Document:

Exhibit 10.02

 

nEURALSTEM, INC.

CONFIDENTIAL
INFORMATION AND

INVENTION ASSIGNMENT AGREEMENT

 

Employee Name: Kenneth C. Carter

Effective Date: December 12, 2018

As a condition of my becoming employed (or
my employment being continued) by Neuralstem, Inc. a Delaware corporation, or any of its current or future subsidiaries, affiliates,
successors or assigns (collectively, the “Company”), and in consideration of my employment with the Company
and my receipt of the compensation now and hereafter paid to me by the Company, I agree to the following:

1.              
Relationship. This Agreement will apply to my employment relationship
with the Company. If that relationship ends and the Company, within a year thereafter, either re-employs me or engages me as a
consultant, I agree that this Agreement will also apply to such later employment or consulting relationship, unless the Company
and I otherwise agree in writing. Any such employment or consulting relationship between the Company and me, whether commenced
prior to, upon or after the date of this Agreement, is referred to herein as the “Relationship.”

2.              
Duties. I will perform for the Company such duties as may be designated
by the Company from time to time or that are otherwise within the scope of the Relationship and not contrary to instructions from
the Company. During the Relationship, I will devote my entire best business efforts to the interests of the Company and will not
engage in other employment or in any activities detrimental to the best interests of the Company without the prior written consent
of the Company.

3.              
Confidential Information.

(a)            
Protection of Information. I agree, at all times during the term of the Relationship and thereafter, to hold in strictest
confidence, and not to use, except for the benefit of the Company to the extent necessary to perform my obligations to the Company
under the Relationship, and not to disclose to any person, firm, corporation or other entity, without written authorization from
the Company in each instance, any Confidential Information (as defined below) that I obtain, access or create during the term of
the Relationship, whether or not during working hours, until such Confidential Information becomes publicly and widely known and
made generally available through no wrongful act of mine or of others who were under confidentiality obligations as to the item
or items involved. I further agree not to make copies of such Confidential Information except as authorized by the Company.

(b)           
Confidential Information. I understand that “Confidential Information” means information and physical
material not generally known or available outside the Company and information and physical material entrusted to the Company in
confidence by third parties. Confidential Information includes, without limitation: (i) Company Inventions (as defined below);
(ii) technical data, trade secrets, know-how, research, product or service ideas or plans, software codes and designs, developments,
inventions, laboratory notebooks, processes, formulas, techniques, biological materials, mask works, engineering designs and drawings,
hardware configuration information, lists of, or information relating to, suppliers and customers (including, but not limited to,
customers of the Company on whom I called or with whom I became acquainted during the Relationship), price lists, pricing methodologies,
cost data, market share data, marketing plans, licenses, contract information, business plans, financial forecasts, historical
financial data, budgets or other business information disclosed to me by the Company either directly or indirectly, whether in
writing, electronically, orally, or by observation.

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(c)            
Third Party Information. My agreements in this Section 3 are intended to be for the benefit of the Company and
any third party that has entrusted information or physical material to the Company in confidence.

(d)           
Other Rights. This Agreement is intended to supplement, and not to supersede, any rights the Company may have in
law or equity with respect to the protection of trade secrets or confidential or proprietary information.

4.              
Ownership of Inventions.

(a)            
Inventions Retained and Licensed. I have attached hereto, as Exhibit A, a complete list describing with particularity
all Inventions (as defined below) that, as of the Effective Date, belong solely to me or belong to me jointly with others, and
that relate in any way to any of the Company’s proposed businesses, products or research and development, and which are not
assigned to the Company hereunder; or, if no such list is attached, I represent that there are no such Inventions at the time of
signing this Agreement. 

(b)           
Use or Incorporation of Inventions. If in the course of the Relationship, I use or incorporate into a product, process
or machine any Invention not covered by Section 4(d) of this Agreement in which I have an interest, I will promptly so inform
the Company. Whether or not I give such notice, I hereby irrevocably grant to the Company a nonexclusive, fully paid-up, royalty-free,
assumable, perpetual, worldwide license, with right to transfer and to sublicense, to practice and exploit such Invention and to
make, have made, copy, modify, make derivative works of, use, sell, import, and otherwise distribute under all applicable intellectual
properties without restriction of any kind.

