Exhibit 4.6


 


EXECUTION VERSION


 


THIS WARRANT AND THE UNDERLYING SECURITIES HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF
ANY STATE. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER
THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION REQUIREMENTS OR AN EXEMPTION THEREFROM. THE ISSUER
OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE, TRANSFER, PLEDGE
OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. This
warrant must be surrendered to the coMPANY or its transfer agent as a condition precedent to the sale, transfer, pledge or hypothecation
of any interest in any of the securities represented hereby.


 


WARRANT TO PURCHASE SHARES


of


MIROMATRIX MEDICAL INC.


 


Dated
as of March 6, 2020


Void
after the date specified in Section 8


 


	No. C-1	
    Warrant to Purchase

    Shares of

    Preferred Stock

    (subject to adjustment)

    



 


THIS CERTIFIES THAT, for value
received, Cheshire MD Holdings, LLC, or its registered assigns (the “Holder”), is entitled, subject to the provisions
and upon the terms and conditions set forth herein, to purchase from Miromatrix Medical Inc., a Delaware corporation (the “Company”),
the Company’s Shares (as defined below), in the amounts, at such times and at the price per share set forth in Section 1. The
term “Warrant” as used herein shall include this Warrant and any warrants delivered in substitution or exchange
therefor as provided herein. This Warrant is issued in connection with the transactions described in the Note and Warrant Purchase Agreement,
dated as of March 6, 2020, by and among the Company and the purchasers described therein (the “Purchase Agreement”).
Capitalized terms that are not defined herein shall have the same meaning as defined in the Purchase Agreement.


 


The following is a statement
of the rights of the Holder and the conditions to which this Warrant is subject, and to which Holder, by acceptance of this Warrant, agrees:


 


1.             Number
and Price of Shares; Exercise Period.


 


(a)            Definition
of Shares. “Shares” shall mean the Qualified Financing Shares (as defined the Note) if the Note is converted
into the Qualified Financing Shares in a Qualified Financing (as defined in the Note) pursuant to the terms thereof. If the Note is converted
into the Voluntary Conversion Shares (as defined in the Note) pursuant to the terms thereof, then “Shares” shall
mean the Voluntary Conversion Shares.


 


(b)            Number
of Shares. Subject to any previous exercise of the Warrant, the Holder shall have the right to purchase up to the
number of Shares that equals the quotient obtained by dividing (x) $750,000 (the “Warrant Coverage Amount”)
by (y) the Exercise Price (as defined below), prior to (or in connection with) the expiration of this Warrant as provided in Section 8.


 






     


     


    

 


(c)            Exercise
Price. The exercise price per Share (the “Exercise Price”) shall be equal to (i) the Conversion
Price (as defined in the Note) if the Note has converted into the Qualified Financing Shares in a Qualified Financing, or (ii) if
the Note has converted into the Voluntary Conversion Shares, the lowest price per share paid by the other purchasers of the Voluntary
Conversion Shares sold in the Non-Qualified Financing.


 


(d)            Exercise
Period. This Warrant shall be exercisable, in whole or in part, after the earlier of (i) the closing date of the Company’s
Qualified Financing or (ii) conversion of the Note in a Non-Qualified Financing and prior to (or in connection with) the expiration
of this Warrant as set forth in Section 8.


 


2.             Exercise
of the Warrant.


 


(a)            Exercise.
The purchase rights represented by this Warrant may be exercised at the election of the Holder, in whole or in part, in accordance with
Section 1, by:


 


(i)          the
tender to the Company at its principal office (or such other office or agency as the Company may designate) of a notice of exercise in
the form of Exhibit A (the “Notice of Exercise”), duly completed and executed by or on behalf of the Holder,
together with the surrender of this Warrant; and


 


(ii)         the
payment to the Company of an amount equal to (x) the Exercise Price multiplied by (y) the number of Shares being purchased,
by (a) wire transfer or certified, cashier’s or other check acceptable to the Company and payable to the order of the Company;
(b) surrender and cancellation of promissory notes or other instruments representing indebtedness of the Company to the Holder; or
(c) a combination of (a) and (b).


 


(b)            Net
Issue Exercise. In lieu of exercising this Warrant pursuant to Section 2(a)(ii),
if the fair market value of one Share is greater than the Exercise Price (at the date of calculation as set forth below), the Holder may
elect to receive a number of Shares equal to the value of this Warrant (or of any portion of this Warrant being canceled) by surrender
of this Warrant at the principal office of the Company (or such other office or agency as the Company may designate) together with a properly
completed and executed Notice of Exercise reflecting such election, in which event the Company shall issue to the Holder that number of
Shares computed using the following formula:


 


	X	=	
        Y (A – B)    

    A



 


Where:


 


	X	=	The number of Shares to be issued to the Holder
	 	 	 
	Y	=	The number of Shares purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of such calculation)
	 	 	 
	A	=	The fair market value of one Share (at the date of such calculation)
	 	 	 
	B	=	The Exercise Price (as adjusted to the date of such calculation)


 






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For purposes of the calculation
above, the fair market value of one Share shall be determined by the Board of Directors of the Company, acting in good faith; provided,
however, that:


 


(i)          where
a public market exists for the Company’s common stock at the time of such exercise, the fair market value per Share shall be the
product of (x) the average of the closing bid and asked prices of the common stock or the closing price quoted on the national securities
exchange on which the common stock is listed as published in the Wall Street Journal, as applicable, for the ten (10) trading
day period ending five (5) trading days prior to the date of determination of fair market value and (y) the number of shares
of common stock into which each Share is convertible at the time of such exercise, as applicable; and


 


(ii)         if
the Warrant is exercised in connection with the Company’s initial public offering of common stock, the fair market value per Share
shall be the product of (x) the per share offering price to the public of the Company’s initial public offering and (y) the
number of shares of common stock into which each Share is convertible at the time of such exercise, as applicable.


