Document:

Exhibit 4.9

 

NEITHER THIS SECURITY NOR THE SECURITIES
FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

Warrant #___________  

 

COMMON STOCK PURCHASE WARRANT

 

EPIEN MEDICAL, INC.

 

Initial Exercise Date: (date)

 

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”)
certifies that, for value received, (name), 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 the Vesting Date (the “Initial
Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on the fifth anniversary of the Vesting Date (the “Termination
Date”) but not thereafter, to subscribe for and purchase from Epien Medical, Inc., a Minnesota corporation (the “Company”),
up to the Total Warrant Shares (defined below) (as subject to adjustment hereunder, as applicable, 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). The “Total Warrant Shares” equals (a) the total amount of Notes sold under the Offering, multiplied by
(b) 20%, and divided by (c) (i) 0.90 multiplied by (ii) the Public Offering Price (defined below), rounded up to the nearest whole number.
For example, if the total amount of Notes sold in the Offering was $1,775,000 and the Public Offering Price was $2.50, the Total Warrant
Shares would be 157,778 = ($1,775,000 x 0.20) ÷ (0.9 x $2.50), rounded up to the nearest whole share. The “Vesting Date”
shall be the date the Qualified Offering (as defined below) closes. “Note Principal” means the principal amount of
the Senior Secured Convertible Notes acquired by the Holder pursuant to the Subscription Agreement.

 

Section 1. Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Subscription Agreement (the
“Subscription Agreement”), dated (date), among the Company and the Purchasers signatory thereto.

 

    
	 	1	 
	 	Warrant #	 

     

    

 

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 of a duly executed facsimile
copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice
of Exercise”). Within the two (2) Trading Days following the date of exercise as aforesaid, 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. Upon partial exercise, the Company shall promptly issue an amended Warrant representing the remaining
number of Shares purchasable thereunder. All other terms and conditions of such amended Warrant shall be identical to those contained
herein. 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.

 

b)   Exercise
Price. The exercise price per share of Common Stock under this Warrant shall be Ninety Percent (90%) of the Public Offering Price,
subject to adjustment hereunder (the “Exercise Price”). “Public Offering Price” means the actual
or implied price per share of Common Stock paid by the purchasers of the Qualified Offering Securities sold in the Qualified Financing,
as reasonably determined by the board of directors of the Company. “Qualified Financing” means the closing of the
Company’s first sale of its Common Stock to the public after the date of this Warrant (including as part of a unit or in the form
of, or as part of, a convertible security), in an offering underwritten by an investment banking firm, pursuant to an effective registration
statement under the Securities Act, which results in the Common Stock being listed on a national securities exchange or NASDAQ, or quoted
on the OTCQB or OTCQX market. “Qualified Offering Securities” means the equity securities issued by the Company in
the Qualified Financing. For example, if the Public Offering Price was $2.50, the Exercise Price would be $2.25 = 0.9 x $2.50.

 

    
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	 	Warrant #	 

     

    

 

c)  Cashless Exercise.
Notwithstanding anything contained herein to the contrary, if at the time of exercise hereof, a registration statement under the Securities
Act is not effective (or the prospectus contained therein is not available for use) for the sale of all of the Warrant Shares, then the
Holder may, in its sole discretion, exercise this Warrant, 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 Closing Sales Price 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)(68) of Regulation NMS promulgated under the federal securities laws)
on such Trading Day, or (ii) the Closing Sales Price 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 executed and delivered pursuant to Section 2(a) hereof during “regular trading hours”
or 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 characteristics of the Warrants being exercised, and the holding period of the Warrant Shares
being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary to this Section
2(c).

 

“Closing Sales Price”
means the last sales price of the Common Stock on the Principal Market as reported by NASDAQ.com (or a comparable reporting service
of national reputation selected by the Corporation and reasonably acceptable to a Majority In Interest of the Holders if NASDAQ.com
is not then reporting closing sales prices the Common Stock) (collectively, “NASDAQ.com”), or if the foregoing does not
apply, the last reported sales price of such security on a national exchange or in the over-the-counter market on the electronic
bulletin board for such security as reported by NASDAQ.com, or, if no such price is reported for such security by NASDAQ.com, the
average of the bid prices of all market makers for such security as reported by The OTC Pink Market (or a similar organization or
agency succeeding to its functions of reporting prices), in each case for such date or, if such date was not a Trading Day for such
security, on the next preceding date that was a Trading Day. If the Closing Sales Price cannot be calculated for such security as of
either of such dates on any of the foregoing bases, the Closing Sales Price of such security on such date shall be the fair

market value as reasonably determined by an investment banking firm
selected by the Corporation and reasonably acceptable to a Majority In Interest of the Holders, with the costs of such appraisal to be
borne by the Corporation.

