Document:

Exhibit
10.14 

 

908
DEVICES Inc.

SENIOR EXECUTIVE CASH INCENTIVE BONUS PLAN

 

		1.	Purpose

 

This Senior Executive Cash Incentive Bonus
Plan (the “Bonus Plan”) is intended to provide an incentive for superior work and to motivate eligible executives of
908 Devices Inc. (the “Company”) and its subsidiaries toward even higher achievement and business results, to tie their
goals and interests to those of the Company and its stockholders and to enable the Company to attract and retain highly qualified
executives. The Bonus Plan is for the benefit of Covered Executives (as defined below).

 

		2.	Covered Executives

 

From time to time, the Compensation Committee
of the Board of Directors of the Company (the “Compensation Committee”) may select certain key executives (the “Covered
Executives”) to be eligible to receive bonuses hereunder. Participation in this Plan does not change the “at will”
nature of a Covered Executive’s employment with the Company.

 

		3.	Administration

 

The Compensation Committee shall have the
sole discretion and authority to administer and interpret the Bonus Plan.

 

		4.	Bonus Determinations

 

(a)            Corporate
Performance Goals. A Covered Executive may receive a bonus payment under the Bonus Plan based upon the attainment of one or
more performance objectives that are established by the Compensation Committee and relate to financial and operational metrics
with respect to the Company or any of its subsidiaries (the “Corporate Performance Goals”), including, without limitation,
the following: cash flow (including, but not limited to, operating cash flow and free cash flow); revenue; corporate revenue; earnings
before interest, taxes, depreciation and amortization; net income (loss) (either before or after interest, taxes, depreciation
and/or amortization); changes in the market price of the Company’s common stock; economic value-added; acquisitions or strategic
transactions, including licenses, collaborations, joint ventures or promotion arrangements; operating income (loss); return on
capital, assets, equity, or investment; stockholder returns; return on sales; gross or net profit levels; productivity; expense
efficiency; margins; operating efficiency; customer satisfaction; working capital; earnings (loss) per share of the Company’s
common stock; bookings, new bookings or renewals; sales or market shares; number of customers, number of new customers or customer
references; operating income and/or net annual recurring revenue, any of which may be (A) measured in absolute terms or compared
to any incremental increase, (B) measured in terms of growth, (C) compared to another company or companies or to results
of a peer group, (D) measured against the market as a whole and/or as compared to applicable market indices and/or (E) measured
on a pre-tax or post-tax basis (if applicable). Further, any Corporate Performance Goals may be used to measure the performance
of the Company as a whole or a business unit or other segment of the Company, or one or more product lines or specific markets. 
The Corporate Performance Goals may differ from Covered Executive to Covered Executive.

 

    

     

    

 

(b)            Calculation
of Corporate Performance Goals. At the beginning of each applicable performance period, the Compensation Committee will determine
whether any significant element(s) will be included in or excluded from the calculation of any Corporate Performance Goal
with respect to any Covered Executive.  In all other respects, Corporate Performance Goals will be calculated in accordance
with the Company’s financial statements, generally accepted accounting principles, or under a methodology established by
the Compensation Committee at the beginning of the performance period and that is consistently applied with respect to a Corporate
Performance Goal in the relevant performance period.

 

(c)            Target;
Minimum; Maximum. Each Corporate Performance Goal shall have a “target” (100 percent attainment of the Corporate
Performance Goal) and may also have a “minimum” hurdle and/or a “maximum” amount.

 

(d)            Bonus
Requirements; Individual Goals. Except as otherwise set forth in this Section 4(d): (i) any bonuses paid to Covered
Executives under the Bonus Plan shall be based upon objectively determinable bonus formulas that tie such bonuses to one or more
performance targets relating to the Corporate Performance Goals, (ii) bonus formulas for Covered Executives shall be adopted
in each performance period by the Compensation Committee and communicated to each Covered Executive at the beginning of each performance
period and (iii) no bonuses shall be paid to Covered Executives unless and until the Compensation Committee makes a determination
with respect to the attainment of the performance targets relating to the Corporate Performance Goals. Notwithstanding the foregoing,
the Compensation Committee may adjust bonuses payable under the Bonus Plan based on achievement of one or more individual performance
objectives or pay bonuses (including, without limitation, discretionary bonuses) to Covered Executives under the Bonus Plan based
on individual performance goals and/or upon such other terms and conditions as the Compensation Committee may in its discretion
determine.

 

(e)            Individual
Target Bonuses. The Compensation Committee shall establish a target bonus opportunity for each Covered Executive for each performance
period. For each Covered Executive, the Compensation Committee shall have the authority to apportion the target award so that a
portion of the target award shall be tied to attainment of Corporate Performance Goals and a portion of the target award shall
be tied to attainment of individual performance objectives.

 

(f)            Employment
Requirement. Subject to any additional terms contained in a written agreement between the Covered Executive and the Company,
the payment of a bonus to a Covered Executive with respect to a performance period shall be conditioned upon the Covered Executive’s
employment by the Company on the bonus payment date. If a Covered Executive was not employed for an entire performance period,
the Compensation Committee may pro rate the bonus based on the number of days employed during such period.

 

		5.	Timing of Payment

 

(a)            With
respect to Corporate Performance Goals established and measured on a basis more frequently than annually (e.g., quarterly or semi-annually),
the Corporate Performance Goals will be measured at the end of each performance period after the Company’s financial reports
with respect to such period(s) have been published. If the Corporate Performance Goals and/or individual goals for such period
are met, payments will be made as soon as practicable following the end of such period, but not later 74 days after the end of
the fiscal year in which such performance period ends.

 

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(b)            With
respect to Corporate Performance Goals established and measured on an annual or multi-year basis, Corporate Performance Goals will
be measured as of the end of each such performance period (e.g., the end of each fiscal year) after the Company’s financial
reports with respect to such period(s) have been published. If the Corporate Performance Goals and/or individual goals for
any such period are met, bonus payments will be made as soon as practicable, but not later than 74 days after the end of the relevant
fiscal year.

 

(c)            For
the avoidance of doubt, bonuses earned at any time in a fiscal year must be paid no later than 74 days after the last day of such
fiscal year.

 

		6.	Amendment and Termination

 

The Company reserves the right to amend
or terminate the Bonus Plan at any time in its sole discretion.

 

    3Exhibit 10.12

 

Confidential

 

SUBSCRIPTION AGREEMENT

 

Chelsea Worldwide Inc.

