Document:

Exhibit 10.11

 

NEUROONE, INC.

2016
Equity Incentive Plan

 

ADOPTED
BY THE BOARD OF DIRECTORS: October 20, 2016 

APPROVED BY THE STOCKHOLDERS: October 20, 2016 

TERMINATION DATE: October 20, 2026

 

1.                  
General.

 

(a)               
Eligible Stock Award Recipients. The persons eligible to receive Stock Awards are Employees, Directors and Consultants.

 

(b)              
Available Stock Awards. The Plan provides for the grant of the following Stock Awards: (i) Incentive Stock Options;
(ii) Nonstatutory Stock Options; (iii) Stock Appreciation Rights; (iv) Restricted Stock Awards; and (v) Restricted Stock Unit Awards.

 

(c)               
Purpose. The Company, by means of the Plan, seeks to secure and retain the services of the group of persons eligible
to receive Stock Awards as set forth in Section 1(a), to provide incentives for such persons to exert maximum efforts for the success
of the Company and any Affiliate, and to provide a means by which such eligible recipients may be given an opportunity to benefit
from the value or increases in value of the Common Stock through the granting of Stock Awards.

 

2.                  
Administration.

 

(a)               
Administration by Board. The Board shall administer the Plan unless and until the Board delegates administration of
the Plan to a Committee or Committees, as provided in Section 2(c).

 

(b)              
Powers of Board. The Board shall have the power, subject to, and within the limitations of, the express provisions of
the Plan:

 

(i)                
To determine from time to time (A) which of the persons eligible under the Plan shall be granted Stock Awards; (B) when
and how each Stock Award shall be granted; (C) what type or combination of types of Stock Award shall be granted; (D) the provisions
of each Stock Award granted (which need not be identical), including the time or times when a person shall be permitted to receive
cash or Common Stock pursuant to a Stock Award; (E) the number of shares of Common Stock with respect to which a Stock Award shall
be granted to each such person; and (F) the Fair Market Value applicable to a Stock Award.

 

(ii)              
To construe and interpret the Plan and Stock Awards granted under it, and to establish, amend and revoke rules and regulations
for administration of the Plan. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in
the Plan or in any Stock Award Agreement, in a manner and to the extent it shall deem necessary or expedient to make the Plan or
Stock Award fully effective.

 

(iii)            
To settle all controversies regarding the Plan and Stock Awards granted under it.

 

(iv)             
Except where such action would result in the Participant incurring liability for additional tax under Section 409A of
the Code, to accelerate, in whole or in part, the time at which an Award may be exercised or vest (or the time at which cash or
shares of Common Stock may be issued in settlement thereof).

 

    	 	 	 

     

    

 

(v)               
To suspend or terminate the Plan at any time. Suspension or termination of the Plan shall not impair rights and obligations
under any Stock Award granted while the Plan is in effect except with the written consent of the affected Participant.

 

(vi)             
To amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, amendments (i)
to ensure that Awards intended to qualify as Incentive Stock Options so qualify, and (ii) to ensure that Awards are either exempt
from or in compliance with Section 409A of the Code. If required by applicable law (including Sections 422 of the Code), and except
as provided in Section 9(a) relating to Capitalization Adjustments, the Company will seek stockholder approval of any amendment
of the Plan that (A) increases the number of shares of Common Stock available for issuance under the Plan, (B) expands the class
of individuals eligible to receive Stock Awards under the Plan, (C) materially increases the benefits accruing to Participants
under the Plan or materially reduces the price at which shares of Common Stock may be issued or purchased under the Plan, (D) extends
the term of the Plan, or (E) expands the types of Stock Awards available for issuance under the Plan. Except as provided above,
rights under any Stock Award granted before amendment of the Plan shall not be impaired by any amendment of the Plan unless (1)
the Company requests the consent of the affected Participant, and (2) such Participant consents in writing.

 

(vii)           
To submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan
intended to satisfy the requirements of Section 422 of the Code regarding Incentive Stock Options.

 

(viii)         
To approve forms of Stock Award Agreements for use under the Plan and to amend the terms of any one or more Stock Awards,
including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Stock
Award Agreement, subject to any specified limits in the Plan that are not subject to Board discretion; provided, however, that,
the rights under any Stock Award shall not be impaired by any such amendment unless (i) the Company requests the consent of the
affected Participant, and (ii) such Participant consents in writing. Notwithstanding the foregoing, subject to the limitations
of applicable law, if any, and without the affected Participant’s consent, the Board may amend the terms of any one or more
Stock Awards if necessary to maintain the qualified status of the Stock Award as an Incentive Stock Option or to ensure that a
Stock Award is either exempt from or in compliance with Section 409A of the Code. Notwithstanding the foregoing, moreover, without
the Participant’s consent, (i) the Board may not amend an Incentive Stock Option in a manner that would cause it to fail
to qualify as an “incentive stock option” under Section 422 of the Code, and (ii) the Board may not amend a Stock Award
in a manner that would cause it to cease to be either exempt from or in compliance with Section 409A of the Code.

 

(ix)             
Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the
best interests of the Company and that are not in conflict with the provisions of the Plan or Stock Awards.

 

(x)               
To adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees,
Directors or Consultants who are foreign nationals or employed outside the United States.

 

(xi)             
To effect, at any time and from time to time, with the consent of any adversely affected Participant, (A) the reduction
of the exercise price (or strike price) of any outstanding Option or SAR under the Plan to a price not less than the Fair Market
Value of the Common Stock underlying the Stock Award as of the date of the reduction, (B) the cancellation of any outstanding Option
or SAR under the Plan and the grant in substitution therefore of (1) a new Option or SAR under the Plan or another equity plan
of the Company covering the same or a different number of shares of Common Stock, (2) a Restricted Stock Award, (3) a Restricted
Stock Unit Award, (4) cash and/or (5) other valuable consideration (as determined by the Board, in its sole discretion), or (C)
any other action that is treated as a repricing under generally accepted accounting principles; provided, however, that no such
reduction or cancellation may be effected if it is determined, in the Company’s sole discretion, that such reduction or cancellation
would result in any such outstanding Stock Award becoming subject to and failing to comply with the requirements of Section 409A
of the Code.

 

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(c)               
Delegation to Committee. The Board may delegate some or all of the administration of the Plan to a Committee or Committees.
If administration of the Plan is delegated to a Committee, the Committee shall have, in connection with the administration of the
Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate
to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in
this Plan to the Board shall thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent
with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may retain the authority to concurrently
administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated.

 

(d)              
Delegation to an Officer. The Board may delegate to one or more Officers of the Company the authority to do one or both
of the following: (i) designate Officers and Employees of the Company or any of its Subsidiaries to be recipients of Options and
Stock Appreciation Rights (and, to the extent permitted by applicable law and subject to the terms of the Plan, other Stock Awards)
and the terms thereof, and (ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to such
Officers and Employees; provided, however, that the Board resolutions regarding such delegation shall specify the total number
of shares of Common Stock that may be subject to the Stock Awards granted by such Officer and that such Officer may not grant a
Stock Award to himself or herself. Notwithstanding the foregoing, the Board may not delegate authority to an Officer to determine
the Fair Market Value pursuant to Section 13(t) below.

 

(e)               
Effect of Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith
shall not be subject to review by any person and shall be final, binding and conclusive on all persons.

 

3.                  
Shares Subject to the Plan.

 

(a)               
Share Reserve. Subject to the provisions of Section 9(a) relating to Capitalization Adjustments, the aggregate number
of shares of Common Stock that may be issued pursuant to Stock Awards beginning on the Effective Date shall not exceed fifty eight
thousand three hundred thirty three (58,333) shares (the “Share Reserve”). Furthermore, if a Stock Award
(i) expires or otherwise terminates without having been exercised in full or (ii) is settled in cash (i.e., the holder of
the Stock Award receives cash rather than stock), such expiration, termination or settlement shall not reduce (or otherwise offset)
the number of shares of Common Stock that may be issued pursuant to the Plan. For clarity, the limitation in this Section 3(a)
is a limitation in the number of shares of Common Stock that may be issued pursuant to the Plan. Accordingly, this Section 3(a)
does not limit the granting of Stock Awards except as provided in Section 7(a).

 

(b)              
Reversion of Shares to the Share Reserve. If any shares of Common Stock issued pursuant to a Stock Award are forfeited
back to the Company because of the failure to meet a contingency or condition required to vest such shares in the Participant,
then the shares which are forfeited shall revert to and again become available for issuance under the Plan. Also, any shares withheld
by the Company pursuant to Section 8(g) or as consideration for the exercise of an Option shall again become available for issuance
under the Plan. Notwithstanding the provisions of this Section 3(b), any such shares shall not be subsequently issued pursuant
to the exercise of Incentive Stock Options.

 

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(c)               
Incentive Stock Option Limit. Subject to the provisions of Section 9(a) relating to Capitalization Adjustments and notwithstanding
any other provision of this Section 3, the aggregate maximum number of shares of Common Stock that may be issued pursuant to the
exercise of Incentive Stock Options shall be fifty eight thousand three hundred thirty three (58,333) shares of Common Stock.

 

(d)              
Source of Shares. The stock issuable under the Plan shall be shares of authorized but unissued or reacquired Common
Stock, including shares repurchased by the Company on the open market or otherwise.

 

4.                  
Eligibility.

 

(a)               
Eligibility for Specific Stock Awards. Incentive Stock Options may be granted only to employees of the Company or a
“parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e)
and (f) of the Code). Stock Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants.

 

(b)              
Ten Percent Shareholders. A Ten Percent Stockholder may not be granted an Incentive Stock Option unless the exercise
price of such Option is at least one hundred ten percent (110%) of the Fair Market Value of the Common Stock underlying the Option
on the date of grant and the Option is not exercisable after the expiration of five (5) years from the date of grant.

 

(c)               
Consultants. A Consultant shall not be eligible for the grant of a Stock Award if, at the time of grant, either the
offer or the sale of the Company’s securities to such Consultant is not exempt under Rule 701 because of the nature of the
services that the Consultant is providing to the Company, because the Consultant is not a natural person, or because of any other
provision of Rule 701, unless the Company determines that such grant need not comply with the requirements of Rule 701 and will
satisfy another exemption under the Securities Act as well as comply with the securities laws of all other relevant jurisdictions.

