Exhibit 10.3


 


THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF, AND HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS.
SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF (A) SUCH REGISTRATION, (B) AN OPINION OF COUNSEL IN A FORM REASONABLY
ACCEPTABLE TO COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES
LAWS OR (C) CLENE INC. OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS COMPLIANT WITH SUCH LAWS.


 


Date of Issuance: May 21, 2021


 


WARRANT TO PURCHASE


 


SHARES OF
STOCK OF


 


CLENE INC.


 


(Void after May 21, 2026)


 


This certifies
that AVENUE VENTURE OPPORTUNITIES FUND, LP, a Delaware limited partnership, or permitted assigns (“Holder”), for value
received, is entitled to purchase from CLENE INC., a Delaware corporation (“Company”), the Applicable Number (hereinafter
defined) of fully paid and nonassessable shares of the Company’s Common Stock (the “Warrant Stock”), for cash,
at a purchase price per share equal to the Stock Purchase Price (hereinafter defined). Holder may also exercise this Warrant on a cashless
or “net issuance” basis as described in Section 1(b) below, and this Warrant shall be deemed to have been exercised in full
on such basis on the Expiration Date (hereinafter defined), to the extent not fully exercised prior to such date. This Warrant is issued
in connection with that certain Loan and Security Agreement and Supplement thereto, both of even date herewith (as amended, restated and
supplemented from time to time, the “Loan Agreement” and the “Supplement”, respectively), between
Company, as borrower, and Holder, as lender (“Lender”). Capitalized terms used herein and not otherwise defined in
this Warrant shall have the meaning(s) ascribed to them in the Loan Agreement and the Supplement, unless the context would otherwise require.


 


“Applicable
Number” means the number of shares of Warrant Stock purchasable hereunder obtained by dividing (A) five percent (5.00%) of the
original principal amount of each Loan funded under the Loan Agreement (such amount sometimes referred to hereinafter as the “Coverage
Amount”) by (B) the Stock Purchase Price; provided that, upon the funding of Tranche 2 under (and as defined in) the Supplement,
and without further action of Holder or Issuer, the Applicable Number automatically shall be adjusted to include an additional number
of shares of Warrant Stock (the “Tranche 2 Warrant Stock”) equal to five percent (5.00%) the original principal amount
of Tranche 2, divided by the Stock Purchase Price; in each case, subject to the other adjustments set forth in Section 4 of this Warrant.


 


“Stock
Purchase Price” means the lower of (i) the five (5)-day volume weighted average price per share; determined as of the end of
trading on the last trading day before the Date of Issuance (and, in the case of any Tranche 2 Warrant Stock, as of the end of trading
on the last trading day before any issuance thereof), or (ii) the Next Round Price (hereinafter defined).


 






     


     


    

 


“Next
Round Price” means the lowest price per share paid to the Company by cash investors for the Company’s Common Stock issued
in the Next Round (hereinafter defined). “Next Round” means the next bona fide round of equity financing after the
Date of Issuance and on or prior to March 31, 2022, in which Company sells or issues shares of its Common Stock (excluding any option
grants, shares issued in an acquisition, shares issued to vendors, and the like).


 


As soon as
reasonably practicable after the occurrence or non-occurrence of the latest event or condition necessary to determine the Stock Purchase
Price, Company shall deliver a supplement to this Warrant (subsequent to a request by Holder therefor), in substantially the form of Exhibit
“A” attached hereto, specifying the total number and series of shares of Warrant Stock issuable hereunder after giving
effect to the foregoing calculations, and otherwise completed with such quantity and price terms and other information as have been determined
as a result of the occurrence or non-occurrence of such events or conditions. The provisions of such supplement, once completed and executed,
shall control the interpretation and exercise of this Warrant; provided, however, that the failure of Company to deliver such supplement
shall not affect the rights of Holder to receive the number and type of shares of Warrant Stock as set forth herein.


