Document:

Exhibit 4.5

 

NEITHER THIS NOTE NOR THE SECURITIES
ISSUABLE UPON CONVERSION OF THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR UNDER THE SECURITIES LAWS OF APPLICABLE STATES. THIS NOTE AND SUCH SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY
AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT
TO REGISTRATION UNDER SUCH LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS. INVESTORS SHOULD BE AWARE THAT THEY MAY BE
REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THIS NOTE AND ANY SECURITIES
ISSUABLE UPON CONVERSION OF THIS NOTE MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE
EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ALL APPLICABLE STATE SECURITIES LAWS. THE RIGHTS
OF HOLDER HEREOF ARE SUBORDINATED TO OBLIGATIONS OF THE COMPANY TO HOLDERS OF SENIOR INDEBTEDNESS (AS DEFINED BELOW) OF THE COMPANY.

 

	MOVANO INC.
	 
	SUBORDINATED CONVERTIBLE PROMISSORY NOTE
	 
	Note No.: _______	 
	$ [ ● ]	Made as of  [__], 2020

 

Subject to the terms
and conditions of this Note, for value received, Movano Inc., a Delaware corporation (the “Company”)
hereby promises to pay to the order of [●] or registered assigns (“Holder”), the principal sum
of [●] Dollars ($[●]), or such lesser amount as shall then equal the outstanding principal amount hereunder, together
with interest accrued on the unpaid principal amount at the Applicable Rate (as defined below). Interest shall begin to accrue
on the date of this Note and shall continue to accrue on the outstanding principal until the entire Balance is paid (or converted,
as provided in Section 6), and shall be computed based on the actual number of days elapsed and on a year of 365 days.

 

This Note has been
issued pursuant to that certain Note Purchase Agreement, dated as of February [●], 2020 (the “Purchase Agreement”),
by and among the Company, the original holder of this Note and certain other investors and is subject to the provisions of the
Purchase Agreement. This Note is subordinated to all indebtedness of the Company to banks, commercial finance lenders or other
lending institutions regularly engaged in the business of lending money (the “Senior Indebtedness”),
whether now existing or hereafter arising, in each case whether direct or indirect, absolute or contingent, due or to become due.
The following is a statement of the rights of Holder and the terms and conditions to which this Note is subject, and to which
the Holder hereof, by the acceptance of this Note, agrees.

 

1.
DEFINITION. The following definitions shall apply for purposes of this Note.

 

“Actual
Conversion Amount” means all (or if permitted by the terms of this Note, that lesser portion) of the Balance actually
converted into Conversion Stock pursuant to Section 6.1 or Section 6.2, as applicable, on an Actual Conversion Date, including,
if accrued interest and expenses convert pursuant to the terms of this Note, interest and expenses accrued through such Actual
Conversion Date and actually converted into Conversion Stock.

 

“Actual
Conversion Date” means a date on which all (or if permitted by this Note, a lesser portion) of the Balance of this
Note is converted pursuant to Section 6.1 or Section 6.2, as applicable.

 

“Affiliate” has the meaning
ascribed to it in Rule 144 promulgated under the Securities Act.

 

     

     

    

 

“Applicable
Rate” means a rate equal to the lower of: (a) the Highest Lawful Rate; and (b) four percent (4%) per annum.

 

“Balance”
means, at the applicable time, the sum of all then outstanding principal of this Note, all then accrued but unpaid interest and
all other amounts then accrued but unpaid under this Note.

 

“Business
Day” means a weekday on which banks are open for general banking business in San Francisco, California.

 

“Change
of Control” means (i) a consolidation or merger involving the Company if the holders of the voting securities of
the Company that are outstanding immediately prior to the consummation of such consolidation or merger do not, immediately after
the consummation of such consolidation or merger, hold voting securities that collectively possess at least a majority of the
voting power of all the outstanding securities of the surviving entity of such consolidation or merger or such surviving entity’s
parent entity; (ii) a transfer (in a single transaction or series of related transactions) by one or more stockholders to one
Person or to any group of Persons acting in concert, of outstanding shares of the Company’s capital stock then collectively
possessing a majority or more of the voting power of all then outstanding shares of the Company’s capital stock (computed
on an as-converted to common stock basis); or (iii) any sale or other disposition of all or substantially all of the assets of
the Company.

 

“Common Stock” means the
Company’s Common Stock, par value $0.0001 per share.

 

“Common
Stock Equivalents” means all shares of Common Stock issued and outstanding at the applicable time, assuming full
conversion or exercise of all then issued and outstanding securities of the Company that are exercisable for or convertible into
Common Stock of the Company, excluding all shares of Common Stock reserved for issuance upon exercise of stock options or stock
awards to be granted in the future under any stock option or equity incentive plan of the Company and all shares of Common Stock
issuable upon conversion of the Notes (as defined below).

 

“Conversion
Price” means (a) in the case of a conversion pursuant to Section 6.1 in connection with the Next Financing, an amount
equal to the lower of (i) 80% of the lowest per-share selling price of such Conversion Stock sold by the Company at the Next Financing
or (ii) the implied per share price determined by dividing $60,000,000 by the total number of Common Stock Equivalents immediately
prior to Next Financing Closing, (b) in the case of a conversion pursuant to Section 6.2.1 in connection with a Non-Qualified
Financing, an amount equal to the lowest per share selling price of Nonqualified Preferred Stock sold by the Company for new cash
investment in the Non-Qualified Financing, (c) in the case of a conversion pursuant to Section 6.2.2 upon the Maturity Date, an
amount equal to the implied per share price determined by dividing $60,000,000 by the total number of Common Stock Equivalents
as of the Maturity Date, (d) in the case of a conversion pursuant to Section 6.2.3 in the connection with the Change of Control,
an amount equal to the implied per share price determined by dividing $60,000,000 by the total number of Common Stock Equivalents
immediately prior to such Change of Control and (e) in the case of a conversion pursuant to Section 6.2.4 in connection with the
IPO, an amount equal to the lower of (i) 80% of the lowest per-share selling price of such Conversion Stock sold by the Company
in the IPO or (ii) the implied per share price determined by dividing $60,000,000 by the total number of Common Stock Equivalents
immediately prior to closing of the IPO. The Conversion Price is subject to adjustment as provided herein.

