Document:

Exhibit 10.15

 

NEITHER THIS WARRANT, NOR THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS WARRANT (COLLECTIVELY, THE “SECURITIES”), HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAWS. THE SECURITIES ARE
SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED
EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES OR BLUE SKY LAWS, PURSUANT TO REGISTRATION OR QUALIFICATION
OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR
AN INDEFINITE PERIOD OF TIME. THE COMPANY MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE
COMPANY TO THE EFFECT THAT ANY PROPOSED TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES OR
BLUE SKY LAWS.

 

SEMLER SCIENTIFIC, INC.

 

Warrant
to Purchase Common Stock

 

Warrant No.: 2015-01

Number of Shares of Common Stock: 28,000

Date of Issuance: December 30, 2015 (“Issuance
Date”)

 

Semler Scientific, Inc., a Delaware corporation
(the “Company”), certifies that, for good and valuable consideration, the receipt and sufficiency of which are
acknowledged, Glenhill Concentrated Long Master Fund, LLC, the registered holder hereof or its permitted assigns (the “Holder”),
is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then
in effect, upon surrender of this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange,
transfer or replacement hereof, the “Warrant”), at any time on or after the date hereof (the “Exercisability
Date”), but not after 5:30 p.m., New York Time, on the Expiration Date (as defined below), 28,000 fully paid and nonassessable
shares of Common Stock (as defined below) (the “Warrant Shares”).   Except as otherwise
defined herein, capitalized terms in this Warrant shall have the meanings set forth in Section 16. This Warrant is issued on December
30, 2015 (the “Issuance Date”).

 

1.         
  EXERCISE OF WARRANT.

 

(a)          Mechanics
of Exercise.  Subject to the terms and conditions hereof (including, without limitation, the limitations set forth
in Section 1(c)), this Warrant may be exercised by the Holder on any day on or after the Exercisability Date, in whole or in part
(but not as to fractional shares), by (i) delivery of a written notice, in the form attached hereto as Exhibit A (the “Exercise
Notice”), of the Holder’s election to exercise this Warrant and (ii) payment to the Company of an amount equal
to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate
Exercise Price”) in cash or wire transfer of immediately available funds (a “Cash Exercise”) (the
items under (i) and (ii) above, the “Exercise Delivery Documents”).  The Holder shall not be required
to surrender this Warrant in order to effect an exercise hereunder; provided, however, that in the event that this Warrant is exercised
in full or for the remaining unexercised portion hereof, the Holder shall deliver this Warrant to the Company for cancellation
within a reasonable time after such exercise.  On or before the first Trading Day following the date on which the Company
has received the Exercise Delivery Documents (the date upon which the Company has received all of the Exercise Delivery Documents,
the “Exercise Date”), the Company shall transmit by facsimile or e-mail transmission an acknowledgment of confirmation
of receipt of the Exercise Delivery Documents to the Holder and the Company’s transfer agent for the Common Stock (the “Transfer
Agent”). The Company shall deliver any objection to the Exercise Delivery Documents on or before the second Trading Day
following the date on which the Company has received all of the Exercise Delivery Documents.  On or before the third
Trading Day following the date on which the Company has received all of the Exercise Delivery Documents (the “Share Delivery
Date”), the Company shall cause the Transfer Agent to issue to the Holder a certificate representing the number of Warrant
Shares to which the Holder is entitled pursuant to such exercise.  Upon delivery of the Exercise Notice, the Holder shall
be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant
has been exercised, irrespective of the date of delivery of the Warrant Shares to such Holder.  If this Warrant is

 

     

     

    

 

submitted in connection with any exercise
pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than
the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later
than three Trading Days after any such submission and at its own expense, issue a new Warrant (in accordance with Section 7(e))
representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant,
less the number of Warrant Shares with respect to which this Warrant has been and/or is exercised.  The Company shall
pay any and all taxes and other expenses of the Company (including overnight delivery charges) that may be payable with respect
to the issuance and delivery of Warrant Shares upon exercise of this Warrant; provided, however, that the Company
shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates
for Warrants in a name other than that of the Holder or an affiliate thereof.  The Holder shall be responsible for all
other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise
hereof.

 

(b)          Exercise
Price.  For purposes of this Warrant, “Exercise Price” means $1.75 per share of Common Stock,
subject to adjustment as provided herein.

