<Page>

                                                                   EXHIBIT 10.20

                            INDEMNIFICATION AGREEMENT

     This Agreement made and entered into this 21st day of June, 2004 (the
"Agreement"), by and between NeuroMetrix, Inc., a Delaware corporation (the
"Company," which term shall include, where appropriate, any Entity (as
hereinafter defined) controlled directly or indirectly by the Company) and Shai
N. Gozani, M.D., Ph.D. (the "Indemnitee"):

     WHEREAS, it is essential to the Company that it be able to retain and
attract as directors and executive officers the most capable persons available;

     WHEREAS, increased corporate litigation has subjected directors and
executive officers to litigation risks and expenses, and the limitations on the
availability of directors and officers liability insurance have made it
increasingly difficult for the Company to attract and retain such persons;

     WHEREAS, the Company's By-laws (the "By-laws") require it to indemnify its
directors and officers to the fullest extent permitted by law and permit it to
make other indemnification arrangements and agreements;

     WHEREAS, the Company desires to provide Indemnitee with specific
contractual assurance of Indemnitee's rights to full indemnification against
litigation risks and expenses (regardless, among other things, of any amendment
to or revocation of the By-laws or any change in the ownership of the Company or
the composition of its Board of Directors);

     WHEREAS, the Company intends that this Agreement provide Indemnitee with
greater protection than that which is provided by the Company's By-laws; and

     WHEREAS, Indemnitee is relying upon the rights afforded under this
Agreement in continuing as a director and executive officer of the Company.

     NOW, THEREFORE, in consideration of the promises and the covenants
contained herein, the Company and Indemnitee do hereby covenant and agree as
follows:

     1.   DEFINITIONS.

          (a)  "Corporate Status" describes the status of a person who is
          serving or has served (i) as a director or officer of the Company,
          (ii) in any capacity with respect to any employee benefit plan of the
          Company, or (iii) as a director, partner, trustee, officer, employee,
          or agent of any other Entity at the request of the Company. For
          purposes of subsection (iii) of this Section 1(a), if Indemnitee is
          serving or has served as a director, partner, trustee, officer,
          employee or agent of a Subsidiary, Indemnitee shall be deemed to be
          serving at the request of the Company.

<Page>

          (b)  "Entity" shall mean any corporation, partnership, limited
          liability company, joint venture, trust, foundation, association,
          organization or other legal entity.

          (c)  "Expenses" shall mean all fees, costs and expenses incurred by
          Indemnitee in connection with any Proceeding (as defined below),
          including, without limitation, attorneys' fees, disbursements and
          retainers (including, without limitation, any such fees, disbursements
          and retainers incurred by Indemnitee pursuant to Sections 10 and 11(c)
          of this Agreement), fees and disbursements of expert witnesses,
          private investigators and professional advisors (including, without
          limitation, accountants and investment bankers), court costs,
          transcript costs, fees of experts, travel expenses, duplicating,
          printing and binding costs, telephone and fax transmission charges,
          postage, delivery services, secretarial services, and other
          disbursements and expenses.

          (d)  "Indemnifiable Expenses," "Indemnifiable Liabilities" and
          "Indemnifiable Amounts" shall have the meanings ascribed to those
          terms in Section 3(a) below.

          (e)  "Liabilities" shall mean judgments, damages, liabilities, losses,
          penalties, excise taxes, fines and amounts paid in settlement.

          (f)  "Proceeding" shall mean any threatened, pending or completed
          claim, action, suit, arbitration, alternate dispute resolution
          process, investigation, administrative hearing, appeal, or any other
          proceeding, whether civil, criminal, administrative, arbitrative or
          investigative, whether formal or informal, including a proceeding
          initiated by Indemnitee pursuant to Section 10 of this Agreement to
          enforce Indemnitee's rights hereunder.

          (g)  "Subsidiary" shall mean any corporation, partnership, limited
          liability company, joint venture, trust or other Entity of which the
          Company owns (either directly or through or together with another
          Subsidiary of the Company) either (i) a general partner, managing
          member or other similar interest or (ii) (A) 50% or more of the voting
          power of the voting capital equity interests of such corporation,
          partnership, limited liability company, joint venture or other Entity,
          or (B) 50% or more of the outstanding voting capital stock or other
          voting equity interests of such corporation, partnership, limited
          liability company, joint venture or other Entity.