 

5.                  
Provisions Relating to Options and Stock Appreciation Rights. Each Option or SAR shall be in such form and shall
contain such terms and conditions as the Board shall deem appropriate. All Options shall be separately designated Incentive Stock
Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates
shall be issued for shares of Common Stock purchased on exercise of each type of Option. If an Option is not specifically designated
as an Incentive Stock Option, then the Option shall be a Nonstatutory Stock Option. The provisions of separate Options or SARs
need not be identical; provided, however, that each Option Agreement or Stock Appreciation Right Agreement shall conform to (through
incorporation of provisions hereof by reference in the applicable Stock Award Agreement or otherwise) the substance of each of
the following provisions:

 

(a)               
Term. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR shall be exercisable
after the expiration of ten (10) years from the date of its grant or such shorter period specified in the Stock Award Agreement.

 

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(b)              
Exercise Price. Subject to the provisions of Section 4(b) regarding Incentive Stock Options granted to Ten Percent Stockholders,
the exercise price (or strike price) of each Option or SAR shall be not less than one hundred percent (100%) of the Fair Market
Value of the Common Stock subject to the Option or SAR on the date the Option or SAR is granted. Notwithstanding the foregoing,
an Option or SAR may be granted with an exercise price (or strike price) lower than one hundred percent (100%) of the Fair Market
Value of the Common Stock subject to the Option or SAR if such Option or SAR is granted pursuant to an assumption of or substitution
for another option or stock appreciation right pursuant to a Corporate Transaction and in a manner consistent with the provisions
of Sections 409A and 424(a) of the Code (whether or not such Stock Awards are Incentive Stock Options).

 

(c)               
Exercise of Options. When and to the extent exercisable in accordance with the terms of the Plan and the applicable
Option Agreement, a Participant may exercise an Option and acquire ownership of the underlying Common Stock by providing written
notice of exercise to the Company on a form approved by the Board, accompanied by payment or arrangement for payment in the manner
provided in this Section 5(c) of the exercise price of Common Stock acquired pursuant to the exercise of an Option. The exercise
price of an Option may be paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion,
by any combination of the methods of payment set forth below. The Board will have the authority to grant Options that do not permit
all of the following methods of payment (or that otherwise restrict the ability to use certain methods) and to grant Options that
require the consent of the Company to use a particular method of payment. The permitted methods of payment are as follows:

 

(i)                
by cash, check, bank draft or money order payable to the Company;

 

(ii)              
by delivery to the Company (either by actual delivery or attestation) of shares of Common Stock;

 

(iii)            
if the Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company
will reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market
Value that does not exceed the aggregate exercise price, with the Participant paying cash or other permissible form of payment
of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued;
provided, further, that shares of Common Stock will no longer be subject to an Option and may not be purchased under the Option
thereafter to the extent that (A) shares issuable upon exercise are reduced to pay the exercise price pursuant to the “net
exercise,” (B) shares are delivered to the Participant as a result of such exercise, and (C) shares are withheld to satisfy
tax withholding obligations;

 

(iv)             
according to a deferred payment or similar arrangement with the Optionholder; provided, however, that interest shall
compound at least annually and shall be charged at the minimum rate of interest necessary to avoid (A) the imputation of interest
income to the Company and compensation income to the Optionholder under any applicable provisions of the Code, and (B) the classification
of the Option as a liability for financial accounting purposes; or

 

(v)               
in any other form of legal consideration that may be acceptable to the Board.

 

(d)              
Exercise and Payment of a SAR. When and to the extent exercisable in accordance with the terms of the Plan and the applicable
Stock Appreciation Right Agreement, a Participant may exercise an SAR by providing written notice of exercise to the Company on
a form approved by the Board. Upon exercise of a SAR, the Participant shall be entitled to receive the excess, if any, of (A) the
aggregate Fair Market Value (on the date of the exercise of the SAR) of the number of shares of Common Stock with respect to which
the Participant is exercising the SAR on such date, over (B) the aggregate exercise or strike price of such number of shares of
Common Stock. Such amount may be paid in Common Stock, in cash, in any combination of the two or in any other form of consideration,
as determined by the Board and contained in the Stock Appreciation Right Agreement evidencing such SAR.

 

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(e)               
Transferability of Options and SARs. The following restrictions on the transferability of Options and SARs shall apply:

 

(i)                
Restrictions on Transfer. Except as provided in subsections (ii) and (iii) below, an Option or SAR will not be transferable
except by will or by the laws of descent and distribution, and will be exercisable during the lifetime of the Participant only
by the Participant, provided, however, that (i) the Board may permit transfer of a Nonstatutory Option or SAR in a manner that
is not prohibited by applicable securities laws, and (ii) the Board may permit transfer of an Incentive Stock Option to a trust
if, under Section 671 of the Code and applicable state law, the Participant to whom the Incentive Stock Option was granted is considered
the sole beneficial owner of the Incentive Stock Option while it is held in the Trust.  Even if otherwise transferable under
this Section 5(e), except as explicitly provided in the Plan, neither an Option nor a SAR may be transferred for consideration.

 

(ii)              
Domestic Relations Orders. Notwithstanding the foregoing, a Nonstatutory Stock Option or SAR may be transferred pursuant
to a domestic relations order.

 

(iii)            
Beneficiary Designation. Notwithstanding the foregoing, the Participant may, by delivering written notice to the Company,
in a form provided by or otherwise satisfactory to the Company, designate a third party who, in the event of the death of the Participant,
shall thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such
exercise. In the absence of such a designation, the executor or administrator of the Participant’s estate shall be entitled
to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. Notwithstanding
the foregoing provisions of this subsection (iii), unless otherwise provided in the applicable Stock Award Agreement, an Option
or SAR may be exercised after the death of the Participant to whom the Option or SAR was granted only if and to the extent that
the Option or SAR was exercisable by the Participant as of the date of the Participant’s death.

 

(f)                
Exercisability and Vesting Generally.  An Option or SAR may become exercisable at such time or times (including
in periodic installments that may or may not be equal) and subject to such terms and conditions (which may be based on the satisfaction
of Performance Goals, Continuous Service for a specified period or other criteria) as determined by the Board in its sole discretion
and set forth in the applicable Stock Award Agreement. Any shares of Common Stock acquired upon exercise of an Option or SAR may
be vested upon such exercise, or such shares may vest at such later time or times (including in periodic installments that may
or may not be equal) and subject to such terms and conditions (which may be based on the satisfaction of Performance Goals, Continuous
Service for a specified period or other criteria) as may be determined by the Board in its sole discretion and set forth in the
applicable Stock Award Agreement. The exercise or vesting provisions of individual Options or SARs (or of shares of Common Stock
acquired upon exercise of individual Options or SARs) may vary. The provisions of this Section 5(f) are subject to any Option or
SAR provisions governing the minimum number of shares of Common Stock as to which an Option or SAR may be exercised.

 

(g)               
Termination of Continuous Service. Except as otherwise provided in the applicable Stock Award Agreement or other agreement
between the Participant and the Company or any Affiliate, in the event that a Participant’s Continuous Service terminates
(other than for Cause or upon the Participant’s death or Disability), the Participant may exercise his or her Option or SAR
(to the extent that the Participant was entitled to exercise such Stock Award as of the date of termination of Continuous Service)
but only within such period of time ending on the earlier of (i) the date three (3) months following the termination of the Participant’s
Continuous Service (or such longer or shorter period specified in the Stock Award Agreement, which period shall not be less than
thirty (30) days if necessary to comply with applicable state laws unless such termination is for Cause) or (ii) the expiration
of the term of the Option or SAR as set forth in the Stock Award Agreement. If, after termination of Continuous Service, the Participant
does not exercise his or her Option or SAR within the time specified herein or in the Stock Award Agreement (as applicable), the
Option or SAR shall terminate. Exercise of any portion of an Incentive Stock Option more than three months following termination
of a Participant’s Continuous Service (other than termination of Continuous Service due to the Participant’s death
or Disability) will cause that portion of the Option to become a Nonstatutory Option.

 

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(h)              
Extension of Termination Date. Except as otherwise provided in the applicable Stock Award Agreement or other agreement
between the Participant and the Company or an Affiliate, if the exercise of an Option or SAR following the termination of the Participant’s
Continuous Service (other than for Cause or upon the Participant’s death or Disability) would be prohibited at any time solely
because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option
or SAR shall terminate on the earlier of the expiration of a period of three (3) months after the termination of the Participant’s
Continuous Service during which the exercise of the Option or SAR would not be in violation of such registration requirements,
or (ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement. Exercise of any portion of an
Incentive Stock Option more than three months following termination of a Participant’s Continuous Service (or more than 12
months after termination of Continuous Service due to the Participant’s Disability or more than 12 months after the death
of the Participant in the circumstances set forth in Section 5(j)) will cause that portion of the Option to become a Nonstatutory Option.
 

 

(i)                
Disability of Participant. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between
the Participant and the Company or any Affiliate, in the event that a Participant’s Continuous Service terminates as a result
of the Participant’s Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant
was entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of
time ending on the earlier of (i) the date twelve (12) months following such termination of Continuous Service (or such longer
or shorter period specified in the Stock Award Agreement, which period shall not be less than six (6) months if necessary to comply
with applicable state laws), or (ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement.
If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the time specified
herein or in the Stock Award Agreement (as applicable), the Option or SAR shall terminate. Exercise of any portion of an Incentive
Stock Option more than 12 months following termination of the Participant’s employment due to Disability will cause that
portion of the Option to become a Nonstatutory Option.

 

(j)                
Death of Participant. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between
the Participant and the Company or any Affiliate, in the event that (i) a Participant’s Continuous Service terminates as
a result of the Participant’s death, or (ii) the Participant dies within the period (if any) specified in the Stock Award
Agreement after the termination of the Participant’s Continuous Service for a reason other than death, then the Option or
SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of the date of death) by the
Participant’s estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a
person designated to exercise the Option or SAR upon the Participant’s death, but only within the period ending on the earlier
of (i) the date eighteen (18) months following the date of death (or such longer or shorter period specified in the Stock Award
Agreement, which period shall not be less than six (6) months if necessary to comply with applicable state laws), or (ii) the expiration
of the term of such Option or SAR as set forth in the Stock Award Agreement. If, after the Participant’s death, the Option
or SAR is not exercised within the time specified herein or in the Stock Award Agreement (as applicable), the Option or SAR shall
terminate. Exercise of any portion of an Incentive Stock Option more than 12 months following the death of the Participant in the
circumstances set forth in this Section 5(j) will cause that portion of the Option to become a Nonstatutory Option.

