Document:

Exhibit 10.24

 

Execution
Version

 

SERIES C CONVERTIBLE
PREFERRED STOCK PURCHASE AGREEMENT

 

THIS
SERIES C CONVERTIBLE PREFERRED STOCK PURCHASE AGREEMENT (this “Agreement”), is made as of May 3, 2021, by
and among Miromatrix Medical Inc., a Delaware corporation (the “Company”), and the investors listed on Exhibit A
attached to this Agreement (each a “Purchaser” and together the “Purchasers”).

 

The
parties hereby agree as follows:

 

1.               Purchase
and Sale of Preferred Stock.

 

1.1            Sale
and Issuance of Preferred Stock.

 

(a)         The
Company shall have adopted and filed with the Secretary of State of the State of Delaware on or before the Initial Closing (as defined
below) the Amended and Restated Certificate of Incorporation in the form of Exhibit B attached to this Agreement (the “Restated
Certificate”).

 

(b)         Subject
to the terms and conditions of this Agreement, each Purchaser, severally and not jointly, agrees to purchase at the applicable Closing
(as defined below) and the Company agrees to sell and issue to each Purchaser at the applicable Closing that number of shares of Series C
Convertible Preferred Stock, $0.00001 par value per share (the “Series C Preferred Stock”), set forth opposite
each Purchaser’s name on Exhibit A, at a purchase price of $7.50 per share. The shares of Series C Preferred Stock
issued to the Purchasers pursuant to this Agreement shall be referred to in this Agreement as the “Shares.”

 

1.2            Closing;
Delivery.

 

(a)         The
initial purchase and sale of the Shares shall take place remotely via the exchange of documents and signatures on the second business
day following the satisfaction or waiver of the conditions set forth in Section 4 below (other than conditions that by their
nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions), or at such other time and place
as the Company and the Purchasers mutually agree upon, orally or in writing (which time and place are designated as the “Initial
Closing”). In the event there is more than one closing, the term “Closing” shall apply to each such closing
unless otherwise specified.

 

(b)         At
or promptly following each Closing, the Company shall deliver to each Purchaser a certificate representing the Shares being purchased
by such Purchaser at such Closing against payment of the purchase price therefor by check payable to the Company, by wire transfer to
a bank account designated by the Company, by cancellation or conversion of indebtedness or other convertible securities of the Company
to Purchaser, including interest, or by any combination of such methods.

 

1.3            Sale
of Additional Shares of Series C Preferred Stock. After the Initial Closing, the Company may sell, on the same terms and conditions
as those contained in this Agreement, any additional shares (subject to appropriate adjustment in
the event of any stock dividend, stock split, combination or similar recapitalization affecting such shares) of Series C Preferred
Stock authorized in the Restated Certificate and not sold during the Initial Closing (the “Additional Shares”),
to Cheshire MD Holdings, LLC (“Cheshire”) or any Affiliate thereof, CareDx, Inc. or any Affiliate thereof, or one or
more purchasers reasonably acceptable to Baxter (defined below) (the “Additional Purchasers”); provided that (i) such
subsequent sale is consummated prior to 90 days after the Initial Closing and (ii) each Additional Purchaser becomes a party to this
Agreement, by executing and delivering a counterpart signature page to this Agreement. Exhibit A to this Agreement shall be
updated to reflect the number of Additional Shares purchased at each such Closing and the parties purchasing such Additional Shares.

 

     

     

    

 

1.4            Consent
to Conversion and Termination of Convertible Instruments.

 

(a)             By
executing and delivering this Agreement, each Purchaser holding one or more convertible instruments (including convertible promissory
notes) issued by the Company prior to the Initial Closing listed on Exhibit A (each, a “Convertible Security”
and, collectively, the “Convertible Securities”), if any, hereby irrevocably agrees that:

 

(i)         all
of such Purchaser’s Convertible Securities listed on Exhibit A will automatically and without any action on the part
of such Purchaser convert into shares of Series C Preferred Stock at the Initial Closing in the amount for such Purchaser as set
forth on Exhibit A, regardless of whether any such Convertible Securities or an affidavit of loss therefor is actually delivered
in original or other form to the Company;

 

(ii)       the
shares of Series C Preferred Stock in the amount set forth opposite such Purchaser’s name on Exhibit A are issued in full
and complete discharge and satisfaction of all obligations of the Company (including outstanding principal, interest or any other amounts)
under such Purchaser’s Convertible Securities, and such Convertible Securities will be terminated and of no further force or effect
automatically immediately prior to the Initial Closing; and

 

(iii)      such
Purchaser’s Convertible Securities listed on Exhibit A hereby are and will be deemed for all purposes to have been amended
and modified by virtue hereof to the full extent necessary to permit and facilitate their conversion into the shares of Series C
Preferred Stock, and, immediately prior to the Initial Closing, such Convertible Securities shall be deemed terminated in full and null,
void and of no further force or effect; provided that the foregoing will not impair the right of such Purchaser to receive the applicable
number of shares of Series C Preferred Stock shown opposite his, her or its name on Exhibit A as provided above.

 

(b)             Such
Purchaser hereby represents, warrants and confirms to the Company that: (i) Purchaser is the sole owner of all right, title and interest
in and to the Convertible Securities corresponding to the amounts shown on Exhibit A opposite such Purchaser’s name and converting
into the shares of Series C Preferred Stock shown on Exhibit A; and (ii) Purchaser has reviewed Exhibit A and agrees
that his, her or its ownership of shares of Series C Preferred Stock after giving effect to the Initial Closing is fully and accurately
reflected on Exhibit A.

 

(c)             Aside
from such Purchaser’s right to receive the shares of Series C Preferred Stock set forth opposite such Purchaser’s name
on Exhibit A at the Initial Closing and to receive rights provided for in this Agreement and as a holder of shares of Series C
Preferred Stock under the Restated Certificate, such Purchaser hereby waives any and all demands, claims, suits, actions, causes of actions,
proceedings, assessments and rights in respect of such Purchaser’s Convertible Securities listed on Exhibit A, including, without
limitation, (i) any principal or interest payments in excess of the amounts to be converted into the shares of Series C Preferred
Stock as provided on Exhibit A, (ii) any right to formal notice of the conversion of the Convertible Securities and (iii) any
rights arising from any past or present actual or alleged default or event of default under the Convertible Securities. The Purchasers
further confirm and agree that any original Convertible Securities held by (or delivered to) the Company may be cancelled (and marked
cancelled) by the Company upon or following the Initial Closing.

 

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1.5            Use
of Proceeds. In accordance with the directions of the Company’s Board of Directors, the Company will use the proceeds from the
sale of the Shares for product development, working capital and other general corporate purposes. The Company shall not use the proceeds
from the sale of the Shares for the repayment of any indebtedness or to fund any payments to any stockholder, officer or employee, other
than compensation in the ordinary course consistent with past practice.

 

1.6            Defined
Terms Used in this Agreement. In addition to the terms defined above, the following terms used in this Agreement shall be construed
to have the meanings set forth or referenced below.

 

(a)            “Affiliate”
means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common
control with such Person, including, without limitation, any general partner, managing member, officer, director or trustee of such Person,
or any venture capital fund or registered investment company now or hereafter existing that is controlled by one or more general partners,
managing members or investment advisers of, or shares the same management company or investment adviser with, such Person.

 

(b)            “Board”
means the Company’s board of directors.

 

(c)            “Code”
means the Internal Revenue Code of 1986, as amended.

 

(d)            “Company
Covered Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under
the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1).

 

(e)            “Company
Intellectual Property” means all patents, patent applications, registered and unregistered trademarks, trademark applications,
registered and unregistered service marks, service mark applications, tradenames, copyrights, trade secrets, domain names, mask works,
information and proprietary rights and processes, similar or other intellectual property rights, subject matter of any of the foregoing,
tangible embodiments of any of the foregoing, licenses in, to and under any of the foregoing, and in any and all such cases that are owned
or used by the Company in the conduct of the Company’s business as now conducted and as presently proposed to be conducted.

 

(f)             “Key
Employee” means any executive-level employee, as well as any employee or consultant who either alone or in concert with others
develops, invents, programs or designs any Company Intellectual Property.

 

(g)            “Knowledge”
including the phrase “to the Company’s knowledge” shall mean the actual knowledge after reasonable investigation
and assuming such knowledge as the individual would have as a result of the reasonable performance of his or her duties in the ordinary
course of the following officers: Jeff Ross, Brian Niebur and Mason Macenski. Additionally, for purposes of Section 2.8 below,
the Company shall be deemed to have “knowledge” of a patent right if the Company has actual knowledge of the patent right
or would be found to be on notice of such patent right as determined by reference to United States patent laws.

 

(h)            “Material
Adverse Effect” means a material adverse effect on the business, assets (including intangible assets), liabilities, financial
condition, property or results of operations of the Company.

 

(i)             “Person”
means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 

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(j)             “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

(k)            “Side
Letter” means the agreement between the Company and Baxter Healthcare Corporation (“Baxter”) as of the
date of the Initial Closing, in the form of Exhibit D attached to this Agreement.

 

(l)             “Transaction
Agreements” means this Agreement and the Side Letter.

 

2.              Representations
and Warranties of the Company. The Company hereby represents and warrants to each Purchaser that, except as set forth on the Disclosure
Schedule attached as Exhibit C to this Agreement, which exceptions shall be deemed to be part of the representations and warranties
made hereunder, the following representations are true and complete as of the date of the date of this Agreement, except as otherwise
indicated. The Disclosure Schedule shall be arranged in sections corresponding to the numbered and lettered sections contained in this
Section 2, and the disclosures in any section of the Disclosure Schedule shall qualify other sections in this Section 2
only to the extent it is readily apparent from a reading of the disclosure that such disclosure is applicable to such other sections.

 

For purposes of these representations
and warranties (other than those in Sections 2.2, 2.3, 2.4, 2.5, and 2.6), the term the “Company”
shall include any subsidiaries of the Company, unless otherwise noted herein.

 

2.1            Organization,
Good Standing, Corporate Power and Qualification. The Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently conducted
and as presently proposed to be conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction
in which the failure to so qualify would have a Material Adverse Effect.

 

2.2            Capitalization.

 

(a)            Immediately
prior to the Initial Closing, the authorized capital of the Company will consist of:

 

(i)          50,000,000
shares of common stock, $0.00001 par value per share (the “Common Stock”), 2,329,572 shares of which are issued and
outstanding. All of the outstanding shares of Common Stock have been duly authorized, are fully paid and nonassessable and were issued
in compliance with all applicable federal and state securities laws. The Company holds no Common Stock in its treasury.

 

(ii)        15,900,000
shares of preferred stock, $0.00001 par value per share (the “Preferred Stock”), 3,300,000 of which are designated
Series A Convertible Preferred Stock, $0.00001 par value per share, 3,000,380 of which are issued and outstanding; 4,000,000 of which
are designated Series B Convertible Preferred Stock, $0.00001 par value per share, 3,218,282 of which are issued and outstanding;
2,500,000 of which are designated Series B-2 Convertible Preferred Stock, $0.00001 par value per share, 2,095,874 of which are issued
and outstanding, and 6,100,000 of which have been designated Series C Preferred Stock, none of which are issued and outstanding.
The rights, privileges and preferences of the Preferred Stock are as stated in the Restated Certificate and as provided by the Delaware
General Corporation Law. The Company holds no Preferred Stock in its treasury.

 

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(b)

 

(i)         The
Company has reserved 3,850,000 shares of Common Stock for issuance to officers, directors, employees and consultants of the Company pursuant
to its 2010 Stock Incentive Plan duly adopted by the Board and approved by the Company stockholders (the “2010 Plan”).
Of such reserved shares of Common Stock, 3,287,230 shares are outstanding that have been issued pursuant to restricted stock purchase
agreements, options to purchase 3,287,230 shares have been granted and are currently outstanding, and 0 shares of Common Stock remain
available for issuance to officers, directors, employees and consultants pursuant to the 2010 Plan. The Company has furnished to the Purchasers
complete and accurate copies of the 2010 Plan and forms of agreements used thereunder.

 

(ii)        The
Company has reserved 1,000,000 shares of Common Stock for issuance to officers, directors, employees and consultants of the Company pursuant
to its 2019 Equity Incentive Plan duly adopted by the Board and approved by the Company stockholders (the “2019 Plan,”
and together with the 2010 Plan, the “Stock Plan”). Of such reserved shares of Common Stock, 481,500 shares are outstanding
that have been issued pursuant to restricted stock purchase agreements, options to purchase 481,500 shares have been granted and are currently
outstanding, and 518,500 shares of Common Stock remain available for issuance to officers, directors, employees and consultants pursuant
to the 2019 Plan. The Company has furnished to the Purchasers complete and accurate copies of the 2019 Plan and forms of agreements used
thereunder.