11 Marshall Road, Suite 1L

Wappingers Falls, New York 12590

 

Ladies and Gentlemen:

 

This Subscription Agreement
(this “Subscription Agreement”) is being entered into as of the date set forth on the signature page hereto,
by and between Chelsea Worldwide Inc., a Delaware corporation (the “Company”), and the undersigned subscriber
(the “Investor”), in connection with the Merger Agreement, dated as of the date hereof (as may be amended, supplemented
or otherwise modified from time to time, the “Transaction Agreement”), by and among the Company, Clene Nanomedicine,
Inc., a Delaware corporation (the “Clene”), Fortis Advisors LLC, a Delaware limited partnership, Tottenham Acquisition
I Ltd., a British Virgin Islands company wholly owning the Company (the “Parent”) and Creative Worldwide Inc.,
a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), pursuant to which, among other
things, (i) the Parent will reincorporate to the state of Delaware by merging with and into the Company with the Company remaining
as the surviving publicly traded entity (the “Reincorporation Merger”) and (ii) immediately after the Reincorporation
Merger, the Merger Sub will be merged with and into Clene with Clene being the surviving company in the merger and, after giving
effect to such merger, will become a wholly owned subsidiary of the Company (the “Acquisition Merger”), on the
terms and subject to the conditions therein (the transactions contemplated by the Transaction Agreement, including the Reincorporation
Merger and the Acquisition Merger, being the “Transaction”).  

 

In
connection with the Transaction, the Company is seeking commitments from interested investors to purchase, prior to the closing
of the Transaction, shares of the Company’s common stock, par value $0.0001 per share (the “Shares”),
in a private placement for a purchase price of $10.00 per share. The aggregate purchase price to be paid by the Investor for the subscribed
Shares (as set forth on the signature page hereto) is referred to herein as the “Subscription Amount.” 

 

In connection therewith,
and in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
set forth herein, and intending to be legally bound hereby, each of the Investor and the Company acknowledges and agrees as follows:

 

1. Subscription.

 

a. The
Investor hereby irrevocably subscribes for and agrees to purchase from the Company the number of Shares set forth on the signature
page of this Subscription Agreement on the terms and subject to the conditions provided for herein. The Investor acknowledges and
agrees that the Company reserves the right to accept or reject the Investor’s subscription for the Shares for any reason
or for no reason, in whole or in part, at any time prior to its acceptance, and the same shall be deemed to be accepted by the
Company only when this Subscription Agreement is signed by a duly authorized person by or on behalf of the Company; the Company
may do so in counterpart form.

 

b. At
the time of the closing of the sale of the Shares contemplated hereby (the “Closing”),
in addition to the Shares, the Company will issue to the Investor a number of warrants (“Warrants”) to purchase
a number of Shares equal to one-half (1/2) of the number of Shares subscribed to hereunder. The Warrants will be substantially
in the form attached hereto as Exhibit A and will entitle the holder thereof to purchase
each share at an exercise price of $0.01 per Share.

 

2. Closing.
The Closing is contingent upon the substantially concurrent consummation of the Transaction. The Closing shall occur on the date
of, and substantially concurrently with and conditioned upon the effectiveness of, the Transaction. Upon (a) satisfaction or waiver
of the conditions set forth in Section 3 below and (b) delivery of written notice from (or on behalf of) the Company to the Investor
(the “Closing Notice”), that the Company reasonably expects all conditions
to the closing of the Transaction to be satisfied or waived on a date that is not less than five (5) business days from the date
on which the Closing Notice is delivered to the Investor, the Investor shall deliver to the Company, three (3) business days prior
to the closing date specified in the Closing Notice (the “Closing Date”),
the Subscription Amount by wire transfer of United States dollars in immediately available funds to the account(s) specified by
the Company in the Closing Notice. On the Closing Date, the Company shall issue a number of Shares to the Investor set forth on
the signature page to this Subscription Agreement, the applicable number of Warrants, and shall subsequently cause such Shares
to be registered in book entry form in the name of the Investor on the Company’s share register; provided, however,
that the Company’s obligation to issue the Shares and the Warrants to the Investor is contingent upon the Company having
received the Subscription Amount in full accordance with this Section 2. For purposes of this Subscription Agreement, “business
day” shall mean a day, other than a Saturday or Sunday, on which commercial banks in New York, New York are open for the
general transaction of business.

 

     

     

    

 

3. Closing
Conditions.

 

a. The
obligation of the parties hereto to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement is subject
to the following conditions:

 

(i) no
applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or
regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the
transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation of the transactions contemplated
hereby; and

 

(ii) all
conditions precedent to the closing of the Transaction under the Transaction Agreement shall have been satisfied or waived (as
determined by the parties to the Transaction Agreement and other than those conditions under the Transaction Agreement which, by
their nature, are to be fulfilled at the closing of the Transaction, including to the extent that any such condition is dependent
upon the consummation of the purchase and sale of the Shares pursuant to this Subscription Agreement).

 

b. The
obligation of the Company to consummate the issuance and sale of the Shares and Warrants pursuant to this Subscription Agreement
shall be subject to the condition that all representations and warranties of the Investor contained in this Subscription Agreement
are true and correct in all material respects (other than representations and warranties that are qualified as to materiality or
Material Adverse Effect, which representations and warranties shall be true in all respects) at and as of the Closing Date, and
consummation of the Closing shall constitute a reaffirmation by the Investor of each of the representations and warranties of the
Investor contained in this Subscription Agreement as of the Closing Date.

 

c. The
obligation of the Investor to consummate the purchase of the Shares pursuant to this Subscription Agreement shall be subject to
the condition that all representations and warranties of the Company contained in this Subscription Agreement shall be true and
correct in all material respects (other than representations and warranties that are qualified as to materiality or Material Adverse
Effect (as defined herein), which representations and warranties shall be true in all respects) at and as of the Closing Date,
and consummation of the Closing shall constitute a reaffirmation by the Company of each of the representations and warranties of
the Company contained in this Subscription Agreement as of the Closing Date.

 

4. Further
Assurances. The parties hereto shall execute and deliver such additional documents and take such additional actions as the
parties reasonably may deem to be practical and necessary in order to consummate the subscription as contemplated by this Subscription
Agreement and the Transaction.

 

5. Company
Representations and Warranties. The Company represents and warrants to the Investor that:

 

a. The
Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware. The
Company has all corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted
and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

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b. As
of the Closing Date, the Shares will be duly authorized and, when issued and delivered to the Investor against full payment therefor
in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable and
will not have been issued in violation of or subject to any preemptive or similar rights created under the Company’s certificate
of incorporation (as amended to the Closing Date) or under the General Corporation Law of the State of Delaware.

 

c. This
Subscription Agreement has been duly authorized, executed and delivered by the Company and, assuming that this Subscription Agreement
constitutes the valid and binding agreement of the Investor, this Subscription Agreement is enforceable against the Company in
accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, or (ii) principles of equity,
whether considered at law or equity.