     2.   SERVICES OF INDEMNITEE. In consideration of the Company's covenants
and commitments hereunder, Indemnitee agrees to serve or continue to serve as a
director of the Company. However, this Agreement shall not impose any obligation
on Indemnitee or the Company to continue Indemnitee's service to the Company
beyond any period otherwise required by law or by other agreements or
commitments of the parties, if any.

                                        2
<Page>

     3.   AGREEMENT TO INDEMNIFY. The Company agrees to indemnify Indemnitee as
follows:

          (a)  PROCEEDINGS OTHER THAN BY OR IN THE RIGHT OF THE COMPANY. Subject
          to the exceptions contained in Section 4(a) below, if Indemnitee was
          or is a party or is threatened to be made a party to any Proceeding
          (other than an action by or in the right of the Company) by reason of
          Indemnitee's Corporate Status, Indemnitee shall be indemnified by the
          Company against all Expenses and Liabilities incurred or paid by
          Indemnitee in connection with such Proceeding (referred to herein as
          "Indemnifiable Expenses" and "Indemnifiable Liabilities,"
          respectively, and collectively as "Indemnifiable Amounts").

          (b)  PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. Subject to the
          exceptions contained in Section 4(b) below, if Indemnitee was or is a
          party or is threatened to be made a party to any Proceeding by or in
          the right of the Company by reason of Indemnitee's Corporate Status,
          Indemnitee shall be indemnified by the Company against all
          Indemnifiable Expenses.

          (c)  CONCLUSIVE PRESUMPTION REGARDING STANDARD OF CARE. In making any
          determination required to be made under Delaware law with respect to
          entitlement to indemnification hereunder, the person, persons or
          entity making such determination shall presume that Indemnitee is
          entitled to indemnification under this Agreement if Indemnitee
          submitted a request therefor in accordance with Section 5 of this
          Agreement, and the Company shall have the burden of proof to overcome
          that presumption in connection with the making by any person, persons
          or entity of any determination contrary to that presumption.

     4.   EXCEPTIONS TO INDEMNIFICATION. Indemnitee shall be entitled to
indemnification under Sections 3(a) and 3(b) above in all circumstances other
than with respect to any specific claim, issue or matter involved in the
Proceeding out of which Indemnitee's claim for indemnification has arisen, as
follows:

          (a)  PROCEEDINGS OTHER THAN BY OR IN THE RIGHT OF THE COMPANY. If
          indemnification is requested under Section 3(a) and it has been
          finally adjudicated by a court of competent jurisdiction that, in
          connection with such specific claim, issue or matter, Indemnitee
          failed to act (i) in good faith and (ii) in a manner Indemnitee
          reasonably believed to be in or not opposed to the best interests of
          the Company, or, with respect to any criminal Proceeding, Indemnitee
          had reasonable cause to believe that Indemnitee's conduct was
          unlawful, Indemnitee shall not be entitled to payment of Indemnifiable
          Amounts hereunder.

          (b)  PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. If indemnification
          is requested under Section 3(b) and

               (i)    it has been finally adjudicated by a court of competent
               jurisdiction that, in connection with such specific claim, issue
               or matter, Indemnitee failed to act (A) in good faith and (B) in
               a manner Indemnitee reasonably

                                        3
<Page>

               believed to be in or not opposed to the best interests of the
               Company, Indemnitee shall not be entitled to payment of
               Indemnifiable Expenses hereunder; or

               (ii)   it has been finally adjudicated by a court of competent
               jurisdiction that Indemnitee is liable to the Company with
               respect to such specific claim, Indemnitee shall not be entitled
               to payment of Indemnifiable Expenses hereunder with respect to
               such claim, issue or matter unless the Court of Chancery or
               another court in which such Proceeding was brought shall
               determine upon application that, despite the adjudication of
               liability, but in view of all the circumstances of the case,
               Indemnitee is fairly and reasonably entitled to indemnification
               for such Indemnifiable Expenses which such court shall deem
               proper; or

