Document:

EXHIBIT 10.24

 

NANO VIBRONIX, INC.

 

RESTRICTED STOCK AWARD AGREEMENT

 

1.                 
Grant of Award. Pursuant to this restricted stock award agreement (this “Agreement”), Nano
Vibronix, Inc., a Delaware corporation (the “Company”), hereby grants to

 

___AYTA Consulting, LLC__

(the “Contractor”)

 

an Award of Restricted Stock, effective
as of February 25, 2014 (the “Date of Grant”). The number of shares of common stock of the Company, par
value $0.001 per share (“Common Stock”), awarded under this Agreement is four hundred thousand (400,000)
shares (the “Awarded Shares”).

 

2.                 
Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below:

 

a.                  
“Code” means the Internal Revenue Code of 1986, as amended.

 

b.                 
“Termination of Service” occurs when the Contractor ceases to serve as a contractor of the Company
or a subsidiary of the Company for any reason. Except as may be necessary or desirable to comply with applicable federal or state
law, a “Termination of Service” shall not be deemed to have occurred when the Contractor becomes an outside director
or employee of the Company or vice versa.

 

3.                 
Vesting. Except as specifically provided in this Agreement, one hundred percent (100%) of the total Awarded Shares
shall vest upon (a) the Company’s initial public offering of its common stock pursuant to an effective registration statement
under the United States Securities Act of 1933, as amended, or equivalent law of another jurisdiction, (b) such date as the Company
becomes subject to the reporting requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), including, without limitation, upon consummation of a reverse merger or upon the effectiveness of
a registration statement on Form 10 filed by the Company under the Exchange Act or equivalent document or (c) the merger, share
exchange or consolidation of the Company (other than one in which stockholders of the Company own a majority of the voting power
of the outstanding shares of the surviving or acquiring corporation) or a sale, lease, transfer, exclusive license or other disposition
of all or substantially all of the assets of the Company.

 

4.                 
Forfeiture of Awarded Shares. Awarded Shares that are not vested in accordance with Section 3 shall be
forfeited on the later of (i) December 31, 2019, and (ii) the date of the Contractor’s Termination of Service. Upon forfeiture,
all of the Contractor’s rights with respect to the forfeited Awarded Shares shall cease and terminate, without any further
obligations on the part of the Company.

 

5.                 
Restrictions on Awarded Shares. Subject to the terms of this Agreement, from the Date of Grant until the date the
Awarded Shares are vested in accordance with Section 3 and are no longer subject to forfeiture in accordance with Section 4
(the “Restriction Period”), the Contractor shall not be permitted to sell, transfer, pledge, hypothecate,
margin, assign, or otherwise encumber any of the Awarded Shares.

 

6.                 
Legend. Awarded Shares electronically registered in the Contractor’s name shall note that such shares are restricted
stock. If certificates for Awarded Shares are issued, the following legend shall be placed on all certificates issued representing
Awarded Shares:

 

    	 

    	 

    

 

On the face of the certificate:

 

“Transfer of this stock
is restricted in accordance with conditions printed on the reverse of this certificate.”

 

On the reverse:

 

“The shares of stock
evidenced by this certificate are subject to and transferable only in accordance with that certain Restricted Stock Award Agreement
dated as of February 25, 2014, by and between the Company and AYTA Consulting, LLC. No transfer or pledge of the shares evidenced
hereby may be made except in accordance with and subject to the provisions of said Award Agreement. By acceptance of this certificate,
any holder, transferee or pledgee hereof agrees to be bound by all of the provisions of said Award Agreement.”

 

The following legend
shall be inserted on a certificate, if issued, evidencing Common Stock if the shares were not issued in a transaction registered
under the applicable federal and state securities laws:

 

“Shares of stock represented
by this certificate have been acquired by the holder for investment and not for resale, transfer or distribution, have been issued
pursuant to exemptions from the registration requirements of applicable state and federal securities laws, and may not be offered
for sale, sold or transferred other than pursuant to effective registration under such laws, or in transactions otherwise in compliance
with such laws, and upon evidence satisfactory to the Company of compliance with such laws, as to which the Company may rely upon
an opinion of counsel satisfactory to the Company.”

 

All Awarded Shares
owned by the Contractor shall be subject to the terms of this Agreement and shall be represented by a certificate or certificates
bearing the foregoing legend.