 

d. The
issuance and sale of the Shares and the Warrants and the compliance by the Company with all of the provisions of this Subscription
Agreement and the consummation of the transactions contemplated herein will not conflict with or result in a breach or violation
of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge
or encumbrance upon any of the property or assets of the Company or any of its subsidiaries pursuant to the terms of (i) any indenture,
mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Company or any of its subsidiaries
is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company
is subject that would reasonably be expected to have a material adverse effect on the business, financial condition or results
of operations of the Company and its subsidiaries, taken as a whole (a “Material Adverse
Effect”) or materially affect the validity of the Shares or the legal authority of the Company to comply in all
material respects with the terms of this Subscription Agreement; (ii) result in any violation of the provisions of the organizational
documents of the Company; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court
or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of their properties that would
reasonably be expected to have a Material Adverse Effect or materially affect the validity of the Shares or the legal authority
of the Company to comply in all material respects with this Subscription Agreement.

 

6. Clene Representations
and Warranties. Clene represents and warrants to the Investor that:

 

a. The
Financial Statements (i) comply as to form in all material respects with the published rules and regulations of the SEC with respect
thereto as of their respective dates; (ii) were prepared in accordance with United States generally accepted accounting principles
(“GAAP”) applied on a consistent basis throughout the periods involved; and (iii) fairly present in all material
respects the consolidated financial position and the results of operations, changes in stockholders’ deficit, and cash flows
of Clene and its consolidated subsidiaries as of the respective dates of and for the periods referred to in such financial statements,
subject, in the case of unaudited interim financial statements, to normal and year-end audit adjustments as permitted by GAAP and
the applicable rules and regulations of the SEC (but only if the effect of such adjustments would not, individually or in the aggregate,
be material). “Financial Statements” means (i) the audited Consolidated Balance Sheets of Clene as of December
31, 2019 and 2018, the Consolidated Statements of Operation and Comprehensive Loss for the years ended December 31, 2019 and 2018,
the Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit as of December 31, 2019 and
2018 and the Consolidated Statements of Cash Flows for the years ended December 31, 2019 and 2018 and (ii) the unaudited Consolidated
Balance Sheets of Clene as of September 30, 2020 and December 31, 2019, the Consolidated Statements of Operation and Comprehensive
Loss for the nine months ended September 30, 2020 and 2019, the Consolidated Statements of Redeemable Convertible Preferred Stock
and Stockholders’ Deficit as of September 30, 2020 and 2019 and the Consolidated Statements of Cash Flows for the nine months
ended September 30, 2020 and 2019, in each case as included in the Form S-4 filed by Chelsea Worldwide Inc. on December 7, 2020
(No. 333-248703).

 

7. Investor
Representations and Warranties. The Investor represents and warrants to the Company that:

 

a. The
Investor (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended
(the “Securities Act”)) or an institutional “accredited investor” (within the meaning of Rule 501(a)
under the Securities Act), in each case, satisfying the applicable requirements set forth on Schedule A, (ii) is acquiring
the Shares only for his, her or its own account and not for the account of others, or if the Investor is subscribing for the Shares
as a fiduciary or agent for one or more investor accounts, the Investor has full investment discretion with respect to each such
account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each
owner of each such account, and (iii) is not acquiring the Shares with a view to, or for offer or sale in connection with, any
distribution thereof in violation of the Securities Act (and shall provide the requested information set forth on Schedule A).
The Investor is not an entity formed for the specific purpose of acquiring the Shares and is an “institutional account”
as defined by FINRA Rule 4512(c).

 

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b. The
Investor acknowledges and agrees that the Shares are being offered in a transaction not involving any public offering within the
meaning of the Securities Act and that the Shares have not been registered under the Securities Act. The Investor acknowledges
and agrees that the Shares may not be offered, resold, transferred, pledged or otherwise disposed of by the Investor absent an
effective registration statement under the Securities Act except (i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons
pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act or
(iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and in each case in accordance
with any applicable securities laws of the states of the United States and other jurisdictions , and that any certificates representing
the Shares shall contain a restrictive legend to such effect. The Investor acknowledges and agrees that the Shares will be subject
to transfer restrictions and, as a result of these transfer restrictions, the Investor may not be able to readily offer, resell,
transfer, pledge or otherwise dispose of the Shares and may be required to bear the financial risk of an investment in the Shares
for an indefinite period of time. The Investor acknowledges and agrees that the Shares will not be eligible for offer, resale,
transfer, pledge or disposition pursuant to Rule 144 promulgated under the Securities Act until at least one year from the Closing
Date. The Investor acknowledges and agrees that it has been advised to consult legal counsel prior to making any offer, resale,
transfer, pledge or disposition of any of the Shares.

 

c. The
Investor acknowledges and agrees that the Investor is purchasing the Shares from the Company. The Investor further acknowledges
that there have been no representations, warranties, covenants and agreements made to the Investor by or on behalf of the Company,
Clene, any of their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives
of any of the foregoing or any other person or entity, expressly or by implication, other than those representations, warranties,
covenants and agreements of the Company expressly set forth in Section 5 of this Subscription Agreement.

 

d. The
Investor’s acquisition and holding of the Shares and the Warrants will not constitute or result in a non-exempt prohibited
transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the Internal
Revenue Code of 1986, as amended, or any applicable similar law.

 

e. The
Investor acknowledges and agrees that the Investor has received such information as the Investor deems necessary in order to make
an investment decision with respect to the Shares, including, with respect to the Company, the Transaction and the business of
Clene and its subsidiaries. Without limiting the generality of the foregoing, the Investor acknowledges that he, she or it has
reviewed the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). The Investor
acknowledges and agrees that the Investor and the Investor’s professional advisor(s), if any, have had the full opportunity
to ask such questions, receive such answers and obtain such information as the Investor and such Investor’s professional
advisor(s), if any, have deemed necessary to make an investment decision with respect to the Shares.

 

f. The
Investor became aware of this offering of the Shares and the Warrants solely by means of direct contact between the Investor and
the Company, Clene or a representative of the Company or Clene, and the Shares were offered to the Investor solely by direct contact
between the Investor and the Company, Clene or a representative of the Company or Clene. The Investor did not become aware of this
offering of the Shares and the Warrants, nor were the Shares and Warrants offered to the Investor, by any other means. The Investor
acknowledges that the Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being
offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities
laws. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty
made by any person, firm or corporation (including, without limitation, the Company, Clene, any of their respective affiliates
or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing), other than
the representations and warranties of the Company contained in Section 5 of this Subscription Agreement, in making its investment
or decision to invest in the Company.

 

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g. The
Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares, including
those set forth in the Company’s filings with the SEC. The Investor has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of an investment in the Shares, and the Investor has sought such accounting,
legal and tax advice as the Investor has considered necessary to make an informed investment decision. The Investor is able to
sustain a complete loss on its investment in the Shares, has no need for liquidity with respect to its investment in the Shares
and has no reason to anticipate any change in circumstances, financial or otherwise, which may cause or require any sale or distribution
of all or any part of the Shares.

