Document:

Exhibit 10.9

 

NOTE SUBSCRIPTION AGREEMENT

 

This Note
Subscription Agreement, dated as of June 24, 2021 (this “Agreement”), is entered into by and between Tenon Medical,
Inc., a Delaware corporation (the “Company”), and the person or entity listed on the signature page hereto (the
“Investor”).

 

RECITALS

 

A.
           On
the terms and subject to the conditions set forth herein, the Investor is willing to purchase from the Company, and the Company
is willing to sell to such Investor, a convertible promissory note in the form of Exhibit A hereto (a “Note”)
in the principal amount set forth opposite such Investor’s name on the signature page hereto.

 

 B.
            Investor will complete the investor suitability questionnaire set forth on Exhibit B hereto.

 

C.
           The
Company may, in its sole discretion, issue and sell additional convertible promissory notes in a form substantially similar to
the Note (each, also a “Note” and together with all other Notes, the “Notes”) to certain
other investors identified by the Company from time to time (each, also an “Investor” and together with all
other Investors, the “Investors”) pursuant to a note subscription agreement in a form substantially similar
to this Agreement (each, also an “Agreement” and together with all other Agreements, the “Agreements”).

 

 D.            Capitalized terms not otherwise defined herein shall have the meaning set forth in the Note.

 

AGREEMENT

 

NOW THEREFORE,
in consideration of the foregoing, and the representations, warranties, and conditions set forth below, the parties hereto, intending
to be legally bound, hereby agree as follows:

 

1.
           The Note.

 

(a)          Issuance
of Note. Subject to all of the terms and conditions hereof, the Company agrees to issue and sell to the Investor, and the Investor
agrees to purchase from the Company, a Note in the principal amount set forth opposite such Investor’s name on the signature
page hereto.

 

(b)          Delivery.
The sale and purchase of the Note shall take place at a closing (the “Closing”) to be held on the date of
this Agreement (the “Closing Date”). At the Closing, the Company will deliver to the Investor the Note to be
purchased by such Investor, against receipt by the Company of the corresponding purchase price set forth on the signature page
hereto (the “Purchase Price”). The Purchase Price may be paid by wire using the wire instructions set forth
on Exhibit C hereto or by check made out to “Tenon Medical, Inc.” and delivered to the Company at Tenon Medical,
Inc., Attn: President, 2110 Omega Road Suite F, San Ramon CA 94583. The Note will be registered in such Investor’s name in
the Company’s records.

 

(c)          Use
of Proceeds. The proceeds of the sale and issuance of the Note shall be used for general corporate purposes.

 

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

 

(a)          Due
Incorporation, Qualification, etc. The Company (i) is a corporation duly incorporated, validly existing and in good standing
under the laws of the State of Delaware; (ii) has the power and authority to own, lease and operate its properties and carry on
its business as now conducted; and (iii) is duly qualified, licensed to do business and in good standing as a foreign corporation
in each jurisdiction where the failure to be so qualified or licensed could reasonably be expected to have a material adverse effect
on the Company.

 

    	 		 

     

    

 

(b)          Authority.
The execution, delivery and performance by the Company of each Transaction Document to be executed by the Company and the consummation
of the transactions contemplated thereby (i) are within the power of the Company and (ii) have been duly authorized by all necessary
actions on the part of the Company, its officers, directors and stockholders.

 

(c)          Enforceability.
Each Transaction Document executed, or to be executed, by the Company has been, or will be, duly executed and delivered by the
Company and constitutes, or will constitute, a legal, valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting
the enforcement of creditors’ rights generally and general principles of equity.

 

(d)          Compliance
with Other Instruments. Neither the authorization, execution and delivery of this Agreement, nor the issuance and delivery
of the Note, will constitute or result in a material default or violation of any law or regulation applicable to the Company or
any material term or provision of the Company's current Certificate of Incorporation or bylaws or any material agreement or instrument
by which it is bound or to which its properties or assets are subject.

 

(e)          No
“Bad Actor” Disqualification. The Company has exercised reasonable care, in accordance with Securities and Exchange
Commission rules and guidance, to determine whether any Covered Person (as defined below) is subject to any of the “bad actor”
disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities Act (“Disqualification Events”).
To the Company’s knowledge, no Covered Person is subject to a Disqualification Event, except for a Disqualification Event
covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The Company has complied, to the extent applicable, with any disclosure
obligations under Rule 506(e) under the Securities Act. “Covered Persons” are those persons specified in Rule
506(d)(1) under the Securities Act, including the Company; any predecessor or affiliate of the Company; any director, executive
officer, other officer participating in the offering, general partner or managing member of the Company; any beneficial owner of
20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power; any promoter
(as defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of the sale of the Note;
and any person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection
with the sale of the Note (a “Solicitor”), any general partner or managing member of any Solicitor, and any
director, executive officer or other officer participating in the offering of any Solicitor or general partner or managing member
of any Solicitor.

 

3.            Representations
and Warranties of the Investor. The Investor represents and warrants to the Company upon the acquisition of a Note as follows:

 

(a)           Binding
Obligation. The Investor has full legal capacity, power and authority to execute and deliver this Agreement and to perform
its obligations hereunder. This Agreement constitutes a valid and binding obligation of such Investor, enforceable in accordance
with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement
of creditors’ rights generally and general principles of equity.

 

    	 	-2-	

     

    

 

(b)          Securities
Law Compliance. The Investor has been advised that the Note and the underlying securities have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, therefore, cannot
be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from
such registration requirements is available. Such Investor is aware that the Company is under no obligation to effect any such
registration with respect to the Note or the underlying securities or to file for or comply with any exemption from registration.
Such Investor has not been formed solely for the purpose of making this investment and is purchasing the Note to be acquired by
such Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in
connection with, the distribution thereof, and Investor has no present intention of selling, granting any participation in, or
otherwise distributing the same. Such Investor has such knowledge and experience in financial and business matters that such Investor
is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing
such Investor’s financial condition and is able to bear the economic risk of such investment for an indefinite period of
time. Such Investor is an “accredited investor” as such term is defined in Rule 501 of Regulation D under the Securities
Act and shall submit to the Company such further assurances of such status as may be reasonably requested by the Company. The residency
of the Investor (or, in the case of a partnership or corporation, such entity’s principal place of business) is correctly
set forth beneath such Investor’s name on the signature page hereto.

 

(c)          Access
to Information. The Investor acknowledges that the Company has given such Investor access to the corporate records and accounts
of the Company and to all information in its possession relating to the Company, has made its officers and representatives available
for interview by such Investor, and has furnished such Investor with all documents and other information required for such Investor
to make an informed decision with respect to the purchase of the Note.

 

(d)          No
“Bad Actor” Disqualification Events. Neither (i) Investor, (ii) any of its directors, executive officers, other
officers that may serve as a director or officer of any company in which it invests, general partners or managing members, nor
(iii) any beneficial owner of any of the Company’s voting equity securities (in accordance with Rule 506(d) of the Securities
Act) held by such Investor is subject to any Disqualification Event (as defined in Section 2(e)), except for Disqualification Events
covered by Rule 506(d)(2) or (d)(3) under the Securities Act and disclosed reasonably in advance of the Closing in writing in reasonable
detail to the Company.

 

4.           
Miscellaneous.

 

(a)          Waivers
and Amendments. Any provision of this Agreement and the Note may be amended, waived or modified only upon the written consent
of the Company and the Investors representing a majority of all principal then owing pursuant to outstanding Notes issued pursuant
to the Agreements (a “Majority in Interest of Investors”). Any amendment or waiver effected in accordance with
this paragraph shall be binding upon all of the Investors with respect to their Notes.

 

(b)          Governing
Law. This Agreement and all actions arising out of or in connection with this Agreement shall be governed by and construed
in accordance with the laws of the State of California, without regard to the conflicts of law provisions of the State of California
or of any other state.

 

(c)          Survival.
The representations, warranties, covenants and agreements made herein shall survive the execution and delivery of this Agreement.

 

(d)          Successors
and Assigns. The rights and obligations of the Company and the Investor shall be binding upon and benefit the successors, assigns,
heirs, administrators and transferees of the parties.

 

(e)         Entire
Agreement. This Agreement together with the Note constitute and contain the entire agreement between the Company and Investor
and supersedes any and all prior agreements, negotiations, correspondence, understandings and communications among the parties,
whether written or oral, respecting the subject matter hereof.

 

    	 	-3-	

     

    

 

(f)          Notices.
All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall in writing
and faxed, mailed or delivered to each party as follows: (i) if to the Investor, at such Investor’s address or facsimile
number set forth on the signature page hereto, or at such other address as such Investor shall have furnished the Company in writing,
or (ii) if to the Company, Tenon Medical, Inc., Attn: President, 2110 Omega Road Suite F, San Ramon CA 94583, or at such other
address as the Company shall have furnished to the Investor in writing. All such notices and communications will be deemed effectively
given the earlier of (i) when received, (ii) when delivered personally, (iii) one business day after being delivered by facsimile
(with receipt of appropriate confirmation), (iv) one business day after being deposited with an overnight courier service of recognized
standing or (v) four days after being deposited in the

U.S. mail, first class with postage
prepaid.

 

(g)          Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together
will constitute one and the same agreement. Facsimile copies of signed signature pages will be deemed binding originals.

 

(h)          Waiver
of Potential Conflicts of Interest. Each of the Investors and the Company acknowledges that Wilson Sonsini Goodrich & Rosati,
Professional Corporation (“WSGR”) may have represented and may currently represent certain of the Investors.
In the course of such representation, WSGR may have come into possession of confidential information relating to Investor. The
Investor and the Company acknowledge that WSGR is representing only the Company in this transaction. The Investor and the Company
understands that an affiliate of WSGR may also be an Investor under this Agreement. Pursuant to Rule 3-310 of the Rules of Professional
Conduct promulgated by the State Bar of California, an attorney must avoid representations in which the attorney has or had a relationship
with another party interested in the representation without the informed written consent of all parties affected. By executing
this Agreement, each of the Investors and the Company hereby waives any actual or potential conflict of interest which may arise
as a result of WSGR’s representation of such persons and entities, WSGR’s possession of such confidential information
and the participation by WSGR’s affiliate in the financing. Each of the Investors and the Company represents that it has
had the opportunity to consult with independent counsel concerning the giving of this waiver.