 

    -2-

     

    

 

“Conversion
Stock” means (a) in the case of a conversion pursuant to Section 6.1 in connection with the Next Financing, the
Company’s capital stock that is sold by the Company in the Next Financing, (b) in the case of a conversion pursuant to Section
6.2.1 in connection with a Non-Qualified Financing, the Company’s capital stock that is sold by the Company in the Non-Qualified
Financing, (c) in the case of a conversion pursuant to Section 6.2.2 upon the Maturity Date, the most senior series of Preferred
Stock outstanding as of the Maturity Date, (d) in the case of a conversion pursuant to Section 6.2.3 in the connection with the
Change of Control, the most senior series of Preferred Stock outstanding immediately prior to such Change of Control and (e) in
the case of a conversion pursuant to Section 6.2.4 in connection with the IPO, Common Stock. The number and character of shares
of Conversion Stock are subject to adjustment as provided in this Note and the term “Conversion Stock”
shall include the stock or other securities and property that are, on an Actual Conversion Date, receivable or issuable upon such
conversion of this Note in accordance with its terms.

 

“Event of Default” has
the meaning set forth in Section 5.

 

“Financing
Document” means each of this Note, the Notes, the Purchase Agreement, and any document entered into, executed or
delivered under or in connection with, or for the purpose of amending, any of such documents.

 

“Highest
Lawful Rate” means the maximum non-usurious rate of interest, as in effect from time to time, which may be charged,
contracted for, reserved, received or collected by Holder in connection with this Note under applicable law.

 

“IPO” the meaning set forth
for such term in the Charter (as defined in the Purchase Agreement).

 

“Lost
Note Documentation” means documentation satisfactory to the Company with regard to a lost or stolen Note, including,
if required by the Company, an affidavit of lost note and an indemnification agreement by Holder in favor of the Company with
respect to such lost or stolen Note.

 

“Majority
Holders” has the meaning set forth for such term in Section 6.8 of the Purchase Agreement.

 

“Maturity
Date” means the earlier of (a) the date that is twenty four (24) months from the Closing (as defined in the Purchase
Agreement) or (b) the time at which the Balance of this Note is due and payable upon an Event of Default; provided,
however that if the Event of Default is cured as permitted in this Note, then the Maturity Date shall not thereafter
be deemed to have occurred with regard to such Event of Default under this clause (b).

 

“Next
Financing” means the Company’s next sale of its Common Stock or Preferred Stock in a single transaction or
in a series of related transactions in each case occurring on or before the Maturity Date, for an aggregate gross purchase price
paid to the Company of no less than Five Million Dollars ($5,000,000) (excluding the principal amount of and accrued interest
or any other amounts owing on all Notes converted into Conversion Stock in such sale).

 

“Next Financing Closing”
the initial closing of the Next Financing.

 

“Note” means this Convertible
Promissory Note.

 

“Notes”
means a series of convertible promissory notes aggregating up to Seven Million ($7,000,000) in original principal amount issued
under the Purchase Agreement, of which this Note is one, each such note containing substantially identical terms and conditions
as this Note.

 

“Person”
means an individual, corporation, limited liability company, partnership, association, joint-stock company, trust, unincorporated
organization, joint venture or other entity or any governmental authority.

 

    -3-

     

    

 

“Preferred
Stock” means the Company’s Preferred Stock, $0.0001 par value per share, whether or not yet authorized as
of the date hereof.

 

“Principal Balance” means,
at the applicable time, all the then outstanding principal of this Note.

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

2.
PAYMENT OR CONVERSION AT MATURITY DATE; INTEREST.

 

2.1 Conversion
at Maturity Date. If this Note has not been previously converted (as provided in Section 6), then the principal amount
of this Note, all accrued and unpaid interest and all other amounts accrued under this Note shall be converted to Conversion Stock
at the Conversion Price.

 

2.2 Payment of
Interest. Anything herein to the contrary notwithstanding, if during any period for which interest is computed hereunder,
the amount of interest computed on the basis provided for in this Note, together with all fees, charges and other payments which
are treated as interest under applicable law, as provided for herein or in any other document executed in connection herewith,
would exceed the amount of such interest computed on the basis of the Highest Lawful Rate, then the Company shall not be obligated
to pay, and Holder shall not be entitled to charge, collect, receive, reserve or take, interest in excess of the Highest Lawful
Rate, and during any such period the interest payable hereunder shall be computed on the basis of the Highest Lawful Rate.

 

3. NO PREPAYMENT. Except
with regard to the conversion of this Note under Section 6, the Company may not pay any unpaid Balance of this Note before it
becomes due.

 

4. NOTES PARI
PASSU; APPLICATION OF PAYMENTS. Each of the Notes shall rank equally without preference or priority of any kind over one
another, and all payments and recoveries under any other Financing Document payable on account of principal and interest on the
Notes shall be paid and applied ratably and proportionately on the Balances of all outstanding Notes on the basis of their original
principal amount. Subject to Section 6 and the foregoing provisions of this Section, all payments will be applied first
to the repayment of accrued fees and expenses under this Note, then to accrued interest until all then outstanding accrued
interest has been paid in full, and then to the repayment of principal until all principal has been paid in full. If after
all applications of such payments have been made as provided in this Section, then the remaining amount of such payment that are
in either case in excess of the aggregate Balance of all outstanding Notes, shall be returned to the Company.