 

h. Alone,
or together with any professional advisor(s), the Investor has adequately analyzed and fully considered the risks of an investment
in the Shares and determined that the Shares are a suitable investment for the Investor and that the Investor is able at this time
and in the foreseeable future to bear the economic risk of a total loss of the Investor’s investment in the Company. The
Investor acknowledges specifically that a possibility of total loss exists.

 

i. In
making its decision to purchase the Shares, the Investor has relied solely upon independent investigation made by the Investor.

 

j. The
Investor acknowledges and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the
Shares or the Warrants or made any findings or determination as to the fairness of this investment.

 

k. The
Investor, if not an individual, has been duly formed or incorporated and is validly existing and is in good standing under the
laws of its jurisdiction of formation or incorporation, with power and authority to enter into, deliver and perform its obligations
under this Subscription Agreement.

 

l. The
execution, delivery and performance by the Investor of this Subscription Agreement are within the powers of the Investor, have
been duly authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or regulation
of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking, to which the
Investor is a party or by which the Investor is bound, and, if the Investor is not an individual, will not violate any provisions
of the Investor’s organizational documents, including, without limitation, its incorporation or formation papers, bylaws,
indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription Agreement is
genuine, and the signatory, if the Investor is an individual, has legal competence and capacity to execute the same or, if the
Investor is not an individual, the signatory has been duly authorized to execute the same, and this Subscription Agreement constitutes
a legal, valid and binding obligation of the Investor, enforceable against the Investor in accordance with its terms except as
may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other
laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

m. The
Investor is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by
the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC
List”), or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined
in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly
to a non-U.S. shell bank (each, a “Prohibited Investor”). The Investor
agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that the
Investor is permitted to do so under applicable law. If the Investor is a financial institution subject to the Bank Secrecy Act
(31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA
PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing regulations
(collectively, the “BSA/PATRIOT Act”), the Investor maintains policies
and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required, it
maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs, including
the OFAC List. To the extent required by applicable law, the Investor maintains policies and procedures reasonably designed to
ensure that the funds held by the Investor and used to purchase the Shares were legally derived and were not obtained, directly
or indirectly, from a Prohibited Investor.

 

n. In
connection with the issue and purchase of the Shares, no person, firm or corporation has acted as the Investor’s financial
advisor or fiduciary.

 

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o. The
Investor has or has commitments to have and, when required to deliver payment to the Company pursuant
to Section 2 above, will have, sufficient funds to pay the Subscription Amount and consummate the purchase and sale of the Shares
pursuant to this Subscription Agreement.

 

8. Registration
Rights. In the event that the Shares are not registered in connection with the consummation of the Transaction, the
Company agrees that, within forty-five (45) calendar days after the consummation of the Transaction, it will file with the SEC
(at the Company’s sole cost and expense) a registration statement registering the resale of the Shares and the Shares underlying
the Warrants (the “Registration Statement”), and it shall use its
commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing
thereof. The Company agrees to cause such Registration Statement, or another shelf registration statement that includes the Shares
to be sold pursuant to this Subscription Agreement, to remain effective until the earliest of (i) the second anniversary of the
Closing, (ii) the date on which the Investor ceases to hold any Shares issued pursuant to this Subscription Agreement, or (iii)
on the first date on which the Investor is able to sell all of its Shares issued pursuant to this Subscription Agreement (or shares
received in exchange therefor) under Rule 144 of the Securities Act within 90 days without limitation as to the amount of such
securities that it may be sold. The Investor agrees to disclose its ownership to the Company upon request to assist it in making
the determination described above. The Company may amend the Registration Statement so as to convert the Registration Statement
to a Registration Statement on Form S-3 after the Company becomes eligible to use such Form S-3. The Investor acknowledges and
agrees that the Company may suspend the use of any such registration statement if it determines that in order for such registration
statement not to contain a material misstatement or omission, an amendment thereto would be needed to include information that
would at that time not otherwise be required in a current, quarterly, or annual report under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). The Company’s obligations to include the Shares and the Shares underlying
the Warrants issued pursuant to this Subscription Agreement (or shares issued in exchange therefor) for resale in the Registration
Statement are contingent upon the Investor furnishing in writing to the Company such information regarding the Investor, the securities
of the Company held by the Investor and the intended method of disposition of such Shares, which shall be limited to non-underwritten
public offerings, as shall be reasonably requested by the Company to effect the registration of such Shares, and shall execute
such documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder
in similar situations.

 

9. Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of
the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier
to occur of (a) such date and time as the Transaction Agreement is terminated in accordance with its terms without being consummated,
(b) the Company’s notification to the investor in writing that it has, with the prior written consent of Clene, terminated
the Investor’s obligations with respect to the subscription without the delivery of the Shares having occurred, (c) 30 days
after the Outside Closing Date (as defined in the Transaction Agreement), if the Closing has not occurred by such date or (d)
if any of the conditions to Closing set forth in Section 3 of this Subscription Agreement are (i) not satisfied or waived prior
to the Closing (and if the failure to so satisfy such condition is capable of being cured prior to the Closing, such failure shall
not have been cured by the earlier of (x) thirty calendar days following receipt of written notice from the party claiming such
condition has not been satisfied or (y) the Outside Date) or (ii) not capable of being satisfied on the Closing and, in each case
of (i) and (ii), as a result thereof, the transactions contemplated by this Subscription Agreement will not be and are not consummated
at the Closing (the termination events described in clauses (a)–(d) above, collectively, the “Termination Events”);
provided that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination,
and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from any
such willful breach. The Company shall notify the Investor of the termination of the Transaction Agreement promptly after the
termination of such agreement. Upon the occurrence of any Termination Event, this Subscription Agreement shall be void and of
no further effect and any monies paid by the Investor to the Company in connection herewith shall promptly (and in any event within
one business day) following the Termination Event be returned to the Investor, which obligation to return such monies and remedies
for losses, liabilities and damages arising from willful breach shall survive termination of this Subscription Agreement.

 

    6

     

    

 

10. Trust
Account Waiver. The Investor acknowledges that the Parent is a blank check company with the powers and privileges to
effect a merger, asset acquisition, reorganization or similar business combination involving the Parent and one or more
businesses or assets. The Investor further acknowledges that, as described in the Parent’s prospectus relating to its
initial public offering dated August 1, 2018 (the “Prospectus”)
available at www.sec.gov, substantially all of the Parent’s and the Company’s assets consist of the cash proceeds
of the Parent’s initial public offering and private placement of its securities, and substantially all of those
proceeds have been deposited in a trust account (the “Trust
Account”) for the benefit of the Parent, its public shareholders and the underwriters of the Parent’s
initial public offering. Except with respect to interest earned on the funds held in the Trust Account that may be released
to the Parent to pay its tax obligations and to fund certain of its working capital requirements, the cash in the Trust
Account may be disbursed only for the purposes set forth in the Prospectus. For and in consideration of the Company entering
into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, the Investor hereby
irrevocably waives any and all right, title and interest, or any claim of any kind it has or may have in the future, in or to
any monies held in the Trust Account, and agrees not to seek recourse against the Trust Account as a result of, or arising
out of, this Subscription Agreement.