 


Subject to
Section 4.3, this Warrant may be exercised at any time or from time to time up to and including 5:00 p.m. (Pacific time) on May , 2026
(the “Expiration Date”), upon surrender to Company at its principal office at 6550 South Millrock Drive, Suite G50,
Salt Lake City, Utah 84121 (or at such other location as Company may advise Holder in writing) of this Warrant properly endorsed with
the Form of Subscription attached hereto duly completed and signed and upon payment in cash or by check of the aggregate Stock Purchase
Price for the number of shares for which this Warrant is being exercised determined in accordance with the provisions hereof. The Stock
Purchase Price and the number of shares purchasable hereunder are subject to further adjustment as provided in Section 4 of this Warrant.


 


This Warrant is subject to the following terms and conditions:


 


1.
Exercise; Issuance of Certificates; Payment for Shares.


 


(a) Unless
an election is made pursuant to clause (b) of this Section 1, this Warrant shall be exercisable at the option of Holder, at any time or
from time to time, on or before the Expiration Date for all or any portion of the shares of Warrant Stock (but not for a fraction of a
share) which may be purchased hereunder for the Stock Purchase Price multiplied by the number of shares to be purchased. Company agrees
that the shares of Warrant Stock purchased under this Warrant shall be and are deemed to be issued to Holder as the record owner of such
shares as of the close of business on the date on which the form of subscription shall have been delivered and payment made for such shares.
Subject to the provisions of Section 2, certificates for the shares of Warrant Stock so purchased, together with any other securities
or property to which Holder is entitled upon such exercise, shall be delivered to Holder by Company at Company’s expense within
a reasonable time after the rights represented by this Warrant have been so exercised. Except as provided in clause (b) of this Section
1, in case of a purchase of less than all the shares which may be purchased under this Warrant, Company shall cancel this Warrant and
execute and deliver a new Warrant or Warrants of like tenor for the balance of the shares purchasable under this Warrant surrendered upon
such purchase to Holder within a reasonable time. Each stock certificate so delivered shall be in such denominations of Warrant Stock
as may be requested by Holder and shall be registered in the name of such Holder or such other name as shall be designated by such Holder,
subject to the limitations contained in Section 2.


 


(b) Holder,
in lieu of exercising this Warrant by the cash payment of the Stock Purchase Price pursuant to clause (a) of this Section 1, may elect,
at any time on or before the Expiration Date, to surrender this Warrant and receive that number of shares of Warrant Stock computed using
the following formula:


 


	X =    	Y(A – B)
	 	  A



  






    2


     


    

 





	 	Where:	X	=	the number of shares of Warrant Stock to be issued to Holder.
	 	 	 	 	 
	 	 	Y	=	the number of shares of Warrant Stock that Holder would otherwise have been entitled to purchase hereunder pursuant to Section 1(a) (or such lesser number of shares as Holder may designate in the case of a partial exercise of this Warrant).
	 	 	 	 	 
	 	 	A	=	the Per Share Price (as defined in Section 1(c) below) of one (1) share of Warrant Stock at the time the net issuance election under this Section 1(b) is made.
	 	 	 	 	 
	 	 	B	=	the Stock Purchase Price then in effect.


  


Election to exercise under this
Section 1(b) may be made by delivering a signed form of subscription to Company via facsimile, to be followed by delivery of this Warrant.
Notwithstanding anything to the contrary contained in this Warrant, if as of the close of business on the last business day preceding
the Expiration Date this Warrant remains unexercised as to all or a portion of the shares of Warrant Stock purchasable hereunder, then
effective as 9:00 a.m. (Pacific time) on the Expiration Date, Holder shall be deemed, automatically and without need for notice to Company,
to have elected to exercise this Warrant in full pursuant to the provisions of this Section 1(b), and upon surrender of this Warrant shall
be entitled to receive that number of shares of Warrant Stock computed using the above formula, provided that the application of such
formula as of the Expiration Date yields a positive number for “X”.


 


(c) For purposes of Section 1(b), “Per Share Price” means:


			



 


(i) If
this Warrant is exercised on the date of Company’s initial public offering of Common Stock, and if Company’s registration
statement relating to such public offering has been declared effective by the Securities and Exchange Commission, then the Per Share Price
shall be, if the Warrant is exercisable for Warrant Stock, the product of (A) the initial “Price to Public” of the Common
Stock specified in the final prospectus with respect to the offering, and (B) the number of shares of Common Stock into which each share
of Warrant Stock exercised is convertible at the date of calculation, or, if the Warrant is exercisable for Common Stock, the initial
“Price to Public” of the Common Stock specified in the final prospectus with respect to the offering.


