Document:

Exhibit
10.1

 

POLARITYTE,
INC.

 

January
22, 2021

 

Holder
of Common Stock Purchase Warrant

 

	 	Re:	Inducement
    Offer to Exercise Common Stock Purchase Warrants

 

Dear
Holder:

 

PolarityTE,
Inc. (the “Company”) is pleased to offer to you the opportunity to exercise all or part of the Common Stock
Purchase Warrants of the Company (the “Existing Warrants”) currently held by you (the “Holder”).
The Existing Warrants and the shares underlying the Existing Warrants (“Warrant Shares”) have been registered
pursuant to registration statement Form S-3 (File No. 333-229584) (the “Registration Statement”). The Registration
Statement is currently effective and, upon exercise of the Existing Warrants pursuant to this letter agreement, will be effective
for the issuance or sale, as the case may be, of the Warrant Shares. Capitalized terms not otherwise defined herein shall have
the meanings set forth in the Existing Warrant.

 

In
consideration for exercising all or a portion of the Existing Warrants held by you, as set forth on the signature page hereto
(the “Warrant Exercise”) at the current exercise price of $0.624, the Company hereby offers to sell to you
or your designee a new Common Stock Purchase Warrant (“New Warrant”) to purchase up to a number of shares of
Common Stock equal to 75% of the number of Warrant Shares issued in the Warrant Exercise. The purchase price of the New Warrant
shall equal the $0.125 per share underlying the New Warrant. The New Warrant shall be issued pursuant to the Registration Statement,
have an exercise price equal to $1.20, be exercisable immediately and be otherwise in the form of the Existing Warrants. The original
New Warrant certificate(s) will be delivered within two Business Days following the date hereof. Notwithstanding anything herein
to the contrary, in the event the Warrant Exercise would otherwise cause the Holder to exceed the beneficial ownership limitations
(“Beneficial Ownership Limitation”) set forth in Section 1(f) of the Existing Warrants, the Company shall only
issue such number of Warrant Shares to the Holder that would not cause the Holder to exceed the maximum number of Warrant Shares
permitted thereunder with the balance to be held in abeyance until notice from the Holder that the balance (or portion thereof)
may be issued in compliance with such limitations, which abeyance shall be evidenced through the Existing Warrant which shall
be deemed prepaid thereafter, and exercised pursuant to a Notice of Exercise in the Existing Warrant (provided no additional exercise
shall be payable).

 

Expressly
subject to the paragraph immediately following this paragraph below, Holder may accept this offer by signing this letter below,
with such acceptance constituting Holder’s exercise in full of the Existing Warrants for an aggregate exercise price set
forth on the Holder’s signature page hereto (the “Warrants Exercise Price”) on or before 8:30 a.m. Eastern
Time on January 22 2021.

 

Additionally,
the Company agrees to the representations, warranties and covenants set forth on Annex A attached hereto.

 

From
the date hereof until the end of the 45 Trading Day following the date hereof, other than an Exempt Issuance (as defined in the
Purchase Agreement, neither the Company nor any subsidiary of the Company (the Company acknowledging that it does not currently
have any subsidiaries) shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares
of Common Stock or any securities of the Company or any subsidiaries which would entitle the holder thereof to acquire at any
time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

    	 

     

    

 

If
this offer is accepted and the transaction documents are executed on or before 8:30 am Eastern Time on January 22, 2021, then
on or before 9:30 am ET on such Trading Day, the Company shall file a press release or a Current Report on Form 8-K with the SEC
disclosing all material terms of the transactions contemplated hereunder. The Company shall file a prospectus supplement to the
Registration Statement as to the New Warrants and shares underlying the New Warrants within the time period prescribed under the
Securities Act. The Company represents, warrants and covenants that, upon acceptance of this offer, the shares underlying the
Existing Warrants shall be issued free of any legends or restrictions on resale by Holder and all of the Warrant Shares shall
be delivered electronically through the Depository Trust Company within 1 Business Day of the date the Company receives the Warrants
Exercise Price (or, with respect to Warrant Shares that would otherwise be in excess of the Beneficial Ownership Limitation, within
2 Business Days of the date the Company is notified by Holder that its ownership is less than the Beneficial Ownership Limitation).
The terms of the Existing Warrants, including but not limited to the obligations to deliver the Warrant Shares, shall otherwise
remain in effect as if the acceptance of this offer were a formal Notice of Exercise (including but not limited to any liquidated
damages and compensation in the event of late delivery of the Warrant Shares).

