Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
 PURCHASE
AGREEMENT 
 This PURCHASE AGREEMENT (this “Agreement”) is entered into as of March 22, 2017 by and between Taylor
Morrison Home Corporation, a Delaware corporation (the “Company”) and each of the parties identified on Schedule I hereto (each a “Seller” and collectively, the “Sellers”). 

Background 

A.    Each Seller desires to sell to the Company, at the price and upon the terms and conditions set forth in this
Agreement, the number of common units (the “Common Units”) of TMM Holdings II Limited Partnership, a limited partnership formed under the laws of the Cayman Islands (the “Partnership”), and a corresponding number of
shares of the Company’s Class B common stock, $0.00001 par value per share (the “Class B Common Stock”) set forth opposite such Seller’s name on Schedule I hereto (each such Common Unit together
with its corresponding share of Class B Common Stock to be sold by such Seller, a “Purchased Interest” of such Seller); 

B.    The Company desires to purchase each Seller’s Purchased Interests at the price and upon the terms and
conditions set forth in this Agreement (the “Purchases”); 
 C.     The Company is conducting a public
offering (the “Public Offering”) of shares of its Class A common stock (the “Underwritten Shares”) pursuant to an Underwriting Agreement, dated March 22, 2017 (the “Underwriting
Agreement”); 
 D.    The Company intends to use the proceeds received from the Public Offering to complete the
Purchases. 
 E.    The board of directors of the Company has approved the transactions contemplated by this Agreement
for purposes of Rule 16b-3 under the Securities Exchange Act of 1934 (the “Exchange Act”), which approval is intended to exempt each disposition by each Seller of its respective Purchased
Interests to the extent that it or any person affiliated with it may be deemed an officer or director of the Company, including a “director by deputization,” from Section 16(b) of the Exchange Act. 

THEREFORE, in consideration of the mutual covenants herein and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the undersigned hereby agree as follows: 
 Agreement 

1.    Purchase. 

(a)    At the Closing (as defined below), subject to the satisfaction of the conditions and to the terms set forth in
paragraphs l(b) and l(c) below, each Seller, severally and not jointly, hereby agrees to transfer, assign, sell, convey and 

 
deliver to the Company 100% of its right, title and interest in and to such Seller’s Purchased Interests, and the Company hereby agrees to purchase such Purchased Interests at a purchase
price per Purchased Interest equal to the per share price at which the Company sells the Underwritten Shares to the underwriters in the Public Offering (the “Per Share Purchase Price”). 

(b)    The obligations of the Company to purchase the Purchased Interests from any Seller shall be subject to (i) the
closing of the Public Offering, (ii) the representations and warranties of such Seller being true and correct in all material respects as of the Closing and (iii) such Seller having complied in all material respects with all of the
covenants required to be performed by such Seller on or prior to the Closing. 
 (c)    The closing of the sale of the
Purchased Securities (the “Closing”) shall take place immediately following the closing of the Public Offering, at the offices of the Company, or at such other time and place as may be agreed upon by the Company and the Sellers.

 (d)    At the Closing, each Seller shall deliver to the Company or as instructed by the Company duly executed
transfer powers relating to such Seller’s Purchased Interests and the Company agrees to deliver to such Seller the Applicable Purchase Price by wire transfer of immediately available funds to the account(s) specified in writing by such Seller.
“Applicable Purchase Price” means, with respect to any Seller, the product of the Per Share Purchase Price and the aggregate number of Purchased Interests being sold by such Seller pursuant to the terms of this Agreement. 

(e)    Neither the Company nor any of its affiliates intends to withhold any amounts payable pursuant to this Agreement
pursuant to Section 1445 of the Internal Revenue Code of 1986, as amended (the “Code”). If the Internal Revenue Service issues a Notice of Proposed Adjustment (or similar Notice) that the Company was required to withhold
and remit tax under Section 1445 of the Code on the proceeds payable to a Seller pursuant to this Agreement, then at the Company’s request, such Seller shall use commercially reasonable efforts to provide within 30 days evidence (intended
to be sufficient to satisfy the requirements of United States Treasury Regulations Section 1.1445-1(e)(3)) that such Seller has filed all federal income tax returns required to be filed by such Seller (and
paid all federal income tax shown as due from such Seller on such returns) with respect to the Purchase from such Seller pursuant to this Agreement; provided, however, at the election of such Seller, such Seller may provide any such evidence
directly to the Internal Revenue Service and not to the Company or any other third-party. 
 2.    Company
Representations. In connection with the transactions contemplated hereby, the Company represents and warrants as of the date hereof to the Sellers that: 

  
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 (a)    The Company is a corporation duly organized and validly existing under
the laws of the State of Delaware. The Company has the requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. 

