Document:

Exhibit 10.1

 

FORM
OF EXCHANGE AGREEMENT

 

This
Exchange Agreement (“Agreement”) is made as of June 12, 2019 by and between MYnd Analytics, Inc., a Delaware
corporation (“MYnd”), Telemynd, Inc., a Delaware corporation and wholly-owned subsidiary of MYnd (“Telemynd”)
and [_____] (the “Preferred Stockholder”).

 

RECITALS

 

WHEREAS,
the Preferred Stockholder is the beneficial owner of [_____] shares of Series A Preferred Stock, par value $0.001 per share, of
MYnd and [_____] shares of Series A-1 Preferred Stock, par value $0.001 per share, of MYnd (collectively, the “MYnd Preferred
Shares”);

 

WHEREAS,
on January 4, 2019, MYnd entered into an Agreement and Plan of Merger and Reorganization (as amended on May 24, 2019, the “Merger
Agreement”) with Emmaus Life Sciences, Inc. (“Emmaus”) and Athena Merger Subsidiary, Inc. (“Merger
Sub”), pursuant to which Merger Sub will merge with and into Emmaus, with Emmaus surviving as a subsidiary of MYnd (the
“Merger”);

 

WHEREAS,
on March 27, 2019, MYnd entered into an Amended and Restated Separation and Distribution Agreement (“Separation Agreement”)
with Telemynd pursuant to which all of the business and assets of MYnd and those liabilities of MYnd not retained by MYnd in connection
with the Merger will be contributed to Telemynd, and holders of record of MYnd’s common stock will receive a pro rata distribution
of Telemynd’s common stock, contingent upon the consummation of the Merger (the “Spin-Off”);

 

WHEREAS,
the Merger Agreement provides that all of the MYnd Preferred Shares must cease to be outstanding prior to the effective time of
the Merger; and

 

WHEREAS,
MYnd and the Preferred Stockholder have agreed to execute this Agreement to comply with the terms of the Merger Agreement and
to effect the exchange of each Share, immediately after the Spin-Off and prior to the Merger, for (i) one share of Common Stock,
par value $0.001 per share, of MYnd (the “MYnd Common Shares”), and (ii) one share of Series A Preferred Stock,
par value $0.001 per share of Telemynd (the “Telemynd Preferred Shares”).

 

NOW,
THEREFORE, in consideration of the representations, warranties, covenants and agreements set forth herein, the parties agree
as follows:

 

1.
Exchange of Shares.

 

1.1.
Exchange.

 

1.1.1.
At the Exchange Effective Time (as defined below), the Preferred Stockholder agrees to exchange each MYnd Preferred Share for
a MYnd Common Share and a Telemynd Preferred Share.

 

     

     

    

 

1.1.2.
At the Exchange Effective Time, MYnd agrees to issue to the Preferred Stockholder one MYnd Common Share in exchange for each MYnd
Preferred Share held by the Preferred Stockholder prior to the Exchange Effective Time.

 

1.1.3.
At the Exchange Effective Time, Telemynd agrees to issue to the Preferred Stockholder one Telemynd Preferred Share for each MYnd
Preferred Share held by the Preferred Stockholder prior to the Exchange Effective Time.

 

1.2.
Effective Time. The exchange of the MYnd Preferred Shares for MYnd Common Shares and Telemynd Preferred Shares shall take
place immediately after the Spin-Off and prior to the effective time of the Merger (the “Exchange Effective Time”).

 

1.3.
Closing Deliveries. At the Exchange Effective Time, the MYnd Preferred Shares shall automatically be cancelled and MYnd
shall deliver, or cause to be delivered, to the Preferred Stockholder, the MYnd Common Shares in book-entry form, and MYnd shall
instruct its transfer agent to register such issuance in the name of the Preferred Stockholder. At the Exchange Effective Time,
Telemynd shall deliver, or cause to be delivered, to the Preferred Stockholder, the Telemynd Preferred Shares in book-entry form,
and Telemynd shall instruct its transfer agent to register such issuance in the name of the Preferred Stockholder. The Preferred
Stockholder will execute and deliver such other instruments of transfer and take such other actions as MYnd may reasonably request
in order to facilitate the exchange of the MYnd Preferred Shares for MYnd Common Shares and Telemynd Preferred Shares hereunder.

 

2.
Representations and Warranties.

 

2.1.
MYnd hereby represents and warrants to the Preferred Stockholder as follows:

 

2.1.1.
MYnd is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all
requisite corporate power and authority to carry on its business as presently conducted and as proposed to be conducted.

 

2.1.2.
All corporate action required to be taken by MYnd’s Board of Directors and stockholders in order to authorize MYnd to enter
into this Agreement, and to issue the MYnd Common Shares, has been taken or will be taken prior to the Exchange Effective Time.

