Exhibit 10.24


 


Execution
Version


 


SERIES C CONVERTIBLE
PREFERRED STOCK PURCHASE AGREEMENT


 


THIS
SERIES C CONVERTIBLE PREFERRED STOCK PURCHASE AGREEMENT (this “Agreement”), is made as of May 3, 2021, by
and among Miromatrix Medical Inc., a Delaware corporation (the “Company”), and the investors listed on Exhibit A
attached to this Agreement (each a “Purchaser” and together the “Purchasers”).


 


The
parties hereby agree as follows:


 


1.               Purchase
and Sale of Preferred Stock.


 


1.1            Sale
and Issuance of Preferred Stock.


 


(a)         The
Company shall have adopted and filed with the Secretary of State of the State of Delaware on or before the Initial Closing (as defined
below) the Amended and Restated Certificate of Incorporation in the form of Exhibit B attached to this Agreement (the “Restated
Certificate”).


 


(b)         Subject
to the terms and conditions of this Agreement, each Purchaser, severally and not jointly, agrees to purchase at the applicable Closing
(as defined below) and the Company agrees to sell and issue to each Purchaser at the applicable Closing that number of shares of Series C
Convertible Preferred Stock, $0.00001 par value per share (the “Series C Preferred Stock”), set forth opposite
each Purchaser’s name on Exhibit A, at a purchase price of $7.50 per share. The shares of Series C Preferred Stock
issued to the Purchasers pursuant to this Agreement shall be referred to in this Agreement as the “Shares.”


 


1.2            Closing;
Delivery.


 


(a)         The
initial purchase and sale of the Shares shall take place remotely via the exchange of documents and signatures on the second business
day following the satisfaction or waiver of the conditions set forth in Section 4 below (other than conditions that by their
nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions), or at such other time and place
as the Company and the Purchasers mutually agree upon, orally or in writing (which time and place are designated as the “Initial
Closing”). In the event there is more than one closing, the term “Closing” shall apply to each such closing
unless otherwise specified.


 


(b)         At
or promptly following each Closing, the Company shall deliver to each Purchaser a certificate representing the Shares being purchased
by such Purchaser at such Closing against payment of the purchase price therefor by check payable to the Company, by wire transfer to
a bank account designated by the Company, by cancellation or conversion of indebtedness or other convertible securities of the Company
to Purchaser, including interest, or by any combination of such methods.


 


1.3            Sale
of Additional Shares of Series C Preferred Stock. After the Initial Closing, the Company may sell, on the same terms and conditions
as those contained in this Agreement, any additional shares (subject to appropriate adjustment in
the event of any stock dividend, stock split, combination or similar recapitalization affecting such shares) of Series C Preferred
Stock authorized in the Restated Certificate and not sold during the Initial Closing (the “Additional Shares”),
to Cheshire MD Holdings, LLC (“Cheshire”) or any Affiliate thereof, CareDx, Inc. or any Affiliate thereof, or one or
more purchasers reasonably acceptable to Baxter (defined below) (the “Additional Purchasers”); provided that (i) such
subsequent sale is consummated prior to 90 days after the Initial Closing and (ii) each Additional Purchaser becomes a party to this
Agreement, by executing and delivering a counterpart signature page to this Agreement. Exhibit A to this Agreement shall be
updated to reflect the number of Additional Shares purchased at each such Closing and the parties purchasing such Additional Shares.


 






     


     


    

 


1.4            Consent
to Conversion and Termination of Convertible Instruments.


 


(a)             By
executing and delivering this Agreement, each Purchaser holding one or more convertible instruments (including convertible promissory
notes) issued by the Company prior to the Initial Closing listed on Exhibit A (each, a “Convertible Security”
and, collectively, the “Convertible Securities”), if any, hereby irrevocably agrees that:


 


(i)         all
of such Purchaser’s Convertible Securities listed on Exhibit A will automatically and without any action on the part
of such Purchaser convert into shares of Series C Preferred Stock at the Initial Closing in the amount for such Purchaser as set
forth on Exhibit A, regardless of whether any such Convertible Securities or an affidavit of loss therefor is actually delivered
in original or other form to the Company;


 


(ii)       the
shares of Series C Preferred Stock in the amount set forth opposite such Purchaser’s name on Exhibit A are issued in full
and complete discharge and satisfaction of all obligations of the Company (including outstanding principal, interest or any other amounts)
under such Purchaser’s Convertible Securities, and such Convertible Securities will be terminated and of no further force or effect
automatically immediately prior to the Initial Closing; and


 


(iii)      such
Purchaser’s Convertible Securities listed on Exhibit A hereby are and will be deemed for all purposes to have been amended
and modified by virtue hereof to the full extent necessary to permit and facilitate their conversion into the shares of Series C
Preferred Stock, and, immediately prior to the Initial Closing, such Convertible Securities shall be deemed terminated in full and null,
void and of no further force or effect; provided that the foregoing will not impair the right of such Purchaser to receive the applicable
number of shares of Series C Preferred Stock shown opposite his, her or its name on Exhibit A as provided above.


 


(b)             Such
Purchaser hereby represents, warrants and confirms to the Company that: (i) Purchaser is the sole owner of all right, title and interest
in and to the Convertible Securities corresponding to the amounts shown on Exhibit A opposite such Purchaser’s name and converting
into the shares of Series C Preferred Stock shown on Exhibit A; and (ii) Purchaser has reviewed Exhibit A and agrees
that his, her or its ownership of shares of Series C Preferred Stock after giving effect to the Initial Closing is fully and accurately
reflected on Exhibit A.


 


(c)             Aside
from such Purchaser’s right to receive the shares of Series C Preferred Stock set forth opposite such Purchaser’s name
on Exhibit A at the Initial Closing and to receive rights provided for in this Agreement and as a holder of shares of Series C
Preferred Stock under the Restated Certificate, such Purchaser hereby waives any and all demands, claims, suits, actions, causes of actions,
proceedings, assessments and rights in respect of such Purchaser’s Convertible Securities listed on Exhibit A, including, without
limitation, (i) any principal or interest payments in excess of the amounts to be converted into the shares of Series C Preferred
Stock as provided on Exhibit A, (ii) any right to formal notice of the conversion of the Convertible Securities and (iii) any
rights arising from any past or present actual or alleged default or event of default under the Convertible Securities. The Purchasers
further confirm and agree that any original Convertible Securities held by (or delivered to) the Company may be cancelled (and marked
cancelled) by the Company upon or following the Initial Closing.


 






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1.5            Use
of Proceeds. In accordance with the directions of the Company’s Board of Directors, the Company will use the proceeds from the
sale of the Shares for product development, working capital and other general corporate purposes. The Company shall not use the proceeds
from the sale of the Shares for the repayment of any indebtedness or to fund any payments to any stockholder, officer or employee, other
than compensation in the ordinary course consistent with past practice.


 


1.6            Defined
Terms Used in this Agreement. In addition to the terms defined above, the following terms used in this Agreement shall be construed
to have the meanings set forth or referenced below.