 

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(k)              
Termination for Cause. Except as explicitly provided otherwise in a Participant’s Stock Award Agreement, if a
Participant’s Continuous Service is terminated for Cause, the Option or SAR shall terminate upon the termination date of
such Participant’s Continuous Service, and the Participant shall be prohibited from exercising his or her Option or SAR from
and after the time of such termination of Continuous Service.

 

(l)                
Non-Exempt Employees. No Option or SAR granted to an Employee who is a non-exempt employee for purposes of the Fair
Labor Standards Act of 1938, as amended, shall be first exercisable for any shares of Common Stock until at least six (6) months
following the date of grant of the Option or SAR. Notwithstanding the foregoing, consistent with the provisions of the Worker Economic
Opportunity Act, in the event of the Participant’s death or Disability, upon a Corporate Transaction in which the vesting
of such Options or SARs accelerates, or upon the Participant’s retirement (as such term may be defined in the Participant’s
Stock Award Agreement or in another applicable agreement or in accordance with the Company’s then current employment policies
and guidelines) any such Options and SARs otherwise exercisable (but for this Section 5(l)) may be exercised earlier than six months
following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt employee
in connection with the exercise or vesting of an Option or SAR or the underlying Common Shares will be exempt from his or her regular
rate of pay.

 

(m)            
Early Exercise of Options. An Option may, but need not, include a provision whereby it may be exercised during its term
at any time after the Option is granted for shares of Common Stock that are subject to vesting conditions. Subject to the “Repurchase
Limitation” in Section 8(l), any unvested shares of Common Stock so purchased may be subject to a repurchase right in favor
of the Company or to any other restriction the Board determines to be appropriate. Provided that the “Repurchase Limitation”
in Section 8(l) is not violated, the Company shall not be required to exercise its repurchase right until at least six (6) months
(or such longer or shorter period of time required to avoid classification of the Option as a liability for financial accounting
purposes) have elapsed following exercise of the Option unless the Board otherwise specifically provides in the Option Agreement.

 

(n)              
Right of Repurchase. Subject to the “Repurchase Limitation” in Section 8(l), the Option or SAR may include
a provision whereby the Company may elect to repurchase all or any part of the vested shares of Common Stock acquired by the Participant
pursuant to the exercise of the Option or SAR.

 

(o)               
Right of First Refusal. The Option or SAR may include a provision whereby the Company may elect to exercise a right
of first refusal following receipt of notice from the Participant of the intent to transfer all or any part of the shares of Common
Stock received upon the exercise of the Option or SAR. Except as expressly provided in this Section 5(o) or in the Stock Award
Agreement, such right of first refusal shall otherwise comply with any applicable provisions of the Bylaws of the Company.

 

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6.                  
Provisions of Restricted Stock Awards and Restricted Stock Unit Awards.

 

(a)               
Restricted Stock Awards. Each Restricted Stock Award Agreement shall be in such form and shall contain such terms and
conditions as the Board shall deem appropriate. To the extent consistent with the Company’s Bylaws, at the Board’s
election, shares of Common Stock that are the subject of a Restricted Stock Award may be (x) held in book entry form subject to
the Company’s instructions until any restrictions relating to the Restricted Stock Award lapse; or (y) evidenced by a certificate,
which certificate shall be held in such form and manner as determined by the Board. The terms and conditions of Restricted Stock
Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Award Agreements need
not be identical; provided, however, that each Restricted Stock Award Agreement shall conform to (through incorporation of the
provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions:

 

(i)                
Consideration. A Restricted Stock Award may be awarded in consideration for (A) cash or cash equivalents, (B) past or
future services to the Company or an Affiliate, or (C) any other form of legal consideration that may be acceptable to the Board
in its sole discretion and permissible under applicable law.

 

(ii)              
Vesting. Shares of Common Stock awarded under the Restricted Stock Award Agreement may be subject to forfeiture to the
Company in accordance with a vesting schedule to be determined by the Board.

 

(iii)            
Termination of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company
may receive through a forfeiture condition or a repurchase right, any or all of the shares of Common Stock held by the Participant
as of the date of termination of Continuous Service under the terms of the Restricted Stock Award Agreement.

 

(iv)             
Transferability. Shares of Common Stock granted under the Restricted Stock Award Agreement will not be transferable
by the Participant except upon such terms and conditions as are set forth in the Restricted Stock Award Agreement.

 

(v)               
Dividends. A Restricted Stock Award Agreement may provide for the handling of dividends otherwise payable on unvested
Restricted Stock in such manner as the Board in its discretion deems appropriate, including (i) current distribution to the Participant
of dividends otherwise payable on unvested Restricted Stock, (ii) no distribution of any dividends to the Participant otherwise
payable on unvested Restricted Stock, or (iii) retention of dividends otherwise payable on unvested Restricted Stock until and
if the Restricted Stock becomes vested.

 

(b)              
Restricted Stock Unit Awards. Each Restricted Stock Unit Award Agreement shall be in such form and shall contain such
terms and conditions as the Board may deem appropriate. The terms and conditions of separate Restricted Stock Unit Award Agreements
need not be identical, provided, however, that each Restricted Stock Unit Award Agreement shall conform to (through incorporation
of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the following provisions:

 

(i)                
Consideration. At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if
any, to be paid by the Participant upon delivery of each share of underlying Common Stock (or of cash equal to the value of such
Common Stock). For clarity, the Board need not require the payment of any consideration for the settlement (or grant) of a Restricted
Stock Unit Award, other than past or future services rendered or to be rendered by the Participant.

 

    	 	9	 

     

    

 

(ii)              
Vesting. At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions or conditions
to the vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

 

(iii)            
Payment. A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent,
any combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock
Unit Award Agreement.

 

(iv)             
Additional Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate,
may impose such restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject
to a Restricted Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award provided that, notwithstanding
such restrictions or conditions, the Restricted Stock Unit Award is either exempt from or in compliance with Section 409A of the
Code.

 

(v)               
Dividend Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted
Stock Unit Award, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. At the sole discretion
of the Board, such dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock
Unit Award in such manner as determined by the Board. Any additional shares covered by the Restricted Stock Unit Award credited
by reason of such dividend equivalents will be subject to all the terms and conditions of the underlying Restricted Stock Unit
Award Agreement to which they relate.

 

(vi)             
Termination of Participant’s Continuous Service. Except as otherwise provided in the applicable Restricted Stock
Unit Award Agreement, such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s
termination of Continuous Service.

 

(vii)           
Exemption From or Compliance with Section 409A of the Code. Notwithstanding anything to the contrary set forth herein,
any Restricted Stock Unit Award granted under the Plan shall have terms designed to ensure its exemption from or compliance with
Section 409A of the Code.

 

7.                  
Covenants of the Company.

 

(a)               
Availability of Shares. During the terms of the Stock Awards, the Company shall keep available at all times the number
of shares of Common Stock reasonably required to satisfy such Stock Awards.

 

(b)              
Securities Law Compliance. The Company shall seek to obtain from each regulatory commission or agency having jurisdiction
over the Plan such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise
or settlement of the Stock Awards; provided, however, that this undertaking shall not require the Company to register under the
Securities Act the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable
efforts, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel for the Company
deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company shall be relieved from any liability
for failure to issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority is obtained. A Participant
shall not be eligible for the grant of a Stock Award or the subsequent issuance of Common Stock pursuant to the Stock Award if
such grant or issuance would be in violation of any applicable securities law.

 

    	 	10	 

     

    

 

(c)               
No Obligation to Notify. The Company shall have no duty or obligation to advise any Participant of the time or manner
of exercising a Stock Award. Furthermore, the Company shall have no duty or obligation to warn or otherwise advise a Participant
of a pending termination or expiration of a Stock Award or a possible period in which the Stock Award may not be exercised or settled.
The Company has no duty or obligation to minimize the tax consequences of a Stock Award to the holder of such Stock Award.

 

8.                  
Miscellaneous.

 

(a)               
Use of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Stock Awards
shall constitute general funds of the Company.

 

(b)              
Corporate Action Constituting Grant of Stock Awards. Corporate action constituting a grant by the Company of a Stock
Award to any Participant shall be deemed completed as of the date of such corporate action, unless otherwise determined by the
Board, regardless of when the instrument, certificate, or letter evidencing the Stock Award is communicated to, or actually received
or accepted by, the Participant, provided that such instrument, certificate or letter is communicated to, or actually received
or accepted by, the Participant within a reasonable period of time after such corporate action.

 

(c)               
Stockholder Rights. No Participant shall be deemed to be the holder of, or to have any of the rights of a holder with
respect to, any shares of Common Stock subject to such Stock Award unless and until (i) such Participant has satisfied all requirements
for exercise or settlement of the Stock Award pursuant to its terms, and (ii) the issuance of the Common Stock subject to such
Stock Award has been entered into the books and records of the Company.

 

(d)              
No Employment or Other Service Rights. Nothing in the Plan, any Stock Award Agreement or any other instrument executed
thereunder or in connection with any Stock Award granted pursuant thereto shall confer upon any Participant any right to continue
to serve the Company or an Affiliate in the capacity in effect at the time the Stock Award was granted (or in any other capacity)
or shall affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice
and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the
Company or an Affiliate, or (iii) the service of a Director pursuant to the Bylaws of the Company or an Affiliate, and any applicable
provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.

 

(e)               
Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time
of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder
during any calendar year (under all plans of the Company and any Affiliates) exceeds one hundred thousand dollars ($100,000), the
Options or portions thereof that exceed such limit (according to the order in which they were granted) shall be treated as Nonstatutory
Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).

