Document:

Exhibit 4.12

 

THE SECURITIES EVIDENCED HEREBY and
the SECURITIES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER EITHER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR APPLICABLE BLUE SKY LAWS AND MAY BE OFFERED, SOLD AND TRANSFERRED ONLY IF REGISTERED AND QUALIFIED PURSUANT TO THE ACT AND RELEVANT
STATE SECURITIES LAWS OR IF THE COMPANY IS PROVIDED AN OPINION OF COUNSEL OR OTHER EVIDENCE SATISFACTORY TO THE COMPANY THAT REGISTRATION
AND QUALIFICATION UNDER THE ACT AND STATE SECURITIES LAWS IS NOT REQUIRED

 

	Issue Date:	September 28, 2018

  

CVRx,
inc.

Warrant to Purchase Series G Convertible Preferred Stock

 

This warrant (“Warrant”)
certifies that, for value received, Biosense Webster, Inc., or its successors or assigns
(the “Holder”), is entitled, upon the terms and subject to the conditions hereinafter set forth, to subscribe for and
purchase from CVRx, Inc., a Delaware corporation (the “Company”), shares of the Company’s Series G Convertible
Preferred Stock (the “Warrant Shares”).

 

1.       Termination
Letter Agreement. This Warrant is being issued pursuant to the terms of that certain Structured Rights Termination Letter Agreement
between the Holder and the Company dated as of the Issue Date above (the “Termination Letter Agreement”). By acceptance
of this Warrant, the Holder expressly agrees, for the benefit of the present and future holders of this Warrant or the securities issuable
upon exercise of this Warrant, to be bound by the provisions of this Warrant and the Termination Letter Agreement. All capitalized terms
not otherwise defined herein having the meaning set forth in the Termination Letter Agreement.

 

2.       Number
of Shares. The number of Warrant Shares that the Holder may purchase by exercising this Warrant is equal to 20% of the sum
of (i) the number of shares of Series G Convertible Preferred Stock that Johnson & Johnson Innovation – JJDC, Inc. has purchased
under the Series G Preferred Stock Purchase Agreement dated as of May 31, 2016 by and between the Company and the investors named on Schedule
A thereto (the “Series G Purchase Agreement”) and (ii) the number of shares of common stock of the Company that JJDC
has purchased from the Company contemporaneous with a Public Company Transaction, provided that the total number of Warrant Shares shall
not exceed 10,000,000. Upon the automatic conversion of all outstanding shares of the Company’s Series G Convertible Preferred Stock
into common stock, this Warrant shall become exercisable into that number of shares of the Company’s common stock into which the
Warrant Shares would then be convertible (but may be exercised only in accordance with Section 4 below).

 

3.       Exercise
Price. The purchase price for the Warrant Shares shall be $0.01 per share, subject to adjustment as set forth below (the “Exercise
Price”).

 

4.       Exercise
of Warrant. This Warrant shall be exercisable if and only if a Public Company Transaction is consummated. A
 “Public Company Transaction” includes any transaction that results in the Company’s common stock being
registered with the Securities and Exchange Commission or any equivalent public offering in any other jurisdiction, including any
initial public offering, a registration of the Company’s common stock under the Securities Exchange Act of 1934, as amended,
or a reverse merger of the Company into a shell company that is registered with the Securities and Exchange Commission. The Company
shall notify the Holder at least 15 business days prior to the consummation of a Public Company Transaction, which notice shall also
reference this Warrant and provide the timeline in which to respond to exercise this Warrant.

 

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5.       Mechanics
of Exercise. While this Warrant remains outstanding and exercisable, the Holder may exercise, in whole or in part, the purchase
rights evidenced hereby. The exercise shall be effected by: (a) the surrender of a completed Notice of Election, in the form attached
hereto as Exhibit A, and this Warrant (the “Subscription Documents”) to the Company at the address set forth
on the signature page hereto; and (b) the payment to the Company of an amount equal to the aggregate Exercise Price for the number of
shares being purchased. Upon the exercise of the purchase rights evidenced by this Warrant, one or more certificates for the number of
Warrant Shares so purchased shall be issued as soon as practicable thereafter (with appropriate restrictive legends), and in any event
within 30 days of the delivery of the subscription notice. In the event this Warrant is exercised for less than all of the then-current
number of shares purchasable hereunder, the Company shall, concurrently with the issuance of the certificates referenced in the prior
sentence, issue a new warrant exercisable for the remaining number of shares purchasable under this Warrant.

 

6.       Net
Exercise. In lieu of exercising this Warrant pursuant to Section 5, the Holder may elect to receive, without the payment by
the Holder of any additional consideration, Warrant Shares equal to the value of this Warrant (or the portion thereof being canceled)
by surrender of this Warrant to the Company at the address set forth on the signature page hereto together with notice of such election,
in which event the Company shall issue to the holder hereof a number of Warrant Shares computed using the following formula:

 

		X	=       
Y (A–B)
	 	 	A

 

	where:	X =	The number of Warrant Shares to be issued to the Holder pursuant to this net exercise;
	 	 	 
	 	Y = 	The number of Warrant Shares in respect of which the net issue election is made;
	 	 	 
	 	A = 	The fair market value of one Warrant Share at the time the net issue election is made; and
	 	 	 
	 	B = 	The Exercise Price (as adjusted to the date of the net issuance).

