Document:

Exhibit
4.1 

 

THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 6.3 AND 6.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT
TO PURCHASE STOCK

 

This
WARRANT TO PURCHASE STOCK (as amended and in effect from time to time, this “Warrant”) is issued as of the
issue date set forth on Schedule I hereto (the “Issue Date”) by the company set forth on Schedule
I hereto (the “Company”) to SILICON VALLEY BANK in connection with that certain Loan and Security Agreement
of even date herewith between Silicon Valley Bank and the Company (as amended and/or modified and in effect from time to time,
the “Loan Agreement”), and shall be transferred to SVB FINANCIAL GROUP pursuant to Section 6.4 below. The parties
agree as follows:

 

SCHEDULE
I. WARRANT PROVISIONS.

 

	Warrant
    Section	Warrant
    Provision
	Recitals
    – “Issue Date”	May
    7, 2021
	Recitals
    – “Company”	Eyenovia,
    Inc., a Delaware corporation
	1.1
    – “Class”	Common
    Stock, $0.0001 par value per share
	1.1
    – “Exercise Price”	$4.76
    per Share 
	1.2
    – “Shares”	91,884
	4.1(b)
    – Share percentage as of the Issue Date	0.300%
    of the Company’s total fully-diluted issued and outstanding shares of capital stock.
	6.1(a)
    – “Expiration Date”	May
    6, 2031

 

SECTION
1.         RIGHT TO PURCHASE SHARES.

 

1.1          Grant of Right. For good and valuable consideration, the Company hereby grants to SILICON VALLEY BANK (together with any
successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”)
the right, and Holder is entitled, to purchase from the Company up to the number of fully paid and non-assessable shares (as determined
pursuant to Section 1.2 below) of the class set forth on Schedule I hereto (the “Class”), at a purchase
price per Share set forth on Schedule I hereto (the “Exercise Price”), subject to the provisions and
upon the terms and conditions set forth in this Warrant.

 

1.2          Number of Shares. This Warrant shall be exercisable for the number of shares of the Class set forth on Schedule I
hereto (as may be adjusted from time to time in accordance with the provisions of this Warrant, the “Shares”).

 

SECTION
2.         EXERCISE.

 

2.1          Method of Exercise. Holder may exercise this Warrant in whole or in part at any time and from time to time prior to the
expiration or earlier termination of this Warrant, by delivering to the Company the original of this Warrant together with a duly
executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this
Warrant pursuant to a cashless exercise as set forth in Section 2.2 below, a check, wire transfer of same-day funds (to an account
designated by the Company), or other form of payment acceptable to the Company for the aggregate Exercise Price for the Shares
being purchased. Notwithstanding any contrary provision herein, to the extent that the original of this Warrant is an electronic
original, in no event shall an original ink-signed paper copy of this Warrant be required for any exercise of a Holder’s
rights hereunder, nor shall this Warrant or any physical copy hereof be required to be physically surrendered at the time of any
exercise hereof.

     

     

    

2.2         Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Exercise Price in the manner specified
in Section 2.1 above, Holder may elect to surrender to the Company Shares having an aggregate value equal to the aggregate Exercise
Price. If Holder makes such election, the Company shall issue to Holder such number of fully paid and non-assessable Shares determined
by the following formula:

 

X
= Y(A-B)/A

 

where:

 

		X
                            =	the
number of Shares to be issued to Holder;

 

		Y =	the
number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in
payment of the aggregate Exercise Price);

 

		A =	the
fair market value (as determined pursuant to Section 2.3 below) of one Share; and

 

		B =	the
Exercise Price.

 

2.3         Fair Market Value. If shares of the Class are then traded or quoted on a nationally recognized securities exchange, inter-dealer
quotation system or over-the-counter market (a “Trading Market”), the fair market value of a Share shall be
the closing price or last sale price of a share of the Class reported for the Business Day immediately before the date on which
Holder delivers this Warrant together with its Notice of Exercise to the Company. If shares of the Class are not then traded in
a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good
faith judgment.

 

2.4         Delivery
of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set forth in Sections
2.1 or 2.2 above, the Company shall deliver to Holder a certificate (or, in the case of uncertificated securities, provide notice
of book entry) representing the Shares issued to Holder upon such exercise and, if this Warrant has not been fully exercised and
has not expired, a new warrant of like tenor representing the Shares not so acquired (or surrendered in payment of the aggregate
Exercise Price).

 

2.5         Replacement of Warrant.

 

(a)          Paper
Original Warrant. To the extent that the original of this Warrant is a paper original, on receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on
delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation,
on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver
to Holder, in lieu of this Warrant, a new warrant of like tenor and amount.

 

(b)          Electronic
Original Warrant. To the extent that the original of this Warrant is an electronic original, if at any time this Warrant is
rejected by any person (including, but not limited to, paying or escrow agents) or any such person fails to comply with the terms
of this Warrant based on this Warrant being presented to such person as an electronic record or a printout hereof, or any signature
hereto being in electronic form, the Company shall, promptly upon Holder’s request and without indemnity, execute and deliver
to Holder, in lieu of electronic original versions of this Warrant, a new warrant of like tenor and amount in paper form with
original ink signatures.

 

2.6          Treatment of Warrant Upon Acquisition of Company.

 

(a)           Acquisition. “Acquisition” means any transaction or series of related transactions involving: (i) the
sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company; (ii) any merger
or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively
to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their
capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s
(or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization;
or (iii) any sale or other transfer by the stockholders of the Company of shares representing at least a majority of the Company’s
then-total outstanding combined voting power. For the avoidance of doubt, “Acquisition” shall not include any sale
and issuance by the Company of shares of its capital stock or of securities or instruments exercisable for or convertible into,
or otherwise representing the right to acquire, shares of its capital stock to one or more investors for cash in a transaction
or series of related transactions the primary purpose of which is a bona fide equity financing of the Company.

    2 

     

    

(b)          Treatment of Warrant in Cash/Public Acquisition. In the event of an Acquisition in which the consideration to be received
by the holders of the outstanding shares of the Class (in their capacity as such) consists solely of cash, solely of Marketable
Securities (as hereinafter defined) or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”),
and the fair market value of one Share as determined in accordance with Section 2.3 above would be greater than the Exercise
Price in effect as of immediately prior to the closing of such Cash/Public Acquisition, and Holder has not previously exercised
this Warrant in full, then, in lieu of Holder’s exercise of the unexercised portion of this Warrant, this Warrant shall,
as of immediately prior to such closing (but subject to the occurrence thereof) automatically cease to represent the right to
purchase Shares and shall, from and after such closing, represent solely the right to receive the aggregate consideration that
would have been payable in such Cash/Public Acquisition on and in respect of all Shares for which this Warrant was exercisable
as of immediately prior to the closing thereof, net of the aggregate Exercise Price therefor, as if such Shares had been issued
and outstanding to Holder as of immediately prior to such closing, as and when such consideration is paid to the holders of the
outstanding shares of the Class. In the event of a Cash/Public Acquisition in which the fair market value of one Share as determined
in accordance with Section 2.3 above would be equal to or less than the Exercise Price in effect as of immediately prior
to the closing of such Cash/Public Acquisition, then this Warrant will automatically and without further action of any party terminate
as of immediately prior to such closing.

 

(c)           Treatment of Warrant in non-Cash/Public Acquisition. Upon the closing of any Acquisition other than a Cash/Public Acquisition,
the acquiring, surviving or successor entity shall assume this Warrant and the Company’s obligations hereunder, and this
Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable
upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition,
at an aggregate Exercise Price equal to the aggregate Exercise Price in effect as of immediately prior to such closing, all subject
to further adjustment from time to time thereafter in accordance with the provisions of this Warrant.

 

(d)          Marketable Securities. “Marketable Securities” means securities meeting all of the following requirements
(determined as of immediately prior to the closing of the Acquisition): (i) the issuer thereof is then subject to the reporting
requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class
and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were
Holder to exercise this Warrant on or prior to the closing thereof is then traded in a Trading Market, and (iii) following the
closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer’s shares and/or other
securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the
closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities
laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition. Notwithstanding
the foregoing provisions of this Section 2.6(d), securities held in escrow or subject to holdback to cover indemnification-related
claims shall be deemed to be Marketable Securities if they would otherwise be Marketable Securities but for the fact that they
are held in escrow or subject to holdback to cover indemnification-related claims.

 

SECTION
3.         CERTAIN ADJUSTMENTS TO THE SHARES, CLASS AND EXERCISE PRICE.

 

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

    3 

     

    

3.2         Reclassification, Exchange, Combination or Substitution. Upon any event whereby all of the outstanding shares of the Class
are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class
and/or series, then from and after the consummation of such event, “Class” shall mean such securities and this Warrant
will be exercisable for the number of such securities that Holder would have received had the Shares been outstanding on and as
of the consummation of such event, at an aggregate Exercise Price equal to the aggregate Exercise Price in effect as of immediately
prior to such event, all subject to further adjustment thereafter from time to time in accordance with the provisions of this
Warrant. The provisions of this Section 3.2 shall similarly apply to successive reclassifications, exchanges, combinations, substitutions,
replacements or other similar events.

 

3.3         Adjustment to Exercise Price on Cash Dividend. In the event that the Company at any time or from time to time prior to
the exercise in full of this Warrant pays any cash dividend on the outstanding shares of the Class or makes any cash distribution
on or in respect of all outstanding shares of the Class (other than a distribution of cash proceeds received by the Company in
connection with an Acquisition described in Section 2.6(a)(i) above), then on and as of the date of each such dividend payment
and/or distribution, the Exercise Price shall be reduced by an amount equal to the amount paid or distributed upon or in respect
of each outstanding share of the Class; provided that in no event shall the Exercise Price be reduced below the then-par value,
if any, of a share of the Class.

 

3.4         No Fractional Share. No fractional Share shall be issued upon exercise of this Warrant, and the number of Shares to be
issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of this Warrant,
the Company shall eliminate such fractional Share interest by paying Holder in cash an amount equal to (a) such fractional interest,
multiplied by (b)(i) the fair market value (as determined in accordance with Section 2.3 above) of a full Share, less (ii) the
then-effective Exercise Price (the “Fractional Share Value”), unless Holder otherwise elects, in its sole discretion,
to waive such payment. Notwithstanding any contrary provision herein, if this Warrant becomes exercisable for a fractional Share
interest at any time or from time to time prior to the exercise in full of this Warrant, and the Company eliminates such fractional
Share interest prior to any exercise of this Warrant, then the then-effective Exercise Price shall be reduced by an amount equal
to the Fractional Share Value, unless Holder otherwise elects, in its sole discretion, to waive such reduction.

 

3.5         Certificate as to Adjustments. Within a reasonable time following each adjustment of the Exercise Price, Class and/or number
of Shares pursuant to the terms of this Warrant, the Company, at its expense, shall deliver a certificate of its Chief Financial
Officer or other authorized officer to Holder setting forth the adjustments to the Exercise Price, Class and/or number of Shares
and the facts upon which such adjustments are based. The Company shall, at any time and from time to time within a reasonable
time following Holder’s written request and at the Company’s expense, furnish Holder with a certificate of its Chief
Financial Officer or other authorized officer setting forth the then-current Exercise Price, Class and number of Shares and the
computations or other determinations thereof.

 

SECTION
4.         REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

4.1         Representations and Warranties. The Company represents and warrants to, and agrees with, Holder as follows:

 

(a)           All Shares which may be issued upon the exercise of this Warrant, shall, upon issuance, be duly authorized, validly issued, fully
paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under
the Company’s Certificate of Incorporation or Bylaws, each as amended and in effect from time to time (the “Charter
Documents”) or applicable federal and state securities laws. The Company covenants that it shall at all times cause
to be reserved and kept available out of its authorized and unissued capital stock such number of shares of the Class and other
securities as will be sufficient to permit the exercise in full of this Warrant.

    4 

     

    

(b)          The number of Shares set forth on Schedule I hereto represents not less than the share percentage set forth on Schedule
I hereto, calculated on and as of the Issue Date hereof on a fully-diluted, common stock-equivalent basis (but without excluding
shares of capital stock that are not convertible into shares of common stock) assuming (i) the conversion into common stock of
all outstanding securities and instruments (including, without limitation, securities deemed to be outstanding pursuant to clause
(ii) of this Section 4.1(b)) convertible by their terms into shares of common stock (regardless of whether such securities or
instruments are by their terms now so convertible), (ii) the exercise in full of all outstanding options, warrants (including,
without limitation, this Warrant) and other rights to purchase or acquire shares of common stock or securities exercisable for
or convertible into shares of common stock (regardless of whether such options, warrants or other rights to purchase or acquire
are by their terms now exercisable); and (iii) the inclusion of all shares of common stock reserved for issuance under all of
the Company’s incentive stock and stock option plans and not now subject to outstanding grants or options.

 

4.2         Certain Company Information. To the extent not available in the Company’s periodic reports and other filings made
pursuant to the Exchange Act, the Company will provide such information requested by Holder from time to time, within a reasonable
time following each such request, that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting
requirements.

 

SECTION
5.         REPRESENTATIONS AND COVENANTS OF HOLDER.

 

Holder
represents and warrants to, and agrees with, the Company as follows:

 

5.1         Investment Representations.

 

(a)           Purchase for Own Account. Except for the one-time transfer of this Warrant from Silicon Valley Bank to its parent SVB Financial
Group described in Section 6.4 below, this Warrant and the Shares to be acquired upon exercise hereof are being acquired for investment
for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning
of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the Shares.

 

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

 

(c)           Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can
bear the economic risk of such Holder’s investment in this Warrant and its underlying securities for an indefinite period
of time, and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits
and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship
with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to
be aware of the character, business acumen and financial circumstances of such persons.

 

(d)           Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated
under the Act.

 

(e)           The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under
the Act or registered or qualified under the securities laws of any state, and are issued in reliance upon specific exemptions
therefrom, which exemptions depend upon, among other things, the bona fide nature of the Holder’s investment intent as expressed
herein. Holder understands that the Company is under no obligation to so register or qualify this Warrant, the Shares or such
other securities. Holder understands that this Warrant and the Shares issued upon any exercise hereof are “restricted securities”
under applicable federal and state securities laws and must be held indefinitely unless subsequently registered under the Act
and registered or qualified under applicable state securities laws, or unless exemptions from such registration and qualification
are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act.

    5 

     

    

5.2         No Stockholder Rights. Without limiting any provision of this Warrant, Holder agrees that as a Holder of this Warrant it
will not have any rights (including, but not limited to, voting rights) as a stockholder of the Company with respect to the Shares
issuable hereunder unless and until the exercise of this Warrant and then only with respect to the Shares issued on such exercise.

 

5.3         Confidential Information. Holder agrees to treat and hold all information provided by the Company pursuant to this Warrant
in confidence in accordance with the provisions of Section 11.8 of the Loan Agreement (regardless of whether the Loan Agreement
shall then be in effect).

 

SECTION
6.         MISCELLANEOUS.

 

6.1         Term; Automatic Cashless Exercise Upon Expiration.

 

(a)           Term. Subject to the provisions of Section 2.6 above, this Warrant is exercisable in whole or in part at any time and from
time to time on or before 6:00 PM, Pacific time, on the expiration date set forth on Schedule I hereto (the “Expiration
Date”) and shall be void thereafter; provided that if the Company does not deliver to Holder written confirmation of
the fair market value of a Share pursuant to Section 6.1(b) below, then the Expiration Date shall automatically be extended until
the earlier to occur of (i) such date as the Company delivers such written confirmation and (ii) one (1) year after the Expiration
Date.

 

(b)           Automatic Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value
of one Share as determined in accordance with Section 2.3 above is greater than the Exercise Price in effect on such date, then
this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 2.2 above as to all Shares
for which it shall not previously have been exercised, and the Company shall, within a reasonable time following Holder’s
written request, deliver a certificate (or, in the case of uncertificated securities,
provide notice of book entry) representing the Shares issued to Holder upon such exercise. If shares of the Class are not
then traded in a Trading Market, the Company shall deliver to Holder, prior
to the Expiration Date, written confirmation of the fair market value of a Share (as
determined pursuant to Section 2.3 above) to be used in determining whether
this Warrant shall automatically exercise on the Expiration Date pursuant to this Section 6.1(b).

 

6.2         Legends. Each certificate or notice of book entry evidencing Shares shall be imprinted with a legend in substantially the
following form (together with such additional legends as may be required by the Charter Documents or under any Stockholder Agreement
(to the extent Holder is then a party thereto or otherwise subject thereto in accordance with the provisions of Section 5.4 above)):

 

THE
SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO
SILICON VALLEY BANK DATED MAY __, 2021_, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED
UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE,
PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

6.3         Compliance with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise hereof may not be transferred
or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the
transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory
to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion of counsel
if the transfer is to SVB Financial Group (Silicon Valley Bank’s parent company) or any other affiliate of Holder; provided
that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the Act.

