Document:

AMENDED
AND rESTATED CONSENT, NOTE AMENDMENT

AND

WARRANT
FORFEITURE AGREEMENT

 

This AMENDED AND RESTATED
CONSENT, NOTE AMENDMENT AND WARRANT FORFEITURE AGREEMENT (this “Agreement”) is entered into as of October 24,
2012 by and among CNS Response, Inc., a Delaware corporation (the “Company”) and the undersigned holders (“Undersigned
Holders”), as the holders of secured convertible promissory notes in the aggregate principal amount set forth opposite
each such holder’s name below, and of the warrants to purchase the number of common stock, par value $0.001 per share (the
“Common Stock”), of the Company set forth opposite each such holder’s name below.

 

Recitals for October
2010 Notes.

 

WHEREAS, the Company
entered into a Note and Warrant Purchase Agreement dated as of October 1, 2010 (the “October 2010 Purchase Agreement”)
with certain of the Undersigned Holders (the “October 2010 Holders”);

 

WHEREAS, pursuant
to the October 2010 Purchase Agreement, the Company issued and sold to such Undersigned Holders a secured convertible promissory
note (each, an “October 2010 Note”) and a warrant to purchase Common Stock (each, an “October 2010
Warrant”);

 

WHEREAS, the Company
and the October 2010 Holders entered into an Agreement to Convert and Amend, dated as of June 3, 2011, in respect of the October
2010 Notes and October 2010 Warrants in connection with a planned listing of securities of the Company on a Canadian securities
exchange;

 

WHEREAS, the Company
and the holders of a majority in outstanding principal amount of October 2010 Notes (the “October 2010 Majority Holders”)
subsequently entered into an Amendment and Conversion Agreement, dated as of September 30, 2011, in connection with the then-pending
maturity of the October 2010 Notes and conversion requirement upon a public offering in which the Company planned to issue securities
yielding gross proceeds of at least $10 million;

 

WHEREAS, the Company
effected a reverse stock split (“Reverse Split”) of the Common Stock on April 2, 2012 at 5:00 pm Pacific Time,
as a result of which the Conversion Price of the October 2010 Notes (as defined in the October 2010 Notes) was adjusted to $3.00,
the exercise price of the October 2010 Warrants was adjusted to $3.00 per share, and the number of shares issuable upon exercise
of the October 2010 Warrants was proportionately reduced;

 

WHEREAS, the Company
and the October 2010 Holders subsequently entered into a Conversion Agreement, dated as of May 4, 2012, in connection with a proposed
public offering in which the Company planned to issue securities yielding gross proceeds of at least $5 million;

 

    	 

    	 

    

 

WHEREAS, the Company
and the October 2010 Holders subsequently entered into a Conversion Agreement, dated as of June 12, 2012, in connection with a
proposed public offering in which the Company planned to issue securities yielding gross proceeds of at least $3 million;

 

WHEREAS, pursuant to Section 9 of the October
2010 Notes, the Company will not, without the prior written consent of the October 2010 Majority Holders, amend, waive or modify
any provision of the Notes;

 

WHEREAS, pursuant
to Section 4.2(b) of the October 2010 Purchase Agreement, the Company will not, without the
prior written consent of the October 2010 Majority Holders, borrow, guaranty or otherwise incur indebtedness in excess of $100,000;

 

Recitals for January 2011 Notes.

 

WHEREAS, the Company
entered into a Note and Warrant Purchase Agreement dated as of January 20, 2011 (the “January 2011 Purchase Agreement”)
with certain of the Undersigned Holders (the “January 2011 Holders”);

 

WHEREAS, pursuant
to the January 2011 Purchase Agreement, the Company issued and sold to such Undersigned Holders a convertible promissory
note (each, a “January 2011 Note”) and a warrant to purchase Common Stock (each, a “January 2011 Warrant”);

 

WHEREAS, the Company
and the January 2011 Holders entered into an Agreement to Convert and Amend, dated as of June 3, 2011, in respect of the
January 2011 Notes and January 2011 Warrants in connection with a planned listing of securities of the Company on
a Canadian securities exchange;

 

WHEREAS, the Company
and the holders of a majority in outstanding principal amount of January 2011 Notes (the “January 2011 Majority
Holders”) subsequently entered into an Amendment and Conversion Agreement, dated as of September 30, 2011, in connection
with the then-pending maturity of the January 2011 Notes and conversion requirement upon a public offering in which the
Company planned to issue securities yielding gross proceeds of at least $10 million;

 

WHEREAS, in connection
with the Reverse Split, the Conversion Price of the January 2011 Notes (as defined in the January 2011 Notes), was adjusted to
$3.00, the exercise price of the January 2011 Warrants was adjusted to $3.00 per share, and the number of shares issuable upon
exercise of the January 2011 Warrants was proportionately reduced;

 

WHEREAS, the Company
and the January 2011 Holders subsequently entered into a Conversion Agreement, dated as of May
4, 2012, in connection with a proposed public offering in which the Company planned to issue securities yielding gross proceeds
of at least $5 million;

 

WHEREAS, the Company
and the January 2011 Holders subsequently entered into a Conversion Agreement, dated as of June
12, 2012, in connection with a proposed public offering in which the Company planned to issue securities yielding gross proceeds
of at least $3 million;

 

    	- 2 -

    	 

    

 

WHEREAS, pursuant to Section 9 of the January
2011 Notes, the Company will not, without the prior written consent of the January 2011 Majority
Holders, amend, waive or modify any provision of the Notes;

 

WHEREAS, pursuant
to Section 4.2(b) of the January 2011 Purchase Agreement, the Company
will not, without the prior written consent of the January 2011 Majority Holders, borrow,
guaranty or otherwise incur indebtedness in excess of $100,000;

 

Recitals for November 2011 Notes.

