Document:

Exhibit 10.2

 

EXHIBIT A 

COMMON STOCK PURCHASE WARRANT

 

northwest
biotherapeutics, inc.

 

 

	Warrant Shares: _______	Initial Exercise Date: August ____, 2017

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, __________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business at 5:00 p.m.
(New York City time) on _____1 (the
“Termination Date) but not thereafter, to subscribe for and purchase from Northwest Biotherapeutics, Inc., a Delaware
corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant
Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise
Price, as defined in Section 2(b).

 

Section 1.           Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Letter Agreement (the
“Letter Agreement”), dated _________, 2017, among the Company and the purchasers signatory thereto.

 

Section 2.           Exercise.

 

a)         Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part,
at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of
a duly executed facsimile copy or PDF copy submitted by electronic (or e-mail attachment) of the Notice of Exercise in the form
annexed hereto (“Notice of Exercise”). Within the earlier of (i) three (3) Trading Days and (ii) the number
of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise
as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise
by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section
2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any
medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has
purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise
is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant
Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in
an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares
hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on
the face hereof.

 

1
Insert the date that is the five (5) anniversary of the Initial Exercise Date, provided that, if such date is not
a Trading Day, insert the immediately following Trading Day.

 

    	 	1	 

     

    

 

 

b)         Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $0.27, subject
to adjustment hereunder (the “Exercise Price”).

 

c)         Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or
the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also
be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled
to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = as applicable:
(i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise
is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and
delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined
in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of
the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the
Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s
execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours”
on a Trading Day and is delivered within two (2) hours thereafter pursuant to Section 2(a) hereof or (iii) the VWAP on the date
of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both
executed and delivered pursuant to Section 1(a) hereof after the close of “regular trading hours” on such Trading Day;

 

(B) =   the
Exercise Price of this Warrant, as adjusted hereunder; and

 

(X) =
  the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

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If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised.  The
Company agrees not to take any position contrary to this Section 2(c).

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on
a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as
applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock
are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all
other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith
by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees
and expenses of which shall be paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all
other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith
by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees
and expenses of which shall be paid by the Company.

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

d)             Mechanics of Exercise.

 

 

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i.           
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is
then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant
Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise
by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder
in the Notice of Exercise by the date that is the earlier of (i) the earlier of (A) three (3) Trading Days after the delivery to
the Company of the Notice of Exercise and (B) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company
and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of
Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder
shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this
Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate
Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) three Trading Days and (ii)
the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company
fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery
Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares
subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading
Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading
Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company
agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.
As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of
Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery
of the Notice of Exercise.

 

ii.             Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at
the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver
to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant,
which new Warrant shall in all other respects be identical with this Warrant.

 

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iii.          Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares
pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.          Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights
available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance
with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after
such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage
firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to
the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for
the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the
Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order
giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the
Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed
rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied
with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price
giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be
required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder
in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof.

 

v.           No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such
exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal
to such fraction multiplied by the Exercise Price or round up to the next whole share.

 

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vi.          Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue
or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses
shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may
be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto
duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it
for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any
Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar
functions) required for same-day electronic delivery of the Warrant Shares.

 

vii.         Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely
exercise of this Warrant, pursuant to the terms hereof.

 

e)       Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes
of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution
Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination
is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii)
exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein
beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence,
for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act
and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing
to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible
for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e)
applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion
of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this
Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties)
and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder
may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual
report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent
written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon
the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder
the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall
be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder
or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.
The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding
immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon
notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that
the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions
of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the
61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall
apply to a successor holder of this Warrant.

 

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Section 3.            Certain
Adjustments.

 

a)           Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)           [RESERVED]

 

c)           Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be
entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have
acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in
the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase
Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent)
and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto
would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

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d)            Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make
any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way
of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property
or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall
be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record
is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock
are to be determined for the participation in such Distribution (provided, however, that, to the extent that the
Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any
shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance
for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation). To the extent that this Warrant has not been partially
or completely exercised at the time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit
of the Holder until the Holder has exercised this Warrant.

 

e)            Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the
outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other
Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held
by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to,
such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then,
upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder
(without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the
successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the
“Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section
3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without
unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange
for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent
entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any
limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the
exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock
pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock
and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation
of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence
of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the
date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity
had been named as the Company herein.

 

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f)             Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g)            Notice to Holder.

 

i.           
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3,
the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.           
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required
in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale
or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock
is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile
or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company,
at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date
on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record
is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such
notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    	 	9	 

     

    

 

Section 4.              Transfer
of Warrant.

 

a)            Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) are
transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent,
together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its
agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
Notwithstanding anything herein to the contrary, the Holder shall not be
required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case,
the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an
assignment form to the Company assigning this Warrant full. The Warrant, if properly assigned in accordance herewith, may
be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b)            New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Initial Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

c)            Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may
deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

Section 5.              Miscellaneous.

 

a)             No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3.

    	 	10	 

     

    

 

b)             Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock
certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

 

c)             Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised
on the next succeeding Business Day.

 

d)             Authorized Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be
listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by
the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such
issue).

 

Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities 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 actions
as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

    	 	11	 

     

    

 

Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

e)            Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to
the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either
party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action,
suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such action or proceeding.

 

f)             Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not
registered and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities
laws.

 

    	 	12	 

     

    

 

 

g)            Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without
limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this
Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient
to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

h)            Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including,
without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a
nationally recognized overnight courier service, addressed to the Company, at 4800 Montgomery Lane, Suite 800, Bethesda, Maryland
20814, Attention: Leslie J. Goldman, Senior Vice President, email address: lgoldman@nwbio.com, or such other facsimile number,
email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications
or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or
sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e-mail address or address
of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed
given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number or via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on
any date, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number or via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later
than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by
U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required
to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding
the Company or any subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report
on Form 8-K.

 

i)             Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise
this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to
any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.

 

j)             Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

    	 	13	 

     

    

 

k)            Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors
and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time
of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

 

l)             Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the
Company and the Holder.

 

m)           Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

n)            Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant.

 

 

********************

 

 

(Signature Page Follows)

 

    	 	14	 

     

    

 

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

  

 

	 	
        northwest
biotherapeutics, inc. 

	 	 
	 	 
	 	
        By:  /s/ Linda F. Powers                          

        Name: Linda F. Powers

        Title: Chief Executive Officer 

 

    	 	15	 

     

    

 

NOTICE OF EXERCISE

 

To:northwest
biotherapeutics, inc.

 

(1)  
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)  
Payment shall take the form of (check applicable box):

 

[ ] in lawful
money of the United States; or

 

[ ] if permitted
the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c),
to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 2(c).

