Document:

Exhibit 10.3

 

MAYO FOUNDATION FOR MEDICAL EDUCATION
AND RESEARCH

AMENDED AND RESTATED LICENSE AND DEVELOPMENT
AGREEMENT

 

This amended and restated license agreement
(“Agreement”) is made this 25th day of May, 2017 (the “Restatement Date”) by and between
Mayo Foundation for Medical Education and Research, a Minnesota charitable corporation, located at 200 First Street SW, Rochester,
Minnesota 55905-0001 (“MAYO”), and NeuroOne, Inc., a Delaware corporation, f/k/a Neuro One, LLC, a Minnesota
limited liability company, having its principal offices at 10006 Liatris Lane, Eden Prairie, MN 55347 (“COMPANY”),
each a “Party” and collectively “Parties”. This Agreement amends and restates in its entirety
that certain License and Development Agreement between the Parties with an effective date of October 3, 2014 (the “Prior
Agreement”), provided however, for purposes of this Agreement, the Effective Date shall remain as of the Prior Agreement
and any work done under the Prior Agreement shall be a part of this Agreement.

 

WHEREAS, MAYO represents itself as being
knowledgeable in thin film electrode technology; and

 

WHEREAS, MAYO desires to make its intellectual
property rights available for the development and commercialization of products, methods and processes for public use and benefit;
and

 

WHEREAS, MAYO is willing to grant and COMPANY
is willing to accept an exclusive license under such rights for the purpose of developing such technology; and

 

NOW WHEREAS, COMPANY represents itself
as being knowledgeable in electrode technology; and

 

WHEREAS, COMPANY desires MAYO’s assistance
and MAYO is willing to provide assistance in the investigation, research application and development and the improvement of such
technology; and

 

NOW THEREFORE, in consideration of the
foregoing and the terms and conditions set forth below, the Parties hereby agree as follows:

 

Article 1.00 – Definitions

 

For purposes of this Agreement, the terms defined in this Article
will have the meaning specified and will be applicable both to the singular and plural forms:

 

1.01       For MAYO,
“Affiliate”: any corporation or other entity within the same “controlled group of corporations”
as MAYO or its parent MAYO Clinic. For purposes of this definition, the term “controlled group of corporations” will
have the same definition as Section 1563 of the Internal Revenue Code as of November 10, 1998, but will include corporations or
other entities which if not a stock corporation, more than fifty percent (50%) of the board of directors or other governing body
of such corporation or other entity is controlled by a corporation within the controlled group of corporations of MAYO or Mayo
Clinic. MAYO’s Affiliates include, but are not limited to: Mayo Clinic; Mayo Collaborative Services, Inc.; Mayo Clinic Hospital,
Rochester; Mayo Clinic Florida; Mayo Clinic Arizona; and its Mayo Clinic Health System entities.

 

    
* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.

    
	License Agreement	 
	MAYO / NEURO ONE (Mayo file #2014-220 and 2007-127)	5/25/2017

    

 

For COMPANY, “Affiliate”:
any corporation or other entity that controls, is controlled by, or is under common control with, COMPANY. For purposes of this
definition, “control” means ownership of: (a) at least fifty percent (50%) or the maximum percentage, if less than
fifty percent (50%), as allowed by applicable law, of the outstanding voting securities of such entity; or (b) at least fifty
percent (50%) of the decision-making authority of such entity.

 

1.02       “Change
of Control”: (a) the acquisition of COMPANY by another person or entity by means of any transaction or series of related
transactions (including any stock transfer or series of transfers, reorganization, merger or consolidation) that results in the
transfer of fifty percent (50%) or more of the outstanding voting power of COMPANY; or (b) a sale of all or substantially all
of the assets of COMPANY to which this Agreement relates.

 

1.03       “Confidential
Information”: all proprietary unpublished or nonpublic information or materials including, but not limited to, written,
oral or virtually presented information and such items as electronic media products, trade secrets, financial information, equipment,
databases and the like provided by one Party to the other under this Agreement, or which is observed by a Party while on the other
Party’s premises. Confidential Information does not include any information or material that receiving party evidences is:
(a) already known to the receiving party at the time of disclosure (other than from the disclosing party); (b) publicly known
other than through acts or omissions of the receiving party; (c) disclosed to the receiving party by a third party who was not
and is not under any obligation of confidentiality; or (d) independently developed by employees of the receiving party without
knowledge of or access to the Confidential Information.

 

1.04       “Effective
Date”: October 3, 2014.

 

1.05       “Field”:
consists of flexible circuit technology to be used in the recording and stimulation of tissue.

 

1.06       “MAYO
thin film electrode technology Know-How”: research and development information, materials, technical data, unpatented
inventions, trade secrets, know-how, prototypes, and supportive information of MAYO Principal Investigators relating to thin film
electrode development that is provided to the COMPANY and is owned and controlled by MAYO as of the Effective Date. (Mayo No.
2014-220).

 

1.07       “Licensed
Product”: any product or process the development, manufacture, use, sale, offer for sale, importation, or any
product which incorporates, uses, was derived from, identified by, validated or developed in whole or in part using the MAYO thin
film electrode technology Know-How or MAYO Improvements.

 

    2
 
* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.

    
	License Agreement	 
	MAYO / NEURO ONE (Mayo file #2014-220 and 2007-127)	5/25/2017

    

 

1.08       “MAYO
Improvements”: subject to third party rights and the licenses granted by MAYO to COMPANY under Section 2.01, any new
invention, discovery or material, whether patentable or not, that is conceived by the MAYO Principal Investigators during and
in the course of MAYO Principal Investigators providing MAYO thin film electrode technology Know-How in conjunction with performing
research with COMPANY and may include improvements to Company Patent Right pursuant to 2.04, whether or not reduced to practice
within three (3) years from the Effective Date.

 

1.09       “Net
Sales”: the amount invoiced by COMPANY or, in the case of a permitted sublicense, a Sublicensee for the transfer of
a Licensed Product to a third party, less documented: (a) sales, excise or use taxes shown on the face of the invoice, excluding
value-added tax; (b) credits for defective or returned Licensed Products actually given; and (c) regular trade and discount allowances
given. Leasing, lending, consigning or any other activity by means of which a non-affiliated third party acquires the right to
possess or use a Licensed Product shall be deemed a transfer for the purpose of determining Net Sales. Net Sales on Licensed Products
transferred as part of a non-cash exchange shall be calculated at the then-current customary sales price invoiced to third parties
or fair market value if there are no current invoices to third parties. In the event that COMPANY transfers Licensed Products
to an Affiliate, and the Affiliate retransfers the Licensed Products to third-party customers, then Net Sales shall be the price
charged by the Affiliate to third-party customers, less documented allowable deductions. If such Affiliate does not retransfer
the Licensed Product to third-party customers within one year, Net Sales shall be calculated to be the higher of:

 

		(a)	the price charged
                                         by the COMPANY to the Affiliate, or

		(b)	the average price
                                         charged by the COMPANY to third-party customers, or

		(c)	in the absence of
                                         sales to third party customers, the fair market price for the Licensed Products.

 

Net Sales accrues with the first of delivery or invoice.

 

1.10       “COMPANY
Patent Rights”:  PCT patent application licensed by the University of Wisconsin, Patent US 7,774.053 B2, and US 8,483.794
B2 and US 8,386,007 and provisionals, divisionals, continuations, and continuations-in-part (but only for subject matter supported
pursuant to 35 U.S.C. §112 by the foregoing) therefrom, patents issuing thereon, re-examinations and re-issues thereof,
as well as extensions and supplementary protection certificates and any foreign counterpart of any of the foregoing.

