Document:

Exhibit 10.7

 

CCUR HOLDINGS, INC.

AMENDED AND RESTATED

2011 STOCK INCENTIVE PLAN

 

SECTION 1.       Purpose. The purpose of the CCUR
Holdings, Inc. 2011 Stock Incentive Plan is to advance the interests of CCUR Holdings, Inc. (the “Company”) by enabling
officers, employees, non-employee directors and consultants of the Company and its Affiliates to participate in the Company’s
future and to enable the Company to attract and retain such persons by offering them proprietary interests in the Company.

 

SECTION 2.       Definitions. For purposes of the
Plan, the following terms are defined as set forth below:

 

		a.	“Affiliate” means a corporation or other entity controlled (as determined by the Committee) directly, or
indirectly through one or more intermediaries, by the Company and designated by the Committee as such.

 

		b.	“Award” means an award granted to a Participant in the form of a Stock Appreciation Right, Stock Option,
or Restricted Stock, or any combination of the foregoing.

 

		c.	“Board” means the Board of Directors of the Company.

 

		d.	“Cause” shall have the meaning set forth in Section 9.

 

		e.	“Change of Control” shall have the meaning set forth in Section 12.

 

		f.	“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto.

 

		g.	“Committee” means the Committee referred to in Section 5.

 

		h.	“Company” means CCUR Holdings, Inc., a Delaware corporation.

 

		i.	“Disability” means permanent and total disability as determined under procedures established by the Committee
for purposes of the Plan (provided, in the case of Incentive Stock Option "Disability" is determined consistent with
permanent and total disability as defined in Section 22(e)(3) of the Code).

 

		j.	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor
thereto.

 

		k.	“Fair Market Value” means the closing sale price as of any given date of a share of Stock if the Stock is
listed on a national securities exchange or quoted on the NASDAQ system or, if no such closing price is available on such date,
such closing price as reported for the immediately preceding business day. If the Stock is not listed on a national securities
exchange or quoted on the NASDAQ system, the Fair Market Value of the Stock shall be determined by the Committee in good faith.

 

		l.	“Incentive Stock Option” means any Stock Option intended to be and designated as an “incentive stock
option” within the meaning of Section 422 of the Code.

 

		m.	“Non-Employee Director” means any director of the Company who is not an employee of the Company or any of
its Affiliates.

 

		n.	“Non-Qualified Stock Option” means any Stock Option that is not an Incentive Stock Option.

 

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		o.	“Normal Retirement” means retirement from active employment with the Company or an Affiliate at or after
age 65 or at such other age as may be specified by the Committee in the Award agreement.

 

		p.	“Participant” means an officer, employee, Non-Employee Director or consultant of the Company or of an Affiliate
to whom an Award has been granted that has not terminated, expired or been fully exercised.

 

		q.	“Plan” means the CCUR Holdings, Inc. 2011 Stock Incentive Plan, as set forth herein and as hereinafter amended
from time to time.

 

		r.	“Prior Plan” means the Concurrent Computer Corporation Third Amended and Restated 2001 Stock Option Plan.

 

		s.	“Restriction Period” means the period of time, which may be a single period or multiple periods, during
which Restricted Stock awarded to a Participant remains subject to the Restrictions imposed on such Stock, as determined by the
Committee.

 

		t.	“Restrictions” means the restrictions and conditions imposed on Restricted Stock awarded to a Participant,
as determined by the Committee, that must be satisfied in order for the Restricted Stock to vest, in whole or in part, in the Participant.

 

		u.	“Restricted Stock” means an award of Stock subject to Restrictions whereby the Participant’s rights
to full enjoyment of the Stock are conditioned upon the future performance of substantial services or are otherwise subject to
a “substantial risk of forfeiture” within the meaning of Section 83 of the Code.

 

		v.	“Restricted Stock Agreement” means a written agreement between a Participant and the Company evidencing
an Award of Restricted Stock.

 

		w.	“Restricted Stock Award Date" means the date on which the Committee awarded Restricted Stock to the Participant.

 

		x.	“Retirement” means Normal Retirement or early retirement if the Company’s Profit Sharing and Savings
Plan provides for same.

 

		y.	“Rule 16b-3” means the exemption under Rule 16b-3 to Section 16(b) of the Exchange Act, as amended from
time to time.

 

		z.	“Stock” means common stock, $.01 per share par value, of the Company.

 

		aa.	“Stock Appreciation Right” means a right granted under Section 10 to receive the appreciation in a share
of Stock.

 

		bb.	“Stock Option” or “Option” means an option granted under Section 9.

 

		cc.	“Termination of Employment” means the termination of a Participant’s employment with the Company and
any Affiliate. A Participant employed by an Affiliate also shall be deemed to incur a Termination of Employment if the Affiliate
ceases to be an Affiliate and the Participant does not immediately thereafter become an employee of the Company or another Affiliate.

 

In addition, certain other terms used herein have definitions
given to them in the first place in which they are used. For purposes of the definitions set forth in this Section 2, the singular
shall include the plural and the plural shall include the singular.

 

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SECTION 3.       Effective Date. The effective date
of the Plan shall be November 1, 2011. From and after the Effective Date, no further Awards shall be made under the Prior Plan;
however, Awards made under the Prior Plan before the Effective Date shall continue in effect in accordance with their terms.

 

SECTION 4.       Stock Subject to Plan.

 

The number of shares of Stock reserved and available for issuance
pursuant to Awards under the Plan effective October 23, 2014, shall be increased by an additional 600,000 shares of Stock so that
the total number reserved and available for issuance pursuant to Awards under the Plan on such date shall be 600,000 plus the number
of shares of Stock then remaining from the 500,000 shares of Stock which were originally reserved and available for issuance pursuant
to Awards under the Plan as adopted on November 1, 2011. As of September 1, 2014 there were 102,535 shares available for distribution
under the Plan. Shares of Stock reserved and available for issuance pursuant to Awards under the Plan may consist, in whole or
in part, of authorized and unissued shares or treasury shares. A maximum of all shares of Stock may be issued under the Plan pursuant
to Incentive Stock Options.

 

If any shares of Stock cease to be subject
to a Stock Option (as a result of cancellation, expiration or exchange of such Option), if any shares of Restricted Stock are forfeited,
or if any Award otherwise terminates without a distribution being made to the Participant in the form of Stock, such shares shall
again be available for Awards under the Plan.

 

In the event of any merger, reorganization,
consolidation, recapitalization (including, but not limited to, the issuance of Stock or any securities convertible into Stock
in exchange for securities of the Company), stock dividend, stock split or reverse stock split, extraordinary distribution with
respect to the Stock or other similar change in corporate structure affecting the Stock, such substitution or adjustments shall
be made in the aggregate number of shares reserved for issuance under the Plan, the annual grant caps described in Section 6, and
the number of shares and the Option price or Stock Appreciation Right grant price of shares subject to outstanding Awards granted
under the Plan as may be determined to be appropriate by the Committee, in its sole discretion; provided, however, that the number
of shares subject to any Award always shall be a whole number. In addition, the Committee shall have the right (in any manner that
the Committee in its discretion deems consistent with Section 424(a) of the Code and without regard to the annual grant caps described
in Section 6) to make any Award to effect the assumption of, or the substitution for, stock option, stock appreciation right and
restricted stock grants previously made by any other corporation to the extent that such corporate transaction calls for such substitution
or assumption of such stock option, stock appreciation right and restricted stock grants.

 

SECTION 5.         Administration.

 

The Plan shall be administered by the Compensation
Committee (“Committee”) of the Board or such other committee of the Board, composed of not less than two (2) members,
each of whom shall be appointed by and shall serve at the pleasure of the Board and shall come within the definition of a “non-employee
director” under Rule 16b-3 and an “outside director” under Section 162(m) of the Code. If at any time no Committee
shall be in place, the functions of the Committee specified in the Plan shall be exercised by the Board.