 

(3)  
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

 

The Warrant Shares shall be delivered to
the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4) Accredited Investor.
The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933,
as amended.

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

Signature of Authorized Signatory of
Investing Entity: __________________________________________________

Name of Authorized Signatory: ____________________________________________________________________

Title of Authorized Signatory: _____________________________________________________________________

Date: ________________________________________________________________________________________

 

 

     

     

    

 

 

EXHIBIT B

 

ASSIGNMENT
FORM

 

(To assign the foregoing Warrant, execute
this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing Warrant
and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	(Please Print)
	 	 
	Address:	 
	 	(Please Print)
	 	 
	Phone Number:	 
	 	 
	Email Address:	 
	 	 
	Dated: _______________ __, ______	 
	 	 
	Holder’s Signature: ______________________________________	 
	 	 
	Holder’s Address: _______________________________________Exhibit 10.1

 

Employment
Agreement

 

THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is made effective as of August 4, 2017 (the “Commencement Date”),
by and between NeuroOne Medical Technologies Corporation, a Delaware corporation
(the “Company”) and David Rosa (the “Executive”).

 

Background

 

The Board of Directors
of the Company (the “Board”) has determined that it is in the best interests of the Company and its stockholders
to employ the Executive. NeuroOne, Inc., the wholly-owned subsidiary of the Company, and the Executive established an employment
relationship pursuant to an employment agreement dated October 5, 2016 (the “Prior Employment Agreement”).
The Company and the Executive desire to enter into this Agreement to amend and restate the terms and conditions of such employment
relationship and the Prior Employment Agreement in their entirety. This Agreement shall be effective and shall supersede the Prior
Employment Agreement concurrently with the Commencement Date. This Agreement shall represent the entire understanding and agreement
between the parties with respect to the Executive’s employment with the Company.

 

NOW, THEREFORE, in
consideration of the foregoing and the terms and conditions set forth herein, the parties agree as follows:

 

Terms
and Conditions

 

1.             Employment Period.  The Company hereby agrees to continue the Executive
in its employ, and the Executive hereby agrees to remain in the employ of the Company, subject to the terms and conditions of this
Agreement, for the period commencing on the Commencement Date and ending on the third anniversary of the Commencement Date (the
“Initial Term”). The term of this Agreement will automatically be renewed for a term of one (1) year
(each, a “Renewal Term”) at the end of the Initial Term and at the end of each Renewal Term thereafter,
provided that (a) the Executive notifies the Board of such renewal at least thirty (30) days prior (the “Renewal Date”)
to the expiration of the Initial Term or any Renewal Term and (b) the Board does not notify the Executive of its intention not
to renew this Agreement on or prior to the Renewal Date. For purposes of this Agreement, “Employment Period”
includes the Initial Term and any Renewal Term(s) thereafter. Notwithstanding the foregoing, in the event of a Change in Control,
the date the Change in Control occurs shall become the Commencement Date for all purposes thereafter, and each Change in Control
thereafter shall result in a new Commencement Date on the date of the latest Change in Control.

 

2.             Terms of Employment.

 

(a)              
Position and Duties. 

 

(i)                
During the Employment Period, the Executive shall serve as the President and Chief Executive Officer of the Company,
and in such other position or positions with the Company and its subsidiaries as are consistent with the Executive’s positions
as Chief Executive Officer of the Company, and shall have such duties and responsibilities as are assigned to the Executive by
the Board consistent with the Executive’s position as Chief Executive Officer of the Company. The Executive will continue
to serve as a director of the Board. During the Employment Period, the Board will nominate the Executive for election to the Board
by the Company’s stockholders; provided that the Executive hereby submits written notice of resignation to the Board, effective
as of the date on which the Executive ceases to serve as Chief Executive Officer.

 

    	 	1	 

     

    

 

(ii)             
During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled,
the Executive agrees to devote reasonable attention and time during normal business hours and on a full-time basis to the business
and affairs of the Company, to discharge the responsibilities assigned to the Executive hereunder, and to use the Executive’s
reasonable best efforts to perform faithfully and efficiently such responsibilities. During the Employment Period it shall not
be a violation of this Agreement for the Executive to (A) be employed by the Company or any of its subsidiaries or Affiliates,
(B) serve on corporate, civic or charitable boards or committees, (C) deliver lectures, fulfill speaking engagements or teach at
educational institutions and (D) manage personal investments, so long as such activities do not significantly interfere with the
performance of the Executive’s responsibilities as an employee of the Company in accordance with this Agreement; provided,
however, that Executive shall not engage in other employment or undertake any other commercial business activities unless Executive
obtains the prior written consent of the Board. The Board may deny or rescind consent to Executive’s service as a director
of all other corporations or participation in other business or public activities if the Board, in its sole discretion, determines
that such activities compromise or threaten to compromise the Company’s business interest or conflict with Executive’s
duties to the Company.

 

(b)             
Compensation. 

 

(i)                
Base Salary.  During the Employment Period, the Executive shall receive an annual base salary (the “Annual
Base Salary”) at least equal to $376,000.00, which shall be paid in accordance with the Company’s normal payroll
practices for senior executive officers of the Company as in effect from time to time. During the Employment Period, the Annual
Base Salary shall be reviewed at least annually, and may be adjusted by the Compensation Committee of the Company’s Board
of Directors or a committee of the Board performing equivalent functions (the “Committee”). The term
“Annual Base Salary” as utilized in this Agreement shall refer to the Annual Base Salary as so adjusted.

 

(ii)             
Annual Cash Bonus. In addition to the Annual Base Salary, for each fiscal year ending during the Employment Period,
the Executive shall be eligible for an annual cash bonus (the “Annual Bonus”) of up to 50% of the Executive’s
effective Annual Base Salary based upon the Executive’s performance as determined by the Committee. Each such Annual Bonus
awarded to the Executive shall be paid sometime during the first seventy-five (75) days of the fiscal year next following the fiscal
year for which the Annual Bonus is awarded, unless the Executive shall elect, in compliance with Treasury Regulation 1.409A-2(a),
to defer the receipt of such Annual Bonus. Executive must be employed with the Company in good standing on the payment date of
the Annual Bonus to earn and be eligible to receive the Annual Bonus.

 

    	 	2	 

     

    

 

(iii)           
Long-Term Incentive Equity Compensation. During the Employment Period, the Executive shall be entitled to participate
in any stock option, performance share, performance unit or other equity based long-term incentive compensation plan, program or
arrangement (the “Plans”) generally made available to senior executive officers of the Company, on substantially
the same terms and conditions as generally apply to such other officers, except that the size of the awards made to the Executive
shall reflect the Executive’s position with the Company and the Committee’s views.