 


(c)            Stock
Certificates. The rights under this Warrant shall be deemed to have been exercised and the Shares issuable upon such exercise
shall be deemed to have been issued immediately prior to the close of business on the date this Warrant is exercised in accordance with
its terms, and the person entitled to receive the Shares issuable upon such exercise shall be treated for all purposes as the holder of
record of such Shares as of the close of business on such date. As promptly as reasonably practicable on or after such date, the Company
shall issue and deliver to the person or persons entitled to receive the same a certificate or certificates (or a notice of issuance of
uncertificated shares, if applicable) for that number of shares issuable upon such exercise. In the event that the rights under this Warrant
are exercised in part and have not expired, the Company shall execute and deliver a new Warrant reflecting the number of Shares that remain
subject to this Warrant.


 


(d)            No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of
the rights under this Warrant. In lieu of such fractional share to which the Holder would otherwise be entitled, the Company shall make
a cash payment equal to the Exercise Price multiplied by such fraction.


 


(e)            Conditional
Exercise. The Holder may exercise this Warrant conditioned upon (and effective immediately prior to) consummation of any transaction
that would cause the expiration of this Warrant pursuant to Section 8 by so indicating in the notice of exercise.


 


(f)             Automatic
Exercise. If the Holder of this Warrant has not elected to exercise this Warrant prior to expiration of this Warrant pursuant
to Section 8, then this Warrant shall automatically (without any act on the part of the Holder) be exercised pursuant to Section 2(b) effective
immediately prior to the expiration of the Warrant to the extent such net issue exercise would result in the issuance of Shares, unless
Holder shall earlier provide written notice to the Company that the Holder desires that this Warrant expire unexercised. If this Warrant
is automatically exercised, the Company shall notify the Holder of the automatic exercise as soon as reasonably practicable, and the Holder
shall surrender the Warrant to the Company in accordance with the terms hereof.


 


(g)           Reservation
of Stock. The Company agrees during the term the rights under this Warrant are exercisable to reserve and keep available from
its authorized and unissued shares of preferred stock (or any such other class or series of stock then issuable upon exercise of this
Warrant) for the purpose of effecting the exercise of this Warrant such number of shares (and shares of common stock for issuance on conversion
of such shares) as shall from time to time be sufficient to effect the exercise of the rights under this Warrant; and if at any time the
number of authorized but unissued shares of preferred stock (or any such other class or series of stock then issuable upon exercise of
this Warrant) (and shares of common stock for issuance on conversion of such shares) shall not be sufficient for purposes of the exercise
of this Warrant in accordance with its terms and the conversion of the Shares, without limitation of such other remedies as may be available
to the Holder, the Company will use its best efforts to take such corporate action as may, in the opinion of counsel, be necessary to
increase its authorized and unissued shares of its preferred stock (and shares of common stock for issuance on conversion of such shares)
to a number of shares as shall be sufficient for such purposes. The Company represents and warrants that all shares that may be issued
upon the exercise of this Warrant will, when issued in accordance with the terms hereof, be validly issued, fully paid and nonassessable.


 






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3.             Replacement
of the Warrant. Subject to the receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form
and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company at the expense
of the Holder shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.


 


4.             Transfer
of the Warrant.


 


(a)            Warrant
Register. The Company shall maintain a register (the “Warrant Register”) containing the name and address
of the Holder or Holders. Until this Warrant is transferred on the Warrant Register in accordance herewith, the Company may treat the
Holder as shown on the Warrant Register as the absolute owner of this Warrant for all purposes, notwithstanding any notice to the contrary.
Any Holder of this Warrant (or of any portion of this Warrant) may change its address as shown on the Warrant Register by written notice
to the Company requesting a change.


 


(b)            Warrant
Agent. The Company may appoint an agent for the purpose of maintaining the Warrant Register referred to in Section 4(a),
issuing the Shares or other securities then issuable upon the exercise of the rights under this Warrant, exchanging this Warrant, replacing
this Warrant or conducting related activities.


 


(c)            Transferability
of the Warrant. Subject to the provisions of this Warrant with respect to compliance with the Securities Act of 1933, as amended
(the “Securities Act”) and limitations on assignments and transfers, including without limitation compliance
with the restrictions on transfer set forth in Section 5, title to this Warrant may be
transferred by endorsement (by the transferor and the transferee executing the assignment form attached as Exhibit B (the “Assignment
Form”)) and delivery in the same manner as a negotiable instrument transferable by endorsement and delivery.


 


(d)            Exchange
of the Warrant upon a Transfer. On surrender of this Warrant (and a properly endorsed Assignment Form) for exchange, subject to
the provisions of this Warrant with respect to compliance with the Securities Act and limitations on assignments and transfers, the Company
shall issue to or on the order of the Holder a new warrant or warrants of like tenor, in the name of the Holder or as the Holder (on payment
by the Holder of any applicable transfer taxes) may direct, for the number of shares issuable upon exercise hereof, and the Company shall
register any such transfer upon the Warrant Register. This Warrant (and the securities issuable upon exercise of the rights under this
Warrant) must be surrendered to the Company or its warrant or transfer agent, as applicable, as a condition precedent to the sale, pledge,
hypothecation or other transfer of any interest in any of the securities represented hereby.