 

11. Miscellaneous.

 

a. Neither
this Subscription Agreement nor any rights that may accrue to the Investor hereunder (other than the Shares acquired hereunder,
if any) may be transferred or assigned.

 

b. The
Company may request from the Investor such additional information as the Company may deem necessary to register the resale of the
Shares and evaluate the eligibility of the Investor to acquire the Shares, and the Investor shall provide such information as may
reasonably be requested. The Investor acknowledges that the Company may file a copy of this Subscription Agreement with the SEC
as an exhibit to a periodic report or a registration statement of the Company.

 

c. The
Investor acknowledges that the Company, Clene, and others will rely on the acknowledgments, understandings, agreements, representations
and warranties contained in this Subscription Agreement. Prior to the Closing, the Investor agrees to promptly notify the Company
and Clene if any of the acknowledgments, understandings, agreements, representations and warranties set forth in Section 6 above
are no longer accurate. The Investor acknowledges and agrees that each purchase by the Investor of Shares from the Company will
constitute a reaffirmation of the acknowledgments, understandings, agreements, representations and warranties herein (as modified
by any such notice) by the Investor as of the time of such purchase.

 

d. The
Company and Clene are each entitled to rely upon this Subscription Agreement and each is irrevocably authorized to produce this
Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with
respect to the matters covered hereby; provided, however, that the foregoing clause of this Section 10(d) shall not
give Clene any rights other than those expressly set forth herein.

 

e. All
of the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.

 

f. This
Subscription Agreement may not be modified, waived or terminated (other than pursuant to the terms of Section 8 above) except by
an instrument in writing, signed by each of the parties hereto, provided, however, that no modification or waiver
by the Company of the provisions of this Subscription Agreement shall be effective without the prior written consent of Clene (other
than modifications or waivers that are solely ministerial in nature or otherwise immaterial and do not affect any economic or any
other material term of this Subscription Agreement). No failure or delay of either party in exercising any right or remedy hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise
of any other right or power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights
or remedies that they would otherwise have hereunder.

 

g. This
Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof.
Except as set forth in Section 8, Section 10(c), Section 10(d), Section 10(f), this Section 10(g), the last sentence of Section
10(k) and Section 11 with respect to the persons specifically referenced therein, this Subscription Agreement shall not confer
any rights or remedies upon any person other than the parties hereto, and their respective successor and assigns, and the parties
hereto acknowledge that such persons so referenced are third party beneficiaries of this Subscription Agreement for the purposes
of, and to the extent of, the rights granted to them, if any, pursuant to the applicable provisions; provided, that, notwithstanding
anything to the contrary contained in this Subscription Agreement, Clene is an intended third party beneficiary of each of the
provisions of this Subscription Agreement.

 

    7

     

    

 

h. Except
as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto
and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations,
warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors,
administrators, successors, legal representatives and permitted assigns.

 

i. If
any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal or
unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in
any way be affected or impaired thereby and shall continue in full force and effect.

 

j. This
Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf) and by
different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts
so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

k. The
parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that
the parties shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement, without posting
a bond or undertaking and without proof of damages, to enforce specifically the terms and provisions of this Subscription Agreement,
this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise.
The parties hereto acknowledge and agree that Clene shall be entitled to specifically enforce the Investor’s obligations
to fund the Subscription Amount and the provisions of the Subscription Agreement, in each case, on the terms and subject to the
conditions set forth herein.

 

l. This
Subscription Agreement shall be governed by and construed in accordance with the laws of the State of Delaware (regardless of the
laws that might otherwise govern under applicable principles of conflicts of laws thereof) as to all matters (including any action,
suit, litigation, arbitration, mediation, claim, charge, complaint, inquiry, proceeding, hearing, audit, investigation or reviews
by or before any governmental entity related hereto), including matters of validity, construction, effect, performance and remedies.

 

m. Each
party hereto hereby and any person asserting rights as a third party beneficiary may do so only if he, she or it irrevocably agrees
that any action, suit or proceeding between or among the parties hereto, whether arising in contract, tort or otherwise, arising
in connection with any disagreement, dispute, controversy or claim arising out of or relating to this Subscription Agreement or
any related document or any of the transactions contemplated hereby or thereby (“Legal Dispute”) shall be brought
only to the exclusive jurisdiction of the courts of the State of Delaware or the federal courts located in the State of Delaware,
and each party hereto hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in
any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now
or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action
or proceeding that is brought in any such court has been brought in an inconvenient forum. During the period a Legal Dispute that
is filed in accordance with this Section 10(m) is pending before a court, all actions, suits or proceedings with respect to such
Legal Dispute or any other Legal Dispute, including any counterclaim, cross-claim or interpleader, shall be subject to the exclusive
jurisdiction of such court. Each party hereto and any person asserting rights as a third party beneficiary may do so only if he,
she or it hereby waives, and shall not assert as a defense in any Legal Dispute, that (a) such party is not personally subject
to the jurisdiction of the above named courts for any reason, (b) such action, suit or proceeding may not be brought or is
not maintainable in such court, (c) such party’s property is exempt or immune from execution, (d) such action,
suit or proceeding is brought in an inconvenient forum, or (e) the venue of such action, suit or proceeding is improper. A
final judgment in any action, suit or proceeding described in this Section 10(m) following the expiration of any period permitted
for appeal and subject to any stay during appeal shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by applicable Laws. EACH OF THE PARTIES HERETO AND ANY PERSON ASSERTING RIGHTS AS A THIRD
PARTY BENEFICIARY MAY DO SO ONLY IF HE, SHE OR IT IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIMS
OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
AND FOR ANY COUNTERCLAIM RELATING THERETO. IF THE SUBJECT MATTER OF ANY SUCH LEGAL DISPUTE IS ONE IN WHICH THE WAIVER OF JURY TRIAL
IS PROHIBITED, NO PARTY HERETO NOR ANY PERSON ASSERTING RIGHTS AS A THIRD PARTY BENEFICIARY SHALL ASSERT IN SUCH LEGAL DISPUTE
A NONCOMPULSORY COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
FURTHERMORE, NO PARTY HERETO NOR ANY PERSON ASSERTING RIGHTS AS A THIRD PARTY BENEFICIARY SHALL SEEK TO CONSOLIDATE ANY SUCH LEGAL
DISPUTE WITH A SEPARATE ACTION OR OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT BE WAIVED.