(c)            
Inventions. I understand that “Inventions” means discoveries, developments, concepts, designs,
ideas, know how, improvements, inventions, trade secrets and/or original works of authorship, whether or not patentable, copyrightable
or otherwise legally protectable. I understand this includes, but is not limited to, any new product, machine, article of manufacture,
biological material, method, procedure, process, technique, use, equipment, device, apparatus, system, compound, formulation, composition
of matter, design or configuration of any kind, or any improvement thereon. I understand that “Company Inventions”
means any and all Inventions that I may solely or jointly author, discover, develop, conceive, or reduce to practice during the
period of the Relationship, except as otherwise provided in Section 4(g) below.

(d)           
Assignment of Company Inventions. I agree that I will promptly make full written disclosure to the Company, will
hold in trust for the sole right and benefit of the Company, and hereby assign to the Company, or its designee, all my right, title
and interest throughout the world in and to any and all Company Inventions. I further acknowledge that all Company Inventions that
are made by me (solely or jointly with others) within the scope of and during the period of the Relationship are “works made
for hire” (to the greatest extent permitted by applicable law) and are compensated by my salary. I hereby waive and irrevocably
quitclaim to the Company or its designee any and all claims, of any nature whatsoever, that I now have or may hereafter have for
infringement of any and all Company Inventions. 

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(e)            
Maintenance of Records. I agree to keep and maintain adequate and current written records of all Company Inventions
made by me (solely or jointly with others) during the term of the Relationship. The records may be in the form of notes, sketches,
drawings, flow charts, electronic data or recordings, laboratory notebooks, or any other format. The records will be available
to and remain the sole property of the Company at all times. I agree not to remove such records from the Company’s place
of business except as expressly permitted by Company policy which may, from time to time, be revised at the sole election of the
Company for the purpose of furthering the Company’s business. I agree to deliver all such records (including any copies thereof)
to the Company at the time of termination of the Relationship as provided for in Sections 5 and 6.

(f)            
Patent and Copyright Rights. I agree to assist the Company, or its designee, at its expense, in every proper way
to secure the Company’s, or its designee’s, rights in the Company Inventions and any copyrights, patents, trademarks,
mask work rights, moral rights, or other intellectual property rights relating thereto in any and all countries, including the
disclosure to the Company or its designee of all pertinent information and data with respect thereto, the execution of all applications,
specifications, oaths, assignments, recordations, and all other instruments which the Company or its designee shall deem necessary
in order to apply for, obtain, maintain and transfer such rights, or if not transferable, waive such rights, and in order to assign
and convey to the Company or its designee, and any successors, assigns and nominees the sole and exclusive right, title and interest
in and to such Company Inventions, and any copyrights, patents, mask work rights or other intellectual property rights relating
thereto. I further agree that my obligation to execute or cause to be executed, when it is in my power to do so, any such instrument
or papers shall continue during and at all times after the end of the Relationship and until the expiration of the last such intellectual
property right to expire in any country of the world. I hereby irrevocably designate and appoint the Company and its duly authorized
officers and agents as my agent and attorney-in-fact, to act for and in my behalf and stead to execute and file any such applications
and to do all other lawfully permitted acts to further the application for, prosecution, issuance, maintenance or transfer of letters
of patents, copyright, mask work and other registrations related to such Company Inventions. This power of attorney is coupled
with an interest and shall not be affected by my subsequent incapacity.

(g)           
Exception to Assignments. I understand that the Company Inventions will not include, and the provisions of this Agreement
requiring assignment of inventions to the Company do not apply to, any invention which qualifies fully for exclusion under the
provisions of applicable state law or federal laws, if any. In order to assist in the determination of which inventions qualify
for such exclusion, I will advise the Company promptly in writing, during and after the term of the Relationship, of all Inventions
solely or jointly conceived or developed or reduced to practice by me during the period of the Relationship.

5.              
Company Property; Returning Company Documents. I acknowledge and agree
that I have no expectation of privacy with respect to the Company’s telecommunications, networking or information processing
systems (including, without limitation, files, e-mail messages, and voice messages) and that my activity and any files or messages
on or using any of those systems may be monitored at any time without notice. I further agree that any property situated on the
Company’s premises and owned by the Company, including disks and other storage media, filing cabinets or other work areas,
is subject to inspection by Company personnel at any time with or without notice. I agree that, at the time of termination of the
Relationship, I will deliver to the Company (and will not keep in my possession, recreate or deliver to anyone else) any and all
devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, laboratory
notebooks, materials, flow charts, equipment, other documents or property, or reproductions of any of the aforementioned items
developed by me pursuant to the Relationship or otherwise belonging to the Company, its successors or assigns. 

