Document:

Exhibit
10.1

 

CFO
CONSULTING AGREEMENT

 

CFO
CONSULTING AGREEMENT dated as of June 1, 2019 (this “Agreement”), between NanoVibronix Inc, a Delaware Corporation,
(the “Company”), and James S. Cardwell (the “Consultant”).

 

WHEREAS,
the Board of Directors of the Company desires to engage Consultant to provide consulting services, upon the terms and subject
to the conditions hereinafter set forth; and

 

WHEREAS,
the Consultant has agreed to provide such consulting services, upon the terms and subject to the conditions hereinafter set forth;

 

WHEREAS,
the Company has agreed to and entered into a separate consulting service agreement for pre-audit services and SEC compliance services
with The CFO Squad LLC dated April 29, 2019 (the “CFO Squad Agreement”);

 

NOW,
THEREFORE, in consideration of the above premises and for other good and valuable consideration, the receipt and sufficiency of
which hereby are acknowledged, the parties hereto agree as follows:

 

		1.	Independent
                                         Consultant. The Company, through the action of its Board of Directors (the “Board”),
                                         hereby engages the Consultant, and the Consultant will serve the Company, as a consultant.
                                         During the term of this Agreement, the Consultant will serve as the non-employee chief
                                         financial officer (“CFO”) of the Company on a part-time basis. The Company
                                         confirms that the Consultant has been duly appointed as the CFO of the Company and will
                                         remain as an executive officer of the Company during the term of this Agreement.

 

		2.	Duties,
                                         Term, and Compensation. The Consultant’s duties, term of engagement, compensation
                                         and provisions for payment thereof are detailed in the attached Exhibit A, which may
                                         be amended in writing from time to time by the Consultant and agreed to by the Company,
                                         and which collectively are hereby incorporated by reference.

 

		3.	Expenses.
                                         During the term of this Agreement, the Consultant shall bill and the Company shall
                                         reimburse the Consultant for all reasonable and approved out-of-pocket expenses which
                                         are incurred in connection with the performance of the duties hereunder.

 

		4.	Confidentiality.
                                         The Consultant acknowledges that during the engagement he will have access to and
                                         become acquainted with various trade secrets, inventions, innovations, processes, information,
                                         records and specifications owned or licensed by the Company and/or used by the Company
                                         in connection with the operation of its business including, without limitation, the Company’s
                                         business and product processes, methods, customer lists, accounts and procedures. The
                                         Consultant agrees that he will not disclose any of the aforesaid, directly or indirectly,
                                         or use any of them in any manner, either during the term of this Agreement or at any
                                         time thereafter, except as required in the course of this engagement with the Company.
                                         All files, records, documents, blueprints, specifications, information, letters, notes,
                                         media lists, original artwork/creative, notebooks, and similar items relating to the
                                         business of the Company, whether prepared by the Consultant or otherwise coming into
                                         his possession, shall remain the exclusive property of the Company. The Consultant shall
                                         not retain any copies of the foregoing without the Company’s prior written permission.
                                         Upon the expiration or earlier termination of this Agreement, or whenever requested by
                                         the Company, the Consultant shall immediately deliver to the Company all such files,
                                         records, documents, specifications, information, and other items in his possession or
                                         under his control.

 

		5.	Conflicts
                                         of Interest; Non-hire Provision. The Consultant represents that he is free to enter
                                         into this Agreement, and that this engagement does not violate the terms of any agreement
                                         between the Consultant and any third party. Further, the Consultant, in rendering his
                                         duties shall not utilize any invention, discovery, development, improvement, innovation,
                                         or trade secret in which he does not have a proprietary interest. During the term of
                                         this agreement, the Consultant shall devote as much of his productive time, energy and
                                         abilities to the performance of his duties hereunder as is necessary to perform the required
                                         duties in a timely and productive manner. The Company acknowledges that this Agreement
                                         only obligates the Consultant to serve a limited percent of his working time with the
                                         Company, that the Consultant has numerous other commitments. The Consultant is expressly
                                         free to perform services for other parties while performing services for the Company
                                         and is permitted to be employed by The CFO Squad LLC.

 

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NanoVibronix
Inc and James S. Cardwell Consulting Agreement – June 1, 2019

 

		6.	Indemnification
                                         and D&O Insurance: The Company agrees to defend, indemnify (including, without
                                         limitation, by providing for the advancement of expenses and reasonable attorneys’
                                         fees) and hold harmless the Consultant for any and all acts taken or omitted to be taken
                                         by the Consultant hereunder (except for bad faith, gross negligence or willful misconduct)
                                         as if the Consultant was an officer of the Company as provided in the charter and bylaws
                                         of the Company in accordance with the same terms, conditions, limitations, standards,
                                         duties, rights and obligations as an officer. The provisions of this Section shall survive
                                         any termination of this Agreement. In addition, until the five (5) year anniversary of
                                         the termination or expiration of this Agreement, the Company shall maintain in effect
                                         D&O liability insurance coverage for the Consultant (as an insured person) with respect
                                         to his service under this Agreement, on the same or more favorable terms and conditions
                                         (from the perspective of the Consultant) as under the liability insurance policies of
                                         the Company in effect as of the date of this Agreement.