 

5. EVENTS OF
DEFAULT. Each of the following events shall constitute an “Event of Default” hereunder:

 

(a) The
Company fails to make any payment when due under this Note on the applicable due date;

 

(b) A receiver
is appointed for any material part of the Company’s property, the Company makes a general assignment for the benefit of
creditors, or the Company becomes a debtor or alleged debtor in a case under the U.S. Bankruptcy Code or becomes the subject of
any other bankruptcy or similar proceeding for the general adjustment of its debts or for its liquidation; or

 

(c) The
Company’s Board of Directors or stockholders adopt a resolution for the liquidation, dissolution or winding up of the Company.

 

    -4-

     

    

 

Upon the occurrence of any Event of Default,
all accrued but unpaid expenses, accrued but unpaid interest, all principal and any other amounts outstanding under this Note
shall (i) in the case of any Event of Default under Section 5(b), become immediately due and payable in full without further notice
or demand by Holder and (ii) in the case of any Event of Default other than under Section 5(b), become immediately due and payable
upon written notice by or on behalf of the affected Holder(s) to the Company but only if such notice is given with the prior written
consent of the Majority Holders. Notwithstanding any other provision of this Note, or of the other Financing Documents, Holder
agrees that Holder will exercise Holder’s rights and remedies under this Note and the other Financing Documents only in
concert with all other holders of outstanding Notes as provided in the Financing Documents and will not take any action, including
commencement or prosecution of litigation or any other proceeding to collect this Note, except as agreed by the Majority Holders.

 

6.
CONVERSION.

 

6.1 Conversion
in Next Financing. If the Company has not paid or otherwise converted the entire Balance before the Next Financing Closing,
then, at the Next Financing Closing, the entire Balance then outstanding shall automatically be cancelled and converted into that
number of shares of Conversion Stock obtained by dividing (a) the entire Balance by (b) the Conversion Price then in effect. Such
conversion shall be deemed to occur under this Section 6.1 as of immediately prior to the Next Financing Closing, without regard
to whether Holder has then delivered to the Company this Note (or the Lost Note Documentation where applicable) or executed any
other documents including, if applicable, the investors’ rights, co-sale, voting or other agreements, required to be executed
by the investors purchasing the Conversion Stock in the Next Financing. Holder agrees to execute all of the documents executed
by the investors in the Next Financing, including but not limited to a definitive Stock Purchase Agreement and an agreement encompassing
a market stand-off provision.

 

6.2 Conversion Other than upon Next Financing.

 

6.2.1 Optional
Conversion in Nonqualified Financing. If at any time while this Note is still outstanding the Company sells capital stock
in a single transaction or in a series of related transactions that does not constitute a Next Financing (such financing a “Nonqualified
Financing” and such shares of capital stock, the “Nonqualified Stock”), then, at the closing
of the Nonqualified Financing (a “Nonqualified Financing Closing”), the entire Balance then outstanding
may be converted, at the option of the Holder, into that number of shares of Nonqualified Stock determined by dividing (i) the
entire Balance by (ii) the Conversion Price then in effect. Such conversion shall be deemed to occur under this Section 6.2.1
as of immediately prior to the Nonqualified Financing Closing, without regard to whether Holder has then delivered to the Company
this Note (or the Lost Note Documentation where applicable) or executed any other documents including, if applicable, the investors’
rights, co-sale, voting or other agreements, required to be executed by the investors purchasing the Conversion Stock in the Nonqualified
Financing. Holder agrees to execute all of the documents executed by the investors in the Nonqualified Financing, including but
not limited to a definitive Stock Purchase Agreement and an agreement encompassing a market stand-off provision.

 

6.2.2 Maturity
Date Conversion. If the Company has not paid or otherwise converted the entire Balance before the Maturity Date, then on the
Maturity Date, all of the Balance then outstanding will automatically convert into Conversion Stock at the Conversion Price then
in effect. Conversion shall be deemed to have occurred under this Section 6.2.2 at the close of business on the Maturity Date.

 

    -5-

     

    

 

6.2.3 Change of
Control. If at any time before payment or conversion of the entire Balance, the Company effects a Change of Control, all of
the Balance outstanding immediately prior to such Change of Control will automatically convert into Conversion Stock at the Conversion
Price.

 

6.2.4 Initial Public
Offering. If at any time before payment or conversion of the entire Balance, the Company consummates an IPO, all of the Balance
outstanding immediately prior to the IPO will automatically convert into Conversion Stock at the Conversion Price.

 

6.3 Termination
of Rights. Except for the right to obtain certificates representing the Conversion Stock under Section 7, all rights with
respect to this Note shall terminate upon the effective conversion of the entire Balance of the Note as provided in Section 6.1
or 6.2, whichever is applicable. Notwithstanding the foregoing, Holder agrees to surrender this Note to the Company (or Lost Note
Documentation where applicable) as soon as practicable after conversion. In any event, Holder shall not be entitled to receive
any stock certificates representing the shares of Conversion Stock issuable upon conversion of this Note unless and until Holder
has surrendered the original of this Note (or Lost Note Documentation where applicable).

 

7. CERTIFICATES;
NO FRACTIONAL SHARES. Subject to Section 6.3, as soon as practicable after conversion of this Note pursuant to Section
6.1 or 6.2, as applicable, the Company at its expense will cause to be issued in the name of Holder and to be delivered to Holder,
a certificate or certificates for the number of shares of Conversion Stock to which Holder shall be entitled upon such conversion
(bearing such legends as may be required by applicable state and federal securities laws in the opinion of legal counsel of the
Company, by the Company’s Certificate of Incorporation and Bylaws and by any agreement between the Company and Holder),
together with any other securities and property to which Holder is entitled upon such conversion under the terms of this Note.
No fractional shares shall be issued upon conversion of this Note. If upon any conversion of this Note (and after aggregating
the amounts of all other Notes held by the same Holder which are converted at the same time as this Note), a fraction of a share
would otherwise be issued, then in lieu of such fractional share, the Company shall pay to Holder an amount in cash equal to such
fraction of a share multiplied by the applicable Conversion Price.

