Document:

EXHIBIT 4.3

 

 

WARRANT AGREEMENT

 

NanoVibronix, Inc.

 

and

 

VStock Transfer, LLC., as Warrant Agent

 

WARRANT AGREEMENT

 

THIS WARRANT AGREEMENT (this “Agreement”),
dated as of ____________, 2014, is by and between NanoVibronix, Inc., a Delaware corporation (the “Company”),
and VStock Transfer, LLC, a _______________________, as Warrant Agent (the “Warrant Agent”).

 

WHEREAS, the Company is engaged in an initial
public offering (the “Offering”) of units consisting of common stock of the Company, par value $0.001
per share (“Common Stock”) and warrants to purchase shares of Common Stock of the Company (“Warrants”)
and, in connection therewith, has determined to issue and deliver up to ____________ Warrants to public investors in the Offering,
each such Warrant evidencing the right of the holder thereof to purchase one share of Common Stock of the Company for $_____ per
share, subject to adjustment as described herein; and

 

WHEREAS, the Company has filed with the
Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1, No. 333-193784
(the “Registration Statement”) and prospectus (the “Prospectus”), for the registration,
under the Securities Act of 1933, as amended (the “Securities Act”), of the shares of Common Stock
to be sold in the Offering, the Warrants to be sold in the Offering and the shares of Common Stock underlying the Warrants; and

 

WHEREAS, the Company desires the Warrant
Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration,
transfer, exchange, redemption and exercise of the Warrants; and

 

WHEREAS, the Company desires to provide
for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights,
limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and things have been done
and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf
of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

 

NOW, THEREFORE, in consideration of the
mutual agreements herein contained, the parties hereto agree as follows:

 

		1.	Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the
Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and
conditions set forth in this Agreement.

 

		2.	Warrants.

 

		2.1	Form of Warrant. Each Warrant shall be issued in registered form only and shall be in substantially the form of Exhibit A
hereto, the provisions of which are incorporated herein. Each Warrant shall be signed by, or bear the facsimile signature of, the
Chairman of the Board, President, Chief Executive Officer, Secretary or other principal officer of the Company. In the event the
person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person
signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such
at the date of issuance.

 

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		2.2	Effect of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant
shall be invalid and of no effect and may not be exercised by the holder thereof.

 

		2.3	Registration.

 

		2.3.1	Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the
registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants,
the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and
otherwise in accordance with instructions delivered to the Warrant Agent by the Company.

 

		2.3.2	Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant
Agent may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered
Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation
of ownership or other writing on the Warrant Certificate (as defined below) made by anyone other than the Company or the Warrant
Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary.

 

		3.	Terms and Exercise of Warrants.

 

		3.1	Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject
to the provisions of such Warrant and of this Warrant Agreement, to purchase from the Company the number of Shares of Common Stock
stated therein, at the price of $___ per share, subject to the adjustments provided in  Section 4 hereof and in
the last sentence of this  Section 3.1 . The term “Warrant Price” as used in this Warrant
Agreement shall mean the price per share at which Shares of Common Stock may be purchased at the time a Warrant is exercised.

 

		3.2	Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”)
commencing on the date of issuance thereof and ending on the earlier of: (a) _________, 2019; (b) the trading day preceding the
date on which such Warrants are redeemed pursuant to Section 3.4 below, or (c) upon the dissolution and winding up of the Company
(the “Expiration Date”); provided, however, that the exercise of any Warrant shall be subject
to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below with respect to an effective registration
statement. Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights
in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date.

 

		3.3	Exercise of Warrants.

 

		3.3.1	Payment. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Warrant
Agent, may be exercised by the Registered Holder thereof by surrendering it, at the office of the Warrant Agent in Nassau County,
Village of Woodmere and State of New York, or at the office of its successor as Warrant Agent, in the Borough of Manhattan , City
and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by paying in full the Warrant
Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection
with the exercise of the Warrant, the exchange of the Warrant for the Shares of Common Stock and the issuance of such Shares of
Common Stock, in lawful money of the United States, in good certified check or good bank draft payable to the order of the Company.

 

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		3.3.2	Issuance of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of
the funds in payment of the Warrant Price, the Company shall issue to the Registered Holder of such Warrant a certificate or certificates
for the number of full Shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed
by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares
as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver
any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless
a registration statement under the Securities Act with respect to the Common Stock underlying the Warrants is then effective and
a prospectus relating thereto is current, [subject to the Company’s satisfying its obligations under  Section 6.4.]
No Warrant shall be exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant
unless the shares of Common Stock issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt under
the securities laws of the state of residence of the Registered Holder of the Warrant. In the event that the conditions in the
two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled
to exercise such Warrant and such Warrant may have no value and expire worthless. In no event shall the Company be required to
net cash settle any Warrant.

 

		3.3.3	Valid Issuance. All Common Stock issued or issuable upon the proper exercise of a Warrant in conformity with this Agreement
shall be validly issued, fully paid and nonassessable.

 

		3.3.4	Date of Issuance. Each person in whose name any certificate for the Common Stock is issued shall for all purposes be
deemed to have become the holder of record of such Common Stock on the date on which the Warrant was surrendered and payment of
the Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender
and payment is a date when the share transfer books of the Company are closed, such person shall be deemed to have become the holder
of such shares at the close of business on the next succeeding date on which the share transfer books are open.

