Document:

EX-4.26

 Exhibit 4.26 

CONFIDENTIAL 
 THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR ANY
APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED. 

NEUROSIGMA, INC. 

CONVERTIBLE PROMISSORY NOTE 

February 28, 2014 
  

											
	$2,000,000	 		 		 		 		  	Los Angeles, California

 FOR VALUE RECEIVED, NeuroSigma, Inc., a Delaware corporation (the “Company”), promises to pay
to the order of LSU Alumni Association, a Louisiana non-profit corporation (“Holder”) the principal sum of $2,000,000 (the “Principal Amount”), together with interest accruing on the unpaid portion of the Principal
Amount from the date hereof until the Maturity Date (as defined in Section 1(a)), at the rate of 10.0% per annum. 
 1.
Payments. 
 (a) The unpaid portion of the Principal Amount, and all accrued and unpaid interest thereon, shall be due and payable
upon the first to occur of the following (the “Maturity Date”): (i) the date that is the two (2) year anniversary of the date hereof, (ii) a Change in Control, or (iii) the liquidation or dissolution of the
Company. As used herein, a “Change in Control” shall mean (A) the merger, consolidation or other reorganization of the Company, with or into one or more entities, as a result of which the outstanding shares of the Company
immediately prior to such merger or consolidation are, or are to be, converted (x) solely into cash or non-voting securities of the surviving or resulting entity, or (y) at least in part into voting securities of the surviving or resulting
entity, but such voting securities will represent less than 50% of the outstanding voting securities of the surviving or resulting entity; (B) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions)
of all, or substantially all, of the assets of the company to a person that was not a stockholder thereof on the date of this Agreement; or (C) a person who is not a stockholder or an affiliate thereof as of the date of this Agreement acquires
directly or indirectly 80% or more of the Company’s outstanding voting securities. 
 (b) All payments due and payable from the Company
to Holder under this Note shall be made in lawful currency of the United States of America at the address of Holder as set forth in Holder’s signature page hereto, or such other place as Holder shall designate in writing, and, at Holder’s
option, shall be payable by check or wire transfer. 
 2. Prepayments. Except to the extent expressly permitted in writing by
Holder, prior to the Conversion Date (as defined below), the Company shall not be entitled to prepay any 

 
portion of the outstanding Principal Amount of this Note. In the event Holder has not exercised its rights pursuant to Section 5 below to convert the outstanding Principal Amount and unpaid
accrued interest of this Note in full into shares of the Company’s common stock upon the closing of the Next Equity Financing (as defined below) prior to the date that is thirty (30) days following the closing of the Next Equity Financing
(the “Conversion Date”), prepayment of any portion of the outstanding Principal Amount and unpaid accrued interest of this Note may be made by the Company at any time without penalty. 

3. Events of Default. 

(a) An “Event of Default” under this Note shall mean the occurrence of any of the following: 

(i) Failure to Make Payments When Due. Failure of the Company to pay any principal, interest or other amount due under this Note when
due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise, and the failure of the Company to cure such default within 10 business days of written notice of such default by Holder to the Company; 

(ii) Breach of Covenants. Any other failure by the Company to perform its obligations under this Note, and the failure of the Company
to cure such default within 30 calendar days of written notice of such default by Holder to the Company; 
 (iii) Involuntary
Bankruptcy, Etc. Any involuntary case or other proceeding shall be commenced against the Company or a subsidiary thereof seeking liquidation, reorganization or other relief under Title 11 of the United States Code entitled “Bankruptcy”
(as now and hereinafter in effect, or any successor thereto, the “Bankruptcy Code”), or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 90 days, or an order for relief shall be entered
against the Company or a subsidiary thereof under the Bankruptcy Code or any other domestic or foreign bankruptcy laws as now or hereafter in effect, or a warrant of attachment, execution or similar process shall have been issued against any
substantial part of the property of the Company; or 
 (iv) Voluntary Bankruptcy, Etc. An order for relief shall be entered with
respect to the Company; or the Company or a subsidiary thereof shall commence a voluntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to the entry of an
order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a
substantial part of its property, or the Company or a subsidiary thereof shall make an assignment for the benefit of creditors; or the Company or a subsidiary thereof shall admit in writing its inability to pay its debts as such debts become due; or
the Board of Directors 

  
 2 

 
of the Company shall adopt any resolution or otherwise authorize action to approve any of the foregoing. 

