Document:

Exhibit 4.6

 

Angion
Biomedica Corp.

 

and

 

_____________,
As Warrant Agent

 

Form of
Debt Securities

Warrant Agreement

 

Dated
As Of __________

 

 

    

    

    

 

ANGION BIOMEDICA CORP.

 

FORM OF DEBT SECURITIES WARRANT AGREEMENT

 

    

    

    

 

Angion
Biomedica Corp. Form of debt securities Warrant Agreement

 

This
Debt Securities Warrant Agreement (this “Agreement”), dated as of [●], between Angion
Biomedica Corp., a Delaware corporation (the “Company”) and [●], a [corporation] [national
banking association] organized and existing under the laws of [●] and having a corporate trust office in [●], as warrant agent
(the “Warrant Agent”).

 

Whereas,
the Company has entered into an indenture dated as of [●] (the “Indenture”), with [●], as trustee
(such trustee, and any successors to such trustee, herein called the “Trustee”), providing for the issuance
from time to time of its debt securities, to be issued in one or more series as provided in the Indenture (the “Debt Securities”);

 

Whereas,
the Company proposes to sell [If Warrants are sold with other securities — title of such other securities being offered]
(the “Other Securities”) with] warrant certificates evidencing one or more warrants (the “Warrants”
or, individually, a “Warrant”) representing the right to purchase [title of Debt Securities purchasable through
exercise of Warrants] (the “Warrant Debt Securities”), such warrant certificates and other warrant certificates
issued pursuant to this Agreement being herein called the “Warrant Certificates”; and

 

Whereas,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with
the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to
set forth, among other things, the form and provisions of the Warrant Certificates and the terms and conditions on which they may be issued,
registered, transferred, exchanged, exercised and replaced.

 

Now
Therefore, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows:

 

Article 1

 

ISSUANCE
OF WARRANTS AND EXECUTION AND

DELIVERY OF WARRANT CERTIFICATES

 

1.1            Issuance
of Warrants. [If Warrants alone —Upon issuance, each Warrant Certificate shall evidence one or more Warrants.]
[If Other Securities and Warrants —Warrant Certificates will be issued in connection with the issuance of the Other
Securities but shall be separately transferable and each Warrant Certificate shall evidence one or more Warrants.] Each Warrant evidenced
thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Debt Security. [If
Other Securities and Warrants —Warrant Certificates will be issued with the Other Securities and each Warrant Certificate
will evidence [●] Warrants for each [$[●] principal amount] [[●] shares] of Other Securities issued.]

 

1.2            Execution
and Delivery of Warrant Certificates. Each Warrant Certificate, whenever issued, shall be in registered form substantially in the
form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the Warrant Agent and may have such
letters, numbers, or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon
as the officers of the Company executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are
not inconsistent with the provisions of this Agreement, or as may be required to comply with any law or with any rule or regulation
made pursuant thereto or with any rule or regulation of any securities exchange on which the Warrants may be listed, or to conform
to usage. The Warrant Certificates shall be signed on behalf of the Company by any of its present or future chief executive officers,
presidents, senior vice presidents, vice presidents, chief financial officers, chief legal officers, treasurers, assistant treasurers,
controllers, assistant controllers, secretaries or assistant secretaries under its corporate seal reproduced thereon. Such signatures
may be manual or facsimile signatures of such authorized officers and may be imprinted or otherwise reproduced on the Warrant Certificates.
The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on
the Warrant Certificates.

 

    1

    

    

 

No Warrant Certificate shall
be valid for any purpose, and no Warrant evidenced thereby shall be exercisable, until such Warrant Certificate has been countersigned
by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company
shall be conclusive evidence that the Warrant Certificate so countersigned has been duly issued hereunder.

 

In case any officer of the
Company who shall have signed any of the Warrant Certificates either manually or by facsimile signature shall cease to be such officer
before the Warrant Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant Certificates
may be countersigned and delivered notwithstanding that the person who signed such Warrant Certificates ceased to be such officer of the
Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual date of the execution of
such Warrant Certificate, shall be the proper officers of the Company, although at the date of the execution of this Agreement any such
person was not such officer.

 

The term “holder”
or “holder of a Warrant Certificate” as used herein shall mean any person in whose name at the time any Warrant
Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose.

 

1.3            Issuance
of Warrant Certificates. Warrant Certificates evidencing the right to purchase Warrant Debt Securities may be executed by the Company
and delivered to the Warrant Agent upon the execution of this Agreement or from time to time thereafter. The Warrant Agent shall, upon
receipt of Warrant Certificates duly executed on behalf of the Company, countersign such Warrant Certificates and shall deliver such Warrant
Certificates to or upon the order of the Company.

 

Article 2

 

WARRANT
PRICE, DURATION AND EXERCISE OF WARRANTS

 

2.1            Warrant
Price. During the period specified in Section 2.2, each Warrant shall, subject to the terms of this Warrant Agreement and the
applicable Warrant Certificate, entitle the holder thereof, to purchase the principal amount of Warrant Debt Securities specified in the
applicable Warrant Certificate at an exercise price of [●]% of the principal amount thereof [plus accrued amortization, if any,
of the original issue discount of the Warrant Debt Securities] [plus accrued interest, if any, from the most recent date from which interest
shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the Warrant Debt Securities, from the date
of their initial issuance.] [The original issue discount ($[●] for each $1,000 principal amount of Warrant Debt Securities) will
be amortized at a [●]% annual rate, computed on a[n] [semi-] annual basis [using a 360-day year consisting of twelve 30-day months].]
Such purchase price for the Warrant Debt Securities is referred to in this Agreement as the “Warrant Price.”

 

2.2            Duration
of Warrants. Each Warrant may be exercised in whole or in part at any time, as specified herein, on or after [the date thereof] [●]
and at or before [●] p.m., [City] time, on [●] or such later date as the Company may designate by notice to the Warrant Agent
and the holders of Warrant Certificates mailed to their addresses as set forth in the record books of the Warrant Agent (the “Expiration
Date”). Each Warrant not exercised at or before [●] p.m., [City] time, on the Expiration Date shall become void, and
all rights of the holder of the Warrant Certificate evidencing such Warrant under this Agreement shall cease.

 

    2

    

    

 

2.3            Exercise
of Warrants.

 

(a)            During
the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of Warrant Debt Securities in registered
form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful money
of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire
transfer in immediately available funds] the Warrant Price for each Warrant Debt Security with respect to which a Warrant is being exercised
to the Warrant Agent at its corporate trust office, provided that such exercise is subject to receipt within five business days of such
payment by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant Debt Securities set forth on the
reverse side of the Warrant Certificate properly completed and duly executed. The date on which payment in full of the Warrant Price is
received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the date on which the
Warrant is exercised; provided, however, that if, at the date of receipt of such Warrant Certificates and payment in full of the Warrant
Price, the transfer books for the Warrant Debt Securities purchasable upon the exercise of such Warrants shall be closed, no such receipt
of such Warrant Certificates and no such payment of such Warrant Price shall be effective to constitute the person so designated to be
named as the holder of record of such Warrant Debt Securities on such date, but shall be effective to constitute such person as the holder
of record of such Warrant Debt Securities for all purposes at the opening of business on the next succeeding day on which the transfer
books for the Warrant Debt Securities purchasable upon the exercise of such Warrants shall be opened, and the certificates for the Warrant
Debt Securities in respect of which such Warrants are then exercised shall be issuable as of the date on such next succeeding day on which
the transfer books shall next be opened, and until such date the Company shall be under no duty to deliver any certificate for such Warrant
Debt Securities. The Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in an account of the Company
maintained with it and shall advise the Company by telephone at the end of each day on which a payment for the exercise of Warrants is
received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephone advice to the Company in writing.

