Document:

Exhibit 4.5

 

THIS WARRANT AND THE
SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED, OR BE THE SUBJECT OF
ANY HEDGING, SHORT SALE, DERNATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF SUCH SECURITIES
BY ANY PERSON FOR A PERIOD OF ONE HUNDRED AND EIGHTY (180) DAYS IMMEDIATELY FOLLOWING THE DATE OF EFFECTIVENESS OF THE OFFERING
OF THE COMPANY’S SECURITIES PURSUANT TO REGISTRATION STATEMENT NO.: 333-188133 AS FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION, EXCEPT IN ACCORDANCE WITH FINRA RULE 5110(g)(2).

 

NEUROMETRIX, INC.

 

COMMON STOCK WARRANT

 

	Warrant No. [•]	 	Original Issue Date: April [•], 2015

 

NeuroMetrix, Inc., a Delaware corporation (the
“Company”), hereby certifies that, as partial compensation for its services as underwriter to the Company, Maxim
Group LLC or its registered assigns (the “Holder”), is entitled to purchase from the Company up to a total of
[•] shares of common stock, par value $0.0001 per share, on the terms as described in the Prospectus (each, a “Warrant”
and collectively, the “Warrants,” and each such share of Common Stock, a “Warrant Share”
and all such shares of Common Stock, the “Warrant Shares”), at any time and from time to time after the 180th
day following the effective date of the Registration Statement on Form S-1 (File No. 333-188133) (the “Registration Statement”),
and through and including April [•], 2020, the fifth anniversary of such effective date (the “Expiration Date”),
in accordance with FINRA Rule 5110(f)(2)(G)(i), and subject to the following terms and conditions:

 

1.            Definitions.
As used in this Warrant, the following terms shall have the respective definitions set forth in this Section 1.

 

“Affiliate” means any Person
that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a
Person, as such terms are used in and construed under Rule 144.

 

“Business Day” means any day
except Saturday, Sunday and any day which is a federal legal holiday or a day on which banking institutions in the State of New
York are authorized or required by law or other governmental action to close.

 

“Common Stock” means the common
stock of the Company, $0.0001 par value per share, and any securities into which such common stock may hereafter be reclassified
or for which it may be exchanged as a class.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended.

 

“Exercise Price” means $[•],
subject to adjustment in accordance with Section 9.

 

“New York Courts” means the
state and federal courts sitting in the City of New York, Borough of Manhattan.

 

    	 

    	 

    

 

“Person” means an individual
or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint
stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Prospectus” means the prospectus
dated [•], 2015 filed with the Securities and Exchange Commission pursuant to Rule 424(b) promulgated under the Securities
Act.

 

“Rule 144” means Rule 144
promulgated by the Securities and Exchange Commission pursuant to the Securities Act, as such Rule may be amended from time to
time, or any similar rule or regulation hereafter adopted by the Securities and Exchange Commission having substantially the same
effect as such Rule.

 

“Securities Act” means the
Securities Act of 1933, as amended.

 

“Subsidiary” means any “significant
subsidiary” as defined in Rule 1-02(w) of Regulation S-X promulgated by the Securities and Exchange Commission under the
Exchange Act.

 

“Trading Day” means (i) a
day on which the Common Stock is traded on a Trading Market, or (ii) if the Common Stock is not quoted on any Trading Market, a
day on which the Common Stock is quoted in the over-the-counter market as reported by OTC Markets Group Inc. (or any similar organization
or agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not listed or
quoted as set forth in (i) or (ii) hereof, then Trading Day shall mean a Business Day.

 

“Trading Market” means whichever
of the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market
or the OTC Bulletin Board on which the Common Stock is listed or quoted for trading on the date in question.

 

“Transfer Agent”
means American Stock Transfer & Trust Company, LLC, the Company’s transfer agent for the Common Stock and Warrants.

 

2.            Registration
of Warrant. The Company shall register this Warrant upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

3.            Registration
of Transfers. The Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender
of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Company at its address specified
herein. Upon any such registration or transfer, a new Warrant to purchase shares of Common Stock, in substantially the form of
this Warrant (any such new Warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred
shall be issued to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any,
shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance
by such transferee of all of the rights and obligations of a holder of a Warrant.

 

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4.            Exercise
and Duration of Warrants. This Warrant shall be exercisable by the registered Holder at any time and from time to time from
and after 181 days following the effective date of the Registration Statement (the “Effective Date”), through
and including the Expiration Date in accordance with FINRA Rule 5110(f)(2)(G)(i). At 6:30 p.m., New York City time on the Expiration
Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value. The Company may not call
or redeem any portion of this Warrant without the prior written consent of the affected Holder. In accordance with FINRA Rule 5110(g)(1),
this Warrant shall not be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale,
derivative, put, or call transaction that would result in the effective economic disposition of this Warrant by any person for
a period of 180 days immediately following the effective date of the Registration Statement, except as provided in FINRA Rule 5110(g)(2).
The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this
paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase
hereunder at any given time may be less than the amount stated on the face hereof. In no event will the Company be required
to net cash settle this Warrant.

