Document:

Exhibit 4.5

 

NOTE AND WARRANT PURCHASE AGREEMENT

 

This Note and Warrant Purchase
Agreement, dated as of March 6, 2020 (this “Agreement”), is entered into by and between Miromatrix Medical Inc.,
a Delaware corporation (the “Company”), and Cheshire MD Holdings, LLC, a Delaware limited liability company
(the “Investor”).

 

RECITALS

 

A.            On
the terms and subject to the conditions set forth herein, the Investor is willing to purchase from the Company, and the Company is willing
to sell to the Investor, a convertible promissory note in the principal amount of $6,000,000, together with a related warrant to acquire
shares of the Company’s capital stock.

 

B.             Capitalized
terms not otherwise defined herein shall have the meaning set forth in the form of Note (as defined below) attached hereto as Exhibit
A.

 

AGREEMENT

 

NOW THEREFORE, in consideration
of the foregoing, and the representations, warranties, and conditions set forth below, the parties hereto, intending to be legally bound,
hereby agree as follows:

 

1.            
The Note and Warrants.

 

(a)              
Issuance of Note. Subject to all of the terms and conditions hereof, the Company agrees to issue and sell to the Investor,
and the Investor agrees to purchase, a convertible promissory note in the form of Exhibit A hereto (the “Note”)
in the principal amount of $6,000,000.

 

(b)               Issuance of Warrants. Concurrently with the issuance of the Note to the Investor, the Company will issue to the Investor
a warrant in the form attached hereto as Exhibit B (the “Initial Warrant”) to purchase up to a number
of shares of the Company’s preferred stock as set forth in the Initial Warrant. If the Note has not been converted or repaid in
accordance with its terms prior to May 1, 2020, then the Company shall issue to the Investor an additional warrant on May 1, 2020, and
thereafter, on the first day of each subsequent month for so long as the Note is outstanding, the Company shall issue the Investor an
additional warrant (collectively, the “Subsequent Warrants,” and together with the Initial Warrant, the “Warrants”).
Each Subsequent Warrant shall be in the same form of the Initial Warrant, except that the Warrant Coverage Amount (as defined in the Initial
Warrant) shall be $75,000.

 

(c)              Delivery.
The sale and purchase of the Note and the Initial Warrant shall take place at a closing (the “Closing”) to
be held at such place and time as the Company and the Investor may determine (the “Closing Date”). At the Closing,
the Company will deliver to the Investor the Note and the Initial Warrant to be purchased by the Investor, against receipt by the Company
of $6,000,000 in cash, paid by wire transfer (the “Purchase Price”). The Note and Warrants will be registered
in the Investor’s name in the Company’s records.

 

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(d)              
 Use of Proceeds. The proceeds of the sale and issuance of the Note shall be used for (i) general corporate purposes, (ii)
scheduled payments under the Company’s indebtedness listed on the Disclosure Schedules (as defined below) and (iii) repayment of
the Note in accordance with its terms. The proceeds of the sale and issuance of the Note shall not be used to repay any other outstanding
indebtedness or repurchase the Company’s outstanding equity.

 

(e)                
Payments. The Company will make all payments due under the Note as required in accordance with the terms of the Note.

 

2.             Representations and Warranties of the Company. Except as set forth in the disclosure schedules accompanying this
Agreement (collectively, the “Disclosure Schedules”), the Company represents and warrants to the Investor that:

 

(a)              
Due Incorporation, Qualification, etc. The Company (i) is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware; (ii) has the power and authority to own, lease and operate its properties and carry on its business
as now conducted; and (iii) is duly qualified, licensed to do business and in good standing as a foreign corporation in each jurisdiction
where the failure to be so qualified or licensed could reasonably be expected to materially and adversely affect the business, properties,
assets (including intangible assets), prospects, liabilities, operations, or condition (financial or otherwise) of the Company (a “Material
Adverse Effect”).

 

(b)              
Capitalization.

 

(i)                
The authorized capital of the Company (the “Capital Stock”) consists, immediately prior to the Closing,
of:

 

(i)                
30,000,000 shares of common stock, $0.00001 par value per share (the “Common Stock”), 2,120,822 shares
of which are issued and outstanding immediately prior to the Closing. 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)             
20,000,000 shares of preferred stock, $0.00001 par value per share (the “Preferred Stock”), of which
3,300,000 shares have been designated Series A Preferred Stock, $0.00001 par value per share, 3,000,380 of which are issued and outstanding;
of which 4,000,000 shares have been designated Series B Preferred Stock, $0.00001 par value per share, 3,218,282 of which are issued and
outstanding; of which 2,500,000 shares have been designated Series B-2 Preferred Stock, $0.00001 par value per share, 2,095,874 of which
are issued and outstanding. The rights, privileges and preferences of the Preferred Stock are as stated in the Company’s certificate
of incorporation and as provided by the Delaware General Corporation Law. The Company holds no Preferred Stock in its treasury.