 

1.11       “Mayo
Principal Investigators”: shall mean Gregory A. Worrell, M.D., Ph.D., Squire M. Stead, M.D., Ph.D., Jamie J. Van Gompel,
M.D., and W. Richard Marsh, M.D. of MAYO.

 

1.12       “Sublicensee”:
any third party or any Affiliate to whom COMPANY has conveyed rights or the forbearance of suit under the MAYO Improvements
or MAYO thin film electrode technology Know-How.

 

    3
 
* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.

    
	License Agreement	 
	MAYO / NEURO ONE (Mayo file #2014-220 and 2007-127)	5/25/2017

    

 

1.13       “Term”:
begins on the Effective Date and ends, subject to Article 10, twenty (20) years therefreom, unless the MAYO thin film electrode
technology Know-How and MAYO Improvements are still in use, or were used such that Section 3.02 and Article 4 still apply, in
which case upon the date of the satisfaction of these provisions.

 

1.14       “Territory”:
Worldwide

 

Article 2.00 - Grant of Rights

 

2.0l        GRANT.
Subject to the terms and conditions of this Agreement, MAYO grants to COMPANY: (a) an exclusive license with the right to
sublicense, within the Field and Territory, under the MAYO Improvements to make, have made, use, offer for sale, sell,
and import Licensed Products; and (b) a non-exclusive license, within the Field and Territory, to use the MAYO thin film electrode
technology Know-How to develop, make, have made, use, offer for sale, sell, and import Licensed Products.

 

During the thirty (30) days following the
last signature hereto, MAYO will provide reasonable access to necessary personnel to transfer MAYO thin film electrode technology
Know-How, but in no event shall MAYO be required to provide any MAYO thin film electrode technology Know-How in tangible form
if it does not exist in tangible form as of the Effective Date, and in no event shall MAYO be required to provide more than forty-eight
(48) hours of service of such access. 

 

2.02       RESERVATION
OF RIGHTS. All rights herein are subject to: (a) the rights and obligations to and requirements of the U.S. government, if
any have arisen or may arise, regarding the MAYO Improvements, and MAYO thin film electrode technology Know-How, including as
set forth in 35 U.S.C. §§200 et al., 37 C.F.R. Part 401 et al. (“Bayh-Dole Act”); and (b) MAYO’s and
its Affiliates’ reserved, irrevocable right to practice and have practiced the MAYO Improvements, and MAYO thin film electrode
technology Know-How in connection with MAYO’s and its Affiliates’ educational, research and clinical programs, including
MAYO’s reference laboratory, MAYO Collaborative Services, Inc. COMPANY agrees to comply with the provisions of the Bayh-Dole
Act, including promptly providing to MAYO with information requested to enable MAYO to meet its compliance requirements and substantially
manufacturing Licensed Product in the U.S.

 

2.03       NO OTHER RIGHTS
GRANTED. This Agreement does not grant any right, title or interest in or to any tangible or intangible property right of
MAYO or its Affiliates, including any improvements thereon, or to any MAYO thin film electrode technology Know-How outside the
Field or Territory that is not expressly stated in Section 2.01. All such rights, titles and interests are expressly reserved
by MAYO and COMPANY agrees that in no event will this Agreement be construed as a sale, an assignment or an implied license by
MAYO or its Affiliates to COMPANY of any such tangible or intangible property rights.

 

    4
 
* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.

    
	License Agreement	 
	MAYO / NEURO ONE (Mayo file #2014-220 and 2007-127)	5/25/2017

    

 

2.04       SPONSORED
RESEARCH. COMPANY may decide to fund other services or research for work to be done at MAYO, subject to mutually agreed upon
work plans and budgets, and subject to MAYO policies and approval of MAYO’s Institutional Review Board and Conflict of Interest
as needed. Any validation services and/or sponsored research agreed upon will be covered under a separate agreement executed by
authorized representatives of MAYO and COMPANY.

 

2.05       SUBLICENSES.
Any sublicense by COMPANY shall be to a Sublicensee that agrees in writing to be bound by substantially the same terms and
conditions as COMPANY herein, or such sublicense shall be null and void. Sublicenses granted hereunder shall not be transferable,
including by further sublicensing, delegatable or assignable without the prior written approval of MAYO or such further sublicensing,
delegation or assignation shall be null and void. COMPANY will provide MAYO with a copy of each sublicense agreement promptly
after execution. COMPANY is responsible for the performance of all Sublicensees as if such performance were carried out by COMPANY
itself, including the payment of any royalties or other payments provided for hereunder triggered by such Sublicense, regardless
of whether the terms of any sublicense require that Sublicensee pay such amounts (such as in a fully paid-up license) to COMPANY
or that such amounts be paid by the Sublicensee directly to MAYO. Each sublicense agreement shall name MAYO as a third party beneficiary
and, unless MAYO has provided written consent, all rights of Sublicensees shall terminate when COMPANY’s rights terminate.
COMPANY shall not grant any fully-paid up, royalty-free or exclusive sublicenses without MAYO’s prior written consent.

 

Article 3.00 – Cash, Equity, Milestones,
and Royalties 

 

3.01       CASH
PAYMENT. Upon the earlier of September 30, 2017 or the closing by COMPANY of an equity financing resulting in gross
proceeds to COMPANY of at least $3,000,000 after the Restatement Date, COMPANY shall promptly pay MAYO $91,708.80 in immediately
available funds as consideration for the MAYO thin film electrode technology
Know-How and Mayo Improvements.

 

3.02       EQUITY
PAYMENT. As additional consideration for the MAYO thin film electrode technology Know-How and Mayo Improvements, COMPANY shall
within thirty (30) days  following the Restatement Date, issue MAYO 50,556 shares of common stock representing thirteen
percent (13%) of COMPANY pursuant to a mutually agreed upon Subscription Agreement by and between MAYO and COMPANY (the “Equity
Payment”). Upon issuance of the Equity Payment, COMPANY shall have satisfied all obligations with respect to the issuance
of equity to MAYO, and MAYO shall have no right to receive any additional equity from COMPANY.

 

3.03       EARNED ROYALTIES.
COMPANY will make nonrefundable and noncreditable earned royalty payments to MAYO of [*]% of Net Sales of Licensed Products
(collectively “Earned Royalties”). The Earned Royalties are payable as described in Section 4.01. Licensed
Products transferred to MAYO or its Affiliates are not considered transfers for purposes of determining Net Sales or for calculating
Earned Royalties. No Earned Royalties are due MAYO on transfers to MAYO or MAYO Affiliates.

 

    5
 
* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.

    
	License Agreement	 
	MAYO / NEURO ONE (Mayo file #2014-220 and 2007-127)	5/25/2017

    

 

3.04       BEST PRICE.
MAYO may, at its sole option, purchase the Licensed Product for use within MAYO’s and its Affiliates’ educational,
research and clinical programs in any quantity at the prior year’s best net price offered by the COMPANY to any end user.
The prior year’s best net price will be determined on each January 1st and will apply for the entire forthcoming
calendar year (January 1 – December 31). COMPANY will report such sales to MAYO as part of the royalty report described
in Section 4.01.