 

For purposes of this Warrant, the fair market
value of one Warrant Share as of a particular date shall be determined as follows: (i) if traded on a securities exchange, the value shall
be deemed to be the average of the closing prices of the securities on such exchange over the thirty-day period ending three days prior
to the net exercise election; (ii) if traded over-the-counter, the value shall be deemed to be the average of the closing bid or sale
prices (whichever is applicable) over the thirty-day period ending three days prior to the net exercise; and (iii) if there is no active
public market, the value shall be the fair market value thereof, as determined in good faith by the Company’s board of directors;
provided, that, if the Warrant is being exercised upon the consummation of a public offering of the Company’s common stock and the
Warrant Shares are shares of the Company’s common stock, the fair market value will be the product of (x) the “price to public”
of one share of the Company’s common stock in the public offering multiplied by (y) the number of shares of common stock into which
each Warrant Share is convertible at the time of the public offering.

 

7.       Expiration
of Warrant. This Warrant and all rights hereunder shall expire on the earlier of (i) the date the warrant contemplated by paragraph
1 of the Termination Letter Agreement becomes exercisable or converts into shares of the Company and (ii) 180 days after receipt by the
Holder of the PMA-2 Data.

 

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8.       Issuance
of Shares. The Company covenants that the Warrant Shares that may be issued upon the exercise of the rights represented
by this Warrant will, when issued pursuant to the terms of this Warrant, be duly and validly issued, fully paid and nonassessable,
and free from all taxes, liens, and charges with respect to the issuance thereof other than those imposed by the Holder. The Company
further covenants and agrees that the Company will at all times during the Exercise Period authorize and reserve, free from
preemptive rights, a sufficient number of Warrant Shares to provide for the exercise of the rights represented by this Warrant. If
at any time during the Exercise Period the number of authorized by unissued Warrant Shares shall not be sufficient to permit
exercise of this Warrant, the Company will take such corporate action as may be necessary to increase its authorized but unissued
Warrant Shares to such number as shall be sufficient for such purposes.

 

9.       Adjustments
in Warrant Shares and Exercise Price. The Exercise Price and the number of Warrant Shares issuable upon exercise of this Warrant
will be proportionately adjusted to reflect any stock split, stock dividend, merger, reorganization, consolidation, combination or similar
event, including an Acquisition or Asset Transfer, affecting the outstanding series of capital stock that constitutes the Warrant Shares,
and adequate provision will be made to assure that upon exercise of this Warrant the Holder receives consideration that is the same, or
as nearly similar as is reasonably practicable, as the Holder would have received if the Holder had exercised this Warrant immediately
prior to such event. The form of this Warrant need not be changed because of any adjustment in the number of Warrant Shares subject to
this Warrant.

 

10.       No
Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant,
but in lieu of such fractional shares the Company shall make a cash payment therefor on the basis of the Exercise Price then in effect.

 

11.       No
Stockholder Rights. Prior to exercise of this Warrant, the Holder shall not be entitled to any rights of a stockholder with
respect to the Warrant Shares, including (without limitation) the right to vote the Warrant Shares, receive dividends or other distributions
thereon, exercise preemptive rights, or be notified of stockholder meetings, and the Holder shall not be entitled to any notice or other
communication concerning the business or affairs of the Company.

 

12.       Market
Stand-Off. The Holder agrees that the Warrant Shares and any shares of the Company’s common stock issuable upon conversion
thereof shall be subject to the Market Stand-Off provisions in Section 2.10 of the Company’s Seventh Amended and Restated Investors’
Rights Agreement dated as of August 5, 2016, as amended and in effect from time to time, and that the Holder shall comply with the restrictions
on a “Holder” in such Section 2.10.

 

12.       Transferability.
The Holder may only sell, assign, dispose of otherwise transfer this Warrant to an Affiliate of Johnson & Johnson or with the prior
written consent of the Company. Prior to any transaction that would result in a change of control of the Holder or would result in the
Holder no longer being an Affiliate of Johnson & Johnson, the Holder shall assign this Warrant to Johnson & Johnson or an Affiliate
of Johnson & Johnson. For purposes of this Warrant, an “Affiliate” of Johnson & Johnson means any person or
legal entity directly or indirectly controlled by, controlling or under common control with Johnson & Johnson. For the purposes of
this definition, “control” means the possession, direct or indirect, or the power to direct or cause the direction of the
management and policies of an individual, corporation or other legal entity, whether through the ownership of voting securities, by contract,
or otherwise.

 

13.       Notices.
All notices required under this Warrant shall be deemed to have been given or made for all purposes if done in compliance with the Structured
Rights Letter Agreement. In addition to and not in lieu of the notice requirements set forth in the Structured Rights Letter Agreement,
another copy of the notice shall be sent via email to Kevin Norman, Senior Counsel Equity Transactions at knorman6@its.jnj.com.

 

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

 

15.       Governing
Law. This Warrant shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of
the laws that might otherwise govern under applicable principles of conflicts of law.

 

[Remainder of page intentionally left blank—signature
page follows]

 

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IN WITNESS WHEREOF,
the Company has caused this Warrant to be signed by its duly authorized officer and to be dated as of the date first written above.

 

	 	CVRx, Inc.
	 	a
Delaware corporation
	 	 
	 	By:	/s/ Nadim Yared
	 	 	Nadim Yared
	 	 	Chief Executive Officer
	 	 
	 	CVRx, Inc.
	 	Attn: Chief Financial Officer
	 	9201 West Broadway Avenue, Suite 650
	 	Minneapolis, MN 55445

 

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Exhibit
A

Notice
of Election

 

	To:	CVRx, Inc.
	 	9201 West Broadway Avenue, Suite 650
	 	Minneapolis, MN 55445

 

The undersigned hereby elects to [check applicable
subsection]:

 

	_________	(a)	purchase [all of the shares] [____________ of the shares] [cross out inapplicable phrase] purchasable
under the Warrant pursuant to the terms of the attached Warrant and payment of the Exercise Price per share required under this Warrant
accompanies this notice;
	OR	 
	_________	(b)	Exercise the attached Warrant for [all of the shares] [____________ of the shares] [cross out inapplicable
phrase] purchasable under the Warrant pursuant to the net exercise provisions of this Warrant.