 

5.            Delivery
of Warrant Shares.

 

(a)          To
effect exercises hereunder, the Holder shall not be required to physically surrender this Warrant unless the Warrant is being exercised.
Upon delivery of the Exercise Notice (in the form attached hereto) to the Company (with the attached Warrant Exercise Log) at its
address for notice set forth herein and upon payment of the Exercise Price multiplied by the number of Warrant Shares that the
Holder intends to purchase hereunder, the Company shall promptly (but in no event later than three Trading Days after the Date
of Exercise (as defined herein)) issue and deliver to the Holder, a certificate for the Warrant Shares issuable upon such exercise.
The Company shall, upon request of the Holder and subsequent to the date on which a registration statement covering the resale
of the Warrant Shares has been declared effective by the Securities and Exchange Commission (the “Commission”),
use its reasonable best efforts to deliver Warrant Shares hereunder electronically through the Depository Trust Corporation or
another established clearing corporation performing similar functions, if available, provided, that, the Company may, but
will not be required to change its transfer agent if the Transfer Agent cannot deliver Warrant Shares electronically through the
Depository Trust Corporation. A “Date of Exercise” means the date on which the Holder shall have delivered to
the Company: (i) the Exercise Notice (with the Warrant Exercise Log attached to it), appropriately completed and duly signed and
(ii) payment of the Exercise Price for the number of Warrant Shares so indicated by the Holder to be purchased.

 

(b)          If
by the third Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares in the manner
required pursuant to Section 5(a), then the Holder will have the right to rescind such exercise.

 

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(c)          In
addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder
the Warrant Shares pursuant to an exercise on or before the end of the day on the date that is three (3) Trading Days after the
latest of (A) the receipt by the Company of the Notice of Exercise and (B) surrender of this Warrant (if required) , and if after
such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage
firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to
the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for
the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the
Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order
giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the
Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed
rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied
with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price
giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be
required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder
in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof.

 

(d)          The
Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and unconditional,
irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof,
the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation
or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation
or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise
limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Nothing herein shall limit
a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates
representing Warrant Shares upon exercise of the Warrant as required pursuant to the terms hereof.

 

6.            Charges,
Taxes and Expenses. Issuance and delivery of Warrant Shares upon exercise of this Warrant shall be made without charge to the
Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in respect of the
issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that
the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of
any certificates for Warrant Shares or Warrants in a name other than that of the Holder. The Holder shall be responsible for all
other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise
hereof.

 

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7.            Replacement
of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable indemnity
(which shall not include a surety bond), if requested. Applicants for a New Warrant under such circumstances shall also comply
with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe.
If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant
to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

8.            Reservation
of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of its
authorized but unissued and otherwise unreserved Warrants and shares of Common Stock solely for the purpose of enabling it to
issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrants and shares of Common Stock which
are then issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent
purchase rights of Persons other than the Holder (taking into account the adjustments and restrictions of Section 9). The Company
covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise
Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable.

 

9.            Certain
Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 9.

 

(a)          Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common
Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides
outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of Common Stock into a
smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall
be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the number
of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after
the effective date of such subdivision or combination.

 

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(b)          Fundamental
Transactions. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard
to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance
with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder,
deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such
Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this
Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative
value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such
number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

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(c)          Adjustments
for Other Distributions In the event the Company shall declare a distribution on the outstanding Common Stock that is payable
in securities of other Persons, evidences of indebtedness issued by the Company or other Persons, assets (excluding cash dividends
or distributions to the holders of Common Stock paid out of current or retained earnings and declared by the Company’s Board
of Directors) or options or rights, then, in each such case for the purpose of this Section 9(c), upon exercise of this
Warrant, the Holder shall be entitled to a proportionate share of any such distribution as though the Holder was the actual record
holder of the number of shares of Common Stock which might have been purchased upon exercise of this Warrant immediately prior
to the record date fixed for the determination of the holders of Common Stock of the Company entitled to receive such distribution
(or the date of such distribution if no record date is fixed).

 

(d)          Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to this Section 9, the number of
Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after
such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the
aggregate Exercise Price in effect immediately prior to such adjustment.