               (iii)  it has been finally adjudicated by a court of competent
               jurisdiction that Indemnitee is liable to the Company for an
               accounting of profits made from the purchase or sale by the
               Indemnitee of securities of the Company pursuant to the
               provisions of Section 16(b) of the Securities Exchange Act of
               1934, the rules and regulations promulgated thereunder and
               amendments thereto or similar provisions of any federal, state or
               local statutory law, Indemnitee shall not be entitled to payment
               of Indemnifiable Expenses hereunder.

          (c)  INSURANCE PROCEEDS. To the extent payment is actually made to the
          Indemnitee under a valid and collectible insurance policy in respect
          of Indemnifiable Amounts in connection with such specific claim, issue
          or matter, Indemnitee shall not be entitled to payment of
          Indemnifiable Amounts hereunder except in respect of any excess beyond
          the amount of payment under such insurance.

     5.   PROCEDURE FOR PAYMENT OF INDEMNIFIABLE AMOUNTS. Indemnitee shall
submit to the Company a written request specifying the Indemnifiable Amounts for
which Indemnitee seeks payment under Section 3 of this Agreement and the basis
for the claim. The Company shall pay such Indemnifiable Amounts to Indemnitee
within sixty (60) calendar days of receipt of the request. At the request of the
Company, Indemnitee shall furnish such documentation and information as are
reasonably available to Indemnitee and necessary to establish that Indemnitee is
entitled to indemnification hereunder.

     6.   INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY
SUCCESSFUL. Notwithstanding any other provision of this Agreement, and without
limiting any such provision, to the extent that Indemnitee is, by reason of
Indemnitee's Corporate Status, a party to and is successful, on the merits or
otherwise, in any Proceeding, Indemnitee shall be indemnified against all
Expenses reasonably incurred by Indemnitee or on Indemnitee's behalf in
connection therewith. If Indemnitee is not wholly successful in such Proceeding
but is successful, on the merits or otherwise, as to one or more but less than
all claims, issues or matters in such Proceeding, the Company shall indemnify
Indemnitee against all Expenses reasonably incurred by Indemnitee or on
Indemnitee's behalf in connection with each successfully resolved claim,

                                        4
<Page>

issue or matter. For purposes of this Agreement, the termination of any claim,
issue or matter in such a Proceeding by dismissal, with or without prejudice, by
reason of settlement, judgment, order or otherwise, shall be deemed to be a
successful result as to such claim, issue or matter.

     7.   EFFECT OF CERTAIN RESOLUTIONS. Neither the settlement or termination
of any Proceeding nor the failure of the Company to award indemnification or to
determine that indemnification is payable shall create a presumption that
Indemnitee is not entitled to indemnification hereunder. In addition, the
termination of any proceeding by judgment, order, settlement, conviction, or
upon a plea of nolo contendere or its equivalent shall not create a presumption
that Indemnitee did not act in good faith and in a manner which Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company
or, with respect to any criminal Proceeding, had reasonable cause to believe
that Indemnitee's action was unlawful.

     8.   AGREEMENT TO ADVANCE EXPENSES; UNDERTAKING. The Company shall advance
all Expenses incurred by or on behalf of Indemnitee in connection with any
Proceeding, including a Proceeding by or in the right of the Company, in which
Indemnitee is involved by reason of such Indemnitee's Corporate Status within
ten (10) calendar days after the receipt by the Company of a written statement
from Indemnitee requesting such advance or advances from time to time, whether
prior to or after final disposition of such Proceeding. To the extent required
by Delaware law, Indemnitee hereby undertakes to repay any and all of the amount
of Indemnifiable Expenses paid to Indemnitee if it is finally determined by a
court of competent jurisdiction that Indemnitee is not entitled under this
Agreement to indemnification with respect to such Expenses. This undertaking is
an unlimited general obligation of Indemnitee.