 


(e)            Taxes.
In no event shall the Company be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery
of any certificate, or a book entry, in a name other than that of the Holder, and the Company shall not be required to issue or deliver
any such certificate, or make such book entry, unless and until the person or persons requesting the issue or entry thereof shall have
paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid or
is not payable.


 






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5.             Restrictions
on Transfer of the Warrant and Shares; Compliance with Securities Laws. By acceptance of this Warrant, the Holder agrees to comply
with the following:


 


(a)            Restrictions
on Transfers. Any transfer of this Warrant or the Shares or the shares of common stock issuable upon conversion of the Shares
(the “Securities”) must be in compliance with all applicable federal and state securities laws. The Holder agrees
not to make any sale, assignment, transfer, pledge or other disposition of all or any portion of the Securities, or any beneficial interest
therein, unless and until the transferee thereof has agreed in writing for the benefit of the Company to take and hold such Securities
subject to, and to be bound by, the terms and conditions set forth in this Warrant to the same extent as if the transferee were the original
Holder hereunder.


 


(b)            Investment
Representation Statement. Unless the rights under this Warrant are exercised pursuant to an effective registration statement under
the Securities Act that includes the Shares with respect to which the Warrant was exercised, it shall be a condition to any exercise of
the rights under this Warrant that the Holder shall have confirmed to the satisfaction of the Company in writing, substantially in the
form of Exhibit A-1, that the Shares so purchased are being acquired solely for the Holder’s own account and not as a nominee
for any other party, for investment and not with a view toward distribution or resale and that the Holder shall have confirmed such other
matters related thereto as may be reasonably requested by the Company.


 


(c)            Securities
Law Legend. Each certificate, instrument or book entry representing the Securities shall (unless otherwise permitted by the provisions
of this Warrant) be notated with a legend substantially similar to the following (in addition to any legend required by state securities
laws):


 


THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES.
THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND
APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION REQUIREMENTS OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE
SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION
OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. This certificate must
be surrendered to the coMPANY or its transfer agent as a condition precedent to the sale, TRANSFER, pledge OR hypothecation of any interest
in any of the securities represented hereby.


 


(d)            Instructions
Regarding Transfer Restrictions. The Holder consents to the Company making a notation on its records and giving instructions to
any transfer agent in order to implement the restrictions on transfer established in this Section 5.


 


(e)            Removal
of Legend. The legend referring to federal and state securities laws identified in Section 5(d) notated
on any certificate evidencing the Shares (and the common stock issuable upon conversion thereof) and the stock transfer instructions and
record notations with respect to such securities shall be removed, and the Company shall issue a certificate without such legend to the
holder of such securities (to the extent the securities are certificated), if (i) such securities are registered under the Securities
Act, or (ii) such holder provides the Company with an opinion of counsel reasonably acceptable to the Company to the effect that
a sale or transfer of such securities may be made without registration, qualification or legend.


 






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6.             Adjustments.
Subject to the expiration of this Warrant pursuant to Section 8, the number and kind
of shares purchasable hereunder and the Exercise Price therefor are subject to adjustment from time to time, as follows:


 


(a)            Merger
or Reorganization. If at any time there shall be any reorganization, recapitalization, merger or consolidation (a “Reorganization”)
involving the Company (other than as otherwise provided for herein or as would cause the expiration of this Warrant under Section 8)
in which shares of the Company’s stock are converted into or exchanged for securities, cash or other property, then, as a part of
such Reorganization, lawful provision shall be made so that the Holder shall thereafter be entitled to receive upon exercise of this Warrant,
the kind and amount of securities, cash or other property of the successor corporation resulting from such Reorganization, equivalent
in value to that which a holder of the Shares deliverable upon exercise of this Warrant would have been entitled in such Reorganization
if the right to purchase the Shares hereunder had been exercised immediately prior to such Reorganization. In any such case, appropriate
adjustment (as determined in good faith by the Board of Directors of the successor corporation) shall be made in the application of the
provisions of this Warrant with respect to the rights and interests of the Holder after such Reorganization to the end that the provisions
of this Warrant shall be applicable after the event, as near as reasonably may be, in relation to any shares or other securities deliverable
after that event upon the exercise of this Warrant.


 


(b)            Reclassification
of Shares. If the securities issuable upon exercise of this Warrant are changed into the same or a different number of securities
of any other class or classes by reclassification, capital reorganization, conversion of all outstanding shares of the relevant class
or series (other than as would cause the expiration of this Warrant pursuant to Section 8)
or otherwise (other than as otherwise provided for herein) (a “Reclassification”), then, in any such event,
in lieu of the number of Shares which the Holder would otherwise have been entitled to receive, the Holder shall have the right thereafter
to exercise this Warrant for a number of shares of such other class or classes of stock that a holder of the number of securities deliverable
upon exercise of this Warrant immediately before that change would have been entitled to receive in such Reclassification, all subject
to further adjustment as provided herein with respect to such other shares.


 


(c)            Subdivisions
and Combinations. In the event that the outstanding shares of the securities issuable upon exercise of this Warrant are subdivided
(by stock split, by payment of a stock dividend or otherwise) into a greater number of shares of such securities, the number of Shares
issuable upon exercise of the rights under this Warrant immediately prior to such subdivision shall, concurrently with the effectiveness
of such subdivision, be proportionately increased, and the Exercise Price shall be proportionately decreased, and in the event that the
outstanding shares of the securities issuable upon exercise of this Warrant are combined (by reclassification or otherwise) into a lesser
number of shares of such securities, the number of Shares issuable upon exercise of the rights under this Warrant immediately prior to
such combination shall, concurrently with the effectiveness of such combination, be proportionately decreased, and the Exercise Price
shall be proportionately increased.


