Document:

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                                                                     EXHIBIT 4.6

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO SALE OR
DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR
WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF
COUNSEL FOR THE HOLDER, SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS
NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES
AND EXCHANGE COMMISSION.

WARRANT TO PURCHASE 20,000 SHARES OF SERIES A REDEEMABLE CONVERTIBLE PREFERRED
STOCK

                                                Dec. 8, 2003

THIS CERTIFIES THAT, for value received, GENERAL ELECTRIC CAPITAL CORPORATION
("Holder") is entitled to subscribe for and purchase Twenty Thousand (20,000)
shares of the fully paid and nonassessable Series A Redeemable Convertible
Preferred Stock (the "Shares" or the "Preferred Stock") of CYBERKINETICS, INC.,
a Delaware corporation (the "Company"), at the Warrant Price (as hereinafter
defined), subject to the provisions and upon the terms and conditions
hereinafter set forth. As used herein, the term "Series A Redeemable Convertible
Preferred Stock" shall mean the Company's presently authorized Series A
Redeemable Convertible Preferred Stock and any stock into which such Series A
Redeemable Convertible Preferred Stock may hereafter be converted or exchanged.

1.Warrant Price. The Warrant Price shall initially be One and 00/100 dollar
($1.00) per share, subject to adjustment as provided in Section 7 below.

2.Conditions to Exercise. The purchase right represented by this Warrant may be
exercised at any time, or from time to time, in whole or in part during the term
commencing on the date hereof and ending at 5:00 P.M. Pacific time on the tenth
anniversary of the date of this Warrant.

3.    Method of Exercise; Payment; Issuance of Shares; Issuance of New Warrant.

(a) Cash Exercise. Subject to Section 2 hereof, the purchase right represented
by this Warrant may be exercised by the Holder hereof, in whole or in part, by
the surrender of this Warrant (with a duly executed Notice of Exercise in the
form attached hereto) at the principal office of the Company (as set forth in
Section 18 below) and by payment to the Company, by check, of an amount equal to
the then applicable Warrant Price per share multiplied by the number of shares
then being purchased. In the event of any exercise of the rights represented by
this Warrant, certificates for the shares of stock so purchased shall be in the
name of, and delivered to, the Holder hereof, or as such Holder may direct
(subject to the terms of transfer contained herein and upon payment by such
Holder hereof of any applicable transfer taxes). Such delivery shall be made
within 30 days after exercise of the Warrant and at the Company's expense and,
unless this Warrant has been fully exercised or expired, a new Warrant having
terms and conditions

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substantially identical to this Warrant and representing the portion of the
Shares, if any, with respect to which this Warrant shall not have been
exercised, shall also be issued to the Holder hereof within 30 days after
exercise of the Warrant.

(b) Net Issue Exercise. Holder may also elect to receive shares equal to the
value of this Warrant (or of any portion thereof remaining unexercised) by
surrender of this Warrant at the principal office of the Company together with
notice of such election, in which event the Company shall issue to Holder the
number of shares of the Company's Preferred Stock computed using the following
formula:

      X = Y ( A-B)
          --------
               A

      Where X = the number of shares of Preferred Stock to be issued to Holder.

      Y = the number of shares of Preferred Stock purchasable under this Warrant
      (at the date of such calculation).

      A = the Fair Market Value of one share of the Company's Preferred Stock
      (at the date of such calculation).

      B = Warrant Price (as adjusted to the date of such calculation).

(c) Fair Market Value. For purposes of this Section 3, Fair Market Value of one
share of the Company's Preferred Stock shall mean:

      (i) In the event of an exercise in connection with an Initial Public
      Offering, the per share Fair Market Value for the Preferred Stock shall be
      the Offering Price at which the underwriters initially sell Common Stock
      to the public multiplied by the number of shares of Common Stock into
      which each share of Preferred Stock is then convertible; or

      (ii) The average of the closing bid and asked prices of Common Stock
      quoted in the Over-The-Counter Market Summary, the last reported sale
      price quoted on the Nasdaq National Market ("NNM") or on any exchange on
      which the Common Stock is listed, whichever is applicable, as published in
      the Western Edition of the Wall Street Journal for the ten (10) trading
      days prior to the date of determination of Fair Market Value, multiplied
      by the number of shares of Common Stock into which each share of Preferred
      Stock is then convertible; or

      (iii) In the event of an exercise in connection with a merger, acquisition
      or other consolidation in which the Company is not the surviving entity,
      the per share Fair Market Value for the Preferred Stock shall be the value
      to be received per share of Preferred Stock by all holders of the
      Preferred Stock in such transaction as determined by the Board of
      Directors; or

      (iv) In any other instance, the per share Fair Market Value for the
      Preferred Stock shall be as determined in good faith by the Company's
      Board of Directors.

      In the event of 3(c)(iii) or 3(c)(iv), above, the Company's Board of
      Directors shall prepare a certificate, to be signed by an authorized
      officer of the Company, setting forth in reasonable detail the basis for
      and method of determination of the per share Fair Market Value of the
      Preferred Stock. The Board will also certify to the Holder that this per
      share Fair Market Value will be applicable to all holders of the Company's
      Preferred Stock. Such certification must be made to Holder at least thirty
      (30) business days prior

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      to the proposed effective date of the merger, consolidation, sale, or
      other triggering event as defined in 3(c)(iii) or 3(c)(iv).

(d) Automatic Exercise. To the extent this Warrant is not previously exercised,
it shall be automatically exercised in accordance with Sections 3(b) and 3(c)
hereof (even if not surrendered) immediately before its expiration, involuntary
termination or cancellation.

4. Representations and Warranties of Holder and the Company

(a) Representations and Warranties by Holder. The Holder represents and warrants
to the Company with respect to this purchase as follows:

      (i) The Holder has substantial experience in evaluating and investing in
      private placement transactions of securities of companies similar to the
      Company so that the Holder is capable of evaluating the merits and risks
      of its investment in the Company and has the capacity to protect its
      interests.

      (ii) Except for transfers to a Holder affiliate, the Holder is acquiring
      the Warrant and the Shares of Preferred Stock issuable upon exercise of
      the Warrant (collectively the "Securities") for investment for its own
      account and not with a view to, or for resale in connection with, any
      distribution thereof. The Holder understands that the Securities have not
      been registered under the Securities Act of 1933, as amended (the "Act")
      by reason of a specific exemption from the registration provisions of the
      Act which depends upon, among other things, the bona fide nature of the
      investment intent as expressed herein.

      (iii) The Holder acknowledges that the Securities must be held
      indefinitely unless subsequently registered under the Act or an exemption
      from such registration is available. The Holder is aware of the provisions
      of Rule 144 promulgated under the Act.

      (iv) The Holder is an "accredited investor" within the meaning of
      Regulation D promulgated under the Act.

      (v) The Holder has had an opportunity to discuss the Company's business,
      management and financial affairs with its management and an opportunity to
      review the Company's facilities. The Holder understands that such
      discussions, as well as the written information issued by the Company,
      were intended to describe the aspects of the Company's business and
      prospects which the Company believes to be material but were not
      necessarily a thorough or exhaustive description.

(b) Company hereby represents and warrants to Holder that, [except as set forth
in the schedule attached to this Warrant as Exhibit A (the "Disclosure
Schedule")], the statements in the following paragraphs of this Section 4(b) are
true and correct (a) as of the date hereof and (b) except where any such
representation and warranty relates specifically to an earlier date, as of the
date of any exercise of this Warrant.

            (i) Corporate Organization and Authority. Company (a) is a
corporation duly organized, validly existing, and in good standing in its
jurisdiction of incorporation, (b) has

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the corporate power and authority to own and operate its properties and to carry
on its business as now conducted and as proposed to be conducted; and (c) is
qualified as a foreign corporation in all jurisdictions where such qualification
is required.

            (ii) Corporate Power . Company has all requisite legal and
corporate power and authority to execute, issue and deliver the Warrant, to
issue the Common Stock issuable upon exercise or conversion of the Warrant, and
to carry out and perform its obligations under the Warrant and any related
agreements.

            (iii) Authorization; Enforceability. All corporate action on the
part of Company, its officers, directors and shareholders necessary for the
authorization, execution, delivery and performance of its obligations under this
Warrant and for the authorization, issuance and delivery of the Warrant and the
Warrant Stock issuable upon exercise of the Warrant has been taken and this
Warrant constitutes the legally binding and valid obligation of Company
enforceable in accordance with its terms.