 

7.                 
Delivery of Certificates; Registration of Shares. The Company shall deliver certificates for the Awarded Shares to
the Contractor or shall register the Awarded Shares in the Contractor’s name, free of restriction under this Agreement, promptly
after, and only after, the Restriction Period has expired without forfeiture pursuant to Section 4. In connection with
any issuance of a certificate for Restricted Stock, the Contractor shall endorse such certificate in blank or execute a stock power
in a form satisfactory to the Company in blank and deliver such certificate and executed stock power to the Company.

 

8.                 
Rights of a Stockholder. Except as provided in Section 4 and Section 5 above, the Contractor shall
have, with respect to his Awarded Shares, all of the rights of a stockholder of the Company, including the right to vote
the shares, and the right to receive any dividends thereon. Any stock dividends paid with respect to Awarded Shares shall at all
times be treated as Awarded Shares and shall be subject to all restrictions placed on Awarded Shares; any such stock dividends
paid with respect to Awarded Shares shall vest as the Awarded Shares become vested.

 

9.                 
Voting. The Contractor, as record holder of the Awarded Shares, has the exclusive right to vote, or consent with
respect to, such Awarded Shares until such time as the Awarded Shares are transferred in accordance with this Agreement; provided,
however, that this Section 9 shall not create any voting right where the holders of such Awarded Shares otherwise
have no such right.

 

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10.             
Adjustment to Number of Awarded Shares. In the event that any dividend or other distribution (whether in the form
of cash, Common Stock, other securities, or other property), recapitalization, stock split, reverse stock split, rights offering,
reorganization, merger, consolidation, split-up, spin-off, split-off, combination, subdivision, repurchase, or exchange of Common
Stock or other securities of the Company, or other similar corporate transaction or event affects the fair value of the Awarded
Shares, then the Company shall adjust the number of Awarded Shares so that the fair value of the Awarded Shares immediately after
the transaction or event is equal to the fair value of the Awarded Shares immediately prior to the transaction or event. The Company
shall determine the specific adjustments to be made under this Section 10, and its determination shall be conclusive. Such
adjustments shall be made in accordance with the rules of any securities exchange, stock market, or stock quotation system to which
the Company is subject. Upon the occurrence of any such adjustment, the Company shall provide notice to the Contractor of its computation
of such adjustment which shall be conclusive and shall be binding upon the Contractor.

 

11.             
Specific Performance. The parties acknowledge that remedies at law will be inadequate remedies for breach of this
Agreement and consequently agree that this Agreement shall be enforceable by specific performance. The remedy of specific performance
shall be cumulative of all of the rights and remedies at law or in equity of the parties under this Agreement.

 

12.             
Contractor’s Representations. Notwithstanding any of the provisions hereof, the Contractor hereby agrees that
he will not acquire any Awarded Shares, and that the Company will not be obligated to issue any Awarded Shares to the Contractor
hereunder, if the issuance of such shares shall constitute a violation by the Contractor or the Company of any provision of any
law or regulation of any governmental authority. Any determination in this connection by the Company shall be final, binding, and
conclusive. The rights and obligations of the Company and the rights and obligations of the Contractor are subject to all applicable
laws, rules, and regulations.

 

13.             
Investment Representations. Notwithstanding anything herein to the contrary, the Contractor hereby represents and
warrants to the Company, that:

 

(a)The
Contractor acknowledges that the Awarded Shares have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), and that the Company’s reliance on an exemption from the Securities Act depends, in part, upon the truth
and accuracy of the Contractor’s representations set forth herein.

 

(b)The
Contractor is acquiring the Awarded Shares for his own account, for investment purposes only, and not with a view to the distribution,
resale, or other disposition not in compliance with the Securities Act and applicable state securities laws.

 

(c)The
Contractor is an “accredited investor” as such term is defined in Rule 501 promulgated under the Securities Act.

 

(d) The
decision of the Contractor to acquire the Awarded Shares for investment has been based solely upon the evaluation made by the Contractor.

 

(e)The
Contractor recognizes and understands that the Awarded Shares may not be sold, transferred, or otherwise disposed of without registration
under the Securities Act or an exemption therefrom, and that in the absence of an effective registration statement or an available
exemption, he must hold such Awarded Shares indefinitely. The Contractor further acknowledges that Rule 144 promulgated under the
Securities Act may not be applicable to the Awarded Shares and understands that the Company will not be obligated to make the filings
and reports, or make publicly available the information, which is a condition to the availability of Rule 144. The Contractor further
recognizes that the Company is under no obligation to register the Awarded Shares or to comply with any exemption from such registration.
The Contractor understands that the certificates representing the Awarded Shares may carry one or more legends incorporating such
restrictions.