 


(d)            Redemption.
In the event that all of the outstanding shares of the securities issuable upon exercise of this Warrant are redeemed in accordance with
the Company’s certificate of incorporation, this Warrant shall thereafter be exercisable for a number of shares of the Company’s
common stock equal to the number of shares of common stock that would have been received if this Warrant had been exercised in full immediately
prior to such redemption and the preferred stock received thereupon had been simultaneously converted into common stock.


 


(e)            Notice
of Adjustments. Upon any adjustment in accordance with this Section 6, the Company
shall give notice thereof to the Holder, which notice shall state the event giving rise to the adjustment, the Exercise Price as adjusted
and the number of securities or other property purchasable upon the exercise of the rights under this Warrant, setting forth in reasonable
detail the method of calculation of each. The Company shall, upon the written request of any Holder, furnish or cause to be furnished
to such Holder a certificate setting forth (i) such adjustments, (ii) the Exercise Price at the time in effect and (iii) the
number of securities and the amount, if any, of other property that at the time would be received upon exercise of this Warrant.


 






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7.             Notification
of Certain Events. Prior to the expiration of this Warrant pursuant to Section 8,
in the event that the Company shall authorize:


 


(a)            the
issuance of any dividend or other distribution on the capital stock of the Company (other than (i) dividends or distributions otherwise
provided for in Section 6, (ii) repurchases of common stock issued to or held by
employees, officers, directors or consultants of the Company or its subsidiaries upon termination of their employment or services pursuant
to agreements providing for the right of said repurchase; (iii) repurchases of common stock issued to or held by employees, officers,
directors or consultants of the Company or its subsidiaries pursuant to rights of first refusal or first offer contained in agreements
providing for such rights; or (iv) repurchases of capital stock of the Company in connection with the settlement of disputes with
any stockholder), whether in cash, property, stock or other securities;


 


(b)            the
voluntary liquidation, dissolution or winding up of the Company; or


 


(c)            any
transaction resulting in the expiration of this Warrant pursuant to Section 8(b) or 8(c);


 


the Company shall send to
the Holder of this Warrant at least 10 days prior written notice of the date on which a record shall be taken for any such dividend or
distribution specified in clause (a) or the expected effective date of any such other event specified in clause (b) or
(c), as applicable. The notice provisions set forth in this section may be shortened or waived prospectively or retrospectively by the
consent of the Holder of this Warrant.


 


8.             Expiration
of the Warrant. This Warrant shall expire and shall no longer be exercisable as of the earlier of:


 


(a)            5:00
p.m., Pacific time, on March 6, 2025;


 


(b)            (i) the
acquisition of the Company by another entity by means of any transaction or series of related transactions to which the Company is a party
(including, without limitation, any stock acquisition, reorganization, merger or consolidation, but excluding any sale of stock for capital
raising purposes and any transaction effected primarily for purposes of changing the Company’s jurisdiction of incorporation) other
than a transaction or series of related transactions in which the holders of the voting securities of the Company outstanding immediately
prior to such transaction or series of related transactions retain, immediately after such transaction or series of transactions, as a
result of shares in the Company held by such holders prior to such transaction or series of transactions, at least a majority of the total
voting power represented by the outstanding voting securities of the Company or such other surviving or resulting entity (or if the Company
or such other surviving or resulting entity is a wholly-owned subsidiary immediately following such acquisition, its parent), or (ii) a
sale, lease or other disposition of all or substantially all of the assets of the Company and its subsidiaries taken as a whole by means
of any transaction or series of related transactions, except where such sale, lease or other disposition is to a wholly-owned subsidiary
of the Company; or


 


(c)            immediately
prior to the closing of a firm commitment underwritten initial public offering pursuant to an effective registration statement filed under
the Securities Act covering the offering and sale of the Company’s common stock.


 






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9.             No
Rights as a Stockholder. Nothing contained herein shall entitle the Holder to any rights as a stockholder of the Company or to be
deemed the holder of any securities that may at any time be issuable on the exercise of the rights hereunder for any purpose nor shall
anything contained herein be construed to confer upon the Holder, as such, any right to vote for the election of directors or upon any
matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization,
issuance of stock, reclassification of stock, change of par value or change of stock to no par value, consolidation, merger, conveyance
or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or any other rights of a stockholder of
the Company until the rights under the Warrant shall have been exercised and the Shares purchasable upon exercise of the rights hereunder
shall have become deliverable as provided herein.


 


10.           Representations
and Warranties of the Holder. By acceptance of this Warrant, the Holder represents and warrants to the Company as follows:


 


(a)            No
Registration. The Holder understands that the Securities have not been, and will not be, registered under the Securities Act by
reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends upon, among other
things, the bona fide nature of the investment intent and the accuracy of the Holder’s representations as expressed herein
or otherwise made pursuant hereto.


 


(b)            Investment
Intent. The Holder is acquiring the Securities for investment for its own account, not as a nominee or agent, and not with a view
to, or for resale in connection with, any distribution thereof. The Holder has no present intention of selling, granting any participation
in, or otherwise distributing the Securities, nor does it have any contract, undertaking, agreement or arrangement for the same.