 

		3.4	Redemption of Warrants.

 

		3.4.1	The Company may call the Warrants for redemption at a price of $0.01 per Warrant, upon not less than 30 days’ prior written
notice of redemption to each Warrant holder, at any time after such Warrants have become exercisable pursuant to Section 3.2, if,
and only if, (i) the Closing Price (defined below) has equaled or exceeded $[_____] per share for any 10 trading days within a
30-trading-day period ending on the third trading day prior to the notice of redemption to Warrant holders,  (ii) at all times
between the date of such notice of redemption and the redemption date a registration statement is in effect and a current prospectus
is available covering the shares of Common Stock issuable upon exercise of the Warrants and (iii) at all times between the date of such notice of redemption and the redemption date the shares
of Common Stock issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt under the securities
laws of the state of residence of the Registered Holder of the Warrant, provided that if only a portion of the Warrants satisfy each redemption criteria at the time the redemption
right is exercised, then only the Warrants that satisfy each redemption criteria shall be redeemed, and any Warrants not eligible
for redemption at such time will remain outstanding and will remain subject to the Company’s redemption right.

 

		3.4.2	The “Closing Price” of the Common Stock on any date of determination means:

 

(a)    the
closing sale price for the regular trading session (without considering after hours or other trading outside regular trading session
hours) of the Common Stock (regular way) as reported in the composite transactions for the principal United States securities exchange
on which the Common Stock is so listed on that date (or, if no closing price is reported, the last reported sale price during that
regular trading session), or

 

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(b)    if
the Common Stock is not so listed, the last quoted sales price for the Common Stock in the over-the-counter market as reported
by the OTC Bulletin Board, the National Quotation Bureau or similar organization, or

 

(c)    if
the Common Stock is not so quoted, the average of the mid-point of the last bid and ask prices for the Common Stock from at least
three nationally recognized investment-banking firms that the Company selects for this purpose.

 

		4.	Adjustments.

 

		4.1	Stock Dividends.

 

		4.1.1	Split-Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in Common Stock, or by a split-up of Common Stock or other similar
event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be increased in proportion to such increase in the outstanding shares of Common Stock.

 

		4.1.2	Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make
a distribution in cash, securities or other assets to the holders of shares of Common Stock on account of such Common Stock (or
other shares of the Company’s capital stock into which the Warrants are convertible), other than  as described in  subsection
4.1.1 above (any such non- excluded event being referred to herein as a “Dividend”), then the Warrant
Price shall be decreased, effective immediately after the effective date of such Dividend, by the amount of cash and/or the fair
market value (as determined by the Board, in good faith) of any securities or other assets paid on each share of Common Stock in
respect of such Dividend.

 

		4.2	Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.6 hereof, the number
of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of
Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification
or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to
such decrease in outstanding shares of Common Stock.

 

		4.3	Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants
is adjusted, as provided in  subsection 4.1.1 or 4.2 above, the Warrant Price shall be adjusted (to the nearest cent)
by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the
number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the
denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

 

		4.4	Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
shares of Common Stock (other than a change under  subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely
affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into
another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not
result in any reclassification or reorganization of the outstanding shares of the Common Stock), or in the case of any sale or
conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an
entirety in connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase
and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of the Common
Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the
kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have
received if such holder had exercised his, her or its Warrant(s) immediately prior to such event. If any reclassification or reorganization
also results in a change in the Common Stock covered by subsection 4.1.1, then such adjustment shall be made pursuant to  subsection
4.1.1 or Sections 4.2,  4.3 and this Section 4.4. The provisions of this  Section 4.4 shall
similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

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		4.5	Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise
of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting
from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise
of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.
Upon the occurrence of any event specified in  Sections 4.1, 4.2, 4.3 or 4.4, the Company shall give written notice
of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register,
of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the
legality or validity of such event.

 

		4.6	No Fractional Shares. Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company
shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the
holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company
shall, upon such exercise, round to the nearest whole number, the number of the shares of Common Stock to be issued to such holder.

 

		4.7	Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4,
and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants
initially issued pursuant to this Agreement;  provided,  however, that the Company may at any time in its sole
discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance
thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or
otherwise, may be in the form as so changed.

 

		4.8	Other Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections
of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order
to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then,
in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm
of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by
the Warrants is necessary to effectuate the intent and purpose of this  Section 4 and, if they determine that an
adjustment is necessary, the terms of such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent
with any adjustment recommended in such opinion.

 

		5.	Transfer and Exchange of Warrants.

 

		5.1	Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant
upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and
accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number
of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered
by the Warrant Agent to the Company from time to time upon request.

 

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		5.2	Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request
for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested
by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants.  

 

		5.3	Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which
shall result in the issuance of a warrant certificate for a fraction of a warrant.

 

		5.4	Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance
with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5.

 

		6.	Other Provisions Relating to Rights of Holders of Warrants.

 

		6.1	No Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder
of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive
rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of
directors of the Company or any other matter.

 

		6.2	Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company
and the Warrant Agent may on such terms as to indemnity bond or otherwise as they may in their discretion impose (which shall,
in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as
the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation
of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by
anyone.

