Document:

Exhibit 10.1

 

Agreement No. 14-00333

 

EXCLUSIVE START-UP COMPANY LICENSE
AGREEMENT

 

This Exclusive Start-Up
Company License Agreement (this “Agreement”) is made effective the 1st day of October, 2014 (the “Effective
Date”) by and between the Wisconsin Alumni Research Foundation (“WARF”), a nonstock, nonprofit Wisconsin corporation,
and Neuro One, LLC. (“Licensee”), a corporation organized and existing under the laws of Minnesota.

 

WHEREAS, WARF
owns certain intellectual property rights to the inventions described in the “Licensed Patents” defined below, and
WARF is willing to grant a license to Licensee under any one or all of the Licensed Patents, and Licensee desires a license under
all of them.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements set forth below, the parties covenant and agree as follows:

 

		Section 1.	Definitions.

 

For the purpose of
this Agreement, the Appendix A definitions shall apply.

 

		Section 2.	Grant.

 

		A.	License.

 

WARF hereby grants
to Licensee under the Licensed Patents an exclusive license to make, use and sell Products in the Licensed Field and Licensed Territory.

 

		B.	Sublicenses.

 

Licensee may grant
written, nonexclusive sublicenses, without the right to further sublicense, to third parties. Any agreement granting a sublicense
shall contain terms and conditions no less restrictive than those set forth in this Agreement and shall state that the sublicense
is subject to the termination of this Agreement. Licensee shall have the same responsibility for the activities of any sublicensee
as if the activities were directly those of Licensee. Licensee shall provide WARF with the name, contact information and address
of each sublicensee, as well as information regarding the number of full-time employees of any such sublicensee to allow WARF to
determine whether it can maintain its small entity filing status for patent prosecution and maintenance purposes. Upon WARF’s
written request, Licensee shall provide to WARF copies of each sublicense agreement and any amendments thereto.

 

		C.	Reservation of Rights.

 

In addition to the
United States Government Rights identified in Section 14, WARF hereby reserves the right to grant non-profit research institutions
and governmental agencies non-exclusive licenses to practice and use the inventions of the Licensed Patents for Non-Commercial
Research Purposes. WARF, the University of Wisconsin and the inventors of the Licensed Patents shall have the right to publish
any information included in the Licensed Patents.

 

    
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		D.	License to WARF.

 

(i)          Licensee
hereby grants, and shall require its sublicensee(s) to grant, to WARF a nonexclusive, royalty-free, irrevocable, paid-up license,
with the right to grant sublicenses to non-profit research institutions and governmental agencies, to practice and use “Improvements”
for Non-Commercial Research Purposes. “Improvements” shall mean any patented modification of an invention described
in the Licensed Patents that (1) would be infringed by the practice of an invention claimed in the Licensed Patents; or (2) if
not for the license granted under this Agreement, would infringe one or more claims of the Licensed Patents.

 

(ii)         In
the event that Licensee and its sublicensee(s) discontinue the use or commercialization of the Licensed Patents or any Improvements
provided for under this Agreement, Licensee shall grant, and shall require its sublicensee(s) to grant to WARF an option to obtain
a nonexclusive, royalty-bearing license, with the right to grant sublicenses, to practice and use said Improvements for commercial
purposes. Licensee shall provide to WARF written notice that Licensee and its sublicensee(s) intend to discontinue such use or
commercialization immediately upon making such a decision. WARF’s option with respect to each Improvement shall expire sixty
(60) days after WARF’s receipt of said written notice from Licensee. The failure of WARF to timely exercise its option under
this paragraph shall be deemed a waiver of WARF’s option, but only with respect to the Improvement so disclosed.

 

		Section 3.	Development.

 

A.           Licensee
shall diligently develop, manufacture, market and sell Products in each Licensed Field and Licensed Territory throughout the term
of this Agreement. Such activities shall include, without limitation, those activities listed in Licensee’s “Development
Plan” attached hereto as Appendix E. Licensee agrees that said Development Plan is reasonable and that it shall take all
reasonable steps to meet the development program as set forth therein.

 

B.           Beginning
in calendar year 2014 and until the Date of First Commercial Sale, Licensee shall provide WARF with a written Development Report
summarizing Licensee’s development activities since the last Development Report and any necessary adjustments to the Development
Plan. Licensee agrees to provide each Development Report to WARF on or before thirty (30) days from the end of each semi-annual
period ending June 30 and December 31 for which a report is due, and shall set forth in each Development Report sufficient detail
to enable WARF to ascertain Licensee’s progress toward the requirements of the Development Plan. WARF reserves the right
to audit Licensee’s records relating to the development activities required hereunder. Such record keeping and audit procedures
shall be subject to the procedures and restrictions set forth in Section 6 for auditing the financial records of Licensee.

 

C.           Licensee
agrees to and warrants that it has, or will obtain, the expertise necessary to independently evaluate the inventions of the Licensed
Patents and to develop Products for sale in the commercial market and that it so intends to develop Products for the commercial
market. Licensee acknowledges that any failure by Licensee to reasonably implement the Development Plan, or to make timely submission
to WARF of any Development Report, or the providing of any false information to WARF regarding Licensee’s development activities
hereunder, shall be a material breach of this Agreement.

 

    
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D.           Licensee
further agrees to and warrants that it will meet the following Milestones:

 

(i)          Licensee
will submit a revised business plan to WARF within twelve (12) months of the Effective Date.

 

(ii)         Licensee
will obtain at least $1,000,000 in equity financing within one (1) year of the Effective Date.