            (iv) Valid Issuance of Warrant and Preferred Stock. The Warrant has
been validly issued and is free of restrictions on transfer other than
restrictions on transfer set forth herein and under applicable state and federal
securities laws. The Preferred Stock issuable upon conversion of this Warrant,
when issued, sold and delivered in accordance with the terms of this Warrant for
the consideration expressed herein, will be duly and validly issued, fully paid
and nonassessable, and will be free of restrictions on transfer other than
restrictions on transfer under this Warrant and under applicable state and
federal securities laws. Subject to applicable restrictions on transfer, the
issuance and delivery of the Warrant and the Preferred Stock issuable upon
conversion of the Warrant are not subject to any preemptive or other similar
rights or any liens or encumbrances except as specifically set forth in
Company's Certificate of Incorporation or this Warrant. The offer, sale and
issuance of the Warrant and Preferred Stock, as contemplated by this Warrant,
are exempt from the prospectus and registration requirements of applicable
United States federal and state security laws, and neither Company nor any
authorized agent acting on its behalf has or will take any action hereafter that
would cause the loss of such exemption.

            ( v ) No Conflict with Other Instruments. The execution, delivery,
and performance of this Warrant will not result in any violation of, be in
conflict with, or constitute a default under, with or without the passage of
time or the giving of notice (a) any provision of Company's Certificate of
Incorporation or by-laws; (b) any provision of any judgment, decree, or order to
which Company is a party or by which it is bound or an event which results in
the creation of any material lien, charge or encumbrance upon any material
assets of Company; (c) any contract, obligation, or commitment to which Company
is a party or by which it is bound, or (d) any statute, rule, or governmental
regulation applicable to Company.

            ( vi ) Capitalization . As of recent date, the authorized capital
stock of Company consists of 27,558,117 shares of Common Stock, $ .0001 par
value, of which 2,994,179 were issued and outstanding, and 11,069,113 shares of
Preferred Stock, $ .0001 par value, of which 9,419,113 were issued and
outstanding. The outstanding shares have been duly authorized and validly issued
(including, without limitation, issued in compliance with applicable federal and
state securities laws), are fully paid and nonassessable [and have been

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issued in compliance with the registration and prospectus delivery requirements
of the Securities Act and the registration and qualification requirements of all
applicable state securities laws, or in compliance with applicable exemptions
therefrom]. Company has reserved 9,439,113 shares of Common Stock for issuance
upon conversion of the Preferred Stock. Except as set forth in Section 4(b) of
the Disclosure Schedule, there are no outstanding warrants, options, conversion
privileges, preemptive rights or other rights or agreements to purchase or
otherwise acquire or issue any equity securities or Convertible Securities of
Company, nor has the issuance of any of the aforesaid rights to acquire
securities of Company been authorized.

            ( vii) Governmental Consents. No consent, approval, order or
authorization of, or registration, qualification, designation, declaration or
filing with, any federal, state or local governmental authority on the part of
Company is required in connection with the offer, sale or issuance of the
Warrant (and the Preferred Stock issuable upon conversion of the Shares), or the
consummation of any other transaction contemplated hereby, except for the
following: (a) the filing of a notice on Form D under the Act and b) the
compliance with other applicable state securities laws, which compliance will
have occurred within the appropriate time periods therefore. The offer, sale and
issuance of the Warrant and the shares of Preferred Stock in conformity with the
terms of this Warrant are exempt from the registration requirements of the Act
and any applicable state laws.

 5   Legends.

(a)   Each certificate representing the Securities shall be endorsed with the
      following legend:

            THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
            OF 1933 AND MAY NOT BE TRANSFERRED UNLESS COVERED BY AN EFFECTIVE
            REGISTRATION STATEMENT UNDER SAID ACT, A "NO ACTION" LETTER FROM THE
            SECURITIES AND EXCHANGE COMMISSION WITH RESPECT TO SUCH TRANSFER, A
            TRANSFER MEETING THE REQUIREMENTS OF RULE 144 OF THE SECURITIES AND
            EXCHANGE COMMISSION, OR (IF REASONABLY REQUIRED BY THE COMPANY) AN
            OPINION OF COUNSEL SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY
            SUCH TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

and such other legends as may be required by the Investor Rights Agreement and
Stockholders' Agreement to which the Holder will become a party upon exercise of
this Warrant.

The Company need not enter into its stock records a transfer of Securities
unless the conditions specified in the foregoing legend are satisfied. The
Company may also instruct its transfer agent not to allow the transfer of any of
the Shares unless the conditions specified in the foregoing legend are
satisfied.

(b) Removal of Legend and Transfer Restrictions. The legend relating to the Act
endorsed on a certificate pursuant to paragraph 5(a) of this Warrant shall be
removed and the Company shall issue a certificate without such legend to the
Holder of the Securities if (i) the Securities are registered under the Act and
a prospectus meeting the requirements of Section 10 of the Act is

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available or (ii) the Holder provides to the Company an opinion of counsel for
the Holder reasonably satisfactory to the Company, a no-action letter or
interpretive opinion of the staff of the SEC reasonably satisfactory to the
Company, or other evidence reasonably satisfactory to the Company, to the effect
that public sale, transfer or assignment of the Securities may be made without
registration and without compliance with any restriction such as Rule 144.

6. Condition of Transfer or Exercise of Warrant. It shall be a condition to any
transfer or exercise of this Warrant that at the time of such transfer or
exercise, the Holder shall provide the Company with a representation in writing
that the Holder or transferee is acquiring this Warrant and the shares of
Preferred Stock to be issued upon exercise for investment purposes only and not
with a view to any sale or distribution, or will provide the Company with a
statement of pertinent facts covering any proposed distribution. As a further
condition to any transfer of this Warrant or any or all of the shares of
Preferred Stock issuable upon exercise of this Warrant, other than a transfer
registered under the Act, the Company may request a legal opinion, in form and
substance satisfactory to the Company and its counsel, reciting the pertinent
circumstances surrounding the proposed transfer and stating that such transfer
is exempt from the registration and prospectus delivery requirements of the Act.
The Company shall not require Holder to provide an opinion of counsel if the
transfer is to an affiliate of Holder. Each certificate evidencing the shares
issued upon exercise of the Warrant or upon any transfer of the shares (other
than a transfer registered under the Act or any subsequent transfer of shares so
registered) shall, at the Company's option, if the Shares are not freely
saleable under Rule 144(k) under the Act, contain a legend in form and substance
satisfactory to the Company and its counsel, restricting the transfer of the
shares to sales or other dispositions exempt from the requirements of the Act.
As further condition to each transfer, at the request of the Company, the Holder
shall surrender this Warrant to the Company and the transferee shall receive and
accept a Warrant, of like tenor and date, executed by the Company.

7.  Adjustment for Certain Events. The number and kind of securities purchasable
upon the exercise of this Warrant and the Warrant Price shall be subject to
adjustment from time to time upon the occurrence of certain events, as follows:

      (a) Reclassification or Merger. In case of any reclassification or change
of securities of the class issuable upon exercise of this Warrant (other than a
change in par value, or from par value to no par value, or from no par value to
par value, or as a result of a subdivision or combination), or in case of any
merger of the Company with or into another corporation (other than a merger with
another corporation in which the Company is the acquiring and the surviving
corporation and which does not result in any reclassification or change of
outstanding securities issuable upon exercise of this Warrant), or in case of
any sale of all or substantially all of the assets of the Company, the Company,
or such successor or purchasing corporation, as the case may be, shall duly
execute and deliver to the Holder a new Warrant (in form and substance
satisfactory to the Holder of this Warrant), or the Company shall make
appropriate provision without the issuance of a new Warrant, so that the Holder
shall have the right to receive, at a total purchase price not to exceed that
payable upon the exercise of the unexercised portion of this Warrant, and in
lieu of the shares of Preferred Stock theretofore issuable upon exercise of this
Warrant, the kind and amount of shares of stock, other securities, money and
property receivable upon such reclassification, change, merger or sale by a
Holder of the number of shares of Preferred Stock then purchasable under this
Warrant, or in the case of such a merger or sale in

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which the consideration paid consists all or in part of assets other than
securities of the successor or purchasing corporation, at the option of the
Holder, the securities of the successor or purchasing corporation having a value
at the time of the transaction equivalent to the value of the Preferred Stock
purchasable upon exercise of this Warrant at the time of the transaction. Any
new Warrant shall provide for adjustments that shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Section 7. The
provisions of this subparagraph (a) shall similarly apply to successive
reclassifications, changes, mergers and transfers.