 

(ii)              The
Company has reserved 3,850,000 shares of Common Stock for issuance to officers, directors, employees and consultants of the Company
pursuant to the Company’s 2010 Stock Incentive Plan duly adopted by the Board of Directors and approved by the Company
stockholders (the “2010 Stock Plan”). Of such reserved shares of Common Stock, no shares have been issued
pursuant to restricted stock purchase agreements, options to purchase 3,550,500 shares of Common Stock have been granted and are
currently outstanding, and 43,225 shares of Common Stock remain available for issuance to officers, directors, employees and
consultants pursuant to the 2010 Stock Plan. The Company has furnished to the Investor complete and accurate copies of the 2010
Stock Plan and forms of agreements used thereunder.

 

    -2- 

     

    

 

(iii)           
The Company has reserved 1,000,000 shares of Common Stock for issuance to officers, directors, employees and consultants of the
Company pursuant to the Company’s 2019 Equity Incentive Plan duly adopted by the Board of Directors (the “2019 Stock
Plan”). The Company will be submitting the 2019 Stock Plan for approval by the Company stockholders at the next meeting
of the Company’s stockholders. Of such reserved shares of Common Stock, no shares have been issued pursuant to restricted stock
purchase agreements, options to purchase 296,000 shares of Common Stock have been granted and are currently outstanding, and 704,000 shares
of Common Stock remain available for issuance to officers, directors, employees and consultants pursuant to the 2019 Stock Plan. The Company
has furnished to the Investor complete and accurate copies of the 2019 Stock Plan and forms of agreements used thereunder.

 

(iv)            
All of the outstanding shares of Capital Stock of the Company have been duly and validly issued and are fully paid and non-assessable
and were issued in accordance with the registration or qualification requirements of the Securities Act of 1933, as amended (the “Securities
Act”), and any relevant foreign and state securities laws or pursuant to valid exemptions therefrom. Upon their issuance
in accordance with the terms of this Note, the shares issuable upon conversion of this Note will be duly authorized, validly issued, fully
paid and non-assessable shares of Capital Stock of the Company, free of all preemptive or similar rights. All of the outstanding shares
of the Common Stock and all shares of the Common Stock underlying outstanding options are subject to 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 (the “SEC”) under the Securities Act.

 

(v)              
The equity securities (“Equity Securities”) of the Company have the respective rights, preferences and
privileges set forth in the Company’s certificate of incorporation or bylaws in effect on the date hereof. Other than the equity
awards described in Sections 2(b)(ii) and (iii), there are as of the date of this Agreement no options, warrants or rights to purchase
Equity Securities of the Company authorized, issued or outstanding, and the Company is not obligated in any other manner to issue shares
of its Equity Securities. There are no restrictions on the transfer of Equity Securities of the Company, other than those imposed by relevant
state and federal securities laws, and no holder of any Equity Security of the Company or individual, corporation, partnership, trust,
limited liability company, association or other entity (“Person”) is entitled to preemptive or similar statutory
or contractual rights, either arising pursuant to any agreement or instrument to which the Company is a party or that are otherwise binding
upon the Company. The offer and sale of all Equity Securities of the Company issued before the Closing Date complied with or were exempt
from registration or qualification under all applicable federal and state securities laws. No Person has the right to demand or other
rights to cause the Company to file any registration statement under the Securities Act, relating to any Equity Securities of the Company
presently outstanding or that may be subsequently issued, or any right to participate in any such registration statement.

 

    -3- 

     

    

 

(c)              
 Authority. The execution, delivery and performance by the Company of each Transaction Document to be executed by the Company
and the consummation of the transactions contemplated thereby (i) are within the power of the Company and (ii) have been duly authorized
by all necessary actions on the part of the Company.

 

(d)              
Enforceability. Each Transaction Document executed, or to be executed, by the Company has been, or will be, duly executed
and delivered by the Company and constitutes, or will constitute, a legal, valid and binding obligation of the Company, enforceable against
the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to
or affecting the enforcement of creditors’ rights generally and general principles of equity.