 


(c)            Investment
Experience. The Holder has substantial experience in evaluating and investing in private placement transactions of securities
in companies similar to the Company, and has such knowledge and experience in financial or business matters so that it is capable of evaluating
the merits and risks of its investment in the Company and protecting its own interests.


 


(d)            Speculative
Nature of Investment. The Holder understands and acknowledges that the Company has a limited financial and operating history and
that its investment in the Company is highly speculative and involves substantial risks. The Holder can bear the economic risk of its
investment and is able, without impairing its financial condition, to hold the Securities for an indefinite period of time and to suffer
a complete loss of its investment.


 


(e)            Access
to Data. The Holder has had an opportunity to ask questions of officers of the Company, which questions were answered to its satisfaction.
The Holder understands that any such discussions, as well as any information issued by the Company, were intended to describe certain
aspects of the Company’s business and prospects, but were not necessarily a thorough or exhaustive description. The Holder acknowledges
that any business plans prepared by the Company have been, and continue to be, subject to change and that any projections included in
such business plans or otherwise are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying
the projections will not materialize or will vary significantly from actual results.


 


(f)             Accredited
Investor. The Holder is an “accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated
by the Securities and Exchange Commission and agrees to submit to the Company such further assurances of such status as may be reasonably
requested by the Company. The Holder has furnished or made available any and all information requested by the Company or otherwise necessary
to satisfy any applicable verification requirements as to “accredited investor” status. Any such information is true, correct,
timely and complete.


 






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(g)            Residency.
The residency of Holder (or, in the case of a partnership or corporation, such entity’s principal place of business) has been correctly
provided to the Company.


 





(h)            Restrictions
on Resales. The Holder acknowledges that the Securities must be held indefinitely unless subsequently registered under the Securities
Act or an exemption from such registration is available. The Holder is aware of the provisions of Rule 144 promulgated under the
Securities Act, which permit resale of shares purchased in a private placement subject to the satisfaction of certain conditions, which
may include, among other things, the availability of certain current public information about the Company; the resale occurring not less
than a specified period after a party has purchased and paid for the security to be sold; the number of shares being sold during any three-month
period not exceeding specified limitations; the sale being effected through a “broker’s transaction,” a transaction
directly with a “market maker” or a “riskless principal transaction” (as those terms are defined in the Securities
Act or the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder); and the filing of
a Form 144 notice, if applicable. The Holder acknowledges and understands that the Company may not be satisfying the current public
information requirement of Rule 144 at the time the Holder wishes to sell the Securities and that, in such event, the Holder may
be precluded from selling the Securities under Rule 144 even if the other applicable requirements of Rule 144 have been satisfied.
The Holder acknowledges that, in the event the applicable requirements of Rule 144 are not met, registration under the Securities
Act or an exemption from registration will be required for any disposition of the Securities. The Holder understands that, although Rule 144
is not exclusive, the Securities and Exchange Commission has expressed its opinion that persons proposing to sell restricted securities
received in a private offering other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof
in establishing that an exemption from registration is available for such offers or sales and that such persons and the brokers who participate
in the transactions do so at their own risk.


 


(i)             No
Public Market. The Holder understands and acknowledges that no public market now exists for any of the securities issued by the
Company and that the Company has made no assurances that a public market will ever exist for the Company’s securities.


 


(j)              Brokers
and Finders. The Holder has not engaged any brokers, finders or agents in connection with the Securities, and the Company has
not incurred nor will incur, directly or indirectly, as a result of any action taken by the Holder, any liability for brokerage or finders’
fees or agents’ commissions or any similar charges in connection with the Securities.


 


(k)            Legal
Counsel. The Holder has had the opportunity to review this Warrant, the exhibits and schedules attached hereto and the transactions
contemplated by this Warrant with its own legal counsel. The Holder is not relying on any statements or representations of the Company
or its agents for legal advice with respect to this investment or the transactions contemplated by this Warrant.


 


(l)            Tax
Advisors. The Holder has reviewed with its own tax advisors the U.S. federal, state and local and non-U.S. tax consequences of
this investment and the transactions contemplated by this Warrant. With respect to such matters, the Holder relies solely on any such
advisors and not on any statements or representations of the Company or any of its agents, written or oral. The Holder understands that
it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment and the transactions
contemplated by this Warrant.


 


11.           Miscellaneous.


 


(a)            Amendments.
Except as expressly provided herein, neither this Warrant nor any term hereof may be amended, waived, discharged or terminated other than
by a written instrument referencing this Warrant and signed by the Company and the Holder.


 


(b)           Waivers.
No waiver of any single breach or default shall be deemed a waiver of any other breach or default theretofore or thereafter occurring.


 






    - 9 -


     


    

 


(c)            Notices.
All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified
mail, postage prepaid, sent by facsimile or electronic mail (if to the Holder) or otherwise delivered by hand, messenger or courier service
addressed:


 


(i)          if
to the Holder, to the Holder at the Holder’s address, facsimile number or electronic mail address as shown in the Company’s
records, as may be updated in accordance with the provisions hereof, or until any such Holder so furnishes an address, facsimile number
or electronic mail address to the Company, then to and at the address, facsimile number or electronic mail address of the last holder
of this Warrant for which the Company has contact information in its records; or


 


(ii)         if
to the Company, to the attention of the Chief Executive Officer or Chief Financial Officer of the Company at the Company’s address
as shown on the signature page hereto, or at such other current address as the Company shall have furnished to the Holder.


