Document:

Exhibit 10.2

 

WARRANT PURCHASE
AGREEMENT

 

This
Warrant Purchase Agreement (the “Agreement”) is made as of June 30, 2022 (the “Effective
Date”) by and among Acutus Medical, Inc., a Delaware corporation (the “Company”),
and the persons and entities named on the Schedule of Purchasers attached hereto (individually, a “Purchaser”
and collectively, the “Purchasers”). Capitalized terms used in this Agreement and not otherwise defined herein
shall have the respective meanings specified in Credit Agreement (defined below).

 

In consideration of the Company
and certain affiliates of the Purchasers entering into that certain Amended and Restated Credit Agreement, dated as of June 30, 2022,
by and among the Company, the lenders from time to time party thereto and Wilmington Trust, National Association, as the Administrative
Agent (as may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof, the “Credit
Agreement”), and the provision by the Purchasers of their respective Commitment Amounts pursuant to the Credit Agreement,
and the representations, warranties, covenants and conditions set forth below, the Company and each Purchaser, intending to be legally
bound, hereby agree as follows:

 

		1.	Issuance of Warrants

 

1.1             
Issuance of Warrants. Subject to the terms and conditions of this Agreement, the Company shall issue to each Purchaser warrants
to purchase the number of shares of the Company’s common stock, par value $0.001 per share (“Common Stock”)
set forth opposite such Purchaser’s name on the Schedule of Purchasers in substantially the form attached hereto as Exhibit A
(each, a “Warrant” and collectively the “Warrants”). The Warrants shall entitle each
Purchaser to purchase, upon the terms and subject to the conditions set forth therein, the number of shares of Common Stock set forth
in the column opposite such Purchaser’s name on the Schedule of Purchasers attached hereto at an exercise price of $1.1114 per share
of Common Stock (as may be adjusted pursuant to the terms of the Warrants). The Company and the Purchasers acknowledge and agree that
each Warrant and the loan (pursuant to the Credit Agreement) with respect to which each Warrant is issued as an “investment unit”
within the meaning of Section 1273(c)(2) of the Internal Revenue Code of 1986, as amended (the “Code”). The
Company and the Purchasers have mutually agreed to allocate $0.49 (per share of Common Stock issuable upon exercise of the Warrant) of
the issue price of each such investment unit (determined in accordance with Section 1273(c)(2) of the Code) to each Warrant for purposes
of determining the amount of original issue discount with respect to the loans under Section 4.3(g) of the Credit Agreement. The Company
and the Purchasers agree to file all applicable tax returns in a manner consistent with such allocation and not to take any position on
any tax return or in any tax proceeding that is inconsistent with such allocation, unless otherwise required by a contrary “determination”
within the meaning of Section 1313 of the Code.

 

		2.	The Closing(s)

 

2.1             
Closing Date. The closing of the issuance of the Warrants (the “Closing”) shall be held on the Amendment
and Restatement Closing Date, or at such other time as the Company and the Purchasers shall agree in writing (the “Closing
Date”).

 

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2.2             
Delivery. At the Closing: (i) the Company shall issue and deliver to each of the Purchasers a Warrant to purchase the applicable
number of shares of Common Stock; and (ii) the Company and each Purchaser shall enter into a Registration Rights Agreement in substantially
the form attached hereto as Exhibit B (the “Registration Rights Agreement”).

 

		3.	Representations and Warranties of the Company

 

The Company hereby represents
and warrants to each Purchaser as follows:

 

3.1             
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 Delaware. The Company is duly qualified and is authorized to do business and is in good standing as a foreign
corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such qualification
necessary, except for those jurisdictions in which failure to do so would not have a Material Adverse Effect.

 

3.2             
Corporate Power. The Company has and will have at the Closing Date all requisite corporate power and authority to execute and
deliver this Agreement, to issue the Warrants and to carry out and perform its obligations under this Agreement, each Warrant and the
Registration Rights Agreement. The Company’s Board of Directors has approved the Warrants for the purposes of Rule 16b-3 under the
Exchange Act, and the issuance of the Warrants shall therefor be exempt from the liability provisions of Section 16(b) of the Exchange
Act.

