Document:

Exhibit

NEUROMetrix·

December 28, 2019

Mr.  Shai N. Gozani
-

Dear Shai,

On  behalf  of NeuroMetrix,  Inc.  (the  "Company")  and  the   Board   of Directors,  the  Compensation Committee offers you  revised tenns of employment in your  position  as  President and  Chief Executive Officer as follows:

•    Ejfecrive date: January  1, 2020

•     Title & Responsibilities:   Chief Executive Officer reporting  to the Board of Directors. In this
role you guide the strategic direction  of the Company and oversee  its day-to-day operations.  You also have such other duties  as are assigned to you  from time-to-time  by the Board of Directors ..

Base Salary:   The Company will pay an annual  salary ("Base  Salary") of $1.00, subject  to periodic review  and adjustment at the discretion of the Company.

		
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	Variable  Con,pensation:     You  will  be eligible  to  receive  an  annual   performance  bonus.  The Company shall consider and  make  a bonus  determination  not  later  than  90 days  after  the end of each  fiscal  year during  which  you  arc employed  by the Company.    The  Company will  pay such bonus  to you  in  stock  before  the end  of the  fifth month  following the  fiscal  year.  Bonus  awards shall be determined by the Company in  its sole discretion.

		
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	Equity  Grant:  The  Company will  award  options  to  purchase  100,000  shares  of NeuroMetrix common  stock  at an exercise  price  of the closing  price  on Nasdaq  on the  day  prior  to the grant date. The options  will have a ten-year life and will vest in even quarterly  amounts over a one- year period

		
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	Benefits: The Company will provide  medical insurance coverage and other benefits on the  same terms and conditions  as provided  to the Company's  employees  or other senior  executives  from time to time.

		
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	Vacation:  You will continue  to be eligible to receive 27 vacation  days per year of employment, which accrues on a prorated basis and shall be treated in a manner consistent with the Company's Employee  Handbook, as amended  from  time to time.   You also will  be eligible  for paid holidays and personal days recognized by the Company as set forth in the Company's Employee Handbook, as amended from time to time.

Other Terms:   This Agreement commences  on January  I, 2020 and shall automatically  renew for successive one-year terms unless notice of non-renewal  is given by either party to the other party not Jess than ninety (90) days prior to expiration of the then term. In all events, however, your employment  will

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1

be on an at-will basis, meaning that either you or the Company may terminate employment  for any reason or at any time, with or without notice."

You have signed the Company's standard form of Confidentiality  and Non-Compete  Agreement.  A copy of that Agreement is attached.  Please note that the provisions of that Agreement survive your employment with the Company.

•     Separation Benefits:

•   If the Company  terminates  your employment  for Cause or if you resign  other than for  Good Reason, you  will not be entitled  to any  separation  benefits  as described  in this section  (the "Separation Benefits").

•   If, other than within  12 months following a Change in Control, the Company terminates  your employment  for  any reason other  than Cause or if you resign for Good  Reason, you will be entitled to receive monthly payment  based on your prior Base Salary of$4 \5,000  for a period of 12 months from  the date oftennination  (the "Severance  period").

		
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	If,  within  6  months  prior  to  or  12  months  following  a  Change  in  Control,  the  Company terminates your employment for any reason other than Cause or if you resign for Good Reason, you will be entitled to receive monthly payment based on your prior Base Salary of $415,000 for a period of 12 months from the date of termination (the "Severance  Period").    In addition, the Company  will accelerate  your  right to exercise  shares under  any stock option granted  to you by the Company on or after the date of this Agreement.

		
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	If you  die  or  become  totally  disabled  (as  defined  by the  Company's  long  term  disability insurance coverage),  the Company  will accelerate  your  right  or the  right of your  Personal Representative to exercise shares under any stock option granted to you by the Company on or after the dated of this Agreement.