 

The Committee shall have plenary authority
to grant Awards to officers, employees, Non-Employee Directors and consultants of the Company or an Affiliate.

 

Among other things, the Committee shall
have the authority, subject to the terms of the Plan,

 

		(a)	to select the officers, employees and consultants to whom Awards may from to time be granted;

 

		(b)	to determine whether and to what extent Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights and
Restricted Stock, or any combination thereof, are to be granted hereunder;

 

		(c)	to determine the number of shares of Stock to be covered by each Award granted hereunder;

 

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		(d)	to determine the terms and conditions of any Award granted hereunder (including, but not limited to, date of Awards, the Option
price, any vesting restrictions or limitation, any repurchase rights in favor of the Company and any vesting acceleration or forfeiture
waiver regarding any Award and the shares of Stock relating thereto, based on such factors as the Committee shall determine);

 

		(e)	to determine under what circumstances an Award may be settled in cash or Stock;

 

		(f)	to determine Fair Market Value;

 

		(g)	to make all determinations under the Plan concerning any Participant’s Termination of Employment, including whether such
Termination of Employment occurs by reason of Cause, Disability, Retirement or in connection with a Change in Control, and whether
a leave constitutes a Termination of Employment; and

 

		(h)	to exercise all such other authorities, take all such other actions and make all such other determinations as it deems necessary
or advisable for the proper operation and/or administration of the Plan.

 

The Committee shall have the authority to
adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall, from to time, deem
advisable; to interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreement relating thereto);
and to otherwise supervise the administration of the Plan.

 

The Committee may act only by a majority
of its members then in office, except that the members thereof may authorize any one or more of their number or any officer of
the Company to execute and deliver documents on behalf of the Committee.

 

Any determination made by the Committee
pursuant to the provisions of the Plan with respect to any Award shall be made in its sole discretion at the time of the grant
of the Award or, unless in contravention of any express term of the Plan, at any time thereafter. All decisions made by the Committee
pursuant to the provisions of the Plan shall be final and binding on all persons, including the Company and Participants.

 

SECTION 6.       Eligibility and Annual Grant Caps.

 

Officers, employees, Non-Employee Directors
and consultants of the Company and its Affiliates who are responsible for or contribute to the management, growth and profitability
of the business of the Company and its Affiliates are eligible to be granted Awards under the Plan. Any person who files with the
Committee, in a form satisfactory to the Committee, a written waiver of eligibility to receive any Award under the Plan shall not
be eligible to receive an Award under the Plan for the duration of the waiver.

 

No officer, employee, Non-Employee Directors
or consultant shall be granted in any calendar year Options to purchase more than 100,000 shares of Stock, Stock Appreciation Rights
based on the appreciation with respect to more than 100,000 shares of Stock, or Awards of Restricted Stock for more than 100,000
shares of Stock.

 

SECTION 7.       Intentionally Left Blank

 

SECTION 8.       Duration of the Plan. The Plan shall
terminate ten (10) years from the effective date specified in Section 3, unless terminated earlier pursuant to Section 13, and
no Options may be granted thereafter.

 

SECTION 9.       Stock Options.

 

Stock Options granted under the Plan may
be of two types: Incentive Stock Options and Non-Qualified Stock Options. Any Stock Option granted under the Plan shall be in such
form as the Committee may from time to time approve.

 

The Committee shall have the authority to
grant any officer, employee, Non-Employee Director or consultant of the Company or of an Affiliate Stock Options (with or without
Stock Appreciation Rights). Incentive Stock Options may be granted only to employees of the Company and its subsidiary corporations
(within the meaning of Section 424(f) of the Code). To the extent that any Stock Option is not designated as an Incentive Stock
Option, or even if so designated does not qualify as an Incentive Stock Option, it shall constitute a Non-Qualified Stock Option.

 

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Stock Options shall be evidenced by Option
agreements, the terms and provisions of which may differ. An Option agreement shall indicate on its face whether it is an agreement
for an Incentive Stock Option or a Non-Qualified Stock Option. The grant of a Stock Option shall occur on the date the Committee
by resolution selects an individual to be a Participant in any grant of a Stock Option, determines the number of shares of Stock
to be subject to such Stock Option to be granted to such individual and takes such other action as necessary for the grant of the
Stock Option. The Company shall notify a Participant of any grant of a Stock Option, and a written Option agreement shall be duly
executed and delivered by the Company to the Participant. Anything in the Plan to the contrary notwithstanding, no term of the
Plan relating to Incentive Stock Options shall be interpreted, amended or altered nor shall any discretion or authority granted
under the Plan be exercised so as to disqualify the Plan under Section 422 of the Code or, without the consent of the optionee
affected, to disqualify any Incentive Stock Option under such Section 422 of the Code.

 

Options granted under the Plan shall be
subject to the following terms and conditions and shall contain such additional terms and conditions as the Committee shall deem
desirable:

 

(a)   Option
Price. The Option price per share of Stock purchasable under an Option shall be determined by the Committee and set forth in
the Option agreement, and shall not be less than the Fair Market Value of a share of Stock subject to the Option on the date of
grant of the Option (or, in the case of an Incentive Stock Option granted to a “10 percent” stockholder under Section
422(b)(6) of the Code, shall not be less than 110% of the Fair Market Value of a share of Stock subject to the Option on the date
of grant of the Option).

 

(b)   Option
Term. The term of each Stock Option shall be ten (10) years, unless otherwise specified by the Committee in the written option
agreement (provided that no Option shall be exercisable more than ten (10) years after the date of grant and no Incentive Stock
Option granted to a “10 percent” stockholder under Section 422(b)(6) of the Code shall be exercisable more than five
(5) years after the date of grant).

 

(c)   Exercisability. Subject to Section 12, Stock Options shall be exercisable at such time or times and subject to such terms
and conditions as shall be determined by the Committee. If the Committee provides that any Stock Option is exercisable only in
installments, the Committee may at any time waive such installment exercise provisions, in whole or in part, based on such factors
as the Committee may determine. In addition, the Committee may at any time, accelerate the exercisability of any Stock Option.

 

(d)   Method
of Exercise. Subject to the provisions of this Section 9, Stock Options may be exercised (to the extent then exercisable),
in whole or in part, at any time during the Option term by giving written notice of exercise to the Company specifying the number
of shares of Stock subject to the Stock Option to be purchased.

 

Such notice shall be accompanied by payment
in full of the purchase price by certified or bank check or such other instrument as the Company may accept. If approved by the
Committee, payment in full or in part also may be made in the form of unrestricted Stock already owned by the optionee of the same
class as the Stock subject to the Stock Option; provided, however, that, in the case of an Incentive Stock Option, the right to
make a payment in the form of already owned shares of Stock of the same class as the Stock subject to the Stock Option shall be
authorized only at the time the Stock Option is granted.

 

In the discretion of the Committee, payment
for any Stock subject to an Option also may be made by delivering a properly executed exercise notice to the Company together with
a copy of irrevocable instructions to a broker to deliver promptly to the Company the purchase price. To facilitate the foregoing,
the Company may enter into agreements for coordinated procedures with one or more brokerage firms. The value of already owned shares
of Stock exchanged in full or partial payment for the shares purchased upon the exercise of an Option shall be equal to the aggregate
Fair Market Value of such already owned shares of Stock on the date preceding the exercise of such Option (and transfer of such
already owned shares to the account of the Company).

 

(e)   Non-transferability of Options. No Stock Option may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
by the optionee other than by will or by the laws of descent and distribution, and all Stock Options shall be exercisable, during
the optionee’s lifetime, only by the optionee or by the guardian or legal representative of the optionee, it being understood
that the terms “holder” and “optionee” include the guardian and legal representative of the optionee named
in the Option agreement and any person to whom an Option is transferred by will or the laws of descent and distribution.