 

(c)            Section 2.2(c) of
the Disclosure Schedule sets forth the capitalization of the Company immediately following the Initial Closing including the number of
shares of the following: (i) issued and outstanding Common Stock, including, with respect to restricted Common Stock, vesting schedule
and repurchase price; (ii)  outstanding stock options, including vesting schedule and exercise price; (iii) shares of Common
Stock reserved for future award grants under the Stock Plan; (iv) each series of Preferred Stock; and (v) warrants or stock
purchase rights, if any. Except for (A) the conversion privileges of the Shares to be issued under this Agreement, (B) the rights
provided in Section 5 of the Side Letter, (C) the rights provided in the letter agreement dated June 22, 2018 between the
Company and Cheshire, as amended on March 6, 2020, and (D) the securities and rights described in Section 2.2(a)(ii) and
Section 2.2(b) of this Agreement and Section 2.2(c) of the Disclosure Schedule, there are no outstanding
options, warrants, rights (including conversion or preemptive rights and rights of first refusal or similar rights) or agreements, orally
or in writing, to purchase or acquire from the Company any shares of Common Stock or Series C Preferred Stock, or any securities
convertible into or exchangeable for shares of Common Stock or Series C Preferred Stock. All outstanding shares of the Company’s
Common Stock and all shares of the Company’s Common Stock underlying outstanding options are subject to (i) a right of first
refusal in favor of the Company upon any proposed transfer (other than transfers for estate planning purposes); and (ii) a lock-up
or market standoff agreement of not less than one hundred eighty (180) days following the Company’s initial public offering pursuant
to a registration statement filed with the Securities and Exchange Commission under the Securities Act.

 

(d)            None
of the Company’s stock purchase agreements or stock option documents contains a provision for acceleration of vesting (or lapse
of a repurchase right) or other changes in the vesting provisions or other terms of such agreement or understanding upon the occurrence
of any event or combination of events, including, without limitation, in the case where the Stock Plan is not assumed in an acquisition.
The Company has never adjusted or amended the exercise price of any stock options previously awarded, whether through amendment, cancellation,
replacement grant, repricing, or any other means. Except as set forth in the Restated Certificate, the Company has no obligation (contingent
or otherwise) to purchase or redeem any of its capital stock.

 

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(e)            409A.
The Company believes in good faith that any “nonqualified deferred compensation plan” (as such term is defined under Section 409A(d)(1) of
the Code and the guidance thereunder) under which the Company makes, is obligated to make or promises to make, payments (each, a “409A
Plan”) complies in all material respects, in both form and operation, with the requirements
of Section 409A of the Code and the guidance thereunder. To the knowledge of the Company, no payment to be made under any 409A Plan
is, or will be, subject to the penalties of Section 409A(a)(1) of the Code.

 

(f)             The
Company has complied with or obtained valid waivers of any rights by other parties to purchase any of the Shares covered by this Agreement.

 

2.3            Subsidiaries.
The Company does not currently own or control, directly or indirectly, any interest in any other corporation, partnership, trust, joint
venture, limited liability company, association, or other business entity. The Company is not a participant in any joint venture, partnership
or similar arrangement.

 

2.4            Authorization.
All corporate action required to be taken by the Board and stockholders in order to authorize the Company to enter into the Transaction
Agreements, and to issue the Shares at the Initial Closing and the Common Stock issuable upon conversion of the Shares, has been taken
or will be taken prior to the Initial Closing. All action on the part of the officers of the Company necessary for the execution and delivery
of the Transaction Agreements, the performance of all obligations of the Company under the Transaction Agreements to be performed as of
the Initial Closing, and the issuance and delivery of the Shares has been taken or will be taken prior to the Initial Closing. The Transaction
Agreements, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable
against the Company in accordance with their respective terms except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights
generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies,
or (iii) to the extent the indemnification provisions contained in the Investors’ Rights Agreement and the Indemnification
Agreement may be limited by applicable federal or state securities laws.

 

2.5            Valid
Issuance of Shares.

 

(a)            The
Shares, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly
issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under the Transaction Agreements,
applicable state and federal securities laws and liens or encumbrances created by or imposed by a Purchaser. Assuming the accuracy of
the representations of the Purchasers in Section 3 of this Agreement and subject to the filings described in Section 2.6(ii) below,
the Shares will be issued in compliance with all applicable federal and state securities laws. The Common Stock issuable upon conversion
of the Shares will be duly reserved for issuance, and upon issuance in accordance with the terms of the Restated Certificate, will be
validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under the Transaction
Agreements, applicable federal and state securities laws and liens or encumbrances created by or imposed by a Purchaser. Assuming the
accuracy of the representations of the Purchasers in Section 3 of this Agreement, and subject to Sections 2.5(b) and
2.6 below, the Common Stock issuable upon conversion of the Shares will be issued in compliance with all applicable federal and
state securities laws.

 

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(b)            No
 “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification
Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person, except for a Disqualification
Event as to which Rule 506(d)(2)(ii-iv) or (d)(3), is applicable.

 

2.6            Governmental
Consents and Filings. Assuming the accuracy of the representations made by the Purchasers in Section 3 of this Agreement,
no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal,
state or local governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated
by this Agreement, except for (i) the filing of the Restated Certificate, which will have been filed as of the Initial Closing, and
(ii) filings pursuant to applicable securities laws, which have been made or will be made in a timely manner.

 

2.7            Litigation.
There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending or to the Company’s knowledge,
currently threatened in writing (i) against the Company or any officer, director or Key Employee of the Company arising out of their
employment or board relationship with the Company; or (ii) to the Company’s knowledge, that questions the validity of the Transaction
Agreements or the right of the Company to enter into them, or to consummate the transactions contemplated by the Transaction Agreements;
or (iii) that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. Neither the
Company nor, to the Company’s knowledge, any of its officers, directors or Key Employees is a party or is named as subject to the
provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality (in the case of officers,
directors or Key Employees, such as would affect the Company). There is no action, suit, proceeding or investigation by the Company pending
or which the Company intends to initiate. The foregoing includes, without limitation, actions, suits, proceedings or investigations pending
or threatened in writing (or any basis therefor known to the Company) involving the prior employment of any of the Company’s employees,
their services provided in connection with the Company’s business, any information or techniques allegedly proprietary to any of
their former employers or their obligations under any agreements with prior employers.

 

2.8            Intellectual
Property.

 

(a)            The
Company owns or possesses sufficient legal rights to all Company Intellectual Property without any known conflict with, or infringement
of, the rights of others, including prior employees or consultants, or academic or medical institutions with which any of them may be
affiliated now or may have been affiliated in the past. The Company has not received any written communications alleging that the Company
has violated, or by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade
secrets, mask works or other proprietary rights or processes of any other Person.

 

(b)            To
the Company’s knowledge, no product or service marketed or sold (or proposed to be marketed or sold) by the Company violates or
will violate any license or infringes or will infringe any intellectual property rights of any other party.

 

(c)            Other
than with respect to commercially available software products under standard end-user object code license agreements, there are no outstanding
options, licenses, agreements, claims, encumbrances or shared ownership interests of any kind relating to the Company Intellectual Property,
nor is the Company bound by or a party to any options, licenses or agreements of any kind with respect to the patents, trademarks, service
marks, trade names, copyrights, trade secrets, licenses, information, proprietary rights and processes of any other Person.

 

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(d)            The
Company has obtained and possesses valid licenses to use all of the software programs present on the computers and other software-enabled
electronic devices that it owns or leases or that it has otherwise provided to its employees for their use in connection with the Company’s
business.

 

(e)            Each
employee and consultant has assigned to the Company all intellectual property rights that he or she owns that are related to the Company’s
business as now conducted and as presently proposed to be conducted and all intellectual property rights that he, she or it solely or
jointly conceived, reduced to practice, developed or made during the period of his, her or its employment or consulting relationship with
the Company that (i) relate, at the time of conception, reduction to practice, development, or making of such intellectual property
right, to the Company’s business as then conducted or as then proposed to be conducted, (ii) were developed on any amount of
the Company’s time or with the use of any of the Company’s equipment, supplies, facilities or information or (iii) resulted
from the performance of services for the Company. It will not be necessary to use any inventions of any of the Company’s employees
or consultants (or Persons it currently intends to hire) made prior to their employment by the Company, including prior employees or consultants,
or academic or medical institutions with which any of them may be affiliated now or may have been affiliated in the past.

 

(f)             Section 2.8(f) of
the Disclosure Schedule lists all Company Intellectual Property owned by the Company other than trade secrets.

 

(g)            The
Company has not embedded, used or distributed any open source, copyleft or community source code (including but not limited to any libraries
or code, software, technologies or other materials that are licensed or distributed under any General Public License, Lesser General Public
License or similar license arrangement or other distribution model described by the Open Source Initiative at www.opensource.org, collectively
 “Open Source Software”) in connection with any of its products or services that are generally available or in development
in any manner that would materially restrict the ability of the Company to protect its proprietary interests in any such product or service
or in any manner that requires, or purports to require (i) any Company Intellectual Property (other than the Open Source Software
itself) be disclosed or distributed in source code form or be licensed for the purpose of making derivative works; (ii) any restriction
on the consideration to be charged for the distribution of any Company Intellectual Property; (iii) the creation of any obligation
for the Company with respect to Company Intellectual Property owned by the Company, or the grant to any third party of any rights or immunities
under Company Intellectual Property owned by the Company; or (iv) any other limitation, restriction or condition on the right of
the Company with respect to its use or distribution of any Company Intellectual Property.

 

(h)            No
government funding, facilities of a university, college, other educational institution or research center, or funding from third parties
was used in the development of any Company Intellectual Property. No Person who was involved in, or who contributed to, the creation or
development of any Company Intellectual Property, has performed services for the government, university, college, or other educational
institution or research center in a manner that would affect Company’s rights in the Company Intellectual Property.

 

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2.9            Compliance
with Other Instruments. The Company is not in violation or default (i) of any provisions of its Restated Certificate or Bylaws,
(ii) of any instrument, judgment, order, writ or decree, (iii) under any note, indenture or mortgage, (iv) under any lease,
agreement, contract or purchase order to which it is a party or by which it is bound that is required to be listed on the Disclosure Schedule,
or (v) of any provision of federal or state statute, rule or regulation applicable to the Company, in each case, the violation
of which or default under would have a Material Adverse Effect. The execution, delivery and performance of the Transaction Agreements
and the consummation of the transactions contemplated by the Transaction Agreements will not result in any such violation or be in conflict
with or constitute, with or without the passage of time and giving of notice, either (i) a default under any such provision, instrument,
judgment, order, writ, decree, contract or agreement; or (ii) an event which results in the creation of any lien, charge or encumbrance
upon any assets of the Company or the suspension, revocation, forfeiture, or nonrenewal of any material permit or license applicable to
the Company.

 

2.10          Agreements;
Actions.

 

(a)            Except
for the Transaction Agreements, there are no agreements, understandings, instruments, contracts or proposed transactions to which the
Company is a party or by which it is bound that involve (i) obligations (contingent or otherwise) of, or payments to, the Company
in excess of $250,000, (ii) the license of any patent, copyright, trademark, trade secret or other proprietary right to or from the
Company (other than with respect to commercially available software products under standard end-user object code license agreements),
(iii) the grant of rights to manufacture, produce, assemble, license, market, or sell its products to any other Person that limit
the Company’s exclusive right to develop, manufacture, assemble, distribute, market or sell its products, or (iv) indemnification
by the Company with respect to infringements of proprietary rights.

 

(b)            The
Company has not (i) declared or paid any dividends, or authorized or made any distribution upon or with respect to any class or series
of its capital stock, (ii) incurred any indebtedness for money borrowed or incurred any other liabilities individually in excess
of $50,000 or in excess of $100,000 in the aggregate, (iii) made any loans or advances to any Person, other than ordinary advances
for business expenses, or (iv) sold, exchanged or otherwise disposed of any of its assets or rights, other than in the ordinary course
of business. For the purposes of (a) and (b) of this Section 2.10, all indebtedness, liabilities, agreements, understandings,
instruments, contracts and proposed transactions involving the same Person (including Persons the Company has reason to believe are affiliated
with each other) shall be aggregated for the purpose of meeting the individual minimum dollar amounts of such section.

