Exhibit 4.6


 


THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF
ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.5 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER,
SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.


 


WARRANT TO PURCHASE STOCK


 


	 	Company:	 	Augmedix, Inc., a Delaware corporation
	 	 	 	 
	 	Number of Shares:	 	1,379,028
	 	 	 	 
	 	Type/Series of Stock:	 	Series B Preferred Stock of the Company
	 	 	 	 
	 	Warrant Price:	 	$1.2111 per share
	 	 	 	 
	 	Issue Date:	 	September 3, 2019
	 	 	 	 
	 	Expiration Date:	 	September 3, 2029 (See also Section 1.6)
	 	 	 	 
	 	Credit Facility:	 	This Warrant to Purchase Stock (“Warrant”)
    is issued in connection with that certain Loan and Security Agreement, dated May 31, 2017, as amended by that certain First
    Amendment to Loan and Security Agreement, dated May 31, 2018, that certain Second Amendment to Loan and Security Agreement
    dated October 15, 2018, and that certain Third Amendment to Master Loan and Security Agreement dated September 3, 2019, among Trinity Capital Fund III, L.P., a Delaware limited partnership with an office located at 3075 West Ray Road, Suite 525,
    Chandler, AZ 85226 (“Trinity”), as lender, and the Company (as amended, restated, or otherwise
    modified from time to time, the “Loan Agreement”).


 


THIS WARRANT CERTIFIES
THAT, for good and valuable consideration, Trinity (together with any successor or permitted assignee or transferee of this Warrant
or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and
non-assessable shares (the “Shares”) of the above-stated Type/Series of Stock (the “Class”)
of the above-named company (the “Company”) at the above-stated Warrant Price, all as set forth above and as
adjusted pursuant to SECTION 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in
this Warrant.


 


SECTION 1 EXERCISE.


 


1.1 Method of Exercise/Exchange.
Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to the Company the original
of this Warrant together with a duly executed Notice of Exercise/Exchange in substantially the form attached hereto as Appendix
1 and, unless Holder is exchanging this Warrant pursuant to a cashless exchange set forth in Section 1.2 a check, wire transfer
of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate
Warrant Price for the Shares being purchased.


 




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1.2 Cashless Exchange.
In lieu of payment of the aggregate Warrant Price in the manner as specified in Section 1.1 above, but otherwise in accordance
with the requirements of Section 1.1, Holder shall have the right to exchange this Warrant or any portion hereof for a number
of Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exchanged. Thereupon, the Company
shall issue to the Holder such number of fully paid and non-assessable Shares as are 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 with
respect to which this Warrant is being exchanged (inclusive of the Shares surrendered to the Company in satisfaction of the aggregate
Warrant Price);


 


A = the Fair Market Value (as
determined pursuant to Section 1.3 below) of one Share; and


 


B = the Warrant Price.


 


1.3 Fair Market Value.
If the Company’s common stock is then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation
system or over-the-counter market (a “Trading Market”) and the Class is common stock, the fair market value
of a Share shall be the closing price or last sale price of a share of common stock reported for the Business Day immediately before
the date on which Holder delivers this Warrant together with its Notice of Exercise/Exchange to the Company. If the Company’s
common stock is then traded in a Trading Market and the Class is a series of the Company’s convertible preferred stock, the
fair market value of a Share shall be the closing price or last sale price of a share of the Company’s common stock reported
for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise/Exchange
to the Company multiplied by the number of shares of the Company’s common stock into which a Share is then convertible. If
the Company’s common stock is not traded in a Trading Market, the Board of Directors of the Company shall determine the fair
market value of a Share in its reasonable good faith judgment.


 


1.4 Delivery of Certificate
and New Warrant. Promptly after Holder exercises or exchanges this Warrant in the manner set forth in Section 1.1 or
1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise
and, if this Warrant has not been fully exercised or exchanges and has not expired, a new warrant of like tenor representing the
Shares not so acquired.


 


1.5 Replacement of
Warrant. On 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,
substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation,
the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor
and amount.


 




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1.6 Treatment of Warrant
Upon Acquisition of Company.


