Document:

Exhibit 10.2

 

NEITHER THIS WARRANT, NOR THE SECURITIES ISSUABLE
UPON EXERCISE OF THIS WARRANT (COLLECTIVELY, THE “SECURITIES”), HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAWS. THE SECURITIES ARE SUBJECT TO RESTRICTIONS
ON TRANSFERABILITY AND RESALE AND MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT AS PERMITTED
UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES OR BLUE SKY LAWS, PURSUANT TO REGISTRATION OR QUALIFICATION OR EXEMPTION
THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE
PERIOD OF TIME. THE COMPANY MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY TO THE
EFFECT THAT ANY PROPOSED TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES OR BLUE SKY LAWS.

 

SEMLER SCIENTIFIC, INC.

 

Warrant
to Purchase Common Stock

 

Warrant No.: 2016-2

Number of Shares of Common Stock: 114,286

Date of Issuance: January 21, 2016
(“Issuance Date”)

 

Semler Scientific, Inc., a Delaware corporation
(the “Company”), certifies that, for good and valuable consideration, the receipt and sufficiency of which are
acknowledged, the Chang Family Trust, the registered holder hereof or its permitted assigns (the “Holder”),
is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then
in effect, upon surrender of this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange,
transfer or replacement hereof, the “Warrant”), at any time on or after the date hereof (the “Exercisability
Date”), but not after 5:30 p.m., New York Time, on the Expiration Date (as defined below), 114,286 fully paid and nonassessable
shares of Common Stock (as defined below) (the “Warrant Shares”).   Except as otherwise
defined herein, capitalized terms in this Warrant shall have the meanings set forth in Section 16.

 

1.            EXERCISE OF WARRANT.

 

(a)     Mechanics
of Exercise.  Subject to the terms and conditions hereof (including, without limitation, the limitations set forth
in Section 1(c)), this Warrant may be exercised by the Holder on any day on or after the Exercisability Date, in whole or in part
(but not as to fractional shares), by (i) delivery of a written notice, in the form attached hereto as Exhibit A (the “Exercise
Notice”), of the Holder’s election to exercise this Warrant and (ii) payment to the Company of an amount equal
to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate
Exercise Price”) in cash or wire transfer of immediately available funds (a “Cash Exercise”) (the
items under (i) and (ii) above, the “Exercise Delivery Documents”).  The Holder shall not be required
to surrender this Warrant in order to effect an exercise hereunder; provided, however, that in the event that this Warrant is exercised
in full or for the remaining unexercised portion hereof, the Holder shall deliver this Warrant to the Company for cancellation
within a reasonable time after such exercise.  On or before the first Trading Day following the date on which the Company
has received the Exercise Delivery Documents (the date upon which the Company has received all of the Exercise Delivery Documents,
the “Exercise Date”), the Company shall transmit by facsimile or e-mail transmission an acknowledgment of confirmation
of receipt of the Exercise Delivery Documents to the Holder and the Company’s transfer agent for the Common Stock (the “Transfer
Agent”). The Company shall deliver any objection to the Exercise Delivery Documents on or before the second Trading Day
following the date on which the Company has received all of the Exercise Delivery Documents.  On or before the third
Trading Day following the date on which the Company has received all of the Exercise Delivery Documents (the “Share Delivery
Date”), the Company shall cause the Transfer Agent to issue to the Holder a certificate representing the number of Warrant
Shares to which the Holder is entitled pursuant to such exercise.  Upon delivery of the Exercise Notice, the Holder shall
be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant
has been exercised, irrespective of the date of delivery of the Warrant Shares to such Holder.  If this Warrant is submitted
in connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares

 

    	 	 	 

     

    

 

represented by this Warrant submitted for exercise
is greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and
in no event later than three Trading Days after any such submission and at its own expense, issue a new Warrant (in accordance
with Section 7(e)) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise
under this Warrant, less the number of Warrant Shares with respect to which this Warrant has been and/or is exercised.  The
Company shall pay any and all taxes and other expenses of the Company (including overnight delivery charges) that may be payable
with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant; provided, however, that
the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of
any certificates for Warrants in a name other than that of the Holder or an affiliate thereof.  The Holder shall be responsible
for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon
exercise hereof.

 

(b)     Exercise
Price.  For purposes of this Warrant, “Exercise Price” means $1.75 per share of Common Stock,
subject to adjustment as provided herein.