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6.              
Termination Certification. In the event of the termination of the Relationship,
I agree to sign and deliver the “Termination Certification” attached hereto as Exhibit B; however,
my failure to sign and deliver the Termination Certification shall in no way diminish my continuing obligations under this Agreement.

7.              
Notice to Third Parties. I understand and agree that the Company may,
with or without prior notice to me and during or after the term of the Relationship, notify third parties of my agreements and
obligations under this Agreement.

8.              
Solicitation of Employees, Consultants and Other Parties. I agree that
during the term of the Relationship, and for a period of twenty-four (24) months immediately following the termination of the Relationship
for any reason, whether with or without cause, I shall not either directly or indirectly solicit, induce, recruit or encourage
any of the Company’s employees or consultants to terminate their relationship with the Company, or attempt to solicit, induce,
recruit, encourage or take away employees or consultants of the Company, either for myself or for any other person or entity. Further,
during the Relationship and at any time following the termination of the Relationship for any reason, whether with or without cause,
I shall not use any Confidential Information of the Company to negatively influence any of the Company’s clients or customers
from purchasing Company products or services or to solicit or influence or attempt to influence any client, customer or other person
either directly or indirectly, to direct any purchase of products and/or services to any person, firm, corporation, institution
or other entity in competition with the business of the Company.

9.              
At-Will Relationship. I understand and acknowledge that, except as may
be otherwise explicitly provided in a separate written agreement between the Company and me, my Relationship with the Company is
and shall continue to be at-will, as defined under applicable law, meaning that either I or the Company may terminate the Relationship
at any time for any reason or no reason, without further obligation or liability, other than those provisions of this Agreement
that explicitly survive the termination of the Relationship.

10.           
Representations and Covenants.

(a)            
Facilitation of Agreement. I agree to execute promptly, both during and after the end of the Relationship, any proper
oath, and to verify any proper document, required to carry out the terms of this Agreement, upon the Company’s written request
to do so.

(b)           
No Conflicts. I represent that my performance of all the terms of this Agreement does not and will not breach any
agreement I have entered into, or will enter into, with any third party, including without limitation any agreement to keep in
confidence proprietary information or materials acquired by me in confidence or in trust prior to or during the Relationship. I
will not disclose to the Company or use any inventions, confidential or non-public proprietary information or material belonging
to any previous client, employer or any other party. I will not induce the Company to use any inventions, confidential or non-public
proprietary information, or material belonging to any previous client, employer or any other party. I acknowledge and agree that
I have listed on Exhibit A all agreements (e.g., non-competition agreements, non-solicitation of customers agreements, non-solicitation
of employees agreements, confidentiality agreements, inventions agreements, etc.), if any, with a current or former client, employer,
or any other person or entity, that may restrict my ability to accept employment with the Company or my ability to recruit or engage
customers or service providers on behalf of the Company, or otherwise relate to or restrict my ability to perform my duties for
the Company or any obligation I may have to the Company. I agree not to enter into any written or oral agreement that conflicts
with the provisions of this Agreement.

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(c)            
Voluntary Execution. I certify and acknowledge that I have carefully read all of the provisions of this Agreement,
that I understand and have voluntarily accepted such provisions, and that I will fully and faithfully comply with such provisions.

11.           
General Provisions.

(a)            
Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by
the laws of the State of Maryland, without giving effect to the principles of conflict of laws.

(b)           
Entire Agreement. This Agreement, along with the employment agreement between myself and the Company of even date
herewith (“Employment Agreement”) sets forth the entire agreement and understanding between the Company and me relating
to its subject matter and merges all prior discussions between us. No amendment to this Agreement will be effective unless in writing
signed by both parties to this Agreement. The Company shall not be deemed hereby to have waived any rights or remedies it may have
in law or equity, nor to have given any authorizations or waived any of its rights under this Agreement, unless, and only to the
extent, it does so by a specific writing signed by a duly authorized officer of the Company, it being understood that, even if
I am an officer of the Company, I will not have authority to give any such authorizations or waivers for the Company under this
Agreement without specific approval by the Board of Directors. Any subsequent change or changes in my duties, obligations, rights
or compensation will not affect the validity or scope of this Agreement.

(c)            
Severability. If one or more of the provisions in this Agreement are deemed void or unenforceable to any extent in
any context, such provisions shall nevertheless be enforced to the fullest extent allowed by law in that and other contexts, and
the validity and force of the remainder of this Agreement shall not be affected.