 

The undersigned hereby represents and warrants
that the undersigned is acquiring the shares for its own account for investment purposes only, and not for resale or with a view to distribution
of such shares or any part thereof. The undersigned acknowledges and agrees it is bound by the obligations and covenants set forth in
this Warrant.

 

	 	HOLDER:

 

	 	 

   

		Address:	 	 
	 	 	 	 
	 	 	 	 

  

	Date:	 	 
	 
	Name in which shares should be registered:
	 	 	 

 

    5Exhibit 4.13

 

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED OR ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION
STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS
ARE NOT REQUIRED, (iii) RECEIPT OF NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING
WITH THE PROVISIONS OF SECTION 7 OF THIS WARRANT.

 

CVRx, INC.

 

WARRANT TO PURCHASE SHARES

OF SERIES G PREFERRED STOCK

 

(Loan A)

 

THIS CERTIFIES THAT, for value
received, HORIZON TECHNOLOGY FINANCE CORPORATION and its assignees are entitled to subscribe for and purchase 187,500 fully paid and nonassessable
shares of Series G Preferred (subject to adjustment pursuant to Section 4 hereof) of CVRx, INC., a Delaware corporation (the “Company”),
at the price of $0.80 per share (such price and such other price as shall result, from time to time, from the adjustments specified in
Section 4 hereof is herein referred to as the “Warrant Price”), subject to the provisions and upon the terms and conditions
hereinafter set forth. As used herein, (a) the term “Series G Preferred” shall mean the Company’s presently authorized
shares of Series G Convertible Preferred Stock, (b) “Shares” shall mean the Series G Preferred and any stock into or for which
such Series G Preferred may hereafter be converted or exchanged, and after the conversion of the Series G Preferred to shares of the Company’s
common stock (the “Common Stock”), shall mean the Company’s Common Stock; and (c) the term “Date of Grant”
shall mean September 30, 2019, and (c) the term “Other Warrants” shall mean any other warrants issued by the Company
in connection with the transaction with respect to which this Warrant was issued, and any warrant issued upon transfer or partial exercise
of or in lieu of this Warrant. The term “Warrant” as used herein shall be deemed to include Other Warrants unless the context
clearly requires otherwise.

 

1.                 
Term. The purchase right represented by this Warrant is exercisable, in whole or in part, at any time and from time to time
from the Date of Grant through the date that is ten (10) years after the Date of Grant.

 

     

     

    

 

2.                  Method
of Exercise; Payment; Issuance of New Warrant. Subject to Section 1 hereof, the purchase right represented by this Warrant
may be exercised by the holder hereof, in whole or in part and from time to time, at the election of the holder hereof, by
(a) the surrender of this Warrant (with the notice of exercise substantially in the form attached hereto as Exhibit A-1
duly completed and executed) at the principal office of the Company and by the payment to the Company, by certified or bank check,
or by wire transfer to an account designated by the Company (a “Wire Transfer”) of an amount equal to the then
applicable Warrant Price multiplied by the number of Shares then being purchased; (b) if in connection with a registered public
offering of the Company’s securities, the surrender of this Warrant (with the notice of exercise form attached hereto as
Exhibit A-2 duly completed and executed) at the principal office of the Company together with notice of arrangements reasonably
satisfactory to the Company for payment to the Company either by certified or bank check or by Wire Transfer from the proceeds of
the sale of shares to be sold by the holder in such public offering of an amount equal to the then applicable Warrant Price per
share multiplied by the number of Shares then being purchased; or (c) exercise of the “net issuance” right provided
for in Section 9.2 hereof. The person or persons in whose name(s) any certificate(s) representing Shares shall be issuable upon
exercise of this Warrant shall be deemed to have become the holder(s) of record of, and shall be treated for all purposes as the
record holder(s) of, the Shares represented thereby (and such Shares shall be deemed to have been issued) immediately prior to the
close of business on the date or dates upon which this Warrant is exercised. In the event of any exercise of the rights represented
by this Warrant, certificates for the Shares so purchased shall be delivered to the holder hereof as soon as possible and in any
event within thirty (30) days after such exercise and, unless this Warrant has been fully exercised or expired, a new Warrant
representing the portion of the Shares, if any, with respect to which this Warrant shall not then have been exercised shall also be
issued to the holder hereof as soon as possible and in any event within such thirty-day period; provided, however, at such time as
the Company is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), if requested by the holder of this Warrant, the Company shall cause its transfer agent to deliver the certificate
representing Shares issued upon exercise of this Warrant to a broker or other person (as directed by the holder exercising this
Warrant) within the time period required to settle any trade made by the holder after exercise of this Warrant.

 

3.                 
Stock Fully Paid; Reservation of Shares. All Shares that may be issued upon the exercise of the rights represented by this
Warrant will, upon issuance pursuant to the terms and conditions herein, be duly authorized, validly issued, fully paid and nonassessable,
and free from all preemptive rights and taxes, liens and charges with respect to the issue thereof, other than those set forth in the
Charter and the Company’s Amended and Restated Bylaws, as amended. During the period within which the rights represented by this
Warrant may be exercised, the Company will at all times have authorized, and reserved for the purpose of the issue upon exercise of the
purchase rights evidenced by this Warrant, a sufficient number of Shares to provide for the exercise of the rights represented by this
Warrant and a sufficient number of shares of its Common Stock to provide for the conversion of the Series Preferred into Common Stock.