 

(f)                
Investment Assurances. The Company may require a Participant, as a condition of acquiring Common Stock under any Stock
Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial
and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and
experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser
representative, the merits and risks of acquiring Common Stock under the Stock Award; and (ii) to give written assurances satisfactory
to the Company stating that the Participant is acquiring Common Stock subject to the Stock Award for the Participant’s own
account and not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and
any assurances given pursuant to such requirements, shall be inoperative if (x) the acquisition of Common Stock under the Stock
Award has been registered under a then currently effective registration statement under the Securities Act, or (y) as to any particular
requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances under
the then applicable securities laws. The Company may, upon advice of counsel to the Company, place legends on certificates for
Common Stock issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities
laws, including, but not limited to, legends restricting the transfer of the Common Stock.

 

    	 	11	 

     

    

 

(g)               
Withholding Obligations.  The Company may, in its sole discretion, satisfy any federal, state or local tax withholding
obligation relating to a Stock Award by any of the following means or by a combination of such means: (i) requiring the Participant
to tender a cash payment; (ii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable
to the Participant in connection with the Stock Award; provided, however, that no shares of Common Stock are withheld with a value
exceeding the minimum amount of tax required to be withheld by law (or such lesser amount as may be necessary to avoid classification
of the Stock Award as a liability for financial accounting purposes); (iii) withholding payment from any amounts otherwise payable
to the Participant; (iv) withholding cash from a Stock Award settled in cash; or (v) by such other method as may be set forth in
the Stock Award Agreement.

 

(h)              
Electronic Delivery. Any reference herein to a “written” agreement or document shall include any agreement
or document delivered electronically or posted on the Company’s intranet.

 

(i)                
Deferrals. To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery
of Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Stock Award may be
deferred and may establish programs and procedures for deferral elections to be made by Participants. Deferrals by Participants
will be made in a manner such that the affected Stock Award is (or remains) exempt from or in compliance with Section 409A of the
Code. Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee
or otherwise providing services to the Company. The Board is authorized to make deferrals of Stock Awards and determine when, and
in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant’s termination
of Continuous Service, and implement such other terms and conditions consistent with the provisions of the Plan, in accordance
with applicable law and in a manner such that the affected Stock Award is (or remains) either exempt from or in compliance with
Section 409A of the Code.

 

(j)                
Exemption From or Compliance with Section 409A. The Plan and Stock Award Agreements will be interpreted and administered
to the greatest extent possible in a manner that makes the Plan and Stock Awards granted hereunder exempt from Section 409A of
the Code, and, to the extent not so exempt, in compliance with Section 409A of the Code. To the extent that the Board determines
that any Stock Award granted hereunder is subject to Section 409A of the Code, the Stock Award Agreement evidencing such Stock
Award shall include the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code.

 

    	 	12	 

     

    

 

(k)              
Compliance with Exemption Provided by Rule 12h-1(f). If: (i) the aggregate of the number of Optionholders and the number
of holders of all other outstanding compensatory employee stock options to purchase shares of Common Stock equals or exceeds five
hundred (500), and (ii) the assets of the Company at the end of the Company’s most recently completed fiscal year exceed
ten million dollars ($10,000,000), then the following restrictions shall apply during any period during which the Company does
not have a class of its securities registered under Section 12 of the Exchange Act and is not required to file reports under Section
15(d) of the Exchange Act: (A) the Options and, prior to exercise, the shares of Common Stock acquired upon exercise of the Options
may not be transferred until the Company is no longer relying on the exemption provided by Rule 12h-1(f) promulgated under the
Exchange Act (“Rule 12h-1(f)”), except: (1) as permitted by Rule 701(c) promulgated under the Securities
Act, (2) to a guardian upon the disability of the Optionholder, or (3) to an executor upon the death of the Optionholder (collectively,
the “Permitted Transferees”); provided, however, the following transfers are permitted: (i) transfers
by the Optionholder to the Company, and (ii) transfers in connection with a change of control or other acquisition involving the
Company, if following such transaction, the Options no longer remain outstanding and the Company is no longer relying on the exemption
provided by Rule 12h-1(f); provided, further, that any Permitted Transferees may not further transfer the Options; (B) except as
otherwise provided in (A) above, the Options and shares of Common Stock acquired upon exercise of the Options are restricted as
to any pledge, hypothecation, or other transfer, including any short position, any “put equivalent position” as defined
by Rule 16a-1(h) promulgated under the Exchange Act, or any “call equivalent position” as defined by Rule 16a-1(b)
promulgated under the Exchange Act by the Optionholder prior to exercise of an Option until the Company is no longer relying on
the exemption provided by Rule 12h-1(f); and (C) at any time that the Company is relying on the exemption provided by Rule 12h-1(f),
the Company shall deliver to Optionholders (whether by physical or electronic delivery or written notice of the availability of
the information on an internet site) the information required by Rule 701(e)(3), (4), and (5) promulgated under the Securities
Act every six (6) months, including financial statements that are not more than one hundred eighty (180) days old; provided, however,
that the Company may condition the delivery of such information upon the Optionholder’s agreement to maintain its confidentiality.
The provisions of this Section 8(k) shall not be construed to permit the transfer of Options or shares of Common Stock acquired
upon exercise of Options in any circumstances where such transfer is otherwise prohibited under the Plan or Option Agreement.

 

(l)                
Repurchase Limitation. The terms of any repurchase right shall be specified in the Stock Award Agreement. The repurchase
price for vested shares of Common Stock shall be the Fair Market Value of the shares of Common Stock on the date of repurchase,
unless the repurchase right arises in connection with termination of the Participant’s Continuous Service for Cause, in which
case the repurchase price shall be the same price (set forth in the immediately following sentence) as if the shares were unvested.
The repurchase price for unvested shares of Common Stock shall be the lower of (i) the Fair Market Value of the shares of Common
Stock on the date of repurchase or (ii) their original purchase price (if any). However, the Company shall not exercise its repurchase
right until at least six (6) months (or such longer or shorter period of time necessary to avoid classification of the Stock Award
as a liability for financial accounting purposes) have elapsed following delivery of shares of Common Stock subject to the Stock
Award, unless otherwise specifically provided by the Board.

 

9.                  
Adjustments upon Changes in Common Stock; Other Corporate Events.

 

(a)               
Capitalization Adjustments. In the event of a Capitalization Adjustment, the Board shall appropriately and proportionately
adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and
maximum number of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c), and
(iii) the class(es) and number of securities and price per share of stock subject to outstanding Stock Awards. The Board shall
make such adjustments, and its determination shall be final, binding and conclusive.

 

    	 	13	 

     

    

 

(b)              
Dissolution or Liquidation. Except as otherwise provided in the Stock Award Agreement, in the event of a dissolution
or liquidation of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares
of Common Stock not subject to a forfeiture condition or the Company’s right of repurchase) shall terminate immediately prior
to the completion of such dissolution or liquidation, and the shares of Common Stock subject to the Company’s repurchase
rights or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact that the holder
of such Stock Award is providing Continuous Service, provided, however, that the Board may, in its sole discretion, cause some
or all Stock Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such
Stock Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its
completion.

 

(c)               
Corporate Transaction. The following provisions shall apply to Stock Awards in the event of a Corporate Transaction
unless otherwise provided in the instrument evidencing the Stock Award or any other written agreement between the Company or any
Affiliate and the holder of the Stock Award or unless otherwise expressly provided by the Board at the time of grant of a Stock
Award.

 

(i)                
Stock Awards May Be Assumed. Except as otherwise stated in the Stock Award Agreement, in the event of a Corporate Transaction,
any surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) may assume
or continue any or all Stock Awards outstanding under the Plan or may substitute similar stock awards for Stock Awards outstanding
under the Plan (including but not limited to, awards to acquire the same consideration paid to the stockholders of the Company
pursuant to the Corporate Transaction), and any reacquisition or repurchase rights held by the Company in respect of Common Stock
issued pursuant to Stock Awards may be assigned by the Company to the successor of the Company (or the successor’s parent
company, if any), in connection with such Corporate Transaction. A surviving corporation or acquiring corporation (or its parent)
may choose to assume or continue only a portion of a Stock Award or substitute a similar stock award for only a portion of a Stock
Award. The terms of any assumption, continuation or substitution shall be set by the Board in accordance with the provisions of
Section 2, provided that, in the case of an Incentive Stock Option or other type of Stock Award that is exempt from Section 409A
of the Code, such assumption, continuation or substitution is effectuated in a manner and on terms that preserve the status of
an Incentive Stock Option as such under Section 422 of the Code and that preserve the status of the Stock Award as exempt from
Section 409A of the Code.

 

(ii)              
Stock Awards Held by Current Participants. Except as otherwise stated in the Stock Award Agreement, and provided that
such action does not cause a Stock Award that is subject to and in compliance with Section 409A of the Code to cease to comply
with Section 409A of the Code, in the event of a Corporate Transaction in which the surviving corporation or acquiring corporation
(or its parent company) does not assume or continue such outstanding Stock Awards or substitute similar stock awards for such outstanding
Stock Awards, then with respect to Stock Awards that have not been assumed, continued or substituted and that are held by Participants
whose Continuous Service has not terminated prior to the effective time of the Corporate Transaction (referred to as the “Current
Participants”), the vesting of such Stock Awards (and, if applicable, the time at which such Stock Awards may be
exercised) shall (contingent upon the effectiveness of the Corporate Transaction) be accelerated in full to a date prior to the
effective time of such Corporate Transaction as the Board shall determine (or, if the Board shall not determine such a date, to
the date that is five (5) days prior to the effective time of the Corporate Transaction), and such Stock Awards shall terminate
if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction, and any reacquisition or repurchase
rights held by the Company with respect to such Stock Awards shall lapse (contingent upon the effectiveness of the Corporate Transaction).