 

(c)            The
Company is not a guarantor or indemnitor of any indebtedness of any other Person.

 

2.11          Certain
Transactions.

 

(a)            Other
than (i) standard employee benefits generally made available to all employees, standard employee offer letters, consulting agreements
or advisor letters, (ii) standard director and officer indemnification agreements approved by the Board, (iii) standard non-competition
and non-solicitation agreements, (iv) standard invention and non-disclosure agreements, (v) the purchase of shares of the Company’s
capital stock and the issuance of options to purchase shares of the Company’s Common Stock, in each instance, approved in the written
minutes or consents of the Board (previously provided to the Purchasers or their respective counsel), and (vi) the Transaction Agreements,
there are no agreements, understandings or proposed transactions between the Company and any of its officers, directors, consultants or
Key Employees, or any Affiliate thereof.

 

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(b)            The
Company is not indebted, directly or indirectly, to any of its directors, officers or employees or to their respective spouses or children
or to any Affiliate of any of the foregoing, other than in connection with expenses or advances of expenses incurred in the ordinary course
of business or employee relocation expenses and for other customary employee benefits made generally available to all employees. None
of the Company’s directors, officers or employees, or any members of their immediate families, or any Affiliate of the foregoing
are, directly or indirectly, indebted to the Company or, to the Company’s knowledge, have any (i) material commercial, industrial,
banking, consulting, legal, accounting, charitable or familial relationship with any of the Company’s customers, suppliers, service
providers, joint venture partners, licensees and competitors, (ii) direct or indirect ownership interest in any firm or corporation
with which the Company is affiliated or with which the Company has a business relationship, or any firm or corporation which competes
with the Company except that directors, officers, employees or stockholders of the Company may own stock in (but not exceeding two percent
(2%) of the outstanding capital stock of) publicly traded companies that may compete with the Company; or (iii) financial interest
in any material contract with the Company, other than those contracts described in Section 2.11(a) or set forth in Section 2.11(a) of
the Disclosure Schedule.

 

2.12         Rights
of Registration and Voting Rights. Except as provided in the Investors’ Rights Agreement, the Company is not under any obligation
to register under the Securities Act any of its currently outstanding securities or any securities issuable upon exercise or conversion
of its currently outstanding securities. To the Company’s knowledge, no stockholder of the Company has entered into any agreements
with respect to the voting of shares of the Company’s capital stock.

 

2.13         Property.
The property and assets that the Company owns are free and clear of all mortgages, deeds of trust, liens, loans and encumbrances, except
for statutory liens for the payment of current taxes that are not yet delinquent and encumbrances and liens that arise in the ordinary
course of business and do not materially impair the Company’s ownership or use of such property or assets. With respect to
the property and assets it leases, the Company is in compliance with such leases and holds a valid leasehold interest free of any liens,
claims or encumbrances other than those of the lessors of such property or assets. The Company does not own any real property.

 

2.14         Financial
Statements. The Company has delivered to each Purchaser its audited financial statements as of December 31, 2020 and for the
fiscal year ended December 31, 2019 and its unaudited financial statements (including balance sheet, income statement and statement
of cash flows) as of March 31, 2021 (the “Balance Sheet Date”) and for the three-month period ended on the Balance
Sheet Date (collectively, the “Financial Statements”). The Financial Statements have been prepared in accordance with
generally accepted accounting principles (“GAAP”) applied on a consistent basis throughout the periods indicated, except
that the unaudited Financial Statements may not contain all footnotes required by GAAP. The Financial Statements fairly present in all
material respects the financial condition and operating results of the Company as of the dates, and for the periods, indicated therein,
subject in the case of the unaudited Financial Statements to normal year-end audit adjustments. Except as set forth in the Financial Statements,
the Company has no material liabilities or obligations, contingent or otherwise, other than (i) liabilities incurred in the ordinary
course of business subsequent to the Balance Sheet Date; (ii) obligations under contracts and commitments incurred in the ordinary
course of business; and (iii) liabilities and obligations of a type or nature not required under GAAP to be reflected in the Financial
Statements, which, in all such cases, individually and in the aggregate would not have a Material Adverse Effect. The Company maintains
and will continue to maintain a standard system of accounting established and administered in accordance with GAAP.

 

    10 

     

    

 

2.15         Changes.
Since the Balance Sheet Date there has not been:

 

(a)            any
change in the assets, liabilities, financial condition or operating results of the Company from that reflected in the Financial Statements,
except changes in the ordinary course of business that have not caused, in the aggregate, a Material Adverse Effect;

 

(b)            any
damage, destruction or loss, whether or not covered by insurance, that would have a Material Adverse Effect;

 

(c)            any
waiver or compromise by the Company of a valuable right or of a material debt owed to it;

 

(d)            any
satisfaction or discharge of any lien, claim, or encumbrance or payment of any obligation by the Company, except in the ordinary course
of business and the satisfaction or discharge of which would not have a Material Adverse Effect;

 

(e)            any
material change to a material contract or agreement by which the Company or any of its assets is bound or subject;

 

(f)             any
material change in any compensation arrangement or agreement with any employee, officer, director or stockholder;

 

(g)            any
resignation or termination of employment of any officer or Key Employee of the Company;

 

(h)            any
mortgage, pledge, transfer of a security interest in, or lien, created by the Company, with respect to any of its material properties
or assets, except liens for taxes not yet due or payable and liens that arise in the ordinary course of business and do not materially
impair the Company’s ownership or use of such property or assets;

 

(i)             any
loans or guarantees made by the Company to or for the benefit of its employees, officers or directors, or any members of their immediate
families, other than travel advances and other advances made in the ordinary course of its business;

 

(j)             any
declaration, setting aside or payment or other distribution in respect of any of the Company’s capital stock, or any direct or indirect
redemption, purchase, or other acquisition of any of such stock by the Company;

 

(k)            any
sale, assignment or transfer of any Company Intellectual Property that could reasonably be expected to result in a Material Adverse Effect;

 

(l)             receipt
of notice that there has been a loss of, or material order cancellation by, any major customer of the Company;

 

(m)           any
other event or condition of any character, other than events affecting the economy or the Company’s industry generally, that could
reasonably be expected to result in a Material Adverse Effect; or

 

(n)            any
arrangement or commitment by the Company to do any of the things described in this Section 2.15.

 

    11 

     

    

 

2.16         Employee
Matters.

 

(a)            To
the Company’s knowledge, none of its employees is obligated under any contract (including licenses, covenants or commitments of
any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency, that would materially
interfere with such employee’s ability to promote the interest of the Company or that would conflict with the Company’s business.
Neither the execution or delivery of the Transaction Agreements, nor the carrying on of the Company’s business by the employees
of the Company, nor the conduct of the Company’s business as now conducted and as presently proposed to be conducted, will, to the
Company’s knowledge, conflict with or result in a breach of the terms, conditions, or provisions of, or constitute a default under,
any contract, covenant or instrument under which any such employee is now obligated.

 

(b)            The
Company is not delinquent in payments to any of its employees, consultants, or independent contractors for any wages, salaries, commissions,
bonuses, or other direct compensation for any service performed for it to the date hereof or amounts required to be reimbursed to such
employees, consultants or independent contractors. The Company has complied in all material respects with all applicable state and federal
equal employment opportunity laws and with other laws related to employment, including those related to wages, hours, worker classification
and collective bargaining. The Company has withheld and paid to the appropriate governmental entity or is holding for payment not yet
due to such governmental entity all amounts required to be withheld from employees of the Company and is not liable for any arrears of
wages, taxes, penalties or other sums for failure to comply with any of the foregoing.

 

(c)            To
the Company’s knowledge, no Key Employee intends to terminate employment with the Company or is otherwise likely to become unavailable
to continue as a Key Employee, nor does the Company have a present intention to terminate the employment of any of the foregoing. The
employment of each employee of the Company is terminable at the will of the Company. Except as set forth in Section 2.16(c) of
the Disclosure Schedule or as required by law, upon termination of the employment of any such employees, no severance or other payments
will become due. Except as set forth in Section 2.16(c) of the Disclosure Schedule, the Company has no policy, practice,
plan or program of paying severance pay or any form of severance compensation in connection with the termination of employment services.

 

(d)            The
Company has not made any representations regarding equity incentives to any officer, employee, director or consultant that are inconsistent
with the share amounts and terms set forth in the minutes of meetings of (or actions taken by unanimous written consent by) the Board.

 

(e)            Each
former Key Employee whose employment was terminated by the Company has entered into an agreement with the Company providing for the full
release of any claims against the Company or any related party arising out of such employment.

 

(f)             Section 2.16(f) of
the Disclosure Schedule sets forth each employee benefit plan maintained, established or sponsored by the Company, or which the Company
participates in or contributes to, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
The Company has made all required contributions and has no liability to any such employee benefit plan, other than liability for health
plan continuation coverage described in Part 6 of Title I(B) of ERISA, and has complied in all material respects with all applicable
laws for any such employee benefit plan.

 

(g)            The
Company is not bound by or subject to (and none of its assets or properties is bound by or subject to) any written or oral, express or
implied, contract, commitment or arrangement with any labor union, and no labor union has requested or, to the knowledge of the Company,
has sought to represent any of the employees, representatives or agents of the Company. There is no strike or other labor dispute involving
the Company pending, or to the Company’s knowledge, threatened, which could have a Material Adverse Effect, nor is the Company aware
of any labor organization activity involving its employees.

 

    12 

     

    

 

(h)            To
the Company’s knowledge, none of the Key Employees or directors of the Company has been (i) subject to voluntary or involuntary
petition under the federal bankruptcy laws or any state insolvency law or the appointment of a receiver, fiscal agent or similar officer
by a court for his or her business or property; (ii) convicted in a criminal proceeding or named as a subject of a pending criminal
proceeding (excluding traffic violations and other minor offenses); (iii) subject to any order, judgment or decree (not subsequently
reversed, suspended, or vacated) of any court of competent jurisdiction permanently or temporarily enjoining him or her from engaging,
or otherwise imposing limits or conditions on his or her engagement in any securities, investment advisory, banking, insurance, or other
type of business or acting as an officer or director of a public company; or (iv) found by a court of competent jurisdiction in a
civil action or by the Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated any federal or
state securities, commodities, or unfair trade practices law, which such judgment or finding has not been subsequently reversed, suspended,
or vacated.

 

2.17          Tax
Returns and Payments. There are no federal, state, county, local or foreign taxes due and payable by the Company which have not been
timely paid. There are no accrued and unpaid federal, state, county, local or foreign taxes of the Company which are due, whether or not
assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable federal, state, local
or foreign governmental agency. The Company has duly and timely filed all federal, state, county, local and foreign tax returns required
to have been filed by it and there are in effect no waivers of applicable statutes of limitations with respect to taxes for any year.

 

2.18          Insurance.
The Company has in full force and effect insurance policies concerning such casualties as would be reasonable and customary for companies
like the Company, with extended coverage, sufficient in amount (subject to reasonable deductions) to allow it to replace any of its properties
that might be damaged or destroyed.

 

2.19          Employee
Agreements. Each current and former employee, consultant and officer of the Company has executed an agreement with the Company regarding
confidentiality and proprietary information substantially in the form or forms delivered to the Purchasers or their respective counsel
(the “Confidential Information Agreements”). No current or former Key Employee has excluded works or inventions from
his or her assignment of inventions pursuant to such Key Employee’s Confidential Information Agreement. Each current and former
Key Employee has executed a non-competition and non-solicitation agreement substantially in the form or forms delivered to the Purchasers
or their respective counsel. The Company is not aware that any of its Key Employees is in violation of any agreement described in this
Section 2.19.

 

2.20          Permits.
The Company has all franchises, permits, licenses and any similar authority necessary for the conduct of its business, the lack of which
could reasonably be expected to have a Material Adverse Effect. The Company is not in default in any material respect under any of such
franchises, permits, licenses or other similar authority.

 

2.21          Corporate
Documents. The current Certificate of Incorporation and Bylaws of the Company as of the date of this Agreement are in the form provided
to the Purchasers. The copy of the minute books of the Company provided to the Purchasers contains minutes of all meetings of directors
and stockholders and all actions by written consent without a meeting by the directors and stockholders since the date of incorporation
and accurately reflects in all material respects all actions by the directors (and any committee of directors) and stockholders with respect
to all transactions referred to in such minutes.