 

8. ADJUSTMENT
PROVISIONS. So long as any of the Balance of this Note remains outstanding and the conversion right under Section 6 has
not terminated, the number and character of shares of Conversion Stock issuable upon conversion of this Note upon an Actual Conversion
Date and, to the extent set forth in this Section 8, the Conversion Price therefor, are each subject to adjustment upon each occurrence
of an adjustment event described in Sections 8.1 through 8.4 occurring between the date this Note is issued and such Actual Conversion
Date.

 

8.1 Adjustment
for Stock Splits and Stock Dividends. The Conversion Price and the number of shares of Conversion Stock shall each be
proportionally adjusted to reflect any stock dividend, stock split, reverse stock split or other similar event affecting the number
of outstanding shares of Conversion Stock without the payment of consideration to the Company therefor at any time before an Actual
Conversion Date.

 

8.2 Adjustment
for Other Dividends and Distributions. If the Company shall make or issue, or shall fix a record date for the determination
of eligible holders of its capital stock entitled to receive, a dividend or other distribution payable with respect to the Conversion
Stock that is payable in securities of the Company (other than issuances with respect to which adjustment is made under Sections
8.1 or 8.3), or in assets (other than cash dividends) (each, a “Dividend Event”), and such dividend
or other distribution is actually made, then, and in each such case, Holder, upon conversion of an Actual Conversion Amount at
any time after such Dividend Event, shall receive, in addition to the Conversion Stock issuable upon such conversion of the Note,
the securities or other assets that would have been issuable to Holder had Holder, immediately prior to such Dividend Event, converted
such Actual Conversion Amount into Conversion Stock.

 

    -6-

     

    

 

8.3 Adjustment
for Consolidation or Merger. If the Company shall consolidate with or merge into one or more other corporations or other
entities, and pursuant to such consolidation or merger stock, other securities or other property is issued or paid to holders
of Conversion Stock (each, a “Reorganization Event”), then, and in each such case, Holder, upon conversion
of an Actual Conversion Amount after the consummation of such Reorganization Event, shall be entitled to receive (in lieu of the
stock or other securities and property that Holder would have been entitled to receive under the terms of this Note upon such
conversion but for such Reorganization Event), the stock or other securities or property that Holder would have been entitled
to receive upon the consummation of such Reorganization Event if, immediately prior to such Reorganization Event, Holder had converted
such Actual Conversion Amount into Conversion Stock, all subject to further adjustment as provided in this Note, and the successor
corporation or other successor entity in such Reorganization Event shall duly execute and deliver to Holder a supplement to this
Note acknowledging such corporation’s or other entity’s obligations under this Note; and in each such case, the terms
of the Note shall be applicable to the shares of stock or other securities or property receivable upon the conversion of this
Note after the consummation of such Reorganization Event.

 

8.4 Conversion
of Stock. In each case not otherwise covered in Section 8.3 where (a) all the outstanding Conversion Stock is converted,
pursuant to the terms of the Company’s Certificate of Incorporation, into Common Stock or other securities or property,
or (b) the Conversion Stock otherwise ceases to exist or to be authorized under the Company’s Certificate of Incorporation
(each a “Stock Event”), then Holder, upon conversion of this Note at any time after such Stock Event,
shall receive, in lieu of the number of shares of Conversion Stock that would have been issuable upon conversion of this Note
immediately prior to such Stock Event, the stock or other securities and property that Holder would have been entitled to receive
upon the Stock Event, if immediately prior to such Stock Event, Holder had converted the Actual Conversion Amount into Conversion
Stock.

 

8.5 Notice of
Adjustments. The Company shall promptly give written notice of each adjustment of the Conversion Price or the number or
type of shares of Conversion Stock or other securities or property issuable upon conversion of this Note that is required under
this Section 8. The notice shall describe the adjustment or readjustment and show in reasonable detail the facts on which the
adjustment or readjustment is based.

 

8.6 No Change
Necessary. The form of this Note may, but need not, be changed because of any adjustment in the Conversion Price or in
the number or type of shares of Conversion Stock issuable upon its conversion.

 

8.7 Reservation
of Stock. If the number of shares of Conversion Stock or other securities authorized and reserved for issuance upon conversion
of this Note shall not be sufficient to effect the conversion of the Balance of this Note, then the Company shall take such corporate
action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Conversion Stock
or other securities issuable upon conversion of this Note as shall be sufficient for such purpose.

 

9.
PROVISIONS RELATING TO STOCKHOLDERS RIGHTS.

 

9.1 Rights as
Investor. Upon conversion of the Balance in connection with the Next Financing or the Nonqualified Financing, as applicable,
Holder shall be entitled to the rights and be subject to all other obligations of the investors in the Conversion Stock issued
in the Next Financing or the Nonqualified Financing, as applicable.

 

    -7-

     

    

 

9.2 “Market
Stand-Off” Agreement. Holder hereby agrees that Holder shall be bound by the market standoff provision set forth
in Amended and Restated Registration Rights Agreement, dated as of March 28, 2019.

 

9.3 No Voting
or Other Rights. This Note does not entitle Holder to any voting rights or other rights as a stockholder of the Company,
unless and until (and only to the extent that) this Note is actually converted into shares of the Company’s capital stock
in accordance with its terms. In the absence of conversion of this Note into Conversion Stock, no provisions of this Note and
no enumeration herein of the rights or privileges of Holder, shall cause Holder to be a stockholder of the Company for any purpose.

 

10.
REPRESENTATIONS AND WARRANTIES OF HOLDER.

 

In order to induce
the Company to enter into the Financing Documents and issue this Note to the original Holder, the original Holder has made representations
and warranties to the Company as set forth in the Purchase Agreement.

 

11.
GENERAL PROVISIONS.

 

11.1 Waivers.
The Company and all endorsers of this Note hereby waive notice, presentment, protest and notice of dishonor.