 

(c)          Limitations
on Exercises.  Notwithstanding anything contained herein to the contrary the Company shall not effect any exercise
of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant to the extent that after giving
effect to such issuance after exercise as set forth on the applicable notice of exercise, the Holder (together with the Holder’s
affiliates, and any other persons acting as a group together with the Holder or any of the Holder’s affiliates), would beneficially
own in excess of 9.99% of the outstanding shares of Common Stock. For purposes of the foregoing sentence, the number of shares
of Common Stock beneficially owned by the Holder and its affiliates shall include the number of shares of Common Stock issuable
upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of
Common Stock that would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned
by the Holder or any of its affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other
securities of the Company (including, without limitation, any other securities of the Company or its subsidiaries which would entitle
the holder thereof to acquire at any time shares of Common Stock) subject to a limitation on conversion or exercise analogous to
the limitation contained herein beneficially owned by the Holder or any of its affiliates. Except as set forth in the preceding
sentence, for purposes of this Section 1(c), beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations promulgated thereunder.
In addition, for purposes of this Section 1(c), “group” has the meaning set forth in Section 13(d) of the Exchange
Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this Section 1(c) applies,
the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any
affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission
of a notice of exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any affiliates) and of which portion of this Warrant is exercisable. For
purposes of this Section 1(c), in determining the number of outstanding shares of Common Stock, the Holder may rely on the number
of outstanding shares of Common Stock as reflected in (i) the Company’s most recent Form 10-K, Form 10-Q, Current Report
on Form 8-K or other public filing with the United States Securities and Exchange Commission, as the case may be, (ii) a more recent
public announcement by the Company or (iii) a more recent notice by the Company or the Company’s transfer agent to the Holder
setting forth the number of shares of Common Stock then outstanding. Upon the request of the Holder, the Company shall promptly,
and in any event within one Trading Day of such request, confirm to the Holder the number shares of Common Stock then outstanding.

 

(d)          No
Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the
exercise of this Warrant.  As to any fraction of a share that the Holder would otherwise be entitled to purchase upon
such exercise, the Company shall round up to the next whole share.

 

2.            ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES.  The Exercise Price and the number of Warrant Shares shall be adjusted
from time to time as follows:

 

(a)          Adjustment
upon Subdivision or Combination of Shares of Common Stock.  If the Company at any time on or after the Issuance Date
subdivides (by any stock split, stock dividend,

 

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recapitalization or otherwise) one or more
classes of its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior
to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased.  If
the Company at any time on or after the Issuance Date combines (by combination, reverse stock split or otherwise) one or more classes
of its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such
combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased.  Any
adjustment under this Section 2(a) shall become effective at the close of business on the date the subdivision or combination becomes
effective.

 

(b)          Notwithstanding
anything to the contrary in this Warrant, in no event shall the Exercise Price be reduced below the par value of the Company’s
Common Stock.

 

3.            RESERVATION
OF WARRANT SHARES.  The Company covenants that it will at all times reserve and keep available out of the aggregate
of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares
upon exercise of this Warrant as herein provided, the number of shares of Common Stock which are then issuable and deliverable
upon the exercise of this entire Warrant, free from preemptive or any other contingent purchase rights of Persons other than the
Holder (taking into account the adjustments and restrictions in Section 2).  Such reservation shall comply with the provisions
of Section 1.  The Company covenants that all shares of Common Stock so issuable and deliverable shall, upon issuance
and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and
fully paid and nonassessable.  The Company will take all such actions as may be necessary to assure that such shares
of Common Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of any securities exchange or automated quotation system upon which the Common Stock may be listed. If, notwithstanding the foregoing,
and not in limitation thereof, at any time while this Warrant remains outstanding the Company does not have a sufficient number
of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon exercise of this Warrant
at least a number of shares of Common Stock equal to the maximum number of shares of Common Stock as shall from time to time be
necessary to effect the exercise of all this Warrant (without regard to any limitations on exercise contained herein) (the “Required
Reserve Amount”) (an “Authorized Share Failure”), then the Company shall immediately take all action
necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve
the Required Reserve Amount for this entire Warrant. Without limiting the generality of the foregoing sentence, as soon as practicable
after the date of the occurrence of an Authorized Share Failure, but in no event later than sixty (60) days after the occurrence
of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the number
of authorized shares of Common Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy
statement and shall use its best efforts to solicit its stockholders’ approval of such increase in authorized shares of Common
Stock and to cause its board of directors to recommend to the stockholders that they approve such proposal.