 

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2.22          83(b) Elections.
To the Company’s knowledge, all elections and notices under Section 83(b) of the Code have been or will be timely filed
by all individuals who have acquired unvested shares of Common Stock.

 

2.23          Preclinical
Development and Clinical Trials. The studies, tests, preclinical development and clinical trials, if any, conducted by or on behalf
of the Company are being conducted in all material respects in accordance with experimental protocols, procedures and controls pursuant
to accepted professional and scientific standards for products or product candidates comparable to those being developed by the Company
and all applicable laws and regulations, including the Federal Food, Drug, and Cosmetic Act and 21 C.F.R. parts 50, 54, 56, 58, 312, and
812. The descriptions of, protocols for, and data and other results of, the studies, tests, development and trials conducted by or on
behalf of the Company that have been furnished or made available to the Purchasers are accurate and complete. The Company is not aware
of any studies, tests, development or trials the results of which reasonably call into question the results of the studies, tests, development
and trials conducted by or on behalf of the Company, and the Company has not received any notices or correspondence from the U.S. Food
and Drug Administration or any other governmental entity or any institutional review board or comparable authority requiring the termination,
suspension or material modification of any studies, tests, preclinical development or clinical trials conducted by or on behalf of the
Company.

 

2.24          Data
Privacy. In connection with its collection, storage, use and/or disclosure of any information that constitutes “personal information,”
 “personal data” or “ personally identifiable information” as defined in applicable laws (collectively “Personal
Information”) by or on behalf of the Company, the Company is and has been, to the Company’s knowledge, in compliance with
(i) all applicable laws (including, without limitation, laws relating to privacy, data security, telephone and text message communications,
and marketing by email or other channels) in all relevant jurisdictions, (ii) the Company’s privacy policies and (iii) the
requirements of any contract or codes of conduct or industry standards by which the Company is bound (collectively, “Privacy
Requirements”). The Company maintains reasonable physical, technical and administrative security measures and policies designed
to protect all Personal Information owned, stored, used, maintained or controlled by or on behalf of the Company from and against unlawful,
accidental or unauthorized access, destruction, loss, use, modification and/or disclosure. The Company is and has been, to the Company’s
knowledge, in compliance in all material respects with all laws relating to data loss, theft and breach of security notification obligations.
To the Company’s knowledge, there has been no occurrence of (x) unlawful, accidental or unauthorized destruction, loss, use,
modification or disclosure of or access to Personal Information owned, stored, used, maintained or controlled by or on behalf of the Company
such that Privacy Requirements require or required the Company to notify government authorities, affected individuals or other parties
of such occurrence or (y) unauthorized access to or disclosure of the Company’s confidential information or trade secrets that
reasonably would be expected to result in a Material Adverse Effect.

 

    14 

     

    

 

3.              Representations
and Warranties of the Purchasers. Each Purchaser hereby represents and warrants to the Company, severally and not jointly, that:

 

3.1            Authorization.
The Purchaser has full power and authority to enter into the Transaction Agreements. The Transaction Agreements to which the Purchaser
is a party, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable
against such Purchaser in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally,
and as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies, or (b) to
the extent the indemnification provisions contained in the Investors’ Rights Agreement may be limited by applicable federal or state
securities laws.

 

3.2            Purchase
Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation to the Company,
which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser
will be acquired for investment for the Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or
distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise
distributing the same. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have any contract,
undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person,
with respect to any of the Shares. The Purchaser has not been formed for the specific purpose of acquiring the Shares.

 

3.3            Disclosure
of Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial affairs and the
terms and conditions of the offering of the Shares with the Company’s management and has had an opportunity to inspect the Company’s
facilities. The foregoing, however, does not limit or modify the representations and warranties of the Company in Section 2
of this Agreement or the right of the Purchasers to rely thereon.

 

3.4            Restricted
Securities. The Purchaser understands that the Shares have not been, and will not be, registered under the Securities Act, by reason
of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature
of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The Purchaser understands that
the Shares are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these
laws, the Purchaser must hold the Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified
by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser acknowledges that
the Company has no obligation to register or qualify the Shares, or the Common Stock into which it may be converted, for resale except
as set forth in the Investors’ Rights Agreement. The Purchaser further acknowledges that if an exemption from registration or qualification
is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period
for the Shares, and on requirements relating to the Company which are outside of the Purchaser’s control, and which the Company
is under no obligation and may not be able to satisfy.

 

3.5            No
Public Market. The Purchaser understands that no public market now exists for the Shares, and that the Company has made no assurances
that a public market will ever exist for the Shares.

 

3.6            Legends.
The Purchaser understands that the Shares and any securities issued in respect of or exchange for the Shares, may be notated with one
or all of the following legends:

 

“THE SHARES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW
TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED.”

 

    15 

     

    

 

(a)            Any
legend set forth in, or required by, the other Transaction Agreements.

 

(b)            Any
legend required by the securities laws of any state to the extent such laws are applicable to the Shares represented by the certificate,
instrument, or book entry so legended.

 

3.7            Accredited
Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities
Act.

 

3.8            Foreign
Investors. If the Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Code), the Purchaser hereby
represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to
subscribe for the Shares or any use of this Agreement, including (i) the legal requirements within its jurisdiction for the purchase
of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents
that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding,
redemption, sale, or transfer of the Shares. The Purchaser’s subscription and payment for and continued beneficial ownership of
the Shares will not violate any applicable securities or other laws of the Purchaser’s jurisdiction.

 

3.9            No
General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners has either
directly or indirectly, including, through a broker or finder (a) engaged in any general solicitation, or (b) published any
advertisement in connection with the offer and sale of the Shares.

 

3.10          Exculpation
Among Purchasers. The Purchaser acknowledges that it is not relying upon any Person, other than the Company and its officers and directors,
in making its investment or decision to invest in the Company. The Purchaser agrees that neither any Purchaser nor the respective controlling
Persons, officers, directors, partners, agents, or employees of any Purchaser shall be liable to any other Purchaser for any action heretofore
taken or omitted to be taken by any of them in connection with the purchase of the Shares.

 

3.11          Residence.
If the Purchaser is an individual, then the Purchaser resides in the state or province identified in the address of the Purchaser set
forth on Exhibit A; if the Purchaser is a partnership, corporation, limited liability company or other entity, then the office
or offices of the Purchaser in which its principal place of business is identified in the address or addresses of the Purchaser set forth
on Exhibit A.

 

3.12          Bad
Actor Matters. Each Purchaser hereby represents that none of the “Bad Actor” disqualifying events described in Rule 506(d)(1)(i) to
(viii) promulgated under the Securities Act (a “Disqualification Event”) is applicable to such Purchaser or any
of its Rule 506(d) Related Parties, except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or
(iii) or (d)(3) is applicable. For purposes of this Agreement, “Rule 506(d) Related Party” shall
mean a Person that is a beneficial owner of such Purchaser’s securities for purposes of Rule 506(d) of the Securities
Act.

 

    16 

     

    

 

4.              Conditions
to the Purchasers’ Obligations at Closing. The obligations of each Purchaser to purchase Shares at the Initial Closing or any
subsequent Closing are subject to the fulfillment, on or before such Closing, of each of the following conditions, unless otherwise waived:

 

4.1            Representations
and Warranties. (i) The representations and warranties of the Company contained in Section 2.1, Section 2.2,
Section 2.3, Section 2.4, Section 2.5, Section 2.8(a)-(b), and Section 2.15 shall
be true and correct in all respects as of the Initial Closing, and (ii) all other representations and warranties of the Company contained
in Section 2 shall be true and correct in all material respects as of the Initial Closing.

 

4.2            Performance.
The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Company on or before such Closing.

 

4.3            Compliance
Certificate. The Chief Executive Officer of the Company shall deliver to the Purchasers at the Initial Closing a certificate certifying
that the conditions specified in Sections 4.1 and 4.2 have been fulfilled. For any subsequent Closing, the Chief Executive
Officer of the Company shall deliver to the Additional Purchasers a certificate certifying that the conditions specified in 4.2
have been fulfilled.

 

4.4            Qualifications.
All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any state
that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective
as of such Closing.

 

4.5            Opinion
of Company Counsel. The Purchasers purchasing Shares at the Initial Closing shall have received from Faegre Drinker Biddle &
Reath LLP, counsel for the Company, an opinion, dated as of the Closing, in substantially the form of Exhibit E attached to
this Agreement.

 

4.6            Board
of Directors. As of the Initial Closing, the authorized size of the Board shall be six (6), and the Board shall be comprised of Jeff
Ross, Paul Buckman, Ronald Eibensteiner, John Erb, Mahesh Krishnan and Mark Wagner.

 

4.7            Side
Letter. The Company and Baxter shall have executed and delivered the Side Letter.

 

4.8            Restated
Certificate. The Company shall have filed the Restated Certificate with the Secretary of State of Delaware on or prior to the Initial
Closing, which shall continue to be in full force and effect as of such Closing.

 

4.9            Secretary’s
Certificate. The Secretary of the Company shall have delivered to the Purchasers at such Closing a certificate certifying (i) the
Restated Certificate and Bylaws of the Company as in effect at the Closing, (ii) resolutions of the Board approving the Transaction
Agreements and the transactions contemplated under the Transaction Agreements, and (iii) actions of the stockholders of the Company
approving the Restated Certificate.

 

4.10          Proceedings
and Documents. All corporate and other proceedings in connection with the transactions contemplated at each Closing and all documents
incident thereto shall be reasonably satisfactory in form and substance to each Purchaser, and each Purchaser (or its respective counsel)
shall have received all such counterpart original and certified or other copies of such documents as reasonably requested. Such documents
may include good standing certificates. The Company shall have fully satisfied (including with respect to rights of timely notification)
or obtained enforceable waivers in respect of any preemptive or similar rights directly or indirectly affecting any of its securities.

 

    17 

     

    

 

4.11          Preemptive
Rights. The Company shall have fully satisfied (including with respect to rights of timely notification) or obtained enforceable waivers
in respect of any preemptive or similar rights directly or indirectly affecting any of its securities.

 

4.12          Minimum
Number of Shares at Initial Closing. The Initial Closing will be for the sale of Shares to Purchasers with an aggregate purchase price
of at least $20,000,000.

 

5.              Conditions
of the Company’s Obligations at Closing. The obligations of the Company to sell Shares to the Purchasers at the Initial Closing
or any subsequent Closing are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise
waived:

 

5.1            Representations
and Warranties. The representations and warranties of each Purchaser contained in Section 3 shall be true and correct
in all material respects as of such Closing.

 

5.2            Performance.
The Purchasers shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement
that are required to be performed or complied with by them on or before such Closing.

 

5.3            Qualifications.
All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any state
that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective
as of the Closing.

 

5.4            Stockholder
Approval. The approval of the Restated Certificate by the stockholders of the Company shall be obtained and effective as of the Closing.

 

5.5            Preemptive
Rights. The Company shall have fully satisfied (including with respect to rights of timely notification) or obtained enforceable waivers
in respect of any preemptive or similar rights directly or indirectly affecting any of its securities, including without limitation the
rights of Cheshire under Section 6 (a) of the Note and Warrant Purchase Agreement between the Company and Cheshire dated March 6,
2020.

 

5.6            Minimum
Number of Shares at Initial Closing. The Initial Closing will be for the sale of Shares to Purchasers with an aggregate purchase price
of at least $20,000,000.

 

6.              Miscellaneous.

 

6.1            Survival
of Warranties. Unless otherwise set forth in this Agreement, the representations and warranties of the Company and the Purchasers
contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in
no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf of the Purchasers or the Company.

 

6.2            Successors
and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors
and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement.

 

6.3            Governing
Law. This Agreement and any controversy arising out of or relating to this Agreement shall be governed by and construed in
accordance with the internal laws of the State of Delaware, without regard to conflict of law principles that would result in the application
of any law other than the law of the State of Delaware.

 

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6.4            Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so
delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

6.5            Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

 

6.6            Notices;
Electronic Notice.

 

(a)            General.
All notices and other communications given or made pursuant to this Agreement shall be in
writing and shall be deemed effectively given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified,
(b) when sent, if sent by electronic mail during normal business hours of the recipient, and if not sent during normal business hours,
then on the recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier,
freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the
respective parties at their address as set forth on the signature page or Exhibit A, or to such e-mail address or address
as subsequently modified by written notice given in accordance with this Section 6.6. If notice is given to the Company, a
copy (which copy shall not constitute notice) shall also be sent to Faegre Drinker Biddle & Reath LLP Attn: Steven Kennedy, 2200
Wells Fargo Center, 90 South Seventh Street, Minneapolis, MN 55402 and if notice is given to the Purchasers, a copy (which copy shall
not constitute notice) shall also be given to Latham & Watkins LLP, 330 N. Wabash Avenue, Suite 2800, Chicago, IL 60611,
Attn: Mark Gerstein, Evan Smith.