 

(iv)            
Annual Target Award. During each fiscal year during the Employment Period, the Executive shall receive a target
award value (which value shall be as determined in accordance with the policies and practices generally applicable to other senior
executive officers of the Company) for an Annual Bonus and, if determined by the Committee in its sole and absolute discretion,
a long-term incentive equity bonus as contemplated in Section 2(b)(iii); it being understood that the form of the awards shall
be determined by the Committee and such form shall be subject to the terms of the applicable Plans of the Company. The preceding
sentence shall not limit any power or discretion of the Board or the Committee in the administration of any such long-term incentive
plan. The Committee may increase or decrease the award value of any award made in respect of any such fiscal year in its discretion.
The actual benefits conveyed to the Executive in respect of any such awards may be less than, greater than or equal to the targeted
award value, as such benefits will be dependent on a series of performance and other factors, such as the value of the Company’s
common stock and satisfaction of any applicable vesting requirements and performance conditions.

 

(v)              
Welfare Benefit Plans.  During the Employment Period, the Executive and/or the Executive’s family, as the
case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices, policies
and programs provided by the Company and its affiliated companies (including, without limitation, medical, prescription, dental,
disability, employee life, group life, accidental death and travel accident insurance plans and programs) to the extent available
generally or to other senior executive officers of the Company.

 

(vi)            
Expenses. During the Employment Period, the Executive shall be entitled to receive prompt reimbursement for all
reasonable expenses incurred by the Executive in accordance with the plans, practices, policies and programs of the Company.

 

(vii)         
Vacation.  During the Employment Period, the Executive shall be entitled to four (4) weeks of paid vacation in
accordance with the plans, practices, policies and programs of the Company consistent with the treatment of other senior executive
officers of the Company. Unused vacation days shall be forfeited at the end of each calendar year and shall not roll over to the
next year, nor will Executive be paid for any unused vacation days in a calendar year. Other than as required by applicable law,
upon termination of Executive’s employment for any reason, the Company will not pay any accrued or unused vacation time.

 

(c)              
Recoupment of Unearned Incentive Compensation.  If the Board, or an appropriate committee thereof, determines that any
fraud, negligence, or intentional misconduct by the Executive is a significant contributing factor to the Company having to restate
all or a portion of its financial statements, the Board or committee may require reimbursement of any bonus or incentive compensation
paid to the Executive if and to the extent that (i) the amount of incentive compensation was calculated based upon the achievement
of certain financial results that were subsequently reduced due to a restatement, (ii) the Executive engaged in any fraud or misconduct
that caused or significantly contributed to the need for the restatement, and (iii) the amount of the bonus or incentive compensation
that would have been awarded to the Executive had the financial results been properly reported would have been lower than the amount
actually awarded.

 

    	 	3	 

     

    

 

3.             Termination of Employment.

 

(a)              
Notwithstanding Section 1, the Employment Period shall end upon the earliest to occur of (i) the Executive’s death,
(ii) a Termination due to Disability, (iii) a Termination for Cause, (iv) the Termination Date specified in connection with any
exercise by the Company of its Termination Right; (v) a Termination for Good Reason; or (vi) the termination of this Agreement
by Executive pursuant to Section 3(b). If the Employment Period terminates as of a date specified under this Section 3, the Executive
agrees that, upon written request from the Company, the Executive shall resign from any and all positions the Executive holds with
the Company and any of its subsidiaries and Affiliates, effective immediately following receipt of such request from the Company
(or at such later date as the Company may specify).

 

(b)             
This Agreement may be terminated by the Executive at any time upon thirty (30) days prior written notice to the Company
or upon such shorter period as may be agreed upon between the Executive and the Board. In the event of such termination, the Company
shall be obligated only to continue to pay the Executive’s salary and provide other benefits provided by this Agreement up
to the date of the termination.

 

(c)              
Benefits Payable Under Termination. 

 

(i)                
In the event of the Executive’s death during the Employment Period or a Termination due to Disability, the Executive
or the Executive’s beneficiaries or legal representatives shall be provided the Unconditional Entitlements, including, but
not limited to, any such Unconditional Entitlements that are or become payable under any Company plan, policy, practice or program
or any contract or agreement with the Company by reason of the Executive’s death or Termination due to Disability.

 

(ii)             
In the event of the Executive’s Termination for Cause or termination by the Executive other than for a Termination
for Good Reason, the Executive shall be provided the Unconditional Entitlements.

 

(iii)           
In the event of a Termination for Good Reason or the exercise by the Company of its Termination Rights, the Executive
shall be provided the Unconditional Entitlements and, subject to Executive signing and delivering to the Company and not revoking
before the sixtieth (60th) day following the Termination Date, a general release of claims in favor of the Company and
certain related parties in a form reasonably satisfactory to the Company and the Executive, which the Company shall provide the
Executive within seven (7) days following the Termination Date (the “Release”), the Company shall provide
the Executive the Conditional Benefits. Any and all amounts payable and benefits or additional rights provided to the Executive
upon a termination of the Executive’s employment pursuant to this Section 3(c) (other than the Unconditional Entitlements)
shall only be payable or provided if the Executive signs and delivers the Release within the consideration period identified in
the Release and the Executive does not revoke the Release within the revocation period identified in the Release. In no event shall
the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the
Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation
earned by the Executive as a result of employment by a subsequent employer.

 

    	 	4	 

     

    

 

(d)             
Unconditional Entitlements. For purposes of this Agreement, the “Unconditional Entitlements”
to which the Executive may become entitled under Section 3(c) are as follows:

 

(i)                
Earned Amounts. The Earned Compensation shall be paid within thirty (30) days following the termination of the
Executive’s employment hereunder.

 

(ii)             
Benefits.  All benefits payable to the Executive under any employee benefit plans (including, without limitation
any pension plans or 401(k) plans) of the Company or any of its Affiliates applicable to the Executive at the time of termination
of the Executive’s employment with the Company and all amounts and benefits (other than the Conditional Benefits) which are
vested or which the Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice
or program of, or any contract or agreement with, the Company, at or subsequent to the date of the Executive’s termination
without regard to the performance by the Executive of further services or the resolution of a contingency, shall be paid or provided
in accordance with and subject to the terms and provisions of such plans, it being understood that all such benefits shall be determined
on the basis of the actual date of termination of the Executive’s employment with the Company.

 

(iii)           
Indemnities. Any right which the Executive may have to claim a defense and/or indemnity for liabilities to or
claims asserted by third parties in connection with the Executive’s activities as an officer, director or employee of the
Company shall be unaffected by the Executive’s termination of employment and shall remain in effect in accordance with its
terms.