 


(a)            “Affiliate”
means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common
control with such Person, including, without limitation, any general partner, managing member, officer, director or trustee of such Person,
or any venture capital fund or registered investment company now or hereafter existing that is controlled by one or more general partners,
managing members or investment advisers of, or shares the same management company or investment adviser with, such Person.


 


(b)            “Board”
means the Company’s board of directors.


 


(c)            “Code”
means the Internal Revenue Code of 1986, as amended.


 


(d)            “Company
Covered Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under
the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1).


 


(e)            “Company
Intellectual Property” means all patents, patent applications, registered and unregistered trademarks, trademark applications,
registered and unregistered service marks, service mark applications, tradenames, copyrights, trade secrets, domain names, mask works,
information and proprietary rights and processes, similar or other intellectual property rights, subject matter of any of the foregoing,
tangible embodiments of any of the foregoing, licenses in, to and under any of the foregoing, and in any and all such cases that are owned
or used by the Company in the conduct of the Company’s business as now conducted and as presently proposed to be conducted.


 


(f)             “Key
Employee” means any executive-level employee, as well as any employee or consultant who either alone or in concert with others
develops, invents, programs or designs any Company Intellectual Property.


 


(g)            “Knowledge”
including the phrase “to the Company’s knowledge” shall mean the actual knowledge after reasonable investigation
and assuming such knowledge as the individual would have as a result of the reasonable performance of his or her duties in the ordinary
course of the following officers: Jeff Ross, Brian Niebur and Mason Macenski. Additionally, for purposes of Section 2.8 below,
the Company shall be deemed to have “knowledge” of a patent right if the Company has actual knowledge of the patent right
or would be found to be on notice of such patent right as determined by reference to United States patent laws.


 


(h)            “Material
Adverse Effect” means a material adverse effect on the business, assets (including intangible assets), liabilities, financial
condition, property or results of operations of the Company.


 


(i)             “Person”
means any individual, corporation, partnership, trust, limited liability company, association or other entity.


 






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(j)             “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.


 


(k)            “Side
Letter” means the agreement between the Company and Baxter Healthcare Corporation (“Baxter”) as of the
date of the Initial Closing, in the form of Exhibit D attached to this Agreement.


 


(l)             “Transaction
Agreements” means this Agreement and the Side Letter.


 


2.              Representations
and Warranties of the Company. The Company hereby represents and warrants to each Purchaser that, except as set forth on the Disclosure
Schedule attached as Exhibit C to this Agreement, which exceptions shall be deemed to be part of the representations and warranties
made hereunder, the following representations are true and complete as of the date of the date of this Agreement, except as otherwise
indicated. The Disclosure Schedule shall be arranged in sections corresponding to the numbered and lettered sections contained in this
Section 2, and the disclosures in any section of the Disclosure Schedule shall qualify other sections in this Section 2
only to the extent it is readily apparent from a reading of the disclosure that such disclosure is applicable to such other sections.


 


For purposes of these representations
and warranties (other than those in Sections 2.2, 2.3, 2.4, 2.5, and 2.6), the term the “Company”
shall include any subsidiaries of the Company, unless otherwise noted herein.


 


2.1            Organization,
Good Standing, Corporate Power and Qualification. The Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently conducted
and as presently proposed to be conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction
in which the failure to so qualify would have a Material Adverse Effect.


 


2.2            Capitalization.


 


(a)            Immediately
prior to the Initial Closing, the authorized capital of the Company will consist of:


 


(i)          50,000,000
shares of common stock, $0.00001 par value per share (the “Common Stock”), 2,329,572 shares of which are issued and
outstanding. All of the outstanding shares of Common Stock have been duly authorized, are fully paid and nonassessable and were issued
in compliance with all applicable federal and state securities laws. The Company holds no Common Stock in its treasury.


 


(ii)        15,900,000
shares of preferred stock, $0.00001 par value per share (the “Preferred Stock”), 3,300,000 of which are designated
Series A Convertible Preferred Stock, $0.00001 par value per share, 3,000,380 of which are issued and outstanding; 4,000,000 of which
are designated Series B Convertible Preferred Stock, $0.00001 par value per share, 3,218,282 of which are issued and outstanding;
2,500,000 of which are designated Series B-2 Convertible Preferred Stock, $0.00001 par value per share, 2,095,874 of which are issued
and outstanding, and 6,100,000 of which have been designated Series C Preferred Stock, none of which are issued and outstanding.
The rights, privileges and preferences of the Preferred Stock are as stated in the Restated Certificate and as provided by the Delaware
General Corporation Law. The Company holds no Preferred Stock in its treasury.


 






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(b)


 


(i)         The
Company has reserved 3,850,000 shares of Common Stock for issuance to officers, directors, employees and consultants of the Company pursuant
to its 2010 Stock Incentive Plan duly adopted by the Board and approved by the Company stockholders (the “2010 Plan”).
Of such reserved shares of Common Stock, 3,287,230 shares are outstanding that have been issued pursuant to restricted stock purchase
agreements, options to purchase 3,287,230 shares have been granted and are currently outstanding, and 0 shares of Common Stock remain
available for issuance to officers, directors, employees and consultants pursuant to the 2010 Plan. The Company has furnished to the Purchasers
complete and accurate copies of the 2010 Plan and forms of agreements used thereunder.


 


(ii)        The
Company has reserved 1,000,000 shares of Common Stock for issuance to officers, directors, employees and consultants of the Company pursuant
to its 2019 Equity Incentive Plan duly adopted by the Board and approved by the Company stockholders (the “2019 Plan,”
and together with the 2010 Plan, the “Stock Plan”). Of such reserved shares of Common Stock, 481,500 shares are outstanding
that have been issued pursuant to restricted stock purchase agreements, options to purchase 481,500 shares have been granted and are currently
outstanding, and 518,500 shares of Common Stock remain available for issuance to officers, directors, employees and consultants pursuant
to the 2019 Plan. The Company has furnished to the Purchasers complete and accurate copies of the 2019 Plan and forms of agreements used
thereunder.


 


(c)            Section 2.2(c) of
the Disclosure Schedule sets forth the capitalization of the Company immediately following the Initial Closing including the number of
shares of the following: (i) issued and outstanding Common Stock, including, with respect to restricted Common Stock, vesting schedule
and repurchase price; (ii)  outstanding stock options, including vesting schedule and exercise price; (iii) shares of Common
Stock reserved for future award grants under the Stock Plan; (iv) each series of Preferred Stock; and (v) warrants or stock
purchase rights, if any. Except for (A) the conversion privileges of the Shares to be issued under this Agreement, (B) the rights
provided in Section 5 of the Side Letter, (C) the rights provided in the letter agreement dated June 22, 2018 between the
Company and Cheshire, as amended on March 6, 2020, and (D) the securities and rights described in Section 2.2(a)(ii) and
Section 2.2(b) of this Agreement and Section 2.2(c) of the Disclosure Schedule, there are no outstanding
options, warrants, rights (including conversion or preemptive rights and rights of first refusal or similar rights) or agreements, orally
or in writing, to purchase or acquire from the Company any shares of Common Stock or Series C Preferred Stock, or any securities
convertible into or exchangeable for shares of Common Stock or Series C Preferred Stock. All outstanding shares of the Company’s
Common Stock and all shares of the Company’s Common Stock underlying outstanding options are subject to (i) a right of first
refusal in favor of the Company upon any proposed transfer (other than transfers for estate planning purposes); and (ii) a lock-up
or market standoff agreement of not less than one hundred eighty (180) days following the Company’s initial public offering pursuant
to a registration statement filed with the Securities and Exchange Commission under the Securities Act.