 

(c)     Limitations
on Exercises.  Notwithstanding anything contained herein to the contrary, until receipt of the Requisite Stockholder
Approval, the Company shall not effect any exercise of this Warrant, and the Holder shall not have the right to exercise any portion
of this Warrant to the extent that after giving effect to such issuance after exercise as set forth on the applicable notice of
exercise, the Holder (together with the Holder’s affiliates, and any other persons acting as a group together with the Holder
or any of the Holder’s affiliates), would beneficially own in excess of 19.99% of the outstanding shares of Common Stock.
For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its affiliates
shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination
is being made, but shall exclude the number of shares of Common Stock that would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any of its affiliates and (ii) exercise or conversion
of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other securities
of the Company or its subsidiaries which would entitle the holder thereof to acquire at any time shares of Common Stock) subject
to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any
of its affiliates. Except as set forth in the preceding sentence, for purposes of this Section 1(c), beneficial ownership shall
be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and the rules and regulations promulgated thereunder. In addition, for purposes of this Section 1(c), “group” has the
meaning set forth in Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that
the limitation contained in this Section 1(c) applies, the determination of whether this Warrant is exercisable (in relation to
other securities owned by the Holder together with any affiliates) and of which portion of this Warrant is exercisable shall be
in the sole discretion of the Holder, and the submission of a notice of exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any affiliates) and of
which portion of this Warrant is exercisable. For purposes of this Section 1(c), in determining the number of outstanding shares
of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (i) the Company’s
most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing with the United States Securities and Exchange
Commission, as the case may be, (ii) a more recent public announcement by the Company or (iii) a more recent notice by the Company
or the Company’s transfer agent to the Holder setting forth the number of shares of Common Stock then outstanding. Upon the
request of the Holder, the Company shall promptly, and in any event within one Trading Day of such request, confirm to the Holder
the number shares of Common Stock then outstanding.

 

(d)     No
Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the
exercise of this Warrant.  As to any fraction of a share that the Holder would otherwise be entitled to purchase upon
such exercise, the Company shall round up to the next whole share.

 

2.            ADJUSTMENT OF EXERCISE
PRICE AND NUMBER OF WARRANT SHARES.  The Exercise Price and the number of Warrant Shares shall be adjusted from time
to time as follows:

 

(a)     Adjustment
upon Subdivision or Combination of Shares of Common Stock.  If the Company at any time on or after the Issuance Date
subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of
Common Stock into a greater number

 

    	 	2	 

     

    

 

of shares, the Exercise Price in effect immediately
prior to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased.  If
the Company at any time on or after the Issuance Date combines (by combination, reverse stock split or otherwise) one or more classes
of its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such
combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased.  Any
adjustment under this Section 2(a) shall become effective at the close of business on the date the subdivision or combination becomes
effective.

  

(b)     Notwithstanding
anything to the contrary in this Warrant, in no event shall the Exercise Price be reduced below the par value of the Company’s
Common Stock.

  

3.           RESERVATION OF WARRANT
SHARES.  The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized
but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise
of this Warrant as herein provided, the number of shares of Common Stock which are then issuable and deliverable upon the exercise
of this entire Warrant, free from preemptive or any other contingent purchase rights of Persons other than the Holder (taking into
account the adjustments and restrictions in Section 2).  Such reservation shall comply with the provisions of Section
1.  The Company covenants that all shares of Common Stock so issuable and deliverable shall, upon issuance and the payment
of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and
nonassessable.  The Company will take all such actions as may be necessary to assure that such shares of Common Stock
may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any securities
exchange or automated quotation system upon which the Common Stock may be listed. If, notwithstanding the foregoing, and not in
limitation thereof, at any time while this Warrant remains outstanding the Company does not have a sufficient number of authorized
and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon exercise of this Warrant at least
a number of shares of Common Stock equal to the maximum number of shares of Common Stock as shall from time to time be necessary
to effect the exercise of all this Warrant (without regard to any limitations on exercise contained herein) (the “Required
Reserve Amount”) (an “Authorized Share Failure”), then the Company shall immediately take all action
necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve
the Required Reserve Amount for this entire Warrant. Without limiting the generality of the foregoing sentence, as soon as practicable
after the date of the occurrence of an Authorized Share Failure, but in no event later than sixty (60) days after the occurrence
of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the number
of authorized shares of Common Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy
statement and shall use its best efforts to solicit its stockholders’ approval of such increase in authorized shares of Common
Stock and to cause its board of directors to recommend to the stockholders that they approve such proposal.