      (b) Subdivision or Combination of Shares. If the Company at any time while
this Warrant remains outstanding and unexpired shall subdivide or combine its
outstanding shares of Preferred Stock, the Warrant Price shall be
proportionately decreased and the number of Shares issuable hereunder shall be
proportionately increased in the case of a subdivision and the Warrant Price
shall be proportionately increased and the number of Shares issuable hereunder
shall be proportionately decreased in the case of a combination.

      (c) Stock Dividends and Other Distributions. If the Company at any time
while this Warrant is outstanding and unexpired shall (i) pay a dividend with
respect to Preferred Stock payable in Preferred Stock, then the Warrant Price
shall be adjusted, from and after the date of determination of shareholders
entitled to receive such dividend or distribution, to that price determined by
multiplying the Warrant Price in effect immediately prior to such date of
determination by a fraction (A) the numerator of which shall be the total number
of shares of Preferred Stock outstanding immediately prior to such dividend or
distribution, and (B) the denominator of which shall be the total number of
shares of Preferred Stock outstanding immediately after such dividend or
distribution; or (ii) make any other distribution with respect to Preferred
Stock (except any distribution specifically provided for in Sections 7(a) and
7(b)), then, in each such case, provision shall be made by the Company such that
the Holder of this Warrant shall receive upon exercise of this Warrant a
proportionate share of any such dividend or distribution as though it were the
Holder of the Preferred Stock (or Common Stock issuable upon conversion thereof)
as of the record date fixed for the determination of the shareholders of the
Company entitled to receive such dividend or distribution.

      (d) Adjustment of Number of Shares. Upon each adjustment in the Warrant
Price, the number of Shares purchasable hereunder shall be adjusted, to the
nearest whole share, to the product obtained by multiplying the number of Shares
purchasable immediately prior to such adjustment in the Warrant Price by a
fraction, the numerator of which shall be the Warrant Price immediately prior to
such adjustment and the denominator of which shall be the Warrant Price
immediately thereafter.

8. Notice of Adjustments. Whenever any Warrant Price or the kind or number of
securities issuable under this Warrant shall be adjusted pursuant to Section 7
hereof, the Company shall prepare a certificate signed by an officer of the
Company setting forth, in reasonable detail, the event requiring the adjustment,
the amount of the adjustment, the method by which such adjustment was
calculated, and the Warrant Price and number or kind of shares issuable upon
exercise of the Warrant after giving effect to such adjustment, and shall cause
copies of such certificate to be mailed (by certified or registered mail, return
receipt required, postage prepaid) within thirty (30) days of such adjustment to
the Holder of this Warrant as set forth in Section 18 hereof.

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9. Transferability of Warrant. This Warrant is transferable on the books of the
Company at its principal office by the registered Holder hereof upon surrender
of this Warrant properly endorsed, subject to compliance with Section 6 and
applicable federal and state securities laws. The Company shall issue and
deliver to the transferee a new Warrant representing the Warrant so transferred.
Upon any partial transfer, the Company will issue and deliver to Holder a new
Warrant with respect to the Warrant not so transferred. Holder shall not have
any right to transfer any portion of this Warrant to any direct competitor of
the Company.

10. Registration Rights. The Company grants registration rights to the Holder of
this Warrant for any Common Stock of the Company obtained upon conversion of the
Preferred Stock in parity to the registration rights granted to other holders of
the Preferred Stock and agrees that the Holder of this Warrant shall be added as
a party to that certain Amended and Restated Investors' Rights Agreement dated
as of June 30, 2003 of the Company (the "Registration Rights Agreement"), and
that the Shares shall be made "Registrable Securities" under the Registration
Rights Agreement.

11. No Fractional Shares. No fractional share of Preferred Stock will be issued
in connection with any exercise hereunder, but in lieu of such fractional share
the Company shall make a cash payment therefor upon the basis of the Warrant
Price then in effect.

12. Charges, Taxes and Expenses. Issuance of certificates for shares of
Preferred Stock upon the exercise of this Warrant shall be made without charge
to the Holder for any United States or state of the United States documentary
stamp tax or other incidental expense with respect to the issuance of such
certificate, all of which taxes and expenses shall be paid by the Company, and
such certificates shall be issued in the name of the Holder.

13. No Shareholder Rights Until Exercise. This Warrant does not entitle the
Holder hereof to any voting rights or other rights as a shareholder of the
Company prior to the exercise hereof; thereupon the Holder agrees to execute a
counterpart to and be bound by the Company's Stockholders' Agreement, dated June
30, 2003 as amended.

14. Registry of Warrant. The Company shall maintain a registry showing the name
and address of the registered Holder of this Warrant. This Warrant may be
surrendered for exchange or exercise, in accordance with its terms, at such
office or agency of the Company, and the Company and Holder shall be entitled to
rely in all respects, prior to written notice to the contrary, upon such
registry.

15. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the
Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant, and, in the case of loss, theft, or
destruction, of indemnity reasonably satisfactory to it, and, if mutilated, upon
surrender and cancellation of this Warrant, the Company will execute and deliver
a new Warrant, having terms and conditions substantially identical to this
Warrant, in lieu hereof.

16. Miscellaneous.

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      (a) Issue Date. The provisions of this Warrant shall be construed and
      shall be given effect in all respect as if it had been issued and
      delivered by the Company on the date hereof.

      (b) Successors. This Warrant shall be binding upon any successors or
      assigns of the Company.

      (c) Governing Law. This Warrant shall be governed by and construed in
      accordance with the laws of the State of Delaware.

      (d) Headings. The headings used in this Warrant are used for convenience
      only and are not to be considered in construing or interpreting this
      Warrant.

      (e) Saturdays, Sundays, Holidays. If the last or appointed day for the
      taking of any action or the expiration of any right required or granted
      herein shall be a Saturday or a Sunday or shall be a legal holiday in the
      State of Connecticut, then such action may be taken or such right may be
      exercised on the next succeeding day not a legal holiday.

      (f) Waiver of Jury Trial. Each of the parties hereto hereby waives to the
      fullest extent permitted by applicable law, any right it may have to a
      trial by jury in respect of any litigation directly or indirectly arising
      out of, under or in connection with this Warrant or the Preferred Shares.

      (g) Attorney's Fees. In the event of any dispute between the parties
      concerning the terms and provisions of this Warrant, the party prevailing
      in such dispute shall be entitled to collect from the other party all
      costs incurred in such dispute, including reasonable attorney's fees.

17. No Impairment. The Company will not, by amendment of its Certificate of
Incorporation or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order to protect
the rights of the Holder hereof against impairment.

18 Addresses. Any notice required or permitted hereunder shall be in writing and
shall be mailed by overnight courier, registered or certified mail, return
receipt required, and postage prepaid, or otherwise delivered by hand or by
messenger, addressed as set forth below, or at such other address as the Company
or the Holder hereof shall have furnished to the other party.

           If to the Company: CYBERKINETICS, INC.
                              100 Foxborough Boulevard
                              Focborough, MA 02035
                              Attn: Jeff Donohue

           If to the Holder:  GENERAL ELECTRIC CAPITAL CORPORATION
                              401 Merritt 7, Suite 23
                              Norwalk, CT 06851-1177

           Attn:              Credit Manager-Life Science and Technology Finance

                                     - 9 -
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IN WITNESS WHEREOF, CYBERKINETICS, INC. has caused this Warrant to be executed
by officers thereunto duly authorized.

Dated as of 12/8/03, 2003.                      By: /s/ Timothy R. Surgenor
                                                    -----------------------
                                                Name: Timothy R. Surgenor
                                                Title: President & CEO

<PAGE>

NOTICE OF EXERCISE
TO:

1.    The undersigned Warrantholder ("Holder") elects to acquire shares of the
      Series________________________ Preferred Stock (the "Preferred Stock")
      of___________________________________________ , (the "Company"), pursuant
      to the terms of the Stock Purchase Warrant
      dated__________________________________ ________________, 200_, (the
      "Warrant").

2.    The Holder exercises its rights under the Warrant as set forth below:

            ( ) The Holder elects to purchase_______________ shares of Preferred
            Stock as provided in Section 3(a) and tenders herewith a check in
            the amount of $___________________as payment of the purchase price.