 

(iii)        Licensee
will obtain at least $3,000,000 in cumulative equity financing within two (2) years of the Effective Date.

 

(iv)        Licensee
will file an application for 510(k) marketing clearance with the U.S. Food and Drug Administration (“FDA”) within one
(1) year of the Effective Date.

 

		Section 4.	Consideration.

 

A.           License
Fee.

 

Licensee will pay to
WARF a license fee of $[*] as follows:

 

(i)          Licensee
will pay to WARF $[*] due the earlier of one hundred and twenty (120) days from the execution of this Agreement or upon raising
$100,000 in equity financing.

 

(ii)         Licensee
will pay to WARF $[*] due the earlier of twelve (12) months from the execution of this Agreement or upon raising $1,000,000 in
equity financing.

 

B.           Royalty.

 

(i)          In
addition to the license fee under Section 4A, Licensee agrees to pay to WARF as “earned royalties” a royalty calculated
as a percentage of the Selling Price of Products in accordance with the terms and conditions of this Agreement. The royalty is
deemed earned as of the earlier of the date the Product is actually sold, leased or otherwise transferred for consideration, the
date an invoice is sent by Licensee or its sublicensee(s), or the date a Product is transferred to a third party for any promotional
reasons. The royalty shall remain fixed while this Agreement is in effect at a rate of [*]% of the Selling Price of Products.

 

(ii)         If
Licensee is required to pay royalties to one or more independent third parties during any calendar year to obtain a license or
similar right in the absence of which Licensee could not legally make, use or sell Products, then the royalty payable hereunder
will be reduced by [*]% for each additional [*]% of royalties payable for all of the additional licensing components, to WARF.
Notwithstanding the foregoing, in no event shall the royalty due WARF be reduced to less than [*]%.

 

    
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C.           Sublicensing
Royalties and Fees.

 

(i)          With
respect to sublicenses granted by Licensee under Section 2B, Licensee shall pay to WARF an amount equal to what Licensee would
have been required to pay to WARF had Licensee sold the amount of Products sold by such sublicensee.

 

(ii)         In
addition, if Licensee receives any fees, minimum royalties, or other payments in consideration for any rights granted under a
sublicense, or option to sublicense, or other similar rights, and such payments are not based directly upon the amount or
value of Products sold by the sublicensee (hereinafter “Sublicense Fees”), then Licensee shall pay WARF [*] of
such payments within thirty (30) days of receipt of such payments, and otherwise in the manner specified in Section 4F.
Licensee shall not receive from its sublicensees anything of value in lieu of cash payments in consideration for any
sublicense granted under this Agreement without the express prior written consent of WARF. No payments owed for Sublicense
Fees shall be prorated, whether the sublicense to the Licensed Patents is bundled with other licenses or sublicenses or not,
without WARF’s written consent.

 

D.           Minimum
Royalty.

 

Licensee further agrees
to pay to WARF a minimum royalty of $50,000 for calendar year 2017, $100,000 for calendar year 2018, and $150,000 for calendar
year 2019 and each calendar year thereafter or part thereof during which this Agreement is in effect, against which any earned
royalty paid for the same calendar year will be credited. The minimum royalty for a given year shall be due at the time payments
are due for the calendar quarter ending on December 31. It is understood that the minimum royalties will apply on a calendar year
basis, and that sales of Products requiring the payment of earned royalties made during a prior or subsequent calendar year shall
have no effect on the annual minimum royalty due WARF for any other given calendar year.

 

E.           Patent
Fees and Costs.

 

(i)          Licensee
agrees to reimburse WARF $[*] towards the costs incurred by WARF in filing, prosecuting and maintaining the Licensed Patents. Such
payment is due the earlier of twelve (12) months from the execution of this Agreement or upon raising $1,000,000 in equity financing.
Licensee will pay to WARF such costs within thirty (30) days of receiving an invoice from WARF.

 

(ii)         If
WARF decides to abandon maintenance of any patent under the Licensed Patents, WARF shall provide Licensee notice of WARF’s
intent to abandon such application and the parties will determine in good faith how to proceed, taking into account the patent
fees and costs already expended.

 

    
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F.           Accounting
Payments.

 

(i)          Amounts
owing to WARF under Section 4B and Section 4C shall be paid on a quarterly basis, with such amounts due and received by WARF on
or before the thirtieth (30th) day following the end of the calendar quarter ending on March 31, June 30, September 30 or December
31 in which such amounts were earned. The balance of any royalty and non-royalty amounts owed to WARF under this Agreement which
remain unpaid more than thirty (30) days after they are due to WARF shall accrue interest until paid at the rate of the lesser
of one percent (1%) per month or the maximum amount allowed under applicable law. However, in no event shall this interest provision
be construed as a grant of permission for any payment delays.

 

(ii)         Except
as otherwise directed, all amounts owing to WARF under this Agreement shall be paid in U.S. dollars to WARF at the address provided
in Section 16(a). All royalties owing with respect to Selling Prices and other fees stated in currencies other than U.S. dollars
shall be converted at the rate shown in the Federal Reserve Noon Valuation Value of Foreign Currencies on the day preceding the
payment. WARF is exempt from paying income taxes under U.S. law. Therefore, all payments due under this Agreement shall be made
without deduction for taxes, assessments, or other charges of any kind which may be imposed on WARF by any government outside of
the United States or any political subdivision of such government with respect to any amounts payable to WARF pursuant to this
Agreement. All such taxes, assessments, or other charges shall be assumed by Licensee or its sublicensee(s).