 

    8

     

    

 

12. Non-Reliance
and Exculpation. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation
or warranty made by any person, firm or corporation, other than the statements, representations and warranties of the Company
expressly contained in Section 5 of this Subscription Agreement, in making its investment or decision to invest in the Company.
The Investor acknowledges and agrees that none of (i) any other investor pursuant to this Subscription Agreement or any other
subscription agreement related to the private placement of the Shares (including the investor’s respective affiliates or
any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing), or (ii) any
other party to the Transaction Agreement or any Non-Party Affiliate, shall have any liability to the Investor, or to any other
investor, pursuant to, arising out of or relating to this Subscription Agreement or any other subscription agreement related to
the private placement of the Shares, the negotiation hereof or thereof or its subject matter, or the transactions contemplated
hereby or thereby, including, without limitation, with respect to any action heretofore or hereafter taken or omitted to be taken
by any of them in connection with the purchase of the Shares or with respect to any claim (whether in tort, contract or otherwise)
for breach of this Subscription Agreement or in respect of any written or oral representations made or alleged to be made in connection
herewith, as expressly provided herein, or for any actual or alleged inaccuracies, misstatements or omissions with respect to
any information or materials of any kind furnished by the Company, Clene, or any Non-Party Affiliate concerning the Company, Clene,
any of their controlled affiliates, this Subscription Agreement or the transactions contemplated hereby. For purposes of this
Subscription Agreement, “Non-Party Affiliates” means each former, current or future officer, director, employee, partner,
member, manager, direct or indirect equityholder or affiliate of the Company, Clene, or any of the Company’s or Clene’s
controlled affiliates or any family member of the foregoing.

 

[SIGNATURE PAGES FOLLOW]

 

    9

     

    

 

IN WITNESS WHEREOF,
the Investor has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the
date set forth below.

 

	Name of Investor:	State/Country of Formation or Domicile:
	 	 
	By:  _____________________________________	 
	Name:  ___________________________________	 
	Title:  ___________________________________	 
	 	 
	Name in which Shares are to be registered (if different):	Date: ________, 2020
	 	 
	Investor’s EIN:	 
	 	 
	Business Address-Street:	Mailing Address-Street (if different):
	 	 
	City, State, Zip:	City, State, Zip:
	 	 
	Attn:  ____________________________________	Attn:  ____________________________________
	 	 
	Telephone No.:	Telephone No.:
	 	 
	Facsimile No.:	Facsimile No.:
	 	 
	Number of Shares subscribed for:	 
	 	 
	Aggregate Subscription Amount: $	Price Per Share: $[●]

 

You must pay the Subscription
Amount by wire transfer of United States dollars in immediately available funds to the account specified by the Company in the
Closing Notice. To the extent the offering is oversubscribed, the number of Shares received may be less than the number of Shares
subscribed for.

 

    10

     

    

 

IN WITNESS WHEREOF,
the Company has accepted this Subscription Agreement as of the date set forth below.

 

	 	CHELSEA WORLDWIDE INC.
	 	 	 
	 	By: 	                    
	 	Name:  	 
	 	Title:  	 

 

Date:              , 2020

 

Acknowledged and Agreed:

 

	CLENE NANOMEDICINE, INC.	 
	 	 	 
	By: 	                    	 
	Name:  	 	 
	Title:  	 	 

 

Date:       , 2020

 

    11

     

    

 

SCHEDULE A

 

ELIGIBILITY
REPRESENTATIONS OF THE INVESTOR

 

	A.	QUALIFIED INSTITUTIONAL BUYER STATUS

 

	 	(Please check the applicable subparagraphs):

 

☐  We are a “qualified
institutional buyer” (as defined in Rule 144A under the Securities Act (a “QIB”)).

 

	B.	INSTITUTIONAL ACCREDITED INVESTOR STATUS

 

	 	(Please check the applicable subparagraphs):

 

	 	1.	☐	We are an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act or an entity in which
all of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities Act), and have marked
and initialed the appropriate box below indicating the provision under which we qualify as an “accredited investor.”

 

	 	2.	☐	We are not a natural person.

 

Rule 501(a), in relevant part, states
that an “accredited investor” shall mean any person who comes within any of the below listed categories, or who the
issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person.
The Investor has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to the Investor
and under which the Investor accordingly qualifies as an “accredited investor.”

 

☐  Any
bank, registered broker or dealer, insurance company, registered investment company, business development company, or small business
investment company;

 

☐  Any
plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

☐  Any
employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company,
or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000;

 

☐  Any
organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, similar business trust, or partnership,
not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

 

☐  Any
trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is directed by a sophisticated
person; or

 

☐  Any
entity in which all of the equity owners are accredited investors within the meaning of Rule 501(a).

 

This page
should be completed by the Investor

and constitutes
a part of the Subscription Agreement.

 

    12

     

    

 

EXHIBIT A

 

WARRANT FORM

 

NEITHER THE ISSUANCE AND SALE OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE (“WARRANTS”) NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
(“SHARES”) HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.
THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED
BY THE HOLDER AND REASONABLY APPROVED BY THE COMPANY), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER
SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144, RULE 144A OR REGULATION S (“REG S”) UNDER SAID ACT. IF ACQUIRED
BY THE HOLDER PURSUANT TO REG S, THE WARRANTS MAY NOT BE EXERCISED WITHIN THE UNITED STATES, AND THE SHARES MAY NOT BE DELIVERED
WITHIN THE UNITED STATES UPON EXERCISE, OTHER THAN IN OFFERINGS DEEMED “OFFSHORE TRANSACTION” PURSUANT REG S, UNLESS
REGISTERED UNDER SAID ACT OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY
BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

 

 

SHARES PURCHASE WARRANT

 

	Number of Shares:	 	Holder:	 
	 	 	 	 
	Exercise Price per Share:	 	Warrant No.	 
	 	 	 	 
	Issue Date:	 	Expiration Date:	 

 

FOR VALUE RECEIVED, CHELSEA
WORLDWIDE INC, a Delaware corporation (the “Company”),
hereby certifies that _____________________, or its designated assigns (the “Warrant Holder”), is
entitled to purchase the securities set forth below.

 

This Warrant entitles the Warrant Holder
to purchase from the Company _________________ shares of common stock, $0.0001 per share (“Shares”),
of the Company (the “Warrant Shares”) at an exercise price of $0.01 per Share (the “Exercise
Price”), at any time and from time to time from and after the Issue Date and through and including 5:00 p.m. New York
time on the Expiration Date.

 

This Warrant is being issued pursuant to
that certain Subscription Agreement, dated as of [●] by and between the Company and the Warrant Holder, (the “Subscription
Agreement”). Capitalized terms used herein but not otherwise defined herein, shall have the meanings given to them in
the Subscription Agreement.