    6 

     

    

6.4         Transfer Procedure. After receipt by Silicon Valley Bank of the executed Warrant, Silicon Valley Bank will transfer, for
value received, all of its rights, title and interest in and to this Warrant to its parent company, SVB Financial Group, without
any separate assignment agreement. By its acceptance of this Warrant, SVB Financial Group, on and as of the date of such assignment,
hereby makes to the Company each of the representations and warranties set forth in Section 5.1 hereof and agrees to be bound
by all of the terms and conditions of this Warrant as if it were the original Holder hereof. Subject to the provisions of Section
6.3 and upon providing the Company with written notice, SVB Financial Group and any subsequent Holder may transfer all or part
of this Warrant or the Shares issued upon exercise of this Warrant to any transferee; provided that in connection with any such
transfer, SVB Financial Group or any subsequent Holder will give the Company notice of the portion of the Warrant and/or Shares
being transferred with the name, address and taxpayer identification number of the transferee, and Holder will surrender this
Warrant, or the certificates or other evidence of such Shares or other securities, to the Company for reissuance to the transferee(s)
(and to Holder if applicable); and provided further, that any subsequent transferee other than SVB Financial Group shall make
substantially the representations set forth in Section 5.1 above and shall agree in writing with the Company to be bound by all
of the terms and conditions of this Warrant.

 

6.5         Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed
delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered
or certified mail, postage prepaid, (iii) upon actual receipt if given by electronic mail and such receipt is confirmed in writing
by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid,
in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company
or such Holder from time to time in accordance with the provisions of this Section 6.5. All notices to Holder shall be addressed
as follows until the Company receives notice of a change of address in connection with a transfer or otherwise:

 

SVB
Financial Group

Attn: Warrants

80 East Rio Salado Parkway, Suite 600

Tempe, AZ 85281

Telephone: (480) 557-4900

Email: SVBFGWarrants@svb.com

 

All
notices to the Company shall be addressed as follows until Holder receives notice of a change in address:

 

Eyenovia,
Inc.

Attn: Chief Financial Officer

295 Madison Avenue, Suite 2400

New
York, NY 10017

Telephone: (917) 289-1117

Email: jgandolfo@eyenoviabio.com

 

With
a copy (which shall not constitute notice) to:

 

Mintz,
Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Attn: Megan N. Gates

One Financial Center

Boston,
MA 02111

Telephone: (617) 348-4443

Email: mgates@mintz.com

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6.6         Amendment and Waiver. Notwithstanding any contrary provision herein or in the Loan Agreement, this Warrant may be amended
and any provision hereof waived (either generally or in a particular instance and either retroactively or prospectively) only
by an instrument in writing signed by Holder and any party against which enforcement of such amendment or waiver is sought.

 

6.7         Counterparts; Electronic Signatures; Status as Certificated Security. This Warrant may be executed by one or more of the
parties hereto in any number of separate counterparts, all of which together shall constitute one and the same instrument. The
Company, Holder and any other party hereto may execute this Warrant by electronic means and each party hereto recognizes and accepts
the use of electronic signatures and the keeping of records in electronic form by any other party hereto in connection with the
execution and storage hereof. To the extent that this Warrant or any agreement subject to the terms hereof or any amendment hereto
is executed, recorded or delivered electronically, it shall be binding to the same extent as though it had been executed on paper
with an original ink signature, as provided under applicable law, including, without limitation, any state law based on the Uniform
Electronic Transactions Act. The fact that this Warrant is executed, signed, stored or delivered electronically shall not prevent
the transfer by any Holder of this Warrant pursuant to Section 6.4 or the enforcement of the terms hereof. To the extent that
the original of this Warrant is an electronic original, this Warrant, and any copies hereof, shall NOT be deemed to be a “certificated
security” within the meaning of Section 8102(a)(4) of the California Commercial Code. Physical possession of the original
of this Warrant or any paper copy thereof shall confer no special status to the bearer thereof.

 

6.8         Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning
of any provision of this Warrant.

 

6.9         Business Days. “Business Day” means any day that is not a Saturday, Sunday or a day on which banks in
California are closed.

 

SECTION
7.         GOVERNING LAW, VENUE AND JURY TRIAL WAIVER; JUDICIAL REFERENCE.

 

7.1         Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts,
without giving effect to its principles regarding conflicts of law.

 

7.2         Jurisdiction and Venue. The Company and Holder each irrevocably and unconditionally submit to the exclusive jurisdiction
of the State and Federal courts in Suffolk County, Massachusetts; provided, however, that nothing in this Warrant shall be deemed
to operate to preclude Holder from bringing suit or taking other legal action in any other jurisdiction to enforce a judgment
or other court order in favor of Holder. The Company expressly, irrevocably and unconditionally submits and consents in advance
to such jurisdiction in any action or suit commenced in any such court, and the Company hereby irrevocably and unconditionally
waives, to the fullest extent permitted by applicable law, any objection that it may have based upon lack of personal jurisdiction,
improper venue, or forum non conveniens and hereby irrevocably and unconditionally consents to the granting of such legal or equitable
relief as is deemed appropriate by such court. The Company hereby waives personal service of the summons, complaints, and other
process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered
or certified mail addressed to the Company in accordance with Section 6.5 of this Warrant and that service so made shall be deemed
completed upon the earlier to occur of the Company’s actual receipt thereof or three (3) days after deposit in the U.S.
mails, proper postage prepaid.

 

7.3         Jury Trial Waiver. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY AND HOLDER EACH WAIVES ITS RIGHT TO
A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS WARRANT, THE LOAN AGREEMENT OR ANY CONTEMPLATED
TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES’
AGREEMENT TO THIS WARRANT. EACH PARTY HERETO HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 

7.4         Survival. This Section 7 shall survive the termination of this Warrant.

 

[Signature
page follows]

    8 

     

    

IN
WITNESS WHEREOF, the parties have caused this Warrant To Purchase Stock to be executed by their duly authorized representatives
effective as of the Issue Date written above.

 

	 	COMPANY:
	 	 
	 	EYENOVIA, INC.
	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title: 	 
	 	 
	 	HOLDER:
	 	 
	 	SILICON VALLEY BANK
	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title: 	 

    9 

     

    

APPENDIX
1

 

Form
of Notice of Exercise of Warrant

 

1.            The undersigned Holder hereby exercises its right to purchase ___________ shares of the [Common] / [Series ______ Preferred] [circle
one] Stock of __________________ (the “Company”) in accordance with the attached Warrant To Purchase Stock,
and tenders payment of the aggregate Exercise Price for such shares as follows:

 

		[   ]	Check
in the amount of $________ payable to order of the Company enclosed herewith

 

		[   ]	Wire
transfer of immediately available funds to the Company’s account

 

		[   ]	Cashless
exercise pursuant to Section 2.2 of the Warrant, resulting in the issuance of __________________ shares of the [Common] / [Series
______ Preferred] [circle one] Stock of the Company

 

		[   ]	Other
[Describe] __________________________________________

 

2.            Please issue a certificate or certificates (or evidence of book entry) representing the Shares in the name specified below:

	 
	Holder’s Name

	 
	 
	(Address)

 

3.            By its execution below and for the benefit of the Company, Holder hereby makes each of the representations and warranties set
forth in Section 5.1 of the Warrant To Purchase Stock as of the date hereof.

 

	 	HOLDER:
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	(Date):	 

 

    Appendix 1Exhibit 10.1

 

[Pursuant
to Item 601(b)(10) of Regulation S-K, certain confidential portions of this exhibit have been omitted by means of marking such
portions with asterisks as the identified confidential portions (i) are not material and (ii) would be competitively harmful if
publicly disclosed.]

 

LOAN
AND SECURITY AGREEMENT

 

THIS
LOAN AND SECURITY AGREEMENT (this “Agreement”) is dated as of the Effective Date between SILICON VALLEY BANK,
a California corporation (“Bank”), and the borrower listed on Schedule I hereto (“Borrower”).
The parties agree as follows:

 

		1	LOAN
AND TERMS OF PAYMENT

 

		1.1	Term
Loan.

 

(a)          Availability.
Subject to the terms and conditions of this Agreement, upon Borrower’s request, Bank shall make 1 term loan advance to Borrower
on or about the Effective Date, not exceeding the Term A Loan Availability Amount (such advance is referred to herein as the “Term
A Loan Advance”). Subject to the terms and conditions of this Agreement, upon Borrower’s request, during Draw
Period B, Bank shall make 1 term loan advance not exceeding the Term B Loan Availability Amount (such advance is referred to herein
as the “Term B Loan Advance”). Subject to the terms and conditions of this Agreement, upon Borrower’s
request, during Draw Period C, Bank shall make 1 term loan advance not exceeding the Term C Loan Availability Amount (such advance
is referred to herein as the “Term C Loan Advance”). The Term A Loan Advance, the Term B Loan Advance, and
the Term C Loan Advance, are hereinafter referred to singly as a “Term Loan Advance” and, collectively, as
the “Term Loan Advances”. Borrower may request Term Loan Advances as set forth on Schedule I hereto.

 

(b)          Repayment. Borrower shall repay each Term Loan Advance as set forth in Schedule I hereto. All outstanding principal and
accrued and unpaid interest under each Term Loan Advance, and all other outstanding Obligations with respect to such Term Loan
Advance, are due and payable in full on the Term Loan Maturity Date.

 

(c)          Permitted Prepayment. Borrower shall have the option to prepay all, but not less than all, of the Term Loan Advances, provided
Borrower (i) delivers written notice to Bank of its election to prepay the Term Loan Advances at least 5 Business Days prior to
such prepayment, and (ii) pays, on the date of such prepayment (A) the outstanding principal plus accrued and unpaid interest
with respect to the Term Loan Advances, (B) the Prepayment Fee, (C) the Final Payment, and (D) all other sums, if any, that shall
have become due and payable with respect to the Term Loan Advances, including interest at the Default Rate with respect to any
past due amounts.

 

(d)          Mandatory Prepayment Upon an Acceleration. If the Term Loan Advances are accelerated by Bank following the occurrence and
during the continuance of an Event of Default, Borrower shall immediately pay to Bank an amount equal to the sum of (i) all outstanding
principal plus accrued and unpaid interest with respect to the Term Loan Advances, (ii) the Prepayment Fee, (iii) the Final Payment,
and (iv) all other sums, if any, that shall have become due and payable with respect to the Term Loan Advances, including interest
at the Default Rate with respect to any past due amounts.

 

		1.2	Payment
of Interest on the Credit Extensions.

 

(a)          Interest Payments. Interest on the principal amount of each Term Loan Advance is payable as set forth on Schedule I hereto.

 

		(b)	Interest
Rate.

 

(i)         Term Loan Advances. Subject to Section 1.2(c), the outstanding principal amount of any Term Loan Advance shall accrue interest
as set forth on Schedule I hereto.

 

(ii)        All-In Rate. Notwithstanding any terms in this Agreement to the contrary, if at any time the interest rate applicable to any Obligations
is less than 0.0%, such interest rate shall be deemed to be 0.0% for all purposes of this Agreement.

     
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(c)           Default Rate. Immediately upon the occurrence and during the continuance of an Event of Default, the outstanding Obligations
shall bear interest at a rate per annum which is 3.0% above the rate that is otherwise applicable thereto (the “Default
Rate”), from the date of such Event of Default until such Event of Default is cured or waived by Bank in writing, unless
Bank otherwise elects, in its sole discretion, to impose a lesser increase or no increase. Fees and expenses which are required
to be paid by Borrower pursuant to the Loan Documents (including, without limitation, Bank Expenses) but are not paid when due
shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the
increased interest rate provided in this Section 1.2(c) is not a permitted alternative to timely payment and shall not constitute
a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank.

 

(d)           Adjustment to Interest Rate. Each change in the interest rate applicable to any amounts payable under the Loan Documents
based on changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent
of such change.

 

(e)           Interest Computation. Interest shall be computed as set forth on Schedule I hereto. In computing interest, the date of
the making of any Credit Extension shall be included and the date of payment shall be excluded; provided, however, that if any
Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit
Extension.

 

		1.3	Fees.
Borrower shall pay to Bank:

 

(a)           Prepayment Fee. The Prepayment Fee, when due hereunder, which shall be fully earned and non-refundable as of such date;

 

(b)           Final Payment. The Final Payment, when due hereunder, which shall be fully earned and non-refundable as of such date; and

 

(c)           Bank Expenses. All Bank Expenses incurred through and after the Effective Date, when due (or, if no stated due date, upon
demand by Bank).

 

Unless
otherwise provided in this Agreement or in a separate writing by Bank, Borrower shall not be entitled to any credit, rebate, or
repayment of any fees earned by Bank pursuant to this Agreement, notwithstanding any termination of this Agreement or the suspension
or termination of Bank’s obligation to make loans and advances hereunder. Bank may deduct amounts owing by Borrower under
the clauses of this Section 1.3 pursuant to the terms of Section 1.4(c). Bank shall provide Borrower written notice of deductions
made pursuant to the terms of the clauses of this Section 1.3.

 

		1.4	Payments;
Application of Payments; Debit of Accounts.

 

(a)           All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in immediately available funds
in Dollars, without setoff, counterclaim, or deduction, before 12:00 p.m. Eastern time on the date when due. Payments of principal
and/or interest received after 12:00 p.m. Eastern time are considered received at the opening of business on the next Business
Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional
fees or interest, as applicable, shall continue to accrue until paid.

 

(b)           Bank has the exclusive right to determine the order and manner in which all payments with respect to the Obligations may be applied.
Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required
to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application is not
specified elsewhere in this Agreement.

 

(c)           Bank may debit any of Borrower’s deposit accounts maintained with Bank, including the Designated Deposit Account, for principal
and interest payments or any other amounts Borrower owes Bank when due under the Loan Documents. These debits shall not constitute
a set-off.

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		1.5	Change
in Circumstances.

 

(a)           Increased Costs. If any Change in Law shall: (i) impose, modify, or deem applicable any reserve, special deposit, compulsory
loan, insurance charge, or similar requirement against assets of, deposits with or for the account of, or advances, loans, or
other credit extended or participated in by, Bank, (ii) subject Bank to any Taxes (other than (A) Indemnified Taxes, (B) Taxes
described in clauses (b) through (d) of the definition of Excluded Taxes, and (C) Connection Income Taxes) on its loans, loan
principal, letters of credit, commitment, or other obligations, or its deposits, reserves, other liabilities, or capital attributable
thereto, or (iii) impose on Bank any other condition, cost, or expense (other than Taxes) affecting this Agreement or Credit Extensions
made by Bank, and the result of any of the foregoing shall be to increase the cost to Bank of making, converting to, continuing,
or maintaining any Credit Extension (or of maintaining its obligation to make any such Credit Extension), or to reduce the amount
of any sum received or receivable by Bank hereunder (whether of principal, interest, or any other amount) then, upon written request
of Bank, Borrower shall promptly pay to Bank such additional amount or amounts as will compensate Bank for such additional costs
incurred or reduction suffered.

 

(b)           Capital Requirements. If Bank determines that any Change in Law affecting Bank regarding capital or liquidity requirements,
has or would have the effect of reducing the rate of return on Bank’s capital as a consequence of this Agreement, any term
loan facility, or the Credit Extensions made by Bank to a level below that which Bank could have achieved but for such Change
in Law (taking into consideration Bank’s policies with respect to capital adequacy and liquidity), then from time to time
upon written request of Bank, Borrower shall promptly pay to Bank such additional amount or amounts as will compensate Bank for
any such reduction suffered.

 

(c)           Delay in Requests. Failure or delay on the part of Bank to demand compensation pursuant to this Section 1.5 shall not constitute
a waiver of Bank’s right to demand such compensation; provided that Borrower shall not be required to compensate Bank pursuant
to subsection (a) for any increased costs incurred or reductions suffered more than 9 months prior to the date that Bank notifies
Borrower of the Change in Law giving rise to such increased costs or reductions (except that if the Change in Law giving rise
to such increased costs or reductions is retroactive, then the 9-month period shall be extended to include the period of retroactive
effect).

 

		1.6	Taxes.

 

(a)           Payments Free of Taxes. Any and all payments by or on account of any obligation of Borrower under any Loan Document shall
be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined
in the good-faith discretion of Borrower) requires the deduction or withholding of any Tax from any such payment by Borrower,
then (i) Borrower shall be entitled to make such deduction or withholding, (ii) Borrower shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law, and (iii) if such Tax is an Indemnified
Tax, the sum payable by Borrower shall be increased as necessary so that, after such deduction or withholding has been made (including
such deductions and withholdings applicable to additional sums payable under this Section 1.6), Bank receives an amount equal
to the sum it would have received had no such deduction or withholding been made.

 

(b)           Payment of Other Taxes by Borrower. Without limiting the provisions of subsection (a) above, Borrower shall timely
pay any Other Taxes to the relevant Governmental Authority in accordance with Applicable Law.

 

(c)           Tax Indemnification. Without limiting the provisions of subsections (a) and (b) above, Borrower shall, and does hereby,
indemnify Bank, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes
imposed or asserted on or attributable to amounts payable under this Section 1.6) payable or paid by Bank or required to
be withheld or deducted from a payment to Bank and any reasonable expenses arising therefrom or with respect thereto, whether
or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to Borrower by Bank shall be conclusive absent manifest error.

 

(d)           Evidence of Payments. As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant
to this Section 1.6, Borrower shall deliver to Bank a certified copy of a receipt issued by such Governmental Authority evidencing
such payment, a copy of the return reporting such payment, or other evidence of such payment reasonably satisfactory to Bank.

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(e)           Status of Bank. If Bank (including any assignee or successor) is entitled to an exemption from or reduction of withholding
tax with respect to payments made under any Loan Document, Bank shall deliver to Borrower, at the time or times reasonably requested
by Borrower, such properly completed and executed documentation reasonably requested by Borrower as will permit such payments
to be made without withholding or at a reduced rate of withholding. In addition, Bank, if reasonably requested by Borrower, shall
deliver such other documentation prescribed by Applicable Law or reasonably requested by Borrower as will enable Borrower to determine
whether or not Bank is subject to backup withholding or information reporting requirements. Without limiting the generality of
the foregoing, Bank shall deliver whichever of IRS Form W-9, IRS Form W-8BEN-E, IRS Form W-8ECI or W-8IMY is applicable, as well
as any applicable supporting documentation or certifications.