(b)    This Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid and binding
agreement of the Company enforceable in accordance with its terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization or other laws affecting enforcement of creditors’ rights or by general
equitable principles. 
 (c)    The execution, delivery and performance by the Company of this Agreement and the
consummation of the transactions herein contemplated will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under any indenture, mortgage, deed of trust, loan agreement or
other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject,
(ii) violate any provision of the certificate of incorporation or by-laws, or other organizational documents, as applicable, of the Company or its subsidiaries or (iii) violate any statute or any
order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties, in the case of each such clause, after giving effect to any consents, approvals,
authorizations, orders, registrations, qualifications, waivers and amendments as will have been obtained or made as of the date of this Agreement, and except, in the case of clauses (i) and (ii), as would not reasonably be expected to have a
material adverse effect on (A) the business, operations, results of operations, properties, assets or condition (financial or otherwise) of the Company, the Partnership and its subsidiaries, taken as a whole, or (B) the ability of the
Company to consummate the transactions contemplated by this Agreement (a “Material Adverse Effect”); and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or
body is required for the execution, delivery and performance by the Company of its obligations under this Agreement, including the consummation by the Company of the transactions contemplated by this Agreement, except where the failure to obtain or
make any such consent, approval, authorization, order, registration or qualification would not reasonably be expected to have a Material Adverse Effect. 

3.    Representations of the Sellers. In connection with the transactions contemplated hereby, each of the Sellers,
severally and not jointly, represents and warrants to the Company as of the date hereof and covenants and agrees that: 

(a)    Such Seller is duly organized and existing under the laws of its jurisdiction of organization. 

(b)    All consents, approvals, authorizations and orders necessary for the execution and delivery by such Seller of this
Agreement and for the sale and delivery of the Purchased Interests to be sold by such Seller hereunder, have been 

  
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obtained; and such Seller has full right, power and authority to enter into this Agreement and to sell, assign, transfer and deliver the Purchased Interests to be sold by such Seller hereunder,
except for such consents, approvals, authorizations and orders as would not impair in any material respect the consummation of such Seller’s obligations hereunder. 

(c)    This Agreement has been duly executed and delivered by such Seller and constitutes a valid and binding agreement of
such Seller, enforceable in accordance with its terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization or other laws affecting enforcement of creditors’ rights or by general equitable
principles. 
 (d)    The sale of the Purchased Interests to be sold by such Seller hereunder and the compliance by such
Seller with all of the provisions of this Agreement and the consummation of the transactions contemplated herein (i) does not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a
default under, any statute, indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which such Seller is a party or by which such Seller is bound or to which any of the property or assets of such Seller is subject as
of the date hereof, (ii) nor will such action result in any violation of the provisions of any organizational or similar documents pursuant to which such Seller was formed (to the extent such Seller is not an individual) or any statute or any
order, rule or regulation of any court or governmental agency or body having jurisdiction over such Seller or the property of such Seller; except in the case of clause (i) or clause (ii), for such conflicts, breaches, violations or defaults as
would not impair in any material respect the consummation of such Seller’s obligations hereunder. 
 (e)    As of
the date hereof and immediately prior to the delivery of the Purchased Interests to the Company at the Closing, such Seller holds good and valid title to the Purchased Interests to be sold at the Closing or a securities entitlement in respect
thereof, and holds, and will hold until delivered to the Company, such Purchased Interests free and clear of all liens, encumbrances, equities or claims; and, upon delivery of such Purchased Interests (including by crediting to a securities account
of the Company) and payment therefor pursuant hereto, assuming that the Company has no notice of any adverse claims within the meaning of Section 8-105 of the New York Uniform Commercial Code as in effect
in the State of New York from time to time (the “UCC”), (A) under 8-501 of the UCC, the Company will acquire a valid security entitlement (within the meaning of Section 8-102(a)(17) of the UCC) to such Purchased Interests purchased by the Company and (B) no action (whether framed in conversion, replevin, constructive trust, equitable lien or other theory) based on an adverse
claim (within the meaning of Section 8-105 of the UCC) to such security entitlement may be asserted against the Company. 

