Document:

NEITHER
THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN OR WILL BE REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). SUBJECT TO SECTION 5 BELOW, THIS WARRANT AND THE SECURITIES UNDERLYING
THIS WARRANT MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, EXCEPT PURSUANT TO REGISTRATION
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS AND IN ACCORDANCE WITH ALL
APPLICABLE STATES SECURITIES LAWS AND, IF REQUIRED BY THE COMPANY, AN OPINION OF COUNSEL FOR HOLDER OF RECOGNIZED STANDING IN
FORM AND SUBSTANCE SATISFACTORY TO COMPANY, THAT SUCH TRANSFER IS NOT REQUIRED TO BE REGISTERED UNDER THE SECURITIES ACT. ADDITIONALLY,
THIS WARRANT MAY NOT BE EXERCISED ABSENT AN AVAIALBLE EXEMPTION FROM THE REGISTRATION REQUIRMENTS OF THE SECURITIES ACT AND IN
ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS.

 

WARRANT
TO PURCHASE SHARES OF COMMON STOCK

of

AMEDICA CORPORATION

 

July
28, 2017

 

THIS
CERTIFIES THAT, for value received, North Stadium Investments, LLC, a Missouri limited liability company (“Holder”),
is entitled to subscribe for and purchase Six Hundred and Sixty Thousand (660,000) fully paid and nonassessable shares of Common
Stock of Amedica Corporation, a Delaware corporation (“Company”) upon payment of the Warrant Price (as hereinafter
defined), in all cases subject to the adjustments and provisions and upon the terms and conditions hereinafter set forth. The
exercise price shall be the Warrant Price. This Warrant is being issued in connection with that certain secured promissory note
by and between Holder and Company dated July 28, 2017. As used herein, the term “Common Stock” shall mean Company’s
presently authorized common stock, $0.01 par value per share, and any stock into which such shares may hereafter be converted
or exchanged and the term “Warrant Shares” shall mean the shares of Common Stock which Holder may acquire pursuant
to this Warrant and any other shares of stock into which such shares of Common Stock may hereafter be converted or exchanged.

 

1.
Warrant Price. The “Warrant Price” shall initially be $0.42 per share, subject to adjustment as provided in
Section 6 below.

 

2.
Conditions to Exercise. The purchase right represented by this Warrant may be exercised at any time, or from time to time,
in whole or in part during the term commencing on the date hereof and ending at 5:00 P.M. (Central time) on the fifth anniversary
following the date of this Warrant (the “Expiration Date”).

 

3.
Method of Exercise or Conversion; Payment; Issuance of Shares; Issuance of New Warrant.

 

(a)
Cash Exercise. Subject to Section 2 hereof, the purchase right represented by this Warrant may be exercised by Holder hereof,
in whole or in part, by the surrender of the original of this Warrant (together with a duly executed Notice of Exercise in substantially
the form attached hereto) at the principal office of Company (as set forth in Section 15 below) and by payment to Company, by
certified or bank check, or wire transfer of immediately available funds, of an amount equal to the then applicable Warrant Price
per share multiplied by the number of Warrant Shares then being purchased. In the event of any exercise of the rights represented
by this Warrant, certificates for the Warrant Shares so purchased shall be in the name of, and delivered to, Holder hereof, or
as such Holder may direct (subject to the terms of transfer contained herein and upon payment by such Holder hereof of any applicable
transfer taxes). Such delivery shall be made within 3 business days after exercise of this Warrant and at Company’s expense
and, unless this Warrant has been fully exercised, converted or expired, a new Warrant having terms and conditions substantially
identical to this Warrant, representing the portion of the Warrant Shares, if any, and with respect to the remaining term of this
Warrant with respect to which this Warrant shall not have been exercised or converted, shall also be issued to Holder hereof within
3 business days after exercise of this Warrant.

 

    	 

     

    

 

(b)
Conversion. In lieu of exercising this Warrant as specified in Section 3(a), Holder may from time to time convert this
Warrant, in whole or in part, into Warrant Shares by surrender of the original of this Warrant (together with a duly executed
Notice of Exercise in substantially the form attached hereto) at the principal office of Company, in which event Company shall
issue to Holder the number of Warrant Shares computed using the following formula:

 

X
= Y (A-B)

A

 

Where:

 

X
= the number of Warrant Shares to be issued to Holder.

 

Y
= the number of Warrant Shares requested to be purchased under this Warrant (at the date of such calculation).

 

A
= the Fair Market Value of one share of Company’s Common Stock (at the date of such calculation).

 

B
= Warrant Price (as adjusted to the date of such calculation).

 

(c)
Fair Market Value. For purposes of this Section 3, Fair Market Value of one share of Company’s Common Stock shall
mean:

 

(i)
For any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the average of the last reported sales price of the Common Stock on the Trading Market on which
the Common Stock is then listed or quoted for the five (5) trading days prior to the date of determination of Fair Market Value
as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)),
(b) if the Common Stock is quoted on the OTC Bulletin Board, the average of the closing bid and asked prices of Common Stock on
the OTC Bulletin Board for the five (5) trading days prior to the date of determination of Fair Market Value, (c) if the Common
Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported
in the “Pink Sheets” published by Pink OTC Markets Group, Inc. (or a similar organization or agency succeeding to
its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases,
the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holder
and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company; or

 

(ii)
In the event of an exercise in connection with a merger, acquisition or other consolidation in which Company is not the surviving
entity, the value to be received per share of Common Stock by all holders of Common Stock in such transaction as determined in
the reasonable good faith judgment of Company’s Board of Directors.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the
date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New
York Stock Exchange (or any successors to any of the foregoing).

 

In
the event of Section 3(c)(ii) above, Company’s Board of Directors shall prepare a certificate, to be signed by an authorized
officer of Company, setting forth in reasonable detail the basis for and method of determination of the per share Fair Market
Value of Common Stock. In the event of Section 3(c)(ii), the Board of Directors will also certify to Holder that this per share
Fair Market Value will be applicable to all holders of Company’s Common Stock. Such certifications must be made to Holder,
in the event of Section 3(c)(ii) above, at least ten (10) business days prior to the proposed effective date of the merger, acquisition
or other consolidation. In all cases, delivery of the Warrant Shares to be issued on conversion shall be made within 3 business
days after conversion of this Warrant and at Company’s expense and, unless this Warrant has been fully exercised, converted
or expired, a new Warrant having terms and conditions substantially identical to this Warrant, representing the portion of the
Warrant Shares, if any, and with respect to the remaining term of this Warrant with respect to which this Warrant shall not have
been exercised, shall also be issued to Holder hereof within 3 business days after conversion of this Warrant.

 

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(d)
Automatic Exercise. To the extent this Warrant is not previously exercised, it shall be deemed to have been automatically
converted in accordance with Sections 3(b) and 3(c) hereof (even if not surrendered) as of immediately before its expiration,
involuntary termination or cancellation (including, without limitation, pursuant to Section 3(e)(ii)) if the then-Fair Market
Value of a Warrant Share exceeds the then-Warrant Price, unless Holder notifies Company in writing to the contrary prior to such
automatic exercise. The Warrant Shares shall be delivered within 3 business days after such automatic conversion, and if the Warrant
Shares can be issued electronically using the Fast Automated Securities Transfer Program of the Depository Trust Company (or similar
program), upon Holder’s request, Company shall issue the Warrant Shares electronically in accordance with Holder’s
written instructions delivered to Company in a timely manner.