 

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(f)The
Contractor acknowledges that he is a sophisticated investor, having such knowledge and experience in financial and business matters
as to be capable of making an informed investment decision with respect to the acquisition of the Awarded Shares and that he has
the financial wherewithal to absorb the loss of any investment in the Awarded Shares.

 

(g)The
Contractor acknowledges receipt of all information he considers necessary or appropriate for deciding and evaluating the merits
and risks of his acquiring and holding the Awarded Shares. The Contractor acknowledges that he has had an opportunity to ask questions
and to receive answers from the Company regarding the Awarded Shares and the business properties, prospects, and financial condition
of the Company and to obtain additional information necessary to verify the accuracy of any information furnished to him or to
which he had access.

 

(h) The
Contractor acknowledges that applicable securities laws provide restrictions on the ability of stockholders to sell, transfer,
assign, mortgage, hypothecate, or otherwise encumber their Awarded Shares and places certain other restrictions on the Contractor.

 

14.             
Contractor’s Acknowledgments. The Contractor hereby accepts the Awarded Shares subject to all the terms and
provisions of this Agreement. The Contractor hereby agrees to accept as binding, conclusive, and final all decisions or interpretations
of the Company upon any questions arising under this Agreement.

 

15.             
Law Governing. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State
of Delaware (excluding any conflict of laws rule or principle of Delaware law that might refer the governance, construction,
or interpretation of this agreement to the laws of another state).

 

16.             
No Right to Continue Service. Nothing herein shall be construed to confer upon the Contractor the right to continue
to provide services to the Company or any subsidiary, or to interfere with or restrict in any way the right of the Company or any
subsidiary to discharge the Contractor at any time.

 

17.             
Legal Construction. In the event that any one or more of the terms, provisions, or agreements that are contained
in this Agreement shall be held by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for
any reason, the invalid, illegal, or unenforceable term, provision, or agreement shall not affect any other term, provision, or
agreement that is contained in this Agreement, and this Agreement shall be construed in all respects as if the invalid, illegal,
or unenforceable term, provision, or agreement had never been contained herein.

 

18.             
Covenants and Agreements as Independent Agreements. Each of the covenants and agreements that are set forth in this
Agreement shall be construed as a covenant and agreement independent of any other provision of this Agreement. The existence of
any claim or cause of action of the Contractor against the Company, whether predicated on this Agreement or otherwise, shall not
constitute a defense to the enforcement by the Company of the covenants and agreements that are set forth in this Agreement.

 

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19.             
Entire Agreement. This Agreement supersedes any and all other prior understandings and agreements, either oral or
in writing, between the parties with respect to the subject matter hereof and constitute the sole and only agreements between the
parties with respect to the said subject matter. All prior negotiations and agreements between the parties with respect to the
subject matter hereof are merged into this Agreement. Each party to this Agreement acknowledges that no representations, inducements,
promises, or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party, which are
not embodied in this Agreement and that any agreement, statement or promise that is not contained in this Agreement shall not be
valid or binding or of any force or effect.

 

20.             
Parties Bound. The terms, provisions, and agreements that are contained in this Agreement shall apply to, be binding
upon, and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, and
permitted successors and assigns, subject to the limitation on assignment expressly set forth herein. No person shall be permitted
to acquire any Awarded Shares without first executing and delivering an agreement in the form satisfactory to the Company making
such person or entity subject to the restrictions on transfer contained herein.

 

21.             
Modification. No change or modification of this Agreement shall be valid or binding upon the parties unless the change
or modification is in writing and signed by the parties.

 

22.             
Headings. The headings that are used in this Agreement are used for reference and convenience purposes only and do
not constitute substantive matters to be considered in construing the terms and provisions of this Agreement.

 

23.             
Gender and Number. Words of any gender used in this Agreement shall be held and construed to include any other gender,
and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise.

 

24.             
Notice. Any notice required or permitted to be delivered hereunder shall be deemed to be delivered only when actually
received by the Company or by the Contractor, as the case may be, at the addresses set forth below, or at such other addresses
as they have theretofore specified by written notice delivered in accordance herewith:

 

	a.	Notice
    to the Company shall be addressed and delivered as follows
	 	 
	 	Nano Vibronix, Inc.
	 	105 Maxess Road, Suite S124
	 	Melville, NY 11747
	 	Attn:                                          
	 	Fax:                                             
	 	 
	b. 	Notice to the Contractor shall be addressed and delivered as set forth on the signature page.