 

    
	 	3	 
	 	Warrant #	 

     

    

 

“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. (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 OTC is not a Trading Market, the volume weighted average price of
the Common Stock for such date (or the nearest preceding date) on OTC as applicable, (c) if the Common Stock is not then listed or quoted
for trading on OTC and if prices for the Common Stock are then reported on The OTC Pink Market (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 Purchasers of
a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall
be paid by the Company.

 

“Trading
Day” means any day on which the Common Stock is traded on the Trading Market, provided that “Trading Day”
shall not include any day on which the Common Stock is scheduled to trade on the Trading Market for less than 4.5 hours or any day that
the Common Stock is suspended from trading during the final hour of trading on the Trading Market (or if the Trading Market does not designate
in advance the closing time of trading on the Trading Market, then during the hour ending at 4:00:00 p.m., New York City time) unless
such day is otherwise designated as a Trading Day in writing by the Investor.

 

“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, the New York Stock
Exchange, or the OTCQB or OTCQX (or any successors to any of the foregoing).

 

d) Mechanics
of Exercise.

 

i. Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by its transfer
agent (the “Transfer Agent”) to the Holder by crediting the account of the Holder’s or its designee’s balance
account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company
is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant
Shares to or resale of the Warrant Shares by the Holder or (B) the
Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless
exercise of the Warrants), and otherwise by physical delivery of a certificate, registered in the Company’s share register in the
name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the
address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery
to the Company of the Notice of Exercise and (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company (such
date, the “Warrant Share Delivery Date”). Upon 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 that payment of the aggregate Exercise Price (other than in the case of a cashless
exercise) is received within two (2) Trading Days following delivery of the Notice of Exercise.

 

    
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	 	Warrant #	 

     

    

 

ii. Delivery of
New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a 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. No Fractional
Shares. No 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.

 

iv. Charges, Taxes
and Expenses. Issuance of Warrant Shares shall be made without charge to the 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.

 

v. 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 a 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 one Trading Day 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% 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 limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    
	 	5	 
	 	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 on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common 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 in each case 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, if any) outstanding immediately before such event and of which
the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable
upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.
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) 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.

 

c) 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 email 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 (and all of its Subsidiaries, taken as a whole) is a party, 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 email 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, nonpublic information regarding the Company or any of the Subsidiaries, the Company shall simultaneously
file such notice with the Securities and Exchange Commission pursuant to a Current Report on Form 8-K (to the extent the Company is a
reporting company at the time of such event). 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.

 

    
	 	6	 
	 	Warrant #	 

     

    

 

d) Voluntary Adjustment
By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant,
subject to the prior written consent of the Holder, and the terms of the Subscription Agreement, reduce the then current Exercise Price
to any amount and for any period of time deemed appropriate by the board of directors of the Company.

 

Section 4. Transfer of Warrant.

 

a) Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d)
hereof and to the provisions of Section 4.1 of the Subscription Agreement, 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.
Upon partial transfer, the Company shall promptly issue one or more Warrants representing the number of Shares purchasable thereunder
to the assignee or assignees and the original holder, if applicable. 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. 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 Exercise Date and shall be identical with this
Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company 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.

 

    
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	 	Warrant #	 

     

    

 

d) Transfer Restrictions.
If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall
not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable state securities
or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information requirements
pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of this Warrant,
as the case may be, comply with, and make the same representations as, the Purchasers in the Subscription Agreement, including, but not
limited to Section 2 of the Subscription Agreement.

 

e) Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise
hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or
reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant
to sales registered or exempted under the Securities Act.

 

Section 5. Miscellaneous.

 

a) No Rights as Stockholder
Until Exercise; No Settlement in Cash. 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.
Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) herein,
in no event shall the Company be required to net cash settle an exercise of this Warrant.

 

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.

 

    
	 	8	 
	 	Warrant #	 

     

    

 

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 articles
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)  Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Subscription Agreement.

 

    
	 	9	 
	 	Warrant #	 

     

    

 

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
or the Subscription Agreement, 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
notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance
with the notice provisions of the Subscription Agreement.

 

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) 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.

 

k) Amendment.
This Warrant may not be modified or amended or the provisions hereof waived without the written consent of the Company and the Holder
of this Warrant.

 

l) 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.

 

m) 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.

 

    
	 	10	 
	 	Warrant #	 

     

    

 

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.

 

 

	 	EPIEN MEDICAL, INC.
	 	 	 	 