 

(b)            The
Warrant Agent shall, from time to time, as promptly as practicable, advise the Company of (i) the number of Warrant Debt Securities
with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such Warrants
with respect to delivery of the Warrant Debt Securities to which such holder is entitled upon such exercise, (iii) delivery of Warrant
Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Debt Securities after such exercise, and (iv) such
other information as the Company or the Trustee shall reasonably require.

 

(c)            As
soon as practicable after the exercise of any Warrant, the Company shall issue, pursuant to the Indenture, in authorized denominations,
to or upon the order of the holder of the Warrant Certificate evidencing such Warrant the Warrant Debt Securities to which such holder
is entitled, in fully registered form, registered in such name or names as may be directed by such holder. If fewer than all of the Warrants
evidenced by such Warrant Certificate are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually
countersign and deliver, a new Warrant Certificate evidencing Warrants for the number of Warrant Debt Securities remaining unexercised.

 

(d)            The
Company shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection with any transfer
involved in the issue of the Warrant Debt Securities, and in the event that any such transfer is involved, the Company shall not be required
to issue or deliver any Warrant Debt Securities until such tax or other charge shall have been paid or it has been established to the
Company’s satisfaction that no such tax or other charge is due.

 

    3

    

    

 

(e)            Prior
to the issuance of any Warrants there shall have been reserved, and the Company shall at all times through the Expiration Date keep reserved,
out of its authorized but unissued Warrant Debt Securities, a number of shares sufficient to provide for the exercise of the Warrants.

 

Article 3

 

OTHER
PROVISIONS RELATING TO RIGHTS OF HOLDERS OF

WARRANT CERTIFICATES

 

3.1            No
Rights as Holders of Warrant Debt Securities Conferred by Warrants or Warrant Certificates.  No Warrant Certificate or Warrant
evidenced thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Debt Securities, including, without limitation,
the right to receive the payment of principal of (or premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce
any of the covenants in the Indenture.

 

3.2            Lost,
Stolen, Mutilated or Destroyed Warrant Certificates.  Upon receipt by the Warrant Agent of evidence reasonably satisfactory
to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity reasonably
satisfactory to the Warrant Agent and the Company and, in the case of mutilation, upon surrender of the mutilated Warrant Certificate
to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such Warrant Certificate
has been acquired by a bona fide purchaser, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign
and deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of
the same tenor and evidencing Warrants for a like principal amount of Warrant Debt Securities. Upon the issuance of any new Warrant Certificate
under this Section 3.2, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent) in connection therewith.
Every substitute Warrant Certificate executed and delivered pursuant to this Section 3.2 in lieu of any lost, stolen or destroyed
Warrant Certificate shall represent an additional contractual obligation of the Company, whether or not the lost, stolen or destroyed
Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to the benefits of this Agreement equally and proportionately
with any and all other Warrant Certificates duly executed and delivered hereunder. The provisions of this Section 3.2 are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, lost, stolen or
destroyed Warrant Certificates.

 

3.3            Holder
of Warrant Certificate May Enforce Rights.  Notwithstanding any of the provisions of this Agreement, any holder of
a Warrant Certificate, without the consent of the Warrant Agent, the Trustee, the holder of any Warrant Debt Securities or the holder
of any other Warrant Certificate, may, in such holder’s own behalf and for such holder’s own benefit, enforce, and may institute
and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder’s right
to exercise the Warrants evidenced by such holder’s Warrant Certificate in the manner provided in such holder’s Warrant Certificates
and in this Agreement.

 

    4

    

    

 

3.4            Merger,
Sale, Conveyance or Lease. In case of (a) any share exchange, merger or similar transaction of the Company with or into another
person or entity (other than a share exchange, merger or similar transaction in which the Company is the acquiring or surviving corporation)
or (b) the sale, exchange, lease, transfer or other disposition of all or substantially all of the properties and assets of the Company
as an entirety (in any such case, a “Reorganization Event”), then, as a condition of such Reorganization Event,
lawful provisions shall be made, and duly executed documents evidencing the same from the Company’s successor shall be delivered
to the holders of the Warrants, so that such successor shall succeed to and be substituted for the Company, and assume all the Company’s
obligations under, this Agreement and the Warrants. The Company shall thereupon be relieved of any further obligation hereunder or under
the Warrants, and the Company as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated.
Such successor or assuming entity thereupon may cause to be signed, and may issue either in its own name or in the name of the Company,
any or all of the Warrants issuable hereunder which heretofore shall not have been signed by the Company, and may execute and deliver
securities in its own name, in fulfillment of its obligations to deliver Warrant Debt Securities upon exercise of the Warrants. All the
Warrants so issued shall in all respects have the same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter
issued in accordance with the terms of this Agreement as though all of such Warrants had been issued at the date of the execution hereof.
In any case of any such Reorganization Event, such changes in phraseology and form (but not in substance) may be made in the Warrants
thereafter to be issued as may be appropriate. The Warrant Agent may receive a written opinion of legal counsel as conclusive evidence
that any such Reorganization Event complies with the provisions of this Section 3.4.

 

3.5            Notice
to Warrantholders. In case the Company shall (a) effect any Reorganization Event or (b) make any distribution on or in respect
of the [title of Warrant Debt Securities] in connection with the dissolution, liquidation or winding up of the Company, then the Company
shall mail to each holder of Warrants at such holder’s address as it shall appear on the books of the Warrant Agent, at least ten
days prior to the applicable date hereinafter specified, a notice stating the date on which such Reorganization Event, dissolution, liquidation
or winding up is expected to become effective, and the date as of which it is expected that holders of [title of Warrant Debt Securities]
of record shall be entitled to exchange their shares of [title of Warrant Debt Securities] for securities or other property deliverable
upon such Reorganization Event, dissolution, liquidation or winding up. No failure to mail such notice nor any defect therein or in the
mailing thereof shall affect any such transaction.

 

Article 4

 

EXCHANGE
AND TRANSFER OF WARRANT CERTIFICATES

 

4.1            Exchange
and Transfer of Warrant Certificates. Upon surrender at the corporate trust office of the Warrant Agent, Warrant Certificates evidencing
Warrants may be exchanged for Warrant Certificates in other denominations evidencing such Warrants or the transfer thereof may be registered
in whole or in part; provided that such other Warrant Certificates evidence Warrants for the same aggregate principal amount of Warrant
Debt Securities as the Warrant Certificates so surrendered. The Warrant Agent shall keep, at its corporate trust office, books in which,
subject to such reasonable regulations as it may prescribe, it shall register Warrant Certificates and exchanges and transfers of outstanding
Warrant Certificates, upon surrender of the Warrant Certificates to the Warrant Agent at its corporate trust office for exchange or registration
of transfer, properly endorsed or accompanied by appropriate instruments of registration of transfer and written instructions for transfer,
all in form satisfactory to the Company and the Warrant Agent. No service charge shall be made for any exchange or registration of transfer
of Warrant Certificates, but the Company may require payment of a sum sufficient to cover any stamp or other tax or other governmental
charge that may be imposed in connection with any such exchange or registration of transfer. Whenever any Warrant Certificates are so
surrendered for exchange or registration of transfer, an authorized officer of the Warrant Agent shall manually countersign and deliver
to the person or persons entitled thereto a Warrant Certificate or Warrant Certificates duly authorized and executed by the Company, as
so requested. The Warrant Agent shall not be required to effect any exchange or registration of transfer which will result in the issuance
of a Warrant Certificate evidencing a Warrant for a fraction of a Warrant Debt Security or a number of Warrants for a whole number of
Warrant Debt Securities and a fraction of a Warrant Debt Security. All Warrant Certificates issued upon any exchange or registration of
transfer of Warrant Certificates shall be the valid obligations of the Company, evidencing the same obligations and entitled to the same
benefits under this Agreement as the Warrant Certificate surrendered for such exchange or registration of transfer.