 

(iii)        A
full accounting showing how any amounts owing to WARF under Section 4B and Section 4C have been calculated shall be submitted to
WARF on the date of each such payment. For royalties, such accounting shall be on a per country and product line, model or tradename
basis and shall be summarized on the form shown in Appendix C of this Agreement. Such accounting shall include completing the quarterly
royalty forecast section of Appendix C. In the event no payment is owed to WARF, a statement setting forth that fact shall be supplied
to WARF.

 

		Section 5.	Certain Warranties.

 

A.           WARF
warrants that except as otherwise provided under Section 14 of this Agreement with respect to U.S. Government interests, it is
the owner of the Licensed Patents or otherwise has the right to grant the licenses granted to Licensee in this Agreement. However,
nothing in this Agreement shall be construed as:

 

(i)          a
warranty or representation by WARF as to the validity or scope of any of the Licensed Patents;

 

(ii)         a
warranty or representation that anything made, used, sold or otherwise disposed of under the license granted in this Agreement
will or will not infringe patents of third parties; or

 

(iii)        an
obligation to furnish any know-how not provided in the Licensed Patents or any services other than those specified in this Agreement.

 

    
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B.           WARF
MAKES NO REPRESENTATIONS, EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, AND ASSUMES NO RESPONSIBILITIES WHATSOEVER
WITH RESPECT TO THE USE, SALE, OR OTHER DISPOSITION BY LICENSEE, ITS SUBLICENSEE(S) OR THEIR VENDEES OR OTHER TRANSFEREES OF PRODUCTS
INCORPORATING OR MADE BY USE OF INVENTIONS LICENSED UNDER THIS AGREEMENT.

 

C.           Licensee
represents and warrants that Products produced under the license granted herein shall be manufactured substantially in the United
States as required by 35 U.S.0 § 204 and applicable regulations of Chapter 37 of the Code of Federal Regulations.

 

		Section 6.	Recordkeeping.

 

A.           Licensee
and its sublicensee(s) shall keep books and records sufficient to verify the accuracy and completeness of Licensee’s and
its sublicensee(s)’s accounting referred to above, including without limitation inventory, purchase and invoice records relating
to the Products or their manufacture. In addition, Licensee shall maintain documentation evidencing that Licensee is in fact pursuing
the development of Products as required herein. Such documentation may include, but is not limited to, invoices for studies advancing
the development of Products, laboratory notebooks, internal job cost records, and filings made to the Internal Revenue Department
to obtain tax credit, if available, for research and development of Products. Such books and records shall be preserved for a period
not less than six (6) years after they are created during and after the term of this Agreement.

 

B.           Licensee
and its sublicensee(s) shall take all steps necessary so that WARF may within thirty (30) days of its request review and copy all
the books and records at a single U.S. location to allow WARF to verify the accuracy of Licensee’s royalty reports and Development
Reports, the royalty reports of its sublicensee(s), and any applicable Sublicense Fees. Such review may be performed by any employee
of WARF as well as by any attorney or registered CPA designated by WARF, upon reasonable notice and during regular business hours.

 

C.           If
a royalty payment deficiency is determined, Licensee and its sublicensee(s), as applicable, shall pay the royalty deficiency outstanding
within thirty (30) days of receiving written notice thereof, plus interest on outstanding amounts as described in Section 4F(i).

 

D.           If
a royalty payment deficiency for a calendar year exceeds the lesser of [*]% of the royalties paid for that year or $[*], then Licensee
or its sublicensee(s) shall be responsible for paying WARF’s out-of-pocket expenses incurred with respect to such review.

 

		Section 7.	Term and Termination.

 

A.           The
term of this Agreement shall begin on the Effective Date and continue until this Agreement is terminated as provided herein or
until the earlier of the date that no Licensed Patent remains an enforceable patent or the payment of earned royalties under Section
4B and Section 4C, once begun, ceases for more than four (4) calendar quarters.

 

    
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B.           Licensee
may terminate this Agreement at any time by giving at least ninety (90) days’ written and unambiguous notice of such termination
to WARF. Such a notice shall be accompanied by a statement of the reasons for termination.

 

C.           In
the event that Licensee fails to meet any Milestone set forth in Section 3D, WARF may terminate this Agreement by giving Licensee
at least thirty (30) days’ written notice of such termination.

 

D.           If
Licensee at any time defaults in the timely payment of any monies due to WARF or the timely submission to WARF of any Development
Report, fails to actively pursue the Development Plan, or commits any breach of any other covenant herein contained, and Licensee
fails to remedy any such breach or default within ninety (90) days after written notice thereof by WARF, or if Licensee commits
any act of bankruptcy, becomes insolvent, is unable to pay its debts as they become due, files a petition under any bankruptcy
or insolvency act, or has any such petition filed against it which is not dismissed within sixty (60) days, or if Licensee or its
sublicensee(s) offer any component of the Licensed Patents to their creditors, WARF may, at its option, terminate this Agreement
immediately by giving notice of termination to Licensee.

 

E.           WARF
may terminate this Agreement by giving Licensee at least ninety (90) days’ written notice if the Date of First Commercial
Sale does not occur by July 1, 2016.

 

F.           Upon
the termination of this Agreement, Licensee and its sublicensee(s) shall remain obligated to provide an accounting for and to pay
royalties earned up to the date of the termination and any minimum royalties shall be prorated as of the date of termination by
the number of days elapsed in the applicable calendar year. Licensee and its sublicensee(s) shall also remain obligated to pay
all other amounts owed under this Agreement to WARF prior to termination. Such accountings and payments shall be due within thirty
(30) days of termination.