 

(e)                Non-Contravention. The execution and delivery by the Company of the Transaction Documents executed by the Company and the
performance and consummation of the transactions contemplated thereby do not and will not (i) violate the Company’s certificate
of incorporation or bylaws or any material judgment, order, writ, decree, statute, rule or regulation applicable to the Company; (ii)
violate any provision of, or result in the breach or the acceleration of, or entitle any other Person to accelerate (whether after the
giving of notice or lapse of time or both), any material mortgage, indenture, agreement, instrument or contract to which the Company is
a party or by which it is bound; or (iii) result in the creation or imposition of any security interest, mortgage, pledge, lien, claim,
charge or other encumbrance (“Lien”) upon any property, asset or revenue of the Company or the suspension, revocation,
impairment, forfeiture, or nonrenewal of any material permit, license, authorization or approval applicable to the Company, its business
or operations, or any of its assets or properties.

 

(f)                 Subsidiaries. Other than the Company’s ownership interest in Reprise Biomedical, Inc., the Company does not own or
control, directly or indirectly, any interest in any corporation, partnership, limited liability company, association or other business
entity.

 

(g)              
Approvals. No consent, approval, order or authorization of, or registration, declaration or filing with, any governmental
authority or other Person (including, without limitation, the shareholders of any Person) is required in connection with the execution
and delivery of the Transaction Documents executed by the Company and the performance and consummation of the transactions contemplated
thereby, other than such as have been obtained and remain in full force and effect and other than such qualifications or filings under
applicable securities laws as may be required in connection with the transactions contemplated by this Agreement.

 

(h)              
No Violation or Default. The Company is not in violation of or in default with respect to (i) its certificate of incorporation
or bylaws or any judgment, (ii) any order, writ, statute, rule or regulation applicable to such Person, (iii) any mortgage or indenture
or instrument to which such Person is a party or by which it is bound or (iv) any material contract to which such Person is a party or
by which it is bound (nor is there any waiver in effect which, if not in effect, would result in such a violation or default).

 

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(i)                 Litigation.
No actions (including, without limitation, derivative actions), suits, proceedings or investigations are pending or, to the
knowledge of the Company, threatened in writing against the Company at law or in equity in any court or before any other
governmental authority that if adversely determined (i) would (alone or in the aggregate) result in a material liability or (ii)
seeks to enjoin, either directly or indirectly, the execution, delivery or performance by the Company of the Transaction Documents
or the transactions contemplated thereby.

 

(j)                
Agreements; Actions.

 

(i)                
Except for the Transaction Documents, 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 (A) obligations (contingent or otherwise) of, or payments to, the
Company in excess of $250,000, (B) the license of any patent, copyright, trademark, trade secret or other proprietary right to or from
the Company, (C) 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 (D) indemnification
by the Company with respect to infringements of proprietary rights.

 

(ii)              
The Company has not (A) incurred any indebtedness for money borrowed or incurred any other liabilities individually in excess of
$25,000 or in excess of $50,000 in the aggregate, or (B) made any loans or advances to any Person, other than ordinary advances for travel
expenses, in each case that are not included in the Company’s balance sheet dated as of December 31, 2019 that has been delivered
to the Company.

 

(iii)             
Other than (i) standard employee benefits generally made available to all employees, (ii) standard director and officer indemnification
agreements approved by the Board of Directors, and (iii) 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 of the Board of Directors
(previously provided to the Investor or its counsel to the extent requested), 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.

 

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

 

(k)              
Intellectual Property.

 

(i)                 The
Company owns or possesses sufficient legal rights to all (A) patents, patent applications and inventions; (B) trademarks, service marks,
trade names, trade dress, logos, domain names or corporate names and registrations and applications for registration thereof, together
with all of the goodwill associated therewith; (C) copyrights (registered or unregistered) and copyrightable works and registrations
and applications for registrations thereof; (D) computer software, data, and databases and documentation thereof; (E) trade secrets and
other confidential information; and (F) licenses, information and proprietary rights and processes (collectively, “Company
Intellectual Property”) necessary for or used in connection with its business without (to the Company’s actual knowledge
after reasonable inquiry) any conflict with, or infringement of, the rights of others. To the Company’s actual knowledge after
reasonable inquiry, no product or service marketed or sold (or presently 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. The Company has not received
any written communications alleging that the Company has violated or, by conducting their business, would violate any of the patents,
trademarks, service marks, trade names, copyrights or trade secrets or other proprietary rights of any other person or entity. To the
knowledge of the Company, 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 interfere with
the use of his or her best efforts to promote the interests of the Company. The Company does not believe it is or will be necessary to
utilize any inventions of any of its (A) employees made prior to or outside the scope of their employment by the Company or (B) independent
consultants made outside of their engagement with the Company.