 

4.            WARRANT
HOLDER NOT DEEMED A STOCKHOLDER.  Except as otherwise specifically provided herein, the Holder, solely in such Person’s
capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital
of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in
such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote,
give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation,
merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to
the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant.  In
addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities
(upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company
or by creditors of the Company.

 

5.            REGISTRATION
AND REISSUANCE OF WARRANTS.

 

(a)          Registration
of Warrant.  The Company shall register this Warrant, upon the records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time.  The Company
may deem and treat the registered Holder of this Warrant as the

 

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absolute owner hereof for the purpose of
any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.  The
Company shall also register any transfer, exchange, reissuance or cancellation of any portion of this Warrant in the Warrant Register.

 

(b)          Transfer
of Warrant.  This Warrant may not be offered for sale, sold, transferred or assigned without the consent of the Company,
and only in accordance with applicable securities laws.  Subject to applicable securities laws, if this Warrant is to
be transferred, the Holder shall surrender this Warrant to the Company together with all applicable transfer taxes, whereupon the
Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(e)), registered
as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and,
if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance
with Section 7(e)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.

 

(c)          Lost,
Stolen or Mutilated Warrant.  Upon receipt by the Company 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, of any indemnification
undertaking by the Holder to the Company in customary form or the provision of reasonable security by the Holder to the Company
and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder
a new Warrant (in accordance with Section 7(e)) representing the right to purchase the Warrant Shares then underlying this Warrant.

 

(d)          Exchangeable
for Multiple Warrants.  This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office
of the Company together with all applicable transfer taxes, for a new Warrant or Warrants (in accordance with Section 7(e)) representing
in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will
represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender;
provided, however, that the Company shall not be required to issue Warrants for fractional shares of Common Stock
hereunder.

 

(e)          Issuance
of New Warrants.  Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant shall (i) be of like tenor with this Warrant, (ii) represent, as indicated on the face of such new Warrant, the
right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section
7(b) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying
the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this
Warrant), (iii) have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date and
(iv) have the same rights and conditions as this Warrant.

 

7.            NOTICES.  Whenever
notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance with
the information set forth in the Warrant Register.  The Company shall provide the Holder with prompt written notice of
all actions taken pursuant to this Warrant, including, in reasonable detail, a description of such action and the reason or reasons
therefore.  Without limiting the generality of the foregoing, the Company will give written notice to the Holder immediately
upon any adjustment of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment
and; provided, that in each case, such information shall be made known to the public prior to or in conjunction with such
notice being provided to the Holder.

 

8.            NONCIRCUMVENTION.  The
Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation, Bylaws or through
any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will
at all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights
of the Holder.  Without limiting the generality of the foregoing, the Company (i) shall not increase the par value
of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall
use all reasonable efforts to take all such actions as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable shares of Common Stock upon the exercise of

 

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this Warrant and (iii) shall, so long as
any of the Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued
shares of Common Stock, solely for the purpose of effecting the exercise of the Warrants, the number of shares of Common Stock
as shall from time to time be necessary to effect the exercise of the Warrants then outstanding (without regard to any limitations
on exercise).

 

9.            AMENDMENT
AND WAIVER.  Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may
take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained
the written consent of the Holder.

 

10.          GOVERNING
LAW.  This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning
the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State
of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware
or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Delaware.

 

11.          CONSTRUCTION;
HEADINGS.  This Warrant shall be deemed to be jointly drafted by the Company and all the Investors and shall not
be construed against any person as the drafter hereof.  The headings of this Warrant are for convenience of reference
and shall not form part of, or affect the interpretation of, this Warrant.

 

12.          DISPUTE
RESOLUTION.  In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation
of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile within two
Trading Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder.  If the
Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within
five Trading Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall,
within two Trading Days submit via facsimile (a) the disputed determination of the Exercise Price to an independent, reputable
investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares
to the Company’s independent, outside accountant.  The Company shall cause the investment bank or the accountant,
as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later
than 10 Trading Days from the time it receives the disputed determinations or calculations.  Such investment bank’s
or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error.  The
expenses of the investment bank and accountant will be borne by the Company unless the investment bank or accountant determines
that the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares by the Holder was incorrect, in
which case the expenses of the investment bank and accountant will be borne by the Holder.