 


(a) Acquisition.
For the purpose of this Warrant, “Acquisition” means any transaction or series of related transactions involving:
(i) the sale, lease, exclusive license or other disposition of all or substantially all of the assets of the Company; (ii) any
merger or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively
to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their
capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s
(or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization;
(iii) any sale or other transfer by the stockholders of the Company of shares representing at least a majority of the Company’s
then-total outstanding combined voting power.


 


(b) Treatment of
Warrant in Cash/Public Acquisition. In the event of an Acquisition in which the consideration to be received by the Company’s
stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public
Acquisition”), and the fair market value of one Share as determined in accordance with Section 1.3 above would
be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not
exercised this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically be deemed
to be exchanged pursuant to Section 1.2 above as to all Shares effective immediately prior to and contingent upon the consummation
of a Cash/Public Acquisition. In connection with such exchange, Holder shall be deemed to have restated each of the representations
and warranties in Section 4 of the Warrant as the date thereof and the Company shall promptly notify the Holder of the number
of Shares (or such other securities) issued upon exercise or exchange. In the event of a Cash/Public Acquisition where the fair
market value of one Share as determined in accordance with Section 1.3 above would be less than the Warrant Price in effect
immediately prior to such Cash/Public Acquisition, then this Warrant will expire immediately prior to the consummation of such
Cash/Public Acquisition.


 


(c) Sale Right in
a Cash Acquisition. Notwithstanding the foregoing, in connection with an Acquisition in which the consideration to be received
by the Company’s stockholders is primarily cash, Holder shall have the right in lieu of the foregoing to exchange this Warrant
or any portion hereof for a lump-sum cash payment equal to the value of this Warrant, or portion hereof as to which this Warrant
is being exchanged. Any payments made by the Company to the Holder pursuant to this Warrant shall be made without any deduction
or withholding for or on account of taxes or otherwise. Thereupon, the Company shall pay to the Holder such lump-sum cash payment
equal to the product of “X” multiplied by “A,” each as determined in accordance with Section 1.2
above.


 


(d) Treatment
of Warrant in Other Acquisitions. Upon the closing of any Acquisition other than a Cash/Public Acquisition defined above,
the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter
be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon exercise of
the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition,
subject to further adjustment from time to time in accordance with the provisions of this Warrant; provided, however, that if
the fair market value of one Share as determined in accordance with Section 1.3 above in such Acquisition is greater
than three times the Warrant Price then in effect then the acquiring, surviving or successor entity may elect not to assume
the obligations of this Warrant and this Warrant shall terminate upon the consummation of such Acquisition, provided further,
however, that the acquiring, surviving or successor entity and the Company shall give the Holder notice in accordance with Section
3.3(d) of this Warrant and reasonable opportunity to exercise or exchange this Warrant prior to the consummation of such
Acquisition, and in any event the provisions of Section 5.1(b) shall be applicable upon such expiration.


 




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(e) As used in this
Warrant, “Marketable Securities” means securities meeting all of the following requirements: (i) the issuer
thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), and is then current in its filing of all required reports and other information
under the Securities Act of 1933, as amended (the “Act”) and the Exchange Act; (ii) the class and series of
shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise
this Warrant on or prior to the closing thereof is then traded in Trading Market; and (iii) Holder would be able to publicly re-sell,
within six months following the closing of such Acquisition, all of the issuer’s shares and/or other securities that would
be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition.


 


SECTION 2 ADJUSTMENTS
TO THE SHARES AND WARRANT PRICE.


 


2.1 Stock Dividends,
Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the Class payable in common
stock or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall
receive, without additional cost to Holder, the total number and kind of securities and property which Holder would have received
had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding
shares of the Class by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder
shall be proportionately increased and the Warrant Price shall be proportionately decreased, provided the aggregate purchase price
shall remain the same. If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into
a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately
decreased, provided the aggregate purchase price shall remain the same.


 


2.2 Reclassification,
Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of the Class are reclassified,
exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then
from and after the consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities
that Holder would have received had the Shares been outstanding on and as of the consummation of such event, provided the aggregate
purchase price shall remain the same and subject to further adjustment thereafter from time to time in accordance with the provisions
of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations,
substitutions, replacements or other similar events.