 

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(f)    Termination
by Death. If an optionee’s employment terminates by reason of death, any Stock Option held by such optionee may thereafter
be exercised, to the extent then exercisable or on such accelerated basis as the Committee may determine, for a period of one year
(or such other period as the Committee may specify at grant) from the date of such death or until the expiration of the stated
term of such Stock Option, whichever period is shorter.

 

(g)   Termination by Reason of Disability. If any optionee’s employment terminates by reason of Disability, any Stock Option
held by such optionee may thereafter be exercised by the optionee, to the extent it was exercisable at the time of termination
or on such accelerated basis as the Committee may determine, for a period of one year (or such shorter period as the Committee
may specify at grant) from the date of such Termination of Employment or until the expiration of the stated term of such Stock
Option, whichever period is the shorter; provided, however, that if the optionee dies within such one-year period, any unexercised
Stock Option held by such optionee shall, notwithstanding the expiration of such one-year period, continue to be exercisable to
the extent to which it was exercisable at the time of death for a period of one year from the date of such death or until the expiration
of the stated term of such Stock Option, whichever period is the shorter.

 

(h)   Other
Termination. If an optionee incurs a Termination of Employment for any reason other than death, Disability or Cause, any Stock
Option held by such optionee may thereafter be exercised by the optionee, to the extent it was exercisable at the time of termination
or on such accelerated basis as the Committee may determine, for a period of three (3) months (or such shorter period as the Committee
may specify at grant) from the date of such Termination of Employment or until the expiration of the stated term of such Stock
Option, whichever period is shorter. If an optionee incurs a Termination of Employment by the Company or an Affiliate for Cause,
any Stock Option held by such optionee shall thereupon immediately terminate in full. Unless otherwise determined by the Committee
at the time of grant of an Option, for the purposes of the Plan, “Cause” shall have the same meaning as that set forth
in any employment or severance agreement in effect between the Company and the Participant at the time of determination. If there
is no such employment or severance agreement, “Cause” shall have the same meaning as set forth in the Award or if there
is no such definition in the Award, “Cause” shall mean (1) the conviction of the optionee for committing a felony under
federal law or the law of the state in which such action occurred, (2) dishonesty in the course of fulfilling the optionee’s
employment duties (or duties as a director, in the case of a Non-Employee Director), or (3) willful and deliberate failure on the
part of the optionee to perform his or her employment duties (or duties as a director, in the case of a Non-Employee Director)
in any material respect.

 

(i)    $100,000
Limit for Incentive Stock Options. No Stock Option shall be treated as an ISO to the extent that the aggregate Fair Market
Value of the shares of Stock subject to the Option that would first become exercisable in any calendar year exceeds $100,000. Any
such excess instead automatically shall be treated as a Non-Qualified Stock Option. The Committee shall interpret and administer
the Incentive Stock Option limitation set forth in this Section 9(i) in accordance with Section 422(d) of the Code, and the Committee
shall treat this Section 9(i) as in effect only for those periods for which Section 422(d) of the Code is in effect.

 

(j)    Cashing out of Option. On receipt of written notice of exercise, the Committee may elect to cash out all or part of any
Stock Option to be exercised by paying the optionee an amount, in cash or Stock, equal to the excess of the Fair Market Value of
a share of Stock that is the subject of the Option exercise over the Option price times the number of shares of Stock subject to
the Option on the effective date of such cash out.

 

SECTION 10.     Stock Appreciation Rights.

 

Subject to the terms and conditions of the
Plan, Stock Appreciation Rights may be granted any officer, employee, Non-Employee Director or consultant of the Company or of
an Affiliate at any time and from time to time as shall be determined by the Committee. The Committee may grant Stock Appreciation
Rights (a) in connection with, and at the Grant Date of, a related Option (a Tandem SAR), or (b) independent of, and unrelated
to, an Option (a Freestanding SAR). The Committee shall have complete discretion in determining the number of shares of Stock to
which a Stock Appreciation Right pertains (subject to Section 6) and, consistent with the provisions of the Plan, in determining
the terms and conditions pertaining to any Stock Appreciation Right.

 

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Stock Appreciation Rights shall be evidenced
by Stock Appreciation Rights agreements, the terms and provisions of which may differ. The grant of Stock Appreciation Rights shall
occur on the date the Committee by resolution selects an individual to be a Participant in any grant of Stock Appreciation Rights,
determines the number of shares of Stock to be subject to such Stock Appreciation Rights to be granted to such individual and takes
such other action as necessary for the grant of the Stock Appreciation Rights. The Company shall notify a Participant of any grant
of Stock Appreciation Rights, and a written Stock Appreciation Rights agreement shall be duly executed and delivered by the Company
to the Participant.

 

Stock Appreciation Rights granted under
the Plan shall be subject to the following terms and conditions and shall contain such additional terms and conditions as the Committee
shall deem desirable:

 

(a) Grant Price. The grant price
for each Freestanding SAR shall be not less than one hundred percent (100%) of the Fair Market Value of a share of Stock on the
grant date of such Freestanding SAR. The grant price of a Tandem SAR shall be equal to the Option price of the related Option.

 

(b) Term of Stock Appreciation Right.
The term of a Stock Appreciation Right granted under the Plan shall be determined by the Committee, in its sole discretion; provided,
however, that the term of any Tandem SAR shall be the same as the related Option.

 

(c) Exercisability. A Tandem SAR
shall entitle a Participant to elect, in lieu of exercising his or her unexercised related Option for all or a portion of the shares
of Stock for which such Option is then exercisable pursuant to its terms, to surrender such Option to the Company with respect
to any or all of such shares of Stock and to receive from the Company in exchange therefor a payment described in Section 10(d).
An Option with respect to which a Participant has elected to exercise a Tandem SAR shall, to the extent of the shares of Stock
covered by such exercise, be canceled automatically and surrendered to the Company. Such Option shall thereafter remain exercisable
according to its terms only with respect to the number of shares of Stock as to which it would otherwise be exercisable, less the
number of shares of Stock with respect to which such Tandem SAR has been so exercised. Notwithstanding any other provision of the
Plan to the contrary, with respect to a Tandem SAR granted in connection with an Incentive Stock Option (a) the Tandem SAR will
expire no later than the expiration of the related Incentive Stock Option; (b) the value of the payment with respect to the Tandem
SAR may not exceed the difference between the Fair Market Value of the shares of Stock subject to the related Incentive Stock Option
at the time the Tandem SAR is exercised and the Option Price of the related Incentive Stock Option; and (c) the Tandem SAR may
be exercised only when the Fair Market Value of the shares of Stock subject to the Incentive Stock Option exceeds the Option Price
of the Incentive Stock Option. A Freestanding SAR may be exercised upon whatever terms and conditions the Committee, in its sole
discretion, in accordance with the Plan, determines and sets forth in the Award Agreement.

 

(d) Payment of SAR Amount. Upon exercise
of a Stock Appreciation Right, the Participant shall be entitled to receive payment from the Company in an amount determined by
multiplying the excess of the Fair Market Value of a share of Stock on the date of exercise over the Grant Price of the SAR, by
the number of shares of Stock with respect to which the Stock Appreciation Right is exercised. Notwithstanding the foregoing, the
Committee may establish and set forth in the applicable Award Agreement a maximum amount per share of Stock that will be payable
upon the exercise of a Stock Appreciation Right. At the discretion of the Committee, such payment upon exercise of a Stock Appreciation
Right shall be in cash, in shares of Stock of equivalent Fair Market Value, or in some combination thereof.