 

(iv)            
Medical Coverage. The Executive shall be entitled to such continuation of health care coverage as is required
under, and in accordance with, applicable law or otherwise provided in accordance with the Company’s policies. The Executive
shall be notified in writing of the Executive’s rights to continue such coverage after the termination of the Executive’s
employment pursuant to this Section 3(d)(iv), provided that the Executive timely complies with the conditions to continue such
coverage. The Executive understands and acknowledges that the Executive is responsible to make all payments required for any such
continued health care coverage that the Executive may choose to receive.

 

(v)              
Business Expenses.  The Executive shall be entitled to reimbursement, in accordance with the Company’s
policies regarding expense reimbursement as in effect from time to time, for all business expenses incurred by the Executive prior
to the termination of the Executive’s employment.

 

    	 	5	 

     

    

 

(vi)            
Stock Options/Equity Awards.  Except to the extent additional rights are provided upon the Executive’s
qualifying to receive the Conditional Benefits, the Executive’s rights with respect to any stock options and/or other equity
awards granted to the Executive by the Company shall be governed by the terms and provisions of the Plans and Plan rules, provided
that the Executive shall have ninety (90) days from the Termination Date to exercise vested options, and award agreements pursuant
to which such stock options and equity awards were awarded, as in effect at the Termination Date.

 

(e)              
Conditional Benefits.  For purposes of this Agreement, the “Conditional Benefits” to which
the Executive may become entitled are as follows:

 

(i)                
Severance Amount.  The Company shall pay the Executive an amount equal to the Severance Amount which less standard
deductions and withholdings payable in equal installments as and when such salary would normally have been paid as provided in
Section 2(b) in accordance with the Company’s standard payroll procedures.

 

(ii)             
COBRA. Provided that the Executive timely elects continued health insurance coverage under the federal COBRA
law, the Company will pay one-hundred percent of the cost of premiums for such health insurance continuation coverage during the
twelve (12) months following the Termination Date.  Notwithstanding anything to the contrary in this Agreement, the Executive’s
entitlement to any benefits or payments under this Section 3(e)(ii) shall cease on such date that the Executive becomes eligible
to receive health insurance coverage from another employer group health plan due to Executive’s employment with a future
employer.

 

(iii)           
Stock Options. All of the Executive’s stock options shall become exercisable in accordance with the applicable
Original Stock Option Award Documents, on the same basis as such options would have become vested and exercisable if the Executive
had remained employed under this Agreement through the end of the Employment Period. Once exercisable, the Executive shall have
ninety (90) days from the Termination Date to exercise such vested options. Except as otherwise expressly provided herein, all
stock options shall continue to be subject to the Original Stock Option Award Documents.

 

(iv)            
Equity Awards.  Any restrictive stock or other equity award subject to vesting shall continue to vest in accordance
with the terms of the Original Award Documents, regardless of the Executive’s termination of employment. Except as otherwise
expressly provided herein, all such restricted stock or other equity awards shall be subject to, and administered in accordance
with, the Original Award Documents.

 

(v)              
Additional Distribution Rules. Notwithstanding any other payment date or schedule provided in this Agreement
to the contrary, if the Executive is deemed on the Termination Date of the Executive’s employment to be a “specified
employee” within the meaning of that term under Section 409A of the Code and the regulations thereunder (“Section
409A”), then each of the following shall apply:

 

    	 	6	 

     

    

 

(A)            
With regard to any payment that is considered “nonqualified deferred compensation” under Section 409A and
payable on account of and within six months after a “separation from service” (within the meaning of Section 409A and
as provided in Section 3(h) of this Agreement), such payment shall instead be made on the date which is the earlier of (1) the
expiration of the six (6)-month period measured from the date of the Executive’s “separation from service,” and
(2) the date of the Executive’s death (the “Delay Period”) to the extent required under Section
409A. Upon the expiration of the Delay Period, all payments delayed pursuant to this Section 3(d) (whether they would have otherwise
been payable in a single sum or in installments in the absence of such delay) shall be paid to the Executive in a lump sum, and
all remaining payments due under this Agreement shall be paid or provided in accordance with the normal payment dates specified
for them herein; and

 

(B)             
To the extent that benefits to be provided during the Delay Period are considered “nonqualified deferred compensation”
under Section 409A provided on account of a “separation from service,” the Executive shall pay the cost of such benefits
during the Delay Period, and the Company shall reimburse the Executive, to the extent that such costs would otherwise have been
paid or reimbursed by the Company or to the extent that such benefits would otherwise have been provided by the Company at no cost
to the Executive, for the Company’s share of the cost of such benefits upon expiration of the Delay Period, and any remaining
benefits shall be paid, reimbursed or provided by the Company in accordance with the procedures specified herein.

 

The foregoing provisions
of this Section 3(d) shall not apply to any payments or benefits that are excluded from the definition of “nonqualified deferred
compensation” under Section 409A, including, without limitation, payments excluded from the definition of “nonqualified
deferred compensation” on account of being separation pay due to an involuntary separation from service under Treasury Regulation
1.409A-1(b)(9)(iii).

 

(f)               
Definitions. For purposes of this Agreement, the following terms shall have the meanings ascribed to them below:

 

(i)                
“Affiliate” means any corporation, partnership, limited liability company, trust or other entity
which directly, or indirectly through one or more intermediaries, controls, is under common control with, or is controlled by,
the Company.

 

(ii)             
“Change in Control” means the occurrence, in a single transaction or in a series of related transactions,
of any one or more of the following events:

 

(A)            
any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than
50% of the combined Voting Power of the Company’s then outstanding securities other than by virtue of a merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (1) in connection with the
issuance of securities of the Company as part of a joint venture or strategic partnership to which the Company is party, (2) on
account of the acquisition of securities of the Company directly from the Company, (3) on account of the acquisition of securities
of the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities
in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through
the issuance of equity securities, (4) on account of the acquisition of securities of the Company by any individual who is,
on the Commencement Date, either an executive officer or a Director (and/or any entity in which an executive officer or Director
has a direct or indirect interest (whether in the form of voting rights or participation in profits or capital contributions) of
more than 50% (collectively, the “Incumbent Entities”), (5) on account of the Incumbent Entities continuing
to hold shares that come to represent more than 50% of the combined Voting Power of the Company’s then outstanding securities
as a result of the conversion of any class of the Company’s securities into another class of the Company’s securities
having a different number of votes per share pursuant to the conversion provisions set forth in the Company’s Certificate
of Incorporation; or (6) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”)
exceeds the designated percentage threshold of the outstanding Voting Securities as a result of a repurchase or other acquisition
of Voting Securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur
(but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such share
acquisition, the Subject Person becomes the Owner of any additional Voting Securities that, assuming the repurchase or other acquisition
had not occurred, increases the percentage of the then outstanding Voting Securities Owned by the Subject Person over the designated
percentage threshold, then a Change in Control will be deemed to occur;