	 	By:	 
	 	 	Name: 	
	 	 	Title:	

 

    
	 	11	 
	 	Warrant #	 

     

    

 

NOTICE OF EXERCISE

 

TO: EPIEN MEDICAL, INC.

 

		(1)	The undersigned hereby elects to purchase_________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (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:
	 	 	 
	The Warrant Shares shall be delivered to the following DWAC Account Number:
	 	 	 
	 	(4) 	Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation
                            D promulgated under the Securities Act of 1933, as amended.
	 	 	 

[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 (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:____________________________Exhibit 4.10

 

THIS NOTE, AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE
(THE “SECURITIES”) HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE TRANSFERRED UNTIL (i) A REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT” OR THE “SECURITIES ACT”) SHALL
HAVE BECOME EFFECTIVE WITH RESPECT THERETO OR (ii) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY
TO THE EFFECT THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS IN VIOLATION OF ANY APPLICABLE
STATE SECURITIES LAWS. THIS LEGEND SHALL BE ENDORSED UPON ANY NOTE ISSUED IN EXCHANGE FOR THIS NOTE AND ANY SECURITIES ISSUABLE UPON CONVERSION
OF THIS NOTE (EXCEPT AS OTHERWISE PROVIDED BELOW).

 

SECURED CONVERTIBLE PROMISSORY NOTE

 

Effective
(date)

 

FOR VALUE RECEIVED,
EPIEN Medical, Inc., a Minnesota corporation (the “Company” or the “Borrower”),
hereby promises to pay to the order of _______________________________ , a
_____________  and/or its permitted assigns (the “Holder”), the
aggregate principal amount of $_________________________(the “Principal”), together with
interest on the unpaid Principal amount hereof, upon the terms and conditions hereinafter set forth. This Secured Convertible
Promissory Note is defined herein as the “Note”. The “Effective Date” of this
Note shall be (date). This Note is issued and all rights hereunder shall be held subject to all of the conditions,
limitations and provisions set forth herein. Certain capitalized terms used herein have the meanings given to them in that certain
Subscription Agreement dated (date) between the Company and certain accredited investors named therein (the
“Subscription Agreement”).

 

		1.	Payment Terms. The balance of Principal, together with any accrued and unpaid interest due hereunder shall be due and
payable on the earlier of (i) (date), (ii) the date the Holder has effected an Acceleration, (iii) the date that Holder has effected
a Default Acceleration; or (iv) the date that Holder has effected a Change of Control Acceleration (the earlier of (i), (ii), (iii), and
(iv), the “Maturity Date”), unless this Note is earlier converted as set forth below. This Note is one of the
Senior Secured Convertible Promissory Notes (the “Notes”) issued by the Company pursuant to the Subscription
Agreement. This Note may not be prepaid prior to the Maturity Date without the prior written consent of the Holder. In the event that
this Note is repaid prior to the first anniversary of the Effective Date (either due to an Acceleration, Default Acceleration, a Capital
Raise or Change of Control Acceleration, or with the written consent of the Holder), the Company shall pay the Holder a pre-payment penalty
equal to (a) 10% of the original Principal amount of this Note, less (b) Interest which has
accrued under this Note through such date of prepayment and been paid to the Holder (the “Pre-Payment Penalty”).

 

EPIEN Medical, Inc.

Secured Convertible Promissory Note

Note #__

 

    Page 1 of 12

     

    

 

		2.	Interest. Interest
on the outstanding Principal of this Note shall accrue at a rate of (percent) per annum (“Interest”),
compounded annually, and shall be due and payable on the earlier of (a) the Maturity Date, and (b) the date this Note has been completely
converted (payable in shares of common stock). All past-due Principal and Interest shall bear Interest at the rate of eighteen percent
(18%) per annum until paid in full (the “Default Rate”). Interest shall be computed on the basis of the actual
number of days elapsed and a year of 365 days.

 

(a) Notwithstanding
any provision in this Note, the total liability for payments of Interest and payments in the nature of interest, including all charges,
fees, exactions, or other sums which may at any time be deemed to be interest, shall not exceed the limit imposed by the usury laws of
the State of Minnesota or the applicable laws of the United States of America, whichever shall be higher (the “Maximum Rate”).

 

(b) In
the event the total liability for payments of Interest and payments in the nature of interest, including, without limitation, all charges,
fees, exactions or other sums which may at any time be deemed to be interest, which for any month or other interest payment period exceeds
the Maximum Rate, all sums in excess of those lawfully collectible as interest for the period in question (and without further agreement
or notice by, among or to the Holder the undersigned) shall be applied to the reduction of the Principal balance, with the same force
and effect as though the undersigned had specifically designated such excess sums to be so applied to the reduction of the Principal balance
and the Holder had agreed to accept such sums as a premium-free prepayment of Principal; provided, however, that the Holder may, at any
time and from time to time, elect, by notice in writing to the undersigned, to waive, reduce or limit the collection of any sums in excess
of those lawfully collectible as interest rather than accept such sums as a prepayment of the Principal balance. The undersigned does
not intend or expect to pay nor does the Holder intend or expect to charge, accept or collect any interest under this Note greater than
the Maximum Rate.