 

WHEREAS, the Company
entered into an Amended and Restated Note and Warrant Purchase Agreement dated as of November 11, 2011 (the “November
2011 Purchase Agreement”) with certain of the Undersigned Holders (the “November 2011 Holders”);

 

WHEREAS, pursuant
to the November 2011 Purchase Agreement, the Company issued and sold to such Undersigned Holders a secured convertible
promissory note (each, a “November 2011 Note”) and a warrant to purchase Common Stock (each, a “November
2011 Warrant”);

 

WHEREAS, in connection
with the Reverse Split, the Conversion Price of the November 2011 Notes (as defined in the November 2011 Notes), was adjusted
to $3.00, the exercise price of the November 2011 Warrants was adjusted to $3.00 per share, and the number of shares issuable
upon exercise of the November 2011 Warrants was proportionately reduced;

 

WHEREAS, the Company
and holders of a majority in outstanding principal amount of the November 2011 Notes (the “November
2011 Majority Holders”) subsequently entered into a Conversion Agreement, dated as of May 4, 2012, in connection
with a proposed public offering in which the Company planned to issue securities yielding gross proceeds of at least $5 million;

 

WHEREAS, the Company
and the November 2011 Majority Holders subsequently entered into a Conversion Agreement, dated
as of June 12, 2012, in connection with a proposed public offering in which the Company planned to issue securities yielding gross
proceeds of at least $3 million;

 

WHEREAS, pursuant
to Section 9 of the November 2011 Notes, the Company will not, (i) without the written consent
of the November 2011 Majority Holders, amend, waive or modify any provision of the November
2011 Notes other than Sections 6(a)(ii), 6(c)(iii) and the proviso in the definition of “Conversion Price”
in Section 6(b) and (ii) without the written consent of the November 2011 Holder, amend, waive
or modify Sections 6(a)(ii) and 6(c)(iii) and the proviso in the definition of “Conversion Price” in Section 6(b)
in such November 2011 Holder’s Note(s).

 

WHEREAS, pursuant
to Section 5.2 of the November 2011 Purchase Agreement, any term of the November
2011 Purchase Agreement may be amended (either retroactively or prospectively) with the written consent of the Company
and the November 2011 Majority Holders.

 

    	- 3 -

    	 

    

 

WHEREAS, pursuant
to Section 4.2(b) of the November 2011 Purchase Agreement, the Company
will not, without the prior written consent of the November 2011 Majority Holders, borrow,
guaranty or otherwise incur indebtedness in excess of $100,000;

 

Recitals for February 2012 Notes.

 

WHEREAS, on February
29, 2012 the Company issued and sold to one of the Undersigned Holders (the “February 2012 Holder”) a secured
convertible promissory note (a “February 2012 Note”) and a warrant to purchase Common Stock (a “February
2012 Warrant”);

 

WHEREAS,
in connection with the Reverse Split, the Conversion Price of the February 2012 Note
(as defined in the February 2012 Note), was adjusted to $3.00, the exercise price of
the February 2012 Warrant was adjusted to $3.00 per share, and the number of shares issuable
upon exercise of the February 2012 Warrant was proportionately reduced;

 

WHEREAS, the Company
and the February 2012 Holder subsequently entered into a Conversion Agreement, dated as of May 4, 2012, in connection with
a proposed public offering in which the Company planned to issue securities yielding gross proceeds of at least $5 million;

 

WHEREAS, the Company
and the February 2012 Holder subsequently entered into a Conversion Agreement, dated as of June 12, 2012, in connection
with a proposed public offering in which the Company planned to issue securities yielding gross proceeds of at least $3 million;

 

WHEREAS, pursuant
to Section 9 of the February 2012 Note, the Company will not, (i) without the written consent of the holders of a majority
in outstanding principal amount of February 2012 Notes (the “February 2012 Majority Holders”), amend,
waive or modify any provision of the February 2012 Notes other than Sections 6(a)(ii), 6(c)(iii) and the proviso in the
definition of “Conversion Price” in Section 6(b) and (ii) without the written consent of the February 2012 Holder,
the Company will not amend, waive or modify Sections 6(a)(ii) and 6(c)(iii) and the proviso in the definition of “Conversion
Price” in Section 6(b) in such February 2012 Holder’s Note(s).

 

General Recitals.