 

(b)            Electronic
Notice. Each Purchaser acknowledges that the Company may deliver any stockholder notice pursuant to the Delaware General Corporation
Law (the “DGCL”), as amended or superseded from time to time, by electronic transmission pursuant to Section 232
of the DGCL (or any successor thereto) at the electronic mail address set forth below such Purchaser’s name on the Schedules hereto,
as updated from time to time by notice to the Company, or as on the books of the Company, unless the Purchaser notifies the Company in
writing or by electronic transmission of an objection to receiving notice by electronic mail. Each Purchaser agrees to promptly notify
the Company of any change in such stockholder’s electronic mail address, and that failure to do so shall not affect the foregoing.

 

6.7            No
Finder’s Fees. Each party represents that it neither is nor will be obligated for any finder’s fee or commission in connection
with this transaction. Each Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation
in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending
against such liability or asserted liability) for which each Purchaser or any of its officers, employees or representatives is responsible.
The Company agrees to indemnify and hold harmless each Purchaser from any liability for any commission or compensation in the nature
of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability
or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.

 

    19 

     

    

 

6.8            Fees
and Expenses. At the Initial Closing, the Company shall pay the reasonable fees and expenses of Latham & Watkins LLP, the
counsel for Baxter, in an amount not to exceed, in the aggregate, $100,000.

 

6.9            Amendments
and Waivers. This Agreement may be amended, terminated or waived only with the written consent of the Company and the holders of at
least a majority of the then-outstanding Shares. Any amendment or waiver effected in accordance with this Section 6.9 shall
be binding upon the Purchasers and each transferee of the Shares (or the Common Stock issuable upon conversion thereof), each future holder
of all such securities, and the Company.

 

6.10          Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

 

6.11          Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach
or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting
party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach
or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any
breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must
be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement
or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

6.12          Entire
Agreement. This Agreement (including the Exhibits hereto), the Restated Certificate and the other Transaction Agreements constitute
the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or
oral agreement relating to the subject matter hereof existing between the parties are expressly canceled.

 

6.13          Dispute
Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware
and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other
proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out
of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware,
and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding,
any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or
proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

 

Waiver
of Jury Trial: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED
TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING,
WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS.
EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH
PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

    20 

     

    

 

6.14          No
Commitment for Additional Financing. The Company acknowledges and agrees that no Purchaser has made any representation, undertaking,
commitment or agreement to provide or assist the Company in obtaining any financing, investment or other assistance, other than the purchase
of the Shares as set forth herein and subject to the conditions set forth herein. In addition, the Company acknowledges and agrees that
(i) no statements, whether written or oral, made by any Purchaser or its representatives on or after the date of this Agreement shall
create an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment, (ii) the
Company shall not rely on any such statement by any Purchaser or its representatives, and (iii) an obligation, commitment or agreement
to provide or assist the Company in obtaining any financing or investment may only be created by a written agreement, signed by such Purchaser
and the Company, setting forth the terms and conditions of such financing or investment and stating that the parties intend for such writing
to be a binding obligation or agreement. Each Purchaser shall have the right, in its sole and absolute discretion, to refuse or decline
to participate in any other financing of or investment in the Company, and shall have no obligation to assist or cooperate with the Company
in obtaining any financing, investment or other assistance.

 

[Signature Page Follows]

 

    21 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Series C Convertible Preferred Stock Purchase Agreement as of the date first written
above.

 

	 	MIROMATRIX MEDICAL INC.:
	 	 	 
	 	 	 
	 	By:	/s/ Jeff Ross
	 	Name:	Jeff Ross
	 	Title:	Chief Executive Officer

 

Signature
Page to Stock Purchase Agreement

 

    

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Series C Convertible Preferred Stock Purchase Agreement as of the date first written
above.

 

	 	PURCHASERS:
	 	 	 
	 	BAXTER HEALTHCARE CORPORATION
	 	 	 
	 	 	 
	 	By:	/s/ Dennis Crowley
	 	Name:	Dennis Crowley
	 	Title:	SVP, Business Development & Licensing

 

Signature
Page to Stock Purchase Agreement

 

    

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Series C Convertible Preferred Stock Purchase Agreement as of the date first written
above.

 

	 	PURCHASERS:
	 	 	 
	 	CAREDX, INC.
	 	 	 
	 	 	 
	 	By: 	/s/ Reginald Seeto
	 	Name:	Reginald Seeto
	 	Title: 	CEO

 

Signature
Page to Stock Purchase Agreement

 

    

     

    

 

EXHIBITS

 

	Exhibit A -	SCHEDULE OF PURCHASERS

 

    

     

    

 

EXHIBIT A

 

SCHEDULE OF PURCHASERS

 

	Name and Address of Purchaser	 	Total Cash 

Consideration	 	 	Shares of Series C Preferred 

Stock	 	 	Purchase Price (Note 

Conversion Amount)
	BAXTER HEALTHCARE CORPORATION
 One Baxter Parkway,
 Deerfield, Illinois, 60015
 Attention: General Counsel
 Email:
general.counsel@baxter.com
	 	$	15,000,000	 	 	 	2,000,000	 	 	N/A
	CareDx, Inc.
 1
                                            Tower Pl 9th floor,
 South
                                            San Francisco, CA 94080
 Attention:
Reginald Seeto
	 	$	5,000,002.50	 	 	 	666,667	 	 	N/A
	TOTAL	 	$	20,000,002.50	 	 	 	2,666,667	 	 	N/AExhibit 10.25

 

Execution Version

 

MIROMATRIX MEDICAL INC.

10399 West 70th Street

Eden Prairie, MN 55344

 

May 21, 2021

 

Baxter Healthcare Corporation

One Baxter Parkway,

Deerfield, Illinois, 60015

Attn: General Counsel

Email: general.counsel@baxter.com

 

CareDx, Inc.

1 Tower Pl 9th floor,

South San Francisco, CA 94080

Attention: Reginald Seeto

 

		RE:	SERIES C CONVERTIBLE PREFERRED
STOCK

 

Dear Investors:

 

Reference is made to that
certain Series C Convertible Preferred Stock Purchase Agreement (as may be amended from time to time, the “Purchase Agreement”),
dated as of May 3, 2021, by and among Miromatrix Medical Inc., a Delaware corporation (“Company”), Baxter
Healthcare Corporation, a Delaware corporation (“Baxter”), CareDx, Inc., a Delaware corporation (“CareDx”)
and the holders of Series C Preferred Stock of the Company listed on Exhibit A hereto (collectively with Baxter and CareDx,
the “Investors,” and each an “Investor”). Capitalized terms used in this letter agreement (this
 “Agreement”), but not defined herein shall have the meaning assigned to them in that certain Investor Rights Agreement
(as may be amended and/or amended and restated from time to time, the “Investor Rights Agreement”), dated October 16,
2017, by and among the Company and the Company’s stockholders party thereto.

 

1.             Registration
Rights. The Company covenants and agrees as follows:

 

a.             Demand
Registration.

 

i.              Form S-1
Demand. If at any time after the earlier of (i) three (3) years after the date of this Agreement or (ii) 180 days after
the effective date of the registration statement for the IPO, the Company receives a request from the Investors holding of a majority
of the Registrable Securities (the “Initiating Holders”) that the Company file a Form S-1 registration statement
having an anticipated aggregate offering price, net of Selling Expenses, of at least $5 million (which such amount shall include the anticipated
aggregate offering price of any request for registration under the Investor Rights Agreement, or any other outstanding agreement between
the Company and its stockholders regarding registration rights, that is delivered on or about the same time as such request from the Initiating
Holders), then the Company shall (x) within 10 days after the date such request is given, give notice thereof (the “Demand
Notice”) to all Investors other than the Initiating Holders; and (y) as soon as practicable, and in any event within 60
days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities
Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities
requested to be included in such registration by any other Investor, as specified by notice given by each such Holder to the Company within
20 days of the date the Demand Notice is given, and in each case, subject to the limitations of Sections 1(a)(iii) and 1(c).

 

     

     

    

 

ii.             Form S-3
Demand. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from the
Initiating Holders that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of
the Initiating Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $2 million (which such amount
shall include the anticipated aggregate offering price of any request for registration under the Investor Rights Agreement, or any other
outstanding agreement between the Company and its stockholders regarding registration rights, that is delivered on or about the same
time as such request from the Initiating Holders), then the Company shall (i) within 10 days after the date such request is given,
give a Demand Notice to all Investors other than the Initiating Holders; and (ii) as soon as practicable, and in any event within
45 days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities
Act covering all Registrable Securities requested to be included in such registration by any other Investor, as specified by notice given
by each such Investor to the Company within 20 days of the date the Demand Notice is given, and in each case, subject to the limitations
of Sections 1(a)(iii) and 1(c).

 

iii.            Notwithstanding
the foregoing obligations, if the Company furnishes to the Initiating Holders a certificate signed by the Company’s chief executive
officer stating that in the good faith judgment of the Company’s Board of Directors (the “Board of Directors”)
it would be materially detrimental to the Company and its stockholders for such registration statement to either become effective or
remain effective for as long as such registration statement otherwise would be required to remain effective, then the Company shall have
the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall
be tolled correspondingly, for a period of not more than 90 days after the request of the Initiating Holders is given; provided, however,
that the Company may not invoke this right more than once in any twelve (12) month period; and provided further that the Company shall
not register any securities for its own account or that of any other stockholder during such ninety (90) day period other than an Excluded
Registration.

 

    2

     

    

 

iv.            The
Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 1(a)(i); (i) during
the period that is 60 days before the Company’s good faith estimate of the date of filing of, and ending on a date that is 180
days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially
reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected two (2) registrations
pursuant to Section 1(a)(i); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that
may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 1(a)(ii). The Company shall not be
obligated to effect, or to take any action to effect, any registration pursuant to Section 1(a)(ii) (i) during the period
that is 30 days before the Company’s good faith estimate of the date of filing of, and ending on a date that is 90 days after the
effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable
efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant
to Section 1(a)(ii) within the 12 month period immediately preceding the date of such request. A registration shall not be
counted as “effected” for purposes of this Section 1(a)(iv) until such time as the applicable registration statement
has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay
the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Section 1(f), in which
case such withdrawn registration statement shall be counted as “effected” for purposes of this Section 1(a)(iv); provided,
that if such withdrawal is during a period the Company has deferred taking action pursuant to Section 1(a)(iii), then the Initiating
Holders may withdraw their request for registration and such registration will not be counted as “effected” for purposes
of this Section 1(a)(iv).

 

b.             Company
Registration. If the Company proposes to register (including for this purpose a registration effected by the Company for stockholders
other than the Investors) any of its Common Stock under the Securities Act in connection with the public offering of such securities
solely for cash (other than in an Excluded Registration or the IPO), the Company shall, at such time, promptly give each Investor notice
of such registration. Upon the request of any Investor given within 20 days after such notice is given by the Company, the Company shall,
subject to the provisions of Section 1(c), cause to be registered all of the Registrable Securities that such Investor has requested
to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under
this Section 1(b) before the effective date of such registration, whether or not any Investor has elected to include Registrable
Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company
in accordance with Section 1(b). For avoidance of doubt, the parties hereby agree that the Investors will not have any rights to
register Registrable Securities in connection with the IPO.

 

c.             Underwriting
Requirements.

 

i.              If,
pursuant to Section 1(c), the Initiating Holders intend to distribute the Registrable Securities covered by their request by means
of an underwriting, they shall so advise the Company as a part of their request made pursuant to Section 1(a), and the Company shall
include such information in the Demand Notice. The underwriter(s) will be selected by the Company and shall be reasonably acceptable
to the Initiating Holders. In such event, the right of any Investor to include such Investor’s Registrable Securities in such registration
shall be conditioned upon such Investor’s participation in such underwriting and the inclusion of such Investor’s Registrable
Securities in the underwriting to the extent provided herein. Each Investor shall (together with the Company as provided in Section 1(d)(v))
enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting; provided, however,
that no Investor (or any of its assignees) shall be required to make any representations, warranties or indemnities except as they relate
to such Investor’s ownership of shares and authority to enter into the underwriting agreement and to such Investor’s intended
method of distribution, and the liability of such Investor shall be several and not joint, and shall be limited to an amount equal to
the net proceeds from the offering received by Investor. Notwithstanding any other provision of this Section 1(c), if the managing
underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares
to be underwritten, then the Initiating Holders shall so advise all Investors of Registrable Securities that otherwise would be underwritten
pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Investors
holding Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable
Securities owned by each Investor or in such other proportion as shall mutually be agreed to by all such selling Investors; provided,
however, that the number of Registrable Securities held by such Investor shall not be reduced unless all other securities are first entirely
excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters
may round the number of shares allocated to any Investor to the nearest one hundred (100) shares.