 

		6.3	Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but
unissued shares of Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant
to this Agreement.

 

		6.4	Registration of Common Stock.   The Company registered the shares of Common Stock and Warrants underlying
the Warrants in the Registration Statement. The Company will use its reasonable best efforts to maintain the effectiveness of such
Registration Statement and the current status of the Prospectus or to file and maintain the effectiveness of another registration
and another current prospectus covering the shares of Common Stock issuable upon exercise of the Warrants at any time that the
Warrants are exercisable. In addition, the Company agrees to use its reasonable best efforts to register such shares of Common
Stock under the blue sky laws of the states of residence of the exercising Warrant holders to the extent an exemption from such
registration is not available.

 

		7.	Concerning the Warrant Agent and Other Matters.

 

		7.1	Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the
Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants,
but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

		7.2	Resignation, Consolidation, or Merger of Warrant Agent.

 

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		7.2.1	Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its
duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing
to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment
within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant
Agent or by the holder of a Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder
of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor
Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall
be a corporation organized and existing under the laws of the State of New York, in good standing and having its principal office
in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and
subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested
with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as
if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or
appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring
to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request
of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities,
duties, and obligations.

 

		7.2.2	Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give
notice thereof to the predecessor Warrant Agent and the Transfer Agent for the Common Stock not later than the effective date of
any such appointment.

 

		7.2.3	Merger or Consolidation of Warrant Agent. Any company into which the Warrant Agent may be merged or with which it may
be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall
be the successor Warrant Agent under this Agreement without any further act.

 

		7.3	Fees and Expenses of Warrant Agent.

 

		7.3.1	Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent
hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures
that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

		7.3.2	Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant
Agent for the carrying out or performing of the provisions of this Agreement.

 

		7.4	Liability of Warrant Agent.

 

		7.4.1	Reliance on Company Statement. Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent
shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering
any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the President or Chairman of the Board of the Company and delivered
to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant
to the provisions of this Agreement.

 

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		7.4.2	Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad
faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments,
costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except
as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith.

 

		7.4.3	Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect
to the validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for
any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not
be responsible to make any adjustments required under the provisions of  Section 4 hereof or responsible for
the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such
adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation
of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock
shall, when issued, be valid and fully paid and nonassessable.

 

		7.5	Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform
the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect
to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase
of shares of Common Stock through the exercise of the Warrants.

 

		8.	Miscellaneous Provisions.

 

		8.1	Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent
shall bind and inure to the benefit of their respective successors and assigns.

 

		8.2	Notices. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent
or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery
or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid,
addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:

 

NanoVibronix, Inc.

105 Maxess Road

Suite S124

Melville, NY 11747

 

Any notice, statement or demand authorized by this Agreement
to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when
so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days
after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the
Company), as follows:

 

VStock Transfer, LLC

18 Lafayette Place

Woodmere, NY 11598

 

 

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		8.3	Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed
in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim
against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of
New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum.

 

		8.4	Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to,
any person or corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim
under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants,
conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit
of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants.

 

		8.5	Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office
of the Warrant Agent in Nassau County, Village of Woodmere and State of New York, for inspection by the Registered Holder of any
Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by it.

 

		8.6	Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

		8.7	Effect of Headings. The section headings herein are for convenience only and are not part of this Warrant Agreement
and shall not affect the interpretation thereof.

 

		8.8	Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for
                                                                                                   the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or
                                                                                                   adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may
                                                                                                   deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders. All
                                                                                                   other modifications or amendments shall require the written consent of the Company and Registered Holders of 65% of the then
                                                                                                   outstanding Warrants.

 

		8.9	Severability. This Warrant Agreement shall be deemed severable, and the invalidity or unenforceability of any term or
provision hereof shall not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof.
Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added
as a part of this Warrant Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible
and be valid and enforceable.

 

Exhibit A - Form of Warrant Certificate

 

    	9

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be duly executed as of the date first above written.

 

	NANOVIBRONIX, INC.	 
	 	 
	By:	 	 
	 	 
	VSTOCK TRANSFER, LLC, as Warrant Agent
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

 

 

    	10

    	 

    

EXHIBIT A

 

	Number ___________	CUSIP__________

 

FORM OF WARRANT CERTIFICATE

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

NANOVIBRONIX, INC.

Incorporated Under the Laws of the State of Delaware

 

Warrant Certificate

 

This Warrant Certificate certifies
that                                       ,
or registered assigns, is the registered holder of                     
warrants (the “Warrants”) to purchase shares of Common Stock, $.001 par value (the “Common
Stock”), of NanoVibronix, Inc., a Delaware corporation (the “Company”). Each Warrant entitles
the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that
number of fully paid and nonassessable shares of Common Stock (each, a “Warrant”) as set forth below,
at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement, payable
in lawful money of the United States of America upon surrender of this Warrant Certificate at the office or agency of the Warrant
Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant
Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Each Warrant is initially exercisable for
one fully paid and non-assessable share of Common Stock. The number of the Warrants issuable upon exercise of the Warrants is subject
to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

The initial Exercise Price per share of
Common Stock for any Warrant is equal to $____ per share. The Exercise Price is subject to adjustment upon the occurrence of certain
events set forth in the Warrant Agreement.