  

25.             
Tax Requirements. The Contractor is hereby advised to consult immediately with his own tax advisor regarding the
tax consequences of this Agreement, the method and timing for filing an election to include this Agreement in income under Section
83(b) of the Code, and the tax consequences of such election. By execution of this Agreement, the Contractor agrees that if the
Contractor makes such an election, the Contractor shall provide the Company with written notice of such election in accordance
with the regulations promulgated under Section 83(b) of the Code. The Company or, if applicable, any subsidiary (for purposes
of this Section 25, the term “Company” shall be deemed to include any applicable subsidiary),
shall have the right to deduct from all amounts paid in cash or other form, any federal, state, local, or other taxes required
by law to be withheld in connection with the Awarded Shares. The amount of any tax withholding due with respect to the vesting
of the Awarded Shares may be made by the Contractor to the Company by (i) the delivery of cash to the Company in an amount that
equals or exceeds (to avoid the issuance of fractional shares under (iii) below) the required tax withholding obligations of the
Company; (ii) the actual delivery by the Contractor to the Company of shares of common stock of the Company (“Shares”),
which Shares so delivered have an aggregate fair market value that equals or exceeds (to avoid the issuance of fractional shares
under (iii) below) the required tax withholding payment; (iii) the actual delivery by the Contractor of a number of Awarded Shares
vesting (through either physical delivery of certificates to the Company representing Awarded Shares or an instruction to the Company
from the Contractor to cancel any Awarded Shares not represented by a physical certificate), which Awarded Shares so delivered
have an aggregate fair market value that equals (but does not exceed) the required tax withholding payment; or (iv) any combination
of (i), (ii), or (iii). The Company may, with the consent of the Contractor, withhold any such taxes from any other cash remuneration
otherwise paid by the Company to the Contractor.

 

 

* * * * * * * * * *

 

[Remainder of Page Intentionally Left
Blank.

Signature Page Follows]

 

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IN WITNESS WHEREOF,
the Company has caused this Agreement to be executed by its duly authorized officer, and the Contractor, to evidence his consent
and approval of all the terms hereof, has duly executed this Agreement, as of the date specified in Section 1 hereof.

 

 

	 	COMPANY:
	 	 	 
	 	NANO VIBRONIX, INC.
	 	 	 
	 	By:	/s/ Ira Greenstein
	 	Name:	Ira Greenstein
	 	Title:	Chairman of the Board
	 	 	 
	 	CONTRACTOR:
	 	 	 
	 	AYTA Consulting, LLC
	 	 	 
	 	By:	/s/ Paul Packer
	 	Name: 	Paul Packer
	 	Title: 	Managing Member
	 	Address:	 
	 	 	 

 

    	6EXHIBIT 10.28

 

	Void after November 15, 2018	Warrant No. ________

 

 

 

			This Warrant and any shares acquired upon the exercise of this Warrant have not been registered
under the Securities Act of 1933. This Warrant and such shares may not be sold or transferred in the absence of such registration
or an exemption therefrom under said Act. This Warrant and such shares may not be transferred except upon the conditions specified
in this Warrant, and no transfer of this Warrant or such shares shall be valid or effective unless and until such conditions shall
have been complied with.

 

 

NANO VIBRONIX, INC.

 

FORM OF AMENDED AND RESTATED

SERIES B-2 PARTICIPATING CONVERTIBLE PREFERRED
STOCK PURCHASE WARRANT

 

Nano Vibronix, Inc. (the “Company”), having
its principal office at 105 Maxess Road, Suite S124, Melville, NY 11747, hereby certifies that, for value received, _____________
(“Investor”), or assigns, is entitled, subject to the terms set forth below, to purchase from the Company at any time
on, or from time to time after, November___, 2011 and before 5:00 P.M., New York City time, on November 15 , 2018, or as curtailed
in accordance with the terms hereof (the “Expiration Date”), ______________ fully paid and non-assessable shares
of Warrant Shares of the Company, at the Purchase Price per share of $0.199. The number and character of such shares of Warrant
Shares and the Purchase Price per share are subject to adjustment as provided herein.