 

11.2 Attorneys’
Fees. In the event any party is required to engage the services of an attorney for the purpose of enforcing this Note,
or any provision thereof, the prevailing party shall be entitled to recover its reasonable expenses and costs in enforcing this
Note, including attorneys’ fees.

 

11.3 Transfer.
Neither this Note nor any rights hereunder may be assigned, conveyed or transferred, in whole or in part, without the Company’s
prior written consent, which the Company may withhold in its sole discretion; provided, however, that
this Note may be assigned, conveyed or transferred without the prior written consent of the Company to any Affiliate of Holder
(including an affiliated venture capital fund) who executes and delivers to the Company an acknowledgement that such Affiliate
agrees to be subject to, and bound by, all the terms and conditions of this Note and satisfies the Company that such transfer
complies with state and federal securities laws. Subject to the foregoing, the rights and obligations of the Company and Holder
under this Note and the other Financing Documents shall be binding upon and benefit their respective permitted successors, assigns,
heirs, administrators and transferees, provided, however, that the Company may not assign its obligations under this Agreement
without the written consent of the Majority Holders.

 

11.4 Governing
Law. This Note shall be governed by and construed under the internal laws of the State of California as applied to agreements
among California residents entered into and to be performed entirely within the State of California, without reference to principles
of conflict of laws or choice of laws.

 

11.5 Headings.
The headings and captions used in this Note are used only for convenience and are not to be considered in construing or interpreting
this Note. All references in this Note to sections and exhibits shall, unless otherwise provided, refer to sections hereof and
exhibits attached hereto, all of which exhibits are incorporated herein by this reference.

 

    -8-

     

    

 

11.6 Notices.
Unless otherwise provided herein, any notice required or permitted under this Note shall be given in writing and shall be deemed
effectively given (a) at the time of personal delivery, if delivery is in person; (b) one (1) Business Day after deposit with
an express overnight courier for United States deliveries, or three (3) Business Days after deposit with an international express
overnight air courier for deliveries outside of the United States, in each case with proof of delivery from the courier requested;
or (c) four (4) Business Days after deposit in the United States mail by certified mail (return receipt requested) for United
States deliveries, when addressed to the party to be notified at the address indicated for such party in Section 6.6 of the Purchase
Agreement, or at such other address as any party hereto may designate for itself to receive notices by giving ten (10) days’
advance written notice to all other parties in accordance with the provisions of this Section.

 

11.7 Amendments
and Waivers. This Note and all other Notes issued under the Purchase Agreement may be amended and provisions may be waived
by the Note holders and the Company as provided in Section 6.8 of the Purchase Agreement. Any amendment or waiver effected in
accordance with Section 6.8 of the Purchase Agreement shall be binding upon each holder of any Notes at the time outstanding,
each future holder of the Notes and the Company.

 

11.8 Severability.
If one or more provisions of this Note are held to be unenforceable under applicable law, then such provision(s) shall be excluded
from this Note to the extent they are held to be unenforceable and the remainder of the Note shall be interpreted as if such provision(s)
were so excluded and shall be enforceable in accordance with its terms.

 

[Signature page follows]

 

    -9-

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Subordinated Convertible Promissory Note to be signed in its name as of the date first written above.

 

	 	THE COMPANY
	 	 
	 	MOVANO INC.
	 	 	 
	 	By:	                    
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title	 

 

	AGREED AND ACKNOWLEDGED:	 
	 	 
	HOLDER	 
	 	 
	[NAME OF HOLDER]	 
	 	 	 
	By:  	                           	 
	 	 	 
	Name: 	 	 
	 	 	 
	Title:	 	 

 

 

[Signature
Page to Subordinated Convertible Promissory Note of Movano Inc.]Exhibit 4.6

 

WARRANT

 

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

 

MOVANO INC.

 

WARRANT TO PURCHASE COMMON STOCK

 

	Warrant No. [●]	Original Issue Date: August [●], 2020

 

Movano Inc., a Delaware corporation (the
“Company”), hereby certifies that, for value received, [●], or permitted registered assigns (the
“Holder”), is entitled to purchase from the Company shares of common stock, $0.0001 par value (the “Common
Stock”), of the Company (each such share, a “Warrant Share” and all such shares, the “Warrant
Shares”) as determined in accordance with the terms herein, at the Exercise Price (as defined below) at any time
and from time to time from on or after the date hereof (the “Trigger Date”) and through and including
5:00 P.M., prevailing Pacific time, on August [●], 2025 (the “Expiration Date”), and subject to
the following terms and conditions:

 

This
Warrant (this “Warrant”) is issued pursuant to that certain [●] Agreement dated [●] between
the Company and the Holder (the “[●] Agreement”).

 

1. Definitions.
In addition to the terms defined elsewhere in this Warrant, capitalized terms that are not otherwise defined herein have the meanings
given to such terms in the form of Subordinated Convertible Promissory Notes (the “Notes”) issued to
investors participating in the private placement of approximately $12,500,000 of Notes closing on or about the date hereof.

 

2. Exercise
Price. For purposes of this Warrant, the “Exercise Price” shall be equal to $2.97 (as adjusted from
time to time as provided in Section 11 herein). Notwithstanding the forgoing, upon the automatic conversion of the Notes pursuant
to Sections 6.1, 6.2.2, 6.2.3 or 6.2.4 of the Notes, the “Exercise Price” shall automatically adjust
to be equal to the “Conversion Price”, as defined in the Notes.

 

     

     

    

 

3. Number
of Warrant Shares. The aggregate number of Warrant Shares acquirable upon the exercise of this Warrant shall be [●] (as
adjusted from time to time as provided in Section 11 herein).

 

4. Registration
of Warrants. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder (which shall include the initial Holder or, as the case may be, any
registered assignee to which this Warrant is permissibly assigned hereunder) from time to time. The Company may deem and treat
the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to
the Holder, and for all other purposes, absent actual notice to the contrary.