 

    3

     

    

 

ii.             In
connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Section 1(b),
the Company shall not be required to include any Investor’s Registrable Securities in such underwriting unless each Investor accepts
the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters
in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities,
including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold
(other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering,
then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities,
which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters
determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable
Securities that are included in such offering shall be allocated among each selling Investor in proportion (as nearly as practicable)
to the number of Registrable Securities owned by such selling Investor or in such other proportions as shall mutually be agreed to by
all such selling Investors. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters
may round the number of shares allocated to any Investor to the nearest 100 shares. Notwithstanding the foregoing, in no event shall
(i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities
to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included
in the offering be reduced below 25% of the total number of securities included in such offering, unless such offering is the IPO, in
which case each selling Investor may be excluded further if the underwriters make the determination described above and no other stockholder’s
securities are included in such offering. For purposes of the provision in this Section 1(c)(ii) concerning apportionment,
for any selling Investor that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired
members, stockholders, and Affiliates of such Investor, or the estates and Immediate Family Members of any such partners, retired partners,
members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling
Investor,” and any pro rata reduction with respect to such “selling Investor” shall be based upon the aggregate number
of Registrable Securities owned by all Persons included in such “selling Investor,” as defined in this sentence.

 

iii.            For
purposes of Section 1(a), a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s
cutback provisions in Section 1(c)(i), fewer than 50% of the total number of Registrable Securities that each Investor requested
to be included in such registration statement are actually included.

 

    4

     

    

 

d.            Obligations
of the Company. Whenever required under this Section 1 to effect the registration of any Registrable Securities, the Company
shall, as expeditiously as reasonably possible:

 

i.              prepare
and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts
to cause such registration statement to become effective and, upon the request of the Investors holding a majority of the Registrable
Securities registered thereunder, keep such registration statement effective for a period of up to 120 days or, if earlier, until the
distribution contemplated in the registration statement has been completed; provided, however, that (i) such 120 day period shall
be extended for a period of time equal to the period each Investor refrains, at the request of an underwriter of Common Stock (or other
securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration
of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with
applicable SEC rules, such 120 day period shall be extended for up to 180 days, if necessary, to keep the registration statement effective
until all such Registrable Securities are sold;

 

ii.             prepare
and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with such
registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered
by such registration statement;

 

iii.            furnish
to each Investor such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities Act, and such
other documents as each Investor may reasonably request in order to facilitate its disposition of its Registrable Securities;

 

iv.            use
its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities
or blue-sky laws of such jurisdictions as shall be reasonably requested by each Investor; provided that the Company shall not be required
to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company
is already subject to service in such jurisdiction and except as may be required by the Securities Act;

 

v.             in
the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the underwriter(s) of such offering;

 

vi.            use
its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a
national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued
by the Company are then listed;

 

    5

     

    

 

vii.           provide
a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for all
such Registrable Securities, in each case not later than the effective date of such registration;

 

viii.          promptly
make available for inspection by any Investor, any managing underwriter(s) participating in any disposition pursuant to such registration
statement, and any attorney or accountant or other agent retained by any such underwriter or selected by any Investor, all financial
and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees,
and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or
agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct
appropriate due diligence in connection therewith;

 

ix.             notify
the each Investor, promptly after the Company receives notice thereof, of the time when such registration statement has been declared
effective or a supplement to any prospectus forming a part of such registration statement has been filed; and

 

x.              after
such registration statement becomes effective, notify each Investor of any request by the SEC that the Company amend or supplement such
registration statement or prospectus.

 

In addition, the Company shall
ensure that, at all times after any registration statement covering a public offering of securities of the Company under the Securities
Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program
under Rule 10b5-1 of the Exchange Act.

 

e.             Furnish
Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 1
with respect to the Registrable Securities of each Investor that such Investor shall furnish to the Company such information regarding
itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to
effect the registration of such Investor’s Registrable Securities.

 

f.             Expenses
of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications
pursuant to Section 1, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and
disbursements of counsel for the Company; and the reasonable fees and disbursements, not to exceed $50,000, of counsel for the Investors,
selected by the Investors holding a majority of the Registrable Securities to be registered (“Selling Holder Counsel”),
shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration
proceeding begun pursuant to Section 1(a) if the registration request is subsequently withdrawn at the request of the Investors
holding a majority of the Registrable Securities to be registered, unless such Investors agree to forfeit its right to one registration
pursuant to Sections 1(a) or 1(b), as the case may be; provided further that if, at the time of such withdrawal, the Investors shall
have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Investors at
the time of its request and have withdrawn the request with reasonable promptness after learning of such information then the Investors
shall not be required to pay any of such expenses and shall not forfeit its right to one registration pursuant to Sections 1(a) or
1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 1 shall be borne and paid by the
Investors pro rata on the basis of the number of Registrable Securities registered on its behalf vis a vis the number of Registrable
Securities or other capital stock registered on behalf of any other stockholder of the Company pursuant to an agreement or arrangement
providing such stockholder with registration rights.

 

    6

     

    

 

g.             Delay
of Registration. No Investor shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration
pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of
this Section 1.

 

h.             Indemnification.
If any Registrable Securities are included in a registration statement under this Section 1:

 

i.              To
the extent permitted by law, the Company will indemnify and hold harmless the Investors, and their partners, members, officers, directors,
and stockholders of the Investors; legal counsel and accountants for the Investors; any underwriter (as defined in the Securities Act)
for the Investors; and each Person, if any, who controls the Investors or underwriter within the meaning of the Securities Act or the
Exchange Act, against any Damages, and the Company will pay to the Investors, underwriter, controlling Person, or other aforementioned
Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding
from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 1(h)(i) shall
not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company,
which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of
or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of
the Investors, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration
except to the extent such information has been corrected in a subsequent writing prior to or concurrently with the sale of Registrable
Securities to the Person asserting the claim.

 

ii.             To
the extent permitted by law, each Investor, severally and not jointly, will indemnify and hold harmless the Company, and each of its
directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the
meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any
other Investor selling securities in such registration statement, and any controlling Person of any such underwriter or other Investor,
against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance
upon and in conformity with written information furnished by or on behalf of such selling Investor expressly for use in connection with
such registration and has not been corrected in a subsequent writing prior to or concurrently with the sale of Registrable Securities
to the Person asserting the claim; and each such selling Investor will pay to the Company and each other aforementioned Person any legal
or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages
may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 1(h)(ii) shall
not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Investor,
which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Investor
by way of indemnity or contribution under Sections 1(h)(ii) and 1(h)(iv) exceed the proceeds from the offering received by
such Investor (net of any Selling Expenses paid by such Investor), except in the case of fraud or willful misconduct by such Investor.

 

    7

     

    

 

iii.            Promptly
after receipt by an indemnified party under this Section 1(h) of notice of the commencement of any action (including any governmental
action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is
to be made against any indemnifying party under this Section 1(h), give the indemnifying party notice of the commencement thereof.
The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate
jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory
to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without
conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying
party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual
or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure
to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying
party of any liability to the indemnified party under this Section 1(h), only to the extent that such failure materially prejudices
the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it
of any liability that it may have to any indemnified party otherwise than under this Section 1(h).

 

iv.            To
provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any party
otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 1(h) but it is judicially
determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the
denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Section 1(h) provides
for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto
for which indemnification is provided under this Section 1(h), then, and in each such case, such parties will contribute to the
aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion
as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements,
omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant
equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference
to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a
material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative
intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that,
in any such case (x) no Investor will be required to contribute any amount in excess of the public offering price of all such Registrable
Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty
of such fraudulent misrepresentation; and provided further that in no event shall a Investor’s liability pursuant to this Section 1(h)(iv),
when combined with the amounts paid or payable by such Investor pursuant to Section 1(h)(ii), exceed the proceeds from the offering
received by such Investor (net of any Selling Expenses paid by such Investor), except in the case of willful misconduct or fraud by such
Investor.

 

    8

     

    

 

v.             Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered
into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control; provided, however, that any matter expressly provided for or addressed by the foregoing provisions that is not
expressly provided for or addressed by the underwriting agreement shall be controlled by the foregoing provisions.

 

vi.            Unless
otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of
the Company and the Investors under this Section 1(h) shall survive the completion of any offering of Registrable Securities
in a registration under this Section 1, and otherwise shall survive the termination of this Agreement or any provision(s) of
this Agreement.

 

vii.           Reports
Under Exchange Act. With a view to making available to the Investors the benefits of SEC Rule 144 and any other rule or
regulation of the SEC that may at any time permit an Investor to sell securities of the Company to the public without registration or
pursuant to a registration on Form S-3, the Company shall:

 

viii.          make
and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times after
the effective date of the registration statement filed by the Company for the IPO;

 

ix.             use
commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and

 

x.              furnish
to any Investor, so long as such Investor own any Registrable Securities, forthwith upon request (i) to the extent accurate, a written
statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after 90 days after the
effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time
after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold
pursuant to Form S-3 (at any time after the Company so qualifies); (ii) a copy of the most recent annual or quarterly report
of the Company and such other reports and documents so filed by the Company; and (iii) such other information as may be reasonably
requested in availing any Investor of any rule or regulation of the SEC that permits the selling of any such securities without registration
(at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at
any time after the Company so qualifies to use such form).

 

    9

     

    

 

i.              Limitations
on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent
of the Investors holding a majority of the then-outstanding Registrable Securities, enter into any agreement (including any amendment
or amendment and restatement of the Investor Rights Agreement) with any holder or prospective holder of any securities of the Company
that would (i) allow such holder or prospective holder to include such securities in any registration unless, under the terms of
such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion
of such securities will not reduce the number of the Registrable Securities of the Investors that are included, or (ii) allow such
holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder (except
as contemplated in the Investor Rights Agreement as of the date hereof); provided, that such limitation shall not apply to Registrable
Securities acquired by any purchaser of Series C Preferred Stock pursuant to the Purchase Agreement.

 

j.              “Market
Stand-off” Agreement. Each Investor hereby agree that they will not, without the prior written consent of the managing underwriter,
during the period commencing on the date of the final prospectus relating to the registration by the Company of shares of its Common Stock
or any other equity securities under the Securities Act on a registration statement on Form S-1 or Form S-3 (other than in the
case of a registration on Form S-1 in connection with an IPO that is not consummated on an underwritten basis), and ending on the
date specified by the Company and the managing underwriter (such period not to exceed 180 days in the case of the IPO, or such other period
as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution
of research reports, and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in applicable
FINRA rules, or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option
or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer
or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly
or indirectly) for Common Stock held immediately before the effective date of the registration statement for such offering or (ii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such
securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock
or other securities, in cash, or otherwise. The foregoing provisions of this Section 1(k) shall only apply to the IPO, shall
not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement or to the establishment of a trading plan
pursuant to Rule 10b5-1, provided such plan does not permit transfers during the restricted period, or the transfer of any shares
to any trust for the direct or indirect benefit of the Investor or the immediate family of the Investor, provided that the trustee of
the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve
a disposition for value, and shall be applicable to the Investor only if all officers and directors are subject to the same restrictions
and the Company uses commercially reasonable efforts to obtain a similar agreement from all stockholders individually owning more than
two percent (2%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding
Preferred Stock). The underwriters in connection with such registration are intended third-party beneficiaries of this Section 1(k) and
shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Investor further agrees
to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent
with this Section 1(k) or that are necessary to give further effect thereto. Any discretionary waiver or termination of the
restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Company stockholders that
are subject to such agreements, based on the number of shares subject to such agreements.

 

    10

     

    

 

k.             Restrictions
on Transfer.