 

WHEREAS, the October
2010 Notes, January 2011 Notes, November 2011 Notes and February 2012 Note are herein collectively referred to as the “Existing
Notes” and the October 2010 Warrants, January 2011 Warrants, November 2011 Warrants and February 2012 Warrant are herein
collectively referred to as the “Existing Warrants”;

 

    	- 4 -

    	 

    

 

WHEREAS, the Company
wishes to issue senior secured convertible promissory notes (the “New Notes”) in the aggregate principal amount
of $2 million, such amount subject to increase at the discretion of the Company’s Board of Directors, pursuant to a new
Note Purchase Agreement in substantially the form attached as Exhibit B hereto (the “Amended and Restated Purchase
Agreement”) to investors who will invest funds after the date hereof and to those investors who have invested $600,000
between August 17, 2012 and October 19, 2012, of which investors who have invested $400,000 received notes with substantially
the same terms as the terms of the New Notes but containing a mandatory conversion provision (the purchase and sale of the New
Notes pursuant to the Amended and Restated Purchase Agreement and the purchase and sale of the 2013 Notes (as defined below) is
referred to herein as the “New Financing”);

 

WHEREAS, a Consent,
Note Amendment and Warrant Forfeiture Agreement (“Original Agreement”) was entered into as of August
15, 2012 by and among the Company and certain of the Undersigned Holders, representing approximately $2.5 million of the Existing
Notes outstanding as of such date;

 

WHEREAS, the Company
has, in accordance with such executed consents, accepted subscriptions and funds for $600,000 of New Notes;

 

WHEREAS, the Company
also has deemed it in the best interest of the Corporation to be able to issue additional senior secured convertible promissory
notes (the “2013 Notes”) in the aggregate principal amount of $1 million prior to the third calendar quarter
of 2013. Such amount, price and terms of 2013 Notes will be subject to the discretion of the Company’s Board of Directors,
pursuant to a new purchase agreement in form substantially similar to that attached as Exhibit B hereto (references herein
to the “New Financing” shall include the sale and issuance of promissory notes of up to $1 million during 2013);

 

WHEREAS, $200,000
of such aggregate principal amount represents the aggregate principal amount outstanding under two demand notes in the principal
amount of $100,000 each, issued by the Company to John Pappajohn on April 26, 2012 and May 25, 2012, which are being exchanged
in the New Financing (such notes, the “Demand Notes”);

 

WHEREAS, in connection
with the New Financing, the parties hereto desire to amend that certain Amended and Restated Security Agreement, dated as of September
30, 2011, by and between the Company and Paul Buck, as administrative agent for the Secured Parties (as defined therein) (the
“Prior Security Agreement”), by entering into a Second Amended and Restated Security Agreement, in substantially
the form attached as Exhibit A hereto (the “Amended Security Agreement”), in order to grant to the holders
of the New Notes in the New Financing a first position security interest in the Collateral (as defined in the Prior Security Agreement),
which shall be senior to the security interest currently held by the holders of the Existing Notes pursuant to the Prior Security
Agreement; and

 

WHEREAS, the Company
and the Undersigned Holders wish to (i) amend the Existing Notes, (ii) forfeit, cancel and surrender the Existing Warrants and
(iii) consent to the New Financings in accordance with the terms set forth herein;

 

NOW, THEREFORE, the
Undersigned Holders, consisting of at least the October 2010 Majority Holders, the January 2011 Majority Holders, the November
2011 Majority Holders and the February 2012 Holder, on behalf of all of the holders of the Existing Notes and Existing Warrants,
in consideration for the mutual promises and covenants herein, agree, effective upon the Company’s receipt of proceeds in
the New Financing of at least $1,350,000 (the “Minimum Amount”) unless otherwise indicated, as follows:

 

    	- 5 -

    	 

    

 

1.           Amendments
to Existing Notes.

 

(a)          Maturity
Date. The Undersigned Holders, on behalf of all of the holders of Existing Notes, agree that the maturity date set forth in
subsection (i) of the first paragraph of each Existing Note is hereby amended to mean October 1, 2013.

 

(b)          Conversion
Price. The Undersigned Holders, on behalf of all of the holders of Existing Notes, agree that the definition of “Conversion
Price” in Section 6(b) of the Existing Notes shall be replaced in its entirety with the following (the “Conversion
Price Adjustment”):

 

“‘Conversion
Price’ means, as of any Conversion Date or other date of determination, $1.00, subject to adjustment as provided herein.”

 

Provided, however, that, for each holder
of November 2011 Notes, the existing proviso in Section 6(b) of the November 2011 Notes, referring to the Conversion Price in
the case of mandatory conversion described in Section 6(c)(iii) of such notes, shall only be deleted if such holder consents to
such deletion by signing this Agreement.

 

(c)          Removal
of Full Ratchet. The Undersigned Holders, on behalf of all of the holders of Existing Notes, agree to remove Section 7(d)
- Ratchet in its entirety from the Existing Notes.

