Document:

Exhibit 4.4

 

SECOND
AMENDMENT TO CAPITAL STOCK PURCHASE WARRANTS

 

This
Second Amendment to Capital Stock Purchase Warrants (this “Amendment”)
is made effective as of this [    ]th day of November, 2017, by and between NeuroOne
Medical Technologies Corporation, a Delaware corporation (the “Company”), and each of those
persons and entities, severally and not jointly, who are holders of the Company’s Capital Stock Purchase Warrants (each,
a “Holder” and collectively, the “Holders”).

 

Background

 

The
Company and the Holders entered into Subscription Agreements originally dated as of November 21, 2016 (the “Subscription
Agreements”). Pursuant to the terms and conditions of the Subscription Agreements, the Company issued to the Holders
convertible promissory notes and Capital Stock Purchase Warrants (the “Warrants”).

 

Pursuant
to the consent of the holders of a majority in original aggregate principal amount of the Related Notes pursuant to Section 9(h)
of the Warrants, the Warrants are hereby amended as follows:

 

Terms
and Conditions

 

1. Amendment
to Section 1 of the Warrants. Section 1 of the Warrants is hereby deleted in its entirety and replaced with the
following:

 

“1.
Shares. The Holder has, subject to the
terms set forth herein, the right to purchase, at any time during the Warrant Exercise Term, up to that number of shares of
capital stock of the Company equal to the number of shares of capital stock of the Company received by the Holder upon
conversion of the Note (the “Shares”), at a per share exercise price equal to the actual per share
price of New Round Stock, if the Note converted pursuant to Section 3.1(a) of the Note, or (ii) the price at which the Note
so converted, if the Note converted pursuant to Section 3.1(b) of the Note (the “Exercise Price”).
The Exercise Price is subject to adjustment as provided in Section 3 hereof.

 

2. Adjustment
of Exercise Price Upon Issuance of Additional Shares of Common Stock. Section 3(d) of the Warrants is hereby
deleted in its entirety and replaced with “Reserved.”

 

3. Notice
to Transferees. Pursuant to Section 9(h) of the Warrants, this Amendment shall be binding on all holders of the
Warrants, even if they do not execute such consent, amendment or waiver. The terms of this Amendment shall be binding upon
and shall inure to the benefit of any successors or permitted assigns of the Company and the Holders and of the Shares issued
or issuable upon the exercise of the Warrants. Any successor, permitted assign or transferee of the Warrant after the date
hereof shall be deemed to have acquired the Warrant as amended by this Amendment.

 

4. Construction.
Unless otherwise defined herein, capitalized terms shall have the meanings set forth in the Subscription Agreements and the
Warrants, as the case may be. The terms of this Amendment amend and modify the Subscription Agreements and the Warrants as if
fully set forth in the Subscription Agreements and the Warrants. If there is any conflict between the terms, conditions and
obligations of this Amendment and the Subscription Agreements or the Warrants, this Amendment’s terms, conditions and
obligations shall control. All other provisions of the Subscription Agreements and the Warrants not specifically modified by
this Amendment are preserved.

 

     

     

    

 

In
Witness Whereof, this Second Amendment to
Capital Stock Purchase Warrants is made effective as of the date first set forth above.

 

	THE COMPANY:

 

NeuroOne Medical 

Technologies Corporation

	 
	By:		 
	Name:	David A. Rosa	 
	Title:	Chief Executive
Officer	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page To Second
Amendment To Capital Stock Purchase WarrantsSection 2: EX-10.A (EXHIBIT 10(A))

Exhibit 10(a)

2017

Performance Share Award Agreement

under the

TrustCo Bank Corp NY Amended and Restated 2010 Equity Incentive Plan

This Performance Share Award Agreement (this “Agreement”) under the TrustCo Bank Corp NY Amended and Restated 2010 Equity Incentive Plan, as amended (the “Plan”), dated as of the grant date set forth below, is made between TrustCo Bank Corp NY (the “Company”) and the Participant set forth below. Capitalized terms not defined herein shall have the meaning ascribed to them in the Plan.

The award granted in this Agreement is contingent on the Participant agreeing to be bound by all of the terms and conditions of the Plan and this Agreement by signing and returning this Agreement to the Company on or before the close of business on the second business day after November 21, 2017 (that is, November 24, 2017).1 If the Participant fails to return a signed copy of this Agreement to the Company on or before such date, this award will be deemed to be voided and withdrawn and, as such, of no force or effect.