            ( ) The Holder elects to convert the purchase rights into shares of
            Preferred Stock as provided in Section 3(b) of the Warrant.

3.    The Holder surrenders the Warrant with this Notice of Exercise.

The Holder represents that it is acquiring the aforesaid shares of Preferred
Stock for investment and not with a view to or for resale in connection with
distribution and that the Holder has no present intention of distributing or
reselling the shares.

Please issue a certificate representing the shares of the Preferred Stock in the
name of the Holder or in such other name as is specified below:

            Name:
            Address:

            Taxpayer I.D.:

                                                      __________________________
                                                      (Holder)

                                                      By:_______________________

                                                      Title:____________________

                                                      Date:_____________________<PAGE>

                                                                    EXHIBIT 10.3

                                LICENSE AGREEMENT

      THIS LICENSE AGREEMENT ("Agreement") is made and is effective as of August
1, 1996 by and between the UNIVERSITY OF UTAH RESEARCH FOUNDATION, a Utah
non-profit corporation, having its principal place of business at 421 Wakara
Way, Suite 170, Salt Lake City, UT 84108, hereinafter referred to as "Licensor",
and BIONIC TECHNOLOGIES, INC., a corporation, having its principal place of
business at 1763 East 900 South, Salt Lake City, UT 84108, hereinafter referred
to as "Licensee".

                                   WITNESSETH

      WHEREAS, certain inventions, generally characterized as * * * and assigned
University of Utah identification number * * * and * * * respectively,
hereinafter collectively referred to as "the Inventions", have been made in the
course of research conducted at the University of Utah by Richard Normann, Kelly
E. Jones and Patrick K. Campbell, Patrick J. Rousche, Kenneth W. Horch and Susan
P. Schmidt are covered by Licensor's Patent Rights and Licensed Technology (as
defined below);

      WHEREAS, Licensor desires that the Inventions be developed and utilized to
the fullest extent so that its benefits can be enjoyed by the general public;

      WHEREAS, Licensee wishes to obtain from Licensor a license under certain
rights for the commercial development, production, manufacture, use and sale of
the Inventions, and Licensor is willing to grant such a license upon the terms
and conditions hereinafter set forth;

      NOW THEREFORE, for and in consideration of the covenants, conditions and
undertakings hereinafter set forth, the parties hereby agree as follows:

                              ARTICLE 1 DEFINITIONS

      Section 1.1 "Licensor's Patent Rights" means patent rights to any subject
matter claimed in or covered by (a) any pending or issued United States or
foreign patent or any patent application listed on Exhibit "A" attached hereto,
which is incorporated herein by this reference;

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      Commission

<PAGE>

(b) any continuing or divisional applications thereof; and (c) any patents
issuing on continuing, continuation-in--part or divisional applications,
including reissues thereof.

      Section 1.2 "FIELD OF USE" means the sale and/or use of any Licensed
Product and/or Licensed Service in the performance of research and development
of the inventions on various animal and human subjects, for which sale and/or
use the approval from the Food and Drug Administration is not required or has
not been obtained.

      Section 1.3 "Licensed Technology" means the technology associated with the
inventions and any intellectual property therein, that has been developed by Dr.
Richard Norman and his co-workers at the University of Utah including those
technologies listed in Exhibit "B".

      Section 1.4 "Licensed Product" means any product, apparatus, kit or
component part thereof, or any other subject matter the manufacture, use or sale
of which is covered by any claim or claims included within Licensor's Patent
Rights or which incorporates Licensed Technology.

      Section 1.5 "Licensed services" means any method, procedure, process or
other subject matter, the manufacture, use, or sale of which is covered by any
claim or claims included within Licensor's Patent Rights and/or which
incorporates Licensed Technology.

      Section 1.6 " . . .covered by . . ." means a Licensed Product that, when
made, used or sold, or a Licensed Service that, when practiced, would
constitute, but for the license granted to Licensee pursuant to this Agreement,
an infringement of any claim or claims included within Licensor's Patent Rights.

      Section.1.7 "Net Sales" means billings by Licensee for (a) any Licensed
Product sold or leased, and (b) services performed using any Licensed Product or
Licensed Service, in all cases, net of the sum of the following items (where
applicable): (1) case, trade or quantity discounts actually allowed; (2) sales,
use, tariff, customs duties or other excise taxes directly imposed upon
particular sales; (3) outbound transportation charges prepaid or allowed; and
(4) allowances or credits to third parties for rejections or returns. A Licensed
Product and services performed using a Licensed Product or Licensed Services
shall be considered sold when billed

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      Commission

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<PAGE>

out or invoiced or, if not invoiced, when delivered or performed. There shall be
no deductions from Net sales for costs of commissions or collections. Net Sales
shall not include billings for Licensed Products sold or services performed by
Licensee to any Affiliate unless such Affiliate is an end-user of any Licensed
Product or service performed using any Licensed Product or Licensed Method.

      Section 1.8 "Affiliate" means any person or entity that controls, is
controlled by, or is under common control with Licensee, directly or indirectly.
For purposes of this definition, "control" and its various inflected forms means
the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such person or entity, whether
through ownership of voting securities, by contract or otherwise.

                            ARTICLE 2. LICENSE GRANT

      Section 2.1 Subject to the terms and conditions set forth herein, Licensor
hereby grants to Licensee a license under Licensor's Patent Rights and Licensed
Technology to make, have made, use and sell any Licensed Product and to practice
any Licensed Services throughout the world where Licensor may lawfully grant
such a license.

      Section 2.2 The license granted in Section 2.1 hereof is expressly made
subject to Licensor's reservation of the right to practice under Licensor's
Patent Rights for educational and research purposes at the University of Utah.

      Section 2.3 Except as otherwise provided in Section 2.2 hereof, the
license granted in Section 2.1 shall be exclusive and worldwide and effective
until the * * *.

                              ARTICLE 3 SUBLICENSES

      Section 3.1 Licensor hereby grants to Licensee the right to enter into
sublicensing agreements with third parties (hereinafter referred to as
"Sublicensees") to make, have made, and sell any Licensed Product and to
practice any Licensed Method, provided that Licensee has current exclusive
rights thereto under this Agreement in the territory being sublicensed.

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      Section 3.2 Any sublicense granted by Licensee to a Sublicensee shall
incorporate all of the terms and conditions of this Agreement, which shall be
binding upon each Sublicensee as if such sublicensee were a party to this
Agreement. Licensee shall pay to Licensor on any sublicense the royalty rate on
Net Sales by such Sublicensee at the same rate that would be due to Licensor
from Net Sales by Licensee, although Licensee is free to charge differential
rates to Sublicensees. In addition, Licensee shall pay to Licensor * * * of any
lump-sum fee or advance payment received by Licensee from any Sublicensee.

      Section 3.3 Licensee shall promptly (a) provide Licensor with a copy of
each sublicense granted by Licensee hereunder and any amendments thereto or
terminations thereof; (b) collect and guarantee payment of all royalties due
Licensor from Sublicensees; and (c) summarize and deliver copies of all reports
due to Licensee from Sublicensees.

                      ARTICLE 4 LICENSE ISSUE CONSIDERATION

      Section 4.1 Licensee shall grant to Licensor a non-refundable license
issue consideration of * * * position in Licensee upon execution of this
Agreement.

      Such issue consideration shall be deemed earned and immediately due upon
execution of this Agreement.

      Section 4.2 In addition, Licensee shall pay to Licensor a nonrefundable
license fee of * * * on or before * * *, or when Licensee first receives equity
funding of * * * or more, whichever is sooner. This fee is not an advance
against earned royalties.

                               ARTICLE 5 ROYALTIES

      Section 5.1 As additional consideration for the license under this
Agreement and subject to Section 6.2, Licensee shall pay to Licensor an earned
royalty of * * * in * * * and one and * * * of Net Sales of Licensed Products or
Services in * * *. Earned royalties shall accrue in each country * * *. Licensee
shall pay all royalties accruing to Licensor in U.S. Dollars within forty-five
(45) days following the calendar quarter in which Net Sales occur. No royalty
shall be

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      Commission

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payable with respect to Net Sales to any Affiliate unless such
Affiliate is an end-user of any Licensed Product or service performed using any
Licensed Product or Licensed Method.

