Document:

Exhibit 10.13

 

 

 

TIVIC
HEALTH SYSTEMS, INC. 

 

NOTE PURCHASE AGREEMENT

 

 

 

 

 

 

June 17, 2021

 

     

     

    

 

TABLE OF CONTENTS

 

 

	 	 	 	Page
	 	 	 	 
	1.	 Issuance of Notes	1
	 	1.1	Issuance of Notes	1
	 	 	 	 
	2.	 Closings	1
	 	2.1	Initial Closing	1
	 	2.2	Subsequent Closings	1
	 	2.3	Conditions of Investors’ Obligations at Closing	1
	 	2.4	Conditions of the Company’s Obligations at Closing	2
	 	2.5	Delivery	2
	 	 	 	 
	3.	 Representations, Warranties and Covenants of Investors	2
	 	3.1	Purchase for Own Account	2
	 	3.2	Disclosure of Information	3
	 	3.3	Investment Experience	3
	 	3.4	Accredited Investor; Non-U.S. Persons	3
	 	3.5	Restrictions on Transfer	3
	 	3.6	Further Limitations on Disposition	3
	 	3.7	Confidentiality	4
	 	3.8	Investment Entity	5
	 	3.9	Validity	5
	 	3.10	No Tax Advice	5
	 	3.11	Risks	5
	 	3.12	Disclosure of Information	5
	 	 	 	 
	4.	 Representations and Warranties of the Company	5
	 	4.1	Organization, Good Standing and Qualification	5
	 	4.2	Authorization, Enforceability	6
	 	4.3	Litigation	6
	 	4.4	Absence of Required Consents; No Violations	6
	 	4.5	Valid Issuance of Securities	6
	 	4.6	Approvals	6
	 	4.7	Intellectual Property	7
	 	4.8	Financial Statements	7
	 	4.9	No “Bad Actor” Disqualification	7
	 	 	 	 
	5.	 Legends	7
	 	5.1	Federal Legends	7
	 	5.2	Other Legends	8
	 	5.3	Market Stand-Off	8
	 	5.4	Stop-Transfer Notices	8
	 	5.5	Refusal to Transfer	8
	 	5.6	Removal of Legend and Transfer Restrictions	8

 

     i

     

    

 

	6.	 Miscellaneous	9
	 	6.1	Successors and Assigns	9
	 	6.2	Governing Law	9
	 	6.3	Titles and Subtitles	9
	 	6.4	Notices	9
	 	6.5	Amendments and Waivers	10
	 	6.6	Severability	10
	 	6.7	Finder’s Fee	10
	 	6.8	Further Assurances	10
	 	6.9	Survival of Representations Warranties and Covenants	10
	 	6.10	Separability	10
	 	6.11	Acknowledgment	11
	 	6.12	Construction	11
	 	6.13	Entire Agreement	11
	 	6.14	Attorney’s Fees	11
	 	6.15	Waiver of Conflicts	11
	 	6.16	Expenses	12
	 	6.18	Counterparts	12
	 	6.19	California Securities Laws	12

 

     ii

     

    

 

TIVIC HEALTH SYSTEMS, INC.

NOTE PURCHASE AGREEMENT

 

THIS NOTE PURCHASE AGREEMENT
(this “Agreement”) is made as of June 17, 2021, by and among Tivic Health Systems, Inc., a Delaware corporation (the
 “Company”), and the investors listed on Exhibit A hereto who become signatories to this Agreement (each an “Investor”
and, collectively, the “Investors”).

 

THE PARTIES HEREBY AGREE AS FOLLOWS:

 

1.                  
Issuance of Notes.

 

1.1              
Issuance of Notes. Subject to the terms and conditions of this Agreement, at each Closing
(as defined below), the Company shall issue and sell to each Investor participating in such Closing, an unsecured convertible promissory
note (each such note, a “Note” and collectively, the “Notes”) in the principal amount set forth
opposite each such Investor’s name on Exhibit A attached hereto (the “Principal Amount”), against payment
by such Investor to the Company of the Principal Amount. The Company may issue and sell Notes with an aggregate Principal Amount of up
to $3,000,000 under this Agreement. The Notes shall each be in substantially the form of Exhibit B attached hereto, except (i)
as may be amended to provide for an original issue discount, at the discretion of the Company; or (ii) as may otherwise be agreed upon
by the Company and an Investor.

 

2.                  
Closings.

 

2.1              
Initial Closing. The initial closing of the purchase and sale of the Notes shall take
place at the offices of Procopio, Cory, Hargreaves & Savitch LLP (“Procopio”), 1117 California Avenue, Palo Alto,
California, on June 17, 2021, at 10:00 a.m. (the “Initial Closing”), or at such other place and time as the Company
and the Investors scheduled to purchase at least a majority in Principal Amount mutually agree.

 

2.2              
Subsequent Closings. Subsequent to the Initial Closing, until the earlier of the date
that is 120 days following the date of the Initial Closing or such time as the aggregate Principal Amount evidenced by all of the Notes
equals a total of $3,000,000, the Company may sell additional Notes to such persons or entities as determined by the Company (each such
closing, a “Subsequent Closing” and, together with the Initial Closing, each a “Closing”). For purposes
of this Agreement, and all other agreements contemplated hereby, any additional purchaser so acquiring Notes shall be deemed to be an
 “Investor” for purposes of this Agreement, and any Notes so acquired by such additional purchaser shall be deemed to be “Notes”
for all purposes hereunder. Exhibit A shall be revised by the Company, without the consent of any other person or entity, to reflect
the sale of Notes at all Subsequent Closings. The closing of the purchase and sale of such additional Notes hereunder shall take place
on such date as is mutually agreeable to the Company and Investors that are identified on Exhibit A as purchasing Notes representing
a majority of the aggregate Principal Amounts of all Notes to be issued at such Subsequent Closing (or at such other time and place as
is mutually agreed upon by the Company and such parties).

 

2.3              
Conditions of Investors’ Obligations at Closing. The several obligations of each
Investor to purchase the Notes at a Closing shall be subject to the prior or concurrent satisfaction of each of the conditions precedent
set forth in this Section 2.3, any of which may be waived in writing by such Investor.

 

     

     

    

 

(a)               
Representations and Warranties. The representations and warranties made by the Company in Section 4 hereof shall
be true and correct in all material respects on and as of the date of such Closing (except as to such representations and warranties made
as of a specific date, which shall be measured as of such date).

 

(b)               
Conditions. All agreements and conditions contained in this Agreement to be performed by the Company on or prior
to such Closing shall have been performed or complied with in all material respects.

 

(c)               
Delivery of Notes. The Company shall have executed and delivered to each Investor a Note evidencing the Company’s
indebtedness to such Investor in the amount next to such Investor’s name on Exhibit A.

 

2.4              
Conditions of the Company’s Obligations at Closing. The obligations of the Company
to sell and issue Notes to each Investor at a Closing shall be subject to the prior or concurrent satisfaction of each of the conditions
precedent set forth in this Section 2.4, any of which may be waived in writing by the Company.

 

(a)               
Representations and Warranties. The representations and warranties of such Investors contained in Section 3 of this
Agreement shall be true and correct in all material respects on and as of the date of such Closing, with the same effect as if made on
and as of such Closing.

 

(b)               
Conditions. All agreements and conditions contained in this Agreement to be performed by the Investor on or prior
to such Closing shall have been performed or complied with in all material respects.

 

(c)               
Delivery of Notes. Each Investor shall have executed and delivered to the Company the Note issued by the Company
to such Investor which such Note evidences the Company’s indebtedness to such Investor in the amount next to such Investor’s
name on Exhibit A.

 

2.5              
Delivery. At each Closing, the Company shall deliver to each Investor a Note in the
Principal Amount designated opposite such Investor’s name on Exhibit A, against delivery of (1) payment of the purchase price
therefor by a wire transfer of immediately available funds, to a bank designated by the Company or by conversion of indebtedness, as applicable,
and (2) delivery of counterpart signature pages to this Agreement and the Note (collectively, the “Transaction Documents”).
Each Investor purchasing a Note through conversion of indebtedness at any Closing agrees that the applicable convertible note held by
such Investor is cancelled as of such Closing and all principal and interest outstanding thereunder shall be converted as contemplated
by the applicable Note.

