Document:

Exhibit 10.16

 

NEUROONE MEDICAL TECHNOLOGIES CORPORATION

RESTRICTED STOCK UNIT GRANT NOTICE

(2017 EQUITY INCENTIVE PLAN) 

 

NeuroOne Medical Technologies
Corporation (the “Company”), pursuant to its 2017 Equity Incentive Plan (the “Plan”),
hereby awards to Participant a Restricted Stock Unit Award for the number of shares of the Company’s Common Stock (“Restricted
Stock Units”) set forth below (the “Award”). The Award is subject to all of the terms and
conditions as set forth in this notice of grant (this “Restricted Stock Unit Grant Notice”) and in the
Plan and the Restricted Stock Unit Agreement (the “Award Agreement”), both of which are attached hereto
and incorporated herein in their entirety. Capitalized terms not otherwise defined herein will have the meanings set forth in the
Plan or the Award Agreement. In the event of any conflict between the terms in the Award and the Plan, the terms of the Plan will
control.

 

	Participant:	 	 
	Date of Grant:	 	 
	Vesting Commencement Date:	 	 
	Number of Restricted Stock Units/Shares:	 	 

 

Vesting Schedule:         [                        ]

 

Issuance Schedule:       By
March 15 of year next following year of vesting

 

Additional Terms/Acknowledgements:
Participant acknowledges receipt of, and understands and agrees to, this Restricted Stock Unit Grant Notice, the Award Agreement
and the Plan. Participant acknowledges and agrees that this Restricted Stock Unit Grant Notice and the Award Agreement may not
be modified, amended or revised except as provided in the Plan. Participant further acknowledges that as of the Date of Grant,
this Restricted Stock Unit Grant Notice, the Award Agreement and the Plan set forth the entire understanding between Participant
and the Company regarding the acquisition of Common Stock pursuant to the Award and supersede all prior oral and written agreements
on that subject with the exception, if applicable, of (i) equity awards previously granted and delivered to Participant, (ii) any
compensation recovery policy that is adopted by the Company or is otherwise required by applicable law, and (iii) any written
employment or severance arrangement that would provide for vesting acceleration of this Award upon the terms and conditions set
forth therein.

 

By accepting this Award,
Participant consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic
system established and maintained by the Company or another third party designated by the Company.

 

	NEUROONE MEDICAL TECHNOLOGIES CORPORATION	 	 	 	PARTICIPANT
	 	 	 	 
	By:	 	 	 	 	 	 
	 	 	Signature	 	 	 	 	 	Signature
	 	 	 	 	 
	Title:	 	 	 	 	 	Date:	 	 
	 	 	 	 	 
	Date:	 	 	 	 	 	 	 	 

 

     

     

    

 

ATTACHMENTS: Award Agreement, 2017 Equity Incentive
Plan

 

     

     

    

 

NEUROONE MEDICAL TECHNOLOGIES CORPORATION

2017 EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

 

Pursuant to the Restricted
Stock Unit Grant Notice (the “Grant Notice”) and this Restricted Stock Unit Agreement (the “Award
Agreement”) and in consideration of your services, NeuroOne Medical Technologies Corporation (the “Company”)
has awarded you (“Participant”) a Restricted Stock Unit Award (the “Award”)
pursuant to Section 11 of the Company’s 2017 Equity Incentive Plan (the “Plan”) for the number
of Restricted Stock Units/shares indicated in the Grant Notice. Capitalized terms not explicitly defined in this Award Agreement
or the Grant Notice will have the same meanings given to them in the Plan. The terms of your Award, in addition to those set forth
in the Grant Notice and the Plan, are as follows.

1.             Grant
of the Award. This Award represents the right
to be issued on a future date one (1) share of Common Stock for each Restricted Stock Unit that vests on the applicable vesting
date(s) (subject to any adjustment under Section 3 below) as indicated in the Grant Notice. As of the Date of Grant, the Company
will credit to a bookkeeping account maintained by the Company for your benefit (the “Account”)
the number of Restricted Stock Units/shares of Common Stock subject to the Award. This Award was granted in consideration of your
services to the Company. Except for withholding taxes provided herein and in the plan, you will not be required to make any payment
to the Company or an Affiliate (other than services to the Company or an Affiliate) with respect to your receipt of the Award,
the vesting of the Stock Units or the delivery of the Company’s Common Stock to be issued in respect of the Award. Notwithstanding
the foregoing, the Company reserves the right to issue you the cash equivalent of Common Stock, in part or in full satisfaction
of the delivery of Common Stock upon vesting of your Stock Units, and, to the extent applicable, references in this Award Agreement
and the Grant Notice to Common Stock issuable in connection with your Stock Units will include the potential issuance of its cash
equivalent pursuant to such right.

 

2.             Vesting.
Subject to the limitations contained herein, your
Award will vest, if at all, in accordance with the vesting schedule provided in the Grant Notice, provided that vesting will cease
upon the termination of your Continuous Service. Upon such termination of your Continuous Service, the Restricted Stock Units/shares
of Common Stock credited to the Account that were not vested on the date of such termination will be forfeited at no cost to the
Company and you will have no further right, title or interest in or to such underlying shares of Common Stock (or their cash value).