You will be entitled  to the severance  and acceleration of options described  above so long as the ending of your employment  constitutes  a separation from  service as defined  in  Section 409A of the Internal Revenue Code.   During the Severance  Period (but not for a period longer than your entitlement to COBRA continuation  coverage),  the Company will continue  to contribute to your medical insurance coverage,  which, subject to your eligibility,  will be extended  to you under the law known as COBRA  at the same  rate as if you continued  to be employed  by the Company. Notwithstanding the foregoing, your receipt of the Separation Benefits described in this paragraph will be subject, in all cases, to your execution, on or before the 21st day following its presentation to you (which shall occur no more than  14  days after the Date of Termination) of a release of any and all claims that you may then have against the Company  in connection  with your employment in  a  form  that  is  satisfactory  to  the  Company   (the  "Release")   and  the  effectiveness  and irrevocability of the Release upon its execution or the earliest day after its execution as is permitted by law.  Payments of continuation of compensation  owed pursuant to this paragraph will occur on
the  regular  payroll  payment  dates  for  the  Company  beginning  with  the  first regular  payroll

NEUROMetrix·
 
,
lOOOWlnterStreet, weuhem, MA0245l  / necrornetrb.rcm    / o  781890.9989    f 781.290.0079

payment date that occurs on or after the date that is 45 days after your termination  or resignation (with the first payment to include the full amount owed for continuation  of compensation  for the payroll period to which such payment date relates and any prior payroll periods for which payment was not yet made).

		
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	Definitions:   For purposes of this Agreement,  "Cause" shall mean a vote by the Board resolving that you shall be dismissed  as a result of (i) your material  breach of any agreement  between you and  the  Company;  (ii) your  conviction  of or  plea  of nolo  contendere  to a felony or  a crime involving  moral  turpitude;  or  (iii)  any  material  misconduct  or  willful  and  deliberate   non• performance (other than by reason of disability) by you of your duties to the Company.  However, for any reason specified in  (i) or (iii), if the  Board makes a good faith judgment  that  the cause  is capable of being cured within  fifteen  (15)  days, it shall specify  the reason  and give you fifteen ( 15)  days  from  the date of  its  notice  to effect  a cure and if after such  fifteen  ( 15)  days  in  the

judgment  of the Board you have not done so, the Board's vote of dismissal shall be final.

Resignation  for "Good  Reason" shall mean your resignation following your prior written notice to the Company  that  the  Company  has materially breached  this  agreement  (with such  written notice to describe such material breach in detail), provided that (i) such written notice is provided within  thirty  (30) days  after  the initial existence  of such breach,  (ii) such  breach has,  in fact, occurred  and remains uncured by the Company  for thirty (30) days following  its  receipt of such written notice (the "Cure  Period''), (iii) you resign upon not less than 30  days'  nor more than 60 days'  prior  written  notice  and  (iv) you  provide the  Company  with  the written  notice  of your resignation on or before the fifteenth (15th) day after the end of the Cure Period.  For purposes of this paragraph,  a "material  breach"  shall mean (i) a material  reduction  in  your base salary other than  as part  of a broader  executive  pay reduction;  (ii)  a  material  reduction  in your  incentive compensation  participation  level other than as part of a broader executive reduction; (iii) a material change in the employment  benefits made available to you if such change does not similarly affect alt employees  of the  Company eligible  for such benefits; (iv) a material  reduction  in your duties, responsibilities,  or authority  as then  in  effect; (v)  a  requirement that  you  relocate  except  for relocations that would not increase your one way commuting  distance by more than 35 miles.

"Change  in Control" shall be deemed to occur as of the date that: (i) the Company  completes a reorganization,  merger,  consolidation,  sale or other disposition  of all or substantially  all of the assets of the Company whether held directly by the Company or by a subsidiary of the Company; (ii)  a change  in  the  composition  of the  Company's  Board  of Directors  which  results  in  the replacement of more than fifty percent (50%) of the Company's Board of Directors within a period of  12  months;  (iii)  acquisition  by any individual,  entity, or group resulting  in  such  individual, entity or group having ownership of fifty percent (50%) or more of either (a) the then-outstanding shares  of common  stock  of the  Company,  or  (b)  the  combined  voting  power  of the  then• outstanding voting securities of the Company entitled to vote generally in the election of directors; or (iv) approval  by the stockholders  of the Company of a complete  liquidation or dissolution  of the Company.

NEUROMetrix·
 
IOOOWlnter Street. Waltham, MA024Sl  / ' neurcmetrb.ccm         0  781.890.9989    F  781.290 0079

		
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	Section  409A:   Solely  for  purposes of Section 409A of the Internal  Revenue  Code of  1986,  as amended  (the "Code"),  each periodic  severance  payment made pursuant to this agreement  shall be considered  a separate  payment.    Anything  in this agreement  to the contrary notwithstanding, if at the time of your termination or resignation, you are considered  a 'specified  employee'  within the meaning of Section 409A(a)(2)(B)(i) of the Code, and if any payment that you become entitled to  under  this  agreement  would  be considered  deferred  compensation  subject to  interest  and additional  tax imposed  pursuant to Section 409A(a) of the Code as a result of the application  of Section 409A(a)(2)(B)(i) of the Code, then no such payment shalt be payable prior to the date that is the earlier of(i) six months and one day after your separation  from  service, or (ii) your death.