 

(d)          Reference
to Security Agreement. The Undersigned Holders, on behalf of all of the holders of Existing Notes, agree that any and all
references in the Existing Notes to “Security Agreement” shall be deemed to refer to the Amended Security Agreement,
dated as of August 16, 2012, by and between the Company and David B. Jones, as administrative agent on behalf of the Secured Parties
(as defined therein).

 

(e)          Reference
to Security Interest and Subordination. The Undersigned Holders, on behalf of all of the holders of Existing Notes, agree
that any references in the Existing Notes to “first position security interest,” “second position security interest”
and “subordination,” or similar terms, shall be adjusted to reflect the structure described in Section 4 hereof and
the Amended Security Agreement.

 

2.       
   Forfeiture of Warrants.

 

(a)          Forfeiture.
Subject to the terms and conditions of this Agreement, the Undersigned Holders agree to cancel all of the Existing Warrants held
by such Undersigned Holders (it being understood that no warrants held by the Undersigned Holders other than the Existing Warrants
shall be canceled pursuant to this Section).

 

    	- 6 -

    	 

    

 

(b)          Release.
Each Undersigned Holder hereby releases and forever discharges the Company and its predecessors, successors, assigns and each
of them, and each past, present, and future director, partner, subsidiary, division or entity or affiliated corporation, and each
past, present or future employee, agent, representative, attorney, accountant, officer, director, stockholder, subscriber, and
all persons acting by, through, under or in concert with them, or any of them, of and from any and all claims, actions, causes
of action, suits, debts, liens, demands, contracts, liabilities, agreements, costs, expenses, or losses of any type, whether known
or unknown, fixed or contingent, which such Undersigned Holder had, now has, or may hereafter have, arising out of or resulting
from the Existing Warrants, or the shares of capital stock of the Company issuable upon exercise of the Existing Warrants, prior
to the date hereof, including, without limitation, any such claims and other rights related to or arising from any promise, guaranty
or grant (oral or written) by the Company to be issued or otherwise acquire or receive an equity interest in the Company, including
but not limited to: (i) the Undersigned Holder’s claim to any equity interest in the Company, and (ii) any and all claims
with respect to rights of notice under the Existing Warrants or applicable law.

 

3.           Waiver.
Each Undersigned Holder hereby irrevocably waives the ability to declare an event of default under the Existing Notes as a result
of the issuance by the Company of the Demand Notes and the New Notes, including the notes as previously issued to those persons
who invested $600,000 from August 17, 2012 to October 19, 2012, and waives all rights and remedies related thereto under the Existing
Notes and the related purchase agreement.

 

4.           Consent
to New Financing and Issuance of Demand Notes. Notwithstanding anything to the contrary in the terms of the Existing Notes,
the October 2010 Purchase Agreement, the January 2011 Purchase Agreement, the November 2011 Purchase Agreement and/or any other
agreement referenced in the Recitals hereto, each Undersigned Holder hereby irrevocably:

 

(a)          agrees
and consents to the New Financing and the issuance of the New Notes by the Company on the terms and conditions set forth in the
New Purchase Agreement and the Amended Security Agreement, including, but not limited to, the grant of a first position security
interest in the Collateral to the investors in the New Financing, which first position security interest would be senior to the
security interests held by the holders of the Existing Notes;

 

(b)          agrees
and consents to the issuance of New Notes, including the notes as previously issued to those persons who invested $600,000 from
August 17, 2012 to October 19, 2012;

 

(c)          agrees
and consents to the subordination of the Existing Notes to the investors in the New Financing; and

 

(d)           agrees
and consents to the issuance of the Demand Notes.

 

    	- 7 -

    	 

    

 

5.           Representations
and Warranties of Undersigned Holders. Each Undersigned Holder hereby represents and warrants to the Company as follows:

 

(a)          Authority.
Each Undersigned Holder has, as appropriate, full power and legal capacity and all corporate right, power, legal capacity and
authority to enter into this Agreement. The execution, delivery and performance of this Agreement has been duly and validly approved
and authorized by each Undersigned Holder.

 

(b)          Title
to Warrants. Each Undersigned Holder has good and valid title to, and owns all right, title and interest (legal and beneficial)
in, the Existing Warrants being cancelled pursuant to this Agreement, free and clear of all liens. No stock certificates have
been issued to the Undersigned Holders, or, to the knowledge of the Undersigned Holders, to any other person, in respect of the
Existing Warrants.

 

(c)          Accredited
Investor. Each Undersigned Holder is an “accredited investor” within the meaning of SEC Rule 501 of Regulation
D promulgated under the Securities Act of 1933, as amended (the “Securities Act”).

 

(i)          Investment
for Own Account. The shares of Common Stock to be issued upon conversion of the Existing Note(s) in accordance herewith are
being, and will be, acquired for his, her or its own account, for investment and not with a view to, or for resale in connection
with, any distribution or public offering thereof within the meaning of the Securities Act.

 

(ii)         Knowledge
and Experience. Each Undersigned Holder has such knowledge and experience in financial and business matters that (s)he is
capable of evaluating the merits and risks of an investment in the shares of Common Stock and of making an informed investment
decision with respect thereto, has the ability and capacity to protect his/her interests and can bear the economic risk of the
acceptance of the shares of Common Stock, including a total loss of his/her investment.