 

3.                  
Representations, Warranties and Covenants of Investors. Each Investor, severally and not jointly, hereby represents,
warrants and covenants to the Company as follows:

 

3.1              
Purchase for Own Account. Such Investor represents that it is acquiring the Notes,
the equity securities issuable upon conversion of the Notes and any Common Stock issuable upon conversion of any such equity securities
(collectively, the “Securities”) solely for investment for such Investor’s own account and not as a nominee or
agent, and not with a view to the resale or distribution of any part thereof, and that such Investor has no present intention of selling,
granting any participation in, or otherwise distributing the same. The acquisition by such Investor of any of the Securities shall constitute
confirmation of the representation by such Investor that such Investor does not have any contract, undertaking, agreement or arrangement
with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Securities.

 

    2 

     

    

 

3.2              
Disclosure of Information. Such Investor has had an opportunity to discuss the terms
of this offering and the Company’s business, management and financial affairs with the Company’s management, and the opportunity
to inspect the Company’s facilities and such books and records and material contracts as such Investor deemed necessary to its determination
to purchase the Securities. 

 

3.3              
Investment Experience. Either (i) such Investor or its officers, directors, managers
or controlling persons has a preexisting personal or business relationship with the Company or its officers, directors or controlling
persons, or (ii) such Investor, by reason of its own business and financial experience, has the capacity to protect its own interests
in connection with the investment contemplated hereby. Such Investor represents that it is an investor in securities of companies in the
development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge
and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities.

 

3.4              
Accredited Investor; Non-U.S. Persons. Such Investor either (a) is an “accredited
investor” within the meaning of Securities and Exchange Commission (“SEC”) Rule 501 of Regulation D, as presently
in effect, or (b) (i) certifies that such Investor is not a “U.S. person” within the meaning of SEC Rule 902 of Regulation
S, as presently in effect, and that such Investor is not acquiring the Securities for the account or benefit of any such U.S. person,
(ii) agrees to resell the Securities only in accordance with the provisions of Regulation S, pursuant to registration under the Act, or
pursuant to an available exemption from registration and agrees not to engage in hedging transactions with regard to such Securities unless
in compliance with the Act, (iii) agrees that any certificates for any Securities issued to such Investor shall contain a legend to the
effect that transfer is prohibited except in accordance with the provisions of Regulation S, pursuant to registration under the Act or
pursuant to an available exemption from registration and that hedging transactions involving such Securities may not be conducted unless
in compliance with the Act, and (iv) agrees that the Company is hereby required to refuse to register any transfer of any Securities issued
to such Investor not made in accordance with the provisions of Regulation S, pursuant to registration under the Act, or pursuant to an
available exemption from registration.

 

3.5              
Restrictions on Transfer. Such Investor understands that the Securities are characterized
as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction
not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration
under the Securities Act of 1933, as amended (the “Act”), only in certain limited circumstances. In this connection,
such Investor represents that it is familiar with SEC Rule 144, as presently in effect, and understands the resale limitations imposed
thereby and by the Act. Such Investor understands that the Securities have not been and will not be registered under the Act and have
not been and will not be registered or qualified in any state in which they are offered, and thus the Investor will not be able to resell
or otherwise transfer his, her or its Securities unless they are registered under the Act and registered or qualified under applicable
state securities laws, or an exemption from such registration or qualification is available. Such Investor has no immediate need for liquidity
in connection with this investment and does not anticipate that it will need to sell his, her or its Securities in the foreseeable future.
INVESTOR UNDERSTANDS AND ACKNOWLEDGES HEREIN THAT AN INVESTMENT IN THE COMPANY’S SECURITIES INVOLVES AN EXTREMELY HIGH DEGREE OF
RISK AND MAY RESULT IN A COMPLETE LOSS OF HIS, HER OR ITS INVESTMENT.

 

    3 

     

    

 

3.6              
Further Limitations on Disposition. Without in any way limiting the representations
set forth above, such Investor further agrees not to make any disposition of all or any portion of the Securities unless and until the
transferee has agreed in writing for the benefit of the Company to be bound by this Section 3 and any other agreement that the purchasers
of such Securities are required to execute and deliver in connection with the purchase of such Securities, and:

 

(a)               
there is then in effect a registration statement under the Act covering such proposed disposition and such disposition is
made in accordance with such registration statement; or

 

(b)               
(i) such Investor shall have notified the Company of the proposed disposition and shall have furnished the Company with
a detailed statement of the circumstances surrounding the proposed disposition, and (ii) if reasonably requested by the Company, such
Investor shall have furnished the Company with an opinion of counsel reasonably satisfactory to the Company that such disposition will
not require registration of such shares under the Act. It is agreed that the Company will not require opinions of counsel for transactions
made pursuant to Rule 144.

 

Notwithstanding the provisions
of subsections (a) and (b) above, no such registration statement or opinion of counsel shall be necessary for a transfer by an Investor
that is a partnership or limited liability company to a partner of such partnership or a member of such limited liability company or a
retired partner of such partnership who retires after the date hereof or a retired member of such limited liability company who retires
after the date hereof, or to the estate of any Investor or the transfer by gift, will or intestate succession by any Investor to his or
her spouse or to the siblings, lineal descendants or ancestors of such Investor or his or her spouse, if the transferee agrees in writing
to be subject to the terms hereof to the same extent as if he or she were an original Investor hereunder.

 

3.7              
Confidentiality. Such Investor agrees that he, she or it shall keep confidential and
shall not use, disclose or divulge any information which such Investor may obtain from the Company, pursuant to financial statements,
reports and other materials submitted by the Company as required hereunder or under any other documents, or pursuant to information rights
granted to an Investor unless such information is known, or until such information becomes known, to the public through no fault of such
Investor or its agents, or unless the Company’s President or Chief Executive Officer gives written consent to such Investor’s
release of such information, except that no such written consent shall be required (and Investor shall be free to release such information)
if such information is to be provided to such Investor’s counsel or accountant, or to an officer, director, general partner, limited
partner, shareholder, investment counselor or advisor, or employee of an Investor with a need to know such information; provided that
any such counsel, accountant, officer, director, general partner, limited partner, shareholder, investment counselor or advisor, or employee
shall be bound by the provisions of this Section 3.7. Notwithstanding the foregoing, this Section 3.7 shall not apply (a) to information
which an Investor learns from a third party with the right to make such disclosure, provided Investor complies with the restrictions imposed
by the third party, (b) to information which is in such Investor’s possession prior to the time of disclosure by the Company and
not acquired by Investor under a confidentiality obligation, (c) to the minimum extent Investor is required to disclose such information
by law or a governmental regulatory authority, (d) to the minimum extent (after requesting and pursuing confidential treatment to the
extent reasonably possible) such Investor is required to disclose such information by court order. For the purposes of this Agreement:
(A) a Person shall be deemed an “Affiliate” of another Person who, directly or indirectly, controls, is controlled
by or is under common control with such Person, including, without limitation, any general partner, managing member, officer or director
of such Person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members
of, or shares the same management company with, such Person; and (B) “Person” shall mean any individual, corporation
(including any nonprofit corporation), general partnership, limited partnership, limited liability partnership, joint venture, estate,
trust, company (including any limited liability company or joint stock company), firm or other enterprise, association, organization or
entity, unincorporated organization or government or political subdivision thereof, or any other entity.

 

    4 

     

    

 

3.8              
Investment Entity. Such Investor, if a corporation, partnership, trust or other entity,
is authorized and otherwise duly qualified to purchase and hold the Securities; such entity has made its investment decision to purchase
the Notes and other Securities at its office address for Investor as set forth on the signature page hereto; and such entity has not been
formed for the specific purpose of acquiring the Securities. Such Investor, if a natural person, resides in the state identified in the
address of Investor set forth on the signature page hereto.

 

3.9              
Validity. When executed and delivered by such Investor, and assuming execution and delivery by the Company, this
Agreement constitutes such Investor’s valid and legally binding obligations, enforceable in accordance with its respective terms
except as may be limited by (i) applicable bankruptcy, insolvency, reorganization or other laws of general application relating to or
affecting the enforcement of creditors’ rights generally, and (ii) the effect of rules of law governing the availability of equitable
remedies. Investor has full power and authority to enter into this Agreement and any and all consents required in connection herewith
and the transactions contemplated hereby have been obtained.