 

3.05       TAXES.
COMPANY is responsible for all taxes, duties, import duties, assessments and other governmental charges, however designated, which
are now or hereafter imposed by any authority on COMPANY: (a) by reason of the performance by MAYO of its obligations under this
Agreement, or the payment of any amounts by COMPANY to MAYO under this Agreement; (b) based on the Mayo Improvements and/or MAYO
thin film electrode technology Know-How; or (c) related to use, sale or importation of the Licensed Product. Any withholding taxes
that COMPANY is required by law to withhold on remittance of the royalty payments shall be paid forthwith to MAYO in an amount
which shall result in the net amount being received by MAYO being equal to the amount which would have been received by MAYO had
no such deduction or withholding been made. If necessary, COMPANY will obtain, or assist MAYO in obtaining, any tax reduction
(including avoidance of double taxation), tax refund or tax exemption available to MAYO by treaty or otherwise.

 

3.06       U.S. CURRENCY.
All payments to MAYO under this Agreement will be made by draft drawn on a U.S. bank, and payable in U.S. dollars. In the
event that conversion from foreign currency is required in calculating a payment under this Agreement, the exchange rate used
shall be the Interbank rate quoted by US Bank at the end of the last business day of the quarter in which the payment accrued.

 

3.07       OVERDUE PAYMENTS.
If overdue, the payments due under this Agreement shall bear interest until paid at a per annum rate of two percent (2%) above
the prime rate in effect at US Bank on the due date. MAYO shall be entitled to recover, in addition to all other remedies, reasonable
attorneys’ fees and costs related to the administration or enforcement of this Agreement, including collection of payments,
following COMPANY’s such failure to pay. The acceptance of any payment, including such interest, shall not foreclose MAYO
from exercising any other right or seeking any other remedy that it may have as a consequence of the failure of COMPANY to make
any payment when due.

 

Article 4.00 - Accounting and Reports

 

4.01       REPORTS AND
PAYMENT. COMPANY will deliver to MAYO on or before the following dates: 1 February and 1 August, a written report setting
forth a full accounting showing how any amounts due to MAYO for the preceding calendar half-year have been calculated as provided
in this Agreement, including an accounting of total Net Sales with a reporting of any applicable foreign exchange rates, deductions,
allowances, and charges and any payments due from Sublicensees. Each report will include product names, part numbers and quantity
sold for each country in which the Licensed Product was sold. If no Licensed Product transfers have occurred and no other amounts
are due to MAYO, COMPANY will submit a report so stating. Each such report will be accompanied by the payment of all amounts due
for such calendar half-year.

 

    6
 
* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.

    
	License Agreement	 
	MAYO / NEURO ONE (Mayo file #2014-220 and 2007-127)	5/25/2017

    

 

4.02       ACCOUNTING.
COMPANY will, throughout the Term, keep complete, continuous, true and accurate books of accounts and records sufficient to
support and verify the calculation of Net Sales, all royalties and any other amount believed due and payable to MAYO under this
Agreement. Such books and records will be open at all reasonable times for inspection by a representative of MAYO for audit and
verification of royalty statements or of compliance with other aspects of this Agreement. The MAYO representative will treat as
confidential all relevant matters and will be a person or firm reasonably acceptable to COMPANY. In the event such audit reveals
an underpayment by COMPANY, COMPANY will within thirty (30) days pay the royalty due in excess of the royalty actually paid. In
the event the audit reveals an underpayment by COMPANY of more than [*]% of the amount due, COMPANY will pay interest on the royalty
due in excess of the royalty actually paid at the highest rate then permitted by law. In either event, COMPANY will pay all of
MAYO’s costs in conducting the audit.

 

Article 5.00 - Diligence

 

5.01       DEVELOPMENT
PLAN. Within six (6) months of the Effective Date, COMPANY will provide MAYO with a detailed development plan for the commercial
development of the Licensed Product and will make commercially reasonable efforts to bring Licensed Products to market in the
Field in the Territory.

 

5.02       DILIGENCE
REPORTS. COMPANY will provide MAYO with annual reports within thirty (30) days of each anniversary of the Effective Date describing
in detail: (a) as of that reporting period, all development and marketing activities for each Licensed Product and the names of
all Sublicensees, including which of the Sublicensees are Affiliates; and (b) an updated development plan for the next annual
period. MAYO shall have the right to audit COMPANY’s and Sublicensees’ records relating to development of Licensed
Products.

 

Article 6.00 – Intellectual Property
Management

 

6.01       CONTROL.
COMPANY will have the first right to prepare, file, prosecute abandon, or otherwise handle the MAYO Improvements with prior advice
and comment from MAYO. COMPANY shall pay all costs and expenses associated with the filing, prosecution and maintenance of the
MAYO Improvements designated by COMPANY arising before or during the Term. In the event that the COMPANY decides to abandon certain
patents within the MAYO Improvements, COMPANY shall so inform MAYO within at least sixty (60) days of taking the action or failing
to act, which would cause such abandonment of rights. Should MAYO choose to continue the prosecution or maintenance of the said
patents(s) within the MAYO Improvements, MAYO shall pay the cost of such activity, and the license to the COMPANY for the said
patents(s) within the MAYO Improvements shall terminate. MAYO shall have sole control over the protection, defense, enforcement,
maintenance, abandonment and other handling of the MAYO thin film electrode technology Know-How. MAYO will have no liability to
COMPANY for any act or omission in the preparation, filing, prosecution, maintenance, abandonment, or other handling of the MAYO
Improvements and the MAYO thin film electrode technology Know-How.

 

    7
 
* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.

    
	License Agreement	 
	MAYO / NEURO ONE (Mayo file #2014-220 and 2007-127)	5/25/2017

    

 

6.02       ENFORCEMENT.
If either Party becomes aware of a third party infringement of any unexpired claim within the MAYO Improvements, it will promptly
notify the other Party with written notice and provide the other with a sample of the alleged infringing article. In the event
that the other Party agrees that the article infringes one more claims of the Patent Rights, the Parties will confer to decide
upon an appropriate course of action, if any, to take against the infringer in view of all of the circumstances then existing.

 

6.03       DEFENSE.
MAYO will have the first right, but not the obligation, to take any measures deemed appropriate by MAYO, regarding (a) challenges
to the MAYO Improvements (including interferences in the U.S. Patent and Trademark Office and oppositions in foreign jurisdictions)
and (b) defense of the MAYO Improvements (including declaratory judgment actions). COMPANY shall reasonably cooperate in any such
measures if requested to do so by MAYO. To the extent MAYO does not take such measures, MAYO shall provide COMPANY with sixty
(60) days’ notice of MAYO’s decision not to take such measures and the COMPANY shall have the right to take such measures
deemed appropriate by the COMPANY regarding such challenges or defense which impact, in whole or in part, the rights of the COMPANY.
MAYO shall reasonably cooperate with any measures if requested to do so by the COMPANY.

 

6.04       THIRD
PARTY LITIGATION. In the event a third party institutes a suit against COMPANY or MAYO, for patent infringement involving
a Licensed Product, the Party being sued will promptly inform the other and keep the other regularly informed of the proceedings.
COMPANY agrees to indemnify, defend and hold harmless MAYO for any claims, demands or law suits related thereto.

 

6.05       CERTAIN
IP RIGHTS. Notwithstanding anything in this Agreement to the contrary or otherwise, COMPANY shall retain all rights, title
and interest in and to any patents, copyrights or other intellectual property rights in and to new inventions or discoveries first
reduced to practice during the Term and arising out of the subject matter of this Agreement relating to new or improved technology,
methods, techniques, practices or procedures made solely by COMPANY’s employees, agents and/or representatives without the
use of MAYO’s Confidential Information including the use of MAYO thin film electrode technology Know-How.