 

(e) Rights as a Stockholder. A Participant
receiving a Stock Appreciation Right shall have the rights of a stockholder only as to shares of Stock, if any, actually issued
to such Participant upon satisfaction or achievement of the terms and conditions of the Award, and in accordance with the provisions
of the Plan and the applicable Award Agreement.

 

(f) Termination of Employment or Service.
The Committee may establish and set forth in the applicable Award Agreement the terms and conditions under which a Stock Appreciation
Right shall remain exercisable, if at all, upon a Termination of the Participant; provided, however, that in no event may a Stock
Appreciation Right be exercised after the expiration date of such Stock Appreciation Right specified in the applicable Award Agreement.
The provisions of Section 9(f), 9(g) and 9(h) above shall apply to any Stock Appreciation Right if the Award Agreement evidencing
such Stock Appreciation Right does not specify the terms and conditions upon which such SAR shall be forfeited or be exercisable
or terminate upon, or after, a Termination of the Participant.

 

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(g) Non-transferrability. No Stock
Appreciation Right may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, by the Participant other
than by will or by the laws of descent and distribution.

 

SECTION 11.     Terms of Restricted Stock Awards.

 

Subject to and consistent with the provisions
of the Plan, with respect to each Award of Restricted Stock to a Participant, the Committee shall determine:

 

		(a)	the terms and conditions of the Restricted Stock Agreement between the Company and the Participant evidencing the Award;

 

		(b)	the Restriction Period for all or a portion of the Award, which Restriction Period may differ with respect to each Participant
but shall be at least three (3) years, unless the Restriction(s) applicable to the Award are based on the attainment of specific
corporate, divisional or individual performance standards or goals, in which case no more than 5% of the shares authorized will
be granted with performance restrictions that can all lapse within one (1) year;

 

		(c)	the Restriction(s) applicable to the Award, including, but not limited to, continuous employment with the Company or an Affiliate
for a specified term or the attainment of specific corporate, divisional or individual performance standards or goals, which Restriction(s)
may differ with respect to each Participant;

 

		(d)	whether the Participant shall receive the dividends and other distributions paid with respect to the Award as declared and
paid to the holder of the Stock during the Restriction Period or whether such dividends or other distributions shall be withheld
by the Company for the account of the Participant until the Restriction Period has expired or the Restriction(s) have been satisfied,
and whether interest shall be paid on such dividends and other distributions withheld, and if so, the rate of interest to be paid;
and

 

		(e)	the percentage of the Award that shall vest in the Participant in the event of death, Disability or Retirement prior to the
expiration of the Restriction Period or the satisfaction of the Restriction(s) applicable to the Award.

 

Upon an Award of Restricted Stock to a Participant,
the stock certificate representing the Restricted Stock shall be issued in the name of the Participant, or otherwise shall be transferred
to the name of the Participant on the books and records of the Company, whereupon the Participant shall become a stockholder of
the Company with respect to such Restricted Stock and shall be entitled to vote the Stock. Any stock certificates issued to the
Participant shall be held in custody by the Company, together with stock powers executed by the Participant in favor of the Company,
until the Restriction Period expires and the Restriction(s) imposed on the Restricted Stock are satisfied. Restricted Stock
may not be sold, transferred, pledged, assigned, encumbered, alienated, hypothecated or otherwise disposed of until the end of
the applicable Restriction Period. Unless otherwise determined by the Committee and set forth in a Participant’s Restricted
Stock Agreement, to the extent permitted or required by law, as determined by the Committee, Participants holding Restricted Stock
shall be granted the right to exercise full voting rights with respect to those shares during the Restriction Period.

 

SECTION 12.    Change of Control.

 

Unless an Award agreement provides otherwise,
upon the occurrence of a Change of Control,

 

		(a)	any and all outstanding Options and Stock Appreciation Rights shall become immediately exercisable, and the Committee, in its
discretion, shall have the right (but not the obligation) to cash out prior to the transaction each Option and Stock Appreciation
Right by paying the optionee an amount, in cash or Stock, equal to the excess of the Fair Market Value of a share of Stock over
the Option price per share of Stock times the number of shares of Stock subject to the Option on the effective date of the cash
out (in which event each Option and Stock Appreciation Right shall thereupon expire); and

 

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		(b)	the Restriction Period and Restriction(s) imposed on the Restricted Stock shall lapse, and the Restricted Stock shall vest
in the Participant, and any dividends and distributions paid with respect to the Restricted Stock that were escrowed during the
Restriction Period shall be paid to the Participant.

 

For purposes of this Plan, “Change of Control”
means the occurrence of any of the following events:

 

		(a)	the acquisition, directly or indirectly, by any “person” or “group” (as those terms are defined in
Sections 3(a)(9), 13(d), and 14(d) of the Exchange Act and the rules thereunder, including, without limitation, Rule 13d-5(b))
of “beneficial ownership” (as determined pursuant to Rule 13d-3 under the Exchange Act) of securities entitled to vote
generally in the election of directors (“voting securities”) of the Company that represent 50% or more of the combined
voting power of the Company’s then outstanding voting securities, other than:

 

(i) an acquisition by a trustee or other fiduciary holding
securities under any employee benefit plan (or related trust) sponsored or maintained by the Company or any person controlled by
the Company or by any employee benefit plan (or related trust) sponsored or maintained by the Company or any person controlled
by the Company, or

 

(ii) an acquisition of voting securities by the Company
or a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of the stock of the Company, or

 

(iii) an acquisition of voting securities pursuant to
a transaction described in clause (c) below that would not be a Change of Control under clause (c);

 

		(b)	a change in the composition of the Board that causes less than a majority of the directors of the Company to be directors that
meet one or more of the following descriptions:

 

(i) a director who has been a director of the Company
for a continuous period of at least 24 months, or

 

(ii) a director
whose election or nomination as director was approved by a vote of at least two-thirds of the then directors described in clauses
(b)(i), (ii), or (iii) by prior nomination or election, but excluding, for the purpose of this sub clause (ii), any director whose
initial assumption of office occurred as a result of an actual or threatened (y) election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person or group
other than the Board or (z) tender offer, merger, sale of substantially all of the Company’s assets, consolidation, reorganization,
or business combination that would be a Change of Control under clause (c) on consummation thereof, or

 

(iii) who were
serving on the Board as a result of the consummation of a transaction described in clause (c) that would not be a Change of Control
under clause (c);

 

		(c)	the consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or
more intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition
of all or substantially all of the Company’s assets or (z) the acquisition of assets or stock of another entity, in each
case, other than in a transaction

 

		(i)	that results in the Company’s voting securities outstanding immediately before the transaction continuing to represent
(either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of
the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the
Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”))
directly or indirectly, at least 50% of the combined voting power of the Successor Entity’s outstanding voting securities
immediately after the transaction, and

 

    	9

     

    

 

		(ii)	after which more than 50% of the members of the board of directors of the Successor Entity were members of the Board at the
time of the Board’s approval of the agreement providing for the transaction or other action of the Board approving the transaction
(or whose election or nomination was approved by a vote of at least two-thirds of the members who were members of the Board at
that time), and

 

		(iii)	after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of
the Successor Entity, unless the Board determines in its discretion that beneficial ownership by a person or group of voting securities
representing 50% or more of the combined voting power of the Successor Entity shall not be deemed a Change of Control; or

 

		(d)	a liquidation or dissolution of the Company.

 

For purposes of clarification, an acquisition
of Company securities by the Company that causes the Company’s voting securities beneficially owned by a person or group
to represent 50% or more of the combined voting power of the Company’s then outstanding voting securities is not to be treated
as an “acquisition” by any person or group for purposes of clause (a) above. For purposes of clause (a) above, the
Company makes the calculation of voting power as if the date of the acquisition were a record date for a vote of the Company’s
stockholders, and for purposes of clause (c) above, the Company makes the calculation of voting power as if the date of the consummation
of the transaction were a record date for a vote of the Company’s stockholders.