 

4.            WARRANT HOLDER NOT
DEEMED A STOCKHOLDER.  Except as otherwise specifically provided herein, the Holder, solely in such Person’s
capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital
of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in
such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote,
give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation,
merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to
the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant.  In
addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities
(upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company
or by creditors of the Company.

 

5.            REGISTRATION AND
REISSUANCE OF WARRANTS.

 

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

 

    	 	3	 

     

    

 

purposes, absent actual notice to the contrary.  The
Company shall also register any transfer, exchange, reissuance or cancellation of any portion of this Warrant in the Warrant Register.

 

(b)     Transfer
of Warrant.  This Warrant may not be offered for sale, sold, transferred or assigned without the consent of the Company,
and only in accordance with applicable securities laws.  Subject to applicable securities laws, if this Warrant is to
be transferred, the Holder shall surrender this Warrant to the Company together with all applicable transfer taxes, whereupon the
Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(e)), registered
as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and,
if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance
with Section 7(e)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.

 

(c)     Lost,
Stolen or Mutilated Warrant.  Upon receipt by the Company 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, of any indemnification
undertaking by the Holder to the Company in customary form or the provision of reasonable security by the Holder to the Company
and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder
a new Warrant (in accordance with Section 7(e)) representing the right to purchase the Warrant Shares then underlying this Warrant.

 

(d)     Exchangeable
for Multiple Warrants.  This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office
of the Company together with all applicable transfer taxes, for a new Warrant or Warrants (in accordance with Section 7(e)) representing
in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will
represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender;
provided, however, that the Company shall not be required to issue Warrants for fractional shares of Common Stock
hereunder.

 

(e)     Issuance
of New Warrants.  Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant shall (i) be of like tenor with this Warrant, (ii) represent, as indicated on the face of such new Warrant, the
right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section
7(b) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying
the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this
Warrant), (iii) have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date and
(iv) have the same rights and conditions as this Warrant.

 

7.           NOTICES.  Whenever
notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance with
the information set forth in the Warrant Register.  The Company shall provide the Holder with prompt written notice of
all actions taken pursuant to this Warrant, including, in reasonable detail, a description of such action and the reason or reasons
therefore.  Without limiting the generality of the foregoing, the Company will give written notice to the Holder immediately
upon any adjustment of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment
and; provided, that in each case, such information shall be made known to the public prior to or in conjunction with such
notice being provided to the Holder.

 

8.           NONCIRCUMVENTION.  The
Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation, Bylaws or through
any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will
at all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights
of the Holder.  Without limiting the generality of the foregoing, the Company (i) shall not increase the par value
of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall
use all reasonable efforts to take all such actions as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant and (iii) shall, so long as
any of the Warrants are outstanding, take all action necessary to reserve and

 

    	 	4	 

     

    

 

keep available out of its authorized and unissued
shares of Common Stock, solely for the purpose of effecting the exercise of the Warrants, the number of shares of Common Stock
as shall from time to time be necessary to effect the exercise of the Warrants then outstanding (without regard to any limitations
on exercise).

 

9.          AMENDMENT AND WAIVER.  Except
as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take any action herein prohibited,
or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder.  

 

10.         GOVERNING LAW.  This
Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Warrant shall be governed by, the internal laws of the State of Delaware, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of Delaware.

 

11.        CONSTRUCTION; HEADINGS.  This
Warrant shall be deemed to be jointly drafted by the Company and all the Investors and shall not be construed against any person
as the drafter hereof.  The headings of this Warrant are for convenience of reference and shall not form part of, or
affect the interpretation of, this Warrant.