 


(d)            None
of the Company’s stock purchase agreements or stock option documents contains a provision for acceleration of vesting (or lapse
of a repurchase right) or other changes in the vesting provisions or other terms of such agreement or understanding upon the occurrence
of any event or combination of events, including, without limitation, in the case where the Stock Plan is not assumed in an acquisition.
The Company has never adjusted or amended the exercise price of any stock options previously awarded, whether through amendment, cancellation,
replacement grant, repricing, or any other means. Except as set forth in the Restated Certificate, the Company has no obligation (contingent
or otherwise) to purchase or redeem any of its capital stock.


 






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(e)            409A.
The Company believes in good faith that any “nonqualified deferred compensation plan” (as such term is defined under Section 409A(d)(1) of
the Code and the guidance thereunder) under which the Company makes, is obligated to make or promises to make, payments (each, a “409A
Plan”) complies in all material respects, in both form and operation, with the requirements
of Section 409A of the Code and the guidance thereunder. To the knowledge of the Company, no payment to be made under any 409A Plan
is, or will be, subject to the penalties of Section 409A(a)(1) of the Code.


 


(f)             The
Company has complied with or obtained valid waivers of any rights by other parties to purchase any of the Shares covered by this Agreement.


 


2.3            Subsidiaries.
The Company does not currently own or control, directly or indirectly, any interest in any other corporation, partnership, trust, joint
venture, limited liability company, association, or other business entity. The Company is not a participant in any joint venture, partnership
or similar arrangement.


 


2.4            Authorization.
All corporate action required to be taken by the Board and stockholders in order to authorize the Company to enter into the Transaction
Agreements, and to issue the Shares at the Initial Closing and the Common Stock issuable upon conversion of the Shares, has been taken
or will be taken prior to the Initial Closing. All action on the part of the officers of the Company necessary for the execution and delivery
of the Transaction Agreements, the performance of all obligations of the Company under the Transaction Agreements to be performed as of
the Initial Closing, and the issuance and delivery of the Shares has been taken or will be taken prior to the Initial Closing. The Transaction
Agreements, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable
against the Company in accordance with their respective terms except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights
generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies,
or (iii) to the extent the indemnification provisions contained in the Investors’ Rights Agreement and the Indemnification
Agreement may be limited by applicable federal or state securities laws.


 


2.5            Valid
Issuance of Shares.


 


(a)            The
Shares, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly
issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under the Transaction Agreements,
applicable state and federal securities laws and liens or encumbrances created by or imposed by a Purchaser. Assuming the accuracy of
the representations of the Purchasers in Section 3 of this Agreement and subject to the filings described in Section 2.6(ii) below,
the Shares will be issued in compliance with all applicable federal and state securities laws. The Common Stock issuable upon conversion
of the Shares will be duly reserved for issuance, and upon issuance in accordance with the terms of the Restated Certificate, will be
validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under the Transaction
Agreements, applicable federal and state securities laws and liens or encumbrances created by or imposed by a Purchaser. Assuming the
accuracy of the representations of the Purchasers in Section 3 of this Agreement, and subject to Sections 2.5(b) and
2.6 below, the Common Stock issuable upon conversion of the Shares will be issued in compliance with all applicable federal and
state securities laws.


 






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(b)            No
 “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification
Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person, except for a Disqualification
Event as to which Rule 506(d)(2)(ii-iv) or (d)(3), is applicable.


 


2.6            Governmental
Consents and Filings. Assuming the accuracy of the representations made by the Purchasers in Section 3 of this Agreement,
no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal,
state or local governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated
by this Agreement, except for (i) the filing of the Restated Certificate, which will have been filed as of the Initial Closing, and
(ii) filings pursuant to applicable securities laws, which have been made or will be made in a timely manner.


 


2.7            Litigation.
There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending or to the Company’s knowledge,
currently threatened in writing (i) against the Company or any officer, director or Key Employee of the Company arising out of their
employment or board relationship with the Company; or (ii) to the Company’s knowledge, that questions the validity of the Transaction
Agreements or the right of the Company to enter into them, or to consummate the transactions contemplated by the Transaction Agreements;
or (iii) that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. Neither the
Company nor, to the Company’s knowledge, any of its officers, directors or Key Employees is a party or is named as subject to the
provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality (in the case of officers,
directors or Key Employees, such as would affect the Company). There is no action, suit, proceeding or investigation by the Company pending
or which the Company intends to initiate. The foregoing includes, without limitation, actions, suits, proceedings or investigations pending
or threatened in writing (or any basis therefor known to the Company) involving the prior employment of any of the Company’s employees,
their services provided in connection with the Company’s business, any information or techniques allegedly proprietary to any of
their former employers or their obligations under any agreements with prior employers.


 


2.8            Intellectual
Property.


 


(a)            The
Company owns or possesses sufficient legal rights to all Company Intellectual Property without any known conflict with, or infringement
of, the rights of others, including prior employees or consultants, or academic or medical institutions with which any of them may be
affiliated now or may have been affiliated in the past. The Company has not received any written communications alleging that the Company
has violated, or by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade
secrets, mask works or other proprietary rights or processes of any other Person.


 


(b)            To
the Company’s knowledge, no product or service marketed or sold (or proposed to be marketed or sold) by the Company violates or
will violate any license or infringes or will infringe any intellectual property rights of any other party.


 


(c)            Other
than with respect to commercially available software products under standard end-user object code license agreements, there are no outstanding
options, licenses, agreements, claims, encumbrances or shared ownership interests of any kind relating to the Company Intellectual Property,
nor is the Company bound by or a party to any options, licenses or agreements of any kind with respect to the patents, trademarks, service
marks, trade names, copyrights, trade secrets, licenses, information, proprietary rights and processes of any other Person.


 






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(d)            The
Company has obtained and possesses valid licenses to use all of the software programs present on the computers and other software-enabled
electronic devices that it owns or leases or that it has otherwise provided to its employees for their use in connection with the Company’s
business.


 


(e)            Each
employee and consultant has assigned to the Company all intellectual property rights that he or she owns that are related to the Company’s
business as now conducted and as presently proposed to be conducted and all intellectual property rights that he, she or it solely or
jointly conceived, reduced to practice, developed or made during the period of his, her or its employment or consulting relationship with
the Company that (i) relate, at the time of conception, reduction to practice, development, or making of such intellectual property
right, to the Company’s business as then conducted or as then proposed to be conducted, (ii) were developed on any amount of
the Company’s time or with the use of any of the Company’s equipment, supplies, facilities or information or (iii) resulted
from the performance of services for the Company. It will not be necessary to use any inventions of any of the Company’s employees
or consultants (or Persons it currently intends to hire) made prior to their employment by the Company, including prior employees or consultants,
or academic or medical institutions with which any of them may be affiliated now or may have been affiliated in the past.