 

		1.7	Procedures
for Borrowing.

 

(a)           Subject to the prior or concurrent satisfaction of all other applicable conditions to the making of a Term Loan Advance set forth
in this Agreement (which must be satisfied no later than 12:00 p.m. Eastern time on the applicable Funding Date), to obtain a
Term Loan Advance, Borrower shall notify Bank (which notice shall be irrevocable) by 12:00 p.m. Eastern time at least 2 Business
Days prior to the proposed Funding Date of the Term Loan Advance. Such notice shall be made by electronic mail or by telephone
and, together with any such notification, Borrower shall deliver to Bank by electronic mail a completed Payment/Advance Form executed
by an Authorized Signer and such other reports and information as Bank may reasonably request. Bank may rely on any telephone
notice given by a person whom Bank believes is an Authorized Signer. Borrower will indemnify Bank for any loss Bank suffers due
to such belief or reliance. Bank shall have received satisfactory evidence that the Board has approved that such Authorized Signer
may provide such notices and request such Term Loan Advance (which requirement may be deemed satisfied by the prior delivery of
Borrowing Resolutions or a secretary’s certificate that certifies as to such Board approval).

 

(b)           Bank shall credit proceeds of a Credit Extension to the Designated Deposit Account. Bank may make Term Loan Advances under this
Agreement based on instructions from an Authorized Signer or without instructions if such Term Loan Advances are necessary to
meet Obligations which have become due.

 

		2	CONDITIONS
OF CREDIT EXTENSIONS

 

2.1         Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit Extension is subject
to the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion
of such other matters, as Bank may have reasonably requested including, without limitation:

 

(a)           duly executed Loan Documents;

 

(b)           duly executed Warrant, together with a capitalization table;

 

(c)           the Operating Documents of Borrower and long-form good standing certificates of Borrower certified by the Secretary of State of
the State of Delaware and the Secretary of State (or equivalent agency) of each other jurisdiction in which Borrower is qualified
to conduct business, in each case as of a date no earlier than 30 days prior to the Effective Date;

 

(d)           certificate duly executed by a Responsible Officer or secretary of Borrower with respect to Borrower’s (i) Operating Documents
and (ii) Borrowing Resolutions;

 

(e)           certified copies, dated as of a recent date, of searches for financing statement filed in the central filing office of the State
of Delaware, accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such financing
statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated
or released;

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(f)            duly executed Perfection Certificate of Borrower;

 

(g)           a legal opinion of Borrower’s counsel dated as of the Effective Date;

 

(h)           evidence satisfactory to Bank that the insurance policies and endorsements required by Section 5.5 hereof are in full force and
effect, together with appropriate evidence showing lender loss payable and additional insured clauses or endorsements in favor
of Bank; and

 

(i)            payment of the fees and Bank Expenses then due as specified in Section 1.3 hereof.

 

2.2         Conditions Precedent to all Credit Extensions. Bank’s obligation to make each Credit Extension, including the initial
Credit Extension, is subject to the following conditions precedent:

 

(a)           receipt of Borrower’s Credit Extension request and the related materials and documents as required by and in accordance
with Section 1.7;

 

(b)           the representations and warranties in this Agreement shall be true and correct in all material respects as of the date of any
Credit Extension request and as of the Funding Date of each Credit Extension; provided, however, that such materiality qualifier
shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true
and correct in all material respects as of such date, and no Default or Event of Default shall have occurred and be continuing
or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the
representations and warranties in this Agreement are true and correct in all material respects as of such date; provided, however,
that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific
date shall be true and correct in all material respects as of such date;

 

(c)           a Material Adverse Change shall not have occurred and be continuing; and

 

(d)           the occurrence of the Revenue Event on the Funding Date of the Term C Loan Advance.

 

2.3         Covenant to Deliver. Borrower shall deliver to Bank each item required to be delivered to Bank under this Agreement as a condition
precedent to any Credit Extension. A Credit Extension made prior to the receipt by Bank of any such item shall not constitute
a waiver by Bank of Borrower’s obligation to deliver such item, and the making of any Credit Extension in the absence of
a required item shall be in Bank’s sole discretion.

 

		3	CREATION
OF SECURITY INTEREST

 

		3.1	Grant
of Security Interest.

 

(a)           Borrower hereby grants Bank, to secure the payment and performance in full of all of the Obligations, a continuing security interest
in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds
and products thereof.

 

(b)           Borrower acknowledges that it previously has entered, or may in the future enter, into Bank Services Agreements with Bank. Regardless
of the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be deemed to
be Obligations hereunder and that it is the intent of Borrower and Bank to have all such Obligations secured by the first priority
perfected security interest in the Collateral granted herein (subject to Permitted Liens).

 

3.2         Authorization to File Financing Statements. Borrower hereby authorizes Bank to file financing statements, without notice to
Borrower, with all jurisdictions deemed necessary or appropriate by Bank to perfect or protect Bank’s interest or rights
hereunder, including a notice that any disposition of the Collateral (except as permitted in this Agreement) by Borrower or any
other Person, shall be deemed to violate the rights of Bank under the Code. Such financing statements may indicate the Collateral
as “all assets of the Debtor” or words of similar effect.

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3.3         Termination. If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until the Obligations (other
than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate
indemnity obligations) and at such time as Bank’s obligation to make Credit Extensions has terminated, Bank shall, at Borrower’s
sole cost and expense, terminate its security interest in the Collateral and all rights therein shall revert to Borrower. In the
event (a) all Obligations (other than inchoate indemnity obligations), except for Bank Services, are satisfied in full, and (b)
this Agreement is terminated, Bank shall terminate the security interest granted herein upon Borrower providing cash collateral
acceptable to Bank in its commercially reasonable discretion for Bank Services, if any. In the event such Bank Services consist
of outstanding Letters of Credit, Borrower shall provide to Bank cash collateral in an amount equal to at least (x) 105.0% of
the face amount of all such Letters of Credit denominated in Dollars and (y) 110.0% of the Dollar Equivalent of the face amount
of all such Letters of Credit denominated in a Foreign Currency, plus, in each case, all interest, fees, and costs due or estimated
by Bank (in its commercially reasonable discretion) to become due in connection therewith, to secure all of the Obligations relating
to such Letters of Credit.

 

		4	REPRESENTATIONS
AND WARRANTIES

 

Borrower
represents and warrants as follows:

 

		4.1	Due
Organization, Authorization; Power and Authority.

 

(a)           Borrower and each of its Subsidiaries are each duly existing and in good standing as a Registered Organization in their respective
jurisdiction of formation and are qualified and licensed to do business and are in good standing in any jurisdiction in which
the conduct of their respective business or their ownership of property requires that they be qualified, except where the failure
to do so could not reasonably be expected to have a material adverse effect on Borrower’s business or operations.

 

(b)           All information set forth on the Perfection Certificate pertaining to Borrower and each of its Subsidiaries is true and correct
(it being understood and agreed that Borrower may from time to time update certain information in the Perfection Certificate after
the Effective Date to the extent permitted by one or more specific provisions in this Agreement and the Perfection Certificate
shall be deemed to be updated to the extent such notice is provided to Bank of such permitted update).

 

(c)           The execution, delivery, and performance by Borrower and each of its Subsidiaries of the Loan Documents to which they are parties
have been duly authorized, and do not (i) conflict with any of Borrower’s or any such Subsidiary’s organizational
documents, (ii) contravene, conflict with, constitute a default under, or violate any material Applicable Law, (iii) contravene,
conflict with, or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental
Authority by which Borrower or any of its Subsidiaries or any of their property or assets may be bound or affected, (iv) require
any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except
such Governmental Approvals which have already been obtained and are in full force and effect), except as could not reasonably
be expected to have a material adverse effect on Borrower’s business or operations, or (v) conflict with, contravene, constitute
a default or breach under, or result in or permit the termination or acceleration of, any material agreement by which Borrower
or any of its Subsidiaries is bound. Neither Borrower nor any of its Subsidiaries are in default under any agreement to which
they are parties or by which it is bound in which the default could reasonably be expected to have a material adverse effect on
Borrower’s or any of its Subsidiary’s business or operations.

 

		4.2	Collateral.

 

(a)           The security interest granted herein is and shall at all times continue to be a first priority perfected security interest in
the Collateral (subject to Permitted Liens). Borrower has good title to, rights in, and the power to transfer each item of the
Collateral upon which it purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens.

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(b)           Borrower has no Collateral Accounts at or with any bank or financial institution other than Bank or Bank’s Affiliates except
for the Collateral Accounts described in the Perfection Certificate delivered to Bank in connection herewith and which Borrower
has taken such actions as are necessary to give Bank a perfected security interest therein, pursuant to the terms of Section 5.6(c).
The Accounts are bona fide, existing obligations of the Account Debtors.

 

(c)           The Collateral is not in the possession of any third-party bailee (such as a warehouse) except as otherwise provided in the Perfection
Certificate or as permitted pursuant to Section 6.2. None of the components of the Collateral shall be maintained at locations
other than as provided in the Perfection Certificate or as permitted pursuant to Section 6.2.

 

(d)           All Inventory is in all material respects of good and marketable quality, free from material defects.

 

(e)           Borrower owns, or possesses the right to use to the extent necessary in its business, all Intellectual Property, licenses, and
other intangible assets that are used in the conduct of its business as now operated, except to the extent that such failure to
own or possess the right to use such asset would not reasonably be expected to have a material adverse effect on Borrower’s
business or operations, and no such asset, to the best knowledge of Borrower, conflicts with the valid Intellectual Property,
license, or intangible asset of any other Person to the extent that such conflict could reasonably be expected to have a material
adverse effect on Borrower’s business or operations.

 

(f)            Except as noted on the Perfection Certificate or for which notice has been given to Bank pursuant to and in accordance with Section
5.8(b), Borrower is not a party to, nor is it bound by, any Restricted License.

 

4.3         Litigation.  Other than as set forth in the Perfection Certificate or as disclosed to Bank pursuant to Section 5.3(k), there
are no actions, investigations or proceedings pending or, to the knowledge of any Responsible Officer, threatened in writing by
or against Borrower or any of its Subsidiaries which could reasonably be excepted to involve more than, individually or in the
aggregate, $250,000.00 not covered by independent third party insurance as to which liability has been accepted by the carrier
providing such insurance.

 

4.4         Financial Statements; Financial Condition.  All consolidated financial statements for Borrower and any of its Subsidiaries
delivered to Bank by submission to the Financial Statement Repository or otherwise submitted to Bank fairly present in all material
respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations for the periods
covered thereby, subject, in the case of unaudited financial statements, to normal year-end adjustments and the absence of footnote
disclosures. There has not been any material deterioration in Borrower’s consolidated financial condition since the date
of the most recent financial statements submitted to the Financial Statement Repository or otherwise submitted to Bank.

 

4.5         Solvency. The fair salable value of Borrower’s consolidated assets (including goodwill minus disposition costs) exceeds
the fair value of Borrower’s liabilities; Borrower is not left with unreasonably small capital after the transactions in
this Agreement; and Borrower and each of its Subsidiaries are able to pay their debts (including trade debts) as they mature.

 

4.6         Regulatory Compliance. Borrower is not an “investment company” or a company “controlled” by an “investment
company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities
in extending credit for margin stock (under Regulations X, T, and U of the Federal Reserve Board of Governors). Borrower and each
of its Subsidiaries (a) have complied in all material respects with all Applicable Law, and (b) have not violated any Applicable
Law, the violation of which could reasonably be expected to have a material adverse effect on Borrower’s business or operations.
Borrower and each of its Subsidiaries have duly complied with, and their respective facilities, business, assets, property, leaseholds,
real property, and Equipment are in compliance with, Environmental Laws, except where the failure to do so could not reasonably
be expected to have a material adverse effect on Borrower’s business or operations; there have been no outstanding citations,
notices, or orders of non-compliance issued to Borrower or any of its Subsidiaries or relating to their respective facilities,
businesses, assets, property, leaseholds, real property, or Equipment under such Environmental Laws. Borrower and each of its
Subsidiaries have obtained all consents, approvals, and authorizations of, made all declarations or filings with, and given all
notices to, all Governmental Authorities that are necessary to continue their respective businesses as currently conducted, except
where the failure to obtain or make or file the same would not reasonably be expected to have a material adverse effect on Borrower’s
business or operations.

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4.7         Subsidiaries; Investments. Borrower does not own any stock, partnership, or other ownership interest or other equity securities
except for Permitted Investments.

 

		4.8	Tax
Returns and Payments; Pension Contributions.

 

(a)           Borrower and each of its Subsidiaries have timely filed (in each case, subject to valid extension periods), or submitted extensions
for, all required tax returns and reports, and Borrower and each of its Subsidiaries have timely paid all foreign, federal, state
and local taxes, assessments, deposits, and contributions owed by Borrower and each of its Subsidiaries except (a) to the extent
such taxes are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long
as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor,
or (b) if such taxes, assessments, deposits, and contributions do not, individually or in the aggregate, exceed $25,000.00. Borrower
is unaware of any claims or adjustments proposed for any of Borrower’s or any of its Subsidiary’s prior tax years
which could result in additional taxes becoming due and payable by Borrower or any of its Subsidiaries in excess of $25,000.00
in the aggregate.

 

(b)           Borrower and each of its Subsidiaries have paid all amounts necessary to fund all present pension, profit sharing, and deferred
compensation plans in accordance with their terms, and neither Borrower nor any of its Subsidiaries has withdrawn from participation
in, and has not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to,
any such plan which could reasonably be expected to result in any liability of Borrower or any of its Subsidiaries, including
any liability to the Pension Benefit Guaranty Corporation or its successors or any other Governmental Authority.

 

4.9         Full Disclosure.  No written representation, warranty, or other statement of Borrower or any of its Subsidiaries in any report,
certificate, or written statement submitted to the Financial Statement Repository or otherwise submitted to Bank, as of the date
such representation, warranty, or other statement was made, taken together with all such reports, certificates, and written statements
submitted to the Financial Statement Repository or otherwise submitted to Bank, contains any untrue statement of a material fact
or omits to state a material fact necessary to make the statements contained in the reports, certificates, or written statements
not misleading in light of the circumstances under which they were made (it being recognized by Bank that the projections and
forecasts provided by Borrower or any of its Subsidiaries in good faith and based upon reasonable assumptions are not viewed as
facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected
or forecasted results).

 

4.10       Sanctions. Neither Borrower nor any of its Subsidiaries is: (a) in violation of any Sanctions; or (b) a Sanctioned Person.
Neither Borrower nor any of its Subsidiaries, directors, officers, employees, agents, or Affiliates: (i) conducts any business
or engages in any transaction or dealing with any Sanctioned Person, including making or receiving any contribution of funds,
goods, or services to or for the benefit of any Sanctioned Person; (ii) deals in, or otherwise engages in any transaction relating
to, any property or interests in property blocked pursuant to any Sanctions; (iii) engages in or conspires to engage in any transaction
that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in
any Sanctions; or (iv) otherwise engages in any transaction that could cause Bank to violate any Sanctions.

 

		5	AFFIRMATIVE
COVENANTS

 

Borrower
shall do all of the following:

 

5.1         Use of Proceeds. Cause the proceeds of the Credit Extensions to be used solely (a) as working capital or (b) to fund its general
business purposes, and not for personal, family, household or agricultural purposes.

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		5.2	Government
Compliance.

 

(a)           Maintain its and all of its Subsidiaries’ legal existence (except as permitted under Section 6.3 with respect to Subsidiaries
only) and good standing in their respective jurisdictions of formation and maintain qualification in each jurisdiction in which
the failure to so qualify would reasonably be expected to have a material adverse effect on Borrower’s business or operations.
Borrower shall comply, and have each Subsidiary comply with all laws, ordinances and regulations to which it is subject, noncompliance
with which could reasonably be expected to have a material adverse effect on Borrower’s business or operations.

 

(b)           Obtain all of the Governmental Approvals necessary for the performance by Borrower and each of its Subsidiaries of their obligations
under the Loan Documents to which they are parties, including any grant of a security interest to Bank. Borrower shall promptly
provide copies of any such obtained Governmental Approvals to Bank.

 

		5.3	Financial
Statements, Reports.  Deliver to Bank by submitting to the Financial Statement Repository:

 

(a)           Accounts Receivable. Within 30 days after the end of each month (commencing upon Borrower’s receipt of approval from
the FDA for its first commercial product), (A) monthly accounts receivable agings, aged by invoice date, (B) monthly accounts
payable agings, aged by invoice date, and outstanding or held check registers, if any, and (C) monthly reconciliations of accounts
receivable agings (aged by invoice date), and general ledger;

 

(b)           Monthly Financial Statements. As soon as available, but no later than 30 days after the last day of each month (except
the months ending March 31, June 30, September 30, and December 31), a company prepared consolidated balance sheet and income
statement covering Borrower’s consolidated operations for such month in a form reasonably acceptable to Bank;

 

(c)           Monthly Compliance Statement. Within 30 days after the last day of each month (except the months ending March 31, June
30, September 30, and December 31) and together with the statements set forth in Section 5.3(b), a duly completed Compliance Statement,
confirming that as of the end of such month, Borrower was in full compliance with all of the terms and conditions of this Agreement,
and setting forth calculations showing compliance with the financial covenants set forth in this Agreement and such other information
as Bank may reasonably request;

 

(d)           Quarterly Compliance Statement. Within 45 days after the last day of each fiscal quarter (except within 90 days following
the end of each fiscal quarter ending December 31) and together with the statements set forth in Section 5.3(e), a duly completed
Compliance Statement, confirming that, as of the end of such fiscal quarter, Borrower was in full compliance with all of the terms
and conditions of this Agreement, and setting forth calculations showing compliance with the financial covenants set forth in
this Agreement, and such other information as Bank may reasonably request;

 

(e)           10-Q reports. Within 45 days after the end of the first three fiscal quarters of Borrower, a company prepared consolidated
balance sheet and income statement covering Borrower’s consolidated operations for such quarter, consistent with such quarterly
financial statements submitted to the SEC, in a form acceptable to Bank.