 

SECTION 13.     Amendments and Termination.

 

The Board may, at any time and without prior
notice, amend, alter, or discontinue the Plan, but no amendment, alteration or discontinuation shall be made that would (i) impair
the rights of an Award theretofore granted without the Participant’s consent, except such an amendment made to cause the
Plan to qualify for the exemption provided by Rule 16b-3, or (ii) disqualify the Plan from the exemption provided by Rule 16b-3.
In addition, no such amendment shall be made without the approval of the Company’s stockholders to the extent (a) such approval
is required by law or agreement (including the applicable regulations and rules of the SEC and any national securities exchange
on which the Stock is traded), (b) such amendment materially increases the benefits accruing to Participants under the Plan, materially
modifies the requirements as to eligibility for participation in the Plan, (c) except as is provided in Section 4, such amendment
increases the maximum number of shares of Stock which may be sold or awarded under the Plan, increases the maximum limitations
set forth in Section 6, or decreases the minimum Option price or Stock Appreciation grant price requirements of Sections 9 and
10, respectively; or (d) such amendment extends the duration of the Plan or the maximum period during which Options or Stock Appreciation
Rights may be exercised under the Plan.

 

The Committee may, at any time and without
prior notice, amend the terms of any Stock Option or other Award theretofore granted, prospectively or retroactively, but no such
amendment shall impair the rights of any Award holder without the holder’s consent, except such an amendment made to cause
the Plan or Award to qualify for the exemption provided by Rule 16b-3; provided that no Stock Option or other Award may be amended
retroactively without stockholder approval. Except as otherwise provided in Section 4, neither the Board nor the Committee may
take any action: (1) to amend the terms of an outstanding Option or Stock Appreciation Right to reduce the Option price or grant
price thereof, cancel an Option or Stock Appreciation Right and replace it with a new Option or Stock Appreciation Right with a
lower Option price or grant price, or that has an economic effect that is the same as any such reduction or cancellation; or (2)
to cancel an outstanding Option or Stock Appreciation Right in exchange for the grant of another type of Award, without, in each
such case, first obtaining approval of the stockholders of Company of such action.

 

Subject to the above provisions, the Board
shall have authority to amend the Plan to take into account changes in law and tax and accounting rules, as well as other developments,
and to grant Awards that qualify for beneficial treatment under such rules without stockholder approval.

 

SECTION 14.     General Provisions.

 

(a)  Nothing contained in the Plan shall prevent the Company or an Affiliate from adopting other or additional compensation arrangements
for its employees.

 

    	10

     

    

 

(b)  The Plan shall not confer upon any employee any right to continued employment nor shall it interfere in any way with the right
of the Company or an Affiliate to terminate the employment of any employee at any time.

 

(c)  No later than the date as of which an amount first becomes includible in the gross income of a Participant for federal income tax
purposes with respect to any Award under the Plan, the Participant shall pay to the Company, or make arrangements satisfactory
to the Company regarding the payment of, any federal, state, local or foreign taxes of any kind required by law to be withheld
with respect to such amount. Unless otherwise determined by the Company, withholding obligations may be settled with Stock, including
Stock that is part of the Award that gives rise to the withholding requirement. The obligations of the Company under the Plan shall
be conditional on such payment or arrangements, and the Company and its Affiliates shall, to the extent permitted by law, have
the right to deduct any such taxes from any payment otherwise due to the Participant. No federal tax withholding shall be effected
under the Plan that exceeds the minimum statutory federal withholding requirements.

 

(d)  The Committee shall establish such procedures as it deems appropriate for a Participant to designate a beneficiary to whom any
amounts payable in the event of the Participant’s death are to be paid.

 

(e)  Agreements entered into by the Company and Participants relating to Awards under the Plan, in such form as may be approved by the
Committee from time to time, to the extent consistent with or permitted by the Plan shall control with respect to the terms and
conditions of the subject Award. If any provisions of the Plan or any agreement entered into pursuant to the Plan shall be held
invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions of the Plan or the subject
agreement.

 

(f)  As a condition to the grant of an Award, or the issuance of shares of Stock subject to an Award, the Committee may prescribe corporate,
divisional, and/or individual performance goals applicable to all or any portion of the shares subject to the Award. Performance
goals may be based on achieving a certain level of revenue, earnings, earnings per share, net income, return on equity, return
on capital, return on assets, total stockholder return, return on sales or cash flow, or any combination thereof, of the Company
or the Company and its Affiliates, or any division thereof, or on the extent of changes in such criteria.

 

(g)  All references to sections are to sections of the Plan unless otherwise indicated. The Plan and all Awards made and actions taken
thereunder shall be governed by and construed in accordance with the laws of the State of Delaware.

 

(h)  It is the intention of the Company that no Award shall be deferred compensation subject to Code Section 409A unless and to the
extent that the Committee specifically determines otherwise. To the extent the Committee determines that an Award will be subject
to Section 409A of the Code, including any rules for payment, including elective or mandatory deferral of the payment or delivery
of cash or shares of Stock pursuant thereto, and any rules regarding treatment of such Awards in the event of a Change in Control,
shall be set forth in the applicable Award Agreement and shall be intended to comply in all respects with Section 409A of the Code,
and the Plan and the terms and conditions of such Awards shall be interpreted and administered accordingly. The Committee shall
not extend the period to exercise an Option or Stock Appreciation Right to the extent that such extension would cause the Option
or Stock Appreciation Right to become subject to Code Section 409A. Notwithstanding any other provision of the Plan or an Award
Agreement to the contrary, no event or condition shall constitute a Change in Control with respect to an Award to the extent that,
if it were, a 20% additional income tax would be imposed under Section 409A of the Code on the Participant who holds such Award;
provided that, in such a case, the event or condition shall continue to constitute a Change in Control to the maximum extent possible
(for example, if applicable, in respect of vesting without an acceleration of payment of such an Award) without causing the imposition
of such 20% tax.

 

(i)  The Company and Affiliates shall have the right to offset against the obligations to make payment or issue any shares of Stock
to any Participant under the Plan, any outstanding amounts (including travel and entertainment advance balances, loans, tax withholding
amounts paid by the employer or amounts repayable to the Company or Affiliate pursuant to tax equalization, housing, automobile
or other employee programs) such Participant then owes to the Company or Affiliate and any amounts the Committee otherwise deems
appropriate pursuant to any tax equalization policy or agreement.

 

    	11Exhibit
4.27 

 

COMMON
STOCK PURCHASE WARRANT

 

AMEDICA
CORPORATION

 

	Warrant
    Shares: [_____]	Initial
    Exercise Date: [_____], 2018
	Warrant
    Number: [_____]	Issue
    Date: [_____], 2018

 

CUSIP:
[  ]

ISIN:
[  ]

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, Cede & Co. or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after [_____], 2018 (the “Initial Exercise Date”) and on or prior to the close
of business on the five (5) year anniversary of the Initial Exercise Date (the “Termination Date”; provided,
however, that if such date is not a Trading Day, the Termination Date shall be the immediately following Trading Day) but not
thereafter, to subscribe for and purchase from Amedica Corporation, a Delaware corporation (the “Company”),
up to [_____] shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase
price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant
shall initially be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or
its nominee (“DTC”) shall initially be the sole registered holder of this Warrant, subject to the Holder’s
right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case
this sentence shall not apply.

 

Section
1. Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms shall have the meanings
indicated in this Section 1:

 

“Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance
or sale (or deemed issuance or sale in accordance with Section 3(b)) of shares of Common Stock that could result in a decrease
in the net consideration received by the Company in connection with, or with respect to, such securities (including, without limitation,
any cash settlement rights, cash adjustment or other similar rights).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Alternate
Consideration” shall have the meaning set forth in Section 3(e).