 


2.3 Conversion of
Preferred Stock. If the Class is a class and series of the Company’s convertible preferred stock, in the event that all
outstanding shares of the Class are converted, automatically or by action of the holders thereof, into common stock pursuant to
the provisions of the Company’s Certificate of Incorporation (the “Charter”), including, without limitation,
in connection with the Company’s initial, underwritten public offering and sale of its common stock pursuant to an effective
registration statement under the Act (the “IPO”), then from and after the date on which all outstanding shares
of the Class have been so converted, this Warrant shall be exercisable for such number of shares of common stock into which the
Shares would have been converted had the Shares been outstanding on the date of such conversion, and the Warrant Price shall
equal the Warrant Price in effect as of immediately prior to such conversion divided by the number of shares of common stock into
which one Share would have been converted, all subject to further adjustment thereafter from time to time in accordance with the
provisions of this Warrant.


 




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2.4 Adjustments
for Diluting Issuances. The Type/Series of Stock issuable upon exercise of this Warrant shall have the same original issue
price and conversion price as all other shares of the same Type/Series Stock of the Company. For the avoidance of doubt, this means
that if there is an adjustment to the conversion price of the Type/Series of Stock prior to the exercise of this Warrant then the
shares of the Type/Series of Stock (or Common Stock issuable upon conversion of such shares) shall have the same conversion price
as other outstanding shares of the same Type/Series notwithstanding that an adjustment to the conversion price occurred prior to
the exercise of this Warrant.


 


2.5 No Fractional
Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued shall be rounded
down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate
such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional interest by (a) the fair
market value (as determined in accordance with Section 1.3 above) of a full Share, less (b) the then-effective Warrant Price.


 


2.6 Notice/Certificate
as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company, at the Company’s
expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or
number of Shares and facts upon which such adjustment is based. The Company shall, upon written request from Holder, furnish Holder
with a certificate of its Chief Executive Officer or Chief Financial Officer, including computations of such adjustment and the
Warrant Price, Class and number of Shares in effect upon the date of such adjustment.


 


SECTION 3 REPRESENTATIONS
AND COVENANTS OF THE COMPANY.


 


3.1 Representations
and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows:


 


(a) The initial Warrant
Price referenced on the first page of this Warrant is not greater than the price per share at which shares of the Class were last
sold and issued prior to the Issue Date hereof in an arms-length transaction in which at least $500,000 of such shares were sold.


 


(b) This Warrant is,
and all Shares which may be issued upon the exercise of this Warrant, all securities, if any, issuable upon conversion of the Shares
and any warrants issued in substitution for or replacement of this Warrant shall, upon issuance, be duly authorized, validly issued,
fully paid and non-assessable, and free of any taxes, liens, charges and encumbrances except for restrictions on transfer provided
for herein or under applicable federal and state securities laws. The Company covenants that it shall at all times cause to be
reserved and kept available out of its authorized and unissued capital stock such number of shares of the Class, common stock and
other securities as will be sufficient to permit the exercise in full of this Warrant and the conversion of the Shares into common
stock or such other securities.


 


(c) The Company’s
capitalization table attached hereto as Schedule 1 is true and complete, in all material respects, as of the Issue Date.


 


(d) The Company (i)
has been duly incorporated and is validly existing as a corporation in good standing under the laws of Delaware, with full corporate
power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as presently conducted,
and (ii) is duly qualified to do business as a foreign corporation and is in good standing under the laws of each jurisdiction
which requires such qualification, except in the case of clause (ii) above, to the extent that the failure to be so qualified or
be in good standing would not reasonably be expected to result in (i) a material adverse effect on the validity or enforceability
of this Warrant, (ii) a material adverse effect on the condition (financial or otherwise), earnings, business or properties of
the Company, or (iii) a material adverse effect on the Company’s ability to perform in any material respect its obligations
under this Warrant (any of (i), (ii) or (iii)) (a “Material Adverse Effect”).


 




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(e) The Company has
all requisite corporate power and authority, and has taken all requisite corporate action, to execute and deliver this Warrant,
sell and issue the Shares and carry out and perform all of its obligations under this Warrant, and without limiting the foregoing,
the Company hereby agrees that the Company shall all times have authorized and reserved the number of Shares needed to provide
for the exercise of the rights then represented by this Warrant. If at any time the Company does not have a sufficient number of
Shares authorized and available, then the Company shall call and hold a special meeting of its stockholders within 60 days of that
time for the sole purpose of increasing the number of authorized Shares to a sufficient number. This Warrant constitutes the legal, valid and binding obligation of the Company, enforceable in accordance with its terms, except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting the enforcement of creditors’
rights generally and (ii) as limited by equitable principles generally, including any specific performance.