     9.   PROCEDURE FOR ADVANCE PAYMENT OF EXPENSES. Indemnitee shall submit to
the Company a written request specifying the Indemnifiable Expenses for which
Indemnitee seeks an advancement under Section 8 of this Agreement, together with
documentation evidencing that Indemnitee has incurred such Indemnifiable
Expenses. Payment of Indemnifiable Expenses under Section 8 shall be made no
later than ten (10) calendar days after the Company's receipt of such request.

     10.  REMEDIES OF INDEMNITEE.

          (a)  RIGHT TO PETITION COURT. In the event that Indemnitee makes a
          request for payment of Indemnifiable Amounts under Sections 3 and 5
          above or a request for an advancement of Indemnifiable Expenses under
          Sections 8 and 9 above and the Company fails to make such payment or
          advancement in a timely manner pursuant to the terms of this
          Agreement, Indemnitee may petition the Court of Chancery to enforce
          the Company's obligations under this Agreement.

          (b)  BURDEN OF PROOF. In any judicial proceeding brought under Section
          10(a) above, the Company shall have the burden of proving that
          Indemnitee is not entitled to payment of Indemnifiable Amounts
          hereunder.

          (c)  EXPENSES. The Company agrees to reimburse Indemnitee in full for
          any Expenses incurred by Indemnitee in connection with investigating,
          preparing for,

                                        5
<Page>

          litigating, defending or settling any action brought by Indemnitee
          under Section 10(a) above, or in connection with any claim or
          counterclaim brought by the Company in connection therewith, whether
          or not Indemnitee is successful in whole or in part in connection with
          any such action.

          (d)  FAILURE TO ACT NOT A DEFENSE. The failure of the Company
          (including its Board of Directors or any committee thereof,
          independent legal counsel, or stockholders) to make a determination
          concerning the permissibility of the payment of Indemnifiable Amounts
          or the advancement of Indemnifiable Expenses under this Agreement
          shall not be a defense in any action brought under Section 10(a)
          above, and shall not create a presumption that such payment or
          advancement is not permissible.

     11.  DEFENSE OF THE UNDERLYING PROCEEDING.

          (a)  NOTICE BY INDEMNITEE. Indemnitee agrees to notify the Company
          promptly upon being served with any summons, citation, subpoena,
          complaint, indictment, information, or other document relating to any
          Proceeding which may result in the payment of Indemnifiable Amounts or
          the advancement of Indemnifiable Expenses hereunder; provided,
          however, that the failure to give any such notice shall not disqualify
          Indemnitee from the right, or otherwise affect in any manner any right
          of Indemnitee, to receive payments of Indemnifiable Amounts or
          advancements of Indemnifiable Expenses unless the Company's ability to
          defend in such Proceeding is materially and adversely prejudiced
          thereby.

          (b)  DEFENSE BY COMPANY. Subject to the provisions of the last
          sentence of this Section 11(b) and of Section 11(c) below, the Company
          shall have the right to defend Indemnitee in any Proceeding which may
          give rise to the payment of Indemnifiable Amounts hereunder; provided,
          however that the Company shall notify Indemnitee of any such decision
          to defend within ten (10) calendar days of receipt of notice of any
          such Proceeding under Section 11(a) above. The Company shall not,
          without the prior written consent of Indemnitee, consent to the entry
          of any judgment against Indemnitee or enter into any settlement or
          compromise which (i) includes an admission of fault of Indemnitee or
          (ii) does not include, as an unconditional term thereof, the full
          release of Indemnitee from all liability in respect of such
          Proceeding, which release shall be in form and substance reasonably
          satisfactory to Indemnitee. This Section 11(b) shall not apply to a
          Proceeding brought by Indemnitee under Section 10(a) above or pursuant
          to Section 19 below.

