Document:

Exhibit 10.3

 

General
RELEASE agreement

 

This General
Release Agreement (this “Agreement”), dated as of January 15, 2014, is entered into by and among
PN MED GROUP, INC. a Nevada corporation (“Seller”), PN Med Split Off Corp., a Delaware corporation (“Split-Off
Subsidiary”) and PEDRO PEREZ NIKLITSCHEK and MIGUEL MOLINA URRA (each a Buyer and, together, the “Buyers”).
In consideration of the mutual benefits to be derived from this Agreement, the covenants and agreements set forth herein, and other
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the execution and delivery hereof, the
parties hereto hereby agree as follows:

 

1.          Split-Off
Agreement. This Agreement is executed and delivered by Split-Off Subsidiary pursuant to the requirements of Section 8.3
of that certain Split-Off Agreement (the “Split-Off Agreement”) by and among Seller, Split-Off Subsidiary and Buyers
as a condition precedent to the closing (the “Closing”) of the Split-Off Agreement.

 

2.          Release
and Waiver by Split-Off Subsidiary. For and in consideration of the covenants and promises contained herein and in the
Split-Off Agreement, the receipt and sufficiency of which are hereby acknowledged, Split-Off Subsidiary, on behalf of itself and
its assigns, representatives and agents, if any, hereby covenants not to sue and fully, finally and forever completely releases
Seller, along with its present, future and former officers, directors, stockholders, members, employees, agents, attorneys and
representatives (collectively, the “Seller Released Parties”), of and from any and all claims, actions, obligations,
liabilities, demands and/or causes of action, of whatever kind or character, whether now known or unknown, which Split-Off Subsidiary
has or might claim to have against the Seller Released Parties for any and all injuries, harm, damages (actual and punitive), costs,
losses, expenses, attorneys’ fees and/or liability or other detriment, if any, whenever incurred or suffered by Split-Off
Subsidiary arising from, relating to, or in any way connected with, any fact, event, transaction, action or omission that occurred
or failed to occur on or prior to the date of the Closing.

 

3.          Release
and Waiver by Buyers. For and in consideration of the covenants and promises contained herein and in the Split-Off Agreement,
the receipt and sufficiency of which are hereby acknowledged, each Buyer hereby covenants not to sue and fully, finally and forever
completely releases the Seller Released Parties of and from any and all claims, actions, obligations, liabilities, demands and/or
causes of action, of whatever kind or character, whether now known or unknown which Buyers have or might claim to have against
the Seller Released Parties for any and all injuries, harm, damages (actual and punitive), costs, losses, expenses, attorneys’
fees and/or liability or other detriment, if any, whenever incurred or suffered by each Buyer arising from, relating to, or in
any way connected with, any fact, event, transaction, action or omission that occurred or failed to occur on or prior to the date
of the Closing.

 

    	 

    	 

    

 

4.         Additional
Covenants and Agreements.

 

(a)          Each
of Split-Off Subsidiary and the Buyers, on the one hand, and Seller, on the other hand, waives and releases the other from any
claims that this Agreement was procured by fraud or signed under duress or coercion so as to make this Agreement not binding.

 

(b)          Each
of the parties hereto acknowledges and agrees that the releases set forth herein do not include any claims the other party hereto
may have against such party for such party’s failure to comply with or breach of any provision in this Agreement or the Split-Off
Agreement.

 

(c)          Notwithstanding
anything contained herein to the contrary, this Agreement shall not release or waive, or in any manner affect or void, any party’s
rights and obligations under the Split-Off Agreement.

 

5.         Modification.
This Agreement cannot be modified orally and can only be modified through a written document signed by both parties.

 

6.         Severability.
If any provision contained in this Agreement is determined to be void, illegal or unenforceable, in whole or in part, then
the other provisions contained herein shall remain in full force and effect as if the provision that was determined to be void,
illegal or unenforceable had not been contained herein.

 

7.         Expenses.
The parties hereto agree that each party shall pay its respective costs, including attorneys’ fees, if any, associated with
this Agreement.

 

8.         Further
Acts and Assurances. Split-Off Subsidiary and Buyers each agree that it will act in a manner supporting compliance, including
compliance by its Affiliates, with all of its obligations under this Agreement and, from time to time, shall, at the request of
Seller, and without further consideration, cause the execution and delivery of such other instruments of release or waiver and
take such other action or execute such other documents as such party may reasonably request in order to confirm or effect the releases,
waivers and covenants contained herein, and, in the case of any claims, actions, obligations, liabilities, demands and/or causes
of action that cannot be effectively released or waived without the consent or approval of other persons or entities that is unobtainable,
to use its best reasonable efforts to ensure that the Seller Released Parties receive the benefits thereof to the maximum extent
permissible in accordance with applicable law or other applicable restrictions, and shall perform such other acts which may be
reasonably necessary to effectuate the purposes of this Agreement. For the purposes of this Agreement, an “Affiliate”
is a person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under
common control with, another specified person or entity.