 


(f) No consent, approval,
order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state, or local
governmental authority on the part of the Company is required in connection with the consummation of the transactions contemplated
by this Warrant except for the filing of a Form D with the Securities and Exchange Commission (the “Commission”)
under the Securities Act and compliance with the securities and blue sky laws in the states and other jurisdictions in which shares
of Common Stock are offered and/or sold, which compliance will be effected in accordance with such laws.


 


(g) Neither the execution,
delivery or performance of this Warrant by the Company nor the consummation of any of the transactions contemplated thereby (including,
without limitation, the issuance and sale by the Company of the Shares) will conflict with, result in a breach or violation of,
or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, (i) the charter or by-laws
of the Company, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other
agreement, obligation, condition, covenant or instrument to which the Company is a party or bound or to which its or their property
is subject, or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Company of any court, regulatory
body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of its
properties, except in the case of clauses (ii) and (iii) above, for any conflict, breach or violation of, or imposition that would
not, individually or in the aggregate, have a Material Adverse Effect.


 


(h) Neither the Company
nor any Person acting on its behalf, has engaged in any form of general solicitation or general advertising (within the meaning
of Regulation D promulgated under the Securities Act) in connection with the offer or sale of this Warrant.


 


(i) Neither of the
Company or any Person acting on its behalf has, directly or indirectly, made any offers or sales of any security or solicited any
offers to buy any Company security, under circumstances that would adversely affect reliance by the Company on Section 4(a)(2)
of the Securities Act or require registration of this Warrant under the Securities Act or cause this Warrant to be integrated with
prior offerings by the Company for purposes of the Securities Act.


 




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3.2 Registration Rights/Investor
Rights Agreement. The Company shall take such actions as are necessary to provide that the Holder, upon exercise of this Warrant,
is a party to the Company’s Investor Rights Agreement and entitled to “ piggyback” and S-3 registration
rights.


 


3.3 Notice of Certain
Events. If the Company proposes at any time to:


 


(a) declare any dividend
or distribution upon the outstanding shares of the Class or common stock, whether in cash, property, stock, or other securities
and whether or not a regular cash dividend;


 


(b) offer for subscription
or sale pro rata to the holders of the outstanding shares of the Class any additional shares of any class or series of the Company’s
stock (other than pursuant to contractual pre-emptive rights);


 


(c) effect any
reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the
Class;


 


(d) effect an Acquisition
or to liquidate, dissolve or wind up; or


 


(e) effect an IPO;


 


then, in connection
with each such event, the Company shall give Holder:


 


(1) at least
seven Business Days prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription
rights (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto) or for determining
rights to vote, if any, in respect of the matters referred to in (a) and (b) above;


 


(2) in the
case of the matters referred to in (c) and (d) above at least seven Business Days prior written notice of the date when the same
will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled to exchange their
shares for the securities or other property deliverable upon the occurrence of such event); and


 


(3) with respect
to the IPO, at least seven Business Days prior written notice of the date on which the Company proposes to file its registration
statement in connection therewith.


 


Company will also provide information
requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements.


 


SECTION 4 REPRESENTATIONS
AND WARRANTIES OF THE HOLDER.


 


The Holder represents
and warrants to the Company as follows:


 


4.1 Purchase for
Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired for
investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within
the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or
the Shares.


 




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4.2 Disclosure of
Information. Holder is aware of the Company’s business affairs and financial condition and has received or has had full
access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the
acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive answers
from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain
additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or
expense) necessary to verify any information furnished to Holder or to which Holder has access.


 


4.3 Investment Experience.
Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk. Holder has experience
as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such
Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business
matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities
and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling
persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances
of such persons.


 


4.4 Accredited Investor
Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.


 


4.5 The Act.
Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the Act in reliance
upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s
investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any exercise hereof must
be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless
exemption from such registration and qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated
under the Act.