(f)    Such Seller (either alone or together with its advisors) has such knowledge and experience in financial or business
matters that it is capable of evaluating the merits and risks of the Purchases.    Such Seller has had the opportunity to ask questions and receive answers concerning the terms and conditions of the Purchases, and has had full
access to such other information concerning the Purchases as it has 

  
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requested. Such Seller has received all information that it believes is necessary or appropriate in connection with the Purchases.Such Seller is an informed and sophisticated party and has
engaged, to the extent such Seller deems appropriate, expert advisors experienced in the evaluation of transactions of the type contemplated hereby. Such Seller acknowledges that such Seller has not relied upon any express or implied representations
or warranties of any nature made by or on behalf of the Company, whether or not any such representations, warranties or statements were made in writing or orally, except as expressly set forth for the benefit of such Seller in this Agreement. 

4.    Termination. This Agreement shall automatically terminate and be of no further force and effect in the event
that the conditions in paragraph 1(b) of this Agreement have not been satisfied on or prior to March 27, 2017. 

5.    Notices. All notices, demands or other communications to be given or delivered under or by reason of the
provisions of this Agreement will be in writing and will be deemed to have been given when delivered personally, mailed by certified or registered mail, return receipt requested and postage prepaid, or sent via a nationally recognized overnight
courier, or sent via facsimile to the recipient. Such notices, demands and other communications will be sent to the address indicated below: 

To the Sellers: 
 At the address
listed for each Seller on Schedule I hereto. 
 To the Company: 

Taylor Morrison Home Corporation 

4900 North Scottsdale Road, Suite 2000 

Scottsdale, AZ 85251 
 Attention:
    Darrell C. Sherman, Esq. 
 Executive Vice President, Chief Legal Officer and Secretary 

Facsimile:    (866) 390-2612 

E-mail:dsherman@taylormorrison.com 

with a copy to (which shall not constitute notice): 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 
 New
York, NY 10019-6064 
 Attention:     John C. Kennedy 

Facsimile:     (212) 757-3990 

E-mail:         jkennedy@paulweiss.com 

or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party. 

  
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 6.    Miscellaneous. 

(a)    Survival of Representations and Warranties. All representations and warranties contained herein or made in
writing by any party in connection herewith shall survive the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby. 

(b)    Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality, or
unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed, and enforced in such jurisdiction as if such invalid, illegal, or unenforceable provision had never been contained
herein. 
 (c)    Complete Agreement. This Agreement and any other agreements ancillary thereto and executed and
delivered on the date hereof embody the complete agreement and understanding between the parties and supersede and preempt any prior understandings, agreements, or representations by or among the parties, written or oral, which may have related to
the subject matter hereof in any way. 
 (d)    Counterparts. This Agreement may be executed in separate
counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 

(e)    Assignment; Successors and Assigns. Neither this Agreement nor any of the rights, interests or obligations
hereunder shall be assigned, in whole or in part, by any of the parties without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement shall bind and inure to the benefit of and be enforceable by the
Sellers and the Company and their respective successors and permitted assigns. Any purported assignment not permitted under this paragraph shall be null and void. 

(f)    No Third Party Beneficiaries or Other Rights. This Agreement is for the sole benefit of the parties and
their successors and permitted assigns and nothing herein express or implied shall give or shall be construed to confer any legal or equitable rights or remedies to any person other than the parties to this Agreement and such successors and
permitted assigns. 
 (g)    Governing Law; Jurisdiction. This Agreement and all disputes arising out of or
related to this Agreement (whether in contract, tort or otherwise) will be governed by and construed in accordance with the laws of the State of New York. EACH OF THE PARTIES TO THIS AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT. Each of the parties (i) irrevocably submits to the personal jurisdiction of any state or federal court 