(b) Upon the occurrence of an Event of Default under Section 3(a)(i) or (ii), inclusive, of this Note, the entire unpaid portion of the
Principal Amount, all accrued but unpaid interest and all other amounts due Holder hereunder shall become due and payable at the option of Holder upon notice to the Company of such acceleration. Upon the occurrence of an Event of Default under
Section 3(a)(iii) or (iv) of this Note, the entire unpaid portion of the Principal Amount, all accrued but unpaid interest and all other amounts due Holder hereunder shall immediately become due and payable. 

4. Usury. Regardless of any other provision of this Note to the contrary, if for any reason the effective rate of
interest under this Note should exceed the maximum lawful rate of interest, after giving effect to any applicable exemption to applicable usury laws, then the effective rate of interest under this shall be deemed reduced to, and shall be, such
maximum lawful rate of interest, and (a) the amount which would otherwise be excessive interest shall be deemed applied to the reduction of the outstanding Principal Amount and not the payment of interest, and (b) if the loan evidenced by
this Note has been or is hereby paid in full, the excess principal payment under the foregoing clause (a) shall be returned to the Company. The parties agree that any such application of excessive interest to the outstanding Principal Amount or
the refunding of such excess interest shall be a complete settlement and acquittance thereof. 
 5. Conversion Rights. 

(a) Definition. For purposes of this Agreement, “Next Equity Financing” shall mean the next future issuance of
common stock of the Company, but only to the extent that such issuance of common stock of the Company is consummated on or before the Maturity Date, pursuant to which the Company receives aggregate gross proceeds of not less than $50,000,000 from
such financing, excluding the amount of this Note and any other notes or other indebtedness converted in connection with such financing. 

(b) Conversion. 

(i) Voluntary Conversion. The outstanding Principal Amount and unpaid accrued interest of this Note shall, upon the election of
Holder in its sole and absolute discretion, be converted into shares of the Company’s common stock upon the closing of the Next Equity Financing. The number of shares of the Company’s common stock to be issued upon such conversion shall be
equal to the quotient resulting from the fraction in which (i) the numerator is the outstanding Principal Amount and unpaid accrued interest due on the Note on the date of conversion, and (ii) the denominator of which is the product
obtained by multiplying 80% by the price per share of the Company’s common stock sold or issued in the Next Equity Financing. At least 3 business days prior to the closing of the Next Equity Financing, the Company shall notify Holder in writing
of the terms under which the Company’s common stock will be sold in such financing. On or prior to the closing of the Next Equity Financing, Holder shall notify the Company in writing of whether it will be exercising its conversion rights under
this Section 5(b) in connection with such financing. If applicable, the conversion of the Note 

  
 3 

 
into the Company’s common stock shall occur on or promptly following the closing date of such Next Equity Financing, and prior to such conversion of the Note, Holder shall execute and
deliver to the Company a subscription agreement substantially in the form attached hereto as Exhibit A. In the event the Holder does not elect to exercise its conversion rights under this Section 5(b) within the time periods provided in
this Section 5(b), then Holder shall be deemed to have forever waived its conversion rights. 
 (ii) No Other
Conversion. Except as set forth in Section 5, the Note shall not otherwise be convertible into the Company’s common stock or any other capital stock of the Company. 

(iii) No Fractional Shares. The Company shall not be required to issue fractional shares of the Company’s common stock of
the Company upon the conversion of the Note. If any fraction of a share of the Company’s common stock of the Company would, except for the provisions of this paragraph, be issuable on the conversion of the Note (or specified portion thereof),
the Company shall pay an amount in cash calculated by it to be equal to the then fair market value per share of the Company’s common stock of the Company, as reasonably determined by the Board of Directors of the Company, multiplied by such
fraction computed to the nearest whole cent. 
 6. Representations and Warranties of Holder. In connection with the
transactions provided for herein, Holder hereby represents and warrants to the Company that: 
 (a) Purchase Entirely for Own
Account. Holder acknowledges that this Note is issued to Holder in reliance upon Holder’s representation to the Company that this Note will be acquired for investment for Holder’s own account, not as a nominee or agent, and not
with a view to the resale or distribution of any part thereof, and that such Holder has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Note, Holder further represents that Holder
does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to this Note. 

(b) Investment Experience. Holder is an investor in securities of companies in the development stage and acknowledges that it is
able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in this Note. Holder also
represents it has not been organized solely for the purpose of acquiring this Note. 
 (c) Accredited Investor. Holder is an
“accredited investor” within the meaning of Rule 501 of Regulation D, as presently in effect, as promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the
“Act”). 
 (d) Restricted Securities. Holder understands that this Note and any securities issuable upon
conversion hereof are characterized as a “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and
applicable regulations such 

  
 4 

 
securities may be resold without registration under the Act, only in certain limited circumstances. In this connection, Holder represents that it is familiar with Rule 144 as promulgated by the
SEC under the Act, as presently in effect (“Rule 144”), and understands the resale limitations imposed thereby and by the Act. 