 

(iii)            
Stock Awards Held by Persons Other than Current Participants. Except as otherwise stated in the Stock Award Agreement,
in the event of a Corporate Transaction in which the surviving corporation or acquiring corporation (or its parent company) does
not assume or continue such outstanding Stock Awards or substitute similar stock awards for such outstanding Stock Awards, then
with respect to Stock Awards that have not been assumed, continued or substituted and that are held by persons other than Current
Participants, the vesting of such Stock Awards (and, if applicable, the time at which such Stock Award may be exercised) shall
not be accelerated and such Stock Awards (other than a Stock Award consisting of vested and outstanding shares of Common Stock
not subject to the Company’s right of repurchase) shall terminate if not exercised (if applicable) prior to the effective
time of the Corporate Transaction; provided, however, that any reacquisition or repurchase rights held by the Company with respect
to such Stock Awards shall not terminate and may continue to be exercised notwithstanding the Corporate Transaction.

 

    	 	14	 

     

    

 

(iv)             
Payment for Stock Awards in Lieu of Exercise. Notwithstanding the foregoing, in the event a Stock Award will terminate
if not exercised prior to the effective time of a Corporate Transaction, the Board may provide, in its sole discretion, that the
holder of such Stock Award may not exercise such Stock Award but will receive a payment, in such form as may be determined by the
Board, equal in value to the excess, if any, of (A) the value of the property the holder of the Stock Award would have received
upon the exercise of the Stock Award, over (B) any exercise price applicable to the Stock Awards.

 

(d)              
Change in Control. A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after
a Change in Control transaction as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any
other written agreement between the Company or any Affiliate and the Participant, or as may be determined in the discretion of
the Board; otherwise no such acceleration shall occur.

 

10.              
Termination or Suspension of the Plan.

 

(a)               
Plan Term. The Board may suspend or terminate the Plan at any time. Unless sooner terminated by the Board pursuant to
Section 2, the Plan shall automatically terminate on the day before the tenth (10th) anniversary of the earlier of (i)
the date the Plan is adopted by the Board, or (ii) the date the Plan is approved by the stockholders of the Company. No Stock Awards
may be granted under the Plan while the Plan is suspended or after it is terminated.

 

(b)              
No Impairment of Rights. Suspension or termination of the Plan shall not impair rights and obligations under any Stock
Award granted while the Plan is in effect except with the written consent of the affected Participant.

 

11.              
Effective Date of Plan. This Plan shall become effective on the Effective Date.

 

12.              
Choice Of Law. The law of the State of Delaware shall govern all questions concerning the construction, validity
and interpretation of this Plan, without regard to that state’s conflict of laws rules.

 

13.              
DEFINITIONS.
As used in the Plan, the following definitions shall apply to the capitalized terms indicated below:

 

(a)               
“Affiliate” means, at the time of determination, any “parent” or “majority-owned
subsidiary” of the Company, as such terms are defined in Rule 405 of the Securities Act. The Board shall have the authority
to determine the time or times at which “parent” or “majority-owned subsidiary” status is determined within
the foregoing definition.

 

(b)              
“Board” means the Board of Directors of the Company.

 

    	 	15	 

     

    

 

(c)               
“Capitalization Adjustment” means any change that is made in, or other events that occur with respect
to, the Common Stock subject to the Plan or subject to any Stock Award after the Effective Date without the receipt of consideration
by the Company (through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property
other than cash, large nonrecurring cash dividend, stock split, liquidating dividend, combination of shares, exchange of shares,
change in corporate structure, or any similar equity restructuring transaction, as that term is used in Statement of Financial
Accounting Standards No. 123 (revised). Notwithstanding the foregoing, the conversion of any convertible securities of the Company
shall not be treated as a Capitalization Adjustment.

 

(d)              
“Cause” shall have the meaning ascribed to such term in any written agreement between the Participant
and the Company defining such term and, in the absence of such agreement, such term means with respect to a Participant, the occurrence
of any of the following events: (i) such Participant’s commission of any felony or any crime involving fraud, dishonesty
or moral turpitude under the laws of the United States or any state thereof; (ii) such Participant’s commission of, or participation
in, a fraud or act of dishonesty involving the Company; (iii) such Participant’s intentional, material violation of any contract
or agreement between such Participant and the Company or of any statutory duty owed to the Company; (iv) such Participant’s
unauthorized use or disclosure of the Company’s confidential information or trade secrets; or (v) such Participant gross
misconduct. The determination that a termination of the Participant’s Continuous Service is either for Cause or without
Cause shall be made by the Company in its sole discretion. Any determination by the Company that the Continuous Service of a Participant
was terminated with or without Cause for the purposes of outstanding Stock Awards held by such Participant shall have no effect
upon any determination of the rights or obligations of the Company or such Participant for any other purpose.

 

(e)               
“Change in Control” means the occurrence, in a single transaction or in a series of related transactions,
of any one or more of the following events:

 

(i)                
any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than
fifty percent (50%) of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger,
consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (A) on account
of the acquisition of securities of the Company by any institutional investor, any affiliate thereof or any other Exchange Act
Person that acquires the Company’s securities in a transaction or series of related transactions that are primarily a private
financing transaction for the Company or (B) solely because the level of Ownership held by any Exchange Act Person (the “Subject
Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase
or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in
Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company,
and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase
or other acquisition had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject
Person over the designated percentage threshold, then a Change in Control shall be deemed to occur;

 

(ii)              
there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company if,
immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately
prior thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent
(50%) of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or
(B) more than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger,
consolidation or similar transaction; or

 

    	 	16	 

     

    

 

(iii)            
there is consummated a sale, lease, license or other disposition of all or substantially all of the consolidated assets
of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the
consolidated assets of the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined voting power
of the voting securities of which are Owned by stockholders of the Company in substantially the same proportion as their Ownership
of the Company immediately prior to such sale, lease, license or other disposition.

 

Notwithstanding the
foregoing definition or any other provision of this Plan, (A) the term Change in Control shall not include a sale of assets, merger
or other transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change
in Control (or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant
shall supersede the foregoing definition with respect to Stock Awards subject to such agreement; provided, however,
that if no definition of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing
definition shall apply. Notwithstanding the foregoing definition or any other provision of the Plan, moreover, in the case of a
Stock Award that constitutes nonqualified deferred compensation under Section 409A of the Code, where a Change in Control is a
payment trigger and not merely a vesting trigger, or where otherwise necessary to ensure that the Participant does not incur liability
for additional tax under Section 409A of the Code, a transaction (or series of related transactions) shall constitute a Change
in Control only if, in addition to satisfying the foregoing definition, such transaction (or series of related transactions) also
satisfies the definition of a “change in control event” under Treas. Reg. Section 1.409A-3(i)(5). 

 

(f)                
“Code” means the Internal Revenue Code of 1986, as amended, as well as any applicable regulations
and guidance thereunder.

 

(g)               
“Committee” means a committee of one (1) or more Directors to whom authority has been delegated by
the Board in accordance with Section 2(c).

 

(h)              
“Common Stock” means the common stock of the Company.

 

(i)                
“Company” means NeuroOne, Inc., a Delaware corporation.

 

(j)                
“Consultant” means any person, including an advisor, who is (i) engaged by the Company or an Affiliate
to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors
of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a fee for such service,
shall not cause a Director to be considered a “Consultant” for purposes of the Plan.

 

(k)              
“Continuous Service” means that the Participant’s service with the Company or an Affiliate,
whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant
renders service to the Company or an Affiliate as an Employee, Director, or Consultant or a change in the Entity for which the
Participant renders such service, provided that there is no interruption or termination of the Participant’s service with
the Company or an Affiliate, shall not terminate a Participant’s Continuous Service; provided, however, if the Entity for
which a Participant is rendering service ceases to qualify as an Affiliate, as determined by the Board in its sole discretion,
such Participant’s Continuous Service shall be considered to have terminated on the date such Entity ceases to qualify as
an Affiliate. For example, a change in status from an employee of the Company to a Consultant of an Affiliate or to a Director
shall not constitute an interruption of Continuous Service. To the extent permitted by law, the Board or the chief executive officer
of the Company, in that party’s sole discretion, may determine whether Continuous Service shall be considered interrupted
in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave, military leave
or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing,
a leave of absence shall be treated as Continuous Service for purposes of vesting in a Stock Award only to such extent as may be
provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable
to the Participant, or as otherwise required by law. Notwithstanding the foregoing definition, in the case of a Stock Award that
constitutes nonqualified deferred compensation under Section 409A of the Code, to the extent a termination of Continuous Service
is a payment event or if otherwise necessary to ensure that the Participant does not incur liability for additional tax under Section
409A of the Code, the Participant shall be considered to have experienced a termination of Continuous Service only if he has also
experienced a “separation from service” within the meaning of Treas. Reg. Section 1.409A-1(h) (without regard to any
alternative definitions of such term thereunder).

 

    	 	17	 

     

    

 

(l)                
“Corporate Transaction” means the occurrence, in a single transaction or in a series of related transactions,
of any one or more of the following events:

 

(i)                
the consummation of a sale or other disposition of all or substantially all, as determined by the Board in its sole
discretion, of the consolidated assets of the Company and its Subsidiaries;

 

(ii)              
a sale or other disposition of at least ninety percent (90%) of the outstanding securities of the Company;

 

(iii)            
the consummation of a merger, consolidation or similar transaction following which the Company is not the surviving
corporation; or

 

(iv)             
the consummation of a merger, consolidation or similar transaction following which the Company is the surviving corporation
but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted
or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities,
cash or otherwise.

 

(m)            
“Director” means a member of the Board.

 

(n)              
“Disability” means the inability of a Participant to engage in any substantially gainful activity
by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted
or can be expected to last for a continuous period of not less than twelve (12) months as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i)
of the Code and shall be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances.

 

(o)               
“Effective Date” means the effective date of this Plan, which is the earlier of (i) the date that
this Plan is first approved by the Company’s stockholders, or (ii) the date this Plan is adopted by the Board.

 

(p)              
“Employee” means any person employed by the Company or an Affiliate. However, service solely as a
Director, or payment of a fee for such services, shall not cause a Director to be considered an “Employee” for purposes
of the Plan.

 

(q)              
“Entity” means a corporation, partnership, limited liability company or other entity.

 

    	 	18	 

     

    

 

(r)               
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder.

 

(s)                
“Exchange Act Person” means any natural person, Entity or “group” (within the meaning
of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” shall not include (i) the Company
or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee
or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an
underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly
or indirectly, by the stockholders of the Company in substantially the same proportions as their Ownership of stock of the Company;
or (v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that,
as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the combined voting power of the Company’s then outstanding securities.