 

    5

    

    

 

4.2            Treatment
of Holders of Warrant Certificates. The Company, the Warrant Agent and all other persons may treat the registered holder of a Warrant
Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented by the Warrants
evidenced thereby, any notice to the contrary notwithstanding.

 

4.3            Cancellation
of Warrant Certificates. Any Warrant Certificate surrendered for exchange, registration of transfer or exercise of the Warrants evidenced
thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered or so delivered
to the Warrant Agent shall be promptly canceled by the Warrant Agent and shall not be reissued and, except as expressly permitted by this
Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu thereof. The Warrant Agent shall deliver to
the Company from time to time or otherwise dispose of canceled Warrant Certificates in a manner satisfactory to the Company.

 

Article 5

 

CONCERNING
THE WARRANT AGENT

 

5.1            Warrant
Agent. The Company hereby appoints [●] as Warrant Agent of the Company in respect of the Warrants and the Warrant Certificates
upon the terms and subject to the conditions herein set forth, and [●] hereby accepts such appointment. The Warrant Agent shall
have the powers and authority granted to and conferred upon it in the Warrant Certificates and hereby and such further powers and authority
to act on behalf of the Company as the Company may hereafter grant to or confer upon it. All of the terms and provisions with respect
to such powers and authority contained in the Warrant Certificates are subject to and governed by the terms and provisions hereof.

 

5.2            Conditions
of Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set forth upon the terms and conditions hereof,
including the following to all of which the Company agrees and to all of which the rights hereunder of the holders from time to time of
the Warrant Certificates shall be subject:

 

(a)            Compensation
and Indemnification. The Company agrees promptly to pay the Warrant Agent the compensation to be agreed upon with the Company
for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable
counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent in connection with the services rendered
hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss,
liability or expense incurred without negligence, bad faith or willful misconduct on the part of the Warrant Agent, arising out of or
in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of
such liability.

 

(b)            Agent
for the Company. In acting under this Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely
as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the holders of Warrant
Certificates or beneficial owners of Warrants.

 

    6

    

    

 

(c)            Counsel.
The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice of
such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in accordance with the advice of such counsel.

 

(d)            Documents.
The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in reliance
upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed
by it to be genuine and to have been presented or signed by the proper parties.

 

(e)            Certain
Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest in,
Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by
applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on, or as depositary,
trustee or agent for, any committee or body of holders of Warrant Debt Securities or other obligations of the Company as freely as if
it were not the Warrant Agent hereunder. Nothing in this Agreement shall be deemed to prevent the Warrant Agent from acting as trustee
under any indenture to which the Company is a party, including, without limitation, as Trustee under the Indenture.

 

(f)            No
Liability for Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on any
monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.

 

(g)            No
Liability for Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or any of
the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon).

 

(h)            No
Responsibility for Representations. The Warrant Agent shall not be responsible for any of the recitals or representations herein
or in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the
Company.

 

(i)            No
Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant Certificates
specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the
Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it in any expense
or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall
not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated by
the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds
of the Warrant Certificates. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance
of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from
a holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty
or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as provided in Section 6.2 hereof,
to make any demand upon the Company.

 

5.3            Resignation,
Removal and Appointment of Successors.

 

(a)            The
Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there shall at all times be a Warrant
Agent hereunder until all the Warrants have been exercised or are no longer exercisable.

 

    7

    

    

 

(b)            The
Warrant Agent may at any time resign as agent by giving written notice to the Company of such intention on its part, specifying the date
on which its desired resignation shall become effective; provided that such date shall not be less than three months after the date on
which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with
it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the intended date when it shall become
effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter provided, of a successor
Warrant Agent (which shall be a bank or trust company authorized under the laws of the jurisdiction of its organization to exercise corporate
trust powers) and the acceptance of such appointment by such successor Warrant Agent. The obligation of the Company under Section 5.2(a) shall
continue to the extent set forth therein notwithstanding the resignation or removal of the Warrant Agent.

 

(c)            In
case at any time the Warrant Agent shall resign, or shall be removed, or shall become incapable of acting, or shall be adjudged a bankrupt
or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other
applicable Federal or state bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver,
custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or affairs, or
shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become
due, or shall take corporate action in furtherance of any such action, or a decree or order for relief by a court having jurisdiction
in the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now
or hereafter constituted, or any other applicable Federal or state bankruptcy, insolvency or similar law, or a decree or order by a court
having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee,
sequestrator (or similar official) of the Warrant Agent or of its property or affairs, or any public officer shall take charge or control
of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor
Warrant Agent, qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed with the successor Warrant
Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such appointment,
the Warrant Agent shall cease to be Warrant Agent hereunder.

 

(d)            Any
successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument
accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become
vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally
named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become
obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and
other property on deposit with or held by such predecessor, as Warrant Agent hereunder.

 

(e)            Any
corporation into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant Agent may be consolidated,
or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation
to which the Warrant Agent shall sell or otherwise transfer all or substantially all the assets and business of the Warrant Agent, provided
that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of
any paper or any further act on the part of any of the parties hereto.

 

    8

    

    

 

Article 6

 

MISCELLANEOUS

 

6.1            Amendment.
This Agreement may be amended by the parties hereto, without the consent of the holder of any Warrant Certificate, for the purpose
of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or making any other provisions
with respect to matters or questions arising under this Agreement as the Company and the Warrant Agent may deem necessary or desirable;
provided that such action shall not materially adversely affect the interests of the holders of the Warrant Certificates.

 

6.2            Notices
and Demands to the Company and Warrant Agent. If the Warrant Agent shall receive any notice or demand addressed to the Company by
the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly forward such
notice or demand to the Company.

 

6.3            Addresses.
Any communication from the Company to the Warrant Agent with respect to this Agreement shall be addressed to [●], Attention:
[●] and any communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to Angion Biomedica
Corp., 51 Charles Lindbergh Boulevard, Uniondale, New York 11553, Attention: [●] (or such other address as shall be specified in
writing by the Warrant Agent or by the Company).

 

6.4            Governing
Law. This Agreement and each Warrant Certificate issued hereunder shall be governed by and construed in accordance with the laws of
the State of New York.

 

6.5            Delivery
of Prospectus. The Company shall furnish to the Warrant Agent sufficient copies of a prospectus meeting the requirements of the Securities
Act of 1933, as amended, relating to the Warrant Debt Securities deliverable upon exercise of the Warrants (the “Prospectus”),
and the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant Certificate
evidencing such Warrant, prior to or concurrently with the delivery of the Warrant Debt Securities issued upon such exercise, a Prospectus.
The Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the accuracy or adequacy of such Prospectus.

 

6.6            Obtaining
of Governmental Approvals. The Company will from time to time take all action which may be necessary to obtain and keep effective
any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States Federal
and state laws (including without limitation a registration statement in respect of the Warrants and Warrant Debt Securities under the
Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance, sale, transfer, and delivery of
the Warrant Debt Securities issued upon exercise of the Warrants, the issuance, sale, transfer and delivery of the Warrants or upon the
expiration of the period during which the Warrants are exercisable.