 

4.                 
Adjustment of Warrant Price and Number of Shares. The number and kind of securities purchasable upon the exercise of this
Warrant and the Warrant Price shall be subject to adjustment from time to time upon the occurrence of certain events, as follows:

 

(a)               Reclassification
or Merger. In case of any reclassification or change of securities of the class issuable upon exercise of this Warrant (other
than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or
combination), or in case of any merger of the Company with or into another entity (other than a merger with another entity in which
the Company is the acquiring and the surviving entity and which does not result in any reclassification or change of outstanding
securities issuable upon exercise of this Warrant), or in case of any sale of all or substantially all of the assets of the Company,
the Company, or such successor or purchasing entity, as the case may be, shall duly execute and deliver to the holder of this
Warrant a new Warrant (in form and substance satisfactory to the holder of this Warrant), so that the holder of this Warrant shall
have the right to receive upon exercise of such new Warrant, at a total purchase price not to exceed that payable upon the exercise
of the unexercised portion of this Warrant, and in lieu of the Shares theretofore issuable upon exercise of this Warrant,
(i) the kind and amount of shares of stock, other securities, money and property receivable upon such reclassification, change,
merger or sale by a holder of the number of Shares then purchasable under this Warrant, or (ii) in the case of such a merger or
sale in which the consideration paid consists all or in part of assets other than securities of the successor or purchasing entity,
at the option of the holder of this Warrant, the securities of the successor or purchasing entity having a value at the time of the
transaction equivalent to the value of the Series G Preferred purchasable upon exercise of this Warrant at the time of the
transaction. Any new Warrant shall provide for adjustments that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 4. The provisions of this Section 4(a) shall similarly apply to successive
reclassifications, changes, mergers and sales.

 

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(b)              
Subdivision or Combination of Shares. Except as set forth in Section 4(d), if the Company at any time while this Warrant
remains outstanding and unexpired shall subdivide or combine its outstanding Shares, the Warrant Price shall be proportionately decreased
and the number of Shares issuable hereunder shall be proportionately increased in the case of a subdivision and the Warrant Price shall
be proportionately increased and the number of Shares issuable hereunder shall be proportionately decreased in the case of a combination.

 

(c)              
Stock Dividends and Other Distributions. Except as set forth in Section 4(d), if the Company at any time while this Warrant
is outstanding and unexpired shall (i) pay a dividend with respect to Shares payable in Shares, then the Warrant Price shall be adjusted,
from and after the date of determination of shareholders entitled to receive such dividend or distribution, to that price determined by
multiplying the Warrant Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which
shall be the total number of Shares outstanding immediately prior to such dividend or distribution, and (B) the denominator of which
shall be the total number of Shares outstanding immediately after such dividend or distribution; or (ii) make any other distribution
with respect to Shares (except any distribution specifically provided for in Sections 4(a) and 4(b)), then, in each such case, provision
shall be made by the Company such that the holder of this Warrant shall receive upon exercise of this Warrant a proportionate share of
any such dividend or distribution as though it were the holder of the Shares (or Common Stock issuable upon conversion thereof) as of
the record date fixed for the determination of the shareholders of the Company entitled to receive such dividend or distribution.

 

(d)              
Adjustment of Number of Shares. Notwithstanding the foregoing, no adjustment shall be made to the shares of Series G Preferred
purchasable upon exercise of this Warrant or the Warrant Price if an event described above in this Section 4 results in an adjustment
to the Conversion Price (as defined in the Charter (as defined below)) of the Series G Preferred under the Charter. Upon each adjustment
in the Warrant Price, the number of Shares purchasable hereunder shall be adjusted, to the nearest whole share, to the product obtained
by multiplying the number of Shares purchasable immediately prior to such adjustment in the Warrant Price by a fraction, the numerator
of which shall be the Warrant Price immediately prior to such adjustment and the denominator of which shall be the Warrant Price immediately
thereafter.

 

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(e)              
 Antidilution Rights. The other antidilution rights applicable to the Shares purchasable hereunder are set forth in the
Company’s Certificate of Incorporation, as amended through the Date of Grant (the “Charter”). Such antidilution rights
shall not be restated, amended, modified or waived in any manner that impacts the holder hereof in a materially different and more adverse
manner than other holders of similar shares of preferred stock of the Company without such holder’s prior written consent. The Company
shall promptly provide the holder hereof with any restatement, amendment, modification or waiver (to the extent such waiver applies to
the rights of the Series G Preferred) of the Charter promptly after the same has been made.

 

5.                 
  Notice of Adjustments. Whenever the Warrant Price or the number of Shares purchasable hereunder shall be adjusted pursuant
to Section 4 hereof, the Company shall make a certificate signed by its chief financial officer setting forth, in reasonable detail,
the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Warrant
Price and the number of Shares purchasable hereunder after giving effect to such adjustment, and shall cause copies of such certificate
to be mailed (without regard to Section 12 hereof, by first class mail, postage prepaid) to the holder of this Warrant. In addition,
whenever the conversion price or conversion ratio of the Shares shall be adjusted, the Company shall make a certificate signed by its
chief financial officer setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method
by which such adjustment was calculated, and the conversion price or ratio of the Shares after giving effect to such adjustment, and shall
cause copies of such certificate to be mailed (without regard to Section 12 hereof, by first class mail, postage prepaid) to the
holder of this Warrant.

 

6.                 
Fractional Shares. No fractional Shares will be issued in connection with any exercise hereunder, but in lieu of such fractional
shares the Company shall make a cash payment therefor based on the fair market value of a Share on the date of exercise as reasonably
determined in good faith by the Company’s Board of Directors.