7. Lock-Up Agreement. Holder agrees, in connection with the Company’s initial public offering of the Company’s
securities, upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any of the
Company’s securities (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) from the effective date of such
registration as may be requested by the underwriters; provided, however, that such 180 day period may be extended to the extent necessary to permit any managing underwriter to comply with NASD Rule 2711(f)(4) or any successor rule
thereto. Holder acknowledges that the Company will cause to be placed on any securities issued directly or indirectly upon the conversion of this Note pursuant to Section 5(b) the following legend: 

“THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO A LOCKUP PERIOD FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT OF THE COMPANY
FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH LOCKUP PERIOD IS BINDING ON
TRANSFEREES OF THESE SECURITIES.” 
 8. Other Restrictive Legends. Holder acknowledges that the Company will cause to be
placed on any securities issued directly or indirectly upon the conversion of this Note pursuant to Section 5(b) the following legend: 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS.
THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE
CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.” 
 9. Replacement of Lost Note. Upon receipt of evidence
satisfactory to the Company of the loss, theft, destruction or mutilation of this Note and, in the case of any such loss, theft or destruction, upon receipt of indemnity reasonably satisfactory to the Company, or, in the case of any such mutilation,
upon surrender and cancellation of this Note, the Company will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Note, a new Note of like tenor dated 

  
 5 

 
as of the date from which unpaid interest has then accrued on the lost, stolen, destroyed or mutilated Note. 

10. Miscellaneous. 

10.1 Governing Law. This Note shall be construed and enforced in accordance with and governed by the internal laws of the State
of California, without regard to its principles of conflicts of laws. 
 10.2 Entire Agreement. This Note, together with all
of the other documents executed in connection herewith, constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof. 

10.3 Amendments. No term of this Note may be amended, waived, discharged or terminated except by a written instrument signed by
the Company and Holder. 
 10.4 Notices, etc. All notices and other communications given or made pursuant hereto shall be in
writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next
business day, (iii) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) day after deposit with an internationally recognized overnight courier, specifying next
day delivery, with written verification of receipt. 
 10.5 Delays or Omissions. No delay or omission to exercise any right,
power or remedy accruing to Holder upon any breach or default of the Company under this Note shall impair any such right, power or remedy of Holder nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein,
or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of
any kind or character on the part of Holder of any breach or default under this Note, or any waiver on the part of Holder of any provision or condition of this Note must be made in writing and shall be effective only to the extent specifically set
forth in such writing. 
 10.6 Severability. In case any provision of this Note shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 10.7.
Titles. The titles of the Sections and subsections of this Note are for convenience or reference only and are not to be considered in construing this Note. 

[ Signature Page Follows ] 

  
 6 

 IN WITNESS WHEREOF, this Note is executed as of the date first above written. 

 

									
	THE “COMPANY”:	 	 	 	“HOLDER”:
			
	 NEUROSIGMA, INC.,

a Delaware corporation
	 	 	 	 LSU ALUMNI ASSOCIATION,

a Louisiana non-profit corporation

	 		 
					
	By:	 	 /s/ Leon Ekchian
	 		 	By:	 	 /s/ Charlie W. Roberts

	Name:	 	 Leon Ekchian
	 		 	Name:	 	 Charlie W. Roberts

	Title:	 	 President & CEO
	 		 	Title:	 	 President/CEO

			
	Address:	 		 	Address:
			
	 10960 Wilshire Blvd., Suite 1910

Los Angeles, CA 90024
	 		 	 3838 West Lakeshore Drive
 Baton
Rouge, LA 70809

  
 7 

 EXHIBIT A 

SUBSCRIPTION AGREEMENT 

THIS SUBSCRIPTION AGREEMENT (this “Agreement”) is entered into on
[                , 20    ], between NeuroSigma, Inc., a Delaware corporation (the “Company”), and
[                    ] (“Purchaser”). 

The parties hereto agree as follows: 

1. Purchase and Sale of the Common Stock. Purchaser agrees to purchase
[            ] shares of the Common Stock of the Company (the “Purchaser Stock”), at a price of $[            ]
per share for a total purchase price of $[            ] (the “Purchase Price”), to be paid contemporaneously with the effective date of this Agreement by delivery of such
amount in cash to the Company. 
 2. Company Representations and Warranties. In connection with the issuance of the
Purchaser Stock, the Company represents and warrants to Purchaser that: 
 The Company is a corporation duly incorporated,
validly existing and in good standing under the laws of the State of Delaware and has full corporate authority to conduct its business as presently conducted by it and enter into this Agreement. 