 

(c) If
any payment of Principal or interest on this Note shall become due on a Saturday, Sunday or any other day on which national banks are
not open for business, such payment shall be made on the next succeeding Business Day. “Business Day” means
a day other than (i) a Saturday, (ii) a Sunday or (iii) a day on which commercial banks in Minnesota, are authorized or required to be
closed for business.

 

EPIEN Medical, Inc.

Secured Convertible Promissory Note

Note #

 

    Page 2 of 12

     

    

 

	 	3.	Conversion of this Note.

 

(a) The
unpaid Principal balance of this Note, together with all accrued and unpaid Interest and as applicable, the Pre-Payment Penalty (such
amount converted by the Holder, the “Aggregate Amount Converted”), is convertible at the option of the Holder,
from time to time, following a Qualified Financing, into that number of shares of Common Stock (the “Shares”)
as equals the Aggregate Amount Converted divided by 85% of the Public Offering Price, subject to adjustment as discussed herein (the “Conversion
Price”)(each a “Conversion” and such option, the “Holder Conversion Option”).
In the event that the Conversion occurs within one year of the Effective Date, the Pre-Payment Penalty shall also be deemed due and payable,
and such Pre-Payment Penalty may also be converted into Common Stock pursuant to this Section 3(a).

 

(b) “Public
Offering Price” means the actual or implied price per share of Common Stock paid by the purchasers of the Qualified Offering
Securities sold in the Qualified Financing, as reasonably determined by the board of directors of the Company.

 

(c) “Qualified
Financing” means the closing of the Company’s first sale of its Common Stock to the public after the date of this
Note (including as part of a unit or in the form of, or as part of, a convertible security), in an offering underwritten by an investment
banking firm, pursuant to an effective registration statement under the Securities Act, which results in the Common Stock being listed
on a national securities exchange or NASDAQ, or quoted on the OTCQB or OTCQX market.

 

(d) “Qualified
Offering Securities” means the equity securities issued by the Company in the Qualified Financing.

 

(e) Following
Qualified Financing, the Company shall within ten (10) Business Days, notify the Holder that a Qualified Financing has occurred, at the
address of Holder which the Company then has on record.

 

(f) In
order to exercise the Holder Conversion Option, the Holder shall provide the Borrower a written notice of its intentions to exercise the
Holder Conversion Option, which notice shall set forth the amount of this Note to be converted and the applicable Principal, Interest
and the applicable Principal and Interest and if applicable, Pre-Payment Penalty to be converted and the calculation of the applicable
Conversion Price, which shall be in the form of Exhibit A, attached hereto (“Notice of Conversion”).

 

(g) The
Company shall cause the Shares received upon exercise of the Holder Conversion Option hereunder to be transmitted by its transfer agent
(the “Transfer Agent”) to the Holder by crediting
the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal
at Custodian system (“DWAC”) if the Borrower is then a participant in such system and either (A) there is an effective registration
statement permitting the issuance of the Shares to or resale of the Shares by the Holder or (B) the Shares are eligible for resale by
the Holder without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery of a certificate, registered
in the Company’s share register in the name of the Holder or its designee, for the number of Shares to which the Holder is entitled
pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is two (2) Trading Days after
the delivery to the Company of the Notice of Conversion (such date, the “Share Delivery Date”). Upon delivery
of the Notice of Conversion, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Shares with
respect to which this Note has been converted, irrespective of the date of delivery of the Shares.

 

EPIEN Medical, Inc.

Secured Convertible Promissory Note

Note #

 

    Page 3 of 12

     

    

 

(h) Notwithstanding
the foregoing, If the Borrower reasonably believes that there is an error in Holder’s calculation of the Shares issuable in connection
with the Notice of Conversion or the Conversion Price provided for therein, or another issue with the conversion, the Borrower shall not
be obligated to honor such defective Notice of Conversion and shall promptly notify Holder of such errors.

 

(i) Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Note to the Borrower until the Holder has
converted the entire amount of this Note, in which case, the Holder shall surrender this Note to the Borrower for cancellation within
three (3) Business Days of the date the final Notice of Conversion is delivered to the Borrower. Partial conversions of this Note shall
have the effect of lowering the outstanding Principal and Interest due on this Note, as applicable. The Holder and the Borrower shall
maintain records showing the actual Principal and Interest on this Note, provided that absent manifest error, the Borrower’s records
shall control.