 

3.10          
No Tax Advice. Such Investor understands that such Investor may suffer adverse tax
consequences as a result of such Investor’s purchase or disposition of the Securities. Such Investor represents that he, she or
it has consulted any tax consultants that such Investor deems advisable in connection with the purchase or disposition of the Securities
and that such Investor is not relying on the Company or the Company’s counsel for any tax advice.

 

3.11          
Risks. Such Investor is aware that the Notes and other Securities are highly speculative
and that there can be no assurance as to what return, if any, there may be. Investor acknowledges the inherent risks of purchasing the
Notes and other Securities.

 

3.12          
Disclosure of Information. Such Investor has received or has had full access to all the information such Investor
considers necessary or appropriate to make an informed investment decision with respect to the Securities. Such Investor further has had
an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Securities
and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort
or expense) necessary to verify any information furnished to such Investor or to which such Investor had access.

 

4.                  
Representations and Warranties of the Company. The Company hereby represents and warrants to each Investor that,
on and as of the date of such Closing, except as set forth on the Schedule of Exceptions attached hereto as Exhibit C (which the
Company may, at its election, update at any Closing; provided however, such updated Schedule of Exceptions relates solely to matters,
conditions or occurrences that arose after the date of the applicable Closing):

 

4.1              
Organization, Good Standing and Qualification. The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of California and has all requisite corporate power and authority to
carry on its business as now conducted. The Company is duly qualified, licensed to do business and in good standing as a foreign corporation
in each jurisdiction where the failure to be so qualified or licensed could reasonably be expected to have a material adverse effect on
the Company.

 

    5 

     

    

 

4.2              
Authorization, Enforceability. All action on the part of the Company necessary for
the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder, and the authorization,
issuance (or reservation for issuance), sale and delivery of the Notes, has been taken or will be taken prior to such Closing. Each of
the Transaction Documents to which the Company is a party constitutes the valid and legally binding obligation of the Company, enforceable
against the Company in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies.

 

4.3              
Litigation. There is no action, suit, proceeding or investigation pending or, to the
Company’s knowledge, currently threatened against the Company or any of its officers or directors. The Company is not a party or
subject to the provisions of any order, writ, injunction, judgment or decree of any court or Governmental Authority. There is no action,
suit, proceeding or investigation by the Company currently pending or that the Company intends to initiate. For the purposes hereof, “Governmental
Authority” means any federal, state, local or other governmental department, commission, board, bureau, agency or other instrumentality
or authority, domestic or foreign, exercising executive, legislative, judicial, regulatory or administrative authority or functions of
or pertaining to government.

 

4.4              
Absence of Required Consents; No Violations. No consent, approval, order or authorization
of, or registration, qualification, designation, declaration or filing with, any Governmental Authority on the part of the Company is
required in connection with the consummation of the transactions contemplated by the Transaction Documents, except for such filing(s)
pursuant to applicable federal or state securities laws as may be necessary, which filings will be timely effected after the relevant
Closing. The Company is not in violation or default (i) of any provision of its Articles of Incorporation or Bylaws, or (ii) in any material
respect of any instrument, judgment, order, writ, decree or contract to which it is a party or by which it is bound. The execution, delivery
and performance of the Transaction Documents and the consummation of the transactions contemplated thereby will not result in any such
violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such
provision, instrument, judgment, order, writ, decree or contract.

 

4.5              
Valid Issuance of Securities. The Securities, when issued, sold and delivered in accordance
with the terms of the Notes for the consideration expressed therein, will be duly and validly issued, fully paid, and nonassessable, and
will be free of restrictions on transfer other than restrictions on transfer under this Agreement, any agreement required to be executed
in connection with the conversion of the Notes, and under applicable state and federal securities laws. The Common Stock issuable upon
conversion of any equity securities issued or issuable upon conversion of the Notes will be duly and validly reserved for issuance upon
the creation of such equity securities and, upon issuance in accordance with the terms of the Company’s Articles of Incorporation
will be duly and validly issued, fully paid, nonassessable, and will be free of restrictions on transfer other than restrictions on transfer
under this Agreement, any agreement required to be executed in connection with the conversion of the Notes, and under applicable state
and federal securities laws.

 

4.6              
Approvals. No consent, approval, order or authorization of, or registration,
declaration or filing with, any governmental authority or other Person (including, without limitation, the shareholders of any Person)
is required in connection with the execution and delivery of the Transaction Documents executed by the Company and the performance and
consummation of the transactions contemplated thereby, other than such as have been obtained and remain in full force and effect and other
than such qualifications or filings under applicable securities laws as may be required in connection with the transactions contemplated
by this Agreement.

 

    6 

     

    

 

4.7              
Intellectual Property. To its knowledge, the Company owns or possesses sufficient legal
rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual
property rights necessary for its business as now conducted and as proposed to be conducted.

 

4.8              
Financial Statements. The financial statements of the Company that have been made available to the Investors (i) are
in accordance with the books and records of the Company and have been maintained in accordance with good business practice; (ii) have
been prepared in conformity with U.S. generally accepted accounting practices, except for the absence of footnotes and subject to normal
year-end adjustments; and (iii) fairly present the financial position of the Company as of the dates presented therein and the results
of operations, changes in financial positions or cash flows, as the case may be, for the periods presented therein.

 

4.9              
No “Bad Actor” Disqualification. The Company has exercised reasonable care, in accordance with Securities
and Exchange Commission rules and guidance, to determine whether any Covered Person (as defined below) is subject to any of the “bad
actor” disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities Act (“Disqualification Events”).
To the Company’s knowledge, no Covered Person is subject to a Disqualification Event, except for a Disqualification Event covered
by Rule 506(d)(2) or (d)(3) under the Securities Act. The Company has complied, to the extent applicable, with any disclosure obligations
under Rule 506(e) under the Securities Act. “Covered Persons” are those persons specified in Rule 506(d)(1) under the Securities
Act, including the Company; any predecessor or affiliate of the Company; any director, executive officer, other officer participating
in the offering, general partner or managing member of the Company; any beneficial owner of 20% or more of the Company’s outstanding
voting equity securities, calculated on the basis of voting power; any promoter (as defined in Rule 405 under the Securities Act) connected
with the Company in any capacity at the time of the sale of the Notes; and any person that has been or will be paid (directly or indirectly)
remuneration for solicitation of purchasers in connection with the sale of the Notes (a “Solicitor”), any general partner
or managing member of any Solicitor, and any director, executive officer or other officer participating in the offering of any Solicitor
or general partner or managing member of any Solicitor.

 

5.                  
Legends.

 

5.1              
Federal Legends. The Notes and stock certificates evidencing the other Securities shall
bear such restrictive legends as the Company and the Company’s counsel deem necessary or advisable under applicable law or pursuant
to this Agreement, including, without limitation, the following:

 

“THE SECURITIES EVIDENCED HEREBY AND ANY
SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR OFFERED FOR SALE OR OTHERWISE
DISTRIBUTED EXCEPT (I) IN CONJUNCTION WITH AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE ACT, (II) IN COMPLIANCE WITH
RULE 144, OR (III) PURSUANT TO AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION OR COMPLIANCE IS
NOT REQUIRED AS TO SAID SALE, OFFER OR DISTRIBUTION.”

 

    7 

     

    

 

5.2              
Other Legends. The Notes and stock certificates evidencing the other Securities
shall also bear any legend required by the Company’s Bylaws, the Commissioner of Corporations of the State of California or as may
be required pursuant to any state, local, or foreign law governing such securities.