 

Article 7.00 – Use of Name

 

7.01       USE
OF NAME AND LOGO. COMPANY will not use for publicity, promotion or otherwise, any logo, name, trade name, service mark or
trademark of MAYO or its Affiliates, including, but not limited to, the terms “MAYO®,” “MAYO Clinic®”
and the triple shield MAYO logo, or any simulation, abbreviation or adaptation of the same, or the name of any MAYO employee or
agent, without MAYO’s prior, written, express consent. MAYO may withhold such consent in MAYO’s absolute discretion.
With regard to the use of MAYO’s name, all requests for approval pursuant to this Section must be submitted to the MAYO
Clinic Public Affairs Business Relations Group, at the following e-mail address: PublicAffairsBR@MAYO.edu at least five (5) business
days prior to the date on which a response is needed.

 

    8
 
* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.

    
	License Agreement	 
	MAYO / NEURO ONE (Mayo file #2014-220 and 2007-127)	5/25/2017

    

 

Article 8.00 - Confidentiality

 

8.01       TREATMENT
OF CONFIDENTIAL INFORMATION. Except as provided for in Section 8.02, neither Party will disclose, use or otherwise make available
the other’s Confidential Information during the Term and for three (3) years thereafter and will use the same degree of
care it employs to protect its own confidential information.

 

8.02       RIGHT
TO DISCLOSE.

 

		(a)	To the extent it is reasonably necessary or appropriate
to fulfill its obligations or exercise its rights under this Agreement, COMPANY may disclose Confidential Information of MAYO
to its consultants, and outside contractors on the condition that each such entity agrees to obligations of confidentiality and
non-use at least as stringent as those therein.

 

		(b)	To the extent it is reasonably necessary or appropriate
to fulfill its obligations or exercise its rights under this Agreement, MAYO may disclose Confidential Information of COMPANY
to its consultants and outside contractors on the condition that each such entity agrees to obligations of confidentiality and
non-use at least as stringent as those therein.

 

		(c)	If a Party is required by law, regulation or court
order to disclose any of the Confidential Information, it will have the right to do so, provided it: (i) promptly notifies the
disclosing party; and (ii) reasonably assists the disclosing party to obtain a protective order or other remedy of disclosing
party’s election and at disclosing party’s expense, and only disclose the minimum amount necessary to satisfy such
obligation.

 

8.03       CONFIDENTIALITY
OF AGREEMENTS. Except as otherwise required by law, the specific terms and conditions of this Agreement shall be Confidential
Information but the Parties may state that COMPANY is licensed under the MAYO thin film electrode technology Know-How.

 

Article 9.00 – Warranties, Representations,
Disclaimers and Indemnification

 

9.01       REPRESENTATIONS
AND WARRANTIES OF COMPANY. COMPANY warrants and represents to MAYO that:

 

		(a)	it is experienced in the development, production, quality
control, service, manufacture, marketing and sales of products similar to the subject matter of the Patent Rights;

 

    9
 
* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.

    
	License Agreement	 
	MAYO / NEURO ONE (Mayo file #2014-220 and 2007-127)	5/25/2017

    

 

		(b)	it has independently evaluated the, MAYO thin film
electrode technology Know-How and Confidential Information, if any, their applicability or utility in COMPANY’s activities,
is entering into this Agreement on the basis of its own evaluation and not in reliance of any representation by MAYO, and assumes
all risk and liability in connection with such determination;

 

		(c)	it now maintains and will continue to maintain throughout
the Term and beyond insurance coverage as set forth in Section 9.03 and that such insurance coverage sufficiently covers the MAYO
Indemnitees;

 

		(d)	the execution and delivery of this Agreement has been
duly authorized and no further approval, corporate or otherwise, is required in order to execute this binding Agreement;

 

		(e)	it shall comply with all applicable international,
national and state laws, ordinances and regulations in its performance under this Agreement; and

 

		(f)	its rights and obligations under this Agreement do
not conflict with any contractual obligation or court or administrative order by which it is bound.

 

9.02       DISCLAIMERS.

 

(a)          MAYO
HAS NOT MADE AND DOES NOT MAKE ANY PROMISES, COVENANTS, GUARANTEES, REPRESENTATIONS OR WARRANTIES OF ANY NATURE, DIRECTLY OR INDIRECTLY,
EXPRESS, STATUTORY OR IMPLIED, INCLUDING WITHOUT LIMITATION, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, SUITABILITY,
DURABILITY, CONDITION, QUALITY OR ANY OTHER CHARACTERISTIC OF THE MAYO THIN FILM ELECTRODE KNOW-HOW, MAYO IMPROVEMENTS, OR CONFIDENTIAL
INFORMATION.

 

(b)          MAYO
THIN FILM ELECTRODE KNOW-HOW, MAYO IMPROVEMENTS, AND CONFIDENTIAL INFORMATION ARE PROVIDED “AS IS,” “WITH ALL
FAULTS” AND “WITH ALL DEFECTS,” AND COMPANY EXPRESSLY WAIVES ALL RIGHTS TO MAKE ANY CLAIM WHATSOEVER AGAINST
MAYO FOR MISREPRESENTATION OR FOR BREACH OF PROMISE, GUARANTEE, REPRESENTATION OR WARRANTY OF ANY KIND RELATING TO THE MAYO THIN
FILM ELECTRODE KNOW-HOW, MAYO IMPROVEMENTS, OR CONFIDENTIAL INFORMATION. MAYO EXPRESSLY DISCLAIMS ANY IMPLIED WARRANTIES ARISING
FROM ANY COURSE OF DEALING, USAGE OR TRADE PRACTICE, WITH RESPECT TO: THE SCOPE, VALIDITY OR ENFORCEABILITY OF THE MAYO THIN FILM
ELECTRODE KNOW-HOW, MAYO IMPROVEMENTS, AND CONFIDENTIAL INFORMATION; THAT ANY PATENT WILL ISSUE BASED UPON ANY PENDING PATENT
APPLICATION; OR THAT THE USE OF THE MAYO IMPROVEMENTS, AND MAYO THIN FILM ELECTRODE KNOW-HOW WILL NOT INFRINGE OTHER INTELLECTUAL
PROPERTY RIGHTS. NOTHING IN THIS AGREEMENT WILL BE CONSTRUED AS AN OBLIGATION FOR MAYO TO BRING, PROSECUTE OR DEFEND ACTIONS REGARDING
THE MAYO THIN FILM ELECTRODE KNOW-HOW, MAYO IMPROVEMENTS, AND CONFIDENTIAL INFORMATION.

 

    10
 
* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.

    
	License Agreement	 
	MAYO / NEURO ONE (Mayo file #2014-220 and 2007-127)	5/25/2017

    

 

(c)          COMPANY
AGREES THAT MAYO AND ITS AFFILIATES WILL NOT BE LIABLE FOR ANY LOSS OR DAMAGE CAUSED BY OR ARISING OUT OF ANY RIGHTS GRANTED OR
PERFORMANCE MADE UNDER THIS AGREEMENT, WHETHER TO OR BY COMPANY OR A THIRD PARTY. IN NO EVENT WILL MAYO’S LIABILITY
OF ANY KIND INCLUDE ANY SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE LOSSES OR DAMAGES, EVEN IF MAYO HAS BEEN ADVISED
OF THE POSSIBILITY OF SUCH DAMAGES, OR EXCEED THE TOTAL AMOUNT OF ROYALTIES THAT HAVE ACTUALLY BEEN PAID TO MAYO BY COMPANY AS
OF THE DATE OF FILING AN ACTION AGAINST MAYO THAT RESULTS IN THE SETTLEMENT OR AWARD OF DAMAGES TO COMPANY.