 

(e)
Treatment of Warrant Upon Acquisition of Company.

 

(i)
Certain Definitions. For the purpose of this Warrant: “Acquisition” means any sale, license, assignment, or
other disposition of all or substantially all of the assets of Company, or any reorganization, consolidation, or merger of Company,
or sale of outstanding Company securities by holders thereof, where the holders of Company’s securities as of immediately
before the transaction beneficially own less than a majority of the outstanding voting securities of the successor or surviving
entity as of immediately after the transaction. For purposes of this Section 3(e), “Affiliate” shall mean any person
or entity that owns or controls directly or indirectly ten percent (10%) or more of the voting capital stock of Company, any person
or entity that controls or is controlled by or is under common control with such persons or entities, and each of such person’s
or entity’s officers, directors, joint venturers or partners, as applicable. Company shall provide Holder with written notice
of any proposed Acquisition not later than ten (10) business days prior to the closing thereof setting forth the material terms
and conditions thereof, and shall provide Holder with copies of the draft transaction agreements and other documents in connection
therewith and with such other information respecting such proposed Acquisition as may reasonably be requested by Holder.

 

(ii)
Acquisition for Cash. Holder agrees that, in the event of an Acquisition in which the sole consideration is cash, this
Warrant shall be automatically exercised (or terminate) as provided in Section 3(d) on and as of the closing of such Acquisition
to the extent not previously exercised.

 

(iii)
Asset Sale. In the event of an Acquisition that is an arm’s length sale of all or substantially all of Company’s
assets (and only its assets) to a third party that is not an Affiliate of Company (a “True Asset Sale”), Holder may
either (a) exercise its conversion or purchase right under this Warrant and such exercise will be deemed effective immediately
prior to the consummation of such Acquisition, or (b) permit the Warrant to continue until the Expiration Date if Company continues
as a going concern following the closing of any such True Asset Sale.

 

(iv)
Assumption of Warrant. Upon the closing of any Acquisition other than as particularly described in Section 3(e)(ii) or
3(e)(iii) above, Company shall, unless Holder requests otherwise, cause the surviving or successor entity to assume this Warrant
and the obligations of Company hereunder, and this Warrant shall, from and after such closing, be exercisable for the same class,
number and kind of securities, cash and other property as would have been paid for or in respect of the shares issuable (as of
immediately prior to such closing) upon exercise in full hereof as if such shares had been issued and outstanding on and as of
such closing, at an aggregate Warrant Price equal to the aggregate Warrant Price in effect as of immediately prior to such closing;
and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant.

 

    	 	3	 

    	 

    

 

(v)
Delivery of Consideration. The cash and/or property received in connection with the exercise or conversion of this Warrant
as provided in this Subsection 3(e) shall be delivered to Holder promptly, but in no event longer than 3 business days after the
closing of the Acquisition.

 

4.
Representations and Warranties of Holder and Company.

 

(a)
Representations and Warranties by Holder. Holder represents and warrants to Company as of the date hereof with respect
to this Warrant as follows:

 

(i)
Evaluation. Holder has substantial experience in evaluating and investing in private placement transactions of securities
of companies similar to Company so that Holder is capable of evaluating the merits and risks of its investment in Company and
has the capacity to protect its interests.

 

(ii)
No Public Sale or Distribution. Holder is (i) acquiring these Warrants and (ii) upon exercise of the Warrants or upon a
conversion of the Warrants will acquire the Warrant Shares issuable upon exercise of the Warrants (together with the Warrants,
the “Securities”), for its own account and not with a view towards, or for resale in connection with, the public sale
or distribution thereof, except pursuant to sales registered or exempted under the Securities Act; provided, however, that by
making the representations herein, Holder reserves the right to dispose of the Securities at any time in accordance with or pursuant
to registration under the Securities Act or an available exemption from such registration requirements and in each case in accordance
with any applicable state securities laws. Holder does not presently have any agreement or understanding, directly or indirectly,
with any person to distribute any of the Securities.

 

(iii)
Accredited Investor Status. Holder is an “accredited investor” as that term is defined in Rule 501(a) of Regulation
D under the Securities Act.

 

(iv)
Reliance on Exemptions. Holder understands that the Securities have not been registered under the Securities Act or any
applicable state securities laws and are being offered and sold to it in reliance on the exemptions from registration under the
Securities Act provided by Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D under the Securities Act and
pursuant to similar exemptions from any applicable state securities laws and that the Company is relying in part upon the truth
and accuracy of, and Holder’s compliance with, the representations, warranties, agreements, acknowledgments and understandings
of Holder set forth herein in order to determine the availability of such exemptions and the eligibility of Holder to acquire
the Securities.

 

(v)
Information. Holder and its advisors, if any, have had access to the Company’s reporting documents as filed with
the United States Securities and Exchange Commission (the “SEC”) filed electronically on EDGAR and available at www.sec.gov
and has been furnished with all materials relating to the business, finances and operations of the Company and materials relating
to the offer and sale of the Securities that have been requested by Holder. Holder and its advisors, if any, have been afforded
the opportunity to ask questions of the Company. Neither such inquiries nor any other due diligence investigations conducted by
Holder or its advisors, if any, or its representatives shall modify, amend or affect Holder’s right to rely on the Company’s
representations and warranties contained herein. Holder understands that its investment in the Securities involves a high degree
of risk. Holder has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision with respect to its acquisition of the Securities.

 

    	 	4	 

    	 

    

 

(vi)
No Governmental Review. Holder understands that no United States federal or state agency or any other government or governmental
agency, including but not limited to the SEC, has passed on or made any recommendation or endorsement of the Securities or the
fairness or suitability of the investment in the Securities nor have such authorities passed upon or endorsed the merits of the
offering of the Securities.

 

(vii)
Transfer or Resale. Holder understands that: (i) the Securities have not been and are not being registered under the Securities
Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred, directly or indirectly, unless
(A) subsequently registered thereunder, (B) such sale, offer, assignment or transfer is to the Company, (C) the sale, offer, assignment
or transfer is made pursuant to the exemption from the registration requirements under the Securities Act provided by Rule 144
thereunder, if available, and in accordance with any applicable state securities laws provided that Holder has furnished to the
Company reasonable assurances, in form and substance reasonably satisfactory to the Company, that registration is not required
under the Securities Act or (D) such sale, offer, assignment or transfer is pursuant to a transaction that does not require registration
under the Securities Act or any applicable state securities laws provided that such Holder has furnished to the Company an opinion
of counsel of recognized standing in form and substance reasonably satisfactory to the Company that registration is not required
under the Securities Act; (ii) neither the Company nor any other person is under any obligation to register the Securities under
the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder.

 

(viii)
Legends. Holder understands that the certificates or other instruments representing the Warrant Shares issuable upon exercise
of this Warrant, except as set forth below, shall bear a restrictive legend in substantially the following form (and a stop-transfer
order may be placed against transfer of such stock certificates):

 

THESE
SECURITIES HAVE NOTBEEN NOR WILL BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).
SUBJECT TO SECTION 5 BELOW, THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY,
EXCEPT PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS
AND IN ACCORDANCE WITH ALL APPLICABLE STATES SECURITIES LAWS AND, IF REQUIRED BY THE COMPANY, AN OPINION OF COUNSEL FOR HOLDER
OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO COMPANY, THAT SUCH TRANSFER IS NOT REQUIRED TO BE REGISTERED UNDER
THE SECURITIES ACT.