 

		7.	Merger.
                                         This Agreement shall automatically terminate upon the merger or consolidation of
                                         the Company into or with any other entity.

 

		8.	Termination.
                                         Either party may terminate this Agreement at any time by thirty (30) days written
                                         notice by either party, but shall automatically terminate after thirty (30) days if for
                                         any reason the Company has terminated its CFO Squad Agreement for Pre-Audit Services
                                         and SEC Compliance Services.

 

		9.	Independent
                                         Consultant. This Agreement shall not render the Consultant an employee, partner,
                                         agent of, or joint venturer with the Company for any purpose. The Consultant is and will
                                         remain an independent Consultant in his relationship to the Company. The Company shall
                                         not be responsible for withholding taxes with respect to the Consultant’s compensation
                                         hereunder. The Consultant shall have no claim against the Company hereunder or otherwise
                                         for vacation pay, sick leave, retirement benefits, social security, worker’s compensation,
                                         health or disability benefits, unemployment insurance benefits, or employee benefits
                                         of any kind.

 

		10.	Successors
                                         and Assigns. All of the provisions of this Agreement shall be binding upon and inure
                                         to the benefit of the parties hereto and their respective heirs, if any, successors,
                                         and assigns.

 

		11.	Choice
                                         of Law. The laws of the state of New York shall govern the validity of this Agreement,
                                         the construction of its terms and the interpretation of the rights and duties of the
                                         parties hereto.

 

		12.	Arbitration.
                                         Any controversies arising out of the terms of this Agreement or its interpretation
                                         shall be settled in New York, New York in accordance with the rules of the American Arbitration
                                         Association, and the judgment upon award may be entered in any court having jurisdiction
                                         thereof.

 

		13.	Headings.
                                         Section headings are not to be considered a part of this Agreement and are not intended
                                         to be a full and accurate description of the contents hereof.

 

		14.	Waiver.
                                         Waiver by one party hereto of breach of any provision of this Agreement by the other
                                         shall not operate or be construed as a continuing waiver.

 

		15.	Assignment.
                                         The Consultant shall not assign any of his rights under this Agreement, or delegate
                                         the performance of any of his duties hereunder, without the prior written consent of
                                         the Company.

 

		16.	Notices.
                                         Any and all notices, demands, or other communications required or desired to be given
                                         hereunder by any party shall be in writing and shall be validly given or made to another
                                         party if personally served, or if deposited in the United States mail, certified or registered,
                                         postage prepaid, return receipt requested. If such notice or demand is served personally,
                                         notice shall be deemed constructively made at the time of such personal service. If such
                                         notice, demand or other communication is given by mail, such notice shall be conclusively
                                         deemed given five days after deposit thereof in the United States mail addressed to the
                                         party to whom such notice, demand or other communication is to be given as follows:

 

		If to the Consultant:	James
                                         S. Cardwell

                                         3105 Peconic Lane, POB 312

Peconic,
NY 11958

JCardwell@CFOSquad.com

 

     

     

    

 

NanoVibronix
Inc and James S. Cardwell Consulting Agreement – June 1, 2019

 

		With a courtesy copy to: 	The
                                         CFO Squad LLP

                                         c/o Joseph Himy, Managing Member

46
Main Street, Suite 119

Monsey,
NY 10952

jhimy@cfosquad.com

 

		 NanoVibronix Inc	If to the Company:

                                                                                c/o Brian Murphy, CEO

                                                                                525 Executive Boulevard, Elmsford, N.Y. 10523 

                                                                                bmurphy@nanovibronix.com

	 	 	 
	 	With a courtesy copy to: 	 

 

Any party hereto may change its address
for purposes of this paragraph by written notice given in the manner provided above.

 

		17.	Modification
                                         or Amendment. No amendment, change or modification of this Agreement shall be valid
                                         unless in writing signed by the parties hereto.

 

		18.	Entire
                                         Understanding. This document and any exhibit attached constitute the entire understanding
                                         and agreement of the parties, and any and all prior agreements, understandings, and representations
                                         are hereby terminated and canceled in their entirety and are of no further force and
                                         effect.

 

		19.	Unenforceability
                                         of Provisions. If any provision of this Agreement, or any portion thereof, is held
                                         to be invalid and unenforceable, then the remainder of this Agreement shall nevertheless
                                         remain in full force and effect.