 

9.         Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving
effect to principles of conflicts or choice of laws thereof.

 

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10.         Entire
Agreement. This Agreement constitutes the entire understanding and agreement of Seller, Split-Off Subsidiary and Buyers
and supersedes prior understandings and agreements, if any, among or between Seller, Split-Off Subsidiary and Buyers with respect
to the subject matter of this Agreement, other than as specifically referenced herein. This Agreement does not, however, operate
to supersede or extinguish any confidentiality, non-solicitation, non-disclosure or non-competition obligations owed by Split-Off
Subsidiary or Buyers to Seller under any prior agreement.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
the undersigned have executed this General Release Agreement as of the day and year first above written.

 

	 	SELLER:
	 	 	 
	 	PN MED GROUP, INC.
	 	 	 
	 	By:	/s/ Pedro Perez Niklitschek
	 	 	Name: Pedro Perez Niklitschek
	 	 	Title:   President
	 	 	 
	 	SPLIT OFF SUBSIDIARY
	 	 	 
	 	By:	/s/ Pedro Perez Niklitschek
	 	 	Name: Pedro Perez Niklitschek
	 	 	Title:   President
	 	 	 
	 	BUYERS:
	 	 	 
	 	/s/ Pedro Perez Niklitschek
	 	PEDRO PEREZ NIKLITSCHEK:
	 	 	 
	 	/s/ Miguel Molina Urra
	 	MIGUEL MOLINA URRAExhibit 10.4

 

LOCK-UP AGREEMENT

 

This LOCK-UP AGREEMENT
(this “Agreement”) is made as of January 15, 2014 by and between the undersigned person or entity (the “Restricted
Holder”) and Ekso Bionics Holdings, Inc., a Nevada corporation formerly known as PN Med Group Inc. (the “Parent”).
Capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the Merger Agreement (as
defined herein).

 

WHEREAS, pursuant to
the transactions contemplated under that certain Agreement and Plan of Merger and Reorganization, dated as of January 15, 2014
(the “Merger Agreement”), by and among the Parent, Ekso Acquisition Corp., a Delaware corporation (the “Acquisition
Subsidiary”), and Ekso Bionics, Inc., a Delaware corporation (the “Company”), the Acquisition Subsidiary will
merge with and into the Company, with the result of such merger being that the Company will be the surviving entity and become
a wholly-owned subsidiary of the Parent, with all the Company stockholders exchanging their shares of Company Stock for shares
of Parent Common Stock pursuant to the terms of the Merger Agreement (the “Merger”);

 

WHEREAS, simultaneously
with or prior to the closing of the Merger, Parent will complete a private placement offering (the “Private Placement Offering”)
of a minimum of 12,000,000 Units (as defined below) of its securities (including the conversion of $5,000,000 of senior subordinated
convertible notes issued by the Company into Units accordance with the terms thereof), at a purchase price of $1.00 per Unit, each
“Unit” consisting of one (1) share of the Parent Common Stock, and a warrant to purchase one (1) share of Common Stock
at an exercise price of $2.00 per share for a term of five (5) years;

 

WHEREAS, the Restricted
Holder will be an officer, director and/or key employee of the Parent immediately after the closing of the Merger and/or the Restricted
Holder will be a beneficial owner of ten percent (10%) or more of the outstanding shares of Parent Common Stock immediately after
the closing of the Merger and the Private Placement Offering; and

 

WHEREAS, the Merger
Agreement provides that, among other things, all the shares of Parent Common Stock owned by the Restricted Holder immediately after
the closing of the Merger (the “Restricted Securities”) shall be subject to certain restrictions on Disposition (as
defined herein) during the period of twenty-four (24) months immediately following the closing date of the Merger (the “Restricted
Period”), subject to certain conditions all as more fully set forth herein.