 

(e)          Calculations.
All calculations under this Section 9 shall be made to the nearest cent or the nearest 1/100th of a share, as
applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for
the account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

 

(f)          Notice
of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will promptly
compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including
a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise
of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon
which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the
Holder and to the Transfer Agent.

 

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(g)          Notice
of Corporate Events. If the Company (i) declares a dividend or any other distribution of cash, securities or other property
in respect of its Common Stock, including without limitation any granting of rights or warrants to subscribe for or purchase any
capital stock of the Company or any Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits
stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of
the affairs of the Company, then the Company shall deliver to the Holder a notice describing the material terms and conditions
of such transaction (but only to the extent such disclosure would not result in the dissemination of material, non-public information
to the Holder) at least 10 calendar days prior to the applicable record or effective date on which a Person would need to hold
Common Stock in order to participate in or vote with respect to such transaction, and the Company will take all steps reasonably
necessary in order to insure that the Holder is given the practical opportunity to exercise this Warrant prior to such time so
as to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such
notice or any defect therein shall not affect the validity of the corporate action required to be described in such notice.

 

10.         Payment
of Exercise Price. The Holder may pay the Exercise Price in one of the following manners:

 

(a)          Cash
Exercise. The Holder may deliver immediately available funds; or

 

(b)          Cashless
Exercise. If on the Date of Exercise, (i) there is no effective registration statement registering, or current prospectus
available for, the resale of the Warrant Shares by the Holder and (ii) there is not an exemption from registration under the Securities
Act available for the issuance of the Warrant Shares,, the Holder may notify the Company in an Exercise Notice of its election
to utilize cashless exercise, in which event the Company shall issue to the Holder the number of Warrant Shares determined as follows:

 

X = Y [(A-B)/A]

 

where:

 

X = the number of Warrant Shares to be issued to the Holder.

 

Y = the number of Warrant Shares with respect to which
this Warrant is being exercised.

 

A = the average of the daily volume weighted average price
of the Common Stock for the five Trading Days immediately prior to (but not including) the Date of Exercise.

 

B = the Exercise Price.

 

For purposes of Rule 144 promulgated under the Securities Act, it
is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction shall be deemed to have
been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this
Warrant was originally issued.

 

In no event shall the Company be required to
net cash settle the Warrant.

 

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11.         Limitations
on Exercise. Notwithstanding anything to the contrary contained herein, the number of Warrant Shares that may be acquired by
the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to insure
that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder
and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s
for purposes of Section 13(d) of the Exchange Act, does not exceed 9.99% of the total number of issued and outstanding shares of
Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise). For such purposes, beneficial
ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
To the extent that the limitation contained in this Section 11 applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the Holder, and the submission of an Exercise Notice shall be deemed to be the Holder’s
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates)
and of which portion of this Warrant is exercisable, in each case subject the limitation contained in this Section 11, and
the Company shall have no obligation to verify or confirm the accuracy of such determination. This provision shall not restrict
the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities
or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9
of this Warrant. This restriction may not be waived. Notwithstanding anything to the contrary contained in this Warrant, (a) no
term of this Section 11 may be waived by any party, nor amended such that the threshold percentage of ownership would be
directly or indirectly increased, (b) this restriction runs with the Warrant and may not be modified or waived by any subsequent
holder hereof and (c) any attempted waiver, modification or amendment of this Section 11 will be void ab initio.

 

12.         No
Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of
any fractional shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied
by the closing price of one Warrant Share as reported by the applicable Trading Market on the date of exercise.

 

13.         Registration.
The Company registered the Warrants and the Warrant Shares in the Registration Statement. The Company will use its reasonable best
efforts to maintain the effectiveness of such Registration Statement and the current status of the prospectus contained in the
Registration Statement or to file and maintain the effectiveness of another registration statement and another current prospectus
covering the Warrants and the Warrant Shares at any time that the Warrants are exercisable. However, if, at the time of the surrender
of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be either (i) registered
pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws
or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to
Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder provide to the Company an opinion
of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be
reasonably satisfactory to the Company, to the effect that such transfer does not require registration under the Securities Act.

 

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14.         Notices.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall
be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified in this Section 13 prior to 6:30 p.m. (New York City time)
on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number specified in this Section 14 on a day that is not a Trading Day or later than 6:30 p.m. (New York
City time) on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight
courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. The addresses for such communications
shall be: (i) if to the Company, to NeuroMetrix, Inc., 1000 Winter Street, Waltham, Massachusetts 02451, telecopy number: [•],
Attention: Chief Executive Officer (or such other address as the Company shall indicate in writing in accordance with this Section
14), or (ii) if to the Holder, to the address or facsimile number appearing on the Warrant Register or such other address or
facsimile number as the Holder may provide to the Company in accordance with this Section 14.