      Section 5.2 Commencing on the first January 1 to occur after the six (6)
month period following the date of first occurrence of Net Sales, Licensee shall
pay to Licensor * * *:

            (a) * * *                   * * *

            (b) * * *                   * * *

            (c) * * *                   * * *

Licensee shall continue to pay * * * until * * *. Licensor shall fully credit
each payment * * * against any earned royalties payable by Licensee with respect
to the year in which the * * * is made.

      Section 5.3 If any patent or any claim thereof included within Licensor's
Patent Rights shall be found invalid by a court of competent jurisdiction and
last resort, from which decision no appeal may be taken, Licensee's obligation
to pay Licensor royalties based on such patent or claim or any claim patentably
indistinct therefrom shall be for a period of * * *. Licensee shall not,
however, be relieved from paying Licensor the applicable royalties that accrued
prior to the date of such decision or that are based on any of Licensor's Patent
Rights not the subject of such decision.

                            ARTICLE 6. DUE DILIGENCE

      Section 6.1 Upon execution of this Agreement, Licensee shall diligently
proceed with the development, manufacture, sale and use of Licensed Products
and/or Licensed Methods in order to make them readily available to the general
public as soon as possible on commercially reasonable terms.

      Section 6.2 Licensee shall perform the following obligations as part of
its due diligence activities hereunder:

      (a) Achieve Net Sales by * * *.

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      Section 6.3 The above milestones shall be extendable for up to two (2)
years upon payment of * * * per year per.

      Section 6.4 Licensee shall exercise reasonable business judgment in
meeting its due diligence obligations hereunder.

      Section 6.5 Commencing on January 1, 1997 and on each January 1
thereafter, until the first occurrence of Net Sales, Licensee shall submit to
Licensor a written report covering Licensee's progress in (a) development and
testing of all, Licensed Research; (b) achieving the due diligence milestones
specified herein; and (c) preparing, filing, and obtaining of any approvals
necessary for marketing the Licensed Products and Licensed Methods.

                           ARTICLE 7. CONFIDENTIALITY

      Section 7.1 Licensee and Licensor acknowledge that they may provide
certain information to the other party about the Inventions that is considered
to be confidential. Licensee and Licensor shall take reasonable precautions to
protect such confidential information. Such precautions shall involve at least
the same degree of care and precaution that the recipient of such information
customarily uses to protect its own confidential information.

      Section 7.2 Licensee acknowledges that Licensor is subject to the Utah
Governmental Records Access and Management Act ("GRAMA"), Section 63-2-101 et
seq., Utah Code Ann. (1953), as amended. Licensor shall keep confidential any
information provided to Licensor by Licensee that Licensee considers
confidential, to the extent allowable under GRAMA and as provided in Section
53B-16-301 et seq., Utah Code Ann. In order to be eligible for such protection
under GRAMA, confidential information of Licensee disclosed to Licensor must be
in written or other tangible form, marked as proprietary, and accompanied by a
written claim by Licensee stating the reasons that such information must be kept
confidential.

                           ARTICLE 8 QUARTERLY REPORTS

      Section 8.1 Within forty-five (45) days after the calendar year in which
Net Sales first occur, and within 45 days after each calendar quarter
thereafter, Licensee shall provide Licensor

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with a written report detailing all sales and uses, if any, made of Licensed
Products and Licensed Methods during the preceding calendar quarter, and
detailing the amount of Net Sales made during such quarter and calculating the
royalties due pursuant to section 5.1 hereof. Each such report shall be signed
by an officer of Licensee (or the officer's designee).

      Section 8.2 In addition to the regular reports required by Section 8.1,
Licensee shall provide a written report to Licensor of the date of first
occurrence of Net Sales in each country within sixty (60) days of its
occurrence.

                  ARTICLE 9 PATENT PROSECUTION AND MAINTENANCE

      Section 9.1 Licensor shall diligently prosecute and maintain Licensor's
Patent Rights with legal counsel of its choice, after consultation with
Licensee. Licensor shall provide Licensee with copies of all relevant
documentation and keep Licensee informed, and apprised of the continuing
prosecution. Licensee shall keep any such documentation and information
confidential.

      Section 9.2 Licensee shall pay all costs and legal fees incurred by
Licensor in the preparation, prosecution and maintenance of Licensor's Patent
Rights, including without limitation, any taxes on such patent rights. Licensor
shall credit any costs and fees paid by Licensee pursuant to this Article 9
toward earned royalty payments due to Licensor for Net Sales in the country
where such patent costs were incurred. Notwithstanding the foregoing, no credit
may be applied toward the license issue fee or* * * royalty, and total credits
for costs and fees paid by Licensee pursuant to this Article 9 in any given
reporting period shall not be more than * * * of the royalty payment that would
otherwise be due. Unused credits may be carried forward indefinitely until used.

                            ARTICLE 10 PATENT MARKING

      Licensee shall mark all Licensed Products made, used or sold under the
terms of this Agreement, or their containers, in accordance with all applicable
patent marking laws.

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                          ARTICLE 11 BOOKS AND RECORDS

      Licensee shall keep true and complete books and records containing an
accurate accounting of all data necessary for proper computation of royalties
and other payments hereunder. Licensee shall preserve such books and records for
five (5) years after the termination of this Agreement. Such books and records
shall be open to inspection by Licensor and its representatives, at Licensor's
expense, upon notice to Licensee, at reasonable times for the purpose of
verifying the accuracy of the quarterly reports and computations rendered by
Licensee.

                        ARTICLE 12 TERM OF THIS AGREEMENT

      This Agreement shall be in full force and effect from the date hereof
until * * *.

                       ARTICLE 13 TERMINATION BY LICENSOR

Section 13.1 If Licensee should (a) fail to deliver to Licensor any statement or
report required hereunder when due; (b) fail to make any payment at the time
that the same should be due; (c) violate or fail to perform any covenant,
condition, or undertaking of this Agreement to be performed by it hereunder; or
(d) file a bankruptcy action, or have a bankruptcy action against it, or become
insolvent, enter into a composition with creditors or have a receiver appointed
for it; then Licensor may give written notice of such default to Licensee. If
Licensee should fail to cure such default within thirty (30) days of such
notice, Licensor shall have the right to terminate this Agreement and any
licenses granted hereunder.

      Section 13.2 No termination of this Agreement by Licensor shall relieve
Licensee of its obligation to pay any royalty or license fees due or owing at
the time of such termination and pay all attorneys' fees and costs incurred by
Licensor in enforcing any obligation of Licensee or accrued right of Licensor
after termination. Articles 7 and 20 shall survive any termination of this
Agreement.

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                       ARTICLE 14. TERMINATION BY LICENSEE

      Section 14.1 Licensee may terminate this Agreement at any time and from
time to time without cause, by giving written notice thereof to Licensor. Such
termination shall be effective ninety (90) days after such notice and all
Licensee's rights associated therewith shall cease as of that date.

      Section 14_2 Any termination pursuant to Section 14.1 shall not relieve
Licensee of any obligation or liability accrued hereunder prior to such
termination, or rescind or give rise to any right to rescind any payments made
or other consideration given to Licensor hereunder prior to the time such
termination becomes effective. Such termination shall not affect in any manner
any rights of Licensor arising under this Agreement prior to the date of such
termination.

      ARTICLE 15 DISPOSITION OF LICENSED PRODUCTS ON HAND UPON TERMINATION

      Upon expiration or termination of this Agreement by either party, Licensee
shall provide Licensor with a written inventory of all Licensed Products in
process of manufacture, in use or in stock. Licensee may dispose of any such
Licensed Products within the ninety (90)-day period following such expiration or
termination, provided, however, that Licensee shall pay royalties and render
reports to Licensor thereon in the manner specified herein.

                        ARTICLE 16. WARRANTY BY LICENSOR

      Section 16.1 Licensor warrants that it has the lawful right to grant the
license set forth in this Agreement.

      Section 16.2 EXCEPT AS EXPRESSLY PROVIDED IN SECTION 16.1, THE PARTIES
ACKNOWLEDGE AND AGREE THAT LICENSOR HAS MADE NO REPRESENTATIONS OR WARRANTIES,
EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE. IN NO EVENT SHALL LICENSOR BE HELD

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RESPONSIBLE FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES ARISING OUT OF
THE USE OF PATENT RIGHTS, EVEN IF LICENSOR IS ADVISED IN ADVANCE OF THE
POSSIBILITY OF SUCH DAMAGES.