 

5.3              
Market Stand-Off. In connection with the Company’s initial public offering, each Investor or a transferee thereof,
shall not, directly or indirectly, sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract
for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in
any of the foregoing transactions with respect to, any Securities without the prior written consent of the Company or its managing underwriter.
Such restriction (the “Market Stand-Off”) shall be in effect for such period of time following the date of the final prospectus
for the offering as may be requested by the Company or such underwriter. In no event, however, shall such period exceed one hundred eighty
(180) days plus such additional period as may reasonably be requested by the Company or such underwriter to accommodate regulatory restrictions
on (i) the publication or other distribution of research reports, or (ii) analyst recommendations and opinions, including (without limitation)
the restrictions set forth in FINRA Rule 2711(f)(4) and Rule 472(f)(4) of the New York Stock Exchange, as amended, or any similar successor
rules. In the event of the declaration of a stock dividend, a spin off, a stock split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding securities without receipt of consideration, any new, substituted or
additional securities which are by reason of such transaction distributed with respect to any Securities subject to the Market Stand-Off,
or into which such Securities thereby become convertible, shall immediately be subject to the Market Stand-Off. The Company’s underwriters
shall be beneficiaries of the agreement set forth in this Section 5.3. This Section 5.3 shall not apply to securities registered in the
public offering under the Act or to any securities issued by the Company that are purchased by Investors on the open market. All certificates
evidencing the Securities (and any securities issued in substitution thereof or in respect thereof) shall bear such restrictive legends
as the Company and the Company’s counsel deem necessary or advisable under applicable law or pursuant to this Agreement, including,
without limitation, the following:

 

“THE SECURITIES REPRESENTED HEREBY ARE SUBJECT
TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF UP TO 180 DAYS FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, FOR AN OFFERING OF THE COMPANY’S SECURITIES PURSUANT TO THE MARKET STANDOFF PROVISIONS OF AN AGREEMENT
BETWEEN THE COMPANY AND THE ORIGINAL PURCHASER OF SUCH SECURITIES, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.”

 

5.4              
Stop-Transfer Notices. Each Investor agrees that, in order to ensure compliance with the restrictions referred to
herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company
transfers its own securities, it may make appropriate notations to the same effect in its own records.

 

5.5              
Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Securities that have been
sold or otherwise transferred in violation of any of the provisions of this Agreement, or (ii) to treat as owner of such Securities or
to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Securities shall have been so transferred.

 

5.6              
Removal of Legend and Transfer Restrictions. Any legend endorsed on a certificate pursuant to Sections 5.1 and 5.3
and the stop transfer instructions with respect to such legended securities shall be removed, and the Company shall issue a certificate
without such legend to the holder of such securities, if such securities are registered under the Act and a prospectus meeting the requirements
of Section 10 of the Act is available with respect to such Securities (or securities into which they have been converted) or if such holder
satisfies the requirements of Rule 144.

 

    8 

     

    

 

6.                  
Miscellaneous.

 

6.1              
Successors and Assigns. Except as otherwise provided therein, the terms and conditions
of this Agreement and the other Transaction Documents shall inure to the benefit of and be binding upon the respective successors and
assigns of the parties (including transferees of any Securities); provided that the Company may not assign or transfer its rights or obligations
hereunder or under the other Transaction Documents without the prior written consent of the holders of a majority of the aggregate Principal
Amount under all Notes. The Securities shall be transferable upon obtaining the prior written consent of the Company and subject to compliance
with applicable securities laws and Section 3. Nothing in this Agreement, express or implied, is intended to confer upon any party other
than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason
of this Agreement, except as expressly provided in this Agreement.

 

6.2              
Governing Law. This Agreement and all acts and transactions pursuant hereto and the
rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of
California, without giving effect to principles of conflicts of law. In addition, each of the parties hereto irrevocably and unconditionally
(a) consents to submit itself to the exclusive personal jurisdiction of the state and Federal courts located in Santa Clara County, California,
in the event any dispute arises out of this Agreement or any of the transactions contemplated by this Agreement, (b) agrees that it will
not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such court or assert that such court
is an inconvenient forum, (c) agrees that it will not bring any action relating to this Agreement or any of the acts and transactions
contemplated by this Agreement in any forum other than the state and Federal courts located in Santa Clara County, California, and (d)
to the fullest extent permitted by law, consents to service being made through the notice procedures contemplated pursuant to Section
6.4 hereof. Each party hereto hereby agrees that, to the fullest extent permitted by law, service of any process, summons, notice or document
by U.S. registered mail to the respective addresses contemplated pursuant to Section 6.4 hereof shall be effective service of process
for any suit or proceeding in connection with this Agreement or the transactions contemplated hereby.

 

6.3              
Titles and Subtitles. The titles and subtitles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this Agreement.

 

6.4              
Notices. Except as may be otherwise provided herein, all notices, requests, waivers
and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given
(a) when hand delivered to the other party; (b) when sent by electronic transmission (email) to the email address set forth below if sent
between 8:00 a.m. and 5:00 p.m. recipient’s local time on a Business Day, or on the next Business Day if sent by email set forth
below if sent other than between 8:00 a.m. and 5:00 p.m. recipient’s local time on a Business Day; (c) three Business Days after
deposit in the U.S. mail with first class or certified mail receipt requested postage prepaid and addressed to the other party at the
address set forth below; or (d) the next Business Day after deposit with a national overnight delivery service, postage prepaid, addressed
to the parties as set forth below with next Business Day delivery guaranteed, provided that the sending party receives a confirmation
of delivery from the delivery service provider. Each Person making a communication hereunder by email shall promptly confirm by telephone
to the Person to whom such communication was addressed each communication made by it by email pursuant hereto but the absence of such
confirmation shall not affect the validity of any such communication. A party may change or supplement the addresses given above, or designate
additional addresses, for purposes of this Section 6.4 by giving the other party written notice of the new address in the manner set forth
above. “Business Day” shall mean any day other than a Saturday, Sunday, U.S. federal holiday or any other day upon
which banks in New York and San Francisco are not open for business. Any communication to an Investor shall be sent to such Investor at
the address set forth on the signature page hereto, and if to the Company, at the following address:

 

Tivic Health Systems, Inc.

750 Menlo Ave. Suite 200

Menlo Park, California 94025

Attn: Chief Executive Officer

Email Address:

 

With a copy to (which such copy shall not constitute
notice):

 

Procopio, Cory, Hargreaves & Savitch LLP

1117 California Avenue

Palo Alto, CA 94304

Attention: Roger C. Rappoport, Esq.

Tel:

Email:

 

    9 

     

    

 

6.5              
Amendments and Waivers. Any term of this Agreement may be amended or modified, and
the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively)
only with the written consent of, or a written instrument signed by (x) the Company; and (y) Investors who then hold Notes in an aggregate
Principal Amount equal to more than fifty-percent (50%) of the aggregate Principal Amount of all then outstanding Notes. Any waiver or
amendment effected in accordance with this Section 6.5 shall be binding upon each holder of any Securities acquired under this Agreement
at the time outstanding (including securities into which such Securities are convertible), each future holder of all such Securities,
and the Company, and its and their respective successors and assigns. Notwithstanding the foregoing, the Company may unilaterally amend
Exhibit A of this Agreement to the extent necessary to add new Investors at Subsequent Closings, in accordance with Section 2.2
of this Agreement.

 

6.6              
Severability. In case any one or more of the provisions contained in this Agreement
shall, for any reason, be judicially determined to be invalid, illegal or unenforceable in any respect, (i) the remaining terms and provisions
hereof shall be unimpaired and shall remain in full force and effect, and (ii) the invalid or unenforceable provision or term shall be
replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of such invalid or unenforceable
term or provision, and, if the foregoing provision of this clause (ii) is not permitted pursuant to applicable law, then (iii) this Agreement
shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. 

 

6.7              
Finder’s Fee. Each party represents that it neither is nor will be obligated
for any finders’ fee or commission in connection with this transaction.

 

6.8              
Further Assurances. Each Investor and the Company shall from time to time and at all
times hereafter make, do, execute, or cause or procure to be made, done and executed such further acts, deeds, conveyances, consents and
assurances without further consideration, which may reasonably be required to effect the transactions contemplated by the Transaction
Documents.

 

6.9              
Survival of Representations Warranties and Covenants. The representations and warranties
of the Company and the Investors contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement
and each Closing and shall in no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf
of the Investors or the Company.