 

15.         Warrant
Agent. The Company shall serve as warrant agent under this Warrant. Upon 10 days’ notice to the Holder, the Company may
appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged, any corporation resulting
from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or
any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor
warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession
as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown
on the Warrant Register.

 

16.         Miscellaneous.

 

(a)          This
Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject
to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder
any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed
by the Company and the Holder and their successors and assigns. The foregoing sentence shall be subject to the restrictions on
waivers and amendments set forth in Section 11 of this Warrant.

 

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(b)          All
questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of this Warrant and
the transactions herein contemplated (“Proceedings”) (whether brought against a party hereto or its respective
Affiliates, employees or agents) shall be commenced exclusively in the New York Courts. Each party hereto hereby irrevocably submits
to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding,
any claim that it is not personally subject to the jurisdiction of any New York Court, or that such Proceeding has been commenced
in an improper or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process
being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by
applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Warrant or the transactions
contemplated hereby. If either party shall commence a Proceeding to enforce any provisions of this Warrant, then the prevailing
party in such Proceeding shall be reimbursed by the other party for its attorney’s fees and other costs and expenses incurred
with the investigation, preparation and prosecution of such Proceeding.

 

(c)          The
headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.

 

(d)          In
case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(e)          Prior
to exercise of this Warrant, the Holder hereof shall not, by reason of being a Holder, be entitled to any rights of a stockholder
with respect to the Warrant Shares.

 

[Signature Page Follows]

 

    	11

    	 

    

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.

 

	 	NEUROMETRIX, INC.
	 	 	 
	 	By:	 
	 	 	Name: 	Shai Gozani
	 	 	Title:	President and Chief Executive Officer

 

[Signature Page to Underwriters’ Warrant]

 

    	 

    	 

    

 

EXERCISE NOTICE

NEUROMETRIX, INC.

WARRANT DATED April [•], 2015

 

The undersigned Holder hereby irrevocably elects
to purchase ____________ Warrant Shares pursuant to the above referenced Warrant. Capitalized terms used herein and not otherwise
defined have the respective meanings set forth in the Warrant.

 

		(1)	The undersigned Holder hereby exercises its right to purchase ____________ Warrant Shares pursuant to the Warrant.

 

		(2)	(PLEASE CHECK ONE METHOD OF PAYMENT)

 

__ The Holder shall pay the sum of $____________ to the
Company in accordance with the terms of the Warrant OR

 

__ The Holder shall exercise the Warrant
cashlessly in accordance with the terms of the Warrant.

 

		(3)	Pursuant to this Exercise Notice, the Company shall deliver to the holder ____________ Warrant Shares in accordance with the
terms of the Warrant.

 

		(4)	By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the
exercise evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (determined in
accordance with Section 13(d) of the Securities Exchange Act of 1934) permitted to be owned under Section 11 of this Warrant
to which this notice relates.

 

	Dated: ____________, 20__	Name of Holder:
	 	 
	 	 
	 	(Print)
	 	Name: 	 
	 	Title:	 
	 	Date:	 
	 	 
	 	 (Signature must conform in all respects to name of holder as specified on the face of the Warrant)

 

    	 

    	 

    

 

Warrant  Exercise Log

 

	
         

        Date
	 	Number of Warrant

Shares Available to be

Exercised	 	Number of Warrant Shares 

Exercised	 	
        Number of

        Warrant Shares

        Remaining to

        be Exercised 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	 

    	 

    

 

NEUROMETRIX, INC.

WARRANT DATED APRIL [•], 2015

WARRANT NO. [•]

 

FORM OF ASSIGNMENT

 

[To be completed and signed
only upon transfer of Warrant]

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto ____________ the right represented by the above-captioned Warrant to purchase
  share of Company Common Stock and appoints ____________ attorney to transfer said right on the books of the Company
with full power of substitution in the premises.

 

Dated: ____________, 20__

 

	 	 	 
	 	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)
	 	 	 
	 	 	 
	 	Address of Transferee	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

In the presence of:Exhibit 4.10

 

WARRANT AGENT AGREEMENT

 

WARRANT AGENT AGREEMENT,
dated as of April __, 2015 (“Agreement”), between NeuroMetrix, Inc., a Delaware corporation (the “Company”),
and American Stock Transfer & Trust Company, LLC (the “Warrant Agent”).