 

IN WITNESS WHEREOF the undersigned
have executed this Agreement as of the day and year first written above. The parties hereto agree that facsimile signatures shall
be as effective as if originals. 

	 	 	 	 	 	 	 	 
	NanoVibronix Inc	 	James S. Cardwell	 
	 	 	 	 	 	 	 	 
	By:	 	/s/ Brian Murphy	 	By:	 	/s/ James S. Cardwell	 
	 	Brian Murphy, CEO	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Date: 	June 1, 2019	 	Date: 	JUNE 1, 2019  	 

  

     

     

    

 

NanoVibronix
Inc and James S. Cardwell Consulting Agreement – June 1, 2019

 

SCHEDULE A

 

DUTIES, TERM,
AND COMPENSATION

 

		DUTIES:	The
                                         Consultant will perform all duties typically required of a Chief Financial Officer, including,
                                         but not limited to accounting oversight for the preparation of quarterly and annual financial
                                         statements to be filed with the SEC, filings required on Forms 8-K, 10-Q and 10-K and
                                         such other filings as may be required that are prepared by The CFO Squad LLC pursuant
                                         to CFO Squad Agreement with NanoVibronix Inc’s independent public accountants with
                                         respect to quarterly reviews and annual audits.

 

He will
report directly to Brian Murphy, CEO and to any other party designated by Brian Murphy in connection with the performance of the
duties under this Agreement and shall fulfill any other duties reasonably requested by the Company and agreed to by the Consultant.

 

The
Company will accept and maintain all responsibility for its day-to-day accounting and bookkeeping functions and the Company and
its subsidiaries and further warrants that it is in full compliance with any and all its corporate income taxes and/or payroll
tax requirement and/or filings and will continue to provide for and will timely make any and all future tax payments required
by the Company and/or its subsidiaries.

 

		TERM:	This
                                         engagement shall commence upon execution of this Agreement and shall continue in full
                                         force and effect for a period of one (1) year. The agreement may only be extended thereafter
                                         by mutual agreement, unless terminated earlier by operation of and in accordance with
                                         this Agreement. This Agreement will automatically terminate if for any reason the CFO
                                         Squad Agreement is terminated, or expires without renewal and/or upon termination, lapse
                                         or failure to obtain and/or maintain the Company’s D&O insurance policy.

  

COMPENSATION:

 

As compensation
for the services rendered pursuant to this Agreement, Company shall pay Consultant a minimum of Twelve Hundred Fifty ($1,250)
dollars upon signing and for each every per month for up to five (5) hours thereafter payable on the first business
day of each month provided the Company has engaged and continues to engage The CFO Squad LLC under the CFO Squad Agreement to
provide Pre-Audit Services and SEC Compliance services. Any additional hours in excess of five (5) hours during any single month,
if any, shall be included, billed separately either 1) billed and paid pursuant to the CFO Squad Agreement if incurred on a weekday
during normal working business hours, or 2) billed separately by the Consultant if incurred during any other time of day or week.Exhibit 10.1

 

FIRST
AMENDMENT TO LEASE AGREEMENT

 

This First Amendment
to Lease Agreement is made and entered by and between NORVIN PIN OAK NORTH LLC, NORVIN PIN OAK NORTH II LLC, NORVIN
PIN OAK NORTH III LLC, NORVIN PIN OAK NORTH IV LLC, NORVIN PIN OAK NORTH V LLC, and NORVIN PIN OAK NORTH VI
LLC, each a Delaware limited liability company (collectively the “Lessor”) and BIO-PATH HOLDINGS, INC.,
a Delaware corporation (hereinafter the “Lessee”).

 

WITNESSETH:

 

WHEREAS, by that certain
Lease Agreement dated effective April 9, 2014 (the “Original Lease”), Pin Oak North Parcel TT, LLC, as lessor leased
to Lessee certain lease space known as Suite 210 located on the 2nd floor of the building located at 4710 Bellaire, in Bellaire,
Harris County, Texas (the “Building”), all as is more fully described in the Original Lease;

 

WHEREAS, the Original
Lease including all addendums, riders, and exhibits thereto, is hereinafter collectively referred to as “Lease Agreement”
or “Lease”;

 

WHEREAS, the leased
premises defined in the Lease Agreement as Suite 210 which contain approximately 3,002 square feet is hereinafter referred to as
 “Leased Premises” or

 “Premises”;

 

WHEREAS, the Lease
Agreement has an expiration date of July 31, 2019;

 

WHEREAS, Lessor is
successor in interest to Pin Oak North Parcel TT, LLC to the Lease Agreement;

 

WHEREAS, Lessor and
Lessee desire to amend the Lease Agreement to, among other things, extend the Term for an additional sixty-three (63) months; and

 

WHEREAS, the parties
are willing to agree to this amendment upon the terms and conditions as set forth below.