		
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	Arbitration   of Disputes:    Any  dispute  arising  hereunder  or  arising  out of your  employment, termination thereof, or any other relations with the Company, whether sounding in tort or contract, by statute or otherwise,  including,  but not limited  to claims of employment  discrimination,  shall be settled by arbitration in Boston, Massachusetts,  in accordance  with the National Rules for the Resolution  of Employment  Disputes  of the  American Arbitration  Association  before a single Arbitrator.   Notwithstanding the foregoing, disputes  arising  under the Confidentiality  and Non• compete Agreement shall not be subject to arbitration.

		
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	Taxation:    You understand  that payments  made  pursuant  to this  agreement  may be subject  to applicable  federal and state withholdings.

		
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	Entire  Agreement:  This  agreement,  the  Confidentiality  and Non-Compete Agreement  and the Option  Agreement   set  forth  the  entire  agreement   and  understanding   between  you  and  the Company  regarding  all subjects  covered  herein,  the  tenns  of which  may  not  be changed  or modified except by agreement  in writing signed by you and the Company.

		
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	Severability:  Should  any provision  of this agreement,  or portion  thereof,  be found  invalid  and unenforceable, the remaining provisions shall continue  in force and effect.

		
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	Governing Law: This agreement shall be governed, construed and enforced in accordance with the laws of the Commonwealth of Massachusetts,  without regard to principles of conflict of law.

Please contact me if you have any questions.  Please acknowledge  your acceptance  by signing below. Sincerely,
NEUROMETRJX,  INC.

By࿽
D࿽
On behalf of the Compensation Committee,
NeuroMetrix  Board of Directors

NEUROMetrix"
 

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lOOOWlriterStreet,W.:iltham.MA024Sl  / neurometrb.,oni    I  o 781.890.9989    F 781.290.0079

.

SruN.Gozani, M.D., PhD.
ACCEPTED.u L

NEUROMetrix·
 
lOOOW1nterStreet,Waltham,MA024Sl  / ' neurometrl࿽.com   / o  781.8'>09989    F 181.290.0079Exhibit

NEUROMetrix·

December 20, 2019

Mr. Thomas T.  Higgins

Dear Torn,

On behalf ofNeuroMetrix, Inc. (the "Company")  and the Board of Directors, I  offer you revised terms of
e,nployment in your position as Chief Financial Officer as follows:

•    Effeclive date: January  I, 2020

		
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	Title & Responsibilities:  Chief Financial Officer reporting to the Chief Executive Officer, overseeing the Company's Finance Department, Investor Relations, Human Resources, Information Technology, Manufacturing and Fulfilhnent. You will also have such other duties as are assigned to you by the Chief Executive Officer of the Company.

Base Salary:   The Company will  pay an annual salary ("Base Salary") of $150,000 paid at the bi-monthly rate of$6,250.00, subject to periodic review and adjustment at the discretion of the Company.

•     Variable  Compensation:   You will be eligible  to receive an annual performance  bonus of up to
50% of your Base Salary.  The Company shall consider and make a bonus determination  not later than 90 days aft.er the end of each fiscal year during which you are employed  by the Company. The Company will pay such bonus to you in stock before the end of the fifth month following the fiscal year.  Bonus awards shall be determined by the Company in  its sole discretion.

		
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	Equity Grant: The  Company  will  award  options  to  purchase  50,000  shares  of NeuroMetrix common  stock at an exercise  price  of the closing price  on Nasdaq  on the day prior to the grant date. The options will have a ten-year life and will vest in even quarterly amounts over a one year period.

		
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	Benefits:  The Company will provide medical  insurance coverage and other benefits on the same terms and conditions  as provided to the Company's employees or other senior executives  from time to time.

		
	• 
	Vacation:  You will continue to  be eligible to receive 27 vacation  days per year of employment, which accrues on a prorated basis and shall  be treated in a manner consistent with the Company's Employee 1-landbook, as amended from  time to time.   You also will be eligible for paid holidays and personal days recognized by the Company as set forth in the Company's Employee Handbook, as amended from time to time.