 


(ii) If
(i) is not applicable, the Per Share Price shall be determined in good faith by the Board of Directors of Company (the “Board”)
based on relevant facts and circumstances at the time of the net exercise under Section 1(b), including (a) the five (5)-day volume weighted
average price per share of the Common Stock and (b) in the case of a Change of Control (as defined in Section 4.3 hereof) the consideration
receivable by the holders of the Warrant Stock in such Change of Control and the liquidation preference (including any declared but unpaid
dividends), if any, then applicable to the Warrant Stock.


 


2.
Limitation on Transfer.


 


(a) This
Warrant and the Warrant Stock shall not be transferable except upon the conditions specified in this Section 2, which conditions are intended
to ensure compliance with the provisions of the Securities Act of 1933, as amended (the “Securities Act”). Each holder
of this Warrant or the Warrant Stock issuable hereunder will cause any proposed transferee of the Warrant or Warrant Stock to agree to
take and hold such securities subject to the provisions and upon the conditions specified in this Section 2. Notwithstanding the foregoing
and any other provision of this Section 2 but subject to the last sentence of Section 2(c), Holder may freely transfer all or part of
this Warrant or the shares issuable upon exercise of this Warrant (or the securities issuable, directly or indirectly, upon conversion
of the shares, if any) at any time to any affiliate of Lender under the Loan Agreement, by giving Company notice of the portion of the
Warrant being transferred setting forth the name, address and taxpayer identification number of the transferee and surrendering this Warrant
to Company for reissuance to the transferees(s) (and Holder, if applicable).


 






    3


     


    

 


(b) Each
certificate representing (i) this Warrant, (ii) the Warrant Stock and (iii) any other securities issued in respect to the Warrant Stock
upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event, shall (unless otherwise permitted by the
provisions of this Section 2 or unless such securities have been registered under the Securities Act or sold under Rule 144) be stamped
or otherwise imprinted with a legend substantially in the following form (in addition to any legend required under applicable state securities
laws):


 


THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF, AND
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE
ABSENCE OF (A) SUCH REGISTRATION, (B) AN OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (C) CLENE INC. OTHERWISE SATISFIES ITSELF THAT
SUCH TRANSACTION IS COMPLIANT WITH SUCH LAWS.


 


(c) Holder
of this Warrant and each person to whom this Warrant is subsequently transferred represents and warrants to Company and agrees (by acceptance
of such transfer) that it will not transfer this Warrant (or securities issuable upon exercise hereof unless a registration statement
under the Securities Act was in effect with respect to such securities at the time of issuance thereof) unless (i) there is an effective
registration statement under the Securities Act and applicable state securities laws covering any such transaction, (ii) pursuant to Rule
144 under the Securities Act (or any other rule under the Securities Act relating to the disposition of securities), (iii) Company receives
an opinion of counsel, reasonably satisfactory to Company, that an exemption from such registration is available or (iv) the Company otherwise
satisfies itself that such transaction is exempt from registration. Notwithstanding the foregoing or any other provision of this Section
2, Holder shall not transfer this Warrant (or securities issuable upon exercise hereof, or securities issuable, directly or indirectly,
upon conversion of such securities, if any) to any competitor of Company, as determined in good faith by the Board, without the prior
written consent of Company.


 


(d)
[Reserved].


 


(e) As
a condition to the exercise of this Warrant and the issuance of Warrant Stock, if requested by the Company by reasonable notice to Holder,
Holder shall agree in writing to be fully bound by any investors rights, shareholder or similar agreements applicable to holders of Warrant
Stock (“Investor Agreements”), provided that Holder shall not be required to agree to any terms of such agreements
that are inconsistent with the terms of this Warrant.