          (c)  INDEMNITEE'S RIGHT TO COUNSEL. Notwithstanding the provisions of
          Section 11(b) above, if in a Proceeding to which Indemnitee is a party
          by reason of Indemnitee's Corporate Status, (i) Indemnitee reasonably
          concludes that he or she may have separate defenses or counterclaims
          to assert with respect to any issue which may not be consistent with
          the position of other defendants in such Proceeding, (ii) a conflict
          of interest or potential conflict of interest exists between
          Indemnitee and the Company, or (iii) if the Company fails to assume
          the

                                        6
<Page>

          defense of such proceeding in a timely manner, Indemnitee shall be
          entitled to be represented by separate legal counsel of Indemnitee's
          choice at the expense of the Company. In addition, if the Company
          fails to comply with any of its obligations under this Agreement or in
          the event that the Company or any other person takes any action to
          declare this Agreement void or unenforceable, or institutes any
          action, suit or proceeding to deny or to recover from Indemnitee the
          benefits intended to be provided to Indemnitee hereunder, Indemnitee
          shall have the right to retain counsel of Indemnitee's choice, at the
          expense of the Company, to represent Indemnitee in connection with any
          such matter.

     12.  REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company hereby
represents and warrants to Indemnitee as follows:

          (a)  AUTHORITY. The Company has all necessary power and authority to
          enter into, and be bound by the terms of, this Agreement, and the
          execution, delivery and performance of the undertakings contemplated
          by this Agreement have been duly authorized by the Company.

          (b)  ENFORCEABILITY. This Agreement, when executed and delivered by
          the Company in accordance with the provisions hereof, shall be a
          legal, valid and binding obligation of the Company, enforceable
          against the Company in accordance with its terms, except as such
          enforceability may be limited by applicable bankruptcy, insolvency,
          moratorium, reorganization or similar laws affecting the enforcement
          of creditors' rights generally.

     13.  INSURANCE. The Company shall, from time to time, make the good faith
determination whether or not it is practicable for the Company to obtain and
maintain a policy or policies of insurance with a reputable insurance company
providing the Indemnitee with coverage for losses from wrongful acts. For so
long as Indemnitee shall remain a director or officer of the Company and with
respect to any such prior service, in all policies of director and officer
liability insurance, Indemnitee shall be named as an insured in such a manner as
to provide Indemnitee the same rights and benefits as are accorded to the most
favorably insured of the Company's officers and directors. Notwithstanding the
foregoing, the Company shall have no obligation to obtain or maintain such
insurance if the Company determines in good faith that such insurance is not
reasonably available, if the premium costs for such insurance are
disproportionate to the amount of coverage provided, or if the coverage provided
by such insurance is limited by exclusions so as to provide an insufficient
benefit. The Company shall promptly notify Indemnitee of any good faith
determination not to provide such coverage.

     14.  CONTRACT RIGHTS NOT EXCLUSIVE. The rights to payment of Indemnifiable
Amounts and advancement of Indemnifiable Expenses provided by this Agreement
shall be in addition to, but not exclusive of, any other rights which Indemnitee
may have at any time under applicable law, the Company's Certificate of
Incorporation or By-laws, or any other agreement, vote of stockholders or
directors (or a committee of directors), or otherwise, both as to action in
Indemnitee's official capacity and as to action in any other capacity as a
result of Indemnitee's Corporate Status.

                                        7
<Page>

     15.  SUCCESSORS. This Agreement shall be (a) binding upon all successors
and assigns of the Company (including any transferee of all or a substantial
portion of the business, stock and/or assets of the Company and any direct or
indirect successor by merger or consolidation or otherwise by operation of law)
and (b) binding on and shall inure to the benefit of the heirs, personal
representatives, executors and administrators of Indemnitee. This Agreement
shall continue for the benefit of Indemnitee and such heirs, personal
representatives, executors and administrators after Indemnitee has ceased to
have Corporate Status.

     16.  SUBROGATION. In the event of any payment of Indemnifiable Amounts
under this Agreement, the Company shall be subrogated to the extent of such
payment to all of the rights of contribution or recovery of Indemnitee against
other persons, and Indemnitee shall take, at the request of the Company, all
reasonable action necessary to secure such rights, including the execution of
such documents as are necessary to enable the Company to bring suit to enforce
such rights.

     17.  CHANGE IN LAW. To the extent that a change in Delaware law (whether by
statute or judicial decision) shall permit broader indemnification or
advancement of expenses than is provided under the terms of the By-laws and this
Agreement, Indemnitee shall be entitled to such broader indemnification and
advancements, and this Agreement shall be deemed to be amended to such extent.