 

AGREEMENT

 

NOW, THEREFORE, for
and in consideration of the covenants and mutual benefits to be derived by the parties hereto from the matters set forth herein,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and confessed, Lessor
and Lessee agree to amend the Lease Agreement as follows:

 

		1.	Term.

 

IT IS AGREED that all
references contained in the Lease Agreement to the expiration date of the Lease Agreement, including those mentioned in Section
2 (entitled “Term”), and any other provision wherein reference is made to Lessee’s expiration date for the Lease
Agreement shall hereinafter refer to an expiration date of October 31, 2024. The parties hereby amend the Lease Agreement to extend
the Term by sixty-three (63) months.

 

     

     

    

 

		2.	Condition of Leased Premises/Improvement Allowance.

 

Lessee
currently occupies the Leased Premises. It is understood and agreed that Lessee accepts
the Leased Premises in “AS IS” condition, subject to the construction
of the Leasehold Improvements (as defined in Exhibit A). Lessee agrees that Lessor has not made any warranties to Lessee with respect
to the quality of construction of any existing leasehold improvements or as to the condition of the Leased Premises except
as set forth in this document, either express or implied. Lessor hereby expressly disclaims
any implied warranties that the Leased Premises is or will be suitable for Lessee’s “intended commercial
purpose”. 

 

As part consideration
for Lessee’s acceptance of the Leased Premises in “AS IS” condition (subject to the construction of the Leasehold
Improvements), Lessor shall provide Lessee an improvement allowance of $30,020.00 (hereinafter the “Improvement Allowance”).
The Improvement Allowance shall be subject to the terms set out in the Work Letter attached hereto as Exhibit “A.”
Any additional work, costs and/or expenses over and above the Improvement Allowance shall be paid by Lessee. All work and improvements
required by Lessee shall be first pre-approved in writing by Lessor as set forth in the Lease Agreement and the Work Letter.

 

		3.	Base Rent.

 

IT IS FURTHER AGREED
that all references contained in the Lease Agreement to Base Rent, including but not limited to those references contained Section
5 of the Original Lease (entitled “Base Rent”), and any other provision wherein reference is made to the amount of
monthly base rent owed by Lessee to Lessor shall hereinafter refer to an amount of monthly Base Rent for the Leased Premises for
the periods as follows:

 

 

	Period
 
	 	Monthly Installment of 
 Base Rent	 
	August 1, 2019 to October 31, 2019	 	 	Abated	 
	November 1, 2019 to October 31, 2020	 	$	7,004.67	 
	November 1, 2020 to October 31, 2021	 	$	7,144.76	 
	November 1, 2021 to October 31, 2022	 	$	7,287.66	 
	November 1, 2022 to October 31, 2023	 	$	7,433.41	 
	November 1, 2023 to October 31, 2024	 	$	7,582.08	 

 

The monthly Base Rent
as amended is in addition to Lessee’s proportionate share of Basic Costs as defined in the Lease Agreement (which will be
abated for the same period of time as the Base Rent is abated pursuant to this Section 3). The Base Year for purposes of calculating
Lessee’s monthly proportionate share of Basic Costs for the Leased Premises shall be calendar year 2019, grossed up to 95%
occupancy pursuant to Section 6 of the Lease Agreement.

 

     

     

    

 

		4.	Notices.

 

IT IS FURTHER AGREED
that the Lease Agreement regarding addresses for notices is hereby amended to revise Lessor’s new addresses for notice as
follows:

 

		To the Lessor:	Norvin Pin Oak North LLC

 

c/o Transwestern

Attn: Property Manager

6750 West Loop South, Suite 330

Bellaire, TX 77401

 

With copy to:

 

Norvin Pin Oak North LLC

805 Third Ave, 18th Floor

New York, NY 10022

 

		5.	Parking.

 

IT IS FURTHER AGREED
that the Lease Agreement is amended to delete the prior parking provision found in Exhibit B to the Original Lease and to add in
its place the following:

 

“So long as the
Lease Agreement of which this agreement is a part shall remain in effect, Lessee or persons designated by Lessee shall rent four
(4) reserved parking spaces currently known as [redacted] and will have the option to rent up to five (5) unreserved
parking spaces, all to be located in the Building parking garage in locations designated by Lessor from time to time. Lessee shall
lease such parking spaces on a “must take and pay” basis during the Lease Agreement.

 

In addition, Lessor shall provide Lessee
with one (1) additional reserved parking space , which Lessee shall rent on a month to month basis. If, at any time during the
Term as amended above, Lessor needs to recapture this one (1) additional reserved space (which, for the avoidance of doubt, will
in no event be one of the four (4) reserved parking spaces, Lessor shall provide Lessee thirty (30) days written notice wherein
such space shall be substituted for an unreserved parking space at the rates provided below in a location designated by Lessor.