 

(Signature Page Follows)

 

    	 	-4-	

     

    

 

The foregoing
Note Subscription Agreement is hereby confirmed and accepted by the Company as of June 24, 2021     .

 

	 	Tenon Medical, Inc.
	 	 
	 	By:	/s/ Steven Foster
	 	Name:	Steven Foster
	 	Title: 	Chief Executive Officer

 

	Note Amount:	/s/ Thomas J. Mitchell, II
	$50 000.00         	(Signature)
	 	 
	 	Thomas J. Mitchell, II
	 	(Print Name)
	 	 
	 	"Thomas J. Mitchell, II and Susan L. Mitchell, Revocable Living Trust dated January 12, 2000, as amended and restated".
	 	(Investor Name: name as it should appear on the Note, if different than above)

 

[Signature page for Note Subscription Agreement]

 

    	 		 

     

    

 

Exhibit A

 

FORM OF CONVERTIBLE PROMISSORY NOTE

 

(form starts on next page)

 

    	 		 

     

    

 

THIS NOTE AND THE SECURITIES ISSUABLE
UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER
THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION
THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER,
SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

TENON MEDICAL, INC.

 

CONVERTIBLE PROMISSORY NOTE

 

	$50,000	June 24, 2021

 

FOR VALUE
RECEIVED, Tenon Medical, Inc., a Delaware corporation (the “Company”) promises to pay to Thomas J. Mitchell,
II and Susan L. Mitchell, Recovable Living Trust dated January 12, 2000, as amended and restated (“Investor”),
or its registered assigns, in lawful money of the United States of America the principal sum of Fifty Thousand Dollars ($50,000),
or such lesser amount as shall equal the outstanding principal amount hereof, together with interest from the date of this Convertible
Promissory Note (this “Note”) on the unpaid principal balance at a rate equal to eight percent (8%) per annum,
computed on the basis of the actual number of days elapsed and a year of 365 days. All unpaid principal, together with any then
unpaid and accrued interest and other amounts payable hereunder, shall be due and payable on the earlier of (i) the 12 month anniversary
of the first sale and issuance of any convertible promissory note pursuant to any Note Subscription Agreement (the “Maturity
Date”) following written demand by a Majority in Interest of the Investors, or (ii) when, upon the occurrence and during
the continuance of an Event of Default, such amounts are declared due and payable by Investor or made automatically due and payable,
in each case, in accordance with the terms hereof. This Note is one of a series of similar convertible promissory notes (collectively,
the “Notes”), each executed and delivered pursuant to a note subscription agreement in a form substantially
similar to the Note Subscription Agreement pursuant to which this Note was issued under.

 

The following
is a statement of the rights of Investor and the conditions to which this Note is subject, and to which Investor, by the acceptance
of this Note, agrees:

 

1.           Payments.

 

 (a)           Interest. Accrued interest on this Note shall be payable at maturity.

 

(b)          Voluntary
Prepayment. This Note may not be prepaid, without the written consent of a Majority in Interest of Investors.

 

2.            Events
of Default. The occurrence of any of the following shall constitute an “Event of Default” under this
Note and the other Transaction Documents:

 

(a)          Failure
to Pay. The Company shall fail to pay (i) when due any principal payment on the due date hereunder or (ii) any interest payment
or other payment required under the terms of this Note or any other Transaction Document on the date due and such payment shall
not have been made within twenty (20) Business Days of the Company’s receipt of written notice to the Company of such failure
to pay; or

 

    	 	-2-	

     

    

 

(b)          Voluntary
Bankruptcy or Insolvency Proceedings. The Company shall (i) apply for or consent to the appointment of a receiver, trustee,
liquidator or custodian of itself or of all or a substantial part of its property, (ii) admit in writing its inability to pay its
debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved
or liquidated, (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect
to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such
relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding
commenced against it, or (vi) take any action for the purpose of effecting any of the foregoing; or

 

(c)          Involuntary
Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the
Company, or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation,
reorganization or other relief with respect to the Company or any of its Subsidiaries, if any, or the debts thereof under any bankruptcy,
insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding
shall not be dismissed or discharged within 45 days of commencement.

 

3.          Rights
of Investor upon Default. Upon the occurrence of any Event of Default (other than an Event of Default described in Sections
2(b) or 2(c)) and at any time thereafter during the continuance of such Event of Default, Investor may, with the written
consent of a Majority in Interest of Investors, by written notice to the Company, declare all outstanding Obligations payable by
the Company hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all
of which are hereby expressly waived, anything contained herein or in the other Transaction Documents to the contrary notwithstanding.
Upon the occurrence of any Event of Default described in Sections 2(b) and 2(c), immediately and without notice,
all outstanding Obligations payable by the Company hereunder shall automatically become immediately due and payable, without presentment,
demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the
other Transaction Documents to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence and during
the continuance of any Event of Default, Investor may, with the written consent of a Majority in Interest of Investors, exercise
any other right power or remedy granted to it by the Transaction Documents or otherwise permitted to it by law, either by suit
in equity or by action at law, or both.

 

4.          
Conversion.

 

(a)          Automatic
Conversion upon an Initial Public Offering. If an Initial Public Offering occurs prior to the payment in full of the principal
amount of this Note, then the outstanding principal amount of this Note and all accrued and unpaid interest on this Note shall
automatically convert immediately prior to such Initial Public Offering, into fully paid and nonassessable shares of the Company’s
common stock at a price per share equal the lesser of (i) to an amount obtained by dividing (x) $22,500,000 by (y) the Fully Diluted
Capitalization of the Company, and (ii) the IPO Conversion Price. The Company shall provide the Investors written notice of any
potential Initial Public Offering at least ten (10) business days prior to the consummation of such Initial Public Offering.

 

(b)          Automatic
Conversion upon a Qualified Financing. If a Qualified Financing occurs on or prior to the Maturity Date, then the outstanding
principal amount of this Note, and all accrued and unpaid interest on this Note, shall automatically convert into fully paid and
nonassessable shares of the capital stock issued and sold in such Qualified Financing at a price per share equal to the lesser
of (i) an amount obtained by dividing (x) $22,500,000 by (y) the Fully Diluted Capitalization of the Company, with any fractional
shares rounded down and (i) at the Qualified Financing Conversion Price, with any fractional shares rounded down.

 

    	 	-3-	

     

    

 

(c)           Conversion
upon a Change of Control. If a Change of Control occurs prior to a Qualified Financing or Initial Public Offering and prior
to the payment in full of the principal amount of this Note, and:

 

(i)           if
the proceeds to be received by Investor in such Change of Control if the Investor had converted pursuant to this Section 4(c)(i)
is greater than the accrued and unpaid interest of this Note plus 200% of the outstanding principal of this Note, then the
outstanding principal amount of this Note, and all accrued and unpaid interest on this Note, shall automatically convert into fully
paid and nonassessable shares of the Common Stock at a price per share equal to an amount obtained by dividing (x) $22,500,000
by (y) the Fully Diluted Capitalization of the Company; or

 

(ii)         if
the proceeds received in such Change of Control by Investor if the Investor had converted pursuant to Section 4(c)(i) is
less than the accrued and unpaid interest of this Note plus 200% of the outstanding principal of this Note, then the outstanding
principal amount of this Note, plus all accrued and unpaid interest, in each case that has not otherwise been converted into equity
securities pursuant to Section 4, shall be due and payable immediately prior to the closing of such Change of Control, together
with a premium equal to 100% of the outstanding principal amount to be repaid

 

 (d)         Conversion Procedure.

 

(i)       Conversion
Pursuant to Section 4(a). If this Note is to be automatically converted in accordance with Section 4(a), written notice
shall be delivered to Investor at the address last shown on the records of the Company for Investor or given by Investor to the
Company for the purpose of notice, notifying Investor of the conversion to be effected, specifying the IPO Conversion Price, the
principal amount of the Note to be converted, together with all accrued and unpaid interest, the date on which such conversion
is expected to occur and calling upon such Investor to surrender to the Company, in the manner and at the place designated, the
Note. Upon such conversion of this Note, Investor hereby agrees to execute and deliver to the Company a lock-up agreement in connection
with an Initial Public Offering in substantially the same form of lock-up agreement and other related agreements necessary to consummate
the Initial Public Offering. Investor also agrees to deliver the original of this Note (or a notice to the effect that the original
Note has been lost, stolen or destroyed and an agreement acceptable to the Company whereby the holder agrees to indemnify the Company
from any loss incurred by it in connection with this Note) at the closing of the Initial Public Offering for cancellation; provided,
however, that upon the closing of the Initial Public Offering, this Note shall be deemed converted and of no further force
and effect, whether or not it is delivered for cancellation as set forth in this sentence. The Company shall, as soon as practicable
thereafter, issue and deliver to such Investor a certificate or certificates for the number of shares to which Investor shall be
entitled upon such conversion. Any conversion of this Note pursuant to Section 4(a) shall be deemed to have been made immediately
prior to the closing of the Initial Public Offering, and if applicable and on and after such date the Persons entitled to receive
the shares issuable upon such conversion shall be treated for all purposes as the record holder of such shares.

 

    	 	-4-	

     

    

 

(ii)       Conversion
Pursuant to Section 4(b). If this Note is to be automatically converted in accordance with Section 4(b), written notice
shall be delivered to Investor at the address last shown on the records of the Company for Investor or given by Investor to the
Company for the purpose of notice, notifying Investor of the conversion to be effected, specifying the Qualified Financing Conversion
Price, the principal amount of the Note to be converted, together with all accrued and unpaid interest, the date on which such
conversion is expected to occur and calling upon such Investor to surrender to the Company, in the manner and at the place designated,
the Note. Upon such conversion of this Note, Investor hereby agrees to execute and deliver to the Company all transaction documents
entered into by other purchasers participating in the Qualified Financing, including a purchase agreement, an investor rights agreement
and other ancillary agreements, with customary representations and warranties and transfer restrictions (including, without limitation,
a 180-day lock-up agreement in connection with an initial public offering). Investor also agrees to deliver the original of this
Note (or a notice to the effect that the original Note has been lost, stolen or destroyed and an agreement acceptable to the Company
whereby the holder agrees to indemnify the Company from any loss incurred by it in connection with this Note) at the closing of
the Qualified Financing for cancellation; provided, however, that upon the closing of the Qualified Financing, this Note
shall be deemed converted and of no further force and effect, whether or not it is delivered for cancellation as set forth in this
sentence. The Company shall, as soon as practicable thereafter, issue and deliver to such Investor a certificate or certificates
for the number of shares to which Investor shall be entitled upon such conversion. Any conversion of this Note pursuant to Section
4(b) shall be deemed to have been made immediately prior to the closing of the Qualified Financing and on and after such date
the Persons entitled to receive the shares issuable upon such conversion shall be treated for all purposes as the record holder
of such shares.