 

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(ii)              
Each present and former employee of the Company who either alone or in concert with others develops, invents, programs or designs
any Company Intellectual Property and each officer of the Company has executed a Proprietary Information and Inventions Agreement (“PIIA”).
Each present and former consultant to the Company that has had access to Company Intellectual Property has entered into a Proprietary
Information and Inventions Agreement or consulting agreement containing similar protections (together with the PIIA, the “Confidential
Information Agreement”). No such employee, officer or consultant has excluded works or inventions from his or her Confidential
Information Agreement. To the knowledge of the Company, no officer, key employee or consultant of the Company is, or by performing any
currently contemplated services to the Company would be, in violation of his or her Confidential Information Agreement or any prior employee
contract, consulting agreement or proprietary information and inventions assignment agreement with any other entity or third party.

 

(l)                
Financial Statements. The financial statements of the Company that have been delivered to the Investor (i) are in accordance
with the books and records of the Company and have been maintained in accordance with good business practice; (ii) have been prepared
in conformity with GAAP except, with respect to the unaudited financial statements, for the absence of footnotes and subject to normal
year-end adjustments; and (iii) fairly present the financial position of the Company as of the dates presented therein and the results
of operations, changes in financial positions or cash flows, as the case may be, for the periods presented therein. The Company does not
have any contingent obligations, liability for taxes or other outstanding obligations which are material in the aggregate, except as disclosed
in the most recent financial statements furnished by the Company to the Investor prior to the date hereof.

 

(m)            
   Changes. Since December 31, 2019, there has not been 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;

 

(i)                
any material damage, destruction or loss, whether or not covered by insurance;

 

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

 

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(iii)          
 any satisfaction or discharge of any lien, claim, or encumbrance or encumbrance or payment of any obligation by the Company, except
in the ordinary course of business;

 

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

 

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

 

(vi)          
any resignation or termination of employment of any officer or key employee of the Company;

 

(vii)          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;

 

(viii)        
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;

 

(ix)           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;

 

(x)            
any sale, assignment or transfer of any Company Intellectual Property;

 

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

 

(xii)         
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

 

(xiii)         
any arrangement or commitment by the Company to do any of the things described in this Subsection 2(m).

 

(n)              
Accuracy of Information Furnished. None of the Transaction Documents and none of the other certificates, statements or information
furnished to the Investor by or on behalf of the Company in connection with the Transaction Documents or the transactions contemplated
thereby contains or will contain any untrue statement of a material fact or omits or will omit to state a material fact necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading. The Company has not received any indication,
whether in writing or otherwise, from the potential lead investors for the contemplated Series C Preferred Stock equity financing of at
least $34,000,000 (the “Contemplated Equity Financing”) in each case as discussed with the Investor, that such
investors will not participate in such Contemplated Equity Financing, and the Company has no reason to believe that such Contemplated
Equity Financing will not take place prior to December 31, 2020.

 

    -7- 

     

    

 

(o)              
 No “Bad Actor” Disqualification. The Company has exercised reasonable care, in accordance with the SEC rules
and guidance, to determine whether any Covered Person (as defined below) is subject to any of the “bad actor” disqualifications
described in Rule 506(d)(1)(i) through (viii) under the Securities Act (“Disqualification Events”). To the Company’s
knowledge, no Covered Person is subject to a Disqualification Event, except for a Disqualification Event covered by Rule 506(d)(2) or
(d)(3) under the Securities Act. The Company has complied, to the extent applicable, with any disclosure obligations under Rule 506(e)
under the Securities Act. “Covered Persons” are those persons specified in Rule 506(d)(1) under the Securities
Act.

 

3.             Representations
and Warranties of Investor. The Investor represents and warrants to the Company upon the acquisition of the Note and the Warrants
as follows:

 

(a)              
Binding Obligation. The Investor has full legal capacity, power and authority to execute and deliver this Agreement and
the Transaction Documents and to perform its obligations hereunder and thereunder. This Agreement and the Transaction Documents constitute
valid and binding obligations of the Investor, enforceable in accordance with their terms, except as limited by bankruptcy, insolvency
or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general principles
of equity.