 

(g) The
Borrower shall at all times take any and all additional actions as are necessary to maintain the required authority to issue the Shares
to the Holder, in the event the Holder exercises its rights under the Holder Conversion Option.

 

(h) Following
the effective time of any Conversion, all rights of any Holder with respect to the amount of this Note converted, will terminate, except
only for the rights of any such Holder to receive certificates (if the Borrower generally issues certificates) for the number of Shares
which this Note has been Converted.

 

EPIEN Medical, Inc.

Secured Convertible Promissory Note

Note #____

 

    Page 4 of 12

     

    

 

	 	4.	General Provisions Relating to the Shares and Conversions.

 

(a) Conversion
calculations pursuant to Section 3, shall be rounded to the nearest whole share of Common Stock.

 

(b) If
the Borrower at any time or from time to time on or after the Effective Date effects a subdivision of its outstanding Common Stock, the
Conversion Price then in effect immediately before that subdivision shall be proportionately decreased, and conversely, if the Borrower
at any time or from time to time on or after the Effective Date combines its outstanding shares of Common Stock into a smaller number
of shares, the Conversion Price then in effect immediately before the combination shall be proportionately increased.

 

(c) The
Company shall not effect any exercise of the Holder Conversion Option and a Holder shall not have the right to convert any portion of
this Note to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Conversion,
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 the Holder
Conversion Option 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, nonconverted portion of this Note 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 4(c), 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 4(c) applies, the
determination of whether the Holder Conversion Option is exercisable (in relation to other securities owned by the Holder together with
any Affiliates and Attribution Parties) and of which portion of this Note is convertible shall be in the sole discretion of the Holder,
and the submission of a Notice of Conversion shall be deemed to be the Holder’s determination of whether this Note is convertible
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this
Note is convertible, 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 4(c), 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
one Trading Day 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 Note, 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% of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of this Note. The limitations
contained in this paragraph shall apply to a successor holder of this Note.

 

EPIEN Medical, Inc.

Secured Convertible Promissory Note

Note #____

 

    Page 5 of 12

     

    

 

	 	5.	Acceleration and Change of Control Acceleration.

 

(a) At
the option of the Holder, at any time after the earlier of (i) the date that the Company has completed a subsequent capital raise or capital
raises (whether through the sale of debt or equity) in the aggregate amount of at least $10 million after the date of this Note; or (ii)
has completed a Qualified Financing, the Holder may, by written notice to the Borrower, declare the Principal amount then outstanding
of, and the accrued Interest and all other amounts payable on (including where applicable, the Pre-Payment Penalty) this Note to be immediately
due and payable (an “Acceleration”)

 

(b) If a Change of Control (as
defined below) occurs and the Holder has not approved such Change of Control in writing (unless such Change of Control has been
waived by Holder), Holder shall have the right, by written notice to the Company, to declare the entire amount of this Note,
including all Principal and Interest and Pre-Payment Penalty immediately due and payable (a “Change of Control
Acceleration”). “Change of Control” means (i) the completion by the Company of a plan of
merger or consolidation of the Company with any other Person as a result of which the holders of the voting capital stock of the
Company as a group would receive less than 50% of the voting capital stock of the surviving or resulting corporation or entity; (ii)
the closing of a transaction involving the Company providing for the sale or transfer of substantially all the assets of the
Company; or (iii) the acquisition of more than 50% of the Company’s voting capital stock by any person within the meaning of
Rule 13d-3 under the Exchange Act (other than the Company or a Person that directly or indirectly controls, is controlled by, or is
under common control with, the Company), in each case unless approved by the written consent of the Holder.

 

		6.	Security. This
Note is a senior secured obligation of the Company, as set forth in the Security Agreement being executed by the Company and the Holders
on the date hereof.

 

		7.	Events of Default.
If an Event of Default (as defined herein) occurs (unless all Events of Default have been cured or waived by the Holder), the Holder,
may, by written notice to the Borrower, declare the Principal amount then outstanding of, and the accrued Interest and all other amounts
payable on (including where applicable, the Pre-Payment Penalty) this Note to be immediately due and payable (a “Default
Acceleration”) (provided that upon the occurrence of an Event of Default described in Section 7(c) below, the Principal
amount then outstanding of, and the accrued Interest and all other amounts payable on (including where applicable, the Pre-Payment Penalty)
this Note shall immediately be due and payable) and can take any and all other actions provided for under applicable law. The following
events and/or any other Events of Default defined elsewhere in this Note are “Events of Default” under this
Note, unless waived in writing by the Holder:

 

(a) Borrower
shall fail to pay, when and as due, the Principal, Interest or any other amount payable hereunder (including, where applicable, the Pre-Payment
Penalty) ; or

 

(b) Borrower
shall have breached in any material respect any material covenant in this Note, the Subscription Agreement, the Subordination Agreement,
the terms of the Warrants, or the Security Agreement, and, with respect to breaches capable of being cured, such breach shall not have
been cured within ten (10) days from the date that the Holder has provided the Borrower written notice of such breach; or

 

EPIEN Medical, Inc.