 

9.03       INDEMNIFICATION
AND INSURANCE.

 

(a)          COMPANY
will defend, indemnify and hold harmless MAYO, MAYO’s Affiliates and their respective trustees, officers, agents, independent
contractors and employees (“MAYO Indemnitees”) from any and all claims, actions, demands, judgments, losses,
costs, expenses, damages and liabilities (including attorneys’ fees, court costs and other expenses of litigation), regardless
of the legal theory asserted, arising out of or connected with: (i) the practice or exercise of any rights granted hereunder by
or on behalf of COMPANY (ii) research, development, design, manufacture, distribution, use, sale, importation, exportation or
other disposition of Licensed Products; and (iii) any act or omission of COMPANY hereunder, including the negligence or willful
misconduct thereof. MAYO and MAYO’s Affiliates shall have no obligation to indemnify COMPANY hereunder. 

 

(b)          The
Parties agree that this indemnity should be construed and applied in favor of maximum indemnification of MAYO Indemnitees.

 

(c)          COMPANY
will continuously carry occurrence-based liability insurance, including products liability and contractual liability, in an amount
and for a time period sufficient to cover the liability assumed by COMPANY hereunder during the Term and after, such amount being
at least TWO MILLION (US $2,000,000). In addition, such policy will name MAYO and its Affiliates as additional-named insureds.
The minimum limits of any insurance coverage required herein shall not limit COMPANY’s liability.

 

9.04       PROHIBITION
AGAINST INCONSISTENT STATEMENTS. COMPANY shall not make any statements, representations or warranties, or accept any liabilities
or responsibilities whatsoever that are inconsistent with any disclaimer or limitation included in this section or any other provision
of this Agreement. COMPANY shall not settle any matter that will incur liability for MAYO or require MAYO to make any admission
of liability without MAYO’s prior written consent.

 

    11
 
* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.

    
	License Agreement	 
	MAYO / NEURO ONE (Mayo file #2014-220 and 2007-127)	5/25/2017

    

 

Article 10.00 - Term and Termination

 

10.01     TERM.
This Agreement will expire at the end of the Term.

 

10.02     TERMINATION
FOR BREACH.      If COMPANY commits a material breach of this Agreement, including
without limitation, the failure to make any required royalty or fee payments hereunder, MAYO will notify COMPANY in writing of
such breach and COMPANY will have thirty (30) days after such notice to cure such breach to MAYO’s reasonable satisfaction.
If the breach is of a nature, which cannot be reasonably cured within such thirty (30) day period, the COMPANY’s time to
cure such breach shall be extended for a mutually agreed reasonable period of time for the COMPANY to cure such breach. If COMPANY
fails to cure such breach, MAYO may, at its sole option terminate this Agreement in whole or in part by sending COMPANY written
notice of termination.

 

10.03     TERMINATION
FOR SUIT. MAYO does not license entities that bring suit against MAYO or its Affiliates and as such, MAYO may immediately
terminate this Agreement if COMPANY directly or indirectly brings any action or proceeding against MAYO or its Affiliates, except
for an uncured material breach of this Agreement by MAYO.

 

10.04     INSOLVENCY
OF COMPANY. This Agreement terminates immediately without an obligation of notice of termination to COMPANY in the event COMPANY
ceases conducting business in the normal course, becomes insolvent or bankrupt, makes a general assignment for the benefit of
creditors, admits in writing its inability to pay its debts as they are due, permits the appointment of a receiver for its business
or assets or avails itself of or becomes subject to any proceeding under any statute of any governing authority relating to insolvency
or the protection of rights of creditors.

 

10.05     SURVIVAL.
The termination or expiration of this Agreement does not relieve either Party of its rights and obligations that have previously
accrued. After the Term, all rights granted immediately revert to MAYO. All Confidential Information of a Party shall be returned
or destruction certified, at the disclosing party’s election. Rights and obligations that by their nature prescribe continuing
rights and obligations shall survive the termination or expiration of this Agreement including Sections 9.03 (Indemnification
and Insurance), 10.05 (Survival) and Articles 7 (Name Use), 8 (Confidentiality) and 11 (General Provisions). COMPANY, on behalf
of itself, shall provide an accounting for and pay, within thirty (30) days of termination or expiration, all amounts due hereunder.

 

Article 11.00 - General Provisions

 

11.01     Amendments.
This Agreement may not be amended or modified except by a writing signed by both Parties and identified as an amendment to
or restatement of this Agreement.

 

    12
 
* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.

    
	License Agreement	 
	MAYO / NEURO ONE (Mayo file #2014-220 and 2007-127)	5/25/2017

    

 

11.02     CONSTRUCTION.
Each Party acknowledges that it was provided an opportunity to seek advice of counsel and as such this Agreement shall not
be construed for or against either Party.

 

11.03     ENTIRE
AGREEMENT. This Agreement constitutes the final, complete and exclusive agreement between the Parties with respect to its
subject matter and supersedes all past and contemporaneous agreements, promises, and understandings, whether oral or written,
between the Parties, including without limitation the Prior Agreement. Provided however, the Effective Date of the Prior Agreement
shall remain as the Effective Date of this Agreement

 

11.04     EXPORT
CONTROL. The Parties agree not to use or otherwise export or re-export anything exchanged or transferred between them pursuant
to this agreement except as authorized by United States law and the laws of the jurisdiction in which it was obtained. In particular,
but without limitation, items exchanged may not be exported or re-exported (a) into any U.S. embargoed countries or (b) to anyone
on the U.S. Treasury Department’s list of Specially Designated Nationals or the U.S. Department of Commerce Denied Person’s
List or Entity List. By entering into this Agreement, each Party represents and warrants that they are not located in any such
country or on any such list. Each Party also agrees that they will not use any item exchanged for any purposes prohibited by United
States law, including, without limitation, the development, design, manufacture or production of missiles, or nuclear, chemical
or biological weapons. In the event either Party becomes aware of any suspected violations of this paragraph that Party will promptly
inform the other Party of such suspected violation, and cooperate with one another in any subsequent investigation and defense,
be they civil or criminal.

 

11.05     GOVERNING
LAW AND JURISDICTION. This Agreement is made and performed in Minnesota. The terms and conditions of this Agreement, as well
as all disputes arising under or relating to this Agreement, shall be governed by Minnesota law, specifically excluding its choice-of-law
principles, except that the interpretation, validity and enforceability of the Patent Rights will be governed by the patent laws
of the country in which the patent application is pending or issued. This is not an Agreement for the sale of goods and as such
Article 2 of the Uniform Commercial Code as enacted in Minnesota does not apply.

 

11.06     HEADINGS.
The headings of articles and sections used in this document are for convenience of reference only.

 

11.07     INDEPENDENT
CONTRACTORS. It is mutually understood and agreed that the relationship between the Parties is that of independent contractors.
Neither Party is the agent, employee, or servant of the other. Except as specifically set forth herein, neither Party shall have
nor exercise any control or direction over the methods by which the other Party performs work or obligations under this Agreement.
Further, nothing in this Agreement is intended to create any partnership, joint venture, lease or equity relationship, expressly
or by implication, between the Parties.

 

    13
 
* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.

    
	License Agreement	 
	MAYO / NEURO ONE (Mayo file #2014-220 and 2007-127)	5/25/2017

    

 

11.08     INDUCEMENT
OF REFERRALS. It is not the purpose of this Agreement or the intent of the Parties to induce or encourage the referral of
patients, and there is no requirement under this Agreement or under any other Agreement between the Parties that COMPANY or its
staff refer patients to MAYO for products or services. No payment made under this Agreement is made in return for the referral
of patients, or is made in return for the purchasing, leasing, or ordering of any products or services.