 

Subject to the conditions set forth in the
Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of
such Exercise Period, such Warrants shall become void.

 

The
Company reserves the right to redeem the Warrant, in whole and not in part, at any time prior to its exercise, with a notice
of redemption in writing to the holders of record of the Warrant, giving 30 days’ notice of such call at any time
after the Warrant becomes exercisable if (i) the last sale price of the Common Stock has been at least $[______] per share on
each of 10 trading days within any 30 trading day period ending on the third trading day prior to the date on
which notice of such redemption is given, (ii) at all times between the date of such notice of redemption and the redemption
date a registration statement is in effect covering the Common Stock issuable upon exercise of the Warrants and a current
prospectus relating to those shares of Common Stock is available and (iii) at all times between the date of such notice of
redemption and the redemption date the shares of Common Stock issuable upon such Warrant exercise have been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the Registered Holder of the Warrant, provided that if only a portion of the Warrants satisfy each redemption criteria at the time the redemption
right is exercised, then only the Warrants that satisfy each redemption criteria shall be redeemed, and any Warrants not eligible
for redemption at such time will remain outstanding and will remain subject to the Company’s redemption right. The
redemption price of the Warrants shall be $.01 per Warrant. Any Warrant either not exercised or tendered back to the Company
by the end of the date specified in the notice of redemption shall be cancelled on the books of the Company and have no
further value except for the $.01 redemption price.

 

Reference is hereby made to the further
provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have
the same effect as though fully set forth at this place.

 

This Warrant Certificate shall not be valid
unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

    	 

    	 

    

 

This Warrant Certificate shall be governed
and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles thereof.

 

 

 

	 	NANOVIBRONIX, INC.
	 	 
	 	By: 	                 
	 	Name: Chief Executive Officer
	 	Title:
	 	 	 
	 	 	 
	 	By: 	 
	 	Name:
	 	Title: Secretary
	 	 	 

  

Countersigned:

Dated: ________, 20__

VStock Transfer, LLC,

as Warrant Agent

    	 

    	 

    

 

[REVERSE]

 

The Warrants evidenced by this Warrant Certificate
are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares of Common Stock and are issued
or to be issued pursuant to a Warrant Agreement dated as of                       ,
2014 (the “Warrant Agreement”), duly executed and delivered by VStock Transfer, LLC, a  ______________,
as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in
and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations,
duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders”
or “holder” meaning the Registered Holders or Registered Holder) of the Warrants. A copy of the Warrant
Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate
but not defined herein shall have the meanings given to them in the Warrant Agreement.

Warrants may be exercised at any time during
the Exercise Period as set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise
them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed,
together with payment of the Exercise Price, at the principal corporate trust office of the Warrant Agent. In the event that upon
any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced
hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number
of Warrants not exercised.

Notwithstanding anything else in this Warrant
Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement
covering the shares of Common Stock to be issued upon exercise is effective under the Securities Act of 1933, (ii) a prospectus
thereunder relating to the shares of Common Stock is current and (iii) the shares of Common Stock issuable upon such exercise have been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the Registered Holder of the Warrant.

The Warrant Agreement provides that upon
the occurrence of certain events the number of the Warrants set forth on the face hereof may, subject to certain conditions, be
adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive a fractional interest in a share of Common
Stock, the Company shall, upon exercise, round to the nearest whole number of shares to be issued to the holder of the Warrant.

Warrant Certificates, when surrendered at
the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative
or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant
Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing
in the aggregate a like number of Warrants.

Upon due presentation for registration of
transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like
tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental
charge imposed in connection therewith.

The Company and the Warrant Agent may deem
and treat the Registered Holder(s) thereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of
ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s)
hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.
Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company.

    	 

    	 

    

Election to Purchase

 

(To Be Executed Upon
Exercise of Warrant)

 

The undersigned hereby irrevocably elects
to exercise the right, represented by this Warrant Certificate, to receive                   
shares of Common Stock and herewith tenders payment for such shares to the order of NanoVibronix, Inc.. (the “ Company”)
in the amount of $                       
  in accordance with the terms hereof. The undersigned requests that a certificate for such shares be registered in the
name of                        ,
whose address is                       
  and that such shares be delivered to                  
       whose address is                
                     
                     
      . If said number of shares is less than all of the shares of Common Stock purchasable hereunder,
the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares be registered in the
name of                        ,
whose address is                        
                   , and that such
Warrant Certificate be delivered to                       ,
whose address is                        .

 

	Date:                     , 20___	 	 
	 	 	(Signature)
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	(Address)
	 	 	 
	 	 	 
	 	 	(Tax Identification Number)

 

 

Signature Guaranteed:

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).Exhibit 4.4

 

Form of Underwriters’ Warrants

 

NEITHER THESE SECURITIES NOR THE SECURITIES
ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE 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 AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON
EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

 

 

nANOVIBRONIX,
inc.