The issuance and sale of the Purchaser Stock in accordance with this Agreement has been duly authorized by all necessary
corporate action on the part of the Company, and the issuance of the Purchaser Stock, when and if issued as provided herein and when the consideration therefor has been duly received by the Company, shall be duly and validly issued, fully paid and non-assessable. 
 This Agreement constitutes the legal, valid and binding obligation of
the Company, enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by the Company does not and will not conflict with, violate or cause a breach of any agreement, contract or instrument to which the
Company is a party or any judgment, order to decree to which the Company is subject. 
 3. Purchaser Representations and
Warranties. In connection with the issuance of the Purchaser Stock, Purchaser represents and warrants to the Company that: 

The Purchaser Stock is being acquired for Purchaser’s own account and not with a view to, or intention of, distribution
thereof in violation of the Securities and Exchange Act of 1933 (as amended, the “1933 Act”), or any applicable state securities laws, and the Purchaser Stock will not be disposed of in contravention of the 1933 Act or any
applicable state securities laws. 
 Purchaser is sophisticated in financial matters and is able to evaluate the risks and
benefits of an investment in the Purchaser Stock. Purchaser understands and acknowledges that such investment is a speculative venture, involves a high degree of risk and is subject to complete risk of loss. 

Purchaser is able to bear the economic risk of his investment in the Purchaser Stock for an indefinite period of time because
the Purchaser Stock has not been registered under the 1933 Act and, therefore, cannot be sold unless subsequently registered under the 1933 Act or an 

  
 Exhibit A 

 
exemption from such registration is available. Purchaser: (i) understands and acknowledges that the Purchaser Stock being issued to Purchaser has not been registered under the 1933 Act, nor
under the securities laws of any state, nor under the laws of any other country and (ii) recognizes that no public agency has passed upon the accuracy or adequacy of any information provided to Purchaser or the fairness of the terms of his
investment in the Purchaser Stock. 
 Purchaser has received or otherwise been provided with access to copies of:
(i) the Company’s registration statement on Form S-1 filed with the Securities and Exchange Commission relating to the Company’s offering of its shares of Common Stock (the “Registration Statement”); (ii) all
material exhibits to the Registration Statement; and (iii) such other documents and information as Purchaser has deemed necessary or appropriate for the purpose of making an investment analysis. 

This Agreement constitutes the legal, valid and binding obligation of Purchaser, enforceable in accordance with its terms, and
the execution, delivery and performance of this Agreement by Purchaser does not and will not conflict with, violate or cause a breach of any agreement, contract or instrument to which Purchaser is a party or any judgment, order to decree to which
Purchaser is subject. 
 Purchaser acknowledges and agrees that the Purchaser Stock shall be subject to a lockup period
following the effective date of a registration statement of the Company filed under the 1933 Act, as set forth in that certain Convertible Promissory Note between the Purchaser and the Company. 

Purchaser is an “accredited investor” as that term is defined under the 1933 Act and Regulation D
promulgated thereunder. 
  

	 	4.	General Provisions. 

 Choice of Law. The law of the State of
Delaware without reference to the conflict of laws provisions thereof, will govern all questions concerning the construction, validity and interpretation of this Agreement. 

Amendment and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent of
the Company and Purchaser. 
 Counterparts. This Agreement may be executed in counterparts, each of which shall be an
original and all of which shall constitute a single agreement. 
 Acceptance by the Company. It is understood that
this subscription is not binding on the Company until the Company accepts it, which acceptance is at the sole discretion of the Company and shall be noted by execution of this Agreement by the Company where indicated. 

Stockholder. Purchaser hereby acknowledges that, once accepted by the Company, this subscription is not revocable by
Purchaser. Purchaser agrees that, if this subscription is accepted, Purchaser shall, and Purchaser hereby elects to: (a) become a stockholder of the Company, (b) be bound by the terms and provisions hereof; and (c) execute any and all
further documents when and as requested by the Company in connection with Purchaser becoming a stockholder of the Company. 
 [ Signature
Page Follows ] 

  
 Exhibit A 

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

			
	PURCHASER:
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	ACCEPTED AND AGREED TO:
	
	 NEUROSIGMA, INC.,
 a Delaware
corporation

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Exhibit AEX-4.27

 Exhibit 4.27 

CONFIDENTIAL 
 Tier 4

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. IT MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT
REQUIRED. 
 NEUROSIGMA, INC. 