 

RECITALS

 

WHEREAS, pursuant to an
effective registration statement, SEC File No. 333-188133, the Company wishes to issue an aggregate of up to [___________]
shares of common stock, par value $0.0001 (the “Common Stock”), and warrants to purchase shares of Common Stock,
the terms and conditions of which are attached hereto as Exhibits A and B (each a “Warrant”).
Each whole Warrant entitles the holder (the “Holders” which term shall include a Holder’s transferees,
successors and assigns) to purchase shares of Common Stock upon the terms and subject to the conditions set forth therein; and

 

WHEREAS, the Company wishes
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance,
registration, transfer, exchange, exercise and replacement of the Warrants and, in the Warrant Agent’s capacity as the Company’s
transfer agent and registrar, the delivery of the Warrant Shares (as defined below).

 

NOW, THEREFORE, in consideration
of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 

Section 1.             Certain
Definitions.  For purposes of this Agreement, the following terms have the meanings indicated:

 

(a)         “Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

(b)          “Close
of Business” on any given date means 5:00 p.m., New York City time, on such date; provided, however, that if such
date is not a Business Day it means 5:00 p.m., New York City time, on the next succeeding Business Day.

 

(c)         “Exercise
Notice” means with respect to the exercise of a Warrant, a form of election to purchase Common Stock in substantially
the form of Notice of Exercise to the Warrants attached hereto as Exhibit A and Exhibit B.

 

(d)        “Exercise
Price” means, for Exhibit A, $[_____] per share, as may be adjusted from time to time as described in the Warrant, and
for Exhibit B, $0.01 per share, as may be adjusted from time to time as described in the Warrant

 

    	1

    	 

    

 

(e)         “Initial
Exercise Date” means the date set forth as the Initial Exercise Date on the Warrant.

 

(f)         “Termination
Date” means the seven year anniversary of the Initial Exercise Date.

 

(g)        “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.

 

(h)        “Warrant
Shares” means the shares of Common Stock issuable upon exercise of the Warrants.

 

Section 2.              Appointment
of Warrant Agent.  The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with
the terms and conditions set forth herein, and the Warrant Agent hereby accepts such appointment. The Company may from time to
time appoint such Co-Warrant Agents as it may, in its sole discretion, deem necessary or desirable.

 

Section 3.              Book-Entry
Warrants.

 

(a)          The
Warrants shall be issuable in book entry form. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer
of such ownership shall be effected through, records maintained by (i) the Warrant Agent or its nominee for each Warrant or
(ii) institutions that have accounts with the Warrant Agent (such institution, with respect to a Warrant in its account, a
“Participant”).

 

(b)          If
the Warrant Agent subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct
the Warrant Agent regarding other arrangements for book-entry settlement or may instruct the Warrant Agent to deliver to each Holder
a Warrant Certificate in a form to be mutually agreed upon by the parties.

 

Section 4.             Terms
and Conditions of Warrants.  The terms and conditions of the Warrants are set forth in Exhibit A and Exhibit
B hereto (the “Terms and Conditions”).

 

Section 5.             Transfer
of Warrants.  A Holder of a Warrant may transfer or assign its Warrant pursuant to the Terms and Conditions.

 

Section 6.             Registration. 
The Warrant Agent will keep or cause to be kept, at its office in Brooklyn, NY, or at the office of one of its agents, books for
registration and transfer of the Warrants issued hereunder.  Such books shall show the names and addresses of the respective
Holders of the Warrants, the number of Warrants held by each Holder, and the date on which the Warrant was granted to such Holder. 
The Warrant Agent will create a special account for the issuance of the Warrants.

    	2

    	 

    

  

Section 7.             Exercise
of Warrants. A Holder of a Warrant may exercise the Warrant pursuant to the Terms and Conditions.

 

Section 8.              Certain
Representations; Reservation and Availability of Shares of Common Stock.

 

(a)          This
Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery
hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company
in accordance with its terms, and the Warrants and the Warrant Shares upon issuance have been duly authorized, executed and issued
by the Company and, assuming due authentication thereof by the Warrant Agent pursuant hereto, constitute valid and legally binding
obligations of the Company enforceable against the Company in accordance with their terms and entitled to the benefits hereof;
in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws
relating to or affecting creditors’ rights generally or by general equitable principles (regardless of whether such enforceability
is considered in a proceeding in equity or at law).

 

(b)          The
Company covenants that, during the period the Warrants are outstanding, it will reserve from its authorized and unissued shares
of Common Stock the number of shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding
Warrants. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by
the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such
issue).