 

6.7            Persons
Having Rights Under the Agreement. Nothing in this Agreement shall give to any person other than the Company, the Warrant Agent and
the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement.

 

6.8            Headings.
The descriptive headings of the several Articles and Sections of this Agreement are inserted for convenience only and shall not control
or affect the meaning or construction of any of the provisions hereof.

 

    9

    

    

 

6.9            Counterparts.
This Agreement may be executed in any number of counterparts, each of which as so executed shall be deemed to be an original, but
such counterparts shall together constitute but one and the same instrument.

 

6.10            Inspection
of Agreement. A copy of this Agreement shall be available at all reasonable times at the principal corporate trust office of the Warrant
Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit such holder’s
Warrant Certificate for inspection by it.

 

    10

    

    

 

In
Witness Whereof, the parties hereto have caused this Agreement to be duly executed, all as of the day and year first above
written.

 

	 	Angion Biomedica Corp., as Company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Attest:	 
	 	 	 

 

[SIGNATURE PAGE TO DEBT SECURITIES WARRANT AGREEMENT]

 

    

    

    

 

	 	Countersigned
	 	 
	 	[●], as Warrant Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Attest:	 
	 	 	 

 

[SIGNATURE PAGE TO DEBT SECURITIES WARRANT AGREEMENT]

 

    

    

    

 

Exhibit A

 

FORM OF WARRANT CERTIFICATE

[FACE OF WARRANT CERTIFICATE]

 

	[Form of Legend if Warrants are not immediately exercisable.]	 	[Prior to [●], Warrants evidenced by this Warrant Certificate cannot be exercised.]

 

EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT
AGENT AS

PROVIDED HEREIN

 

VOID AFTER [●] P.M., [City] time, ON [●].

 

    

    

    

 

ANGION BIOMEDICA CORP.

WARRANT CERTIFICATE REPRESENTING

WARRANTS TO PURCHASE

[TITLE OF WARRANT DEBT SECURITIES]

 

	No. [●]	[●] Warrants 

 

This certifies that [●]
or registered assigns is the registered owner of the above indicated number of Warrants, each Warrant entitling such owner  to
purchase, at any time [after [●] p.m., [City] time, [on [●] and] on or before [●] p.m., [City] time, on, $[●]
principal amount of [Title of Warrant Debt Securities] (the “Warrant Debt Securities”) of Angion Biomedica Corp.
(the “Company”) issued or to be issued under the Indenture (as hereinafter defined), on the following basis:
during the period from [●], through and including [●], each Warrant shall entitle the Holder thereof, subject to the provisions
of this Agreement, to purchase the principal amount of Warrant Debt Securities stated in the Warrant Certificate at the warrant price
(the “Warrant Price”) of [●]% of the principal amount thereof [plus accrued amortization, if any, of the
original issue discount of the Warrant Debt Securities] [plus accrued interest, if any, from the most recent date from which interest
shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the Warrant Debt Securities, from the date
of their original issuance]. [The original issue discount ($[●] for each $1,000 principal amount of Warrant Debt Securities) will
be amortized at a [●]% annual rate, computed on a[n] [semi-]annual basis [using a 360-day year consisting of twelve 30-day months].
The Holder may exercise the Warrants evidenced hereby by providing certain information set forth on the back hereof and by paying in full,
in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds]
[by bank wire transfer in immediately available funds], the Warrant Price for each Warrant Debt Security with respect to which this Warrant
is exercised to the Warrant Agent (as hereinafter defined) and by surrendering this Warrant Certificate, with the purchase form on the
back hereof duly executed, at the corporate trust office of [name of Warrant Agent], or its successor as warrant agent (the “Warrant
Agent”), which is, on the date hereof, at the address specified on the reverse hereof, and upon compliance with and subject
to the conditions set forth herein and in the Warrant Agreement (as hereinafter defined).

 

The term “Holder”
as used herein shall mean the person in whose name at the time this Warrant Certificate shall be registered upon the books to be maintained
by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement.

 

The Warrants evidenced by
this Warrant Certificate may be exercised to purchase Warrant Debt Securities in the principal amount of $1,000 or any integral multiple
thereof in registered form. Upon any exercise of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be
issued to the Holder hereof a new Warrant Certificate evidencing Warrants for the aggregate principal amount of Warrant Debt Securities
remaining unexercised.

 

This Warrant Certificate is
issued under and in accordance with the Warrant Agreement dated as of [●] (the “Warrant Agreement”), between
the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms
and provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement are on file at the
above-mentioned office of the Warrant Agent.

 

The Warrant Debt Securities
to be issued and delivered upon the exercise of Warrants evidenced by this Warrant Certificate will be issued under and in accordance
with an Indenture, dated as of [●] (the “ Indenture”), between the Company and [●], as trustee (such
trustee, and any successors to such trustee, the “Trustee”) and will be subject to the terms and provisions
contained in the Warrant Debt Securities and in the Indenture. Copies of the Indenture, including the form of the Warrant Debt Securities,
are on file at the corporate trust office of the Trustee.

 

    

    

    

 

Transfer of this Warrant Certificate
may be registered when this Warrant Certificate is surrendered at the corporate trust office of the Warrant Agent by the registered owner
or such owner’s assigns, in the manner and subject to the limitations provided in the Warrant Agreement.

 

After countersignature by
the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the corporate
trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate principal amount of Warrant Debt
Securities.

 

This Warrant Certificate shall
not entitle the Holder hereof to any of the rights of a holder of the Warrant Debt Securities, including, without limitation, the right
to receive payments of principal of (and premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the
covenants of the Indenture.

 

Reference is hereby made to
the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place.

 

This Warrant Certificate shall
not be valid or obligatory for any purpose until countersigned by the Warrant Agent.

 

In Witness
Whereof, the Company has caused this Warrant to be executed in its name and on its behalf by the facsimile signatures of its
duly authorized officers.

 

	Dated:	 	 	 

 

	 	Angion Biomedica Corp., as Company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Attest:	 
	 	 	 

 

	 	Countersigned
	 	 
	 	[●], as Warrant Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Attest:	 
	 	 	 
	 	 	 	 

 

    

    

    

 

[REVERSE OF WARRANT CERTIFICATE]

 

(Instructions for Exercise of Warrant)

 

To exercise any Warrants evidenced
hereby for Warrant Debt Securities (as hereinafter defined), the Holder must pay, in lawful money of the United States of America, [in
cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds],
the Warrant Price in full for Warrants exercised, to [●] [address of Warrant Agent], Attention: [●], which payment must specify
the name of the Holder and the number of Warrants exercised by such Holder. In addition, the Holder must complete the information required
below and present this Warrant Certificate in person or by mail (certified or registered mail is recommended) to the Warrant Agent at
the appropriate address set forth above. This Warrant Certificate, completed and duly executed, must be received by the Warrant Agent
within five business days of the payment.

 

(To be executed upon exercise of Warrants)

 

The undersigned hereby irrevocably
elects to exercise [●] Warrants, represented by this Warrant Certificate, to purchase $[●] principal amount of the [Title
of Warrant Debt Securities] (the “Warrant Debt Securities”) of Angion Biomedica Corp. and represents that the
undersigned has tendered payment for such Warrant Debt Securities, in lawful money of the United States of America, [in cash or by certified
check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], to the order of
Angion Biomedica Corp., c/o [insert name and address of Warrant Agent], in the amount of $[●] in accordance with the terms hereof.
The undersigned requests that said principal amount of Warrant Debt Securities be in fully registered form in the authorized denominations,
registered in such names and delivered all as specified in accordance with the instructions set forth below.