PROMISSORY NOTE 

August 4, 2014 
  

					
	 $699,986.56
	  	 	Los Angeles, California	  

 FOR VALUE RECEIVED, NeuroSigma, Inc., a Delaware corporation (the “Company”), promises
to pay to Lodwrick M. Cook (the “Investor”), or its registered assigns, in lawful money of the United States of America the principal sum of $699,986.56, or such lesser amount as shall equal the outstanding principal amount
hereof, together with simple interest from the date of this Promissory Note (the “Note”) on the original principal balance at a rate equal to twelve percent (12%) per annum until June 30, 2015 (the
“Interest Amount”). Principal and the Interest Amount shall be due and payable in full on July 1, 2015. This Note is one of the “Notes” issued pursuant to the Note and Warrant Purchase Agreement
dated as of November 13, 2013 (the “Note Purchase Agreement”). Capitalized terms not otherwise defined herein shall have the meaning set forth in the Note Purchase Agreement. 

The following is a statement of the rights of the Investor and the conditions to which this Note is subject, and to which the Investor, by the
acceptance of this Note, agrees: 
 1. Prepayment. Notwithstanding the foregoing, the Company may, in its sole
discretion, prepay the full outstanding principal balance hereunder, together with the full Interest Amount, at any time prior to July 1, 2015. 

2. Waiver and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of
Company and a Majority in Interest. Notwithstanding the foregoing, in the event an amendment, waiver, or modification of this Note adversely affects the rights of the Investor in a manner different than the other Investors other than by virtue of
the amount of principal and interest then outstanding owed to such Investors, then the written consent of the Investor shall also be required to enforce such amendment, waiver or modification. 

  
 1 

 CONFIDENTIAL 

Tier 4 
 3.
Notices. All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall in writing and faxed, mailed or delivered to each party at the respective addresses of the parties as
set forth in the Note Purchase Agreement, or at such other address or facsimile number as Company shall have furnished to the Investor in writing. All such notices and communications shall be effective (a) when sent by Federal Express or other
overnight service of recognized standing, on the business day following the deposit with such service; (b) when mailed, by registered or certified mail, first class postage prepaid and addressed as aforesaid through the United States Postal
Service, upon receipt; (c) when delivered by hand, upon delivery; and (d) when faxed, upon confirmation of receipt. 
 4.
Usury. In the event any interest is paid on this Note is deemed to be in excess of the then legal maximum rate, then that portion of the interest payment representing an amount in excess of the then legal maximum rate shall be
deemed a payment of principal and applied against the principal of this Note. 
 5. Waivers. Company hereby waives
notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this instrument. 

6. Transfer of this Note. This Note and all rights hereunder may only be transferred, in whole or in part, to an
affiliate of the holder hereof; provided, however, that (x) such affiliate shall have agreed with all parties hereto, in a written instrument reasonably satisfactory to the Company, (1) providing that such affiliate shall be
bound by the terms of this Note and (2) that contains the representations and warranties set forth in Section 3 of the Note Purchase Agreement, and (y) as a condition to such transfer, the holder hereof shall surrender this Note to
the Company to permit the Company to deliver a new Note in such affiliate’s name. Except as set forth in Section 6, this Note may not be transferred without the prior written consent of the Company in its sole discretion. All
transfers of this Note must also be made in accordance with the Securities Act, and applicable state securities laws. Any attempted transfer of this Note in violation of this Section 6 shall be null and void ab initio. Upon
surrender of this Note to the Company, together with instructions by the applicable holder hereof that all or a portion of this Note be assigned, the Company shall execute and deliver a new Note in the name of the affiliate or affiliates named in
such instrument of assignment and, if the applicable holder’s entire interest is not being assigned, in the name of the prior holder, and this Note shall promptly be canceled. Each such new Note shall bear any legend as to the applicable
restrictions on transferability in order to ensure compliance with such laws, including, without limitation, the legend set forth on the face of this Note. Prior to presentation of this Note to the Company for transfer, the Company shall treat the
registered holder hereof as the owner and holder of this Note for the purpose of receiving all payments of principal and interest hereon and for all other purposes whatsoever, whether or not this Note shall be overdue and the Company shall not be
affected by notice to the contrary. 

  
 2 

 CONFIDENTIAL 

Tier 4 
 7.
Governing Law. This Note and all actions arising out of or in connection with this Note shall be governed by and construed in accordance with the laws of the State of California, without regard to the conflicts of law provisions
of the State of California, or of any other state. 
 8. Counterparts. This Note may be executed in one or more
counterparts, each of which will be deemed an original, but all of which together will constitute one and the same agreement. Facsimile copies of signed signature pages will be deemed binding originals. 