 

(b)              
Securities Law Compliance. The Investor has been advised that the Note, the Warrants and the underlying securities have
not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered
under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available.
The Investor is aware that the Company is under no obligation to effect any such registration with respect to the Note, the Warrants or
the underlying securities or to file for or comply with any exemption from registration. The Investor has not been formed solely for the
purpose of making this investment and is purchasing the Note and the Warrants to be acquired by the Investor hereunder for its own account
for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and Investor
has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge
and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is
able to incur a complete loss of such investment without impairing the Investor’s financial condition and is able to bear the economic
risk of such investment for an indefinite period of time. The Investor is an accredited investor as such term is defined in Rule 501 of
Regulation D under the Securities Act and shall submit to the Company such further assurances of such status as may be reasonably requested
by the Company. The Investor has furnished or made available any and all information requested by the Company or otherwise necessary to
satisfy any applicable verification requirements as to accredited investor status. Any such information is true, correct, timely and complete.
The residency of the Investor (or, in the case of a partnership or corporation, such entity’s principal place of business) is correctly
set forth beneath the Investor’s name on the signature page thereto.

 

(c)               Access
to Information. The Investor acknowledges that the Company has given the Investor access to the corporate records and accounts
of the Company and to all information in its possession relating to the Company, has made its officers and representatives available
for interview by the Investor, and has furnished the Investor with all documents and other information required for the Investor to
make an informed decision with respect to the purchase of the Note and the Warrants.

 

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4.             Conditions
to Closing of the Investor. The Investor’s obligations at the Closing are subject to the fulfillment, on or prior to the
Closing Date, of all of the following conditions, any of which may be waived in whole or in part by the Investor:

 

(a)              
Representations and Warranties. The representations and warranties made by the Company in Section 2 shall be true and correct
on the Closing Date.

 

(b)              
Governmental Approvals and Filings. Except for any notices required or permitted to be filed after the Closing Date with
certain federal and state securities commissions, the Company shall have obtained all governmental approvals required in connection with
the lawful sale and issuance of the Note and Warrants.

 

(c)               
Legal Requirements. At the Closing, the sale and issuance by the Company, and the purchase by the Investor, of the Note
and the Warrants shall be legally permitted by all laws and regulations to which the Investor or the Company are subject.

 

(d)              
Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated at the Closing
and all documents and instruments incident to such transactions shall be reasonably satisfactory in substance and form to the Investor.

 

(e)              
Transaction Documents. The Company shall have duly executed and delivered to the Investor the following documents (collectively,
the Transaction Documents):

 

(i)                
This Agreement; and

 

(ii)               
The Note and the Initial Warrant issued hereunder.

 

(f)               
Corporate Documents. The Company shall have delivered to the Investor each of the following:

 

(i)                
a certificate of the Secretary of the Company, dated the Closing Date, certifying that (a) the certificate of incorporation of
the Company, certified as of a recent date by the Secretary of State of the State of Delaware and attached thereto, is in full force and
effect and has not been amended, supplemented, revoked or repealed since the date of such certification; (b) attached thereto is a true
and correct copy of the bylaws of the Company as in effect on the Closing Date; and (c) attached thereto are true and correct copies of
resolutions duly adopted by the Board of Directors of the Company and continuing in effect, which authorize the execution, delivery and
performance by the Company of this Agreement, the Warrants and the Note and the consummation of the transactions contemplated hereby and
thereby; and

 

(ii)             
a Certificate of Good Standing or comparable certificate as to the Company, certified as of a recent date prior to the Closing
Date by the Secretary of State of Delaware.

 

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5.             Conditions to Obligations of the Company. The Company’s obligation to issue and sell the Note and the Initial
Warrant at the Closing is subject to the fulfillment, on or prior to the Closing Date, of the following conditions, any of which may
be waived in whole or in part by the Company:

 

(a)              
Representations and Warranties. The representations and warranties made by the Investor in Section 3 hereof shall be true
and correct when made, and shall be true and correct on the Closing Date.

 

(b)              
Governmental Approvals and Filings. Except for any notices required or permitted to be filed after the Closing Date with
certain federal and state securities commissions, the Company shall have obtained all governmental approvals required in connection with
the lawful sale and issuance of the Note and the Warrants.

 

(c)              
Legal Requirements. At the Closing, the sale and issuance by the Company, and the purchase by the applicable Investors,
of the Note and the Warrants shall be legally permitted by all laws and regulations to which the Investor or the Company are subject.

 

(d)              
Purchase Price. The Investor shall have delivered to the Company the Purchase Price.

