Document:

Exhibit 4.7

 

NO SALE, OFFER TO SELL OR TRANSFER OF THE SECURITY
REPRESENTED BY THIS PROMISSORY NOTE SHALL BE MADE UNLESS A REGISTRATION STATEMENT IS IN EFFECT WITH RESPECT TO SUCH SECURITIES UNDER THE
FEDERAL SECURITIES ACT OF 1933, AS AMENDED, AND THE SECURITIES ARE APPROPRIATELY REGISTERED OR QUALIFIED UNDER APPLICABLE STATE SECURITIES
LAWS, OR EXEMPTION FROM THE APPLICABLE REGISTRATION OR QUALIFICATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS ARE, IN THE OPINION OF LEGAL
COUNSEL, THEN APPLICABLE TO SUCH SECURITIES.

 

PROMISSORY NOTE

 

	FIXED TERM CONVERTIBLE NOTE	White Bear Lake, Minnesota
	 	 
	$___________	______________

 

FOR VALUE RECEIVED, EPIEN Medical, Inc., a Minnesota
corporation (the “Company”), hereby promises to pay to the order of ______________(an individual) with right of survivorship
(“Payee”), the principal sum of ___________________Dollars ($_______) (“Principal”), together with interest as
provided for herein.

 

This Promissory Note shall be subject to the following
terms and conditions and the terms and conditions contained in the Loan Agreement, dated the date hereof, between the Company and Payee
(the “Loan Agreement”):

 

SECTION 1

Terms

 

Interest Rate. The Company agrees to pay interest
on the outstanding Principal from the date of this Promissory Note until the Principal has been paid in full and at a fixed rate per annum
equal to _______ percent (___%). Such interest shall be computed on the basis of actual days elapsed and a year of 365 days, payable in
full on the Due Date.

 

Payment Date. The Company agrees that the
entire outstanding Principal, together with all interest accrued thereon, shall be due and payable in lawful money of the United States
of America in immediately available funds three year from the date hereof (“Due Date”), unless this Promissory Note shall
have been prepaid, upon presentation and surrender of this Promissory Note, duly endorsed in blank, at the principal office of the Company;
provided, however, that the Principal and all accrued interest of this Promissory Note may be converted into securities of the
Company, as provided in Section 2 hereof.

 

Default. If an Event of Default, as defined
in the Loan Agreement, shall have occurred and be continuing, Payee may, at Payee’s option, exercise any right, power or remedy
permitted to it by law and shall have, in particular, without limitation on the foregoing, the right to declare the entire unpaid Principal
of this Promissory Note and interest accrued thereon to be due and payable, without any presentment, demand, protest, or other notice
of any kind, all of which are hereby expressly waived.

 

Prepayment. The Company may prepay the Principal
of this Promissory Note in whole at any time without premium or penalty upon not less than fifteen (15) days advance written notice to
Payees. The Company may prepay in whole or in part an interest due under the Promissory Note without notice.

 

Related Promissory Notes. This Promissory
Note is one of a series of Promissory Notes (collectively, the “Notes”), all of which are substantively similar to this Promissory
Note.

 

    

     

    

 

SECTION 2

Convertibility

 

Optional Conversion. At any time from and
after one year from the date hereof, Payee may elect to convert all of the then outstanding Principal and accrued but unpaid interest
due under this Promissory Note into shares of Common Stock of the Company, $0.01 par value per share (the “Common Stock”)
by giving written notice of such election on or prior to the Due Date. The conversion price per share for the shares of Common Stock purchased
by Payee pursuant to conversion of this Promissory Note shall equal a twenty-five percent (25%) discount of the current fair market value
of a share of the Common Stock as of the date of the conversion (the “Conversion Price”). In lieu of issuing fractional shares,
the Company shall pay all of the cash value of any fractional interest to Payee.

 

Fair Market Value. For purposes of this Section,
“Fair Market Value” means (i) if the Common Stock is listed or admitted to unlisted trading privileges on any national securities
exchange or is not so listed or admitted but transactions in the Common Stock are reported on the Nasdaq National Market, the reported
closing price of the Common Stock on such exchange or by the Nasdaq National Market as of such date (or, if no shares were traded on such
days, as of the next preceding day on which there was such a trade); or (ii) if the Common Stock is not so listed or admitted to unlisted
trading privileges or reported on the Nasdaq National Market, and bid and asked prices therefore in the over-the-counter market are reported
by the Nasdaq system or National Quotation Bureau, Inc. (or any comparable reporting system), the mean of the closing bid and asked prices
as of such date, as so reported by the Nasdaq system, or, if not so reported thereon, as reported by National Quotation Bureau, Inc. (or
such comparable reporting service); or (iii) if the Common Stock is not so listed or admitted to unlisted trading privileges, or reported
on the Nasdaq National Market, and such bid and asked prices are not so reported by the Nasdaq system or National Quotation Bureau, Inc.
(or any comparable reporting service), such price as the Company’s Board of Directors determines in good faith in the exercise of
its reasonable discretion.