 

If the number of Warrants
exercised is less than all the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate evidencing the Warrants
for the aggregate principal amount of Warrant Debt Securities remaining unexercised be issued and delivered to the undersigned unless
otherwise specified in the instructions below.

 

	Dated:	 	Name:	 
	 	 	 	Please Print	 
	Address:	 	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 
	(Insert Social Security or Other Identifying Number of Holder)

 

	Signature Guaranteed:	 	 	 
	 	 	Signature	 	 

 

(Signature must conform in all respects to name
of holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by a FINRA member firm).

 

This Warrant may be exercised at the following
addresses:

 

By hand at:

 

By mail at:

 

[Instructions as to form and delivery of Warrant
Debt Securities and, if applicable, Warrant Certificates evidencing Warrants for the number of Warrant Debt Securities remaining unexercised—complete
as appropriate.]

 

    

    

    

 

ASSIGNMENT

 

[Form of assignment to be executed if Warrant
Holder desires to transfer Warrant]

 

For Value
Received, [●] hereby sells, assigns and transfers unto:

 

	 	 	 
	(Please print name and address including zip code)	 	Please print Social Security or other identifying number

 

the right represented by the within Warrant to
purchase $[●] aggregate principal amount of [Title of Warrant Debt Securities] of Angion Biomedica Corp. to which the within Warrant
relates and appoints [●] attorney to transfer such right on the books of the Warrant Agent with full power of substitution in the
premises.

 

	Dated: 	 	 	 
	 	 	 	Signature

 

(Signature must conform in all respects to name
of holder as specified on the face of the Warrant)

 

	Signature GuaranteedExhibit 4.28

 

Consultancy
Agreement

 

This Consultancy Agreement (“Agreement”),
is made effective as of June 1st, 2021 (“Effective Date”) by and between:

 

P.V. Nano Cell Ltd., Israeli Company Number
514287093, with its head office located at 8 HaMasger Street, Migdal Haemek, POB 236, 2310102, Israel (the “Company”);
and

 

Ran Eisenberg, I.D Number 003855012, residing at 7 Benayahu
st., Tel Aviv, Israel (the “Consultant”).

 

(Each a “Party” and together
the “Parties”)

 

		WHEREAS	the Company wishes to retain the Consultant services in his field of expertise and the Consultant agrees
to provide Services (as defined below) as an independent contractor.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree and covenant as follows:

 

		1.	Consultancy Agreement

 

		1.1	The preamble hereto and the schedules attached hereto form integral
and binding parts of this Agreement.

 

		1.2	Subject to receipt all required approvals under Companies Law
including the approval of the shareholders, the Company hereby retains the Consultant in order to provide the services of the Company
CEO as described in Schedule 1 of this Agreement (the “Services”), effective as of June 1st,
2021 (the “Effective Date”), and during the Term (as defined below) of this Agreement and the Consultant agrees to
provide these Services. The scope of Services shall be agreed between the Parties from time to time.

 

		1.3	The Consultant shall report directly to the Board of Directors
(“BoD”) of the Company.

 

		1.4	The Consultant will provide the Services solely via its employees
and/or consultants, and may not assign or sub-contract the performance of the Services to any third party, without the prior written
consent of the Company. The Services shall be provided by Mr. Ran Eisenberg (“Ran”) in the position of CEO.

 

		1.5	Ran shall be entitled to enter into an indemnification and exemption
agreement with the Company and to be included in the Company's D&O Insurance. Ran shall be responsible to procure a professional
liability insurance policy with respect to the Services provided by him to the Company and the Company shall be an additional insured.

 

		1.6	The Consultant will cause Ran to dedicate his full time and to
the extent agreed upon between the Parties and to dedicate their best experience, talent, expertise and knowledge for the provision of
the Services, and to perform the Services in a loyal, conscientious and dedicated manner, and in accordance with the Company's policies
as may be in effect from time to time and with reasonable instructions of the Company’s BoD.

		 	 

		During the Term of this Agreement, the Consultant shall not engage in any activity, commercial or
                                                                                otherwise, if such activity can reasonably be expected to create or assist in creating a conflict of availability or a conflict of
                                                                                interest or competition with the Company, or interfere with the full efforts needed for performing the tasks in the Company.

 

		1.7	The Consultant confirms that he doesn’t bring or was required
to bring to the Company any proprietary materials of third parties, and that the Consultant is under no restrictions regarding the rendering
of the Services to the Company and the execution of this Agreement.

 

    - 1 -

     

    

 

		1.8	The Consultant is an independent contractor. The Services are
provided to the Company by the Consultant, on an independent contractor basis, absent of an employment relationship between the Company
and the Consultant. The Consultant declares that it is aware of all the financial consequences resulting from the Consultant's engagement
as an independent contractor. The Consultant shall be solely responsible for his performance under this Agreement and shall bear and
timely make payments of his salaries, social rights and any other rights his entitled to under any applicable law including any deductions
and allocations. The Parties do not intend, and this Agreement and the performance of the Services hereunder shall not be construed,
to give effect to employment, partnership, joint venture or agency relations between the Parties and/or between the Company and any of
the Representatives. The Consultant undertakes not to present any claims against the Company in that regard.

 

		1.9	The Consultant hereby confirms that: (i) it is a certified dealer
עוסק מורשה, duly registered under the tax and employment laws applicable to Consultant;
and (ii) it files all necessary reports with the applicable tax authorities and national security authorities as an independent contractor,
and makes all due payments. Without derogating from the above, it shall be the sole and exclusive responsibility of the Consultant to
make the necessary contributions and/or compulsory payments to the applicable tax and other government authorities and/or private funds
and insurance companies, all in accordance with applicable laws.

 

		1.10 	The Consultant undertakes to maintain a proper set of accounting
books as required by applicable law and to open and/or maintain a file with the applicable tax and other governmental authorities. The
Consultant is exclusively responsible for filing any reports with said authorities, which are required to be filed in connection with
and arising out of the Services rendered by the Consultant under this Agreement.

 

		1.11 	Should the Consultant or any other party on its behalf present
any other claim against the Company, whether based upon allegation of employee-employer relations or otherwise, the Consultant will indemnify
and hold the Company harmless for and against such claims, and the Company may offset any consideration it may owe to the Consultant
against such indemnification sums. Furthermore, the Consultant agrees that if a claim is filed by it or by any of its Representatives
or any third party against the Company based on alleged employee-employer relations, and a competent court of law rules that the Consultant
or its Representatives were employed by the Company, then: (i) the monthly gross salary due will be calculated as 60% of the Consulting
Fee (as per Section 2.1 below), (ii) the Consultant shall refund to the Company all sums previously paid by the Company in excess of
such gross salary, and (iii) the Company shall use the refund amounts towards satisfaction of employer's obligations arising from the
aforesaid court-recognized employee-employer relations.

 

		1.12 	The Services performed hereunder are "work for hire",
and the Consultant shall have no rights or title in such Services, or any part thereof or any of its products or results, and the Company
shall own all rights to such work in its name or otherwise, including copyrights, patents, trademarks and other rights.

 

		1.13 	The Consultant is not allowed to obligate and/or bind the Company
in any way and/or create any commitments on the Company's behalf, except as required for the performance of the Services and as authorized
by the BoD.

 

		1.14 	The Consultant shall perform the Services according to all applicable
laws, rules and regulations. Without derogating from the above said, the Consultant specifically warrants that it shall comply with all
applicable rules and regulations concerning the prevention of corruption, money laundering and terrorism, and in accordance thereto.