      Section 16.3 Nothing in this Agreement shall be construed as:

      (a)         a warranty or representation by Licensor as to the validity or
            scope of any Licensor's Patent Rights.

      (b)         a warranty or representation by Licensor that anything made,
            used, sold or otherwise disposed of pursuant to any license granted
            under this Agreement is or will be free from infringement of patents
            of third parties.

      (c)         an obligation by Licensor to bring or prosecute actions or
            suits against third parties for patent infringement, except as
            expressly provided in Article 17 hereof.

      (d)         conferring by implication, estoppel or otherwise any license
            or rights under any patents of Licensor other than Licensor's Patent
            Rights.

                             ARTICLE 17 INFRINGEMENT

      Section 17.1 If either party learns of a claim of infringement of or by
any of Licensor's Patent Rights licensed under this Agreement, that party shall
give written notice of such claim to the other party. Licensor shall then use
reasonable efforts to terminate such infringement. In the event Licensor fails
to abate the infringing activity within ninety (90) days after such written
notice or to bring legal action against the third party, Licensee may bring suit
for patent infringement, naming Licensor as nominal party plaintiff.

      Section 17.2 Any such legal action shall be at the expense of the party by
whom suit is filed (hereinafter referred to as the "Litigating Party"). Any
damages or costs recovered by the Litigating Party in connection with a legal
action filed by it hereunder, and remaining after the Litigating Party is
reimbursed for its costs and expenses reasonably incurred in the lawsuit, shall
be equally divided between Licensee and Licensor.

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      Section 17.3 Licensee and Licensor shall cooperate with each other in
litigation proceedings instituted hereunder, provided that such cooperation
shall be at the expense of the Litigating Party, and such litigation shall be
controlled by the Litigating Party.

                                ARTICLE 18 WAIVER

      No waiver by either party hereto of any breach or default of any of the
covenants or agreements herein set forth shall be deemed a waiver as to any
subsequent and/or similar breach or default.

                            ARTICLE 19 ASSIGNABILITY

      This Agreement is binding upon and shall inure to the benefit of the
parties, their successors and assigns. Subject to Licensee's rights to
sublicense, as set forth in Article 3 hereof, Licensee may assign this Agreement
only with the written consent of Licensor.

                           ARTICLE 20 INDEMNIFICATION

      Licensee shall indemnify, hold harmless and defend Licensor, the
University of Utah, and their respective officers, employees and agents, against
any and all claims. suits, losses, damage, costs, fees and expenses (including
reasonable fees of attorneys) resulting from or arising out of exercise of any
license granted under this Agreement.

                            ARTICLE 21 LATE PAYMENTS

      In the event royalty payments or other fees are not received by Licensor
when due hereunder, Licensee shall pay to Licensor interest charges at the rate
of ten percent (10%) per annum on the total royalties or fees due for the
reporting period.

                               ARTICLE 22 NOTICES

      Any payment, notice or other communication required or permitted to be
given to either party hereto shall be in writing and shall be deemed to have
been properly given and effective: (a) on the date of delivery if delivered in
person during recipient's normal business hours; or (b) on the date of delivery
if delivered by courier, express mail service or first-class mail, registered

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or certified. Such notice shall be sent or delivered to the respective addresses
given below, or to such other address as either party shall designate by written
notice given to the other party as follows:

           In the case of Licensee.

           BIONIC TECHNOLOGIES, INC.
           1763 East 900 South
           Salt Lake City, UT 84108

           In the case of Licensor:

           UNIVERSITY OF UTAH RESEARCH FOUNDATION
           Technology Transfer Office
           421 Wakara Way, Suite 170
           Salt Lake City, UT 84108

           With a copy to:

           OFFICE OF GENERAL COUNSEL
           University of Utah
           309 Park Building
           Salt Lake City, Utah 84112

                             ARTICLE 23 FOREIGN LAWS

      Section 23.1 When required by local/national law, Licensee shall register
this Agreement, pay all costs and legal fees connected therewith, and otherwise
insure that the local/national laws affecting this Agreement are fully
satisfied.

      Section 23.2 Licensee shall comply with all applicable U.S. laws dealing
with the export of technology or technical information.

                            ARTICLE 24 GOVERNING LAW

      This Agreement shall be interpreted and construed in accordance with the
laws of the State of Utah, without application of any principles of choice of
laws.

                          ARTICLE 25 GENERAL PROVISIONS

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      Section 25.1 In the event of any controversy or claim between the parties
relating to this Agreement that is not settled by informal means, the same shall
be submitted to binding compulsory arbitration and judgment in Salt Lake City,
Utah pursuant to Title 78, Chapter 31a, Utah code Ann. (1953), as amended, and
shall be determined in accordance with the Commercial Arbitration Rules of the
American Arbitration Association to the extent such rules are not in conflict
with such law. All costs and expenses, including reasonable attorneys' fees, of
the prevailing party in connection with controversy or claim shall be borne by
the other party.

      Section 25.2 The headings of the several sections are inserted for
convenience of reference only and are not intended to be a part of or to affect
the meaning or interpretation of this Agreement.

      Section 25.3 This Agreement shall not be binding upon the parties until it
has been signed herein below by or on behalf of each party, in which event it
shall be effective as of the date first above written.

      Section 25.4 No amendment or modification of this Agreement shall be valid
or binding upon the parties unless made in writing and signed by both parties.
This Agreement may be signed in counterpart, each of which documents shall, when
taken together, constitute one and the same original document.

      Section 25.5 This Agreement embodies the entire understanding of the
parties and supersedes all previous communications, representations or
understandings, either oral or written, between the parties relating to the
subject matter, hereof.

      Section 25.6 The parties agree to execute and deliver all documents,
provide all information and take or forbear from taking all such action as may
be necessary or appropriate to achieve the purposes of this Agreement.

      Section 25.7 This Agreement may be signed in counterparts, each of which
when taken together shall constitute one fully executed document. Each
individual executing this Agreement on behalf of a legal entity does hereby
represent and warrant to each other person so signing that he or she has been
duly authorized to execute this Agreement on behalf of such entity.

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      IN WITNESS WHEREOF, Licensor and Licensee have executed this Agreement by
their respective officers hereunto duly authorized, on the day and year
hereinafter written.

"LICENSEE"                              "LICENSOR"

BIONIC TECHNOLOGIES, INC.               UNIVERSITY OF UTAH
                                        RESEARCH FOUNDATION

By______________________________        By____________________________________
           (Signature)                                (Signature)

Name____________________________        Name__________________________________
           (Please Print)

Title___________________________        Title_________________________________

Date____________________________        Date

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                   AMENDMENT TO THE LICENSE AGREEMENT BETWEEN
                     UNIVERSITY OF UTAH RESEARCH FOUNDATION
                                       AND
                        BIONIC TECHNOLOGIES INCORPORATED
                                       FOR

      * * *

      * * *

      * * *

      THIS AMENDMENT to a certain License Agreement is made and is effective as
of October 15, 1997, by and between The University of Utah Reserach Foundation,
having a principal place of business at 421 Wakara Way, Suite 170, Salt Lake
City, UT 84108, hereinafter referred to as Licensor and Bionic Technologies
Inc., having its principal place of business at 1763 East 900 South, Salt Lake
City, UT 84108, hereinafter referred to as Licensee.

                               WITNESSETH

      WHEREAS, Licensor and Licensee have entered into a License Agreement dated
August 1, 1996 for * * * respectively hereinafter referred to as "License
Agreement"; and

      WHEREAS, Licensor has received the inventions entitled * * * respectively,
hereinafter referred to as "New Inventions"; and

      WHEREAS, Licensee would like incorporate the New Inventions in the above
License Agreement; and.

      WHEREAS Licensor is willing to grant to Licensee such a license to New
Inventions;

      NOW THEREFORE, for and in consideration of the covenants, conditions and
undertakings hereinafter set forth in the License Agreement, it is agreed by and
between the parties to add the New Inventions to Exhibit B of the License
Agreement.

      In all other respects the License Agreement shall remain unchanged.

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      IN WITNESS WHEREOF, the parties have caused these presents to be signed in
duplicate by their duly authorized representatives.