 

Lessee shall pay as rent for each parking
space, at the same times and in the same manner as Base Rent is due under the Lease Agreement.

 

Lessee shall pay initially for each space
a sum of Seventy-Five and 00/100 Dollars ($75.00) per month plus applicable sales tax for each reserved parking space and Sixty
and 00/100 Dollars ($60.00) per month plus applicable sales tax for each unreserved parking space. The parking rates herein shall
remain unchanged for the first twenty-four (24) months of the Term as amended above. All parking charges shall be abated for the
first three (3) months of the Term as amended above.

 

Lessor shall provide Lessee at least sixty
(60) days’ notice of any change in the standard parking rates and the giving of such notice shall be deemed an amendment
to this Lease Agreement and Lessee shall thereafter pay the adjusted rent.

 

     

     

    

 

Lessor expressly reserves the right to
designate, relocate and/or redesignate parking spaces and/or areas for Lessee and/or Lessee’s visitors, and to modify the
parking structure for other uses or to any extent.

 

Notwithstanding anything contained in this
amendment to the contrary, Lessor shall have the right to recapture any parking space committed by Lessor to Lessee that is not
utilized by Lessee for six (6) consecutive months. In the event Lessor exercises such right, Lessor shall have no further obligations
to Lessee with respect to such parking spaces.

 

Lessee shall defend, indemnify, defend
(with counsel reasonably acceptable to Lessor) and hold harmless the Lessor Parties from and against all liabilities, obligations,
losses, damages, penalties, claims, actions, suits, costs, expenses and disbursements (including court costs and reasonable attorneys’
fees) resulting directly or indirectly from the use of the parking spaces.

 

A condition of any parking shall be in
compliance by the parker with garage rules and regulations, including any sticker or other identification system established by
Lessor. The current rules and regulations can be found in the management office for Lessee’s convenience and are in effect
until notice is given to Lessee of any change. Lessor reserves the right to modify and/or adopt such other reasonable and non-discriminatory
rules and regulations for the garage as it deems necessary for the operation of the garage. Lessor may refuse to permit any person
who violates the rules to park in the garage, and any violation of the rules shall subject the car to removal.”

 

		6.	Option to Renew.

 

Lessee is hereby granted
one (1) option to renew and extend the Term for a period of five (5) years, commencing on the expiration of the Term, on the same
terms and conditions set forth in the Lease Agreement, except that the Base Rent during the Option Term shall be at the then Building
Rate as defined below (the “Option Term”). In order to exercise this option, the following conditions must be satisfied:

 

		(1)	Lessee is not in material default (which, for the avoidance
of doubt, shall include a monetary default) of the Lease Agreement at the time delivery of notice is required to exercise an option,
and if at any time through and including the time the subject Option Term is to commence, Lessee has not been in material default
with respect to any terms and conditions contained herein;

 

		(2)	Lessee shall not have assigned the Lease Agreement or any interest therein to any unaffiliated
third party, or sublet or otherwise permit lease occupancy by any unaffiliated third party of all or any portion of the Leased
Premises during the Term as amended above, regardless of whether the Lessor shall have consented to such assignment, subletting,
or occupancy; and

 

		(3)	Lessee shall have given written notice to Lessor no earlier than nine (9) months prior to the expiration
date of the Term as amended above, notifying Lessor of Lessee's option to renew. If Lessee fails to properly exercise its option
during this period, then the option shall become null and void.

 

In the event that any
of the foregoing conditions are not satisfied upon the expiration date of the Term as amended above, this option shall be null
and void and the Term as amended above shall expire at the expiration date as amended above. However, Lessor shall have the right
at Lessor’s sole discretion to waive any of the conditions not met by Lessee so long as the waiver is in writing and signed
by Lessor.

 

     

     

    

 

The “Building
Rate” as used herein for the Option Term shall be determined by the fair market annual rental of the Leased Premises reasonably
determined by Lessor based on a survey of annual rental rates being charged for the lease in comparable buildings in the immediate
Bellaire area which includes the Building, for space comparable to the Leased Premises, taking into account the quality and age
of the building, the floor level, quality of tenant improvements provided and other relevant factors and assuming that such annual
rental is a “gross” rental pursuant to a lease providing for a pass through of taxes and operating expenses on a proportionate
basis. Lessor may consider the then current base rent rate being charged by Lessor for other leases of the Building in determining
Building Rate. In addition, Building Rate shall be subject to periodic adjustments in the same manner as herein provided for in
the Lease Agreement.