 

The
legend set forth above shall be removed and/or the Company shall issue a certificate without such legend to the holder of the
Securities upon which it is stamped if (i) such Securities are registered for resale by the holder under the Securities Act, or
(ii) the Securities are sold, assigned or transferred pursuant to Rule 144, or can be sold, assigned or transferred pursuant to
Rule 144 without the requirement to be in compliance with Rule 144(c)(i), and such holder provides the Company with reasonable
assurances, in form and substance reasonably satisfactory to the Company, to the effect that such sale, assignment or transfer
of the Securities may be made without registration under the applicable requirements of the Securities Act including an opinion
of counsel for Holder reasonably satisfactory to Company.

 

(b)
Representations and Warranties by Company. Company hereby represents and warrants to Holder that the statements in the
following paragraphs of this Section 4(b) are true and correct as of the date hereof.

 

(i)
Corporate Organization and Authority. Company (a) is a corporation duly organized, validly existing, and in good standing
under the laws of the jurisdiction of its organization, (b) has the corporate power and authority to own and operate its properties
and to carry on its business as now conducted and as proposed to be conducted; and (c) is qualified as a foreign corporation in
all jurisdictions where such qualification is required.

 

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(ii)
Corporate Power. Company has all requisite legal and corporate power and authority to execute, issue and deliver this Warrant,
to issue the Warrant Shares issuable upon exercise or conversion of this Warrant, and to carry out and perform its obligations
under this Warrant and any related agreements.

 

(iii)
Authorization; Enforceability. All corporate action on the part of Company, its officers, directors and shareholders necessary
for the authorization, execution, delivery and performance of its obligations under this Warrant and for the authorization, issuance
and delivery of this Warrant and the Warrant Shares issuable upon exercise of this Warrant has been taken and this Warrant constitutes
the legally binding and valid obligation of Company enforceable in accordance with its terms.

 

(iv)
Valid Issuance of Warrant and Warrant Shares. This Warrant has been validly issued and is free of restrictions on transfer
other than restrictions on transfer set forth herein and under applicable state and federal securities laws. The Warrant Shares
issuable upon exercise or conversion of this Warrant, when issued, sold and delivered in accordance with the terms of this Warrant
for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable, and will be free of restrictions
on transfer other than restrictions on transfer under this Warrant and under applicable state and federal securities laws. Subject
to applicable restrictions on transfer, the issuance and delivery of this Warrant and the Warrant Shares issuable upon exercise
or conversion of this Warrant are not subject to any preemptive or other similar rights or any liens or encumbrances except as
specifically set forth in Company’s Certificate of Incorporation (“Certificate of Incorporation”) or this Warrant.
The offer, sale and issuance of the Warrant Shares, as contemplated by this Warrant, are exempt from the prospectus and registration
requirements of applicable United States federal and state security laws, and neither Company nor any authorized agent acting
on its behalf has taken or will take any action hereafter that would cause the loss of such exemption.

 

(v)
No Conflict. The execution, delivery, and performance of this Warrant will not result in (a) any violation of, be in conflict
with, or constitute a default under, with or without the passage of time or the giving of notice (1) any provision of Company’s
Certificate of Incorporation or by-laws; (2) any provision of any judgment, decree, or order to which Company is a party, by which
it is bound, or to which any of its material assets are subject; (3) any contract, obligation, or commitment to which Company
is a party or by which it is bound; or (4) any statute, rule, or governmental regulation applicable to Company, or (b) the creation
of any lien, charge or encumbrance upon any assets of Company.

 

5.
Transfers of Warrant. In connection with any transfer by Holder of this Warrant, Company may require the transferee to
provide Company with written representations and warranties that transferee is acquiring this Warrant and the shares of Common
Stock to be issued upon exercise in compliance with the Securities Act, and may require a legal opinion, in form and substance
satisfactory to Company and its counsel, stating that such transfer is exempt from the registration and prospectus delivery requirements
of the Securities Act and any applicable state securities laws; provided, that Company shall not require an opinion of
counsel if the transfer is to an affiliate of Holder. Following any transfer of this Warrant, at the request of either Company
or the transferee, the transferee shall surrender this Warrant to Company in exchange for a new warrant of like tenor and date,
executed by Company. Upon any partial transfer, Company will also execute and deliver to Holder a new warrant of like tenor with
respect to the portion of this Warrant not so transferred. Subject to the foregoing, this Warrant is transferable on the books
of Company at its principal office by the registered Holder hereof upon surrender of this Warrant properly endorsed.

 

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6.
Adjustment for Certain Events. The number and kind of securities purchasable upon the exercise of this Warrant and the
Warrant Price shall be subject to adjustment from time to time upon the occurrence of certain events, as follows:

 

(a)
Reclassification or Merger. In case of (i) any reclassification or change of securities of the class issuable upon exercise
of this Warrant (other than a change in par value, or from par value to no par value, or from no par value to par value, or as
a result of a subdivision or combination), (ii) any merger of Company with or into another corporation (other than a merger with
another corporation in which Company is the acquiring and the surviving corporation and which does not result in any reclassification
or change of outstanding securities issuable upon exercise of this Warrant), or (iii) any sale of all or substantially all of
the assets of Company, Company, or such successor or purchasing corporation, as the case may be, shall duly execute and deliver
to Holder a new Warrant (in form and substance satisfactory to Holder of this Warrant), or Company shall make appropriate provision
without the issuance of a new Warrant, so that Holder shall have the right to receive, at a total purchase price not to exceed
that payable upon the exercise of the unexercised portion of this Warrant, and in lieu of the Warrant Shares theretofore issuable
upon exercise or conversion of this Warrant, the kind and amount of shares of stock, other securities, money and property receivable
upon such reclassification, change, merger or sale by a holder of the number of shares of Common Stock then purchasable under
this Warrant, or in the case of such a merger or sale in which the consideration paid consists all or in part of assets other
than securities of the successor or purchasing corporation, at the option of Holder, the securities of the successor or purchasing
corporation having a value at the time of the transaction equivalent to the value of the Warrant Shares purchasable upon exercise
of this Warrant at the time of the transaction. Any new Warrant shall provide for adjustments that shall be as nearly equivalent
as may be practicable to the adjustments provided for in this Section 6. The provisions of this subparagraph (a) shall similarly
apply to successive reclassifications, changes, mergers and transfers.

 

(b)
Subdivision or Combination of Shares. If Company at any time while this Warrant remains outstanding and unexpired shall
subdivide or combine its outstanding shares of Common Stock, the Warrant Price shall be proportionately decreased and the number
of Warrant Shares issuable hereunder shall be proportionately increased in the case of a subdivision and the Warrant Price shall
be proportionately increased and the number of Warrant Shares issuable hereunder shall be proportionately decreased in the case
of a combination.