 

(t)                
“Fair Market Value” means, as of any date, the value of the Common Stock determined by the Board
in compliance with Section 409A of the Code or, in the case of an Incentive Stock Option, in compliance with Section 422 of the
Code.

 

(u)              
“Incentive Stock Option” means an option that qualifies as an “incentive stock option”
within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

 

(v)               
“Nonstatutory Stock Option” means an Option that is not an Incentive Stock Option.

 

(w)             
“Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common
Stock granted pursuant to the Plan.

 

(x)               
“Option Agreement” means a written agreement between the Company and an Optionholder evidencing the
terms and conditions of an Option grant. Each Option Agreement shall be subject to the terms and conditions of the Plan.

 

(y)               
“Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable,
such other person who is a permissible holder of an outstanding Option.

 

(z)               
“Own”, “Owned”, “Owner”, “Ownership”
means a person or Entity shall be deemed to “Own,” to have “Owned,” to be the “Owner” of, or
to have acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct
the voting, with respect to such securities.

 

(aa)           
“Participant” means a person to whom a Stock Award is granted pursuant to the Plan or, if applicable,
such other person who is a permissible holder of an outstanding Stock Award.

 

(bb)          
“Plan” means this NeuroOne, Inc. 2016 Equity Incentive Plan.

 

(cc)            
“Restricted Stock Award” means an award of shares of Common Stock which is granted pursuant to the
terms and conditions of Section 6(a).

 

(dd)          
“Restricted Stock Award Agreement” means a written agreement between the Company and a holder of
a Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award. Each Restricted Stock Award Agreement
shall be subject to the terms and conditions of the Plan.

 

    	 	19	 

     

    

 

(ee)            
“Restricted Stock Unit Award” means a right to receive shares of Common Stock (or cash in an amount
equal to the value of shares of Common Stock) that is granted pursuant to the terms and conditions of Section 6(b).

 

(ff)              
“Restricted Stock Unit Award Agreement” means a written agreement between the Company and a holder
of a Restricted Stock Unit Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock
Unit Award Agreement shall be subject to the terms and conditions of the Plan.

 

(gg)           
“Rule 405” means Rule 405 promulgated under the Securities Act.

 

(hh)          
“Rule 701” means Rule 701 promulgated under the Securities Act.

 

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

 

(jj)              
“Stock Appreciation Right” or “SAR” means a right to receive the appreciation
in value of shares of Common Stock that is granted pursuant to the terms and conditions of Section 5.

 

(kk)          
“Stock Appreciation Right Agreement” means a written agreement between the Company and a holder of
a Stock Appreciation Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right
Agreement shall be subject to the terms and conditions of the Plan.

 

(ll)              
“Stock Award” means any right to receive or acquire Common Stock granted under the Plan, including
an Incentive Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, or a Stock Appreciation
Right.

 

(mm)      
“Stock Award Agreement” means a written agreement between the Company and a Participant evidencing
the terms and conditions of a Stock Award grant. Each Stock Award Agreement shall be subject to the terms and conditions of the
Plan.

 

(nn)          
“Subsidiary” means, with respect to the Company, (i) any corporation of which more than fifty percent
(50%) of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation
(irrespective of whether, at the time, stock of any other class or classes of such corporation shall have or might have voting
power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any
partnership, limited liability company or other entity in which the Company has a direct or indirect interest (whether in the form
of voting or participation in profits or capital contributions) of more than fifty percent (50%).

 

(oo)           
“Ten Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d)
of the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company
or any Affiliate.

 

    	 	20Exhibit 10.12

 

NEUROONE, INC.

 

STOCK OPTION GRANT NOTICE

(2016 Equity Incentive Plan)

 

NeuroOne, Inc., a Delaware Corporation
(the “Company”), pursuant to its 2016 Equity Incentive Plan (the “Plan”), hereby
grants to Optionholder an option to purchase the number of shares of the Company’s Common Stock set forth below. This option
is subject to all of the terms and conditions as set forth herein and in the Option Agreement, the Plan and the Notice of Exercise,
all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but
defined in the Plan shall have the same definitions as in the Plan.

 

	Optionholder: 	Name	 
	Date of Grant: 	April 10, 2017	 
	Vesting Commencement Date: 	Date	 
	Number of Shares Subject to Option: 	Amount	 
	Exercise Price (Per Share): 	$0.59	 
	Total Exercise Price: 	Price	 
	Expiration Date: 	April 10, 2027	 

 

	Type of Grant:	 ̈ Incentive Stock Option1	 ̈ Nonstatutory Stock Option

 

	Exercise Schedule:	x Same as Vesting Schedule

 

	Vesting Schedule:	[1⁄4 of the Shares shall vest on the Vesting Commencement Date, with the remaining Shares vesting thereafter in equal increments on the last day of each calendar quarter over the next 12 calendar quarters.]

 

	Payment:	By one or a combination of the following items (described in the Option Agreement):

 

	 	x	By cash or check
	 	x	By bank draft or money order payable to the Company
	 	x	By delivery of already-owned shares
	 	x	If and only to the extent this option is a Nonstatutory Stock Option, and subject to the Company’s
    consent at the time of exercise, by a “net exercise” arrangement2

 

Additional Terms/Acknowledgements:
The undersigned Optionholder acknowledges receipt of, and understands and agrees to, this Stock Option Grant Notice, the Option
Agreement and the Plan. Optionholder further acknowledges that as of the Date of Grant, this Stock Option Grant Notice, the Option
Agreement, and the Plan set forth the entire understanding between Optionholder and the Company regarding the acquisition of stock
in the Company and supersede all prior oral and written agreements, promises and/or representations on that subject with the exception
of (i) options previously granted and delivered to Optionholder by the Company, and (ii) the following agreements only:

 

SIGNATURES
ON THE FOLLOWING PAGE

 

 

1
If this is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options) cannot be first exercisable
for more than $100,000 in value of stock (measured by exercise price) in any calendar year. Any excess over $100,000 is a Nonstatutory
Stock Option.

 

2
Any portion of this option intended to qualify as an Incentive Stock Option may not be exercised by net exercise.

 

    	 	1	 

     

    

 

OTHER AGREEMENTS:

 

	NEUROONE, INC.	 	OPTIONHOLDER
	 	 	 
	By:	 	 	 
	 	Signature	 	Signature
	Name:	Dave Rosa	 	Name:	[Name]
	Title:	President and CEO	 	Date:	April 10, 2017
	Date:	April 10, 2017	 	 	 

 

ATTACHMENTS: Option Agreement, 2016
Equity Incentive Plan, Notice of Exercise and Investment Representation Statement

 

    	 	2	 

     

    

 

ATTACHMENT I

 

NEUROONE, INC.

 

2016 Equity Incentive Plan

 

OPTION AGREEMENT

(INCENTIVE STOCK OPTION OR NONSTATUTORY STOCK OPTION)

 

Pursuant to your Stock
Option Grant Notice (“Grant Notice”) and this Option Agreement, NeuroOne, Inc., a Delaware Corporation
(the “Company”), has granted you an option under its 2016 Equity Incentive Plan (the “Plan”)
to purchase the number of shares of the Company’s Common Stock indicated in your Grant Notice at the exercise price indicated
in your Grant Notice. Capitalized terms not explicitly defined in this Option Agreement but defined in the Plan shall have the
same definitions as in the Plan.

 

The details of your
option are as follows:

 

1.             Vesting.
Subject to the limitations contained herein, your option will vest as provided in your Grant Notice, provided that vesting
will cease upon the termination of your Continuous Service.

 

2.             Number
of Shares and Exchange Price. The number of shares
of Common Stock subject to your option and your exercise price per share referenced in your Grant Notice may be adjusted from time
to time for Capitalization Adjustments.

 

3.             Exercise
Restriction for Non-Exempt Employees. 
In the event that you are an Employee eligible for overtime compensation under the Fair Labor Standards Act of
1938, as amended (i.e., a “Non-Exempt Employee”), and except as otherwise provided in the Plan, you may not exercise
your option until you have completed at least six (6) months of Continuous Service measured from the Date of Grant specified in
your Grant Notice, notwithstanding any other provision of your option.

 

4.             Method
of Payment. Payment of the exercise price is
due in full upon exercise of all or any part of your option. You may elect to make payment of the exercise price in cash, check,
bank draft or money order payable to the Company or in any other manner permitted by your Grant Notice, which may include one or
more of the following:

 

(a)         By delivery
to the Company (either by actual delivery or attestation) of already-owned shares of Common Stock that are owned free and clear
of any liens, claims, encumbrances or security interests, and that are valued at Fair Market Value on the date of exercise. “Delivery”
for these purposes, in the sole discretion of the Company at the time you exercise your option, shall include delivery to the Company
of your attestation of ownership of such shares of Common Stock in a form approved by the Company. Notwithstanding the foregoing,
you may not exercise your option by tender to the Company of Common Stock to the extent such tender would violate the provisions
of any law, regulation or agreement restricting the redemption of the Company’s stock.

 

(b)         If the
Option is a Nonstatutory Stock Option, subject to the consent of the Company at the time of exercise, by a “net exercise”
arrangement pursuant to which the Company will reduce the number of shares of Common Stock issued upon exercise of your option
by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided, however,
that you must pay in cash or by other permitted form of payment any remaining balance of the aggregate exercise price not satisfied
by such reduction in the number of whole shares to be issued; provided further, however, that shares of Common Stock will no longer
be able to be acquired under your option to the extent that (i) shares are used to pay the exercise price pursuant to the “net
exercise,” (ii) shares are delivered to you as a result of such exercise, and (iii) shares are withheld to satisfy tax withholding
obligations.

 

    	 	1	 

     

    

 

5.             Whole
Shares. You may exercise your option only for whole shares of Common Stock.

 

6.             Securities
Law Compliance. Notwithstanding anything to the contrary contained herein, you may not exercise your option unless
the shares of Common Stock issuable upon such exercise are then registered under the Securities Act or, if such shares of Common
Stock are not then so registered, the Company has determined that such exercise and issuance would be exempt from the registration
requirements of the Securities Act. The exercise of your option also must comply with other applicable laws and regulations governing
your option, and you may not exercise your option if the Company determines that such exercise would not be in material compliance
with such laws and regulations.