 

Within thirty (30)
days of receiving Lessee’s written notice of intent to exercise the Option Term, Lessor shall present to Lessee in writing,
Lessor’s opinion of the prevailing market Building rate. At that time, Lessee shall have thirty (30) days to provide Lessor
with written notice accepting or rejecting Lessor’s determination. If Lessee does not notify Lessor that Lessee accepts or
rejects its determination within this period of time, the option to extend the Term shall be null and void. If Lessee rejects Lessor’s
determination of prevailing market Building Rate, both parties shall attempt to negotiate in good faith an agreed upon Building
Rate for another fifteen (15) days. If as of the expiration of such fifteen (15) day period, the parties agree on the Building
Rate for the Option Term, the parties shall execute a formal renewal amendment extending the Term and establishing the Building
Rate. If as of the expiration of such fifteen (15) day period, the parties do not agree on the Building Rate, the option to extend
the Term shall be null and void.

 

		7.	Miscellaneous.

 

(a)       All the terms
of the Lease Agreement not otherwise modified or changed by this document shall remain in full force and effect, according to the
terms thereof. Lessor and Lessee hereby ratify and confirm the Lease Agreement as amended hereby. Lessee expressly states that
at this time, Lessor is not in default on the terms of the Lease Agreement. Lessor expressly states that at this time, Lessee
is not in default on the terms of the Lease Agreement. 

 

(b)       Lessor
and Lessee expressly acknowledge that the Lease Agreement as amended by this amendment represents the entire agreement between
Lessor and Lessee.

 

(c)       Lessor
and Lessee each represent and warrant that the party executing this document on behalf of such party possesses all lawful rights
and authority to enter into this document on behalf of that party; that there are no judgments, decrees, or outstanding orders
of any court prohibiting the execution of this document; and that all required approvals, consents and resolutions necessary to
effectuate the terms and provisions of this document.

 

(d)       Lessor
and Lessor's agents and Lessee and Lessee’s agents have made no representations or promises, express or implied, in connection
with this document except as expressly set forth herein.

 

(e)       The
section headings contained in this document are for convenience only and shall in no way enlarge or limit the scope or meaning
of the various and several sections hereof.

 

(f)       All
terms not otherwise defined herein shall have the same meaning assigned to them in the Lease Agreement.

 

(g)       Lessor
and Lessee agree that each provision of the Lease Agreement (as amended by this amendment) for determining charges, amounts, and
expenses payable by Lessee is commercially reasonable and, as to each such charge or amount, constitutes a "method by which
the charge is to be computed" for purposes of Section 93.012 of the Texas Property Code.

 

     

     

    

 

(h)       Lessor
and Lessee warrant to the other that it has had no dealings with any real estate broker or agent in connection with the negotiation
of this document, excepting only CBRE, Inc. as Lessor’s broker and Transwestern as Lessee’s broker.
Lessee and Lessor agree to indemnify, defend (with counsel reasonably acceptable to the indemnitee) and hold harmless the
other party from and against any liability from all other claims for brokerage commissions arising from the negotiation of this
document.

 

This amendment shall be executed in multiple
counterparts, each of which shall have the full force and effect of an original, on the later of the dates mentioned below. In
the event that any signature is delivered by facsimile transmission or by e-mail delivery of an electronic format data file (i.e.
..pdf), such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is
executed) with the same force and effect as if such facsimile or “.pdf” signature page was an original thereof. If
so executed, each of such counterparts is to be deemed an original for all purposes, and all such counterparts shall, collectively,
constitute one agreement.

 

SIGNATURE PAGE FOLLOWS:

 

     

     

    

 

LESSOR:

NORVIN PIN OAK NORTH LLC,

NORVIN PIN OAK NORTH II LLC,

NORVIN PIN OAK NORTH III LLC,

NORVIN PIN OAK NORTH IV LLC,

NORVIN PIN OAK NORTH V LLC, and

NORVIN PIN OAK NORTH VI LLC,

each a Delaware limited liability company

 

	By:	Norvin Pin Oak Manager LLC,	 
	 	a Delaware limited liability company,	 
	 	its Manager	 

 

	By:	/s/ Norman Livingston	 
	Name:	Norman Livingston	 
	Title:  	Manager	 
	Date: 	5/29/19	 

 

LESSEE:

BIO-PATH HOLDINGS, INC.,

a Delaware corporation

 

	By:	/s/ Peter H. Nielsen	 
	 	 
	Title: 	President & CEO	 
	 	 
	Date: 	5/16/2019	 

 

     

     

    

 

EXHIBIT A

 

WORK LETTER

 

Lessor shall provide Lessee the Improvement
Allowance, towards all costs of improvements including, but not limited to, architectural and engineering services, permitting,
labor, construction management fee as set forth in this Exhibit A and all labor and materials relating to construction within the
Leased Premises. Any cost of improvements which, together with soft costs, would result in the total costs being in excess of Improvement
Allowance will require Lessee’s prior written approval.