 

UNIT
WARRANT

 

	Warrant No. [ ]	Original Issue Date: __________, 2014

 

NanoVibronix, Inc.,
a Delaware corporation (the "Company"), hereby certifies that, as partial compensation for its services as underwriter
to the Company, _____________ or its registered assigns (the "Holder"), is entitled to purchase from the Company
up to a total of ________ units (each, a “Unit”),” provided however that from and after the Separation
Date as defined in the Prospectus, any reference herein to a Unit shall constitute a reference to an equivalent number of securities
comprising such Unit), each unit consisting of one share of the Company’s common stock, par value $0.001 per share (the “Common
Stock”), and one redeemable warrant to purchase one share of Common Stock on the terms as described in the
Prospectus (each, a “Warrant” and collectively, the “Warrants,” and each such Unit, a "Warrant
Unit" and all such Units, the "Warrant Units"), at any time and from time to time from and after 365
days following the effective date of the Registration Statement on Form S-1 (File No. 333-193784) (the “Registration Statement”),
and through and including ________, 2018, the fourth anniversary of such effective date (the "Expiration Date"),
in accordance with FINRA Rule 5110(f)(2)(H)(i), and subject to the following terms and conditions:

 

1.Definitions.
As used in this Unit Warrant, the following terms shall have the respective definitions set forth in this Section 1.

 

    	 

    	 

    

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 144.

 

“Business
Day” means any day except Saturday, Sunday and any day which is a federal legal holiday or a day on which banking institutions
in the State of New York are authorized or required by law or other governmental action to close.

 

“Common Stock”
means the common stock of the Company, $0.001 par value per share, and any securities into which such common stock may hereafter
be reclassified or for which it may be exchanged as a class.

 

"Exchange Act"
means the Securities Exchange Act of 1934, as amended.

 

"Exercise Price"
means $____, subject to adjustment in accordance with Section 9.

 

"Fundamental
Transaction" means any of the following: (1) the Company effects any merger or consolidation of the Company with or into
another Person, (2) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions,
(3) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common
Stock are permitted to tender or exchange their shares for other securities, cash or property, or (4) the Company effects any reclassification
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged
for other securities, cash or property.

 

“New York
Courts” means the state and federal courts sitting in the City of New York, Borough of Manhattan.

 

“Original
Issue Date” means the Original Issue Date first set forth on the first page of this Unit Warrant.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Prospectus”
means the prospectus dated __________, 2014 filed with the Securities and Exchange Commission pursuant to Rule 424 promulgated
under the Securities Act.

 

“Rule 144”
means Rule 144 promulgated by the Securities and Exchange Commission pursuant to the Securities Act, as such Rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the Securities and Exchange Commission having substantially
the same effect as such Rule.

 

"Securities
Act" means the Securities Act of 1933, as amended.

 

“Subsidiary”
means any “significant subsidiary” as defined in Rule 1-02(w) of Regulation S-X promulgated by the Securities and Exchange
Commission under the Exchange Act.

 

    	 

    	 

    

 

“Trading Day”
means (i) a day on which the Common Stock is traded on a Trading Market, or (ii) if the Common Stock is not quoted on any Trading
Market, a day on which the Common Stock is quoted in the over-the-counter market as reported by OTC Markets Group Inc. (or any
similar organization or agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock
is not listed or quoted as set forth in (i) or (ii) hereof, then Trading Day shall mean a Business Day.

 

“Trading Market”
means whichever of the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ
Capital Market or OTC Bulletin Board on which the Common Stock is listed or quoted for trading on the date in question.

 

"Warrant Shares"
means the shares of Common Stock included in the Warrant Units and those shares of Common Stock issuable upon exercise of the
Warrants included in the Warrant Units.

 

“Warrant Units”
means the Units issuable upon exercise of this Unit Warrant.

 

2.Registration
of Unit Warrant. The Company shall register this Unit Warrant upon records to be maintained by the Company for that purpose
(the "Warrant Register"), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Unit Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

 

3.Registration
of Transfers. The Company shall register the transfer of any portion of this Unit Warrant in the Warrant Register, upon surrender
of this Unit Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Company at its address specified
herein. Upon any such registration or transfer, a new Unit Warrant to purchase Units, in substantially the form of this Unit Warrant
(any such new Unit Warrant, a "New Warrant"), evidencing the portion of this Unit Warrant so transferred shall
be issued to the transferee and a New Warrant evidencing the remaining portion of this Unit Warrant not so transferred, if any,
shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance
by such transferee of all of the rights and obligations of a holder of a Unit Warrant.

 

4.Exercise
and Duration of Unit Warrants. This Unit Warrant shall be exercisable by the registered Holder at any time and from time to
time from and after 365 days following the effective date of the Registration Statement (the “Effective Date”),
through and including the Expiration Date in accordance with FINRA Rule 5110(f)(2)(H)(i). At 6:30 p.m., New York City time on the
Expiration Date, the portion of this Unit Warrant not exercised prior thereto shall be and become void and of no value. The Company
may not call or redeem any portion of this Unit Warrant without the prior written consent of the affected Holder. In accordance
with FINRA Rule 5110(g)(1), this Unit Warrant shall not be sold, transferred, assigned, pledged, or hypothecated, or be the subject
of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of this
Unit Warrant by any person for a period of 180 days immediately following the effective date of the Registration Statement, except
as provided in FINRA Rule 5110(g)(2).

 

    	 

    	 

    

 

5.Delivery
of Warrant Shares.