  
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sitting in New York, New York, as well as to the jurisdiction of all courts to which an appeal may be taken from such courts, in any suit, action or proceeding relating to or arising out of,
under or in connection with this Agreement, (ii) agrees that all claims in respect of such suit, action or proceeding, whether arising under contract, tort or otherwise, shall be brought, heard and determined exclusively in the federal court of
the Southern District of New York (provided, that, in the event that subject matter jurisdiction is unavailable in that court, then all such claims shall be brought, heard and determined exclusively in any other state or federal court sitting
in New York, New York), (iii) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such court, and (iv) agrees not to bring any action or proceeding relating to or arising out
of, under or in connection with this Agreement or the Company’s business or affairs in any other court, tribunal, forum or proceeding. Each of the parties waives any defense of inconvenient forum to the maintenance of any action or proceeding
brought in accordance with this paragraph. Each of the parties agrees that service of any process, summons, notice or document by U.S. registered mail to its address set forth herein shall be effective service of process for any action, suit or
proceeding brought against it in accordance with this paragraph, provided, that nothing in the foregoing sentence shall affect the right of any party to serve legal process in any other manner permitted by law. 

(h)    Mutuality of Drafting. The parties have participated jointly in the negotiation and drafting of this
Agreement.    In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any provision of the Agreement. 
 (i)    Remedies. The
parties hereto agree and acknowledge that money damages will not be an adequate remedy for any breach of the provisions of this Agreement, that any breach of the provisions of this Agreement shall cause the other parties irreparable harm, and that
any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance or other injunctive relief in order to enforce, or prevent any violations of, the
provisions of this Agreement. 
 (j)    Amendment and Waiver. The provisions of this Agreement may be amended,
modified or waived only with the prior written consent of the Company and each of the Sellers. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement, nor shall any
waiver constitute a continuing waiver. Moreover, no failure by any party to insist upon strict performance of any of the provisions of this Agreement or to exercise any right or remedy arising out of a breach thereof shall constitute a waiver of any
other provisions or any other breaches of this Agreement. 
 (k)    Further Assurances. Each of the Company and
the Sellers shall execute and deliver such additional documents and instruments and shall take such further action as may be necessary or appropriate to effectuate fully the provisions of this Agreement. 

  
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 [Signatures appear on following page] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Purchase Agreement on the date first
written above. 
  

			
	Company:
	
	Taylor Morrison Home Corporation
		
	      By:	 	 /s/ Darrell C. Sherman

	      Name:	 	Darrell C. Sherman
	      Title:	 	Executive Vice President,
	      Chief Legal Officer and Secretary

  

  
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[Signature Page to Purchase Agreement] 

 
			
	 Sellers:

	
	TPG TMM Holdings II, L.P.
	
	By: TPG TMM Holdings II GP, ULC, its general
partner
		
	By:	 	 /s/ Michael LaGatta

		 	Name: Michael LaGatta
		 	Title:   Vice President

  
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[Signature Page to Purchase Agreement] 

 
			
	 Sellers:

	
	OCM TMM Holdings II, L.P.
	
	By: OCM TMM Holdings II GP, LLC, its general
partner
		
	By:	 	 /s/ Kenneth Liang

		 	Name: Kenneth Liang
		 	Title:   Authorized Signatory
		
	By:	 	 /s/ Emily Stephens

		 	Name: Emily Stephens
		 	Title:   Authorized Signatory

  
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[Signature Page to Purchase Agreement] 

 SCHEDULE I 
  

							
	 Seller
	  	 Address
	 	 Purchased Interests
	  	 Applicable Percentage

				
	 TPG TMM Holdings II, L.P.
	  	TPG Global, LLC
 301 Commerce Street, Suite 3300

Fort Worth, TX 76102
 Attention: Adam Fliss

Facsimile: (415) 438-6893

E-mail: afliss@tpg.com
  

With a copy (which shall not
constitute notice) to:
  

Ropes & Gray LLP
 The Prudential Tower

800 Boylston Street
 Boston, Massachusetts 02199

Attention: Alfred O. Rose

                  Julie H. Jones

Facsimile: (617) 951-7050

E-mail: Alfred.rose@ropesgray.com

             Julie.jones@ropesgray.com
	 	5,000,000	  	50%
				
	 OCM TMM Holdings II, L.P.
	  	Oaktree Capital Management, L.P.
 333 South Grand Ave., 28th Floor