(d)           
Successors and Assigns. This Agreement will be binding upon my heirs, executors, administrators and other legal representatives,
and my successors and assigns, and will be for the benefit of the Company, its successors, and its assigns.

(e)            
Remedies. I acknowledge and agree that violation of this Agreement by me may cause the Company irreparable harm,
and therefore agree that the Company will be entitled to seek extraordinary relief in court, including, but not limited to, temporary
restraining orders, preliminary injunctions and permanent injunctions without the necessity of posting a bond or other security
(or, where such a bond or security is required, I agree that a $1,000 bond will be adequate), in addition to and without prejudice
to any other rights or remedies that the Company may have for a breach of this Agreement.

(f)            
ADVICE OF COUNSEL. I ACKNOWLEDGE THAT, IN EXECUTING THIS AGREEMENT, I HAVE HAD THE OPPORTUNITY TO SEEK THE ADVICE
OF INDEPENDENT LEGAL COUNSEL, AND I HAVE READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT
SHALL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF.

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The parties have executed this Agreement
on the respective dates set forth below, to be effective as of the Effective Date first above written.

	COMPANY:	 	EMPLOYEE:
	NEURALSTEM, iNC.	 	Kenneth C. Carter, an Individual
	By:  	 	 	 
	Name:  William Oldaker 	 	(Signature)	 
	Title: Chairman of the Board 	 	 	 
	Date:  	 	Date: 	 
	Address: 20271 Goldenrod Lane, 2nd Floor	 	Address: 	 
	Germantown, MD 20876	 	 	 

 

 

 

 

 

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EXHIBIT A

LIST OF PRIOR INVENTIONS

AND ORIGINAL WORKS OF AUTHORSHIP

EXCLUDED UNDER SECTION 4(a)

	

        Title        	

   Date   	Identifying Number

or Brief Description
	 	 	 

 

 

 

 

 

 

 

 

 

 

___ No inventions, improvements, or original works of authorship

___ Additional sheets attached

Signature of Employee:__________________________________

Print Name of Employee:_________________________________

Date:________________________________________________

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EXHIBIT B

TERMINATION CERTIFICATION

This is to certify that I do not have in
my possession, nor have I failed to return, any devices, records, data, notes, reports, proposals, lists, correspondence, specifications,
drawings, blueprints, sketches, laboratory notebooks, flow charts, materials, equipment, other documents or property, or copies
or reproductions of any aforementioned items belonging to Neuralstem, Inc., a Delaware corporation, its subsidiaries, affiliates,
successors or assigns (collectively, the “Company”).

I further certify that I have complied with
all the terms of the Company’s Confidential Information and Invention Assignment Agreement signed by me, including the reporting
of any Inventions (as defined therein), conceived or made by me (solely or jointly with others) covered by that agreement.

I further agree that, in compliance with
the Confidential Information and Invention Assignment Agreement, I will preserve as confidential all trade secrets, confidential
knowledge, data or other proprietary information relating to products, processes, know-how, designs, formulas, developmental or
experimental work, computer programs, data bases, other original works of authorship, customer lists, business plans, financial
information or other subject matter pertaining to any business of the Company or any of its employees, clients, consultants or
licensees.

I further agree that for twenty-four (24)
months from the date of this Certification, I shall not either directly or indirectly solicit, induce, recruit or encourage any
of the Company’s employees or consultants to terminate their relationship with the Company, or attempt to solicit, induce,
recruit, encourage or take away employees or consultants of the Company, either for myself or for any other person or entity. Further,
I shall not at any time use any Confidential Information of the Company to negatively influence any of the Company’s clients
or customers from purchasing Company products or services or to solicit or influence or attempt to influence any client, customer
or other person either directly or indirectly, to direct any purchase of products and/or services to any person, firm, corporation,
institution or other entity in competition with the business of the Company.

	Date:	 	 	
	 	 	 	 
	 	 	 	 

 

1Exhibit 10.03

 

INDEMNIFICATION AGREEMENT

 

            This
Indemnification Agreement ("Agreement") is entered into as of the [*] day of [*], 20[*] by and between Neuralstem,
Inc. a Delaware corporation (the “Company”), and [________] ("Indemnitee").

 

RECITALS

 

            A.     The
Company and Indemnitee recognize the continued difficulty in obtaining liability insurance for the Company's directors and officers,
the significant increases in cost of such insurance and the general reductions in the coverage of such insurance.