 

13.          REMEDIES,
OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF.  The remedies provided in this Warrant shall be cumulative and
in addition to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance
and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure
by the Company to comply with the terms of this Warrant.  The Company acknowledges that a breach by it of its obligations
hereunder may cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate.  The
Company therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled,
in addition to all other available remedies, to seek an injunction restraining any breach.  Notwithstanding the foregoing
or anything else herein to the contrary, other than as expressly provided, if the Company is for any reason unable to issue and
deliver Warrant Shares upon exercise of this Warrant as required pursuant to the terms hereof, the Company shall have no obligation
to pay to the Holder any cash or other consideration or otherwise “net cash settle” this Warrant.

 

14.          LIMITATION
ON LIABILITY.  No provisions hereof, in the absence of affirmative action by the Holder to purchase Warrant Shares
hereunder, shall give rise to any liability of the Holder to pay the Exercise Price or as a shareholder of the Company (whether
such liability is asserted by the Company or creditors of the Company).

 

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15.          SUCCESSORS
AND ASSIGNS.  This Warrant shall bind and inure to the benefit of and be enforceable by the Company and the Holder
and their respective permitted successors and assigns.

 

16.          CERTAIN
DEFINITIONS.  For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)          “Common
Stock” means (i) the Company’s shares of Common Stock, $0.001 par value per share, and (ii) any share capital into
which such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common Stock.

 

(b)          “Expiration
Date” means the date 24 months after the Issuance Date or, if such date falls on a day other than a Trading Day or on
which trading does not take place on the Principal Market, or, if the Principal Market is not the principal trading market for
the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded (a “Holiday”),
the next date that is not a Holiday.

 

(c)          “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity and a government or any department or agency thereof.

 

(d)          “Principal
Market” means the Nasdaq Capital Market; provided, however, that in the event that the Company’s Common Stock is
ever listed or traded on the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the NYSE Amex,
or the OTC Bulletin Board (it being understood that as used herein “OTC Bulletin Board” shall also mean any
successor or comparable market quotation system or exchange to the OTC Bulletin Board such as the OTCQB operated by the OTC Markets
Group, Inc.), then the “Principal Market” shall mean such other market or exchange on which the Company’s
Common Stock is then listed or traded.

 

(e)          “Trading
Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the
principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common
Stock is then traded including any day on which the Principal Market is open for trading for a period of time less than the customary
time.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set out above.

 

	 	SEMLER SCIENTIFIC, INC.
	 	 	 	 	 
	 	 	By:	/s/ Daniel Conger	 
	 	 	 	Name: Daniel Conger	 
	 	 	 	Title: VP, Finance	 

 

     

     

    

 

EXHIBIT A

 

EXERCISE NOTICE

 

TO BE EXECUTED BY THE REGISTERED HOLDER
TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

 

SEMLER SCIENTIFIC, INC.

 

The undersigned holder hereby exercises
the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of Semler Scientific,
Inc., a Delaware corporation (the “Company”), evidenced by the attached Warrant to Purchase Common Stock (the
“Warrant”).  Capitalized terms used herein and not otherwise defined shall have the respective meanings
set forth in the Warrant.

 

1.           
 Exercise Price.  The Holder shall pay the sum of $_____________ to the Company in accordance with the terms
of the Warrant.

 

3.      
     Delivery of Warrant Shares.  The Company shall deliver to the holder __________
Warrant Shares in accordance with the terms of the Warrant.

 

4.        
   Representations and Warranties.  By its delivery of this Exercise Notice, the undersigned represents
and warrants to the Company that in giving effect to the exercise evidenced hereby the Holder will not beneficially own in excess
of the number of shares of Common Stock (determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as
amended) permitted to be owned under Section 1(c) of this Warrant to which this notice relates.

 

Date: _______________ __, ______

 

	 	 	 
	Name of Registered Holder	 	Name of Signatory

 

	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

     

     

    

 

ACKNOWLEDGMENT

 

The Company hereby
acknowledges this Exercise Notice.