 

i.              The
Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not recognize
and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions
specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act. A transferring
Investor will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such
Investor to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement. Notwithstanding
the foregoing, the Company shall not require any transferee of shares pursuant to an effective registration statement or, following the
IPO, SEC Rule 144, in each case, to be bound by the terms of this Agreement.

 

ii.             Each
certificate, instrument, or book entry representing (i) the Preferred Stock, (ii) the Registrable Securities, and (iii) any
other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend,
recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Section 1(m)(iii))
be notated with a legend substantially in the following form:

 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED
FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED
IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.

 

THE SECURITIES REPRESENTED HEREBY MAY BE
TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH
THE SECRETARY OF THE COMPANY.

 

Each Investor consents to the Company making a
notation in its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions
on transfer set forth in this Section 1(m).

 

    11

     

    

 

iii.            The
holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of this
Section 1. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration
statement under the Securities Act covering the proposed transaction or following the IPO, the transfer is made pursuant to SEC Rule 144,
the holder thereof shall give notice to the Company of such holder’s intention to effect such sale, pledge, or transfer. Each such
notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested
by the Company, shall be accompanied at such holder’s expense by either (i) a written opinion of legal counsel who shall, and
whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction
may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that
the proposed sale, pledge, or transfer of such Restricted Securities without registration will not result in a recommendation by the staff
of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company
to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the
Securities Act, whereupon the holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities
in accordance with the terms of the notice given by such holder to the Company. The Company will not require such a notice, legal opinion
or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction in
which such holder distributes Restricted Securities to an Affiliate of such holder for no consideration; provided that with respect
to transfers under the foregoing clause (y), each transferee agrees in writing to be subject to the terms of this Section 1.
Each certificate, instrument, or book entry representing the Restricted Securities transferred as above provided shall be notated with,
except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Section 1(m)(ii),
except that such certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel
for such holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act.

 

l.              Termination
of Registration Rights. The right of any Investor to request registration or inclusion of Registrable Securities in any registration
pursuant to Sections 1(a) or 1(b) shall terminate upon the earliest to occur of:

 

i.              the
closing of a Liquidation, as such term is defined in the Company’s then effective Certificate of Incorporation (a “Deemed
Liquidation Event”), in which the consideration received by the Investors in such Deemed Liquidation Event is in the form of
cash and/or publicly traded securities, or if the Investors receive registration rights from the acquiring company or other successor
to the Company reasonably comparable to those set forth in this Section 1;

 

ii.             such
time after the consummation of the IPO as SEC Rule 144 or another similar exemption under the Securities Act is available for the
sale of all of the Investors’ shares without limitation during a three-month period without registration; and

 

iii.            the
fifth anniversary of the IPO (or such later date that is 180 days following the expiration of all deferrals of the Company’s obligations
pursuant to Section 1 that remain in effect as of the fifth anniversary of the consummation of the IPO).

 

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2.             Information
and Inspection Rights.

 

a.            Annual
and Quarterly Financial Statements. The Company shall deliver to each Investor (i) as soon as practicable, but in any event
within ninety (90) days after the end of each fiscal year of the Company, an income statement for such fiscal year, a balance sheet of
the Company as of the end of such year and a statement of stockholders’ equity as of the end of such year, all such financial statements
audited and certified by independent public accountants of regionally recognized standing selected by the Company, and (ii) as soon
as practicable, but in any event within forty-five (45) days after the end of each of the first three fiscal quarters of the Company,
an income statement for such fiscal quarter, a balance sheet of the Company as of the end of such quarter and a statement of stockholders’
equity as of the end of such fiscal quarter, all such financial reports to be in reasonable detail, prepared in accordance with generally
accepted accounting principles in the United States as in effect from time to time.

 

b.            Other
Information Rights. The Company will deliver to each Investor (i) within 45 days following the end of each calendar quarter,
a current and detailed capitalization table of the Company, in sufficient detail as to permit each Investor to calculate its percentage
equity ownership in the Company, (ii) such study reports of clinical trials of products under development by the Company and other
technical reports that the Company provides to its advisory board as each Investor may from time to time reasonably request, and (iii) such
other information relating to the products, financial condition, business, prospects, or corporate affairs of the Company as each Investor
may from time to time reasonably request.

 

c.            Inspection
Rights. The Company shall permit each Investor, at each Investor’s expense and upon reasonable advance notice from such Investor,
to visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s affairs,
finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by each Investor;
provided, however, that the Company shall not be obligated pursuant to this Section 2(c) to provide access to any information
that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality
agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between
the Company and its counsel.

 

d.            The
obligations of the Company with respect to this Section 2 shall terminate and be of no further force and effect immediately upon
the consummation of the IPO.

 

e.            The
information delivered by the Company to each Investor in connection with its obligations under this Section 2 shall be subject to
the confidentiality provision contained in Section 4 of this Agreement.

 

3.             Board
Seat.

 

a.            The
Company will take all necessary actions to nominate and elect one (1) representative as directed in writing by Baxter to the Company’s
Board of Directors (the “Baxter Director”). Such actions will include, but not be limited to, expanding the size of
the Company’s Board of Directors and electing the Baxter Director to the resulting vacancy, nominating the Baxter Director as a
candidate in connection with any and all elections of the Board of Directors at annual meetings of the Company’s stockholders,
recommending to all of the Company’s stockholders that they vote or provide written consent to elect the Baxter Director as a member
of the Board of the Directors and ensuring that any future agreements that the Company may enter into governing the composition of the
Company’s Board of Directors, including any voting agreement entered into in connection with future equity financing rounds, provide
for a seat on the Company’s Board of Directors for the Baxter Director. The Baxter Director will initially be James DeStephens.

 

    13

     

    

 

b.            The
Company will provide coverage to the Baxter Director under the Company’s Director’s and Officer’s Insurance Policy
consistent with the coverage provided to the other directors, and will enter into a customary indemnification agreement with the Baxter
Director.

 

c.            The
obligations of the Company with respect to this Section 3 will terminate upon the earlier of (i) the consummation of an IPO
and (ii) Baxter’s failure to exercise its right under Section 6 to purchase New Securities issued by the Company, provided
that the Company has complied with its obligations under Section 6 with respect to such New Securities. Notwithstanding the foregoing,
the obligations of the Company with respect to this Section 3 will not terminate as a result of Baxter’s failure to exercise
its right to purchase New Securities following a waiver by Baxter of its right to purchase New Securities issued by the Company following
a request for such waiver by the Company or the other Investors.

 

d.            The
information delivered by the Company to the Baxter Director in connection with its obligations under this Section 3 shall be subject
to the confidentiality provisions contained in Section 5 hereof.

 

4.             Board
Observer Rights.

 

a.            As
long as the Baxter Director is not a member of the Board of Directors as provided in Section 3, the Company shall invite a representative
of Baxter (the “Observer”) to attend all meetings of the Board of Directors and its committees in their entirety in
a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other
materials that it provides to its directors at the same time and in the same manner as provided to such directors.

 

b.            In
no event shall the Observer (i) be deemed to be a member of the Board of Directors; (ii) have the right to propose or offer
any motions or resolutions to the Board of Directors; or (iii) be required for purposes of establishing a quorum. Upon request,
the Company shall allow the Observer to attend Board of Directors and committee meetings by telephone or electronic communication.

 

c.            The
Company reserves the right to withhold any information and to exclude the Observer from any meeting or portion thereof (i) if access
to such information or attendance at such meeting could, in the opinion of the Company’s external counsel, adversely affect the
attorney-client privilege between the Company and its counsel; or (ii) if such access or attendance could, in the opinion of the
Company’s external counsel and Baxter’s counsel create an actual conflict of interest with respect to (A) a pending
or threatened suit, action, arbitration, cause of action, or claim, or (B) a transaction, in each case, in which the Company, on
the one hand, and Baxter or its affiliates, on the other hand, have a direct interest.

 

d.            The
obligations of the Company with respect to this Section 4 shall terminate and be of no further force and effect on the fifth anniversary
of the consummation of an IPO; provided that such obligations will terminate immediately and be of no further force and effect if (i) at
any time before the second anniversary of the consummation of an IPO, Baxter no longer holds at least fifty percent (50%) of the shares
of the Series C Preferred Stock it purchased under the Purchase Agreement (or an equivalent amount of Common Stock issued upon conversion
thereof) or (ii) at any time on or after the second anniversary of the consummation of an IPO, Baxter no longer holds at least 5%
of the outstanding capital stock of the Company. For the avoidance of doubt, the obligations of the Company with respect to this Section 4
shall survive the IPO and the completion of any offering of Registrable Securities in a registration under Section 1, and otherwise
shall survive the termination of any other provision of this Agreement.

 

    14

     

    

 

e.            The
information delivered by the Company to the Observer in connection with its obligations under this Section 4 shall be subject to
the confidentiality provisions contained in Section 5 hereof.

 

5.             Confidential
Information.

 

a.            “Confidential
Information” means, with respect to an Investor, all information or data concerning the Company or its Affiliates, whether
in verbal, visual, written, electronic or other form, which is disclosed to such Investor pursuant to this Agreement, by the Company
or any director, officer, employee or advisor (each, a “Representative”) of the Company, together with all analyses,
compilations, or reports created by or on behalf of any Investor or any of its Affiliates, or any of their respective Representatives
to the extent such analyses, compilations, or reports contain Confidential Information; provided, however, that “Confidential
Information” shall not include information that:

 

i.               is
or becomes generally available to the public other than as a result of disclosure of such information by such Investor, any of its Affiliates,
or any of their Representatives;

 

ii.              is
independently developed by such Investor, any of its Affiliates, or any of their Representatives without use of Confidential Information
provided by the Company or its Representatives as can be demonstrated by documentary evidence;

 

iii.             becomes
available to such Investor, any of its Affiliates, or any of their Representatives at any time on a non-confidential basis from a third
party that is not, to the recipient’s knowledge, prohibited from disclosing such information by any contractual, legal or fiduciary
obligation to the Company; or

 

iv.            was
known by such Investor, any of its Affiliates, or any of their Representatives prior to receipt from the Company or from any director,
officer, employee or agent thereof, as can be demonstrated by documentary evidence.

 

b.            Each
Investor shall (i) keep confidential and not divulge, directly or indirectly, any Confidential Information in any manner and (ii) not
use or cause, or suffer to be used any of the Confidential Information; provided, however, that an Investor may disclose
Confidential Information (y) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain
their services in connection with monitoring its investment in the Company; and (z) to any Affiliate or Representative of such Investor
in the ordinary course of business; provided that such Affiliates and Representatives are informed of the confidential nature of the
information and are subject to confidentiality obligations to such Investor that are not less restrictive than those in this Agreement.
The foregoing shall not apply to the extent such Investor, its Affiliates, any of its or their Representatives is required to disclose
Confidential Information by judicial or administrative process, pursuant to the advice of its counsel, or by requirements of law; provided,
that, if legally permissible, prior written notice of such disclosure shall be given to the Company so that the Company may take action,
at its expense, to prevent such disclosure and any such disclosure is limited only to that portion of the Confidential Information which
such person is required to disclose. The restrictions on disclosure and use of the Confidential Information contained in this Agreement
will continue to be binding on such Investor for a period of two years from the date of an IPO.

 

    15

     

    

 

c.            None
of the Investors, any of their Affiliates, their Representatives or the Observer shall, by virtue of the Company’s disclosure of,
or such person’s use of any Confidential Information, acquire any rights with respect thereto, all of which rights (including intellectual
property rights) shall remain exclusively with the Company. Each Investor shall be responsible for any breach of this Section 5
by any of its Affiliates, or its or their Representatives.

 

d.            Each
Investor agrees that in the event that it no longer owns equity securities of the Company, upon the request of the Company, it will (and
will cause its Affiliates and its and their Representatives to) promptly (a) return or destroy, at such Investor’s option,
all physical materials containing or consisting of Confidential Information and all hard copies thereof in their possession or control;
and (b) destroy all electronically stored Confidential Information in their possession or control; provided, however, that each
of such Investor, its Affiliates, and its and their Representatives may retain any electronic or written copies of Confidential Information
as may be (i) stored on its electronic records or storage system resulting from automated back-up systems; (ii) required by
law, other regulatory requirements, or internal document retention policies; or (iii) contained in board presentations or minutes
of board meetings of such Investor or its Affiliates; provided, further, that any such retained Confidential Information
shall remain subject to this Section 5 for a period of two years after the date of such request.