     18.  SEVERABILITY. Whenever possible, each provision of this Agreement
shall be interpreted in such a manner as to be effective and valid under
applicable law, but if any provision of this Agreement, or any clause thereof,
shall be determined by a court of competent jurisdiction to be illegal, invalid
or unenforceable, in whole or in part, such provision or clause shall be limited
or modified in its application to the minimum extent necessary to make such
provision or clause valid, legal and enforceable, and the remaining provisions
and clauses of this Agreement shall remain fully enforceable and binding on the
parties.

     19.  INDEMNITEE AS PLAINTIFF. Except as provided in Section 10(c) of this
Agreement and in the next sentence, Indemnitee shall not be entitled to payment
of Indemnifiable Amounts or advancement of Indemnifiable Expenses with respect
to any Proceeding brought by Indemnitee against the Company, any Entity which it
controls, any director or officer thereof, or any third party, unless the Board
of Directors of the Company has consented to the initiation of such Proceeding.
This Section shall not apply to counterclaims or affirmative defenses asserted
by Indemnitee in an action brought against Indemnitee.

     20.  MODIFICATIONS AND WAIVER. Except as provided in Section 17 above with
respect to changes in Delaware law which broaden the right of Indemnitee to be
indemnified by the Company, no supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by each of the parties
hereto. 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 (whether or
not similar), nor shall such waiver constitute a continuing waiver.

     21.  GENERAL NOTICES. All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been
duly given (a) when delivered by hand, (b) when transmitted by facsimile and
receipt is acknowledged, or (c) if mailed by certified

                                        8
<Page>

or registered mail with postage prepaid, on the third business day after the
date on which it is so mailed:

               (i)    If to Indemnitee, to:

                      Shai N. Gozani, M.D., Ph.D.
                      187 Mason Terrace
                      Brookline, MA 02446
                      Facsimile: __________

               (ii)   If to the Company, to:

                      NeuroMetrix, Inc.
                      62 Fourth Avenue
                      Waltham, MA 02451
                      Facsimile: (781) 890-1556
                      Attention: President

or to such other address as may have been furnished in the same manner by any
party to the others.

     22.  GOVERNING LAW; CONSENT TO JURISDICTION; SERVICE OF PROCESS. This
Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware without regard to its rules of conflict of laws. Each of the
Company and the Indemnitee hereby irrevocably and unconditionally consents to
submit to the exclusive jurisdiction of the Court of Chancery of the State of
Delaware and the courts of the United States of America located in the State of
Delaware (the "Delaware Courts") for any litigation arising out of or relating
to this Agreement and the transactions contemplated hereby (and agrees not to
commence any litigation relating thereto except in such courts), waives any
objection to the laying of venue of any such litigation in the Delaware Courts
and agrees not to plead or claim in any Delaware Court that such litigation
brought therein has been brought in an inconvenient forum. Each of the parties
hereto agrees, (a) to the extent such party is not otherwise subject to service
of process in the State of Delaware, to appoint and maintain an agent in the
State of Delaware as such party's agent for acceptance of legal process, and (b)
that service of process may also be made on such party by prepaid certified mail
with a proof of mailing receipt validated by the United States Postal Service
constituting evidence of valid service. Service made pursuant to (a) or (b)
above shall have the same legal force and effect as if served upon such party
personally within the State of Delaware. For purposes of implementing the
parties' agreement to appoint and maintain an agent for service of process in
the State of Delaware, each such party does hereby appoint Corporation Service
Company, 2711 Centerville Road Suite 400, Wilmington, New Castle County,
Delaware 19808, as such agent and each such party hereby agrees to complete all
actions necessary for such appointment.

                            [signature page follows]

                                        9
<Page>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.

                                   NEUROMETRIX, INC.


                                   By: /s/ Nicholas J. Alessi
                                       ----------------------
                                       Name: Nicholas J. Alessi
                                       Title: Director of Finance and Treasurer


                                   INDEMNITEE


                                   /s/ Shai N. Gozani
                                   ------------------

                                       10