 

(iii)        Opportunity
to Ask Questions. Each Undersigned Holder has had the opportunity to ask questions and receive answers from the Company or
any authorized person acting on its behalf concerning the Company and its business and to obtain any additional information, to
the extent possessed by the Company (or to the extent it could have been acquired by the Company without unreasonable effort or
expense) necessary to verify the accuracy of the information received by each such Undersigned Holder. In connection therewith,
each Undersigned Holder acknowledges that (s)he has had the opportunity to discuss the Company’s business, management and
financial affairs with the Company’s management or any authorized person acting on its behalf.

 

(iv)        Receipt
of Information. Each Undersigned Holder has received and reviewed all the information concerning the Company, the Existing
Notes and the shares of Common Stock underlying such Existing Notes, both written and oral, that the Undersigned Holder desires.
Without limiting the generality of the foregoing, the Undersigned Holder has been furnished with or has had the opportunity to
acquire, and to review: all information, both written and oral, that the Undersigned Holder desires with respect to the Company’s
business, management, financial affairs and prospects. In determining whether to make this investment, the Undersigned Holder
has relied solely on his/her own knowledge and understanding of the Company and its business based upon the Undersigned Holder’s
own due diligence investigations and the Company’s filings with the U.S. Securities and Exchange Commission.

 

    	- 8 -

    	 

    

 

6.           Miscellaneous.

 

(a)          Effectiveness
of Agreement. It is understood and agreed by the parties hereto that this Agreement shall only be effective upon the receipt
by the Company of the Minimum Amount in the New Financing; provided, however, that the waiver and consent contained in the second
sentence of Section 3 and in Section 4(c) shall be effective as to an Undersigned Holder immediately upon execution of this Agreement
by such holder.

 

(b)          Acknowledgment.
It is understood and agreed by the parties hereto that the Company is making available to the holders of all Existing Notes the
same opportunity to receive the Conversion Price Adjustment set forth in Section 1 hereof.

 

(c)          Governing
Law. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY,
INTERPRETATION AND PERFORMANCE OF THIS AGREEMENT SHALL BE GOVERNED BY, THE INTERNAL LAWS OF THE STATE OF CALIFORNIA, WITHOUT GIVING
EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF CALIFORNIA OR ANY OTHER JURISDICTIONS)
THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTIONS OTHER THAN THE STATE OF CALIFORNIA.

 

(d)          Amendment.
This Agreement may only be amended by written agreement of the Company and at least the October 2010 Majority Holders, the January
2011 Majority Holders, the November 2011 Majority Holders and the February 2012 Majority Holders expressly stating that such instrument
is intended to modify, amend or supplement this Agreement.

 

(e)          Assignment.
An Undersigned Holder may only assign this Agreement with the written consent of the Company. The Company may freely assign this
Agreement without the consent of any other party. Any assignment of this Agreement in violation of this Section is null and void.
This Agreement shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

(f)          Waiver
of Rights. No failure on the part of any party hereto to exercise, and no delay in exercising, any right, power or remedy
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy by such
party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All rights, powers and
remedies under this Agreement are cumulative and are not exclusive of any other rights, powers and remedies provided by law.

 

    	- 9 -

    	 

    

 

 

(g)          No
Other Agreements. This Agreement (including the Exhibits attached hereto) contains a final and complete integration of all
prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement between
the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are
no unwritten agreements between the parties hereto. In the event of a conflict between the terms of this Agreement, on the one
hand, and the terms of the Existing Notes, the October 2010 Purchase Agreement, the January 2011 Purchase Agreement, the November
2011 Purchase Agreement and/or any other agreement referenced in the Recitals hereto, on the other hand, the terms of this Agreement
shall prevail and control.

 

(h)          Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. This Agreement will be binding upon the Company and the Undersigned Holders and
their respective successors, assigns, heirs and personal representatives.

 

(i)          Further
Assurances. The Undersigned Holders shall from time to time and at all times hereafter make, do, execute, or cause or procure
to be made, done and executed such further acts, deeds, conveyances, consents and assurances without further consideration, which
may be reasonably required to effect the transactions contemplated by this Agreement.

 

[Signature page follows]

 

    	- 10 -

    	 

    

 

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

 

	 	CNS Response, Inc.
	 	 