 

G.           Waiver
by either party of a single breach or default, or a succession of breaches or defaults, shall not deprive such party of any right
to terminate this Agreement in the event of any subsequent breach or default.

 

		Section 8.	Assignability.

 

This Agreement may
not be transferred or assigned by Licensee, whether pursuant to a change-of-control event or otherwise, without the prior written
consent of WARF.

 

		Section 9.	Contest of Validity.

 

A.           Licensee
and its sublicensee(s) must provide WARF at least three (3) months prior written notice before filing any action that contests
the validity of any Licensed Patent during the term of this Agreement.

 

    
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B.           In
the event Licensee or its sublicensee(s) files any action contesting the validity of any Licensed Patent, the filing party shall
pay a royalty rate of two (2) times the royalty rate specified in Section 4B of this Agreement for all Products sold during the
pendency of such action. Moreover, should the outcome of such contest determine that any claim of a Licensed Patent challenged
is valid and would be infringed by a Product sold by Licensee (or its sublicensee(s) if such sublicensee filed the action), if
not for the license granted by this Agreement, Licensee (or its sublicensee(s), if such sublicensee filed the action) shall thereafter,
and for the remaining term of this Agreement, pay a royalty rate of three (3) times the royalty rate specified in Section 4B of
this Agreement.

 

C.           In
the event that Licensee or its sublicensee(s) contests the validity of any Licensed Patent during the term of this Agreement, Licensee
agrees (and shall require its sublicensee(s) to agree) to pay to WARF all royalties due under the Agreement during the period of
challenge. For the sake of clarity, such amounts shall not be paid into any escrow or other account, but directly to WARF, and
shall not be refunded.

 

		Section 10.	Enforcement.

 

WARF intends to protect
the Licensed Patents against infringers or otherwise act to eliminate infringement, when, in WARF’s sole judgment, such action
may be necessary, proper, and justified and makes reasonable business sense considering all factors. In the event that Licensee
or its sublicensee(s) believe there is infringement of any Licensed Patent under this Agreement which is to its substantial detriment,
Licensee shall provide WARF with notification and reasonable evidence of such infringement. Upon request by WARF, Licensee will
provide WARF with such assistance and information as may be useful to WARF in connection with WARF’s taking such action (if
the cause of action arose during the term of this Agreement and WARF reimburses Licensee for Licensee’s reasonable out-of-pocket
expenses).

 

		Section 11.	Patent Marking.

 

Licensee and its sublicensee(s)
shall mark all Products or Product packaging with the appropriate patent number reference in compliance with the requirements of
U.S. law 35 U.S.C. § 287.

 

		Section 12.	Product Liability: Conduct of Business.

 

A.           Licensee
shall, at all times during the term of this Agreement and thereafter, indemnify, defend and hold WARF and the inventors of the
Licensed Patents harmless against all claims and expenses, including legal expenses and reasonable attorneys fees, arising out
of the death of or injury to any person or persons or out of any damage to property and against any other claim, proceeding, demand,
expense and liability of any kind whatsoever resulting from the production, manufacture, sale, use, lease, consumption or advertisement
of Products arising from any right or obligation of Licensee or its sublicensee(s) hereunder. WARF at all times reserves the right
to select and retain counsel of its own to defend WARF’s interests.

 

B.           Licensee
warrants that it now maintains and will continue to maintain liability insurance coverage appropriate to the risk involved in marketing
the Products subject to this Agreement and that such insurance coverage lists WARF and the inventors of the Licensed Patents as
additional insureds. Upon WARF’s request, Licensee will present evidence to WARF that such coverage is being maintained.

 

    
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		Section 13.	Use of Names.

 

Neither Licensee nor
its sublicensee(s) shall use WARF’s name, the name of any inventor of inventions governed by this Agreement, or the name
of the University of Wisconsin in sales promotion, advertising, or any other form of publicity without the prior written approval
of the entity or person whose name is being used.

 

		Section 14.	United States Government Interests.

 

It is understood that
if the United States Government (through any of its agencies or otherwise) has funded research, during the course of or under which
any of the inventions of the Licensed Patents were conceived or made, the United States Government is entitled, as a right, under
the provisions of 35 U.S.C. §§ 200-212 and applicable regulations of Chapter 37 of the Code of Federal Regulations, to
a nonexclusive, nontransferable, irrevocable, paid-up license to practice or have practiced the invention of such Licensed Patents
for governmental purposes. Any license granted under this Agreement to Licensee or any of its sublicensees shall be subject to
such right.

 

		Section 15.	Miscellaneous.

 

This Agreement shall
be governed by and construed in all respects in accordance with the laws of the State of Wisconsin. If any provisions of this Agreement
are or shall come into conflict with the laws or regulations of any jurisdiction or any governmental entity having jurisdiction
over the parties or this Agreement, those provisions shall be deemed automatically deleted, if such deletion is allowed by relevant
law, and the remaining terms and conditions of this Agreement shall remain in full force and effect. If such a deletion is not
so allowed or if such a deletion leaves terms thereby made clearly illogical or inappropriate in effect, the parties agree to substitute
new terms as similar in effect to the present terms of this Agreement as may be allowed under the applicable laws and regulations.
The parties hereto are independent contractors and not joint venturers or partners.

 

		Section 16.	Notices.

 

Any notice required
to be given pursuant to the provisions of this Agreement shall be in writing and shall be deemed to have been given at the earlier
of the time when actually received as a consequence of any effective method of delivery, including but not limited to hand delivery,
transmission by telecopier, or delivery by a professional courier service or the time when sent by certified or registered mail
addressed to the party for whom intended at the address below or at such changed address as the party shall have specified by written
notice, provided that any notice of change of address shall be effective only upon actual receipt.