Secured Convertible Promissory Note

Note #____

 

    Page 6 of 12

     

    

 

(c) Borrower shall: (i) become
insolvent or take any action which constitutes its admission of inability to pay its debts as they mature; (ii) make an assignment
for the benefit of creditors, file a petition in bankruptcy, petition or apply to any tribunal for the appointment of a custodian,
receiver or a trustee for it or a substantial portion of its assets; (iii) commence any proceeding under any bankruptcy,
reorganization, arrangement, readjustment of debt, dissolution or liquidation or statute of any jurisdiction, whether now or
hereafter in effect; (iv) have filed against it any such petition or application in which an order for relief is entered or which
remains undismissed for a period of ninety (90) days or more; (v) indicate its consent to, approval of or acquiescence in any such
petition, application, proceeding or order for relief or the appointment of a custodian, receiver or trustee for it or a substantial
portion of its assets; or (vi) suffer any such custodianship, receivership or trusteeship to continue undischarged for a period of
ninety (90) days or more; or

 

(d) Borrower
shall take any action authorizing, or in furtherance of, any of the foregoing.

 

In case any one or more Events of Default shall
occur and be continuing, the Holder, may proceed to protect and enforce the rights of the Holder by an action at law, suit in equity or
other appropriate proceeding, whether for the specific performance of any agreement contained herein or for an injunction against a violation
of any of the terms hereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise, and shall also be
authorized to take all actions to enforce the security interest set forth in the Security Agreement. In case of a default in the payment
of any Principal of or premium, if any, or Interest on this Note, Borrower will pay to the Holder such further amount as shall be sufficient
to cover the reasonable cost and expenses of collection, including, without limitation, reasonable attorneys’ fees, expenses and
disbursements. No course of dealing and no delay on the part of the Holder in exercising any right, power or remedy shall operate as a
waiver thereof or otherwise prejudice the Holder’s rights, powers or remedies. No right, power or remedy conferred by this Note
upon the Holder shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at
law, in equity, by statute or otherwise.

 

		8.	Assignment and Transfer
by Holder. If and whenever this Note shall be
assigned and transferred, or negotiated, including transfers to substitute or successor trustees, in each case subject to applicable
law and the availability of an exemption from registration for such transfer, which shall be approved by the Company subject to the Holder
providing the Company a legal opinion for such transfer, which opinion shall be reasonably accepted by the Company, the holder hereof
shall be deemed the “Holder” for all purposes under this Note.

 

		9.	Costs and Fees.
Anything else in this Note to the contrary notwithstanding, in any action arising out of this Note, the prevailing party shall be entitled
to collect from the non-prevailing party all of its attorneys’ fees. For the purposes of this Note, the party who receives or is
awarded a substantial portion of the damages or claims sought in any proceeding shall be deemed the “prevailing”
party and attorneys’ fees shall mean the reasonable fees charged by an attorney or a law firm for legal services and the services
of any legal assistants, and costs of litigation, including, but not limited to, fees and costs at trial and appellate levels.

 

EPIEN Medical, Inc.

Secured Convertible Promissory Note

Note #____

 

    Page 7 of 12

     

    

 

		10.	Governing Law.
It is the intention of the parties hereto that the terms and provisions of this Note are to be construed in accordance with and governed
by the laws of the State of Minnesota, except as such laws may be preempted by any federal law controlling the rate of Interest which
may be charged on account of this Note.