 

		2.	Remuneration

 

		2.1	Fee: In consideration of the Services to be provided by
the Consultant and in consideration of the Consultant’s other obligations hereunder, the Company will pay the Consultant a gross
monthly consulting fee in the amount set out in Schedule 1 attached hereto (the “Consulting Fee”).

 

		2.2	Options: The Company’s management shall recommend
to the Board of Directors of the Company to grant the Consultant options to purchase Ordinary Shares of the Company in the amount and
terms set out in Schedule 1 attached hereto (“Options”).

 

Such Options grant
shall be subject to: (i) the approval of the Board of Directors and the shareholders of the company;]and (ii) the provisions of the Israeli
Income Ordinance or any other applicable law The Options, when granted, shall be subject to the terms and provisions of the Company’s
2010 Option Plan and the provisions of a respective share option agreement to be executed between the Company and the Consultant. Other
terms and conditions of such Options shall be determined by the Board, in its sole discretion.

 

The Consultant shall
bear all taxes and other compulsory payments associated with the Options. In the event of termination of this Agreement for any reason,
any unvested Options shall expire immediately.

 

		2.3	Expenses: in addition to the Consulting Fee, the Consultant
shall be reimbursed for certain Service-related out of pocket expenditures incurred by it in connection with the performance of the Services,
subject to approval of the BoD and in accordance with the Company’s expense return policy. All other expenses and costs of the
Consultant arising from or related to the provision of the Services will be borne and paid by the Consultant.

 

    - 2 -

     

    

 

		2.	At the end of each calendar month or at the beginning of the following
one, the Consultant will submit an Invoice with the Consulting Fee due, to be verified by the Company. VAT will be added at the rate
applicable at the time of each payment. The Company will pay the monthly verified Invoice for the previous month until the 9th of each
month. The Company shall withhold any required withholding tax from any remuneration payable to the Consultant according to applicable
laws or according to a specific tax withholding approval provided by the Consultant, if provided.

 

		2.5	The Consultant shall bear, be responsible for, and shall indemnify
and hold the Company harmless from, all payments required to be made to the tax authorities, National Insurance Institute, health and
life insurance and any other obligatory payments related to the provision of the Services hereunder or to the remuneration provided in
connection therewith.

 

		2.6	The Parties confirm that the remuneration detailed in this Section
2 above is the full and exclusive remuneration due to the Consultant for the Services hereunder, and constitute the total cost to the
Company.

 

		3.	Secrecy and other Intellectual Property Issues

 

		3.1	The Consultant undertakes to execute, perform and abide by the
Secrecy, Intellectual Property And Non-Compete Undertakings as attached hereto as Schedule 2, and shall cause its Representatives
to countersign, perform and abide by the terms therein.

 

		4.	Term & Termination

 

		4.1	This Agreement is made for a six month period and will be automatically
be renewed for a 12 month period, if not cancelled by one of the parties.

 

		4.2	The agreement may be terminated by either party upon a 30 days
prior written notice to the other party during the first six months and a 60 prior written notice to the other party during the 12 months
period.

 

		4.3	In addition, the Company shall have a right to terminate this
Agreement immediately – if termination is made for Cause. The term “Cause” in this Agreement shall be defined as any
of the following events or acts of the Consultant: (a) a material breach of this Agreement which has not been remedied within 14 days
of written notice, (b) breach of confidence, loyalty or unauthorized disclosure or use of the Company’s or third parties intellectual
properties, (c) serious and continuing breach of work behavior rules by the Consultant or its Representatives, (d) continuing and unjustified
refusal to carry out work assignments, (e) self-dealing, embezzlement or misappropriation of the Company’s property or serious
damage to the Company’s property which is intentionally caused, (f) gross negligence or misconduct, (g) criminal behavior as determined
by a court of law, except as for traffic violations, or other offences which do not require mens rea.

 

		4.4	Termination of this Agreement as stated above is without liability
of the Company for any claims or payments beyond those earned or accrued in the course of the Services hereunder; and the Consultant
hereby waives any and all such claims towards the Company, its affiliates and any other third party acting on its behalf. Without derogating
from the generality of the aforementioned, termination of this Agreement will not entitle either Party to any compensation.

 

		4.5	Upon termination of this Agreement or at such other time as directed
by the Company, the Consultant shall immediately return to the Company each and every asset in its possession or control which belongs,
or has been entrusted, to the Company, including, without limitation, all materials of any kind (whether in written or electronic form,
computer files or otherwise) concerning the Company's Proprietary Information (as such term is defined in Schedule 2) and all copies
thereof, and the Consultant shall not retain any copies of such materials in whatever form and on whatever media.

 

		4.6	The provisions of Sections 1.8 – 1.12, 2.5, 4.4, 4.5 and
5.1 through 5.6 of this Agreement shall remain valid and binding regardless the termination of this Agreement, and will survive such
termination.

 

		5.	General Provisions

 

		5.1	This Agreement forms the complete and exclusive agreement between
the Parties as to its subject matter; and it cancels any prior verbal or written agreement related thereto. Any change to this Agreement
requires a duly signed document.

 

		5.2	The Consultant shall be entitled to assign this Agreement to a
company wholly owned by Ran by providing the Company with an assignment notice signed both the assignor and the assignee. The Company
shall be entitled to assign its rights and/or obligations under this Agreement, in whole or in part, to any third party without the need
to obtain the consent of the Consultant, provided only that the Consultant's rights are not materially prejudiced by such assignment.

 

		5.3	The failure or delay of either Party to require the performance
of any term under this Agreement, or the waiver by either Party of any breach under this Agreement, shall not prevent subsequent enforcement
of such terms, nor be deemed a waiver of any subsequent or prolonged breach.

 

    - 3 -

     

    

 

		5.4	Any notice sent by one Party to the other by registered mail will
be deemed to have been received on the 5th business day after the day of mailing. Fax and electronic messages will be deemed
to have been received on the business day following the day of transmission, hand delivery shall be deemed to have been received upon
delivery.

 

		5.5	This Agreement may be executed in counterparts, each of which
shall be deemed an original, and all of which taken together shall constitute one and the same instrument, with the same effect as if
the signatures thereto were upon the same instrument. The exchange of signature pages (in counterparts or otherwise) by electronic transmission
in electronic files or by facsimile copies shall have the same legal effect as the exchange of signed originals and shall be sufficient
to bind the Parties to the terms and conditions of this Agreement.

 

		5.6	This Agreement is exclusively governed by the laws of the State
of Israel, as they apply to agreements made and to be performed in Israel, without regard to “choice of law” provisions.
The courts of Israel (in the city of Haifa) will have exclusive jurisdiction over all claims arising out of or relating to this Agreement,
and each Party hereby consents and submits to such exclusive jurisdiction. However, in matters involving a breach or infringement of
intellectual property rights, the Company shall be entitled to bring action against the Consultant in any other competent court. Jusgements,
verdicts and decrees of any of the aforesaid courts shall be enforceable against either Party in any country.

 

THE CONSULTANT CONFIRMS THAT IT IS FAMILIAR
WITH THE ENGLISH LANGUAGE AND DOES NOT REQUIRE TRANSLATION OF THIS AGREEMENT TO ANY OTHER LANGUAGE. THE CONSULTANT FURTHER CONFIRMS THAT
IT HAS BEEN ADVISED BY THE COMPANY THAT IT MAY CONSULT AN ATTORNEY BEFORE EXECUTING THIS AGREEMENT AND THAT IT HAS BEEN AFFORDED AN OPPORTUNITY
TO DO SO.