 

            B.     The
Company and Indemnitee further recognize the substantial increase in corporate litigation in general, subjecting directors and
officers to expensive litigation risks at the same time as the availability and coverage of liability insurance has been severely
limited.

 

            C.     The
Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company and,
in part, in order to induce Indemnitee to continue to provide services to the Company, wishes to provide for the indemnification
and advancing of expenses to Indemnitee to the maximum extent permitted by law.

 

            D.    In
view of the considerations set forth above, the Company desires that Indemnitee be indemnified by the Company as set forth herein.

 

            NOW,
THEREFORE, the Company and Indemnitee hereby agree as follows:

 

AGREEMENT

 

            1. Indemnification.

 

                 (a)       Indemnification
of Expenses. The Company shall indemnify Indemnitee to the fullest extent permitted by law if Indemnitee was or is or becomes
a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, any threatened,
pending or completed action, suit, proceeding or alternative dispute resolution mechanism, or any hearing, inquiry or investigation
that Indemnitee in good faith believes might lead to the institution of any such action, suit, proceeding or alternative dispute
resolution mechanism, whether civil, criminal, administrative, investigative or other (hereinafter a "Claim")
by reason of (or arising in part out of) any event or occurrence related to the fact that Indemnitee is or was a director or officer
of the Company, or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee,
agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action or
inaction on the part of Indemnitee while serving in such capacity (hereinafter an "Indemnifiable Event" ) against
any and all expenses (including attorneys' fees and all other costs, expenses and obligations incurred in connection with investigating,
defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness in or participate
in, any such action, suit, proceeding, alternative dispute resolution mechanism, hearing, inquiry or investigation), losses, claims,
damages, liabilities, judgments, fines, penalties and amounts paid in settlement (if such settlement is approved in advance by
the Company, which approval shall not be unreasonably withheld) of such Claim and any federal, state, local or foreign taxes imposed
on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, including all interest, assessments
and other charges paid or payable in connection with or in respect of such Expenses (collectively, hereinafter "Expenses")
if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company, and, with respect to any criminal action, suit or proceeding, Indemnitee had no reasonable cause to believe Indemnitee's
conduct was unlawful.

 

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                 (b)
       Mandatory Payment of Expenses. Notwithstanding any other provision of this Agreement
other than Section 7 hereof, to the extent that Indemnitee has been successful on the merits or otherwise, including, without limitation,
the dismissal of a Claim without prejudice, in defense of any Claim referred to in Section (1)(a) hereof or in the defense of any
Claim, issue or matter therein, Indemnitee shall be indemnified against all Expenses incurred by Indemnitee in connection therewith.

 

            2.  Expenses;
Indemnification Procedure.

 

                 (a)       Advancement
of Expenses. The Company shall pay all Expenses incurred by Indemnitee in connection with the investigation, defense, settlement
or appeal of any civil or criminal Claim referenced in Section 1(a) hereof in advance of the final disposition of such Claim. Indemnitee
shall deliver to the Company an Undertaking, substantially in the form of Exhibit A hereto, whereby Indemnitee undertakes to repay
such amounts advanced only if, and to the extent that, it shall ultimately be determined that Indemnitee is not entitled to be
indemnified by the Company as authorized hereby. The advances to be made hereunder shall be paid by the Company to Indemnitee following
a request therefor, but in any event no later than forty-five days after receipt by the Company of written demand from Indemnitee
for such advances.

 

               (b)       Notice/Cooperation
by Indemnitee. Indemnitee shall, as a condition precedent to Indemnitee's right to be indemnified under this Agreement, give
the Company notice in writing as soon as practicable of any Claim made against Indemnitee for which indemnification or advancement
will or could be sought under this Agreement. Notice to the Company shall be directed to the General Counsel of the Company at
the address shown on the signature page of this Agreement (or such other address as the Company shall designate in writing to Indemnitee).
The failure to promptly notify the Company of the commencement of the action, suit or proceeding, or of Indemnitee’s request
for indemnification, will not relieve the Company from any liability that it may have to Indemnitee hereunder or otherwise, except
to the extent the Company is actually and materially prejudiced in its defense of such action, suit or proceeding as a result of
such failure or delay, and any such failure or delay shall not constitute a waiver by Indemnitee of any rights under this Agreement
or otherwise. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request therefor
including such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to enable the
Company to determine whether and to what extent Indemnitee is entitled to indemnification.