 

		11.	Construction.
When used in this Note, unless a contrary intention appears: (i) a term has the meaning assigned to it; (ii) “or”
is not exclusive; (iii) “including” means including without limitation; (iv) words in the singular include
the plural and words in the plural include the singular, and words importing the masculine gender include the feminine and neuter genders;
(v) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith
means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements
or instruments) references to all attachments thereto and instruments incorporated therein; (vi) the words “hereof”,
“herein” and “hereunder” and words of similar import when used in this Note shall
refer to this Note as a whole and not to any particular provision hereof; (vii) references contained herein to Article, Section, Schedule
and Exhibit, as applicable, are references to Articles, Sections, Schedules and Exhibits in this Note unless otherwise specified; (viii)
references to “writing” include printing, typing, lithography and other means of reproducing words in a visible
form, including, but not limited to email; (ix) references to “dollars”, “Dollars”
or “$” in this Note shall mean United States dollars; (x) reference to a particular statute, regulation or Law means
such statute, regulation or Law as amended or otherwise modified from time to time; (xi) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein);
(xii) unless otherwise stated in this Note, in the computation of a period of time from a specified date to a later specified date, the
word “from” means “from and including” and the words “to” and
“until” each mean “to but excluding”; (xiii) references to “days”
shall mean calendar days; and (xiv) the paragraph headings contained in this Note are for convenience only, and shall in no manner be
construed as part of this Note.

 

		12.	No Third Party Benefit.
The provisions and covenants set forth in this Note are made solely for the benefit of the parties to this Note and are not for the benefit
of any other person, and no other person shall have any right to enforce these provisions and covenants against any party to this Note.

 

		13.	Jurisdiction, Venue and
Jury Trial Waiver. The parties hereby consent and agree that, in any actions predicated upon this Note, venue is properly laid
in the state of Minnesota and for White Bear Lake in Ramsey County, Minnesota, shall have full subject matter and personal jurisdiction
over the parties to determine all issues arising out of or in connection with the execution and enforcement of this Note.

 

		14.	Interpretation.
The term “Company” ‘or “Borrower” as used herein in every instance shall include
the Company’s successors, legal representatives and assigns, including all subsequent grantees, either voluntarily by act of the
Company or involuntarily by operation of law and shall denote the singular and/or plural and the masculine and/or feminine and natural
and/or artificial persons, whenever and wherever the context so requires or properly applies. The term “Holder”
as used herein in every instance shall include the Holder’s successors, legal representatives and assigns (as permitted pursuant
to the terms of this Note), as well as all subsequent assignees, endorsees and holders of this Note (subject to the provisions of this
Note providing for transfers and assignments by Holder), either voluntarily by act of the parties or involuntarily by operation of law.

 

EPIEN Medical, Inc.

Secured Convertible Promissory Note

Note #____

 

    Page 8 of 12

     

    

 

		15.	WAIVER OF JURY TRIAL.
THE COMPANY AND HOLDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO TRIAL BY JURY IN RESPECT TO
ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN
CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS, (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY.
THE COMPANY ACKNOWLEDGES THAT THIS WAIVER OF JURY TRIAL IS A MATERIAL INDUCEMENT TO THE HOLDER IN EXTENDING CREDIT TO THE COMPANY, THAT
THE HOLDER WOULD NOT HAVE EXTENDED SUCH CREDIT WITHOUT THIS JURY TRIAL WAIVER, AND THAT THE COMPANY HAS BEEN REPRESENTED BY AN ATTORNEY
OR HAS HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY IN CONNECTION WITH THIS JURY TRIAL WAIVER AND UNDERSTANDS THE LEGAL EFFECT OF THIS
WAIVER.

 

		16.	Cumulative Rights.
No delay on the part of Holder or other holder of this Note in the exercise of any power or right under this Note, shall operate as a
waiver thereof, nor shall a single or partial exercise of any power or right preclude other or further exercise thereof or exercise of
any other power or right. Enforcement by the Holder or other holder of this Note of any security for the payment hereof shall not constitute
any election by it of remedies so as to preclude the exercise of any other remedy available to it.

 

		17.	Notices. All
notices, approvals, consents, requests, and other communications hereunder shall be in writing and shall be delivered (i) by personal
delivery, or (ii) by national overnight courier service, or (iii) by certified or registered mail, return receipt requested, or (iv)
via facsimile transmission, with confirmed receipt, or (v) via email. Notice shall be effective upon receipt except for notice via fax
(as discussed above) or email, which shall be effective only when the recipient, by return or reply email or notice delivered by other method provided for in this
Section 17, acknowledges having received that email (with an automatic “read receipt” or similar notice
not constituting an acknowledgement of an email receipt for purposes of this Section 17, but which acknowledgement of acceptance
shall include cases where recipient ‘replies’ to such prior email, including the body of the prior email in such ‘reply’).
Such notices shall be sent to the applicable party or parties at the address specified on the signature page of the Subscription Agreement,
subject to notice of changes thereof from any party with at least ten (10) Business Days’ notice to the other parties. Rejection
or other refusal to accept or the inability to deliver because of changed address of which no notice was given shall be deemed to be receipt
of the notice as of the date of such rejection, refusal or inability to deliver.