 

(f)            10-K Reports and Annual Audited Financial Statements. As soon as available, and in any event within 90 days following the
end of Borrower’s fiscal year, Borrower’s 10-K report, together with audited consolidated financial statements prepared
under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an independent certified
public accounting firm reasonably acceptable to Bank;

 

(g)           Annual Operating Budget and Financial Projections. Within 30 days after the last day of each fiscal year of Borrower, and
contemporaneously with any updates or amendments thereto, (A) annual operating budgets (including income statements, balance sheets
and cash flow statements, by month) for the current fiscal year of Borrower, and (B) annual financial projections for the current
fiscal year (on a quarterly basis), in each case as approved by the Board, together with any related business forecasts used in
the preparation of such annual financial projections;

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(h)           SEC Filings. Within 5 days of filing, notification of the filing and copies of all periodic and other reports, proxy statements
and other materials filed by Borrower and/or any of its Subsidiaries or any Guarantor with the SEC, any Governmental Authority
succeeding to any or all of the functions of the SEC, or with any national securities exchange, or distributed to its shareholders,
as the case may be. Documents required to be delivered pursuant to the terms hereof (to the extent any such documents are included
in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered
on the date on which Borrower or any of its Subsidiaries posts such documents, or provides a link thereto, on Borrower’s
or any of its Subsidiaries’ website on the internet at Borrower’s or any of its Subsidiaries’ website address;

 

(i)            Security Holder and Subordinated Debt Holder Reports. Within 5 days of delivery, copies of all statements, reports, and
notices made available to Borrower’s security holders or to any holders of Subordinated Debt (solely in their capacities
as security holders or holders of Subordinated Debt and not in any other role);

 

(j)            Beneficial Ownership Information. Prompt written notice of any changes to the beneficial ownership information set out
in Section 14 of the Perfection Certificate. Borrower understands and acknowledges that Bank relies on such true, accurate, and
up-to-date beneficial ownership information to meet Bank’s regulatory obligations to obtain, verify, and record information
about the beneficial owners of its legal entity customers;

 

(k)           Legal
Action Notice. Prompt written notice of any legal actions, investigations or proceedings pending or threatened in writing
against Borrower or any of its Subsidiaries that could reasonably be expected to result in damages or costs to Borrower or any
of its Subsidiaries of, individually or in the aggregate, $250,000.00 or more;

 

(l)           
Tort Claim Notice. If Borrower shall acquire a commercial tort claim in excess of $250,000.00, Borrower shall promptly
notify Bank in a writing signed by Borrower of the general details thereof, and grant to Bank in such writing a security interest
therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably
satisfactory to Bank;

 

(m)         
Government Filings. Within 5 days after the same are sent or received, copies of all material correspondence, reports,
documents, and other filings by Borrower or any of its Subsidiaries with any Governmental Authority regarding compliance with
or maintenance of Governmental Approvals or Applicable Law or that could reasonably be expected to have a material effect on any
of the Governmental Approvals or otherwise on the business of Borrower or any of its Subsidiaries;

 

(n)          
Registered Organization. If Borrower is not a Registered Organization as of the Effective Date but later becomes one, promptly
notify Bank of such occurrence and provide Bank with Borrower’s organizational identification number;

 

(o)          
Default. Prompt written notice of the occurrence of a Default or Event of Default; and

 

(p)          
Other Information. Promptly, from time to time, such other information regarding Borrower or any of its Subsidiaries or
compliance with the terms of any Loan Documents as reasonably requested by Bank.

 

Any
submission by Borrower of a Compliance Statement or any other financial statement submitted to the Financial Statement Repository
pursuant to this Section 5.3 or otherwise submitted to Bank shall be deemed to be a representation by Borrower that (i) as of
the date of such Compliance Statement or other financial statement, the information and calculations set forth therein are true
and correct, (ii) as of the end of the compliance period set forth in such submission, Borrower is in complete compliance with
all required covenants except as noted in such Compliance Statement or other financial statement, as applicable, (iii) as of the
date of such submission, no Events of Default have occurred or are continuing, (iv) all representations and warranties other than
any representations or warranties that are made as of a specific date in Section 4 remain true and correct in all material respects
as of the date of such submission except as noted in such Compliance Statement or other financial statement, as applicable, (v)
as of the date of such submission, Borrower and each of its Subsidiaries has timely filed all required tax returns and reports,
and Borrower has timely paid all foreign, federal, state, and local taxes, assessments, deposits and contributions owed by Borrower
except as otherwise permitted pursuant to the terms of Section 4.8, and (vi) as of the date of such submission, no Liens have
been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which
Borrower has not previously provided written notification to Bank.

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		5.4	Taxes;
Pensions.

 

(a)          
Timely file, and require each of its Subsidiaries to timely file (in each case, subject to valid extension periods), all required
tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay (in each case, subject to valid extension
periods), all foreign, federal, state, and local taxes, assessments, deposits, and contributions owed by Borrower and each of
its Subsidiaries, except for deferred payment of any taxes contested pursuant to the terms of Section 4.8(a) hereof, and shall
deliver to Bank, on demand, appropriate certificates attesting to such payments, and pay, and require each of its Subsidiaries
to pay, all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their
terms.

 

(b)          
To the extent Borrower or any of its Subsidiaries defers payment of any contested taxes, (i) notify Bank in writing of the commencement
of, and any material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent the Governmental
Authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted
Lien.”

 

		5.5	Insurance.

 

(a)          
Keep its business and the Collateral insured for risks and in amounts standard for companies in Borrower’s industry and
location and as Bank may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance
companies that are not Affiliates of Borrower, and in amounts that are commercially reasonable and reasonably satisfactory to
Bank.

 

(b)           All property policies shall have a lender’s loss payable endorsement showing Bank as lender loss payee. All liability policies
shall show, or have endorsements showing, Bank as an additional insured. Bank shall be named as lender loss payee and/or additional
insured with respect to any such insurance providing coverage in respect of any Collateral.

 

(c)          
Ensure that proceeds payable under any property policy are, at Bank’s option, payable to Bank on account of the Obligations.

 

(d)          
At Bank’s request, Borrower shall deliver certified copies of insurance policies and evidence of all premium payments. Each
provider of any such insurance required under this Section 5.5 shall agree, by endorsement upon the policy or policies issued
by it or by independent instruments furnished to Bank, that it will give Bank 30 days’ prior written notice before any such
policy or policies shall be canceled or altered in any material respect. If Borrower fails to obtain insurance as required under
this Section 5.5 or to pay any amount or furnish any required proof of payment to third persons and Bank, Bank may make all or
part of such payment or obtain such insurance policies required in this Section 5.5, and take any action under the policies Bank
deems prudent.

 

		5.6	Accounts.

 

(a)          
Maintain all of Borrower’s, any of its Subsidiaries’, and any Guarantor’s operating accounts, depository accounts
and excess cash with Bank or Bank’s Affiliates. Notwithstanding the foregoing, Borrower shall be permitted to maintain (i)
prior to the expiration of the Transition Period, its existing accounts with Wells Fargo, as disclosed on the Perfection Certificate
(the “Wells Fargo Accounts”), and (ii) its existing account with Bill.com, as disclosed on the Perfection Certificate
(the “Payment Transmitter Account”) provided that any and all funds deposited into the Payment Transmitter
Account shall be, within 5 Business Days of such deposit, either (A) transferred into an account in the name of Borrower maintained
with Bank, or (B) used to pay invoices of Borrower in the ordinary course of Borrower’s business.

 

(b)          
In addition to the foregoing, Borrower, any Subsidiary of Borrower, and any Guarantor shall obtain any business credit card and
letter of credit exclusively from Bank.

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(c)          
In addition to and without limiting the restrictions in (a), Borrower shall provide Bank 5 days prior written notice before establishing
any Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral
Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution (other than Bank)
at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument
with respect to such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance with the terms hereunder
which Control Agreement may not be terminated without the prior written consent of Bank. The provisions of the previous sentence
shall not apply to (i) prior to the expiration of the Transition Period, the Wells Fargo Accounts, (ii) the Payment Transmitter
Account, or (iii) deposit accounts exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to
or for the benefit of Borrower’s employees and identified to Bank by Borrower as such.

 

		5.7	Financial
Covenants.

 

(a)           Minimum Equity Raise. Borrower shall deliver evidence to Bank, satisfactory to Bank in its sole but reasonable discretion,
that Borrower has received, after the Effective Date, but prior to [***], unrestricted and unencumbered net cash proceeds in an
aggregate amount of at least [***] from the issuance and sale by Borrower of its equity securities to investors reasonably acceptable
to Bank.

 

(b)         
Minimum Product Revenue. Commencing upon the Funding Date of the Term B Loan Advance, Borrower shall achieve, to be tested
as of the last day of each month, minimum Product Revenue for the trailing 12 month period ending on such date, of at least:

 

	Period	Minimum
    Product Revenue
	March
    31, 2022	[***]
	April
    30, 2022	[***]
	May
    31, 2022	[***]
	June
    30, 2022	[***]
	July
    31, 2022	[***]
	August
    31, 2022	[***]
	September
    30, 2022	[***]
	October
    31, 2022	[***]
	November
    30, 2022	[***]
	December
    31, 2022	[***]

 

(i)           
With respect to the period ending January 31, 2023 and each calendar month thereafter through December 31, 2023, the levels of
minimum product revenue shall be mutually agreed upon between Borrower and Bank, based upon, among other factors, [***] of the
projected minimum product revenue in Borrower’s Board-approved operating plan and financial projections (which projections
shall demonstrate year-over-year growth), which shall be acceptable to Bank, and subject to Bank’s then current credit underwriting.
With respect thereto, Borrower’s failure to agree in writing (which agreement shall be set forth in a written amendment
to this Agreement) on or before January 15, 2023, to any minimum product revenue covenant levels proposed by Bank with respect
to the periods ending from January 31, 2023 through and including December 31, 2023, shall result in an immediate Event of Default
for which there shall be no grace or cure period.

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(ii)          
With respect to the period ending January 31, 2024 and each calendar month thereafter through December 31, 2024, the levels of
minimum product revenue shall be mutually agreed upon between Borrower and Bank, based upon, among other factors, [***] of the
projected minimum product revenue in Borrower’s Board-approved operating plan and financial projections (which projections
shall demonstrate year-over-year growth), which shall be acceptable to Bank, and subject to Bank’s then current credit underwriting.
With respect thereto, Borrower’s failure to agree in writing (which agreement shall be set forth in a written amendment
to this Agreement) on or before January 15, 2024, to any minimum product revenue covenant levels proposed by Bank with respect
to the periods ending from January 31, 2024 through and including December 31, 2024, shall result in an immediate Event of Default
for which there shall be no grace or cure period.

 

(iii)         
With respect to the period ending January 31, 2025 and each calendar month thereafter through and including the Term Loan Maturity
Date, the levels of minimum product revenue shall be mutually agreed upon between Borrower and Bank, based upon, among other factors,
[***] of the projected minimum product revenue in Borrower’s Board-approved operating plan and financial projections (which
projections shall demonstrate year-over-year growth), which shall be acceptable to Bank, and subject to Bank’s then current
credit underwriting. With respect thereto, Borrower’s failure to agree in writing (which agreement shall be set forth in
a written amendment to this Agreement) on or before January 15, 2025, to any minimum product revenue covenant levels proposed
by Bank with respect to the periods ending from January 31, 2025 through and including the Term Loan Maturity Date, shall result
in an immediate Event of Default for which there shall be no grace or cure period.

 

		5.8	Protection
of Intellectual Property Rights.

 

(a)          
(i) Protect, defend, and maintain the validity and enforceability of Borrower’s and each Subsidiary’s Intellectual
Property, except to the extent that such failure to do so would not reasonably be expected to have a material adverse effect on
Borrower’s business or operations; (ii) promptly advise Bank in writing of infringements or any other event that could reasonably
be expected to materially and adversely affect the value Borrower’s and each Subsidiary’s Intellectual Property; and
(iii) not allow any Intellectual Property material to Borrower’s or any Subsidiary’s business to be abandoned, forfeited,
or dedicated to the public without Bank’s written consent.

 

(b)          
Provide written notice to Bank within 10 days of entering or becoming bound by any Restricted License (other than over-the-counter
software that is commercially available to the public). Borrower shall take such steps as Bank reasonably requests to obtain the
consent of, or waiver by, any person whose consent or waiver is necessary for (i) any such Restricted License to be deemed “Collateral”
and for Bank to have a security interest in it that might otherwise be restricted or prohibited by law or by the terms of any
such Restricted License, whether now existing or entered into in the future, and (ii) Bank to have the ability in the event of
a liquidation of any Collateral to dispose of such Collateral in accordance with Bank’s rights and remedies under this Agreement
and the other Loan Documents.

 

5.9         Litigation Cooperation. From the date hereof and continuing through the termination of this Agreement, make available to Bank,
without expense to Bank, and if no Event of Default exists, during normal business hours, Borrower and its officers, employees,
and agents and Borrower’s books and records, to the extent that Bank may deem them reasonably necessary to prosecute or
defend any third-party suit or proceeding instituted by or against Bank with respect to any Collateral or relating to Borrower.

 

5.10       Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances
between Borrower and its Account Debtors shall follow Borrower’s customary practices as they exist at the Effective Date.
Borrower shall promptly notify Bank of all returns, recoveries, disputes and claims that involve more than $150,000.00.

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5.11       Further Assurances. Execute any further instruments and take such further action as Bank reasonably requests to perfect, protect,
ensure the priority of or continue Bank’s Lien on the Collateral or to effect the purposes of this Agreement.

 

5.12       Sanctions. (a) Not, and not permit any of its Subsidiaries to, engage in any of the activities described in Section 4.10 in
the future; (b) not, and not permit any of its Subsidiaries to, become a Sanctioned Person; (c) ensure that the proceeds of the
Obligations are not used to violate any Sanctions; and (d) deliver to Bank any certification or other evidence requested from
time to time by Bank in its sole discretion, confirming each such Person’s compliance with this Section 5.12. In addition,
have implemented, and will consistently apply while this Agreement is in effect, procedures to ensure that the representations
and warranties in Section 4.10 remain true and correct while this Agreement is in effect.

 

5.13       Post-Closing Deliverables. Within 30 days of the Effective Date, deliver to Bank (a) duly executed landlord’s consent
in favor of Bank for Borrower’s leased locations at (i) 295 Madison Avenue, Suite 2400, New York, New York, 10017, (ii)
8748 Technology Way, Suite 202, Reno, Nevada 89521, and (iii) 3503, 3505 & 3517 Haven Ave., Redwood City, California 94063;
each by the respective landlord thereof; and (b) duly executed bailee’s waiver in favor of Bank for (i) 26318 Network Place,
Chicago, Illinois 60673-1318, (ii) 111 Forbes Blvd, Suite 101, Mansfield, Massachusetts 02048, (iii) 3894 Courtney St. Suite 180
Bethlehem, Pennsylvania 18017, (iv) 2320 Scientific Park Drive, Wilmington, North Carolina 28405, and (v) 480 Pleasant St., Lee,
Massachusetts 01238; by each such third party.

 

		6	NEGATIVE
                                         COVENANTS

 

Borrower
shall not do any of the following without Bank’s prior written consent:

 

6.1        
Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (including, without limitation, pursuant to a
Division) (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its
business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn-out or obsolete Equipment
that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or useful in the ordinary course
of business of Borrower; (c) consisting of Permitted Liens and Permitted Investments; (d) consisting of the sale or issuance of
any stock, partnership, membership, or other ownership interest or other equity securities of Borrower permitted under Section
6.2 of this Agreement; (e) consisting of Borrower’s or its Subsidiaries’ use or transfer of money or Cash Equivalents
in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents; (f) consisting of non-exclusive
licenses for the use of the property of Borrower or its Subsidiaries in the ordinary course of business; and (g) other Transfers
of non-material property with an aggregate value (for all such Transfers together) not to exceed $100,000.00 in any fiscal year.