 

	 	SEMLER SCIENTIFIC, INC.
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	Name:	 
	 	 	 	Title:Exhibit

Exhibit 10.33

CONSULTING AGREEMENT
This AGREEMENT is made effective as of the 1st day of April, 2016 by and between ALLEGHENY TECHNOLOGIES INCORPORATED ("ATI"), a Delaware corporation, having its principal offices at 1000 Six PPG Place, Pittsburgh, PA 15222, and HUNTER R. DALTON ("CONSULTANT"), an individual residing at [address omitted].
WHEREAS, ATI is a manufacturer of specialty metals and materials and has developed and possesses certain business plans and strategies and certain information, data, and experience, relating to the manufacture and sale of such products and which information, data, and experience ("INFORMATION" - as further defined below) are confidential, proprietary, and a valuable commercial asset to ATI; and
WHEREAS, CONSULTANT will retire with the consent of ATI from his position as Executive Vice President, Strategic Growth Initiatives effective March 31, 2016, and execute and deliver to ATI a separation and release agreement satisfactory to ATI in form and content; and
WHEREAS, CONSULTANT and ATI are entering into a consulting arrangement whereby ATI will compensate CONSULTANT and ATI will have the benefit of CONSULTANT'S SERVICES (as defined below); and
WHEREAS, ATI now desires to obtain such SERVICES and CONSULTANT desires to undertake the performance of such SERVICES and agrees to certain covenants to survive termination of the consulting arrangement.
NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions herein and intending to be legally bound, the parties agree as follows:
SECTION 1.    SERVICES

(a)As used herein, CONSULTANT'S SERVICES means consulting services as reasonably requested by the Chief Executive Officer of ATI or his designee (the "CEO") from time to time, to be rendered by CONSULTANT to ATI in connection with the formulation and/or execution of business strategies, and such other matters as CONSULTANT and the CEO may reasonably agree.

(b)CONSULTANT shall devote the time reasonably necessary to perform SERVICES as mutually agreed by the CEO and CONSULTANT. Nothing herein shall prohibit CONSULTANT from taking appropriate time for personal business, holidays, vacations, and the like.

(c)CONSULTANT shall provide SERVICES to ATI during the term of this Agreement with the title of "Consultant to the Chairman and CEO". SERVICES are expected to be performed at such locations as the parties may from time to time reasonably agree.

(d)CONSULTANT may be requested by ATI to prepare or to participate (as author, co-author, or editor) in the preparation on written reports, memoranda, or papers pertinent to the subject matter of the consultation.

1

(e)CONSULTANT agrees, for the period commencing April 1, 2016 and ending December 31, 2016, not to enter into any agreement or arrangement, consulting or otherwise, with third parties who are in direct competition with existing  ATI business operations  currently known as (and hereinafter referred to as “Competitive Business”):  

1)     ATI Specialty Materials (formerly ATI Allvac) with products defined as Nickel and Titanium based alloyed wrought long products (billet) and rolled bar; 

2)     ATI Powder (formerly known as Crucible Powders - Oakdale Operations) with products defined as nickel super alloy powder; and

3)     ATI Specialty Materials, LTD ( formerly known as ATI Allvac LTD - Sheffield Operations)  with products defined as Nickel and Steel based alloyed wrought long products and machined products defined as rough machined drill collars and rotating aero-engine shafts.
SECTION 2. COMPENSATION

(a)ATI shall pay CONSULTANT a fixed fee for SERVICES rendered to ATI in the amount of FIFTY-FOUR THOUSAND FOUR HUNDRED FIFTY Dollars ($54,450.00) per calendar month for the period commencing April 1, 2016 and ending December 31, 2016.

(b)ATI will reimburse CONSULTANT for all reasonable, authorized out-of-pocket travel and living expenses (including lodging, food, transportation, parking, mobile phone service and telephone tolls) incurred by CONSULTANT in connection with performance of SERVICES. Reimbursement for expenses will be made only upon presentation of reasonable evidence showing the date, nature and amount of the expense incurred and submitted in such a manner as ATI may require.

(c)CONSULTANT will submit an invoice or bill to ATI for SERVICES rendered during each month while this Agreement is in effect.
SECTION 3.    TERM

(a)This Agreement shall become effective as of April 1, 2016 and, unless earlier terminated as set forth in Section 3(b) below, shall continue until December 31, 2016.