[Signature Pages Follow] 

  
 3 

 CONFIDENTIAL 

Tier 4 
 IN WITNESS WHEREOF,
the Company has caused this Note to be issued as of the date first written above. 
  

			
	NEUROSIGMA, INC.
	a Delaware corporation
		
	By:	 	 /s/ Leon Ekchian

	Name:	 	 Leon Ekchian

	Title:	 	 President and CEO

 [Signature Pages Continue on the Following Page] 

[Signature Page to the Promissory Note] 

 CONFIDENTIAL 

Tier 4 
 ACKNOWLEDGED AND AGREED:

 FOR INVESTORS THAT ARE INDIVIDUALS: 
  

									
	Date:	 	 August 19, 2014
	 		 	Signature:
		 		 		 	 /s/ Lodwrick M. Cook

			
		 		 	Name (please print):
		 		 	 Lodwrick M. Cook

					
		 		 		 	Address:	 	 13849 Weddington Street

		 		 	
                 Sherman Oaks, CA
91401

 FOR INVESTORS THAT ARE TRUSTS: 
  

									
	Date:	 	  
	 		 	Name of Trust:	 	  

				
		 		 		 	  

				
		 		 		 	  

									
				
		 		 	Signature of Trustee	 	  

									
				
		 		 	If applicable:	 	
				
		 		 	Signature of Co-Trustee:	 	  

FOR INVESTORS THAT ARE CORPORATIONS, LIMITED LIABILITY COMPANIES OR PARTNERSHIPS: 

 

									
	Date:	 	  
	 		 	Name of Entity:	 	  

				
		 		 		 	  

									
					
		 		 		 	Signature:	 	  

									
					
		 		 		 	Title of Signatory:	 	  

[Signature Page to the Promissory Note] 

 CONFIDENTIAL 

Tier 4 
 THIS WARRANT AND THE SECURITIES
ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED. 

THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT ARE SUBJECT TO A LOCKUP PERIOD FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT OF THE
COMPANY FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THIS WARRANT, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH LOCKUP PERIOD IS BINDING
ON TRANSFEREES OF THIS WARRANT OR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT. 
 NEUROSIGMA, INC. 

WARRANT TO PURCHASE SHARES 

August 4, 2014 
 Void
after 
 August 4, 2019 

This Warrant is issued to Lodwrick M. Cook by NeuroSigma, Inc., a Delaware corporation, (the “Company”), pursuant to
the terms of that certain Note and Warrant Purchase Agreement dated November 13, 2013 (as amended, modified or supplemented, the “Note Purchase Agreement”) in connection with the Company’s issuance to the initial
holder of this Warrant of a Promissory Note (the “Note”). 
 1. Purchase of Shares. Subject to
the terms and conditions hereinafter set forth and set forth in the Note Purchase Agreement, the holder of this Warrant is entitled, upon surrender of this Warrant at the principal office of the Company (or at such other place as the Company shall
notify the holder hereof in writing), to purchase from the Company up to the number of fully paid and nonassessable shares of the Company’s Common Stock (as more fully described below, the “Shares”), that equals the
quotient obtained by dividing (a) the Warrant Coverage Amount (defined below) by (b) the Exercise Price (defined below). 

  
 1 

 CONFIDENTIAL 

Tier 4 
 2.
Definitions. 
 (a) Exercise Price. The exercise price for the Shares shall be $8.33 per share.
Such price shall be subject to adjustment pursuant to Section 6 hereof (such price, as adjusted from time to time, is herein referred to as the “Exercise Price”). 

(b) Exercise Period. This Warrant shall be exercisable, in whole or in part, during the term commencing on the date hereof and ending
on the close of business on the date that is the five year anniversary of the date hereof. 
 (c) Warrant Coverage Amount. The term
“Warrant Coverage Amount” means that amount which equals 25% of the original principal amount of the Note. 
 (d)
Shares. The term “Shares” means the Company’s Common Stock subject to this Warrant. The number of Shares for which this Warrant is exercisable is subject to adjustment pursuant to Sections 6 and 7
hereof. 
 3. Method of Exercise. While this Warrant remains outstanding and exercisable in accordance with
Section 2 above, the holder may exercise, in whole or in part, the purchase rights evidenced hereby. Such exercise shall be effected by: 

(a) the surrender of the Warrant, together with a notice of exercise to the Secretary of the Company at its principal offices; and 

(b) the payment to the Company of an amount equal to the aggregate Exercise Price for the number of Shares being purchased. 