 

5. Transfers:
Lock-Up Period.

 

(a) The
Company shall register the transfer of all or any portion of this Warrant in the Warrant Register, upon (i) surrender of this Warrant,
with the Form of Assignment attached as Schedule 2 hereto duly completed and signed, to the Company’s transfer agent
or to the Company at its address specified herein (ii) delivery, at the request of the Company, of an opinion of counsel reasonably
satisfactory to the Company to the effect that the transfer of such portion of this Warrant may be made pursuant to an available
exemption from the registration requirements of the Securities Act of 1933 (“Securities Act”) and all
applicable state securities or blue sky laws and (iii) delivery by the transferee of a written statement to the Company certifying
that the transferee is an “accredited investor” as defined in Rule 501(a) under the Securities Act and making the representations
and certifications as the Company may reasonably request to procure an exemption from Section 5 of the Securities Act. Upon any
such registration or transfer, a new warrant to purchase Common Stock in substantially the form of this Warrant (any such new warrant,
a “New Warrant”) evidencing the portion of this Warrant so transferred shall be issued to the transferee,
and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring
Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of
the rights and obligations of a Holder of a Warrant.

 

(b) The
Holder agrees that in the event of an initial public offering of the Company’s securities, pursuant to the Lock-Up Period
(as defined below) contained in Rule 5110(g)(1) of the Financial Industry Regulatory Authority, Inc. (“FINRA”),
it will not (a) sell, transfer, assign, pledge, hypothecate or otherwise transfer the Warrant (including any Warrant Shares issued
or issuable hereunder) other than to a bona fide officer, partner or other associated person of the Holder or any selected dealer
(or any officer, partner or other associated person thereof) in connection with the initial public offering, in each case in accordance
with FINRA Conduct Rule 5110(g)(1), or (b) cause the Warrant or any Warrant Shares issued or issuable hereunder to be the subject
of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of the
Warrant or any Warrant Shares issued or issuable hereunder, except as provided for in FINRA Rule 5110(g)(2). As used herein, the
term “Lock-Up Period” means the period beginning on the date that a registration statement of the Company
under the Securities Act is declared effective by the Securities and Exchange Commission (the “Effective Date”)
and ending on the one hundred eighty day anniversary of the Effective Date.

 

    2

     

    

 

(c) [The
Holder further agrees that consistent with the lock-up provision contained in the Engagement Agreement between the Company and
National Securities Corporation dated February 22, 2018, as amended, in the event of an initial public offering of the Company’s
securities, this Warrant and any Warrant Shares issued or issuable hereunder may not be sold for a period of 12 months following
the Company’s initial listing on an exchange or trading medium.]

 

6. Exercise
and Duration of Warrants.

 

(a) All
or any part of this Warrant shall be exercisable by the registered Holder at any time and from time to time on or after the Trigger
Date and through and including 5:00 P.M. prevailing Pacific time on the Expiration Date. At 5:00 P.M., prevailing Pacific time,
on the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value and this
Warrant shall be terminated and no longer outstanding.

 

(b) The
Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached as Schedule 1 hereto
(the “Exercise Notice”), appropriately completed and duly signed, (ii) payment of the Exercise Price
for the number of Warrant Shares as to which this Warrant is being exercised (which may take the form of a “cashless exercise”
if so indicated in the Exercise Notice and if a “cashless exercise” may occur at such time pursuant to Section 12
below), and the date such items are delivered to the Company (as determined in accordance with the notice provisions hereof) is
an “Exercise Date.” The Holder shall not be required to deliver the original Warrant in order to effect
an exercise hereunder, but shall do so reasonably shortly thereafter. Execution and delivery of the Exercise Notice shall have
the same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining
number of Warrant Shares.

 

(c) The
Holder may not exercise this Warrant at any time that Holder is unable to establish to the Company’s reasonable satisfaction
that the exercise complies with an exemption from the registration provisions of Section5 of the Securities Act.

 

7. Delivery
of Warrant Shares. Upon exercise of this Warrant, the Company shall promptly issue or cause to be issued and cause to be delivered
to or upon the written order of the Holder and in such name or names as the Holder may designate a certificate for the Warrant
Shares issuable upon such exercise, with an appropriate restrictive legend. The Holder, or any Person permissibly so designated
by the Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise
Date.

 

8. Charges,
Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be
made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense in respect
of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; 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 Warrant Shares or 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.

 

    3

     

    

 

9. Replacement
of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each case,
a customary and reasonable indemnity (which shall not include a surety bond), if requested. Applicants for a New Warrant under
such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party
costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder
shall deliver such mutilated Warrant to the Company as a condition precedent to the Company’s obligation to issue the New
Warrant.

 

10. 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 Warrant Shares which are then issuable and deliverable upon the exercise of this
entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking into
account the adjustments and restrictions of Section 11). The Company covenants that all Warrant Shares 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 action 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 Shares may be listed.

 

11. Certain
Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 11.

 

(a) Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common
Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides
its outstanding shares of Common Stock into a larger number of shares, or (iii) combines its outstanding shares of Common Stock
into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction, the numerator of
which shall be the number of shares of Common Stock outstanding immediately before such event and the denominator of which shall
be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of
this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive
such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately
after the effective date of such subdivision or combination.