BIONIC TECHNOLOGIES, INC.            UNIVERSITY OF UTAH
                                     RESEARCH FOUNDATION

By_______________________________    By____________________________________
            (Signature)                          (Signature)

Name_____________________________    Name__________________________________
            (Please Print)

Title____________________________    Title_________________________________

Date_____________________________    Date__________________________________

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                                 AMENDMENT NO, 2
                        TO THE LICENSE AGREEMENT BETWEEN
                     UNIVERSITY OF UTAH RESEARCH FOUNDATION
                                       AND
                        BIONIC TECHNOLOGIES INCORPORATED
                                       FOR

* * *

      THIS AMENDMENT to a certain License Agreement is made and is effective as
of November 10, 1999 by and between the University of Utah Research Foundation,
having a principal place of business at 615 Arapeen Dr., Suite 110, Salt take
City, UT 84108, hereinafter referred to as Licensor and Bionic Technologies,
Inc., having its principal place of business at 1163 East 900 South, Salt Lake
City, UT 84108, hereinafter referred to as Licensee.

                                   WITNESSETH:

      WHEREAS, Licensor and Licensee have entered into a License Agreement dated
August 1, 1996 for * * *, as amended by Amendment 1, thereto dated October 15,
1997 respectively, hereinafter referred to as "License Agreement;" and

      WHEREAS, Licensor has received the invention entitled * * * respectively,
hereinafter referred to as "New Invention;" and

      WHEREAS Licensee would like to incorporate the New Invention in the above
License Agreement; and

      WHEREAS Licensor is willing to grant to Licensee such a license to the New
Invention;

                                   AGREEMENT:

      NOW, THEREFORE, the parties agree as follows:

      1.) For and in consideration of the covenants, conditions and undertakings
hereinafter set forth in the License Agreement, it is agreed by and between the
parties to add the New Invention to Exhibit B of the License Agreement.

      2.) Amendment of Section 1.3. Section 1.3 of the License Agreement is
amended by deleting the sentence under Section 1.3 and replacing it with the
following:

      "'Licensed Technology'" means the technology and the intellectual property
associated with the Inventions listed in Exhibit `A' and Exhibit `B,' developed
by Dr. Richard Normann and his coworkers at the University of Utah."

      3.) In all other respects the License Agreement shall remain unchanged.

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      IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first above written:

LICENSEE:                                    LICENSOR:

BIONIC TECHNOLOGIES, INC.                    UNIVERSITY OF UTAH
                                             RESEARCH FOUNDATION

By:_______________________________           By:_______________________________

       Brian W. Hatt, President                  Richard K. Koehn. Ph.D.
                                                 President

Date:_____________________________           Date:_____________________________

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                            BIONIC TECHNOLOGIES, INC.

                      AMENDMENT NO. 3 TO LICENSE AGREEMENT

      THIS AMENDMENT NO. 3 TO LICENSE AGREEMENT (the "AMENDMENT") is made as of
February 7, 2002 by and between BIONIC TECHNOLOGIES, LLC., a Utah limited
liability company, having its principal place of business at 1763 East 900
South, Salt Lake City, UT 84108, hereinafter referred to as (the "LICENSEE"),
and the UNIVERSITY OF UTAH RESEARCH FOUNDATION, a Utah non-profit corporation,
having its principal place of business at 615 Arapeen Drive, Suite 110, Salt
Lake City, Utah 84108, hereinafter referred to as (the "LICENSOR").

                                    RECITALS

      WHEREAS, the LICENSEE's predecessor in interest, Bionic Technologies, Inc.
("Licensee's Predecessor"), and the LICENSOR executed the AGREEMENT dated August
1, 1996 ("Original License"), pursuant to which LICENSEE took a license to
certain inventions, generally characterized as: * * * ; and

      WHEREAS, LICENSEE'S Predecessor and LICENSOR amended the Original License
by means of an amendment dated October 15, 1997 ("Amendment No. 1") and an
amendment dated November 10, 1999 ("Amendment No. 2") (the Original Licensee, as
amended by the Amendment No. 1 and the Amendment No. 2, being herein referred to
as the "Amended License"); and

      WHEREAS, as of January 1, 2001, LICENSEE'S predecessor assigned the
Amended License to LICENSEE with LICENSOR'S consent and thereupon LICENSEE
assumed all obligations thereunder; and

      WHEREAS, the LICENSEE and the LICENSOR agree to amend the Amended License
to make the following changes and additions.

      NOW, THEREFORE, in consideration of the foregoing and the promises and
covenants contained herein, the sufficiency of which is hereby acknowledged, the
parties agree as follows:

      I.    MODIFICATION TO THE TERMS OF THE AMENDED LICENSE

      1.    Section 1.2 of the Amended License is hereby replaced in its
entirety with the following:

      "Section 1.2 "FIELD OF USE" means all medical and research applications in
      animal and human subjects

      2.    Section 2.1 of the Amended License is hereby replaced in its
entirety with the following:

      "Section 2.1 Subject to the terms and conditions set forth herein,
      Licensor hereby grants to Licensee an exclusive, worldwide license under
      Licensee's Patent Rights and

***   Information redacted pursuant to a confidential treatment request. An
      unredacted version of this exhibit has been filed separately with the
      Commission

<PAGE>

      Licensed Technology to make, have made, use and sell any Licensed Product
      and to practice any Licensed Services in the FIELD OF USE.

      3.    Section 3.2 of the Amended License is hereby replaced in its
entirety with the following:

      "Section 31 Any sublicense granted by Licensee to a Sublicensee shall
      incorporate all of the terms and conditions of this Agreement, which shall
      be binding upon each Sublicensee as if such Sublicensee were a party to
      this Agreement. Licensee shall pay to Licensor on any sublicense a
      percentage of the gross consideration received by the Licensee from the
      Sublicensee for grant of the sublicense, whether that consideration comes
      in the form of up-front license fees, royalties, milestone payments or in
      any other form, except as noted below in this Section 3.1. The percentage
      of gross consideration due to Licensor as described herein shall be
      determined according to the following chart:

<TABLE>
<CAPTION>
YEAR*                                    PERCENTAGE
<S>                                      <C>
* * *                                       * * *
* * *                                       * * *
* * *                                       * * *
</TABLE>

      *"YEAR" shall mean the year in which the consideration is received by the
      Licensee from the Sub-licensee as specified by the dates, beginning on * *
      *.

      Licensee shall not be obligated to pay Licensor for consideration received
      from a Sublicensee on the following items:

            a)    payments for training Sublicensees;

            b)    payments for research and development;

            c)    payments for fees and expenses associated with patent
                  prosecution;

            d)    payments for advance commitments of the purchase of products
                  in excess of the purchase price (for which royalties would be
                  paid in accordance with the terms of Article 5);

            e)    payments in respect of equity investments in Licensee; and

            f)    payments in respect of loans to Licensee.

      4.    A new Section 3.4 is hereby added to the Amended License as follows:

      "Section 3.4 In the event that Licensor or Licensee receives a written
      request from a capable third party for a license to use the Licensor's
      Patent Rights or Licensed Technology in a subfield of use which does not
      compete with the Licensed Products or Licensed Services already offered
      for sale by Licensee or in the process of being developed by Licensee so
      as to be available for sale within one (1) year as demonstrated by
      Licensee to the reasonable satisfaction of Licensor, Licensee agrees to
      negotiate in good faith to grant a sublicense to said third party. If such
      negotiation has not been successfully completed within six (6) months from
      the date Licensee first receives such request, Licensor shall have the
      right to grant a license to said party for said subfield of use under
      substantially similar, or at Licensor's discretion, less favorable, terms
      to those

***   Information redacted pursuant to a confidential treatment request. An
      unredacted version of this exhibit has been filed separately with the
      Commission

                                        2
<PAGE>

      contained in this Agreement provided that the royalty rate shall be no
      lower than that contained herein. If Licensor grants a license under this
      provision, Licensor agrees to share * * * of its net royalties, net
      milestone payments and net license fees with Licensee.

      5.    Section 5.1 of the Amended License is hereby amended in part by
replacing the term "* * *" with the term "* * *."

      6.    Section 5.3 of the Amended License is hereby amended by replacing it
in its entirety with the following language:

      "Section 5.3 If any patent or claim thereof included within Licensor's
      Patent Rights shall be found invalid by a court of competent jurisdiction
      and last resort, from which decision no appeal may be taken, Licensee's
      obligation to pay Licensor royalties based on such patent or claim or any
      claim patentably indistinct therefrom shall cease as of that date.
      However, Licensee shall not be relieved from paying Licensor the
      applicable royalties that accrued prior to the date of such decision or
      that are based on any of Licensor's Patent Rights not the subject of such
      a decision."