 

“Applicable
Price” shall have the meaning set forth in Section 3(b).

 

“Attribution
Parties” shall have the meaning set forth in Section 2(e).

 

“Beneficial
Ownership Limitation” shall have the meaning set forth in Section 2(e).

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (“Bloomberg”)
(based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a
Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or
OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the
Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported,
or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected
in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.

 

    	 

     

    

 

“Black
Scholes Value” shall have the meaning set forth in Section 3(e).

 

“Bloomberg”
shall have the meaning set forth above.

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action
to close.

 

“Buy-In”
shall have the meaning set forth in Section 2(d)(iv).

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.01 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiary which would entitle the holder thereof to acquire
at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
Common Stock.

 

“Company”
shall have the meaning set forth in the introductory paragraph.

 

“Dilutive
Issuance” shall have the meaning set forth in Section 3(b).

 

“Distribution”
shall have the meaning set forth in Section 3(d).

 

“DTC”
shall have the meaning set forth in the introductory paragraph.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers, consultants or directors
of the Company pursuant to any stock or option plan duly adopted by a majority of the non-employee members of the Board of Directors
of the Company or a majority of the members of a committee of non-employee directors established for such purpose for services
rendered to the Company; provided, however, issuances to consultants shall need exceed 250,000 shares of Common Stock during any
calendar quarter, (b) securities to be sold pursuant to and issuable upon the exercise or exchange of any securities issued pursuant
to this Warrant, the Underwriting Agreement (including the Series B Convertible Preferred Stock) and/or other securities, notes
or similar instruments exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding as of
[______], 2018, provided that such securities have not been amended since [______], 2018 to increase the number of such securities
or to decrease the exercise price, exchange price or conversion price of any such securities, and (c) securities issued pursuant
to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that
any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries,
an operating company or an asset in a business synergistic with the business of the Company and shall provide to the Company additional
benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities
primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

 

    	 

     

    

 

“Exercise
Price” shall have the meaning set forth in Section 2(b).

 

“Fundamental
Transaction” shall have the meaning set forth in Section 3(e).

 

“Holder”
shall have the meaning set forth in the introductory paragraph.

 

“Initial
Exercise Date” shall have the meaning set forth in the introductory paragraph.

 

“Issuance
Date” shall have the meaning set forth in Section 3(b).

 

“New
Issuance Price” shall have the meaning set forth in Section 3(b).

 

“Notice
of Exercise” shall have the meaning set forth in Section 2(a).

 

“Options”
shall have the meaning set forth in Section 3(b)(i).

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Primary
Security” shall have the meaning set forth in Section 3(b)(iv).

 

“Purchase
Rights” shall have the meaning set forth in Section 3(c).

 

“Registration
Statement” means the Company’s registration statement on Form S-1, as amended (File No. 333-223032).

 

“Secondary
Securities” shall have the meaning set forth in Section 3(b)(iv).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company
formed or acquired after the date hereof.

 

“Successor
Entity” shall have the meaning set forth in Section 3(e).

 

“Termination
Date” shall have the meaning set forth in the introductory paragraph.

 

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market
or the New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

“Transfer
Agent” means American Stock Transfer & Trust Company, LLC, the current transfer agent of the Company, with a mailing
address of 6201 15th Avenue, Brooklyn, New York 11219, a phone number of [______], and an e-mail address of FRuggiero@amstock.com,
and any successor transfer agent of the Company.

 

    	 

     

    

 

“Underwriting
Agreement” means the underwriting agreement, dated as of [______], 2018, among the Company and Maxim Group LLC as representative
of the underwriters named therein, as amended, modified or supplemented from time to time in accordance with its terms.

 

“Unit”
shall have the meaning set forth in Section 3(b)(iv).

 

“Valuation
Event” shall have the meaning set forth in Section 3(b)(iv).

 

“Variable
Price” shall have the meaning set forth in Section 3(b)(v).

 

“Variable
Price Securities” shall have the meaning set forth in Section 3(b)(v).

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a
Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other
cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the
holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company.

 

“Warrant
Agency Agreement” means that certain warrant agency agreement, dated as of the Initial Exercise Date, between the Company
and the Warrant Agent.

 

“Warrant
Agent” means the Transfer Agent and any successor warrant agent of the Company.

 

“Warrant
Share Delivery Date” shall have the meaning set forth in Section 2(d)(i).

 

“Warrant
Register” shall have the meaning set forth in Section 4(c).

 

“Warrant
Shares” shall have the meaning set forth in the introductory paragraph.

 

“Warrants”
means this Warrant and other Common Stock purchase warrants issued by the Company pursuant to the Registration Statement.

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such
other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the
Holder appearing on the books of the Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise
in the form annexed hereto (“Notice of Exercise”). Only whole warrants shall be exercisable. Within one (1)
Trading Day following the date of delivery of the Notice of Exercise, the Holder shall deliver the aggregate Exercise Price for
the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank
unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original
Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice
of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been
exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading
Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting
in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding
number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder
and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company
shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and
any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any
given time may be less than the amount stated on the face hereof. 

 

    	 

     

    

 

Notwithstanding
the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing
this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall
effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the
appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such
other clearing corporation, as applicable), subject to a Holder’s right to elect to receive a Warrant in certificated form
pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

 

b)
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $[_____] 1 ,
subject to adjustment hereunder (the “Exercise Price”).

 

c)
Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus
contained therein is not available for, the issuance of the Warrant Shares to the Holder, then this Warrant may only be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A)
= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both
executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
(as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the
option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise
or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg as of the time of the Holder’s
execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours”
on a Trading Day and is delivered within two (2) hours thereafter pursuant to Section 2(a) hereof or (iii) the VWAP on the date
of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both
executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading
Day;

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company
agrees not to take any position contrary to this Section 2(c).

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise
pursuant to this Section 2(c).

 

 

 1
Equal to 110% of the Conversion Price of the Series B Convertible Preferred Stock. 

 

    	 

     

    

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by (i) provided that the Transfer Agent is participating in the DTC Fast Automated Securities
Transfer Program, by crediting the Holder’s or its designee’s balance account with DTC through the standard warrant
exercise protocol then in effect with DTC, or (ii) if the Transfer Agent is not participating in the DTC Fast Automated Securities
Transfer Program, by issuing and delivering (via reputable overnight courier) to the address as specified in the Notice of Exercise,
a certificate, registered in the name of the Holder or its designee, in each case by the date that is two (2) Trading Days after
the date of delivery of the Notice of Exercise (the “Warrant Share Delivery Date”); provided, that the Holder
delivers the payment to the Warrant Agent of the aggregate Exercise Price with respect to the Notice of Exercise (other than in
the case of a cashless exercise) within one (1) Trading Day following the date of delivery of the Notice of Exercise; provided,
further, that if the Holder fails to deliver such payment within one (1) Trading Day following the date of delivery of the Notice
of Exercise, such Warrant Share Delivery Date shall instead become the first Trading Day following the delivery of such payment.
Upon the date of delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the
holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery
of the Warrant Shares; provided payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received
within one (1) Trading Day following the Exercise Date. While this Warrant remains outstanding, the Company shall use a transfer
agent that participates in the DTC Fast Automated Securities Transfer Program.

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant is not held in global form through DTC (or any successor depositary)
and if this Warrant shall have been exercised in part, the Company shall, at the request of the Holder and upon surrender of this
Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights
of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects
be identical with this Warrant.

 

iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

    	 

     

    

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with
the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such
date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage
firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to
the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that
the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell
order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion
of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall
be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company
timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having
a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate
sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company
shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares
of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

vi.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to a Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice
of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions)
required for same-day electronic delivery of the Warrant Shares.