 


3. Shares to be Fully Paid;
Reservation of Shares. Company covenants and agrees that all shares of Warrant Stock which may be issued upon the exercise of
the rights represented by this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable and
free from all preemptive rights of any stockholder and free of all taxes (except any tax imposed on Holder with respect to the gain
on the exercise of the Warrant), liens and charges with respect to the issue thereof. Company further covenants and agrees that
during the period within which the rights represented by this Warrant may be exercised, Company will at all times have authorized
and reserved, for the purpose of issue or transfer upon exercise of the subscription rights evidenced by this Warrant, a sufficient
number of shares of authorized but unissued Warrant Stock, or other securities and property, when and as required to provide for the
exercise of the rights represented by this Warrant. Company will take all such action as may be necessary to assure that such shares
of Warrant Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of
any domestic securities exchange upon which the Warrant Stock may be listed. Company will not take any action which would result in
any adjustment of the Stock Purchase Price (as described in Section 4 hereof) (i) if the total number of shares of Warrant Stock
issuable after such action upon exercise of all outstanding warrants, together with all shares of Warrant Stock then outstanding and
all shares of Warrant Stock then issuable upon exercise of all options and upon the conversion of all convertible securities then
outstanding, would exceed the total number of shares of Warrant Stock then authorized by Company’s Certificate of
Incorporation, as amended and restated from time to time (the “Charter”), (ii) if the total number of shares of
Common Stock issuable after such action upon the conversion of all such shares of Warrant Stock together with all shares of Common
Stock then outstanding and then issuable upon exercise of all options and upon the conversion of all convertible securities then
outstanding would exceed the total number of shares of Common Stock then authorized by Company’s Charter or (iii) if the par
value per share of the Warrant Stock would exceed the Stock Purchase Price.


 






    4


     


    

 


4. Adjustment
of Stock Purchase Price and Number of Shares. The Stock Purchase Price and the number of shares purchasable upon the exercise of this
Warrant shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 4. Upon each
adjustment of the Stock Purchase Price, Holder of this Warrant shall thereafter be entitled to purchase, at the Stock Purchase Price resulting
from such adjustment, the number of shares obtained by multiplying the Stock Purchase Price in effect immediately prior to such adjustment
by the number of shares purchasable pursuant hereto immediately prior to such adjustment, and dividing the product thereof by the Stock
Purchase Price resulting from such adjustment.


 


4.1 Subdivision
or Combination of Stock. In case Company shall at any time subdivide its outstanding shares of Warrant Stock into a greater number
of shares, the Stock Purchase Price in effect immediately prior to such subdivision shall be proportionately reduced, and conversely,
in case the outstanding shares of Warrant Stock of Company shall be combined into a smaller number of shares, the Stock Purchase Price
in effect immediately prior to such combination shall be proportionately increased.


 


4.2 Dividends.
If at any time or from time to time the holders of Warrant Stock (or any shares of stock or other securities at the time receivable upon
the exercise of this Warrant) shall have received or become entitled to receive,


 


(a) Warrant
Stock, or any shares of stock or other securities whether or not such securities are at any time directly or indirectly convertible into
or exchangeable for Warrant Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way
of dividend or other distribution,


 


(b)
any cash paid or payable including as a cash dividend, or


 


(c) Warrant Stock or other or
additional stock or other securities or property (including cash) by way of spin off, split-up, reclassification, combination of
shares or similar corporate rearrangement, (other than shares of Warrant Stock issued as a stock split, adjustments in respect of
which shall be covered by the terms of Section 4.1 above), then and in each such case, Holder hereof shall, upon the exercise of
this Warrant, be entitled to receive, in addition to the number of shares of Warrant Stock receivable thereupon, and without payment
of any additional consideration therefor, the amount of stock and other securities and property (including cash in the cases
referred to in clauses (b) and (c) above) which such Holder would hold on the date of such exercise had it been the holder of record
of such Warrant Stock as of the date on which holders of Warrant Stock received or became entitled to receive such shares and/or all
other additional stock and other securities and property.