Other Ter111s:  This Agreement commences  on January  I, 2020 and shall automatically renew for successive one-year terms unless notice of non-renewal  is given  by either party to the other party not less

1000WinterStreet,Waltham,MA02451  / neurometrhc.com / o 781.890.9989    F  781.290.0079

than ninety (90) days prior to expiration of the then term. In all events, however, your employment  will be on an at-will basis, meaning that either you or the Company may tenninate employment  for any reason or at any time, with or without notice."

You have signed the Company's standard fonn of Confidentiality and Non-Compete Agreement.  A copy of that Agreement is attached.   Please note that the provisions of that Agreement survive your employment with the Company.

•     Separation Benefits:

		
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	If the Company terminates your employment  for Cause or if you resign other than  for Good Reason, you will  not be entitled to any separation benefits as described  in this section (the "Separation  Benefits").

		
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	If, other than within  12  months following a Change in Control, the Company tenninates your employment  for any reason other than Cause or if you resign  for Good Reason, you will  be entitled to receive continuation of your prior Base Salary of$325,000 for a period of 12 months from the date of termination (the "Severance  period").

		
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	If,  within  6  months  prior  to  or  12  months  following  a Change  m Control,  the  Company tenninatcs your employment for any reason other than Cause or if you resign for Good Reason, you will be entitled to receive continuation of your prior Base Salary of $325,000 for a period of 12 months from the date of tennination (the "Severance  Period"). In addition, the Company will  accelerate your  right to exercise  shares  under any stock option  granted  to you  by the Company on or after the date of this Agreement.

		
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	If you  die  or  become  totally  disabled  (as  defined  by the  Company's  long  tenn  disability insurance coverage),  the Company  will  accelerate your right or the right of your  Personal Representative to exercise shares under any stock option granted to you by the Company on or after the dated of this Agreement.

You will be entitled to the severance and acceleration  of options described above so long as the ending of your employment constitutes a separation  from  service as defined  in  Section  409A of the Internal Revenue Code.   During the Severance Period (but not for a period longer than your entitlement to COBRA continuation coverage),  the Company will continue to contribute to your medical  insurance coverage, which, subject to your eligibility, will be extended to you under the law known as COBRA  at the same rate as iF you continued to be employed by the Company. Notwithstanding  the foregoing, your receipt of the Separation Benefits described in this paragraph will be subject, in all cases, to your execution, on or before the 21st day following its presentation to you (which shall occur no more than  14 days after the Date of Termination) of a release of any and all claims that you may then have against the Company in connection with your employment in  a  form  that  is  satisfactory  to  the  Company  (the  "Release")  and  the  effectiveness  and irrevocability of the Release upon its execution or the earliest day after its execution as is permitted by law.   Payments of continuation of compensation owed pursuant to this paragraph will occur on the  regular  payroll   payment  dates  for  the  Company  beginning  with  the  first  regular  payroll

payment date that occurs on or after the date that  is 45 days after your termination  or resignation (with  the first payment to include the full  amount  owed  for continuation of compensation  for the payrol I   period to which such payment date relates and any prior payrol I   periods for which payment was  not yet made).

		
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	Definitions:   For purposes of this Agreement, "Cause" shall  mean  a vote by the Board  resolving that you shall  be dismissed as a result of (i) your material  breach  of any agreement between  you and  the  Company;   (ii) your conviction   of or plea  of nolo  contendere  to  a  felony  or a crime involving  moral  turpitude;  or  (iii)  any   material   misconduct  or  willful  and  deliberate  non• performance (other than by reason of disability) by you of your duties to the Company.  However, for any reason  specified  in  (i) or (iii),  if the Board makes  a good faith judgment that the cause  is capable  of being  cured within  fifteen  (15)  days,  it  shall  specify  the  reason  and  give  you  fifteen (15) days  from the  date  of its notice  to effect a cure and  if after  such  fifteen  (15) days  in the judgment of the Board you have not done so, the Board's vote of dismissal  shall be final.