 

NOW, THEREFORE, as
an inducement to and in consideration of the Parent’s agreement to enter into the Merger Agreement and proceed with the Merger,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby
agree as follows:

 

    	 

    	 

    

 

		1.	Lock Up Period.

 

(a)          During
the Restricted Period, the Restricted Holder will not, directly or indirectly: (i) offer, pledge, sell, contract to sell, sell
any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of,
make any short sale, lend or otherwise dispose of or transfer any Restricted Securities or (ii) enter into any swap or any other
agreement or any transaction that transfers, in whole or in part, directly or indirectly, any of the economic consequences of ownership
of any Restricted Securities (with the actions described in clause (i) or (ii) above being hereinafter referred to as a “Disposition”);
provided, however, that if the Parent engages in an underwritten public offering of its equity or convertible securities
prior to the end of the Restricted Period, the managing underwriter may waive the balance of the Restricted Period; provided,
further however, that such Restricted Period shall be subject to earlier termination (x) with the written approval
of the lead underwriter of any underwritten public offering of Parent’s equity or convertible securities for gross proceeds
to Parent of at least $25 million and (y) after twelve (12) months in respect of thirty percent (30%) of the Parent Common Stock
held by such Restricted Holder if such Restricted Holder invested $500,000 or more in the Bridge Notes. The foregoing restrictions
are expressly agreed to preclude the Restricted Holder from engaging in any hedging or other transaction which is designed to or
which reasonably could be expected to lead to or result in a sale or disposition of any of the Restricted Securities of the Restricted
Holder during the Restricted Period, even if such securities would be disposed of by someone other than the Restricted Holder.

 

(b)          In
addition, during the period of twenty-four (24) months immediately following the closing date of the Merger, the Restricted Holder
will not, directly or indirectly, effect or agree to effect any short sale (as defined in Rule 200 under Regulation SHO of the
Securities Exchange Act of 1934 (the “Exchange Act”)), whether or not against the box, establish any “put equivalent
position” (as defined in Rule 16a-1(h) under the Exchange Act) with respect to any shares of the Parent Common Stock, borrow
or pre-borrow any shares of the Parent Common Stock, or grant any other right (including, without limitation, any put or call option)
with respect to shares of the Parent Common Stock or with respect to any security that includes, is convertible into or exercisable
for or derives any significant part of its value from shares of the Parent Common Stock or otherwise seek to hedge the Restricted
Holder’s position in the Parent Common Stock.

 

(c)          Notwithstanding
anything contained herein to the contrary, the Restricted Holder shall be permitted to engage in any Disposition (i) where the
other party to such Disposition is another Restricted Holder and the transferee agrees in writing that the Restricted Securities
shall continue to be subject to the restrictions on transfer set forth in this Agreement, (ii) where such Disposition is in connection
with estate planning purposes, including, without limitation to an inter-vivos trust and the transferee takes title to such shares
subject to the restrictions on transfer set forth in this Agreement, (iii) upon the written approval of the lead underwriter in
any underwritten public offering of Parent’s securities, or (iv) where such Disposition is to an affiliate of such Restricted
Holder (including entities wholly owned by such Restricted Holder or one or more trusts where such Restricted Holder is the grantor
of such trust(s)) as long as such affiliate executes a copy of this Agreement.

 

(d)          Notwithstanding
anything contained herein to the contrary, the restrictions contained in this Agreement shall not apply to any shares of Parent
Common Stock acquired by Restricted Holder in the open market.

 

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		2.	Legends; Stop Transfer Instructions.

 

(a)          In
addition to any legends to reflect applicable transfer restrictions under federal or state securities laws, each stock certificate
representing Restricted Securities shall be stamped or otherwise imprinted with the following legend:

 

“THE SECURITIES REPRESENTED
HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A LOCK-UP AGREEMENT, DATED AS OF JANUARY 15, 2014, BETWEEN THE HOLDER HEREOF
AND THE ISSUER AND MAY ONLY BE SOLD OR TRANSFERRED IN ACCORDANCE WITH THE TERMS THEREOF.”

 

(b)          The
Restricted Holder hereby agrees and consents to the entry of stop transfer instructions with the Parent’s transfer agent
and registrar against the transfer of the Restricted Securities or securities convertible into or exchangeable for Restricted Securities
held by the Restricted Holder except in compliance with this Agreement.