 

7.                 
Compliance with Act; Disposition of Warrant or Shares of Series G Preferred; Market Stand-Off.

 

(a)              
Compliance with Act. The holder of this Warrant, by acceptance hereof, agrees that this Warrant, and the Shares to be issued
upon exercise hereof and any Common Stock issued upon conversion thereof are being acquired for investment and that such holder will not
offer, sell or otherwise dispose of this Warrant, or any Shares to be issued upon exercise hereof or any Common Stock issued upon conversion
thereof except under circumstances which will not result in a violation of the Securities Act of 1933, as amended (the “Act”)
or any applicable state securities laws. Upon exercise of this Warrant, unless the Shares being acquired are registered under the Act
and any applicable state securities laws or an exemption from such registration is available, the holder hereof shall confirm in writing
that the Shares so purchased (and any shares of Common Stock issued upon conversion thereof) are being acquired for investment and not
with a view toward distribution or resale in violation of the Act and shall confirm such other matters related thereto as may be reasonably
requested by the Company. This Warrant and all Shares issued upon exercise of this Warrant and all shares of Common Stock issued upon
conversion thereof (unless registered under the Act and any applicable state securities laws) shall be stamped or imprinted with a legend
in substantially the following form:

 

“THE SECURITIES EVIDENCED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION MAY BE EFFECTED
WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY
TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT OF NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES,
OR (iv) OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 7 OF THE WARRANT UNDER WHICH THESE SECURITIES WERE ISSUED, DIRECTLY
OR INDIRECTLY.”

 

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Said legend shall be removed
by the Company, upon the request of a holder, at such time as the restrictions on the transfer of the applicable security shall have terminated.
In addition, in connection with the issuance of this Warrant, the holder specifically represents to the Company by acceptance of this
Warrant as follows:

 

(1)              
The holder is aware of the Company’s business affairs and financial condition, and has acquired information about the Company
sufficient to reach an informed and knowledgeable decision to acquire this Warrant. The holder is acquiring this Warrant for its own account
for investment purposes only and not with a view to, or for the resale in connection with, any “distribution” thereof in violation
of the Act.

 

(2)              
The holder understands that this Warrant has not been registered under the Act in reliance upon a specific exemption therefrom,
which exemption depends upon, among other things, the bona fide nature of the holder’s investment intent as expressed herein.

 

(3)              
The holder further understands that this Warrant must be held indefinitely unless subsequently registered under the Act and qualified
under any applicable state securities laws, or unless exemptions from registration and qualification are otherwise available. The holder
is aware of the provisions of Rule 144, promulgated under the Act.

 

(4)              
The holder is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under
the Act.

 

(b)               Disposition
of Warrant or Shares. With respect to any offer, sale or other disposition of this Warrant or any Shares acquired pursuant to
the exercise of this Warrant prior to registration of such Warrant or shares, the holder hereof agrees to give written notice to the
Company prior thereto, describing briefly the manner thereof, together with a written opinion of such holder’s counsel, or
other evidence if reasonably satisfactory to the Company, to the effect that such offer, sale or other disposition may be effected
without registration or qualification (under the Act as then in effect or any federal or state securities law then in effect) of
this Warrant or such Shares or Common Stock and indicating whether or not under the Act certificates for this Warrant or such Shares
to be sold or otherwise disposed of require any restrictive legend as to applicable restrictions on transferability in order to
ensure compliance with such law. Upon receiving such written notice and reasonably satisfactory opinion or other evidence, the
Company, as promptly as practicable but no later than fifteen (15) days after receipt of the written notice, shall notify such
holder that such holder may sell or otherwise dispose of this Warrant or such Shares or Common Stock, all in accordance with the
terms of the notice delivered to the Company. If a determination has been made pursuant to this Section 7(b) that the opinion
of counsel for the holder or other evidence is not reasonably satisfactory to the Company, the Company shall so notify the holder
promptly with details thereof after such determination has been made. Notwithstanding the foregoing, this Warrant or such Shares or
Common Stock may, as to such federal laws, be offered, sold or otherwise disposed of in accordance with Rule 144 or 144A under
the Act (respectively, “Rule 144” and “Rule 144A”), provided that the Company shall have been furnished with
such information as the Company may reasonably request to provide a reasonable assurance that the provisions of Rule 144 or
144A have been satisfied. Each certificate representing this Warrant or the Shares thus transferred (except a transfer pursuant to
Rule 144) shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with such
laws, unless in the aforesaid opinion of counsel for the holder, such legend is not required in order to ensure compliance with such
laws. The Company may issue stop transfer instructions to its transfer agent in connection with such restrictions.

 

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(c)              
Applicability of Restrictions. Neither any restrictions of any legend described in this Warrant nor the requirements of
Section 7(b) above shall apply to any transfer of, or grant of a security interest in, this Warrant (or the Shares or Common Stock
obtainable upon exercise thereof) or any part hereof (i) to a partner of the holder if the holder is a partnership or to a member
of the holder if the holder is a limited liability company, (ii) to a partnership of which the holder is a partner or to a limited
liability company of which the holder is a member, (iii) to any affiliate of the holder, (iv) notwithstanding the foregoing, to any
corporation, company, limited liability company, limited partnership, partnership, or other person managed or sponsored by Horizon Technology
Finance Corporation ("HRZN") or in which HRZN has an interest, (v) or to a lender to the holder or any of the foregoing; provided,
however, in any such transfer, if applicable, the transferee shall on the Company’s request agree in writing to be bound
by the terms of this Warrant as if an original holder hereof.

 

(d)       Market
Stand-Off Agreement. The holder of this Warrant agrees that the Shares shall be subject to the Market Stand-Off provisions in Section
2.10 of the Company’s Seventh Amended and Restated Investors’ Rights Agreement dated as of August 5, 2016, as amended and
in effect from time to time, and that the holder of this Warrant shall comply with the restrictions on a “Holder” in such
Section 2.10.

 

8.                  Rights
as Shareholders; Information. No holder of this Warrant, as such, shall be entitled to vote or receive dividends or be deemed
the holder of Shares or any other securities of the Company which may at any time be issuable upon the exercise hereof for any
purpose, nor shall anything contained herein be construed to confer upon the holder of this Warrant, as such, any of the rights of a
shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any
meeting thereof, or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until this Warrant
shall have been exercised and the Shares purchasable upon the exercise hereof shall have become deliverable, as provided herein.
Notwithstanding the foregoing, the Company will transmit to the holder of this Warrant (a) such information, documents and reports
as are generally distributed to the holders of any class or series of the securities of the Company concurrently with the
distribution thereof to the shareholders, (b) any stock purchase (or similar) agreement to which the Company is a party entered into
on or after the Date of Grant, (c) each amendment to, or amended and restated, Charter filed by the Company with the Secretary of
State of any jurisdiction, and (d) on the first day of each calendar quarter, the Company’s then current capitalization table,
showing all issued and outstanding equity securities of the Company, together with all options or warrants to purchase such equity
securities issued by the Company.

 

    -6-

     

    

 

9.         Additional Rights.

 

9.1       Acquisition
Transactions. The Company shall provide the holder of this Warrant with at least twenty (20) days’ written notice prior to closing
thereof of the terms and conditions of any of the following transactions (to the extent the Company has notice thereof): (i) the
sale, lease, exchange, conveyance or other disposition of all or substantially all of the Company’s property or business, or (ii) its
merger into or consolidation with any other corporation (other than a wholly-owned subsidiary of the Company), or any transaction (including
a merger or other reorganization) or series of related transactions, in which more than 50% of the voting power of the Company is disposed
of.

 

9.2       Right
to Convert Warrant into Stock: Net Issuance.

 

(a)              
Right to Convert. In addition to and without limiting the rights of the holder under the terms of this Warrant, the holder
shall have the right to convert this Warrant or any portion thereof (the “Conversion Right”) into Shares as provided in this
Section 9.2 at any time or from time to time during the term of this Warrant. Upon exercise of the Conversion Right with respect to a
particular number of Shares subject to this Warrant (the “Converted Warrant Shares”), the Company shall deliver to the holder
(without payment by the holder of any exercise price or any cash or other consideration) that number of fully paid and nonassessable Shares
as is determined according to the following formula:

 

X = B - A 

  Y

 

	               Where:	X =	  the number of Shares that shall be issued to holder

 

		Y =	the fair market value of one Share

 

		A =	the aggregate Warrant Price of the specified number of Converted Warrant Shares immediately prior to the
exercise of the Conversion Right (i.e., the number of Converted Warrant Shares multiplied by the Warrant Price)

 

		B =	the aggregate fair market value of the specified number of Converted Warrant Shares (i.e., the
number of Converted Warrant Shares multiplied by the fair market value of one Converted Warrant Share)

 

No fractional Shares
shall be issuable upon exercise of the Conversion Right, and, if the number of Shares to be issued determined in accordance with the
foregoing formula is other than a whole number, the Company shall pay to the holder an amount in cash equal to the fair market value
of the resulting fractional Share on the Conversion Date (as hereinafter defined). For purposes of Section 9 of this Warrant,
Shares issued pursuant to the Conversion Right shall be treated as if they were issued upon the exercise of this Warrant.

 

    -7-

     

    

 

(b)              
Method of Exercise. The Conversion Right may be exercised by the holder by the surrender of this Warrant at the principal
office of the Company together with a written statement (which may be in the form of Exhibit A-1 or Exhibit A-2 hereto) specifying
that the holder thereby intends to exercise the Conversion Right and indicating the number of Shares subject to this Warrant which are
being surrendered (referred to in Section 9.2(a) hereof as the Converted Warrant Shares) in exercise of the Conversion Right. Such
conversion shall be effective upon receipt by the Company of this Warrant together with the aforesaid written statement, or on such later
date as is specified therein (the “Conversion Date”), and, at the election of the holder hereof, may be made contingent upon
the closing of the sale of the Company’s Common Stock to the public in a public offering pursuant to a Registration Statement under
the Act (a “Public Offering”). Certificates for the Shares issuable upon exercise of the Conversion Right and, if applicable,
a new warrant evidencing the balance of the Shares remaining subject to this Warrant, shall be issued as of the Conversion Date and shall
be delivered to the holder within thirty (30) days following the Conversion Date.

 

(c)              
Determination of Fair Market Value. For purposes of this Section 9.2, “fair market value” of a Share (or
Common Stock if the Shares have been converted into Common Stock) as of a particular date (the “Determination Date”) shall
mean:

 

(i)           
If the Conversion Right is exercised in connection with and contingent upon a Public Offering, and if the Company’s Registration
Statement relating to such Public Offering (“Registration Statement”) has been declared effective by the Securities and Exchange
Commission, then the initial “Price to Public” specified in the final prospectus with respect to such offering.

 

(ii)           
If the Conversion Right is not exercised in connection with and contingent upon a Public Offering, then as follows:

 

(A)       If
traded on a securities exchange, the fair market value of the Common Stock shall be deemed to be the average of the closing prices of
the Common Stock on such exchange over the five trading days immediately prior to the Determination Date, and the fair market value of
the Shares shall be deemed to be such fair market value of the Common Stock multiplied by the number of shares of Common Stock into which
each share of Series Preferred is then convertible;

 

(B)       If
traded on the Nasdaq Stock Market or other over-the-counter system, the fair market value of the Common Stock shall be deemed to be the
average of the closing prices of the Common Stock over the five trading days immediately prior to the Determination Date, and the fair
market value of the Shares shall be deemed to be such fair market value of the Common Stock multiplied by the number of shares of Common
Stock into which each Share is then convertible; and

 

(C)       If there is no public market for the Common Stock, then fair market value shall be determined by the Board of Directors of the
Company in good faith.

 

    -8-

     

    

 

In making a determination under clauses (A)
or (B) above, if on the Determination Date, five trading days had not passed since the closing of the Company’s initial public
offering of its Common Stock (“IPO”), then the fair market value of the Common Stock shall be the average closing prices
or closing bid prices, as applicable, for the shorter period beginning on and including the date of the IPO and ending on the
trading day prior to the Determination Date (or if such period includes only one trading day, the closing price or closing bid
price, as applicable, for such trading day). If closing prices or closing bid prices are no longer reported by a securities exchange
or other trading system, the closing price or closing bid price shall be that which is reported by such securities exchange or other
trading system at 4:00 p.m. New York City time on the applicable trading day.

 

9.3       Exercise
Prior to Expiration.  To the extent this Warrant is not previously exercised as to all of the Shares subject hereto, and if the fair
market value of one Share is greater than the Warrant Price then in effect, this Warrant shall be deemed automatically exercised pursuant
to Section 9.2 above (even if not surrendered) immediately before its expiration. For purposes of such automatic exercise, the fair
market value of one Share upon such expiration shall be determined pursuant to Section 9.2(c). To the extent this Warrant or any
portion thereof is deemed automatically exercised pursuant to this Section 9.3, the Company agrees to promptly notify the holder
hereof of the number of Shares, if any, the holder hereof is to receive by reason of such automatic exercise.

 

9.4       No
Adverse Consequences to Series G Preferred. The Company agrees not to consummate any subsequent equity or convertible note financing(s),
in a single transaction or series of transactions, in which the holder of this Warrant is required to invest additional funds in order
to avoid Adverse Consequences to the Series G Preferred purchasable pursuant to this Warrant. An “Adverse Consequence” shall
mean any forced conversion or disposition, disproportionate dilution or loss or revocation of any right of the Series G Preferred; provided
that none of the following shall be deemed to be an Adverse Consequence: (a) simple pro rata economic or voting dilution, or (b) a down-round
financing in which holders of Series G Preferred receive the weighted-average anti-dilution price protection afforded to the holders of
Series G Preferred pursuant to the Charter.

 

10.      
Representations and Warranties. The Company represents and warrants to the holder of this Warrant as follows:

 

(a)              This
Warrant has been duly authorized and executed by the Company and is a valid and binding obligation of the Company enforceable in accordance
with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors and the rules of
law or principles at equity governing specific performance, injunctive relief and other equitable remedies.

 

(b)              
The Shares have been duly authorized and reserved for issuance by the Company and, when issued in accordance with the terms hereof,
will be validly issued, fully paid and nonassessable and free from preemptive rights, taxes, liens and charges, other than those set forth
in the Charter and the Company’s Amended and Restated Bylaws, as amended.

 

(c)              
The rights, preferences, privileges and restrictions granted to or imposed upon the Shares and the holders thereof are as set forth
in the Charter, and on the Date of Grant, each Share represented by this Warrant is convertible into one share of Common Stock.

 

(d)               The
shares of Common Stock issuable upon conversion of the Shares have been duly authorized and reserved for issuance by the Company
and, when issued in accordance with the terms of the Charter will be validly issued, fully paid and nonassessable and free from
preemptive rights, taxes, liens and charges.

 

    -9-

     

    

 

(e)              
The execution and delivery of this Warrant are not, and the issuance of the Shares upon exercise of this Warrant in accordance
with the terms hereof will not be, inconsistent with the Company’s Charter or by-laws, do not and will not contravene any law, governmental
rule or regulation, judgment or order applicable to the Company, and do not and will not conflict with or contravene any provision of,
or constitute a default under, any indenture, mortgage, contract or other instrument of which the Company is a party or by which it is
bound or require the consent or approval of, the giving of notice to, the registration or filing with or the taking of any action in respect
of or by, any Federal, state or local government authority or agency or other person, except for the filing of notices pursuant to federal
and state securities laws, which filings will be effected by the time required thereby.

 

(f)               
There are no actions, suits, audits, investigations or proceedings pending or, to the knowledge of the Company, threatened against
the Company in any court or before any governmental commission, board or authority which, if adversely determined, could have a material
adverse effect on the ability of the Company to perform its obligations under this Warrant.

 

(g)              
The number of shares of Common Stock of the Company outstanding on the date hereof, on a fully diluted basis (assuming the conversion
of all outstanding convertible securities and the exercise of all outstanding options and warrants), does not exceed 401,150,000 shares.

 

11.             
Modification and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by
an instrument in writing signed by the party against which enforcement of the same is sought.

 

12.             
Notices. Any notice, request, communication or other document required or permitted to be given or delivered to the holder
hereof or the Company shall be delivered, or shall be sent by certified or registered mail, postage prepaid, to each such holder at its
address as shown on the books of the Company or to the Company at the address indicated therefor on the signature page of this Warrant.

