	7Exhibit 10.6

 

Note: January 12, 2015

 

NEITHER THESE SECURITIES NOR THE SECURITIES
INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

 

THIS NOTE DOES NOT REQUIRE PHYSICAL
SURRENDER OF THE NOTE IN THE EVENT OF A PARTIAL REDEMPTION OR CONVERSION. AS A RESULT, FOLLOWING ANY REDEMPTION OR CONVERSION OF
ANY PORTION OF THIS NOTE, THE OUTSTANDING PRINCIPAL AMOUNT REPRESENTED BY THIS NOTE MAY BE LESS THAN THE PRINCIPAL AMOUNT AND ACCRUED
INTEREST SET FORTH BELOW.

 

10% CONVERTIBLE PROMISSORY NOTE

 

OF

 

BLUE
SPHERE CORP.

 

Issuance Date: January 12, 2015

Total Face Value of Note: $220,000

 

This
Note is a duly authorized Convertible Promissory Note of Blue Sphere Corp. a corporation duly organized and existing under
the laws of the State of Nevada (the “Company”), designated as
the Company's 10% Convertible Promissory Note due January 12, 2016 (“Maturity Date”) in the principal amount
of $220,000 (the “Note”).

 

For
Value Received, the Company hereby promises to pay to the order of Tangiers Investment Group, LLC or its registered
assigns or successors-in-interest (“Holder”) the principal sum of up to $220,000 and to pay “guaranteed”
interest on the principal balance hereof (which principal balance shall be increased by the Holder’s payment of additional
consideration as set forth herein and which increase shall also include the prorated amount of the original issue discount in connection
with Holders payment of additional consideration) at the rate of 10%, all of which “guaranteed” interest shall be deemed
earned as of the date of each such payment of additional consideration by the Holder on the Maturity Date, to the extent such principal
amount and “guaranteed” interest have been repaid or converted into the Company's Common Stock, $0.001 par value per
share (the “Common Stock”), in accordance with the terms hereof.

 

$220,000 Convertible Note

Blue Sphere Corp.

Tangiers Investment Group, LLC

 

    	1

    	 

    

 

The initial Purchase
Price will be $60,000 of consideration upon execution of the Note Purchase Agreement and all supporting documentation. The sum
of $55,000 shall be remitted and delivered to the Company, and $5,000 shall be retained by the Purchaser through an original issue
discount for due diligence and legal bills related to this transaction. The Holder reserves the right to pay additional consideration
at any time and in any amount it desires, up to the total face value of this Note, at its sole discretion. The principal sum (including
the prorated amount of the original issue discount) owed by the Company shall be prorated to the amount of consideration paid by
the Holder and only the consideration received by the Company, plus prorated “guaranteed” interest and other fees and
prorated original issue discount, shall be deemed owed by the Company. The original issue discount is set at 10% of any consideration
paid. The Company is not responsible to repay any unfunded portion of this Note.

 

In addition to the
“guaranteed” interest referenced above, and in the Event of Default pursuant to Section 2(e), additional interest will
accrue from the date of the Event of Default at the rate equal to the lower of 20% per annum or the highest rate permitted by law
(the “Default Rate”).

 

This Note may be prepaid
according to the following schedule: Between 1 and 180 days from the date of execution, this Note may be prepaid for 145% of face
value plus accrued interest. After 180 days from the date of execution until the Due Date, this Note may not be prepaid without
written consent from Tangiers. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not
a Business Day (as defined below), the same shall instead be due on the next succeeding day which is a Business Day.

 

For purposes hereof
the following terms shall have the meanings ascribed to them below:

 

“Business
Day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the City of New York
are authorized or required by law or executive order to remain closed.