 

12.        DISPUTE RESOLUTION.  In
the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company
shall submit the disputed determinations or arithmetic calculations via facsimile within two Trading Days of receipt of the Exercise
Notice giving rise to such dispute, as the case may be, to the Holder.  If the Holder and the Company are unable to agree
upon such determination or calculation of the Exercise Price or the Warrant Shares within five Trading Days of such disputed determination
or arithmetic calculation being submitted to the Holder, then the Company shall, within two Trading Days submit via facsimile (a)
the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved
by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant.  The
Company shall cause the investment bank or the accountant, as the case may be, to perform the determinations or calculations and
notify the Company and the Holder of the results no later than 10 Trading Days from the time it receives the disputed determinations
or calculations.  Such investment bank’s or accountant’s determination or calculation, as the case may be,
shall be binding upon all parties absent demonstrable error.  The expenses of the investment bank and accountant will
be borne by the Company unless the investment bank or accountant determines that the determination of the Exercise Price or the
arithmetic calculation of the Warrant Shares by the Holder was incorrect, in which case the expenses of the investment bank and
accountant will be borne by the Holder.

 

13.        REMEDIES, OTHER
OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF.  The remedies provided in this Warrant shall be cumulative and in addition
to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance and/or other
injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company
to comply with the terms of this Warrant.  The Company acknowledges that a breach by it of its obligations hereunder
may cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate.  The Company
therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition
to all other available remedies, to seek an injunction restraining any breach.  Notwithstanding the foregoing or anything
else herein to the contrary, other than as expressly provided, if the Company is for any reason unable to issue and deliver Warrant
Shares upon exercise of this Warrant as required pursuant to the terms hereof, the Company shall have no obligation to pay to the
Holder any cash or other consideration or otherwise “net cash settle” this Warrant.

 

14.        LIMITATION ON LIABILITY.  No
provisions hereof, in the absence of affirmative action by the Holder to purchase Warrant Shares hereunder, shall give rise to
any liability of the Holder to pay the Exercise Price or as a shareholder of the Company (whether such liability is asserted by
the Company or creditors of the Company).

 

15.        SUCCESSORS AND
ASSIGNS.  This Warrant shall bind and inure to the benefit of and be enforceable by the Company and the Holder and
their respective permitted successors and assigns.

 

    	 	5	 

     

    

 

16.          CERTAIN DEFINITIONS.  For
purposes of this Warrant, the following terms shall have the following meanings:

 

(a)     “Common
Stock” means (i) the Company’s shares of Common Stock, $0.001 par value per share, and (ii) any share capital into
which such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common Stock.

  

(b)     “Expiration
Date” means the date 24 months after the Issuance Date or, if such date falls on a day other than a Trading Day or on
which trading does not take place on the Principal Market, or, if the Principal Market is not the principal trading market for
the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded (a “Holiday”),
the next date that is not a Holiday.  

 

(c)     “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity and a government or any department or agency thereof.

 

(d)     “Principal
Market” means the Nasdaq Capital Market; provided, however, that in the event that the Company’s Common Stock is
ever listed or traded on the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the NYSE Amex,
or the OTC Bulletin Board (it being understood that as used herein “OTC Bulletin Board” shall also mean any
successor or comparable market quotation system or exchange to the OTC Bulletin Board such as the OTCQB operated by the OTC Markets
Group, Inc.), then the “Principal Market” shall mean such other market or exchange on which the Company’s
Common Stock is then listed or traded.

  

(e)     “Requisite
Stockholder Approval” means the favorable vote of the holders of a majority of the outstanding shares of Common Stock.

 

(f)     “Trading
Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the
principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common
Stock is then traded including any day on which the Principal Market is open for trading for a period of time less than the customary
time.

 

[Signature Page Follows]

 

    	 	6	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set out above.

 

	 	SEMLER SCIENTIFIC, INC.
	 	 	 	 
	 	 	By:	/s/ Daniel E. Conger
	 	 	 	Name: Daniel E. Conger
	 	 	 	Title: Vice-President of Finance

 

    	 	 	 

     

    

 

EXHIBIT A

 

EXERCISE NOTICE

 

TO BE EXECUTED BY THE REGISTERED HOLDER TO
EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

 

SEMLER SCIENTIFIC, INC.

 

The undersigned holder hereby exercises the
right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of Semler Scientific, Inc.,
a Delaware corporation (the “Company”), evidenced by the attached Warrant to Purchase Common Stock (the “Warrant”).  Capitalized
terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

1.           
 Exercise Price.  The Holder shall pay the sum of $______________to the Company in accordance with the terms
of the Warrant.

 

3.      
     Delivery of Warrant Shares.  The Company shall deliver to the holder __________
Warrant Shares in accordance with the terms of the Warrant.