 

6.2        
Changes in Business, Management, Control, or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage
in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related
thereto; (b) liquidate or dissolve or permit any of its Subsidiaries to liquidate or dissolve; (c) fail to provide notice to Bank
of any Key Person departing from or ceasing to be employed by Borrower within 5 Business Days after such Key Person’s departure
from Borrower; (d) permit, allow or suffer to occur any Change in Control; or (e) without at least 15 days’ prior written
notice to Bank, (i) add any new offices or business locations, including warehouses (unless such new offices or business locations
contain less than $100,000.00 in Borrower’s assets or property) or deliver any portion of the Collateral valued, individually
or in the aggregate, in excess of $100,000.00 to a bailee at a location other than to a bailee and at a location already disclosed
in the Perfection Certificate, (ii) change its jurisdiction of organization, (iii) change its organizational structure or type,
(iv) change its legal name, or (v) change any organizational number (if any) assigned by its jurisdiction of organization. If
Borrower intends to add any new offices or business locations, including warehouses, containing in excess of $100,000.00 of Borrower’s
assets or property, then Borrower will use commercially reasonable efforts to cause the landlord of any such new offices or business
locations, including warehouses, to execute and deliver a landlord consent in form and substance reasonably satisfactory to Bank.
If Borrower intends to deliver any portion of the Collateral valued, individually or in the aggregate, in excess of $100,000.00
to a bailee, and Bank and such bailee are not already parties to a bailee agreement governing both the Collateral and the location
to which Borrower intends to deliver the Collateral, then Borrower will use commercially reasonable efforts to cause such bailee
to execute and deliver a bailee agreement in form and substance reasonably satisfactory to Bank, provided that no such bailee
agreement shall be required with respect to any Collateral in the possession of subcontractors of the Borrower in connection with
clinical trials.

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6.3        
Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person,
or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the stock, partnership, membership, or other
ownership interest or other equity securities or property of another Person (including, without limitation, by the formation of
any Subsidiary or pursuant to a Division). A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

 

6.4        
Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other than Permitted
Indebtedness.

 

6.5        
Encumbrance. Create, incur, allow, or suffer to exist any Lien on any of its property, or assign or convey any right to receive
income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any
Collateral not to be subject to the first priority security interest granted herein, or enter into any agreement, document, instrument,
or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect
of prohibiting Borrower or any Subsidiary from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering
any of Borrower’s or any Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 6.1 hereof
and the definition of “Permitted Liens” herein.

 

6.6        
Maintenance of Collateral Accounts. Maintain any Collateral Account except pursuant to the terms of Section 5.6(c).

 

6.7        
Distributions; Investments. (a) Pay any dividends or make any distribution or payment or redeem, retire or purchase any stock,
partnership, membership, or other ownership interest or other equity securities; or (b) directly or indirectly make any Investment
(including, without limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries
to do so.

 

6.8        
Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate
of Borrower, except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms
that are no less favorable to Borrower than would be obtained in an arm’s-length transaction with a non-affiliated Person.

 

6.9        
Subordinated Debt. Except as expressly permitted under the terms of the subordination, intercreditor, or other similar agreement
to which any Subordinated Debt is subject: (a) make or permit any payment on such Subordinated Debt; or (b) amend any provision
in any document relating to such Subordinated Debt which would increase the amount thereof, provide for earlier or greater principal,
interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Bank.

 

6.10      Compliance. (a) Become an “investment company” or a company controlled by an “investment company”,
under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase
or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds
of any Credit Extension for that purpose; (b)(i) fail to meet the minimum funding requirements of ERISA, (ii) permit a Reportable
Event or Prohibited Transaction, as defined in ERISA, to occur, (iii) fail to comply with the Federal Fair Labor Standards Act,
or (iv) violate any other law or regulation, if the foregoing subclauses (i) through (iv), individually or in the aggregate, could
reasonably be expected to have a material adverse effect on Borrower’s business or operations, or permit any of its Subsidiaries
to do so; or (c) withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete termination of,
or permit the occurrence of any other event with respect to, any present pension, profit sharing, and deferred compensation plan
which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty
Corporation or its successors or any other Governmental Authority.

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		7	EVENTS
OF DEFAULT

 

Any
one of the following shall constitute an event of default (an “Event of Default”) under this Agreement:

 

7.1        
Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date,
or (b) pay any other Obligations within 3 Business Days after such Obligations are due and payable (which 3 Business Day cure
period shall not apply to payments due on the Term Loan Maturity Date). During the cure period, the failure to make or pay any
payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure
period);

 

		7.2	Covenant
Default.

 

(a)          
Borrower fails or neglects to perform any obligation in Section 5 (other than Sections 5.2 (Government Compliance), 5.9 (Litigation
Cooperation), 5.10 (Inventory; Returns) and 5.11 (Further Assurances)) or violates any covenant in Section 6; or

 

(b)          
Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant, or agreement contained
in this Agreement or any Loan Documents, and as to any default (other than those specified in this Section 7) under such other
term, provision, condition, covenant, or agreement that can be cured, has failed to cure the default within 10 days after the
occurrence thereof; provided, however, that if the default cannot by its nature be cured within the 10-day period or cannot after
diligent attempts by Borrower be cured within such 10 day period, and such default is likely to be cured within a reasonable time,
then Borrower shall have an additional period (which shall not in any case exceed 30 days) to attempt to cure such default, and
within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions
shall be made during such cure period). Cure periods provided under this section shall not apply, among other things, to financial
covenants or any other covenants that are required to be satisfied, completed, or tested by a date certain or any covenants set
forth in clause (a) above;

 

7.3        
Material Adverse Change. A Material Adverse Change occurs;

 

7.4        
Attachment; Levy; Restraint on Business.

 

(a)          
(i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or any Subsidiary, or (ii)
a notice of lien or levy is filed against any of Borrower’s or any of its Subsidiaries’ assets by any Governmental
Authority, and the same under subclauses (i) and (ii) hereof are not, within 10 days after the occurrence thereof, discharged
or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any
10 day cure period; or

 

(b)          
(i) any material portion of Borrower’s or any of its Subsidiaries’ assets is attached, seized, levied on, or comes
into possession of a trustee or receiver, or (ii) any court order enjoins, restrains, or prevents Borrower or any of its Subsidiaries
from conducting all or any material part of its business;

 

7.5         Insolvency. (a) Borrower or any of its Subsidiaries are unable to pay its debts (including trade debts) as they become due
or otherwise becomes insolvent; (b) Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or (c) an Insolvency
Proceeding is begun against Borrower or any of its Subsidiaries and is not dismissed or stayed within 45 days (but no Credit Extensions
shall be made while any of the conditions described in clause (a) exist or until any Insolvency Proceeding is dismissed);

 

7.6        
Other Agreements. There is, under any agreement to which Borrower, any of Borrower’s Subsidiaries, or any Guarantor
is a party with a third party or parties, (a) any default resulting in a right by such third party or parties, whether or not
exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of $250,000.00;
or (b) any breach or default by Borrower, any of Borrower’s Subsidiaries, or any Guarantor, the result of which could have
a material adverse effect on Borrower’s, any of Borrower’s Subsidiaries’, or any Guarantor’s business
or operations;

 

7.7        
Judgments; Penalties. One or more fines, penalties or final judgments, orders or decrees for the payment of money in an amount,
individually or in the aggregate, of at least $250,000.00 (not covered by independent third-party insurance as to which liability
has been accepted by such insurance carrier) shall be rendered against Borrower or any of its Subsidiaries by any Governmental
Authority, and the same are not, within 10 days after the entry, assessment or issuance thereof, discharged, or after execution
thereof, or stayed pending appeal, or such judgments are not discharged prior to the expiration of any such stay (provided that
no Credit Extensions will be made prior to the discharge, or stay of such fine, penalty, judgment, order or decree);

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7.8        
Misrepresentations. Borrower or any of its Subsidiaries or any Person acting for Borrower or any of its Subsidiaries makes
any representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered
to Bank or to induce Bank to enter this Agreement or any Loan Document, and such representation, warranty, or other statement
is incorrect in any material respect when made (it being agreed and acknowledged by Bank that the projections and forecasts provided
by Borrower or any of its Subsidiaries in good faith and based upon reasonable assumptions are not viewed as facts and that actual
results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results);

 

7.9        
Subordinated Debt. If: (a) any document, instrument, or agreement evidencing any Subordinated Debt shall for any reason be
revoked or invalidated or otherwise cease to be in full force and effect, or any Person (other than Bank) shall be in breach thereof
or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder;
(b) a default or event of default (however defined) has occurred under any document, instrument, or agreement evidencing any Subordinated
Debt, which default shall not have been cured or waived within any applicable grace period; or (c) the Obligations shall for any
reason be subordinated or shall not have the priority contemplated by this Agreement or any applicable subordination or intercreditor
agreement;

 

7.10       Lien Priority. There is a material impairment in the perfection or priority of Bank’s security interest in the Collateral;

 

7.11       Guaranty. (a) Any guaranty of any Obligations terminates or ceases for any reason to be in full force and effect; (b) any
Guarantor does not perform any obligation or covenant under any guaranty of the Obligations; (c) any circumstance described in
Sections 7.3, 7.4, 7.5, 7.6, 7.7, or 7.8 of this Agreement occurs with respect to any Guarantor, (d) the death, liquidation, winding
up, or termination of existence of any Guarantor; or (e) (i) a material impairment in the perfection or priority of Bank’s
Lien in the collateral provided by Guarantor or in the value of such collateral, or (ii) a material adverse change in the general
affairs, management, results of operation, condition (financial or otherwise), or the prospect of repayment of the Obligations
occurs with respect to any Guarantor; or

 

7.12       Governmental Approvals. Any Governmental Approval shall have been (a) revoked, rescinded, suspended, modified in an adverse
manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates
a hearing with respect to any applications for renewal of any of such Governmental Approval or that could result in the Governmental
Authority taking any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension,
modification or non-renewal (i) causes or could reasonably be expected to cause, a Material Adverse Change, or (ii) adversely
affects the legal qualifications of Borrower or any of its Subsidiaries to hold such Governmental Approval in any applicable jurisdiction
and such revocation, rescission, suspension, modification or non-renewal could reasonably be expected to affect the status of
or legal qualifications of Borrower or any of its Subsidiaries to hold any Governmental Approval in any other jurisdiction.

 

		8	BANK’S
RIGHTS AND REMEDIES

 

8.1        
Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, without notice or demand,
do any or all of the following:

 

(a)         
declare all Obligations immediately due and payable (but if an Event of Default described in Section 7.5 occurs, all Obligations
are immediately due and payable without any action by Bank);

 

(b)          stop advancing money or extending credit for Borrower’s benefit under this Agreement or under any other agreement between
Borrower and Bank;

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(c)          
demand that Borrower (i) deposit cash with Bank in an amount equal to at least (A) 105.0% of the aggregate face amount of any
Letters of Credit denominated in Dollars remaining undrawn, and (B) 110.0% of the Dollar Equivalent of the aggregate face amount
of any Letters of Credit denominated in a Foreign Currency remaining undrawn (plus, in each case, all interest, fees, and costs
due or estimated by Bank (in its commercially reasonable discretion) to become due in connection therewith), to secure all of
the Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such
Letters of Credit, and Borrower shall forthwith deposit and pay such amounts, and (ii) pay in advance all letter of credit fees
scheduled to be paid or payable over the remaining term of any Letters of Credit;

 

(d)          
terminate any FX Contracts (it being understood and agreed that (i) Bank is not obligated to deliver the currency which Borrower
has contracted to receive under any FX Contract, and Bank may cover its exposure for any FX Contracts by purchasing or selling
currency in the interbank market as Bank deems appropriate; (ii) Borrower shall be liable for all losses, damages, costs, margin
obligations, and expenses incurred by Bank arising from Borrower’s failure to satisfy its obligations under any FX Contract
or the execution of any FX Contract; and (iii) Bank shall not be liable to Borrower for any gain in value of a FX Contract that
Bank may obtain in covering Borrower’s breach);

 

(e)          
verify the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or adjust
disputes and claims directly with Account Debtors for amounts on terms and in any order that Bank considers advisable, and notify
any Person owing Borrower money of Bank’s security interest in such funds;

 

(f)           
make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest
in the Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may
enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase,
contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred.
Borrower grants Bank a license to enter and occupy any of its premises, without charge, to exercise any of Bank’s rights
or remedies;

 

(g)          
apply to the Obligations any (i) balances and deposits of Borrower it holds, or (ii) amount held by Bank owing to or for the credit
or the account of Borrower;

 

(h)          
ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. For use
solely upon the occurrence and during the continuation of an Event of Default, Bank is hereby granted a non-exclusive, royalty-free
license or other right to use, without charge, Borrower’s labels, Patents, Copyrights, mask works, rights of use of any
name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral,
in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of
its rights under this Section 8.1, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s
benefit;

 

(i)           
place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any entitlement order,
or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral;

 

(j)            demand and receive possession of Borrower’s Books; and

 

(k)          
exercise all rights and remedies available to Bank under the Loan Documents or at law or equity, including all remedies provided
under the Code or any Applicable Law (including disposal of the Collateral pursuant to the terms thereof).

 

8.2       
Power of Attorney. Borrower hereby irrevocably appoints Bank as its true and lawful attorney-in-fact, (a) exercisable upon
the occurrence and during the continuance of an Event of Default, to: (i) endorse Borrower’s name on any checks, payment
instruments, or other forms of payment or security; (ii) sign Borrower’s name on any invoice or bill of lading for any Account
or drafts against Account Debtors; (iii) demand, collect, sue, and give releases to any Account Debtor for monies due, settle
and adjust disputes and claims about the Accounts directly with Account Debtors, and compromise, prosecute, or defend any action,
claim, case, or proceeding about any Collateral (including filing a claim or voting a claim in any bankruptcy case in Bank’s
or Borrower’s name, as Bank chooses); (iv) make, settle, and adjust all claims under Borrower’s insurance policies;
(v) pay, contest, or settle any Lien, charge, encumbrance, security interest, or other claim in or to the Collateral, or any judgment
based thereon, or otherwise take any action to terminate or discharge the same; and (vi) transfer the Collateral into the name
of Bank or a third party as the Code permits; and (b) regardless of whether an Event of Default has occurred, to sign Borrower’s
name on any documents necessary to perfect or continue the perfection of Bank’s security interest in the Collateral. Bank’s
foregoing appointment as Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest,
are irrevocable until such time as all Obligations (other than inchoate indemnity obligations) have been satisfied in full, Bank
is under no further obligation to make Credit Extensions and the Loan Documents have been terminated. Bank shall not incur any
liability in connection with or arising from the exercise of such power of attorney and shall have no obligation to exercise any
of the foregoing rights and remedies.

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8.3        
Protective Payments. If Borrower fails to obtain the insurance called for by Section 5.5 or fails to pay any premium thereon
or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document or which may
be required to preserve the Collateral, Bank may obtain such insurance or make such payment, and all amounts so paid by Bank are
Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured
by the Collateral. Bank will make reasonable efforts to provide Borrower with notice of Bank obtaining such insurance at the time
it is obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in
the future or Bank’s waiver of any Event of Default.

 

8.4        
Application of Payments and Proceeds. If an Event of Default has occurred and is continuing, Bank may apply any funds in its
possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or
other disposition of the Collateral, or otherwise, to the Obligations in such order as Bank shall determine in its sole discretion.
Any surplus shall be paid to Borrower or other Persons legally entitled thereto; Borrower shall remain liable to Bank for any
deficiency. If Bank, in its commercially reasonable discretion, directly or indirectly, enters into a deferred payment or other
credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either
reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the
actual receipt by Bank of cash therefor.

 

8.5        
Bank’s Liability for Collateral. Bank’s sole duty with respect to the custody, safekeeping, and physical preservation
of the Collateral in its possession or under its control, under Section 9-207 of the Code or otherwise, shall be to deal with
it in the same manner as Bank deals with its own property consisting of similar instruments or interests. Borrower bears all risk
of loss, damage, or destruction of the Collateral.

 

8.6        
No Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to require strict performance by Borrower of any
provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand
strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by the party granting
the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies
under this Agreement and the other Loan Documents are cumulative. Bank has all rights and remedies provided under the Code, by
law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising
any other remedy under this Agreement or other remedy available at law or in equity, and Bank’s waiver of any Event of Default
is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence.

 

8.7         Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default,
nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper,
and guarantees held by Bank on which Borrower is liable.

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		9	NOTICES

 

All
notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document
must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt
and 3 Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper
postage prepaid; (b) upon transmission, when sent by electronic mail; (c) 1 Business Day after deposit with a reputable overnight
courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the
party to be notified and sent to the address or email address indicated below; provided that, for clause (b), if such notice,
consent, request, approval, demand, or other communication is not sent during the normal business hours of the recipient, it shall
be deemed to have been sent at the opening of business on the next Business Day of the recipient. Bank or Borrower may change
its mailing or electronic mail address by giving the other party written notice thereof in accordance with the terms of this Section
9.

 

		If to
Borrower:	 Eyenovia, Inc. 

295 Madison Avenue, Suite 2400

New
York, New York 10017 

Attn:
Chief Financial Officer 

Email:
jgandolfo@eyenoviabio.com

 

		with a
copy to:	 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

One
Financial Center 

Boston,
Massachusetts 02111 

Attn:
Megan N. Gates 

Email:
mngates@mintz.com

 

		If to
Bank:	 Silicon Valley Bank

                     275 Grove Street, Suite 2-200

 Newton,
Massachusetts 02466

Attn: Clark Hayes

Email: CHayes@svb.com 

 

		with a
copy to:	 Morrison & Foerster LLP

 200 Clarendon Street, Floor 20

Boston, Massachusetts 02116

Attn:    David A. Ephraim, Esquire

Email:  DEphraim@mofo.com

 

		10	CHOICE
OF LAW, VENUE AND JURY TRIAL WAIVER

 

Except
as otherwise expressly provided in any of the Loan Documents, Massachusetts law governs the Loan Documents without regard to principles
of conflicts of law that would require the application of the laws of another jurisdiction. Borrower and Bank each irrevocably
and unconditionally submit to the exclusive jurisdiction of the State and Federal courts in Boston, Massachusetts; provided, however,
that nothing in this Agreement shall be deemed to operate to preclude Bank from bringing suit or taking other legal action in
any other jurisdiction with respect to the Loan Documents or to realize on the Collateral or any other security for the Obligations,
or to enforce a judgment or other court order in favor of Bank. Borrower expressly, irrevocably, and unconditionally submits and
consents in advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby irrevocably and
unconditionally waives, to the fullest extent permitted by Applicable Law, any objection that it may have based upon lack of personal
jurisdiction, improper venue, or forum non conveniens and hereby irrevocably and unconditionally consents to the granting of such
legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives personal service of the summons, complaints,
and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be
made by registered or certified mail addressed to Borrower at the address set forth in, or subsequently provided by Borrower in
accordance with, Section 9 of this Agreement and that service so made shall be deemed completed upon the earlier to occur of Borrower’s
actual receipt thereof or 3 days after deposit in the U.S. mails, proper postage prepaid.