 

                 (c)       Procedure.
Any indemnification and advances of Expenses provided for in Section 1 and Section 2 of this Agreement shall be paid by the Company
to Indemnitee as soon as practicable after receipt of written request from Indemnitee for such indemnification or advances along
with appropriate written documentation verifying such Expenses, but in any event no later than forty-five days after receipt of
such request. If the Company believes that Indemnitee has not met the standards of conduct which make it permissible under applicable
law for the Company to indemnify Indemnitee for the Expenses claimed, the Company may file an action in the Court of Chancery of
the State of Delaware to obtain a declaratory judgment that Indemnitee is not entitled under applicable law to receive indemnification
or advancement from the Company (hereinafter a “Declaratory Action”). If the Company files a Declaratory Action,
Indemnitee shall be entitled to receive interim payments of Expenses pursuant to Subsection 2(a) including Expenses incurred in
defending a Declaratory Action unless and until the Court of Chancery of the State of Delaware issues an order or judgment that
Indemnitee is not entitled under applicable law to receive indemnification or advancement from the Company. If the Court of Chancery
of the State of Delaware issues an order or judgment in a Declaratory Action that Indemnitee is not entitled under applicable law
to receive indemnification or advancement from the Company, the Company shall have no further obligation under this Agreement,
the Company's Certificate of Incorporation, the Company Bylaws or any other applicable law, statute or rule to provide indemnification
or advances of Expenses to Indemnitee and Indemnitee shall be responsible for repaying all such amounts previously advanced to
Indemnitee as provided in Section 2(a).

 

    	 	2	 

     

    

                 (d)       No
Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or
without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that
Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification
is not permitted by applicable law. In addition, neither the failure of the Company (including its Board of Directors, any committee
or subgroup of the Board of Directors, independent legal counsel, or its stockholders) to have made a determination that indemnification
of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct required by applicable
law, nor an actual determination by the Company (including its Board of Directors, any committee or subgroup of the Board of Directors,
independent legal counsel, or its stockholders) that Indemnitee has not met such applicable standard of conduct, shall create a
presumption that Indemnitee has or has not met the applicable standard of conduct.

 

                 (e)       Burden
of Proof. In a Declaratory Action, the burden of proof shall be on the Company to establish that Indemnitee is not entitled
to indemnification or advances.

 

                 (f)
       Notice to Insurers. If, at the time of the receipt by the Company of a notice
of a Claim pursuant to Section 2(b) hereof, the Company has liability insurance in effect which may cover such Claim, the Company
shall give prompt notice of the commencement of such Claim to the insurers in accordance with the procedures set forth in the respective
policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee,
all amounts payable as a result of such Claim in accordance with the terms of such policies.

 

                 (g)       Selection
of Counsel. In the event the Company shall be obligated hereunder to pay the Expenses of any Claim, the Company shall be entitled
to assume the defense of such Claim with counsel approved by Indemnitee, which approval shall not be unreasonably withheld, upon
the delivery to Indemnitee of written notice of its election so to do. After delivery of such notice, approval of such counsel
by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement
for any fees of counsel subsequently incurred by Indemnitee with respect to the same Claim. Notwithstanding the Company's assumption
of the defense of any Claim, the Company shall be obligated to pay the Expenses of any Claim if (A) the employment of counsel by
Indemnitee has been previously authorized by the Company, (B) the Company shall have reasonably concluded that there is a conflict
of interest between the Company and Indemnitee in the conduct of any such defense such that Indemnitee needs to be separately represented,
or (C) the Company shall not continue to retain counsel to defend such Claim, then the fees and expenses of counsel retained by
Indemnitee shall be at the expense of the Company. The Company shall have the right to conduct such defense as it sees fit in its
sole discretion, including the right to settle any Claim against Indemnitee without the consent of the Indemnitee; provided, that
in no event shall the Company have the right to settle any Claim that imposes non-monetary penalties on Indemnitee without the
prior written consent of Indemnitee which may be granted or withheld in Indemnitee’s sole discretion.

