Document:

Exhibit 4.4

 

THE SECURITIES REFERENCED HEREIN HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH,
THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION 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.

 

CONVERTIBLE PROMISSORY NOTE

 

	$50,000	June 13, 2022
	 	Ponte Vedra, Florida

 

For value received, Cadrenal Therapeutics,
Inc., a Delaware corporation (the “Company”), promises to pay to [     ] (the
“Holder”), the principal sum of fifty thousand dollars ($50,000). Interest shall accrue from the date of this Note on
the unpaid principal amount at a rate equal to six percent (6.0%) per annum, simple interest, computed on the basis of the 360-day
year of twelve 30-day months. This Note is one of a series of Convertible Promissory Notes containing substantially identical terms
and conditions issued pursuant to that the Company’s $2 Million Convertible Note Offering (the “Offering”) and the
subscription agreement executed by Holder thereunder (the “Subscription Agreement”). Such Notes are referred to herein
as the “Notes,” and the holders thereof are referred to herein as the “Holders.” Capitalized terms not
otherwise defined herein have the meaning given them in the Subscription Agreement. This Note is subject to the following terms and
conditions.

 

1. Maturity. Unless converted as provided
in Section 2, principal and any accrued but unpaid interest under this Note shall be due and payable upon demand of Holder at any time
after the third anniversary of the date of this Note (the “Maturity Date”). Notwithstanding the foregoing, the entire
unpaid principal sum of this Note, together with accrued and unpaid interest thereon, shall become immediately due and payable upon the
commission of any act of bankruptcy by the Company, the execution by the Company of a general assignment for the benefit of creditors,
the filing by or against the Company of a petition in bankruptcy or any petition for relief under the federal bankruptcy act or the continuation
of such petition without dismissal for a period of 90 days or more, or the appointment of a receiver or trustee to take possession of
the property or assets of the Company.

 

2. Next Equity Conversion.

 

(a) Next Equity Financing.
On or before the Maturity Date, principal and (at the Company’s option) any accrued but unpaid interest under this Note automatically
shall be converted into equity securities issued and sold at the initial closing of the Company’s next equity financing (the “Next
Equity Securities”) in a single transaction or a series of related transactions yielding gross proceeds to the Company of at
least $3,000,000 (including conversion of the Notes) (the “Next Equity Financing”).

 

(b) Terms of Conversion.
The number of shares of Next Equity Securities to be issued upon such conversion shall be equal to the quotient obtained by dividing (i)
the entire principal amount of this Note plus (if applicable) any accrued but unpaid interest under this Note by (ii) [sixty percent (60%)]
of the price per share of the Next Equity Securities sold in the Next Equity Financing (the “Note Conversion Rate”)
and the issuance of such securities upon such conversion shall be upon the terms and subject to the conditions applicable to the Next
Equity Financing and the Company’s Certificate of Incorporation and Bylaws and/or other governing documents, as determined by the
Company and its investors in their sole discretion. If the Company elects to convert accrued interest into Next Equity Securities, this
election shall apply equally to all of the Notes. Upon such conversion of this Note, the Holder hereby agrees to execute and deliver to
the Company all transaction documents related to the Next Equity Financing, including a purchase agreement and other ancillary agreements,
with customary representations and warranties and transfer restrictions (including a lock-up agreement in connection with an initial public
offering).

 

     

     

    

 

3. Change of Control. In the event of a
Change of Control (as defined below) which occurs prior to repayment in full of this Note, immediately prior to such Change of Control,
the outstanding principal and any accrued but unpaid interest on this Note shall convert directly into common equity of the Company (or
directly into proceeds paid to the holders of common equity in connection with the Change of Control) at a price per share that is 60%
of the price per share of common equity paid at the Change of Control. The term “Change of Control” means (i) a sale of all
or substantially all of the Company’s assets other than to an Excluded Entity (as defined below), (ii) a merger, consolidation or
other capital reorganization or business combination transaction of the Company with or into another corporation, limited liability company
or other entity other than an Excluded Entity, or (iii) the consummation of a transaction, or series of related transactions, in which
any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of all
of the Company’s then outstanding voting securities.

 

Notwithstanding the foregoing,
a transaction shall not constitute a Change of Control if its sole purpose is to (A) change the jurisdiction of the Company’s organization,
formation or incorporation, (B) create a holding company that will be owned in substantially the same proportions by the persons who hold
the Company’s securities immediately before such transaction, or (C) obtain funding for the Company in a financing that is approved
by the Company’s Board of [Managers/Directors]. An “Excluded Entity” means a corporation or other entity of which the
holders of voting securities of the Company outstanding immediately prior to such transaction are the direct or indirect holders of voting
securities representing at least a majority of the votes entitled to be cast by all of such corporation’s or other entity’s
voting securities outstanding immediately after such transaction.

 

4. Mechanics and Effect of Conversion.
No fractional shares of the Company’s equity will be issued upon conversion of this Note. In lieu of any fractional share to which
the Holder would otherwise be entitled, the Company will pay to the Holder in cash the amount of the unconverted principal and interest
balance of this Note that would otherwise be converted into such fractional share. Upon conversion of this Note pursuant to Section 2,
the Holder shall surrender this Note, duly endorsed, at the principal offices of the Company or any transfer agent of the Company. At
its expense, the Company will, as soon as practicable thereafter, issue the number of securities to which such Holder is entitled upon
such conversion, together with any other securities and property to which the Holder is entitled upon such conversion under the terms
of this Note, including a check payable to the Holder for any cash amounts payable as described herein and shall deliver to such Holder,
at such principal office, a certificate or certificates for the number of securities to which such Holder is entitled upon such conversion.
Upon conversion of this Note, the Company will be forever released from all of its obligations and liabilities under this Note with regard
to that portion of the principal amount and accrued interest being converted including without limitation the obligation to pay such portion
of the principal amount and accrued interest. Upon conversion of the principal amount of this Note into the Company’s equity securities,
any interest accrued on this Note that is not by reason of Section 2 simultaneously converted into such equity securities shall be immediately
paid to the Holder.

 

    2

     

    

 

5. Payment; Prepayment. All payments shall
be made in lawful money of the United States of America at such place as the Holder hereof may from time to time designate in writing
to the Company. Payment shall be credited first to the accrued interest then due and payable and the remainder shall be applied to principal.
The Company may prepay this Note at any time without penalty.

 

6. Stockholders,
Officers and Directors Not Liable. In no event shall any stockholder, officer or director of the Company be liable for any amounts
due or payable pursuant to this Note.

 

7. Interest
Rate Limitation. Notwithstanding anything to the contrary contained in this Note, the interest paid or agreed to be paid under this
Note shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”). If the Holder
shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal remaining owed
under this Note or, if it exceeds such unpaid principal, refunded to the Company. In determining whether interest contracted for, charged
or received by the Holder exceeds the Maximum Rate, the Holder may, to the extent permitted by applicable law, (a) characterize any payment
that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof and
(c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of
this Notes.

 

8. Action
to Collect on Note. If action is institutes to collect on this Note, the Company shall be obligated to pay all of each Holder’s
costs and expenses, including reasonable attorney’s fees, incurred in connection with such action.

 

9. Loss
of Note. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Note or
any Note exchanged for it, and indemnity satisfactory to the Company (in case of loss, theft or destruction) or surrender and cancellation
of such Note (in the case of mutilation), the Company will make and deliver in lieu of such Note a new Note of like tenor.

 

10. Miscellaneous.

 

(a) Governing Law.
The validity, interpretation, construction and performance of this Note, and all acts and transactions pursuant hereto and the rights
and obligations of the Company and Holder shall be governed, construed and interpreted in accordance with the laws of the state of Delaware,
without giving effect to principles of conflicts of law.

 

(b) Entire
Agreement. This Note, together with the Subscription Agreement and the documents referred to therein, constitute the entire agreement
and understanding between the Company and the Holder relating to the subject matter herein and supersedes all prior or contemporaneous
discussions, understandings and agreements, whether oral or written between them relating to the subject matter hereof.

 

    3

     

    

 

(c) Amendments and Waivers.
Any term of this Note may be amended only with the written consent of the Company and at least a majority in interest of the Holders.
Any amendment or waiver effected in accordance with this Section 10(c) shall be binding upon the Company, each Holder and each transferee
of any Note.

 

(d) Successors
and Assigns. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and
assigns of the Company and the Holder. Notwithstanding the foregoing, the Holder may not assign, pledge, or otherwise transfer this Note
without the prior written consent of the Company. Subject to the preceding sentence, this Note may be transferred only upon surrender
of the original Note for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in
form satisfactory to the Company. Thereupon, a new note for the same principal amount and interest will be issued to, and registered in
the name of, the transferee. Interest and principal are payable only to the registered holder of this Note.

 

(e) Notices. Any notice,
demand or request required or permitted to be given under this Note shall be in writing and shall be deemed sufficient when delivered
personally or by overnight courier or sent by email, or 48 hours after being deposited in the U.S. mail as certified or registered mail
with postage prepaid, addressed to the party to be notified at such party’s address as set forth on the signature page, as subsequently
modified by written notice, or if no address is specified on the signature page, the most recent address set forth in the Company’s
books and records.

 

(f) Counterparts.
This Note may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and
all of which together shall constitute one and the same instrument.

 

[Signature Page Follows]

 

    4

     

    

 

IN WITNESS WHEREOF, the Company
has executed this Convertible Promissory Note as of the date first set forth above.

 

THE COMPANY:

 

Cadrenal Therapeutics, Inc.

 

	By:		 
	 		 

 

AGREED TO AND ACCEPTED:

 

THE HOLDER:

 

		 
	(PRINT NAME)	 
	 	 
		 
	(SIGNATURE)	 
	 	 	 
	Address:	###	 
	 	 	 
	Email:	###	 

 

 

5Exhibit 4.5

 

NEITHER THIS NOTE NOR THE SECURITIES INTO WHICH
THIS NOTE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE. THESE
SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

CADRENAL THERAPEUTICS, INC.

 

CONVERTIBLE NOTE

 

	Issuance Date: ____________ __, 2022	Original Principal Amount: $_____________
	Note No. __	 

 

FOR VALUE RECEIVED, Cadrenal
Therapeutics, Inc., a Delaware corporation (“Cadrenal Therapeutics” or the “Maker”), hereby promises
to pay to the order of _________________________ (the “Subscriber”), or registered assigns (together with the Subscriber,
the “Holder”), the amount set out above as the Original Principal Amount, as reduced pursuant to the terms hereof pursuant
to redemption, conversion or otherwise (the “Principal”), when due, whether upon the Maturity Date (as defined below),
acceleration, redemption or otherwise (in each case in accordance with the terms hereof) and to pay interest (“Interest”)
on any outstanding Principal at the applicable Interest Rate from the date set out above as the Issuance Date (the “Issuance
Date”) until the same becomes due and payable, upon the Maturity Date or acceleration, conversion, redemption or otherwise (in
each case in accordance with the terms hereof).

 

The Original Principal Amount
is _________________________ Dollars ($__________). For purposes hereof, the term “Outstanding Balance” means the Original
Principal Amount, as reduced or increased, as the case may be, pursuant to the terms hereof for conversion, breach hereof or otherwise,
plus any accrued but unpaid interest, collection and enforcements costs, and any other fees or charges incurred under this Note provided that,
in the event of an optional or mandatory conversion of the Note into shares of Common Stock (as provided herein), all accrued interest
on the Principal subject to such conversion shall be waived.

 

This Note is being issued
pursuant to the terms of a subscription agreement dated as of ____ __, 2022 between the Maker and the Subscriber and exhibits thereto
(collectively, the “Transaction Documents”). Unless otherwise defined herein, all capitalized terms, when used in this
Note, shall have the same meaning as they are defined in the Transaction Documents.

 

1. GENERAL
TERMS

 

(a) Payment
of Principal. Unless previously converted into shares of the common stock, $0.001 par value, of Cadrenal Therapeutics or the common
stock of any successor in interest to the Maker (each the “Common Stock”) as contemplated hereby, this Note, together
with all accrued interest hereon at the Interest Rate, shall be due and payable three years from the date of the last closing of the Notes,
as hereinafter defined in Section 3(g)(iv)(the “Maturity Date”). In the event that within 18 months of the Issuance
Date, the Maker shall not have consummated an initial public offering of its Common Stock and the listing or trading of its Common Stock
on a “Qualified Securities Market”, as defined below (the “IPO”) or other “Liquidity Event”
(hereinafter defined), the Maker may elect either (a) up on twenty (20) days prior written notice to the Holder, to prepay all of the
Outstanding Balance of the Note and accrued interest hereon, or (b) if the Maker does not prepay the entire principal amount of the Note
or the remaining principal amount of the Note, this Note will automatically increase to 110% of the original or unpaid portion of the
outstanding principal amount.

 

     

     

    

 

(b) Interest.
Interest shall accrue from the Issuance Date on the Original Principal Amount or other outstanding Principal at an annual rate of six
percent (6%) (the “Interest Rate”) and all accrued interest shall be fully paid on the Maturity Date (or sooner as
provided herein) to the Holder or its assignee in whose name this Note is registered on the records of the Maker regarding registration
and transfers of Notes in cash. However, in the event of an optional or mandatory conversion of the Note into shares of Common Stock (as
provided herein), all accrued interest on the principal subject to such conversion shall be waived.

 

2. EVENTS
OF DEFAULT.

 

Whenever used herein, an “Event
of Default” means the occurrence and continuation of any one of the following events, whatever the reason, and whether it shall
be voluntary or involuntary, or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order,
rule or regulation of any administrative or governmental body:

 

(a) The
Maker’s failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under this Note within
five days of the due date; or

 

(b) A
Conversion Failure as defined in Section 3(d)(ii) not due to the fault of the Holder; or

 

(c) A
material breach by Cadrenal Therapeutics of any material representation, warranty or covenant contained in the Transaction Documents or
a material breach by Cadrenal Therapeutics of any material representation, warranty or covenant contained in the Subscription Agreement,
that, if capable of cure, is not cured within 30 days from the date such breach has occurred; or

 

(d) The
Maker or any subsidiary of the Maker shall commence, or there shall be commenced against the Maker or any subsidiary of the Maker under
any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Maker or any subsidiary of
the Maker commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency
or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Maker or any subsidiary of the Maker
or there is commenced against the Maker or any subsidiary of the Maker any such bankruptcy, insolvency or other proceeding which remains
undismissed for a period of ninety-one (91) days; or the Maker or any subsidiary of the Maker is adjudicated insolvent or bankrupt; or
any order of relief or other order approving any such case or proceeding is entered; or the Maker or any subsidiary of the Maker suffers
any appointment of any custodian, private or court appointed receiver or the like for it or any substantial part of its property which
continues undischarged or unstayed for a period of ninety-one (91) days; or the Maker or any subsidiary of the Maker makes a general assignment
for the benefit of creditors; or the Maker or any subsidiary of the Maker shall fail to pay, or shall state that it is unable to pay,
or shall be unable to pay, its debts generally as they become due; or the Maker or any subsidiary of the Maker shall call a meeting of
its creditors with a view to arranging a composition, adjustment or restructuring of its debts; or the Maker or any subsidiary of the
Maker shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing; or any
corporate or other action is taken by the Maker or any subsidiary of the Maker for the purpose of effecting any of the foregoing.

 

3. CONVERSION OF NOTE. This
Note shall be convertible into shares of Common Stock, on the terms and conditions set forth in this Section 3.

 

(a) Certain
Definitions. As used in this Note, the following capitalized terms shall have the meaning set forth below:

 

(i) “Alternative
Liquidity Event” shall mean any one of a Sale of Control, a SPAC Acquisition, or a Reverse Merger.

 

(ii) “Alternative Liquidity Event Conversion Price” shall mean a conversion price that is equal
to 60% of the aggregate “Transaction Consideration” (as defined) divided by the total number of outstanding shares of common
stock of the acquiror resulting from a Sale of Control, the merger with a SPAC or the successor in interest “Pubco”
(as defined) in connection with a Reverse Merger.

 

    2

     

    

 

(iii) “Common
Stock” shall mean, as applicable, the individual or collective reference to the Common stock, $0.001 par value per share, of
the Maker or the common stock of any acquiror in a Sale of Control, SPAC or Pubco resulting from a Sale of Control, SPAC Acquisition or
Reverse Merger.

 

(iv) “Conversion
Shares” shall mean the aggregate number of shares of Common Stock of the Maker, the Acquiror in a Sale of Control the SPAC or
Pubco, as applicable (each an “Issuer”) that are issuable to the Holder in connection with any mandatory conversion
(set forth in Section 3(b)) or optional conversion (set forth in Section 3(c)) of this Note.

 

(v) “IPO”
shall mean an initial public offering of Common Stock of the Maker pursuant to a registration statement on Form S-1 that is declared effective
by the Securities and Exchange Commission.

 

(vi) “IPO
Conversion Price” shall mean a conversion price equal to 60% of the initial public offering price per share of the Common Stock
offered to the public in the IPO.

 

(vii) “Liquidity
Event” shall mean any one of an IPO, a Sale of Control, a SPAC Acquisition or a Reverse Merger.

 

(viii)
“Optional Conversion Price” shall mean a conversion price that is equal to the price per share determined by dividing
$50 million by the total number of outstanding shares of Common Stock of the Maker.

 

(ix) “Pre-Money
Valuation” shall mean the dollar value placed on the total number of outstanding shares of Common Stock and Preferred Stock
of the Company immediately prior to a Liquidity Event.

 

(xi) “Pubco”
means a fully-reporting public corporation under the Securities Exchange Act of 1934, as amended, that does not have any significant business
activities and is trading on Nasdaq or the OTCQX platform of the OTC Market.

 

(xii) “Qualified
Securities Market” shall mean any one of the Nasdaq Stock Exchange (including the Nasdaq Capital Market), the New York Stock
Exchange, the NYSE American or the OTCQX platform of the OTC Markets.

 

(xiii) “Reverse
Merger” means a merger of the Maker with or the acquisition of the Maker by Pubco, as a result of which such transaction, the
stockholders of the Maker will own a substantial majority of the equity securities of Pubco.

 

(xiv)
“Sale of Control” shall mean a sale of all or substantially all of the capital stock or assets of the Company to any
unaffiliated third Person, whether through share sale, asset sale, merger, consolidation or like combination, as a result of which the
ability to control the board of directors of the Company shall pass to such third Person.

 

(xv) “SPAC”
means a special purpose acquisition corporation whose securities are listed on Nasdaq or the New York Stock Exchange.

 

(xvi) “SPAC
Acquisition” means a merger of the Maker with or the acquisition of the Maker by a SPAC or its subsidiary, as a result of which
such transaction, the stockholders of the Maker will own a majority of the equity securities of the SPAC.

 

(xvii) “Transaction
Consideration” shall mean the dollar value placed on the total consideration paid to the Company including, but not limited
to, (i) the value of the Transaction, including consideration whether in cash, stock or in-kind, received by and/or paid by the Company,
(ii) the total amount of indebtedness for borrowed funds, capitalized lease obligations and non-trade liabilities of the Company that
are either assumed by the acquirer, redeemed or otherwise satisfied in connection with the transaction, or which remain outstanding after
the transaction is consummated; (iii) the fair market value of any assets excluded from the transaction; (iv) the fair market value of
any ownership interests which are retained by the Company’s shareholders or which remain outstanding after the transaction is consummated;
and (v) the amount of any contingent payments, including, without limitation, earn-outs and future royalties payable in connection with
the transaction.

 

    3

     

    

 

(b) Mandatory
Conversion. In the event that prior to the Maturity Date of this Note, the Maker shall consummate an IPO and its Common Stock shall
be approved for listing or trading on any Qualified Securities Market, the entire Outstanding Balance of this Note shall automatically,
and without any further consent or approval of the Holder, be converted into Common Stock of the Maker at the IPO Conversion Price. In
the event that prior to the Maturity Date, the Maker shall consummate an Alternative Liquidity Event, the Holder may elect at his or its
option to convert the outstanding and unpaid Outstanding Balance of this Note into Common Stock of the Maker at the Alternative Liquidity
Event Conversion Price. The IPO Conversion Price and the Alternative Liquidity Event Conversion Price (either, the “Mandatory
Conversion Price”) shall be subject to adjustment, as provided for in Section 3(f) below.

 

(c) Optional
Conversion. At any time, at the Holder’s option, such Holder may convert the outstanding and unpaid Outstanding Balance of this
Note into fully paid and nonassessable shares of Common Stock in accordance with this Section 3(c), at the Optional Conversion
Price, subject to adjustment as provided in Section 3(f) below. If the issuance would result in the issuance of a fraction of a
share of Common Stock, Cadrenal Therapeutics shall round such fraction of a share of Common Stock up to the nearest whole share. Cadrenal
Therapeutics shall pay any and all transfer agent fees, legal fees, costs and any other fees or costs that may be incurred or charged
in connection with the issuance and legend removal of shares of Common Stock to the Holder arising out of or relating to the conversion
of this Note up to a maximum of five thousand dollars ($5,000).

 

(d) Mechanics
of Conversion.

 

(i) Optional
Conversion. To convert the Note pursuant to an optional conversion into shares of Common Stock on any date (a “Conversion
Date”), the Holder shall (A) transmit by email, facsimile (or otherwise deliver), for receipt on or prior to 11:59 p.m., New
York, NY Time, a copy of an executed notice of conversion in the form attached hereto as Exhibit A (the “Conversion Notice”)
to Cadrenal Therapeutics. On or before the tenth (10th) Business Day following the date of receipt of a Conversion Notice (the
“Share Delivery Date”), Cadrenal Therapeutics shall (A) if legends are not required to be placed on certificates of
Common Stock pursuant to the then existing provisions of Rule 144 of the Securities Act of 1933 (“Rule 144”) and provided
that the Transfer Agent is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer
Program, credit such aggregate number of shares of Common Stock to which the Holder shall be entitled to the Holder’s or its designee’s
balance account with DTC through its Deposit Withdrawal Agent Commission system or (B) if the Transfer Agent is not participating in the
DTC Fast Automated Securities Transfer Program, issue and deliver to the address as specified in the Conversion Notice, a certificate,
registered in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder shall be entitled which
certificates shall not bear any restrictive legends unless required pursuant the Rule 144. The Person or Persons entitled to receive the
shares of Common Stock issuable upon a conversion of this Note shall be treated for all purposes as the record holder or holders of such
shares of Common Stock upon the transmission of a Conversion Notice.

 

(ii) Issuer’s
Failure to Timely Convert. If within ten (10) business days after a Liquidity Event or (in the case of an optional conversion) Cadrenal
Therapeutics’ receipt of the facsimile or email copy of a Conversion Notice together with documentation satisfactory to the Transfer
Agent that the Conversion Shares are eligible for such electronic issuance, the Issuer shall fail to issue and deliver to Holder via “DWAC/FAST”
electronic transfer (assuming that such shares are “DWAC/FAST” eligible) the number of Conversion Shares to which the Holder
is entitled upon such holder’s conversion of any Conversion Shares (a “Conversion Failure”), the Outstanding
Balance of the Note shall increase by 0.05% per day up to a maximum aggregate amount of 1% until such time as the Issuer of the Conversion
Shares issues and delivers a certificate to the Holder or credit the Holder’s balance account with DTC for the number of Conversion
Shares to which the Holder is entitled upon such mandatory or optional conversion. The Issuer of the Conversion Shares will not be subject
to any penalties once its transfer agent processes the shares to the DWAC system. If the issuer fails to deliver shares in accordance
with the timeframe stated in this Section, resulting in a Conversion Failure, the Holder, at any time prior to selling all of those Conversion
Shares, may rescind any portion, in whole or in part, of that particular conversion attributable to the unsold shares and have the rescinded
conversion amount returned to the Outstanding Balance with the rescinded Conversion Shares returned to the applicable Issuer.

 

    4

     

    

 

(iii) Book-Entry.
Notwithstanding anything to the contrary set forth herein, in connection with any optional or mandatory conversion of this Note in accordance
with the terms hereof, the Holder shall not be required to physically surrender this Note to Cadrenal Therapeutics unless and until such
time as the Holder has converted his or her shares in full. Upon a partial or full conversion, Holder shall receive either (i) one or
more stock certificates, or a book entry account statement, evidencing the Conversion Shares (in the event Cadrenal Therapeutics’s
Common Stock is not yet DTC eligible) or (ii) physical evidence from the Issuer’s transfer agent that the Holder’s balance
account with DTC showing that the Conversion Shares have been credited for the number of Conversion Shares to which the Holder is entitled
upon such mandatory or optional conversion and the remaining outstanding balance owed under this Note. The Holder and the Issuer shall
maintain records showing the Outstanding Balance converted and the dates of such conversions or shall use such other method reasonably
satisfactory to the Holder and Issuer, so as not to require physical surrender of this Note upon conversion, unless so requested by Cadrenal
Therapeutics.

 

(e) Limitations
on Conversions or Trading.

 

If at any time after the Closing,
the Holder shall or would receive Conversion Shares or shall purchase additional shares of Common Stock of an Issuer, so that the Holder
would, together with other shares of Common Stock held by it or its Affiliates, own or beneficially own by virtue of such action or receipt
of additional shares of Common Stock a number of shares exceeding 9.99% of the number of shares of Common Stock outstanding on such date
(the “Maximum Percentage”), the Issuer shall not be obligated and shall not issue to the Holder Conversion Shares which
would exceed the Maximum Percentage, but only until such time as the Maximum Percentage would no longer be exceeded by any such receipt
of shares of Common Stock by the Holder. Upon delivery of a written notice to the applicable Issuer the Holder may from time to time increase
(with such increase not effective until the sixty-first (61st) day after delivery of such notice) or decrease the Maximum Percentage to
any other percentage not in excess of 9.99% as specified in such notice; provided that (i) any such increase in the Maximum Percentage
will not be effective until the sixty-first (61st) day after such notice is delivered to Cadrenal Therapeutics and (ii) any such increase
or decrease will apply only to the Holder and its Affiliates. The provisions of this paragraph shall be construed and implemented in a
manner otherwise than in strict conformity with the terms of this Section 3(e) to the extent necessary to correct this paragraph (or any
portion of this paragraph) which may be defective or inconsistent with the intended beneficial ownership limitation contained in this
Section 3(e) or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitation
contained in this paragraph may not be waived and shall apply to a successor holder of the Note.

 

(f) Adjustment
of Conversion Price. In the event that while the Note is outstanding and prior to the Maturity Date of this Note, the Maker shall
raise additional capital through a private placement of Common Stock or other securities that are convertible or exercisable for Common
Stock, in either case, at a price per share less than the Optional Conversion Price, then and in such event the Conversion Price of the
Notes shall be adjusted to reflect such lower amount.

 

(g) Other
Provisions.

 

(i) Share
Reservation. Cadrenal Therapeutics shall at all times reserve and keep available out of its authorized Common Stock a number of shares
equal to at least the full number of shares of Common Stock issuable upon conversion of all outstanding amounts under this Note.

 

(ii) Prepayment.
This Note may not be prepaid by Cadrenal Therapeutics until December 31, 2022. Thereafter, the Note may either be prepaid by the Company
in whole or in part without penalty, fees or premium upon not less than twenty (20) business days prior written notice to the Holder (the
“Prepayment Notice”) which shall set forth the date on which the Note shall be prepaid (the “Prepayment Date”),
subject to the Holder’s right to convert all or any portion of this Note into Conversion Shares at the Optional Conversion Price
prior to the Prepayment Date.

 

(iii) All
calculations under this Section 3 shall be rounded up to the nearest whole share.

 

    5

     

    

 

(iv) Nothing
herein shall limit a Holder’s right to pursue actual damages or declare an Event of Default pursuant to Section 2 herein for Cadrenal
Therapeutics’s failure to deliver certificates or credit entries representing shares of Common Stock upon conversion within the
period specified herein and such Holder shall have the right to pursue all remedies available to it at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief, in each case without the need to post a bond or provide other security.
The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or
under applicable law.

 

(v) The
Maker shall use its best efforts to assist the Holder to obtain a legal opinion for the removal of any restrict legend in connection with
any shares converted from this Note.

 

(vi) This
Note is one of the Convertible Notes issued on or about the date of this Note by the Maker in an aggregate principal amount of up to $2,000,000,
(the “Notes”), subject to the reservation of right of the Maker and Boustead, in their sole discretion, to increase
the Maximum Offering Amount, as such term is defined in the Subscription Agreement, of Notes to an aggregate principal amount that is
in excess of the Maximum Offering Amount up to $5,000,000. Each of the Notes shall rank equally without preference or priority of any
kind over one another, and all payments and recoveries under the Notes payable on account of principal and interest on the Notes shall
be paid and applied ratably and proportionately on the balance of all outstanding Notes on the basis of their original principal amount.

 

4. REISSUANCE
OF THIS NOTE.

 

Upon receipt by the Maker
of evidence reasonably satisfactory to the Maker of the loss, theft, destruction or mutilation of this Note, and, in the case of loss,
theft or destruction, of any indemnification undertaking by the Holder to the Maker in customary form and, in the case of mutilation,
upon surrender and cancellation of this Note, the Maker shall execute and deliver to the Holder a new Note representing the outstanding
Principal.

 

5. NOTICES.
Any notices, consents, waivers or other communications required or permitted to be given under the terms shall be handled according to
the Notice clause in the Subscription Agreement.

 

The addresses for such communications shall be:

 

If to the Maker:

Quang Pham

Cadrenal Therapeutics Inc.

830-13 A1A N. 196

Ponte Vedra, FL 320382

Email:  

 

If to the Holder: 

 

6. APPLICABLE
LAW AND VENUE. This Note shall be governed by and construed in accordance with the laws of the State of New York, without giving effect
to conflicts of laws thereof. Any action brought by either party against the other concerning the transactions contemplated by this Agreement
shall be brought only in the state courts of New York or in the federal courts located in New York County, in the State of New York. Both
parties and the individuals signing this Agreement agree to submit to the jurisdiction of such courts.

 

7. WAIVER.
Any waiver by the Holder of a breach of any provision of this Note shall not operate as or be construed to be a waiver of any other breach
of such provision or of any breach of any other provision of this Note. The failure of the Holder to insist upon strict adherence to any
term of this Note on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon
strict adherence to that term or any other term of this Note. Any waiver must be in writing.

 

    6

     

    

 

8. MISCELLANEOUS

 

(a) Lawful
Money; Costs of Collection. All amounts payable hereunder are payable in lawful money of the United States. Cadrenal Therapeutics
agrees to pay all costs of collection when incurred, including reasonable attorneys’ fees and costs, whether or not a suit or action
is instituted to enforce this Note, including but not limited to court costs, appraisal fees, the cost of searching records, obtaining
title reports and title insurance and trustee’s fees, to the extent permitted by applicable law.

 

(b) No
Offset; Holder in Due Course. All payments under this Note made by or on behalf of Cadrenal Therapeutics shall be made without setoff
or counterclaim and free and clear of, and without deduction or withholding for or on account of, any federal, state, or local taxes.
Cadrenal Therapeutics waives any right of offset it now has or may hereafter have against Agent or Holder and its successors and assigns
as to this Note (but retains any such rights as to any other prior or future transaction between these parties) and agrees to make the
payments called for hereunder in accordance with the terms hereof. The holder hereof and all successors thereof shall have all the rights
of a holder in due course as provided in the California Uniform Commercial Code and other laws of the State of California.

 

(c) Waivers.
Cadrenal Therapeutics and any endorsers, guarantors or sureties hereof severally waive presentment and demand for payment, notice of intent
to accelerate maturity, protest or notice of protest or nonpayment, bringing of suit and diligence in taking any action to collect any
sums owing hereunder or in proceeding against any of the rights and properties securing payment hereunder; expressly agree that this Note,
or any payment hereunder, may be extended from time to time; and consent to the acceptance of further security or the release of any security
for this Note, all without in any way affecting the liability of Cadrenal Therapeutics and any endorsers or guarantors hereof. No extension
of time for the payment of this Note, or any installment hereof, made by agreement by the holder hereof with any person now or hereafter
liable for the payment of this Note, shall affect the original liability under this Note of Cadrenal Therapeutics, even if Cadrenal Therapeutics
(or any entity comprising Cadrenal Therapeutics) is not a party to such agreement.

 

(d) Usury
Protection. The parties hereto intend to conform strictly to the applicable usury laws. In no event, regardless of any provisions
contained therein or in any other document executed or delivered in connection herewith, shall the holder hereof ever be deemed to have
contracted for or be entitled to receive, collect or apply as interest on this Note, any amount in excess of the maximum amount permitted
by applicable law (the “Maximum Rate”). In no event, whether by reason of demand for payment, prepayment, acceleration
of the maturity hereof or otherwise, shall the interest contracted for, charged or received by the holder hereunder or otherwise exceed
the Maximum Rate. If for any circumstance whatsoever interest would otherwise be payable to the holder in excess of the maximum lawful
amount, the interest payable to the holder shall be reduced automatically to the Maximum Rate and any payment received in excess of such
amount shall be applied to the outstanding principal balance of the Note.

 

(e) Entire
Agreement. This Note, the other Transaction Documents, and all other documents and instruments contemplated hereby and thereby together
constitute the entire agreement between and among the parties pertaining to the subject matter hereof. No supplement, modification or
amendment of this Note shall be binding unless executed in writing, as set forth in Section 9 below. No waiver shall be binding unless
executed in writing, as set forth in Section 9 below. No provision of this Note shall be interpreted for or against the drafting party.

 

(f) Commercial
Purpose. Cadrenal Therapeutics agrees that no funds advanced under this Note shall be used for personal, family or household purposes,
and that all funds advanced hereunder shall be used solely for business, commercial, investment or other similar purposes.

 

(g) Successors
and Assigns. All the terms and provisions of this Note shall be binding upon and inure to the benefit of the parties to this Note
and their respective successors and assigns.

 

    7

     

    

 

(h) Assignment.
Cadrenal Therapeutics may not, voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise, sell, transfer,
assign, hypothecate, pledge or in any way alienate this Note or any right or interest in this Note (each a “Transfer”)
without Holder’s prior written consent, which Holder may withhold in its sole and absolute discretion. Any consent by Holder to
any Transfer shall not constitute consent to any other Transfer. Holder may freely Transfer its interest, rights, or title in or to this
Note or the other Transaction Documents in Holder’s sole and absolute discretion subject to applicable law and the other Transaction
Documents.

 

(i) Construction.
Whenever used in this Note, the terms “including,” “include,” “includes” and the like are not intended
as terms of limitation, and, hence, shall be deemed to be followed by “without limitation.”

 

(j) Severability.
If any provision of this Note, as applied to any party or to any circumstance, shall be found by a court of competent jurisdiction to
be void, invalid or unenforceable, the same shall in no way affect any other provision of this Note, the application of any such provision
in any other circumstance, or the validity or enforceability of this Note, and any provision which is found to be void, invalid or unenforceable
shall be curtailed and limited only to the extent necessary to bring such provision within the requirements of the law.

 

(k) Survival
of Terms. The terms and provisions of this Note shall survive the Maturity Date until full payment of all amounts due hereunder.

 

(l) Preferential
Payment. If at any time any payment made pursuant to this Note is deemed to have been a voidable preference, fraudulent conveyance
or other similar conveyance or preferential payment under any bankruptcy, insolvency or other debtor relief or similar law, then the obligation
to make such payment shall survive any cancellation or satisfaction of this Note or return of this Note to Cadrenal Therapeutics and shall
not be discharged or satisfied with any such payment or cancellation. Such payment shall instead remain a valid and binding obligation
enforceable in accordance with the terms of this Note and shall be immediately due and payable.

 

(m) Relief
From Stay. As an additional inducement to and material consideration for Holder agreeing to execute this this Note and the other Transaction
Documents, Cadrenal Therapeutics agrees that in the event a Bankruptcy or Judicial Action (as hereinafter defined in this Section 8(m))
is commenced which subjects Holder to any stay in the exercise of Holder’s rights and remedies under this Note or the other Transaction
Documents, including, but not limited to, the automatic stay imposed by Section 362 of the United States Bankruptcy Code (individually
and collectively, “Stay”), then Cadrenal Therapeutics irrevocably consents and agrees that such Stay shall automatically
be lifted and released against Holder, and Holder shall thereafter be entitled to exercise all of its rights and remedies against Cadrenal
Therapeutics that is or could be subject any Stay under this Note or the other Transaction Documents. Nothing contained herein shall limit
or prevent Holder from exercising all of its rights and remedies against Cadrenal Therapeutics that is not the subject any Stay under
this Note or the other Transaction Documents. Cadrenal Therapeutics acknowledges that it is knowingly, voluntarily, and intentionally
waiving its rights to any Stay and agrees that the benefits provided to Cadrenal Therapeutics under the terms of this Note are valuable
consideration for such waiver. As used in this Section 8(m), the term “Bankruptcy or Judicial Action” shall
mean any voluntary or involuntary case filed by or against a Cadrenal Therapeutics under the United States Bankruptcy Code, or any voluntary
or involuntary petition in composition, readjustment, liquidation, or dissolution, or any state and federal bankruptcy law action filed
by or against a Cadrenal Therapeutics, any action where a Cadrenal Therapeutics is adjudicated as bankrupt or insolvent, any action for
dissolution of a Cadrenal Therapeutics, or any action in furtherance of any of the foregoing, or any other action, case, or proceeding
that has the effect of staying (or in which a stay is being obtained against) the enforcement by Holder of its rights and remedies under
the this Note or the other Transaction Documents.

 

Except to enforce the terms of the Transaction
Documents, Cadrenal Therapeutics shall not take any action and shall not fail to take any action which such action or omission will or
might tend to interfere with, delay, enjoin or otherwise prohibit the commencement, continuation or completion of efforts by Holder to
enforce its remedies under this Note or the other Transaction Documents, or applicable law. Without limiting the generality of the foregoing
and except to enforce the terms of the Transaction Documents, Cadrenal Therapeutics waives its rights, if any, to seek or obtain a stay,
injunction or other form of order prohibiting in any way any act necessary or appropriate for the commencement or completion of Holder’s
enforcement of its remedies under the this Note or the other Transaction Documents, or applicable law (without limiting the generality
of the foregoing, such waiver extends to such rights which may exist under any statute or rule relating to bankruptcy cases, including,
without limitation, 11 U.S.C. § 105, 11 U.S.C. § 301, 11 U.S.C. § 302, 11 U.S.C. § 303, 11 U.S.C. § 304, 11 U.S.C.
§ 362, 11 U.S.C. § 348, 11 U.S.C. § 706, 28 U.S.C. § 157, 28 U.S.C. § 158, Federal Rule of bankruptcy Procedure
(“FRBP”) 3007, FRBP 3008, FRBP 3012, FRBP 8005, FRBP 9023, FRBP 9024, or FRBP 9029).

 

    8

     

    

 

9. AMENDMENT
AND WAIVER OF RIGHTS. This Note may be amended and the observance of any term hereof may be waived (either generally or in a particular
instance either retroactively or prospectively) only by a written instrument executed by the Maker and the Holders of a majority of the
aggregate Outstanding Balance of all of the Notes on the date of such amendment.

 

10. WAIVER
OF RIGHT TO TRIAL BY JURY.

 

EACH PARTY TO THIS NOTE HEREBY EXPRESSLY WAIVES
ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (1) ARISING UNDER THIS NOTE, THE OTHER TRANSACTION DOCUMENTS,
OR ANY OTHER INSTRUMENT, DOCUMENT, OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION THEREWITH, OR (2) IN ANY WAY CONNECTED WITH OR RELATED
OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS NOTE OR ANY OTHER INSTRUMENT, DOCUMENT, OR AGREEMENT
EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND,
ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY. THE PARTIES HERETO HEREBY AGREE THAT THE PROVISIONS CONTAINED
HEREIN HAVE BEEN FAIRLY NEGOTIATED ON AN ARM’S-LENGTH BASIS, WITH BOTH SIDES AGREEING TO THE SAME KNOWINGLY AND BEING AFFORDED THE
OPPORTUNITY TO HAVE THEIR RESPECTIVE LEGAL COUNSEL CONSENT TO THE MATTERS CONTAINED HEREIN. ANY PARTY TO THIS NOTE MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT
TO TRIAL BY JURY AND THE AGREEMENTS CONTAINED HEREIN REGARDING THE APPLICATION OF JUDICIAL REFERENCE IN THE EVENT OF THE INVALIDITY OF
SUCH JURY TRIAL WAIVER.

 

IN WITNESS WHEREOF, each of
the Maker has caused this Note to be duly executed by a duly authorized officer as of the date set forth above.

 

	 	Cadrenal Therapeutics, Inc.
	 	 	 
	 	By:	 
	 	Name: 	Quang Pham
	 	Title:	Chief Executive Officer

 

Note No. [   ]

 

    9

     

    

 

EXHIBIT A

 

NOTICE OF CONVERSION

 

Cadrenal Therapeutics, Inc.

830-13 AIA n. 196

Ponte Vedra, FL 32082

 

Email:

 

The undersigned hereby elects to convert $[   ]
of the $[    ] Convertible Note (Note No. [    ])
issued to [          ]
on [    ], 2022 into Shares of Common Stock of Cadrenal Therapeutics, Inc., according to the conditions
set forth in such Note as of the date written below.

 

If the number of shares to be delivered represents
more than 4.99% of the common stock outstanding, this conversion notice shall immediately automatically extinguish, and Holder must be
immediately notified.

 

	Date of Conversion:	 
	Optional Conversion Amount:	 
	Conversion Price:	 
	Shares to be Delivered:	 
	Shares delivered in name of:	 

 

	 	HOLDER
	 	 	 
	 	[	]
	 	  	 
	 	By:	           
	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]