 


Each such notice or other communication
shall for all purposes of this Warrant be treated as effective or having been given (i) if delivered by hand, messenger or courier
service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day
delivery, one business day after deposit with the courier), or (ii) if sent by mail, at the earlier of its receipt or five days after
the same has been deposited in a regularly maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid,
or (iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via electronic mail, upon confirmation of delivery
when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal
business hours of the recipient, then on the recipient’s next business day. In the event of any conflict between the Company’s
books and records and this Warrant or any notice delivered hereunder, the Company’s books and records will control absent fraud
or error.


 


(d)           Governing
Law. This Warrant and all actions arising out of or in connection with this Warrant shall be governed by and construed in accordance
with the laws of the State of Delaware, without regard to the conflicts of law provisions of the State of Delaware, or of any other state.


 


(e)            Jurisdiction
and Venue. Each of the Holder and the Company hereby submits and consents irrevocably to the exclusive jurisdiction of the courts
of the State of Delaware and the United States District Court for the District of Delaware for the interpretation and enforcement of the
provisions of this Warrant. Each of the Holder and the Company also agrees that the jurisdiction over such persons and the subject matter
of such dispute shall be effected by any manner as may be lawful, and that service in such manner shall constitute valid and sufficient
service of process.


 


(f)            Titles
and Subtitles. The titles and subtitles used in this Warrant are used for convenience only and are not to be considered in construing
or interpreting this Warrant. All references in this Warrant to sections, paragraphs and exhibits shall, unless otherwise provided, refer
to sections and paragraphs hereof and exhibits attached hereto.


 


(g)            Severability.
If any provision of this Warrant becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, portions
of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Warrant, and such illegal, unenforceable
or void provision shall be replaced with a valid and enforceable provision that will achieve, to the extent possible, the same economic,
business and other purposes of the illegal, unenforceable or void provision. The balance of this Warrant shall be enforceable in accordance
with its terms.





 






    - 10 -


     


    

 


(h)            Waiver
of Jury Trial. Each of the Holder and the Company waives, to the fullest extent permitted
by law, any and all right to trial by jury in any legal proceeding (whether based on contract, tort or otherwise) arising out of or related
to this Warrant.


 


(i)            California
Corporate Securities Law. THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS WARRANT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER
OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION
THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102,
OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS WARRANT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION
BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.


 


(j)            Saturdays,
Sundays and Holidays. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall be a Saturday, Sunday or U.S. federal holiday, then such action may be taken or such right may be exercised on the next succeeding
day that is not a Saturday, Sunday or U.S. federal holiday.


 


(k)            Rights
and Obligations Survive Exercise of the Warrant. Except as otherwise provided herein, the rights and obligations of the Company
and the Holder under this Warrant shall survive exercise of this Warrant.


 


(l)             Entire
Agreement. Except as expressly set forth herein, this Warrant (including the exhibits attached hereto) constitutes the entire
agreement and understanding of the Company and the Holder with respect to the subject matter hereof and supersede all prior agreements
and understandings relating to the subject matter hereof.


 


(signature
page follows)


 




    - 11 -


     


    


 


The Company signs this Warrant
as of the date stated on the first page.


 


	 	MIROMATRIX MEDICAL INC.
	 	 
	 	 
	 	By:	                       
	 	 
	 	Name:	 
	 	 
	 	Title:	 
	 	 
	 	Address:
	 	 
	 	10399 West 70th Street, Eden Prairie, MN 55344




 


AGREED AND ACKNOWLEDGED,


 


Cheshire MD Holdings, LLC





 


	By:	 	 



 


	Name:	 	 



 


	Title:	 	 



 




     


     


    


 


EXHIBIT A


 


NOTICE OF EXERCISE


 


TO:                     MIROMATRIX MEDICAL INC. (the
 “Company”)


 


Attention:          President


 


		(1)	Exercise. The undersigned elects to purchase the following pursuant to the terms of the attached
warrant:



 


	 	Number of shares:	 
	 	 	 
	 	Type of security:	 




 


		(2)	Method of Exercise. The undersigned elects to exercise the attached warrant pursuant to:



 


			A cash payment or cancellation of indebtedness, and tenders herewith payment of the purchase price for
such shares in full, together with all applicable transfer taxes, if any.



 


			The net issue exercise provisions of Section 2(b) of the attached warrant.



 


		(3)	Stock. Please make a book entry and, if the shares are certificated, issue a certificate or certificates
representing the shares in the name of:



 


			The undersigned



 


			Other—Name:	 



 


		Address:	
	 	 	 
	 	 	 



 


		(4)	Unexercised Portion of the Warrant. Please issue a new warrant for the unexercised portion of the
attached warrant in the name of:



 


			The undersigned



 


			Other—Name:	 



 


		Address:	
	 	 	 
	 	 	 



 


			Not applicable



 


		(5)	Investment Intent. The undersigned represents and warrants that the aforesaid shares are being
acquired for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with, the
distribution thereof, and that the undersigned has no present intention of selling, granting any participation in, or otherwise distributing
the shares, nor does it have any contract, undertaking, agreement or arrangement for the same, and all representations and warranties
of the undersigned set forth in Section 11 of the attached warrant are true and correct as of the date hereof.



 






     


     


    

 


		(6)	Investment Representation Statement and Market Stand-Off Agreement. The undersigned has executed,
and delivers herewith, an Investment Representation Statement and Market Stand-Off Agreement in a form substantially similar to the form
attached to the warrant as Exhibit A-1.