 

This Amended and Restated Series B-2 Participating Convertible
Preferred Stock Purchase Warrant amends, restates and supersedes in all respects that certain Warrant No. ____ issued to the Holder
on November___, 2011 (the “Original Warrant”). The Original Warrant is henceforth void and shall be of no further
force or effect as of the date hereof. However, the Company and the Holder hereby agree that (i) no consideration was paid by the
Holder in connection with the amendment and restatement of the Original Warrant, (ii) this Warrant shall be treated as a continuation
of the Original Warrant for U.S. tax purposes and (iii) for purposes of calculating any holding periods under Rule 144 of the Securities
Act of 1933, as amended, the original issuance date of this Warrant shall be November___, 2011.

 

As used herein, the following terms have the following respective
meanings:

 

“Warrant Shares” means the Series B-2 Participating
Convertible Preferred Stock of the Company Stock, par value $0.001 per share, of the Company.

 

    	 

    	 

    

 

“Affiliate” means any person or entity that,
directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a person
or entity, as such terms are used in and construed under Rule 144 under the Securities Act. With respect to a Holder, any investment
fund or managed account that is managed on a discretionary basis by the same investment manager as such Holder will be deemed to
be an Affiliate of such Holder.

 

“Business Day” means any day other than Saturday,
Sunday or other day on which commercial banks in the city of New York, New York are authorized or required by law to remain closed.

 

“Common Stock” means the common stock, par
value $0.001 per share, of the Company.

 

“Common Stock Equivalent” means any Convertible
Security or warrant, option or other right to subscribe for or purchase any additional shares of Common Stock or any Convertible
Security.

 

“Convertible Security” means any stock or
other security (other than options) that is at any time and under any circumstances, directly or indirectly, convertible into,
exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares of Common Stock.

 

“Exchange Act” means the Securities Exchange
Act of 1934 as the same shall be in effect at the time.

 

“Holder” means any record owner of this Warrant.

 

“Per Share Market Value” has the meaning
set forth in Section 2.3.

 

“Original Issue Date” means November ___,
2011.

 

“Other Securities” refers to any stock (other
than Warrant Shares) and other securities of the Company or any other entity which the Holder of this Warrant at any time shall
be entitled to receive, or shall have received, upon the exercise of this Warrant, in lieu of or in addition to Warrant Shares,
or which at any time shall be issuable or shall have been issued in exchange for or in replacement of Warrant Shares or Other Securities
pursuant to Section 5 or otherwise.

 

“Securities Act” means the Securities Act
of 1933 as the same shall be in effect at the time.

 

“Underlying Securities” means any Warrant
Shares or Other Securities issued or issuable upon exercise of this Warrant.

 

“Warrant” means, as applicable, this Warrant,
as amended and restated, or each right as set forth in this Warrant to purchase one share of Warrant Shares, as adjusted.

 

 

1.Sale or Exercise Without Registration. If,
at the time of any exercise, transfer or surrender for exchange of a Warrant or of Underlying Securities previously issued upon
the exercise of Warrants, such Warrant or Underlying Securities shall not be registered under the Securities Act, the Company may
require, as a condition of allowing such exercise, transfer or exchange, that the Holder or transferee of such Warrant or Underlying
Securities, as the case may be, furnish to the Company an opinion of counsel, reasonably satisfactory to the Company, to the effect
that such exercise, transfer or exchange may be made without registration under the Securities Act.

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2.Exercise of Warrant.

 

2.1.Exercise in Full.
Subject to the provisions hereof, this Warrant may be exercised in full by the Holder hereof by surrender of this Warrant, with
the form of subscription at the end hereof duly executed by such Holder, to the Company at its principal office accompanied by
payment, in cash or by certified or official bank check payable to the order of the Company, in the amount obtained by multiplying
the number of shares of Purchase Stock issuable upon exercise of this Warrant by the Purchase Price per share, after giving effect
to all adjustments through the date of exercise.

 

2.2.Partial Exercise.
Subject to the provisions hereof, this Warrant may be exercised in part by surrender of this Warrant in the manner and at the place
provided in Section 3.1 except that the amount payable by the Holder upon any partial exercise shall be the amount obtained by
multiplying (a) the number of shares of Warrant Shares (without giving effect to any adjustment therein) designated by the Holder
in the subscription at the end hereof, by (b) the Purchase Price per share. Upon any such partial exercise, the Company at its
expense will forthwith issue and deliver to or upon the order of the Holder hereof a new Warrant of like tenor, for the remaining
number of shares of Warrant Shares which may be purchased hereunder.