 

	היועץ מצהיר בזאת כי השפה האנגלית מוכרת לו וכי הוא אינו זקוק לתרגום הסכם זה לשפה אחרת. היועץ גם מצהיר כי הומלץ בפניו על ידי החברה לקבל ייעוץ משפטי בקשר להסכם זה בטרם החתימה עליו וכי ניתנה לו הזדמנות נאותה לעשות כן.

 

[Signature page to follow]

 

    - 4 -

     

    

 

[Signature Page of the Consultancy Agreement]

 

And in
Witness hereof the Parties sign and execute this Agreement

 

	 	/s/ Dr. Fernando De La Vega	 	/s/ Ran Eisenberg
	 	 	 	 
	 	The Company	 	Consultant
	 	P.V. Nano Cell Ltd.	 	Ran Eisenberg
	 	 	 	 
	By:		 	 

 

		Confirmation:	

 

We, the undersigned, being Representatives of
the Consultant pursuant to the above Agreement, hereby confirm and undertake towards the Company that we will personally comply with the
undertakings and representations of the Consultant as detailed in this Agreement including its annexes.

 

	/s/ Ran Eisenberg	 	 
	Mr. Ran Eisenberg	 	 

 

    - 5 -

     

    

 

SCHEDULE 1

 

Services:

 

		1.	The Services to be performed by the Consultant shall include:

 

		1.1	CEO services, including, without limitation, initiating, leading and directing the Company activities,
business, operations and fund raising.

 

		1.2	Scope:

 

The Scope of the Services shall be as needed in
order to best perform the Services, and on an average of 100% full time position. The parties acknowledge that the Services are subject
to peaks of long hours and the Consultant acknowledges and agrees to be available at changing scopes.

 

		1.3	The Consultant shall provide a medical exam for health fitness.

 

		1.4	The Consultant will be present in the company premises in Migdal HaEmek at least three days a week.

 

Consulting Fee:

 

		2.	Subject to the aproval of the Consultant engagement in accordance
with the rules and regulations applicable to the Company, the Consultant shall be entitled to the following:

 

		2.1	The Consulting Fee shall be the following gross amount for each
full month in which the Services in the agreed scope were provided:

 

		2.1.1 	For the first period (as of the Effective Date and until the end of the fourth month thereafter) (the
“First Period”) the Consulting Fee shall be in the gross amount of NIS 40,000 per month plus VAT.

 

		2.1.2 	For the second period (as of the Effective Date and after the end of the fourth month thereafter) (the
“Second Period”) the Consulting Fee shall be in the gross amount of NIS 60,000 per month plus VAT.

 

		2.1.3 	Despite the above until occurrence of the following events, actual payment of the consulting fee shall
be as follows: :

 

		2.1.4 	As soon as $200k are raised actual payments of 10,000 NIS
per month.

 

		2.1.5 	As soon as additional $500k raised actual payments will be
as described in 2.1 and 2.2 and the previous 10,000 NIS payments adjusted retroactively.

 

		2.2	Car – the Consultant will lease a car (cost to be pre-coordinated
with the Company) and the Company will reimburse the costs on a monthly basis. PVN will provide a Dalkan.

 

		2.3	Notwithstanding to the above remuneration stated in section 2.1
above is subject to the raise of equity funds and in the event such raise $200K within 2  months from nomination  & $500K
 minimum within 6 months form nomination remuneration clause will be void and no claims or liability will be derived from this engagement.

 

Options:

 

		3.	Under the terms of this Agreement the Board will grant the Consultant
options to purchase Ordinary Shares of the Company, at an exercise price per option of US $0.17, in accordance with the following amounts
and vesting schedule:

 

		3.1	The Consultant shall be entitled to receive 2,003,436 (note: 3.5% of the outstanding shares,
including full CLA conversion – 57,241,025) Options which shall vest as follows: (i) 55,651 Options to vest on September
1st, 2021; and (ii) 55,651 Options to vest at the first calendar day of each calendar month thereafter until August
1st, 2024 (total of 36 months).

 

    - 6 -

     

    

 

		3.2	Vesting will be accelerated in Exit Event.

 

An “Exit Event” is defined
as: (i) the consummation of an initial public offering of ordinary shares of the Company on a recognized stock exchange (“IPO”);
or (ii) a sale of all or substantially all of the share capital of the Company to any individual, firm, corporation, partnership, trust,
incorporated or unincorporated association, joint venture, joint stock company, governmental authority or other entity of any kind, and
shall include any successor (by merger or otherwise) of such entity (“Person”); or (iii) a sale, lease, conveyance or disposition
of all or substantially all of the assets of the Company; or (iv) a merger of the Company with or into another entity in which the shareholders
of the Company immediately prior to such merger, do not hold a majority of the share capital and voting rights of the surviving entity
immediately following such event,  by virtue of their holdings in the Company prior to the consummation of the transaction, or a
transaction or series of transactions in which a Person or group of Persons acquire more than 50% of the issued and outstanding share
capital of the Company (other than an acquisition of such share capital from the Company); or (v) an uplisting to a higher exchange (“Uplisting”)

 

		3.3	In addition, provided that the Consultant is still providing Services as CEO, the Consultant shall be
entitled to:

 

		3.3.1 	Receive 3% Options calculated on the number
of the issued warrants as of the date hereof (excluding future warrants if issued after the date hereof) exercised by the Company investors,
the Options will be priced at the same price as the warrants (i.e. if investor exercises 100,000 warrants at a price per share of $0.17
the Consultant will be entitled to options to purchase 3,000 shares at a price of $0.17 per share).

 

		3.3.2 	Receive 3% Options calculated out of investments
in the Company (up to an aggregate total investment sum of $10,000,000). Options will be priced at the same price as the investments
(i.e. if investor invests $100,000 at a price per share of $0.17 the Consultant will be entitled to options to purchase 17,647 shares
($3,000/$017) at a price of $0.17 per share).

 

		3.3.3 	Receive 2% Options calculated on the basis of
the outstanding shares (same as calculated in section 3.1) in an Exit Event if both of the following are achieved: (i) the valuation
is above $50,000,000, (ii) the price per share in the Exit Event is at least $0.78 adjusted for any split / reverse split. Receive an
additional 2% Options (total 4%) if the valuation is above $100,000,000 and the price per share in the Exit Event is at least $1.5 adjusted
for any split / reverse split.

 

Director

 

		4.	Ran Eisenberg will be appointed Director by the BoD as soon as
possible and not later than the next Shareholders meeting, subject to the approval of the shareholders.

 

***********************************

 

    - 7 -

     

    

 

SCHEDULE 2

 

SECRECY,
INTELLECTUAL PROPERTY AND NON-COMPETE UNDERTAKINGS

 

In consideration of the disclosure by the Company
to the Consultant of information relating to the Services and the remuneration as set out in Section 2 of the Agreement, the Consultant
hereby agrees as follows:

 

		1.	In this Schedule 2, the term “Company” shall mean
the Company and any of the Company’s present or future subsidiaries in which the Company is a shareholder, directly or indirectly,
and the Company’s affiliates, as currently exist and as may exist in the future.

 

		2.	The term “Proprietary Information” means any and all
confidential and/or proprietary knowledge, data or information of the Company or of any third party which is disclosed to Consultant
or which it otherwise obtains or generates as a result of the Services (including the implications, results and applications of the Services
and any knowhow, intellectual property and other rights relating to the results of the Services), including without limitation technical,
business, marketing, financial, administrative, management and commercial information related to the Company, its products, current or
prospective, knowhow, technology, trade secrets, software, copyright, process, commercial relations, actual and potential clients and
suppliers, business or other plans, and any other information of a proprietary or confidential nature. Without derogating from the generality
of the above said, information which by nature is deemed to be proprietary and non-public information and any information discussed and
presented at any meeting of the Company in which the Consultant attended shall also be recognized as Proprietary Information.