(b)Either party may terminate this Agreement at any time and at its or his option by giving written notice to the other party, and, upon termination, CONSULTANT shall immediately discontinue work under this Agreement. In the event of termination by (i) CONSULTANT, then ATI shall reimburse CONSULTANT for any expenses incurred by CONSULTANT before the date of termination and CONSULTANT shall not be entitled to any reimbursement for expenses incurred by CONSULTANT after the date of termination and CONSULTANT shall receive the pro-rated portion of his monthly fee for SERVICES through the date of termination or (ii) by ATI, then ATI shall reimburse CONSULTANT for any expenses incurred by CONSULTANT before the date of termination, and CONSULTANT shall receive the unpaid balance of the monthly fees ($490,050.00) in one lump sum payment within 30 days of termination notification by ATI pursuant to Section 2(a).

(c)The parties specifically agree that, notwithstanding an early termination of this Agreement, the obligations under Sections 7 through 11 will remain in full force and effect.
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SECTION 4.  ABSENCE OF THIRD-PARTY RESTRICTIONS
CONSULTANT represents that he has the right to enter into this Agreement and to perform SERVICES for ATI, and that there are no restrictions whatsoever imposed on CONSULTANT by virtue of services to others, nor under any third-party agreement or otherwise which would prevent him from performing SERVICES for ATI or observing or complying with all the provisions of this Agreement.
SECTION 5. INDEPENDENT CONTRACTOR STATUS

(a)CONSULTANT is an independent contractor and not an employee or agent of ATI. Amounts paid to CONSULTANT hereunder shall be reported on Form 1099 and CONSULTANT shall be responsible for any self-employment taxes with respect to such amounts. ATI disclaims the right to control the manner of performance by CONSULTANT. CONSULTANT shall not be considered, under this Agreement or otherwise, to be entitled to participation in ATI benefits or coverage under employee plans.

(b)Any taxes, license, permits, filing of required forms, or other conditions imposed upon or required to render SERVICES shall be satisfied by CONSULTANT.
SECTION 6. NO RIGHT TO SUBCONTRACT

(a)The provision of SERVICES under this Agreement is personal to CONSULTANT. CONSULTANT may not subcontract any portion of his SERVICES hereunder to others without the prior written consent of ATI and ATI's written approval of the terms and conditions of each such subcontract. Subcontracting any part of the SERVICES under this Agreement, if approved by ATI, shall not relieve CONSULTANT of any of his obligations with respect thereto.

(b)Upon total disability or death of CONSULTANT, this Agreement shall terminate immediately and, except as provided in Section 3(b)(ii), no further payments shall become due from ATI  It being expressly agreed and understood that any payment due pursuant to Section 3(b)(ii) shall be paid to Consultant or his heirs and assigns despite total disability or death of CONSULTANT.  

SECTION 7. PATENT RIGHTS AND COPYRIGHTS
(a)CONSULTANT shall promptly disclose to ATI all discoveries, inventions, and improvements, patentable or unpatentable, conceived, made or developed by CONSULTANT after the date of this Agreement arising out of the performance of SERVICES under this Agreement. All such discoveries, inventions, and improvements shall be the sole and exclusive property of ATI in respect to any and all countries, their territories and possessions. CONSULTANT shall perform at the request of ATI all lawful acts and execute, acknowledge, and deliver all such instruments deemed necessary by ATI to vest in ATI the entire right, title and interest in and to such discoveries, inventions, and improvements, and to enable ATI properly to prepare, file, and prosecute applications for and obtain patents (including all kinds of intellectual property) thereon in any and all countries selected by ATI as well as reissues, renewals, and extensions thereof, and to obtain and record title to such applications and patents so that ATI shall be the sole and absolute owner thereto in any and all countries in which it may desire patent or like protection. The obligations of CONSULTANT under this Section 7 shall survive termination of this Agreement; provided, however, that if CONSULTANT performs services at the request of ATI after the termination of this Agreement, CONSULTANT will be paid a professional services fee of THREE THOUSAND Dollars ($3,000.00) per day.

(b)The parties intend that any and all works by CONSULTANT are a work for hire under the copyright laws such that ATI is the copyright owner of any and all works made by CONSULTANT in
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 performance of SERVICES. In the event the works are not works for hire by operation of law, CONSULTANT hereby transfers ownership to ATI of all such copyrights and assigns to ATI all exclusive rights, and specifically waives all CONSULTANT'S special rights in such copyrights.
SECTION 8. NON-COMPETE

(a)For good consideration and as an inducement for ATI to enter into this Agreement, CONSULTANT agrees not to directly or indirectly engage in any Competitive Business at any time during the period from the date of this Agreement through December 31, 2016.