 

    	 	7	 

     

    

 

(B)             
there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and,
immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately
prior thereto do not Own, directly or indirectly, either (1) outstanding Voting Securities representing more than 50% of the
combined outstanding Voting Power of the surviving entity in such merger, consolidation or similar transaction or (2) more
than 50% of the combined outstanding Voting Power of the parent of the surviving entity in such merger, consolidation or similar
transaction, in each case in substantially the same proportions as their Ownership of the outstanding Voting Securities of the
Company immediately prior to such transaction; provided, however, that a merger, consolidation or similar transaction will
not constitute a Change in Control under this prong of the definition if the outstanding Voting Securities representing more than
50% of the combined Voting Power of the surviving entity or its parent are owned by the Incumbent Entities;

 

(C)            
there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated
assets of the Company and its subsidiaries, other than a sale, lease, license or other disposition of all or substantially all
of the consolidated assets of the Company and its subsidiaries to an entity, more than 50% of the combined Voting Power of the
Voting Securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of
the outstanding Voting Securities of the Company immediately prior to such sale, lease, license or other disposition; provided,
however, that a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets
of the Company and its subsidiaries will not constitute a Change in Control under this prong of the definition if the outstanding
Voting Securities representing more than 50% of the combined Voting Power of the acquiring entity or its parent are owned by the
Incumbent Entities; or

 

(D)            
individuals who, on the Commencement Date, are members of the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment
or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members
of the Incumbent Board then still in office, such new member will, for purposes of this Agreement, be considered as a member of
the Incumbent Board.

 

    	 	8	 

     

    

 

(iii)           
 “Code” means the Internal Revenue Code of 1986, as amended and the rules and regulations promulgated
thereunder.

 

(iv)            
“Earned Compensation” means any Annual Base Salary earned, but unpaid, for services rendered to the
Company on or prior to the date on which the Employment Period ends pursuant to Section 3(a) (but excluding any salary and interest
accrued thereon payment of which has been deferred).

 

(v)              
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder.

 

(vi)            
“Exchange Act Person” means any natural person, entity or “group” (within the meaning
of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (A) the
Company or any subsidiary of the Company, (B) any employee benefit plan of the Company or any subsidiary of the Company or
any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any subsidiary of the Company,
(C) an underwriter temporarily holding securities pursuant to a registered public offering of such securities, (D) an
entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their Ownership
of stock of the Company; or (E) any natural person, entity or “group” (within the meaning of Section 13(d)
or 14(d) of the Exchange Act) that, as of the date hereof, is the Owner, directly or indirectly, of securities of the Company representing
more than 50% of the combined Voting Power of the Company’s then outstanding securities.

 

(vii)         
 “Original Stock Option Award Documents” means, with respect to any stock option, the terms and provisions
of the award agreement and plan pursuant to which such stock option was granted, each as in effect on the Termination Date.

 

(viii)       
“Original Award Documents” means, with respect to any restricted stock or other equity award, the
terms and provisions of the award agreement related to and the plan governing, such restricted stock or other equity award, each
as in effect on the Termination Date.

 

(ix)            
“Own,” “Owned,” “Owner,” “Ownership” means a person or entity
will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership”
of securities if such person or entity, directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise, has or shares Voting Power, which includes the power to vote or to direct the voting, with respect to such securities.

 

(x)              
“Severance Amount” means an amount equal to 1 times the sum of (A) the aggregate Annual Base Salary
which would have been earned by the Executive under this Agreement (including any scheduled increase therein) for the period commencing
on the day after the Termination Date and ending on the date of the end of the then applicable Employment Period and (B) a prorated
portion of the Executive’s cash bonus for the year in which the Termination Date occurs, with such prorated amount determined
by multiplying the Executive’s cash bonus for the year in which the Termination Date occurs by a fraction, the numerator
of which is the number of full months during such year in which the Executive was employed and the denominator of which is twelve
(12); provided, however, in no event shall the severance amount be less than 12 months of the Executive’s Annual Base Salary
or more than 18 months of the Executive’s Annual Base Salary.

 

    	 	9	 

     

    

 

(xi)            
“Termination for Cause” means a termination of the Executive’s employment by the Company due
to (A) an act or acts of dishonesty undertaken by the Executive and intended to result in substantial gain or personal enrichment
to the Executive at the expense of the Company, (B) unlawful conduct or gross misconduct that is willful and deliberate on the
Executive’s part and that, in either event, is materially injurious to the Company, (C) the conviction of the Executive of,
or the Executive’s entry of a no contest or nolo contendre plea to, a felony, (D) breach by the Executive of the Executive’s
fiduciary obligations as an officer or director of the Company, (E) a persistent failure by the Executive to perform the duties
and responsibilities of the Executive’s employment hereunder, which failure is not remedied by the Executive within 30 days
after the Executive’s receipt of written notice from the Company of such failure, except that the Company is not obligated
to provide such written notice and opportunity to cure if the action or conduct is not reasonably susceptible to cure; or (F) material
breach of any terms and conditions of any contract or agreement between Executive and the Company, or of any Company policy, or
of any statutory duty Executive owes to the Company, which breach has not been cured by the Executive within ten days after written
notice thereof to Executive from the Company.

 

(xii)         
“Termination Date” means the earlier to occur of (A) the date the Company specifies in writing to
the Executive in connection with the exercise of its Termination Right or (B) the date the Executive specifies in writing to the
Company in connection with any notice to effect a Termination for Good Reason. Notwithstanding the foregoing, a termination of
employment will not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any
amounts or benefits subject to Section 409A upon or following a termination of employment unless such termination is also a “separation
from service” (within the meaning of Section 409A), and notwithstanding anything contained herein to the contrary, the date
on which such separation from service takes place will be the Termination Date.

 

(xiii)       
“Termination due to Disability” means a termination of the Executive’s employment by the Company
because the Executive has been incapable, after reasonable accommodation, of substantially fulfilling the positions, duties, responsibilities
and obligations set forth in this Agreement because of physical, mental or emotional incapacity resulting from injury, sickness
or disease for a period of (A) six (6) consecutive months or (B) an aggregate of nine (9) months (whether or not consecutive) in
any twelve (12) month period. Any question as to the existence, extent or potentiality of the Executive’s disability shall
be determined by a qualified physician selected by the Company with the consent of the Executive, which consent shall not be unreasonably
withheld. The Executive or the Executive’s legal representatives or any adult member of the Executive’s immediate family
shall have the right to present to such physician such information and arguments as to the Executive’s disability as he,
she or they deem appropriate, including the opinion of the Executive’s personal physician.