 

6.10          
Separability. The obligations of each Investor
under any Transaction Document are several and not joint with the obligations of any other Investor, and no Investor shall be responsible
in any way for the performance of the obligations of any other Investor under any Transaction Document. Each Investor shall be responsible
only for its own representations, warranties, agreements and covenants hereunder. Nothing contained herein or in any other Transaction
Document, and no action taken by any Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as a partnership,
an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert
or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Except as otherwise provided
in any Transaction Document, each Investor shall be entitled to independently protect and enforce its rights, including without limitation
the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Investor
to be joined as an additional party in any proceeding for such purpose. Any invalidity, illegality or limitation on the enforceability
of the Agreement or any part thereof, by any Investor, whether arising by reason of the law of the respective Investor’s domicile
or otherwise, shall in no way affect or impair the validity, legality or enforceability of this Agreement with respect to other Investors.

 

    10 

     

    

 

6.11          
Acknowledgment. Each Investor acknowledges that: (a) he, she or it has read the Transaction
Documents; (b) it has been represented in the preparation, negotiation and execution of the Transaction Documents by legal counsel of
its own choice or has voluntarily declined to seek such counsel; and (c) it understands the terms and consequences of the Transaction
Documents and is fully aware of the legal and binding effect of the Transaction Documents. 

 

6.12          
Construction. The Company and Investors have participated jointly in the negotiation
and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if
drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party because of the
authorship of any provision of this Agreement. The words “include,” “includes,” and “including” shall
be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders shall be construed to
include any other gender, and words in the singular form shall be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder,”
and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. Any
reference herein to “day” or “days” shall, unless otherwise provided for, mean a calendar day or calendar days.

 

6.13          
Entire Agreement. This Agreement and the Transaction Documents (and the Exhibits hereto
and thereto) constitute the entire understanding between the Company and the Investors relative to the subject matter hereof. Any prior
and contemporaneous agreement, discussion, understanding, correspondence and/or communication between the Company and such Investors regarding
the purchase of securities, capital stock of the Company or otherwise, whether written or oral, is superseded by this Agreement.

 

6.14          
Attorney’s Fees. If, in any action at law or in equity (including arbitration),
it is necessary to enforce or interpret the terms of any of the Transaction Documents, the prevailing party shall be entitled to reasonable
attorney’s fees, costs and necessary disbursements in addition to any other relief that such party may be entitled.

 

6.15          
Waiver of Conflicts. Each Investor acknowledges that Procopio, outside general counsel
to the Company, has in the past performed and is or may now or in the future represent one or more of Investors or their Affiliates in
matters unrelated to the transactions contemplated by this Agreement (the “Bridge Financing”), including representation
of such Investors or their Affiliates in matters of a similar nature to the Bridge Financing. The applicable rules of professional conduct
require that Procopio inform the parties hereunder of this representation and obtain their consent. Procopio has served as outside general
counsel to the Company and has negotiated the terms of the Bridge Financing solely on behalf of the Company. It is the belief of Procopio
that these terms and conditions represent an arm’s length transaction between the Company and Investors. Investors have been, or
have been granted the opportunity to be, represented by independent legal counsel regarding the terms of the Bridge Financing. The Company
and each Investor hereby (a) acknowledge that they have had an opportunity to ask for and have obtained information relevant to such representation,
including disclosure of the reasonably foreseeable adverse consequences of such representation; (b) acknowledge that with respect to the
Bridge Financing, Procopio has represented solely the Company, and not any Investor or any shareholder, director or employee of the Company
or any Investor; and (c) gives its informed consent to Procopio’s representation of the Company in the Bridge Financing.

 

    11 

     

    

 

6.16          
Expenses. Each party shall pay their own fees and expenses, including
attorney’s fees and expenses in connection with the preparation, execution and delivery of this Agreement and the other Transaction
Documents.

 

6.18          
Counterparts. This Agreement may be executed in two (2) or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered
via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g.,
www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered
and be valid and effective for all purposes.

 

6.19          
California Securities Laws. THE SALE OF THE SECURITIES, WHICH ARE THE SUBJECT OF THIS AGREEMENT, HAS NOT BEEN QUALIFIED
WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA, AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY
PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL UNLESS THE SALE OF SECURITIES IS EXEMPT FROM THE QUALIFICATION
BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED
UPON SUCH QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.

 

 

[Signature Page Follows]

 

    12 

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed
this Note Purchase Agreement as of the date first above written.

 

	Company:	Tivic Health Systems, Inc.
	 	a Delaware corporation
	 	 
	 	 
	 	By:	 
	 	 	Jennifer Ernst, Chief Executive Officer

 

 

INVESTORS:

 

	If Investor is a Corporation, Partnership or Other Entity:	If Investor is an Individual:

	 	 
	Name
    of Entity	Print
    Name of Individual
	 	 
	 	 	 	 
	Signature
    of Authorized Person	Signature
    of Individual
	 	 
	 	 	 	 
	Print
    Name of Authorized Person	Print
    Name of Individual (If more than one signatory)
	 	 
	 	 	 	 
	Title	Signature
    of Individual (If more than one signatory)
	 	 	 

 

	 Telephone
    (Day):	Telephone
    (Day):		 
	 	 	Email
    Address:	 	
	 	 	 	 	 
	Email
    Address: 	 	 	Address:
    	 	 
	Address:		 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

     

     

    

 

EXHIBITS

 

Exhibits

 

	Exhibit A	 Schedule of Investors
	 
	Exhibit B	Form of Note
	 
	Exhibit C	Schedule of Exceptions

 

     

     

    

 

EXHIBIT A

 

Schedule
Of Investors

 

	Investor 	Principal Amount of Note	Date of Purchase
	 	 	 

 

     

     

    

 

EXHIBIT B

 

Form
Of Unsecured Convertible Promissory Note 

 

[Attached]

 

     

     

    

 

EXHIBIT C

 

Schedule
of ExceptionsExhibit 10.14 

 

THIS UNSECURED CONVERTIBLE PROMISSORY NOTE
AND ANY SECURITIES INTO WHICH THIS UNSECURED CONVERTIBLE PROMISSORY NOTE IS CONVERTIBLE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH
SECURITIES MAY NOT BE SOLD OR OFFERED FOR SALE OR OTHERWISE DISTRIBUTED EXCEPT (I) IN CONJUNCTION WITH AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER THE ACT, (II) IN COMPLIANCE WITH RULE 144, OR (III) PURSUANT TO AN OPINION OF COUNSEL, REASONABLY SATISFACTORY
TO THE COMPANY, THAT SUCH REGISTRATION OR COMPLIANCE IS NOT REQUIRED AS TO SAID SALE, OFFER OR DISTRIBUTION. THIS UNSECURED CONVERTIBLE
PROMISSORY NOTE AND ANY SECURITIES INTO WHICH THIS UNSECURED CONVERTIBLE PROMISSORY NOTE IS CONVERTIBLE ARE SUBJECT TO RESTRICTIONS ON
TRANSFER CONTAINED IN THAT CERTAIN NOTE PURCHASE AGREEMENT, DATED JUNE 17, 2021, WHICH RESTRICTIONS ON TRANSFER ARE INCORPORATED HEREIN
BY REFERENCE.

 

UNSECURED CONVERTIBLE PROMISSORY NOTE

 

	_________,2021	$________

 

FOR VALUE RECEIVED, TIVIC HEALTH
SYSTEMS, INC., a Delaware corporation (the “Company”), promises to pay to the order of ________________, or his, her
or its permitted registered assigns (“Holder”) the principal sum of ________________ Dollars ($__________.00) (the
 “Principal Amount”) with simple interest thereon at the rate of the lesser of (i) 3.0% per annum (computed on the basis
of actual calendar days elapsed and a year of 365 days) or (ii) the highest rate of interest then permitted under applicable law. Interest
shall commence with the date hereof and shall continue on the outstanding Principal Amount of this Unsecured Convertible Promissory Note
(this “Note”) until paid or converted in accordance with the provisions hereof.

 

The following is a statement
of the rights of Holder and the conditions to which this Note is subject, and to which the Holder, by the acceptance of this Note, agrees:

 

1.             Definitions. For purposes of this Note, capitalized terms used herein but not otherwise defined herein shall
have the meaning set forth in this Section 1:

 

1.1           “Business Day” means any day which is not a Saturday or Sunday or a legal holiday on which banks are
authorized or required to be closed in California.