 

7.             Term.
You may not exercise your option before the commencement of its term or after its term expires. The term of your option
commences on the Date of Grant and expires upon the earliest of the following:

 

(a)         immediately
upon the termination of your Continuous Service for Cause;

 

(b)         three (3)
months after the termination of your Continuous Service for any reason other than Cause, Disability or death, provided that if
during any part of such three (3) month period you may not exercise your option solely because of the condition set forth in the
preceding paragraph relating to “Securities Law Compliance,” your option shall not expire until the earlier of the
Expiration Date or until it shall have been exercisable for an aggregate period of three (3) months after the termination of your
Continuous Service; and if (i) you are a Non-Exempt Employee, (ii) your Continuous Service terminates within six (6) months after
the Date of Grant specified in your Grant Notice, and (iii) you have vested in a portion of your option at the time of your termination
of Continuous Service, your option shall not expire until the earlier of (x) the later of (A) the date that is seven (7) months
after the Date of Grant specified in your Grant Notice or (B) the date that is three (3) months after the termination of your Continuous
Service, or (y) the Expiration Date;

 

(c)         twelve
(12) months after the termination of your Continuous Service due to your Disability (except as provided in Paragraph 7(d) below);

 

(d)         eighteen
(18) months after your death if you die either (A) during your Continuous Service, (B) during the three (3) month period after
your Continuous Service terminates other than on account of Cause or your Disability, or (C) during the twelve (12) month period
following termination of your Continuous Service on account of your Disability;

 

(e)         the Expiration
Date indicated in your Grant Notice; or

 

(f)          the day
before the tenth (10th) anniversary of the Date of Grant.

 

    	 	2	 

     

    

 

If your option is an
Incentive Stock Option, note that to obtain the federal income tax advantages associated with an Incentive Stock Option, you must
exercise the option during the ISO Exercise Period. For this purpose, the “ISO Exercise Period” begins
on the Date of Grant and ends (i) three (3) months after termination of your employment with the Company or an Affiliate other
than on account of Cause or your death or Disability (unless you die within that three (3) month period), (ii) twelve (12) months
after termination of your employment with the Company or an Affiliate on account of your Disability (unless you die within that
twelve (12) month period), or (iii) twelve (12) months after your death if your employment with the Company or an Affiliate terminates
on account of you death or if your death occurs during either the three (3) month or the twelve (12) month period referred to in
the foregoing clauses (i) and (ii) of this sentence, as applicable.  The Company has provided for extended exercisability
of your option under certain circumstances for your benefit but, if your option is an Incentive Stock Option, you will not be entitled
to the favorable tax treatment associated with an Incentive Stock Option if you exercise your option after the ISO Exercise Period.
If your option is an Incentive Stock Option, moreover, you will also not be entitled to the favorable tax treatment associated
with an Incentive Stock Option unless you remain in Continuous Service as an employee of the Company or an Affiliate for the entire
ISO Exercise Period (except for the post-employment termination portion of the ISO Exercise Period set forth in the second preceding
sentence of this paragraph.

 

8.             Exercise.

 

(a)         You may
exercise the vested portion of your option during its term by delivering a Notice of Exercise (in a form designated by the Company)
together with the exercise price to the Secretary of the Company, or to such other person as the Company may designate, during
regular business hours, together with such additional documents as the Company may then require.

 

(b)         By exercising
your option you agree that, as a condition to any exercise of your option, the Company may require you to enter into an arrangement
providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (i) the exercise
of your option, (ii) the lapse of any substantial risk of forfeiture to which the shares of Common Stock are subject at the time
of exercise, or (iii) the disposition of shares of Common Stock acquired upon such exercise.

 

(c)         If your
option is an Incentive Stock Option, by exercising your option you agree that you will notify the Company in writing within fifteen
(15) days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your option that occurs
within two years after the date of your option grant or within one (1) year after such shares of Common Stock are transferred upon
exercise of your option.

 

9.             Transferability.
Except as otherwise provided in this Section 9, your option is not transferable, except by will or by the laws of descent
and distribution, and is exercisable during your life only by you.

 

(a)         Certain Trusts.
Upon receiving written permission from the Board or its duly authorized designee, you may transfer your option to a trust if you
are considered to be the sole beneficial owner of the option (determined under Section 671 of the Code and applicable state law)
while the option is held in the trust, subject to you and the trustee entering into transfer and other agreements required by the
Company.

 

(b)         Beneficiary
Designation. Upon receiving written permission from the Board or its duly authorized designee, you may, by delivering written
notice to the Company, in a form provided by or otherwise satisfactory to the Company, designate a third party who, in the event
of your death, shall thereafter be entitled to exercise this option and receive the Common Stock or other consideration resulting
from such exercise, but only to the extent that you were entitled to exercise the option as of the date of your death. In the absence
of such a designation, your executor or administrator of your estate shall be entitled to exercise this option and receive, on
behalf of your estate, the Common Stock or other consideration resulting from such exercise, but only to the extent that you were
entitled to exercise the option as of the date of your death.

 

    	 	3	 

     

    

 

10.           Option
not a Service Contract. Your option is not an employment or service contract, and nothing in your option shall
be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate,
or of the Company or an Affiliate to continue your employment. In addition, nothing in your option shall obligate the Company or
an Affiliate, their respective stockholders, Boards of Directors, Officers or Employees to continue any relationship that you might
have as a Director or Consultant for the Company or an Affiliate.

 

11.           Withholding
Obligations.

 

(a)         At the
time you exercise your option, in whole or in part, or at any time thereafter as requested by the Company, you hereby authorize
withholding from payroll and any other amounts payable to you by the Company or an Affiliate, and otherwise agree to make adequate
provision for any sums required to satisfy the federal, state, local and foreign income and employment tax withholding obligations
of the Company or an Affiliate, if any, which arise in connection with the exercise of your option or the vesting or disposition
of the shares acquired upon exercise of the option.

 

(b)         Upon your
request and subject to approval by the Company, in its sole discretion, and in compliance with any applicable legal conditions
or restrictions, the Company may withhold from fully vested shares of Common Stock otherwise issuable to you upon the exercise
of your option a number of whole shares of Common Stock having a Fair Market Value, determined by the Company as of the date of
exercise, not in excess of the minimum amount of income and employment tax required to be withheld by law (or such lower amount
as may be necessary to avoid classification of your option as a liability for financial accounting purposes). If the date of determination
of any tax withholding obligation is deferred to a date later than the date of exercise of your option, share withholding pursuant
to the preceding sentence shall not be permitted unless you make a proper and timely election under Section 83(b) of the Code,
covering the aggregate number of shares of Common Stock acquired upon such exercise with respect to which such determination is
otherwise deferred, to accelerate the determination of such tax withholding obligation to the date of exercise of your option.
Notwithstanding the filing of such election, shares of Common Stock shall be withheld solely from fully vested shares of Common
Stock determined as of the date of exercise of your option that are otherwise issuable to you upon such exercise. Any adverse consequences
to you arising in connection with such share withholding procedure shall be your sole responsibility.

 

(c)         You may
not exercise your option unless the income and employment tax withholding obligations of the Company and/or any Affiliate are satisfied,
or provisions for the satisfaction of such obligations acceptable to the Company are in place. Accordingly, you may not be able
to exercise your option when desired even though your option is vested, and the Company shall have no obligation to issue a certificate
for such shares of Common Stock or release such shares of Common Stock from any escrow provided for herein unless such obligations
are satisfied.

 

12.           Tax
Consequences. You hereby agree that the Company does not have a duty to design or administer the Plan or its
other compensation programs in a manner that minimizes your tax liabilities. You shall not make any claim against the Company,
or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from your option or your other compensation.
In particular, you acknowledge that this option is exempt from Section 409A of the Code only if the exercise price per share specified
in the Grant Notice is at least equal to the “fair market value” per share of the Common Stock on the Date of Grant,
there is no impermissible deferral of compensation associated with the option and certain other requirements set forth in the regulations
under Section 409A of the Code are satisfied.

 

    	 	4	 

     

    

 

13.           Notices.
Any notices provided for in your option or the Plan shall be given in writing and shall be deemed effectively given
upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States
mail, postage prepaid, addressed to you at the last address you provided to the Company.

 

14.           Governing
Plan Document. Your option is subject to all the provisions of the Plan, the provisions of which are hereby made
a part of your option, and is further subject to all interpretations, amendments, rules and regulations, which may from time to
time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of your option and those
of the Plan, the provisions of the Plan shall control.

 

    	 	5	 

     

    

 

ATTACHMENT II

 

2016 Equity Incentive Plan

 

[See Attached]

 

     

     
 

    

 

ATTACHMENT III

 

NOTICE OF EXERCISE

 

[________________]

[________________]

[________________]

[________________]

Attention: Secretary

 

1.             Exercise
of Option. Effective as of today, [_______________], the undersigned (“Optionee”) hereby elects
to exercise Optionee’s option to purchase [___________] shares of the Common Stock (the “Shares”)
of NeuroOne, Inc., a Delaware corporation (the “Company”), under and pursuant to the 2016 Equity Incentive
Plan (the “Plan”) and the Stock Option Grant Notice dated April 10, 2017 and corresponding Option Agreement
(collectively, the “Option Agreement”).

 

2.             Delivery
of Payment. Optionee herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option
Agreement, and any and all withholding taxes due in connection with the exercise of the Option.

 

3.             Representations
of Optionee. Optionee acknowledges that Optionee has received, read and understood the Plan and the Option Agreement
and agrees to abide by and be bound by their terms and conditions.

 

4.             Rights
as Stockholder.    Until the issuance of the Shares (as evidenced by the appropriate entry on the
books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other
rights as a stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Shares shall be
issued to the Optionee as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment
shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in the
Plan.