 

2.1.3.
The MYnd Common Shares, when issued and delivered in accordance with the terms and for the consideration set forth in this Agreement,
will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer
under the this Agreement, applicable state and federal securities laws and liens or encumbrances created by or imposed by an Preferred
Stockholder. Assuming the accuracy of the representations of the Preferred Stockholder in this Agreement and subject to the filings
required to made under the Securities Act and “blue sky” laws, the MYnd Common Shares will be issued in compliance
with all applicable federal and state securities laws.

 

    2

     

    

 

2.2.
Telemynd hereby represents and warrants to the Preferred Stockholder as follows:

 

2.2.1.
Telemynd is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has
all requisite corporate power and authority to carry on its business as presently conducted and as proposed to be conducted.

 

2.2.2.
All corporate action required to be taken by Telemynd’s Board of Directors and stockholders in order to authorize Telemynd
to enter into this Agreement, and to issue the Telemynd Preferred Shares, has been taken or will be taken prior to the Exchange
Effective Time.

 

2.2.3.
The Telemynd Preferred Shares, when issued and delivered in accordance with the terms and for the consideration set forth in this
Agreement, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on
transfer under the this Agreement, applicable state and federal securities laws and liens or encumbrances created by or imposed
by an Preferred Stockholder. Assuming the accuracy of the representations of the Preferred Stockholder in this Agreement and subject
to the filings required to made under the Securities Act and “blue sky” laws, the Telemynd Preferred Shares will be
issued in compliance with all applicable federal and state securities laws.

 

2.3.
The Preferred Stockholder hereby represents and warrants to MYnd and Telemynd as follows:

 

2.3.1.
The Preferred Stockholder has the requisite power and is authorized to enter into this Agreement and to carry out and perform
its obligations under the terms of this Agreement.

 

2.3.2.
This Agreement has been duly authorized, executed and delivered by the Preferred Stockholder, and this Agreement is a valid and
binding agreement of the Preferred Stockholder.

 

2.3.3.
The Preferred Stockholder is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities
Act.

 

2.3.4.
The Preferred Stockholder understands that the MYnd Common Shares and the Telemynd Preferred Shares have not been, and will not
be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities
Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Preferred Stockholder’s
representations as expressed herein. The Preferred Stockholder understands that the MYnd Common Shares and the Telemynd Preferred
Shares are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these
laws, the Preferred Stockholder must hold the MYnd Common Shares and the Telemynd Preferred Shares indefinitely unless they are
registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration
and qualification requirements is available. The Preferred Stockholder acknowledges that MYnd and Telemynd have no obligation
to register or qualify the MYnd Common Shares or the Telemynd Preferred Shares. The Preferred Stockholder further acknowledges
that if an exemption from registration or qualification is available, it may be conditioned on various requirements including,
but not limited to, the time and manner of sale, the holding period for the MYnd Common Shares and the Telemynd Preferred Shares,
and on requirements relating to MYnd and Telemynd which are outside of the Preferred Stockholder’s control, and which MYnd
and Telemynd are under no obligation and may not be able to satisfy.

 

    3

     

    

 

3.
Agreement to Convert Telemynd Preferred Shares; Proxy.

 

3.1.
Conversion of Telemynd Preferred Shares. The Preferred Stockholder hereby agrees that if (i) Telemynd sells shares of its
common stock, par value $0.001 per share (“Telemynd Common Shares”), in one or more registered public offerings
or a private placements, at a price per share that is equal to, or in excess of, three times the current conversion price of the
Telemynd Preferred Shares or (ii) the Telemynd Common Shares trade on a national securities exchange and the Telemynd Common Shares
have a closing sale price that is equal to, or in excess of, three times the current conversion price of the Telemynd Preferred
Shares for at least five (5) consecutive days, all of the Telemynd Preferred Shares shall automatically convert into Telemynd
Common Shares without any further action on the part of Telemynd or the Preferred Stockholder.

 

4.
Miscellaneous.

 

4.1.
Governing Law. This Agreement shall be governed by and construed under the laws of the State of Delaware.

 

4.2.
Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit
of, and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties hereto.

 

4.3.
Entire Agreement. This Agreement and the Exhibits hereto and thereto, and the other documents delivered pursuant hereto
and thereto, constitute the full and entire understanding and agreement among the parties with regard to the subjects hereof and
no party shall be liable or bound to any other party in any manner by any representations, warranties, covenants, or agreements
except as specifically set forth herein or therein. Nothing in this Agreement, express or implied, is intended to confer upon
any party, other than the parties hereto and their respective successors and assigns, any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided herein.

 

4.4.
Severability. In case any provision of this Agreement shall be invalid, illegal, or unenforceable, it shall to the extent
practicable, be modified so as to make it valid, legal and enforceable and to retain as nearly as practicable the intent of the
parties, and the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.