 

4.        
   Representations and Warranties.  By its delivery of this Exercise Notice, the undersigned represents
and warrants to the Company that in giving effect to the exercise evidenced hereby the Holder will not beneficially own in excess
of the number of shares of Common Stock (determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as
amended) permitted to be owned under Section 1(c) of this Warrant to which this notice relates.

 

Date: _______________ __, ______

 

	 	 	 
	Name of Registered Holder	 	Name of Signatory

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 	 	 

     

    

 

ACKNOWLEDGMENT

 

The Company hereby acknowledges
this Exercise Notice.

 

	 	SEMLER SCIENTIFIC, INC.
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:Exhibit 4.2

 

	RIGHTS CERTIFICATE #:	NUMBER OF RIGHTS

 

THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE
SET FORTH IN THE COMPANY'S PROSPECTUS DATED JANUARY, [*], 2016 (THE "PROSPECTUS") AND ARE INCORPORATED HEREIN
BY REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM BROADRIDGE CORPORATE ISSUER SOLUTIONS
INC., THE INFORMATION AGENT, BY EMAIL
AT [        ]@[         ].COM,
BY TELEPHONE AT (855) 793-5068 OR BY MAIL AT BROADRIDGE  CORPORATE ISSUER SOLUTIONS INC., 51 MERCEDES WAY, EDGEWOOD,
NEW YORK 11717.

 

Second Sight Medical Products, Inc.

Incorporated under the laws of the State
of California

NON - TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATE

Evidencing Non - Transferable Subscription
Rights to Purchase Shares of Common Stock

of

Second Sight Medical Products, Inc.

Subscription Price: to be determined as
set forth below

THE SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT
EXERCISED ON OR BEFORE 5:00 P.M., NEW YORK TIME, ON [          ] __, 2016, UNLESS
EXTENDED BY THE COMPANY

 

REGISTERED

OWNER:

 

THIS CERTIFIES THAT the registered owner
whose name is inscribed hereon is the owner of the number of non-transferable subscription rights (“Rights”) set forth
above. Each whole Right entitles the holder thereof to invest $0.55 for every share of Common Stock, no par value, of Second Sight
Medical Products, Inc., a California corporation, the holder owns on the record date, at a subscription price (the “Subscription
Price”) of $4.25 per share or 85% of the closing price of our shares as reported by Nasdaq on [               ], 2016 (the "Expiration
Date"), whichever is less, per whole share (the “Basic Subscription Right”), pursuant to a rights offering (the
“Rights Offering”), on the terms and subject to the conditions set forth in the Prospectus and the “Instructions
for Use of Subscription Rights Certificate” accompanying this Subscription Rights Certificate. If any shares of Common Stock
available for purchase in the Rights Offering are not purchased by other holders of Rights pursuant to the exercise of their Basic
Subscription Right (the “Over-Subscription Shares”), any Rights holder that exercises its Basic Subscription Right
in full may purchase a number of Excess Shares pursuant to the terms and conditions of the Rights Offering (the “Over-Subscription
Privilege”). The Rights represented by this Subscription Rights Certificate may be exercised by completing Form 1 and any
other appropriate forms on the reverse side hereof and by returning the full payment of the subscription price for each share of
Common Stock in accordance with the “Instructions for Use of Subscription Rights Certificate” that accompany this Subscription
Rights Certificate.

 

The undersigned acknowledges that the number
of shares that the undersigned may obtain by subscribing for shares in this offering cannot be determined on the date subscription
of rights are exercised hereby, but that the undersigned will obtain the number of shares equal to the result of dividing the accepted
dollar amount of investment by the Subscription Price on the Expiration Date.

 

This Subscription Rights Certificate is
not valid unless countersigned by the subscription agent and registered by the registrar.

 

Witness the signatures of the duly authorized
officers of Second Sight Medical Products, Inc.

 

Dated:

 

	 	 	 
	 	 	 
	President	 	Secretary

 

     

     

    

 

DELIVERY OPTIONS FOR SUBSCRIPTION RIGHTS
CERTIFICATE

Delivery other than in the manner or to
the address listed below will not constitute valid delivery.