 

3.             Number
of Shares. The number of Restricted Stock
Units/shares subject to your Award may be adjusted from time to time for Capitalization Adjustments, as provided in the Plan. Any
additional Restricted Stock Units, shares, cash or other property that becomes subject to the Award pursuant to this Section 3,
if any, will be subject, in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability,
and time and manner of delivery as applicable to the other Restricted Stock Units and shares covered by your Award. Notwithstanding
the provisions of this Section 3, no fractional shares or rights for fractional shares of Common Stock will be created pursuant
to this Section 3. Any fraction of a share will be rounded down to the nearest whole share.

 

4.             Securities
Law Compliance. You may not be issued any
Common Stock under your Award unless the shares of Common Stock underlying the Restricted Stock Units are either (i) then
registered under the Securities Act, or (ii) the Company has determined that such issuance would be exempt from the registration
requirements of the Securities Act. Your Award must also comply with other applicable laws and regulations governing the Award,
and you will not receive such Common Stock if the Company determines that such receipt would not be in material compliance with
such laws and regulations.

 

     

     

    

 

5.              Transfer
Restrictions. Prior to the time that shares
of Common Stock have been delivered to you, you may not transfer, pledge, sell or otherwise dispose of this Award or the shares
issuable in respect of your Award, except as expressly provided in this Section 5. For example, you may not use shares that
may be issued in respect of your Restricted Stock Units as security for a loan. The restrictions on transfer set forth herein will
lapse upon delivery to you of shares in respect of your vested Restricted Stock Units. Notwithstanding the foregoing, by delivering
written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your
death, will thereafter be entitled to receive any distribution of Common Stock to which you were entitled at the time of your death
pursuant to this Award Agreement. In the absence of such a designation, your legal representative will be entitled to receive,
on behalf of your estate, such Common Stock or other consideration.

 

(a)          Death.
Your Award is transferable only by will and by the laws of descent and distribution. At your death, vesting of your Award will
cease and your executor or administrator of your estate will be entitled to receive, on behalf of your estate, any Common Stock
or other consideration that vested but was not issued before your death.

 

(b)          Domestic
Relations Orders. Upon receiving written permission from the Board or its duly authorized designee, and provided that you and
the designated transferee enter into transfer and other agreements required by the Company, you may transfer your right to receive
the distribution of Common Stock or other consideration hereunder, pursuant to a domestic relations order, official marital settlement
agreement or other divorce or separation instrument that contains the information required by the Company to effectuate the transfer.
You are encouraged to discuss the proposed terms of any division of this Award with the Company General Counsel prior to finalizing
the domestic relations order or marital settlement agreement to verify that you may make such transfer, and if so, to help ensure
the required information is contained within the domestic relations order or marital settlement agreement.

 

6.             Date
of Issuance.

 

(a)          The
issuance of shares underlying the Restricted Stock Units (or payment of their value in cash) shall occur during the period beginning
on the date of vesting of the Restricted Stock Units and ending on March 15 of the year next following the year the Restricted
Stock Units became vested.

 

(b)          The
form of delivery of the shares of Common Stock in respect of your Award (e.g., a stock certificate or electronic entry evidencing
such shares) will be determined by the Company.

 

7.             Dividends.
You will receive no benefit or adjustment to your
Award with respect to any cash dividend, stock dividend or other distribution that does not result from a Capitalization Adjustment;
provided, however, that this sentence will not apply with respect to any shares of Common Stock that are delivered to you in connection
with your Award after such shares have been delivered to you.

 

8.             Restrictive
Legends. The shares of Common Stock issued
under your Award will be endorsed with appropriate legends as determined by the Company.

 

9.             Execution
of Documents. You hereby acknowledge and agree
that the manner selected by the Company by which you indicate your consent to your Grant Notice is also deemed to be your execution
of your Grant Notice and of this Award Agreement. You further agree that such manner of indicating consent may be relied upon as
your signature for establishing your execution of any documents to be executed in the future in connection with your Award.

 

     

     

    

 

10.          Award
not Service Contract.

 

(a)          Your
Continuous Service with the Company or an Affiliate is not for any specified term and may be terminated by you or by the Company
or an Affiliate at any time, for any reason, with or without cause and with or without notice. Nothing in this Award Agreement
(including, but not limited to, the vesting of your Award or the issuance of the shares subject to your Award), the Plan or any
covenant of good faith and fair dealing that may be found implicit in this Award Agreement or the Plan will: (i) confer upon
you any right to continue in the employ of, or affiliation with, the Company or an Affiliate; (ii) constitute any promise
or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments, future
compensation or any other term or condition of employment or affiliation; (iii) confer any right or benefit under this Award
Agreement or the Plan unless such right or benefit has specifically accrued under the terms of this Award Agreement or Plan; or
(iv) deprive the Company of the right to terminate you at will and without regard to any future vesting opportunity that you
may have.

 

(b)          By
accepting this Award, you acknowledge and agree that the right to continue vesting in the Award is earned only by continuing as
an employee, director or consultant at the will of the Company or an Affiliate and that the Company has the right to reorganize,
sell, spin-out or otherwise restructure one or more of its businesses or Affiliates at any time or from time to time, as it deems
appropriate (a “reorganization”). You further acknowledge and agree that such a reorganization could
result in the termination of your Continuous Service, or the termination of Affiliate status of your employer and the loss of benefits
available to you under this Award Agreement, including but not limited to, the termination of the right to continue vesting in
the Award. You further acknowledge and agree that this Award Agreement, the Plan, the transactions contemplated hereunder and the
vesting schedule set forth herein or any covenant of good faith and fair dealing that may be found implicit in any of them do not
constitute an express or implied promise of continued engagement as an employee or consultant for the term of this Award Agreement,
for any period, or at all, and will not interfere in any way with your right or the right of the Company or an Affiliate to terminate
your Continuous Service at any time, with or without cause and with or without notice, and will not interfere in any way with the
Company’s right to conduct a reorganization.