 

1.2           “Cap”
means an amount of $40,000,000.

 

1.3           “Change
in Control” means, unless otherwise determined by the Company and the holders of at least a majority of the aggregate Principal
Amount of all of the then issued and outstanding Bridge Notes:

 

(a)               
The direct or indirect sale or transfer, in a single transaction or a series of related transactions, by the shareholders
of the Company of voting securities, in which the holders of the outstanding voting securities of the Company immediately prior to such
transaction or series of transactions hold, as a result of holding Company securities prior to such transaction, in the aggregate, securities
possessing less than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the Company or of
the acquiring entity immediately after such transaction or series of related transactions;

 

    

     

    

 

(b)                A
merger or consolidation in which the Company is not the surviving entity, except for a transaction in which the holders of the outstanding
voting securities of the Company immediately prior to such merger or consolidation hold as a result of holding Company securities prior
to such transaction, in the aggregate, securities possessing more than fifty percent (50%) of the total combined voting power of all
outstanding voting securities of the surviving entity (or the parent of the surviving entity) immediately after such merger or consolidation;

 

(c)                A
reverse merger in which the Company is the surviving entity but in which the holders of the outstanding voting securities of the Company
immediately prior to such merger hold as a result of holding Company securities prior to such transaction, in the aggregate, securities
possessing less than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the Company or of
the acquiring entity immediately after such merger; or

 

(d)                The
sale, transfer or other disposition (in one transaction or a series of related transactions) of all or substantially all of the assets
of the Company, except for a transaction in which the holders of the outstanding voting securities of the Company immediately prior to
such transaction(s) receive as a distribution with respect to securities of the Company, in the aggregate, securities possessing more
than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the acquiring entity immediately
after such transaction(s), provided however, that the term “Change in Control” shall not include, for the purposes of this
Note, (A) a merger of the Company effected exclusively for the purpose of changing the domicile of the Company, or (B) the transfer of
more than fifty percent (50%) of the total combined voting power of all outstanding voting securities in an equity financing for bona
fide capital raising purposes.

 

1.4           “Common
Stock” means the Common Stock of the Company.

 

1.5           “Conversion”
means any conversion of this Note in connection with a Qualified Financing, Change in Control, Mandatory Conversion or IPO Conversion,
as the case may be, in accordance with the provisions hereof.

 

1.6           “Convertible
Securities” means evidences of convertible indebtedness, shares of Preferred Stock of the Company, or other securities or instruments
(other than Options) which are, directly or indirectly, convertible into or exchangeable for shares of Common Stock, either immediately
or upon the arrival of a specified date or the occurrence of a specified event.

 

1.7           “Fully
Diluted Basis” means the sum of (i) the total number of shares of Common Stock issued and outstanding immediately prior to
the applicable Conversion, and (ii) the total number of shares of Common Stock issuable, directly or indirectly, upon conversion of all
outstanding Options and Convertible Securities (other than the Bridge Notes and other Convertible Securities that will convert into Qualified
Securities, Shadow Preferred or Preferred Conversion Stock, as the case may be, in connection with a Conversion), and (iii) shares of
Common Stock reserved and available for future grant under the Company’s equity incentive or similar plans, in each case, immediately
prior to such Conversion.

 

1.8           “IPO”
means the Company’s first underwritten public offering of its Common Stock under the Securities Act of 1933, as amended.

 

1.9           “IPO
Conversion Price” shall mean a conversion price per share equal to the lesser of (x) seventy-five percent (75%) of the per
share public offering price stated on the front cover of the final prospectus for the IPO (before deduction of any underwriting commissions,
expenses or other amounts), and (y) the quotient resulting from dividing (A) the Cap, by (B) the Company’s capitalization on a
Fully Diluted Basis, as of immediately prior to the IPO Closing Date.

 

    2

     

    

 

1.10         “Options”
means any rights, warrants, options or similar rights to subscribe for or to purchase Common Stock or Convertible Securities, whether
vested or unvested.

 

1.11         “Preferred
Conversion Price” means a price per share of Preferred Conversion Stock of $1.4034, as adjusted for as adjusted for any stock
splits, stock dividends, combinations, subdivisions, recapitalizations or the like.

 

1.12         “Preferred
Conversion Stock” means, at the election of the Company, Series Seed-1 Preferred or a newly designated series of Preferred
Stock that has substantially the same rights, preferences and privileges as the Series Seed-1 Preferred.

 

1.13         “Qualified
Financing” means the closing of an equity financing undertaken by the Company after the date hereof and before the Maturity
Date, principally for capital raising purposes, in which the aggregate amount of gross proceeds (not including cancellation of the indebtedness
represented by all Bridge Notes and other Convertible Securities that will convert into shares of Qualified Securities or Shadow Preferred,
as the case may be, in connection with such Conversion) received by the Company from the sale of any series of its equity securities
totals at least $2,000,000 in the aggregate.

 

1.14         “Qualified
Securities” means the securities sold by the Company, and purchased by investors, in a Qualified Financing (other than Shadow
Preferred).

 

1.15         “Series
Seed-1 Preferred” means the shares of Series Seed-1 Preferred stock of the Company.

 

1.16         “Series
Seed Transaction Documents” means, collectively (i) the Series Seed-1, Seed-2, Seed-3 and Seed-4 Preferred Stock Investment
Agreement, dated as of July 17, 2019, by and among the Company and the investors who are a party thereto, and (ii) the Voting Agreement,
dated as of July 17, 2019, by and among the Company and the investors who are a party thereto.

 

1.17         “Shadow
Preferred” means the shares of a series of Preferred Stock issued to Holder and the holders of the other Bridge Notes in the
Qualified Financing, having identical rights, privileges, preferences and restrictions as the shares of Qualified Securities, other than
with respect to: (i) the per share liquidation preference and the conversion price for purposes of price-based anti-dilution protection,
which will equal the applicable conversion price determined to effect a Conversion of this Note in accordance with the provisions hereof;
and (ii) the basis used to determine any dividend rights, which shall be the same percentage of the conversion price determined to effect
a Conversion of this Note in accordance with the provisions hereof as applied to determine the per share dividend rights of purchasers
of Qualified Securities, relative the purchase price paid by the purchasers thereof.

 

1.18         “Transaction
Documents” means the Note Purchase Agreement and the Bridge Notes.

 

2.             Note. This Note is issued pursuant to the terms of that certain Note Purchase Agreement dated as of June 17,
2021, by and among the Company and the investors who are parties thereto (the “Note Purchase Agreement”). This Note
is one of a series of convertible promissory notes (the “Bridge Notes”) having like tenor and effect (except for variations
necessary to express the name of the holder thereof, the principal amount of each of the Bridge Notes the dates upon which each Bridge
Note is issued by the Company in accordance with the terms of the Note Purchase Agreement and such variations as may be agreed upon by
the Company and the holder of a Bridge Note).

 

    3

     

    

 

3.             Maturity.
Unless sooner paid or converted in accordance with the terms hereof, the entire unpaid Principal Amount and all unpaid accrued interest
shall become fully due and payable on June 1, 2023 (the “Maturity Date”).

 

4.             Payments.

 

4.1           Form
of Payment. All payments of interest and principal (other than payment by way of conversion) shall be in lawful money of the United
States of America to Holder, at the address specified in the Note Purchase Agreement, or at such other address as may be specified from
time to time by Holder in a written notice delivered to the Company. All payments shall be applied first to accrued interest, and thereafter
to the Principal Amount.

 

4.2           Prepayment.
The Principal Amount may not be prepaid by the Company prior to the Maturity Date without the consent of Holder.