4. Net Exercise. In lieu of cash exercising this Warrant, the holder of this Warrant may elect to receive shares equal to
the value of this Warrant (or the portion thereof being canceled) 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 the holder hereof a number of
Shares computed using the following formula: 
  

			
	 X =
	  	Y (A - B)
	  	A

 Where 

X = The number of Shares to be issued to the holder of this Warrant. 

Y = The number of Shares purchasable under this Warrant. 

A = The Fair Market Value (defined below) of one Share. 

B = The Exercise Price (as adjusted to the date of such calculations). 

  
 2 

 CONFIDENTIAL 

Tier 4 
 For purposes of
this Section 4, the “Fair Market Value” of a Share shall be the price per Share that the Company could obtain from a willing buyer for the Shares sold by the Company from authorized but unissued Shares, as such prices shall be
determined in good faith by the Company’s Board of Directors; provided, that, if the Warrant is being exercised upon the closing of the issuance and sale of shares of Common Stock of the Company in the Company’s first underwritten
public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, the value will be the initial “Price to Public” of one such Share specified in the final prospectus with respect to such offering

 5. Certificates for Shares. Upon the exercise of the purchase rights evidenced by this Warrant, one or more
certificates for the number of Shares so purchased (bearing such legends as are required by any subscription agreement, the Note Purchase Agreement, this Warrant, and applicable state and federal securities laws in the opinion of counsel to the
Company) shall be issued as soon as practicable thereafter, and in any event within thirty (30) days of the delivery of a subscription notice. 

6. Adjustment of Exercise Price and Number of Shares. The number of and kind of securities purchasable upon exercise of
this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 
 (a) Subdivisions, Combinations and
Other Issuances. If the Company shall at any time prior to the expiration of this Warrant subdivide its Common Stock, by split-up or otherwise, or combine its Common Stock, or issue additional shares of its Common Stock as a dividend, the number
of Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination. Appropriate adjustments shall also be made to
the purchase price payable per share, but the aggregate purchase price payable for the total number of Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment under this Section 6(a) shall become
effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of such dividend. 

(b) Reclassification, Reorganization and Consolidation. In case of any reclassification, capital reorganization, or change in the
Common Stock of the Company (other than as a result of a subdivision, combination, or stock dividend provided for in Section 6(a) above), then, as a condition of such reclassification, reorganization, or change, lawful provision shall be
made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the holder of this Warrant, so that the holder of this Warrant shall have the right at any time prior to the expiration of this Warrant to
purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities and property receivable in connection with such reclassification, reorganization, or

  
 3 

 
CONFIDENTIAL 
 Tier 4 

change by a holder of the same number of Shares as were purchasable by the holder of this Warrant immediately prior to such reclassification, reorganization,
or change. In any such case appropriate provisions shall be made with respect to the rights and interest of the holder of this Warrant so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other
securities and property deliverable upon exercise hereof, and appropriate adjustments shall be made to the purchase price per share payable hereunder, provided the aggregate purchase price shall remain the same. 

(c) Notice of Adjustment. When any adjustment is required to be made in the number or kind of shares purchasable upon exercise of the
Warrant, or in the Exercise Price, the Company shall promptly notify the holder of such event and of the number of Shares or other securities or property thereafter purchasable upon exercise of this Warrant. 

7. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the
exercise of this Warrant, but in lieu of such fractional shares the Company shall make a cash payment therefor on the basis of the Exercise Price then in effect. 

8. No Stockholder Rights. Prior to exercise of this Warrant, the holder shall not be entitled to any rights of a
stockholder with respect to the Shares, including (without limitation) the right to vote such Shares, receive dividends or other distributions thereon, exercise preemptive rights or be notified of stockholder meetings, and such holder shall not be
entitled to any notice or other communication concerning the business or affairs of the Company. 
 9. Amendments and
Waivers. Any term of this Warrant may be amended and the observance of any term of this Warrant may be waived (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the
Company and the holders of a majority of securities issued or issuable upon exercise of the Warrants issued pursuant to the Note Purchase Agreement. Notwithstanding the foregoing, in the event an amendment or waiver of this Agreement adversely
affects the rights of the holder in a manner different than the other holders other than by virtue of the number of shares exercisable under the Warrants, then the written consent of the holder shall also be required to enforce such amendment or
waiver. 
 10. Transfer. This Warrant, the shares of Common Stock issued upon exercise of this Warrant and all other
rights hereunder may only be transferred, in whole or in part, to an affiliate of the holder of this Warrant, without charge (except for transfer taxes); provided, however, that (x) such affiliate shall have agreed with all
parties hereto, in a written instrument reasonably satisfactory to the Company, that (1) provides that such affiliate shall be bound by the terms of this Warrant, and (2) contains the representations and warranties set forth in
Section 3 of the Note Purchase Agreement, and (y) as a condition to such transfer, such affiliate shall surrender this Warrant to the Company to permit the Company to deliver a new Warrant in such affiliate’s name. Except as set forth
in Section 10, this Warrant may not be transferred without the prior written consent of the Company in its sole discretion. All transfers of this Warrant, or any shares of 