 

1.         Work
by Lessor. Lessor shall cause to be constructed and/or installed in the Leased Premises the permanent leasehold improvements
and tenant finish desired by Lessee and approved by Lessor, which the parties hereby agree will be the re-carpeting of the Leased
Premises in certain locations identified by Lessee specified in the Final Plans defined below to be agreed to by Lessor and Lessee
(collectively the “Leasehold Improvements”).

 

2.        Planning
and Construction. Lessor and Lessee shall cooperate in good faith in the planning and construction of the Leasehold Improvements,
and Lessee shall respond promptly to any request from Lessor or Lessor’s architect or contractor for Lessee’s approval
of any particular aspect thereof, it being agreed and understood that it is the intent and desire of the parties that the to be
approved plans for the Leasehold Improvements be completed by August 1, 2019 and that the Leasehold Improvements Completion Date
(as defined below) will occur on or before November 1, 2019 (as may be extended by force majeure or any delay not directly caused
by Lessee). The Final Plans shall be the plans approved by the parties and shall (i) utilize Lessor’s building standard
materials and methods of construction, (ii) be compatible with the shell and core improvements and the design, construction
and equipment of the Leased Premises, and (iii) comply with all applicable laws, rules, regulations, codes and ordinances.

 

(3)       Bids.
Prior to commencing the Leasehold Improvements, Lessor shall competitively bid the Leasehold Improvements to three contractors.
If the estimated total construction costs are expected to exceed the Improvement Allowance, Lessee shall be allowed to review the
submitted bids from such contractors to value engineer any of Lessee’s requested alterations. In such case, Lessee shall
notify Lessor of any items in the Working Drawings that Lessee desires to change within five business days after Lessor’s
submission thereof to Lessee. If Lessee fails to notify Lessor of its election within such five business day period, Lessee shall
be deemed to have approved the bids and be deemed to consent to such Excess Costs, if any. Lessee acknowledges that any cost estimates
are prepared by the general contractor and Lessor shall not be liable to Lessee for any inaccuracy in any such estimates. 

 

(4)       Changes to
Final Plans. Lessee may initiate changes in the Final Plans. Each such change must receive the prior written approval
of Lessor, such approval not to be unreasonably withheld or delayed; however, if such requested change would adversely affect
(in the reasonable discretion of Lessor) (1) the Building’s structure or the Building’s systems (including the Building’s
restrooms or mechanical rooms), (2) the exterior appearance of the Building, or (3) the appearance of the Building’s common
areas or elevator lobby areas, Lessor may withhold its consent in its sole and absolute discretion. Any and all reasonable costs
of reviewing any requested changes, and any and all costs of making any changes to the Final Plans which Lessee may request and
which Lessor may agree to, shall be at Lessee’s sole cost and expense and shall be paid to Lessor within ten (1) days of
Lessee receiving an itemized invoice describing such costs from Lessor and before execution of the change order.  In no event
shall Lessor be obligated to perform any Improvements which would extend the construction period past the estimated Leasehold
Improvements Completion Date set forth below, unless such extension was mutually agreed to in writing by Lessor and Lessee prior
to the commencement of the construction. 

 

     

     

    

 

5.        Quality
of Work. Lessor shall supervise the construction of the Leasehold Improvements and shall use its diligent good faith efforts
to cause same to be constructed and installed in a good and workmanlike manner in accordance with good industry practice and to
be completed no later than November 1, 2019 (as may be extended by force majeure or any delay not directly caused by Lessee). Lessor
will make reasonable efforts and will cause its contractors to make reasonable efforts to not unreasonably interfere with Lessee’s
use of the Premises for general office use. However, Lessee understands and agrees that certain inconvenience to Lessee is expected
during construction of the Leasehold Improvements.

 

6.         Construction.
Lessor shall commence construction of the Improvements within ten (10) days following the later of (i) the approval of
the Final Plans, or (ii) Lessor’s receipt of any necessary Permits.  Lessor shall diligently pursue completion
of construction of the Improvements and use its commercially reasonable efforts to complete construction of the Improvements as
soon as reasonably practicable. The “Leasehold Improvements Completion Date” shall mean the date upon which the Leasehold
Improvements are substantially complete. The phrase “substantially complete” shall mean that (i) all construction debris
has been removed from the Leased Premises and the Leased Premises are reasonably clean, (ii) the Leased Premises may reasonably
be used and occupied for the purposes intended by Lessee, (iii) the progress of the construction of the Leasehold Improvements
to date is such that final completion of the Leasehold Improvements can occur within a reasonable period of time and without undue
interference to Lessee’s use of the Leased Premises, (iv) Leased Premises will be available for construction after business
hours and on Fridays and weekends, and (v) all requisite approvals with respect to the Leasehold Improvements have been obtained
from local governmental authorities having jurisdiction. If the Leasehold Improvements are not ready by Lessee’s anticipated
deadline or thereafter for any reason, Lessor shall not be liable or responsible for any claims, damages or liabilities in connection
therewith or by reason thereof. Notwithstanding the above, minor construction work that doesn’t unreasonable interfere with
Lessee’s use and occupancy of the Leased Premises shall be allowed to be conducted during normal business hours. The estimated
Leasehold Improvements Completion Date is estimated to be on or before November 1, 2019. It is understood and agreed that failure
to substantially complete the Leasehold Improvements by November 1, 2019 shall not relieve Lessee from Base Rent commencement.