 

    	 	10	 

     

    

 

(xiv)        
“Termination for Good Reason” means a termination of the Executive’s employment by the Executive
within thirty (30) days of the Company’s failure to cure, in accordance with the procedures set forth below, any of the following
events: (A) a reduction in Executive’s Annual Base Salary as in effect immediately prior to such reduction by more than ten
percent (10%) without Executive’s written consent, unless such reduction is made pursuant to an across the board reduction
applicable to all senior executives of the Company; (B) a material reduction in the Executive’s duties, position and responsibilities
as in effect immediately prior to such reduction without Executive’ written consent, provided, however, that a mere change
in title or reporting relationship following a Change in Control by itself will not constitute “Good Reason” for Executive’s
resignation, and further provided that the acquisition of the Company and subsequent conversion of the Company to a division or
unit of the acquiring entity will not by itself result in a “reduction” of duties, position or responsibility; or (C)
a material breach of any material provision of this Agreement by the Company. Notwithstanding the foregoing, a termination shall
not be treated as a Termination for Good Reason (y) if the Executive shall have consented in writing to the occurrence of the event
giving rise to the claim of Termination for Good Reason, or (z) unless the Executive shall have delivered a written notice to the
Board of Directors within forty-five (45) days of the Executive’s having actual knowledge of the occurrence of one of such
events stating that the Executive intends to terminate the Executive’s employment for Good Reason and specifying the factual
basis for such termination, and such event, if capable of being cured, shall not have been cured within twenty-one (21) days of
the receipt of such notice.

 

(xv)          
“Termination Right” means the right of the Company, in its sole, absolute and unfettered discretion,
to terminate the Executive’s employment under this Agreement for any reason or no reason whatsoever. For the avoidance of
doubt, any Termination for Cause effected by the Company shall not constitute the exercise of its Termination Right.

 

(xvi)        
“Voting Power” means such number of Voting Securities as shall enable the holders thereof to cast
all the votes which could be cast in an annual election of directors of a company.

 

(xvii)     
“Voting Securities” means all securities entitling the holders thereof to vote in an annual election
of directors of a company.

 

(g)              
Conflict with Plans. As permitted under the terms of the applicable Plans, the Company and the Executive agree that
the definitions of Termination for Cause or Termination for Good Reason set forth in this Section 3 shall apply in place of any
similar definition or comparable concept applicable under the Plans (or any similar definition in any successor plan).

 

    	 	11	 

     

    

 

 

(h)             
Section 409A.  It is intended that payments and benefits under this Agreement either be excluded from or comply with
the requirements of Section 409A and the guidance issued thereunder and, accordingly, to the maximum extent permitted, this Agreement
shall be interpreted consistent with such intent. In the event that any provision of this Agreement is subject to but fails to
comply with Section 409A, the Company may revise the terms of the provision to correct such noncompliance to the extent permitted
under any guidance, procedure or other method promulgated by the Internal Revenue Service now or in the future or otherwise available
that provides for such correction as a means to avoid or mitigate any taxes, interest or penalties that would otherwise be incurred
by the Executive on account of such noncompliance. Provided, however, that in no event whatsoever shall the Company be liable for
any additional tax, interest or penalty imposed upon or other detriment suffered by the Executive under Section 409A or damages
for failing to comply with Section 409A. Solely for purposes of determining the time and form of payments due the Executive under
this Agreement (including any payments due under Sections 3(c) or 5) or otherwise in connection with the Executive’s termination
of employment with the Company, the Executive shall not be deemed to have incurred a termination of employment unless and until
the Executive shall incur a “separation from service” within the meaning of Section 409A. The parties agree, as permitted
in accordance with the final regulations thereunder, a “separation from service” shall occur when the Executive and
the Company reasonably anticipate that the Executive’s level of bona fide services for the Company (whether as an employee
or an independent contractor) will permanently decrease to no more than forty (40) percent of the average level of bona fide services
performed by the Executive for the Company over the immediately preceding thirty six (36) months. The determination of whether
and when a separation from service has occurred shall be made in accordance with this subparagraph and in a manner consistent with
Treasury Regulation Section 1.409A-1(h). All reimbursements and in-kind benefits provided under this Agreement shall be made or
provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject
to Section 409A, including, where applicable, the requirements that (i) any reimbursement is for expenses incurred during the Executive’s
lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement
during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement
of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred
and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit. For purposes of
Section 409A, the Executive’s right to any installment payment under this Agreement shall be treated as a right to receive
a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to
a number of days (e.g., “payment shall be made within ninety (90) days following the date of termination”),
the actual date of payment within the specified period shall be within the sole discretion of the Company.

 

4.             Executive Remedy. The Executive shall be under no obligation to seek other
employment or other engagement of the Executive’s services. The Executive acknowledges and agrees that the payment and rights
provided under Section 3 are fair and reasonable, and are the Executive’s sole and exclusive remedy, in lieu of all other
remedies at law or in equity, for termination of the Executive’s employment by the Company upon exercise of its Termination
Right pursuant to this Agreement or upon a Termination for Good Reason.

 

    	 	12	 

     

    

 

5.             Additional Payments Following a Change in Control. 

 

(a)              
If, during the Employment Period, the Company shall terminate the Executive’s employment other than due to the
Executive’s death, a Termination for Cause, a Termination due to Disability or if the Executive shall effect a Termination
for Good Reason, in each case within two (2) years after a Change in Control:

 

(i)                
the Company shall pay to the Executive, in a lump sum in cash within thirty (30) days after the Termination Date, the
aggregate of the following amounts:

 

(A)            
the Unconditional Entitlements; and

 

(B)             
the amount equal to the product of 1.5 times the sum of (y) the Annual Base Salary, and (z) the greater of the target
bonus for the then current fiscal year under the Plans or any successor annual bonus plan and the average annual bonus paid to
or for the benefit of the Executive for the prior three (3) full years (or any shorter period during which the Executive has been
employed by the Company); and

 

(ii)             
the Company shall provide the Executive the Conditional Benefits minus the Severance Amount.