 

		3.	The term “Proprietary Information” does not include
information (i) which is, at the date of signature hereof or thereafter, enters the public domain, through no act or omission by the
Consultant or anyone on its behalf, (ii) information which was known to Consultant prior to its disclosure (in the case of information
disclosed by Company) or prior to its generation (in the case of Proprietary Information generated by Consultant), as evidenced by its
written records at the time of disclosure or generation (as applicable), (iii) information developed independently by Consultant without
use of or reference to the Proprietary Information, as demonstrated by documentary evidence, (iv) information received by Consultant
at any time from other sources that were legally entitled to receive and transfer such information without any obligation of confidentiality
to Company.

 

		4.	Proprietary Information and any part thereof are recognized by
Consultant as being confidential and the exclusive and sole property of the Company.

 

		5.	The Consultant undertakes to maintain the confidentiality of the
Proprietary Information, not to disclose or make available to any third party any of the Proprietary Information nor to make any use
or enable others to make any use thereof other than for purposes of the Services, without the express prior written approval of the Company.

 

If required by law,
Consultant may disclose Proprietary Information to a governmental authority or by order of a court of competent jurisdiction, provided
that (a) unless restricted by such authority, Consultant shall immediately notify Company and take reasonable steps to assist Company
in contesting such request, requirement or order or otherwise protecting Company’s rights and (b) Consultant shall limit the scope
of such disclosure only to such portion of the Proprietary Information that it is legally required to disclose.

 

The confidentiality
and non-use obligations contained herein will remain valid and binding regardless of the termination of the Agreement and shall survive
for a period of seven (7) years from the date of termination of this Agreement, and with respect to technological and technical information
of the Company including trade secrets, the post termination period of compliance shall remain until said information comes into the public
domain through no fault of the Consultant or anyone on its behalf.

 

		6.	The term “Proprietary Rights” shall mean all inventions,
discoveries, ideas, know-how, works of authorship and confidential information, including copyrights, patents and patent applications,
trade secrets, trademarks, service marks, design marks, any registrations or applications relating to any of the foregoing.

 

Inventions, if any, patented or unpatented,
made by Consultant prior to the date of this Agreement are excluded from the scope of this Agreement.

 

Consultant hereby assigns and agrees
to assign in the future (when any such inventions or Proprietary Rights are first reduced to practice or first fixed in a tangible medium,
as applicable) to the Company all its rights, title and interest in and to any and all Proprietary Rights whether or not patentable or
registrable under copyright or similar statutes, made or conceived or reduced to practice or generated by Consultant, either alone or
jointly with others, in the performance of the Services for the Company. Inventions assigned to the Company, or to a third party as directed
by the Company pursuant to this Section 6, are hereinafter referred to as “Company Inventions.”

 

    - 8 -

     

    

 

The Consultant acknowledge that all
original works of authorship which are made by Consultant (solely or jointly with others) in the performance of the Services for the Company
and which are protectable by copyright are “works made for hire” and are the property of the Company pursuant to applicable
copyright law. Any assignment of copyright hereunder (and any ownership of a copyright as a work made for hire) includes all rights of
paternity, integrity, disclosure and withdrawal and any other rights that may be known as or referred to as “moral rights”
(collectively “Moral Rights”). To the extent such Moral Rights cannot be assigned under applicable law and to the extent the
following is allowed by the laws in the various countries where Moral Rights exist, the Consultant hereby waives such Moral Rights and
consents to any action of the Company that would violate such Moral Rights in the absence of such consent including the right to prevent
changes in such works and/or to be named in its name.

 

Consultant will assist the Company
in every proper way to obtain, and from time to time enforce, any patent rights relating to Company Inventions in any and all countries,
at Company’s expense. To that end Consultant will execute, verify and deliver such documents and perform such other acts (including
appearances as a witness) as the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining
and enforcing such patent rights and the assignment thereof. In addition, Consultant will execute, verify and deliver such assignments
of such patent rights to the Company or its designee as the Company may reasonably request. The Company shall compensate the Consultant
at a reasonable rate for the time actually spent by Consultant at the Company’s request on such assistance. Consultant's obligation
to assist the Company with respect to patent rights relating to such Company Inventions in any and all countries shall continue beyond
the termination of this Agreement.

 

The Consultant hereby agrees that
it shall not be entitled to any additional compensation for the assignments described in this Section 6 above beyond the consideration
set forth in the Agreement. The Consultant acknowledges and agrees that it will not be entitled to additional royalties, consideration
or other payments with regard to any of the Proprietary Rights assigned to Company as set forth above, and does hereby explicitly, irrevocably
and unconditionally waives the right to receive any such additional royalties, consideration or other payments.

 

		7.	The Consultant shall not use any third party's intellectual property,
materials, documents, other resources or confidential information in the performance of the Services.

 

		8.	The Consultant shall report to the Company’s BoD during
the period of the Agreement of any intention to provide services which create conflict of interest between Consultant's other business
interests and its position as a consultant in the Company. Within ten (10) business days from such notification, the Company shall inform
the Consultant whether it wishes to continue with the terms of the Agreement or, at its sole discretion, terminate it with immediate
effect.

 

		9.	Without prejudice to the generality of the foregoing, the Consultant
agrees that during the period of this Agreement plus a “freeze period” (as defined below), the Consultant will not, directly
or indirectly, for its own account or for the account of others (including without limitation as a stockholder, director, officer, employee/employer,
investor, partner, consultant, sole proprietor or independent contractor), do or participate or assist or allow to do any of the following:

 

		(a)	Directly compete or assist others to compete with the business
of the Company;

 

		(b)	Request or advise any past, present or future business associate
of the Company to decrease or cancel their business with the Company;

 

		(c)	Cause any employee or consultant of the Company to terminate
his relations with the Company or to work for the Consultant or for any party associated with the Consultant.

 

The “Freeze
Period” shall be equal in length to the service period hereunder, but in any case, not shorter than 6 months and not longer than
12 months.

 

The Parties confirm
that during the provision of the Services hereunder, the Consultant will be exposed to confidential Proprietary Information of the Company;
and that any activity as forbidden under subsections (a), (b) and (c) above is bound to breach the right of the Company to the exclusive
use of such Proprietary Information; and therefore, the Parties agree that the freeze period is intended to ensure such rights of the
Company.

 

		10.	Upon termination of the Agreement, the Consultant shall immediately
return to the Company and delete from its network all materials of any kind (whether in written or electronic form, computer files or
otherwise) concerning the Proprietary Information, including all copies thereof, and it shall not retain any copies of such materials
and shall erase such from all of his files and records in any format.

 

    - 9 -

     

    

 

And in Witness
hereof the Parties sign and execute this Schedule 2

 

	The Company	 	Consultant
	P.V. Nano Cell Ltd.	 	Ran Eisenberg

 

	By:		 	 

 

		Confirmation:	

 

We, the undersigned, being Representatives of
the Consultant pursuant to the above Agreement, hereby confirm and undertake towards the Company that we will personally comply with the
undertakings and representations of the Consultant as detailed in this Schedule 2, Secrecy, Intellectual Property And Non-Compete Undertakings.

 

		

Ran Eisenberg

 

 

- 10 -

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