 

13.             Binding
Effect on Successors. This Warrant shall be binding upon any entity succeeding the Company by merger, consolidation or acquisition
of all or substantially all of the Company’s assets, and all of the obligations of the Company relating to the Shares issuable
upon the exercise or conversion of this Warrant shall survive the exercise, conversion and termination of this Warrant and all of the
covenants and agreements of the Company shall inure to the benefit of the successors and assigns of the holder hereof.

 

14.              Lost
Warrants or Stock Certificates. The Company covenants to the holder hereof that, upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant or any stock certificate and, in the case
of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Company, or in the case of any
such mutilation upon surrender and cancellation of such Warrant or stock certificate, the Company will make and deliver a new
Warrant or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock certificate.

 

    -10-

     

    

 

15.             Descriptive
Headings. The descriptive headings of the various Sections of this Warrant are inserted for convenience only and do not constitute
a part of this Warrant. The language in this Warrant shall be construed as to its fair meaning without regard to which party drafted
this Warrant.

 

16.             
Governing Law. This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be governed
by, the laws of the State of Delaware.

 

17.             Survival
of Representations, Warranties and Agreements. All representations and warranties of the Company and the holder hereof contained
herein shall survive the Date of Grant, the exercise or conversion of this Warrant (or any part hereof) or the termination or expiration
of rights hereunder. All agreements of the Company and the holder hereof contained herein shall survive indefinitely until, by their
respective terms, they are no longer operative.

 

18.             
Remedies. In case any one or more of the covenants, representations and warranties or agreements contained in this Warrant
shall have been breached, the holders hereof (in the case of a breach by the Company), or the Company (in the case of a breach by a holder),
may proceed to protect and enforce their or its rights either by suit in equity and/or by action at law, including, but not limited to,
an action for damages as a result of any such breach and/or an action for specific performance of any such covenant or agreement contained
in this Warrant.

 

19.             
No Impairment of Rights. The Company will not, by amendment of its Charter or through any other means, avoid or seek to
avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out
of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the holder
of this Warrant against impairment.

 

20.             Severability.
The invalidity or unenforceability of any provision of this Warrant in any jurisdiction shall not affect the validity or enforceability
of such provision in any other jurisdiction, or affect any other provision of this Warrant, which shall remain in full force and effect.

 

21.             
Recovery of Litigation Costs. If any legal action or other proceeding is brought for the enforcement of this Warrant, or
because of an alleged dispute, breach, default, or misrepresentation in connection with any of the provisions of this Warrant, the successful
or prevailing party or parties shall be entitled to recover reasonable attorneys’ fees and other costs incurred in that action or
proceeding, in addition to any other relief to which it or they may be entitled.

 

22.             Entire
Agreement; Modification. This Warrant constitutes the entire agreement between the parties pertaining to the subject matter contained
in it and supersedes all prior and contemporaneous agreements, representations, and undertakings of the parties, whether oral or written,
with respect to such subject matter.

 

[Remainder of page intentionally
blank. Signature page follows.]

 

    -11-

     

    

 

The Company has caused this Warrant to be
duly executed and delivered as of the Date of Grant specified above.

 

	 	CVRx, INC.
	 	 
	 	By:	/s/ John Brintnall
	 	Name:	John Brintnall
	 	Title:	Chief Financial Officer

 

	 	Address:	9201 W. Broadway Ave., #650
	 	 	Minneapolis, MN 55445

 

[SIGNATURE PAGE TO WARRANT (LOAN A)]

 

     

     

    

 

EXHIBIT A-1

 

NOTICE OF EXERCISE

 

	To:	CVRx, INC. (the “Company”)

 

1.       The
undersigned hereby:

 

		 ̈	elects to purchase________ shares of [Series G Preferred] [Common Stock] of the Company pursuant to the terms of the attached Warrant,
and tenders herewith payment of the purchase price of such shares in full, or

 

		 ̈	elects to exercise its net issuance rights pursuant to Section 9.2 of the attached Warrant with respect to________Shares of [Series
G Preferred] [Common Stock].

 

2.       Please
issue a certificate or certificates representing ________ shares in the name of the undersigned or in such other name or names as are
specified below:

 

		(Name)	 
		 	 
		 	 
		(Address)	 

 

3.       The
undersigned represents that the aforesaid shares are being acquired for the account of the undersigned for investment and not with a
view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing
or reselling such shares, all except as in compliance with applicable securities laws.

 

 

	 	(Signature)

 

	(Date)	 

 

     

     

    

 

EXHIBIT A-2

 

NOTICE OF EXERCISE

 

	To:	CVRx, INC. (the “Company”)

 

1.      Contingent
upon and effective immediately prior to the closing (the “Closing”) of the Company’s public offering contemplated by
the Registration Statement on Form S___, filed________, 20__, the undersigned hereby:

 

 ̈       elects
to purchase________shares of [Series G Preferred] [Common Stock] of the Company (or such lesser number of shares as may be sold on behalf
of the undersigned at the Closing) pursuant to the terms of the attached Warrant, or

 

 ̈       elects
to exercise its net issuance rights pursuant to Section 9.2 of the attached Warrant with respect to________Shares of [Series G Preferred]
[Common Stock].

 

2.       Please
deliver to the custodian for the selling shareholders a stock certificate representing such________shares.

 

3.       The
undersigned has instructed the custodian for the selling shareholders to deliver to the Company $________or, if less, the net proceeds
due the undersigned from the sale of shares in the aforesaid public offering. If such net proceeds are less than the purchase price for
such shares, the undersigned agrees to deliver the difference to the Company prior to the Closing.

 

 

	 	(Signature)

 

	(Date)	 

 

    -2-

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