 

    
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		(a)	Wisconsin Alumni Research Foundation

Attn: Contracts Manager

614 Walnut Street

Madison, Wisconsin 53726

 

		(b)	Neuro One, LLC

Attn: Mark Christianson

17326 Candlewood Parkway

Eden Prairie, MN 55347

 

		Section 17.	Integration.

 

This Agreement constitutes
the full understanding between the parties with reference to the subject matter hereof, and no statements or agreements by or between
the parties, whether orally or in writing, except as provided for elsewhere in this Section 17, made prior to or at the signing
hereof, shall vary or modify the written terms of this Agreement. Neither party shall claim any amendment, modification, or release
from any provisions of this Agreement by mutual agreement, acknowledgment, or otherwise, unless such mutual agreement is in writing,
signed by the other party, and specifically states that it is an amendment to this Agreement.

 

		Section 18.	Confidentiality.

 

The parties hereto
agree to keep any information identified as confidential by the disclosing party, confidential using methods at least as stringent
as each party uses to protect its own confidential information. “Confidential Information” shall include the terms
of this Agreement, Licensee’s Development Plan and Development Reports, Royalty Reports and forecasts, sublicenses, the Licensed
Patents and all information concerning them and any other information marked confidential or accompanied by correspondence indicating
such information is exchanged in confidence between the parties. Except as may be authorized in advance in writing by WARF, Licensee
shall only grant access to WARF’s Confidential Information to its sublicensee(s) and those employees of Licensee and its
sublicensee(s) involved in research relating to the Licensed Patents. Licensee shall require its sublicensee(s) and all such employees
to be bound by terms of confidentiality no less restrictive than those set forth in this Section 18. Licensee and its sublicensee(s)
shall not use any Confidential Information to WARF’s detriment, including, but not limited to, claiming priority to the Licensed
Patents in any patent prosecution. The confidentiality and use obligations set forth above apply to all or any part of the Confidential
Information disclosed hereunder except to the extent that:

 

(i)          the
receiving party can show by written record that it possessed the information prior to its receipt from the disclosing party;

 

(ii)         the
information was already available to the public or became so through no fault of the receiving party;

 

(iii)        the
information is subsequently disclosed to the receiving party by a third party that has the right to disclose it free of any obligations
of confidentiality;

 

    
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(iv)        the
information is required by law, rule, regulation or judicial process to be disclosed (if such requirement arises, the party requested
to disclose the Confidential Information of the other party shall, prior to any such disclosure, promptly notify said party and
provide assistance in any reasonable effort to obtain confidential treatment with respect to such disclosure); or

 

(v)         five
(5) years have elapsed from the expiration of this Agreement.

 

		Section 19.	Authority.

 

The persons signing
on behalf of WARF and Licensee hereby warrant and represent that they have authority to execute this Agreement on behalf of the
party for whom they have signed.

 

    
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IN WITNESS WHEREOF,
the parties hereto have duly executed this Agreement on the dates indicated below.

 

WISCONSIN ALUMNI RESEARCH FOUNDATION

 

	By:	/s/ Leigh Cagan	 	Date:	10/28/2014
	 	Leigh Cagan, Chief Technology Commercialization Officer	 	 	 

 

NEURO ONE LLC

 

	By:	/s/ Mark Christianson	 	Date:	10/22/2014
	 	 	 	 	 
	Name and Title:	Mark Christianson, Partner	 	 	 
	 	 	 	 	 	 

 

    
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APPENDIX A

 

A.           “Date
of First Commercial Sale” shall mean the date when Licensee sells an FDA approved Product to the retail market.

 

B.           “Development
Report” shall mean a written account of Licensee’s progress under the Development Plan having at least the information
specified on Appendix D to this Agreement.

 

C.           “Licensed
Field” shall be limited to devices for the treatment and diagnosis of neurological disorders.

 

D.           “Licensed
Patents” shall refer to and mean those patents listed on Appendix B attached hereto.

 

E.            “Licensed
Territory” shall be limited to the United States.

 

F.            “Non-Commercial
Research Purposes” shall mean the use of the inventions of the Licensed Patents and/or Improvements for academic research
purposes or other not-for-profit or scholarly purposes not involving the use of the inventions of the Licensed Patents or Improvements
to perform services for a fee or for the production or manufacture of products for sale to third parties.

 

G.            “Products”
shall refer to and mean any and all products that employ or are in any way produced by the practice of an invention claimed in
the Licensed Patents or that would otherwise constitute infringement of any claims of the Licensed Patents.

 

H.           “Selling
Price” shall mean, in the case of Products that are sold or leased, the invoice price to the end user of Products (regardless
of uncollectible accounts) less any shipping costs, allowances because of returned Products, or sales taxes. The “Selling
Price” for a Product that is transferred to a third party for promotional purposes without charge or at a discount shall
be the average invoice price to the end user of that type of Product during the applicable calendar quarter.

 

    
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APPENDIX B

 

LICENSED PATENTS

 

	
        REFERENCE

NUMBER
	 	COUNTRY	 	APPLICATION

SERIAL

NUMBER	 	FILING

DATE	 	PATENT

NUMBER
	 	 	 	 	 	 	 	 	 
	[*]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[*]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[*]	 	[*]	 	[*]	 	[*]	 	[*]
	[*]	 	[*]	 	[*]	 	[*]	 	[*]

 

    
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APPENDIX C

 

WARF ROYALTY REPORT

 

	Licensee:	 	 	Agreement No:	 

	Inventor:	 	 	P#:	 

	Period Covered: From:		 	Through:	 

	Prepared By:	 	 	Date:	 

	Approved By:	 	 	Date:	 

 

If license covers several major product
lines, please prepare a separate report for each line. Then combine all product lines into a summary report.