 

“Conversion
Price” shall be equal to 55% of the lowest trading price of the Company’s common stock during the 20 consecutive
trading days prior to the date on which Holder elects to convert all or part of the Note. If the Company is placed on “chilled”
status with the Depository Trust Company (“DTC”), the discount shall be increased by 10% until such chill is
remedied. If the Company is not Deposits and Withdrawal at Custodian (“DWAC”) eligible through their Transfer
Agent and the Depository Trust Company’s (“DTC”) Fast Automated Securities Transfer (“FAST”)
system, the discount will be increased by 5%. In the case of both, the discount shall be a cumulative 15%.

 

“Principal
Amount” shall refer to the sum of (i) the original principal amount of this Note (including the prorated amount of
the original issue discount), (ii) all accrued but unpaid interest hereunder, and (iii) any default payments owing under the Note
but not previously paid or added to the Principal Amount.

 

“Trading
Day” shall mean a day on which there is trading on the Principal Market.

 

“Underlying
Shares” means the shares of common stock into which the Note is convertible (including interest or principal payments
in common stock as set forth herein) in accordance with the terms hereof.

 

$220,000 Convertible Note

Blue Sphere Corp.

Tangiers Investment Group, LLC

 

    	2

    	 

    

 

The following terms
and conditions shall apply to this Note:

 

Section 1.00 Conversion.

 

(a)          Conversion
Right. Subject to the terms hereof and restrictions and limitations contained herein, the Holder shall have the right, at the
Holder's option, at any time to convert the outstanding Principal Amount and interest under this Note in whole or in part.

 

(b)          The
date of any Conversion Notice hereunder and any Payment Date shall be referred to herein as the “Conversion Date”.

 

(i)          Stock
Certificates or DWAC. The Company will deliver to the Holder, or Holder’s authorized designee, no later than two 2 Trading
Days after the Conversion Date, a certificate or certificates (which certificate(s) shall be free of restrictive legends and trading
restrictions) representing the number of shares of Common Stock being acquired upon the conversion of this Note. In lieu of delivering
physical certificates representing the shares of Common Stock issuable upon conversion of this Note, provided the Company's transfer
agent is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”)
program, upon request of the Holder, the Company shall use commercially reasonable efforts to cause its transfer agent to electronically
transmit such shares issuable upon conversion to the Holder (or its designee), by crediting the account of the Holder’s (or
such designee’s) prime broker with DTC through its Deposits and Withdrawal at Custodian (“DWAC”) program
(provided that the same time periods herein as for stock certificates shall apply).

 

(ii)         
Charges, Expenses. Issuance of Common Stock to Holder, or any of its assignees, upon the conversion of this Note shall
be made without charge to the Holder for any issuance fee, transfer tax, postage/mailing charge or any other expense with
respect to the issuance of such Common Stock. Company shall pay all Transfer Agent fees incurred from the issuance of the Common
stock to Holder and acknowledges that this is a material obligation of this Note.

 

If the Company fails
to deliver to the Holder such certificate or certificates (or shares through DTC) pursuant to this Section (free of any restrictions
on transfer or legends) prior to 3 Trading Days after the Conversion Date, the Company shall pay to the Holder as liquidated damages
an amount equal to $2,000 per day, until such certificate or certificates are delivered. The Company acknowledges that it would
be extremely difficult or impracticable to determine the Holder’s actual damages and costs resulting from a failure to deliver
the Common Stock and the inclusion herein of any such additional amounts are the agreed upon liquidated damages representing a
reasonable estimate of those damages and costs. Such liquidated damages will be automatically added to the Principal Amount of
the Note.

 

$220,000 Convertible Note

Blue Sphere Corp.