 

Section 9.             Common
Stock Record Date.  Each person in whose name any certificate for shares of Common Stock is issued (or to whose prime
broker’s account is credited shares of Common Stock through the DWAC system) upon the exercise of Warrants shall for all
purposes be deemed to have become the holder of record for the Common Stock represented thereby on, and such certificate shall
be dated, (x) in the event of a cashless exercise, the date on which the Company receives the Cashless Exercise Notification or
(y) in the event of an exercise for cash, as of the date of delivery of the Exercise Notice in accordance with the Terms and Conditions,
with payment of the Exercise Price and all taxes required to be paid by the Holder, if any, prior to the issuance of the Warrant
Shares, having been paid; provided, however, that if the date of such submission, payment and submission is a date upon which the
Common Stock transfer books of the Company are closed, such person shall be deemed to have become the record holder of such shares
on, and such certificate shall be dated, the next succeeding day on which the Common Stock transfer books of the Company are open.

 

Section 10.           Adjustment
of Exercise Price, Number of Shares of Common Stock or Number of Warrants.  The Exercise Price, the number of shares
covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as provided in the Terms
and Conditions.

 

    	3

    	 

    

 

Section 11.           Certification
of Adjusted Exercise Price or Number of Shares of Common Stock.  Whenever the Exercise Price or the number of shares
of Common Stock issuable upon the exercise of each Warrant is adjusted as provided in the Terms and Conditions, the Company shall
(a) promptly prepare a certificate setting forth the Exercise Price of each Warrant as so adjusted, and a brief statement
of the facts accounting for such adjustment, (b) promptly file with the Warrant Agent a copy of such certificate and (c) instruct
the Warrant Agent to mail such certificate to each holder of a Warrant.

 

Section 12.           Reclassification,
Consolidation, Purchase, Combination, Sale or Conveyance.  If, at any time while the Warrants are outstanding, the
Company shall effect any Fundamental Transaction, as such term is used in the Terms and Conditions, the Company shall instruct
the Warrant Agent to mail by first class mail, postage prepaid, to each Holder of a Warrant, written notice of the execution of
any such amendment, supplement or agreement. Any supplemented or amended agreement entered into by the successor corporation or
transferee shall provide for adjustments as set forth in the Terms and Conditions. The Warrant Agent shall be under no responsibility
to determine the correctness of any provisions contained in such agreement relating either to the kind or amount of securities
or other property receivable upon exercise of warrants or with respect to the method employed and provided therein for any adjustments
and shall be entitled to rely upon the provisions contained in any such agreement. The provisions of this Section 12 shall
similarly apply to successive Fundamental Transactions.

 

Section 13.            Concerning
the Warrant Agent.

 

(a)          The
Company agrees to pay to the Warrant Agent reasonable compensation for all services rendered by it hereunder and, from time to
time, on demand of the Warrant Agent, its reasonable expenses and counsel fees and other disbursements incurred in the administration
and execution of this Agreement and the exercise and performance of its duties hereunder.

 

(b)          The
Company covenants and agrees to indemnify and to hold the Warrant Agent harmless against any costs, expenses (including reasonable
fees of its legal counsel), losses or damages, which may be paid, incurred or suffered by or to which it may become subject, arising
from or out of, directly or indirectly, any claims or liability resulting from its actions as Warrant Agent pursuant hereto; provided,
that such covenant and agreement does not extend to, and the Warrant Agent shall not be indemnified with respect to, such costs,
expenses, losses and damages incurred or suffered by the Warrant Agent as a result of, or arising out of, its breach of this Agreement
or the Warrant Agent’s gross negligence, bad faith, or willful misconduct.

 

(c)          Promptly
after the receipt by the Warrant Agent of notice of any demand or claim or the commencement of any action, suit, proceeding or
investigation, the Warrant Agent shall, if a claim in respect thereof is to be made against the Company, notify the Company thereof
in writing. The Company shall be entitled to participate at its own expense in the defense of any such claim or proceeding, and,
if it so elects at any time after receipt of such notice, it may assume the defense of any suit brought to enforce any such claim
or of any other legal action or proceeding. For the purposes of this Section 13, the terms “expense” or “loss”
mean any amount paid or payable to satisfy any claim, demand, action, suit or proceeding, and all reasonable costs and expenses,
including, but not limited to, reasonable counsel fees and disbursements, paid or incurred in investigating or defending against
any such claim, demand, action, suit, proceeding or investigation.

 

    	4

    	 

    

 

(d)          The
Warrant Agent shall be responsible for any and all losses, damages, costs, charges, counsel fees, payments, expenses and liability
(collectively, “Losses”), and shall indemnify and hold the Company harmless from and against such Losses, arising
out of or attributable to the Warrant Agent’s breach of Section 7(b) of this Agreement.

 

(e)           Promptly
after the receipt by the Company of notice of any demand or claim or the commencement of any action, suit, proceeding or investigation,
the Company shall, if a claim in respect thereof is to be made against the Warrant Agent, notify the Warrant Agent thereof in writing.
The Warrant Agent shall be entitled to participate at its own expense in the defense of any such claim or proceeding, and, if it
so elects at any time after receipt of such notice, it may assume the defense of any suit brought to enforce any such claim or
of any other legal action or proceeding.  