 

(c)
Stock Dividends and Other Distributions. If Company at any time while this Warrant is outstanding and unexpired shall (i)
pay a dividend with respect to Common Stock payable in Common Stock, then the Warrant Price shall be adjusted, from and after
the date of determination of shareholders entitled to receive such dividend or distribution, to that price determined by multiplying
the Warrant Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which shall be
the total number of shares of Common Stock outstanding immediately prior to such dividend or distribution, and (B) the denominator
of which shall be the total number of shares of Common Stock outstanding immediately after such dividend or distribution; or (ii)
make any other distribution with respect to Common Stock (except any distribution specifically provided for in Sections 6(a) and
6(b)), then, in each such case, provision shall be made by Company such that Holder shall receive upon exercise of this Warrant
a proportionate share of any such dividend or distribution as though it were Holder of the Warrant Shares as of the record date
fixed for the determination of the shareholders of Company entitled to receive such dividend or distribution.

 

(d)
Adjustment of Number of Shares. Upon each adjustment in the Warrant Price, the number of Warrant Shares purchasable hereunder
shall be adjusted, to the nearest whole share, to the product obtained by multiplying the number of Warrant Shares purchasable
immediately prior to such adjustment in the Warrant Price by a fraction, the numerator of which shall be the Warrant Price immediately
prior to such adjustment and the denominator of which shall be the Warrant Price immediately thereafter.

 

7.
Notice of Adjustments; Redemption. Whenever any Warrant Price or the kind or number of securities issuable under this Warrant
shall be adjusted pursuant to Section 6 hereof, Company shall prepare a certificate signed by an officer of Company setting forth,
in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was
calculated, and the Warrant Price and number or kind of shares issuable upon exercise of this Warrant after giving effect to such
adjustment, and within thirty (30) days of such adjustment shall cause copies of such certificate to be delivered to Holder in
accordance with Section 15 hereof.

 

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8.
No Fractional Shares. No fractional share of Common Stock will be issued in connection with any exercise or conversion
hereunder, but in lieu of such fractional share Company shall make a cash payment therefor upon the basis of the Warrant Price
then in effect.

 

9.
Charges, Taxes and Expenses. Issuance of certificates for shares of Common Stock upon the exercise or conversion of this
Warrant shall be made without charge to Holder for any United States or state of the United States documentary stamp tax or other
incidental expense with respect to the issuance of such certificate, all of which taxes and expenses shall be paid by Company,
and such certificates shall be issued in the name of Holder.

 

10.
No Shareholder Rights Until Exercise. Except as expressly provided herein, this Warrant does not entitle Holder to any
voting rights or other rights as a shareholder of Company prior to the exercise hereof.

 

11.
Registry of Warrant. Company shall maintain a registry showing the name and address of the registered Holder of this Warrant.
This Warrant may be surrendered for exchange or exercise, in accordance with its terms, at such office or agency of Company, and
Company and Holder shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry.

 

12.
Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by Company of evidence reasonably satisfactory to it of
the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft, or destruction, of indemnity reasonably
satisfactory to it, and, if mutilated, upon surrender and cancellation of this Warrant, Company will execute and deliver a new
Warrant, having terms and conditions substantially identical to this Warrant, in lieu hereof.

 

13.
Miscellaneous.

 

(a)
Issue Date. The provisions of this Warrant shall be construed and shall be given effect in all respect as if it had been
issued and delivered by Company on the date hereof.

 

(b)
Successors. This Warrant shall be binding upon any successors or assigns of Company.

 

(c)
Headings. The headings used in this Warrant are used for convenience only and are not to be considered in construing or
interpreting this Warrant.

 

(d)
Saturdays, Sundays, 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 or a Sunday or shall be a legal holiday in the State of Delaware, then such action
may be taken or such right may be exercised on the next succeeding day not a Saturday, Sunday or a legal holiday.

 

14.
No Impairment. Company will not, by amendment of its Certificate of Incorporation or any other voluntary action, avoid
or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist
in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect
the rights of Holder hereof against impairment. 

 

15.
Addresses. All notices or other communications given in connection with this Warrant shall be in writing, shall be addressed
to the parties at their respective addresses set forth below (unless and until a different address may be specified in a written
notice to the other party delivered in accordance with this Section 15), and shall be deemed given (a) on the date of receipt
if delivered by hand, (b) on the next business day after being sent by a nationally-recognized overnight courier, or (c) on the
fourth business day after being sent by registered or certified mail, return receipt requested and postage prepaid. 

 

	 	If
    to Company:	Amedica
    Corporation
	 	 	1885
    West 2100 South
	 	 	Salt
    Lake City, UT 84119
	 	 	Attn:
    COO

 

    	 	8	 

    	 

    

 

	 	If
    to Holder:	North
    Stadium Investments, LLC
	 	 	620
    N. Tradewinds Pkwy
	 	 	Suite
    A
	 	 	Columbia,
    MO 65201

 

16.
Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State
of Delaware, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction.

 

17.
Consent to Jurisdiction and Venue. All judicial proceedings arising in or under or related to this Warrant may be brought
in any state or federal court of competent jurisdiction located in the State of Utah. By execution and delivery of this Agreement,
each party hereto generally and unconditionally: (a) consents to personal jurisdiction in Salt Lake County, State of Utah; (b)
waives any objection as to jurisdiction or venue in Salt Lake County, State of Utah; (c) agrees not to assert any defense based
on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby
in connection with this Agreement. Service of process on any party hereto in any action arising out of or relating to this Agreement
shall be effective if given in accordance with the requirements for notice set forth in Section 15, and shall be deemed effective
and received as set forth in Section 15. Nothing herein shall affect the right to serve process in any other manner permitted
by law or shall limit the right of either party to bring proceedings in the courts of any other jurisdiction.

 

18.
Mutual Waiver of Jury Trial. Because disputes arising in connection with complex financial transactions are most quickly
and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply
(rather than arbitration rules), the parties desire that their disputes be resolved by a judge applying such applicable laws.
EACH OF COMPANY AND HOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM,
COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY COMPANY AGAINST HOLDER OR
ITS ASSIGNEE OR BY HOLDER OR ITS ASSIGNEE AGAINST COMPANY. This waiver extends to all such Claims, including Claims that involve
Persons other than Company and Holder; Claims that arise out of or are in any way connected to the relationship between Company
and Holder; and any Claims for damages, breach of contract, specific performance, or any equitable or legal relief of any kind,
arising out of this Agreement.

 

19.
Prejudgment Relief. In the event Claims are to be resolved by arbitration, either party may seek from a court of competent
jurisdiction identified in Section 17, any prejudgment order, writ or other relief and have such prejudgment order, writ or other
relief enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise subject to resolution by
judicial reference.

 

IN
WITNESS WHEREOF, Company has caused this Warrant Agreement to be executed by its officer thereunto duly authorized.

 

	AMEDICA
    CORPORATION	 
	 	 	 
	By:	 	 
	Name:	David
    O’Brien	 
	Title:	Vice
    President and General Manager	 

 

    	 	9	 

    	 

    

 

NOTICE
OF EXERCISE

 

To:

Amedica
Corporation

1885
West 2100 South

Salt
Lake City, UT 84119

Attn:
Legal Department

 

	1.	The
    undersigned Warrantholder (“Holder”) elects to acquire shares of Common Stock (the “Common Stock”)
    of Amedica Corporation (the “Company”), pursuant to the terms of the Warrant Agreement dated July 28, 2017 (the
    “Warrant”).
	 	 
	2.	Holder
    exercises its rights under the Warrant as set forth below:
	 	 	 	 
	 	 	(         )	Holder
    elects to purchase _____________ shares of Common Stock as provided in Section 3(a) and tenders herewith a check in the amount
    of $___________ as payment of the purchase price.
	 	 	 	 