1.         Grant of Performance Shares. Subject to the provisions of this Agreement and the provisions of the Plan, the Company hereby grants to the Participant an award of the number of performance shares set forth in Paragraph 2 effective as of the Grant Date set forth therein (the performance shares granted hereunder are hereafter referred to as the “Performance Shares”). Each Performance Share shall represent the right to receive upon settlement an amount of cash equal to the Fair Market Value of one share of Common Stock.

2.         Award Summary:

 

	 	
Participant

	 	 	
[Officer]

	 	
Grant Date

	 	 	
November 21, 2017

	 	
Number of Performance Shares:

	 	 	 
	 	
Threshold:

	 	 	 
	 	
Target:

	 	 	 
	 	
Maximum:

	 	 	 
	 	
Performance Period

	 	 	
January 1, 2018 to December 31, 2020

 

3.         Satisfaction of Vesting Conditions.

(a)          General. Except as provided in this Agreement, the Performance Shares are subject to a substantial risk of forfeiture until vested and as set forth in this Paragraph 3 are transferable only to the extent provided in Paragraph 12 hereof. Except as otherwise provided herein, the Participant shall be entitled to receive payment in respect of the Performance Shares described in this Agreement (“vesting”) only upon the satisfaction of two conditions: a time-based condition and a performance goals condition. The conditions are described in more detail in Paragraphs 3(b) and 3(c) below. The Participant shall not be entitled to payment in respect of the Performance Shares unless both conditions are satisfied.

1 November 24 is the second business day after November 21.

 

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(b)          Time-Based Condition. Except as otherwise provided herein, the time-based condition will be satisfied only if the Participant has remained an employee of the Company from the Grant Date through the last day of the Performance Period.

(c)          Performance Goals Condition. Except as otherwise provided herein, achievement of the performance goals condition will be measured by the Company's Return on Average Equity (“ROAE”) measured as the average of TrustCo’s ROAE for each of the three years within the performance period described below compared with the ROAE of members of a comparative group of peer institutions during the same period (calculated by determining the performance of the peer group in each year and then calculating the three-year average of the peer performance as described), subject to possible adjustment as described below based upon TrustCo’s average efficiency ratio over the performance period relative to the peer group’s efficiency ratio over the same period, with vesting and payout occurring at the end of the performance period and payout prior to March 15, 2021.  The following table outlines the peer ranking and the corresponding adjustment factor:

 

	 	 	 	 	
Return on Average Equity

for the Performance Period

	 	 	 	 
	 	
Level

	 	 	
Percentile Ranking

	 	 	
Factor

	 
	 	
Maximum

	 	 	
60th percentile or above of the Peer Group

	 	 	
150%

	 
	 	
Target

	 	 	
50th - 59th percentile of the Peer Group

	 	 	
100%

	 
	 	
Threshold

	 	 	
40th – 49th percentile of the Peer Group

	 	 	
75%

	 
	 	 	 	 	
Below 40th percentile of the Peer Group

	 	 	
0%

	 

If the Company’s three-year average efficiency ratio, calculated in a fashion similar to the ROAE calculation described above, is below the 40th percentile of the peer group, the total award is reduced by one third.

Performance Period: January 1, 2018 to December 31, 2020

Peer group: Consists of publicly held bank and savings and loan holding companies headquartered in New York, New Jersey and/or Florida with assets of between $2 and $10 billion (as of September 30 of each year), utilizing data which is filed with the appropriate securities regulatory agency.

(d)          Death, Disability or Retirement. In the event of a Participant’s Separation from Service because of death, Disability or Retirement during the Performance Period, Participant shall receive a pro rata payment based on the number of full months’ service during the Performance Period but taking into account the achievement of performance goals during the entire Performance Period. Payment, if any, under this Agreement shall be made after completion of the Performance Period at the time any such payment would have been made under the Plan and this Agreement had the Participant not experienced a Separation from Service. The pro rata payment shall be calculated by multiplying the number of Performance Shares to which the Participant would have received pursuant to this Agreement and the Plan had he or she not experienced a Separation from Service by a fraction the denominator of which is 36 and numerator of which is the number of full months during the Performance Period prior to the Separation from Service.

 

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(e)          Other Separation from Service. In the event of a Participant’s Separation from Service for any reason other than death, Disability or Retirement during the Performance Period, all Performance Shares shall be forfeited.

(f)           Change in Control. In the event of a Change in Control during the Performance Period, the time-based vesting condition described in Paragraph 3(b) shall be completely satisfied and payment shall be made in respect of the Performance Shares based upon the extent to which the performance goals described in Paragraph 3(c) during the Performance Period have been met up to the date of the Change-in-Control, or at Target Vesting, whichever is higher.