Tangiers Investment Group, LLC

 

    	3

    	 

    

 

(c)          Reservation
and Issuance of Underlying Securities. The Company covenants that it will at all times reserve and keep available out of its
authorized and unissued Common Stock solely for the purpose of issuance upon conversion of this Note (and repayments in Common
Stock), free from preemptive rights or any other actual contingent purchase rights of persons other than the Holder, not less
than five times the number of shares of Common Stock as shall be issuable (taking into account the adjustments under this Section
1 but without regard to any ownership limitations contained herein) upon the conversion of this Note to Common Stock (the “Required
Reserve”). These shares shall be reserved in proportion with the consideration actually received by the Company and the total
sharers reserved will be increased with future payments of consideration by Holder to ensure the Required Reserve is met. The Company
covenants that all shares of Common Stock that shall be issuable will, upon issue, be duly authorized, validly issued, fully-paid,
non-assessable and freely-tradable. If the amount of shares on reserve at the Transfer Agent for this Note in Holder’s name
shall drop below the Required Reserve, the Company will, within two (2) business days of written notification from Holder, instruct
the Transfer Agent to increase the number of shares so that the Required Reserve is met. The Company agrees that this is a material
term of this Note and any breach of this will result in a default of the Note.

 

(d)          Conversion
Limitation. The Holder will not submit a conversion to the Company that would result in the Holder owning more than 9.99% of
the then total outstanding shares of the Company (“Restricted Ownership Percentage”).

 

Section 2.00         
Defaults and Remedies.

 

(e)  Events
of Default.  An “Event of Default” is: (i) a default in payment of any amount due hereunder which
default continues for more than 5 business days after the due date; (ii) a default in the timely issuance of underlying shares
upon and in accordance with terms hereof, which default continues for 3 Business Days after the Company has failed to issue shares
or deliver stock certificates within the 3rd day following the Conversion Date; (iii) failure by the Company for 3 days after notice
has been received by the Company to comply with any material provision of the Note Purchase Agreement; (iv) failure of the Company
to remain compliant with DTC, thus incurring a “chilled” status with DTC; (v) if the Company is subject to any Bankruptcy
Event; (vi) any failure of the Company to satisfy its “filing” obligations under the rules and guidelines issued by
OTC Markets News Service, OTC Markets.com and their affiliates; (vii) any failure of the Company to provide the Holder with information
related to the corporate structure including, but not limited to, the number of authorized and outstanding shares, public float,
etc. within 1 day of request by Holder; (viii) failure to have sufficient number of authorized but unissued shares of the Company’s
Common Stock available for any conversion; (ix) failure of Company’s Common Stock to maintain a bid price in its trading
market which occurs for at least 3 consecutive Trading Days; (x) any delisting for any reason; (xi) failure by Company to pay any
of its Transfer Agent fees or to maintain a Transfer Agent of record; (xii) any trading suspension imposed by the Securities and
Exchange Commission under Sections 12(j) or 12(k) of the 1934 Act; (xiii) any breach of Section 1.00 (c); or (xiv) any default
after any cure period under, or acceleration prior to maturity of, any mortgage, indenture or instrument under which there may
be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company in excess of $50,000
or for money borrowed the repayment of which is guaranteed by the Company in excess of $50,000, whether such indebtedness or guarantee
now exists or shall be created hereafter;

 

$220,000 Convertible Note

Blue Sphere Corp.

Tangiers Investment Group, LLC

 

    	4

    	 

    

 

Remedies. If an
Event of Default occurs and is continuing with respect to the Note, the Holder may declare all of the then outstanding Principal
Amount of this Note, including any interest due thereon, to be due and payable immediately without further action or notice. In
the event of such acceleration, the amount due and owing to the Holder shall be increased to 150% of the outstanding Principal
Amount of the Note held by the Holder plus all accrued and unpaid interest, fees, and liquidated damages, if any. Additionally,
this Note shall accrue interest on any unpaid principal from and after the occurrence and during the continuance of an Event of
Default at a rate of 20%. Finally, the Note will accrue liquidated damages of $1,000 per day from and after the occurrence and
during the continuance of an Event of Default. The Company acknowledges that it would be extremely difficult or impracticable to
determine the Holder’s actual damages and costs resulting from an Event of Default and any such additional amounts are the
agreed upon liquidated damages representing a reasonable estimate of those damages and costs. The remedies under this Note shall
be cumulative and automatically added to the principal value of the Note.

 

Section 3.00 General.