 


4.3 Change of Control.
In the event of a Change of Control (as hereinafter defined) that occurs after the date this Warrant is issued, this Warrant shall
be automatically exchanged for a number of shares of Company’s securities, such number of shares being equal to the maximum
number of shares issuable pursuant to the terms hereof (after taking into account all adjustments described herein) had Holder
elected to exercise this Warrant immediately prior to the closing of such Change of Control and purchased all such shares pursuant
to the cash exercise provision set forth in Section 1(a) hereof (as opposed to the cashless exercise provision set forth in Section
1(b)). Company acknowledges and agrees that Holder shall not be required to make any payment (cash or otherwise) for such shares as
further consideration for their issuance pursuant to the terms of the preceding sentence. “Change of Control”
shall mean any sale, license, or other disposition of all or substantially all of the assets of Company, any reorganization,
consolidation, merger or other transaction involving Company where the holders of Company’s securities before the transaction
beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction; provided that an
issuance of equity securities for the primary purpose of raising capital shall not be considered a Change of Control under this
Warrant. This Warrant shall terminate upon Holder’s receipt of the number of shares of Company’s equity securities
described in this Section 4.3.


 






    5


     


    

  


4.4
Reserved.


 


4.5 Notice
of Adjustment. Upon any adjustment of the Stock Purchase Price, and/or any increase or decrease in the number of shares purchasable
upon the exercise of this Warrant, Company shall give written notice thereof to Holder pursuant to Section 12. The notice, which may be
substantially in the form of Exhibit “A” attached hereto, shall be signed by Company’s chief financial officer and shall
state the Stock Purchase Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable
at such price upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which
such calculation is based.


 


4.6
Other Notices. If at any time:


 


(a)
Company shall declare any cash dividend upon its Warrant Stock;


 


(b) Company
shall declare any dividend upon its Warrant Stock payable in stock or make any special dividend or other distribution to the holders of
its Warrant Stock;


 


(c) Company
shall offer for subscription pro rata to the holders of its Warrant Stock any additional shares of stock of any class or other rights;


 


(d) there
shall be any capital reorganization or reclassification of the capital stock of Company, or consolidation or merger of Company with, or
sale of all or substantially all of its assets to, another entity;


 


(e)
there shall be a voluntary or involuntary dissolution, liquidation or winding-up of Company; or


 


(f) Company
shall take or propose to take any other action, notice of which is actually provided to holders of the Warrant Stock;


 


then, in any one or more of said
cases, Company shall give Holder, pursuant to Section 12, (i) at least 10 days’ prior written notice of the date on which the books
of Company shall close or a record shall be taken for such dividend, distribution or subscription rights or for determining rights to
vote in respect of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or
other action and (ii) in the case of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation
or winding-up, or other action, at least 10 days’ written notice of the date when the same shall take place. Any notice given in
accordance with the foregoing clause (i) shall also specify, in the case of any such dividend, distribution or subscription rights, the
date on which the holders of Warrant Stock shall be entitled thereto. Any notice given in accordance with the foregoing clause (ii) shall
also specify the date on which the holders of Warrant Stock shall be entitled to exchange their Warrant Stock for securities or other
property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up,
or other action as the case may be.


 






    6


     


    

 


4.7 Certain
Events. If any change in the outstanding Warrant Stock of Company or any other event occurs as to which the other provisions of this
Section 4 are not strictly applicable or if strictly applicable would not fairly effect the adjustments to this Warrant in accordance
with the essential intent and principles of such provisions, then the Board shall make in good faith an adjustment in the number and class
of shares issuable under this Warrant, the Stock Purchase Price and/or the application of such provisions, in accordance with such essential
intent and principles, so as to protect such purchase rights as aforesaid. The adjustment shall be such as will give Holder of this Warrant
upon exercise for the same aggregate Stock Purchase Price the total number, class and kind of shares as Holder would have owned had this
Warrant been exercised prior to the event and had Holder continued to hold such shares until after the event requiring adjustment.


 


5. Issue
Tax. The issuance of certificates for shares of Warrant Stock upon the exercise of this Warrant shall be made without charge to Holder
of this Warrant for any issue tax in respect thereof; provided, however, that Company shall not be required to pay any tax which may be
payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than that of the then Holder
of this Warrant being exercised, and the Holder shall pay any tax imposed on Holder with respect to the gain on the exercise of the Warrant.


 


6. Closing
of Books. Company will at no time close its transfer books against the transfer of this Warrant or of any shares of Warrant Stock
issued or issuable upon the exercise of this Warrant in any manner which interferes with the timely exercise of this Warrant unless the
Company at the same time is closing its transfer books for all Common Stock.