 

(b)             
If any payment or benefit (including payments and benefits pursuant to this Agreement) the Executive would receive in
connection with a Change in Control from the Company or otherwise (the “Payment”) would (i) constitute
a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this paragraph, be subject to
the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Company shall cause to
be determined, before any amounts of the Payment are paid to the Executive, which of the following two alternative forms of payment
shall be paid to the Executive: (A) payment in full of the entire amount of the Payment (a “Full Payment”),
or (B) payment of only a part of the Payment so that Executive receives the largest payment possible without the imposition of
the Excise Tax (a “Reduced Payment”). A Full Payment shall be made in the event that the amount received
by the Executive on a net after-tax basis is greater than what would be received by the Executive on a net after-tax basis if the
Reduced Payment were made, otherwise a Reduced Payment shall be made. If a Reduced Payment is made, (i) the Payment shall be paid
only to the extent permitted under the Reduced Payment alternative, and the Executive shall have no rights to any additional payments
and/or benefits constituting the Payment, and (ii) reduction in payments and/or benefits shall occur in the following order: (A)
reduction of cash payments; (B) cancellation of accelerated vesting of equity awards other than stock options; (C) cancellation
of accelerated vesting of stock options; and (D) reduction of other benefits paid to Executive. In the event that acceleration
of compensation from the Executive’s equity awards is to be reduced, such acceleration of vesting shall be canceled in the
reverse order of the date of grant.

 

(c)              
The independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior
to the effective date of the Change in Control shall make all determinations required to be made under this Section 5. If the independent
registered public accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group
effecting the Change in Control, the Company shall appoint a nationally recognized independent registered public accounting firm
to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such independent
registered public accounting firm required to be made hereunder.

 

    	 	13	 

     

    

 

(d)             
The independent registered public accounting firm engaged to make the determinations hereunder shall provide its calculations,
together with detailed supporting documentation, to the Company and the Executive within fifteen (15) calendar days after the date
on which Executive’s right to a Payment is triggered (if requested at that time by the Company or Executive) or such other
time as requested by the Company or Executive. If the independent registered public accounting firm determines that no Excise Tax
is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish the Company
and Executive with an opinion reasonably acceptable to Executive that no Excise Tax will be imposed with respect to such Payment.
Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and
Executive.

 

(e)              
The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company
may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other
action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts
shall not be reduced whether or not the Executive obtains other employment.

 

    	 	14	 

     

    

 

6.             Confidentiality. 

 

(a)              
Confidentiality.  Without the prior written consent of the Company, except (y) as reasonably necessary in the course
of carrying out the Executive’s duties hereunder or (z) to the extent required by an order of a court having competent jurisdiction
or under subpoena from an appropriate government agency, the Executive shall not disclose any Confidential Information unless such
Confidential Information has been previously disclosed to the public by the Company or has otherwise become available to the public
(other than by reason of the Executive’s breach of this Section 6(a)). The term “Confidential Information”
shall include, but shall not be limited to: (i) the identities of the existing and prospective customers or clients of the
Company and its Affiliates, including names, addresses, credit status, and pricing levels; (ii) the buying and selling habits
and customs of existing and prospective customers or clients of the Company and its Affiliates; (iii) financial information
about the Company and its Affiliates; (iv) product and systems specifications, concepts for new or improved products and other
product or systems data; (v) the identities of, and special skills possessed by, employees of the Company and its Affiliates;
(vi) the identities of and pricing information about the suppliers and vendors of the Company and its Affiliates; (vii) training
programs developed by the Company or its Affiliates; (viii) pricing studies, information and analyses; (ix) current and
prospective products and inventories; (x) financial models, business projections and market studies; (xi) the financial
results and business conditions of the Company and its Affiliates; (xii) business plans and strategies of the Company and
its Affiliates; (xiii) special processes, procedures, and services of suppliers and vendors of the Company and its Affiliates;
and (xiv) computer programs and software developed by the Company or its Affiliates.

 

(b)             
Company Property.  Promptly following the Executive’s termination of employment, the Executive shall return to
the Company all property of the Company, and all copies thereof in the Executive’s possession or under the Executive’s
control, except that the Executive may retain the Executive’s personal notes, diaries, rolodexes, mobile devices, calendars
and correspondence of a personal nature. All business procured by Executive and all related business opportunities and plans made
known to Executive while Executive is employed by or providing services to the Company shall remain the permanent and exclusive
property of the Company.

 

(c)              
Nonsolicitation. The Executive agrees that, while the Executive is employed by the Company and during the one-year period
following the Executive’s termination of employment with the Company (the “Restricted Period”),
the Executive shall not directly or indirectly, (i) solicit any individual who is, on the Termination Date (or was, during
the six-month period prior to the Termination Date), employed by the Company or its Affiliates to terminate or refrain from renewing
or extending such employment or to become employed by or become a consultant to any other individual or entity other than the Company
or its Affiliates or (ii) induce or attempt to induce any customer or investor (in each case, whether former, current or prospective),
supplier, licensee or other business relation of the Company or any of its affiliates to cease doing business with the Company
or such Affiliate, or in any way interfere with the relationship between any such customer, investor, supplier, licensee or business
relation, on the one hand, and the Company or any of its Affiliates, on the other hand.

 

    	 	15	 

     

    

 

(d)             
Noncompetition. The Executive agrees that, during the Restricted Period, the Executive shall not be employed by, serve
as a consultant to, or otherwise assist or directly or indirectly provide services to a Competitor (as defined below) if (i) the
services that the Executive is to provide to the Competitor are the same as, or substantially similar to, any of the services that
the Executive provided to the Company or the Affiliates, and such services are to be provided with respect to any location in which
the Company or an Affiliate had material operations during the twelve (12) month period prior to the Termination Date, or with
respect to any location in which the Company or an Affiliate had devoted material resources to establishing operations during the
twelve (12) month period prior to the Termination Date; or (ii) the trade secrets, Confidential Information, or proprietary information
(including, without limitation, confidential or proprietary methods) of the Company and the Affiliates to which the Executive had
access could reasonably be expected to benefit the Competitor if the Competitor were to obtain access to such secrets or information. 
For purposes of this paragraph, services provided by others shall be deemed to have been provided by the Executive to Competitor
if the Executive had material supervisory responsibilities with respect to the provision of such services.  The term “Competitor”
means any enterprise (including a person, firm, business, division, or other unit, whether or not incorporated) during
any period in which a material portion of its business is (and during any period in which it intends to enter into business activities
that would be) materially competitive in any way with any business in which the Company or any of the Affiliates were engaged during
the twelve (12) month period prior to the Executive’s Termination Date (including, without limitation, any business if the
Company devoted material resources to entering in such business during such twelve (12) month period), but for purposes of clause
(c) above, the term “Competitor” shall be limited to those businesses to which the Executive devoted more than an insignificant
amount of time while employed by the Company.  Notwithstanding the foregoing, the term “Competitor”
shall not include a business of a Competitor if such business would not, as a stand-alone enterprise, constitute a “Competitor”
under the foregoing definition, provided that Executive does not render any services to, or otherwise assist the portion of the
business that competes with the Company and its Affiliates.  For the avoidance of doubt, the Company’s and Affiliates’
businesses shall include, without limitation, the lines of business set forth in the Company’s annual report on Form 10-K,
provided that nothing in this sentence shall be construed to limit the type of business of the Company and the Affiliates or the
restrictions with respect to such businesses in the future.  Any payments owed to Executive at time of separation as described
herein shall be contingent upon Executive’s compliance with the post-employment noncompetition provisions.