 

11.          Withholding
Obligations.

 

(a)          At
the time you receive a distribution of the shares underlying your Restricted Stock Units, and at any other time as reasonably requested
by the Company in accordance with applicable tax laws, you hereby authorize any required withholding from the Common Stock issuable
to you and otherwise agree to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign
tax withholding obligations of the Company or any Affiliate that arise in connection with your Award (the “Withholding
Taxes”). Additionally, the Company or any Affiliate may, in its sole discretion, satisfy all or any portion of the
Withholding Taxes obligation relating to your Award by any of the following means or by a combination of such means: (i) withholding
from any compensation otherwise payable to you by the Company or an Affiliate; (ii) causing you to tender a cash payment;
(iii) permitting or requiring you to enter into a “same day sale” commitment, if applicable, with a broker-dealer
that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”) (pursuant to this
authorization and without further consent) whereby you irrevocably elect to sell a portion of the shares to be delivered in connection
with your Restricted Stock Units to satisfy the Withholding Taxes and whereby the FINRA Dealer irrevocably commits to forward the
proceeds necessary to satisfy the Withholding Taxes directly to the Company and its Affiliates; or (iv) withholding shares
of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with the Award with a Fair Market
Value (measured as of the date shares of Common Stock are issued to you pursuant to Section 6) up to the maximum amount of
tax owing by you on account of the Award at Settlement thereof, provided, however, that to the extent necessary to
qualify for an exemption from application of Section 16(b) of the Exchange Act, if applicable, such share withholding procedure
will be subject to the express prior approval of the Company’s Compensation Committee. However, the Company does not guarantee
that you will be able to satisfy the Withholding Taxes through any of the methods described in the preceding provisions and in
all circumstances you remain responsible for timely and fully satisfying the Withholding Taxes.

 

     

     

    

 

(b)          Unless
the tax withholding obligations of the Company and any Affiliate are satisfied, the Company will have no obligation to deliver
to you any Common Stock or other consideration pursuant to this Award.

 

(c)          In
the event the Company’s obligation to withhold arises prior to the delivery to you of Common Stock or it is determined after
the delivery of Common Stock to you that the amount of the Company’s withholding obligation was greater than the amount withheld
by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

 

12.          Tax
Consequences. The Company has no duty or obligation
to minimize the tax consequences to you of this Award and will not be liable to you for any adverse tax consequences to you arising
in connection with this Award. You are hereby advised to consult with your own personal tax, financial and legal advisors regarding
the tax consequences of this Award and by signing the Grant Notice, you have agreed that you have done so or knowingly and voluntarily
declined to do so. You understand that you (and not the Company) will be responsible for your own tax liability that may arise
as a result of the transactions contemplated by this Award Agreement.

 

13.          Unsecured
Obligation. Your Award is unfunded, and as
a holder of a vested Award, you will be considered an unsecured creditor of the Company with respect to the Company’s obligation,
if any, to issue shares or other property pursuant to this Award Agreement. You will not have voting or any other rights as a stockholder
of the Company with respect to the shares to be issued pursuant to this Award Agreement until such shares are issued to you pursuant
to Section 6 of this Award Agreement. Upon such issuance, you will obtain full voting and other rights as a stockholder of
the Company. Nothing contained in this Award Agreement, and no action taken pursuant to its provisions, will create or be construed
to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.

 

14.          Notices.
Any notice or request required or permitted hereunder will be given in writing to each of the other parties hereto and will be
deemed effectively given on the earlier of (i) the date of personal delivery, including delivery by express courier, or delivery
via electronic means, or (ii) the date that is five (5) days after deposit in the United States Post Office (whether
or not actually received by the addressee), by registered or certified mail with postage and fees prepaid, addressed to the Company
at its primary executive offices, attention: Stock Plan Administrator, and addressed to you at your address as on file with the
Company at the time notice is given. 

 

15.          Headings.
The headings of the Sections in this Award Agreement
are inserted for convenience only and will not be deemed to constitute a part of this Award Agreement or to affect the meaning
of this Award Agreement.

 

16.          Additional
Acknowledgements. You hereby consent and acknowledge
that: 

 

(a)          Participation
in the Plan is voluntary and therefore you must accept the terms and conditions of the Plan and this Award Agreement and Grant
Notice as a condition to participating in the Plan and receipt of this Award. This Award and any other awards under the Plan are
voluntary and occasional and do not create any contractual or other right to receive future awards or other benefits in lieu of
future awards, even if similar awards have been granted repeatedly in the past. All determinations with respect to any such future
awards, including, but not limited to, the time or times when such awards are made, the size of such awards and performance and
other conditions applied to the awards, will be at the sole discretion of the Company.

 

     

     

    

 

(b)          The
future value of your Award is unknown and cannot be predicted with certainty. You do not have, and will not assert, any claim or
entitlement to compensation, indemnity or damages arising from the termination of this Award or diminution in value of this Award
and you irrevocably release the Company, its Affiliates and, if applicable, your employer, if different from the Company, from
any such claim that may arise.