 


(f)             Section 2.8(f) of
the Disclosure Schedule lists all Company Intellectual Property owned by the Company other than trade secrets.


 


(g)            The
Company has not embedded, used or distributed any open source, copyleft or community source code (including but not limited to any libraries
or code, software, technologies or other materials that are licensed or distributed under any General Public License, Lesser General Public
License or similar license arrangement or other distribution model described by the Open Source Initiative at www.opensource.org, collectively
 “Open Source Software”) in connection with any of its products or services that are generally available or in development
in any manner that would materially restrict the ability of the Company to protect its proprietary interests in any such product or service
or in any manner that requires, or purports to require (i) any Company Intellectual Property (other than the Open Source Software
itself) be disclosed or distributed in source code form or be licensed for the purpose of making derivative works; (ii) any restriction
on the consideration to be charged for the distribution of any Company Intellectual Property; (iii) the creation of any obligation
for the Company with respect to Company Intellectual Property owned by the Company, or the grant to any third party of any rights or immunities
under Company Intellectual Property owned by the Company; or (iv) any other limitation, restriction or condition on the right of
the Company with respect to its use or distribution of any Company Intellectual Property.


 


(h)            No
government funding, facilities of a university, college, other educational institution or research center, or funding from third parties
was used in the development of any Company Intellectual Property. No Person who was involved in, or who contributed to, the creation or
development of any Company Intellectual Property, has performed services for the government, university, college, or other educational
institution or research center in a manner that would affect Company’s rights in the Company Intellectual Property.


 






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2.9            Compliance
with Other Instruments. The Company is not in violation or default (i) of any provisions of its Restated Certificate or Bylaws,
(ii) of any instrument, judgment, order, writ or decree, (iii) under any note, indenture or mortgage, (iv) under any lease,
agreement, contract or purchase order to which it is a party or by which it is bound that is required to be listed on the Disclosure Schedule,
or (v) of any provision of federal or state statute, rule or regulation applicable to the Company, in each case, the violation
of which or default under would have a Material Adverse Effect. The execution, delivery and performance of the Transaction Agreements
and the consummation of the transactions contemplated by the Transaction Agreements will not result in any such violation or be in conflict
with or constitute, with or without the passage of time and giving of notice, either (i) a default under any such provision, instrument,
judgment, order, writ, decree, contract or agreement; or (ii) an event which results in the creation of any lien, charge or encumbrance
upon any assets of the Company or the suspension, revocation, forfeiture, or nonrenewal of any material permit or license applicable to
the Company.


 


2.10          Agreements;
Actions.


 


(a)            Except
for the Transaction Agreements, there are no agreements, understandings, instruments, contracts or proposed transactions to which the
Company is a party or by which it is bound that involve (i) obligations (contingent or otherwise) of, or payments to, the Company
in excess of $250,000, (ii) the license of any patent, copyright, trademark, trade secret or other proprietary right to or from the
Company (other than with respect to commercially available software products under standard end-user object code license agreements),
(iii) the grant of rights to manufacture, produce, assemble, license, market, or sell its products to any other Person that limit
the Company’s exclusive right to develop, manufacture, assemble, distribute, market or sell its products, or (iv) indemnification
by the Company with respect to infringements of proprietary rights.


 


(b)            The
Company has not (i) declared or paid any dividends, or authorized or made any distribution upon or with respect to any class or series
of its capital stock, (ii) incurred any indebtedness for money borrowed or incurred any other liabilities individually in excess
of $50,000 or in excess of $100,000 in the aggregate, (iii) made any loans or advances to any Person, other than ordinary advances
for business expenses, or (iv) sold, exchanged or otherwise disposed of any of its assets or rights, other than in the ordinary course
of business. For the purposes of (a) and (b) of this Section 2.10, all indebtedness, liabilities, agreements, understandings,
instruments, contracts and proposed transactions involving the same Person (including Persons the Company has reason to believe are affiliated
with each other) shall be aggregated for the purpose of meeting the individual minimum dollar amounts of such section.


 


(c)            The
Company is not a guarantor or indemnitor of any indebtedness of any other Person.


 


2.11          Certain
Transactions.


 


(a)            Other
than (i) standard employee benefits generally made available to all employees, standard employee offer letters, consulting agreements
or advisor letters, (ii) standard director and officer indemnification agreements approved by the Board, (iii) standard non-competition
and non-solicitation agreements, (iv) standard invention and non-disclosure agreements, (v) the purchase of shares of the Company’s
capital stock and the issuance of options to purchase shares of the Company’s Common Stock, in each instance, approved in the written
minutes or consents of the Board (previously provided to the Purchasers or their respective counsel), and (vi) the Transaction Agreements,
there are no agreements, understandings or proposed transactions between the Company and any of its officers, directors, consultants or
Key Employees, or any Affiliate thereof.


 






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(b)            The
Company is not indebted, directly or indirectly, to any of its directors, officers or employees or to their respective spouses or children
or to any Affiliate of any of the foregoing, other than in connection with expenses or advances of expenses incurred in the ordinary course
of business or employee relocation expenses and for other customary employee benefits made generally available to all employees. None
of the Company’s directors, officers or employees, or any members of their immediate families, or any Affiliate of the foregoing
are, directly or indirectly, indebted to the Company or, to the Company’s knowledge, have any (i) material commercial, industrial,
banking, consulting, legal, accounting, charitable or familial relationship with any of the Company’s customers, suppliers, service
providers, joint venture partners, licensees and competitors, (ii) direct or indirect ownership interest in any firm or corporation
with which the Company is affiliated or with which the Company has a business relationship, or any firm or corporation which competes
with the Company except that directors, officers, employees or stockholders of the Company may own stock in (but not exceeding two percent
(2%) of the outstanding capital stock of) publicly traded companies that may compete with the Company; or (iii) financial interest
in any material contract with the Company, other than those contracts described in Section 2.11(a) or set forth in Section 2.11(a) of
the Disclosure Schedule.


 


2.12         Rights
of Registration and Voting Rights. Except as provided in the Investors’ Rights Agreement, the Company is not under any obligation
to register under the Securities Act any of its currently outstanding securities or any securities issuable upon exercise or conversion
of its currently outstanding securities. To the Company’s knowledge, no stockholder of the Company has entered into any agreements
with respect to the voting of shares of the Company’s capital stock.


 


2.13         Property.
The property and assets that the Company owns are free and clear of all mortgages, deeds of trust, liens, loans and encumbrances, except
for statutory liens for the payment of current taxes that are not yet delinquent and encumbrances and liens that arise in the ordinary
course of business and do not materially impair the Company’s ownership or use of such property or assets. With respect to
the property and assets it leases, the Company is in compliance with such leases and holds a valid leasehold interest free of any liens,
claims or encumbrances other than those of the lessors of such property or assets. The Company does not own any real property.