 

	Report Type:	Single Product Line Report:                                                                                  
	 	Multiproduct Summary Report.  Page 1 of _______Pages
	 	Product Line Detail.  Line:  ___________ Tradename:  __________ Page            

 

	Report Currency:	U. S. Dollars ________ Other                                                                         

 

	 	 	Gross	 	* Less:	 	 	 	Royalty	 	Period Royalty Amount
	Country	 	Sales	 	Allowances	 	Net Sales	 	Rate	 	This Year	 	Last Year
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL:	 	 	 	 	 	 	 	 	 	 	 	 

 

Total Royalty: _____________Conversion
Rate: __________ Royalty in U.S. Dollars: $______

The following royalty forecast is non-binding
and for WARF’s internal planning purposes only:

Royalty Forecast Under This Agreement:
Next Quarter: _____ Q2: ______ Q3: ____ Q4: ____

 

	* On a separate page, please indicate the reasons for
                                                                                            returns or other adjustments if significant. Also note any unusual occurrences that affected royalty amounts during this
                                                                                            period. To assist WARF’s forecasting, please comment on any significant expected trends in sales volume.

 

    
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APPENDIX D

 

DEVELOPMENT REPORT

 

		A.	Date development plan initiated and time period covered
by this report.

 

		B.	Development Report (4-8 paragraphs).

 

		1.	Activities completed since last report including the
object and parameters of the development, when initiated, when completed and the results.

 

		2.	Activities currently under investigation, i.e., ongoing
activities including object and parameters of such activities, when initiated, and projected date of completion.

 

		C.	Future Development Activities (4-8 paragraphs).

 

		1.	Activities to be undertaken before next report including,
but not limited to, the type and object of any studies conducted and their projected starting and completion dates.

 

		2.	Estimated total development time remaining before a
product will be commercialized.

 

		D.	Changes to Development Plan submitted to WARF (2-4 paragraphs).

 

		1.	Reasons for change.

 

		2.	Variables that may cause additional changes.

 

		E.	Items to be provided if applicable:

 

		1.	Information relating to Product that has become publicly
available, e.g., published articles, competing products, patents, etc.

 

		2.	Development work being performed by third parties other
than Licensee to include name of third party, reasons for use of third party, planned future uses of third parties including reasons
why and type of work.

 

		3.	Update of competitive information trends in industry,
government compliance (if applicable) and market plan.

 

PLEASE SEND DEVELOPMENT REPORTS TO:

 

Wisconsin Alumni Research Foundation

Attn.: Contracts Manager

614 Walnut Street

Madison, WI 53726

 

    
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APPENDIX E

 

DEVELOPMENT PLAN

 

	 	Estimated
	 	Start Date	 	Finish Date
	I.           Development Program	[*]	 	[*]

 

		A.	Development Activities to be Undertaken

 

		1.	Secure project funding

 

		2.	Devicex Engineering will lead all development and testing
requirements to obtain 510K approval. Please refer to Devicix Proposal #249-002 “iEEG Flex Depth Electrode” Dated
March 3, 2014.

 

		B.	Estimated Total Development Time: 12 months upon receiving
funding.

 

		II.	Governmental Approval

 

		A.	Types of submissions required: 510K approval for clinical
use

 

		B.	Government agency: FDA approval required for clinical
use.

 

III.         Proposed
Market Approach: Sell through existing relationships and the utilization of independent sales professionals that have existing
knowledge and relationships in the Neuro-surgery arena.

 

1V.        Competitive Information

 

A.           Potential
Competitors: PMT, Adtech and Integra currently sell electrodes for use in epilepsy surgery. The company feels that with the significant
advancement that our technology offers, we will be able to secure the expected sales projections. Also, having patents that protect
other companies from developing similar technology will secure our ability to achieve the desired success projected.

 

B.            Potential
Competitive Devices/Compositions: None known to be in development

 

C.            Known
Competitor’s plans, developments, and technical achievements: Current companies manufacturing electrodes are not currently
developing similar technology.

 

D.           Anticipated
Date of Product Launch-[*]

 

    
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[*]

 

    
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* Information redacted pursuant to a confidential treatment request and submitted separately with the Securities and Exchange Commission.Exhibit 10.2

 

Agreement No. 14-00333A

 

AMENDMENT TO EXCLUSIVE START-UP
COMPANY LICENSE AGREEMENT

 

This Amendment to Exclusive
Start-up Company License Agreement (“Amendment”) is entered into on this 22nd day of February, 2017 (the “Amendment
Effective Date”), by and between Wisconsin Alumni Research Foundation (“WARF”), a nonstock, nonprofit Wisconsin
corporation, Neuro One LLC (“Former Licensee”), a corporation organized and existing under the laws of Minnesota, and
NeuroOne, Inc. (“New Licensee”), a Delaware corporation.