	 	 	(         )	Holder
    elects to convert the purchase rights into shares of Common Stock as provided in Section 3(b) of the Warrant.

 

	3.	Holder surrenders
the Warrant with this Notice of Exercise.

 

Holder
represents that it is acquiring the aforesaid shares of Common Stock for investment and not with a view to or for resale in connection
with distribution and it has no present intention of distributing or reselling the shares. If the undersigned is not converting
this Warrrant pursuant to Section 3(b) of the Warrant, the undersigned represents it is an “accredited investor” as
defined in Regulation D promulgated under the Securities Act of 1933, as amended, and the representations made by Holder in the
Warrant in respect of the purchase of the Warrant are true and correct as to the undersigned as of the date hereof in respect
to the exercise of the Warrant.

 

Please
issue a certificate representing the shares of Common Stock in the name of Holder or in such other name as is specified below:

 

	 	Name:
    	 	 
	 	 	 	 
	 	Address:	 	 
	 	 	 	 
	 	Taxpayer
    I.D.:	 	 
	 	 	 	 
	 	Electronic
    Share Delivery Destination: 	 

 

	 	[NAME
    OF HOLDER]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Duly
    Authorized Signatory
	 	 	 
	 	Date:	_______
    ___, 201___

 

    	 	10SECURITY
AGREEMENT

 

THIS
SECURITY AGREEMENT (this “Agreement”), dated as of July 28, 2017 (the “Effective Date”),
is by Amedica Corporation, a Utah corporation (“Grantor”) in favor of North Stadium Investments, LLC, a limited
liability company organized under the laws of the State of Missouri (“Secured Party”).

 

RECITALS

 

A.
Grantor executed in favor of Secured Party that certain Secured Promissory Note dated as of the Effective Date in the original
principal amount of $2,500,000 (as may be amended or modified from time to time, the “Note”).

 

B.
It is a requirement of the terms of the Note that this Agreement be executed and delivered by Grantor.

 

C.
Grantor finds it advantageous, desirable and in its best interests to comply with the requirement that it execute and deliver
this Agreement to Secured Party.

 

NOW,
THEREFORE, in consideration of the premises and to induce Secured Party to loan Borrower money as evidenced by the Note, Grantor
hereby agrees with Secured Party for Secured Party’s benefit as follows:

 

Section
1. Defined Terms.

 

1(a)
As used in this Agreement, the following terms shall have the meanings indicated:

 

“Account”
means a right to payment of a monetary obligation, whether or not earned by performance, (i) for property that has been or is
to be sold, leased, licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered, (iii) for a policy
of insurance issued or to be issued, (iv) for a secondary obligation incurred or to be incurred, (v) for energy provided or to
be provided, (vi) for the use or hire of a vessel under a charter or other contract, (vii) arising out of the use of a credit
or charge card or information contained on or for use with the card, or (viii) as winnings in a lottery or other game of chance
operated, sponsored, licensed or authorized by a State or governmental unit of a State, or person licensed or authorized to operate
the game by a State or governmental unit of a State. The term includes health-care insurance receivables.

 

“Account
Debtor” shall mean a Person who is obligated on or under any Account, Chattel Paper, Instrument or General Intangible.

 

“Chattel
Paper” shall mean a record or records that evidence both a monetary obligation and a security interest in specific goods,
a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software
used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods.

 

    	 

    	 

    

 

“Collateral”
shall mean all property and rights in property now owned or hereafter at any time acquired by Grantor in or upon which a Security
Interest is granted to Secured Party by Grantor under this Agreement.

 

“Deposit
Account” shall mean any demand, time, savings, passbook or similar account maintained with a bank or other financial
institution.

 

“Document”
shall mean a document of title or a warehouse receipt.

 

“Equipment”
shall mean all machinery, equipment, motor vehicles, furniture, furnishings and fixtures, including all accessions, accessories
and attachments thereto, and any guaranties, warranties, indemnities and other agreements of manufacturers, vendors and others
with respect to such Equipment.

 

“Event
of Default” shall have the meaning given to such term in Section 21 hereof.

 

“Fixtures”
shall mean goods that have become so related to particular real property that an interest in them arises under real property law.

 

“General
Intangibles” shall mean any personal property (other than goods, Accounts, Chattel Paper, Deposit Accounts, Documents,
Instruments, Investment Property, Letter of Credit Rights and money) including things in action, contract rights, payment intangibles,
software, corporate and other business records, inventions, designs, patents, patent applications, service marks, trademarks,
trademark applications, tradenames, trade secrets, internet domain names, engineering drawings, good will, registrations, copyrights,
licenses, franchises, customer lists, tax refund claims, royalties, licensing and product rights, rights to the retrieval from
third parties of electronically processed and recorded data and all rights to payment resulting from an order of any court.

 

“Instrument”
shall mean a negotiable instrument or any other writing which evidences a right to the payment of a monetary obligation and is
not itself a security agreement or lease and is of a type which is transferred in the ordinary course of business by delivery
with any necessary endorsement or assignment.

 

“Intellectual
Property” means all federally registered patents, patent applications, trademarks, trademark applications, trade copyrights
and trade secrets.

 

“Inventory”
shall mean goods, other than farm products, which are leased by a person as lessor, are held by a person for sale or lease or
to be furnished under a contract of service, are furnished by a person under a contract of service, or consist of raw materials,
work in process, or materials used or consumed in a business or incorporated or consumed in the production of any of the foregoing
and supplies, in each case wherever the same shall be located, whether in transit, on consignment, in retail outlets, warehouses,
terminals or otherwise, and all property the sale, lease or other disposition of which has given rise to an Account and which
has been returned to Grantor or repossessed by Grantor or stopped in transit.

 

    	2 

    	 

    

 

“Investment
Property” shall mean a security, whether certificated or uncertificated, a security entitlement, a securities account
and all financial assets therein, a commodity contract or a commodity account.

 

“Lease”
shall mean (a) any lease of, or agreement to rent or use, Equipment (including a schedule to a master lease and such master lease
to the extent it applies to such schedule) between a Grantor as lessor (or whereon a Grantor is the assignee of the lessor) and
a Lessee; and/or (b) any Lease under the Deeds of Trust.

 

“Lessee”
shall mean any Person named as a lessee on a Lease.

 

“Letter
of Credit Right” shall mean a right to payment or performance under a letter of credit, whether or not the beneficiary
has demanded or is at the time entitled to demand payment or performance.

 

“Lien”
shall mean any security interest, mortgage, pledge, lien, charge, encumbrance, title retention agreement or analogous instrument
or device (including the interest of the lessors under capitalized leases), in, of or on any assets or properties of the Person
referred to.

 

“Obligations”
shall mean (a) all indebtedness, liabilities and obligations of Grantor to Secured Party under the Note, and (b) all liabilities
of Grantor under this Agreement, and (c) in all of the foregoing cases whether due or to become due, and whether now existing
or hereafter arising or incurred.

 

“Person”
shall mean any individual, corporation, partnership, limited partnership, limited liability company, joint venture, firm, association,
trust, unincorporated organization, government or governmental agency or political subdivision or any other entity, whether acting
in an individual, fiduciary or other capacity.

 

“Security
Interest” shall have the meaning given such term in Section 2 hereof.