 

TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND BANK EACH WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT,
TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT.
EACH PARTY HERETO HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

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This
Section 10 shall survive the termination of this Agreement and the repayment of all Obligations.

 

		11	GENERAL
PROVISIONS

 

11.1       Termination Prior to Maturity Date; Survival.  All covenants, representations and warranties made in this Agreement shall
continue in full force until this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity
obligations) have been satisfied. So long as Borrower has satisfied the Obligations (other than inchoate indemnity obligations,
and any other obligations which, by their terms, are to survive the termination of this Agreement and the repayment of all Obligations,
and any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 3.1 of this Agreement),
this Agreement may be terminated prior to the Term Loan Maturity Date by Borrower, effective 3 Business Days after written notice
of termination is given to Bank. Those obligations that are expressly specified in this Agreement as surviving this Agreement’s
termination and the repayment of all Obligations shall continue to survive notwithstanding this Agreement’s termination
and the repayment of all Obligations.

 

11.2       Successors and Assigns. This Agreement binds and is for the benefit of the successors and permitted assigns of each party.
Borrower may not assign or transfer this Agreement or any rights or obligations under it without Bank’s prior written consent
(which may be granted or withheld in Bank’s sole discretion) and any other attempted assignment or transfer by Borrower
shall be null and void. Bank has the right, without the consent of or notice to Borrower, to sell, transfer, assign, negotiate,
or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement
and the other Loan Documents (other than the Warrant, as to which assignment, transfer and other such actions are governed by
the terms thereof). Notwithstanding the foregoing, so long as no Event of Default shall have occurred and is continuing, Bank
shall not assign its interest in the Loan Documents to any Person who in the reasonable estimation of Bank is (a) a direct competitor
of Borrower, whether as an operating company or direct or indirect parent with voting control over such operating company or (b)
a vulture fund or distressed debt fund.

 

		11.3	Indemnification.

 

(a)          
General Indemnification. Borrower shall indemnify, defend, and hold Bank and its Affiliates and the partners, directors,
officers, employees, agents, trustees, administrators, managers, advisors, and representatives of Bank and its Affiliates (each,
an “Indemnified Person”) harmless against: all losses, claims, damages, liabilities, and related expenses (including
Bank Expenses and the reasonable and documented fees, charges, and disbursements of any counsel for any Indemnified Person) (collectively,
 “Claims”) arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement,
any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto
of their respective obligations hereunder or thereunder, or the consummation of the transactions contemplated hereby or thereby,
(ii) any Credit Extension or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release
of hazardous materials on or from any property owned or operated by Borrower or any of its Subsidiaries, or any environmental
liability related in any way to Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort, or any other theory, whether brought by a third
party or by Borrower, and regardless of whether any Indemnified Person is a party thereto; provided that such indemnity shall
not, as to any Indemnified Person, be available to the extent that such losses, claims, damages, liabilities, or related expenses
are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence
or willful misconduct of such Indemnified Person. All amounts due under this Section 11.3 shall be payable promptly after demand
therefor.

 

(b)          
Waiver of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, Borrower shall not assert, and
hereby waives, any claim against any Indemnified Person, on any theory of liability, for special, indirect, consequential, or
punitive damages (as opposed to direct or actual damages) or any loss of profits arising out of, in connection with, or as a result
of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated
hereby or thereby, any Credit Extension, or the use of the proceeds thereof. No Indemnified Person shall be liable for any damages
arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications,
electronic, or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby.

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This
Section 11.3 shall survive the termination of this Agreement and the repayment of all Obligations until all statutes of limitation
with respect to the Claims, losses, and expenses for which indemnity is given shall have run.

 

11.4      Time of Essence. Time is of the essence for the performance of all Obligations in this Agreement.

 

11.5      Severability of Provisions. Each provision of this Agreement is severable from every other provision in determining the enforceability
of any provision.

 

11.6      Amendments in Writing; Waiver; Integration. No purported amendment or modification of any Loan Document, or waiver, discharge,
or termination of any obligation under any Loan Document, shall be effective unless, and only to the extent, expressly set forth
in a writing signed by each party hereto. Without limiting the generality of the foregoing, no oral promise or statement, nor
any action, inaction, delay, failure to require performance, or course of conduct shall operate as, or evidence, an amendment,
supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance
expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give
rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement
about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations,
warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into the Loan Documents.

 

11.7      Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. Delivery of an executed
signature page of this Agreement by electronic mail transmission shall be effective as delivery of a manually executed counterpart
hereof.

 

11.8      Confidentiality. Bank agrees to maintain the confidentiality of Information (as defined below), except that Information may
be disclosed (a) to Bank’s Subsidiaries and Affiliates and their respective employees, directors, agents, attorneys, accountants,
and other professional advisors (collectively, “Representatives” and, together with Bank, collectively, “Bank
Entities”); (b) to prospective transferees, assignees, credit providers or purchasers of Bank’s interests under
or in connection with this Agreement and their Representatives (provided, however, Bank shall use commercially reasonable efforts
to obtain any such prospective transferee’s, assignee’s, credit provider’s, purchaser’s, or their Representatives’
agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators
or as otherwise required or requested in connection with Bank’s examination or audit; (e) in connection with the exercise
of remedies under the Loan Documents or any action or proceeding relating to this Agreement or any other Loan Document or the
enforcement of rights hereunder or thereunder; and (f) to third-party service providers of Bank so long as such service providers
have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. “Information”
means all information received from Borrower regarding Borrower or its business, in each case other than information that is either:
(i) in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain (other than
as a result of its disclosure by Bank in violation of this Agreement) after disclosure to Bank; or (ii) disclosed to Bank by a
third party, if Bank does not know that the third party is prohibited from disclosing the information.

 

11.9      Electronic Execution of Documents. The words “execution,” “signed,” “signature,” and words
of like import in any Loan Document shall be deemed to include electronic signatures, including any Electronic Signature as defined
in the Electronic Transactions Law (2003 Revision) of the Cayman Islands (the “Cayman Islands Electronic Signature Law”),
if applicable, or the keeping of records in electronic form, including any Electronic Record, as defined in Cayman Islands Electronic
Signature Law, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or
the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any Applicable Law, including,
without limitation, any state law based on the Uniform Electronic Transactions Act or the Cayman Islands Electronic Signature
Law; provided, however that sections 8 and 19(3) of the Cayman Islands Electronic Signature Law shall not apply to this Agreement
or the execution or delivery thereof.

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11.10     Right of Setoff. Borrower hereby grants to Bank a Lien and a right of setoff as security for all Obligations to Bank, whether
now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession,
custody, safekeeping or control of Bank or any entity under the control of Bank (including a subsidiary of Bank) or in transit
to any of them, and other obligations owing to Bank or any such entity. At any time after the occurrence and during the continuance
of an Event of Default, without demand or notice, Bank may setoff the same or any part thereof and apply the same to any Obligation
of Borrower then due and regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE
BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING
ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY, AND
IRREVOCABLY WAIVED.

 

11.11     Captions and Section References. The headings used in this Agreement are for convenience only and shall not affect the interpretation
of this Agreement. Unless indicated otherwise, section references herein are to sections of this Agreement.

 

11.12     Construction of Agreement. The parties hereto mutually acknowledge that they and their attorneys have participated in the
preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which
of the parties caused the uncertainty to exist.

 

11.13     Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement.
The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary, or other relationship with duties
or incidents different from those of parties to an arm’s-length contract.

 

11.14     Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits, rights, or
remedies under or by reason of this Agreement on any Persons other than the express parties to it and their respective permitted
successors and assigns; (b) relieve or discharge the obligation or liability of any Person not an express party to this Agreement;
or (c) give any Person not an express party to this Agreement any right of subrogation or action against any party to this Agreement.

 

11.15     Anti-Terrorism Law. Bank hereby notifies Borrower that, pursuant to the requirements of Anti-Terrorism Law, Bank may be required
to obtain, verify, and record information that identifies Borrower, which information may include the name and address of Borrower
and other information that will allow Bank to identify Borrower in accordance with Anti-Terrorism Law. Borrower hereby agrees
to take any action necessary to enable Bank to comply with the requirements of Anti-Terrorism Law.

 

		12	ACCOUNTING
TERMS AND OTHER DEFINITIONS

 

12.1       Accounting and Other Terms.

 

(a)          
Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made
following GAAP (except for with respect to unaudited financial statements for the absence of footnotes and subject to year-end
audit adjustments), provided that if at any time any change in GAAP would affect the computation of any financial ratio or requirement
set forth in any Loan Document, and either Borrower or Bank shall so request, Borrower and Bank shall negotiate in good faith
to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP; provided, further,
that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change
therein and (ii) Borrower shall provide Bank financial statements and other documents required under this Agreement or as reasonably
requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving
effect to such change in GAAP. Notwithstanding the foregoing, all financial covenants and other financial calculations shall be
computed with respect to Borrower only, and not on a consolidated basis.

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(b)          
As used in the Loan Documents: (i) the words “shall” or “will” are mandatory, the word “may”
is permissive, the word “or” is not exclusive, the words “includes” and “including” are not
limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative; (ii) the term
 “continuing” in the context of an Event of Default means that the Event of Default has not been remedied (if capable
of being remedied) or waived; and (iii) whenever a representation or warranty is made to Borrower’s knowledge or awareness,
to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual
knowledge, after reasonable investigation, of any Responsible Officer.

 

12.2       Definitions. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in this Section 12.2.
All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent
such terms are defined therein. As used in this Agreement, the following capitalized terms have the following meanings:

 

“Account”
is, as to any Person, any “account” of such Person as “account” is defined in the Code with such additions
to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to such
Person.

 

“Account
Debtor” is any “account debtor” as defined in the Code, with such additions to such term as may hereafter
be made.

 

“Affiliate”
is, with respect to any Person, each other Person that owns or controls directly or indirectly the Person, any Person that controls
or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors,
partners, and, for any Person that is a limited liability company, that Person’s managers and members.

 

“Agreement”
is defined in the preamble hereof.

 

“Anti-Terrorism
Law” means any law relating to terrorism or money-laundering, including Executive Order No. 13224 and the USA Patriot
Act.

 

“Applicable
Law” means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits,
licenses, approvals, interpretations and orders of courts or Governmental Authorities and all orders and decrees of all courts
and arbitrators.

 

“Authorized
Signer” means any individual listed in Borrower’s Borrowing Resolution who is authorized to execute the Loan Documents,
including making (and executing if applicable) any Credit Extension request, on behalf of Borrower.

 

“Bank”
is defined in the preamble hereof.

 

“Bank
Entities” is defined in Section 11.8.

 

“Bank
Expenses” are all audit fees, costs, and reasonable and documented expenses (including reasonable, out-of-pocket and
documented attorneys’ fees and expenses) for preparing, amending, negotiating, administering, defending and enforcing the
Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise
incurred with respect to Borrower or any Guarantor.

 

“Bank
Services” are any products, credit services, and/or financial accommodations previously, now, or hereafter provided
to Borrower or any of its Subsidiaries by Bank or any Bank Affiliate, including, without limitation, any letters of credit, cash
management services (including, without limitation, merchant services, direct deposit of payroll, business credit cards, and check
cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be identified
in Bank’s various agreements related thereto (each, a “Bank Services Agreement”).

 

“Bank
Services Agreement” is defined in the definition of Bank Services.

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“Board”
is Borrower’s board of directors or equivalent governing body.

 

“Borrower”
is set forth on Schedule I hereto.

 

“Borrower’s
Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records regarding
Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs
or storage or any equipment containing such information.

 

“Borrowing
Resolutions” are, with respect to any Person, those resolutions adopted by such Person’s board of directors (and,
if required under the terms of such Person’s Operating Documents, stockholders) and delivered by such Person to Bank approving
the Loan Documents to which such Person is a party and the transactions contemplated thereby, together with a certificate executed
by its secretary on behalf of such Person certifying (a) such Person has the authority to execute, deliver, and perform its obligations
under each of the Loan Documents to which it is a party, (b) that set forth as a part of or attached as an exhibit to such certificate
is a true, correct, and complete copy of the resolutions then in full force and effect authorizing and ratifying the execution,
delivery, and performance by such Person of the Loan Documents to which it is a party, (c) the name(s) of the Person(s) authorized
to execute the Loan Documents, including making (and executing if applicable) any Credit Extension request, on behalf of such
Person, together with a sample of the true signature(s) of such Person(s), and (d) that Bank may conclusively rely on such certificate
unless and until such Person shall have delivered to Bank a further certificate canceling or amending such prior certificate.

 

“Business
Day” is a day other than a Saturday, Sunday or other day on which commercial banks in the State of California are authorized
or required by law to close, except if any determination of a “Business Day” shall relate to an FX Contract, the term
 “Business Day” shall also mean a day on which dealings are carried on in the country of settlement of the Foreign
Currency.

 

“Cash
Equivalents” are (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any
agency or any State thereof having maturities of not more than 1 year from the date of acquisition; (b) commercial paper maturing
no more than 1 year after its creation and having the highest rating from either Standard & Poor’s Ratings Group or
Moody’s Investors Service, Inc.; (c) Bank’s certificates of deposit issued maturing no more than 1 year after issue;
and (d) money market funds at least 95.0% of the assets of which constitute Cash Equivalents of the kinds described in clauses
(a) through (c) of this definition.

 

“Cayman
Islands Electronic Signature Law” is defined in Section 11.9.

 

“Change
in Control” means (a) at any time, any “person” or “group” (as such terms are used in Sections
13(d) and 14(d) of the Exchange Act), shall become, or obtain rights (whether by means of warrants, options, or otherwise) to
become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly,
of 25.0% or more of the ordinary voting power for the election of directors, partners, managers, and members, as applicable, of
Borrower (determined on a fully diluted basis) other than by the sale of Borrower’s equity securities in a public offering
or to venture capital or private equity investors so long as Borrower identifies to Bank the venture capital or private equity
investors at least 7 Business Days prior to the closing of the transaction and provides to Bank a description of the material
terms of the transaction; (b) during any period of 12 consecutive months, a majority of the members of the Board of Borrower cease
to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period,
(ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause
(i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing
body, or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals
referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority
of that board or equivalent governing body; or (c) at any time, Borrower shall cease to own and control, of record and beneficially,
directly or indirectly, 100.0% of each class of outstanding stock, partnership, membership, or other ownership interest or other
equity securities of each Subsidiary of Borrower free and clear of all Liens (except Permitted Liens).

 

“Change
in Law” means the occurrence, after the Effective Date, of: (a) the adoption or taking effect of any law, rule, regulation,
or treaty; (b) any change in Applicable Law or in the administration, interpretation, implementation, or application thereof by
any Governmental Authority; or (c) the making or issuance of any request, rule, guideline, or directive (whether or not having
the force of law) by any Governmental Authority; provided that, notwithstanding anything herein to the contrary, (i) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, or directives thereunder or issued in connection
therewith and (ii) all requests, rules, guidelines, or directives promulgated by Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority), or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted,
adopted, or issued.

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“Claims”
is defined in Section 11.3.

 

“Code”
is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the Commonwealth of Massachusetts;
provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined
differently in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9 shall
govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection,
or priority of, or remedies with respect to, Bank’s Lien on any Collateral is governed by the Uniform Commercial Code in
effect in a jurisdiction other than the Commonwealth of Massachusetts, the term “Code” shall mean the Uniform Commercial
Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment,
perfection, priority, or remedies and for purposes of definitions relating to such provisions.

 

“Collateral”
consists of all of Borrower’s right, title and interest in and to the following personal property:

 

(a)          (i) all goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights, or rights to payment of money,
leases, license agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents,
instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, certificates
of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, securities
accounts, securities entitlements, and all other investment property, supporting obligations, and financial assets, whether now
owned or hereafter acquired, wherever located; and (ii) all Borrower’s Books relating to the foregoing, and any and all
claims, rights, and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions,
and improvements to and replacements, products, proceeds, and insurance proceeds of any or all of the foregoing.

 

(b)         
Notwithstanding the foregoing, the Collateral does not include:

 

(i)         
 any Intellectual Property; provided, however, the Collateral shall include all Accounts and all proceeds of Intellectual Property;

 

(ii)         any property to the extent that such grant of security interest is prohibited by any Requirement of Law of a Governmental Authority
or constitutes a breach or default under or results in the termination of or requires any consent not obtained under, any contract,
license, agreement, instrument or other document evidencing or giving rise to such property, except to the extent that such Requirement
of Law or the term in such contract, license, agreement, instrument or other document providing for such prohibition, breach,
default or termination or requiring such consent is ineffective under Section 9-406, 9-407, 9-408 or 9-409 of the Code (or any
successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or
principles of equity; provided, however, that such security interest shall attach immediately at such time as such Requirement
of Law is not effective or applicable, or such prohibition, breach, default or termination is no longer applicable or is waived,
and to the extent severable, shall attach immediately to any portion of the Collateral that does not result in such consequences;
and

 

(iii)        any assets subject to certificates of title.