 


4.6 Market Stand-off
Agreement. Holder agrees that the Shares shall be subject to the Market Standoff provisions set forth in Section 3.11 of that
certain Amended and Restated Investors’ Rights Agreement dated September 3, 2019 by and among the Company and certain investors
of the Company listed on Schedule A thereto and certain stockholders of the Company listed on Schedule B thereto,
as may be amended, provided that Holder shall not be bound by any amendment that affects Holder’s rights under the Loan Agreement
or affects it in a manner that is different from other holders under such agreement.


 


4.7 No Voting Rights.
Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this Warrant and, except as expressly
set forth in this Warrant, will not be considered a stockholder for any purpose until the exercise of this Warrant.


 


SECTION 5 MISCELLANEOUS.


 


5.1 (a) Term and
Automatic Conversion Upon Expiration. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in
whole or in part at any time and from time to time on or before 6:00 P.M. Pacific time, on the Expiration Date and shall be void
thereafter.


 


(b) Automatic Cashless
Exchange upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or other security
issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price
in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exchanged pursuant to Section
1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company
shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exchange
to Holder.


 




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5.2 Legends.
The Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with
a legend in substantially the following form:


 


THE SHARES EVIDENCED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF
ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO TRINITY CAPITAL FUND III,
L.P. DATED SEPTEMBER 3, 2019, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID
ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH
REGISTRATION.


 


THE SHARES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, INCLUDING A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET
FORTH IN AN INVESTORS’ RIGHTS AGREEMENT, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF ISSUER.


 


5.3 Compliance with
Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in
compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation,
the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested
by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to any affiliate of Holder,
provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the
Act. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability
of Rule 144 promulgated under the Act.


 


5.4 No Impairment:
Further Assurances. The Company will not, by amendment of its Charter or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms to be observed or performed by it hereunder, but will at all times in good faith assist in the carrying out
of all the provisions of this Warrant and in the taking of all such action as may reasonably be requested by Holder in order to
protect the exercise privilege of Holder against dilution or other impairment, consistent with the tenor and purpose of this Warrant.
If the provisions of the Company’s Certificate of Incorporation defining the economic rights granted to holders of the Class
of Preferred Stock are restated, amended, modified, waived or otherwise affected in any manner adverse to the Holder, without the
Holder’s prior written consent, then the Holder may elect, in its sole and absolute discretion, not to be bound by such adverse
action, and the amended, modified, or waived provision of the Company’s Certificate of Incorporation shall not apply to Holder,
with regard to the Preferred Stock, or any other rights granted pursuant to this Warrant (the “Holder Election”). The Holder Election shall only apply to Holder’s economic rights and shall not apply to any voting or governance rights
that may be held by Holder. For the avoidance of doubt, the Holder Election shall also not confer upon Holder any additional voting
and/or governance rights regardless of any modifications to the Company’s Certificate of Incorporation that are necessary
to satisfy the requirements of this Section 5.4. The Company will not increase the par value of any Shares above the Warrant
Price then in effect, and (ii) will take all such actions as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and non-assessable Shares upon the exercise of this Warrant.


 




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5.5 Transfer Procedure.
Subject to the provisions of Section 5.3 and upon providing the Company with written notice, Holder may transfer all or
part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable directly or indirectly, upon
conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, Holder will
give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number
of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable);
and provided further, that any subsequent transferee shall agree in writing with the Company to be bound by all of the terms
and conditions of this Warrant (including the representations, warranties and covenants set forth in Section 4 hereof).


 


5.6 Binding on Successors.
This Warrant will be binding upon any entity succeeding to the Company by merger, consolidation or acquisition of all or substantially
all of the Company’s assets.


 


5.7 Taxes. The
Company will pay all taxes (other than taxes based upon income) and other governmental charges that may be imposed with respect
to the issuance or delivery of the Shares, other than any tax or other charge imposed in connection with any transfer involved
in the issue and delivery of the Shares in a name other than that of the Holder.


 


5.8 Notices. All
notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective
(i) when given personally, (ii) on the third Business Day after being mailed by first-class registered or certified mail, postage
prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient,
or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case
at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder
from time to time in accordance with the provisions of this Section 5.5 All notices to Holder shall be addressed as follows
until the Company receives notice of a change of address in connection with a transfer or otherwise:


 


Trinity Capital Fund III, L.P.