 

Each
of the parties hereto agree to waive Section 2(e) of the Existing Warrants. In the event the Warrant Exercise results in the Holder
exceeding the Beneficial Ownership Limitation (as defined in the Existing Warrants), the Holder agrees that any Warrant Shares
exceeding the Beneficial Ownership Limitation (as determined by the Holder) will be held in abeyance by the Company for such Holder.
For the avoidance of doubt, the exercise price payable by the Holder in respect of any Warrant Shares held in abeyance pursuant
to the foregoing shall be paid by the Holder upon the closing of the Warrant Exercise.

 

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

 

    	 

     

    

 

Please
do not hesitate to call me if you have any questions.

 

	 	Sincerely
    yours,
	 	 	 
	 	POLARITYTE,
    INC.
	 	 	 
	 	By	 
	 	Name:	David
    Seaburg
	 	Title:
    	Chief
    Executive Officer

 

Accepted
and Agreed to:

 

Name
of Holder: ________________________________________________________

 

Signature
of Authorized Signatory of Holder: _________________________________

 

Name
of Authorized Signatory: _______________________________________________

 

Title
of Authorized Signatory: ________________________________________________

 

Existing
Warrant Shares subject to Warrant Exercise: ______________

 

Aggregate
Exercise Price: $_____________

 

New
Warrant Shares (75% coverage): ___________

 

New
Warrant Purchase Price:_______________

 

DTC
Instructions:

 

    	 

     

    

 

Annex
A

 

Representations,
Warranties and Covenants of the Company. The Company hereby makes the following representations and warranties to the Holder:

 

(a)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this letter agreement and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of this letter agreement by the Company and the consummation by the Company of the transactions contemplated
hereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company,
its board of directors or its stockholders in connection therewith. This letter agreement has been duly executed by the Company
and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights
generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(b)
No Conflicts. The execution, delivery and performance of this letter agreement by the Company and the consummation by the
Company of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s
certificate or articles of incorporation, bylaws or other organizational or charter documents; or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any
liens, claims, security interests, other encumbrances or defects upon any of the properties or assets of the Company in connection
with, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time
or both) of, any material agreement, credit facility, debt or other material instrument (evidencing Company debt or otherwise)
or other material understanding to which such Company is a party or by which any property or asset of the Company is bound or
affected; or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or
other restriction of any court or governmental authority to which the Company is subject (including federal and state securities
laws and regulations), or by which any property or asset of the Company is bound or affected, except, in the case of each of clauses
(ii) and (iii), such as could not have or reasonably be expected to result in a material adverse effect upon the business, prospects,
properties, operations, condition (financial or otherwise) or results of operations of the Company, taken as a whole, or in its
ability to perform its obligations under this letter agreement.

 

(c)
Nasdaq Corporate Governance. The transactions contemplated under this letter agreement, comply with all rules of the Trading
Market.Exhibit 4.1

   

	NUMBER

                                               U-__________
	 	UNITS

  

	SEE REVERSE FOR

CERTAIN DEFINITIONS	ASTREA
    ACQUISITION CORP.	 

CUSIP [●]

 

UNITS CONSISTING OF
ONE SHARE OF COMMON STOCK AND ONE-HALF OF ONE WARRANT

 

THIS CERTIFIES THAT ______________________________________________________________________________

 

is the owner of ______________________________________________________________________________________
Units.