 

(c)          The
rights and obligations of the Company under your Award will be transferable by the Company to any one or more persons or entities,
and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by, the Company’s successors
and assigns.

 

(d)          You
agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company
to carry out the purposes or intent of your Award.

 

(e)          You
acknowledge and agree that you have reviewed your Award in its entirety, have had an opportunity to obtain the advice of counsel
prior to executing and accepting your Award and fully understand all provisions of your Award.

 

(f)          This
Award Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies
or national securities exchanges as may be required.

 

(g)          All
obligations of the Company under the Plan and this Award Agreement will be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially
all of the business and assets of the Company.

 

17.          Governing
Plan Document. Your Award is subject to all
the provisions of the Plan, the provisions of which are hereby made a part of your Award, and is further subject to all interpretations,
amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. Your Award (and
any compensation paid or shares issued under your Award) is subject to recoupment in accordance with The Dodd–Frank Wall
Street Reform and Consumer Protection Act and any implementing regulations thereunder, any clawback policy adopted by the Company
and any compensation recovery policy otherwise required by applicable law. No recovery of compensation under such a clawback policy
will be an event giving rise to a right to voluntarily terminate employment upon a resignation for “good reason,” or
for a “constructive termination” or any similar term under any plan of or agreement with the Company. 

 

18.          Effect
on Other Employee Benefit Plans. The value
of the Award subject to this Award Agreement will not be included as compensation, earnings, salaries, or other similar terms used
when calculating benefits under any employee benefit plan (other than the Plan) sponsored by the Company or any Affiliate except
as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any or all
of the employee benefit plans of the Company or any Affiliate. 

 

19.          Choice
of Law. The interpretation, performance and
enforcement of this Award Agreement will be governed by the law of the State of Delaware without regard to that state’s conflicts
of laws rules. 

 

     

     

    

 

20.          Severability.
If all or any part of this Award Agreement or the
Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate
any portion of this Award Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Award Agreement (or
part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect
to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

 

21.          Other
Documents. You hereby acknowledge receipt
of and the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act,
which includes the Plan prospectus. In addition, you acknowledge receipt of the Company’s policy permitting certain individuals
to sell shares only during certain “window” periods and the Company’s insider trading policy, in effect from
time to time.

 

22.          Amendment.
This Award Agreement may not be modified, amended
or terminated except by an instrument in writing, signed by you and by a duly authorized representative of the Company. Notwithstanding
the foregoing, this Award Agreement may be amended solely by the Board by a writing which specifically states that it is amending
this Award Agreement, so long as a copy of such amendment is delivered to you, and provided that, except as otherwise expressly
provided in the Plan, no such amendment materially adversely affecting your rights hereunder may be made without your written consent.
Without limiting the foregoing, the Board reserves the right to change, by written notice to you, the provisions of this Award
Agreement in any way it may deem necessary or advisable to carry out the purpose of the Award as a result of any change in applicable
laws or regulations or any future law, regulation, ruling, or judicial decision, provided that any such change will be applicable
only to rights relating to that portion of the Award which is then subject to restrictions as provided herein.

 

23.          Compliance
with Section 409A of the Code. This Award
is intended to comply with the “short-term deferral” rule set forth in Treasury Regulation Section 1.409A-1(b)(4).
Notwithstanding the foregoing, if it is determined that the Award fails to satisfy the requirements of the short-term deferral
rule and is otherwise deferred compensation subject to Section 409A, and if you are a “Specified Employee” (within
the meaning set forth in Section 409A(a)(2)(B)(i) of the Code) as of the date of your “separation from service”
(within the meaning of Treasury Regulation Section 1.409A-1(h) and without regard to any alternative definition thereunder),
then the issuance of any shares that would otherwise be made upon the date of the separation from service or within the first six
(6) months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the
earlier of: (i) the fifth business day following your death, or (ii) the date that is six (6) months and one day
after the date of the separation from service, with the balance of the shares issued thereafter in accordance with the original
vesting and issuance schedule set forth above, but if and only if such delay in the issuance of the shares is necessary to avoid
the imposition of adverse taxation on you in respect of the shares under Section 409A of the Code. Each installment of shares
that vests is intended to constitute a “separate payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

* * * * *

 

This Award Agreement
will be deemed to be signed by the Company and the Participant upon the signing or electronic acceptance by the Participant of
the Restricted Stock Unit Grant Notice to which it is attached.Exhibit 10.17

 

Employment
Agreement

 

           
THIS EMPLOYMENT AGREEMENT (this “Agreement”) by and between Neuro
One, LLC, a Minnesota limited liability company (the “Company”) and Dave
Rosa (the “Employee”) is signed by the Company and the Employee on October 5, 2016 (the “Effective
Date”).

 

Background

 

The Board of Managers
of the Company (the “Board”) has determined that it is in the best interests of the Company and its equity
holders to employ the Employee. The Employee will be employed as the Company’s Chief Executive Officer and President. The
Company and the Employee desire to enter into this Agreement to embody the terms of the relationship.