	 	By:	 
	 	Name: George Carpenter
	 	Title:   CEO

 

	Holders of Existing Notes:	 	Series of Existing Note(s)	 	Aggregate Principal

        Amount(s)

	 	 	 	 	 
	___________________________________	 	October 2010 Notes	 	$761,688
	John Pappajohn	 	 	 	 

 

	SAIL  Venture Partners, LP	 	 	 	 
	 	 	 	 	 
	By:_________________________________	 	October 2010 Notes	 	$250,000
	Name: ______________________	 	 	 	 
	Title:   _____________________	 	 	 	 

 

	___________________________________	 	October 2010 Notes	 	$500,000
	Andy Sassine	 	 	 	 

 

	___________________________________	 	October 2010 Notes	 	$100,000
	Fatos Mucha	 	 	 	 

 

	JD Advisors, LLC	 	 	 	 
	 	 	 	 	 
	By:_________________________________	 	October 2010 Notes	 	$150,000
	Name: ______________________	 	 	 	 
	Title:   _____________________	 	 	 	 

 

	Queen Street Capital Corporation	 	 	 	 
	 	 	 	 	 
	By:_________________________________	 	October 2010 Notes	 	$100,000
	Name: ______________________	 	 	 	 
	Title:   _____________________	 	 	 	 

 

    	 

    	 

    

 

	Holders of Existing Notes:	 	Series of Existing Note(s)	 	Aggregate Principal

        Amount(s)

	 	 	 	 	 
	BGN Acquisition Ltd., LP	 	 	 	 
	 	 	 	 	 
	By:_________________________________	 	October 2010 Notes	 	$250,000
	Name: ______________________	 	 	 	 
	Title:   _____________________	 	 	 	 

 

	Deerwood Holdings, LLC	 	 	 	 
	 	 	 	 	 
	By:__________________________________	 	October 2010 Notes	 	$256,125
	Name: ______________________	 	 	 	 
	Title:   _____________________	 	 	 	 

 

	Deerwood Partners, LLC	 	 	 	 
	 	 	 	 	 
	By:__________________________________	 	October 2010 Notes	 	$256,125
	Name: ______________________	 	 	 	 
	Title:   _____________________	 	 	 	 

 

	Pyxis (Highland) Long/Short Healthcare Fund	 	 	 	 
	 	 	 	 	 
	By:__________________________________	 	October 2010 Notes	 	$400,000
	Name: ______________________	 	 	 	 
	Title:   _____________________	 	 	 	 

 

	___________________________________	 	January 2011 Notes	 	$100,000
	Meyer Proler M.D.	 	 	 	 

 

	____________________________________	 	January 2011 Notes	 	$100,000
	William F. Grieco	 	 	 	 

 

    	- 2 -

    	 

    

 

	_____________________________________	 	January 2011 Notes	 	$200,000
	Edward L.Scanlon	 	 	 	 

 

	Frommer Family Trust dated August 29, 2006	 	 	 	 
	 	 	 	 	 
	By:__________________________________	 	January 2011 Notes	 	$50,000
	Name: ______________________	 	 	 	 
	Title:   _____________________	 	 	 	 

 

	_____________________________________	 	January 2011 Notes	 	$50,000
	Paul Buck	 	 	 	 

 

	_____________________________________	 	January 2011 Notes	 	$200,000
	Andy Sassine	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Highland Long/Short Healthcare Fund	 	 	 	 
	 	 	 	 	 
	By:__________________________________	 	January 2011 Notes	 	$400,000
	Name: ______________________	 	 	 	 
	Title:   _____________________	 	 	 	 

 

	SAIL 2010 Co-Investment Partners, LP	 	 	 	 
	 	 	 	 	 
	By:__________________________________	 	January 2011 Notes	 	$437,500
	Name: ______________________	 	 	 	 
	Title:   _____________________	 	 	 	 

 

	SAIL Venture Partners, LP	 	 	 	 
	 	 	 	 	 
	By:__________________________________	 	January 2011 Notes	 	$562,500
	Name: ______________________	 	 	 	 
	Title:   _____________________	 	 	 	 

 

    	- 3 -

    	 

    

 

	_____________________________________	 	January 2011 Notes	 	$100,000
	Rajiv Kaul	 	 	 	 

 

	_____________________________________	 	 	 	 
	John M. Pulos	 	January 2011 Notes	 	$150,000

 

	Cummings Bay Healthcare Fund, LP.	 	 	 	 
	 	 	 	 	 
	By:__________________________________	 	 	 	 
	Name: ______________________	 	January 2011 Notes	 	$150,000
	Title:   _____________________	 	 	 	 

 

	_____________________________________	 	 	 	 
	John Pappajohn	 	November 2011 Notes	 	$750,000

 

	Jordan Family, LLC	 	 	 	 
	 	 	 	 	 
	By:__________________________________	 	 	 	 
	Name: ______________________	 	November 2011 Notes	 	$20,000
	Title:   _____________________	 	 	 	 
	 	 	 	 	 
	____________________________________	 	 	 	 
	Larry Hopfenspirger	 	November 2011 Notes	 	$90,000
	 	 	 	 	 
	Zanett Opportunity Fund, Ltd	 	 	 	 
	c/o Appleby Surling Hunter	 	 	 	 
	 	 	 	 	 
	By:__________________________________	 	 	 	 
	Name: ______________________	 	November 2011 Notes	 	$290,000
	Title:   _____________________	 	 	 	 

 

    	- 4 -

    	 

    

 

	_____________________________________	 	November 2011 Notes	 	$100,000
	Edward L. Scanlon	 	 	 	 

 

	Fidelity Management Trust Company : FBO John Pagnucco Acct :177-659304	 	 	 	 
	 	 	 	 	 
	By:__________________________________	 	 	 	 
	Name: ______________________	 	 	 	 
	Title:   _____________________	 	November 2011 Notes	 	$50,000
	 	 	 	 	 