  
 4 

 
CONFIDENTIAL 
 Tier 4 

Common Stock issued upon exercise of this Warrant, must also be made in accordance with the Securities Act, and applicable state securities laws. Any
attempted transfer of this Warrant, or any shares of Common Stock issued upon exercise of this Warrant, in violation of this Section 10 shall be null and void ab initio. Upon surrender of this Warrant to the Company, together with
instructions by the applicable holder hereof that all or a portion of this Warrant be assigned, the Company shall execute and deliver a new Warrant in the name of the assignee or assignees named in such instrument of assignment and, if the
applicable holder’s entire interest is not being assigned, in the name of the transferring holder, and this Warrant shall promptly be canceled. Each certificate representing the shares of Common Stock issued upon exercise of this Warrant
transferred in accordance with this Section 10 shall bear any legend as to the applicable restrictions on transferability in order to ensure compliance with such laws, including, without limitation, the legends set forth in Sections
12 and 13. 
 11. Governing Law. This Warrant shall be governed by and construed in accordance with the laws
of the State of California, without regard to the conflicts of law provisions of the State of California, or of any other state. 
 12.
Lock-Up Agreement. The holder of this Warrant agrees, in connection with the Company’s initial public offering of the Company’s securities, upon request of the Company or the underwriters managing any underwritten
offering of the Company’s securities, not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any of the Company’s securities (other than those included in the registration) without the
prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days) from the effective date of such registration as may be requested by the underwriters;
provided, however, that such 180 day period may be extended to the extent necessary to permit any managing underwriter to comply with NASD Rule 2711(f)(4) or any successor rule thereto. The holder of this Warrant acknowledges that the
Company will cause to be placed on any securities issued directly or indirectly upon exercise this Warrant the following legend: 
 “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCKUP PERIOD FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT OF THE COMPANY FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND
THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH LOCKUP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.” 

  
 5 

 CONFIDENTIAL 

Tier 4 
 13. Other
Restrictive Legends. The holder of this Warrant acknowledges that the Company will cause to be placed on any securities issued directly or indirectly upon exercise this Warrant the following legend: 

“THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT ARE SUBJECT TO A LOCKUP PERIOD FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION
STATEMENT OF THE COMPANY FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THIS WARRANT, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH LOCKUP
PERIOD IS BINDING ON TRANSFEREES OF THIS WARRANT OR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT.” 
 14.
Counterparts. This Warrant may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same agreement. Facsimile copies of signed signature pages
will be deemed binding originals. 
 [Signature Pages Follow] 

  
 6 

 CONFIDENTIAL 

Tier 4 
 IN WITNESS WHEREOF,
Company has caused this Warrant to be issued as of the date first written above. 
  

			
	NEUROSIGMA, INC.
	a Delaware corporation
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [Signatures Pages Continue on the Following Page] 

  
 [Signature Page to the
Warrant] 

 ACKNOWLEDGED AND AGREED: 

FOR INVESTORS THAT ARE INDIVIDUALS: 
  

									
	Date:	 	  
	 		 	Signature:	 	
		 		 		 	  

				
		 		 		 	Name (please print):
		 		 		 	  

 FOR INVESTORS THAT ARE TRUSTS: 
  

									
	Date:	 	  
	 		 	Name of Trust:	 	  

				
		 		 		 	  

				
		 		 		 	  

									
					
		 		 		 	Signature of Trustee	 	  

				
		 		 		 	If applicable:

									
					
		 		 		 	Signature of Co-Trustee:	 	  

 FOR INVESTORS THAT ARE CORPORATIONS, LIMITED LIABILITY COMPANIES OR PARTNERSHIPS: 

 

									
	Date:	 	  
	 		 	Name of Entity:	 	  

				
		 		 		 	  

									
					
		 		 		 	Signature:	 	  

									
					
		 		 		 	Title of Signatory:	 	  

  
 [Signature Page to the
Warrant]

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