 


		(7)	Consent to Receipt of Electronic Notice. Subject to the limitations set forth in Delaware General
Corporation Law §232(e), the undersigned consents to the delivery of any notice to stockholders given by the Company under the Delaware
General Corporation Law or the Company’s certificate of incorporation or bylaws by (i) facsimile telecommunication to the facsimile
number provided below (or to any other facsimile number for the undersigned in the Company’s records), (ii) electronic mail
to the electronic mail address provided below (or to any other electronic mail address for the undersigned in the Company’s records),
(iii) posting on an electronic network together with separate notice to the undersigned of such specific posting or (iv) any
other form of electronic transmission (as defined in the Delaware General Corporation Law) directed to the undersigned. This consent may
be revoked by the undersigned by written notice to the Company and may be deemed revoked in the circumstances specified in Delaware General
Corporation Law §232.



 


	 	(Print name of the warrant holder)
	 	 
	 	(Signature)
	 	 
	 	(Name and title of signatory, if applicable)
	 	 
	 	(Date)
	 	 
	 	(Fax number)
	 	 
	 	(Email address)




 




     - 2 -


     


    


 


EXHIBIT A-l


 


INVESTMENT REPRESENTATION STATEMENT


AND


MARKET STAND-OFF AGREEMENT


 


		INVESTOR:	 	 



 


		COMPANY:	MIROMATRIX MEDICAL INC.




 


		SECURITIES:	THE WARRANT ISSUED ON [INSERT
DATE] (THE “WARRANT”) AND THE SECURITIES ISSUED OR ISSUABLE UPON EXERCISE
THEREOF (INCLUDING UPON SUBSEQUENT CONVERSION OF THOSE SECURITIES)
		 	 
		DATE:	______________________________









 


In connection with the purchase
or acquisition of the above-listed Securities, the undersigned Investor represents and warrants to, and agrees with, the Company as follows:


 


1.            No
Registration. The Investor understands that the Securities have not been, and will not be, registered under the Securities Act of
1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration provisions
of the Securities Act, the availability of which depends upon, among other things, the bona fide nature of the investment intent
and the accuracy of the Investor’s representations as expressed herein or otherwise made pursuant hereto.


 


2.            Investment
Intent. The Investor is acquiring the Securities for investment for its own account, not as a nominee or agent, and not with a view
to, or for resale in connection with, any distribution thereof. The Investor has no present intention of selling, granting any participation
in, or otherwise distributing the Securities, nor does it have any contract, undertaking, agreement or arrangement for the same.


 


3.            Investment
Experience. The Investor has substantial experience in evaluating and investing in private placement transactions of securities in
companies similar to the Company, and has such knowledge and experience in financial or business matters so that it is capable of evaluating
the merits and risks of its investment in the Company and protecting its own interests.


 


4.            Speculative
Nature of Investment. The Investor understands and acknowledges that the Company has a limited financial and operating history and
that its investment in the Company is highly speculative and involves substantial risks. The Investor can bear the economic risk of its
investment and is able, without impairing its financial condition, to hold the Securities for an indefinite period of time and to suffer
a complete loss of its investment.


 


5.            Access
to Data. The Investor has had an opportunity to ask questions of officers of the Company, which questions were answered to its satisfaction.
The Investor understands that any such discussions, as well as any information issued by the Company, were intended to describe certain
aspects of the Company’s business and prospects, but were not necessarily a thorough or exhaustive description. The Investor acknowledges
that any business plans prepared by the Company have been, and continue to be, subject to change and that any projections included in
such business plans or otherwise are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying
the projections will not materialize or will vary significantly from actual results.


 






     


     


    


 


6.            Accredited
Investor. The Investor is an “accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated
by the Securities and Exchange Commission and agrees to submit to the Company such further assurances of such status as may be reasonably
requested by the Company. The Investor has furnished or made available any and all information requested by the Company or otherwise necessary
to satisfy any applicable verification requirements as to “accredited investor” status. Any such information is true, correct,
timely and complete.


 


7.            Residency.
The residency of the Investor (or, in the case of a partnership or corporation, such entity’s principal place of business) is correctly
set forth on the signature page hereto.


 


8.            Restrictions
on Resales. The Investor acknowledges that the Securities must be held indefinitely unless subsequently registered under the Securities
Act or an exemption from such registration is available. The Investor is aware of the provisions of Rule 144 promulgated under the
Securities Act, which permit resale of shares purchased in a private placement subject to the satisfaction of certain conditions, which
may include, among other things, the availability of certain current public information about the Company; the resale occurring not less
than a specified period after a party has purchased and paid for the security to be sold; the number of shares being sold during any three-month
period not exceeding specified limitations; the sale being effected through a “broker’s transaction,” a transaction
directly with a “market maker” or a “riskless principal transaction” (as those terms are defined in the Securities
Act or the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder); and the filing of
a Form 144 notice, if applicable. The Investor acknowledges and understands that the Company may not be satisfying the current public
information requirement of Rule 144 at the time the Investor wishes to sell the Securities and that, in such event, the Investor
may be precluded from selling the Securities under Rule 144 even if the other applicable requirements of Rule 144 have been
satisfied. The Investor understands and acknowledges that, in the event the applicable requirements of Rule 144 are not met, registration
under the Securities Act or an exemption from registration will be required for any disposition of the Securities. The Investor understands
that, although Rule 144 is not exclusive, the Securities and Exchange Commission has expressed its opinion that persons proposing
to sell restricted securities received in a private offering other than in a registered offering or pursuant to Rule 144 will have
a substantial burden of proof in establishing that an exemption from registration is available for those offers or sales and that those
persons and the brokers who participate in the transactions do so at their own risk.