      7.    Section 4.2 of the Amended License is hereby replaced in its
entirety with the following:

      "Section 4.2 In addition, Licensee shall pay to Licensor a non-refundable
      license fee of * * * on a deferred and contingent basis as described
      below, but no later than December 31, 2003. In order to satisfy this
      obligation, Licensee shall pay Licensor * * * of all investments (equity
      or long-term debt) in Licensee, when it receives such an investment, up to
      a cumulative investment of * * *. If Licensee has not paid Licensor the
      total license fee of * * * by December 31, 2003, the remainder shall be
      due in full on that date.

      8.    Article 17 of the Amended License is hereby replaced in its entirety
with the following:

      "ARTICLE 17. INFRINGEMENT

            Section 17.1 If either party learns of a claim of infringement of or
      by any of Licensor's Patent Rights licensed under this Agreement, that
      party shall give written notice of such claim to the other party. Licensee
      shall then use reasonable efforts to terminate such infringement. In the
      event Licensee fails to abate the infringing activity within ninety (90)
      days after such written notice or Licensee fails to bring legal action
      against the third party within a reasonable time, Licensor may bring suit
      for patent infringement. No settlement, consent judgment or other
      voluntary final disposition of the suit may be entered into without the
      consent of Licensor, which consent shall not be unreasonably withheld.

            Section 17.2 Any such legal action shall be at the expense of the
      party by whom suit is filed, hereinafter referred to as the "Litigating
      Party". Any damages or costs recovered by the Litigating Party in
      connection with a legal action, filed by it hereunder, and remaining after
      the Litigating Party is reimbursed for its costs and expenses

***   Information redacted pursuant to a confidential treatment request. An
      unredacted version of this exhibit has been filed separately with the
      Commission

                                        3
<PAGE>

      reasonably incurred in the lawsuit, and after any royalties or other
      payments due to Licensor under Articles 3, 4, and 5 are paid, shall be * *
      *.

            Section 17.3 Licensee and Licensor shall cooperate with each other
      in litigation proceedings instituted hereunder, provided that such
      cooperation shall be at the expense of the Litigating Party, and such
      litigation shall be controlled by the Litigating Party."

      9.    Article 19 of the Amended License is hereby replaced in its entirety
with the following:

            "This Agreement is binding upon and shall inure to the benefit of
      the parties, their successors and assigns. Subject to Licensee's rights to
      sublicense, as set forth in Article 3 hereof, Licensee may assign this
      Agreement only with the written consent of Licensor, which consent shall
      not be unreasonably withheld, or upon the sale or assignment of all or
      substantially all of the assets of Licensee to which this license
      Agreement relates."

      10.   Article 22 of the Amended License shall be amended in part by
replacing subpart (b) thereof and the addresses for Licensee and Licensor set
forth therein with the following while the remainder of Article 22 shall be
unchanged:

      "(b)  on-the date of delivery if delivered by courier, express mail
      service or fast-class mail, registered or certified, or by fax."

      As to the addresses:

            "In the case of Licensee:

            BIONIC TECHNOLOGIES, LLC.
            1763 East 900 South
            Salt Lake City, UT 84108
            FX: 801-582-9909;

            In the case of Licensor

            University of Utah Technology Transfer Office
            615 Arapeen Drive, Suite 110
            Salt Lake City, UT 84108
            FX: 801-581-7538"

                      II. CONSIDERATION FOR THIS AMENDMENT

      1. In consideration for this AMENDMENT, upon execution of this AMENDMENT,
LICENSEE shall:

      issue to LICENSOR a warrant to purchase * * * units of Interests in
      LICENSEE. That warrant shall be exercisable by LICENSOR for the price of *
      * * per unit of Interests at any time after June 30, 2002 and prior to
      July 1, 2007.

***   Information redacted pursuant to a confidential treatment request. An
      unredacted version of this exhibit has been filed separately with the
      Commission

                                        4
<PAGE>

                               III. INTERPRETATION

      1.    All of the provisions of Article 25 of the Amended License are
hereby incorporated into this Section III as though set forth herein in full and
shall govern the interpretation of this AMENDMENT

      2.    Except as otherwise amended by this AMENDMENT, the Amended License
shall remain in full force and effect,

IN WITNESS WHEREOF, the parties have executed this AMENDMENT to the Amended
License as of the date fast above written.

"LICENSEE"                                 "LICENSOR"

BIONIC TECHNOLOGIES, LLC.                  UNIVERSITY OF UTAH
                                           RESEARCH FOUNDATION

By_________________________________        ____________________________________
            (Signature)                                (Signature)

Name: Brian W. Hart                        Name: Raymond F. Gesteland

Title: President                           Title: President

***   Information redacted pursuant to a confidential treatment request. An
      unredacted version of this exhibit has been filed separately with the
      Commission

                                        5
<PAGE>

                       ASSIGNMENT AND ASSUMPTION AGREEMENT

      This Assignment and Assumption Agreement is executed as of the 13th day of
August, 2002 by and between Bionic Technologies, LLC, a Utah limited liability
company ("Assignor"), and Cyberkinetics, Inc., a Delaware corporation
("Assignee").

      WHEREAS, Assignor and Assignee are parties to that certain Contribution
Agreement dated as of the date hereof (the "Contribution Agreement"), provided
for the purchase by Assignee of substantially all of the assets, properties,
rights and business as a going concern of Assignor and the assumption by
Assignee of certain of the liabilities of Assignor. All capitalized terms used
herein which are not defined herein shall have the meanings specified in the
Contribution Agreement.

      WHEREAS, Assignor is the licensee under that certain License Agreement
dated as of August 1, 1996, as amended, between Assignor and the University of
Utah Research Foundation, as licensor ("Licensor"), covering inventions * * *
(the "License").

      WHEREAS, Assignor proposes to assign the License to Assignee and Licensor
has consented in writing to such assignment.

      NOW, THEREFORE, for and in consideration of the mutual covenants contained
in the Contribution Agreement and other good and valuable consideration, receipt
of which is hereby acknowledged, Assignor hereby grants, bargains, sells,
assigns, transfers and sets over to Assignee and its successors and assigns all
of the right, title and interest of Assignor in, to and under the License.

      TO HAVE AND TO HOLD, the same unto Assignee, its legal representatives,
successors and assigns from and after the date hereof, subject, however, to the
terms, covenants, conditions and provisions of the License.

      Assignee hereby accepts this Agreement subject to the terms and conditions
herein contained and does hereby assume, without exculpation, as of the date
hereof, and becomes responsible for and agrees to perform, discharge, fulfill
and observe all of the licensee's obligations, liabilities, covenants,
conditions and provisions under the License accruing from before and after the
date hereof with the same force and effect as if Assignee were the original
licensee thereunder, and Assignee agrees to be liable for the observation and
performance thereof from and after the date hereof.

      Assignor agrees to protect, defend, indemnify and hold and save harmless
Assignee from and against any and all Liabilities relating to the License only
to the extent that Assignor has agreed to indemnify Assignee in Section 9 of the
Contribution Agreement.

      Assignee agrees to protect, defend, indemnify and hold and save harmless
Assignor from and against any and all Liabilities relating to the License only
to the extent that Assignee has agreed to indemnify Assignor in Section 9 of the
Contribution Agreement.

      This Agreement is made without recourse or warranty except as set forth in
the Contribution Agreement.

***   Information redacted pursuant to a confidential treatment request. An
      unredacted version of this exhibit has been filed separately with the
      Commission

<PAGE>

      This Agreement shall be binding upon and shall inure to the benefit of
Assignor and Assignee and their respective legal representatives, heirs,
successors and assigns.

      IN WITNESS WHEREOF, Assignor and Assignee have executed this Agreement as
of the date first set forth above,

                                             ASSIGNOR:

                                             BIONIC TECHNOLOGIES, LLC

                                             By:_______________________________
                                                Name:
                                                Title:

                                             ASSIGNEE:

                                             CYBERKINETICS, INC.

                                             By:_______________________________
                                                Name:
                                                Title:
APPROVED AND ACCEPTED:

UNIVERSITY OF UTAH RESEARCH FOUNDATION

By:_____________________________________
   Signature

Print name:_____________________________

Title:__________________________________

Date:___________________________________

***   Information redacted pursuant to a confidential treatment request. An
      unredacted version of this exhibit has been filed separately with the
      Commission

                                       2

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