	Scotia Capital ITF AlphaNorth Offshore Inc. Acct 40300733	 	 	 	 
	 	 	 	 	 
	By:__________________________________	 	November 2011 Notes	 	$500,000
	Name: ______________________	 	 	 	 
	Title:   _____________________	 	 	 	 
	 	 	 	 	 
	____________________________________	 	November 2011 Notes	 	$50,000
	Gene Salkind, MD	 	 	 	 

 

	_____________________________________	 	November 2011 Notes	 	$100,000
	Aubrey W. Baillie	 	 	 	 

 

	Blumont Capital Corp.	 	 	 	 
	ITF Northern Rivers Innovation RSP Fund.	 	 	 	 
	 	 	 	 	 
	By:__________________________________	 	 	 	 
	Name: ______________________	 	November 2011 Notes	 	$50,000
	Title:   _____________________	 	 	 	 

 

    	- 5 -

    	 

    

 

	Zanett Opportunity Fund, Ltd	 	 	 	 
	c/o Appleby Surling Hunter	 	 	 	 
	 	 	 	 	 
	By:__________________________________	 	 	 	 
	Name: ______________________	 	February 2012 Note	 	$90,000
	Title:   _____________________	 	 	 	 

 

    	- 6 -CNS Response, Inc.

85 Enterprise, Suite 410

Aliso Viejo, CA 92656

 

November __, 2012

 

Equity Dynamics, Inc.

666 Walnut Street, St. 2116

Des Moines, IA 50309

 

		Re:	Governance Agreement

 

Ladies and Gentlemen:

 

This letter agreement confirms the understanding and agreement
between CNS Response, Inc., a Delaware corporation (the “Company”), on the one hand, and Equity Dynamics, Inc.
(“Stockholder”), on the other hand. The Company has experienced continuing losses, extreme cash flow shortfalls,
has been unable to satisfy its financial obligations as they have become due and has failed in numerous attempts to raise additional
capital through the sale of equity securities. Various investors led by the Stockholder and including the Stockholder have agreed
to make an investment in convertible promissory notes issued by the Company. As a condition to the investment, the Stockholder
has requested that there be certain changes to the composition of the Board of Directors with the understanding that the Board
be composed of persons who will lead the Company through the challenges facing the Company during the next several years. Accordingly,
the Company has agreed with the Stockholder as follows:

 

		1.	Current Board Composition. As soon as reasonably practicable, the Company agrees to appoint four persons nominated by
Stockholder (the “Board Designees”) to the Board of Directors and agrees to cause to be created vacancies for
such purpose; provided, however, that no such appointments shall be required unless (i) each such Board Designee
shall be qualified and suitable to serve as a member of the Board of Directors under all applicable corporate governance policies
or guidelines of the Company and the Board of Directors and applicable legal, regulatory and stock market requirements, and (ii)
at least two of the aggregate number of such nominees shall meet the independence requirements with respect to the Company of the
Rules of The Nasdaq Stock Market or any successor thereto (including those requirements pertaining to audit committee members).
In addition, the Company shall not increase the number of persons who may comprise the Board of Directors to more than seven persons
without the express written consent of the Stockholder.

 

		2.	Future Stockholder Meetings. At each meeting of stockholders of the Company at which Directors are nominated and elected,
the Company agrees to nominate for election at any such meeting, four Board Designees designated by Stockholder and to take all
necessary action to support the election of each such Board Designee, to oppose any challenges to any such Board Designee. If at
any meeting of Stockholders of the Company, a Board Designee fails to receive sufficient votes to be elected, the Company shall
hold a meeting of stockholders as soon as practicable after the last meeting for the purpose of electing an alternative Board Designee
or alternative Board Designees designated by the Stockholder. Each Board Designee nominated under this Paragraph 2 shall satisfy
each of the conditions (i) and (ii) set forth in Paragraph 1 above.

 

    	 

    	 

    

 

Equity Dynamics, Inc.

November __, 2012

Page 2

 

		3.	Qualification. Stockholder will take all necessary action to cause any nominee for Board Designee to make himself or
herself reasonably available for interviews, to consent to such reference and background checks or other investigations and to
provide such information (including information necessary to determine the nominee’s independence status under various requirements
and institutional investor guidelines as well as information necessary to determine any disclosure obligations of the Company)
as the Board of Directors or its Corporate Governance and Nominations Committee may reasonably request. Each Board Designee shall
be subject to the policies and requirements of the Company and its Board of Directors, including the Corporate Governance Guidelines
of the Board of Directors and the Company’s Code of Ethical Conduct, in a manner consistent with the application of such
policies and requirements to other members of the Board of Directors. The Company shall indemnify the Board Designees and provide
the Board Designees with director and officer insurance to the same extent it indemnifies and provides insurance for the members
of the Board of Directors pursuant to its organizational documents, applicable law or otherwise.