 

Section 14.            Purchase
or Consolidation or Change of Name of Warrant Agent. Any corporation into which the Warrant Agent or any successor Warrant
Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which
the Warrant Agent or any successor Warrant Agent shall be party, or any corporation succeeding to the business of the Warrant Agent
or any successor Warrant Agent, shall be the successor to the Warrant Agent under this Agreement without the execution or filing
of any paper or any further act on the part of any of the parties hereto, provided that such corporation would be eligible for
appointment as a successor Warrant Agent under the provisions of Section 13.

 

Section 15.           Duties
of Warrant Agent.  The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the following
terms and conditions, by all of which the Company and the Holders of Warrants, by their acceptance thereof, shall be bound:

 

(a)           The
Warrant Agent may consult with legal counsel (who may be legal counsel for the Company), and the opinion of such counsel shall
be full and complete authorization and protection to the Warrant Agent as to any action taken or omitted by it in good faith and
in accordance with such opinion.

 

(b)          Whenever
in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or matter
be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence
in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by written (including
electronic) instructions of the Chief Executive Officer or President of the Company or by the Chief Financial Officer of the Company
and delivered to the Warrant Agent; and such certificate shall be full authentication to the Warrant Agent for any action taken
or suffered in good faith by it under the provisions of this Agreement in reliance upon such writing.

 

    	5

    	 

    

  

(c)          The
Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or
in the Terms and Conditions or be required to verify the same, but all such statements and recitals are and shall be deemed to
have been made by the Company only.

 

(d)          The
Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery
hereof (except the due execution hereof by the Warrant Agent); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in the Terms and Conditions; nor shall it be responsible for the adjustment
of the Exercise Price or the making of any change in the number of shares of Common Stock or Warrant Shares required under the
provisions of Section 7, Section 10, Section 12 and the Terms and Conditions or responsible for the manner, method or
amount of any such change or the ascertaining of the existence of facts that would require any such adjustment or change (except
with respect to the exercise of Warrants after actual notice of any adjustment of the Exercise Price); nor shall it by any act
hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock
to be issued pursuant to this Agreement or as to whether any shares of Common Stock will, when issued, be duly authorized, validly
issued, fully paid and nonassessable.

 

(e)          The
Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered
all such further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for the carrying
out or performing by the Warrant Agent of the provisions of this Agreement.

 

(f)           The
Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder from the Chief
Executive Officer, the President, or the Chief Financial Officer of the Company, and to apply to such officers for advice or instructions
in connection with its duties, and it shall not be liable and shall be indemnified and held harmless for any action taken or suffered
to be taken by it in good faith in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions
without gross negligence, bad faith or willful misconduct.

 

(g)          The
Warrant Agent and any shareholder, director, officer, manager, member or employee of the Warrant Agent may buy, sell or deal in
any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company
may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant
Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or
for any other legal entity.

 

    	6

    	 

    

 

(h)          The
Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself
or by or through its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect
or misconduct of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct,
provided reasonable care was exercised in the selection and continued employment thereof.

 

Section 16.            Change
of Warrant Agent.  The Warrant Agent may resign and be discharged from its duties under this Agreement upon 30 days’
notice in writing mailed to the Company and to each transfer agent of the Common Stock by registered or certified mail, and to
the holders of the Warrants. The Company may remove the Warrant Agent or any successor Warrant Agent upon 30 days’ notice
in writing, mailed to the Warrant Agent or successor Warrant Agent, as the case may be, and to each transfer agent of the Common
Stock by registered or certified mail, and to the holders of the Warrants by first-class mail. If the Warrant Agent shall resign
or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Warrant Agent. If the
Company shall fail to make such appointment within a period of 30 days after such removal or after it has been notified in writing
of such resignation or incapacity by the resigning or incapacitated Warrant Agent or by the Holder of a Warrant, then the Holder
of any Warrant may apply to any court of competent jurisdiction for the appointment of a new Warrant Agent. Any successor Warrant
Agent, whether appointed by the Company or by such a court, shall be a corporation organized and doing business under the laws
of the United States or of a state thereof, in good standing. After appointment, the successor Warrant Agent shall be vested with
the same powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent without further act or
deed; but the predecessor Warrant Agent shall deliver and transfer to the successor Warrant Agent any property at the time held
by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than
the effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor Warrant Agent
and each transfer agent of the Common Stock, and mail a notice thereof in writing to the Holders of the Warrants. However, failure
to give any notice provided for in this Section 16, or any defect therein, shall not affect the legality or validity of the
resignation or removal of the Warrant Agent or the appointment of the successor Warrant Agent, as the case may be.