 

           NOW,
THEREFORE, in consideration of the foregoing and the terms and conditions set forth herein, the parties agree as follows:

 

Terms
and Conditions

 

1.           Duties; Reporting Relationship.  During the term of this Agreement, the
Employee shall serve as the Chief Executive Officer and President of the Company, and in such other position or positions with
the Company and its subsidiaries as are consistent with the Employee’s positions as Chief Executive Officer and President
of the Company, and shall have such duties and responsibilities as are assigned to the Executive by the Board consistent with the
Employee’s position as Chief Executive Officer and President of the Company. If elected, the Employee agrees to serve as
a member of the Board during the employment period, and upon termination of the Employee’s employment the Employee shall
promptly resign from the Board.

 

2.           Office Location.   The Employee will report to the Board and
will primarily work from the Employee’s home office with visits to the Company’s corporate headquarters, as needed.

 

3.           Compensation and Benefits.

 

(a)           Base Salary.  The Employee’s current base salary shall be $300,000 per annum, subject to all payroll deductions
and all required withholdings as determined by the Company.  The Employee’s salary will be paid monthly in accordance
with the regular payroll practices of the Company.  During the Employee’s employment with the Company, the Employee’s
annual base salary will be reviewed at least annually.

 

(b)           Performance Bonus.  The Employee will be eligible to participate in any bonus program established by the Company
and for which the Employee would be eligible.  If so established by the Company, the Employee will be eligible to earn an
annual performance bonus up to 40% of the Employee’s effective salary based upon the Employee’s performance, subject
to payroll deductions and all required withholdings (the “Performance Bonus”).  The Employee must
be an employee in good standing on the Performance Bonus payment date to earn and be eligible to receive a Performance Bonus. 
The Board will determine whether the Employee has earned the Performance Bonus and the amount of any Performance Bonus.

 

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(c)           Employee Benefits.  The Employee will be eligible to participate in any benefit programs that may be established
by the Company in accordance with Company policy.

 

(d)           Expenses.  The Employee will be reimbursed for normal expenses including, but not limited to, associated business/travel
expenses (flights, hotel, car rental, parking transportation, business meals, office supplies). In addition, the Company shall
pay an allowance to the Employee for the lease, insurance and operating costs of the automobile used for business purposes in the
amount of eight hundred dollars ($800.00) per month.

 

(e)           Initial Equity Award. On the Effective Date, the Board shall grant to the Employee an amount of equity of the Company
equal to fourteen percent (14%) of the fully diluted equity of the Company pursuant to the terms and conditions of a restricted
membership interest purchase agreement containing terms mutually acceptable to the Company and the Employee.

 

(f)           Long-Term Incentive Compensation. During the term of the Employee’s employment with the Company, the Employee
shall be entitled to participate in any stock option, performance share, profits interest, performance unit or other equity based
long-term incentive compensation plan, program or arrangement (the “Plans”) generally made available
to senior executive officers of the Company, on substantially the same terms and conditions as generally apply to such other officers,
except that the size of the awards made to the Employee shall reflect the Empoloyee’s position with the Company.

 

4.           Confidentiality and Proprietary Information Obligations.

 

(a)           Company Policies.  As a condition of the Employee’s employment, the Employee agrees to continue to abide
by all Company policies, rules and regulations, including, but not limited to, the policies contained in the employee handbook
adopted by the Company. 

 

(b)           Third Party Information.  In the Employee’s work for the Company, the Employee is expected not to use or
disclose any confidential information, including trade secrets, of any former employer or other third party to whom the Employee
has an obligation of confidentiality.  The Employee is expected to use only that information which is generally known and
used by persons with training and experience comparable to the Employee’s own, which is common knowledge in the industry
or otherwise legally in the public domain, or which is otherwise provided or developed by the Company. The Employee hereby
agrees that the Employee will not bring onto premises of the Company or use in the Employee’s work for the Company any unpublished
documents or property (including but not limited to proprietary information) belonging to any former employer or other third party
that the Employee is not authorized to use or disclose.  By entering into this Agreement, the Employee represents that the
Employee is able to perform the Employee’s job duties within these guidelines.

 

(c)           Exclusive Property.  The Employee agrees that all business procured by the Employee and all Company related business
opportunities and plans made known to the Employee while the Employee is employed by the Company shall remain the permanent and
exclusive property of the Company.

 

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(d)           Adverse or Outside Business Activities.  Throughout the Employee’s employment with the Company, the Employee
may engage in civic, academic teaching and lectures, and not-for-profit activities so long as such activities do not interfere
with the performance of the Employee’s duties hereunder or present a conflict of interest with the Company. The Employee
may not engage in other employment or undertake any other commercial business activities unless the Employee obtains the prior
written consent of the Board.   The Board may rescind consent to the Employee’s service as a director of all other
corporations or participation in other business or public activities if the Board, in the Board’s sole discretion, determines
that such activities compromise or threaten to compromise the Company’s business interests or conflict with the Employee’s
duties to the Company.  In addition, throughout the term of the Employee’s employment with the Company and for one (1) year
immediately following the termination of the Employee’s employment for any reason, the Employee agrees not to, directly or
indirectly, without the prior written consent of the Board, own, manage, operate, join, control, finance or participate in the
ownership, management, operation, control or financing of, or be connected as an officer, director, executive, partner, employee,
principal, agent, representative, consultant, licensor, licensee or otherwise with, any business or enterprise engaged in any business
which is competitive directly with the Company’s business; provided, however, that  the Employee may purchase or otherwise
acquire up to (but not more than) one percent (1%) of any class of securities of any enterprise (but without participating
in the activities of such enterprise) if such securities are listed on any national or regional securities exchange. The Employee
hereby represents and warrants that the Employee has disclosed previously to the Board all other employment or other commercial
business activities that the Employee already undertakes, or intends to undertake (to the extent currently known by the Employee),
during the Employee’s period of employment with the Company.