 

		4.	Other Investor. It is understood that simultaneous with the execution of this Letter Agreement, the Company is entering
into a similar agreement with another stockholder. It is understood and acknowledged that there is no agreement or understanding
between the two designating parties, nor are they acting in concert, with respect to the designation of any persons or the voting
of any shares.

 

		5.	Entire Agreement. This letter agreement contains the entire agreement between and among the parties concerning the subject
matter of this letter agreement and supersedes all prior agreements and understandings with respect to such subject matter.

 

		6.	Governing Law. This letter agreement shall be governed by, and construed in accordance with, the laws of the State of
Delaware.

 

		7.	Assignment. This letter agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assignees. This letter agreement may not be assigned by the Company without the consent or other approval
of Stockholder. This letter agreement may not be assigned by Stockholder without the prior written consent of the Company.

 

		8.	Amendment. Except as expressly provided herein, neither this letter agreement nor any term hereof may be amended, waived,
discharged or terminated other than by a written instrument signed by the party against whom enforcement of any such amendment,
waiver, discharge or termination is sought.

 

		9.	Termination. This letter agreement shall automatically terminate and be of no further force or effect, without any action
on the part of any of the parties hereto, in the event of (i) the sale of substantially all of the Company’s assets or a
change of control of the Company, which shall be deemed to include, among other things, (A) any transaction or series of related
transactions pursuant to which the stockholders of the Company prior to such transaction or series of transactions hold less than
a majority of the voting power of the Company or any successor in interest thereto or less than a majority in interest of all or
substantially all of the assets of the Company, and (B) any transaction or series of related transactions pursuant to which the
members of the Board prior to such transaction or series of transactions constitute less than a majority of the members of the
Board or the board of directors of any successor in interest thereto; or (ii) any transaction pursuant to which the Company sells
securities to parties not including the Stockholder from which the Company receives gross proceeds of not less than $10,000,000.

 

		10.	Notices. All notices and other communications pursuant to this letter agreement shall be in writing and shall be delivered
personally, sent by facsimile (with receipt confirmed), sent by nationally-recognized overnight courier or mailed by registered
or certified mail (return receipt requested), postage prepaid, to the respective parties at the following address (or at such other
address for a party as shall be specified by like notice):

 

    	- 2 -

    	 

    

 

Equity Dynamics, Inc.

November __, 2012

Page 3

 

	If to the Company:
	 
	CNS Response, Inc.
	85 Enterprise, Suite 410
	Aliso Viejo, CA  92656
	 	 
	Attention:	 
	 	Corporate Secretary
	Telephone:	(949) 420-4400
	Facsimile:	(866) 294-2611
	 	 
	If to Equity Dynamics, Inc.:
	 
	Equity Dynamics, Inc.
	666 Walnut Street, St. 2116
	Des Moines, IA  50309
	 	 
	Attention:	John Pappajohn
	Telephone:	(515) 244-5746
	Facsimile:	(515) 244-2346

 

Each such notice or other communication shall for
all purposes of this letter agreement be treated as effective or having been given: (i) if delivered personally, when delivered,
(ii) if sent by facsimile, upon confirmation of facsimile transfer, (iii) if sent by nationally-recognized overnight courier, on
the first business day after the business day on which the same has been deposited with such overnight courier, or (iv) if sent
by registered or certified mail, at the earlier of its receipt or 72 hours after the same has been deposited in a regularly-maintained
receptacle for the deposit of the United States mail, addressed and mailed as aforesaid.

 

		11.	Further Assurances. The parties hereto shall do and perform or cause to be done and performed all such further acts
and things and shall execute and deliver all such other agreements, certificates, instruments or documents as any other party may
reasonably request from time to time in order to carry out the intent and purposes of this letter agreement and the consummation
of the transactions contemplated hereby. Neither the Company nor Stockholder shall voluntarily undertake any course of action inconsistent
with satisfaction of the requirements applicable to them set forth in this letter agreement and each shall promptly do all such
acts and take all such measures as may be appropriate to enable them to perform as early as practicable the obligations herein
and therein required to be performed by them.

 

		12.	Facsimile; Counterparts. This letter agreement may be executed by facsimile and in two or more counterparts, each of
which may be executed by fewer than all of the parties hereto, each of which shall be fully enforceable against each of the other
parties hereto actually executing such counterparts, and all of which together shall constitute one and the same instrument, enforceable
against all of the parties hereto.

 

    	- 3 -

    	 

    

 

Equity Dynamics, Inc.

November __, 2012

Page 4

 

		13.	Severability. In the event that any term or provision of this letter agreement shall become, or is declared by a court
of competent jurisdiction to be, illegal, unenforceable or void, this letter agreement shall continue in full force and effect
without said term or provision as close as possible to the intent of the parties hereto.

 

    	- 4 -

    	 

    

 

Equity Dynamics, Inc.

November __, 2012

Page 5

 

IN WITNESS WHEREOF, each of the parties hereto has executed
this letter agreement as of the date first written above.

 

	 	CNS RESPONSE, INC.
	 	 
	 	By:	 
	 	Name:  	George Carpenter
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	EQUITY DYNAMICS, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	- 5 -

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