 

5.             Prohibition
Against Transfer of Shares.   Except in the case of a Corporate Transaction or a Change in Control, or as
provided in Section 6  below, or as consented to in advance in writing by the Board, the Optionee may not transfer, sell,
assign, hypothecate, pledge or borrow against any or all of the Shares or any interest in the Shares, provided, however, that upon
the death of the Optionee, Shares that are then vested may be transferred by will or intestacy to the Optionee’s immediate
family or to a trust for the benefit of the Optionee’s immediate family, in which case the Shares in the hands of the Optionee’s
immediate family member(s) or a trust for the benefit of the Optionee’s immediate family member(s) shall similarly be non-transferable,
except in the event of a Corporate Transaction or a Change in Control, or pursuant to Section 6  below, or if otherwise consented
to by the Board. “Immediate Family” as used herein shall mean the spouse or the lineal descendants of the Optionee.

 

    	 	1	 

     

    

 

6.             Right
To Repurchase Shares Upon Termination of Optionee’s Continuous Service Or Non-Competition Breach Event.

 

(a)         General.  
Notwithstanding any provision of the Plan or the Option Agreement to the contrary, if the Optionee’s Continuous Service
with the Company or any Subsidiary shall terminate for any reason, including upon the Optionee’s death, disability, resignation,
termination with or without Cause (the date on which such termination occurs being referred to as the “Termination
Date”), or if the Optionee violates any non-compete, confidentiality, non-solicitation, nondisparagement or similar
restrictive covenant agreement with the Company or any Affiliate (a “Non-Competition Breach Event”),
then the Company shall have the option to repurchase all or any part of the Shares that have been acquired upon exercise of the
Option, regardless of whether the Shares were acquired or are held by the Optionee or a permitted transferee of the Optionee (the
“Repurchase Option”); provided, however, that the Repurchase Option shall terminate upon the earlier
to occur of the date on which (i) the Company first sells shares of its Common Stock in an underwritten public offering registered
under the Securities Act, or (ii) a Change in Control Transaction is consummated.

 

(b)         Procedure for
Repurchase by Company.  The Company may elect to exercise the Repurchase Option and purchase all or any portion of the
Shares by delivery of written notice (the “Repurchase Notice”) to the Optionee or any permitted transferee
of the Optionee within two (2) years after the Termination Date or the date the Board first becomes aware of the Non-Competition
Breach Event, as applicable.  The Repurchase Notice shall set forth the number of Shares to be acquired from the Optionee
(or a permitted transferee of the Optionee), the aggregate consideration to be paid for such Shares (as determined pursuant to
Section 6(d) below) and the time and place for the closing of the transaction.

 

(c)         Closing of
Repurchase of Shares.  The repurchase of Shares pursuant to this Section 6 shall be closed at the Company’s executive
offices within ninety (90) days after delivery by the Company of the Repurchase Notice.  At the closing, the Company shall
pay the repurchase price in the manner specified in Section 6(e) below and the Optionee or the permitted transferee(s) of the Optionee,
as applicable, shall deliver the certificate or certificates representing such Shares to the Company, accompanied by duly executed
transfer powers.  The Company shall be entitled to receive customary representations and warranties from the Optionee and/or
permitted transferee(s) of the Optionee, as applicable, regarding the sale of such Shares (including representations and warranties
regarding good title to such Shares, free and clear of any liens or encumbrances) and to require the signature of the Optionee
or the permitted transferee(s) of the Optionee, as applicable, to be guaranteed by a national bank or reputable securities broker.
 The Company may assign its Repurchase Option and associated rights and obligations under this Section 6 to any one or more
persons or entities.

 

(d)         Repurchase
Price.  The repurchase price per Share to be paid for the  Shares repurchased by the Company pursuant to this Section
shall be the Fair Market Value of a Share as of the Termination Date, unless the event that gives rise to the repurchase right
under this Section 6 is termination of the Optionee’s Continuous Service by the Company or a Subsidiary for Cause or a Non-Competition
Breach Event, in which case the repurchase price per Share shall equal the lesser of (i) the Fair Market Value of a Share as of
the Termination Date or the date the Board first becomes aware of the Non-Competition Breach Event, as applicable, and (ii) the
Exercise Price per Share specified in the Stock Option Grant Notice.

 

(e)         Manner of Payment. 
If the Company elects to repurchase all or any part of the Shares under this Section 6, the Company shall pay for such Shares,
in the discretion of the Board, either (i) by certified check or wire transfer of funds equal to all or a portion of the repurchase
price, or (ii) by issuance of a subordinated promissory note in the amount of the repurchase price (or the portion of the repurchase
price not paid by certified check or wire transfer of funds).  Such subordinated promissory note shall bear interest at the
applicable federal income tax rate (which interest shall be payable annually in cash unless otherwise prohibited), shall have principal
payable in four equal installments due on the first four anniversary dates of the date of issuance (provided that such note shall
permit prepayment in the discretion of the Board) and shall be subordinated on terms and conditions satisfactory to the holders
of the Company’s and its Affiliates’ indebtedness for borrowed money. In addition, the Company may pay the repurchase
price for such Shares by offsetting amounts outstanding under any indebtedness or obligations owed by the Optionee to the Company
or any Affiliate.

 

    	 	2	 

     

    

 

7.             
Tax Consultation. Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee’s
purchase or disposition of the Shares. Optionee represents that Optionee has consulted with any tax consultants Optionee deems
advisable in connection with the purchase or disposition of the Shares and that Optionee is not relying on the Company for any
tax advice.

 

8.             Restrictive
Legends and Stop-Transfer Orders.

 

(a)         Legends.
Optionee understands and agrees that the Company shall cause the legends set forth below or legends substantially equivalent thereto,
to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by
the Company or by state or federal securities laws:

 

THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY
TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

 

THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF REPURCHASE HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS
SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT
THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF REPURCHASE ARE BINDING ON TRANSFEREES OF THESE SHARES.

 

THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF 180 DAYS FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC
OFFERING OF THE COMPANY’S SECURITIES (OR FOR SUCH LONGER PERIOD AS PREVIOUSLY AGREED TO BY THE HOLDER OF THE SHARES) AND
MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER WITHOUT THE CONSENT OF THE COMPANY.

 

(b)         Stop-Transfer
Notices. Optionee agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue
appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own
securities, it may make appropriate notations to the same effect in its own records.

 

(c)         Refusal to
Transfer. The Company shall not be required (i) to transfer on its books any unvested Shares or Shares that have been
sold or otherwise transferred in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such
Shares or to accord the right to vote or receive dividends to any purchaser or other transferee to whom such Shares shall have
been so transferred.

 

    	 	3	 

     

    

 

9.             Successors
and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and
this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
herein set forth, this Exercise Notice shall be binding upon Optionee and his or her heirs, executors, administrators, successors
and assigns.

 

10.           Interpretation.
Any dispute regarding the interpretation of this Exercise Notice shall be resolved by the Board. The resolution of such a dispute
by the Board shall be final and binding on all parties.

 

11.           Governing
Law; Severability. This Exercise Notice is governed by the internal substantive laws, but not the choice of law rules,
of the State of Delaware.

 

12.           Entire
Agreement. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan, the Option
Agreement and the Investment Representation Statement, if applicable, constitute the entire agreement of the parties with respect
to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee
with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of
a writing signed by the Company and Optionee.

 

	Submitted By:	 	Accepted By:
	 	 	 
	Optionee:	 	The Company:
	 	 	 
		 	NeuroOne, Inc.
	 	 	 
	___________________________________	 	By:_____________________________________
	[Name]	 	Name:___________________________________
	Date:_______________________________	 	Title:____________________________________
	 	 	 
	Resident Address:_____________________	 	Date:____________________________________
	 	 	 
	___________________________________	 	

 

    	 	4	 

     

    

 

ATTACHMENT IV

 

INVESTMENT REPRESENTATION STATEMENT

 

	OPTIONEE:	NAME

 

	COMPANY:	NEUROONE, Inc.

 

	SECURITY:	COMMON STOCK 

 

	AMOUNT:	 

 

	DATE:	 

 

In connection with
the purchase of the above-listed Securities, the undersigned Optionee represents to the Company the following:

 

(a)            Optionee
is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company
to reach an informed and knowledgeable decision to acquire the Securities. Optionee is acquiring these Securities for investment
for Optionee’s own account only and not with a view to, or for resale in connection with, any “distribution”
thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

 

(b)            Optionee
acknowledges and understands that the Securities constitute “restricted securities” under the Securities Act and have
not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among
other things, the bona fide nature of Optionee’s investment intent as expressed herein. In this connection, Optionee understands
that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if Optionee’s
representation was predicated solely upon a present intention to hold these Securities for the minimum capital gains period specified
under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period
of one year or any other fixed period in the future. Optionee further understands that the Securities must be held indefinitely
unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Optionee
further acknowledges and understands that the Company is under no obligation to register the Securities. Optionee understands that
the certificate evidencing the Securities will be imprinted with any legend required under applicable state securities laws.

 

(c)            Optionee
is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance,
permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in
a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under
Rule 701 at the time of the grant of the Option to the Optionee, the exercise will be exempt from registration under the Securities
Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the Securities
exempt under Rule 701 may be resold, subject to the satisfaction of certain of the conditions specified by Rule 144,
including: (i) the resale being made through a broker in an unsolicited “broker’s transaction” or in transactions
directly with a market maker (as said term is defined under the Securities Exchange Act of 1934); and, in the case of an affiliate,
(ii) the availability of certain public information about the Company, (iii) the amount of Securities being sold during
any three (3) month period not exceeding the limitations specified in Rule 144(e), and (iv) the timely filing of a Form 144,
if applicable.

 

    	 	1	 

     

    

 

(d)            In the
event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold
in certain limited circumstances subject to the provisions of Rule 144, which requires the resale to occur not less than one
(1) year after the later of the date the Securities were sold by the Company or the date the Securities were sold by an affiliate
of the Company, within the meaning of Rule 144; and, additionally, in the case of acquisition of the Securities by an affiliate,
the satisfaction of the conditions set forth in sections (i), (ii), (iii) and (iv) of the paragraph immediately above.

 

(e)            Optionee
further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration
under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding
the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion
that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to
Rules 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration is available
for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their
own risk. Optionee understands that no assurances can be given that any such other registration exemption will be available in
such event.

 

	 	Signature of Optionee
	 	 
	 	Optionee:
	 	 
	 	 
	 	[Name]
	 	Date:	 

 

    	 	2

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