 

5.           No Conflicts.  By signing this Agreement the Employee hereby represents
to the Company that, except as previously disclosed to the Company: (a) the Employee’s employment with the Company is
not prohibited under any employment agreement or other contractual arrangement; and (b) the Employee does not know of any
conflicts that would restrict the Employee’s employment with the Company.  The Employee hereby represents that the Employee
has disclosed to the Company any contract the Employee has signed that may restrict the Employee’s activities on behalf of
the Company, and that the Employee is presently in compliance with such contracts, if any.

 

6.           At Will Employment.  The Employee’s employment with the Company
is an “at-will” arrangement and this Agreement does not constitute a guarantee of employment for any specific period
of time.  This means that either the Employee or the Company may terminate the Employee’s employment at any time, with
or without Cause, and with or without advance notice.  This “at-will” employment relationship cannot be changed
except in a written agreement approved by the Board and signed by the Employee and a duly authorized member of the Board.

 

    	 	3	 

     

    

 

7.           Severance Benefits; Excise Tax.

 

(a)           Entitlement to Severance Benefits.  If the Company (or any successor entity) terminates the Employee’s employment
without Cause, or if the Employee resigns the Employee’s employment for Good Reason, the Employee will be eligible to receive,
as the Employee’s sole severance benefits (the “Severance Benefits”): (i) severance pay in
the form of continuation of the Employee’s base salary in effect as of the employment termination date for 12 months, and
(ii) an amount equal to a prorated portion of the Employee’s cash bonus for the year in which the Termination Date occurs,
if any, with such prorated amount determined by multiplying the Employee’s cash bonus for the year in which the termination
date occurs by a fraction, the numerator of which is the number of full months during such year in which the Employee was employed
and the denominator of which is twelve (12). The Severance Benefits shall be subject to all required payroll deductions and withholdings
as determined by the Company.  Notwithstanding the foregoing, in order to be eligible for the Severance Benefits, the Employee
must meet the Release Requirements as set forth in Section 9 within 60 days after the date of the Employee’s employment
termination, and the Employee shall receive no severance if the Employee fails to meet the Release Requirements. Provided that
you meet the Release Requirements set forth in Section 9, the Severance Benefits set forth in subsection (i) of the first sentence
of this Section 7(a) will be paid in equal monthly installments in accordance with the Company’s regular payroll practices,
provided however, that the first payment of such amounts will not be made to the Employee until the first regular monthly payroll
date that is more than 60 days after the termination date, with the first payment due on such first payroll date that is more
than 60 days after the termination date to include all payments that would have been due during the period beginning on the first
regular monthly payroll date following the termination date and such first regular monthly payroll date after the 60th
day following the termination date. If the Employee meets the Release Requirements set forth in Section 9, the portion of the Severance
Benefits, if any, set forth in subsection (ii) of the first sentence of this Section 7(a) will be paid to the Employee at the same
time as annual bonuses for the year of the Employee’s termination are paid to other employees (but not later than March 15
of the year immediately following the year in which the Employee’s employment terminates).

 

(b)           Severance Benefits related to Change of Control. Notwithstanding Section 7(a) above if, within two (2) years following
a Change in Control, the Company terminates the Employee’s employment without Cause or the Employee resigns the Employee’s
employment for Good Reason, the Severance Benefits set forth in Section 7(a)(i) will increase from 12 months to 18 months
and, subject to the Employee satisfying the Release Requirements set forth in Section 9, will be paid in a lump sum on the first
payroll date that is more than 60 days after the Employee’s last date of employment, subject to all required payroll deductions
and withholding as determined by the Company.

 

(c)           Excise Tax.

 

(i)           Notwithstanding anything in this Agreement to the contrary, if any payment or benefit that the Employee would otherwise
receive pursuant to this Agreement (when considered together with any payment or benefit the Employee would otherwise receive under
any other agreement or practice) (collectively, a “Payment”) would (1) constitute a “parachute
payment” within the meaning of Section 280G of the Code, and (2) but for this sentence, be subject to the excise
tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to
the Reduced Amount (defined below).  The “Reduced Amount” shall be either: (y) the largest
portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax, or (z) the
entire Payment, whichever amount after taking into account all applicable federal, state and local employment taxes, income taxes,
and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes
which could be obtained from a deduction of such state and local taxes), results in the Employee’s receipt, on an after-tax
basis, of the greatest amount of the Payment to the Employee.

 

    	 	4	 

     

    

 

(ii)           If a reduction in the Payment is to be made, the reduction in payments and/or benefits shall occur in the following
order: (1) reduction of cash payments (with the reduction to occur in the reverse chronological order in which such cash payments
would otherwise be made to the Employee); (2) cancellation of accelerated vesting of equity awards other than stock options
(with such cancellation to occur in the reverse chronological order in which such equity awards or installments or tranches thereof
would otherwise have become vested pursuant to their normal vesting terms and conditions in the absence of such acceleration of
vesting) ; (3) cancellation of accelerated vesting of stock options (with such cancellation to occur in the reverse chronological
order in which such stock options or installments or tranches thereof would otherwise have become vested under their normal vesting
terms and conditions in the absence of such acceleration); and (4) reduction of other benefits paid to the Employee (with
such reduction to occur in the reverse chronological order in which such benefits would otherwise have been paid to the Employee). The
Company shall reasonably determine the procedures and manner of making the calculation required above.