(b)The term "compete" as used herein shall mean that the CONSULTANT'S owning, managing, operating, consulting with or being employed in a business (whether or not incorporated) competitive with any Competitive Business.  

(c)The obligation of CONSULTANT under this Section 8 shall extend to any market and each geographical area in which ATI conducts any Competitive Business  and/or in which ATI’s Competitive Business products are sold.

SECTION 9. NON-SOLICITATION AND NON-DISPARAGEMENT
During the period from the date of this Agreement through December 31, 2016 and for two (2) years thereafter, CONSULTANT agrees that CONSULTANT shall not directly or indirectly:

(a)Initiate contact to solicit, hire, or employ or engage any person who is an employee, consultant, sales representative or sales agent of ATI during the term of this Agreement;

(b)Induce or attempt to induce any person who is an employee, sales representative or independent sales agent of ATI to terminate or materially reduce his or her employment or other relationship with ATI; or

(c)Induce or attempt to induce any person who is a customer (direct or indirect) of ATI to terminate or fail to renew or not extend or to change the terms of any written or oral agreement or understanding, course of dealing or other relationship with ATI or to reduce the amount of business it conducts with ATI or any subsidiary of ATI.
 ATI and CONSULTANT agree that they will not, in any way, disparage one another to any person(s) or organization(s), including, without limitation, any customer or employee of ATI; provided that, for purposes of this provision, ATI's commitment pertains to ATI's Executive Officers and their direct reports.
SECTION 10. CONFIDENTIALITY

(a)The term "INFORMATION" means all technical data and other information, not in the public domain, of every kind, written and unwritten, including information of a technical, engineering, operational, commercial or economic nature, discovered or learned by CONSULTANT during his employment with Allegheny Technologies Incorporated, its subsidiaries and their predecessors and/or thereafter becoming known to CONSULTANT during the course of performing SERVICES for ATI under this Agreement.

(b)Without the express written consent of ATI to the contrary, all INFORMATION shall be:

(i)received and maintained in confidence by CONSULTANT and shall not be disclosed, directly or indirectly, by CONSULTANT to any related or unrelated party 
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whatsoever; and

(ii)used by CONSULTANT only for the performance of SERVICES for ATI.

 (c)    The foregoing obligations of confidentiality, use and nondisclosure shall not apply to any INFORMATION which:

(i)was known to CONSULTANT prior to CONSULTANT'S employment with Allegheny Technologies Incorporated, its subsidiaries and their predecessors as can be shown by documentary evidence; or

(ii)is or becomes available in issued patents, published patent applications, or printed publications of general public circulation other than by acts or omissions of CONSULTANT; or

(iii)is rightfully obtained by CONSULTANT without restriction from sources other than ATI who are rightfully in possession of such INFORMATION and who are not under any obligation of confidentiality to ATI: or

(iv)is required by law to be disclosed by CONSULTANT
(d)    CONSULTANT shall not publish findings obtained in the course of SERVICES without the prior written approval of ATI.
(e)    CONSULTANT agrees that all tangible embodiments of INFORMATION, including reports, memoranda, computer software, drawings, designs, and worksheets, made or obtained by CONSULTANT in performance hereof, shall be and remain the property of ATI, may not be reproduced by CONSULTANT without written consent of ATI, and shall be returned to ATI promptly upon written request made by ATI or upon termination of this Agreement.
(f)    The obligation of CONSULTANT under this Section 10(a) through (e) shall continue in effect for a period of three (3) years from the date on which the last SERVICES are performed by CONSULTANT for ATI and shall survive such termination of this Agreement.  The Parties to this Agreement  agree and understand that nothing contained in Section 10 shall prevent or prohibit in any way the CONSULTANT from competing after the expiration of the Non-Compete provision set forth in Section 8 (i.e. December 31, 2016); provided, however, the CONSULTANT shall not utilize the INFORMATION in violation of this Section 10.
SECTION 11. EQUITABLE REMEDIES

The parties agree that irreparable harm would occur in the event that any of the agreements, covenants and provisions of this Agreement were not performed fully by the parties in accordance with their specific terms and that money damages would not be an adequate remedy because of, among other reasons, the difficulty of ascertaining and quantifying the amount of damages that will be suffered by a party in the event of nonperformance and the additional damages inflicted by allowing the behavior of the breaching party to continue. It is hereby agreed that a party hereto shall be entitled to an injunction or injunctions or other equitable relief to restrain, enjoin and prevent breaches of this Agreement, particularly breaches of the covenants set forth in Sections 7 through 10 above, in addition to an not in lieu of any damages that may be or become payable at law. Each party hereto consents to the jurisdiction of the courts of Pennsylvania and to the exercise by those courts of equity principles as if sitting in equity at common law.  