 

(a)To
effect exercises hereunder, the Holder shall not be required to physically surrender this Warrant unless the aggregate Warrant
Units represented by this Unit Warrant is being exercised. Upon delivery of the Exercise Notice (in the form attached hereto) to
the Company (with the attached Warrant Units Exercise Log) at its address for notice set forth herein and upon payment of the Exercise
Price multiplied by the number of Warrant Units that the Holder intends to purchase hereunder, the Company shall promptly (but
in no event later than three Trading Days after the Date of Exercise (as defined herein)) issue and deliver to the Holder, a certificate
for the Warrant Units issuable upon such exercise. The Company shall, upon request of the Holder and subsequent to the date on
which a registration statement covering the resale of the Warrant Units has been declared effective by the Securities and Exchange
Commission, use its reasonable best efforts to deliver Warrant Units hereunder electronically through the Depository Trust Corporation
or another established clearing corporation performing similar functions, if available, provided, that, the Company may,
but will not be required to change its transfer agent if its current transfer agent cannot deliver Warrant Units electronically
through the Depository Trust Corporation. A "Date of Exercise" means the date on which the Holder shall have delivered
to the Company: (i) the Exercise Notice (with the Warrant Exercise Log attached to it), appropriately completed and duly signed
and (ii) payment of the Exercise Price for the number of Warrant Units so indicated by the Holder to be purchased.

 

(b)If
by the third Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Units in the manner
required pursuant to Section 5(a), then the Holder will have the right to rescind such exercise.

 

(c)If
by the third Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Units in the manner
required pursuant to Section 5(a), and if after such third Trading Day and prior to the receipt of such Warrant Units, the Holder
purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder
of the Warrant Units which the Holder anticipated receiving upon such exercise (a "Buy-In"), then the Company
shall (1) pay in cash to the Holder the amount by which (x) the Holder's total purchase price (including brokerage commissions,
if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the number of Warrant Units
that the Company was required to deliver to the Holder in connection with the exercise at issue by (B) the closing bid price of
the Units, or the sum of the closing bid price of the shares of Common Stock and Warrants underlying the Warrant Units, as the
case may be, on the Date of Exercise and (2) at the option of the Holder, either reinstate the portion of the Unit Warrant and
equivalent number of Warrant Units for which such exercise was not honored or deliver to the Holder the number of Units, shares
of Common Stock or Warrants that would have been issued had the Company timely complied with its exercise and delivery obligations
hereunder. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In,
and, upon request, of the Company, evidence of the amount of such loss.

 

    	 

    	 

    

 

(d)The
Company's obligations to issue and deliver Warrant Units in accordance with the terms hereof are absolute and unconditional, irrespective
of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery
of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination,
or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged
violation of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such
obligation of the Company to the Holder in connection with the issuance of Warrant Units. Nothing herein shall limit a Holder's
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company's failure to timely deliver certificates representing Warrant
Units upon exercise of the Unit Warrant as required pursuant to the terms hereof.

 

6.Charges,
Taxes and Expenses. Issuance and delivery of Warrant Units upon exercise of this Unit Warrant shall be made without charge
to the Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in respect
of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the
Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any
certificates for Warrant Units or Unit Warrants in a name other than that of the Holder. The Holder shall be responsible for all
other tax liability that may arise as a result of holding or transferring this Unit Warrant or receiving Warrant Units upon exercise
hereof.

 

7.Replacement
of Unit Warrant. If this Unit Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued
in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Unit Warrant, a New Warrant,
but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable
indemnity (which shall not include a surety bond), if requested. Applicants for a New Warrant under such circumstances shall also
comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may
prescribe. If a New Warrant is requested as a result of a mutilation of this Unit Warrant, then the Holder shall deliver such mutilated
Unit Warrant to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

8.Reservation
of Warrant Units. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized
but unissued and otherwise unreserved Units, Warrants and shares of Common Stock, solely for the purpose of enabling it to issue
Warrant Units upon exercise of this Unit Warrant as herein provided, the number of Units, Warrants and shares of Common Stock which
are then issuable and deliverable upon the exercise of this entire Unit Warrant, free from preemptive rights or any other contingent
purchase rights of Persons other than the Holder (taking into account the adjustments and restrictions of Section 9). The Company
covenants that all Warrant Units so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price
in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable.

 

    	 

    	 

    

 

9.Certain
Adjustments. The Exercise Price and number of Warrant Units issuable upon exercise of this Unit Warrant are subject to adjustment
from time to time as set forth in this Section 9.

 

(a)Stock
Dividends and Splits. If the Company, at any time while this Unit Warrant is outstanding, (i) pays a stock dividend on its
Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides
outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of Common Stock into a
smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall
be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the number
of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after
the effective date of such subdivision or combination.

 

(b)Fundamental
Transactions. If, at any time while this Unit Warrant is outstanding there is a Fundamental Transaction, then the Holder shall
have the right thereafter to receive, upon exercise of this Unit Warrant, the same amount and kind of securities, cash or property
as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior
to such Fundamental Transaction, the holder of the number of Warrant Units then issuable upon exercise in full of this Unit Warrant
(the "Alternate Consideration"). For purposes of any such exercise, the determination of the Exercise Price shall
be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect
of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate
Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Unit Warrant
following such Fundamental Transaction. At the Holder's option and request, any successor to the Company or surviving entity in
such Fundamental Transaction shall issue to the Holder a new warrant substantially in the form of this Unit Warrant and consistent
with the foregoing provisions and evidencing the Holder's right to purchase the Alternate Consideration for the aggregate Exercise
Price upon exercise thereof. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms
requiring any such successor or surviving entity to comply with the provisions of this paragraph (b) and insuring that the Unit
Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental
Transaction.