 

8.           Definitions.

 

(a)           Definition of Change of Control.  “Change of Control” shall mean the consummation of
any one of the following events: (i) a sale, lease or other disposition of all or substantially all of the assets of the Company;
(ii) a consolidation or merger of the Company with or into any other corporation or other entity or person, or any other corporate
reorganization, in which the shareholders of the Company immediately prior to such consolidation, merger or reorganization, own
less than fifty percent (50%) of the Company’s outstanding voting power of the surviving entity following the consolidation,
merger or reorganization; or (iii) any transaction (or series of related transactions involving a person or entity, or a group
of affiliated persons or entities) in which in excess of fifty percent (50%) of the Company’s then-outstanding voting
power is transferred, excluding any consolidation or merger effected exclusively to change the domicile of the Company and excluding
any such change of voting power resulting from a bona fide equity financing event or public offering of the stock of the Company.
Notwithstanding the foregoing, if necessary to avoid the imposition of additional taxes upon you under Section 409A of the Internal
Revenue Code of 1986, as amended (“Code Section 409A”), a transaction shall constitute a Change of Control
only if, in addition to satisfying the foregoing definition, the transaction also meets the definition of a “change in control
event” under Treasury Regulation Section 1.409A-3(i)(5).

 

    	 	5	 

     

    

 

(b)           Definition of Cause.  “Cause” for the Company (or any acquirer or successor in interest thereto)
to terminate the Employee’s employment shall exist if any of the following occurs: (i) the Employee’s conviction
(including a guilty plea or plea of nolo contendere) of any felony or any other crime involving fraud, dishonesty or moral
turpitude; (ii) the Employee’s commission or attempted commission of or participation in a fraud or act of dishonesty
or misrepresentation against the Company that results (or could reasonably be expected to result) in material harm or injury to
the business or reputation of the Company; (iii) the Employee’s material violation of any contract or agreement between
the Employee and the Company, or of any Company policy, or of any statutory duty the Employee owes to the Company; or (iv) the
Employee’s conduct that constitutes gross insubordination, incompetence or habitual neglect of duties and that results in
(or could reasonably be expected to have resulted in) material harm to the business or reputation of the Company; provided, however,
that the action or conduct described in clause (iv) above will constitute “Cause” only if such action or conduct
continues after the Board has provided the Employee with written notice thereof and thirty (30) days’ opportunity to
cure the same, except that the Board is not obligated to provide such written notice and opportunity to cure if the action or conduct
is not reasonably susceptible to cure.  The determination that a termination is for Cause shall be made in good faith by the
Board in its sole discretion.

 

(c)           Definition of Good Reason.  A resignation for “Good Reason” shall mean a resignation
of the Employee’s employment within sixty (60) days after the occurrence of any of the following events which is not
corrected within fifteen (15) days after the Company (or any successor thereto) receives written notice from the Employee
that any of the following events have occurred and that the Employee asserts that grounds for a resignation for Good Reason exists
as a result of: (i) without the Employee’s written consent, a material diminution of the Employee’s duties, position
or responsibilities; provided, however, a mere change in title or reporting relationship following a Change of Control will not
by itself constitute “Good Reason” for the Employee’s resignation, and further provided, however, that the acquisition
of the Company and subsequent conversion of the Company to a division or unit of the acquiring entity will not by itself result
in a “diminution;” or (ii) without the Employee’s written consent, a reduction by the Company in the Employee’s
base salary as in effect immediately prior to such reduction by more than ten percent (10%) (unless such reduction is made
pursuant to an across the board reduction applicable to senior executives of the Company).

 

9.           Release Requirements.  To be eligible to receive the Severance Benefits,
the Employee must meet the following requirements (the “Release Requirements”): (a) the Employee
must first timely execute, make effective, and deliver to the Company within 60 days after the date of the Employee’s employment
termination a general release of all known and unknown claims, in a form acceptable to the Company (which may, at the Company’s
election, be incorporated into a separation agreement); and (b) the Employee must not be in material breach of any other agreement
or contract between the Employee and the Company at the time of the receipt of such benefits.  In the event that, during such
time as the Employee continues to receive any Severance Benefits, the Employee materially breaches any other agreement or contract
between the Employee and the Company, the Company’s obligation to continue to provide the Severance Benefits will immediately
cease in full, and the Employee will not be entitled to receive any additional Severance Benefits as of the date of the Employee’s
breach.

 

    	 	6	 

     

    

 

10.          Miscellaneous.

 

(a)              
Employee Proprietary Information, Inventions Assignment and Non-Competition Agreement.  The Employee is required,
as a condition to the Employee’s employment with the Company, to sign the Company’s standard Employee Proprietary Information,
Inventions Assignment and Non-Competition Agreement in the form attached hereto as Exhibit
A.