    

	By mail:*	By hand or overnight courier:
	 	 
	Broadridge
    Corporate Issuer Solutions Inc.
 Attn: BCIS Re-Organization
    Dept. 
 P.O. Box 1317
 Brentwood,
    NY 11717-0693
 (855) 793-5068 (toll free)	Broadridge Corporate
    Issuer Solutions Inc.
 Attn: BCIS IWS
 51
    Mercedes Way
 Edgewood, NY 11717
 (855)
    793-5068 (toll free)

 

*If your chosen delivery method is USPS
Priority Mail or USPS Registered Mail, you must utilize the overnight courier address.

 

PLEASE PRINT ALL INFORMATION CLEARLY AND
LEGIBLY.

 

	
        FORM 1-EXERCISE OF SUBSCRIPTION RIGHTS

         

        To invest and purchase shares pursuant to your Basic
        Subscription Right, please complete lines (a) and (c) and sign under Form 3 below. To invest and purchase shares pursuant to your
        Over-Subscription Right, please also complete line (b) and sign under Form 3 below. To the extent your investment exceeds Shares
        that you are entitled under either the Basic Subscription Right or the Over-Subscription Right, you will be deemed to have elected
        to purchase the maximum number of shares for which you are entitled to under the Basic Subscription Right or Over-Subscription
        Right, as applicable.

         

        (a) EXERCISE OF BASIC SUBSCRIPTION RIGHT:

         

        I apply to invest
                =

         

         

         

        (b) EXERCISE OF OVER-SUBSCRIPTION RIGHT

         

        If you have exercised your Basic Subscription Right
        in full and wish to purchase additional shares of Common Stock pursuant to your Over-Subscription Right:
	
        FORM 2-DELIVERY TO DIFFERENT ADDRESS

         

        If you wish for the Common Stock underlying your
        subscription rights, or a certificate representing unexercised subscription rights to be delivered to an address different from
        that shown on the face of this Subscription Rights Certificate, please enter the alternate address below, sign under Form 3 and
        have your signature guaranteed under Form 4.

         

         

         

         

         

        FORM 3-SIGNATURE

         

        TO SUBSCRIBE: I acknowledge that I have received
        the Prospectus for the rights offering and I hereby irrevocably invest the amount indicated under Form 1 above on the terms and
        conditions specified in the Prospectus. This Form 3 must be signed by the registered holder(s) exactly as their name(s) appear(s)
        on the certificate(s) or by person(s) authorized to sign on behalf of the registered holder(s) by documents transmitted herewith.

         

        FORM 4-SIGNATURE GUARANTEE

         

        This form must be completed if you have completed
        any portion of Form 2.

	I apply for	$_________	 	 
	 	(amount

enclosed)	Signature 

Guaranteed:	 
	 	 	(Name of Bank or Firm)
	(c) Total Amount of Payment Enclosed = $________	 	 
	 	 	 
	METHOD OF PAYMENT (CHECK ONE)	By: 	 
	 	 	(Signature of Officer)
	
         ̈       Check
        or bank draft payable to “Broadridge Corporate Issuer Solutions, Inc., as Subscription Agent for Second Sight Medical Products,
        Inc.”

         

         ̈       Wire
        transfer of immediately available funds directly to the account maintained by Broadridge Corporate Issuer Solutions, Inc., as Subscription
        Agent, for purposes of accepting subscriptions in this Rights Offering to [Bank], for credit to for Broadridge Corporate Issuer
        Solutions, Inc., Second Sight Medical Products, Inc., ABA No. [           ],
        further credit to Account Number [           ], with reference to the rights
        holder's name.
	

                                                                                 

                                                                                 

                                                                                IMPORTANT: The signature(s) should be guaranteed by an eligible guarantor institution (bank, stock broker, savings & loan association or credit union) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.

 

FOR INSTRUCTIONS ON THE USE OF SECOND SIGHT MEDICAL
PRODUCTS, INC. SUBSCRIPTION RIGHTS CERTIFICATES, CONSULT BROADRIDGE  CORPORATE ISSUER SOLUTIONS INC., THE INFORMATION
AGENT, BY
EMAIL
AT
[          ]@[         ].COM,
BY TELEPHONE AT (   )    -      OR BY MAIL AT BROADRIDGE
CORPORATE ISSUER SOLUTIONS INC., (855) 793-5068 OR BY MAIL AT BROADRIDGE  CORPORATE ISSUER SOLUTIONS INC., 51 MERCEDES
WAY, EDGEWOOD, NEW YORK 11717.

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