 

vii.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

    	 

     

    

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and the Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
“Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its
Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the
Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.
Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged
by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of
the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant
is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be
the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the
number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected
in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent
public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the
number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading
Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number
of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or,
upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock outstanding
immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder,
upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided
that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions
of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until
the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and
implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or
any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained
or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained
in this paragraph shall apply to a successor holder of this Warrant.

 

    	 

     

    

 

Section
3. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions payable in shares of Common Stock on shares of its Common Stock or any other Common
Stock Equivalents or preferred stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the
Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii)
combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv)
issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then the Exercise Price shall
be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, of
the Company) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock
outstanding immediately after such event. Any adjustment made pursuant to this Section 3(a) shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)
Adjustment Upon Issuance of Shares of Common Stock. If and whenever on or after the date of issuance (the “Issuance
Date”), the Company issues or sells, or in accordance with this Section 3(b) is deemed to have issued or sold, any shares
of Common Stock and/or Common Stock Equivalents (including the issuance or sale of shares of Common Stock owned or held by or
for the account of the Company, but excluding any Exempt Issuance issued or sold or deemed to have been issued or sold) for a
consideration per share (the “New Issuance Price”) less than a price equal to the Exercise Price in effect
immediately prior to such issuance or sale or deemed issuance or sale (such Exercise Price then in effect is referred to herein
as the “Applicable Price”) (the foregoing a “Dilutive Issuance”), then immediately upon
such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the New Issuance Price. For all
purposes of the foregoing (including, without limitation, determining the adjusted Exercise Price and the New Issuance Price under
this Section 3(b)), the following shall be applicable:

 

i.
Issuance of Options. If the Company in any manner grants or sells any rights, warrants or options to subscribe for or purchase
shares of preferred stock and/or Common Stock or Common Stock Equivalents (“Options”) and the lowest price
per share for which one share of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion,
exercise or exchange of any Common Stock Equivalents issuable upon exercise of any such Option or otherwise pursuant to the terms
thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been
issued and sold by the Company at the time of the granting or sale of such Option for such price per share. For purposes of this
Section 3(b)(i), the “lowest price per share for which one share of Common Stock is issuable upon the exercise of any such
Options or upon conversion, exercise or exchange of any Common Stock Equivalents issuable upon exercise of any such Option or
otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration
(if any) received or receivable by the Company with respect to any one share of Common Stock upon the granting or sale of such
Option, upon exercise of such Option and upon conversion, exercise or exchange of any Common Stock Equivalents issuable upon exercise
of such Option or otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such Option for which
one share of Common Stock is issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any Common
Stock Equivalents issuable upon exercise of any such Option or otherwise pursuant to the terms thereof. Except as contemplated
below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common Stock or of
such Common Stock Equivalents upon the exercise of such Options or otherwise pursuant to the terms of or upon the actual issuance
of such shares of Common Stock upon conversion, exercise or exchange of such Common Stock Equivalents. This Section 3(b)(i) shall
not apply to any Exempt Issuance.

 

    	 

     

    

 

ii.
Issuance of Common Stock Equivalents. If the Company in any manner issues or sells any Common Stock Equivalents and the
lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof
or otherwise pursuant to the terms thereof is less than the Exercise Price, then such share of Common Stock shall be deemed to
be outstanding and to have been issued and sold by the Company at the time of the issuance or sale of such Common Stock Equivalents
for such price per share. For the purposes of this Section 3(b)(ii), the “lowest price per share for which one share of
Common Stock is issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof” shall
be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company
with respect to one share of Common Stock upon the issuance or sale of the Common Stock Equivalent and upon conversion, exercise
or exchange of such Common Stock Equivalent or otherwise pursuant to the terms thereof and (y) the lowest conversion price set
forth in such Common Stock Equivalent for which one share of Common Stock is issuable upon conversion, exercise or exchange thereof
or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Common Stock
Equivalent (or any other Person) upon the issuance or sale of such Common Stock Equivalent plus the value of any other consideration
received or receivable by, or benefit conferred on, the holder of such Common Stock Equivalent, other than the value of the Common
Stock Equivalent itself (or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall
be made upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Common Stock Equivalents
or otherwise pursuant to the terms thereof, and if any such issuance or sale of such Common Stock Equivalents is made upon exercise
of any Options for which adjustment of the Warrant has been or is to be made pursuant to other provisions of this Section 3(b),
except as contemplated below, no further adjustment of the Exercise Price shall be made by reason of such issuance or sale.

 

iii.
Change in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional
consideration, if any, payable upon the issue, conversion, exercise or exchange of any Common Stock Equivalents, or the rate at
which any Common Stock Equivalents are convertible into or exercisable or exchangeable for shares of Common Stock increases or
decreases at any time (other than proportional changes in conversion or exercise prices, as applicable, in connection with an
event referred to in Section 3(a)), the Exercise Price in effect at the time of such increase or decrease shall be adjusted to
the Exercise Price which would have been in effect at such time had such Options or Common Stock Equivalents provided for such
increased or decreased purchase price, additional consideration or increased or decreased conversion rate, as the case may be,
at the time initially granted, issued or sold. For purposes of this Section 3(b)(iii), if the terms of any Option or Common Stock
Equivalents that was outstanding as of the Issuance Date are increased or decreased in the manner described in the immediately
preceding sentence, then such Option or Common Stock Equivalents and the shares of Common Stock deemed issuable upon exercise,
conversion or exchange thereof shall be deemed to have been issued as of the date of such increase or decrease. No adjustment
pursuant to this Section 3(b) shall be made if such adjustment would result in an increase of the Exercise Price then in effect.

 

    	 

     

    

 

iv.
Calculation of Consideration Received. If any Option and/or Common Stock Equivalent and/or Adjustment Right is issued in
connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder,
the “Primary Security”, and such Option and/or Common Stock Equivalent and/or Adjustment Right, the “Secondary
Securities” and together with the Primary Security, each a “Unit”), together comprising one integrated
transaction, the aggregate consideration per share of Common Stock with respect to such Primary Security shall be deemed to be
the lower of (x) the purchase price of such Unit, (y) if such Primary Security is an Option and/or Common Stock Equivalent, the
lowest price per share for which one share of Common Stock is at any time issuable upon the exercise or conversion of the Primary
Security in accordance with Section 3(b)(i) or 3(b)(ii) above and (z) the lowest VWAP of the Common Stock on any Trading Day during
the four Trading Day period immediately following the public announcement of such Dilutive Issuance (for the avoidance of doubt,
if such public announcement is released prior to the opening of the Trading Market on a Trading Day, such Trading Day shall be
the first Trading Day in such four Trading Day period). If any shares of Common Stock, Options or Common Stock Equivalents are
issued or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net
amount of consideration received by the Company therefor. If any shares of Common Stock, Options or Common Stock Equivalents are
issued or sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair
value of such consideration, except where such consideration consists of publicly traded securities, in which case the amount
of consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such security for
each of the five (5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Common
Stock Equivalents are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the
surviving entity, the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and
business of the non-surviving entity as is attributable to such shares of Common Stock, Options or Common Stock Equivalents (as
the case may be). The fair value of any consideration other than cash or publicly traded securities will be determined jointly
by the Company and the Holder. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event
requiring valuation (the “Valuation Event”), the fair value of such consideration will be determined within
five (5) Trading Days after the tenth (10th) day following such Valuation Event by an independent, reputable appraiser jointly
selected by the Company and the Holder. The determination of such appraiser shall be final and binding upon all parties absent
manifest error and the fees and expenses of such appraiser shall be borne by the Company.