 

(iii)       Conversion
Pursuant to Section 4(c). Before Investor shall be entitled to convert this Note into the applicable shares of the Company’s
stock in accordance with Section 4(c), it shall surrender this Note (or a notice to the effect that the original Note has
been lost, stolen or destroyed and an agreement acceptable to the Company whereby the holder agrees to indemnify the Company from
any loss incurred by it in connection with this Note) and give written notice to the Company at its principal corporate office
of the election to convert the same pursuant to Section 4(c), and shall state therein the amount of the unpaid principal
amount of this Note to be converted. Upon such conversion of this Note, Investor hereby agrees to execute and deliver to the Company
a purchase agreement and other ancillary agreements, with customary representations and warranties and transfer restrictions (including,
without limitation, a 180-day lock-up agreement in connection with an initial public offering), and shall be bound upon such conversion
by any transfer restrictions applicable to any of the shares or holders thereof. The Company shall, as soon as practicable thereafter,
issue and deliver to such Investor a certificate or certificates (or a notice of issuance of uncertificated shares, if applicable)
for the number of shares to which Investor shall be entitled upon such conversion, including a check payable to Investor for any
cash amounts payable as described in Section 4(d)(iv). Any conversion of this Note pursuant to Section 4(c) shall
be deemed to have been made upon the satisfaction of all of the conditions set forth in this Section 4(d)(iii) and on and
after such date the Persons entitled to receive the shares issuable upon such conversion shall be treated for all purposes as the
record holder of such shares.

 

(iv)       Fractional
Shares; Effect of Conversion. No fractional shares shall be issued upon conversion of this Note. Upon conversion of
this Note in full, Company shall be forever released from all its obligations and liabilities under this Note and this Note shall
be deemed of no further force or effect, whether or not the original of this Note has been delivered to the Company for cancellation.

 

5.           Definitions.
As used in this Note, the following capitalized terms have the following meanings:

 

“Change of Control”
shall mean (i) any “person” or “group” (within the meaning of Section 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended), becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange
Act of 1934, as amended), directly or indirectly, of more than 50% of the outstanding voting securities of the Company having the
right to vote for the election of members of the Board of Directors, (ii) any reorganization, merger or consolidation of the Company,
other than a transaction or series of related transactions in which the holders of the voting securities of the Company outstanding
immediately prior to such transaction or series of related transactions retain, immediately after such transaction or series of
related transactions, at least a majority of the total voting power represented by the outstanding voting securities of the Company
or such other surviving or resulting entity or (iii) a sale, lease or other disposition of all or substantially all of the assets
of the Company.

 

    	 	-5-	

     

    

 

“Event of Default”
has the meaning given in Section 2 hereof.

 

“Initial Public Offering”
shall mean the closing of the Company’s first firm commitment underwritten initial public offering of the Company’s
common stock pursuant to a registration statement filed under the Securities Act.

 

“Investor” shall
mean the Person specified in the introductory paragraph of this Note or any Person who shall at the time be the registered holder
of this Note.

 

“Investors”
shall mean the investors that have purchased Notes.

 

“IPO Conversion Price”
shall mean a price per share equal to 70% of the price per share (prior to underwriting discounts and commissions) of the Company’s
common stock sold in the Initial Public Offering.

 

“Fully
Diluted Capitalization” shall mean, as of immediately prior to automatic conversion of this Note, the sum of (i) the
outstanding shares of common stock of the Company; (ii) the shares of common stock of the Company directly or indirectly issuable
upon conversion or exchange of all outstanding securities directly or indirectly convertible into or exchangeable for common stock
of the Company and the exercise of all outstanding options and warrants; and (iii) except for conversion in connection with a Change
of Control, the shares of common stock of the Company reserved, but neither issued nor the subject of outstanding awards, under
any equity incentive or similar plan of the Company; provided that Fully Diluted Capitalization shall not include (i) the Notes
and the securities directly or indirectly issuable upon conversion or exchange of the Notes, (ii) other outstanding convertible
promissory notes and any related warrants and the securities directly or indirectly issuable upon conversion or exchange of such
other outstanding convertible promissory notes and the exercise of any such related warrants, or (iii) in any automatic conversion
or any voluntary conversion relating to a financing, any securities issued in the financing, any shares of common stock of the
Company directly or indirectly issuable upon conversion, exchange or exercise of such securities and any increase in the number
of shares reserved for issuance under the Company’s equity incentive or similar plans or arrangements in connection with
the financing.

 

“Majority
in Interest of Investors” shall mean Investors holding more than 50% of the aggregate outstanding principal amount of
the Notes.

 

“Note
Subscription Agreement” and “Note Subscription Agreements” shall mean the Note Subscription Agreement
(the “Note Subscription Agreement”) pursuant to which this Note was issued under, by and between the Company
and Investor, together with all other Note Subscription Agreements (the “Note Subscription Agreements”) in a
form substantially similar to the Note Subscription Agreement, each by and between the Company and the investor set forth on the
signature pages thereto.

 

“Notes” shall mean the convertible
promissory notes issued pursuant to the Note Subscription Agreements.

 

“Obligations”
shall mean and include all loans, advances, debts, liabilities and obligations, howsoever arising, owed by the Company to Investor
of every kind and description, now existing or hereafter arising under or pursuant to the terms of this Note and the other Transaction
Documents, including, all interest, fees, charges, expenses, attorneys’ fees and costs and accountants’ fees and costs
chargeable to and payable by the Company hereunder and thereunder, in each case, whether direct or indirect, absolute or contingent,
due or to become due, and whether or not arising after the commencement of a proceeding under Title 11 of the United States Code
(11 U. S. C. Section 101 et seq.), as amended from time to time (including post-petition interest) and whether or not allowed
or allowable as a claim in any such proceeding. Notwithstanding the foregoing, the term “Obligations” shall not include
any obligations of Company under or with respect to any warrants to purchase Company’s capital stock.

 

    	 	-6-	

     

    

 

“Person”
shall mean and include an individual, a partnership, a corporation (including a business trust), a joint stock company, a limited
liability company, an unincorporated association, a joint venture or other entity or a governmental authority.

 

“Qualified
Financing” is a transaction or series of transactions pursuant to which the Company issues and sells shares of its capital
stock for aggregate gross proceeds of at least $5,000,000 (excluding all proceeds from the incurrence of indebtedness that is converted
into such capital stock, or otherwise cancelled in consideration for the issuance of such capital stock) with the principal purpose
of raising capital.

 

“Qualified
Financing Conversion Price” shall mean a price per share equal to seventy percent (70%) of the price per share paid by
the other cash purchasers of the capital stock sold in the Qualified Financing.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended.

 

“Transaction
Documents” shall mean this Note, each of the other Notes, the Note Subscription Agreement pursuant to which this Note
was issued under, and all other Note Subscription Agreements.

 

6.           
Miscellaneous.

 

(a)            Successors
and Assigns; Transfer of this Note or Securities Issuable on Conversion Hereof; No Transfers to Bad Actors; Notice of Bad Actor
Status.

 

(i)       Subject
to the restrictions on transfer described in this Section 6(a), the rights and obligations of the Company and Investor shall
be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties.

 

(ii)       With
respect to any offer, sale or other disposition of this Note or securities into which such Note may be converted, Investor will
give written notice to the Company prior thereto, describing briefly the manner thereof, together with a written opinion of Investor’s
counsel, or other evidence if reasonably satisfactory to the Company, to the effect that such offer, sale or other distribution
may be effected without registration or qualification (under any federal or state law then in effect). Upon receiving such written
notice and reasonably satisfactory opinion, if so requested, or other evidence, the Company, as promptly as practicable, shall
notify Investor that Investor may sell or otherwise dispose of this Note or such securities, all in accordance with the terms of
the notice delivered to the Company. If a determination has been made pursuant to this Section 6(a) that the opinion of
counsel for Investor, or other evidence, is not reasonably satisfactory to the Company, the Company shall so notify Investor promptly
after such determination has been made. Each Note thus transferred and each certificate representing the securities thus transferred
shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with the Securities Act,
unless in the opinion of counsel for the Company such legend is not required in order to ensure compliance with the Securities
Act. The Company may issue stop transfer instructions to its transfer agent in connection with such restrictions. Subject to the
foregoing, transfers of this Note shall be registered upon registration books maintained for such purpose by or on behalf of the
Company as provided in the Note Subscription Agreement. Prior to presentation of this Note for registration of transfer, the Company
shall treat the registered holder hereof as the owner and holder of this Note for the purpose of receiving all payments of principal
and interest hereon and for all other purposes whatsoever, whether or not this Note shall be overdue and the Company shall not
be affected by notice to the contrary.

 

    	 	-7-	

     

    

 

(iii)       Investor
agrees not to sell, assign, transfer, pledge or otherwise dispose of any securities of the Company, or any beneficial interest
therein, to any person (other than the Company) unless and until the proposed transferee confirms to the reasonable satisfaction
of the Company that neither the proposed transferee nor any of its directors, executive officers, other officers that may serve
as a director or officer of any company in which it invests, general partners or managing members nor any person that would be
deemed a beneficial owner of those securities (in accordance with Rule 506(d) of the Securities Act) is subject to any of the “bad
actor” disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities Act, except as set forth in Rule
506(d)(2) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the transfer, in writing in reasonable detail
to the Company. Investor will promptly notify the Company in writing if Investor or, to Investor’s knowledge, any person
specified in Rule 506(d)(1) under the Securities Act becomes subject to any of the “bad actor” disqualifications described
in Rule 506(d)(1)(i) through (viii) under the Securities Act.