 

1(b)
All other terms used in this Agreement which are not specifically defined herein shall have the meaning assigned to such terms
in Article 9 of the Uniform Commercial Code.

 

1(c)
Unless the context of this Agreement otherwise clearly requires, references to the plural include the singular, the singular include
the plural, and “or” has the inclusive meaning represented by the phrase “and/or.” The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.”
The words “hereof,” “herein,” “hereunder” and similar terms in this Agreement refer to this
Agreement as a whole and not to any particular provision of this Agreement. References to Sections are references to Sections
in this Security Agreement unless otherwise provided.

 

    	3 

    	 

    

 

Section
2. Grant of Security Interest. As security for the payment and performance of all of the Obligations, Grantor hereby grants
to Secured Party a security interest (the “Security Interest”) in all of Grantor’s right, title, and
interest in and to the following, whether now or hereafter owned, existing, arising or acquired and wherever located:

 

2(a)
All Accounts.

 

2(b)
All Chattel Paper.

 

2(c)
All Deposit Accounts.

 

2(d)
All Documents.

 

2(e)
All Equipment.

 

2(f)
All Intellectual Property.

 

2(g)
All Fixtures.

 

2(h)
All General Intangibles.

 

2(i)
All Instruments.

 

2(j)
All Inventory.

 

2(k)
All Investment Property.

 

2(l)
All Letter of Credit Rights.

 

2(m)
All Leases as may be in effect with respect to any of the Equipment or any property.

 

2(n)
All Lease payments, rentals and other amounts due and to become due under any Leases.

 

2(o)
All of Grantor’s rights with respect to any collateral and guaranties securing the payment of any Leases included in the
Collateral.

 

2(p)
To the extent not otherwise included in the foregoing, (i) the proceeds of all insurance on any of the foregoing; and (ii) all
accessions and additions to, parts and appurtenances of, substitutions for and replacements of any of the foregoing.

 

    	4 

    	 

    

 

Notwithstanding
the foregoing, (a) this Security Agreement is subject to the terms of that certain Subordination Agreement dated July 28, 2017
among Grantor, Secured Party and Hercules Technology Growth Capital, Inc. (“HTGC”); and (b) the Security Interest
granted to Secured Party hereunder is junior and inferior to the security interest granted by Grantor to HTGC pursuant to that
certain Loan and Security Agreement dated as of June 30, 2014 among Borrower, HTGC and the Lenders party thereto (the “HTGC
Agreement”) and the other “loan documents” defined in the HTGC Agreement.

 

Section
3. Grantor Remains Liable with Respect to Accounts, Chattel Paper and General Intangibles. Anything herein to the contrary
notwithstanding, (a) Grantor shall remain liable under the Accounts, Chattel Paper, General Intangibles and other items included
in the Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as
if this Agreement had not been executed, (b) the exercise by Secured Party of any of the rights hereunder shall not release Grantor
from any of its duties or obligations under the Accounts or any other items included in the Collateral, and (c) Secured Party
shall have no obligation or liability under Accounts, Chattel Paper, General Intangibles and other items included in the Collateral
by reason of this Agreement, nor shall Secured Party be obligated to perform any of the obligations or duties of Grantor thereunder
or to take any action to collect or enforce any claim for payment assigned hereunder.

 

Section
4. Grantor Remains Liable with Respect to Leases. Anything herein to the contrary notwithstanding, (a) Grantor shall remain
liable under the Leases and other items included in the Collateral to the extent set forth therein to perform all of its duties
and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by Secured Party of
any of the rights hereunder shall not release Grantor from any of its duties or obligations under the Leases or any other items
included in the Collateral, and (c) Secured Party shall have no obligation or liability under the Leases and other items included
in the Collateral by reason of this Agreement, nor shall Secured Party be obligated to perform any of the obligations or duties
of Grantor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

 

Section
5. Intentionally Omitted.

 

Section
6. Names, Offices, Locations, Jurisdiction of Organization. Grantor’s legal name (as set forth in its constituent
documents filed with the appropriate governmental official or agency) and jurisdiction of incorporation is as set forth in the
opening paragraph hereof. Grantor will not relocate any item of Collateral into any jurisdiction in which an additional financing
statement would be required to be filed to maintain Secured Party’s perfected security interest in such Collateral. Grantor
will not change its name, the location of its chief place of business and chief executive office or its corporate structure (including
without limitation, its jurisdiction of incorporation) unless Secured Party has been given at least 30 days prior written notice
thereof and Grantor has executed and delivered to Secured Party such financing statements and other instruments required or appropriate
to continue the perfection of the Security Interest.

 

Section
7. Rights to Payment. Except as Grantor may otherwise advise Secured Party in writing, each Account, Chattel Paper, Document,
General Intangible and Instrument constituting or evidencing Collateral is (or, in the case of all future Collateral, will be
when arising or issued) the valid, genuine and legally enforceable obligation of the Account Debtor or other obligor named therein
or in Grantor’s records pertaining thereto as being obligated to pay or perform such obligation. Without Secured Party’s
prior written consent, Grantor will not agree to any modifications, amendments, subordinations, cancellations or terminations
of the obligations of any such Account Debtors or other obligors except in the ordinary course of business and consistent with
past practices. Grantor will perform and comply in all material respects with all its obligations under any items included in
the Collateral and exercise promptly and diligently its rights thereunder.

 

    	5 

    	 

    

 

Section
8. Performance; No Amendment. Grantor will at all times observe and perform in all material respects its obligations under
each Lease included in the Collateral.

 

Section
9. Further Assurances; Attorney-in-Fact.

 

9(a)
Grantor agrees that from time to time, it will promptly execute and deliver all further instruments and documents, and take all
further action, that may be necessary or that Secured Party may reasonably request, to perfect and protect the Security Interest
granted or purported to be granted hereby or to enable Secured Party to exercise and enforce its rights and remedies hereunder
with respect to any Collateral. Without limiting the generality of the foregoing, Grantor will, promptly and from time to time
at the reasonable request of Secured Party: (i) mark, or permit Secured Party to mark, conspicuously in its books, records, and
accounts showing or dealing with the Collateral, and each Lease included in the Collateral, with a legend, in form and substance
satisfactory to Secured Party, indicating that each such item of Collateral and each such Lease is subject to the Security Interest
granted hereby; (ii) deliver to Secured Party the original counterparts of all Leases included in the Collateral; and (iii) authorize
and file such financing statements or continuation statements in respect thereof, or amendments thereto, and such other instruments
or notices (including filings against Lessees), as may be necessary or desirable, or as Secured Party may request, in order to
perfect, preserve, and enhance the Security Interest granted or purported to be granted hereby.

 

9(b)
Grantor hereby authorizes Secured Party to file one or more financing statements or continuation statements in respect thereof,
and amendments thereto, relating to all or any part of the Collateral without the signature of Grantor where permitted by law.
Grantor irrevocably waives any right to notice of any such filing. A photocopy or other reproduction of this Agreement or any
financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by
law.

 

9(c)
Grantor will furnish to Secured Party from time to time statements and schedules further identifying and describing the Collateral
and such other reports in connection with the Collateral as Secured Party may reasonably request, all in reasonable detail and
in form and substance reasonably satisfactory to Secured Party.