 

11.09     LIMITATION
OF RIGHTS CREATED. This Agreement is personal to the Parties and shall be binding on and inure to the sole benefit of the
Parties and their permitted successors and assigns and shall not be construed as conferring any rights to any third party. Specifically,
no interests are intended to be created for any customer, patient, research subjects, or other persons (or their relatives, heirs,
dependents, or personal representatives) by or upon whom the Licensed Products may be used.

 

11.10     No
Assignment. Neither Party may assign its rights hereunder to any third party without the prior written consent
of the other Party; provided, that a Party may assign its rights without the prior written consent of the other Party to any affiliate
or other entity that controls, is controlled by or is under common control with such Party. Any purported assignment in violation
of this clause is void. Such written consent, if given, shall not in any manner relieve the assignor from liability for the performance
of this Agreement by its assignee. 

 

11.11     NOTICES.
All notices and other business communications between the Parties related to this Agreement shall be in writing, sent by certified
mail, addressed as follows:

 

		To MAYO:	Mayo Foundation for Medical Education and Research

Mayo Clinic Ventures – BB4

200 First Street SW

Rochester, Minnesota 55905-0001

Attn: Ventures Operations

Phone: [*]

Facsimile: [*]

Email: [*]

Fed Tax ID: [*]

 

		To COMPANY:	NeuroOne, Inc.

10006 Liatris Lane

Eden Prairie, MN 55347

Attn: David A. Rosa

CEO and President

Phone: (952) 237-7412

Email: daver@neurooneinc.com

 

Notices sent by certified mail shall be deemed delivered on
the third day following the date of mailing. Either Party may change its address or facsimile number by giving written notice
in compliance with this section.

 

    14
 
* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.

    
	License Agreement	 
	MAYO / NEURO ONE (Mayo file #2014-220 and 2007-127)	5/25/2017

    

 

11.12     REGISTRATION
OF LICENSES. COMPANY will register and give required notice concerning this Agreement, at its expense, in each country in
the Territory where an obligation under law exists to so register or give notice.

 

11.13     SEVERABILITY.
In the event any provision of this Agreement is held to be invalid or unenforceable, the remainder of this Agreement shall
remain in full force and effect as if the invalid or unenforceable provision had never been a part of the Agreement.

 

11.14     WAIVER.
The failure of either Party to complain of any default by the other Party or to enforce any of such Party’s rights,
no matter how long such failure may continue, will not constitute a waiver of the Party’s rights under this Agreement. The
waiver by either Party of any breach of any provision of this Agreement shall not be construed as a waiver of any subsequent breach
of the same or any other provision. No part of this Agreement may be waived except by the further written agreement of the Parties.

 

    15
 
* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.

    
	License Agreement	 
	MAYO / NEURO ONE (Mayo file #2014-220 and 2007-127)	5/25/2017

    

 

This Agreement may be executed in any number
of counterparts which, when taken together, will constitute an original, and photocopy, facsimile, electronic or other copies
shall have the same effect for all purposes as an ink-signed original. Each Party hereto consents to be bound by photocopy or
facsimile signatures of such Party’s representative hereto.

 

	Mayo
    Foundation for Medical

 Education and Research 	 	NEUROONE,
    INC.
	 	 	 	 	 
	By	/s/ Daniel D. Estes	 	By	/s/ David Rosa 
	Name:	Daniel D. Estes	 	Name: 	David Rosa 
	Title:	Assistant Treasurer	 	Title: 	President and CEO 
	 	 	 	 	 
	Date:	5-27-2017	 	Date:	5/25/17

 

    16
 
* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.Exhibit 10.4

 

NeuroOne,
Inc. 

Subscription
Agreement

 

THE SECURITIES OFFERED BY THIS SUBSCRIPTION
AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE
SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

Now,
Therefore, the parties hereby
agree as follows:

 

1.            Subscription.

 

(a)          The
undersigned hereby agrees to purchase from NeuroOne, Inc., a Delaware corporation (the “Company”), the
number of shares of common stock of the Company, par value $0.0001 per share (collectively, the “Shares”),
set forth on the Subscriber Signature Page to this Subscription Agreement below, at the price of $_____ per Share, payable in full
as described below in accordance with the terms and conditions of this Subscription Agreement. Contemporaneously with the execution
of this Subscription Agreement, the undersigned is delivering to the Company the full purchase price for the Shares subscribed
by the undersigned. This Subscription Agreement is not transferable or assignable by the undersigned.

 

(b)          Simultaneously
with the execution of this Subscription Agreement, the undersigned will execute the Signature Page to Stockholders Agreement of
the Company below, in substantially the form attached hereto as Exhibit A
(the “Stockholders Agreement”). The undersigned acknowledges that he, she or it has reviewed the Stockholders
Agreement and understands the terms and provisions contained therein, and acknowledges and agrees that, upon delivery of this Subscription
Agreement and the Stockholders Agreement executed by the Company, the undersigned shall be bound by the terms therein. The Stockholders
Agreement will have the effective date that is set forth in the fully executed Stockholders Agreement delivered to the undersigned.

 

2.            Acceptance,
Rejection or Withdrawal of Subscription Offer. Acceptance by the Company of the undersigned’s offer to purchase
Shares pursuant to this Subscription Agreement shall be evidenced by the Company’s delivery to the undersigned of this Subscription
Agreement executed by the Company.

 

3.            Accredited
Investor. The undersigned represents and warrants that the undersigned is an Accredited Investor (as that term is defined
in Rule 501(a) of Regulation D promulgated under the Act).

 

4.            Representations,
Warranties and Agreements. The undersigned makes the following representations, warranties, acknowledgments and agreements
in order to induce the Company to accept this subscription:

 

     

     

    

 

(a)          Information.
The undersigned hereby acknowledges that the undersigned has reviewed to his, her or its satisfaction all documents and information
requested by the undersigned, including: (i) all such financial statements, income statements, balance sheets, cash flows of the
Company and its subsidiaries; (ii) the Company’s certificate of incorporation, the Company’s bylaws, the Stockholders
Agreement and the Company’s capitalization table, including illustrations of the Company’s stockholders and respective
positions both before and after the undersigned’s and others’ purchases of the Shares; and (iii) any other information
and materials requested by the undersigned relating to the Company and its subsidiaries, its proposed activities and business,
its capitalization, its management and key personnel and the offering and sale of the Shares of the Company (collectively, the
“Documents”). The undersigned hereby acknowledges that the undersigned has read, is fully familiar with,
and completely understands, the Documents, this Subscription Agreement, the Stockholders Agreement and any other documents and
information that the undersigned deems material to making an investment decision with respect to the Shares. The undersigned has
been provided such requested Documents at least 48 hours prior to the execution of this Subscription Agreement. The undersigned
shall keep the Documents and other information the undersigned receives about the Company confidential.

 

(b)          Availability
of Information. The Company has made all documents pertaining to the matters described in the Documents and the offering of
the Shares of the Company available to the undersigned and has allowed the undersigned, or the undersigned’s representative,
a reasonable opportunity to ask questions and receive answers concerning the terms and conditions of this subscription and to obtain
any additional information which the Company possesses or can acquire without unreasonable effort or expense that is necessary
to verify the accuracy of any information provided to the undersigned.