 

2.3 Cashless Exercise. In addition to the method
of payment set forth in Sections 2.1 and 2.2 and in lieu of any cash payment required thereunder, the Holder of the Warrant shall
have the right at any time and from time to time to exercise the Warrant in full or in part by surrendering this Warrant in the
manner and at the place specified in Section 3.1, specifying the number of shares for which this Warrant is being exercised. The
Company shall issue Holder the number of shares computed using the following formula:

 

	
         

        X=
	

  

	 	 	 
	where:	 	X = the number of Underlying Securities to be issued to Holder.
	 	 
	 	 	Y = the number of Underlying Securities for which this Warrant is being exercised.
	 	 
	 	 	A = the Purchase Price.
	 	 
	 	 	B = the Per Share Market Value of one share of Underlying Securities on the business day immediately preceding the date of such election

 

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“Per
Share Market Value” means on any particular date (a) the closing sales price
per share of the Underlying Securities on such date on any registered national stock exchange
on which the Underlying Securities is then listed, or if there is no such closing sales price
on such date, then the closing sales price on such exchange or quotation system on the date nearest preceding such date, or (b)
if the Underlying Securities is not then listed on a registered national stock exchange, the
closing sales price for a share of Underlying Securities in
the over-the-counter market, as reported by the OTC Bulletin Board or the OTC Markets Group, Inc. (or similar organization or agency
succeeding to its functions of reporting prices) at the close of business on such date, or (c) if the Underlying Securities
is not then reported by the OTC Bulletin Board or the OTC Markets Group, Inc. (or similar organization
or agency succeeding to its functions of reporting prices), the fair market value of a share of Underlying Securities as
determined by the Board, acting in good faith. In determining the fair market value of any shares of Underlying Securities
no consideration shall be given to any restrictions on transfer of the Underlying Securities
imposed by agreement or by federal or state securities laws, or to the existence or absence of, or any limitations on, voting rights.

 

 

2.4.Certain Exercises.
If this Warrant is to be exercised in connection with a registered public offering or sale of the Company, such exercise may, at
the election of the Holder, be conditioned on the consummation of the public offering or sale of the Company, in which case such
exercise shall not be deemed effective until the consummation of such transaction.

 

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2.5.Holder’s
Exercise Limitations. The Company shall not affect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Exercise Notice, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of
the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common
Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon conversion
of the shares acquired upon exercise of this Warrant with respect to which such determination is being made, but shall exclude
the number of shares of Common Stock which would be issuable upon (i) conversion of the shares acquirable upon exercise of the
remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its affiliates and (ii) exercise or
conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any
other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein
beneficially owned by the Holder or any of its Affiliates.  Except as set forth in the preceding sentence, for purposes of
this Section 2.5, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that
such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
required to be filed in accordance therewith.   To the extent that the limitation contained in this Section 2.5
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 a form of subscription 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 to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the
accuracy of such determination.   In addition, a determination as to any group status as contemplated above shall
be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  For
purposes of this Section 2.5, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number
of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with
the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by
the Company or its transfer agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral
request of a Holder, the Company shall within two Business Days confirm orally and in writing to the Holder the number of shares
of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after
giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates
since the date as of which such number of outstanding shares of Common Stock was reported.  The “Beneficial
Ownership Limitation” shall be 9.99% of the number of shares of the Common Stock outstanding immediately after giving
effect to the potential issuance of shares of Common Stock issuable upon conversion of the shares acquired upon exercise of this
Warrant. The Holder, upon not less than 61 days’ prior written notice to the Company, may increase or decrease the Beneficial
Ownership Limitation provisions of this Section 2.5, provided that the Beneficial Ownership Limitation in no event exceeds 9.99%
of the number of shares of the Common Stock outstanding immediately after giving effect to potential issuance of shares of Common
Stock issuable upon conversion of the shares acquired upon exercise of this Warrant held by the Holder and the provisions of this
Section 2.5 shall continue to apply.  Any such increase or decrease will not be effective until the 61st day after such
written notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2.5 to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary
or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor
holder of this Warrant. The Beneficial Ownership Limitation provisions of this Section 2.5 may be waived at the election of the
Holder upon not less than 61 days’ prior written notice to the Company. Any such waiver will not be effective and the provisions
of this paragraph shall continue to apply until the 61st day (or later, if stated in the notice) after such notice of waiver is
delivered to the Company. Unless earlier waived, the provisions of this Section 2.5 shall expire and be of no further force or
effect as of _________, 20__ [one day prior to the expiration of the applicable warrant].