Attn: Rena Curtis


3075 West Ray Road, Suite 525


Chandler, Arizona 85226


Telephone:     [*]


Facsimile:      [*]


Email address: [*]


 


With a copy (which shall not
constitute notice) to:


 


Hool Coury Law, PLC


2398 East Camelback Road, Suite
1020


Phoenix, Arizona 85016


Attention: [*]


Facsimile: [*]


Email: [*]


 




    10


     


    

 


Notice to the Company
shall be addressed as follows until Holder receives notice of a change in address:


 


Augmedix, Inc.


1161 Mission Street, Suite 210


San Francisco, California 94103


Attention: ____________


 


With a copy (which shall not
constitute notice) to:


 


Fenwick & West LLP


801 California St.


Mountain View, California 94041


Attention: [*]


Email: [*]


 


5.9 Waiver. This
Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular instance and
either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change,
waiver, discharge or termination is sought.


 


5.10 Attorneys’
Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing
in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’
fees.


 


5.11 Counterparts;
Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall constitute one and
the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original
signature page with regards to any agreement subject to the terms hereof or any amendment thereto.


 


5.12 Governing Law.
This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to conflict
of law principles that would result in the application of any other than the laws of the State of Delaware.


 


5.13
Waiver of Jury Trial. AS A MATERIAL INDUCEMENT FOR EACH PARTY HERETO TO ENTER INTO THIS WARRANT, THE PARTIES HERETO
HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED IN
ANY WAY TO THIS WARRANT AND/OR ANY AND ALL OF THE OTHER DOCUMENTS ASSOCIATED WITH THIS TRANSACTION.


 


5.14 Headings.
The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision
of this Warrant.


 


5.15 Business Days.
“Business Day” is any day that is not a Saturday, Sunday or a day on which banks in New York or Arizona are
closed.


 


[Signature page follows]


 



    11


     


    

 


IN WITNESS WHEREOF,
the parties have caused this Warrant to Purchase Stock to be executed by their duly authorized representatives effective as of
the Issue Date written above.


 


	“COMPANY”	 
	 	 
	AUGMEDIX, INC., a Delaware corporation	 
	 	 
	By:	/s/ Manny Krakaris	 
	Name: 	Manny Krakaris	 
	Title:	President & Chief Executive Officer	 


 


	“HOLDER”
	 
	TRINITY CAPITAL FUND III, L.P., a Delaware limited partnership
	 	 	 
	By:	TRINITY SBIC PARTNERS III, LLC., a Delaware limited liability company
	Its:	General Partner	 
	 	 	 
	By:	TRINITY SBIC MANAGEMENT, LLC, a Delaware limited liability company
	Its:	Manager	 
	 	 	 
	By:	/s/ Gerald T. Harder	 
	Name: 	Gerald T. Harder	 
	Title:	Member	 


 


[SIGNATURE PAGE TO WARRANT TO
PURCHASE STOCK)


 




     


     


    

 


APPENDIX 1


 


NOTICE OF EXERCISE/EXCHANGE


 


1. The undersigned
Holder hereby exercises its right purchase/exchange [circle one] _______ shares of the Common/Series ______ Preferred [circle one]
Stock of Augmedix, Inc., a Delaware corporation (the “Company”) in accordance with the attached Warrant To Purchase
Stock, and tenders payment of the aggregate Warrant Price for such shares as follows:


 


		☐	check in the amount of $_________ payable to order of the Company enclosed herewith



 


		☐	Wire transfer of immediately available funds to the Company’s account



 


		☐	Cashless Exchange pursuant to Section 1.2 of the Warrant



 


		☐	Other [Describe] __________________________________________



 


2. Please issue a certificate
or certificates representing the Shares in the name specified below:


 


____________________________________


Holder’s Name


 


____________________________________


 


____________________________________


(Address)


 


3. By its execution
below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in SECTION 4
of the Warrant to Purchase Stock as of the date hereof.


 


	 	HOLDER:
	 	 
	 	 
	 	By:	                            
	 	Name: 	 
	 	Title:	 
	 	(Date): 	 


 




    Appendix 1


     


    

 


SCHEDULE 1


 


COMPANY CAPITALIZATION TABLE


 


 


 


Schedule 1