 

WHEREAS, WARF
and Former Licensee entered into an Exclusive Start-Up Company License Agreement effective October 1, 2014 (the “Agreement”);

 

WHEREAS, Effective
October 27, 2016, Former Licensee was completely merged with and into New Licensee, such that New Licensee is the successor to
Former Licensee’s business and assets;

 

WHEREAS, Former
Licensee and New Licensee have requested, and WARF has consented, to assign all of Former Licensee’s rights and obligations under
the Agreement to New Licensee;

 

WHEREAS, WARF,
Former Licensee and New Licensee entered into a Letter Agreement dated January 9, 2017, that outlined Former Licensee’s prior
acts and omissions under the Agreement for which it was in breach in order to facilitate the continued negotiation and eventual
consummation of an amendment (“Letter Agreement”); and

 

WHEREAS, this
Amendment serves to remedy the provisions of the Agreement outlined in the Letter Agreement that had been breached by Former Licensee,
and New Licensee has requested amendments to certain provisions of the Agreement which New Licensee believes will maximize the
commercialization of the technology covered by the rights licensed under the Agreement; and as a result WARF and Licensee have
agreed to amend the Agreement to alter certain deadlines for Development Reports, Milestones, license fee payment, and patent fee
reimbursement, as well as to make additional changes as set forth below.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements set forth below, the parties covenant and agree as follows:

 

1.           Subject
to the terms and conditions set forth in this Amendment and the Agreement, WARF hereby grants its consent under Section 8 of the
Agreement for Former Licensee to assign its rights, obligations, and liabilities under the Agreement to New Licensee.

 

2.           Former
Licensee hereby irrevocably transfers and assigns to New Licensee all of Former Licensee’s right, title and interest in and
to the Agreement, including all rights, obligations, and liabilities thereunder. New Licensee hereby accepts such transfer and
assignment, fully assumes all rights, obligations and responsibilities under the Agreement as if it were the original “Licensee”
under it, and agrees to be responsible in full for the covenants, representations, warranties, terms, and obligations of Former
Licensee under the Agreement.

 

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3.           The
preamble of the Agreement is hereby amended to substitute “NeuroOne, Inc.” in place of “Neuro One, LLC”
and “Delaware” in place of “Minnesota.”

 

4.           Section
3B is hereby amended to substitute “2017” in place of “2014,” for the calendar year as of which Licensee
will provide WARF the Development Report and adjustments to the Development Plan as set forth therein.

 

5.           Section
3D is hereby deleted in its entirety and replaced with the following:

 

“D.        Licensee
further agrees to and warrants that it will meet the following Milestones:

 

(i)           Licensee
will submit a revised business plan to WARF on or before February 1, 2018.

 

(ii)          Licensee
will file an application for 510(k) marketing clearance with the U.S. Food and Drug Administration (“FDA”) on or before
February 1, 2019.”

 

6.           Section
4A (License Fee) of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“A.           License
Fee.

 

Licensee
will pay to WARF a license fee of $[*] upon the earliest of (i) the date as of which Licensee raises a cumulative total of at least
$3 million in financing, (ii) the date as of which Licensee, its business or assets, or the majority of its voting shares is acquired
by a third party; or (iii) the date as of which Licensee’s cumulative revenue reaches or exceeds $2 million.”

 

7.           Section
4D (Minimum Royalty) of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“Licensee further agrees
to pay to WARF a minimum royalty of $50,000 for calendar year 2019, $100,000 for calendar year 2020, and $150,000 for calendar
year 2021 and each calendar year thereafter or part thereof during which this Agreement is in effect, against which any earned
royalty paid for the same calendar year will be credited. The minimum royalty for a given year shall be due at the time payments
are due for the calendar quarter ending on December 31. It is understood that the minimum royalties will apply on a calendar year
basis, and that sales of Products requiring the payment of earned royalties made during a prior or subsequent calendar year shall
have no effect on the annual minimum royalty due to WARF for any other given calendar year.”

 

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8.           Section
4E(i) of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“(i)        Licensee
agrees to reimburse WARF $[*] towards the costs incurred by WARF in filing, prosecuting and maintaining the Licensed Patents. Such
payment is due the earliest of (i) the date as of which Licensee raises a cumulative total of at least $5 million in financing;
(ii) the date as of which Licensee, its business or assets, or the majority of its voting shares is acquired by a third party;
or (iii) the date as of which Licensee’s cumulative revenue reaches or exceeds $2 million.”

 

9.           Section
7E of the Agreement is hereby amended by replacing “July 1, 2016” with “March 31, 2019” as the date by
which WARF may terminate as set forth therein.

 

10.         The
parties have agreed to amend the manner by which royalties are calculated under Section 4B such that the earned royalty owed to
WARF shall be based on “Net Sales,” rather than “Selling Price.” In view of this, the following amendments
are hereby made to the Agreement:

 

		·	Appendix A, definition H (“Selling Price”), of the Agreement is hereby deleted and
replaced with the following:

 

“H.        ‘Net
Sales” shall mean the gross revenue received by Licensee and by its sublicensees, as applicable, from the sale or other disposition
of Products made, sold, leased, transferred and/or imported in the Licensed Territory, less the following items, but only insofar
as these items are commercially reasonable under the circumstances, documented in writing, pertain specifically to the sale of
the Product, were actually included and accounted for in the gross revenue, and were not given in exchange for anything of value
(such as data, in-kind exchanges, or commitments to purchase other products or services): (a) use, excise, sales and other applicable
taxes; (b) credits for returns and rejections; (c) allowances for bad debt and uncollectible accounts (provided that Licensee has
undertaken commercially reasonable efforts to obtain each such debt and amount); (d) customary and commercially reasonable quantity
and cash discounts or rebates actually allowed, taken or paid; (e) governmental and managed care rebates, and hospital or other
buying group charge backs; and (f) costs of insurance and outbound transportation (prepaid or allowed) of the Products from the
place of manufacture to the customer’s location. Licensee and its sublicensees will not receive any non-monetary consideration
in exchange for the transfer, lease or sale of a Product. For clarity, the foregoing deductions applicable to a given Product shall
not exceed an aggregate maximum of [*]% of the invoiced price for such Product, unless Licensee requests and WARF provides prior
written consent to deduct a larger percentage in view of the facts of the particular circumstances, which request WARF will consider
in good faith and will not unreasonably withhold its consent.