 

(e)              
Equitable Remedies. The Executive acknowledges that the Company would be irreparably injured by a violation of Section
6 and the Executive agrees that the Company, in addition to any other remedies available to it for such breach or threatened
breach, on meeting the standards required by law, shall be entitled to a preliminary injunction, temporary restraining order, or
other equivalent relief, restraining the Executive from any actual or threatened breach of Section 6. If a bond is required
to be posted in order for the Company to secure an injunction or other equitable remedy, the parties agree that said bond need
not be more than a nominal sum.

 

(f)               
Employee Proprietary Information and Inventions Assignment. The terms of that certain Employee Proprietary Information,
Inventions Assignment and Non-Competition Agreement between the Executive and the Company dated October 5, 2016 are hereby incorporated
by reference (the “Invention Assignment Agreement”). To the extent that there are any conflicts between
the terms and conditions of the Invention Assignment Agreement and this Agreement, the terms and conditions of this Agreement shall
control. All non-conflicting terms of the Invention Assignment Agreement are hereby expressly preserved.

 

    	 	16	 

     

    

 

(g)              
Severability; Blue Pencil. The Executive acknowledges and agrees that the Executive has had the opportunity to seek
advice of counsel in connection with this Agreement and the restrictive covenants contained herein are reasonable in geographical
scope temporal duration and in all other respects. If it is determined that any provision of this Section 6 is invalid or
unenforceable, the remainder of the provisions of this Section 6 shall not thereby be affected and shall be given full effect,
without regard to the invalid portions. If any court or other decision-maker of competent jurisdiction determines that any of the
covenants in this Section 6 is unenforceable because of the duration or geographic scope of such provision, then after such
determination becomes final and unappealable, the duration or scope of such provision, as the case may be, shall be reduced so
that such provision becomes enforceable, and in its reduced form, such provision shall be enforced.

 

7.             Successors. 

 

(a)              
This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable
by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and
be enforceable by the Executive’s legal representatives.

 

(b)             
This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns and any
party acting in the form of a receiver or trustee capacity.

 

(c)              
The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.
As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business
and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.

 

8.             Miscellaneous.

 

(a)              
This Agreement shall be construed, and the rights and obligations of the parties hereunder determined, in accordance
with the substantive laws of the State of Michigan, without regard to its conflict-of-laws principles.  For the purposes of
any suit, action or proceeding based upon, arising out of or relating to this Agreement or the negotiation, execution or performance
hereof, the parties hereby expressly submit to the jurisdiction of all federal and state courts sitting within the confines of
the Federal Eastern District of Michigan (the “Venue Area”) and consent that any order, process, notice
of motion or other application to or by any such court or a judge thereof may be served within or without such court’s jurisdiction
by registered mail or by personal service in accordance with Section 8(b).  The parties agree that such courts shall have
the exclusive jurisdiction over any such suit, action or proceeding commenced by either or both of said parties.  Each party
hereby irrevocably waives any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding
based upon, arising out of or relating to this Agreement or the negotiation, execution or performance hereof, brought in any federal
or state court sitting within the confines of the Venue Area and hereby further irrevocably waives any claim that any such suit,
action or proceeding brought in any such court has been brought in an inconvenient forum. The captions of this Agreement are not
part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by
a written agreement executed by the parties hereto or their respective successors and legal representatives.

 

    	 	17	 

     

    

 

(b)             
All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other
party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

	 	If to the Executive:	 	 
	 	 	 	 
	 	 	 	 

 

	 	 	Telephone:  	 	 
	 	 	Fax:	 	 
	 	 	Email: 	 	 

 

	 	If to the Company:	NeuroOne Medical Technologies Corporation
	 	 	Attn: Chairman of the Board
	 	 	NeuroOne Medical Technologies Corporation
	 	 	10006 Liatris Lane
	 	 	Eden Prairie, MN 55347
	 	 	Telephone: (952) 237-7412
	 	 	Email: paulbuckman@gmail.com
    
	 	 	 
	 	with a copy to:	Honigman Miller Schwartz and Cohn LLP
	 	 	350 East Michigan Avenue, Suite 300
	 	 	Kalamazoo, Michigan 49007
	 	 	Attention: Phillip D. Torrence, Esq.
	 	 	Telephone: (269) 337-7702
	 	 	Fax: (269) 337-7703
	 	 	Email: ptorrence@honigman.com

 

 

or to such other address
as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

 

(c)              
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement.

 

(d)             
The Company hereby agrees to indemnify the Executive and hold the Employee harmless to the extent provided under Certificate
of Incorporation of the Company (as amended), the By-Laws of the Company (as amended) and the Indemnification Agreement, dated
as of July 20, 2017, between the Company and the Executive against and in respect of any and all actions, suits, proceedings, claims,
demands, judgments, costs, expenses (including reasonable attorney’s fees), losses, and damages resulting from the Executive’s
good faith performance of the Executive’s duties and obligations with the Company. This obligation shall survive the termination
of the Executive’s employment with the Company.

 

    	 	18	 

     

    

 

(e)              
From and after the Commencement Date, the Company shall cover the Executive under directors’ and officers’
liability insurance both during and, while potential liability exists, after the Employment Period in the same amount and to the
same extent as the Company covers its other executive officers and directors.

 

(f)               
The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as
shall be required to be withheld pursuant to any applicable law or regulation.

 

(g)              
The Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement
or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of
the executive to effect a Termination for Good Reason shall not be deemed to be a waiver of such provision of right or any other
provision or right of this Agreement.

 

(h)             
This Agreement, the Invention Assignment Agreement, and all agreements, documents, instruments, schedules, exhibits
or certificates prepared in connection herewith, represent the entire understanding and agreement between the parties with respect
to the subject matter hereof, supersede all prior agreements or negotiations between such parties, including the Prior Employment
Agreement, and may be amended, supplemented or changed only by an agreement in writing which makes specific reference to this Agreement
or the agreement or document delivered pursuant hereto, as the case may be, and which is signed by the party against whom enforcement
of any such amendment, supplement or modification is sought.

 

    	 	19	 

     

    

 

IN WITNESS WHEREOF,
the Company and the Executive have executed this Agreement as of the date first above written.

 

	 	 
	
        The
        Executive:

         

         

        /s/ David Rosa                 

        David
        Rosa 
	
        The
        Company:

         

        NeuroOne
        Medical Technologies Corporation 

         

        By: /s/ Paul Buckman                 

        Name: Paul Buckman
                         

        Title: Chairman

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