 

(c)         
Pursuant to the terms of a certain negative pledge arrangement with Bank, Borrower has agreed not to encumber any of its Intellectual
Property without Bank’s prior written consent.

 

“Collateral
Account” is any Deposit Account, Securities Account, or Commodity Account.

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“Commodity
Account” is any “commodity account” as defined in the Code, with such additions to such term as may hereafter
be made.

 

“Compliance
Statement” is that certain statement in the form attached hereto as Exhibit A.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise Taxes or branch profits Taxes.

 

“Contingent
Obligation” is, for any Person, any direct or indirect liability of that Person for (a) any direct or indirect guaranty
by such Person of any indebtedness, lease, dividend, letter of credit, credit card, or other obligation of another, (b) any other
obligation endorsed, co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly
liable; (c) any obligations for undrawn letters of credit for the account of that Person; and (d) all obligations from any interest
rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated
to protect a Person against fluctuation in interest rates, currency exchange rates, or commodity prices; but “Contingent
Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the
stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the
maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum
of the obligations under any guarantee or other support arrangement.

 

“Control
Agreement” is any control agreement entered into among the depository institution at which Borrower maintains a Deposit
Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity
Account, Borrower, and Bank pursuant to which Bank obtains control (within the meaning of the Code) over such Deposit Account,
Securities Account, or Commodity Account.

 

“Copyrights”
are any and all copyright rights, copyright applications, copyright registrations and like protections in each work of authorship
and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret.

 

“Credit
Extension” is any FX Contract, Term Loan Advance, or any other extension of credit by Bank for Borrower’s benefit.

 

“Default”
means any event which with notice or passage of time or both, would constitute an Event of Default.

 

“Default
Rate” is defined in Section 1.2(c).

 

“Deposit
Account” is any “deposit account” as defined in the Code with such additions to such term as may
hereafter be made.

 

“Designated
Deposit Account” is the deposit account established by Borrower with Bank for purposes of receiving Credit Extensions.

 

“Division”
means, in reference to any Person which is an entity, the division of such Person into 2 or more separate Persons, with the dividing
Person either continuing or terminating its existence as part of such division, including, without limitation, as contemplated
under Section 18-217 of the Delaware Limited Liability Company Act for limited liability companies formed under Delaware law,
Section 17-220 of the Delaware Revised Uniform Limited Partnership Act for limited partnerships formed under Delaware law, or
any analogous action taken pursuant to any other Applicable Law with respect to any corporation, limited liability company, partnership
or other entity.

 

“Dollars,”
 “dollars” or use of the sign “$” means only lawful money of the United States and not any other
currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted
into lawful money of the United States.

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“Dollar
Equivalent” is, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect
to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time
on the basis of the then-prevailing rate of exchange in San Francisco, California, for sales of the Foreign Currency for transfer
to the country issuing such Foreign Currency.

 

“Draw
Period B” is set forth on Schedule I hereto.

 

“Draw
Period C” is set forth on Schedule I hereto.

 

“Effective
Date” is set forth on Schedule I hereto.

 

“Environmental
Laws” means any Applicable Law (including any permits, concessions, grants, franchises, licenses, agreements, or governmental
restrictions) relating to pollution or the protection of health, safety, or the environment or the release of any materials into
the environment (including those related to hazardous materials, air emissions, discharges to waste or public systems, and health
and safety matters).

 

“Equipment”
is all “equipment” as defined in the Code with such additions to such term as may hereafter be made, and includes
without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of
the foregoing.

 

“Equity
Event I” is set forth on Schedule I hereto.

 

“Equity
Event II” is set forth on Schedule I hereto.

 

“ERISA”
is the Employee Retirement Income Security Act of 1974, as amended, and its regulations.

 

“Event
of Default” is defined in Section 7.

 

“Exchange
Act” is the Securities Exchange Act of 1934, as amended.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to Bank or required to be withheld or deducted from
a payment to Bank, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, (i) imposed as a result of Bank being organized under the laws of, or having its principal office or its applicable
lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection
Taxes, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of Bank with respect to an applicable
interest in a Credit Extension pursuant to a law in effect on the date on which (i) Bank acquires such interest in the Credit
Extensions or (ii) Bank changes its lending office, except in each case to the extent that, pursuant to Section 1.6, amounts
with respect to such Taxes were payable either to Bank’s assignor immediately before Bank became a party hereto or to Bank
immediately before it changed its lending office, (c) Taxes attributable to Bank’s failure to comply with Section 1.6(e),
and (d) any withholding Taxes imposed under FATCA.

 

“FATCA”
means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official
interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and any
fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention
among Governmental Authorities and implementing such Sections of the Internal Revenue Code.

 

“FDA”
shall mean the United States Food and Drug Administration, and any successor thereto.

 

“Final
Payment” is a payment (in addition to and not a substitution for the regular monthly payments of principal plus accrued
interest) due on the earliest to occur of (a) the Term Loan Maturity Date, (b) the repayment of the Term Loan Advances in full,
(c) as required pursuant to Sections 1.1(c) or 1.1(d), or (d) the termination of this Agreement, in an amount equal to the original
aggregate principal amount of the Term Loan Advances multiplied by 5.0%.

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“Financial
Statement Repository” is NECreditSolutions@svb.com or such other means of collecting information approved and designated
by Bank after providing notice thereof to Borrower from time to time.

 

“Foreign
Currency” is the lawful money of a country other than the United States.

 

“Funding
Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business Day.

 

“FX
Contract” is any foreign exchange contract by and between Borrower and Bank under which Borrower commits to purchase
from or sell to Bank a specific amount of Foreign Currency at a set price or on a specified date.

 

“GAAP”
is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other Person as may be approved by a significant segment of the accounting profession,
which are applicable to the circumstances as of the date of determination.

 

“General
Intangibles” is all “general intangibles” as defined in the Code in effect on the date hereof with such
additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and
other tax refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or personal
property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies
(including without limitation key man, property damage, and business interruption insurance), payments of insurance and rights
to payment of any kind.

 

“Governmental
Approval” is any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration,
filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.

 

“Governmental
Authority” is any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
functions of or pertaining to government, any securities exchange and any self-regulatory organization.

 

“Guarantor”
is any Person providing a Guaranty in favor of Bank.

 

“Guaranty”
is any guarantee of all or any part of the Obligations, as the same may from time to time be amended, restated, modified or otherwise
supplemented.

 

“Indebtedness”
is (a) indebtedness for borrowed money or the deferred price of property or services, such as reimbursement and other obligations
for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital
lease obligations, (d) Contingent Obligations and (e) other short- and long-term obligations under debt agreements, lines of credit
and extensions of credit.

 

“Indemnified
Person” is defined in Section 11.3.

 

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of Borrower under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

 

“Information”
is defined in Section 11.8.

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“Insolvency
Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy
or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors,
or proceedings seeking reorganization, arrangement, receivership or other relief.

 

“Intellectual
Property” means, with respect to any Person, all of such Person’s right, title, and interest in and to the following:

 

(a)          
its Copyrights, Trademarks and Patents;

 

(b)          
any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how
and operating manuals;

 

(c)          
any and all source code;

 

(d)          
any and all design rights which may be available to such Person;

 

(e)          
any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not
the obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified
above; and

 

(f)           
all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents.

 

“Internal
Revenue Code” means the U.S. Internal Revenue Code of 1986, and the rules and regulations promulgated thereunder, each
as amended or modified from time to time.

 

“Inventory”
is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term as
may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials,
work in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody
or possession or in transit and including any returned goods and any documents of title representing any of the above.

 

“Investment”
is any beneficial ownership interest in any Person (including stock, partnership, membership, or other ownership interest or other
equity securities), and any loan, advance or capital contribution to any Person.

 

“Key
Person” is each of Borrower’s (a) Chief Executive Officer, which is Sean Ianchulev, and (b) Chief Financial Officer,
which is John Gandolfo.

 

“Letter
of Credit” is a standby or commercial letter of credit issued by Bank upon request of Borrower based upon an application,
guarantee, indemnity, or similar agreement.

 

“Lien”
is a claim, mortgage, deed of trust, levy, attachment charge, pledge, hypothecation, security interest or other encumbrance of
any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property.

 

“Loan
Documents” are, collectively, this Agreement and any schedules, exhibits, certificates, notices, and any other documents
related to this Agreement, the Perfection Certificate, the Warrant, any Control Agreements, any Bank Services Agreement, any subordination
agreement, any note, or notes or guaranties executed by Borrower or any Guarantor, landlord waivers and consents, bailee waivers
and consents, and any other present or future agreement by Borrower and/or any Guarantor with or for the benefit of Bank in connection
with this Agreement or Bank Services, all as amended, restated, or otherwise modified in accordance with the terms thereof.

 

“Material
Adverse Change” is (a) a material impairment in the perfection or priority of Bank’s Lien in the Collateral or
in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise)
of Borrower; (c) a material impairment of the prospect of repayment of any portion of the Obligations; or (d) Bank determines,
based upon information available to it and in its reasonable judgment, that there is a substantial likelihood that Borrower shall
fail to comply with one or more of the financial covenants in Section 5 during the next succeeding financial reporting period.

    30 
 
SVB Confidential

     

    

“Market
Capitalization” means, as of any date of determination, the product of (a) the number of shares of Borrower’s
common stock publicly disclosed in the most recent filing of Borrower with the United States Securities Exchange Commission as
outstanding as of such date of determination, multiplied by (b) the closing price of Borrower’s common stock (as quoted
on Bloomberg L.P.’s page or any successor page thereto of Bloomberg L.P. or if such page is not available, any other commercially
available source providing quotations of such closing price as designated by Bank from time to time) on such date of determination.

 

“Market
Capitalization Event” is set forth on Schedule I hereto.

 

“Milestone
Event I” is set forth on Schedule I hereto.

 

“Milestone
Event II” is set forth on Schedule I hereto.

 

“Obligations”
are Borrower’s obligations to pay when due any debts, principal, interest, fees, Bank Expenses, the Prepayment Fee, the
Final Payment, and other amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents (other
than the Warrant), or otherwise, including, without limitation, all obligations relating to Bank Services and interest accruing
after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Bank, and to perform Borrower’s
duties under the Loan Documents (other than the Warrant).

 

“OFAC”
is the Office of Foreign Assets Control of the United States Department of the Treasury and any successor thereto.

 

“Operating
Documents” are, for any Person, such Person’s formation documents, as certified by the Secretary of State (or
equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than 30 days prior to the
Effective Date, and, (a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability
company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership or limited partnership,
its partnership agreement or limited partnership agreement (or similar agreement), each of the foregoing with all current amendments
or modifications thereto.

 

“Other
Connection Taxes” means, with respect to Bank, Taxes imposed as a result of a present or former connection between Bank
and the jurisdiction imposing such Tax (other than connections arising from Bank having executed, delivered, become a party to,
performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other
transaction pursuant to, or enforced any Loan Document, or sold or assigned an interest in any Credit Extension or Loan Document).

 

“Other
Taxes” means all present or future stamp, court, documentary, intangible, recording, filing or similar Taxes that arise
from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection
of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection
Taxes imposed with respect to an assignment.

 

“Patents”
means all patents, patent applications, and like protections including without limitation improvements, divisions, continuations,
renewals, reissues, extensions, and continuations-in-part of the same.

 

“Payment/Advance
Form” is that certain form in the form attached hereto as Exhibit B.

 

“Payment
Date” is set forth on Schedule I hereto.

 

“Payment
Transmitter Account” is defined in Section 5.6(a).

    31 
 
SVB Confidential

     

    

“Perfection
Certificate” is the Perfection Certificate delivered by Borrower in connection with this Agreement.

 

“Permitted
Indebtedness” is:

 

(a)          
Borrower’s Indebtedness to Bank under this Agreement and the other Loan Documents;

 

(b)          
Indebtedness existing on the Effective Date which is shown on the Perfection Certificate;

 

(c)          
Subordinated Debt;

 

(d)          
unsecured Indebtedness to trade creditors incurred in the ordinary course of business;

 

(e)         
extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (d) above,
provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms
upon Borrower or its Subsidiary, as the case may be; and

 

(f)          
other unsecured Indebtedness not otherwise permitted by Section 6.4 not exceeding $100,000.00 in the aggregate outstanding at
any time.

 

“Permitted
Investments” are:

 

(a)         
Investments (including, without limitation, Subsidiaries) existing on the Effective Date which are shown on the Perfection Certificate;

 

(b)          
Investments consisting of Cash Equivalents;

 

(a)          
Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary
course of Borrower;

 

(b)          
Investments consisting of deposit accounts (but only to the extent that Borrower is permitted to maintain such accounts pursuant
to Section 5.6 of this Agreement) in which Bank has a first priority perfected security interest;

 

(c)          
Investments accepted in connection with Transfers permitted by Section 6.1;

 

(d)          
Investments consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary
course of business, and (ii) loans to employees, officers, directors, partners, managers and members relating to the purchase
of equity securities of Borrower or its Subsidiaries pursuant to employee equity purchase plans or similar agreements approved
by the Board;

 

(e)          
Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers
and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course
of business;

 

(f)           
Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who
are not Affiliates, in the ordinary course of business; provided that this paragraph (f) shall not apply to Investments of Borrower
in any Subsidiary; and

 

(g)          
other Investments not otherwise permitted by Section 6.7 not exceeding $100,000.00 in the aggregate in any fiscal year.

    32 
 
SVB Confidential

     

    

“Permitted
Liens” are:

 

(a)          
Liens existing on the Effective Date which are shown on the Perfection Certificate or arising under this Agreement or the other
Loan Documents;

 

(b)          
Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable or (ii) being contested
in good faith and for which Borrower maintains adequate reserves on Borrower’s Books, provided that no notice of any such
Lien has been filed or recorded under the Internal Revenue Code;

 

(c)           purchase money Liens (i) on Equipment acquired or held by Borrower incurred for financing the acquisition of the Equipment securing
no more than $100,000.00 in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined
to the property and improvements and the proceeds of the Equipment;

 

(d)          
Liens incurred in the extension, renewal or refinancing of the Indebtedness secured by Liens described in (a) through (c), but
any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount
of the indebtedness may not increase;

 

(e)          
Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in the ordinary course of business
so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed $50,000.00 and which
are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings
which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto;

 

(f)            Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like
obligations incurred in the ordinary course of business (other than Liens imposed by ERISA);

 

(g)           leases or subleases of real property granted in the ordinary course of Borrower’s business (or, if referring to another
Person, in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses
of personal property (other than Intellectual Property) granted in the ordinary course of Borrower’s business (or, if referring
to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses
do not prohibit granting Bank a security interest therein;

 

(h)          
non-exclusive licenses of Intellectual Property granted to third parties in the ordinary course of business;

 

(i)           
Liens arising from attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default under Sections
7.4 and 7.7;

 

(j)           
customary Liens of any bank in connection with statutory, common law and contractual rights of setoff and recoupment with respect
to any deposit account or securities account of Borrower, provided that (i) Bank has a first priority perfected security interest
in such account and (ii) such account is permitted to be maintained pursuant to Section 5.6 of this Agreement; and

 

(k)          
Liens arising from the filing of any precautionary financing statement on operating leases covering the leased property, to the
extent such operating leases are permitted under this Agreement.

 

“Person”
is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated
organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or
government agency.

    33 
 
SVB Confidential

     

    

“Prepayment
Fee” shall be an additional fee, payable to Bank, with respect to each Term Loan Advance, in an amount equal to:

 

(a)          for
a prepayment of the Term Loan Advances made on or prior to the 1st anniversary of the Effective Date, 3.0% of the then outstanding
principal amount of the Term Loan Advances immediately prior to the date of such prepayment;

 

(b)          for
a prepayment of the Term Loan Advances made after the 1st anniversary of the Effective Date, but on or prior to the 2nd anniversary
of the Effective Date, 2.0% of the then outstanding principal amount of the Term Loan Advances immediately prior to the date of
such prepayment; and

 

(c)
         for a prepayment of the Term Loan Advances made after the 2nd anniversary of the Effective
Date, but prior to the Term Loan Maturity Date, 1.0% of the then outstanding principal amount of the Term Loan Advances immediately
prior to the date of such prepayment;

 

Notwithstanding
the foregoing, provided no Event of Default has occurred and is continuing, the Prepayment Fee shall be waived by Bank, if Bank
(in its sole and absolute discretion) closes on the refinance and redocumentation of this Agreement prior to the Term Loan Maturity
Date.

 

“Prime
Rate” is set forth on Schedule I hereto.

 

“Product
Revenue” is Borrower’s revenue, determined in accordance with GAAP, attributable to Borrower’s products
approved by the FDA, and excluding any license revenue of Borrower.

 

“Registered
Organization” is any “registered organization” as defined in the Code with such additions to such term as
may hereafter be made.

 

“Repayment
Schedule” is set forth on Schedule I hereto.

 

“Representatives”
is defined in Section 11.8.

 

“Responsible
Officer” is any of the Chief Executive Officer, President, Chief Financial Officer and Controller of Borrower.

 

“Restricted
License” is any material license or other material agreement with respect to which Borrower is the licensee (a) that
prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement
or any other property, or (b) for which a default under or termination of could interfere with Bank’s right to sell any
Collateral.