 


2.14         Financial
Statements. The Company has delivered to each Purchaser its audited financial statements as of December 31, 2020 and for the
fiscal year ended December 31, 2019 and its unaudited financial statements (including balance sheet, income statement and statement
of cash flows) as of March 31, 2021 (the “Balance Sheet Date”) and for the three-month period ended on the Balance
Sheet Date (collectively, the “Financial Statements”). The Financial Statements have been prepared in accordance with
generally accepted accounting principles (“GAAP”) applied on a consistent basis throughout the periods indicated, except
that the unaudited Financial Statements may not contain all footnotes required by GAAP. The Financial Statements fairly present in all
material respects the financial condition and operating results of the Company as of the dates, and for the periods, indicated therein,
subject in the case of the unaudited Financial Statements to normal year-end audit adjustments. Except as set forth in the Financial Statements,
the Company has no material liabilities or obligations, contingent or otherwise, other than (i) liabilities incurred in the ordinary
course of business subsequent to the Balance Sheet Date; (ii) obligations under contracts and commitments incurred in the ordinary
course of business; and (iii) liabilities and obligations of a type or nature not required under GAAP to be reflected in the Financial
Statements, which, in all such cases, individually and in the aggregate would not have a Material Adverse Effect. The Company maintains
and will continue to maintain a standard system of accounting established and administered in accordance with GAAP.


 






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2.15         Changes.
Since the Balance Sheet Date there has not been:


 


(a)            any
change in the assets, liabilities, financial condition or operating results of the Company from that reflected in the Financial Statements,
except changes in the ordinary course of business that have not caused, in the aggregate, a Material Adverse Effect;


 


(b)            any
damage, destruction or loss, whether or not covered by insurance, that would have a Material Adverse Effect;


 


(c)            any
waiver or compromise by the Company of a valuable right or of a material debt owed to it;


 


(d)            any
satisfaction or discharge of any lien, claim, or encumbrance or payment of any obligation by the Company, except in the ordinary course
of business and the satisfaction or discharge of which would not have a Material Adverse Effect;


 


(e)            any
material change to a material contract or agreement by which the Company or any of its assets is bound or subject;


 


(f)             any
material change in any compensation arrangement or agreement with any employee, officer, director or stockholder;


 


(g)            any
resignation or termination of employment of any officer or Key Employee of the Company;


 


(h)            any
mortgage, pledge, transfer of a security interest in, or lien, created by the Company, with respect to any of its material properties
or assets, except liens for taxes not yet due or payable and liens that arise in the ordinary course of business and do not materially
impair the Company’s ownership or use of such property or assets;


 


(i)             any
loans or guarantees made by the Company to or for the benefit of its employees, officers or directors, or any members of their immediate
families, other than travel advances and other advances made in the ordinary course of its business;


 


(j)             any
declaration, setting aside or payment or other distribution in respect of any of the Company’s capital stock, or any direct or indirect
redemption, purchase, or other acquisition of any of such stock by the Company;


 


(k)            any
sale, assignment or transfer of any Company Intellectual Property that could reasonably be expected to result in a Material Adverse Effect;


 


(l)             receipt
of notice that there has been a loss of, or material order cancellation by, any major customer of the Company;


 


(m)           any
other event or condition of any character, other than events affecting the economy or the Company’s industry generally, that could
reasonably be expected to result in a Material Adverse Effect; or


 


(n)            any
arrangement or commitment by the Company to do any of the things described in this Section 2.15.


 






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2.16         Employee
Matters.


 


(a)            To
the Company’s knowledge, none of its employees is obligated under any contract (including licenses, covenants or commitments of
any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency, that would materially
interfere with such employee’s ability to promote the interest of the Company or that would conflict with the Company’s business.
Neither the execution or delivery of the Transaction Agreements, nor the carrying on of the Company’s business by the employees
of the Company, nor the conduct of the Company’s business as now conducted and as presently proposed to be conducted, will, to the
Company’s knowledge, conflict with or result in a breach of the terms, conditions, or provisions of, or constitute a default under,
any contract, covenant or instrument under which any such employee is now obligated.


 


(b)            The
Company is not delinquent in payments to any of its employees, consultants, or independent contractors for any wages, salaries, commissions,
bonuses, or other direct compensation for any service performed for it to the date hereof or amounts required to be reimbursed to such
employees, consultants or independent contractors. The Company has complied in all material respects with all applicable state and federal
equal employment opportunity laws and with other laws related to employment, including those related to wages, hours, worker classification
and collective bargaining. The Company has withheld and paid to the appropriate governmental entity or is holding for payment not yet
due to such governmental entity all amounts required to be withheld from employees of the Company and is not liable for any arrears of
wages, taxes, penalties or other sums for failure to comply with any of the foregoing.


 


(c)            To
the Company’s knowledge, no Key Employee intends to terminate employment with the Company or is otherwise likely to become unavailable
to continue as a Key Employee, nor does the Company have a present intention to terminate the employment of any of the foregoing. The
employment of each employee of the Company is terminable at the will of the Company. Except as set forth in Section 2.16(c) of
the Disclosure Schedule or as required by law, upon termination of the employment of any such employees, no severance or other payments
will become due. Except as set forth in Section 2.16(c) of the Disclosure Schedule, the Company has no policy, practice,
plan or program of paying severance pay or any form of severance compensation in connection with the termination of employment services.


 


(d)            The
Company has not made any representations regarding equity incentives to any officer, employee, director or consultant that are inconsistent
with the share amounts and terms set forth in the minutes of meetings of (or actions taken by unanimous written consent by) the Board.


 


(e)            Each
former Key Employee whose employment was terminated by the Company has entered into an agreement with the Company providing for the full
release of any claims against the Company or any related party arising out of such employment.


 


(f)             Section 2.16(f) of
the Disclosure Schedule sets forth each employee benefit plan maintained, established or sponsored by the Company, or which the Company
participates in or contributes to, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
The Company has made all required contributions and has no liability to any such employee benefit plan, other than liability for health
plan continuation coverage described in Part 6 of Title I(B) of ERISA, and has complied in all material respects with all applicable
laws for any such employee benefit plan.


 


(g)            The
Company is not bound by or subject to (and none of its assets or properties is bound by or subject to) any written or oral, express or
implied, contract, commitment or arrangement with any labor union, and no labor union has requested or, to the knowledge of the Company,
has sought to represent any of the employees, representatives or agents of the Company. There is no strike or other labor dispute involving
the Company pending, or to the Company’s knowledge, threatened, which could have a Material Adverse Effect, nor is the Company aware
of any labor organization activity involving its employees.