 

    	5

    	 

    

 

3.Delivery of Stock Certificates, etc., on Exercise.
As soon as practicable after the exercise of this Warrant in full or in part, the Company at its own expense (including the payment
by it of any applicable issue taxes) will cause to be issued in the name of and delivered to the Holder hereof, or as such Holder
(upon payment by such Holder of any applicable transfer taxes) may direct, a certificate or certificates for the number of fully
paid and non-assessable shares of Warrant Shares or Other Securities to which such Holder shall be entitled upon such exercise,
plus, in lieu of any fractional share to which such Holder would otherwise be entitled, cash equal to such fraction multiplied
by the then-current Market Price of one full share, together with any other stock or other securities and property (including cash,
where applicable) to which such Holder is entitled upon such exercise pursuant to Section 4 or otherwise.

 

4.Adjustment for Dividends in Other Stock, Property,
etc.; Reclassification, etc. In case at any time or from time to time after the Original Issue Date, the holders of Warrant
Shares (or, if applicable, Other Securities) shall have received, or (on or after the record date fixed for the determination of
stockholders eligible to receive) shall have become entitled to receive, without payment therefor

 

(a)other or additional
stock or other securities or property (other than cash) by way of dividend, or

 

(b)any cash paid or payable
(including, without limitation, by way of dividend), or

 

(c)other or additional
stock or other securities or property (including cash) by way of spin-off, split-up, reclassification, recapitalization, combination
of shares or similar corporate rearrangement,

 

then, and in each such case the Holder of this Warrant, upon
the exercise hereof as provided in Section 2, shall be entitled to receive the amount of stock and other securities and property
(including cash in the cases referred to in subdivisions (b) and (c) of this Section 4) which such Holder would hold on the date
of such exercise if on the Original Issue Date such Holder had been the Holder of record of the number of shares of Warrant Shares
called for on the face of this Warrant and had thereafter, during the period from the Original Issue Date to and including the
date of such exercise, retained such shares and all such other or additional stock and other securities and property (including
cash in the cases referred to in subdivisions (b) and (c) of this Section 4) receivable by such Holder as aforesaid during such
period, giving effect to all adjustments called for during such period by Section 5 hereof. If the number of shares of Warrant
Shares outstanding at any time after the date hereof is decreased by a combination or reverse stock split of the outstanding shares
of Common Stock, the Purchase Price per share shall be increased, and the number of shares of Warrant Shares purchasable under
this Warrant shall be decreased in proportion to such decrease in outstanding shares of Warrant Shares.

    	6

    	 

    

 

 

5.Reorganization, Consolidation, Merger, etc.
In case the Company after the Original Issue Date shall (a) effect a reorganization, (b) consolidate with or merge into any other
entity or (c) transfer all or substantially all of its properties or assets to any other entity under any plan or arrangement contemplating
the dissolution of the Company, then, in each such case, the Holder of this Warrant, upon the exercise hereof as provided in Section
3 at any time after the consummation of such reorganization, consolidation or merger or the effective date of such dissolution,
as the case may be, shall be entitled to receive (and the Company shall be entitled to deliver), in lieu of the Underlying Securities
issuable upon such exercise prior to such consummation or such effective date, the stock and other securities and property (including
cash) to which such Holder would have been entitled upon such consummation or in connection with such dissolution, as the case
may be, if such Holder had so exercised this Warrant immediately prior thereto, all subject to further adjustment thereafter as
provided in this Section 5; provided that if the sole consideration to which such Holder would have been entitled upon such consummation
or in connection with such dissolution, as the case may be, if such Holder had so exercised this Warrant immediately prior thereto,
is cash, the Warrant shall be terminated upon such consummation or dissolution. The Company shall not effect any such reorganization,
consolidation, merger or sale, unless prior to or simultaneously with the consummation thereof, the successor corporation resulting
from such consolidation or merger or the corporation purchasing such assets or the appropriate corporation or entity shall assume,
by written instrument, the obligation to deliver to each Holder the shares of stock, cash, other securities or assets to which,
in accordance with the foregoing provisions, each Holder may be entitled to and all other obligations of the Company under this
Warrant. In any such case, if necessary, the provisions set forth in this Section 5 with respect to the rights thereafter of the
Holders shall be appropriately adjusted so as to be applicable, as nearly as may reasonably be, to any Other Securities or assets
thereafter deliverable on the exercise of the Warrants.

 

6.Further Assurances. The Company will take all
such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable
shares of stock upon the exercise of all Warrants from time to time outstanding.