 

(f) Payment of Expenses.
The Company agrees to pay all reasonable charges and expenses, including attorneys' fees and expenses, which may be incurred by
the Holder in successfully enforcing this Note and/or collecting any amount due under this Note.

 

(g) Assignment, Etc.
The Holder may assign or transfer this Note to any transferee at its sole discretion. This Note shall be binding upon the Company
and its successors and shall inure to the benefit of the Holder and its successors and permitted assigns.

 

(h) Governing
Law; Jurisdiction.

 

(i)          Governing
Law. This note will be governed by and construed in accordance with the laws of the state of California without regard to any
conflicts of laws or provisions thereof that would otherwise require the application of the law of any other jurisdiction.

 

(ii)         Jurisdiction.
Any dispute or claim arising to or in any way related to this Note or the rights and obligations of each of the parties hereto
shall be settled by binding arbitration in San Diego, California. All arbitration shall be conducted in accordance with the rules
and regulations of the American Arbitration Association ("AAA"). AAA shall designate an arbitrator from an approved
list of arbitrators following both parties' review and deletion of those arbitrators on the approved list having a conflict of
interest with either party. The Company agrees that a final non-appealable judgment in any such suit or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on such judgment or in any other lawful manner.

 

(ii)         No
Jury Trial. The Company hereto knowingly and voluntarily waives any and all rights it may have to a trial by jury with respect
to any litigation based on, or arising out of, under, or in connection with, this note.

 

$220,000 Convertible Note

Blue Sphere Corp.

Tangiers Investment Group, LLC

 

    	5

    	 

    

 

IN WITNESS WHEREOF, the Company
has caused this Convertible Promissory Note to be duly executed on the day and in the year first above written.

 

	 	BLUE SPHERE CORP.
	 	 	 
	 	By:	/s/ Shlomi Palas
	 	 
	 	Name: Shlomi Palas
	 	 
	 	Title: CEO
	 	 
	 	Date: 1/12/2015

 

This Note is acknowledged as:     Note
of January 12, 2015 

 

$220,000 Convertible Note

Blue Sphere Corp.

Tangiers Investment Group, LLC

 

    	6

    	 

    

 

EXHIBIT A

 

FORM OF CONVERSION NOTICE

 

(To be executed by the Holder in order
to convert that certain $220,000 Convertible Promissory Note identified as the Note)

 

	DATE:	____________________________
	 	 
	FROM:	Tangiers Investment Group, LLC
	 	 
	Re:	$220,000 Convertible Promissory Note (this “Note”) originally issued by BLUE SPHERE CORP., a Nevada corporation, to Tangiers Investment Group, LLC on January 12, 2015.

 

The undersigned
on behalf of Tangiers Investment Group, LLC, hereby elects to convert $_______________________ of the aggregate outstanding
Principal Amount (as defined in the Note) indicated below of this Note into shares of Common Stock, $0.001 par value per share,
of BLUE SPHERE CORP. (the “Company”) according
to the conditions hereof, as of the date written below. If shares are to be issued in the name of a person other than undersigned,
the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions
as reasonably requested by the Company in accordance therewith. No fee will be charged to the holder for any conversion, except
for such transfer taxes, if any. The undersigned represents as of the date hereof that, after giving effect to the conversion of
this Note pursuant to this Conversion Notice, the undersigned will not exceed the “Restricted Ownership Percentage”
contained in this Note.

 

	Conversion information:	 
	 	Date to Effect Conversion
	 	 
	 	 
	 	Aggregate Principal Amount of Note Being Converted
	 	 
	 	 
	 	Aggregate Interest on Amount Being Converted
	 	 
	 	 
	 	Number of Shares of Common Stock to be Issued
	 	 
	 	 
	 	Applicable Conversion Price
	 	 
	 	 
	 	Signature 
	 	 
	 	 
	 	Name
	 	 
	 	 
	 	Address

 

$220,000 Convertible Note

Blue Sphere Corp.

Tangiers Investment Group, LLC

 

    	7

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