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SECTION 12. ASSIGNMENT OF RIGHTS
This Agreement shall inure to the benefit of and be binding upon ATI, its successors and assigns. This Agreement shall not be assigned by CONSULTANT without the prior written consent of ATI. Nothing in this Agreement, express or implied, is intended or shall be construed to confer upon any person other than the parties hereto, any right, remedy or claim, under or by reason of this Agreement.
SECTION 13. WAIVER OF RIGHTS
Neither party shall be deemed to have waived any right, power or privilege under this Agreement or any provision hereof unless such waiver shall have been duly executed in writing and acknowledged by the party to be charged with such waiver. The failure of any party to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of this Agreement or any parts thereof or the right of any party to thereafter enforce each and every such provision. No waiver of any breach of this Agreement shall be held to be a waiver of any other or subsequent breach. All remedies permitted under this Agreement shall be taken and construed as cumulative.
SECTION 14. CORRESPONDENCE
All notices, approvals, consents, requests, or demands required or permitted to be given under this Agreement shall be in writing and shall be deemed sufficiently given when deposited in the mail, registered or certified, postage prepaid, and addressed to the party entitled to receive such notice at the address shown below:
	
		
	If to ATI:
	Address:     Allegheny Technologies Incorporated
1000 Six PPG Place
Pittsburgh, PA 15222
                   Attention: General Counsel and Corporate
Secretary

	 
	 

	If to CONSULTANT:
	                   Hunter R. Dalton
                   [address omitted]

Any party may subsequently designate another address by notice given in accordance with this Section 14. If notice is given by any other method than that stated herein, it shall be deemed effective only when the written notice is actually received.
SECTION 15. MISCELLANEOUS

(a)    This Agreement and the separation and release agreement executed in connection with CONSULTANT'S retirement set forth the entire agreement and understanding between the parties as to the subject matter of this Agreement, and all other agreements, commitments, representations, writings, and discussions between them, whether written or oral. It is expressly understood that no representations, promises, warranties, or agreements have been made by either party except as the same are set forth herein. Except as otherwise expressly provided in this Agreement, this Agreement may not be amended or terminated except in writing and signed by the proper and duly authorized representative of the party to be bound thereby.

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(b)        No other rights or obligations other than those expressly recited herein are to be implied by this Agreement with respect to patents, inventions, and INFORMATION. Specifically, nothing contained in this Agreement shall be construed to grant CONSULTANT, directly or indirectly, any license or other right under any patent or patent application or other Intellectual property owned or controlled by ATI.

(c)      If any provisions of this Agreement or its application to any person or circumstance Is invalid or unenforceable, then the remainder of this Agreement or the application of such provision to other persons or circumstances shall not be affected thereby; provided, however, that if any provision or application thereof is invalid or unenforceable, then a suitable and equitable provision shall be substituted therefor In order to carry out, so far as may be valid and enforceable, the intent and purpose of the invalid or unenforceable provision.

(d)    The captions of the sections of this Agreement are for convenience only and shall not control or affect the meaning or construction of any provisions of this Agreement.

(e)    This Agreement shall be governed by and interpreted in accordance with the laws of the Commonwealth of Pennsylvania, excluding its conflict of law provisions.

IN WITNESS WHEREOF, the parties have duly executed this Agreement In duplicate on the dates hereinafter shown.
	
			
	ALLEGHENY TECHNOLOGIES
	 
	CONSULTANT

	INCORPORATED
	 
	 

	 
	 
	 

	By:  /s/ Elliot S. Davis            
	 
	By:  /s/ Hunter R. Dalton    

	Elliot S. Davis
	 
	Hunter R. Dalton

	Senior Vice President
	 
	 

	 
	 
	 

	Date:    2/24/2016             
	 
	Date:    2/24/2016             

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