 

e.            Money
damages may not be a sufficient remedy for any breach of this Agreement by an Investor and that the Company shall be entitled to seek
specific performance and injunctive or other equitable relief as a remedy for any such breach or threatened breach. Such remedy shall
not be deemed to be the exclusive remedy for breach of this Agreement by an Investor or the Observer, but shall be in addition to all
other remedies available at law or equity to the Company.

 

f.             Notwithstanding
the foregoing, the Company and each Investor agree that this Section 5 shall not apply to information provided by the Company
or its Representatives to an Investor or an Affiliate of such Investor, pursuant to a separate commercial agreement between the Company
and such Investor or an Affiliate of such Investor.

 

6.            Preemptive
Rights.

 

a.            Subject
to the terms and conditions of this Section 6 and applicable securities, laws, if the Company proposes to offer or sell any equity
securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities,
or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities
(collectively, “New Securities”), each Investor shall have the right to purchase up to the number of New Securities
which equals the proportion that the Common Stock held by such Investor as of the time of measurement (including all shares of Common
Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative
Securities then held by such Investor) bears to the total Common Stock of the Company then outstanding (including the shares of Preferred
Stock on an as-if converted-to-Common-Stock basis, but excluding shares that are issuable upon exercise of options and warrants or conversion
of convertible securities). Each Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions
as it deems appropriate, among (i) itself and (ii) its Affiliates.

 

    16

     

    

 

b.            The
Company shall give notice to each Investor each time that it proposes to offer or sell New Securities, stating (i) its bona fide
intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms,
if any, upon which it proposes to offer such New Securities. Each Investor will have thirty (30) days after it receives such notice to
inform the Company of its election regarding the purchase of such New Securities.

 

c.            For
purposes of this Agreement, the term “New Securities” does not include: (i) the Series C Preferred Stock
(as defined below) issued pursuant to the Purchase Agreement and securities issued upon the conversion thereof; (ii) securities
issued pursuant to the acquisition of another business entity or business segment of any such entity by the Company by merger, purchase
of all or substantially all the assets or other reorganization; (iii) securities issued to banks, equipment lessors or other financial
institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real property leasing, in each case approved
by the Board of Directors; (iv) Common Stock or options or other equity rights to acquire Common Stock issued to employees, consultants,
officers or directors of the Company and Common Stock issued upon exercise thereof issued pursuant to an equity incentive plan approved
by the Board of Directors; (v) securities issued to vendors or customers or to other persons in similar commercial situations with
the Company, or securities issued to any entity or person in connection with the purchase by the Company of strategic assets, whether
tangible or intangible, in each case approved by the Board of Directors; (vi) securities issued in connection with any stock split,
stock dividend, recapitalization or other reorganization of the Company; (vii) any securities issued in connection with the IPO
and (viii) securities issued upon exercise or conversion of any Derivative Security outstanding as of the date hereof, or permitted
under Sections (d)(i-vii) above.

 

d.            In
the event that any rights of any Investor to purchase New Securities pursuant to this Agreement (the “Participation Rights”)
are waived with respect to an offer of New Securities and any Investor who waived such Participation Rights (each, a “Waiving
Investor”) purchases all or a portion of such New Securities (any such Waiving Investor who purchases New Securities, the “Participating
Waiving Investors”), then the Company shall provide each other Investor the opportunity prior to the closing of such offering
of New Securities to elect to purchase (on terms and conditions no less favorable) a proportionate amount of such New Securities as purchased
by each Participating Waiving Investor (based on the relative number of New Securities each would have been able to purchase absent such
waiver) up to the number of New Securities that each other Investor would have been entitled to purchase had any rights under this Agreement
not been waived with respect to such offer of New Securities.

 

    17

     

    

 

e.            The
obligations of the Company with respect to this Section 6 shall terminate and be of no further force and effect immediately upon
the consummation of the IPO.

 

7.            No
Publicity. The Company will not use the name or trademarks of the Investors or any of their ultimate parent entities, in any form
of advertising, publicity or release without such Investor’s prior written approval in such Investor’s sole discretion. The
Company will not disclose, publish or make known to third parties that any Investor or any of their ultimate parent entities are indirect
investors in the Company without such Investor’s prior written consent. Each Investor and the Company will coordinate in good faith
a statement disclosing such Investor’s involvement with the Company that can be disclosed to potential large investors of the Company
with each Investor’s prior written consent.

 

8.            Series C
Protective Provisions.

 

a.            At
any time when any shares of Series C Preferred Stock are outstanding, the Company shall not, either directly or indirectly by amendment,
merger, consolidation, recapitalization, reclassification, or otherwise, do any of the following without the written consent or affirmative
vote of Investors holding a majority of the outstanding shares of Series C Preferred Stock given in writing or by vote at a meeting,
consenting or voting (as the case may be), and any such act or transaction entered into without such consent or vote shall be null and
void ab initio, and of no force or effect:

 

i.              change
the composition of the Board of Directors, except to the extent a member of the Board of Directors resigns, retires or is incapable to
perform due to death or disability;

 

ii.             create,
incur, assume guarantee or become liable with respect to any Indebtedness or allow or suffer to exist any mortgage, lien, pledge, charge,
security interest or other encumbrance upon or in any property or assets owned by the Company. “Indebtedness” shall
include any (i) indebtedness for borrowed money, (ii) indebtedness evidenced by a note, bond, debenture or similar instrument
or commercial paper (including purchase money obligations), (iii) obligations to reimburse or repay in respect of letters of credit,
surety bonds or similar instruments, (iv) obligations under financing leases, and (v) capital leases for equipment entered
into after the date of this Agreement to the extent that the aggregate value of all of such new capital leases exceed $300,000;

 

iii.            incorporate,
form or otherwise create any new direct or indirect subsidiaries, or permit any subsidiary of the Company to become a party to any joint
venture, partnership or similar arrangement;

 

iv.            acquire,
in any one transaction or series of related transactions, by purchase of securities or assets or otherwise, for cash or debt, any business
or other enterprise;

 

v.             authorize
or make any loans, advances or guarantees to, or for the benefit of, any person or entity;

 

vi.            modify
in any material respect, the Company’s budget as delivered to and approved by the Board of Directors;

 

    18

     

    

 

vii.           sell
or divest in any one transaction or series of related transactions, any division or other business enterprise, or any assets, of the
Company or any subsidiary, other than immaterial amounts sold or divested in the ordinary course of business;

 

viii.          engage
in any business which is not being conducted by the Company on the date hereof, other than reasonably-related extensions of the business
conducted by the Company on such date;

 

ix.             settle
any outstanding claim, litigation, audit or other dispute for an amount in excess of $20,000 (net of insurance coverage), individually
or in the aggregate;

 

x.              issue,
sell or authorize the issuance or sale of any shares of Series C Preferred Stock other than pursuant to the Purchase Agreement;
or

 

xi.             approve,
adopt, authorize, commit or agree to commit to any of the foregoing actions.

 

b.            The
obligations of the Company with respect to this Section 6 shall terminate and be of no further force and effect immediately upon
the consummation of the IPO.

 

9.             Definitions.
For purposes of this Agreement:

 

a.            “Damages”
means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act, the
Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises
out of or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement
of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto;
(ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements
therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates)
of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act,
the Exchange Act, or any state securities law.

 

b.            “Derivative
Securities” means any outstanding securities or rights convertible into, or exercisable or exchangeable for (in each case,
directly or indirectly), Common Stock, including options and warrants.

 

c.            “Excluded
Registration” means (i) a registration relating to the sale or grant of securities to employees of the Company or a subsidiary
pursuant to a stock option, stock purchase, equity incentive or similar plan; (ii) a registration relating to an SEC Rule 145
transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be
included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common
Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered.

 

    19

     

    

 

d.            “Form S-1”
means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act
subsequently adopted by the SEC.

 

e.            “Form S-3”
means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently
adopted by the SEC that permits forward incorporation of substantial information by reference to other documents filed by the Company
with the SEC.

 

f.             “Immediate
Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, life partner or similar statutorily-recognized
domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive
relationships of a natural person referred to herein.

 

g.            “Person”
means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 

h.            “Preferred
Stock” means, collectively, shares of the Company’s Preferred Stock, par value $0.00001 per share.

 

i.             “Registrable
Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred Stock; (ii) any Common
Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the
Company, acquired by the Investors after the date hereof; and (iii) any Common Stock issued as (or issuable upon the conversion
or exercise of any Derivative Security that is issued as) a dividend or other distribution with respect to, or in exchange for or in
replacement of, the shares referenced in clauses (i) and (ii) above; excluding for purposes of Section 1 any shares for
which registration rights have terminated pursuant to this Agreement.

 

j.             “Registrable
Securities then outstanding” means the number of shares determined by adding the number of shares of outstanding Common Stock
that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable
and/or convertible securities that are Registrable Securities.

 

k.            “Restricted
Securities” means the securities of the Company required to be notated with the legend set forth in Section 1(m)(ii) hereof.

 

l.             “SEC”
means the Securities and Exchange Commission.

 

m.           “SEC
Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.

 

n.            “SEC
Rule 145” means Rule 145 promulgated by the SEC under the Securities Act.

 

o.            “Selling
Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable
Securities, and fees and disbursements of counsel for the Investors, except for the fees and disbursements of the Selling Holder Counsel
borne and paid by the Company as provided in Section 1(f).

 

    20

     

    

 

p.            “Series C
Preferred Stock” means the Series C Convertible Preferred Stock of the Company, $0.00001 par value per share.

 

10.           Miscellaneous.

 

a.            Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally
or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and of at least the
holders of a majority of Series C Preferred Stock; provided that any provision hereof may be waived by any waiving party
on such party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, (i) this Agreement may
not be amended, modified or terminated and the observance of any term hereof may not be waived with respect to any Investor without the
written consent of such Investor, unless such amendment, modification, termination, or waiver applies to all Investors in the same fashion
(it being agreed that a waiver of the provisions of Section 6 with respect to a particular transaction shall be deemed to
apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless,
by agreement with the Company, purchase securities in such transaction) and (ii) Sections 2(a) – (c) and
Section 6 and any other section of this Agreement applicable to all of the Investors (including this Section 10(a)(ii))
may be amended, modified, terminated or waived with only the written consent of the Company and the holders of at least a majority of
the Series C Preferred Stock then outstanding and held by the Investors; provided that (A) Sections 2, 5 and
10(a) may not be amended or modified without the written consent of CareDx, and (B) Sections 2, 3, 4, 5 and 10(a) may
not be amended or modified without the written consent of Baxter. The Company shall give prompt notice of any amendment, modification
or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination,
or waiver. Any amendment, modification, termination, or waiver effected in accordance with this Section 10(a) shall
be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term,
condition, or provision of this Agreement, in any one (1) or more instances, shall be deemed to be or construed as a further or
continuing waiver of any such term, condition, or provision.

 

b.            Additional
Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of the Company’s
Series C Preferred Stock pursuant to the Purchase Agreement after the date hereof, any purchaser of such shares of Series C
Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this
Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors
shall be required for such joinder to this Agreement by such additional Investor or the addition of such Investor to Exhibit A
hereof, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor”
hereunder.

 

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c.            Sections
6.2, 6.3, 6.4, 6.5, 6.6, 6.10 and 6.13 of the Purchase Agreement shall apply to this Agreement, mutatis mutandis.

 

[Signature Page Follows.]

 

    22

     

    

 

If the foregoing is acceptable
to you, please indicate by signing and returning this Agreement.

 

	 	Very truly yours,
	 	 
	 	Miromatrix Medical Inc.
	 	 
	 	 
	 	By:	              
	 	Name:	Jeff Ross
	 	Title:	Chief Executive
    Officer

 

[Signature Page to
Series C Letter Agreement]

 

    

     

    

 

	ACCEPTED AND AGREED TO:	 
	 	 
	Baxter Healthcare Corporation	 
	 	 
	 	 
	By:	    	 
	Name:	Dennis Crowley	 
	Title:	SVP, Business
    Development & Licensing	 

 

[Signature Page to
Series C Letter Agreement]

 

    

     

    

 

	ACCEPTED AND AGREED TO:	 
	 	 
	CareDx, Inc.	 
	 	 
	 	 
	By:	    	 
	Name:	Reginald Seeto	 
	Title:	CEO	 

 

[Signature Page to Series C Letter Agreement]

 

    

     

    

 

Exhibit A

Investors

 

	Investor	 	Series C
    Preferred Stock	 
	Baxter Healthcare Corporation	 	 	2,000,000	 
	CareDx, Inc.	 	 	666,667

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