 

This Warrant is subject to the following terms and conditions:

 

1. Investment
Representation. The Warrant Holder by accepting this Warrant represents that the Warrant Holder is acquiring this Warrant for
its own account or the account of an affiliate for investment purposes and not with the view to any offering or distribution and
that the Warrant Holder will not sell or otherwise dispose of this Warrant or the underlying Warrant Shares in violation of applicable
securities laws. The Warrant Holder acknowledges that the certificates representing any Warrant Shares will bear a legend indicating
that they have not been registered under the United States Securities Act of 1933, as amended (the “1933 Act”)
and may not be sold by the Warrant Holder except pursuant to an effective registration statement or pursuant to an exemption from
registration requirements of the 1933 Act and in accordance with federal and state securities laws. If this Warrant was acquired
by the Warrant Holder pursuant to the exemption from the registration requirements of the 1933 Act afforded by Regulation S thereunder,
the Warrant Holder acknowledges and covenants that this Warrant may not be exercised within the United States, and that the Warrant
Shares may not be delivered within the United States upon exercise, other than in offerings deemed to meet the definition of “offshore
transaction” pursuant Regulation S, unless registered under the 1933 Act or an exemption from such registration is available.

 

    13

     

    

 

2. Validity
of Warrant and Issue of Shares. The Company represents and warrants that this Warrant has been duly authorized and validly
issued and warrants and agrees that all of Warrant Shares that may be issued upon the due exercise of the rights represented by
this Warrant will, when issued upon such exercise, be duly authorized, validly issued, fully paid and nonassessable and free from
all taxes, liens and charges with respect to the issue thereof. The Company further warrants and agrees that during the period
within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized and reserved
a sufficient number of Shares of the Company to provide for the exercise of the rights represented by this Warrant.

 

3. Registration
of Warrants, Transfers and Exchange of Warrants On Records.

 

a. The
Company shall register this Warrant upon records to be maintained by the Company (or its registrar of shares) for that purpose
(the “Warrant Register”), in the name of the record Warrant Holder hereof from time to time. The Company may
deem and treat the registered Warrant Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof
or any distribution to the Warrant Holder, and for all other purposes, unless provided notice to the contrary in accordance herewith.

 

b. Subject
to compliance with the legend set forth on the face of this Warrant, the Company shall register the transfer of this Warrant, or
any portion of this Warrant, in the Warrant Register, upon delivery by the Warrant Holder to the Company, in accordance with Section
7 of (i) this Warrant, and (ii) a duly completed and executed written assignment. Upon any such registration or transfer, a
new warrant to purchase Shares, in substantially the form of this Warrant (any such new warrant, a “New Warrant”),
evidencing the portion of this Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining
portion of this Warrant not so transferred, if any, shall be issued to the transferring Warrant Holder. The acceptance of the New
Warrant by the transferee thereof shall be deemed the acceptance of such transferee of all of the rights and obligations of a Warrant
Holder of a Warrant.

 

c. This
Warrant is exchangeable, upon the surrender hereof by the Warrant Holder to the office of the Company specified in or pursuant
to Section 7 for one or more New Warrants, evidencing in the aggregate the right to purchase the number of Warrant Shares
which may then be purchased hereunder. Any such New Warrant will be dated the date of such exchange, and will have the same Expiration
Date as the original Warrant for which the New Warrant was exchanged.

 

4.
Exercise of Warrants.

 

a. Exercise
of this Warrant shall be made upon delivery to the Company at the address and the manner set forth in Section 7, of (i)
this Warrant; (ii) a duly completed and executed election notice, in the form attached hereto (the “Election Notice”)
and (iii) payment of the Exercise Price. Payment of the Exercise Price may be made at the option of the Warrant Holder either (a)
in cash, wire transfer or by certified or official bank check payable to the order of the Company equal to Exercise Price per Share
in effect at the time of exercise multiplied by the number of Warrant Shares specified in the Election Notice, or (b) if a registration
statement registering the Warrant Shares is not effective at the time of exercise then the Warrant may be exercised through a cashless
exercise provided in Section 4(b) below. The Company shall promptly (but in no event later than five (5) business days after
the Date of Exercise (as defined herein)) issue and deliver to the Warrant Holder in such name or names as the Warrant Holder may
designate in the Election Notice, evidence that the Warrant Shares have been issued upon such exercise, with such restrictive legend
as required by the 1933 Act, as applicable. Any person so designated by the Warrant Holder to receive Warrant Shares shall be deemed
to have become holder of record of such Warrant Shares as of the Date of Exercise of this Warrant. All Warrant Shares delivered
to the Warrant Holder the Company covenants, shall upon due exercise of this Warrant, be duly authorized, validly issued, fully
paid and non-assessable.

 

    14

     

    

 

b. If
the closing price per Share of the Company (as quoted by NASDAQ or other principal trading market, if applicable) reported on the
day immediately preceding the Date of Exercise (the “Fair Market Value”) of one Shares of the Company is greater
than the Exercise Price of one Warrant Share (at the date of calculation as set forth below), in lieu of exercising this Warrant
for cash, if a registration statement registering the Warrant Shares is not effective at the time of exercise then the Warrant
may be exercised by the Warrant Holder electing to receive that number of Warrant Shares computed using the following formula:

 

X = Y (A-B)

   A

 

where

 

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

 

	 	Y=	the number of Warrant Shares purchasable under this Warrant or, if only a portion of this Warrant is being exercised, the portion of this Warrant being exercised (at the date of such calculation)

 

	 	A=	Fair Market Value

 

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

 

c. A
“Date of Exercise” means the date on which the Company shall have received (i) this Warrant (or any New Warrant,
as applicable), (ii) the Election Notice (or attached to such New Warrant) appropriately completed and duly signed, and (iii) payment
of the Exercise Price for the number of Warrant Shares so indicated by the Warrant Holder to be purchased.

 

d. This
Warrant shall be exercisable at any time and from time to time for such number of Warrant Shares as is indicated in the attached
Form of Election to Purchase. If less than all of the Warrant Shares which may be purchased under this Warrant are exercised at
any time, the Company shall issue or cause to be issued, at its expense, a New Warrant evidencing the right to purchase the remaining
number of Warrant Shares for which no exercise has been evidenced by this Warrant.

 

e. Notwithstanding
any other provision of this Warrant, the Warrant Holder may not exercise this Warrant (i) prior to 180 days from the grant date,
or (ii) if such exercise would cause Warrant Holder’s beneficial ownership (as defined by Section 13(d) of the Securities
Exchange Act of 1934, as amended) of the Common Stock (including Shares representing the Common Stock) of the Company to exceed
9.9% of its total issued and outstanding Common Stock or voting shares.