 

            3.  Additional
Indemnification Rights; Nonexclusivity.

 

                 (a)       Scope.
The Company hereby agrees to indemnify Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification
is not specifically authorized by the other provisions of this Agreement, the Company's Certificate of Incorporation, the Company's
Bylaws or by statute. In the event of any change after the date of this Agreement in any applicable law, statute or rule which
expands the right of a Delaware corporation to indemnify a member of its Board of Directors or an officer, employee, agent or fiduciary,
it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits afforded by such change.
In the event of any change in any applicable law, statute or rule which narrows the right of a Delaware corporation to indemnify
a member of its Board of Directors or an officer, employee, agent or fiduciary, such change, to the extent not otherwise required
by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties' rights and
obligations hereunder except as set forth in Section 7(a) hereof.

 

                 (b)       Nonexclusivity.
The indemnification provided by this Agreement shall be in addition to any rights to which Indemnitee may be entitled under the
Company's Certificate of Incorporation, its Bylaws, any agreement, any vote of stockholders or disinterested directors, the General
Corporation Law of the State of Delaware, or otherwise. The indemnification provided under this Agreement shall continue as to
Indemnitee for any action Indemnitee took or did not take while serving in an indemnified capacity even though Indemnitee may have
ceased to serve in such capacity.

 

    	 	3	 

     

    

            4.  No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any Claim
made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy, Certificate
of Incorporation, Bylaw or otherwise) of the amounts otherwise indemnifiable hereunder.

 

            5.  Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion
of Expenses incurred in connection with any Claim, but not, however, for the total amount thereof, the Company shall nevertheless
indemnify Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

 

            6.  Mutual
Acknowledgement. Both the Company and Indemnitee acknowledge that in certain instances, Federal law or applicable public policy
may prohibit the Company from indemnifying its directors, officers, employees, agents or fiduciaries under this Agreement or otherwise.
Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the
Securities and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a determination
of the Company's right under public policy to indemnify Indemnitee.

 

            7.  Exceptions.
Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement:

 

                 (a)       Excluded
Action or Omissions. To indemnify (i) any Claim by or in the right of the Company as to which Indemnitee shall have been adjudged
to be liable to the Company unless and to the extent that the Court of Chancery of the State of Delaware or such other court in
which such Claim was brought, shall determine upon application that despite the adjudication of liability, in view of all the circumstances
of the case, Indemnitee is fairly and reasonably entitled to indemnity for such Expenses such court shall deem proper, or (ii)
any other acts, omissions or transactions from which Indemnitee may not be relieved of liability under applicable law;

 

                 (b)       Claims
Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee with respect to Claims initiated or brought voluntarily
by Indemnitee and not by way of defense, except (i) with respect to Claims brought to establish or enforce a right to indemnification
or advancement under this Agreement or any other agreement or insurance policy or under the Company's Certificate of Incorporation
or Bylaws, as now or hereafter in effect relating to Claims for Indemnifiable Events, (ii) in specific cases if the Board of Directors
has approved the initiation or bringing of such Claim, or (iii) as otherwise required under Section 145 of the Delaware General
Corporation Law, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advance expense
payment or insurance recovery, as the case may be;

 

                 (c)       Claims
Under Section 16(b). To indemnify Indemnitee for Expenses and the payment of profits arising from the purchase and sale by
Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor
statute.

 

                 (d)       Disgorgement
of Profits and Bonuses Pursuant to Section 304. To indemnify Indemnitee for (i) any bonus or other incentive-based or equity-based
compensation received by Indemnitee or (ii) any profits arising from the sale of securities made by Indemnitee that Indemnitee
is required pursuant to Section 304 of the Sabarnes-Oxley Act of 2002 to reimburse to the Company.

 

            8.  Period
of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company
against Indemnitee, Indemnitee's estate, spouse, heirs, executors or personal or legal representatives after the expiration of
five (5) years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished
and deemed released unless asserted by the timely filing of a legal action within such five-year period; provided , however
, that if any shorter period of limitations is otherwise applicable to any such cause of action, such shorter period shall govern.

 

    	 	4	 

     

    

            9.  Construction
of Certain Phrases.

 

 (a)        For
purposes of this Agreement, references to the "Company" shall include, in addition to the resulting corporation, any
constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate
existence had continued, would have had power and authority to indemnify its directors, officers, employees, agents or fiduciaries,
so that if Indemnitee is or was a director, officer, employee, agent or fiduciary of such constituent corporation, or is or was
serving at the request of such constituent corporation as a director, officer, employee, agent or fiduciary of another corporation,
partnership, joint venture, employee benefit plan, trust or other enterprise, Indemnitee shall stand in the same position under
the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to
such constituent corporation if its separate existence had continued.