 

6.             Covenants.
The Company agrees and covenants as follows:

 

(a)              
(i) Prior to May 1, 2020, the Company will not take any action to accept, solicit, initiate, encourage, or assist the submission
of any proposal, negotiation, or offer from any person or entity relating to any debt or equity financing of the Company from any person
or entity that engages in, as a material part of its business, the provision of dialysis services (each, a “Competitor”);
and (ii) following May 1, 2020, so long as the Note remains outstanding, any time the Company proposes to accept any debt or equity financing
(including securities convertible into equity) from a Competitor, the Company shall deliver to the Investor the terms and conditions (including
a term sheet, if applicable) of such financing. The Investor shall have ten (10) business days to elect to make an investment on the same
terms in lieu of such Competitor. If the Investor does not elect to make such investment, the Company and Competitor may consummate a
financing on the same terms as delivered to the Investor. Any amendment or change to a proposed financing shall be treated the same as
a new financing for purposes of this subsection 6(a).

 

(b)              
In the event that the Company, at any time prior to conversion or repayment of the Note, issues any convertible security (other
than options to purchase Common Stock under the 2019 Stock Plan) (each a “Subsequent Convertible Instrument”
and, collectively, the “Subsequent Convertible Instruments”) on terms that differ from the Note, then, in each
case, the Company will provide to the Investor written notice of such new issuance, including the terms of any Subsequent Convertible
Instrument, no later than five (5) days after the closing date thereof. In the event the Investor determines, in its sole discretion,
that any Subsequent Convertible Instrument contains terms more favorable to the holder(s) thereof than the terms set forth in its Note,
the Investor will promptly notify the Company of such determination and the Note shall automatically be deemed to be amended to reflect
such more favorable terms (subject to appropriate adjustment based on economic terms).

 

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(c)              
 In the case of (i) a Qualified Financing or (ii) a Non-Qualified Financing in which the Investor elects to convert the Note, the
Company will ensure that the Investor shall be entitled to the same economic rights provided to all investors in such financing and to
the same contractual rights provided to all investors who are investing a comparable (or lower) dollar amount in such financing, and shall
ensure that the Investor shall be a “Major Investor” for all purposes of the financing documents entered into
in connection with the Qualified Financing or Non-Qualified Financing, as applicable.

 

(d)              
The Investor and the Company will coordinate in good faith on a statement disclosing DaVita Inc. and its affiliates’ (“DaVita”)
involvement with the Company. The Company may disclose the Investor’s name as a passive investor in the Company to potential investors
in a Qualified Financing or a Non-Qualified Financing, provided, that, (i) the Company shall notify the Investor prior to such
disclosure and (ii) the Company shall facilitate an introduction between the Investor and any potential investor so disclosed to the extent
requested by the Investor. Except as provided above, the Company will not use the name or trademarks of DaVita or refer to DaVita’s
relationship to the Company, in any form of advertising, publicity or release without the Investor’s prior written approval in the
Investor’s sole direction. Except as provided above, the Company will not disclose, publish or make known to third parties that
the Investor is associated with DaVita or that DaVita is an indirect investor in the Company without the Investor’s prior written
consent.

 

(e)              
So long as the Note remains outstanding, the Company shall not, without the prior written consent of the Investor:

 

(i)                change
the composition of the company’s Board of Directors, except to the extent a member of the Board of Directors resigns, retires or
is incapable to perform due to death or disability;

 

(ii)               create, incur, assume guarantee or be or remain liable with respect to any Indebtedness or allow or suffer to exist any mortgage,
lien, pledge, charge, security interest or other encumbrance upon or in any property or assets owned by the Company, in each case except
as reflected on the Disclosure Schedules. “Indebtedness” shall include any (i) indebtedness for borrowed money, (ii)
indebtedness evidenced by a note, bond, debenture or similar instrument or commercial paper (including purchase money obligations), (iii)
obligations to reimburse or repay in respect of letters of credit, surety bonds or similar instruments, (iv) obligations under financing
leases, and (v) capital leases for equipment entered into after the date of this Agreement to the extent that the aggregate value of all
of such new capital leases exceed $150,000;

 

(iii)             
incorporate, form or otherwise create any new direct or indirect subsidiaries, or permit any subsidiary of the Company to become
a party to any joint venture, partnership or similar arrangement;

 

(iv)            
acquire, in any one transaction or series of related transactions, by purchase of securities or assets or otherwise, for cash or
debt, any business or other enterprise;

 

(v)             
authorize or make any loans, advances or guarantees to, or for the benefit of, any person or entity;

 

    -11- 

     

    

 

(vi)            
 modify in any material respect, the Company’s budget as delivered to and approved by the Company’s Board of Directors;

 

(vii)         
sell or divest in any one transaction or series of related transactions, any division or other business enterprise, or any assets,
of the Company or any subsidiary, other than immaterial amounts sold or divested in the ordinary course of business;

 

(viii)       
engage in any business which is not being conducted by the Company on the date of the Closing, other than reasonably-related extensions
of the business conducted by the Company on such date;

 

(ix)            
settle any outstanding claim, litigation, audit or other dispute for an amount in excess of $20,000 (net of insurance coverage),
individually or in the aggregate; or

 

(x)              
approve, adopt, authorize, commit or agree to commit to any of the foregoing actions.