 

    4

     

    

 

(b) Fundamental
Transactions. If, at any time while this Warrant is outstanding (i) the Company effects any merger or consolidation of the
Company with or into another Person, in which the Company is not the survivor, (ii) the Company effects any sale of all or substantially
all of its assets or a majority of its Common Stock is acquired by a third party, in each case, in one or a series of related transactions,
(iii) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which all or substantially
all of the holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or
(iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common
Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision
or combination of shares of Common Stock covered by Section 11(a) above) (in any such case, a “Fundamental Transaction”),
then the Holder shall have the right thereafter to receive, upon exercise of this Warrant (including payment of the Exercise Price),
the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such
Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of Warrant
Shares then issuable upon exercise in full of this Warrant without regard to any limitations on exercise contained herein (the
“Alternate Consideration”). The Company shall not effect any such Fundamental Transaction unless prior
to or simultaneously with the consummation thereof, any successor to the Company, surviving entity or the corporation purchasing
or otherwise acquiring such assets or other appropriate corporation or entity shall assume the obligation to deliver to the Holder,
such Alternate Consideration as, in accordance with the foregoing provisions, the Holder may be entitled to purchase and/or receive
(as the case may be), and the other obligations under this Warrant. The provisions of this paragraph (b) shall similarly apply
to subsequent transactions analogous to a Fundamental Transaction.

 

(c) Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) of this Section, the
number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so
that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant Shares
shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.

 

(d) Calculations.
All calculations under this Section 11 shall be made to the nearest cent or the nearest 1/100th of a share, as applicable.
The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account
of the Company, and the sale or issuance of any such shares shall be considered an issue or sale of Common Stock.

 

(e) Notice
of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 11, the Company at its expense will,
at the written request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant
and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number
or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions
giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the
Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s transfer agent.

 

    5

     

    

 

(f) Notice
of Corporate Events. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution of
cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants
to subscribe for or purchase any capital stock of the Company, (ii) authorizes or approves, enters into any agreement contemplating
or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or
winding up of the affairs of the Company, then, except if such notice and the contents thereof shall be deemed to constitute material
non-public information, the Company shall deliver to the Holder a notice describing the material terms and conditions of such transaction
at least ten (10) Trading Days prior to the applicable record or effective date on which a Person would need to hold Common Stock
in order to participate in or vote with respect to such transaction, and the Company will take all steps reasonably necessary in
order to insure that the Holder is given the practical opportunity to exercise this Warrant prior to such time so as to participate
in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein
shall not affect the validity of the corporate action required to be described in such notice.

 

12. Payment
of Exercise Price. The Holder shall pay the Exercise Price in immediately available funds; provided, however, the Holder
may, in its sole discretion, satisfy its obligation to pay the Exercise Price through a “cashless exercise”, in which
event the Company shall issue to the Holder the number of Warrant Shares determined as follows:

 

X = Y [(A-B)/A]

 

where:

 

X = the number of Warrant Shares
to be issued to the Holder.

 

Y = the total number of Warrant
Shares with respect to which this Warrant is being exercised.

 

A = the average of the Closing
Sale Prices of the shares of Common Stock (as reported by Bloomberg Financial Markets) for the five Trading Days ending on the
date immediately preceding the Exercise Date.

 

B = the Exercise Price then in
effect for the applicable Warrant Shares at the time of such exercise.

 

For purposes of this Warrant, “Closing
Sale Price” means, for any security as of any date, the last trade price for such security on the principal securities
exchange or trading market for such security, as reported by Bloomberg Financial Markets, or, if such exchange or trading market
begins to operate on an extended hours basis and does not designate the last trade price, then the last trade price of such security
prior to 4:00:00 p.m., New York Time, as reported by Bloomberg Financial Markets, or if the foregoing do not apply, the last trade
price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg
Financial Markets, or, if no last trade price is reported for such security by Bloomberg Financial Markets, the average of the
bid prices, or the ask prices, respectively, of any market makers for such security as reported in the “pink sheets”
by Pink Sheets LLC. If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing
bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company
and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then the Company
shall, within two business days submit via facsimile (a) the disputed determination of the Warrant 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 at its expense 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 ten business 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. All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar
transaction during the applicable calculation period.

 

    6

     

    

 

For purposes of Rule 144 promulgated under
the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction
shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced,
on the date this Warrant was originally issued pursuant to the Consulting Agreement (provided that the Commission continues to
take the position that such treatment is proper at the time of such exercise).

 

13. [Limitation
on Exercises. The Company shall not effect the exercise of this Warrant, and the Holder shall not have the right to exercise
this Warrant, to the extent that after giving effect to such exercise, the Holder (together with such Holder’s affiliates)
would beneficially own in excess of 4.99% (“Maximum Percentage”) of the shares of Common Stock outstanding
immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common
Stock beneficially owned by such Holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise
of this Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock
which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by such Holder
and its affiliates and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company
beneficially owned by such Person and its affiliates (including, without limitation, any convertible notes or convertible preferred
stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set
forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section
13(d) of the Securities Exchange Act of 1934, as amended. To the extent that the limitation contained in this Section 13
applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any affiliate) 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 affiliate) and of which portion of this Warrant is exercisable,
in each case subject to such aggregate percentage limitation, and the Company shall have no obligation to verify or confirm the
accuracy of the determination. For purposes of this Warrant, 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 (1) the Company’s most recent Form 10-K,
Form 10-Q, Current Report on Form 8-K or other public filing with the Securities and Exchange Commission, as the case may be, (2)
a more recent public announcement by the Company or (3) any other notice by the Company setting forth the number of shares of Common
Stock outstanding. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1)
business day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the
number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder and its affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. By written notice to the Company, any Holder may decrease the Maximum Percentage to any other
percentage specified in such notice; provided that such decrease will apply only to the Holder sending such notice and not to any
other holder of Warrants. In addition, by written notice to the Company, any Holder may remove the limitations on exercises provided
in this Section 13 entirely; provided that (i) any such removal will not be effective until the 61st day after such notice
is delivered to the Company, and (ii) any such removal will apply only to the Holder sending such notice and not to any other holder
of Warrants. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 13 to correct this paragraph (or any portion hereof) which may be defective or inconsistent
with the intended beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to
properly give effect to such limitation.]

 

    7

     

    

 

14. No
Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of
any fractional shares which would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded up to the next
whole number.