 


7. No
Voting Rights; Limitation of Liability. Nothing contained in this Warrant shall be construed as conferring upon Holder hereof the
right to vote or to consent as a stockholder in respect of meetings of stockholders for the election of directors of Company or any other
matters or any rights whatsoever as a stockholder of Company. No dividends or interest shall be payable in respect of this Warrant or
the interest represented hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been exercised;
provided, however, that if any dividends are due or paid at any time on the underlying securities for which this Warrant is exercisable,
then upon exercise, the securities issued to Holder shall be deemed to have accrued dividends and be paid identical dividends from the
same time as the outstanding shares for which this Warrant is exercisable were first issued (or, if later, the date of this Warrant).
No provisions hereof, in the absence of affirmative action by Holder to purchase shares of Warrant Stock, and no mere enumeration herein
of the rights or privileges of Holder hereof, shall give rise to any liability of such Holder for the Stock Purchase Price or as a stockholder
of Company, whether such liability is asserted by Company or by its creditors.


 


8. Amendment
of Charter. Unless Holder consents thereto in writing, Company shall not amend its Charter prior to the exercise of this Warrant if
the Warrant Stock would be adversely affected by such amendment in a manner that would be more adverse to Holder with respect to the shares
of Warrant Stock issuable upon the exercise of this Warrant than, and substantially dissimilar to, such amendment’s effect on the
other holders of the same class or series of Warrant Stock.


 


9. Registration
Rights. The Company will use commercially reasonable efforts to include in a registration statement on Form S-1, currently in good
faith anticipated to be filed by the Company with the SEC in connection with a PIPE transaction within ninety days, the Warrant Stock
issuable upon exercise of this Warrant. Thereafter, the Company will use commercially reasonable efforts to maintain a registration statement
under which the Warrant Stock could be issued until the Warrant is exercised or expires.


 


10. Rights
and Obligations Survive Exercise of Warrant. The rights and obligations of Company, of Holder of this Warrant and of the holder of
shares of Warrant Stock issued upon exercise of this Warrant, contained in Sections 6, 8, 9 and 19 shall survive the exercise of this
Warrant.


 






    7


     


    

 


11. Modification
and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the same is sought.


 


12. Notices.
Any notice, request or other document required or permitted to be given or delivered to Holder or Company shall be deemed to have been
given (i) upon receipt if delivered personally or by courier (ii) upon confirmation of receipt if by telecopy or (iii) three business
days after deposit in the US mail, with postage prepaid and certified or registered, to each such Holder at its address as shown on the
books of Company or to Company at the address indicated therefor in the opening paragraphs of this Warrant (or at such other location
as Company may advise Holder in writing).


 


13. Survival
of Certain Obligations. All of the obligations of Company relating to the Warrant Stock issuable upon the exercise of this Warrant
shall survive the exercise and termination of this Warrant. All of the covenants and agreements of Company shall inure to the benefit
of and be binding upon the successors and permitted assigns of Holder. Company will, at the time of the exercise of this Warrant, in whole
or in part, upon request of Holder but at Company’s expense, acknowledge in writing its continuing obligation to Holder in respect
of any rights to which Holder shall continue to be entitled after such exercise in accordance with this Warrant; provided, that the failure
of Holder to make any such request shall not affect the continuing obligation of Company to Holder in respect of such rights.


 


14. Descriptive
Headings and Governing Law. The descriptive headings of the several sections and paragraphs of this Warrant are inserted for convenience
only and do not constitute a part of this Warrant. This Warrant shall be construed and enforced in accordance with, and the rights of
the parties shall be governed by, the laws of the State of Delaware.


 


15. Lost
Warrants or Stock Certificates. Company agrees that upon receipt of evidence reasonably satisfactory to Company of the loss, theft,
destruction, or mutilation of any Warrant or stock certificate and, in the case of any such loss, theft or destruction, upon receipt of
an indemnity reasonably satisfactory to Company, or in the case of any such mutilation upon surrender and cancellation of such Warrant
or stock certificate, Company at its expense will make and deliver a new Warrant or stock certificate, of like tenor, in lieu of the lost,
stolen, destroyed or mutilated Warrant or stock certificate.