 

(b)          Waiver
and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of the Company and a
Majority in Interest of Investors; provided, however, that no such amendment, waiver or consent shall: (i) reduce
the principal amount of this Note without Investor’s written consent, or (ii) reduce the rate of interest of this Note without
Investor’s written consent.

 

(c)         Notices.
All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be in
writing and faxed, mailed or delivered to each party at the respective addresses of the parties as set forth in the Note Subscription
Agreement, or at such other address or facsimile number as the Company shall have furnished to Investor in writing. All such notices
and communications will be deemed effectively given the earlier of (i) when received, (ii) when delivered personally, (iii) one
business day after being delivered by facsimile (with receipt of appropriate confirmation), (iv) one business day after being deposited
with an overnight courier service of recognized standing or (v) four days after being deposited in the U.S. mail, first class with
postage prepaid.

 

(d)         Pari
Passu Notes. Investor acknowledges and agrees that the payment of all or any portion of the outstanding principal amount of
this Note and all interest hereon shall be pari passu in right of payment and in all other respects to the other Notes. In the
event Investor receives payments in excess of its pro rata share of the Company’s payments to the Investors of all of the
Notes, then Investor shall hold in trust all such excess payments for the benefit of the holders of the other Notes and shall pay
such amounts held in trust to such other holders upon demand by such holders.

 

(e)         Payment.
Unless converted into the Company’s equity securities pursuant to the terms hereof, payment shall be made in lawful tender
of the United States.

 

(f)         Usury.
In the event any interest is paid on this Note which is deemed to be in excess of the then legal maximum rate, then that portion
of the interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of principal
and applied against the principal of this Note.

 

(g)         Waivers.
The Company hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor
and all other notices or demands relative to this instrument.

 

    	 	-8-	

     

    

 

(h)         Governing
Law. This Note and all actions arising out of or in connection with this Note shall be governed by and construed in accordance
with the laws of the State of California, without regard to the conflicts of law provisions of the State of California, or of any
other state.

 

(i)         Waiver
of Jury Trial; Judicial Reference. By acceptance of this Note, Investor hereby agrees and the Company hereby agrees to waive
their respective rights to a jury trial of any claim or cause of action based upon or arising out of this Note or any of the Transaction
Documents. If the jury waiver set forth in this paragraph is not enforceable, then any claim or cause of action arising out of
or relating to this Note, the Transaction Documents or any of the transactions contemplated therein shall be settled by judicial
reference pursuant to Code of Civil Procedure Section 638 et seq. before a referee sitting without a jury, such referee to be mutually
acceptable to the parties or, if no agreement is reached, by a referee appointed by the Presiding Judge of the California Superior
Court for Santa Clara County. This paragraph shall not restrict a party from exercising remedies under the Uniform Commercial Code
or from exercising pre-judgment remedies under applicable law.

 

(Signature Page Follows)

 

    	 	-9-	

     

    

 

The Company has caused this Convertible
Promissory Note to be issued as of the date first written above.

 

	 	TENON MEDICAL, INC.
	 	a Delaware corporation
	 	 
	 	By:	/s/ Steven Foster
	 	Name:	Steven Foster
	 	Title: 	Chief Executive OfficerExhibit 10.10

 

THIS
WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION REQUIREMENTS
OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER
THAT SUCH OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.
This warrant must be surrendered to the coMPANY or its transfer agent as a condition precedent
to the sale, transfer, pledge or hypothecation of any interest in any of the securities represented hereby.

 

WARRANT TO PURCHASE SHARES OF COMMON
STOCK

of

TENON MEDICAL, INC.

 

Dated as of December 31, 2020

Void after the date specified in Section 8

 

	 	
        Warrant to Purchase

        50,000 Shares of

        Common Stock

        (subject to adjustment)

 

THIS CERTIFIES THAT,
for value received, Exchange Listing, LLC, or its registered assigns (the “Holder”), is entitled, subject
to the provisions and upon the terms and conditions set forth herein, to purchase from Tenon Medical, Inc., a Delaware corporation
(the “Company”), shares of the Company’s Common Stock, $0.001 par value per share (the “Shares”),
in the amounts, at such times and at the price per share set forth in Section 1. The term “Warrant”
as used herein shall include this Warrant and any warrants delivered in substitution or exchange therefor as provided herein. This
Warrant is issued in connection with that certain Capital Market Advisory Agreement, dated as of October 14, 2020, by and between
the Company and the Holder.

 

The following is a
statement of the rights of the Holder and the conditions to which this Warrant is subject, and to which Holder, by acceptance of
this Warrant, agrees:

 

		1.	Number and Price of Shares; Exercise Period.

 

(a)       Number
of Shares. Subject to any previous exercise of the Warrant, the Holder shall have the right to purchase up to 50,000 Shares,
as may be adjusted pursuant hereto, prior to (or in connection with) the expiration of this Warrant as provided in Section 8.

 

(b)       Exercise
Price. The exercise price per Share shall be equal to $2.60, subject to adjustment pursuant hereto (the “Exercise
Price”).

 

(c)       Exercise
Period. This Warrant shall be exercisable, in whole or in part, prior to (or in connection with) the expiration of this
Warrant as set forth in Section 8.

 

    	 

     

    

 

		2.	Exercise of the Warrant.

 

(a)       Exercise.
The purchase rights represented by this Warrant may be exercised at the election of the Holder, in whole or in part, in accordance
with Section 1, by:

 

(i)       the
tender to the Company at its principal office (or such other office or agency as the Company may designate) of a notice of exercise
in the form of Exhibit A (the “Notice of Exercise”), duly completed and executed by or on behalf
of the Holder, together with the surrender of this Warrant; and

 

(ii)       the
payment to the Company of an amount equal to (x) the Exercise Price multiplied by (y) the number of Shares being purchased,
by (a) wire transfer or certified, cashier’s or other check acceptable to the Company and payable to the order of the
Company; (b) surrender and cancellation of promissory notes or other instruments representing indebtedness of the Company
to the Holder; or (c) a combination of (a) and (b).

 

(b)       Net
Issue Exercise. In lieu of exercising this Warrant pursuant to Section 2(a)(ii), if the fair market value of one Share
is greater than the Exercise Price (at the date of calculation as set forth below), the Holder may elect to receive a number of
Shares equal to the value of this Warrant (or of any portion of this Warrant being canceled) by surrender of this Warrant at the
principal office of the Company (or such other office or agency as the Company may designate) together with a properly completed
and executed Notice of Exercise reflecting such election, in which event the Company shall issue to the Holder that number of Shares
computed using the following formula:

 

	X	=	Y (A – B)
	A

 

Where:

	X	=	The number of Shares to be issued to the Holder
	 	 	 
	Y	=	The number of Shares purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of such calculation)
	 	 	 
	A	=	The fair market value of one Share (at the date of such calculation)
	 	 	 
	B	=	The Exercise Price (as adjusted to the date of such calculation)

 

For purposes of the
calculation above, the fair market value of one Share shall be determined by the Board of Directors of the Company, acting in good
faith; provided, however, that:

 

(i)       where
a public market exists for the Company’s common stock at the time of such exercise, the fair market value per Share shall
be the average of the closing bid and asked prices of the common stock or the closing price quoted on the national securities exchange
on which the common stock is listed as published in the Wall Street Journal, as applicable, for the ten (10) trading day
period ending five (5) trading days prior to the date of determination of fair market value; and

 

    	 	- 2 -	 

     

    

 

(ii)       if
the Warrant is exercised in connection with the Company’s initial public offering of common stock, the fair market value
per Share shall be the per share offering price to the public of the Company’s initial public offering.

 

(c)       Stock
Certificates. The rights under this Warrant shall be deemed to have been exercised and the Shares issuable upon such exercise
shall be deemed to have been issued immediately prior to the close of business on the date this Warrant is exercised in accordance
with its terms, and the person entitled to receive the Shares issuable upon such exercise shall be treated for all purposes as
the holder of record of such Shares as of the close of business on such date. As promptly as reasonably practicable on or after
such date, and in any event within thirty (30) days thereafter, the Company shall issue and deliver to the person or persons entitled
to receive the same a certificate or certificates (or a notice of issuance of uncertificated shares, if applicable) for that number
of shares issuable upon such exercise. In the event that the rights under this Warrant are exercised in part and have not expired,
the Company shall execute and deliver a new Warrant reflecting the number of Shares that remain subject to this Warrant.

 

(d)       No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of the rights under this Warrant. In lieu of such fractional share to which the Holder would otherwise be entitled, the Company
shall make a cash payment equal to the Exercise Price multiplied by such fraction.

 

(e)       Conditional
Exercise. The Holder may exercise this Warrant conditioned upon (and effective immediately prior to) consummation of any
transaction that would cause the expiration of this Warrant pursuant to Section 8 by so indicating in the notice of exercise.

 

(f)       Automatic
Exercise. If the Holder of this Warrant has not elected to exercise this Warrant prior to expiration of this Warrant pursuant
to Section 8, then this Warrant shall automatically (without any act on the part of the Holder) be exercised pursuant to Section 2(b)
effective immediately prior to the expiration of the Warrant to the extent such net issue exercise would result in the issuance
of Shares, unless Holder shall earlier provide written notice to the Company that the Holder desires that this Warrant expire unexercised.
If this Warrant is automatically exercised, the Company shall notify the Holder of the automatic exercise as soon as reasonably
practicable, and the Holder shall surrender the Warrant to the Company in accordance with the terms hereof.

 

(g)       Reservation
of Stock. The Company agrees during the term the rights under this Warrant are exercisable to take all reasonable action
to reserve and keep available from its authorized and unissued shares of common stock for the purpose of effecting the exercise
of this Warrant such number of shares as shall from time to time be sufficient to effect the exercise of the rights under this
Warrant; and if at any time the number of authorized but unissued shares of common stock shall not be sufficient for purposes of
the exercise of this Warrant in accordance with its terms, without limitation of such other remedies as may be available to the
Holder, the Company will use its best efforts to take such corporate action as may be necessary to increase its authorized and
unissued shares of its common stock to a number of shares as shall be sufficient for such purposes. The Company represents and
warrants that all shares that may be issued upon the exercise of this Warrant will, when issued in accordance with the terms hereof,
be validly issued, fully paid and nonassessable.