 

9(d)
In furtherance, and not in limitation, of the other rights, powers and remedies granted to Secured Party in this Agreement, after
an Event of Default has occurred and is continuing, Grantor hereby appoints Secured Party Grantor’s attorney-in-fact, with
full authority in the place and stead of Grantor and in the name of Grantor or otherwise, from time to time in Secured Party’s
good faith discretion, to take any action (including the right to collect on any Collateral) and to execute any instrument that
Secured Party may reasonably believe is necessary or advisable to accomplish the purposes of this Agreement, in a manner consistent
with the terms hereof.

 

    	6 

    	 

    

 

Section
10. Taxes and Claims. Grantor will promptly pay or cause to be paid all taxes and other governmental charges levied or
assessed upon or against any Collateral or upon or against the creation, perfection or continuance of the Security Interest, as
well as all other claims of any kind (including claims for labor, material and supplies) against or with respect to the Collateral,
except to the extent (a) such taxes, charges or claims are being contested in good faith by appropriate proceedings, (b) such
proceedings do not involve any material danger of the sale, forfeiture or loss of any of the Collateral or any interest therein
and (c) such taxes, charges or claims are adequately reserved against on Grantor’s books in accordance with generally accepted
accounting principles.

 

Section
11. Books and Records. Grantor will keep and maintain at its own cost and expense satisfactory and complete records of
the Collateral, including a record of all payments received on Leases.

 

Section
12. Inspection, Reports, Verifications. Grantor will at all reasonable times permit Secured Party or its representatives
to examine or inspect any Collateral, any evidence of Collateral and Grantor’s books and records concerning the Collateral,
wherever located, subject, however, with respect to any Equipment, to the rights of the Lessee thereof. Grantor will from time
to time when requested by Secured Party furnish to Secured Party a report on its Accounts, Chattel Paper, General Intangibles
and Instruments, naming the Account Debtors or other obligors thereon, the amount due and the aging thereof. Secured Party or
its designee is authorized to contact Account Debtors and other Persons obligated on any such Collateral from time to time to
verify the existence, amount and/or terms of such Collateral.

 

Section
13. Intentionally Omitted.

 

Section
14. Intentionally Omitted.

 

Section
15. Maintenance and Insurance. Grantor will, at all times, cause the Lessee under each Lease pertaining to Equipment to
maintain, preserve and keep in good condition and repair the Equipment leased thereunder and to keep the same adequately insured
in accordance with the terms of the Lease, and in the event any Equipment is at any time not subject to a Lease, Grantor will
maintain and preserve such Equipment in good condition and repair and keep the same adequately insured. If so requested by Secured
Party from time to time, Grantor will (a) provide Secured Party with reports, in such detail as Secured Party may specify, on
insurance in force as to any items of Equipment included in the Collateral, and (b) cause insurance certificates to be delivered
to Secured Party naming Secured Party as loss payee on any casualty insurance and additional insured as to any liability insurance
on any items of Equipment included in the Collateral.

 

    	7 

    	 

    

 

Section
16. Lawful Use; Fair Labor Standards Act. Grantor will use and keep the Collateral, and will require that others use and
keep the Collateral, only for lawful purposes, without violation of any federal, state or local law, statute or ordinance. All
Inventory of Grantor as of the date of this Agreement that was produced by Grantor or with respect to which Grantor performed
any manufacturing or assembly process was produced by Grantor (or such manufacturing or assembly process was conducted) in compliance
in all material respects with all requirements of the Fair Labor Standards Act, and all Inventory produced, manufactured or assembled
by Grantor after the date of this Agreement will be so produced, manufactured or assembled, as the case may be.

 

Section
17. Action by Secured Party. If Grantor at any time fails to perform or observe any of the foregoing agreements, Secured
Party shall have (and Grantor hereby grants to Secured Party) the right, power and authority (but not the duty) to perform or
observe such agreement on behalf and in the name, place and stead of Grantor (or, at Secured Party’s option, in Secured
Party’s name) and to take any and all other actions which Secured Party may reasonably deem necessary to cure or correct
such failure (including, without limitation, the payment of taxes, the satisfaction of Liens, the procurement and maintenance
of insurance, the execution of assignments, security agreements and financing statements, and the endorsement of instruments);
and Grantor shall thereupon pay to Secured Party on demand the amount of all monies expended and all costs and expenses (including
reasonable attorneys’ fees and legal expenses) incurred by Secured Party in connection with or as a result of the performance
or observance of such agreements or the taking of such action by Secured Party, together with interest thereon from the date expended
or incurred at the Non-Default Rate applicable to the Obligations, and all such monies expended, costs and expenses and interest
thereon shall be part of the Obligations secured by the Security Interest.

 

Section
18. Insurance Claims. As additional security for the payment and performance of the Obligations, Grantor hereby assigns
to Secured Party any and all monies (including proceeds of insurance and refunds of unearned premiums) due or to become due under,
and all other rights of Grantor with respect to, any and all policies of insurance now or at any time hereafter covering the Collateral
or any evidence thereof or any business records or valuable papers pertaining thereto. At any time, whether before or after the
occurrence of any Event of Default, Secured Party may (but need not), in Secured Party’s name or Grantor’s name, execute
and deliver proofs of claim, receive all such monies, indorse checks and other instruments representing payment of such monies,
and adjust, litigate, compromise or release any claim against the issuer of any such policy. Notwithstanding any of the foregoing,
so long as no Event of Default exists, Grantor shall be entitled to all insurance proceeds with respect to Equipment or Inventory,
provided that such proceeds are applied to the cost of replacement Equipment or Inventory.

 

Section
19. Secured Party’s Duties. The powers conferred on Secured Party hereunder are solely to protect its interest in
the Collateral and shall not impose any duty upon it to exercise any such powers. Secured Party shall be deemed to have exercised
reasonable care in the safekeeping of any Collateral in its possession if such Collateral is accorded treatment substantially
equal to the safekeeping which Secured Party accords its own property of like kind. Except for the safekeeping of any Collateral
in its possession and the accounting for monies and for other properties actually received by it hereunder, Secured Party shall
have no duty, as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities,
tenders or other matters relative to any Collateral, whether or not Secured Party has or is deemed to have knowledge of such matters,
or as to the taking of any necessary steps to preserve rights against any Persons or any other rights pertaining to any Collateral.
Secured Party will take action in the nature of exchanges, conversions, redemptions, tenders and the like requested in writing
by Grantor with respect to the Collateral in Secured Party’s possession if Secured Party in its reasonable judgment determines
that such action will not impair the Security Interest or the value of the Collateral, but a failure of Secured Party to comply
with any such request shall not of itself be deemed a failure to exercise reasonable care with respect to the taking of any necessary
steps to preserve rights against any Persons or any other rights pertaining to any Collateral.

 

    	8 

    	 

    

 

Section
20. Intentionally Omitted.

 

Section
21. Default. Each of the following occurrences shall constitute an “Event of Default” under this Agreement:
(a) any Default or Event of Default occurs under the Note; (b) Grantor fails to observe or perform any covenant or agreement applicable
to Grantor under this Agreement; or (c) any representation or warranty made in the Note or this Agreement shall prove to have
been false or materially misleading when made.

 

Section
22. Remedies on Default. Upon the occurrence of an Event of Default and at any time thereafter:

 

22(a)
Secured Party may exercise and enforce any and all rights and remedies available upon default to a secured party under applicable
law, including but not limited to Article 9 of the Uniform Commercial Code.