 

(c)          No
Other Representations. The undersigned has relied solely on the Documents and the documents and materials submitted with the
Documents in making the decision to purchase the Shares subscribed for under this Subscription Agreement, and no representations
or agreements, written or oral, other than those set forth in this Subscription Agreement and the Stockholders Agreement have been
made to the undersigned, with respect to such purchase of Shares of the Company.

 

(d)          Reliance
on Own Investigation and Advisors. The undersigned acknowledges that the undersigned has been advised to consult with the undersigned’s
own legal advisor concerning the legal aspects of the Company and to consult with the undersigned’s tax advisor regarding
the tax consequences of investing in the Company. The undersigned is not relying on the Company or any of its officers, directors,
stockholders, executives, employees, advisors or other personnel for legal, accounting, financial or tax advice in connection with
the undersigned’s evaluation of the risks and merits of an investment in the Company or of the consequences to the undersigned
of such an investment.

 

(e)          Investment
Intent. The Shares subscribed for under this Subscription Agreement will be acquired solely by, and for the account of, the
undersigned (and not for other persons), for investment only, and are not being purchased with a view to, or for sale in connection
with, a distribution of the Shares. The undersigned has no contract, undertaking, agreement or arrangement with any person to sell,
transfer, assign or pledge to such person or anyone else all or any part of the Shares for which the undersigned subscribes, and
the undersigned has no current plans or intentions to enter into any such contract, undertaking or arrangement.

 

    	 	2	 

     

    

 

(f)          Resale
Restrictions. The undersigned acknowledges that (i) the Shares have not been registered under the Act or the securities statutes
of any state or other jurisdiction, (ii) the Shares have the status of securities acquired in a transaction under Section 4(2)
of the Act, (iii) the Shares are “restricted securities” (as that term is defined in Rule 144(a)(3)
under the Act), (iv) therefore, the Shares cannot be resold (and the undersigned covenants that the undersigned will not resell
them) unless they are registered under applicable federal and state securities laws (including the Act) or unless exemptions from
all such applicable registration requirements are available and (v) consequently, the undersigned must bear the economic risk of
investment for an indefinite period of time. The undersigned will not sell or otherwise transfer any Shares (A) without (I) either
the prior registration of the Shares under the Act and all other applicable statutes, or (II) applicable exemptions from the registration
requirements of each of those statutes, (B) without compliance with the Documents, and (C) unless and until the Company has determined,
by obtaining the advice of counsel or otherwise, that the intended disposition will not violate the Securities Act or any applicable
state securities law. The undersigned understands that the Company has no obligation or intention to register the Shares under
any federal or state securities act, law or regulation.

 

(g)          Economic
Risk; Sophistication. The undersigned acknowledges and recognizes that an investment in the Company involves a high degree
of risk in that (i) the undersigned may not be able to liquidate the investment, (ii) transferability may be extremely limited,
(iii) there is currently no market for the Shares, nor is a market likely to develop, (iv) the undersigned could sustain the loss
of the entire investment or part of the investment and (v) the Company is newly organized and has no financial or operating history.

 

(h)          Ability
to Bear Risk. The financial condition of the undersigned is such that the undersigned has no need for liquidity with respect
to the undersigned’s investment in the Shares to satisfy any existing or contemplated undertaking or indebtedness, and the
undersigned has no need for a current return on the undersigned’s investment in the Shares. The undersigned is able to bear
the economic risk of the undersigned’s investment in the Shares for an indefinite period of time, including the risk of losing
all of the undersigned’s investment.

 

(i)          Sophistication;
No Agency Review or Endorsement. The undersigned, either alone or with the undersigned’s representative, has such knowledge
and experience in financial and business matters that the undersigned is capable of evaluating the merits and risks of the prospective
investment. The undersigned acknowledges and understands that no federal or state agency has passed upon the adequacy or accuracy
of the information set forth in any document provided to the undersigned or made any finding or determination as to the fairness
for investment, or any recommendation or endorsement of the Shares as an investment.

 

(j)          Pre-Existing
Relationship. The undersigned has a preexisting personal or business relationship with the Company or one of its officers,
directors, executive, members, managers or controlling persons, or by reason of the undersigned’s business or financial experience
or the business or financial experience of the undersigned’s professional advisors who are unaffiliated with, and who are
not compensated by, the Company or any affiliate of the Company, directly or indirectly, and can be reasonably assumed to have
the capacity to protect the undersigned’s own interests in connection with the transaction contemplated by this Subscription
Agreement. Preexisting personal or business relationships include any relationship consisting of personal or business contacts
of a nature and duration such as would enable a reasonably prudent purchaser to be aware of the character, business acumen and
general business and financial circumstances of the person with whom such relationship exists.

 

    	 	3	 

     

    

 

(k)          No
General Solicitation. The undersigned acknowledges and represents that neither the Company nor any person acting on its behalf
has offered or sold the Shares to the undersigned by any form of general solicitation or general advertising, including, but not
limited to, (i) any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media
or broadcast over television or radio, or (ii) any seminar or meeting whose attendees have been invited by any general solicitation
or general advertising.

 

(l)          Status
after Purchase; Information. The undersigned acknowledges and accepts that if the undersigned purchases the Shares, the undersigned
will have only a minority interest in the Company with little, if any, control over the Company or its business and no right to
become a director or officer of the Company. In addition, the Company is not subject to the reporting requirements of the Securities
Exchange Act of 1934, as amended, and, therefore, is not required to publish periodic information about its business or financial
condition.

 

(m)          Responsibility
for Determining Suitability of Investment. The undersigned is assuming full responsibility independently (i) to determine whether
an investment in the Shares is suitable for the undersigned, (ii) to evaluate the undersigned’s potential purchase of the
Shares and (iii) to obtain, verify and evaluate all material information necessary or desired by the undersigned to make the undersigned’s
decision, including, without limitation, information concerning the Company and its subsidiaries, their officers, directors, stockholders,
executives, employees and their related party transactions, their financial condition and needs, their business, their obligations,
their stockholders and their rights, preferences and privileges and any potential issuance of additional securities.

 

(n)          Residence.
The undersigned, at all times since the undersigned received a copy of the Documents, (i) if an individual, was, and is, a bona
fide resident of the state set forth in his or her address on the Subscriber Signature Page to this Subscription Agreement below,
and (ii) if an entity, had, and has, its principal office and principal place of business in the state set forth in its address
on the Subscriber Signature Page to this Subscription Agreement below. If the state of the undersigned’s principal residence,
or the state of the undersigned’s principal office or principal place of business, changes, or the undersigned’s address
changes in any other respect, before the consummation of the undersigned’s purchase of the Shares subscribed for under this
Subscription Agreement, the undersigned will promptly notify the Company, and if the change in the state of the undersigned’s
principal residence, or the undersigned’s principal office or principal place of business, is to a state in which an offer
and/or sale of Shares is prohibited by applicable law, any agreement to sell Shares to the undersigned, shall be deemed cancelled
and the undersigned shall cease to be entitled to purchase Shares pursuant to such agreement. In making such representation and
warranty, the undersigned understands that:

 

(i)          if
the undersigned is an individual, the undersigned is deemed to be a resident of the state of the undersigned’s principal
residence;

 

    	 	4	 

     

    

 

(ii)         if
the undersigned is a trust, partnership, limited liability company, corporation or other form of business organization, it is deemed
to be a resident of the state where its principal office is located; and

 

(iii)        notwithstanding
the foregoing, if the undersigned is a trust, partnership, limited liability company, corporation or other form of business organization
that is organized for the specific purpose of acquiring the Shares, it is deemed to be a resident of the state of all of the beneficial
owners of the undersigned.