Resignation for "Good  Reason" shall  mean your resignation  following  your prior  written  notice to  the  Company that  the  Company   has  materially breached this  agreement (with  such  written notice  to describe such material  breach  in detail),  provided that (i) such written  notice is provided within thirty  (30)  days  after  the  initial  existence of such  breach,  (ii) such  breach  has,  in  fact, occurred  and remains  uncured  by the Company  for thirty  (30) days  following  its  receipt  of such written  notice  (the "Cure Period"),  (iii) you resign  upon not less than 30 days'  nor more than 60 days'  prior  written  notice  and  (iv)  you  provide  the Company with  the  written  notice  of your resignation  on or before the fifteenth (15th) day after the end of the Cure  Period.   For purposes of this  paragraph,  a "material  breach"  shall  mean  (i) a material  reduction  in  your  base salary  other than  as  part  of a broader  executive   pay  reduction;   (ii)  a  material  reduction   in  your incentive compensation participation level other than as part of a broader executive reduction; (iii) a material change  in the employment benefits  made available to you  if such change  does not similarly affect all employees of the Company eligible for such benefits; (iv) a material  reduction  in your duties, responsibilities,  or  authority as  then  in  effect;  (v)  a  requirement that  you  relocate  except  for relocations that would  not increase your one way commuting distance  by more than  35 miles.

"Change in  Control"  shall  be deemed  to occur as of the date that:  (i)  the Company completes  a reorganization,  merger,  consolidation,  sale  or other  disposition  of all or  substantially  all of the assets  of the Company  whether  held directly by the Company or by a subsidiary of the Company; (ii) a  change   in  the  composition  of the  Company's  Board  of Directors   which  results  in  the replacement of more than fifty percent  (50%) of the Company's Board of Directors within a period of 12  months; (iii)  acquisition  by any  individual, entity,  or  group  resulting in such  individual, entity or group  having ownership of fifty percent  (50%) or more of either (a) the then-outstanding shares   of common   stock  of the  Company,   or  (b)  the  combined  voting   power   of the  then• outstanding voting securities of the Company  entitled to vote generally in the election  of directors; or (iv) approval  by the stockholders  of the Company of a complete  liquidation  or dissolution  of the Company.

		
	• 
	Section  409A:   Solely  for purposes of Section  409A of the  Internal  Revenue  Code of  1986,  as amended (the "Code"),  each periodic severance  payment  made pursuant  to this agreement shall be considered  a separate  payment.    Anything in  this agreement to the contrary notwithstanding, if at the time of your termination or resignation, you are considered a 'specified employee' within the meaning of Section 409A(a)(2)(B)(i)  of the Code, and if any payment that you become entitled to  under  this  agreement  would  be  considered  deferred  compensation  subject  to  interest  and additional  tax imposed  pursuant to  Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i)  of the Code, then no such payment shall be payable prior to the date that is the earlier of(i) six months and one day after your separation  from service, or (ii) your death.

		
	• 
	Arbitration of Disputes:    Any dispute  arising  hereunder  or arising  out of your  employment, termination thereof, or any other relations with the Company, whether sounding in tort or contract, by statute or otherwise,  including,  but not  limited  to claims of employment discrimination, shall be settled by arbitration in Boston, Massachusetts,  in accordance  with the National  Rules for the Resolution  of Employment  Disputes  of the American  Arbitration  Association  before a single Arbitrator.   Notwithstanding the foregoing, disputes arising under the Confidentiality and Non• compete Agreement shall not be subject to arbitration.

		
	• 
	Taxation:    You  understand  that  payments  made pursuant  to  this agreement  may be subject  to applicable federal and state withholdings.

		
	• 
	Enlire Agreement:  This  agreement,  the  Confidentiality  and Non-Compete  Agreement  and the Option  Agreement   set  forth  the  entire  agreement  and  understanding  between  you  and  the Company  regarding  all  subjects  covered  herein,  the  tenns  of which  may  not  be  changed  or modified except by agreement in writing signed by you and the Company.

		
	• 
	Severability:  Should  any provision  of this agreement,  or portion thereof,  be found  invalid  and unenforceable, the remaining provisions shall continue in force and effect.

		
	• 
	Governing Law: This agreement shall be governed, construed and enforced in accordance with the laws of the Commonwealth of Massachusetts, without regard to principles of conflict of law.

Please contact me if you have any questions.  Please acknowledge your acceptance by signing as indicated below.

Sincerely,

By:
 

 
Shai Gozani,         ., Ph.D.

President and Chief Executive Officer

ACCEPTED:                                                                      Date:

l
I

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