 






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(h)            To
the Company’s knowledge, none of the Key Employees or directors of the Company has been (i) subject to voluntary or involuntary
petition under the federal bankruptcy laws or any state insolvency law or the appointment of a receiver, fiscal agent or similar officer
by a court for his or her business or property; (ii) convicted in a criminal proceeding or named as a subject of a pending criminal
proceeding (excluding traffic violations and other minor offenses); (iii) subject to any order, judgment or decree (not subsequently
reversed, suspended, or vacated) of any court of competent jurisdiction permanently or temporarily enjoining him or her from engaging,
or otherwise imposing limits or conditions on his or her engagement in any securities, investment advisory, banking, insurance, or other
type of business or acting as an officer or director of a public company; or (iv) found by a court of competent jurisdiction in a
civil action or by the Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated any federal or
state securities, commodities, or unfair trade practices law, which such judgment or finding has not been subsequently reversed, suspended,
or vacated.


 


2.17          Tax
Returns and Payments. There are no federal, state, county, local or foreign taxes due and payable by the Company which have not been
timely paid. There are no accrued and unpaid federal, state, county, local or foreign taxes of the Company which are due, whether or not
assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable federal, state, local
or foreign governmental agency. The Company has duly and timely filed all federal, state, county, local and foreign tax returns required
to have been filed by it and there are in effect no waivers of applicable statutes of limitations with respect to taxes for any year.


 


2.18          Insurance.
The Company has in full force and effect insurance policies concerning such casualties as would be reasonable and customary for companies
like the Company, with extended coverage, sufficient in amount (subject to reasonable deductions) to allow it to replace any of its properties
that might be damaged or destroyed.


 


2.19          Employee
Agreements. Each current and former employee, consultant and officer of the Company has executed an agreement with the Company regarding
confidentiality and proprietary information substantially in the form or forms delivered to the Purchasers or their respective counsel
(the “Confidential Information Agreements”). No current or former Key Employee has excluded works or inventions from
his or her assignment of inventions pursuant to such Key Employee’s Confidential Information Agreement. Each current and former
Key Employee has executed a non-competition and non-solicitation agreement substantially in the form or forms delivered to the Purchasers
or their respective counsel. The Company is not aware that any of its Key Employees is in violation of any agreement described in this
Section 2.19.


 


2.20          Permits.
The Company has all franchises, permits, licenses and any similar authority necessary for the conduct of its business, the lack of which
could reasonably be expected to have a Material Adverse Effect. The Company is not in default in any material respect under any of such
franchises, permits, licenses or other similar authority.


 


2.21          Corporate
Documents. The current Certificate of Incorporation and Bylaws of the Company as of the date of this Agreement are in the form provided
to the Purchasers. The copy of the minute books of the Company provided to the Purchasers contains minutes of all meetings of directors
and stockholders and all actions by written consent without a meeting by the directors and stockholders since the date of incorporation
and accurately reflects in all material respects all actions by the directors (and any committee of directors) and stockholders with respect
to all transactions referred to in such minutes.


 






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2.22          83(b) Elections.
To the Company’s knowledge, all elections and notices under Section 83(b) of the Code have been or will be timely filed
by all individuals who have acquired unvested shares of Common Stock.


 


2.23          Preclinical
Development and Clinical Trials. The studies, tests, preclinical development and clinical trials, if any, conducted by or on behalf
of the Company are being conducted in all material respects in accordance with experimental protocols, procedures and controls pursuant
to accepted professional and scientific standards for products or product candidates comparable to those being developed by the Company
and all applicable laws and regulations, including the Federal Food, Drug, and Cosmetic Act and 21 C.F.R. parts 50, 54, 56, 58, 312, and
812. The descriptions of, protocols for, and data and other results of, the studies, tests, development and trials conducted by or on
behalf of the Company that have been furnished or made available to the Purchasers are accurate and complete. The Company is not aware
of any studies, tests, development or trials the results of which reasonably call into question the results of the studies, tests, development
and trials conducted by or on behalf of the Company, and the Company has not received any notices or correspondence from the U.S. Food
and Drug Administration or any other governmental entity or any institutional review board or comparable authority requiring the termination,
suspension or material modification of any studies, tests, preclinical development or clinical trials conducted by or on behalf of the
Company.


 


2.24          Data
Privacy. In connection with its collection, storage, use and/or disclosure of any information that constitutes “personal information,”
 “personal data” or “ personally identifiable information” as defined in applicable laws (collectively “Personal
Information”) by or on behalf of the Company, the Company is and has been, to the Company’s knowledge, in compliance with
(i) all applicable laws (including, without limitation, laws relating to privacy, data security, telephone and text message communications,
and marketing by email or other channels) in all relevant jurisdictions, (ii) the Company’s privacy policies and (iii) the
requirements of any contract or codes of conduct or industry standards by which the Company is bound (collectively, “Privacy
Requirements”). The Company maintains reasonable physical, technical and administrative security measures and policies designed
to protect all Personal Information owned, stored, used, maintained or controlled by or on behalf of the Company from and against unlawful,
accidental or unauthorized access, destruction, loss, use, modification and/or disclosure. The Company is and has been, to the Company’s
knowledge, in compliance in all material respects with all laws relating to data loss, theft and breach of security notification obligations.
To the Company’s knowledge, there has been no occurrence of (x) unlawful, accidental or unauthorized destruction, loss, use,
modification or disclosure of or access to Personal Information owned, stored, used, maintained or controlled by or on behalf of the Company
such that Privacy Requirements require or required the Company to notify government authorities, affected individuals or other parties
of such occurrence or (y) unauthorized access to or disclosure of the Company’s confidential information or trade secrets that
reasonably would be expected to result in a Material Adverse Effect.


 






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3.              Representations
and Warranties of the Purchasers. Each Purchaser hereby represents and warrants to the Company, severally and not jointly, that:


 


3.1            Authorization.
The Purchaser has full power and authority to enter into the Transaction Agreements. The Transaction Agreements to which the Purchaser
is a party, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable
against such Purchaser in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally,
and as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies, or (b) to
the extent the indemnification provisions contained in the Investors’ Rights Agreement may be limited by applicable federal or state
securities laws.


 


3.2            Purchase
Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation to the Company,
which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser
will be acquired for investment for the Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or
distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise
distributing the same. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have any contract,
undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person,
with respect to any of the Shares. The Purchaser has not been formed for the specific purpose of acquiring the Shares.


 


3.3            Disclosure
of Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial affairs and the
terms and conditions of the offering of the Shares with the Company’s management and has had an opportunity to inspect the Company’s
facilities. The foregoing, however, does not limit or modify the representations and warranties of the Company in Section 2
of this Agreement or the right of the Purchasers to rely thereon.


 


3.4            Restricted
Securities. The Purchaser understands that the Shares 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 which depends upon, among other things, the bona fide nature
of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The Purchaser understands that
the Shares are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these
laws, the Purchaser must hold the Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified
by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser acknowledges that
the Company has no obligation to register or qualify the Shares, or the Common Stock into which it may be converted, for resale except
as set forth in the Investors’ Rights Agreement. The Purchaser further acknowledges that if an exemption from registration or qualification
is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period
for the Shares, and on requirements relating to the Company which are outside of the Purchaser’s control, and which the Company
is under no obligation and may not be able to satisfy.


 


3.5            No
Public Market. The Purchaser understands that no public market now exists for the Shares, and that the Company has made no assurances
that a public market will ever exist for the Shares.