 

(b)             
Entire Agreement.  This Agreement and its attachments contain all of the terms of the Employee’s employment
with the Company.  The employment terms in this Agreement supersede any other agreements or promises made to the Employee
by anyone, whether oral or written, concerning the Employee’s employment terms.  Changes in the Employee’s employment
terms, other than those changes expressly reserved to the Company’s or the Board’s discretion in this Agreement, require
a written modification approved by the Board and signed by the Employee and a duly authorized member of the Board.

 

(c)              
Binding Effect; Severability.  This Agreement will bind the heirs, personal representatives, successors and assigns
of both the Employee and the Company, and inure to the benefit of both the Employee and the Company, their heirs, successors and
assigns.  If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination
shall not affect any other provision of this Agreement and the provision in question shall be modified so as to be rendered enforceable
in a manner consistent with the intent of the parties insofar as possible under applicable law.

 

(d)             
Governing Law; Jury Trial Waiver.  The terms of this Agreement shall be governed by and construed in accordance
with the internal laws of the State of Minnesota, without regard to its principles of conflicts of laws.  By signing this
Agreement, the Employee irrevocably submits to the exclusive jurisdiction of the courts of the State of Minnesota for the purpose
of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. 
BY SIGNING THIS AGREEMENT THE EMPLOYEE ALSO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS
AGREEMENT AND REPRESENT THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

(e)           Mutual Drafting.  Any ambiguity in this Agreement shall not be construed against either party as the drafter. 
Any waiver of a breach of this Agreement, or rights hereunder, shall be in writing and shall not be deemed to be a waiver of any
successive breach or rights hereunder.  This Agreement may be executed in counterparts which shall be deemed to be part of
one original, and facsimile and .pdf signatures shall be equivalent to original signatures.

 

11.           Code Section 409A Compliance.

 

(a)           The intent of the parties is that payments and benefits under this Agreement either are exempt from or comply with Code
Section 409A and the regulations and guidance promulgated thereunder and, accordingly, to the maximum extent permitted, this Agreement
(and payments and benefits hereunder) shall be interpreted to be exempt from or in compliance therewith. However, in no event whatsoever
shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Employee by Code Section 409A
or for damages for failing to be exempt from or in compliance with Code Section 409A.

 

    	 	7	 

     

    

 

(b)           A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing
for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation
from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references
to a “termination,” “termination of employment” or like terms shall mean “separation from service.”

 

(c)           Notwithstanding any other payment schedule provided herein to the contrary, if the Employee is deemed on the date of
termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then each
of the following shall apply:

 

(i)           With regard to any payment that is considered deferred compensation under Code Section 409A payable on account of a
“separation from service,” such payment shall be made on the date which is the earlier of (A) the expiration of the
six (6)-month period measured from the date of such “separation from service” of the Employee, and (B) the date of
the Employee’s death (the “Delay Period”) to the extent required under Code Section 409A. Upon
the expiration of the Delay Period, all payments delayed pursuant to this Section (whether they would have otherwise been payable
in a single sum or in installments in the absence of such delay) shall be paid to the Employee in a lump sum, and all remaining
payments due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein;
and

 

(ii)           To the extent that any benefits to be provided during the Delay Period is considered deferred compensation under Code
Section 409A provided on account of a “separation from service,” the Employee shall pay the cost of such benefits during
the Delay Period, and the Company shall reimburse the Employee, to the extent that such costs would otherwise have been paid by
the Company or to the extent that such benefits would otherwise have been provided by the Company at no cost to the Employee, the
Company's share of the cost of such benefits upon expiration of the Delay Period, and any remaining benefits shall be reimbursed
or provided by the Company in accordance with the procedures specified herein.

 

(d)           All reimbursements of expenses under this Agreement shall be made on or prior to the last day of the taxable year following
the taxable year in which such expenses were incurred by the Employee. Any right to reimbursement or in kind benefits is not subject
to liquidation or exchange for another benefit. No such reimbursement, expenses eligible for reimbursement, or in-kind benefits
provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided,
in any other taxable year.

 

(e)           For purposes of Code Section 409A, the Employee’s right to receive any installment payment pursuant to this Agreement
shall be treated as a right to receive a series of separate and distinct payments.

 

(f)           Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g.,,
“payment shall be made within thirty (30) days following the date of termination”), the actual date of payment within
the specified period shall be within the sole discretion of the Company.

 

    	 	8	 

     

    

 

(g)           Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement
that constitutes “deferred compensation” for purposes of Code Section 409A be subject to offset, counterclaim or recoupment
by any other amount payable to the Employee unless and to the extent otherwise permitted by Code Section 409A.

 

(h)           Unless this Agreement provides a specified and objectively determinable payment schedule to the contrary, to the extent
that any payment of base salary or other compensation is to be paid for a specified continuing period of time beyond the date of
the Employee’s termination of employment in accordance with the Company’s payroll practices (or other similar term),
the payments of such base salary or other compensation shall be made upon such schedule as in effect upon the date of termination,
but no less frequently than monthly.

 

 

 

 

Signatures
on the Following Page

 

 

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF,
the Company and the Employee have executed this Agreement as of the date first above written.

 

	 	 
	
        The
        Employee:

         

         

         

        /s/ Dave Rosa

        Dave
        Rosa 
	
        The
        Company:

         

        Neuro
        One, LLC

         

        By: /s/ Dave Rosa                           

        Name: Dave
Rosa                          

        Title: CEO                                         

	 	 

 

 

Signature
Page to Employment Agreement

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