 

(o)          Accuracy
of Information about the Undersigned. All information that the undersigned has provided in this Subscription Agreement, including,
without limitation, information concerning the undersigned and the undersigned’s financial condition, is correct and complete
as of the date of this Subscription Agreement, and if there should be any material change in such information before the acceptance
of the undersigned’s subscription for the Shares subscribed for under this Subscription Agreement, the undersigned will immediately
so inform the Company. If the undersigned is a trust, partnership, limited liability company, corporation or other form of entity,
it expressly undertakes to provide the Company with such information as it may reasonable require regarding any of its beneficial
owners.

 

(p)          Authority;
Binding Obligation. If the undersigned is a trust, partnership, limited liability company, corporation or other form of entity,
(i) it has the right, power and authority to execute (and the signatory is duly authorized to execute, on its behalf) this Subscription
Agreement, (ii) it has the right, power and authority to perform the terms of, this Subscription Agreement; (iii) its state of
organization is as set forth on the Subscriber Signature Page to this Subscription Agreement below; (iv) this Subscription Agreement
constitutes a valid, binding and enforceable agreement of the undersigned; and (v) it has been duly formed, is validly existing,
and is in good standing in the state of its formation.

 

(q)          Cooperation
in Regulatory Compliance. The undersigned will cooperate with the Company in any manner reasonably requested by the Company
in connection with the Company’s and its direct and indirect subsidiaries’ compliance with regulatory requirements
either now existing or arising during the time the undersigned is a stockholder of the Company.

 

(r)          Financial
Capacity. The undersigned has cash on hand sufficient to satisfy all of its obligations under this Subscription Agreement.

 

(s)          Brokers
and Finders. The undersigned is not a party to any agreement with any finder or broker, and the undersigned is not in any way
obligated to any finder or broker for any commissions, fees or expenses in connection with the negotiation, execution or performance
of this Agreement or the transactions contemplated hereby.

 

5.            Representations
and Warranties of Company. The Company makes the following representations and warranties: The Company has all requisite
power and authority to execute, deliver and perform its obligations under this Subscription Agreement. The execution and delivery
of this Subscription Agreement, and the consummation by the Company of the transactions contemplated hereby, have been duly authorized
by all necessary company action. This Subscription Agreement has been validly executed and delivered by the Company and constitutes
the legal, valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject to
bankruptcy, insolvency, reorganization, moratorium and similar laws of general application relating to creditors’ rights
and to general equity principles.

 

    	 	5	 

     

    

 

6.            Indemnification.
The undersigned shall indemnify, defend and hold harmless the Company and each stockholder, director, officer and employee thereof
from and against any and all loss, damage, liability or expense, including attorneys’ fees and court costs, which they or
any of them may suffer, sustain or incur by reason of, or in connection with, any misrepresentation or breach of warranty or agreement
made by the undersigned under this Subscription Agreement or in connection with the further sale or distribution of the Shares
purchased by the undersigned pursuant to this Subscription Agreement in violation of the Act or any other applicable law.

 

7.            Choice
of Law. This Subscription Agreement, its construction and the determination of any rights, duties or remedies of the
parties arising out of, or relating to, this Subscription Agreement shall be governed by the internal laws of the State of Delaware.

 

8.            Entire
Agreement. The terms of this Subscription Agreement, together with the Stockholders Agreement, are intended by the parties
as the final expression of their agreement with respect to the terms included in this Subscription Agreement and may not be contradicted
by evidence of any prior or contemporaneous agreement, arrangement, understanding, representations, warranties, covenants or negotiations
(whether oral or written).

 

9.            No
Waiver. No waiver or modification of any of the terms of this Subscription Agreement shall be valid unless in writing.
No waiver of a breach of, or default under, any provision of this Subscription Agreement shall be deemed a waiver of such provision
or of any subsequent breach or default of the same or similar nature or of any other provision or condition of this Subscription
Agreement.

 

10.          Counterparts.
This Subscription Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall constitute the same instrument.

 

11.          Expenses.
Each party shall pay all of the costs and expenses that it incurs with respect to the negotiation, execution, delivery and performance
of this Subscription Agreement.

 

12.          Survival.
All representations, warranties and covenants contained in this Subscription Agreement shall survive acceptance of the subscription.

 

13.          Gender
and Number. Terms used in this Subscription Agreement in any gender or in the singular or plural include other genders
and the plural or singular, as the context may require. If the Subscriber is an entity, all reference to “he,” “him”
and “his” (and the corresponding feminine pronouns) shall be deemed to include “it” or “its.”

 

signatures
on the following pages

 

    	 	6	 

     

    

 

In
Witness Whereof, the undersigned subscribes for [_______] Shares of the Company. This Subscription Agreement and the
representations, warranties, acknowledgements and agreements contained in this Subscription Agreement shall be binding upon the
heirs, executors, administrators, successors and assigns of the undersigned.

 

Executed at ____________________________________
as of October ____, 2016

(City)                          (State)

 

	 	Entity Name (if applicable):	 
	 	Signature:	 
	 	Print Name:	 
	 	Title (if applicable):	 

 

	FOR COMPLETION BY ALL SUBSCRIBERS

 

	Subscriber’s Mailing Address:	 	Subscriber’s Other Address:
	(for formal notice)	 	(home, business or main office)
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Attention: 	 	 	Attention: 	 
	Phone No: 	 	 	Phone No.: 	 
	Fax No.: 	 	 	Fax No.: 	 
	E-mail: 	 	 	E-mail: 	 

 

	FOR COMPLETION BY SUBSCRIBERS WHO ARE NATURAL PERSONS: 
	 	 	
	 	Subscriber’s Name:	                                                        
	 	 	(print or type)
	 	 	 
	 	Subscriber’s Signature	                                                        
	 	 	(signature)
	 	 	 
	 	Subscriber’s Social Security No:	                                                        
	 	 	 
	FOR COMPLETION BY SUBSCRIBERS WHO ARE NOT NATURAL PERSONS: 
	(i.e., corporations, partnerships, limited liability companies, trusts or other entities)
	 	 	 
	 	Subscriber’s Name	                                                        
	 	 	(print or type)
	 	 	 
	 	By:	                                                        
	 	 	(signature of authorized representative)
	 	 	 
	 	Its:	                                                        
	 	 	(name and title of authorized representative)
	 	 	 
	 	Subscriber’s Tax Identification No.:	                                                        

               

Subscriber
Signature Page to

Subscription Agreement

 

     

     

    

 

Acceptance
by the Company

 

Accepted as of October ____, 2016.

 

	 	NeuroOne, Inc.
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	Dave Rosa
	 	Title:	Chief Executive Officer

 

Company
Signature Page to

Subscription Agreement

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Stockholders Agreement as of the date
set forth in the first paragraph hereof.

 

THE COMPANY:

 

NeuroOne, Inc.

 

	By:	 	 
	Name:	Dave Rosa	 
	Title:	Chief Executive Officer	 

 

Signature
Page to Stockholders Agreement of

NeuroOne, Inc.

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Stockholders Agreement as of the date
set forth in the first paragraph hereof.

 

THE STOCKHOLDERS:

_________________________________

[_______________]

 

Signature
Page to Stockholders Agreement of

NeuroOne, Inc.

 

     

     

    

 

Exhibit
A

 

STOCKHOLDERS AGREEMENT OF

NEUROONE, INC.

 

[See attached]

 

    	 	A- 1

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