 

		18.	Severability.
If any term or other provision of this Note is invalid, illegal or incapable of being enforced by any rule of law, or public policy,
all other conditions and provisions of this Note shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
this Note so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that transactions
contemplated hereby are fulfilled to the extent possible.

 

		19.	Amendment. This
Note may not be changed orally, but only by an agreement in writing, signed by the party against whom enforcement of any waiver, change,
modification or discharge is sought.

 

		20.	Review and Knowledge.
Each party herein expressly represents and warrants to all other parties hereto that (a) before executing this Note, said party has fully
informed itself of the terms, contents, conditions and effects of this Note; (b) said party has relied solely and completely upon its
own judgment in executing this Note; (c) said party has had the opportunity to seek and has obtained the advice of its own legal, tax
and business advisors before executing this Note; (d) said party has acted voluntarily and of its own free will in executing this Note;
and (e) this Note is the result of arm’s length negotiations conducted by and among the parties and their respective counsel.

 

		21.	Effect of Facsimile and Photocopied Signatures. This Note
                                                                                        and any signed agreement or instrument entered into in connection with this Note, and any amendments hereto or thereto, may be
                                                                                        executed in one or more counterparts, all of which shall constitute one and the same instrument. Any such counterpart, to the extent
                                                                                        delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpeg or similar attachment to electronic mail (any such delivery,
                                                                                        an “Electronic Delivery”) shall be treated in all manner and respects as an original executed counterpart
                                                                                        and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party, each other party shall re execute
the original form of this Note and deliver such form to all other parties. No party shall raise the use of Electronic Delivery to deliver
a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery
as a defense to the formation of a contract, and each such party forever waives any such defense, except to the extent such defense relates
to lack of authenticity.

 

EPIEN Medical, Inc.

Secured Convertible Promissory Note

Note #____

 

    Page 9 of 12

     

    

 

		22.	Entire Agreement.
This Note, together with the Subscription Agreement, the Subordination Agreement and the Security Agreement, constitute the sole and
only agreements of the parties hereto and supersedes any prior understanding or written or oral agreements between the parties respecting
the subject matter hereof.

 

[Remainder of page left intentionally blank. Signature
page follows.]

 

EPIEN Medical, Inc.

Secured Convertible Promissory Note

Note #____

 

    Page 10 of 12

     

    

 

IN WITNESS WHEREOF, the undersigned have
caused this Secured Convertible Promissory Note to be executed and delivered as of the date first above written, to be effective as of
the Effective Date set forth above.

 

	 	“Company”
	 	 
	 	EPIEN Medical, Inc.
	 	 	 
	 	By: 	 
	 	 	 
	 	Its: President	Reginald Dupre
	 	 	 
	 	Printed Name:	 

 

EPIEN Medical, Inc.

Secured Convertible Promissory

 

    Page 11 of 12

     

    

 

EXHIBIT A

 

Conversion Election Form

____________, 20

 

 Re: Conversion of Convertible Promissory Note CN-Ladies and Gentlemen:

 

You are hereby notified that, pursuant to, and
upon the terms and conditions of that certain Secured Convertible Promissory Note CN-_____________________ of EPIEN Medical, Inc.
(the “Company”) dated____________________, 2021 in the amount of $________ (the
“Note” – certain capitalized terms used herein have the meanings given to such terms in the
Note), held by us, we hereby elect to effect a Conversion (as such term in defined in the Note), in connection with
$______________________ of the amount currently owed under the Note (including $______________________ of Principal and
$________ of accrued Interest), effective as of the date of this writing, which amount will convert
into_____________________ shares of the Common Stock of the Company (the “Conversion”),
respectively, based on Conversion Price of $__________________________ (as defined in the Note). Please issue certificate(s) for
the applicable securities issuable upon the Conversion, in the name of the person provided below. The Conversion will not cause
us to exceed the Beneficial Ownership Limitation. We hereby re-confirm and re-certify the Representations in connection with, and as
of the date of, this notice.

 

	 	Very truly yours,
	 	 
	 	Name:
	 	 
	 	If on behalf of Entity:
	 	Entity Name: __________________
	 	Signatory’s Position with Entity:
	 	 
	 	If held jointly: 
	 	Joint Holder: ___________________
	 	Name:

 

	Please issue certificate(s) for Common Stock as follows:	 
	 	 	 
	Name	 	 
	Address 	 	 
	Social Security No./EIN of Shareholder	 
	 	 	 
	Please send the certificate(s) evidencing the Common Stock to:	 
	Attn:	 	 
	Address:	 	 

 

EPIEN Medical, Inc.

Secured Convertible Promissory Note

Note #____

 

    Page 12 of 12

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