 

(c)Number
of Warrant Units. Simultaneously with any adjustment to the Exercise Price pursuant to this Section 9, the number of Warrant
Units that may be purchased upon exercise of this Unit Warrant shall be increased or decreased proportionately, so that after such
adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Units shall be the same as the aggregate
Exercise Price in effect immediately prior to such adjustment.

 

    	 

    	 

    

 

(d)Calculations.
All calculations under this Section 9 shall be made to the nearest cent or the nearest 1/100th of a share, as applicable.
The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account
of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

 

(e)Notice
of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will promptly
compute such adjustment in accordance with the terms of this Unit Warrant and prepare a certificate setting forth such adjustment,
including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Units or other securities issuable
upon exercise of this Unit Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in
detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such
certificate to the Holder and to the Company's Transfer Agent.

 

(f)Notice
of Corporate Events. If the Company (i) declares a dividend or any other distribution of cash, securities or other property
in respect of its Common Stock, including without limitation any granting of rights or warrants to subscribe for or purchase any
capital stock of the Company or any Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits
stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of
the affairs of the Company, then the Company shall deliver to the Holder a notice describing the material terms and conditions
of such transaction (but only to the extent such disclosure would not result in the dissemination of material, non-public information
to the Holder) at least 10 calendar days prior to the applicable record or effective date on which a Person would need to hold
Common Stock in order to participate in or vote with respect to such transaction, and the Company will take all steps reasonably
necessary in order to insure that the Holder is given the practical opportunity to exercise this Unit Warrant prior to such time
so as to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or
any defect therein shall not affect the validity of the corporate action required to be described in such notice.

 

10.Payment
of Exercise Price. The Holder may pay the Exercise Price in one of the following manners:

 

(a)Cash
Exercise. The Holder may deliver immediately available funds; or

 

(b)Cashless
Exercise. If on the Date of Exercise there is no effective registration statement registering, or the prospectus contained
therein is not available for, the resale of the Warrant Units, the Holder may notify the Company in an Exercise Notice of its election
to utilize cashless exercise, in which event the Company shall issue to the Holder the number of Warrant Units determined as follows:

 

X = Y [(A-B)/A]

 

where:

 

X = the number of Warrant Units
to be issued to the Holder.

 

    	 

    	 

    

 

Y = the number of Warrant Units
with respect to which this Unit Warrant is being exercised.

 

A = the average of the daily volume
weighted average price of the Units (or the sum of the average of the daily volume weighted average price of the Common Stock and
Warrants underlying the Units, as applicable) for the five Trading Days immediately prior to (but not including) the Date of Exercise.

 

B = the Exercise Price.

 

For purposes of Rule 144 promulgated under
the Securities Act, it is intended, understood and acknowledged that the Warrant Units issued in a cashless exercise transaction
shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Units shall be deemed to have commenced,
on the date this Unit Warrant was originally issued.

 

11.Limitations
on Exercise. Notwithstanding anything to the contrary contained herein, the number of Warrant Units that may be acquired by
the Holder upon any exercise of this Unit Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to
insure that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially owned by
such Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder's
for purposes of Section 13(d) of the Exchange Act, does not exceed 9.99% of the total number of issued and outstanding shares
of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise). For such purposes, beneficial
ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
To the extent that the limitation contained in this Section 11 applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the Holder, and the submission of an Exercise Notice shall be deemed to be the Holder’s
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates)
and of which portion of this Warrant is exercisable, in each case subject the limitation contained in this Section 11, and the
Company shall have no obligation to verify or confirm the accuracy of such determination. This provision shall not restrict the
number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities
or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9 of
this Unit Warrant. This restriction may not be waived. Notwithstanding anything to the contrary contained in this Unit Warrant,
(a) no term of this Section may be waived by any party, nor amended such that the threshold percentage of ownership would be directly
or indirectly increased, (b) this restriction runs with the Unit Warrant and may not be modified or waived by any subsequent holder
hereof and (c) any attempted waiver, modification or amendment of this Section will be void ab initio.

 

12.No
Fractional Shares. No fractional Warrant Units will be issued in connection with any exercise of this Unit Warrant. In lieu
of any fractional shares which would, otherwise be issuable, the Company shall pay cash equal to the product of such fraction
multiplied by the closing price of one Warrant Share as reported by the applicable Trading Market on the date of exercise.

 

    	 

    	 

    

 

13.Notices.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall
be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified in this Section prior to 6:30 p.m. (New York City time) on a Trading
Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile number specified in this Section on a day that is not a Trading Day or later than 6:30 p.m. (New York City time) on any
Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service, or
(iv) upon actual receipt by the party to whom such notice is required to be given. The addresses for such communications shall
be: (i) if to the Company, to NanoVibronix, Inc., 105 Maxess Road, Suite S124, Melville, NY 11747, telecopy number: (631) 574-4401,
Attention: Chief Executive Officer (or such other address as the Company shall indicate in writing in accordance with this Section),
or (ii) if to the Holder, to the address or facsimile number appearing on the Warrant Register or such other address or facsimile
number as the Holder may provide to the Company in accordance with this Section.