 

7.        Walk-Through;
Punchlist. When Lessor considers the Leasehold Improvements in the Leased Premises to be substantially complete, Lessor will
notify Lessee and, within three business days thereafter, Lessor’s representative and Lessee’s representative shall
conduct a walk-through of the Leased Premises and identify any necessary touch-up work, repairs and minor completion items that
are necessary for final completion of the Leasehold Improvements. Lessor shall use reasonable efforts to cause the contractor performing
the Leasehold Improvements to complete all punchlist items within thirty (30) days after agreement thereon.

 

     

     

    

 

8.        Disclaimer of Warranty. LESSEE ACKNOWLEDGES THAT THE CONSTRUCTION AND INSTALLATION OF THE
LEASEHOLD IMPROVEMENTS WILL BE PERFORMED BY AN UNAFFILIATED CONTRACTOR OR CONTRACTORS AND THAT ACCORDINGLY LESSOR HAS MADE
AND WILL MAKE NO WARRANTIES TO LESSEE WITH RESPECT TO THE QUALITY OF CONSTRUCTION THEREOF OR AS TO THE CONDITION OF THE
LEASED PREMISES, EITHER EXPRESS OR IMPLIED, AND THAT LESSOR EXPRESSLY DISCLAIMS ANY IMPLIED WARRANTY THAT THE LEASED PREMISES
ARE OR WILL BE SUITABLE FOR LESSEE’S INTENDED COMMERCIAL PURPOSE. AS SET FORTH IN THE LEASE, LESSEE’S OBLIGATION
TO PAY BASE AND ADDITIONAL RENTAL HEREUNDER IS NOT DEPENDENT UPON THE CONDITION OF THE LEASED PREMISES OR THE BUILDING OR THE
PERFORMANCE BY LESSOR OF ITS OBLIGATIONS HEREUNDER, AND LESSEE SHALL CONTINUE TO PAY THE BASE AND ADDITIONAL RENTAL WITHOUT
ABATEMENT, SETOFF OR DEDUCTION, NOTWITHSTANDING ANY BREACH BY LESSOR OF ITS DUTIES OR OBLIGATIONS HEREUNDER, WHETHER EXPRESS
OR IMPLIED. However, Lessor agrees that in the event that any defect in the construction of the Leasehold Improvements is
discovered, Lessor will diligently pursue and seek to enforce any warranties of the contractor(s) and/or the manufacturer of
any defective materials incorporated therein.

 

9.        Cost
of Leasehold Improvements. Lessor shall pay all costs and expenses of the Leasehold Improvements up to the Improvement Allowance.
In the event that the cost and expense of constructing and installing any portion of the Leasehold Improvements is estimated to
exceed the Improvement Allowance (as reduced by the architectural and engineering costs, and the construction management fee as
expressly provided for herein) (the additional is hereinafter the “Excess Cost”), Lessee shall, prior to Lessor’s
awarding of the construction contract with respect to the Leasehold Improvements or, as applicable, Lessor performing any change
order work, either of which will result in Excess Costs, within ten (10) days following Lessor’s demand (which shall include
reasonable supporting detail of such Excess Cost), deposit with Lessor, one hundred percent (100%) of the amount of Lessor’s
good faith, reasonable estimate of any Excess Cost. Lessor agrees to provide Lessee with a final reconciliation between Lessor
and Lessee as to such Excess Costs as soon as reasonably possible after completion of the Leasehold Improvements. Notwithstanding
the foregoing, in no event will Lessor award a construction contract or perform a change order which would result in Excess Cost
without first obtaining Lessee’s prior written consent and Lessee shall not be liable for any Excess Costs that result from
Lessor’s violation of this sentence. Any portion of the Improvement Allowance that is not utilized on or prior to December
31, 2019 (as may be extended by force majeure or any delay not directly caused by Lessee), shall be deemed forfeited by Lessee.
No part of the Improvement Allowance may be used towards the payment or credit of Rent owed under the terms of the Lease Agreement.

 

10.       Construction Management Fee. Lessee acknowledges and agrees to pay Lessor a construction management fee equal to
five percent (5%) of the total costs for designing and constructing the Leasehold Improvements. Such construction management
fee may be paid for out of the Improvement Allowance.

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