 

    (b)        For
purposes of this Agreement, references to "other enterprises" shall include employee benefit plans; references to "fines"
shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan; and references to "serving
at the request of the Company" shall include any service as a director, officer, employee, agent or fiduciary of the Company
which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee
benefit plan, its participants or its beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably
believed to be in the interest of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to
have acted in a manner "not opposed to the best interests of the Company" as referred to in this Agreement.

 

            10.  Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall constitute an original.

 

            11.  Binding
Effect; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and personal and legal representatives.
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
to all, substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and
substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform if no such succession had taken place. This Agreement shall continue in effect
with respect to Claims relating to Indemnifiable Events regardless of whether Indemnitee continues to serve as a director, officer,
employee, agent or fiduciary of the Company or of any other enterprise at the Company's request.

 

            12. Notice.
All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and shall
in any event be deemed to be given (a) five (5) days after deposit with the U.S. Postal Service or other applicable postal service,
if delivered by first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day after the business
day of deposit with Federal Express or similar overnight courier, freight prepaid, or (d) one day after the business day of delivery
by facsimile transmission with confirmation of receipt, if delivered by facsimile transmission, with copy by first class mail,
postage prepaid, and shall be addressed if to Indemnitee, at the Indemnitee address as set forth beneath Indemnitee signatures
to this Agreement and if to the Company at the address of its principal corporate offices (attention: Secretary) or at such other
address as such party may designate by ten days' advance written notice to the other party hereto.

 

            13. Consent
to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State
of Delaware for all purposes in connection with any action which arises out of or relates to this Agreement and agree that any
action instituted under this Agreement shall be commenced, prosecuted and continued only in the Court of Chancery of the State
of Delaware in and for New Castle County, which shall be the exclusive and only proper forum for adjudicating such a claim.

 

    	 	5	 

     

    

            14. Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within
a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable,
and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent
possible, the provisions of this Agreement (including, without limitations, each portion of this Agreement containing any provision
held to be invalid, void or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as
to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

 

            15. Choice
of Law. This Agreement shall be governed by and its provisions construed and enforced in accordance with the laws of the State
of Delaware, as applied to contracts between Delaware residents, entered into and to be performed entirely within the State of
Delaware, without regard to the conflict of laws principles thereof.

 

            16.  Subrogation.
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee who shall execute all documents required and shall do all acts that may be necessary to secure such rights
and to enable the Company effectively to bring suit to enforce such rights.

            17.  Amendment
and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless it is
in writing signed by both the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

            18.  Integration
and Entire Agreement. This Agreement sets forth the entire understanding between the parties hereto and supersedes and merges
all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof between
the parties hereto.

 

            19.  No
Construction as Employment Agreement. Nothing contained in this Agreement shall be construed as giving Indemnitee any right
to be retained in the employ of the Company or any of its subsidiaries.

 

 

            IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

 

	 	 	Neuralstem, Inc.
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	By:	William Oldaker
	 	 	 	Title:	Chairman of the Board

 

 

	     AGREED TO AND ACCEPTED BY:
	 	 
	     Signature:	 
	 	 [________________________]

 

 

    	 	6	 

     

    

EXHIBIT A — GENERAL FORM OF UNDERTAKING FOR ADVANCEMENT OF
EXPENSES

 

1.              
This instrument (this “Undertaking”) is being executed by the undersigned in favor of Neuralstem, Inc. a Delaware
corporation (the “Corporation”), pursuant to that certain Indemnification Agreement, made as of [*],
20[*] (the “Indemnification Agreement”), by and between the Corporation and the undersigned.

 

2.              
I am requesting advancement of expenses which have been or will be actually and reasonably incurred by me or on my behalf in connection
with a proceeding to which I am a party or am threatened to be made a party, or in which I am or may be participating, by reason
of my status as a director, officer or fiduciary of the Company.

 

3.              
With respect to all matters related to such proceeding, I believe I acted in good faith and in a manner I reasonably believed to
be in or not opposed to the best interests of the Corporation or its affiliates, and, with respect to any criminal proceeding,
I had no reasonable cause to believe that my conduct was unlawful.

 

4.              
I hereby undertake to repay any advancement of expenses if it shall ultimately be determined by final judicial decision from which
there is no further right to appeal or otherwise in accordance with Delaware law that I am not entitled to be so indemnified for
such Expenses.

 

5.              
I am requesting advancement of Expenses in connection with the following matter: [PROVIDE DETAILS] 

 

 

__________________________________

Name of Indemnitee:

Dated:

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