 

(f)               
The Company shall provide regular updates to the Investor regarding the Contemplated Equity Financing, including, but not limited
to, (i) providing any term sheets the Company receives from potential investors within 2 business days of receipt by the Company, (ii)
providing prompt notice of any indication that a potential investor declines to invest in the Contemplated Equity Financing, and (iii)
providing such other information regarding the status of the Contemplated Equity Financing as reasonably requested by the Investor.

 

7.                 
Miscellaneous.

 

(a)              
Waivers and Amendments. Any provision of this Agreement, the Warrants and the Note may be amended, waived or modified only
upon the written consent of the Company and the Investor.

 

(b)              
Governing Law. This Agreement and all actions arising out of or in connection with this Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law provisions of the State of Delaware
or of any other state. Notwithstanding any provision of this Agreement to the contrary, this Agreement shall be (to the extent necessary
to satisfy the requirements of Section 22062(b)(3)(D) of the California Financial Code) subject to the implied covenant of good faith
and fair dealing arising under Section 1655 of the California Civil Code.

 

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

 

(d)              
Survival. The representations, warranties, covenants and agreements made herein shall survive the execution and delivery
of this Agreement.

 

    -12- 

     

    

 

(e)               
Successors and Assigns. Subject to the restrictions on transfer described in Sections 7(f) and 7(g),
the rights and obligations of the Company and the Investor shall be binding upon and benefit the successors, assigns, heirs, administrators
and transferees of the parties.

 

(f)                Registration,
Transfer and Replacement of the Note. The Note issuable under this Agreement shall be a registered note. The Company will keep, at
its principal executive office, books for the registration and registration of transfer of the Note. Prior to presentation of the Note
for registration of transfer, the Company shall treat such Person in whose name the Note is registered as the owner and holder of the
Note for all purposes whatsoever, whether or not the Note shall be overdue, and the Company shall not be affected by notice to the contrary.
Subject to any restrictions on or conditions to transfer set forth in any Note, the holder of any Note, at its option, may in person
or by duly authorized attorney surrender the same for exchange at the Company’s chief executive office, and promptly thereafter
and at the Company’s expense, except as provided below, receive in exchange therefor one or more new Note(s), each in the principal
requested by such holder, dated the date to which interest shall have been paid on the Note so surrendered or, if no interest shall have
yet been so paid, dated the date of the Note so surrendered and registered in the name of such Person or Persons as shall have been designated
in writing by such holder or its attorney for the same principal amount as the then unpaid principal amount of the Note so surrendered.
Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation
of any Note and (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it; or (b) in the case of mutilation,
upon surrender thereof, the Company, at its expense, will execute and deliver in lieu thereof a new Note executed in the same manner
as the Note being replaced, in the same principal amount as the unpaid principal amount of the Note and dated the date to which interest
shall have been paid on the Note or, if no interest shall have yet been so paid, dated the date of the Note.

 

(g)               
Assignment by the Company. The rights, interests or obligations hereunder may not be assigned, by operation of law or otherwise,
in whole or in part, by the Company without the prior written consent of the Investor.

 

(h)               Entire Agreement. This Agreement together with the other Transaction Documents constitute and contain the entire agreement
among the Company and the Investor and supersede any and all prior agreements, negotiations, correspondence, understandings and communications
among the parties, whether written or oral, respecting the subject matter hereof.

 

(i)               Notices.
All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified
mail, overnight delivery, postage prepaid, sent by facsimile or electronic mail (if the Investor or any other holder of Company securities)
or otherwise delivered by hand, messenger or courier service addressed:

 

(i)           
if to the Investor, to the recipients’ addresses or electronic mail addresses shown on the signature page hereto, as may
be updated in accordance with the provisions hereof (provided that to be effective, notice by electronic mail must be followed by notice
by overnight delivery sent no later than 1 business day following the delivery of such electronic mail notice);

 

    -13- 

     

    

 

(ii)           
 if to any other holder of the Note, Warrants or shares issuable upon conversion or exercise thereof, to such address, facsimile
number or electronic mail address as shown in the Company’s records, or, until any such holder so furnishes an address, facsimile
number or electronic mail address to the Company, then to the address, facsimile number or electronic mail address of the last holder
of the Note, Warrants or shares issuable upon conversion or exercise thereof for which the Company has contact information in its records;
or

 

(iii)           
if to the Company, to the attention of the Chief Executive Officer or Chief Financial Officer of the Company at 10399 West 70th
Street, Eden Prairie, MN 55344, or at such other current address as the Company shall have furnished to the Investor.