 

“Revenue
Event” is set forth on Schedule I hereto.

 

“Sale
Event I” is set forth on Schedule I hereto.

 

“Sale
Event II” is set forth on Schedule I hereto.

 

“Sanctioned
Person” means a Person that: (a) is listed on any Sanctions list maintained by OFAC or any similar Sanctions list maintained
by any other Governmental Authority having jurisdiction over Borrower; (b) is located, organized, or resident in any country,
territory, or region that is the subject or target of Sanctions; or (c) is 50.0% or more owned or controlled by 1 or more Persons
described in clauses (a) and (b) hereof.

 

“Sanctions”
means the economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by the United
States government and any of its agencies, including, without limitation, OFAC and the U.S. State Department, or any other Governmental
Authority having jurisdiction over Borrower.

 

“SEC”
is the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority.

    34 
 
SVB Confidential

     

    

“Securities
Account” is any “securities account” as defined in the Code with such additions to such term as may hereafter
be made.

 

“Subordinated
Debt” is indebtedness incurred by Borrower or any of its Subsidiaries subordinated to all of Borrower’s or any
of its Subsidiaries’ now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar
agreement in form and substance satisfactory to Bank entered into between Bank and the other creditor), on terms acceptable to
Bank.

 

“Subsidiary”
is, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock, partnership,
membership, or other ownership interest or other equity securities having ordinary voting power (other than stock, partnership,
membership, or other ownership interest or other equity securities having such power only by reason of the happening of a contingency)
to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time
owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both,
by such Person. Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary
of Borrower or Guarantor.

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable
thereto.

 

“Term
A Loan Advance” is defined in Section 1.1.

 

“Term
A Loan Availability Amount” is set forth on Schedule I hereto.

 

“Term
B Loan Advance” is defined in Section 1.1.

 

“Term
B Loan Availability Amount” is set forth on Schedule I hereto.

 

“Term
C Loan Advance” is defined in Section 1.1.

 

“Term
C Loan Availability Amount” is set forth on Schedule I hereto.

 

“Term
Loan Advance” and “Term Loan Advances” are each defined in Section 1.1.

 

“Term
Loan Amortization Date” is set forth on Schedule I hereto.

 

“Term
Loan Maturity Date” is set forth on Schedule I hereto.

 

“Trademarks”
means, with respect to any Person, any trademark and servicemark rights, whether registered or not, applications to register and
registrations of the same and like protections, and the entire goodwill of the business of such Person connected with and symbolized
by such trademarks.

 

“Transfer”
is defined in Section 6.1.

 

“Transition
Period” is set forth on Schedule I hereto.

 

“USA
Patriot Act” means the “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001” (Public Law 107-56, signed into law on October 26, 2001), as amended from time to time.

 

“Warrant”
is that certain warrant to purchase stock dated as of the Effective Date between Borrower and Bank, as amended, modified, supplemented,
and/or restated from time to time.

 

“Wells
Fargo Accounts” is defined in Section 5.6(a).

 

[Signature
page follows]

    35 
 
SVB Confidential

     

    

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as a sealed instrument under the laws of the
Commonwealth of Massachusetts as of the Effective Date.

 

	 	BORROWER:
	 	 
	 	EYENOVIA,
INC.
	 	 
	 	By:	/s/ John Gandolfo\
	 	 	 
	 	Name: 	John Gandolfo
	 	 	 
	 	Title: 	Chief Financial Officer
	 	 
	 	BANK:
	 	 
	 	SILICON
VALLEY BANK
	 	 
	 	By: 	/s/ John Sansone
	 	 	 
	 	Name: 	John Sansone
	 	 	 
	 	Title: 	Vice President

 

Signature Page to Loan and Security Agreement

     
SVB Confidential

     

    

[Pursuant
to Item 601(b)(10) of Regulation S-K, certain confidential portions of this exhibit have been omitted by means of marking such
portions with asterisks as the identified confidential portions (i) are not material and (ii) would be competitively harmful if
publicly disclosed.]

 

SCHEDULE
I

LSA
PROVISIONS

 

	LSA
    Section	LSA
    Provision
	1.1(a)
    – Term Loan – Availability	After
    repayment, no Term Loan Advance (or any portion thereof) may be reborrowed.
	1.1(b)
    – Term Loan – Repayment	Commencing
    on the Term Loan Amortization Date and continuing on each Payment Date thereafter, Borrower shall repay each Term Loan Advance
    in (i) consecutive equal monthly installments of principal in accordance with the Repayment Schedule, plus (ii) monthly payments
    of accrued interest at the rate set forth in Section 1.2(b)(i).
	1.2(a)
    – Interest Payments – Term Loan Advances	Interest
    on the principal amount of each Term Loan Advance is payable in arrears monthly (A) on each Payment Date commencing on the
    first Payment Date following the Funding Date of each such Term Loan Advance, (B) on the date of any prepayment and (C) on
    the Term Loan Maturity Date.
	1.2(b)(i)
    – Interest Rate – Term Loan Advances	The
    outstanding principal amount of any Term Loan Advance shall accrue interest at a floating rate per annum equal to the greater
    of (1) 5.00%, and (2) the Prime Rate plus the Prime Rate Margin, which interest shall be payable in accordance with Section
    1.2(a).
	1.2(e)
    – Interest Computation	Interest
    shall be computed on the basis of the actual number of days elapsed and a 360-day year for any Credit Extension outstanding.
	12.2
    – “Borrower”	“Borrower”
    means EYENOVIA, INC., a Delaware corporation.
	12.2
    – “Draw Period B”	“Draw
    Period B” is the period commencing on the occurrence of the Milestone Event I and ending on May 31, 2022.
	12.2
    – “Draw Period C”	“Draw
    Period C” is the period commencing on the occurrence of the Milestone Event II, and ending on May 31, 2023.
	12.2
    – “Effective Date”	“Effective
    Date” is May 7, 2021.
	12.2
    – “Equity Event I”	“Equity
    Event I” occurs if and when (if ever) Bank confirms in writing that it has received evidence, on or prior to [***],
    satisfactory to Bank in Bank’s sole but reasonable discretion, that Borrower has received after [***], but on or prior
    to [***], unrestricted and unencumbered cumulative net cash proceeds in an aggregate amount of at least [***] (including any
    amounts received in connection with Milestone Event I and Section 5.7(a)) from the issuance and sale of its equity securities
    to investors acceptable to Bank.
	12.2
    – “Equity Event II”	“Equity Event II” occurs if and when (if ever) Bank confirms in writing that it has received evidence, on or prior to [***], satisfactory to Bank in Bank’s sole but reasonable discretion, that Borrower has received unrestricted and unencumbered net new cash proceeds in an aggregate amount of at least [***] (excluding any amounts received in connection with Milestone Event I and Section 5.7(a)) from the issuance and sale of its equity securities to investors acceptable to Bank.

                                                                                 

	12.2
    – “Market Capitalization Event”	“Market
    Capitalization Event” occurs if and when (if ever) Bank confirms in writing that it has received evidence on or
    prior to [***], satisfactory to Bank in Bank’s sole but reasonable discretion, that Borrower’s Market Capitalization
    on the Funding Date of the Term B Loan Advance, is greater than or equal to [***].

    I-1

     

    

	12.2
    – “Milestone Event I”	“Milestone
        Event I” occurs if and when (if ever) Bank confirms in writing that it has received evidence, on or prior to
        [***], satisfactory to Bank in Bank’s sole and absolute discretion, that each of the following has occurred on or
        prior to [***]: (i) Sale Event I, (ii) Equity Event I, and (iii) Market Capitalization Event.

         

	12.2
    – “Milestone Event II”	“Milestone
        Event II” occurs if and when (if ever) Bank confirms in writing that it has received evidence, on or prior to
        [***], satisfactory to Bank in Bank’s sole and absolute discretion, that each of the following has occurred on or
        prior to [***]: (i) Milestone Event I, (ii) Borrower has requested and Bank has made the Term B Loan Advance to Borrower,
        (iii) Sale Event II, (iv) Equity Event II, and (v) Revenue Event.

         

	12.2
    – “Payment Date”	“Payment
        Date” is the first (1st) calendar day of each month.

         

	12.2
    – “Prime Rate”	“Prime
        Rate” is the rate of interest per annum from time to time published in the money rates section of The Wall
        Street Journal or any successor publication thereto as the “prime rate” then in effect; provided that
        if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal,
        becomes unavailable for any reason as determined by Bank, the “Prime Rate” shall mean the rate of interest
        per annum announced by Bank as its prime rate in effect at its principal office in the State of California (such Bank
        announced Prime Rate not being intended to be the lowest rate of interest charged by Bank in connection with extensions
        of credit to debtors); provided that, in the event such rate of interest is less than 0.0% per annum, such rate shall
        be deemed to be 0.0% per annum for purposes of this Agreement.

         

	12.2
    – “Prime Rate Margin”	“Prime
    Rate Margin” is 1.25%.
	12.2
    – “Repayment Schedule”	“Repayment
    Schedule” means the period of time equal to 36 consecutive calendar months, which shall be reduced to 24 consecutive
    calendar months upon the occurrence of the Milestone Event I.
	12.2
    – “Revenue Event”	“Revenue
    Event” occurs if and when (if ever) Bank confirms in writing that it has received evidence, on or prior to [***],
    satisfactory to Bank in Bank’s sole but reasonable discretion, that Borrower has achieved, after the Effective Date,
    but on or prior to [***], net revenue (determined in accordance with GAAP) of at least [***], for a trailing 12 month period
    determined as of the Funding Date of the Term C Loan Advance.
	12.2 – “Sale Event I”

                                                                                 

	“Sale
Event I” occurs if and when (if ever) Bank confirms in writing that it has received evidence, on or prior to [***], satisfactory
to Bank in Bank’s sole but reasonable discretion, that Borrower has achieved [***]
	12.2
    – “Sale Event II”	“Sale
    Event II” occurs if and when (if ever) Bank confirms in writing that it has received evidence, on or prior to [***],
    satisfactory to Bank in Bank’s sole but reasonable discretion, that Borrower has achieved [***]
	12.2
    – “Term A Loan Availability Amount”	“Term
    A Loan Availability Amount” is an original principal amount equal to $7,500,000.00.

    I-2
 
SVB Confidential

     

    

	12.2
    – “Term B Loan Availability Amount”	“Term
    B Loan Availability Amount” is an original principal amount equal to $7,500,000.00.
	12.2
    – “Term C Loan Availability Amount”	“Term
    C Loan Availability Amount” is an original principal amount equal to $10,000,000.00
	12.2
    – “Term Loan Amortization Date”	“Term
    Loan Amortization Date” is June 1, 2022, which shall be extended to June 1, 2023 upon the occurrence of the Milestone
    Event I.
	12.2
    – “Term Loan Maturity Date”	“Term
    Loan Maturity Date” is May 1, 2025.
	12.2
    – “Transition Period”	“Transition
    Period” is the period of time commencing upon the Effective Date and continuing through the earlier to occur of
    (i) 60 days after the Effective Date, or (ii) an Event of Default.

    I-3
 
SVB Confidential

     

    

[Pursuant to Item 601(b)(10) of Regulation S-K, certain
confidential portions of this exhibit have been omitted by means of marking such portions with asterisks as the identified confidential
portions (i) are not material and (ii) would be competitively harmful if publicly disclosed.]

 

EXHIBIT
A

COMPLIANCE
STATEMENT

 

	TO:	SILICON VALLEY BANK 	Date:
                                                                                                   

	FROM:	EYENOVIA,
INC.

 

Under
the terms and conditions of the Loan and Security Agreement between Borrower and Bank (as amended, modified, supplemented and/or
restated from time to time, the “Agreement”), Borrower is in complete compliance for the period ending _______________
with all required covenants except as noted below. Attached are the required documents evidencing such compliance, setting forth
calculations prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying
letter or footnotes. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement.

 

	Please indicate compliance status
    by circling Yes/No under “Complies” column.
	 
	Reporting
    Covenants	Required	Complies
	 	 	 
	Monthly
    financial statements with Compliance Statement	Monthly
within 30 days (except for the months ending March 31, June 30, September 30, and December 31) 
	Yes   No
	10-Q
    Report with Compliance Statement	Q1,
    Q2, and Q3 within 45 days	Yes   No
	10-K
Report and Annual financial statements (CPA Audited) with Compliance Statement 
	FYE
    within 90 days	Yes   No
	A/R
    and A/P Agings	Upon
    the Funding Date of the Term B Loan Advance, monthly within 30 days	Yes   No
	Filed
    10-Q, 10-K and 8-K	Within
5 days after filing with SEC 
	Yes   No
	Board
    approved projections	FYE
    within 30 days and as amended/updated	Yes   No
	 

 

	Financial
    Covenant	Required	Actual	Complies
	 	 	 	 
	Maintain
    as indicated:	 	 	 
	Minimum
    Equity Raise	[***]	$_______	Yes   No
	Commencing
upon the Funding Date of the Term B Loan Advance maintain as indicated: 
	 	 	 
	Minimum
    Product Revenue	See
    Section 5.7(b)	$_______	Yes   No

 

The
following financial covenant analyses and information set forth in Schedule 1 attached hereto are true and correct as of the date
of this Compliance Statement.

 

The
following are the exceptions with respect to the statements above: (If no exceptions exist, state “No exceptions to note.”)

 

 

 

 

 

 

     
SVB Confidential

     

    

Schedule
1 to Compliance Statement

 

Financial
Covenants of Borrower

 

In
the event of a conflict between this Schedule and the Agreement, the terms of the Agreement shall govern.

 

		Dated:	____________________

 

		I.	Minimum
Equity Raise. (Section 5.7(a))

 

Required:            Borrower
shall deliver evidence to Bank, satisfactory to Bank in its sole but reasonable discretion, that Borrower has received, after
the Effective Date, but prior to [***], unrestricted and unencumbered net cash proceeds in an aggregate amount of at least [***]
from the issuance and sale by Borrower of its equity securities to investors reasonably acceptable to Bank.

 

		Actual:	$________________

 

	                 No,
    not in compliance 	                  Yes,
    in compliance

 

II.       Minimum
Product Revenue. (See Section 5.7(b))

 

Require:               Commencing
upon the Funding Date of the Term B Loan Advance, Borrower shall achieve, to be tested as of the last day of each month, minimum
Product Revenue for the trailing 12 month period ending on such date, of at least:

 

	Period	Minimum
    Product Revenue
	March
    31, 2022	[***]
	April
    30, 2022	[***]
	May
    31, 2022	[***]
	June
    30, 2022	[***]
	July
    31, 2022	[***]
	August
    31, 2022	[***]
	September
    30, 2022	[***]
	October
    31, 2022	[***]
	November
    30, 2022	[***]
	December
    31, 2022	[***]

 

*See
Section 5.7(b) with respect to periods ending after December 31, 2022

 

		Actual:	$______________

 

	                 No,
    not in compliance 	                  Yes,
    in compliance

     
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EXHIBIT
B

LOAN
PAYMENT/ADVANCE REQUEST FORM

 

Deadline
for same day processing is Noon Eastern Time

 

Date:
__________________

 

Loan
Payment: 

EYENOVIA,
INC.

 

	From Account #	 	 	To Account #	 	 
	 	(Deposit Account #)	 	 	(Loan Account #)	 

 

	Principal $	 	 	and/or Interest $	 	 

 

	Authorized
    Signature:	 	 	Phone
    Number:	 	 

	Print
Name/Title: 	 	 		 	 

 

 

Loan
Advance:

 

Complete
Outgoing Wire Request section below if all or a portion of the funds from this loan advance are for an outgoing wire.

 

	From
    Account #	 	 	To
    Account #	 	 
	 	(Loan Account
    #)	 	 	(Deposit
    Account #)	 

  

Amount
of Term Loan Advance $___________________________

 

All
Borrower’s representations and warranties in the Loan and Security Agreement are true, correct and complete in all material
respects on the date of the request for an advance; provided, however, that such materiality qualifier shall not be applicable
to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided,
further that those representations and warranties expressly referring to a specific date shall be true and correct in all material
respects as of such date:

 

	Authorized
    Signature:	 	 	Phone
    Number:	 	 

	Print
Name/Title: 	 	 		 	 

 

 

Outgoing
Wire Request: 

Complete
only if all or a portion of funds from the loan advance above is to be wired. 

Deadline
for same day processing is noon, Eastern Time

 

	Beneficiary
    Name:	 	 	Amount
    of Wire: $	 	 
	Beneficiary Bank:	 	 	Account Number:	 	 

	City
    and State: 	 	 		 	 

  

	Beneficiary
    Bank Transit (ABA) #: 	 	 	Beneficiary
    Bank Code (Swift, Sort, Chip, etc.): 	 	 
	 	 	 	(For International
    Wire Only)	 	 

 

	Intermediary
    Bank:	 	 	Transit
    (ABA) #: 	 	 

	For
    Further Credit to: 	 	 		 	 
	 	 	 	 	 	 
	Special Instruction:	 	 	 	 	 

  

By
signing below, I (we) acknowledge and agree that my (our) funds transfer request shall be processed in accordance with and subject
to the terms and conditions set forth in the agreements(s) covering funds transfer service(s), which agreements(s) were previously
received and executed by me (us).

 

     
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	Authorized
    Signature:	 	 	2nd
    Signature (if required):	 	 

	Print
    Name/Title	 	 	Print
    Name/Title	 	 

	Telephone
    #:	 	 	Telephone #:	 	 	 

 

     
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