Los Angeles, CA 90071
 Facsimile: (213) 830-6293
 E-mail: kliang@oaktreecapital.com

 
 with a copy (which shall not
constitute notice) to:

 
 Debevoise & Plimpton LLP

919 Third Avenue
 New York, NY 10022

Attention: Jasmine Ball
 Facsimile: (212) 909-6836
 E-mail: jball@debevoise.com
	 	5,000,000	  	50%

 [Schedule I to Purchase Agreement]Exhibit 10.1

 

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

 

CONVERTIBLE PROMISSORY NOTE

 

	$100,000	March 23, 2017

 

FOR VALUE RECEIVED,
NanoVibronix, Inc., a Delaware corporation (the “Borrower”), hereby promises to pay to the order of Joseph
Bronner (“Lender”), the principal amount (“Principal Amount”) equal to $100,000.
Interest on the unpaid portion of the Principal Amount shall be payable on the Maturity Date (as defined below) at a rate per annum
equal to 6%.

 

1.       Terms;
Payment. 

 

1.1       Terms.
This Note is one of a number of similar notes (the “Other Notes”) being issued and delivered by the Borrower
to certain note holders (together with Lender, the “Note Holders”) pursuant to a debt financing of up
to $500,000.

 

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

 

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

 

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

 

    	 	 	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

    	 	2	 

     

    

 

3.2       Qualified
Financing. In the event the Borrower consummates an Equity Financing following the date of issuance of this Note pursuant
to which it issues and sells shares of Capital Stock resulting in aggregate proceeds (excluding the conversion of this Note and
each of the Other Notes) to the Borrower of at least $2,000,000 (a “Qualified Financing”), and provided
that this Note remains outstanding at the time of such Qualified Financing, Lender may, upon 10 days’ prior notice, elect
to have the outstanding principal and unpaid accrued interest of this Note converted into shares of the same class and series of
Equity Securities sold in such Qualified Financing, provided that the Lender may elect to receive shares of the Series C Convertible
Preferred Stock of the Borrower instead of shares of common stock of the Borrower (the “Common Stock”)
to the extent that shares of Common Stock are issued in such Qualified Financing, at a price per share equal to the lesser
of: (a) 80% (i.e., a 20% discount) of the price per share at which such securities are sold in such Qualified Financing
and (b) $5.90 per share, as such amount may be adjusted for any stock split, stock dividend, reclassification or similar events
affecting our Capital Stock. At least 10 business days prior to the closing of the Qualified Financing, the Borrower shall
notify Lender in writing of the terms under which the Equity Securities of the Borrower will be sold in such financing. The conversion
of this Note into Equity Securities under this Section 3.2 shall occur on the closing date of such Qualified Financing,
and at the closing of the Qualified Financing, Lender shall execute a stock purchase agreement in the same form as that executed
by the other investors of the Qualified Financing.

 

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

 

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

 

    	 	3	 

     

    

 

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

 

4.       Miscellaneous.

 

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

 

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

 

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

 

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

 

    	 	4	 

     

    

 

4.5       Severability.
If one or more provisions of this Note are held to be unenforceable under applicable law, such provision shall be excluded
from this Note and the balance of this Note shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms.

 

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

 

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

 

[ Signature Page
Follows ]

 

    	 	5	 

     

    

 

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

 

	THE “BORROWER”:	 

 

	
        Date: March 23, 2017

         

         

        Address:

        525 EXECUTIVE BOULEVARD

        ELMSFORD NY 10523
	
        NANOVIBRONIX,
        INC.,

        a Delaware corporation

         

         

        By: /s/
        Stephen Brown

        Name Stephen
        Brown

        Title:
        CFO

         

         

 

 

 

[Convertible Promissory Note - Borrower’s
Signature Page]

 

     

     

    

 

LENDER’S COUNTERPART SIGNATURE
PAGE

TO

CONVERTIBLE PROMISSORY NOTE

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

 

	
        Date: March 23, 2017

         

        Address:

        ***************

         
	
        JOSEPH BRONNER

         

         

        By: /s/
        Joseph Bronner

        Name:
        Joseph Bronner

        Title:                                                                              

         

         

 

 

  

[Convertible Promissory Note - Lender’s
Signature Page]

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