 

7.Officer's Certificate as to Adjustments. In
each case of any adjustment or readjustment in the shares of Warrant Shares (or Other Securities) issuable upon the exercise of
the Warrants, the Company will issue a certificate setting forth such adjustment or readjustment and the basis therefor.

 

8.Notices of Record Date, etc. In the event of

 

(a)any taking by the Company
of a record of its stockholders for the purpose of determining the stockholders thereof who are entitled to receive any dividend
or other distribution, or any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other
securities or property, or to receive any other right, or for the purpose of determining stockholders who are entitled to vote
in connection with any proposed capital reorganization of the Company, any reclassification or recapitalization of the capital
stock of the Company or any transfer of all or substantially all the assets of the Company to or consolidation or merger of the
Company with or into any other person, or

 

    	7

    	 

    

 

(b)any voluntary or involuntary
dissolution, liquidation or winding-up of the Company, or

 

(c)any proposed issue
or grant by the Company of any Common Stock, or any other securities, or any right or option to subscribe for, purchase or otherwise
acquire any shares of stock of any class or any other securities (other than the issue of Common Stock on the exercise of the Warrants),

 

then and in each such event the Company will mail or cause to
be mailed to each Holder of a Warrant a notice specifying (i) the date on which any such record is to be taken for the purpose
of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, (ii) the
date on which any such reorganization, reclassification, recapitalization, transfer, consolidation, merger, dissolution, liquidation
or winding-up is to take place, and the time, if any, as of which the Holders of record of Underlying Securities shall be entitled
to exchange their shares of Underlying Securities for securities or other property deliverable upon such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, dissolution, liquidation or winding-up and (iii) the amount and character of
any stock or other securities, or rights or options with respect thereto, proposed to be issued or granted, the date of such proposed
issue or grant and the persons or class of persons to whom such proposed issue or grant and the persons or class of persons to
whom such proposed issue or grant is to be offered or made. Such notice shall be given at least 10 days prior to the date therein
specified.

 

9.Reservation of Stock, etc., Issuable on Exercise
of Warrants. The Company will at all times reserve and keep available, solely for issuance and delivery upon the exercise of
the Warrants, all shares of Warrant Shares (or Other Securities) from time to time issuable upon the exercise of the Warrants.

 

10.Notices, etc. All notices and other communications
from the Company to the Holder of this Warrant shall be delivered by fax or courier, at such address as may have been furnished
to the Company in writing by such Holder, or, until an address is so furnished, to and at the address of the last Holder of this
Warrant who has so furnished an address to the Company.

 

    	8

    	 

    

 

11.Miscellaneous. This
Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the Company
and the Holder or as otherwise provided in the Subscription Agreement. This Warrant shall be governed by and construed and enforced
in accordance with the General Corporation Law of the State of Delaware without regard to principles of conflicts of law. Each
party hereby irrevocably consents and submits to the jurisdiction of any New York State or United States Federal Court sitting
in the State of New York, County of New York, over any action or proceeding arising out of or relating to this Agreement and irrevocably
consents to the service of any and all process in any such action or proceeding by registered mail addressed to such party at
its address specified herein (or as otherwise noticed to the other party). Each party further waives any objection to venue in
New York and any objection to an action or proceeding in such state and county on the basis of forum non conveniens. Each
party also waives any right to trial by jury. 

 

	Dated: __________ __, 20__	NANO VIBRONIX, INC.
	 	 
	 	By: 	 	 
	 	Name:	
	Attest: _________________________________	Title:	 

 

 

    	9

    	 

    

 

 

 

FORM OF SUBSCRIPTION

 

(To be signed only upon exercise of Warrant)

 

To: NANO VIBRONIX, INC.

 

The undersigned, the Holder of the within
Warrant, hereby irrevocably elects to exercise the purchase right represented by such Warrant for, and to purchase thereunder,
_________ shares of Warrant Shares of Nano Vibronix, Inc., and herewith makes payment therefor

(i) of $_____________ or

(ii) by surrender of the number of Warrants included
in the within Warrant required for full exercise pursuant to Section 2.3 of the Warrant,

and requests that the certificates for such shares be issued
in the name of, and delivered to, ___________________, whose address is _______________________.

 

Dated:

 

	 	 	 
	 	(Signature must conform in all respects to name of Holder 

as specified on the face of the Warrant)
	 	 
	 	 	 
	 	         (Address)
	 	 

 

 

 

    	10

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