 


16. Fractional
Shares. No fractional shares shall be issued upon exercise of this Warrant. Company shall, in lieu of issuing any fractional share,
pay the holder entitled to such fraction a sum in cash equal to such fraction multiplied by the then effective Stock Purchase Price.


 


17. Representations
of Holder. With respect to this Warrant, Holder represents and warrants to Company as follows:


 


17.1 Experience.
It is experienced in evaluating and investing in companies engaged in businesses similar to that of Company; it understands that investment
in this Warrant involves substantial risks; it has made detailed inquiries concerning Company, its business and services, its officers
and its personnel; the officers of Company have made available to Holder any and all written information it has requested; the officers
of Company have answered to Holder’s satisfaction all inquiries made by it; in making this investment it has relied upon information
made available to it by Company; and it has such knowledge and experience in financial and business matters that it is capable of evaluating
the merits and risks of investment in Company and it is able to bear the economic risk of that investment.


 


17.2 Investment.
It is acquiring this Warrant for investment for its own account and not with a view to, or for resale in connection with, any distribution
thereof. It understands that this Warrant and the shares of Warrant Stock have not been registered under the Securities Act, nor qualified
under applicable state securities laws.


 






    8


     


    

 


17.3 Rule
144. It acknowledges that this Warrant, the Warrant Stock and the Common Stock must be held indefinitely unless they are subsequently
registered under the Securities Act or an exemption from such registration is available. It has been advised or is aware of the provisions
of Rule 144 promulgated under the Securities Act.


 


17.4 Access
to Data. It has had an opportunity to discuss Company’s business, management and financial affairs with Company’s management
and has had the opportunity to inspect Company’s facilities.


 


17.5 Accredited
Investor. It is an “accredited investor” within the meaning of Regulation D promulgated under the Securities Act.


 


18.
Additional Representations and Covenants of Company. Company hereby represents, warrants and agrees as follows:


 


18.1 Corporate
Power. Company has all requisite corporate power and corporate authority to issue this Warrant and to carry out and perform its obligations
hereunder.


 


18.2 Authorization.
All corporate action on the part of Company, its directors and stockholders necessary for the authorization, execution, delivery and performance
by Company of this Warrant has been taken. This Warrant is a valid and binding obligation of Company, enforceable in accordance with its
terms.


 


18.3 Offering.
Subject in part to the truth and accuracy of Holder’s representations set forth in Section 17 hereof, the offer, issuance and sale
of this Warrant is, and the issuance of Warrant Stock upon exercise of this Warrant will be, exempt from the registration requirements
of the Securities Act, and are exempt from the qualification requirements of any applicable state securities laws (assuming any required
filing is made); and neither Company nor anyone acting on its behalf will take any action hereafter that would cause the loss of such
exemptions.


 


18.4 Listing;
Stock Issuance. Company shall secure and maintain the listing of the Warrant Stock issuable upon exercise of this Warrant upon each
securities exchange or over-the-counter market upon which securities of the same class or series issued by the Company are listed, if
any. Upon exercise of this Warrant, Company will use commercially reasonable efforts to cause stock certificates representing the shares
of Warrant Stock purchased pursuant to the exercise to be issued in the names of Holder, its nominees or assignees, as appropriate at
the time of such exercise.


 


18.5 Charter
Documents. Company has provided Holder with true and complete copies of Company’s Charter, By-Laws, and each Certificate of
Designation or other charter document setting, forth any rights, preferences and privileges of Company’s capital stock, each as
amended and in effect on the date of issuance of this Warrant.


 


18.6
Reserved.


 


18.7
Reserved.


 


19. Counterparts;
Facsimile. Holder’s execution and delivery of Holder’s counterpart signature page to this Warrant via facsimile, electronic
mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) shall constitute
Holder’s effective execution and delivery of this Warrant and agreement to and acceptance of the terms hereof for all purposes.


 


[Remainder of this page intentionally
left blank; signature page follows]


 






    9


     


    

 


[Signature Page to Warrant]


 


IN WITNESS WHEREOF, Company
has caused this Warrant to be duly executed by its officer, thereunto duly authorized as of the date of issuance set forth on the first
page hereof.