 


9.            No
Public Market. The Holder understands and acknowledges that no public market now exists for any of the securities issued by the Company
and that the Company has made no assurances that a public market will ever exist for the Company’s securities.


 


10.         Brokers
and Finders. The Investor has not engaged any brokers, finders or agents in connection with the Securities, and the Company has not
incurred nor will incur, directly or indirectly, as a result of any action taken by the Investor, any liability for brokerage or finders’
fees or agents’ commissions or any similar charges in connection with the Securities.


 


11.          Legal
Counsel. The Investor has had the opportunity to review the Warrant, the exhibits and schedules attached thereto and the transactions
contemplated by the Warrant with its own legal counsel. The Investor is not relying on any statements or representations of the Company
or its agents for legal advice with respect to this investment or the transactions contemplated by the Warrant.


 


12.          Tax
Advisors. The Investor has reviewed with its own tax advisors the U.S. federal, state and local and non-U.S. tax consequences of this
investment and the transactions contemplated by the Warrant. With respect to such matters, the Investor relies solely on such advisors
and not on any statements or representations of the Company or any of its agents, written or oral. The Investor understands that it (and
not the Company) shall be responsible for its own tax liability that may arise as a result of this investment or the transactions contemplated
by the Warrant.


 






     - 2 -


     


    

 


13.            No
 “Bad Actor” Disqualification. Neither (i) the Investor, (ii) any of its directors, executive officers, other
officers that may serve as a director or officer of any company in which it invests, general partners or managing members, nor (iii) any
beneficial owner of any of the Company’s voting equity securities (in accordance with Rule 506(d) of the Securities Act)
held by the Investor is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through
(viii) under the Securities Act, except as set forth in Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities
Act and disclosed, reasonably in advance of the purchase or acquisition of the Securities, in writing in reasonable detail to the Company.


 


(signature page follows)


 




     - 3 -


     


    


 


The Investor is signing this
Investment Representation Statement and Market Stand-Off Agreement on the date first written above.


 


	 	INVESTOR
	 	 
	 	 
	 	Cheshire MD Holdings, LLC
	 	 
	 	 
	 	By:	                 
	 	 
	 	Name:	 
	 	 
	 	Title:	 




 




     - 4 -


     


    


 


EXHIBIT B


 


ASSIGNMENT FORM


 


		ASSIGNOR:	 	 



 


		COMPANY:	MIROMATRIX MEDICAL INC.



 


		WARRANT:	THE WARRANT TO PURCHASE SHARES
OF PREFERRED STOCK ISSUED ON [INSERT DATE] (THE
 “WARRANT”)



 


		DATE:	_________________________



 


		(1)	Assignment. The undersigned registered holder of the Warrant (“Assignor”)
assigns and transfers to the assignee named below (“Assignee”) all of the rights of Assignor under the Warrant,
with respect to the number of shares set forth below:



 


	 	Name of Assignee: _______________________________________________________________________________________________




 


	 	Address of Assignee: _____________________________________________________________________________________________




 


	 	Number of Shares Assigned: ________________________________________________________________________________________




 


and does irrevocably constitute and
appoint ______________________ as attorney to make such transfer on the books of Miromatrix Medical Inc., maintained for the purpose,
with full power of substitution in the premises.


 


		(2)	Obligations of Assignee. Assignee agrees to take and hold the Warrant and any shares of stock to
be issued upon exercise of the rights thereunder (and any shares issuable upon conversion thereof) (the “Securities”)
subject to, and to be bound by, the terms and conditions set forth in the Warrant to the same extent as if Assignee were the original
holder thereof.



 


		(3)	Investment Intent. Assignee represents and warrants that the Securities are being acquired for
investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution
thereof, and that Assignee has no present intention of selling, granting any participation in, or otherwise distributing the shares, nor
does it have any contract, undertaking, agreement or arrangement for the same, and all representations and warranties set forth in Section 11
of the Warrant are true and correct as to Assignee as of the date hereof.



 


		(4)	Investment Representation Statement and Market Stand-Off Agreement. Assignee has executed, and
delivers herewith, an Investment Representation Statement and Market Stand-Off Agreement in a form substantially similar to the form attached
to the Warrant as Exhibit A-1.



 


		(5)	No “Bad Actor” Disqualification. Neither (i) Assignee, (ii) any of its directors,
executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners or managing
members, nor (iii) any beneficial owner of any of the Company’s securities held or to be held by Assignee is subject to any
of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities Act
of 1933, as amended (the “Securities Act”), except as set forth in Rule 506(d)(2)(ii) or (iii) or
(d)(3) under the Securities Act and disclosed, reasonably in advance of the transfer of the Securities, in writing in reasonable
detail to the Company.



 






     


     


    

 


Assignor and Assignee are
signing this Assignment Form on the date first set forth above.


 


	ASSIGNOR 	 	ASSIGNEE
	 	 	 
	 	 	 
	(Print name of Assignor)	 	(Print name of Assignee)
	 	 	 
	 	 	 
	(Signature of Assignor)	 	(Signature of Assignee)
	 	 	 
	 	 	 
	(Print name of signatory, if applicable)	 	(Print name of signatory, if applicable)
	 	 	 
	 	 	 
	(Print title of signatory, if applicable)	 	(Print title of signatory, if applicable)
	 	 	 
	Address:	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 




 






     - 2 -