 

		3.	Registration of Restricted Shares.

 

(a)          During
the Covered Period (as defined below), Parent shall not register for resale any of the shares of Parent Common Stock received by
the Company stockholders in exchange for their shares of Company Common Stock pursuant to the Merger (the “Merger Shares”)
(for the sake of clarity, other than a registration on Form S-8 or other registration relating to shares of Parent Common Stock
or any other class of Parent securities issuable upon exercise of employee stock options or in connection with any employee benefit
plan or similar plan of Parent) unless the Restricted Holder is given at least ten (10) business days advance notice of such registration
and the right during the ten (10) business day period following receipt of such notice to elect to include its Restricted Securities
in such registration on a pari passu basis (including subject to cutback on a pari passu basis) with such other Merger Shares and
in accordance with the plan of distribution intended by Parent for such registration statement. In the event that such registration
involves an underwritten public offering of Parents securities, the right of the Restricted Holder to include its Restricted Shares
in such registration shall be further conditioned upon the Restricted Holder’s participation in such underwriting and the
inclusion of such Restricted Holder’s Restricted Shares in the underwriting on the terms set forth herein. The Restricted
Holders permitted to sell any of their Parent Common Stock through such underwriting shall (together with Parent and any other
stockholders of Parent selling their securities through such underwriting) enter into an underwriting agreement in customary form
with the underwriter selected for such underwriting by Parent or such other selling stockholders, as applicable. Nothing contained
herein shall require Parent to include any Merger Shares in any registration statement registering exclusively the resale of securities
issued by Parent in the Private Placement Offering or otherwise limit the ability of Parent to grant demand, piggy-back or other
registration rights to any other current or future stockholders of Parent.

 

(b)          “Covered
Period” shall mean the period beginning upon the closing date of the Merger and ending on the later of (i) the expiration
of the Restricted Period and (ii) the date on which all Merger Shares held by the Restricted Holder are transferred by the Restricted
Holder or may be sold under Rule 144 without volume limitations during any ninety (90) day period.

 

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		4.	Miscellaneous.

 

(a)          Periodic
Reports. The Issuer shall be permitted to request from the Restricted Holder such person’s brokerage statement summary
with respect to the Restricted Securities covering any period during the Restricted Period.

 

(b)          Specific
Performance. The Restricted Holder agrees that in the event of any breach or threatened breach by the Restricted Holder of
any covenant, obligation or other provision contained in this Agreement, then the Parent shall be entitled (in addition to any
other remedy that may be available to the Parent) to: (i) a decree or order of specific performance or mandamus to enforce the
observance and performance of such covenant, obligation or other provision; and (ii) an injunction restraining such breach or threatened
breach. The Restricted Holder further agrees that neither the Parent nor any other person or entity shall be required to obtain,
furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this
Section 4, and the Restricted Holder irrevocably waives any right that he, she, or it may have to require the obtaining, furnishing
or posting of any such bond or similar instrument.

 

(c)          Other
Agreements. Nothing in this Agreement shall limit any of the rights or remedies of the Parent under the Merger Agreement, or
any of the rights or remedies of the Parent or any of the obligations of the Restricted Holder under any other agreement between
the Restricted Holder and the Parent or any certificate or instrument executed by the Restricted Holder in favor of the Parent;
and nothing in the Merger Agreement or in any other agreement, certificate or instrument shall limit any of the rights or remedies
of the Parent or any of the obligations of the Restricted Holder under this Agreement.

 

(d)          Notices.
All notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim
or other communication hereunder shall be deemed duly delivered four business days after it is sent by registered or certified
mail, return receipt requested, postage prepaid, or one business day after it is sent for next business day delivery via a reputable
nationwide overnight courier service, in each case to the intended recipient as set forth below:

 

	If to the Parent:	 	Copy to (which copy shall not constitute notice hereunder):
	 	 	 
	Ekso Bionics Holdings, Inc.	 	Gottbetter & Partners, LLP
	1414 Harbour Way South, Suite 1201	 	488 Madison Avenue, 12th Floor
	Richmond, California 94804	 	New York, NY  10022
	Attn: Nathan Harding, CEO	 	Attention:  Adam S. Gottbetter, Esq.
	Facsimile: (510) 927-2647	 	Telephone:  (212) 400-6900
	 	 	Facsimile:  (212) 400-6901

 

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	If to the Restricted Holder:	 	Copy to (which copy shall not constitute notice hereunder):

 

	To the address set forth on the signature page hereto.	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Attn:  	 	 	 
	 	 	Facsimile:  	 	 

 

Any Party may give
any notice, request, demand, claim or other communication hereunder using any other means (including personal delivery, expedited
courier, messenger service, telecopy, telex, ordinary mail or electronic mail), but no such notice, request, demand, claim or other
communication shall be deemed to have been duly given unless and until it actually is received by the Party for whom it is intended.
Any Party may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered
by giving the other Parties notice in the manner herein set forth.