4.         Settlement of Performance Shares.

(a)          Normal Settlement. Upon completion of the Performance Period, the Committee shall evaluate and determine the extent to which the time-based vesting conditions described in Paragraph 3(b) and the performance-based vesting conditions described in Paragraph 3(c) have been satisfied and shall certify in writing the level of the performance goals attained and the amount payable as a result thereof. Payment in respect of the Performance Shares shall be made in a lump sum in cash to the Participant no later than March 15, 2021 (the “Settlement Date”), such date being the fifteenth day of the third month after the end of the first calendar year in which the Performance Shares are no longer subject to a “substantial risk of forfeiture” within the meaning of Internal Revenue Code Section 409A.

(b)          Settlement upon a Qualified Change-in-Control. Subject to the other provisions of the Plan, including without limitation Section 16 thereof, in the event of a Qualified Change-in-Control, the Performance Share Awards shall be settled in accordance with the provisions of the Plan.

(c)          Tax Withholding. The Company shall deduct or withhold from any payment under this Agreement an amount sufficient to satisfy Federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement and the Plan.

5.         Rights as a Shareholder. The Participant shall have no voting rights and no rights to ordinary dividends or other distributions, with respect to the Performance Shares.

6.         No Right to Continued Employment. Neither this award of Performance Shares nor any terms contained in this Agreement shall confer upon the Participant any express or implied right to be retained in the employment or service of the Company or any affiliate for any period, nor restrict in any way the right of the Company, which right is hereby expressly reserved, to terminate the Participant’s employment or service at any time with or without Cause. The Participant acknowledges and agrees that, except as otherwise provided herein, the satisfaction of the time-based vesting condition is subject to the Participant’s continuation of employment with the Company through the end of the Performance Period and not through the act of being hired or being granted this award.

7.         The Plan. This Agreement is subject to all the terms, provisions and conditions of the Plan, which are incorporated herein by reference, and to such rules and regulations as may from time to time be adopted by the Committee. In the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control and this Agreement shall be deemed to be modified accordingly. A copy of the Plan and the prospectus shall be provided to the Participant upon the Participant’s request to the Company at TrustCo Bank Corp NY, 5 Sarnowski Drive, Glenville, New York 12302, Attention: Secretary.

8.         Compliance with Laws and Regulations. This award of Performance Shares shall be subject in all respects to all applicable federal and state laws, rules and regulations and any registration, qualification, approvals or other requirements imposed by any government or regulatory agency or body which the Committee shall, in its discretion, determine to be necessary or applicable.

 

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9.         Notices. Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered by hand or electronically by e-mail to the party for whom it is intended, (i) if to the Participant, to the current home address or e-mail address on file with the Company or delivered by hand personally to Participant and (ii) if to the Company, to the address of the Company’s corporate headquarters, currently located at 5 Sarnowski Drive, Glenville, New York 12302, or such other address to which the Company has moved its corporate headquarters, to such other address that the Company may specify from time to time in a notice sent to the Participant, in each case Attention: Human Resource Department.

10.       Other Plans. The Participant acknowledges that any income derived from the Performance Shares shall not affect the Participant’s participation in, or benefits under, any other benefit plan or other contract or arrangement maintained or sponsored by the Company or any affiliate of the Company.

11.       Recovery of Incentive Compensation. This award of Performance Shares and any cash compensation received by the Participant pursuant to this award that constitute incentive-based compensation may be subject to recovery by the Company under any compensation recovery, recoupment or clawback policy or program that the Company may adopt from time to time, including, without limitation, any policy that the Company may be required to adopt under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations of the U.S. Securities and Exchange Commission thereunder or the requirements of any national securities exchange on which the Stock may be listed. The Participant shall promptly return any such incentive-based compensation that the Committee determines the Company is required to recover from the Participant under any such policy.

12.       Beneficiary Designation. No Performance Shares may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, and any such purported sale, transfer, pledge, assignment or other alienation or hypothecation shall be void and unenforceable. The Participant may, pursuant to the Plan, name one or more beneficiaries to whom vested benefits under this Agreement shall be paid in case of Participant’s death before Participant receives all of such benefits. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to his or her estate.

13.       Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without giving effect to the choice of law principles thereof, except to the extent superseded by applicable United States federal law. The Participant hereby agrees to the exclusive jurisdiction and venue of the federal and state courts of New York to resolve any and all issues that may arise out of or relate to this Agreement or the Plan.

	 	
TrustCo Bank Corp NY

	 
	 	 	 	 
	 	
By:

		 
	 	 	
Robert J. McCormick

	 
	 	 	
Executive Vice President

	 

	
Accepted and agreed to:

	 
		 
	 	 	 
	
Name:

	
Officer

	 
	
Date:

	 	 

 

 

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