 


3.6            Legends.
The Purchaser understands that the Shares and any securities issued in respect of or exchange for the Shares, may be notated with one
or all of the following legends:


 


“THE SHARES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW
TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED.”


 






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(a)            Any
legend set forth in, or required by, the other Transaction Agreements.


 


(b)            Any
legend required by the securities laws of any state to the extent such laws are applicable to the Shares represented by the certificate,
instrument, or book entry so legended.


 


3.7            Accredited
Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities
Act.


 


3.8            Foreign
Investors. If the Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Code), the Purchaser hereby
represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to
subscribe for the Shares or any use of this Agreement, including (i) the legal requirements within its jurisdiction for the purchase
of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents
that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding,
redemption, sale, or transfer of the Shares. The Purchaser’s subscription and payment for and continued beneficial ownership of
the Shares will not violate any applicable securities or other laws of the Purchaser’s jurisdiction.


 


3.9            No
General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners has either
directly or indirectly, including, through a broker or finder (a) engaged in any general solicitation, or (b) published any
advertisement in connection with the offer and sale of the Shares.


 


3.10          Exculpation
Among Purchasers. The Purchaser acknowledges that it is not relying upon any Person, other than the Company and its officers and directors,
in making its investment or decision to invest in the Company. The Purchaser agrees that neither any Purchaser nor the respective controlling
Persons, officers, directors, partners, agents, or employees of any Purchaser shall be liable to any other Purchaser for any action heretofore
taken or omitted to be taken by any of them in connection with the purchase of the Shares.


 


3.11          Residence.
If the Purchaser is an individual, then the Purchaser resides in the state or province identified in the address of the Purchaser set
forth on Exhibit A; if the Purchaser is a partnership, corporation, limited liability company or other entity, then the office
or offices of the Purchaser in which its principal place of business is identified in the address or addresses of the Purchaser set forth
on Exhibit A.


 


3.12          Bad
Actor Matters. Each Purchaser hereby represents that none of the “Bad Actor” disqualifying events described in Rule 506(d)(1)(i) to
(viii) promulgated under the Securities Act (a “Disqualification Event”) is applicable to such Purchaser or any
of its Rule 506(d) Related Parties, except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or
(iii) or (d)(3) is applicable. For purposes of this Agreement, “Rule 506(d) Related Party” shall
mean a Person that is a beneficial owner of such Purchaser’s securities for purposes of Rule 506(d) of the Securities
Act.





 






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4.              Conditions
to the Purchasers’ Obligations at Closing. The obligations of each Purchaser to purchase Shares at the Initial Closing or any
subsequent Closing are subject to the fulfillment, on or before such Closing, of each of the following conditions, unless otherwise waived:


 


4.1            Representations
and Warranties. (i) The representations and warranties of the Company contained in Section 2.1, Section 2.2,
Section 2.3, Section 2.4, Section 2.5, Section 2.8(a)-(b), and Section 2.15 shall
be true and correct in all respects as of the Initial Closing, and (ii) all other representations and warranties of the Company contained
in Section 2 shall be true and correct in all material respects as of the Initial Closing.


 


4.2            Performance.
The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Company on or before such Closing.


 


4.3            Compliance
Certificate. The Chief Executive Officer of the Company shall deliver to the Purchasers at the Initial Closing a certificate certifying
that the conditions specified in Sections 4.1 and 4.2 have been fulfilled. For any subsequent Closing, the Chief Executive
Officer of the Company shall deliver to the Additional Purchasers a certificate certifying that the conditions specified in 4.2
have been fulfilled.


 


4.4            Qualifications.
All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any state
that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective
as of such Closing.


 


4.5            Opinion
of Company Counsel. The Purchasers purchasing Shares at the Initial Closing shall have received from Faegre Drinker Biddle &
Reath LLP, counsel for the Company, an opinion, dated as of the Closing, in substantially the form of Exhibit E attached to
this Agreement.


 


4.6            Board
of Directors. As of the Initial Closing, the authorized size of the Board shall be six (6), and the Board shall be comprised of Jeff
Ross, Paul Buckman, Ronald Eibensteiner, John Erb, Mahesh Krishnan and Mark Wagner.


 


4.7            Side
Letter. The Company and Baxter shall have executed and delivered the Side Letter.


 


4.8            Restated
Certificate. The Company shall have filed the Restated Certificate with the Secretary of State of Delaware on or prior to the Initial
Closing, which shall continue to be in full force and effect as of such Closing.


 


4.9            Secretary’s
Certificate. The Secretary of the Company shall have delivered to the Purchasers at such Closing a certificate certifying (i) the
Restated Certificate and Bylaws of the Company as in effect at the Closing, (ii) resolutions of the Board approving the Transaction
Agreements and the transactions contemplated under the Transaction Agreements, and (iii) actions of the stockholders of the Company
approving the Restated Certificate.


 


4.10          Proceedings
and Documents. All corporate and other proceedings in connection with the transactions contemplated at each Closing and all documents
incident thereto shall be reasonably satisfactory in form and substance to each Purchaser, and each Purchaser (or its respective counsel)
shall have received all such counterpart original and certified or other copies of such documents as reasonably requested. Such documents
may include good standing certificates. The Company shall have fully satisfied (including with respect to rights of timely notification)
or obtained enforceable waivers in respect of any preemptive or similar rights directly or indirectly affecting any of its securities.


 






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4.11          Preemptive
Rights. The Company shall have fully satisfied (including with respect to rights of timely notification) or obtained enforceable waivers
in respect of any preemptive or similar rights directly or indirectly affecting any of its securities.


 


4.12          Minimum
Number of Shares at Initial Closing. The Initial Closing will be for the sale of Shares to Purchasers with an aggregate purchase price
of at least $20,000,000.


 


5.              Conditions
of the Company’s Obligations at Closing. The obligations of the Company to sell Shares to the Purchasers at the Initial Closing
or any subsequent Closing are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise
waived:


 


5.1            Representations
and Warranties. The representations and warranties of each Purchaser contained in Section 3 shall be true and correct
in all material respects as of such Closing.


 


5.2            Performance.
The Purchasers shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement
that are required to be performed or complied with by them on or before such Closing.


 


5.3            Qualifications.
All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any state
that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective
as of the Closing.


 


5.4            Stockholder
Approval. The approval of the Restated Certificate by the stockholders of the Company shall be obtained and effective as of the Closing.


 


5.5            Preemptive
Rights. The Company shall have fully satisfied (including with respect to rights of timely notification) or obtained enforceable waivers
in respect of any preemptive or similar rights directly or indirectly affecting any of its securities, including without limitation the
rights of Cheshire under Section 6 (a) of the Note and Warrant Purchase Agreement between the Company and Cheshire dated March 6,
2020.


 


5.6            Minimum
Number of Shares at Initial Closing. The Initial Closing will be for the sale of Shares to Purchasers with an aggregate purchase price
of at least $20,000,000.


 


6.              Miscellaneous.


 


6.1            Survival
of Warranties. Unless otherwise set forth in this Agreement, the representations and warranties of the Company and the Purchasers
contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in
no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf of the Purchasers or the Company.