 

Products that are transferred
to third parties without charge (“Free Products”) shall be [*], unless Licensee requests and WARF provides prior written
consent to calculate the amount owed for such Products in a different manner, which request WARF will consider in good faith and
will not unreasonably withhold its consent; provided, however, Licensee may withhold such Free Products from the calculation of
Net Sales to the extent such dispositions constitute less than [*]% of all Products that were transferred during the applicable
calendar quarter, and after which threshold is met such Free Products shall be included in the calculation of Net Sales as stated
above..”

 

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		·	Section 4B(i) is hereby deleted in its entirety and replaced with the following:

 

“(i)        In
addition to the license fee under Section 4A, Licensee agrees to pay to WARF as “earned royalties” a royalty calculated
as a percentage of the Net Sales derived from the sale, transfer and/or lease of Products in accordance with the terms and conditions
of this Agreement. The royalty shall remain fixed while this Agreement is in effect at a rate of [*]% of such Net Sales and will
be deemed earned as of the date such Net Sales are received and paid on a quarterly basis as set forth in Section 4F.”

 

		·	The term “Selling Price” as it appears in the second sentence of Section 4F(ii) is
replaced with the term “Net Sales.”

 

11.         The
parties have agreed to introduce the term “Valid Claim” as a definition and to certain identified provisions as follows:

 

		·	The following definition is hereby added to Appendix A:

 

“I.          ‘Valid
Claim’ means (i) any claim of an issued and unexpired patent within the Licensed Patents which has not been held unenforceable
or invalid by a court or other governmental agency of competent jurisdiction in an unappealed or unappealable decision, and (ii)
any pending claim in a pending patent application within the Licensed Patents.”

 

		·	Section 2A is hereby amended to include the term “Valid Claim” as follows:

 

“WARF hereby grants to Licensee
under the Valid Claims of the Licensed Patents an exclusive license to make, use and sell Products in the Licensed Field and Licensed
Territory.”

 

		·	Section 7A of the Agreement is hereby amended to include the term “Valid Claim” as follows:

 

“A.           The
term of this Agreement shall begin on the Effective Date and continue until this Agreement is terminated as provided herein or
until the earlier of the date that no Valid Claims of any Licensed Patent remain or the payment of earned royalties under Section
4B and Section 4C, once begun, ceases for more than four (4) calendar quarters.”

 

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		·	Definition G of Appendix A of the Agreement is hereby amended to include the term “Valid Claim”
as follows:

 

“G.           ‘Products’
shall refer to and mean any and all products that employ or are in any way produced by the practice of an invention claimed in
a Valid Claim of the Licensed Patents or that would otherwise constitute infringement of any Valid Claims of the Licensed Patents.”

 

12.         The
Development Plan of Appendix E is hereby deleted in its entirety and replaced with the new Appendix E attached hereto.

 

13.         WARF
hereby acknowledges and agrees that the amendments being made via this Amendment act to remedy those provisions of the Agreement
outlined in the Letter Agreement that had been breached by Former Licensee; for clarity, WARF’s foregoing acknowledgement
and agreement is limited to those bases for breach expressly outlined in the Letter Agreement.

 

14.         Capitalized
terms used herein and not otherwise defined shall have the meaning set forth in the Agreement. Except as otherwise provided in
this Amendment, all terms and conditions previously set forth in the Agreement shall remain in effect as set forth therein. In
the event that this Amendment and the Agreement are inconsistent, the terms and provisions of this Amendment shall supersede the
terms and provisions of the Agreement, but only to the extent necessary to satisfy the purpose of this Amendment. This Amendment
may be executed in one or more counterparts, each of which when executed and delivered by electronic transmission or by mail delivery
will be an original and all of which shall constitute but one and the same.  The parties agree this Amendment may be electronically
signed and that the electronic signatures appearing on this agreement are the same as handwritten signatures for the purposes of
validity, enforceability and admissibility.

 

15.         The
persons signing on behalf of WARF, Former Licensee, and New Licensee hereby warrant and represent that they have authority to execute
this Agreement on behalf of the party for whom they have signed.

 

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    Agreement No. 14-00333A

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Amendment on the dates indicated below.

 

WISCONSIN ALUMNI RESEARCH
FOUNDATION

 

	By:	 	/s/ Leigh Cagan	 	Date: 2/24/17,       	 
	 	 	Leigh Cagan, Chief Technology Commercialization Officer	 	 	 
	 	 	 	 	 	 
	 	 	NEURO ONE, LLC	 	 	 
	 	 	 	 	 	 
	By:	 	/s/ Dave Rosa	 	Date: 2/23, 2017	 

 

	Name and Title:	 	 Dave Rosa CEO 	 	 	 

 

	 	 	NEUROONE, INC.	 	 	 
	 	 	 	 	 	 
	By:	 	/s/ Dave Rosa	 	Date: 2/23, 2017	 

 

	Name and Title: 	 	Dave Rosa CEO 	 	 	 

 

    Page 6 of 7
 
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Appendix E

 

[*]

 

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

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