 

3.            Replacement
of the Warrant. Subject to the receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory
in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company
at the expense of the Holder shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

 

    	 	- 3 -	 

     

    

 

		4.	Transfer of the Warrant.

 

(a)       Warrant
Register. The Company shall maintain a register (the “Warrant Register”) containing the name
and address of the Holder or Holders. Until this Warrant is transferred on the Warrant Register in accordance herewith, the Company
may treat the Holder as shown on the Warrant Register as the absolute owner of this Warrant for all purposes, notwithstanding any
notice to the contrary. Any Holder of this Warrant (or of any portion of this Warrant) may change its address as shown on the Warrant
Register by written notice to the Company requesting a change.

 

(b)       Warrant
Agent. The Company may appoint an agent for the purpose of maintaining the Warrant Register referred to in Section 4(a),
issuing the Shares or other securities then issuable upon the exercise of the rights under this Warrant, exchanging this Warrant,
replacing this Warrant or conducting related activities.

 

(c)       Transferability
of the Warrant. Subject to the provisions of this Warrant with respect to compliance with the Securities Act of 1933, as
amended (the “Securities Act”) and limitations on assignments and transfers, including without limitation
compliance with the restrictions on transfer set forth in Section 5, title to this Warrant may be transferred by endorsement
(by the transferor and the transferee executing the assignment form attached as Exhibit B (the “Assignment Form”))
and delivery in the same manner as a negotiable instrument transferable by endorsement and delivery.

 

(d)       Exchange
of the Warrant upon a Transfer. On surrender of this Warrant (and a properly endorsed Assignment Form) for exchange, subject
to the provisions of this Warrant with respect to compliance with the Securities Act and limitations on assignments and transfers,
the Company shall issue to or on the order of the Holder a new warrant or warrants of like tenor, in the name of the Holder or
as the Holder (on payment by the Holder of any applicable transfer taxes) may direct, for the number of shares issuable upon exercise
hereof, and the Company shall register any such transfer upon the Warrant Register. This Warrant (and the securities issuable upon
exercise of the rights under this Warrant) must be surrendered to the Company or its warrant or transfer agent, as applicable,
as a condition precedent to the sale, pledge, hypothecation or other transfer of any interest in any of the securities represented
hereby.

 

(e)       Taxes.
In no event shall the Company be required to pay any tax which may be payable in respect of any transfer involved in the issue
and delivery of any certificate, or a book entry, in a name other than that of the Holder, and the Company shall not be required
to issue or deliver any such certificate, or make such book entry, unless and until the person or persons requesting the issue
or entry thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company
that such tax has been paid or is not payable.

 

5.            Restrictions
on Transfer of the Warrant and Shares; Compliance with Securities Laws. By acceptance of this Warrant, the Holder agrees to
comply with the following:

 

(a)       Restrictions
on Transfers. This Warrant may not be transferred or assigned in whole or in part without the Company’s prior written
consent (which shall not be unreasonably withheld), and any attempt by Holder to transfer or assign any rights, duties or obligations
that arise under this Warrant without such permission shall be void. Any transfer of this Warrant or the Shares (the “Securities”)
must be in compliance with all applicable federal and state securities laws. The Holder agrees not to make any sale, assignment,
transfer, pledge or other disposition of all or any portion of the Securities, or any beneficial interest therein, unless and until
the transferee thereof has agreed in writing for the benefit of the Company to take and hold such Securities subject to, and to
be bound by, the terms and conditions set forth in this Warrant to the same extent as if the transferee were the original Holder
hereunder, and

 

    	 	- 4 -	 

     

    

 

(i)       there
is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is
made in accordance with such registration statement, or

 

(ii)       (A) such
Holder shall have given prior written notice to the Company of such Holder’s intention to make such disposition and shall
have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, (B) the
transferee shall have confirmed to the satisfaction of the Company in writing, substantially in the form of Exhibit A-1, that
the Securities are being acquired (i) solely for the transferee’s own account and not as a nominee for any other party,
(ii) for investment and (iii) not with a view toward distribution or resale, and shall have confirmed such other matters
related thereto as may be reasonably requested by the Company, and (C) if requested by the Company, such Holder shall have
furnished the Company, at the Holder’s expense, with (i) an opinion of counsel, reasonably satisfactory to the Company,
to the effect that such disposition will not require registration of such Securities under the Securities Act or (ii) a “no
action” letter from the Securities and Exchange Commission to the effect that the transfer of such Securities without registration
will not result in a recommendation by the staff of the Securities and Exchange Commission that action be taken with respect thereto,
whereupon such Holder shall be entitled to transfer such Securities in accordance with the terms of the notice delivered by the
Holder to the Company.

 

(b)       Investment
Representation Statement. Unless the rights under this Warrant are exercised pursuant to an effective registration statement
under the Securities Act that includes the Shares with respect to which the Warrant was exercised, it shall be a condition to any
exercise of the rights under this Warrant that the Holder shall have confirmed to the satisfaction of the Company in writing, substantially
in the form of Exhibit A-1, that the Shares so purchased are being acquired solely for the Holder’s own account and
not as a nominee for any other party, for investment and not with a view toward distribution or resale and that the Holder shall
have confirmed such other matters related thereto as may be reasonably requested by the Company.

 

(c)       Securities
Law Legend. Each certificate, instrument or book entry representing the Securities shall (unless otherwise permitted by
the provisions of this Warrant) be notated with a legend substantially similar to the following (in addition to any legend required
by state securities laws):

 

THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF
CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED
UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION REQUIREMENTS OR AN EXEMPTION THEREFROM.
THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR
TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. This
certificate must be surrendered to the coMPANY or its transfer agent as a condition precedent to the sale, TRANSFER, pledge OR
hypothecation of any interest in any of the securities represented hereby.

 

    	 	- 5 -	 

     

    

 

(d)       Market
Stand-off Legend. Each certificate, instrument or book entry representing the Shares issued upon exercise hereof shall
also be notated with a legend in substantially the following form:

 

THE SECURITIES REPRESENTED HEREBY
ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, INCLUDING A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET
FORTH IN THE WARRANT PURSUANT TO WHICH THESE SHARES WERE ISSUED, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE
COMPANY.

 

(e)       Instructions
Regarding Transfer Restrictions. The Holder consents to the Company making a notation on its records and giving instructions
to any transfer agent in order to implement the restrictions on transfer established in this Section 5.

 

(f)       Removal
of Legend. The legend referring to federal and state securities laws identified in Section 5(c) notated on any certificate
evidencing the Shares and the stock transfer instructions and record notations with respect to such securities shall be removed,
and the Company shall issue a certificate without such legend to the holder of such securities (to the extent the securities are
certificated), if (i) such securities are registered under the Securities Act, or (ii) such holder provides the Company
with an opinion of counsel reasonably acceptable to the Company to the effect that a sale or transfer of such securities may be
made without registration, qualification or legend.

 

(g)       No
Transfers to Bad Actors; Notice of Bad Actor Status. The Holder agrees not to sell, assign, transfer, pledge or otherwise
dispose of any securities of the Company, or any beneficial interest therein, to any person (other than the Company) unless and
until the proposed transferee confirms to the reasonable satisfaction of the Company that neither the proposed transferee nor any
of its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests,
general partners or managing members nor any person that would be deemed a beneficial owner of those securities (in accordance
with Rule 506(d) of the Securities Act) is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i)
through (viii) under the Securities Act, except as set forth in Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities
Act and disclosed, reasonably in advance of the transfer, in writing in reasonable detail to the Company. The Holder will promptly
notify the Company in writing if the Holder or, to the Holder’s knowledge, any person specified in Rule 506(d)(1) under
the Securities Act becomes subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i)
through (viii) under the Securities Act.

 

6.             Adjustments.
Subject to the expiration of this Warrant pursuant to Section 8, the number and kind of shares purchasable hereunder and the
Exercise Price therefor are subject to adjustment from time to time, as follows:

 

(a)       Merger
or Reorganization. If at any time there shall be any reorganization, recapitalization, merger or consolidation (a “Reorganization”)
involving the Company (other than as otherwise provided for herein or as would cause the expiration of this Warrant under Section 8)
in which shares of the Company’s stock are converted into or exchanged for securities, cash or other property, then, as a
part of such Reorganization, lawful provision shall be made so that the Holder shall thereafter be entitled to receive upon exercise
of this Warrant, the kind and amount of securities, cash or other property of the successor corporation resulting from such Reorganization,
equivalent in value to that which a holder of the Shares deliverable upon exercise of this Warrant would have been entitled in
such Reorganization if the right to purchase the Shares hereunder had been exercised immediately prior to such Reorganization.
In any such case, appropriate adjustment (as determined in good faith by the Board of Directors of the successor corporation) shall
be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after such
Reorganization to the end that the provisions of this Warrant shall be applicable after the event, as near as reasonably may be,
in relation to any shares or other securities deliverable after that event upon the exercise of this Warrant.

 

    	 	- 6 -	 

     

    

 

(b)       Reclassification
of Shares. If the securities issuable upon exercise of this Warrant are changed into the same or a different number of
securities of any other class or classes by reclassification, capital reorganization or otherwise (other than as otherwise provided
for herein) (a “Reclassification”), then, in any such event, in lieu of the number of Shares which the
Holder would otherwise have been entitled to receive, the Holder shall have the right thereafter to exercise this Warrant for a
number of shares of such other class or classes of stock that a holder of the number of securities deliverable upon exercise of
this Warrant immediately before that change would have been entitled to receive in such Reclassification, all subject to further
adjustment as provided herein with respect to such other shares.

 

(c)       Subdivisions
and Combinations. In the event that the outstanding shares of common stock are subdivided (by stock split, by payment of
a stock dividend or otherwise) into a greater number of shares of such securities, the number of Shares issuable upon exercise
of the rights under this Warrant immediately prior to such subdivision shall, concurrently with the effectiveness of such subdivision,
be proportionately increased, and the Exercise Price shall be proportionately decreased, and in the event that the outstanding
shares of common stock are combined (by reclassification or otherwise) into a lesser number of shares of such securities, the number
of Shares issuable upon exercise of the rights under this Warrant immediately prior to such combination shall, concurrently with
the effectiveness of such combination, be proportionately decreased, and the Exercise Price shall be proportionately increased.

 

(d)       Notice
of Adjustments. Upon any adjustment in accordance with this Section 5(g), the Company shall give notice thereof to
the Holder, which notice shall state the event giving rise to the adjustment, the Exercise Price as adjusted and the number of
securities or other property purchasable upon the exercise of the rights under this Warrant, setting forth in reasonable detail
the method of calculation of each. The Company shall, upon the written request of any Holder, furnish or cause to be furnished
to such Holder a certificate setting forth (i) such adjustments, (ii) the Exercise Price at the time in effect and (iii) the
number of securities and the amount, if any, of other property that at the time would be received upon exercise of this Warrant.

 

7.            Notification
of Certain Events. Prior to the expiration of this Warrant pursuant to Section 8, in the event that the Company shall
authorize:

 

(a)       the
issuance of any dividend or other distribution on the capital stock of the Company (other than (i) dividends or distributions
otherwise provided for in Section 5(g), (ii) repurchases of common stock issued to or held by employees, officers, directors
or consultants of the Company or its subsidiaries upon termination of their employment or services pursuant to agreements providing
for the right of said repurchase; (iii) repurchases of common stock issued to or held by employees, officers, directors or
consultants of the Company or its subsidiaries pursuant to rights of first refusal or first offer contained in agreements providing
for such rights; or (iv) repurchases of capital stock of the Company in connection with the settlement of disputes with any
stockholder), whether in cash, property, stock or other securities;

 

(b)       the
voluntary liquidation, dissolution or winding up of the Company; or

 

(c)       any
of the events set forth in Section 8 below, then

 

    	 	- 7 -	 

     

    

 

the Company shall send
to the Holder of this Warrant at least ten (10) days prior written notice of the date on which a record shall be taken for any
such dividend or distribution specified in clause (a) or the expected effective date of any such other event specified in
clause (b) or (c), as applicable. The notice provisions set forth in this section may be shortened or waived prospectively
or retrospectively by the consent of the Warrants.

 

8.            Expiration
of the Warrant. This Warrant shall expire and shall no longer be exercisable as of the earlier of:

 

(a)       5:00
p.m., Pacific time, on December 31, 2025;

 

(b)       (i)
the acquisition of the Company by another entity by means of any transaction or series of related transactions to which the Company
is a party (including, without limitation, any stock acquisition, reorganization, merger or consolidation, but excluding any sale
of stock for capital raising purposes and any transaction effected primarily for purposes of changing the Company’s jurisdiction
of incorporation) other than a transaction or series of related transactions in which the holders of the voting securities of the
Company outstanding immediately prior to such transaction or series of related transactions retain, immediately after such transaction
or series of transactions, as a result of shares in the Company held by such holders prior to such transaction or series of transactions,
at least a majority of the total voting power represented by the outstanding voting securities of the Company or such other surviving
or resulting entity (or if the Company or such other surviving or resulting entity is a wholly-owned subsidiary immediately following
such acquisition, its parent), or (ii) a sale, lease or other disposition of all or substantially all of the assets of the
Company and its subsidiaries taken as a whole by means of any transaction or series of related transactions, except where such
sale, lease or other disposition is to a wholly-owned subsidiary of the Company; or

 

(c)       Immediately
prior to the closing of a firm commitment underwritten public offering pursuant to an effective registration statement filed under
the Securities Act covering the offering and sale of the Company’s common stock.

 

9.            No
Rights as a Stockholder. Nothing contained herein shall entitle the Holder to any rights as a stockholder of the Company or
to be deemed the holder of any securities that may at any time be issuable on the exercise of the rights hereunder for any purpose
nor shall anything contained herein be construed to confer upon the Holder, as such, any right to vote for the election of directors
or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether
upon any recapitalization, issuance of stock, reclassification of stock, change of par value or change of stock to no par value,
consolidation, merger, conveyance or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights
or any other rights of a stockholder of the Company until the rights under the Warrant shall have been exercised and the Shares
purchasable upon exercise of the rights hereunder shall have become deliverable as provided herein.

 

10.           Market
Stand-off. The Holder of this Warrant hereby agrees that such Holder shall not sell or otherwise transfer, make any short sale
of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale,
of any common stock (or other securities) of the Company held by the Holder (other than those included in the registration) during
the one hundred eighty (180) day period following the effective date of the registration statement for the Company’s initial
public offering filed under the Securities Act (or such other period as may be requested by the Company or an underwriter to accommodate
regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations
and opinions, including, but not limited to, the restrictions contained in NYSE Rule 472(f)(4), or any successor provisions
or amendments thereto). The obligations described in this section shall not apply to a registration relating solely to employee
benefit plans on Form S-l or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely
to a transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions
and may notate each such certificate, instrument or book entry with a legend as substantially set forth in Section 5(d) with
respect to the shares of common stock (or other securities) subject to the foregoing restriction until the end of such one hundred
eighty (180) day (or other) period. The Holder agrees to execute a market stand-off agreement with the underwriters in the offering
in customary form consistent with the provisions of this section.

 

    	 	- 8 -	 

     

    

 

11.          Representations
and Warranties of the Holder. By acceptance of this Warrant, the Holder represents and warrants to the Company as follows:

 

(a)       No
Registration. The Holder understands that the Securities have not been, and will not be, registered under the Securities
Act by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends
upon, among other things, the bona fide nature of the investment intent and the accuracy of the Holder’s representations
as expressed herein or otherwise made pursuant hereto.

 

(b)       Investment
Intent. The Holder is acquiring the Securities for investment for its own account, not as a nominee or agent, and not with
a view to, or for resale in connection with, any distribution thereof. The Holder has no present intention of selling, granting
any participation in, or otherwise distributing the Securities, nor does it have any contract, undertaking, agreement or arrangement
for the same.

 

(c)       Investment
Experience. The Holder has substantial experience in evaluating and investing in private placement transactions of securities
in companies similar to the Company, and has such knowledge and experience in financial or business matters so that it is capable
of evaluating the merits and risks of its investment in the Company and protecting its own interests.

 

(d)       Speculative
Nature of Investment. The Holder understands and acknowledges that the Company has a limited financial and operating history
and that its investment in the Company is highly speculative and involves substantial risks. The Holder can bear the economic risk
of its investment and is able, without impairing its financial condition, to hold the Securities for an indefinite period of time
and to suffer a complete loss of its investment.

 

(e)       Access
to Data. The Holder has had an opportunity to ask questions of officers of the Company, which questions were answered to
its satisfaction. The Holder believes that it has received all the information that it considers necessary or appropriate for deciding
whether to acquire the Securities. The Holder understands that any such discussions, as well as any information issued by the Company,
were intended to describe certain aspects of the Company’s business and prospects, but were not necessarily a thorough or
exhaustive description. The Holder acknowledges that any business plans prepared by the Company have been, and continue to be,
subject to change and that any projections included in such business plans or otherwise are necessarily speculative in nature,
and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly
from actual results.

 

(f)       Accredited
Investor. The Holder is an “accredited investor” within the meaning of Regulation D, Rule 501(a),
promulgated by the Securities and Exchange Commission and agrees to submit to the Company such further assurances of such status
as may be reasonably requested by the Company. The Holder has furnished or made available any and all information requested by
the Company or otherwise necessary to satisfy any applicable verification requirements as to “accredited investor”
status. Any such information is true, correct, timely and complete.

 

    	 	- 9 -	 

     

    

 

(g)       Residency.
The residency of the Holder (or, in the case of a partnership or corporation, such entity’s principal place of business)
is correctly set forth on the signature page hereto.

 

(h)       Restrictions
on Resales. The Holder acknowledges that the Securities must be held indefinitely unless subsequently registered under
the Securities Act or an exemption from such registration is available. The Holder is aware of the provisions of Rule 144
promulgated under the Securities Act, which permit resale of shares purchased in a private placement subject to the satisfaction
of certain conditions, which may include, among other things, the availability of certain current public information about the
Company; the resale occurring not less than a specified period after a party has purchased and paid for the security to be sold;
the number of shares being sold during any three-month period not exceeding specified limitations; the sale being effected through
a “broker’s transaction,” a transaction directly with a “market maker” or a “riskless principal
transaction” (as those terms are defined in the Securities Act or the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder); and the filing of a Form 144 notice, if applicable. The Holder acknowledges and
understands that the Company may not be satisfying the current public information requirement of Rule 144 at the time the
Holder wishes to sell the Securities and that, in such event, the Holder may be precluded from selling the Securities under Rule 144
even if the other applicable requirements of Rule 144 have been satisfied. The Holder acknowledges that, in the event the
applicable requirements of Rule 144 are not met, registration under the Securities Act or an exemption from registration will
be required for any disposition of the Securities. The Holder understands that, although Rule 144 is not exclusive, the Securities
and Exchange Commission has expressed its opinion that persons proposing to sell restricted securities received in a private offering
other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof in establishing that an
exemption from registration is available for such offers or sales and that such persons and the brokers who participate in the
transactions do so at their own risk.

 

(i)       No
Public Market. The Holder understands and acknowledges that no public market now exists for any of the securities issued
by the Company and that the Company has made no assurances that a public market will ever exist for the Company’s securities.

 

(j)       Brokers
and Finders. The Holder has not engaged any brokers, finders or agents in connection with the Securities, and the Company
has not incurred nor will incur, directly or indirectly, as a result of any action taken by the Holder, any liability for brokerage
or finders’ fees or agents’ commissions or any similar charges in connection with the Securities.

 

(k)       Legal
Counsel. The Holder has had the opportunity to review this Warrant, the exhibits and schedules attached hereto and the
transactions contemplated by this Warrant with its own legal counsel. The Holder is not relying on any statements or representations
of the Company or its agents for legal advice with respect to this investment or the transactions contemplated by this Warrant.

 

(l)       Tax
Advisors. The Holder has reviewed with its own tax advisors the U.S. federal, state and local and non-U.S. tax consequences
of this investment and the transactions contemplated by this Warrant. With respect to such matters, the Holder relies solely on
any such advisors and not on any statements or representations of the Company or any of its agents, written or oral. The Holder
understands that it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment
and the transactions contemplated by this Warrant.

 

    	 	- 10 -	 

     

    

 

(m)       No
“Bad Actor” Disqualification. Neither (i) the Holder, (ii) any of its directors, executive officers,
other officers that may serve as a director or officer of any company in which it invests, general partners or managing members,
nor (iii) any beneficial owner of any of the Company’s voting equity securities (in accordance with Rule 506(d)
of the Securities Act) held by the Holder is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i)
through (viii) under the Securities Act, except as set forth in Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities
Act and disclosed, reasonably in advance of the acceptance of this Warrant, in writing in reasonable detail to the Company.

 

		12.	Miscellaneous.

 

(a)       Amendments.
Except as expressly provided herein, neither this Warrant nor any term hereof may be amended, waived, discharged or terminated
other than by a written instrument referencing this Warrant and signed by the Company and the holders of warrants representing
not less than a majority of the Shares issuable upon exercise of any and all outstanding Warrants, which majority does not need
to include the consent of the Holder. Any amendment, waiver, discharge or termination effected in accordance with this Section 9(a)
shall be binding upon each holder of the Warrants, each future holder of such Warrants and the Company; provided, however,
that no special consideration or inducement may be given to any such holder in connection with such consent that is not given ratably
to all such holders, and that such amendment must apply to all such holders equally and ratably in accordance with the number of
shares of Common Stock issuable upon exercise of the Warrants. The Company shall promptly give notice to all holders of Warrants
of any amendment effected in accordance with this Section 9(a).

 

(b)       Waivers.
No waiver of any single breach or default shall be deemed a waiver of any other breach or default theretofore or thereafter occurring.

 

(c)       Notices.
All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified
mail, postage prepaid, sent by facsimile or electronic mail (if to the Holder) or otherwise delivered by hand, messenger or courier
service addressed:

 

(i)       if
to the Holder, to the Holder at the Holder’s address, facsimile number or electronic mail address as shown in the Company’s
records, as may be updated in accordance with the provisions hereof, or until any such Holder so furnishes an address, facsimile
number or electronic mail address to the Company, then to and at the address, facsimile number or electronic mail address of the
last holder of this Warrant for which the Company has contact information in its records; or

 

(ii)       if
to the Company, to the attention of the President or Chief Financial Officer of the Company at the Company’s address as shown
on the signature page hereto, or at such other current address as the Company shall have furnished to the Holder, with a copy (which
shall not constitute notice) to James Huie, Wilson Sonsini Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, CA 94304.

 

Each such notice or other
communication shall for all purposes of this Warrant be treated as effective or having been given (i) if delivered by hand,
messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid,
specifying next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via mail, at the
earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the deposit of the
United States mail, addressed and mailed as aforesaid, or (iii) if sent via facsimile, upon confirmation of facsimile transfer
or, if sent via electronic mail, upon confirmation of delivery when directed to the relevant electronic mail address, if sent during
normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s
next business day. In the event of any conflict between the Company’s books and records and this Warrant or any notice delivered
hereunder, the Company’s books and records will control absent fraud or error.

 

    	 	- 11 -	 

     

    

 

(d)       Governing
Law. This Warrant and all actions arising out of or in connection with this Warrant shall be governed by and construed
in accordance with the laws of the State of California, without regard to the conflicts of law provisions of the State of California,
or of any other state.

 

(e)       Jurisdiction
and Venue. Each of the Holder and the Company irrevocably consents to the exclusive jurisdiction and venue of the state
courts in Santa Clara County in the State of California (or in the event of exclusive federal jurisdiction, the courts of the Northern
District of California), in connection with any matter based upon or arising out of this Warrant or the matters contemplated herein,
and agrees that process may be served upon them in any manner authorized by the laws of the State of California for such persons.

 

(f)       Titles
and Subtitles. The titles and subtitles used in this Warrant are used for convenience only and are not to be considered
in construing or interpreting this Warrant. All references in this Warrant to sections, paragraphs and exhibits shall, unless otherwise
provided, refer to sections and paragraphs hereof and exhibits attached hereto.

 

(g)       Severability.
If any provision of this Warrant becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void,
portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Warrant, and
such illegal, unenforceable or void provision shall be replaced with a valid and enforceable provision that will achieve, to the
extent possible, the same economic, business and other purposes of the illegal, unenforceable or void provision. The balance of
this Warrant shall be enforceable in accordance with its terms.

 

(h)       Waiver
of Jury Trial. Each of the Holder and the
Company waives, to the fullest extent permitted by law, any and all right to trial by jury in any legal proceeding (whether based
on contract, tort or otherwise) arising out of or related to this Warrant. If the waiver of jury trial set forth in
this paragraph is not enforceable, then any claim or cause of action arising out of or relating to this Warrant shall be settled
by judicial reference pursuant to California Code of Civil Procedure Section 638 et seq. before a referee sitting without
a jury, such referee to be mutually acceptable to the parties or, if no agreement is reached, by a referee appointed by the Presiding
Judge of the California Superior Court for Santa Clara County. This paragraph shall not restrict the Holder or the Company from
exercising remedies under the Uniform Commercial Code or from exercising pre-judgment remedies under applicable law.

 

(i)       California
Corporate Securities Law. THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS WARRANT HAS NOT BEEN QUALIFIED WITH THE
COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART
OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION
BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS WARRANT ARE EXPRESSLY
CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.

 

    	 	- 12 -	 

     

    

 

(j)       Rights
and Obligations Survive Exercise of the Warrant. Except as otherwise provided herein, the rights and obligations of the
Company and the Holder under this Warrant shall survive exercise of this Warrant.

 

(k)       Entire
Agreement. Except as expressly set forth herein, this Warrant (including the exhibits attached hereto) constitutes the
entire agreement and understanding of the Company and the Holder with respect to the subject matter hereof and supersede all prior
agreements and understandings relating to the subject matter hereof.

 

(signature page follows)

 

    	 	- 13 -	 

     

    

 

The Company and the
Holder sign this Warrant as of the date stated on the first page.

 

	 	TENON MEDICAL, INC.
	 	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title: 	 
	 	 	 
	 	Address:	 

 

AGREED AND ACKNOWLEDGED,

 

EXCHANGE
LISTING, LLC

 

	By: 	 	 
	 	 	 
	Name: 	 	 
	 	 	 
	Title: 	 	 

 

Address:

 

1111 S Roop St.

Unit 100

Carson City, NV 89702 

 

(Signature Page to Warrant to Purchase Shares of Common Stock of Tenon Medical, Inc.)

 

    	

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

		TO:	TENON MEDICAL, INC. (the “Company”)

 

		Attention:	President

 

		(1)	Exercise. The undersigned elects to purchase the following pursuant to the terms of the
attached warrant:

 

	Number of shares:	 	 
	 	 	 
	Type of security:	 	 

 

		(2)	Method of Exercise. The undersigned elects to exercise the attached warrant pursuant to:

 

		 ̈	A cash payment or cancellation of indebtedness, and tenders herewith payment of the purchase price
for such shares in full, together with all applicable transfer taxes, if any.

 

		 ̈	The net issue exercise provisions of Section 2(b) of the attached warrant.

 

		(3)	Conditional Exercise. Is this a conditional exercise pursuant to Section 2(e):

 

		 ̈	Yes                      ̈         No

 

If “Yes,”
indicate the applicable condition:

 

		(4)	Stock. Please make a book entry and, if the shares are certificated, issue a certificate
or certificates representing the shares in the name of:

 

		 ̈	The undersigned

 

	 	 ̈	Other—Name:	 
	 	 	 	 
	 	 	Address:	 
	 	 	 	 
	 	 	 	 

 

		(5)	Unexercised Portion of the Warrant. Please issue a new warrant for the unexercised portion
of the attached warrant in the name of:

 

		 ̈	The undersigned

 

	 	 ̈	Other—Name:	 
	 	 	 	 
	 	 	Address:	 
	 	 	 	 
	 	 	 	 

 

		 ̈	Not applicable

 

    	 	A-1	 

     

    

 

		(6)	Investment Intent. The undersigned represents and warrants that the aforesaid shares are
being acquired for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection
with, the distribution thereof, and that the undersigned has no present intention of selling, granting any participation in, or
otherwise distributing the shares, nor does it have any contract, undertaking, agreement or arrangement for the same, and all representations
and warranties of the undersigned set forth in Section 11 of the attached warrant are true and correct as of the date hereof.

 

		(7)	Investment Representation Statement and Market Stand-Off Agreement. The undersigned has
executed, and delivers herewith, an Investment Representation Statement and Market Stand-Off Agreement in a form substantially
similar to the form attached to the warrant as Exhibit A-1.

 

		(8)	Consent to Receipt of Electronic Notice. Subject to the limitations set forth in Delaware
General Corporation Law §232(e), the undersigned consents to the delivery of any notice to stockholders given by the Company
under the Delaware General Corporation Law or the Company’s certificate of incorporation or bylaws by (i) facsimile
telecommunication to the facsimile number provided below (or to any other facsimile number for the undersigned in the Company’s
records), (ii) electronic mail to the electronic mail address provided below (or to any other electronic mail address for
the undersigned in the Company’s records), (iii) posting on an electronic network together with separate notice to the
undersigned of such specific posting or (iv) any other form of electronic transmission (as defined in the Delaware General
Corporation Law) directed to the undersigned. This consent may be revoked by the undersigned by written notice to the Company and
may be deemed revoked in the circumstances specified in Delaware General Corporation Law §232.

 

	 	 
	 	(Print name of the warrant holder)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name and title of signatory, if applicable)
	 	 
	 	 
	 	(Date)
	 	 
	 	 
	 	(Fax number)
	 	 
	 	 
	 	(Email address)

 

(Signature page to the Notice of Exercise) 

 

    	 	A-2	 

     

    

 

EXHIBIT A-l

 

INVESTMENT REPRESENTATION
STATEMENT

AND

MARKET STAND-OFF AGREEMENT

 

	INVESTOR:	 	 
	 	 	 
	COMPANY:	TENON MEDICAL, INC.	 
	 	 	 