 

Section 17.           Warrant
Exercise Solicitation.  From time to time, the Company may engage one or more registered broker-dealer(s) to act
as the Company’s agent for the solicitation of the exercise of the Warrants.  If so engaged, the Company will provide
the Warrant Agent with written notice of the engagement and the Warrant Agent agrees that it will reasonably cooperate with such
solicitation activities.

 

Section 18.            Notices.  Notices
or demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the Holder of any Warrant to or
on the Company, (ii)  subject to the provisions of Section 18, by the Company or by the Holder of any Warrant to or on
the Warrant Agent or (iii) by the Company or the Warrant Agent to the Holder of any Warrant Certificate, shall be deemed given
(w) the date of transmission, if such notice or communication is delivered via facsimile or email at the number or email address
set forth below prior to 5:00 p.m. (New York time) on a Business Day, (x) on the date delivered, if delivered personally,
(y) on the first Business Day following the deposit thereof with Federal Express or another recognized overnight courier,
if sent by Federal Express or another recognized overnight courier, and (z) on the fourth Business Day following the mailing
thereof with postage prepaid, if mailed by registered or certified mail (return receipt requested), in each case to the parties
at the following addresses (or at such other address for a party as shall be specified by like notice):

    	7

    	 

    

  

	 	(a)	If to the Company, to:

 

NeuroMetrix, Inc.

1000 Winter Street

Waltham, Massachusetts 02451

Attention: Chief Financial Officer

  

	 	(b)	If to the Warrant Agent, to:

 

American Stock Transfer & Trust
Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attention: Administration

 

If to the Holder of any
Warrant, to the address of such holder as shown on the registry books of the Company. Any notice required to be delivered by the
Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the Company.

 

Section 19.            Supplements
and Amendments.

 

(a)          The
Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders of Warrant
Certificates in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective or
inconsistent with any other provisions herein, or to make any other provisions with regard to matters or questions arising hereunder
which the Company and the Warrant Agent may deem necessary or desirable and which shall not adversely affect the interests of the
Holders of Warrants.

 

(b)          In
addition to the foregoing, with the consent of Holders of Warrants entitled, upon exercise thereof, to receive not less than a
majority of the shares of Warrant Shares issuable thereunder, the Company and the Warrant Agent may modify this Agreement for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Warrant Agreement or
modifying in any manner the rights of the holders of the Warrants; provided, however, that no modification of the
terms (including but not limited to the adjustments described in Section 11) upon which the Warrants are exercisable or reducing
the percentage required for consent to modification of this Agreement may be made without the consent of the holder of each outstanding
warrant certificate affected thereby.

 

Section 20.            Successors.  All
covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the
benefit of their respective successors and assigns hereunder.

 

    	8

    	 

    

 

Section 21.            Benefits
of this Agreement.  Nothing in this Agreement shall be construed to give any Person other than the Company and the
Warrant Agent any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and
exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrants.

 

Section 22.           Governing
Law.  This Agreement and each Warrant Certificate issued hereunder shall be governed by, and construed in accordance
with, the laws of the State of New York without giving effect to the conflicts of law principles thereof.

 

Section 23.            Counterparts.  This
Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument.

 

Section 24.            Captions.  The
captions of the sections of this Agreement have been inserted for convenience only and shall not control or affect the meaning
or construction of any of the provisions hereof.

 

Section 25.            Force
Majeure.  Notwithstanding anything to the contrary contained herein, neither Warrant Agent nor the Company shall
be liable for, or considered to be in breach of or default under this Agreement (including Section 13) on account of any delay
or failure to perform its obligations hereunder due to causes beyond such party’s reasonable control including, without limitation,
acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities,
or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties,
war, or civil unrest.

 

    	9

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of the day and year first above written.

 

	 	NEUROMETRIX, INC.	 
	 	 	 
	 	By:	 	 
	 	Name: 	 	 
	 	Title:	 	 

 

	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC	 
	 	 	 
	 	By:	 	 
	 	Name: 	 	 
	 	Title:	 	 

 

    	10

    	 

    

  

SCHEDULE A

 

WIRE INSTRUCTIONS

 

ABA #

ACCT #

ACCT NAME:  AMERICAN STOCK TRANSFER & TRUST CO

  AS AGENT FOR NEUROMETRIX, INC.

 

    	 

    	 

    

  

EXHIBIT A

 

See Exhibit 4.3 to the Registration
Statement on Form S-1

 

    	 

    	 

    

 

 EXHIBIT B

  

See Exhibit 4.4 to the Registration
Statement on Form S-1

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