 

4.5.
Amendment and Waiver. Except as otherwise provided herein, any term of this Agreement may be amended, and the observance
of any term of this Agreement may be waived (either generally or in a particular instance, either retroactively or prospectively,
and either for a specified period of time or indefinitely), with the written consent of MYnd, Telemynd and the Preferred Stockholder.
Any amendment or waiver effected in accordance with this Section shall be binding upon each future holder of any security purchased
under this Agreement (including securities into which such securities have been converted) and MYnd and Telemynd.

 

4.6.
Headings; Construction. The headings contained in this Agreement are for reference purposes only and will not affect in
any way the meaning or interpretation of this Agreement. In this Agreement (a) words denoting the singular include the plural
and vice versa, (b) “it” or “its” or words denoting any gender include all genders and (c) the word “including”
means “including without limitation,” whether or not expressed.

 

(Signature
Page Follows)

 

    4

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth above.

 

	 	MYND
    ANALYTICS, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	TELEMYND,
    INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	PREFERRED
    STOCKHOLDER:
	 	 	 
	 	 
	 	[_____]

 

 

5Exhibit 4.1

 

DESCRIPTION
OF SECURITIES

 

The following is a
brief description of the common stock, par value $0.001 per share (the “common stock”), of Jerash Holdings (US), Inc.
(the “Company”), which is the only security of the Company registered pursuant to Section 12 of the Securities Exchange
Act of 1934, as amended. This description is not complete, and we qualify it by referring to our amended and restated certificate
of incorporation and our bylaws.

 

Our certificate of
incorporation authorizes us to issue 30,500,000 shares of capital stock, divided into two classes:

 

		·	30,000,000 shares of common stock, $0.001 par value per share; and

		·	500,000 shares of preferred stock, $0.001 par value per share (“preferred stock”).

 

Common Stock

 

Our common stock has
one vote per share. The holders of our common stock are entitled to vote on all matters to be voted on by stockholders. The holders
of our common stock do not have cumulative voting rights. Our common stock is not liable to further calls or assessment.

 

Directors are elected
by a plurality vote of the shares represented in person or by proxy. All other actions by stockholders will be approved by a majority
of votes cast except as otherwise required by law.

 

The holders of common
stock are entitled to receive dividends ratably when, as and if declared by the board of directors out of funds legally available
therefor. In the event of our liquidation, dissolution or winding up, the holders of common stock are entitled to share equally
and ratably in all assets remaining available for distribution after payment of liabilities and after provision is made for each
class of stock, if any, having preference over the common stock. Holders of common stock have no preemptive, subscription, redemption,
sinking fund, or conversion rights. The outstanding shares of common stock are validly issued, fully paid and non-assessable.

 

Effects on our Common Stock
if We Issue Preferred Stock

 

Our board of directors
has authority, without further action by the stockholders, to issue up to 500,000 shares of preferred stock in one or more series.
Our board of directors has the authority to determine the terms of each series of preferred stock, within the limits of the certificate
of incorporation and the laws of the state of Delaware. These terms include the number of shares in a series, dividend rights,
liquidation preferences, terms of redemption, conversion rights and voting rights.

 

The issuance of any
preferred stock may negatively affect the holders of our common stock. These possible negative effects include diluting the voting
power of shares of our common stock and affecting the market price of our common stock.

 

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Anti-Takeover Effects of Provisions of our
Certificate of Incorporation and Bylaws

 

Preferred Stock

 

We believe that the
availability of the preferred stock under our certificate of incorporation provides us with flexibility in addressing corporate
issues that may arise. Having these authorized shares available for issuance allows us to issue shares of preferred stock without
the expense and delay of a special stockholders’ meeting. The authorized shares of preferred stock, as well as shares of
common stock, will be available for issuance without further action by our stockholders, unless action is required by applicable
law or the Nasdaq rules or the rules of any stock exchange on which our securities may be listed. The board of directors has the
power, subject to applicable law, to issue series of preferred stock that could, depending on the terms of the series, impede the
completion of a merger, tender offer or other takeover attempt that some, or a majority, of the stockholders might believe to be
in their best interests or in which stockholders might receive a premium for their stock over the then-prevailing market price
of the stock.

 

Exclusive Forum of Certain Actions

 

Our certificate of
incorporation provides that derivative actions brought in the name of the Company, actions against directors, officers and employees
for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery of the State of Delaware. Although
we believe this provision benefits the Company and its stockholders by providing increased consistency in the application of Delaware
law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against us or our
directors, officers and employees.

 

Amendment of Bylaws

 

Our certificate of
incorporation grants our board of directors the power to adopt, amend or repeal our bylaws, except as otherwise set forth in the
bylaws.

 

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