 


CLENE INC.


 


	By:	/s/ Rob Etherington	 
	Name: 	Rob Etherington	 
	Title:	President	 


  


AGREED AND ACCEPTED:


 


HOLDER:


 


AVENUE VENTURE OPPORTUNITIES FUND, LP


 


	By:	Avenue Venture Opportunities Partners, LLC	 
	Its:	General Partner	 


  


	By:	/s/ Sonia Gardner	 
	
    Name: 

    Title:
	
    Sonia Gardner

    Authorized Signatory
	 



 






     


     


    

 


FORM OF SUBSCRIPTION


 


(To be signed only upon exercise
of Warrant)


To: _____________________________


 


		☐	The undersigned, the holder of the within Warrant, hereby irrevocably
elects to exercise the purchase right represented by such Warrant for, and to purchase thereunder, (1)                    (
) shares1 (the “Shares”) of Stock of                    and
herewith makes payment of                    Dollars
($          ) therefor, and requests that the certificates for such shares be
issued in the name of, and delivered to,          , whose address is          .



 


		☐	The undersigned hereby elects to convert          percent
( %) of the value of the Warrant pursuant to the provisions of Section 1(b) of the Warrant.



 


The undersigned acknowledges that it has reviewed the representations
and warranties contained in Section 17 of this Warrant and by its signature below hereby makes such representations and warranties to
Company.


 


	 	Dated	 	 
				 
		Holder:  	 	 
	 			 
		By:	 	 
	 	 	 	 
	 	Its:	 	 
	 	 	 	 
	 	(Address)	 	 
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	 





 


 












1 Insert here the number
of shares called for on the face of the Warrant (or, in the case of a partial exercise, the portion thereof as to which the Warrant is
being exercised), in either case without making any adjustment for additional Warrant Stock or any other stock or other securities or
property or cash which, pursuant to the adjustment provisions of the Warrant, may be issuable upon exercise.


 






     


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED, the undersigned,
the holder of the within Warrant, hereby sells, assigns and transfers all of the rights of the undersigned under the within Warrant, with
respect to the number of shares of Warrant Stock covered thereby set forth herein below, unto:


 


	Name of Assignee	 	Address	 	No. of Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 


 


	 	Dated	 	 
	 	 	 	 
	 	Holder:  	 	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Its:	 	 



 






     


     


    

 


EXHIBIT “A”


 


[On letterhead of Company]


 


Reference is
hereby made to that certain Warrant dated May 21, 2021 issued by CLENE INC., a Delaware corporation (the “Company”),
to AVENUE VENTURE OPPORTUNITIES FUND, LP, a Delaware limited partnership (the “Holder”).


 


[IF APPLICABLE]
The Warrant provides that the actual number and type of shares of Company’s capital stock issuable upon exercise of the Warrant and the
initial exercise price per share are to be determined by reference to one or more events or conditions subsequent to the issuance of the
Warrant. Such events or conditions have now occurred or lapsed, and Company wishes to confirm the actual number of shares issuable and
the initial exercise price. The provisions of this Supplement to Warrant are incorporated into the Warrant by this reference, and shall
control the interpretation and exercise of the Warrant.


 


[IF APPLICABLE]
Notice is hereby given pursuant to Section 4.5 of the Warrant that the following adjustment(s) have been made to the Warrant: [describe
adjustments, setting forth details regarding method of calculation and facts upon which calculation is based].


 


This
certifies that Holder is entitled to purchase from
Company                              ,
at the Holder’s option, either (i)
(                    )
fully paid and nonassessable shares of
Company’s                    Stock
at a price of                 Dollars
($                   ) per
share or (ii)
(                   ) fully
paid and nonassessable shares of
Company’s                    Stock
at a price of                   Dollars
($                 )
per share. The applicable Stock Purchase Price and the number of shares purchasable under the Warrant remain subject to adjustment
as provided in Section 4 of the Warrant.


 


Executed this         day of                                               , 20          .


 





 


	 	CLENE INC.	 
	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Name: 	 	 
	 	 	 	 
	 	Title: