Document:

Exhibit 4.14

 

Execution Verison

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF, AND HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS. SUCH SECURITIES
MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF (A) SUCH REGISTRATION, (B) AN OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS, (C) ORCHESTRA
BIOMED, INC. OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS COMPLIANT WITH SUCH LAWS OR (D) A VALID EXEMPTION FROM SUCH REQUIREMENT
AS TO SUCH SECURITIES UNDER THE SECURITIES ACT.

 

Date of Issuance: June 3, 2022

 

WARRANT TO PURCHASE

 

SHARES OF STOCK OF

 

ORCHESTRA BIOMED, INC.

 

(Void after June 3, 2027)

 

This certifies that AVENUE
VENTURE OPPORTUNITIES FUND, L.P., a Delaware limited partnership, or permitted assigns (“Holder”), for value received,
is entitled to purchase from ORCHESTRA BIOMED, INC., a Delaware corporation (“Company”), the Applicable Number (hereinafter
defined) of fully paid and nonassessable shares of the common stock of Company (“Common Stock”) (the “Warrant
Stock”), for cash, at a purchase price per share equal to the Stock Purchase Price (hereinafter defined). Holder may also exercise
this Warrant on a cashless or “net issuance” basis as described in Section 1.2 below, and this Warrant shall be deemed
to have been exercised in full on such basis on the Expiration Date (hereinafter defined), to the extent not fully exercised prior to
such date. This Warrant is issued in connection with that certain Loan and Security Agreement and Supplement thereto, both of even date
herewith (as amended, restated and supplemented from time to time, the “Loan Agreement” and the “Supplement”,
respectively), between Company, as borrower, Holder, as a lender and in its capacity as administrative agent and collateral agent (in
such capacity, the “Agent”) and AVENUE VENTURE OPPORTUNITIES FUND II, L.P., a Delaware limited partnership (in its
capacity as a lender, together with Holder, each a “Lender” and collectively, “Lenders”). Capitalized
terms used herein and not otherwise defined in this Warrant shall have the meaning(s) ascribed to them in the Loan Agreement and the Supplement,
unless the context would otherwise require.

 

“Applicable Number”
means the number of shares of Warrant Stock purchasable hereunder obtained by dividing (A) $200,000 (such amount sometimes referred to
hereinafter as the “Coverage Amount”) by (B) $4.65.

 

     

     

    

 

“Stock Purchase Price”
means $1.89.

 

As soon as reasonably practicable
after the occurrence or non-occurrence of the latest event or condition necessary to determine (i) the Coverage Amount, (ii) the actual
number and type of shares of Warrant Stock issuable upon exercise of this Warrant, or (iii) the Stock Purchase Price, if applicable, Company
shall deliver a supplement to this Warrant (subsequent to a request by Holder therefor), in substantially the form of Exhibit “A”
attached hereto, specifying the total number and series of shares of Warrant Stock issuable hereunder after giving effect to the foregoing
calculations, and otherwise completed with such quantity and price terms and other information as have been determined as a result of
the occurrence or non-occurrence of such events or conditions. The provisions of such supplement, once completed and executed, shall control
the interpretation and exercise of this Warrant; provided, however, that the failure of Company to deliver such supplement shall
not affect the rights of Holder to receive the number and type of shares of Warrant Stock as set forth herein.

 

This Warrant may be exercised
at any time or from time to time up to and including 5:00 p.m. (Pacific time) on June 3, 2027 (the “Expiration Date”),
upon surrender to Company at its principal office at 60 East 42nd Street, Suite 2430, New York, NY 10165 (or at such other location as
Company may advise Holder in writing) of this Warrant properly endorsed with the Form of Subscription attached hereto duly completed and
signed and upon payment in cash or by check of the aggregate Stock Purchase Price for the number of shares for which this Warrant is being
exercised determined in accordance with the provisions hereof. Notwithstanding any contrary provision herein, if this Warrant was originally
executed and/or delivered electronically, in no event shall Holder be required to surrender or deliver an ink-signed paper copy of this
Warrant in connection with its exercise hereof or of any rights hereunder, nor shall Holder be required to surrender or deliver a paper
or other physical copy of (i) this Warrant or (ii) any other document in connection with any exercise hereof.

 

This Warrant is subject to
the following terms and conditions:

 

		1.	Exercise; Issuance of Certificates; Payment for Shares.

 

1.1   Unless
an election is made pursuant to Section 1.2, this Warrant shall be exercisable at the option of Holder, at any time or from time
to time, on or before the Expiration Date for all or any portion of the shares of Warrant Stock (but not for a fraction of a share) which
may be purchased hereunder for the Stock Purchase Price multiplied by the number of shares to be purchased. Company agrees that the shares
of Warrant Stock purchased under this Warrant shall be and are deemed to be issued to Holder as the record owner of such shares as of
the close of business on the date on which the form of subscription shall have been delivered and payment made for such shares. Subject
to the provisions of Section 2, upon any exercise of this Warrant for all or any portion of the Warrant Stock that may be purchased
hereunder, Holder shall deliver to Company such documents and instruments as the Board of Directors of Company determine to be necessary
or appropriate. Except as provided in Section 1.2, in case of a purchase of less than all the shares which may be purchased under
this Warrant, Company shall cancel this Warrant and execute and deliver a new Warrant or Warrants of like tenor for the balance of the
shares purchasable under this Warrant surrendered upon such purchase to Holder within a reasonable time.

 

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1.2   Cashless
Exercise. Holder, in lieu of exercising this Warrant by the cash payment of the Stock Purchase Price pursuant to Section 1.1,
may elect, at any time on or before the Expiration Date, to surrender this Warrant and receive that number of shares of Warrant Stock
computed using the following formula:

 

 

		Where:	X	=	the number of shares of Warrant Stock to be issued to Holder.

 

			Y	=	the number of shares of Warrant Stock that Holder would otherwise have been entitled to purchase hereunder pursuant to Section 1.1
(or such lesser number of shares as Holder may designate in the case of a partial exercise of this Warrant).

 

			A	= 	the Fair Market Value (as determined pursuant to Section 1.3, below) of one share of Warrant Stock.

 

			B	=	 the Stock Purchase Price then in effect.

 

Election to exercise under this
Section 1.2 may be made by delivering a signed form of subscription to Company via facsimile or electronic mail, to be followed
by delivery of this Warrant. Notwithstanding anything to the contrary contained in this Warrant, if as of the close of business on the
last business day preceding the Expiration Date this Warrant remains unexercised as to all or a portion of the shares of Warrant Stock
purchasable hereunder, then effective as 9:00 a.m. (Pacific time) on the Expiration Date, Holder shall be deemed, automatically and without
need for notice to Company, to have elected to exercise this Warrant in full pursuant to the provisions of this Section 1.2, and
upon surrender of this Warrant shall be entitled to receive that number of shares of Warrant Stock computed using the above formula, provided
that the application of the formula as of the Expiration Date yields a positive number for “X”.

 

For purposes of Rule 144
promulgated under the Act, it is acknowledged and agreed that (i) the shares issuable upon any exercise of this Warrant in any cashless
exercise transaction shall be deemed to have been acquired on the date of issuance of this Warrant, and (ii) the holding period for
any shares issuable upon the exercise of this Warrant in any cashless exercise transaction shall be deemed to have commenced on the date
of issuance of this Warrant.

 

1.3   Fair
Market Value. If shares of Warrant Stock are then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation
system or over-the-counter market (a “Trading Market”), the fair market value of a share of Warrant Stock (the “Fair
Market Value”) shall be the closing price or last sale price of a share of such class of stock reported for the business day
immediately before the date on which Holder delivers this Warrant, together with a Form of Subscription, to the Company. If shares of
Warrant Stock are not then traded in a Trading Market, then the Board of Directors of the Company shall determine the Fair Market Value
of a share of Warrant Stock in its reasonable good faith judgment, provided that in the case of any dispute by the Holder as to
the Board of Directors’ determination of Fair Market Value or any dispute in respect of any other computation required to be made
hereunder, the parties agree to negotiate any such disputes in good faith.

 

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2.   Limitation
on Transfer.

 

2.1   This
Warrant and the Warrant Stock shall not be transferable except upon the conditions specified in this Section 2, which conditions
are intended to ensure compliance with the provisions of the Securities Act of 1933, as amended (the “Securities Act”).
Each holder of this Warrant or the Warrant Stock issuable hereunder will cause any proposed transferee of the Warrant or Warrant Stock
to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Section 2. Notwithstanding
the foregoing and any other provision of this Section 2 but subject to the last sentence of Section 2.3, Holder may freely
transfer all or part of this Warrant or the shares issuable upon exercise of this Warrant (or the securities issuable, directly or indirectly,
upon conversion of the shares, if any) at any time to any affiliate of Holder, by giving Company notice of the portion of the Warrant
being transferred setting forth the name, address and taxpayer identification number of the transferee and surrendering this Warrant to
Company for reissuance to the transferees(s) (and Holder, if applicable). Notwithstanding anything herein to the contrary, Holder may
not, without the Company’s prior written consent, transfer this Warrant or any portion thereof, or any shares of Warrant Stock issued
upon any exercise hereof, to any person or entity who directly competes with the Company, except in connection with an acquisition of
the Company by such direct competitor approved by the Company’s board of directors; provided, that, subject in all cases
to the lockup provisions of Section 2.4 hereof, the Warrant Stock issuable upon exercise of this Warrant may be transferred in
the public market after an IPO (as defined herein) or the offering and sale of the Company’s securities to the public by other means.

 

2.2   Each
certificate representing (i) this Warrant, (ii) the Warrant Stock and (iii) any other securities issued in respect to Common Stock issued
upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event, shall (unless otherwise permitted by the
provisions of this Section 2 or unless such securities have been registered under the Securities Act or sold under Rule 144) be
stamped or otherwise imprinted with a legend substantially in the following form (in addition to any legend required under applicable
state securities laws):

 

THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF,
AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN
THE ABSENCE OF (A) SUCH REGISTRATION, (B) AN OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (C) ORCHESTRA BIOMED, INC. OTHERWISE
SATISFIES ITSELF THAT SUCH TRANSACTION IS COMPLIANT WITH SUCH LAWS.

 

2.3   Holder
of this Warrant and each person to whom this Warrant is subsequently transferred represents and warrants to Company and agrees (by acceptance
of such transfer) that it will not transfer this Warrant (or securities issuable upon exercise hereof unless a registration statement
under the Securities Act was in effect with respect to such securities at the time of issuance thereof) unless (i) pursuant to an effective
registration statement under the Securities Act and applicable state securities laws covering any such transaction, (ii) pursuant to Rule
144 under the Securities Act (or any other rule under the Securities Act relating to the disposition of securities), (iii) Company receives
an opinion of counsel, reasonably satisfactory to Company, that an exemption from such registration is available or (iv) Company otherwise
satisfies itself that such transaction is exempt from registration.

 

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 2.4 Holder understands
and agrees that it shall not sell, offer, pledge, contract to sell, grant any option or contract to purchase, purchase any option or contract
to sell, grant any right or warrant to purchase, lend or otherwise transfer or encumber, directly or indirectly, any shares of capital
stock of the Company (each, a “Transfer”), nor shall Holder enter into any swap, hedging or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of any shares of capital stock of the Company
(or any shares of a third party for which such Company shares were exchanged in connection with a business combination between Company
and such third party) held by Holder until the date that is six (6) months from the date the Securities and Exchange Commission declares
effective the applicable registration statement under the Act with respect to such shares (the “Release Date”). Holder
hereby covenants and agrees that (i) it shall abide by the restrictions set forth above and (ii) the Company shall be entitled to place
“stop transfer” instructions with the Company’s transfer agent in compliance with the above restrictions. The foregoing
provisions of this Section 2.4 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement,
or the Transfer of any shares of capital stock to Permitted Assignees (as defined below), provided that any such Permitted Assignee agrees
to be bound in writing by the restrictions set forth herein, and provided, further, that any such Transfer shall not involve a disposition
for value. The underwriters in connection with such registration are intended third-party beneficiaries of this Section 2.4 and
shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Holder further agrees to
execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with
this Section 2.4 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions
of any or all of such agreements by the Company or the underwriters shall apply pro rata to all holders subject to such agreements, based
on the number of shares subject to such agreements. For the purposes of this Warrant, (a) “Permitted Assignees” means
(1) with respect to a person, Affiliates (as defined below) of such person, (2) with respect to a partnership, its general and limited
partners, (3) with respect to a limited liability company, its members and (4) with respect to an individual party, any Immediate Family
Member (as defined below) of such party or any trust for the direct or indirect benefit of the individual or any Immediate Family Member,
(b) “Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of a natural
person referred to herein and (c) “Affiliate” means with respect to any specified person, any other person who, directly
or indirectly, controls, is controlled by, or is under common control with such person, including without limitation any general partner,
managing member, officer or director of such person or any venture capital fund now or hereafter existing that is controlled by one or
more general partners or managing members of, or shares the same management company with, such person. This Section 2.4 shall supersede
any prior agreements between Holder and the Company with respect to the subject matter hereof.

 

2.5   As
a condition to the exercise of this Warrant and the issuance of Warrant Stock, if requested by Company by reasonable notice to Holder,
Holder shall agree in writing to be fully bound by any investors rights, shareholder or similar agreements applicable to holders of Warrant
Stock.

 

3.   Shares
to be Fully Paid; Reservation of Shares. Company covenants and agrees that all shares of Warrant Stock which may be issued upon the
exercise of the rights represented by this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable
and free from all preemptive rights of any stockholder and free of all taxes, liens and charges with respect to the issue thereof. Company
further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, Company will
at all times have authorized and reserved, for the purpose of issue or transfer upon exercise of the subscription rights evidenced by
this Warrant, a sufficient number of shares of authorized but unissued Warrant Stock, or other securities and property, when and as required
to provide for the exercise of the rights represented by this Warrant. Company will take all such action as may be necessary to assure
that such shares of Warrant Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of any domestic securities exchange upon which the Warrant Stock may be listed. Company will not take any action which would result in
any adjustment of the Stock Purchase Price (i) if the total number of shares of Warrant Stock issuable after such action upon exercise
of all outstanding warrants, together with all shares of Warrant Stock then outstanding and all shares of Warrant Stock then issuable
upon exercise of all options and upon the conversion of all convertible securities then outstanding, would exceed the total number of
shares of Warrant Stock then authorized by Company’s Certificate of Incorporation, as amended and restated from time to time (the
“Charter”) or (ii) if the par value per share of the Warrant Stock would exceed the Stock Purchase Price.

 

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4.   Adjustment
to Warrant Stock and Stock Purchase Price.

 

4.1   Stock
Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of Warrant Stock payable
in additional shares of Warrant Stock or other securities or property (other than cash), then upon exercise of this Warrant, for each
share of Warrant Stock acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and
property which Holder would have received had Holder owned the shares of Warrant Stock of record as of the date the dividend or distribution
occurred. If the Company subdivides the outstanding shares of Warrant Stock by reclassification or otherwise into a greater number of
shares, the number of shares of Warrant Stock purchasable hereunder shall be proportionately increased and the Stock Purchase Price shall
be proportionately decreased. If the outstanding shares of Warrant Stock are combined or consolidated, by reclassification or otherwise,
into a lesser number of shares, the Stock Purchase Price shall be proportionately increased and the number of shares of Warrant Stock
shall be proportionately decreased.

 

4.2   Reclassification,
Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of Warrant Stock are reclassified, exchanged,
combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the
consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities that Holder would
have received had the shares of Warrant Stock been outstanding on and as of the consummation of such event, and subject to further adjustment
thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 4.2 shall similarly
apply to successive reclassifications, exchanges, combinations, substitutions, replacements or other similar events.

 

4.3   Notice/Certificate
as to Adjustments. Upon each adjustment of the Stock Purchase Price, class and/or number of shares issuable upon exercise of this
Warrant, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments
to the Stock Purchase Price, class and/or number of shares and facts upon which such adjustment is based. The Company shall, upon written
request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the
Stock Purchase Price, class and number of shares in effect upon the date of such adjustment.

 

5.   Issue
Tax. The issuance of certificates for shares of Warrant Stock upon the exercise of this Warrant shall be made without charge to Holder
of this Warrant for any issue tax in respect thereof; provided, however, that Company shall not be required to pay any tax which may be
payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than that of the then Holder
of this Warrant being exercised.

 

6.   No
Impairment. The Company shall not, by amendment of its Certificate of Incorporation or Bylaws, amendment of the Rights Agreement,
or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but shall
at all times in good faith assist in the carrying out of all the provisions of this Warrant.

 

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7.   No
Voting Rights; Limitation of Liability. Nothing contained in this Warrant shall be construed as conferring upon Holder hereof the
right to vote or to consent as a stockholder in respect of meetings of stockholders for the election of directors of Company or any other
matters or any rights whatsoever as a stockholder of Company. No dividends or interest shall be payable in respect of this Warrant or
the interest represented hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been exercised;
provided, however, that if any dividends are due or paid at any time on the underlying securities for which this Warrant is exercisable,
then upon exercise, the securities issued to Holder shall be deemed to have accrued dividends and be paid identical dividends from the
same time as the outstanding shares for which this Warrant is exercisable were first issued (or, if later, the date of this Warrant).
No provisions hereof, in the absence of affirmative action by Holder to purchase shares of Warrant Stock, and no mere enumeration herein
of the rights or privileges of Holder hereof, shall give rise to any liability of such Holder for the Stock Purchase Price or as a stockholder
of Company, whether such liability is asserted by Company or by its creditors.

 

8.   Amendment
of Charter. Unless Holder consents thereto in writing, Company shall not amend its Charter prior to the exercise of this Warrant if
the Warrant Stock would be adversely affected by such amendment in a manner that would be more adverse to Holder with respect to the shares
of Warrant Stock issuable upon the exercise of this Warrant than, and substantially disproportionate to, such amendment’s effect
on the other holders of the same class or series of Warrant Stock.

 

9.   Registration
Rights. Holder shall be entitled, with respect to the shares of Warrant Stock issued upon exercise hereof to the registration rights
set forth in Section 2.1(b) of that certain Investors’ Rights Agreement, dated as of May 31, 2018, by and among the Company and
certain stockholders (as amended from time to time, the “Rights Agreement”), to the same extent and on the same terms
and conditions as possessed by the holders of Registrable Securities (as defined in the Rights Agreement) thereunder with the following
exceptions and clarifications: (i) Holder will have no right to make a written request under the Rights Agreement that Company file a
registration statement under Form S-1 of the Securities Act; (ii) Holder will be subject to the same provisions regarding indemnification
as contained in the Rights Agreement; and (iii) the registration rights are freely assignable by Holder of this Warrant in connection
with a permitted transfer of this Warrant or the shares issuable upon exercise hereof. Company and Holder shall take such action as may
be reasonably necessary to assure that the granting of such registration rights to Holder does not violate the provisions of the Rights
Agreement or the Charter or rights of prior grantees of registration rights.

 

10.   Rights
and Obligations Survive Exercise of Warrant. The rights and obligations of Company, of Holder of this Warrant and of the holder of
shares of Warrant Stock issued upon exercise of this Warrant, contained in Sections 2, 6, 8, 9 and 18 shall
survive the exercise of this Warrant.

 

11.   Modification
and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the same is sought.

 

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12.   Notices.
Any notice, request or other document required or permitted to be given or delivered to Holder or Company shall be deemed to have been
given (i) upon receipt if delivered personally, (ii) upon confirmation of receipt if by electronic mail or telecopy (or, if no confirmation
is received, then on the next business day), (iii) one business day after the business day of deposit with a nationally recognized overnight
courier, specifying next-day delivery, with written verification of receipt, or (iv) three business days after deposit in the US mail,
with postage prepaid and certified or registered, to each such Holder at its address as shown on the books of Company or to Company at
the address indicated therefor in the opening paragraphs of this Warrant (or at such other location as Company advises Holder in writing).

 

13.   Survival
of Certain Obligations. All of the obligations of Company relating to the Warrant Stock issuable upon the exercise of this Warrant
shall survive the exercise and termination of this Warrant. All of the covenants and agreements of Company shall inure to the benefit
of and be binding upon the successors and permitted assigns of Holder.

 

14.   Descriptive
Headings and Governing Law. The descriptive headings of the several sections and paragraphs of this Warrant are inserted for convenience
only and do not constitute a part of this Warrant. This Warrant shall be construed and enforced in accordance with, and the rights of
the parties shall be governed by, the laws of the State of New York, without giving effect to conflicts of law principles.

 

15.   Lost
Warrants or Stock Certificates. Company agrees that upon receipt of evidence reasonably satisfactory to Company of the loss, theft,
destruction, or mutilation of any Warrant or stock certificate and, in the case of any such loss, theft or destruction, upon receipt of
an indemnity reasonably satisfactory to Company, or in the case of any such mutilation upon surrender and cancellation of such Warrant
or stock certificate, Company at its expense will make and deliver a new Warrant or stock certificate, of like tenor, in lieu of the lost,
stolen, destroyed or mutilated Warrant or stock certificate.

 

16.   Fractional
Shares. No fractional shares shall be issued upon exercise of this Warrant. Company shall, in lieu of issuing any fractional share,
pay the holder entitled to such fraction a sum in cash equal to such fraction multiplied by the then effective Stock Purchase Price.

 

17.   Representations
of Holder. With respect to this Warrant, Holder represents and warrants to Company as follows:

 

17.1   Experience.
It is experienced in evaluating and investing in companies engaged in businesses similar to that of Company; it understands that investment
in this Warrant involves substantial risks; it has made detailed inquiries concerning Company, its business and services, its officers
and its personnel; the officers of Company have made available to Holder any and all written information it has requested; the officers
of Company have answered to Holder’s satisfaction all inquiries made by it; and it has such knowledge and experience in financial
and business matters that it is capable of evaluating the merits and risks of investment in Company and it is able to bear the economic
risk of that investment.

 

17.2   Investment.
It is acquiring this Warrant for investment for its own account and not with a view to, or for resale in connection with, any distribution
thereof. It understands that this Warrant, the shares of Warrant Stock issuable upon exercise thereof have not been registered under the
Securities Act, nor qualified under applicable state securities laws. Holder also represents that it has not been formed for the specific
purpose of acquiring this Warrant or the shares of Warrant Stock.

 

17.3   Rule
144. It acknowledges that this Warrant and the Warrant Stock must be held indefinitely unless they are subsequently registered under
the Securities Act or an exemption from such registration is available. It has been advised or is aware of the provisions of Rule 144
promulgated under the Securities Act.

 

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17.4   Access
to Data. It has had an opportunity to discuss Company’s business, management and financial affairs with Company’s management
and has had the opportunity to inspect Company’s facilities. Holder is aware of the Company’s business affairs and financial
condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment
decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had the opportunity to ask
questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities
and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort
or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

17.5   Accredited
Investor. It is an “accredited investor” within the meaning of Regulation D promulgated under the Securities Act.

 

18.   Additional
Representations and Covenants of Company. Company hereby represents, warrants and agrees as follows:

 

18.1   Corporate
Power. Company has all requisite corporate power and corporate authority to issue this Warrant and to carry out and perform its obligations
hereunder.

 

 18.2 Authorization.
All corporate action on the part of Company, its directors and stockholders necessary for the authorization, execution, delivery and performance
by Company of this Warrant has been taken. This Warrant is a valid and binding obligation of Company, enforceable in accordance with its
terms except as enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization or moratorium laws, other
similar laws affecting creditors’ rights and general principles of equity affecting the availability of specific performance and
other equitable remedies.

 

18.3   Offering.
Subject in part to the truth and accuracy of Holder’s representations set forth in Section 17 hereof, the offer, issuance
and sale of this Warrant is, and the issuance of Warrant Stock upon exercise of this Warrant will be exempt from the registration requirements
of the Securities Act, and are exempt from the qualification requirements of any applicable state securities laws; and neither Company
nor anyone acting on its behalf will take any action hereafter that would cause the loss of such exemptions.

 

18.4   Listing;
Stock Issuance. Company shall secure and maintain the listing of the Warrant Stock issuable upon exercise of this Warrant upon each
securities exchange or over-the-counter market upon which securities of the same class or series issued by Company are listed, if any.
Upon exercise of this Warrant, Company will use commercially reasonable efforts to cause stock certificates representing the shares of
Warrant Stock purchased pursuant to the exercise to be issued in the names of Holder, its nominees or assignees, as appropriate at the
time of such exercise.

 

18.5   Charter
Documents. Company has provided Holder with true and complete copies of Company’s Charter, By-Laws, and each Certificate of
Designation or other charter document setting, forth any rights, preferences and privileges of Company’s capital stock, each as
amended and in effect on the date of issuance of this Warrant.

 

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 18.6 Financial
and Other Reports. Until the Expiration Date and prior to an IPO or the offering and sale of the Company’s securities to the
public by other means, Company shall furnish to Holder (i) promptly following delivery to the Board of Directors of the Company after
the close of each fiscal year of Company, an audited balance sheet, together with an income statement, a cash flow statement and a statement
of changes in equity, for such fiscal year, in substantially the same form as such annual financial statements are furnished to the Board
of Directors; (ii) within 30 days after the close of each fiscal quarter of the Company, an unaudited balance sheet, income statement
and cash flow statement, each at and as of the end of such quarter, together with an up-to-date capitalization table; and (iii) promptly
after the closing of each equity financing consummated by Company after the date this Warrant has been issued, a copy of the term sheet
for such financing (if any), a post-closing, detailed capitalization table and other information relating to the then-current valuation
of the Company. In addition, the Company agrees to provide Holder at any time and from time to time with such information as Holder may
reasonably request for purposes of Holder’s compliance (as determined by Holder in its reasonable discretion) with regulatory, accounting
and reporting requirements applicable to Holder (e.g., Fair Value Accounting Standard 157), including any 409A valuation reports (or equivalent
reports) and budgets, as well as information with respect to whether the securities issuable upon the exercise hereof constitute “qualified
small business stock” for purposes of Section 1202(c) of the Internal Revenue Code and the New York Consolidated Laws (such information
described in this sentence the “Compliance Information”); provided, that Holder’s rights to any such Compliance
Information shall terminate upon an IPO or the offering and sale of the Company’s securities to the public by other means. Notwithstanding
the foregoing, the Company shall not be required to furnish to Holder the financial information described in this Section 18.6
in the event such financial information has been previously delivered to Lenders pursuant to the Loan Agreement.

 

19.   Counterparts;
Facsimile; Electronic Mail. Each party’s execution and delivery of such party’s counterpart signature page to this Warrant
via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com)
shall constitute such party’s effective execution and delivery of this Warrant and agreement to and acceptance of the terms hereof
for all purposes.

 

20.   Acquisition;
Replacement Warrant. In the event of either (i) an Acquisition of the Company, (ii) the consummation of a business combination transaction
involving the Company and/or any direct or indirect parent company thereof and a publicly traded U.S. domestic special purpose acquisition
company or other similar U.S. domestic corporation that is a “blank check” company under applicable U.S. securities laws and
formed for the purpose of effecting such a transaction, or (iii) the consummation of a business combination transaction involving the
Company and/or any direct or indirect parent company thereof with any public company listed on a U.S. securities exchange, then in the
event this Warrant has not been previously exercised the Company shall cause to be issued to the Holder a replacement warrant exercisable
for an equivalent number of shares of common stock of the resulting entity equal to the unexercised portion of this Warrant (the “Replacement
Warrant”). The Replacement Warrant shall otherwise contain terms and conditions substantially equivalent to this Warrant. For
the purpose of this Warrant, “Acquisition” means any transaction or series of related transactions involving: (A) the
sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company; (B) any merger or consolidation
of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change the Company’s
domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior
to such merger, consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s)
outstanding voting power immediately after such merger, consolidation or reorganization; or (C) any sale or other transfer by the stockholders
of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power.

 

    -10-

     

    

 

21   Notice
of Certain Events. If the Company proposes at any time to:

 

21.1   declare
any dividend or distribution upon the outstanding shares of Warrant Stock, whether in cash, property, stock, or other securities and whether
or not a regular cash dividend;

 

21.2   offer
for subscription or sale pro rata to all holders of the outstanding shares of shares of Warrant Stock any additional shares of
any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights);

 

21.3   effect
any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of Warrant Stock;

 

21.4   effect
an Acquisition or to liquidate, dissolve or wind up; or

 

21.5   effect
its initial, underwritten offering and sale of its securities to the public pursuant to an effective registration statement under the
Act (an “IPO”);

 

then, in connection with each
such event, the Company shall give Holder:

 

21.6   in
the case of the matters referred to in (21.1) and (21.2) above, at least ten (10) business days prior written notice of the earlier
to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights
(and specifying the date on which the holders of outstanding Common Stock will be entitled thereto) or for determining rights to vote,
if any;

 

21.7   in
the case of the matters referred to in (21.3) and (21.4) above at least ten (10) business days prior written notice of the date when
the same will take place (and specifying the date on which the holders of outstanding shares of Common Stock will be entitled to exchange
their shares for the securities or other property deliverable upon the occurrence of such event and such reasonable information as Holder
may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the notice); and

 

21.8   with
respect to an IPO, at least ten (10) business days prior written notice of the date on which the Company proposes to file its registration
statement in connection therewith.

 

provided, that the
Company’s failure to give any such notice of such actions pursuant to this Section 21 shall not affect the validity of any such
actions by the Company.

 

[Remainder of this page intentionally
left blank; signature page follows]

 

    -11-

     

    

 

IN WITNESS WHEREOF, Company
has caused this Warrant to be duly executed by its officer, thereunto duly authorized as of the date of issuance set forth on the first
page hereof.

 

	ORCHESTRA BIOMED, INC.
	 	 	 
	By:	/s/ David Hochman	
	Name: 	David Hochman	 
	Title:	Chief Executive Officer	 
	 	 	 
	AGREED AND ACCEPTED:
	 
	HOLDER:
	 
	AVENUE VENTURE OPPORTUNITIES FUND, L.P. 
	 
	By: 	Avenue Venture Opportunities Partners, LLC
	Its:	General Partner	 
	 	 	 
	By:	/s/ Sonia Gardner	
	Name:	Sonia Gardner	 
	Title:	President and Managing Partner	 

 

[Signature Page to Warrant]

 

     

     

    

 

FORM OF SUBSCRIPTION

 

(To be signed only upon exercise of Warrant)

 

To: _____________________________

 

		☐	The undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise the purchase
right represented by such Warrant for, and to purchase thereunder, (1) ________________ (_____) shares1
(the “Shares”) of Stock of __________ and herewith makes payment of _____________ Dollars ($________) therefor, and
requests that the certificates for such shares be issued in the name of, and delivered to, _________, whose address is ___________.

 

		☐	The undersigned hereby elects to convert ______ percent (__%) of the value of the Warrant pursuant to
the provisions of Section 1.2 of the Warrant.

 

The undersigned acknowledges that it has reviewed
the representations and warranties contained in Section 17 of this Warrant and by its signature below hereby makes such representations
and warranties to Company.

 

	 	Dated	 
	 	 	 
	 	Holder:	 
	 	 	 
	 	By:	 
	 	 	 
	 	Its:	 
	 	 	 
	 	(Address) 	 
	 	 	 
	 	 
	 	 	 
	 	 

 

 

		1	Insert here the number of shares called for on the face of the
Warrant (or, in the case of a partial exercise, the portion thereof as to which the Warrant is being exercised), in either case without
making any adjustment for additional Warrant Stock or any other stock or other securities or property or cash which, pursuant to the
adjustment provisions of the Warrant, may be issuable upon exercise.

 

     

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned, the holder
of the within Warrant, hereby sells, assigns and transfers all of the rights of the undersigned under the within Warrant, with respect
to the number of shares of Warrant Stock covered thereby set forth herein below, unto:

 

	Name of Assignee	 	Address	 	No.
of Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

	 	Dated	 
	 	 	 
	 	Holder: 	 
	 	 	 
	 	By:	 
	 	 	 
	 	Its:	 

 

     

     

    

 

EXHIBIT “A”

 

[On letterhead of Company]

 

Reference is hereby made to
that certain Warrant dated June 3, 2022 issued by ORCHESTRA BIOMED, INC., a Delaware corporation (the “Company”), to
AVENUE VENTURE OPPORTUNITIES FUND, L.P., a Delaware limited partnership (the “Holder”).

 

[IF APPLICABLE] The Warrant
provides that the actual number and type of shares of Company’s capital stock issuable upon exercise of the Warrant and the initial
exercise price per share are to be determined by reference to one or more events or conditions subsequent to the issuance of the Warrant.
Such events or conditions have now occurred or lapsed, and Company wishes to confirm the actual number of shares issuable and the initial
exercise price. The provisions of this Supplement to Warrant are incorporated into the Warrant by this reference, and shall control the
interpretation and exercise of the Warrant.

 

This certifies that Holder
is entitled to purchase from Company __________________________, at the Holder’s option, either (i) (____________) fully paid and
nonassessable shares of Company’s _________ Stock at a price of _________________________ Dollars ($__________) per share or (ii)
(____________) fully paid and nonassessable shares of Company’s _________ Stock at a price of _________________________ Dollars
($__________) per share.

 

Executed this ___ day of ________________, 20___.

 

	 	ORCHESTRA BIOMED, INC.
	 	 	 
	 	By: 	             
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:Exhibit 4.15

 

Execution Verison

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF, AND HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS. SUCH SECURITIES
MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF (A) SUCH REGISTRATION, (B) AN OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS, (C) ORCHESTRA
BIOMED, INC. OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS COMPLIANT WITH SUCH LAWS OR (D) A VALID EXEMPTION FROM SUCH REQUIREMENT
AS TO SUCH SECURITIES UNDER THE SECURITIES ACT.

 

Date of Issuance: June 3, 2022

 

WARRANT TO PURCHASE

 

SHARES OF STOCK OF

 

ORCHESTRA BIOMED, INC.

 

(Void after June 3, 2027)

 

This certifies that AVENUE
VENTURE OPPORTUNITIES FUND II, L.P., a Delaware limited partnership, or permitted assigns (“Holder”), for value received,
is entitled to purchase from ORCHESTRA BIOMED, INC., a Delaware corporation (“Company”), the Applicable Number (hereinafter
defined) of fully paid and nonassessable shares of the common stock of Company (“Common Stock”) (the “Warrant
Stock”), for cash, at a purchase price per share equal to the Stock Purchase Price (hereinafter defined). Holder may also exercise
this Warrant on a cashless or “net issuance” basis as described in Section 1.2 below, and this Warrant shall be deemed
to have been exercised in full on such basis on the Expiration Date (hereinafter defined), to the extent not fully exercised prior to
such date. This Warrant is issued in connection with that certain Loan and Security Agreement and Supplement thereto, both of even date
herewith (as amended, restated and supplemented from time to time, the “Loan Agreement” and the “Supplement”,
respectively), between Company, as borrower, Holder, as a lender and AVENUE VENTURE OPPORTUNITIES FUND, L.P., a Delaware limited partnership,
as lender (in its capacity as a lender, together with Holder, each a “Lender” and collectively, “Lenders”)
and in its capacity as administrative agent and collateral agent (in such capacity, the “Agent”). Capitalized terms
used herein and not otherwise defined in this Warrant shall have the meaning(s) ascribed to them in the Loan Agreement and the Supplement,
unless the context would otherwise require.

 

“Applicable Number”
means the number of shares of Warrant Stock purchasable hereunder obtained by dividing (A) $800,000 (such amount sometimes referred to
hereinafter as the “Coverage Amount”) by (B) $4.65.

 

“Stock Purchase Price”
means $1.89.

 

     

     

    

 

As soon as reasonably practicable
after the occurrence or non-occurrence of the latest event or condition necessary to determine (i) the Coverage Amount, (ii) the actual
number and type of shares of Warrant Stock issuable upon exercise of this Warrant, or (iii) the Stock Purchase Price, if applicable, Company
shall deliver a supplement to this Warrant (subsequent to a request by Holder therefor), in substantially the form of Exhibit “A”
attached hereto, specifying the total number and series of shares of Warrant Stock issuable hereunder after giving effect to the foregoing
calculations, and otherwise completed with such quantity and price terms and other information as have been determined as a result of
the occurrence or non-occurrence of such events or conditions. The provisions of such supplement, once completed and executed, shall control
the interpretation and exercise of this Warrant; provided, however, that the failure of Company to deliver such supplement shall
not affect the rights of Holder to receive the number and type of shares of Warrant Stock as set forth herein.

 

This Warrant may be exercised
at any time or from time to time up to and including 5:00 p.m. (Pacific time) on June 3, 2027 (the “Expiration Date”),
upon surrender to Company at its principal office at 60 East 42nd Street, Suite 2430, New York, NY 10165 (or at such other location as
Company may advise Holder in writing) of this Warrant properly endorsed with the Form of Subscription attached hereto duly completed and
signed and upon payment in cash or by check of the aggregate Stock Purchase Price for the number of shares for which this Warrant is being
exercised determined in accordance with the provisions hereof. Notwithstanding any contrary provision herein, if this Warrant was originally
executed and/or delivered electronically, in no event shall Holder be required to surrender or deliver an ink-signed paper copy of this
Warrant in connection with its exercise hereof or of any rights hereunder, nor shall Holder be required to surrender or deliver a paper
or other physical copy of (i) this Warrant or (ii) any other document in connection with any exercise hereof.

 

This Warrant is subject to
the following terms and conditions:

 

1.
Exercise; Issuance of Certificates; Payment for Shares.

 

1.1 Unless
an election is made pursuant to Section 1.2, this Warrant shall be exercisable at the option of Holder, at any time or from time
to time, on or before the Expiration Date for all or any portion of the shares of Warrant Stock (but not for a fraction of a share) which
may be purchased hereunder for the Stock Purchase Price multiplied by the number of shares to be purchased. Company agrees that the shares
of Warrant Stock purchased under this Warrant shall be and are deemed to be issued to Holder as the record owner of such shares as of
the close of business on the date on which the form of subscription shall have been delivered and payment made for such shares. Subject
to the provisions of Section 2, upon any exercise of this Warrant for all or any portion of the Warrant Stock that may be purchased
hereunder, Holder shall deliver to Company such documents and instruments as the Board of Directors of Company determine to be necessary
or appropriate. Except as provided in Section 1.2, in case of a purchase of less than all the shares which may be purchased under
this Warrant, Company shall cancel this Warrant and execute and deliver a new Warrant or Warrants of like tenor for the balance of the
shares purchasable under this Warrant surrendered upon such purchase to Holder within a reasonable time.

 

    -2-

     

    

 

1.2 Cashless
Exercise. Holder, in lieu of exercising this Warrant by the cash payment of the Stock Purchase Price pursuant to Section 1.1,
may elect, at any time on or before the Expiration Date, to surrender this Warrant and receive that number of shares of Warrant Stock
computed using the following formula:

 

 

	Where:	X	=	the number of shares of Warrant Stock to be issued to Holder.
	 	 	 	 
	 	Y	=	the number of shares of Warrant Stock that Holder would otherwise have been entitled to purchase hereunder pursuant to Section 1.1 (or such lesser number of shares as Holder may designate in the case of a partial exercise of this Warrant).
	 	 	 	 
	 	A	=	the Fair Market Value (as determined pursuant to Section 1.3, below) of one share of Warrant Stock.
	 	 	 	 
	 	B	=	the Stock Purchase Price then in effect.

 

Election to exercise under this
Section 1.2 may be made by delivering a signed form of subscription to Company via facsimile or electronic mail, to be followed
by delivery of this Warrant. Notwithstanding anything to the contrary contained in this Warrant, if as of the close of business on the
last business day preceding the Expiration Date this Warrant remains unexercised as to all or a portion of the shares of Warrant Stock
purchasable hereunder, then effective as 9:00 a.m. (Pacific time) on the Expiration Date, Holder shall be deemed, automatically and without
need for notice to Company, to have elected to exercise this Warrant in full pursuant to the provisions of this Section 1.2, and
upon surrender of this Warrant shall be entitled to receive that number of shares of Warrant Stock computed using the above formula, provided
that the application of the formula as of the Expiration Date yields a positive number for “X”.

 

For purposes of Rule 144
promulgated under the Act, it is acknowledged and agreed that (i) the shares issuable upon any exercise of this Warrant in any cashless
exercise transaction shall be deemed to have been acquired on the date of issuance of this Warrant, and (ii) the holding period for
any shares issuable upon the exercise of this Warrant in any cashless exercise transaction shall be deemed to have commenced on the date
of issuance of this Warrant.

 

1.3 Fair
Market Value. If shares of Warrant Stock are then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation
system or over-the-counter market (a “Trading Market”), the fair market value of a share of Warrant Stock (the “Fair
Market Value”) shall be the closing price or last sale price of a share of such class of stock reported for the business day
immediately before the date on which Holder delivers this Warrant, together with a Form of Subscription, to the Company. If shares of
Warrant Stock are not then traded in a Trading Market, then the Board of Directors of the Company shall determine the Fair Market Value
of a share of Warrant Stock in its reasonable good faith judgment, provided that in the case of any dispute by the Holder as to
the Board of Directors’ determination of Fair Market Value or any dispute in respect of any other computation required to be made
hereunder, the parties agree to negotiate any such disputes in good faith.

 

    -3-

     

    

 

2. Limitation
on Transfer.

 

2.1 This
Warrant and the Warrant Stock shall not be transferable except upon the conditions specified in this Section 2, which conditions
are intended to ensure compliance with the provisions of the Securities Act of 1933, as amended (the “Securities Act”).
Each holder of this Warrant or the Warrant Stock issuable hereunder will cause any proposed transferee of the Warrant or Warrant Stock
to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Section 2. Notwithstanding
the foregoing and any other provision of this Section 2 but subject to the last sentence of Section 2.3, Holder may freely
transfer all or part of this Warrant or the shares issuable upon exercise of this Warrant (or the securities issuable, directly or indirectly,
upon conversion of the shares, if any) at any time to any affiliate of Holder, by giving Company notice of the portion of the Warrant
being transferred setting forth the name, address and taxpayer identification number of the transferee and surrendering this Warrant to
Company for reissuance to the transferees(s) (and Holder, if applicable). Notwithstanding anything herein to the contrary, Holder may
not, without the Company’s prior written consent, transfer this Warrant or any portion thereof, or any shares of Warrant Stock issued
upon any exercise hereof, to any person or entity who directly competes with the Company, except in connection with an acquisition of
the Company by such direct competitor approved by the Company’s board of directors; provided, that, subject in all cases
to the lockup provisions of Section 2.4 hereof, the Warrant Stock issuable upon exercise of this Warrant may be transferred in
the public market after an IPO (as defined herein) or the offering and sale of the Company’s securities to the public by other means.

 

2.2 Each
certificate representing (i) this Warrant, (ii) the Warrant Stock and (iii) any other securities issued in respect to Common Stock issued
upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event, shall (unless otherwise permitted by the
provisions of this Section 2 or unless such securities have been registered under the Securities Act or sold under Rule 144) be
stamped or otherwise imprinted with a legend substantially in the following form (in addition to any legend required under applicable
state securities laws):

 

THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF,
AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN
THE ABSENCE OF (A) SUCH REGISTRATION, (B) AN OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (C) ORCHESTRA BIOMED, INC. OTHERWISE
SATISFIES ITSELF THAT SUCH TRANSACTION IS COMPLIANT WITH SUCH LAWS.

 

2.3 Holder
of this Warrant and each person to whom this Warrant is subsequently transferred represents and warrants to Company and agrees (by acceptance
of such transfer) that it will not transfer this Warrant (or securities issuable upon exercise hereof unless a registration statement
under the Securities Act was in effect with respect to such securities at the time of issuance thereof) unless (i) pursuant to an effective
registration statement under the Securities Act and applicable state securities laws covering any such transaction, (ii) pursuant to Rule
144 under the Securities Act (or any other rule under the Securities Act relating to the disposition of securities), (iii) Company receives
an opinion of counsel, reasonably satisfactory to Company, that an exemption from such registration is available or (iv) Company otherwise
satisfies itself that such transaction is exempt from registration.

 

    -4-

     

    

 

 2.4 Holder understands
and agrees that it shall not sell, offer, pledge, contract to sell, grant any option or contract to purchase, purchase any option or contract
to sell, grant any right or warrant to purchase, lend or otherwise transfer or encumber, directly or indirectly, any shares of capital
stock of the Company (each, a “Transfer”), nor shall Holder enter into any swap, hedging or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of any shares of capital stock of the Company
(or any shares of a third party for which such Company shares were exchanged in connection with a business combination between Company
and such third party) held by Holder until the date that is six (6) months from the date the Securities and Exchange Commission declares
effective the applicable registration statement under the Act with respect to such shares (the “Release Date”). Holder
hereby covenants and agrees that (i) it shall abide by the restrictions set forth above and (ii) the Company shall be entitled to place
“stop transfer” instructions with the Company’s transfer agent in compliance with the above restrictions. The foregoing
provisions of this Section 2.4 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement,
or the Transfer of any shares of capital stock to Permitted Assignees (as defined below), provided that any such Permitted Assignee agrees
to be bound in writing by the restrictions set forth herein, and provided, further, that any such Transfer shall not involve a disposition
for value. The underwriters in connection with such registration are intended third-party beneficiaries of this Section 2.4 and
shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Holder further agrees to
execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with
this Section 2.4 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions
of any or all of such agreements by the Company or the underwriters shall apply pro rata to all holders subject to such agreements, based
on the number of shares subject to such agreements. For the purposes of this Warrant, (a) “Permitted Assignees” means
(1) with respect to a person, Affiliates (as defined below) of such person, (2) with respect to a partnership, its general and limited
partners, (3) with respect to a limited liability company, its members and (4) with respect to an individual party, any Immediate Family
Member (as defined below) of such party or any trust for the direct or indirect benefit of the individual or any Immediate Family Member,
(b) “Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of a natural
person referred to herein and (c) “Affiliate” means with respect to any specified person, any other person who, directly
or indirectly, controls, is controlled by, or is under common control with such person, including without limitation any general partner,
managing member, officer or director of such person or any venture capital fund now or hereafter existing that is controlled by one or
more general partners or managing members of, or shares the same management company with, such person. This Section 2.4 shall supersede
any prior agreements between Holder and the Company with respect to the subject matter hereof.

 

2.5 As
a condition to the exercise of this Warrant and the issuance of Warrant Stock, if requested by Company by reasonable notice to Holder,
Holder shall agree in writing to be fully bound by any investors rights, shareholder or similar agreements applicable to holders of Warrant
Stock.

 

3. Shares
to be Fully Paid; Reservation of Shares. Company covenants and agrees that all shares of Warrant Stock which may be issued upon the
exercise of the rights represented by this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable
and free from all preemptive rights of any stockholder and free of all taxes, liens and charges with respect to the issue thereof. Company
further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, Company will
at all times have authorized and reserved, for the purpose of issue or transfer upon exercise of the subscription rights evidenced by
this Warrant, a sufficient number of shares of authorized but unissued Warrant Stock, or other securities and property, when and as required
to provide for the exercise of the rights represented by this Warrant. Company will take all such action as may be necessary to assure
that such shares of Warrant Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of any domestic securities exchange upon which the Warrant Stock may be listed. Company will not take any action which would result in
any adjustment of the Stock Purchase Price (i) if the total number of shares of Warrant Stock issuable after such action upon exercise
of all outstanding warrants, together with all shares of Warrant Stock then outstanding and all shares of Warrant Stock then issuable
upon exercise of all options and upon the conversion of all convertible securities then outstanding, would exceed the total number of
shares of Warrant Stock then authorized by Company’s Certificate of Incorporation, as amended and restated from time to time (the
“Charter”) or (ii) if the par value per share of the Warrant Stock would exceed the Stock Purchase Price.

 

    -5-

     

    

 

4. Adjustment
to Warrant Stock and Stock Purchase Price.

 

4.1 Stock
Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of Warrant Stock payable
in additional shares of Warrant Stock or other securities or property (other than cash), then upon exercise of this Warrant, for each
share of Warrant Stock acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and
property which Holder would have received had Holder owned the shares of Warrant Stock of record as of the date the dividend or distribution
occurred. If the Company subdivides the outstanding shares of Warrant Stock by reclassification or otherwise into a greater number of
shares, the number of shares of Warrant Stock purchasable hereunder shall be proportionately increased and the Stock Purchase Price shall
be proportionately decreased. If the outstanding shares of Warrant Stock are combined or consolidated, by reclassification or otherwise,
into a lesser number of shares, the Stock Purchase Price shall be proportionately increased and the number of shares of Warrant Stock
shall be proportionately decreased.

 

4.2 Reclassification,
Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of Warrant Stock are reclassified, exchanged,
combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the
consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities that Holder would
have received had the shares of Warrant Stock been outstanding on and as of the consummation of such event, and subject to further adjustment
thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 4.2 shall similarly
apply to successive reclassifications, exchanges, combinations, substitutions, replacements or other similar events.

 

4.3 Notice/Certificate
as to Adjustments. Upon each adjustment of the Stock Purchase Price, class and/or number of shares issuable upon exercise of this
Warrant, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments
to the Stock Purchase Price, class and/or number of shares and facts upon which such adjustment is based. The Company shall, upon written
request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the
Stock Purchase Price, class and number of shares in effect upon the date of such adjustment.

 

5. Issue
Tax. The issuance of certificates for shares of Warrant Stock upon the exercise of this Warrant shall be made without charge to Holder
of this Warrant for any issue tax in respect thereof; provided, however, that Company shall not be required to pay any tax which may be
payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than that of the then Holder
of this Warrant being exercised.

 

    -6-

     

    

 

6. No
Impairment. The Company shall not, by amendment of its Certificate of Incorporation or Bylaws, amendment of the Rights Agreement,
or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but shall
at all times in good faith assist in the carrying out of all the provisions of this Warrant.

 

7. No
Voting Rights; Limitation of Liability. Nothing contained in this Warrant shall be construed as conferring upon Holder hereof the
right to vote or to consent as a stockholder in respect of meetings of stockholders for the election of directors of Company or any other
matters or any rights whatsoever as a stockholder of Company. No dividends or interest shall be payable in respect of this Warrant or
the interest represented hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been exercised;
provided, however, that if any dividends are due or paid at any time on the underlying securities for which this Warrant is exercisable,
then upon exercise, the securities issued to Holder shall be deemed to have accrued dividends and be paid identical dividends from the
same time as the outstanding shares for which this Warrant is exercisable were first issued (or, if later, the date of this Warrant).
No provisions hereof, in the absence of affirmative action by Holder to purchase shares of Warrant Stock, and no mere enumeration herein
of the rights or privileges of Holder hereof, shall give rise to any liability of such Holder for the Stock Purchase Price or as a stockholder
of Company, whether such liability is asserted by Company or by its creditors.

 

8. Amendment
of Charter. Unless Holder consents thereto in writing, Company shall not amend its Charter prior to the exercise of this Warrant if
the Warrant Stock would be adversely affected by such amendment in a manner that would be more adverse to Holder with respect to the shares
of Warrant Stock issuable upon the exercise of this Warrant than, and substantially disproportionate to, such amendment’s effect
on the other holders of the same class or series of Warrant Stock.

 

9. Registration
Rights. Holder shall be entitled, with respect to the shares of Warrant Stock issued upon exercise hereof to the registration rights
set forth in Section 2.1(b) of that certain Investors’ Rights Agreement, dated as of May 31, 2018, by and among the Company and
certain stockholders (as amended from time to time, the “Rights Agreement”), to the same extent and on the same terms
and conditions as possessed by the holders of Registrable Securities (as defined in the Rights Agreement) thereunder with the following
exceptions and clarifications: (i) Holder will have no right to make a written request under the Rights Agreement that Company file a
registration statement under Form S-1 of the Securities Act; (ii) Holder will be subject to the same provisions regarding indemnification
as contained in the Rights Agreement; and (iii) the registration rights are freely assignable by Holder of this Warrant in connection
with a permitted transfer of this Warrant or the shares issuable upon exercise hereof. Company and Holder shall take such action as may
be reasonably necessary to assure that the granting of such registration rights to Holder does not violate the provisions of the Rights
Agreement or the Charter or rights of prior grantees of registration rights.

 

10. Rights
and Obligations Survive Exercise of Warrant. The rights and obligations of Company, of Holder of this Warrant and of the holder of
shares of Warrant Stock issued upon exercise of this Warrant, contained in Sections 2, 6, 8, 9 and 18 shall
survive the exercise of this Warrant.

 

    -7-

     

    

 

11. Modification
and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the same is sought.

 

12. Notices.
Any notice, request or other document required or permitted to be given or delivered to Holder or Company shall be deemed to have been
given (i) upon receipt if delivered personally, (ii) upon confirmation of receipt if by electronic mail or telecopy (or, if no confirmation
is received, then on the next business day), (iii) one business day after the business day of deposit with a nationally recognized overnight
courier, specifying next-day delivery, with written verification of receipt, or (iv) three business days after deposit in the US mail,
with postage prepaid and certified or registered, to each such Holder at its address as shown on the books of Company or to Company at
the address indicated therefor in the opening paragraphs of this Warrant (or at such other location as Company advises Holder in writing).

 

13. Survival
of Certain Obligations. All of the obligations of Company relating to the Warrant Stock issuable upon the exercise of this Warrant
shall survive the exercise and termination of this Warrant. All of the covenants and agreements of Company shall inure to the benefit
of and be binding upon the successors and permitted assigns of Holder.

 

14. Descriptive
Headings and Governing Law. The descriptive headings of the several sections and paragraphs of this Warrant are inserted for convenience
only and do not constitute a part of this Warrant. This Warrant shall be construed and enforced in accordance with, and the rights of
the parties shall be governed by, the laws of the State of New York, without giving effect to conflicts of law principles.

 

15. Lost
Warrants or Stock Certificates. Company agrees that upon receipt of evidence reasonably satisfactory to Company of the loss, theft,
destruction, or mutilation of any Warrant or stock certificate and, in the case of any such loss, theft or destruction, upon receipt of
an indemnity reasonably satisfactory to Company, or in the case of any such mutilation upon surrender and cancellation of such Warrant
or stock certificate, Company at its expense will make and deliver a new Warrant or stock certificate, of like tenor, in lieu of the lost,
stolen, destroyed or mutilated Warrant or stock certificate.

 

16. Fractional
Shares. No fractional shares shall be issued upon exercise of this Warrant. Company shall, in lieu of issuing any fractional share,
pay the holder entitled to such fraction a sum in cash equal to such fraction multiplied by the then effective Stock Purchase Price.

 

    -8-

     

    

 

17. Representations
of Holder. With respect to this Warrant, Holder represents and warrants to Company as follows:

 

17.1 Experience.
It is experienced in evaluating and investing in companies engaged in businesses similar to that of Company; it understands that investment
in this Warrant involves substantial risks; it has made detailed inquiries concerning Company, its business and services, its officers
and its personnel; the officers of Company have made available to Holder any and all written information it has requested; the officers
of Company have answered to Holder’s satisfaction all inquiries made by it; and it has such knowledge and experience in financial
and business matters that it is capable of evaluating the merits and risks of investment in Company and it is able to bear the economic
risk of that investment.

 

17.2 Investment.
It is acquiring this Warrant for investment for its own account and not with a view to, or for resale in connection with, any distribution
thereof. It understands that this Warrant, the shares of Warrant Stock issuable upon exercise thereof have not been registered under the
Securities Act, nor qualified under applicable state securities laws. Holder also represents that it has not been formed for the specific
purpose of acquiring this Warrant or the shares of Warrant Stock.

 

17.3 Rule
144. It acknowledges that this Warrant and the Warrant Stock must be held indefinitely unless they are subsequently registered under
the Securities Act or an exemption from such registration is available. It has been advised or is aware of the provisions of Rule 144
promulgated under the Securities Act.

 

17.4 Access
to Data. It has had an opportunity to discuss Company’s business, management and financial affairs with Company’s management
and has had the opportunity to inspect Company’s facilities. Holder is aware of the Company’s business affairs and financial
condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment
decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had the opportunity to ask
questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities
and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort
or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

17.5 Accredited
Investor. It is an “accredited investor” within the meaning of Regulation D promulgated under the Securities Act.

 

18. Additional
Representations and Covenants of Company. Company hereby represents, warrants and agrees as follows:

 

18.1 Corporate
Power. Company has all requisite corporate power and corporate authority to issue this Warrant and to carry out and perform its obligations
hereunder.

 

 18.2 Authorization.
All corporate action on the part of Company, its directors and stockholders necessary for the authorization, execution, delivery and performance
by Company of this Warrant has been taken. This Warrant is a valid and binding obligation of Company, enforceable in accordance with its
terms except as enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization or moratorium laws, other
similar laws affecting creditors’ rights and general principles of equity affecting the availability of specific performance and
other equitable remedies.

 

18.3 Offering.
Subject in part to the truth and accuracy of Holder’s representations set forth in Section 17 hereof, the offer, issuance
and sale of this Warrant is, and the issuance of Warrant Stock upon exercise of this Warrant will be exempt from the registration requirements
of the Securities Act, and are exempt from the qualification requirements of any applicable state securities laws; and neither Company
nor anyone acting on its behalf will take any action hereafter that would cause the loss of such exemptions.

 

18.4 Listing;
Stock Issuance. Company shall secure and maintain the listing of the Warrant Stock issuable upon exercise of this Warrant upon each
securities exchange or over-the-counter market upon which securities of the same class or series issued by Company are listed, if any.
Upon exercise of this Warrant, Company will use commercially reasonable efforts to cause stock certificates representing the shares of
Warrant Stock purchased pursuant to the exercise to be issued in the names of Holder, its nominees or assignees, as appropriate at the
time of such exercise.

 

    -9-

     

    

 

18.5 Charter
Documents. Company has provided Holder with true and complete copies of Company’s Charter, By-Laws, and each Certificate of
Designation or other charter document setting, forth any rights, preferences and privileges of Company’s capital stock, each as
amended and in effect on the date of issuance of this Warrant.

 

 18.6 Financial
and Other Reports. Until the Expiration Date and prior to an IPO or the offering and sale of the Company’s securities to the
public by other means, Company shall furnish to Holder (i) promptly following delivery to the Board of Directors of the Company after
the close of each fiscal year of Company, an audited balance sheet, together with an income statement, a cash flow statement and a statement
of changes in equity, for such fiscal year, in substantially the same form as such annual financial statements are furnished to the Board
of Directors; (ii) within 30 days after the close of each fiscal quarter of the Company, an unaudited balance sheet, income statement
and cash flow statement, each at and as of the end of such quarter, together with an up-to-date capitalization table; and (iii) promptly
after the closing of each equity financing consummated by Company after the date this Warrant has been issued, a copy of the term sheet
for such financing (if any), a post-closing, detailed capitalization table and other information relating to the then-current valuation
of the Company. In addition, the Company agrees to provide Holder at any time and from time to time with such information as Holder may
reasonably request for purposes of Holder’s compliance (as determined by Holder in its reasonable discretion) with regulatory, accounting
and reporting requirements applicable to Holder (e.g., Fair Value Accounting Standard 157), including any 409A valuation reports (or equivalent
reports) and budgets, as well as information with respect to whether the securities issuable upon the exercise hereof constitute “qualified
small business stock” for purposes of Section 1202(c) of the Internal Revenue Code and the New York Consolidated Laws (such information
described in this sentence the “Compliance Information”); provided, that Holder’s rights to any such Compliance
Information shall terminate upon an IPO or the offering and sale of the Company’s securities to the public by other means. Notwithstanding
the foregoing, the Company shall not be required to furnish to Holder the financial information described in this Section 18.6
in the event such financial information has been previously delivered to Lenders pursuant to the Loan Agreement.

 

19. Counterparts;
Facsimile; Electronic Mail. Each party’s execution and delivery of such party’s counterpart signature page to this Warrant
via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com)
shall constitute such party’s effective execution and delivery of this Warrant and agreement to and acceptance of the terms hereof
for all purposes.

 

20. Acquisition;
Replacement Warrant. In the event of either (i) an Acquisition of the Company, (ii) the consummation of a business combination transaction
involving the Company and/or any direct or indirect parent company thereof and a publicly traded U.S. domestic special purpose acquisition
company or other similar U.S. domestic corporation that is a “blank check” company under applicable U.S. securities laws and
formed for the purpose of effecting such a transaction, or (iii) the consummation of a business combination transaction involving the
Company and/or any direct or indirect parent company thereof with any public company listed on a U.S. securities exchange, then in the
event this Warrant has not been previously exercised the Company shall cause to be issued to the Holder a replacement warrant exercisable
for an equivalent number of shares of common stock of the resulting entity equal to the unexercised portion of this Warrant (the “Replacement
Warrant”). The Replacement Warrant shall otherwise contain terms and conditions substantially equivalent to this Warrant. For
the purpose of this Warrant, “Acquisition” means any transaction or series of related transactions involving: (A) the
sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company; (B) any merger or consolidation
of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change the Company’s
domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior
to such merger, consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s)
outstanding voting power immediately after such merger, consolidation or reorganization; or (C) any sale or other transfer by the stockholders
of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power.

 

    -10-

     

    

 

21 Notice
of Certain Events. If the Company proposes at any time to:

 

21.1 declare
any dividend or distribution upon the outstanding shares of Warrant Stock, whether in cash, property, stock, or other securities and whether
or not a regular cash dividend;

 

21.2 offer
for subscription or sale pro rata to all holders of the outstanding shares of shares of Warrant Stock any additional shares of
any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights);

 

21.3 effect
any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of Warrant Stock;

 

21.4 effect
an Acquisition or to liquidate, dissolve or wind up; or

 

21.5 effect
its initial, underwritten offering and sale of its securities to the public pursuant to an effective registration statement under the
Act (an “IPO”);

 

then, in connection with each
such event, the Company shall give Holder:

 

21.6 in
the case of the matters referred to in (21.1) and (21.2) above, at least ten (10) business days prior written notice of the earlier
to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights
(and specifying the date on which the holders of outstanding Common Stock will be entitled thereto) or for determining rights to vote,
if any;

 

21.7 in
the case of the matters referred to in (21.3) and (21.4) above at least ten (10) business days prior written notice of the date when
the same will take place (and specifying the date on which the holders of outstanding shares of Common Stock will be entitled to exchange
their shares for the securities or other property deliverable upon the occurrence of such event and such reasonable information as Holder
may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the notice); and

 

21.8 with
respect to an IPO, at least ten (10) business days prior written notice of the date on which the Company proposes to file its registration
statement in connection therewith.

 

provided, that the
Company’s failure to give any such notice of such actions pursuant to this Section 21 shall not affect the validity of any such
actions by the Company.

 

[Remainder of this page intentionally
left blank; signature page follows]

 

    -11-

     

    

 

IN WITNESS WHEREOF, Company
has caused this Warrant to be duly executed by its officer, thereunto duly authorized as of the date of issuance set forth on the first
page hereof.

 

	ORCHESTRA BIOMED,
    INC.	 
	 	 	 
	By:	/s/ Michael D. Kaswan	 
	Name:	Michael D. Kaswan	 
	Title:	Chief Financial Officer	 
	 	 	 
	AGREED
    AND ACCEPTED:	 
	 	 
	HOLDER:	 
	 	 
	AVENUE
    VENTURE OPPORTUNITIES FUND II, L.P. 
	 	 
	By: 	Avenue
    Venture Opportunities Partners II, LLC
	Its:	General Partner
	 	 	 
	By:	/s/ Sonia
    Gardner	 
	Name: 	Sonia Gardner	 
	Title:	President
    and Managing Partner	 

 

[Signature Page to Warrant]

 

     

     

    

 

FORM OF SUBSCRIPTION

 

(To be signed only upon exercise of Warrant)

 

To: _____________________________

 

		☐	The undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise the purchase
right represented by such Warrant for, and to purchase thereunder, (1) ________________ (_____) shares1
(the “Shares”) of Stock of __________ and herewith makes payment of _____________ Dollars ($________) therefor, and
requests that the certificates for such shares be issued in the name of, and delivered to, _________, whose address is ___________.

 

		☐	The undersigned hereby elects to convert ______ percent (__%) of the value of the Warrant pursuant to
the provisions of Section 1.2 of the Warrant.

 

The undersigned acknowledges that it has reviewed
the representations and warranties contained in Section 17 of this Warrant and by its signature below hereby makes such representations
and warranties to Company.

 

	 	Dated	 
	 	 	 
	 	Holder:	 
	 	 	 
	 	By:	 
	 	 	 
	 	Its:	 
	 	 	 
	 	(Address)	 
	 	 
	 	 

 

 

 

	1	Insert here the number of shares called for on the face of the Warrant (or, in the case of
a partial exercise, the portion thereof as to which the Warrant is being exercised), in either case without making any adjustment for
additional Warrant Stock or any other stock or other securities or property or cash which, pursuant to the adjustment provisions of the
Warrant, may be issuable upon exercise.

 

     

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned, the holder
of the within Warrant, hereby sells, assigns and transfers all of the rights of the undersigned under the within Warrant, with respect
to the number of shares of Warrant Stock covered thereby set forth herein below, unto:

 

	Name of Assignee 	Address 	No.
of Shares
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	 	Dated	
	 	 	 
	 	Holder: 	
	 	 	 
	 	By:	
	 	 	 
	 	Its:	

 

     

     

    

 

EXHIBIT “A”

 

[On letterhead of Company]

 

 

 

Reference is hereby made to
that certain Warrant dated June 3, 2022 issued by ORCHESTRA BIOMED, INC., a Delaware corporation (the “Company”), to
AVENUE VENTURE OPPORTUNITIES FUND, L.P. II, a Delaware limited partnership (the “Holder”).

 

[IF APPLICABLE] The Warrant
provides that the actual number and type of shares of Company’s capital stock issuable upon exercise of the Warrant and the initial
exercise price per share are to be determined by reference to one or more events or conditions subsequent to the issuance of the Warrant.
Such events or conditions have now occurred or lapsed, and Company wishes to confirm the actual number of shares issuable and the initial
exercise price. The provisions of this Supplement to Warrant are incorporated into the Warrant by this reference, and shall control the
interpretation and exercise of the Warrant.

 

This certifies that Holder
is entitled to purchase from Company __________________________, at the Holder’s option, either (i) (____________) fully paid and
nonassessable shares of Company’s _________ Stock at a price of _________________________ Dollars ($__________) per share or (ii)
(____________) fully paid and nonassessable shares of Company’s _________ Stock at a price of _________________________ Dollars
($__________) per share.

 

Executed this ___ day of ________________, 20___.

 

	 	ORCHESTRA BIOMED, INC.
	 	 	 
	 	By:	           
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:

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