 

(j)                
Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but
all of which together will constitute one and the same agreement. Facsimile copies of signed signature pages will be deemed binding originals.

 

(signature page follows)

 

    -14- 

     

    

 

The
parties are signing this Note and Warrant Purchase
Agreement as of the date stated in the introductory clause.

 

	 	MIROMATRIX MEDICAL INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	 
	 	Name: 	Jeffrey Ross
	 	Title:	Chief Executive Officer

 

(Signature page for
Note and Warrant Purchase Agreement)

 

    -15- 

     

    

 

The
parties are signing this Note and Warrant Purchase
Agreement as of the date stated in the introductory clause.

 

	 	CHESHIRE MD HOLDINGS, LLC
	 	 	 
	 	By:	 
	 	 	 
	 	By:	 
	 	 	 
	 	By:	 

 

Notice to the Investor shall be delivered to both of
the following recipients.

 

To be effective, any notice delivered
by electronic mail to Investor shall be followed by notice by overnight
delivery to each recipient below no later than 1 business day following such electronic mail notice.

 

Stephen Phillips

Vice President, DaVita
Venture Group

2000 16th Street

Denver,
CO 80202

Steve.phillips@davita.com

 

With
a copy to: Kathleen Waters

 

Chief Legal Officer
and General Counsel

2000 16th Street

Denver, CO 80202

Kathleen.waters@davita
..com

 

(Signature page for Note and Warrant Purchase Agreement)

 

    -16- 

     

    

 

Exhibit A

FORM OF NOTE

 

    -17- 

     

    

 

Exhibit B

FORM OF WARRANT

 

    -18-Exhibit 4.6

 

EXECUTION VERSION

 

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

 

WARRANT TO PURCHASE SHARES

of

MIROMATRIX MEDICAL INC.

 

Dated
as of March 6, 2020

Void
after the date specified in Section 8

 

	No. C-1	
    Warrant to Purchase

    Shares of

    Preferred Stock

    (subject to adjustment)

    

 

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

 

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

 

1.             Number
and Price of Shares; Exercise Period.

 

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

 

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

 

     

     

    

 

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

 

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

 

2.             Exercise
of the Warrant.

 

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

 

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

 

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

 

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

 

	X	=	
        Y (A – B)    

    A

 

Where:

 

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

 

    - 2 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 3 -

     

    

 

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

 

4.             Transfer
of the Warrant.

 

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

 

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

 

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

 

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

 

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

 

    - 4 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 5 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 6 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 7 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 8 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

11.           Miscellaneous.

 

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

 

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

 

    - 9 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 10 -

     

    

 

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

 

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

 

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

 

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

 

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

 

(signature
page follows)

 

    - 11 -

     

    

 

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

 

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

 

AGREED AND ACKNOWLEDGED,

 

Cheshire MD Holdings, LLC

 

	By:	 	 

 

	Name:	 	 

 

	Title:	 	 

 

     

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

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

 

Attention:          President

 

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

 

	 	Number of shares:	 
	 	 	 
	 	Type of security:	 

 

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

 

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

 

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

 

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

 

			The undersigned

 

			Other—Name:	 

 

		Address:	
	 	 	 
	 	 	 

 

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

 

			The undersigned

 

			Other—Name:	 

 

		Address:	
	 	 	 
	 	 	 

 

			Not applicable

 

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

 

     

     

    

 

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

 

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

 

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

 

     - 2 -

     

    

 

EXHIBIT A-l

 

INVESTMENT REPRESENTATION STATEMENT

AND

MARKET STAND-OFF AGREEMENT

 

		INVESTOR:	 	 

 

		COMPANY:	MIROMATRIX MEDICAL INC.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 2 -

     

    

 

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

 

(signature page follows)

 

     - 3 -

     

    

 

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

 

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

 

     - 4 -

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

		ASSIGNOR:	 	 

 

		COMPANY:	MIROMATRIX MEDICAL INC.

 

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

 

		DATE:	_________________________

 

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

 

	 	Name of Assignee: _______________________________________________________________________________________________

 

	 	Address of Assignee: _____________________________________________________________________________________________

 

	 	Number of Shares Assigned: ________________________________________________________________________________________

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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