 

5.             Automatic
Conversion Upon Qualified Financing.

 

5.1           Conversion.
This Note shall be automatically canceled on the date of the initial closing of a Qualified Financing, and the outstanding Principal
Amount and all accrued but unpaid interest thereon shall be automatically converted, at the initial closing and on the same terms and
conditions of the Qualified Financing (including compliance with securities laws), into shares of Qualified Securities (or Shadow Preferred,
as applicable) (which, in each case, will be rounded down to the closest whole number), at a conversion price per share equal to the
lesser of (x) seventy-five percent (75%) of the price per share of Qualified Securities sold to the investors in a Qualified Financing
(other than the holders of Bridge Notes or Convertible Securities converting into Qualified Securities or Shadow Preferred, as applicable),
and (y) the quotient resulting from dividing (A) the Cap, by (B) the Company’s capitalization on a Fully Diluted Basis, as of immediately
prior to such conversion of this Note. Notwithstanding the foregoing or anything herein contained to the contrary, in the event of a
conversion of the Notes in connection with a Qualified Financing in accordance with the provisions of this Section 5.1, the Company may,
solely at its option, elect to convert the Notes into Shadow Preferred.

 

5.2           Ancillary
Documents. In connection with any conversion of this Note pursuant to a Qualified Financing, Holder agrees to execute and deliver
to the Company any documents reasonably requested by the Company to be executed by the investors purchasing Qualified Securities (that
are not otherwise the holders of Bridge Notes), including without limitation, a stock purchase agreement, an investors’ rights
agreement, a right of first refusal and co-sale agreement and a voting agreement, thereby agreeing to be bound by all obligations and
receive all rights thereunder.

 

6.             Conversion
Upon Change in Control. In the event of a Change in Control prior to the Maturity Date or prior to the conversion of this Note
pursuant to Section 5.1, at the election of the holders of a majority of the aggregate Principal Amount of all of the then issued and
outstanding Bridge Notes (the “Requisite Holders”), (i) the outstanding Principal Amount and all accrued but unpaid
interest thereon, as of the date of conversion pursuant to this Section 6, will be converted, immediately prior to the consummation of
the transaction constituting a Change in Control, into that number of shares of Preferred Conversion Stock (which will be rounded down
to the closest whole number) equal to the quotient obtained by dividing (x) the outstanding Principal Amount and all accrued but unpaid
interest thereon, immediately prior to such Conversion, by (y) the Preferred Conversion Price, or (ii) Holder shall receive an amount
equal to one and one half times (1.5X) the Principal Amount outstanding as of the date thereof concurrent with the consummation of the
transaction constituting a Change in Control (the “Cash Distribution”). Notwithstanding the foregoing or anything
herein contained to the contrary, to the extent that the consideration received as part of a Change in Control consists, in whole or
in part, of stock or other non-cash consideration (“Other Consideration”), and Holder elects to receive a Cash Distribution
as herein contemplated, the Company may, at its option, pay such Cash Distribution in cash or Other Consideration
in the same proportion as such Other Consideration is being paid to other holders of the Company’s securities. If any of the Company’s
securityholders are given a choice as to the form and amount of consideration to be received in a Change in Control, the Holder will
be given the same choice, provided that the Holder may not choose to receive a form of consideration that the Holder would be
ineligible to receive as a result of the Holder’s failure to satisfy any requirement or limitation generally applicable to the
Company’s securityholders, or under any applicable laws.

 

    4

     

    

 

6.1           Ancillary
Agreements. In connection with a Conversion in connection with a Change in Control, other than in the case of the Cash Distribution,
Holder agrees to execute and deliver to the Company the Series Seed Transaction Documents and/or any documents reasonably requested by
the Company, including without limitation, a stock purchase agreement, an investors’ rights agreement, a right of first refusal
and co-sale agreement and a voting agreement, thereby agreeing to be bound by all obligations and receive all rights thereunder.

 

7.             Conversion
at Maturity Date; IPO.

 

7.1           Maturity
Date Conversion. In the event that neither a Qualified Financing nor a Change in Control shall have occurred on or before the Maturity
Date then, notwithstanding anything herein contained to the contrary, the outstanding Principal Amount and all accrued but unpaid interest
thereon as of the Maturity Date shall be automatically converted into shares of Preferred Conversion Stock as of the Maturity Date (the
 “Mandatory Conversion”). The number of shares (which will be rounded down to the closest whole number) of Preferred
Conversion Stock to be issued upon such conversion shall be equal to the quotient obtained by dividing (x) the outstanding Principal
Amount and all accrued but unpaid interest thereon immediately prior to the Maturity Date, by (y) the Preferred Conversion Price.

 

7.2           Ancillary
Agreements. In connection with the Mandatory Conversion, Holder agrees to execute and deliver to the Company the Series Seed Transaction
Documents and/or any documents reasonably requested by the Company, including without limitation, a stock purchase agreement, an investors’
rights agreement, a right of first refusal and co-sale agreement and a voting agreement, thereby agreeing to be bound by all obligations
and receive all rights thereunder.

 

7.3           IPO
Conversion. In the event that the Company shall consummate an IPO prior to a Qualified Financing, a Change in Control or the Maturity
Date, then, notwithstanding anything herein contained to the contrary, the outstanding Principal Amount and, at the election of the Company
all accrued but unpaid interest thereon to the date of conversion pursuant to this Section 7.3, shall be automatically converted into
shares of Common Stock as of immediately prior to the consummation of an IPO (the “IPO Closing Date”), at a per share
price equal to the IPO Conversion Price (the “IPO Conversion”). The number of shares (which will be rounded down to
the closest whole number) of Common Stock to be issued upon such conversion shall be equal to the quotient obtained by dividing (x) the
outstanding the outstanding Principal Amount and, at the election of the Company, all accrued but unpaid interest thereon (calculated
through the date that is not more than seven (7) days prior to the IPO Closing Date), by (y) the IPO Conversion Price. Accrued interest
which is not converted into Common Stock in accordance with the provisions hereof, shall be paid to Holder as soon as practicable following
the IPO Conversion.

 

7.4           IPO
Ancillary Agreements. In connection with the IPO Conversion, Holder agrees to execute and deliver to the Company such documents and
agreements as may be reasonably be requested by the Company and/or its underwriter, including, without limitation, a lockup agreement.

 

    5

     

    

 

8.             Conversion
Mechanics.

 

8.1           Issuance
of Certificates. As soon as is reasonably practicable after a Conversion has been effected, the Company shall deliver to Holder a
certificate or certificates representing the number of shares of capital stock (excluding any fractional share) issuable by reason of
such conversion in such name or names and such denomination or denominations as Holder has specified. In furtherance of, and not in limitation
of any of the provisions of this Note, Holder acknowledges and agrees that, upon conversion of this Note as herein contemplated, this
Note shall be cancelled, and of no further force and effect, whether or not the Company received this Note or instructions for the cancelation
of this Note from Holder and neither the Company nor any successor in interest shall have any obligations hereunder or in respect hereof.

 

8.2           No
Fractional Shares. If any fractional share of capital stock would, except for the provisions hereof, be deliverable upon conversion
of this Note, the Company, in lieu of delivering such fractional share, shall pay an amount equal to the value of such fractional share,
as determined by the per share conversion price used to effect such conversion.

 

8.3           Compliance
with Laws and Regulations. The Company shall take all such actions as may be necessary to assure that all shares of capital stock
issued upon conversion may be so issued without violation of any applicable law or governmental regulation or any requirement of any
domestic securities exchange upon which such shares of capital stock may be listed (except for official notice of issuance which shall
be immediately delivered by the Company upon such issuance).

 

9.             Events
of Default. The occurrence of any of the following shall constitute an “Event of Default” under this Note
and the other Transaction Documents:

 

9.1           Failure
to Pay. The Company shall fail to pay (i) when due any principal payment on the due date hereunder or (ii) any interest
payment or other payment required under the terms of this Note or any other Transaction Document on the date due and such payment shall
not have been made within five (5) Business Days of the Company’s receipt of written notice to the Company of such failure to pay.

 

9.2           Voluntary
Bankruptcy or Insolvency Proceedings. The Company shall (i) apply for or consent to the appointment of a receiver, trustee,
liquidator or custodian of itself or of all or a substantial part of its property, (ii) make a general assignment for the benefit
of its or any of its creditors, (iii) be dissolved or liquidated, (iv) commence a voluntary case or other proceeding seeking
liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law
now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official
in an involuntary case or other proceeding commenced against it, or (v) take any action for the purpose of effecting any of the
foregoing.