 

15. Notices.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall
be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via email at the email address specified in the [●] Agreement prior to 5:00 p.m. (prevailing Pacific time) on
a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via email
at the email address specified in the [●] Agreement t on a day that is not a Trading Day or later than 5:00 p.m. (prevailing
Pacific time) on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight
courier service specifying next business day delivery, or (iv) upon actual receipt by the party to whom such notice is required
to be given, if by hand delivery. The address and facsimile number of a party for such notices or communications shall be as set
forth in the [●] Agreement unless changed by such party by two Trading Days’ prior notice to the other party in accordance
with this Section 15.

 

16. Warrant
Agent. The Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to the Holder, the
Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation
resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the
Company or any new warrant agent transfers substantially all of its corporate trust or shareholders’ services business shall
be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause
notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s
last address as shown on the Warrant Register.

 

    8

     

    

 

17. [Registration
Rights. The Company agrees that the Holder and its assigns will have registration rights covering the resale of the Warrant
Shares, including “piggyback” registration rights on the registrations of the Company or demand registrations (voting
with the other registrable securities to effect any such demand), no less favorable than those granted to any other person in connection
with any Offering for which NSC participated as financial advisor, placement agent or underwriter. At such time, and from time
to time, as the Company enters into an agreement subsequent to the date of this Warrant pursuant to which the Company grants any
third party rights with respect to the Company’s registration of Company securities under the Securities Act held by such
party, the Company shall offer to enter into a formal written registration rights agreement with the Holder and its assigns on
substantially the same terms and such other terms as are customary and usual for agreements of such nature.]

 

18. Miscellaneous.

 

(a) 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, amalgamation, 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. Notwithstanding this Section 18(a),
the Company shall provide the Holder with copies of the same notices and other information given to the shareholders of the Company,
contemporaneously with the giving thereof to the shareholders.

 

(b) Subject
to the restrictions on transfer set forth on the first page hereof, and compliance with applicable securities laws, this Warrant
may be assigned by the Holder. This Warrant may not be assigned by the Company except to a successor in the event of a Fundamental
Transaction. This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and
assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company
and the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in
writing signed by the Company and the Holder, or their successors and assigns.

 

    9

     

    

 

(c) GOVERNING
LAW; VENUE; WAIVER OF JURY TRIAL. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT
SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES
OF CONFLICTS OF LAW THEREOF. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS
SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH
OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION
DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT
PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY
WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY
THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT
FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND
NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED
BY LAW. THE COMPANY HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.

 

(d) The
headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.

 

(e) In
case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(f) Except
as otherwise set forth herein, prior to exercise of this Warrant, the Holder hereof shall not, by reason of by being a Holder,
be entitled to any rights of a stockholder with respect to the Warrant Shares.

 

    10

     

    

 

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

 

		“Company”
	 	 	 
	 	Movano Inc.
	 	 	 
	 	By:	 

 

    11

     

    

 

SCHEDULE 1 

 

FORM OF EXERCISE
NOTICE

 

(To be executed by the Holder to exercise
the right to purchase

shares of Common Stock under the foregoing Warrant)

 

Ladies and Gentlemen:

 

(1) The
undersigned is the Holder of Warrant No. ___________ (the “Warrant”) issued by Movano Inc. (the “Company”).
Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.

 

(2) The
undersigned hereby exercises its right to purchase ________ Warrant Shares pursuant to the Warrant.

 

(3) The
Holder intends that payment of the Exercise Price shall be made as (check one):

 

☐
Cash Exercise

 

☐
“Cashless Exercise” under Section 12

 

(4) If
the Holder has elected a Cash Exercise, the Holder shall pay the sum of $_______ in immediately available funds to the Company
in accordance with the terms of the Warrant.

 

(5) Pursuant
to this Exercise Notice, the Company shall deliver to the Holder _______ Warrant Shares in accordance with the terms of the Warrant.

 

Dated: ________________, _____

 

	[Company]	 	 
	 	 	 
	By:	 	 	 

  

(Signature must conform in all respects
to name of Holder as specified on the face of the Warrant)

 

    Sch. 1-1

     

    

 

SCHEDULE 2 

 

FORM OF ASSIGNMENT

 

[To be completed and signed only upon transfer
of Warrant]

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto _______ (the “Transferee” the right represented by the within Warrant
to purchase _______ shares of Common Stock of Movano Inc. (the “Company”) to which the within Warrant
relates and appoints _______ attorney to transfer said right on the books of the Company with full power of substitution in the
premises. In connection therewith, the undersigned represents, warrants, covenants and agrees to and with the Company that:

 

		(a)	the offer and sale of the Warrant contemplated hereby is being made in compliance with Section
4(a)(1) of the United States Securities Act of 1933, as amended (the “Securities Act”) or another valid
exemption from the registration requirements of Section 5 of the Securities Act and in compliance with all applicable securities
laws of the states of the United States;

 

		(b)	the undersigned has not offered to sell the Warrant by any form of general solicitation or general
advertising, including, but not limited to, any advertisement, article, notice or other communication published in any newspaper,
magazine or similar media or broadcast over television or radio, and any seminar or meeting whose attendees have been invited by
any general solicitation or general advertising;

 

		(c)	the undersigned has read the Transferee’s investment letter included herewith, and to its
actual knowledge, the statements made therein are true and correct; and

 

		(d)	the undersigned understands that the Company may condition the transfer of the Warrant contemplated
hereby upon the delivery to the Company by the undersigned or the Transferee, as the case may be, of a written opinion of counsel
(which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect
that such transfer may be made without registration under the Securities Act and under applicable securities laws of the states
of the United States.

 

 

(Continued on Next Page)

 

    Sch. 2-1

     

    

 

Dated: ________________, _____

 

	[Company]	 	Address of Transferee
	 	 	 
	By:	 	 	 

 

(Signature must
conform in all respects to name of Holder as specified on the face of the Warrant)

 

In the presence of:

 

    Sch. 2-2

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