 


6.2            Successors
and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors
and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement.


 


6.3            Governing
Law. This Agreement and any controversy arising out of or relating to this Agreement shall be governed by and construed in
accordance with the internal laws of the State of Delaware, without regard to conflict of law principles that would result in the application
of any law other than the law of the State of Delaware.


 






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6.4            Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so
delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.


 


6.5            Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.


 


6.6            Notices;
Electronic Notice.


 


(a)            General.
All notices and other communications given or made pursuant to this Agreement shall be in
writing and shall be deemed effectively given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified,
(b) when sent, if sent by electronic mail during normal business hours of the recipient, and if not sent during normal business hours,
then on the recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier,
freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the
respective parties at their address as set forth on the signature page or Exhibit A, or to such e-mail address or address
as subsequently modified by written notice given in accordance with this Section 6.6. If notice is given to the Company, a
copy (which copy shall not constitute notice) shall also be sent to Faegre Drinker Biddle & Reath LLP Attn: Steven Kennedy, 2200
Wells Fargo Center, 90 South Seventh Street, Minneapolis, MN 55402 and if notice is given to the Purchasers, a copy (which copy shall
not constitute notice) shall also be given to Latham & Watkins LLP, 330 N. Wabash Avenue, Suite 2800, Chicago, IL 60611,
Attn: Mark Gerstein, Evan Smith.


 


(b)            Electronic
Notice. Each Purchaser acknowledges that the Company may deliver any stockholder notice pursuant to the Delaware General Corporation
Law (the “DGCL”), as amended or superseded from time to time, by electronic transmission pursuant to Section 232
of the DGCL (or any successor thereto) at the electronic mail address set forth below such Purchaser’s name on the Schedules hereto,
as updated from time to time by notice to the Company, or as on the books of the Company, unless the Purchaser notifies the Company in
writing or by electronic transmission of an objection to receiving notice by electronic mail. Each Purchaser agrees to promptly notify
the Company of any change in such stockholder’s electronic mail address, and that failure to do so shall not affect the foregoing.


 


6.7            No
Finder’s Fees. Each party represents that it neither is nor will be obligated for any finder’s fee or commission in connection
with this transaction. Each Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation
in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending
against such liability or asserted liability) for which each Purchaser or any of its officers, employees or representatives is responsible.
The Company agrees to indemnify and hold harmless each Purchaser from any liability for any commission or compensation in the nature
of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability
or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.


 






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6.8            Fees
and Expenses. At the Initial Closing, the Company shall pay the reasonable fees and expenses of Latham & Watkins LLP, the
counsel for Baxter, in an amount not to exceed, in the aggregate, $100,000.


 


6.9            Amendments
and Waivers. This Agreement may be amended, terminated or waived only with the written consent of the Company and the holders of at
least a majority of the then-outstanding Shares. Any amendment or waiver effected in accordance with this Section 6.9 shall
be binding upon the Purchasers and each transferee of the Shares (or the Common Stock issuable upon conversion thereof), each future holder
of all such securities, and the Company.


 


6.10          Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.


 


6.11          Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach
or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting
party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach
or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any
breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must
be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement
or by law or otherwise afforded to any party, shall be cumulative and not alternative.


 


6.12          Entire
Agreement. This Agreement (including the Exhibits hereto), the Restated Certificate and the other Transaction Agreements constitute
the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or
oral agreement relating to the subject matter hereof existing between the parties are expressly canceled.


 


6.13          Dispute
Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware
and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other
proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out
of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware,
and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding,
any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or
proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.


 


Waiver
of Jury Trial: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED
TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING,
WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS.
EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH
PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.


 






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6.14          No
Commitment for Additional Financing. The Company acknowledges and agrees that no Purchaser has made any representation, undertaking,
commitment or agreement to provide or assist the Company in obtaining any financing, investment or other assistance, other than the purchase
of the Shares as set forth herein and subject to the conditions set forth herein. In addition, the Company acknowledges and agrees that
(i) no statements, whether written or oral, made by any Purchaser or its representatives on or after the date of this Agreement shall
create an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment, (ii) the
Company shall not rely on any such statement by any Purchaser or its representatives, and (iii) an obligation, commitment or agreement
to provide or assist the Company in obtaining any financing or investment may only be created by a written agreement, signed by such Purchaser
and the Company, setting forth the terms and conditions of such financing or investment and stating that the parties intend for such writing
to be a binding obligation or agreement. Each Purchaser shall have the right, in its sole and absolute discretion, to refuse or decline
to participate in any other financing of or investment in the Company, and shall have no obligation to assist or cooperate with the Company
in obtaining any financing, investment or other assistance.


 


[Signature Page Follows]


 




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IN
WITNESS WHEREOF, the parties have executed this Series C Convertible Preferred Stock Purchase Agreement as of the date first written
above.


 


	 	MIROMATRIX MEDICAL INC.:
	 	 	 
	 	 	 
	 	By:	/s/ Jeff Ross
	 	Name:	Jeff Ross
	 	Title:	Chief Executive Officer


 


Signature
Page to Stock Purchase Agreement


 




    


     


    

 


IN
WITNESS WHEREOF, the parties have executed this Series C Convertible Preferred Stock Purchase Agreement as of the date first written
above.


 


	 	PURCHASERS:
	 	 	 
	 	BAXTER HEALTHCARE CORPORATION
	 	 	 
	 	 	 
	 	By:	/s/ Dennis Crowley
	 	Name:	Dennis Crowley
	 	Title:	SVP, Business Development & Licensing


 





Signature
Page to Stock Purchase Agreement




 




    


     


    

 


IN
WITNESS WHEREOF, the parties have executed this Series C Convertible Preferred Stock Purchase Agreement as of the date first written
above.


 


	 	PURCHASERS:
	 	 	 
	 	CAREDX, INC.
	 	 	 
	 	 	 
	 	By: 	/s/ Reginald Seeto
	 	Name:	Reginald Seeto
	 	Title: 	CEO


 


Signature
Page to Stock Purchase Agreement


 






    


     


    

 


EXHIBITS


 


	Exhibit A -	SCHEDULE OF PURCHASERS


 




    


     


    

 


EXHIBIT A


 


SCHEDULE OF PURCHASERS


 


	Name and Address of Purchaser	 	Total Cash 

Consideration	 	 	Shares of Series C Preferred 

Stock	 	 	Purchase Price (Note 

Conversion Amount)
	BAXTER HEALTHCARE CORPORATION
 One Baxter Parkway,
 Deerfield, Illinois, 60015
 Attention: General Counsel
 Email:
general.counsel@baxter.com
	 	$	15,000,000	 	 	 	2,000,000	 	 	N/A
	CareDx, Inc.
 1
                                            Tower Pl 9th floor,
 South
                                            San Francisco, CA 94080
 Attention:
Reginald Seeto
	 	$	5,000,002.50	 	 	 	666,667	 	 	N/A
	TOTAL	 	$	20,000,002.50	 	 	 	2,666,667	 	 	N/A