 

v.
Holder’s Right of Alternative Exercise Price. In addition to and not in limitation of the other provisions of this
Section 3, if the Company in any manner issues or sells or enters into any agreement to issue or sell, any Common Stock, Options
or Common Stock Equivalents (any such securities, “Variable Price Securities”) after the date the Company enters
into the Underwriting Agreement that are issuable pursuant to such agreement or convertible into or exchangeable or exercisable
for shares of Common Stock pursuant to such Options or Common Stock Equivalents, as applicable, at a price which varies or may
vary with the market price of the shares of Common Stock, including by way of one or more reset(s) to a fixed price, but exclusive
of such formulations reflecting customary anti-dilution provisions (such as share splits, share combinations, share dividends
and similar transactions) (each of the formulations for such variable price being herein referred to as, the “Variable
Price”), the Company shall provide written notice thereof via a facsimile and overnight courier to the Holder on the
date of such agreement and/or the issuance of such Common Stock Equivalents or Options, as applicable. From and after the date
the Company enters into such agreement or issues any such Variable Price Securities, the Holder shall have the right, but not
the obligation, in its sole discretion to substitute the Variable Price for the Exercise Price upon exercise of this Warrant by
designating in the Notice of Exercise delivered upon any exercise of this Warrant that solely for purposes of such exercise the
Holder is relying on the Variable Price rather than the Exercise Price then in effect. The Holder’s election to rely on
a Variable Price for a particular exercise of this Warrant shall not obligate the Holder to rely on a Variable Price for any future
exercise of this Warrant.

 

vi.
Record Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A)
to receive a dividend or other distribution payable in shares of Common Stock, Options or in Common Stock Equivalents or (B) to
subscribe for or purchase shares of Common Stock, Options or Common Stock Equivalents, then such record date will be deemed to
be the date of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such
dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase (as the
case may be).

 

    	 

     

    

 

c)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will
be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could
have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result
in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase
Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent)
and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto
would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

d)
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of
capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall
be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a
record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common
Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the
Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any
shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in
abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding
the Beneficial Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised at the time
of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder
has exercised this Warrant.

 

    	 

     

    

 

e)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person (other than a
transaction solely to change the domicile of the Corporation), (ii) the Company, directly or indirectly, effects any sale, lease,
license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of
related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or
another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares
for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv)
the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged
for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates
a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons
making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement
or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this
Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section
2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the
Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any
Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within
30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable
Fundamental Transaction) (other than a Fundamental Transaction which was not approved by the Board of Directors, as to which this
right shall not apply), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes
Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; provided,
however, that, if the Fundamental Transaction is not within the Company’s control, including not approved by the Company’s
Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity, as of the date of consummation
of such Fundamental Transaction, the same type or form of consideration (and in the same proportion), at the Black Scholes Value
(as defined below) of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of
the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination
thereof, or whether the holders of Common Stock are given the choice to receive from among alternative forms of consideration
in connection with the Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based
on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day
of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding
to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental
Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained
from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental
Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per share being offered
in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (D) a
remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction
and the Termination Date. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds
within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction).
The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions
of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by
the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver
to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such
Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this
Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative
value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such
number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

    	 

     

    

 

f)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the
Company shall promptly deliver to the Holder by facsimile or e-mail a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall
be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a
party (other than a transaction solely to change the domicile of the Corporation), any sale or transfer of all or substantially
all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities,
cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the
affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or e-mail to the Holder at its
last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days
prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to
be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the
date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights
or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share
exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of
record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice
or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or its Subsidiary, the Company shall simultaneously file such notice with the Commission pursuant to a Current
Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such
notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    	 

     

    

 

Section
4. Transfer of Warrant.

 

a)
Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with
a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder
has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading
Days of the date the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly
assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant
issued.

 

b)
New Warrants. If this Warrant is not held in global form through DTC (or any successor depositary), this Warrant may be
divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written
notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.
Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company
shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall
be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

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

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth
in Section 3.

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant
Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

    	 

     

    

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation 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 of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either
party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action,
suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such action or proceeding.

 

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered,
and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities
laws.

 

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting
any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant,
which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to
cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

    	 

     

    

 

h)
Notices. Any notices, consents, waivers or other documents or communications required or permitted to be given or delivered
under the terms of this Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt, if delivered personally;
(ii) when sent, if sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept
on file by the sending party); (iii) when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether electronically
or otherwise) by the sending party and the sending party does not receive an automatically generated message from the recipient’s
e-mail server that such e-mail could not be delivered to such recipient) and (iv) if sent by overnight courier service, one (1)
Trading Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed
to the party to receive the same. If notice is given by facsimile or email, a copy of such notice shall be dispatched no later
than the next business day by first class mail, postage prepaid. The addresses, facsimile numbers and e-mail addresses for such
communications shall be:

 

If
to the Company:

 

Amedica
Corporation

1885
West 2100 South

Salt
Lake City, Utah 84119

Attention:
Controller

Facsimile
number: (801) 839-3605

Email:
bcloward@amedica.com

 

With
a copy (for informational purposes only) to:

 

Dorsey
& Whitney LLP

111
S. Main Street, Suite 2100

Salt
Lake City, Utah 84111

Attention:
David Marx

Facsimile
number: (801) 880-7316

Email:
marx.david@dorsey.com

 

If
to a Holder, to its address, facsimile number or e-mail address set forth herein or on the books and records of the Company.

 

Or,
in each of the above instances, to such other address, facsimile number or e-mail address and/or to the attention of such other
Person as the recipient party has specified by written notice given to each other party at least five (5) days prior to the effectiveness
of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication,
(B) mechanically or electronically generated by the sender’s facsimile machine containing the time, date and recipient facsimile
number or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile
or receipt from an overnight courier service in accordance with clause (i), (ii) or (iv) above, respectively. A copy of the e-mail
transmission containing the time, date and recipient e- mail address shall be rebuttable evidence of receipt by e-mail in accordance
with clause (iii) above. Notwithstanding any other provision of this Warrant, where this Warrant provides for notice of any event
to the Holder, if this Warrant is held in global form by DTC (or any successor depositary), such notice shall be sufficiently
given if given to DTC (or any successor depositary) pursuant to the procedures of DTC (or such successor depositary), subject
to the Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement,
in which case this sentence shall not apply.

 

i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

 

    	 

     

    

 

j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant Shares.

 

l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company,
on the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand.

 

m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

o)
Warrant Agency Agreement. If this Warrant is held in global form through DTC (or any successor depositary), this Warrant
is issued subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions
of the Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling.

 

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

 

(Signature
Page Follows)

 

    	 

     

    

 

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

 

	 	AMEDICA
    CORPORATION
	 	 
	 	By:	                
	 	Name:
    	 
	 	Title:
    	 

 

    	 

     

    

 

NOTICE
OF EXERCISE

 

	To:	AMEDICA
    CORPORATION

 

(1)       The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.

 

(2)
       Payment shall take the form of (check applicable box):

 

[  ]
in lawful money of the United States; or

 

[  ]
if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3)
       Please issue said Warrant Shares in the name of the undersigned or in such other name
as is specified below:

 

_______________________________

 

(4)       By
checking the box in this Item 4, the holder elects to exercise the Warrant by substituting the Variable Price for the Exercise
Price pursuant to Section 3(b) of the Warrant, which Variable Price equals $___ per share.

 

[SIGNATURE
OF HOLDER]

 

	Name
    of Investing Entity:	 

 

	Signature
    of Authorized Signatory of Investing Entity:	 

 

	Name
    of Authorized Signatory:	 

 

	Title
    of Authorized Signatory:	 

 

	Date:	 

 

    	 

     

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	(Please
    Print)
	 	 
	Address:	 
	 	(Please
    Print)

 

	Phone
    Number:	 
	 	 
	Email
    Address:	 

 

Dated:
_______________ __, ______

 

Holder’s
Signature:__________________

 

Holder’s
Address: ___________________

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