 

9.3           Involuntary
Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company,
or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization
or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter
in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within 45 days of
commencement; or

 

9.4           Judgments.
A final judgment or order for the payment of money in excess of $500,000 (exclusive of amounts covered by insurance) shall be rendered
against the Company and the same shall remain undischarged for a period of 30 days during which execution shall not be effectively stayed,
or any judgment, writ, assessment, warrant of attachment, or execution or similar process shall be issued or levied against a substantial
part of the property of the Company and such judgment, writ, or similar process shall not be released, stayed, vacated or otherwise dismissed
within 30 days after issue or levy.

 

    6

     

    

 

10.           Rights of Holder upon Default. Upon the occurrence of any Event of Default (other than an Event of Default
described in Section 9.2 or Section 9.3) and at any time thereafter during the continuance of such Event of Default, Holder may, with
the written consent of the Requisite Holders, by written notice to the Company, declare all outstanding obligations payable by the Company
hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the other Transaction Documents to the contrary notwithstanding. Upon the occurrence
of any Event of Default described in Section 9.2 and Section 9.3, immediately and without notice, all outstanding obligations payable
by the Company hereunder shall automatically become immediately due and payable, without presentment, demand, protest or any other notice
of any kind, all of which are hereby expressly waived, anything contained herein or in the other Transaction Documents to the contrary
notwithstanding. In addition to the foregoing remedies, upon the occurrence and during the continuance of any Event of Default, Holder
may, with the written consent of the Requisite Holders, exercise any other right power or remedy granted to it by the Transaction Documents
or otherwise permitted to it by law, either by suit in equity or by action at law, or both.

 

11.           Lost,
Stolen, Destroyed or Mutilated Notes. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction,
or mutilation of this Note 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 Note, the Company, at its expense, will
make and deliver a new Note, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Note.

 

12.           Governing
Law; Jurisdiction; Venue. This Note and all acts and transactions pursuant hereto and the rights and obligations of the parties
hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to
principles of conflicts of law. In addition, each of the parties hereto irrevocably and unconditionally (a) consents to submit itself
to the exclusive personal jurisdiction of the state and Federal courts located in Santa Clara County, California, in the event any dispute
arises out of this Note or any of the transactions contemplated by this Note, (b) agrees that it will not attempt to deny or defeat such
personal jurisdiction by motion or other request for leave from such court or assert that such court is an inconvenient forum, (c) agrees
that it will not bring any action relating to this Note or any of the acts and transactions contemplated by this Note in any forum other
than the state and Federal courts located in Santa Clara County, California, and (d) to the fullest extent permitted by law, consents
to service being made through the notice procedures contemplated pursuant to Section 6.4 of the Note Purchase Agreement. Each party hereto
hereby agrees that, to the fullest extent permitted by law, service of any process, summons, notice or document by U.S. registered mail
to the respective addresses contemplated pursuant to Section 6.4 of the Note Purchase Agreement shall be effective service of process
for any suit or proceeding in connection with this Note or the transactions contemplated hereby.

 

13.           Amendment
and Waiver. Any provision of this Note may be amended, waived or modified (either generally or in a particular instance and either
retroactively or prospectively) only upon the written consent of, or a written instrument signed by, the Company and Holder; provided,
however, that this Note may be amended, together with all other Bridge Notes, by agreement of the Company, and the Requisite Holders,
so long as such amendment and/or waivers (i) are applicable to all Bridge Notes; (ii) do not modify this Section 13; or (iii) do not
reduce the Principal Amount of this Note or the rate of interest thereon.

 

    7

     

    

 

14.           Unsecured,
Subordination. Holder acknowledges and agrees that this Note (i) is not secured by any of the assets of the Company, and (ii)
will be subordinate in right of payment to all current and future indebtedness, including bank (and other financial institutions of a
similar nature) indebtedness of the Company, but excluding any indebtedness convertible into equity securities of the Company. Notwithstanding
the foregoing or anything herein contained to the contrary, the Bridge Notes shall rank pari passu with all other convertible
promissory notes outstanding as of the date hereof.

 

15.           Notices.
Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Note shall
be made in accordance with Section 6.4 of the Note Purchase Agreement.

 

16.           Severability.
In case any one or more of the provisions contained in this Note shall, for any reason, be held to be invalid, illegal or unenforceable
in any respect, (i) the remaining terms and provisions hereof shall be unimpaired and shall remain in full force and effect, and (ii)
the invalid or unenforceable provision or term shall be replaced by a term or provision that is valid and enforceable and that comes
closest to expressing the intention of such invalid or unenforceable term or provision, and, if the foregoing provision of this clause
(ii) is not permitted pursuant to applicable law, then (iii) this Note shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein.

 

17.           Remedies
Cumulative; Failure or Indulgence Not a Waiver. The remedies provided in this Note shall be cumulative and in addition to all
other remedies available under this Note and any of the other Transaction Documents. No failure or delay on the part of Holder in the
exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any
such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.

 

18.           Entire
Agreement. This Note and the Note Purchase Agreement represents the entire agreement between the parties hereto with respect
to this Note and its terms and conditions.

 

19.           Headings;
References. All headings used herein are used for convenience only and shall not be used to construe or interpret this Note.
Except where otherwise indicated, all references herein to Sections refer to Sections hereof.

 

20.           Restrictions
on Transfer; Assignment. Except as otherwise set forth in the Note Purchase Agreement, Holder may not transfer or assign all
or any part of this Note without the approval of the Company. This Note may only be transferred in compliance with applicable state and
federal laws. Holder shall notify the Company in writing in advance of any proposed transfer. All rights and obligations of the Company
and Holder shall be binding upon and benefit the successors, assigns, heirs, and administrators of the parties. Neither this Note nor
any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in whole or in part, by the
Company without the prior written consent of the Requisite Holders.

 

21.           Excessive
Interest. Notwithstanding any other provision herein to the contrary, this Note is hereby expressly limited so that the interest
rate charged hereunder shall at no time exceed the maximum rate permitted by applicable law. If, for any circumstance whatsoever, the
interest rate charged exceeds the maximum rate permitted by applicable law, the interest rate shall be reduced to the maximum rate permitted,
and if Holder shall have received an amount that would cause the interest rate charged to be in excess of the maximum rate permitted,
such amount that would be excessive interest shall be applied to the reduction of the Principal Amount owing hereunder and not to the
payment of interest, or if such excessive interest exceeds the unpaid balance of principal, such excess shall be refunded to the Company.

 

    8

     

    

 

22.           Pari
Passu Notes. The Holder acknowledges and agrees that the payment of all or any portion of the outstanding Principal Amount of
this Note and all interest hereon shall be pari passu in right of payment and in all other respects to the other Bridge Notes.
In the event the Holder receives payments in excess of the Holder’s pro rata share of the Company’s payments to the
holders of all of the Bridge Notes, then the Holder shall hold in trust all such excess payments for the benefit of the holders of the
other Bridge Notes and shall pay such amounts held in trust to such other holders upon demand by such holders.

 

23.           Waiver
of Notice. To the extent permitted by law, the Company hereby waives demand, notice, protest and all other demands and notices
in connection with the delivery, acceptance, performance, default or enforcement of this Note and the other Transaction Documents.

 

24.           Fees
and Expenses. All expenses incurred in connection with this Note, including attorneys’ fees, shall be paid by the parties
incurring such expenses.

 

[Remainder of Page Intentionally
Left Blank]

 

    9

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Unsecured Convertible Promissory Note to be issued as of the date first set forth above.

 

	COMPANY:	Tivic Health Systems, Inc.,  
	 	a Delaware corporation
	 	 
	 	By:	          
	 	Jennifer Ernst 
 Chief Executive Officer

 

Agreed and Accepted by Holder:   

 

	If Holder is an Individual:	 	If
                                            Holder is a Corporation, Partnership or Other Entity:
	 	 	 
	 	 	 
	 	 	Name of Entity
	 	 	 
	 	 	 
	Signature	 	Signature of Authorized Person
	 	 	 
	 	 	 
	Print Name	 	Print Name of Authorized Person

 

		 	 

	Telephone (Day):	 	 	Title
	 	 	 	 

	Email Address:	 	 	 

		Telephone (Day):	 

	Address:	 	 

	 	 	Email Address:	 

 

	 	 	Address:	 

		 
	 	 

 

    10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}]]