	SECURITIES:	THE WARRANT ISSUED ON DECEMBER 31, 2020 (THE “WARRANT”) AND THE SECURITIES ISSUED OR ISSUABLE UPON EXERCISE THEREOF 

 

	DATE:	 	 

 

In connection with
the purchase or acquisition of the above-listed Securities, the undersigned Investor represents and warrants to, and agrees with,
the Company as follows:

 

1.       No
Registration. The Investor understands that the Securities have not been, and will not be, registered under the Securities
Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration
provisions of the Securities Act, the availability of which depends upon, among other things, the bona fide nature of the
investment intent and the accuracy of the Investor’s representations as expressed herein or otherwise made pursuant hereto.

 

2.       Investment
Intent. The Investor is acquiring the Securities for investment for its own account, not as a nominee or agent, and not with
a view to, or for resale in connection with, any distribution thereof. The Investor has no present intention of selling, granting
any participation in, or otherwise distributing the Securities, nor does it have any contract, undertaking, agreement or arrangement
for the same.

 

3.       Investment
Experience. The Investor has substantial experience in evaluating and investing in private placement transactions of securities
in companies similar to the Company, and has such knowledge and experience in financial or business matters so that it is capable
of evaluating the merits and risks of its investment in the Company and protecting its own interests.

 

4.       Speculative
Nature of Investment. The Investor understands and acknowledges that the Company has a limited financial and operating history
and that its investment in the Company is highly speculative and involves substantial risks. The Investor can bear the economic
risk of its investment and is able, without impairing its financial condition, to hold the Securities for an indefinite period
of time and to suffer a complete loss of its investment.

 

5.       Access
to Data. The Investor has had an opportunity to ask questions of officers of the Company, which questions were answered to
its satisfaction. The Investor believes that it has received all the information that it considers necessary or appropriate for
deciding whether to acquire the Securities. The Investor understands that any such discussions, as well as any information issued
by the Company, were intended to describe certain aspects of the Company’s business and prospects, but were not necessarily
a thorough or exhaustive description. The Investor acknowledges that any business plans prepared by the Company have been, and
continue to be, subject to change and that any projections included in such business plans or otherwise are necessarily speculative
in nature, and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary
significantly from actual results.

 

    	 	A-1-1	 

     

    

 

6.       Accredited
Investor. The Investor is an “accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated
by the Securities and Exchange Commission and agrees to submit to the Company such further assurances of such status as may be
reasonably requested by the Company. The Investor has furnished or made available any and all information requested by the Company
or otherwise necessary to satisfy any applicable verification requirements as to “accredited investor” status. Any
such information is true, correct, timely and complete.

 

7.       Residency.
The residency of the Investor (or, in the case of a partnership or corporation, such entity’s principal place of business)
is correctly set forth on the signature page hereto.

 

8.       Restrictions
on Resales. The Investor acknowledges that the Securities must be held indefinitely unless subsequently registered under the
Securities Act or an exemption from such registration is available. The Investor is aware of the provisions of Rule 144 promulgated
under the Securities Act, which permit resale of shares purchased in a private placement subject to the satisfaction of certain
conditions, which may include, among other things, the availability of certain current public information about the Company; the
resale occurring not less than a specified period after a party has purchased and paid for the security to be sold; the number
of shares being sold during any three-month period not exceeding specified limitations; the sale being effected through a “broker’s
transaction,” a transaction directly with a “market maker” or a “riskless principal transaction”
(as those terms are defined in the Securities Act or the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder); and the filing of a Form 144 notice, if applicable. The Investor acknowledges and understands that the
Company may not be satisfying the current public information requirement of Rule 144 at the time the Investor wishes to sell
the Securities and that, in such event, the Investor may be precluded from selling the Securities under Rule 144 even if the
other applicable requirements of Rule 144 have been satisfied. The Investor understands and acknowledges that, in the event
the applicable requirements of Rule 144 are not met, registration under the Securities Act or an exemption from registration
will be required for any disposition of the Securities. The Investor understands that, although Rule 144 is not exclusive,
the Securities and Exchange Commission has expressed its opinion that persons proposing to sell restricted securities received
in a private offering other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof
in establishing that an exemption from registration is available for those offers or sales and that those persons and the brokers
who participate in the transactions do so at their own risk.

 

9.       No
Public Market. The Holder understands and acknowledges that no public market now exists for any of the securities issued by
the Company and that the Company has made no assurances that a public market will ever exist for the Company’s securities.

 

10.       Brokers
and Finders. The Investor has not engaged any brokers, finders or agents in connection with the Securities, and the Company
has not incurred nor will incur, directly or indirectly, as a result of any action taken by the Investor, any liability for brokerage
or finders’ fees or agents’ commissions or any similar charges in connection with the Securities.

 

11.       Legal
Counsel. The Investor has had the opportunity to review the Warrant, the exhibits and schedules attached thereto and the transactions
contemplated by the Warrant with its own legal counsel. The Investor is not relying on any statements or representations of the
Company or its agents for legal advice with respect to this investment or the transactions contemplated by the Warrant.

 

    	 	A-1-2	 

     

    

 

12.       Tax
Advisors. The Investor has reviewed with its own tax advisors the U.S. federal, state and local and non-U.S. tax consequences
of this investment and the transactions contemplated by the Warrant. With respect to such matters, the Investor relies solely on
such advisors and not on any statements or representations of the Company or any of its agents, written or oral. The Investor understands
that it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment or the
transactions contemplated by the Warrant.

 

13.       Market
Stand-off. The Investor agrees that the Investor shall not sell or otherwise transfer, make any short sale of, grant any option
for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any common stock
(or other securities) of the Company held by the Investor (other than those included in the registration) during the one hundred
eighty (180) day period following the effective date of the registration statement for the Company’s initial public offering
filed under the Securities Act (or such other period as may be requested by the Company or an underwriter to accommodate regulatory
restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions,
including, but not limited to, the restrictions contained in NYSE Rule 472(f)(4), or any successor provisions or amendments
thereto). The obligations described in this section shall not apply to a registration relating solely to employee benefit plans
on Form S-l or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a transaction
on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions and may notate
each such certificate, instrument or book entry with a legend with respect to the shares of common stock (or other securities)
subject to the foregoing restriction until the end of such one hundred eighty (180) day (or other) period. The Investor agrees
to execute a market stand-off agreement with the relevant underwriters in customary form consistent with the provisions of this
section.

 

14.       No
“Bad Actor” Disqualification. Neither (i) the Investor, (ii) any of its directors, executive officers,
other officers that may serve as a director or officer of any company in which it invests, general partners or managing members,
nor (iii) any beneficial owner of any of the Company’s voting equity securities (in accordance with Rule 506(d)
of the Securities Act) held by the Investor is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i)
through (viii) under the Securities Act, except as set forth in Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities
Act and disclosed, reasonably in advance of the purchase or acquisition of the Securities, in writing in reasonable detail to the
Company.

 

(signature page follows)

 

    	 	A-1-3	 

     

    

 

The Investor is signing
this Investment Representation Statement and Market Stand-Off Agreement on the date first written above.

 

	 	INVESTOR
	 	 
	 	 
	 	(Print name of the investor)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name and title of signatory, if applicable)
	 	 
	 	 
	 	(Street address)
	 	 
	 	 
	 	(City, state and ZIP)

 

    	 	A-1-4	 

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

	ASSIGNOR:	 	 
	 	 	 
	COMPANY:	TENON MEDICAL, INC.	 
	 	 	 
	WARRANT:	THE WARRANT TO PURCHASE SHARES OF COMMON STOCK ISSUED ON DECEMBER 31, 2020 (THE “WARRANT”)

 

	DATE:		 

 

		(1)	Assignment. The undersigned registered holder of the Warrant (“Assignor”)
assigns and transfers to the assignee named below (“Assignee”) all of the rights of Assignor under the
Warrant, with respect to the number of shares set forth below:

 

	Name of Assignee:	 
	 	 
	Address of Assignee:	 
	 	 
	 	 
	 	 
	Number of Shares Assigned:	 

 

and does irrevocably
constitute and appoint ______________________ as attorney to make such transfer on the books of Tenon Medical, Inc., maintained
for the purpose, with full power of substitution in the premises.

 

		(2)	Obligations of Assignee. Assignee agrees to take and hold the Warrant and any shares of
stock to be issued upon exercise of the rights thereunder (the “Securities”) subject to, and to be bound
by, the terms and conditions set forth in the Warrant to the same extent as if Assignee were the original holder thereof.

 

		(3)	Investment Intent. Assignee represents and warrants that the Securities are being acquired
for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution
thereof, and that Assignee has no present intention of selling, granting any participation in, or otherwise distributing the shares,
nor does it have any contract, undertaking, agreement or arrangement for the same, and all representations and warranties set forth
in Section 11 of the Warrant are true and correct as to Assignee as of the date hereof.

 

		(4)	Investment Representation Statement and Market Stand-Off Agreement. Assignee has executed,
and delivers herewith, an Investment Representation Statement and Market Stand-Off Agreement in a form substantially similar to
the form attached to the Warrant as Exhibit A-1.

 

		(5)	No “Bad Actor” Disqualification. Neither (i) Assignee, (ii) any of
its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests, general
partners or managing members, nor (iii) any beneficial owner of any of the Company’s securities held or to be held by
Assignee is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii)
under the Securities Act of 1933, as amended (the “Securities Act”), except as set forth in Rule 506(d)(2)(ii)
or (iii) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the transfer of the Securities, in writing
in reasonable detail to the Company.

 

    	 	- 1 -	 

     

    

 

Assignor and Assignee
are signing this Assignment Form on the date first set forth above.

 

	ASSIGNOR	 	ASSIGNEE
	 	 	 
	 	 	 
	(Print name of Assignor)	 	(Print name of Assignee)
	 	 	 
	 	 	 
	(Signature of Assignor)	 	(Signature of Assignee)
	 	 	 
	 	 	 
	(Print name of signatory, if applicable)	 	(Print name of signatory, if applicable)
	 	 	 
	 	 	 
	(Print title of signatory, if applicable)	 	(Print title of signatory, if applicable)
	 	 	 
	Address:	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	- 2 -

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