 

22(b)
Secured Party shall have the right to enter upon and into and take possession of all or such part or parts of the properties of
Grantor, including lands, plants, buildings, Equipment included in the Collateral and in Grantor’s possession, Inventory
and other property as may be necessary or appropriate in the judgment of Secured Party to permit or enable Secured Party to manufacture,
produce, process, store or sell or complete the manufacture, production, processing, storing or sale of all or any part of the
Collateral, as Secured Party may elect, and to use and operate said properties for said purposes and for such length of time as
Secured Party may deem necessary or appropriate for said purposes without the payment of any compensation Grantor therefor. Secured
Party may require Grantor to, and Grantor hereby agrees that it will, at its expense and upon request of Secured Party forthwith,
assemble all or part of the Collateral as directed by Secured Party and make it available to Secured Party at a place or places
to be designated by Secured Party.

 

22(c)
Any disposition of Collateral may be in one or more parcels at public or private sale, at any of Secured Party’s offices
or elsewhere, for cash, on credit, or for future delivery, and upon such other terms as are commercially reasonable. Secured Party
shall not be obligated to dispose of Collateral regardless of notice of sale having been given, and Secured Party may adjourn
any public or private sale from time to time by announcement made at the time and place fixed therefor, and such disposition may,
without further notice, be made at the time and place to which it was so adjourned.

 

    	9 

    	 

    

 

22(d)
Secured Party is hereby granted a license or other right to use, without charge, all of Grantor’s property, including, without
limitation, all of Grantor’s labels, trademarks, copyrights, patents and advertising matter, or any property of a similar
nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any Collateral, and Grantor’s
rights under all licenses and all franchise agreements shall inure to Secured Party’s benefit until the Obligations are
paid in full (other than contingent indemnification obligations for which no demand has been made).

 

22(e)
Secured Party may exercise or enforce any and all other rights or remedies available by law or agreement against the Collateral,
against Grantor, or against any other Person or property.

 

Section
23. Remedies as to Certain Rights to Payment. Upon the occurrence of an Event of Default and at any time thereafter, Secured
Party may notify any Account Debtor or other Person obligated on any Accounts or other Collateral that the same have been assigned
or transferred to Secured Party and that the same should be performed as requested by, or paid directly to, Secured Party, as
the case may be. Secured Party may, in Secured Party’s name or in Grantor’s name, demand, sue for, collect or receive
any money or property at any time payable or receivable on account of, or securing, any such Collateral or grant any extension
to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligation of any such Account
Debtor or other Person.

 

Section
24. Application of Proceeds. All cash proceeds received by Secured Party in respect of any sale of, collection from, or
other realization upon all or any part of the Collateral may, in the discretion of Secured Party, be held by Secured Party as
collateral for, or then or at any time thereafter be applied in whole or in part by Secured Party against, all or any part of
the Obligations.

 

Section
25. Intentionally Omitted.

 

Section
26. Waivers; Remedies; Marshalling. This Agreement can be waived, modified, amended, terminated or discharged, and the
Security Interest can be released, only explicitly in a writing signed by Secured Party. A waiver so signed shall be effective
only in the specific instance and for the specific purpose given. Mere delay or failure to act shall not preclude the exercise
or enforcement of any rights and remedies available to Secured Party. All rights and remedies of Secured Party shall be cumulative
and may be exercised singly in any order or sequence, or concurrently, at Secured Party’s option, and the exercise or enforcement
of any such right or remedy shall neither be a condition to nor bar the exercise or enforcement of any other. Grantor hereby waives
all requirements of law, if any, relating to the marshalling of assets which would be applicable in connection with the enforcement
by Secured Party of its remedies hereunder, absent this waiver.

 

    	10 

    	 

    

 

Section
27. Notices. Any notice or other communication to any party in connection with this Agreement shall be in writing and shall
be sent in the manner provided for in the Note. All periods of notice shall be measured as provided in the Note.

 

Section
28. Grantor Acknowledgments. Grantor hereby acknowledges that it has been advised by counsel in the negotiation, execution
and delivery of this Agreement.

 

Section
29. Continuing Security Interest. This Agreement shall (a) create a continuing security interest in the Collateral and
shall remain in full force and effect until payment in full of the Obligations (other than contingent indemnification obligations
for which no demand has been made), (b) be binding upon Grantor, its successors and assigns, and (c) inure to the benefit of,
and be enforceable by, Secured Party and its successors and assigns.

 

Section
30. Termination of Security Interest. Upon payment in full of the Obligations (other than contingent indemnification obligations
for which no demand has been made), the Security Interest granted hereby shall terminate. Upon any such termination, Secured Party
will return to Grantor such of the Collateral then in the possession of Secured Party as shall not have been sold or otherwise
applied pursuant to the terms hereof and execute and deliver to Grantor such documents as Grantor shall reasonably request to
evidence such termination. Any reversion or return of Collateral upon termination of this Agreement and any instruments of transfer
or termination shall be at the expense of Grantor and shall be without warranty by, or recourse to, Secured Party. As used in
this Section, “Grantor” includes any assigns of Grantor, any Person holding a subordinate security interest in any
of the Collateral or whoever else may be lawfully entitled to any part of the Collateral.

 

Section
31. Governing Law and Construction. THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF THIS AGREEMENT SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF, EXCEPT TO THE EXTENT
THAT THE VALIDITY OR PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL
ARE MANDATORILY GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF DELAWARE. Whenever possible, each provision
of this Agreement and any other statement, instrument or transaction contemplated hereby or relating hereto shall be interpreted
in such manner as to be effective and valid under such applicable law, but, if any provision of this Agreement or any other statement,
instrument or transaction contemplated hereby or relating hereto shall be held to be prohibited or invalid under such applicable
law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder
of such provision or the remaining provisions of this Agreement or any other statement, instrument or transaction contemplated
hereby or relating hereto.

 

Section
32. Consent to Jurisdiction. AT THE OPTION OF SECURED PARTY, THIS AGREEMENT MAY BE ENFORCED IN ANY FEDERAL OR
STATE COURT SITTING IN DELAWARE AND GRANTOR AND LENDER CONSENT TO THE JURISDICTION AND VENUE OF ANY SUCH COURT AND WAIVE ANY ARGUMENT
THAT VENUE IN SUCH FORUMS IS NOT CONVENIENT. 

 

    	11 

    	 

    

 

Section
33. Waiver of Jury Trial. GRANTOR AND SECURED PARTY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section
34. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered
shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.

 

Section
35. General. All representations and warranties contained in this Agreement or in any other agreement between Grantor and
Secured Party shall survive the execution, delivery and performance of this Agreement and the creation and payment of the Obligations.
Grantor waives notice of the acceptance of this Agreement by Secured Party. Captions in this Agreement are for reference and convenience
only and shall not affect the interpretation or meaning of any provision of this Agreement.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN
WITNESS WHEREOF, Grantor and Secured Party have caused this Security Agreement to be duly executed and delivered as of the date
first above written.

 

AMEDICA
CORPORATION, a Delaware corporation

 

	By		 
	Name:		 
	Title:		 

 

NORTH
STADIUM INVESTMENTS LLC, a Missouri limited liability company

 

	By	 	 
	Name:	 	 
	Title:	 	 

 

[Signature
Page to Security Agreement]

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