 

Each Unit (“Unit”)
consists of one (1) share of common stock, par value $0.0001 per share (“Common Stock”), of Astrea Acquisition
Corp., a Delaware corporation (the “Company”), and one-half of one warrant of the Company (“Warrant”).
Each whole Warrant entitles the holder to purchase one share of Common Stock for $11.50 per share (subject to adjustment). Each
Warrant will become exercisable 30 days after the Company’s completion of an initial merger, capital stock exchange, asset
acquisition, or other similar business combination with one or more businesses or entities (a “Business Combination”)
and will expire unless exercised before 5:00 p.m., New York City Time, on the fifth anniversary of the completion of an initial
Business Combination, or earlier upon redemption or liquidation. The Common Stock and Warrant(s) comprising the Unit(s) represented
by this certificate are not transferable separately until ninety (90) days following the IPO, unless EarlyBirdCapital, Inc. informs
the Company of its decision to allow earlier separate trading, except that in no event will the Common Stock and Warrants be separately
tradeable until the Company has filed an audited balance sheet reflecting the Company’s receipt of the gross proceeds of
its initial public offering and issued a press release announcing when such separate trading will begin. The terms of the Warrants
are governed by a Warrant Agreement, dated as of ___________, 2021, between the Company and Continental Stock Transfer & Trust
Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the
holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant
Agent at 1 State Street, 30th Floor, New York, New York 10004, and are available to any Warrant holder on written request
and without cost.

 

This certificate is not valid unless
countersigned by the Transfer Agent and Registrar of the Company. Witness the facsimile seal of the Company and the facsimile signatures
of its duly authorized officers.

  

	By	 	 	 
	 	 	 	 
	 	Chairman	 	Secretary

 

     

     

    

 

Astrea Acquisition Corp.

 

The Company will furnish without charge
to each unitholder who so requests, a statement of the powers, designations, preferences, and relative, participating, optional,
or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions
of such preferences and/or rights.

 

The following abbreviations, when used
in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	TEN COM	—	as tenants in common	 	UNIF GIFT MIN ACT	—	 	Custodian	 
	 	 	 	 	 	 	(Cust)	 	(Minor)
	TEN ENT	—	as tenants by the entireties	 	 	 		 	
	 	 	 	 	 	 	 	 	 
	JT TEN	—	as joint tenants with right of survivorship
    and not as tenants in common	 	 	under
    Uniform Gifts to Minors Act
	 	 	 	 	(State)

 

Additional abbreviations may also be used
though not in the above list.

  

For
value received, ___________________________ hereby sell, assign, and transfer unto

 

	
        PLEASE INSERT SOCIAL SECURITY OR
OTHER

IDENTIFYING NUMBER OF ASSIGNEE
	 
	 

                                                               

                                                               
	 

 

	 
	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	 
	 
	 
	 
	 
	 	 Units

represented by the within Certificate, and do hereby irrevocably
constitute and appoint

 

	 	 Attorney

to transfer the said Units on
the books of the within named Company with full power of substitution in the premises.

 

	Dated	 	 

  

	 	 	 
		Notice:	The signature to this assignment must correspond with the name as
written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

  

Signature(s) Guaranteed:

 

	 	 
	THE SIGNATURE(S) SHOULD BE GUARANTEED
BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN
AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).	 

  

  

The holder(s) of this certificate shall be entitled to receive
a pro-rata portion of the funds from the trust account with respect to the common stock underlying the unit(s) represented by this
certificate only in the event that (i) the Corporation is forced to liquidate because it does not consummate an initial business
combination within the period of time set forth in the Corporation’s Amended and Restated Certificate of Incorporation, as
the same may be amended from time to time (the “Charter”) or (ii) if the holder seeks to convert his shares upon consummation
of, or sell his shares in a tender offer in connection with, an initial business combination or in connection with certain amendments
to the Charter. In no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account.

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