 

(e)         Severability.
Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect
the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending
term or provision in any other situation or in any other jurisdiction. If the final judgment of a court of competent jurisdiction
declares that any term or provision hereof is invalid or unenforceable, the parties hereto agree that the court making such determination
shall have the power to limit the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable
term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of
the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified. In the event such court
does not exercise the power granted to it in the prior sentence, the parties hereto agree to replace such invalid or unenforceable
term or provision with a valid and enforceable term or provision that will achieve, to the extent possible, the economic, business
and other purposes of such invalid or unenforceable term.

 

(f)         Applicable
Law; Jurisdiction. THIS AGREEMENT IS MADE UNDER, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED SOLELY THEREIN, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS
OF LAW. In any action between or among any of the parties arising out of this Agreement, (i) each of the parties irrevocably
and unconditionally consents and submits to the exclusive jurisdiction and venue of the state and federal courts having jurisdiction
over New York County, New York; (ii) if any such action is commenced in a state court, then, subject to applicable law, no
party shall object to the removal of such action to any federal court having jurisdiction over New York County, New York; (iii) each
of the parties irrevocably waives the right to trial by jury; and (iv) each of the parties irrevocably consents to service
of process by first class certified mail, return receipt requested, postage prepared, to the address at which such party is to
receive notice in accordance with this Agreement.

 

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(g)        Waiver;
Termination. No failure on the part of the Parent to exercise any power, right, privilege or remedy under this Agreement, and
no delay on the part of the Parent in exercising any power, right, privilege or remedy under this Agreement, shall operate as a
waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy
shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. The Parent shall not be
deemed to have waived any claim arising out of this Agreement, or any power, right, privilege or remedy under this Agreement, unless
the waiver of such claim, power, right, privilege or remedy is expressly set forth in a written instrument duly executed and delivered
on behalf of the Parent; and any such waiver shall not be applicable or have any effect except in the specific instance in which
it is given. If the Merger Agreement is terminated, this Agreement shall thereupon terminate.

 

(h)        Captions.
The captions contained in this Agreement are for convenience of reference only, shall not be deemed to be a part of this Agreement
and shall not be referred to in connection with the construction or interpretation of this Agreement.

 

(i)          Further
Assurances. The Restricted Holder hereby represents and warrants that the Restricted Holder has full power and authority to
enter into this Agreement and that this Agreement constitutes the legal, valid and binding obligation of the Restricted Holder,
enforceable in accordance with its terms. The Restricted Holder shall execute and/or cause to be delivered to the Parent such instruments
and other documents and shall take such other actions as the Parent may reasonably request to effectuate the intent and purposes
of this Agreement.

 

(j)          Entire
Agreement. This Agreement and the Merger Agreement collectively set forth the entire understanding of the Parent and the Restricted
Holder relating to the subject matter hereof and supersedes all other prior agreements and understandings between the Parent and
the Restricted Holder relating to the subject matter hereof.

 

(k)         Non-Exclusivity.
The rights and remedies of the Parent hereunder are not exclusive of or limited by any other rights or remedies which the Parent
may have, whether at law, in equity, by contract or otherwise, all of which shall be cumulative (and not alternative).

 

(l)          Amendments.
This Agreement may not be amended, modified, altered or supplemented other than by means of a written instrument duly executed
and delivered on behalf of the Parent and the Restricted Holder.

 

(m)        Assignment.
This Agreement and all obligations of the Restricted Holder hereunder are personal to the Restricted Holder and may not be transferred
or delegated by the Restricted Holder at any time. The Parent may freely assign any or all of its rights under this Agreement,
in whole or in part, to any successor entity without obtaining the consent or approval of the Restricted Holder.

 

(n)        Binding
Nature. Subject to Section 4(m) above, this Agreement will inure to the benefit of the Parent and its successors and assigns
and will be binding upon the Restricted Holder and the Restricted Holder’s representatives, executors, administrators, estate,
heirs, successors and assigns.

 

(o)        Survival.
Each of the representations, warranties, covenants and obligations contained in this Agreement shall survive the consummation of
the Merger.

 

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(p)        Counterparts.
This Agreement may be executed in separate counterparts, each of which shall be deemed an original and both of which shall constitute
one and the same instrument.

 

[signature
page follows]

 

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

 

	 	EKSO BIONICS HOLDINGS, INC.
	 	 
	 	By:	 
	 	Name:	Pedro Niklitschek
	 	Title:	CEO
	 	 
	 	RESTRICTED HOLDER:
	 	 
	 	 	 	 
	 	(name)
	 	 
	 	 	 	 
	 	Name:
	 	Title:
	 	 
	 	Address:

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