 

5. Adjustment
of Exercise Price and Number of Shares. The character of the Shares of the Company issuable upon exercise of this Warrant and
the Exercise Price therefor, are subject to adjustment upon the occurrence of the following events:

 

a. Adjustment
for Reorganization, Consolidation, Merger, Etc. In case of any consolidation or merger of the Company with or into any
other corporation, entity or person, or any other corporate reorganization, in which the Company shall not be the continuing or
surviving entity of such consolidation, merger or reorganization (any such transaction being hereinafter referred to as a “Reorganization”),
then, in each case, the Warrant Holder, on exercise hereof at any time after the consummation or effective date of such Reorganization
(the “Effective Date”), shall receive, in lieu of the shares of stock or other securities otherwise issuable
upon the exercise of the Warrant prior to the such Reorganization, the stock and other securities and property (including cash)
to which such Warrant Holder would have been entitled to had such holder exercised this Warrant immediately prior the Effective
Date (the “Reorganization Consideration”) (all subject to further adjustment as provided in this Warrant). The
Company shall ensure that the surviving entity in any Reorganization specifically assumes the Company’s obligations under
this Warrant, though the Company may arrange for the retirement of this Warrant at the Effective Date subject to payment of the
Reorganization Consideration.

 

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b. Adjustments
for Stock Dividends; Combinations, Etc. In case the Company shall do any of the following (an “Event”):

 

		i.	declare a dividend or other distribution on its common stock payable in common stock of the Company,

 

		ii.	subdivide the outstanding common stock pursuant to a stock split or otherwise, or

 

		iii.	reclassify its common stock,

 

then the number of Shares or other securities
at the time issuable upon exercise of this Warrant shall be appropriately adjusted to reflect any such Event.

 

c. Certificate
as to Adjustments. In case of any adjustment or readjustment in the price or kind of securities issuable on the exercise of
this Warrant, the Company will promptly give written notice thereof to the holder of this Warrant in the form of a certificate,
certified and confirmed by the the Company’s Corporate Secretary as being an action of Board of Directors of the Company,
setting forth such adjustment or readjustment and showing in reasonable detail the facts upon which such adjustment or readjustment
is based.

 

6. Fractional
Shares. The Company shall not be required to issue or cause to be issued fractional Warrant Shares on the exercise of this
Warrant. The number of full Warrant Shares that shall be issuable upon the exercise of this Warrant shall be computed on the basis
of the aggregate number of Warrant Shares purchasable on exercise of this Warrant so presented. If any fraction of a Warrant Share
would, except for the provisions of this Section 6, be issuable on the exercise of this Warrant, the Company will round
the number of Warrant Shares issuable down to a whole number.

 

7. Notice.
All notices and other communications hereunder shall be in writing and shall be deemed to have been given (i) on the date they
are (a) delivered if delivered in person or (b) sent, if sent by email; (ii) on the date initially received if delivered by facsimile
transmission followed by registered or certified mail confirmation; (iii) on the date delivered by an overnight courier service;
or (iv) on the third business day after it is mailed by registered or certified mail, return receipt requested with postage and
other fees prepaid as follows:

 

If to the Company:

 

Clene Nanomedicine, Inc.

6550 South Millrock Drive, Suite G50

Salt Lake City, Utah 84121 

 

with a copy to:

 

Kirkland & Ellis

26F, Gloucester Tower, The Landmark

15 Queens Road Central, Hong Kong

Attn: Ben James, Esq.

 

If to the Warrant Holder:

 

[●]

 

8. Miscellaneous.

 

a. This
Warrant is being granted pursuant to the Subscription Agreement and any defined term therein shall be incorporated herein. To the
extent that there is a conflict between any condition, term or provision of this Warrant and the Subscription Agreement, the conditions,
terms, and provisions set forth herein shall specifically supersede the conflicting conditions, provisions and/or terms in the
Subscription Agreement.

 

    16

     

    

 

b. This
Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
This Warrant may be amended only in writing and signed by the Company and the Warrant Holder. Warrant Holder may assign this Warrant
without consent from the Company but in accordance with the restrictions herein.

 

c. Nothing
in this Warrant shall be construed to give to any person or corporation other than the Company and the Warrant Holder any legal
or equitable right, remedy or cause of action under this Warrant; this Warrant shall be for the sole and exclusive benefit of the
Company and the Warrant Holder.

 

d. This
Warrant shall be governed by and construed in accordance with the laws of the State of Delaware (regardless of the laws that might
otherwise govern under applicable principles of conflicts of laws thereof) as to all matters (including any action, suit, litigation,
arbitration, mediation, claim, charge, complaint, inquiry, proceeding, hearing, audit, investigation or reviews by or before any
governmental entity related hereto), including matters of validity, construction, effect, performance and remedies.

 

e. The
headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.

 

f. In
case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonably substitute therefore,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

g. The
Warrant Holder shall not, by virtue hereof, be entitled to any voting or other rights of a shareholder of the Company, either at
law or equity, and the rights of the Warrant Holder are limited to those expressed in this Warrant.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK]

 

    17

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be duly executed by the authorized officer as of the date first above stated.

 

	 	Chelsea Worldwide Inc.
	 	 	 
	 	By:	            
	 	Name:  	 
	 	Title:	 

 

    18

     

    

 

FORM OF ELECTION TO PURCHASE

 

(To be executed by the Warrant Holder to
exercise the right to purchase Shares of the Company under the foregoing Warrant)

 

To: Chelsea Worldwide Inc.

 

The undersigned, pursuant to the provisions
set forth in the attached Warrant, hereby irrevocably elects to purchase (check applicable box):

 

	☐	________
    Shares of the Company covered by such Warrant; or
	 	 
	☐	the maximum number
    of Shares of the Company covered by such Warrant pursuant to the cashless exercise procedure set forth therein.

 

The undersigned herewith makes payment
of the full purchase price for such Shares at the price per Share provided for in such Warrant, which is $___________. Such payment
takes the form of (check applicable box or boxes):

 

	☐	$__________
    in lawful money of the United States; and/or
	 	 
	☐	the cancellation
    of such portion of the attached Warrant as is exercisable for a total of _______ Shares of the Company (using a Fair Market
    Value of $_______ per Share for purposes of this calculation); and/or
	 	 
	☐	the cancellation
    of such number of Shares of the Company as is necessary, in accordance with the formula set forth in Section 4 of the
    Warrant, to exercise this Warrant with respect to the maximum number of Shares of the Company purchasable pursuant to the
    cashless exercise procedure set forth in Section 4.

 

After application of the cashless exercise
feature as described above, _____________ Shares of the Company are required to be delivered pursuant to the instructions below.

 

The undersigned represents and warrants
that all offers and sales by the undersigned of the securities issuable upon exercise of the within Warrant shall be made pursuant
to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities Act”), or
pursuant to an exemption from registration under the Securities Act.

 

	 	Name of Warrant Holder:
	 	 	 
	 	(Print)	 
	 	 	 
	 	(By:)	 
	 	 	 
	 	(Name:)  	                    
	 	 	 
	 	(Title:)	 
	 	 	 
	 	Signatures must conform in all respects to the name of the Warrant Holder on the face of the Warrant.

 

 

19

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