 

Mandatory Conversion. At any time from and
after one year from the date hereof, or as of and from such earlier date as the Company’s Board of Directors shall determine in
its sole discretion, all of the then outstanding Principal and accrued but unpaid interest due under this Promissory Note shall automatically
convert to Common Stock at the Conversion Price immediately prior to the occurrence of any of the following: i) a merger in which the
shareholders of the Company prior to the merger hold less than 50% of the voting power of the capital stock of the surviving corporation
after such merger, a sale of all of the assets of the Company or a transaction or series of transactions in which 50% or more of the voting
power of the capital stock of the Company is transferred; or ii) the closing of an initial public offering of the Company’s equity
securities pursuant to an effective registration statement under the Securities Act of 1933, as amended.

 

SECTION 3

Warrant Coverage

 

The Company hereby issues to Payee a warrant to purchase
______ shares of Common Stock of the Company at an exercise price of $_____ per share:

 

The form of any warrant issued pursuant to this Section 3 shall be
the attached Exhibit A.

 

    2

     

    

 

SECTION 4

Miscellaneous

 

Transferability. Other than pursuant to registration
under federal and any applicable state securities laws or an exemption from such registration, this Promissory Note may not be sold, pledged,
assigned, or otherwise disposed of (whether voluntarily or involuntarily) by Payee unless the Company receives from the transferee such
representations and agreements as the Company may determine in its sole discretion to be necessary and appropriate to permit such transfer
to be made pursuant to exemptions from registration under federal and applicable state securities laws. Each certificate representing
this Promissory Note shall bear appropriate legends setting forth these restrictions on transfer.

 

Benefit of Promissory Note. This Promissory
Note shall be binding upon, and shall inure to the benefit of and be enforceable by Payee and its successors and assigns.

 

Costs. The Company hereby waives presentment
for payment, notice of dishonor, protest and notice of protest and, in the event this Promissory Note is not paid in full by the date
required in Section 1, the Company shall pay all of Payee’s costs of collection, including but not limited to, all reasonable attorneys’
fees.

 

Governing Law and Construction. This Promissory
Note shall be construed in accordance with and governed by the laws of the State of Minnesota. Whenever possible, each provision of this
Promissory Note and any other statement, instrument or transaction contemplated hereby and valid under such applicable law, but, if any
provision of this Promissory Note or any other statement, instrument or transaction contemplated hereby or relating hereto shall be held
to be prohibited or invalid under such applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining provisions of this Promissory Note or any other statement, instrument
or transaction contemplated hereby or relating hereto. In the event of any conflict with, between or among the provisions of this Promissory
Note or any other statement, instrument, or transaction contemplated or relating hereto those provisions giving Payee the greater right
shall govern.

 

Notices, Etc. All notices, requests, consents
and other communications hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person,
sent by facsimile transmission to the telephone number as may hereinafter be designated by the recipient to the sender, or duly sent by
first class registered or certified mail, return receipt requested, postage prepaid, addressed to such party at the address as may hereafter
be designated by the addressee to the addresser. All such notices, advises and communications shall be deemed to have been received (a)
in the case of personal delivery, on the date of such delivery, (b) in the case of facsimile transmission, on the date of transmission,
and (c) in the case of mailing, on the third day after the posting thereof.

 

    3

     

    

 

IN WITNESS WHEREOF, the Company has executed this
Promissory Note as of the ________________.

 

	 	EPIEN MEDICAL, INC.
	 	 
	 	 
	 	Reginald Dupré
	 	Chief Executive Officer

 

 

 

4Exhibit 4.8

 

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, ______________________ 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 Note Principal, multiplied by (b) 80%, 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
Note Principal was $25,000 and the Public Offering Price was $2.50, the Total Warrant Shares would be 8,888 = ($25,000 x 0.80)
÷ (0.9 x $2.50), rounded up to the nearest whole share. The “Vesting Date” shall be the date the Qualified
Offering closes, as defined below. “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 August 13, 2021, 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. 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.

 

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.

 

    
	 	2	 
	 	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 in the “pink
sheets” by the National Quotation Bureau, Inc., 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.

 

    
	 	4	 
	 	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, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously
file such notice with the Securiteis 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. 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 on which 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. 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.

 

    
	 	7	 
	 	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
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) 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: 	Reginald Dupre
	 	 	Title:	CEO

 

    
	 	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:____________________________

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