 

14.Warrant
Agent. The Company shall serve as warrant agent under this Unit Warrant. Upon 10 days' notice to the Holder, the Company may
appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting
from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or
any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor
warrant agent under this Unit Warrant without any further act. Any such successor warrant agent shall promptly cause notice of
its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder's last address
as shown on the Warrant Register.

 

15.Miscellaneous.

 

(a)This
Unit Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject
to the preceding sentence, nothing in this Unit Warrant shall be construed to give to any Person other than the Company and the
Holder any legal or equitable right, remedy or cause of action under this Unit Warrant. This Unit Warrant may be amended only in
writing signed by the Company and the Holder and their successors and assigns. The foregoing sentence shall be subject to the restrictions
on waivers and amendments set forth in Section 11 of this Unit Warrant.

 

(b)All
questions concerning the construction, validity, enforcement and interpretation of this Unit Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of this Unit Warrant
and the transactions herein contemplated (“Proceedings”) (whether brought against a party hereto or its respective
Affiliates, employees or agents) shall be commenced exclusively in the New York Courts. Each party hereto hereby irrevocably submits
to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding,
any claim that it is not personally subject to the jurisdiction of any New York Court, or that such Proceeding has been commenced
in an improper or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process
being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Unit Warrant and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent
permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Unit
Warrant or the transactions contemplated hereby. If either party shall commence a Proceeding to enforce any provisions of this
Unit Warrant, then the prevailing party in such Proceeding shall be reimbursed by the other party for its attorney’s fees
and other costs and expenses incurred with the investigation, preparation and prosecution of such Proceeding.

 

    	 

    	 

    

 

(c)The
headings herein are for convenience only, do not constitute a part of this Unit Warrant and shall not be deemed to limit or affect
any of the provisions hereof.

 

(d)In
case any one or more of the provisions of this Unit Warrant shall be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Unit Warrant shall not in any way be affected or impaired thereby
and the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable
substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Unit Warrant.

 

(e)Prior
to exercise of this Unit Warrant, the Holder hereof shall not, by reason of being a Holder, be entitled to any rights of a stockholder
with respect to the Warrant Units.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK,

SIGNATURE PAGE FOLLOWS]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused this Unit Warrant to be duly executed by its authorized officer as of the date first indicated above.

 

	 	NANOVIBRONIX, INC.
	 	 	 
	 	By:  	 	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

EXERCISE
NOTICE

nANOVIBRONIX, inc.

UNIT WARRANT DATED ________, 2014

  

The undersigned Holder hereby irrevocably
elects to purchase _____________ Warrant Units pursuant to the above referenced Unit Warrant. Capitalized terms used herein and
not otherwise defined have the respective meanings set forth in the Unit Warrant.

 

		(1)	The undersigned Holder hereby exercises its right to purchase _________________ Warrant Units pursuant
to the Unit Warrant.

 

		(2)	(PLEASE CHECK ONE METHOD OF PAYMENT) _____The Holder shall pay the sum of $____________ to the
Company in accordance with the terms of the Unit Warrant OR _______The Holder shall exercise the Unit Warrant cashlessly in accordance
with the terms of the Unit Warrant.

 

		(3)	Pursuant to this Exercise Notice, the Company shall deliver to the holder _______________ Warrant
Units in accordance with the terms of the Unit Warrant.

 

		(4)	By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company
that in giving effect to the exercise evidenced hereby the Holder will not beneficially own in excess of the number of shares of
Common Stock (determined in accordance with Section 13(d) of the Securities Exchange Act of 1934) permitted to be owned under Section
11 of this Unit Warrant to which this notice relates.

 

	Dated: ________, ____	Name of Holder:
	 	 	 
	 	(Print) 	 	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 
	 	(Signature must conform in all respects to name of holder as specified on the face of the Unit Warrant)

 

    	 

    	 

    

 

Unit Warrant Units Exercise Log

 

	Date	Number of Warrant

 Units Available to be 

Exercised	Number of Warrant Units

 Exercised	Number of 

Warrant Units 

Remaining to

 be Exercised
	
         

         

         

         

         

         

         

         
	 	 	 

 

    	 

    	 

    

 

nANOVIBRONIX,
inc. 

UNIT WARRANT DATED __________, 2014

WARRANT NO. [ ]

 

FORM
OF ASSIGNMENT

 

[To be completed and
signed only upon transfer of Unit Warrant]

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto ________________________________ the right represented by the above-captioned
Unit Warrant to purchase ____________ Units to which such Unit Warrant relates and appoints ________________ attorney to transfer
said right on the books of the Company with full power of substitution in the premises.

 

	Dated: _______________, ____	 	 
	 	 	 
	 	 	 	 
	 	 	(Signature must conform in all respects to name of holder as specified on the face of the Unit Warrant)
	 	 	 
	 	 	 	 
	 	 	Address of Transferee
	 	 	 
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	 
	In the presence of:

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