 

3.3             
Authorization. All corporate action on the part of the Company, its directors and its stockholders necessary for the authorization,
execution, delivery and performance of this Agreement, the Warrants and the Registration Rights Agreement by the Company and the performance
of the Company’s obligations hereunder and thereunder, including the issuance and delivery of the Warrants and the equity securities
issuable upon exercise of, or otherwise pursuant to, the Warrants (collectively, the “Conversion Securities”),
without regard to the Beneficial Ownership Limitation (as defined in the Warrants) or any other limitations on exercise therein or elsewhere,
has been taken. This Agreement constitutes and the Warrants and the Registration Rights Agreement, when executed and delivered by the
Company, shall constitute, valid and binding obligations of the Company enforceable in accordance with their terms, subject to laws of
general application relating to bankruptcy, insolvency, the relief of debtors and, with respect to rights to indemnity, subject to federal
and state securities laws. The Conversion Securities, when issued in compliance with the provisions of the Warrants will be duly authorized,
validly issued, fully paid and non-assessable and free of any liens or encumbrances and issued in compliance with all applicable federal
and securities laws, and will not be issued in violation of, or subject to, any preemptive rights (or similar rights to subscribe for
or acquire any securities) of any Person. Upon the issuance of the Warrants in accordance with the terms of this Agreement, the holders
thereof will be entitled to the rights set forth in the Warrants. The issuance and delivery of the Warrants does not, and assuming full
exercise of the Warrants, will not: (A) require approval from, or notification to, any Governmental Authority (except for (x) approvals
that may be required upon exercise of the Warrants under any applicable antitrust Laws and all other applicable Laws that are designed
or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or lessening
of competition through merger or acquisition or (y) the submission to the Principal Trading Market of a Listing of Additional Shares Notification

 

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Form under
Rule 5250(e) of The Nasdaq Stock Market LLC (which notification form has been submitted prior to the date hereof)); (B) obligate the
Company to offer to issue, or issue, shares of Common Stock or other securities to any Person (other than the holders of the Warrants);
or (C) result in a right of any holder of the Company’s securities to adjust the exercise, conversion, exchange or reset price
under, and will not result in any other adjustments (automatic or otherwise) under, any securities of the Company.

 

3.4             
Governmental Consents. No consents, approvals, orders, or authorizations of, or registrations, qualifications, designations,
declarations, or filings with, any governmental authority on the part of the Company are required in connection with the valid execution
and delivery of this Agreement or the Registration Rights Agreement, the offer, sale or issuance of the Warrants and the Conversion Securities
or the consummation of any other transaction contemplated hereby, except such as have been duly and validly obtained or filed, or with
respect to any filings that must be made after the Closing, as will be filed in a timely manner or, in the case of the Registration Rights
Agreement, for filings expressly contemplated thereby.

 

3.5             
Compliance with Other Instruments. The Company is not in violation or default of or under (i) any term of its certificate of
incorporation or bylaws, (ii) any provision of any mortgage, indenture or contract to which it is a party and by which it is bound or
(iii) any judgment, decree, order or writ, other than, in the case of clauses (ii) and (iii), for such violation(s) and default(s) that
individually or in the aggregate would not have, and would not reasonably be expected to have, a Material Adverse Effect. The execution,
delivery and performance of this Agreement, the Warrants and the Registration Rights Agreement, and the consummation of the transactions
contemplated hereby or 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, decree, order or writ or an event that
results in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture,
or nonrenewal of any material permit, license, authorization or approval applicable to the Company, its business or operations or any
of its assets or properties. Without limiting the foregoing, the Company has obtained all waivers reasonably necessary with respect to
any preemptive rights, rights of first refusal or similar rights, including any notice or offering periods provided for as part of any
such rights, in order for the Company to consummate the transactions contemplated hereunder without any third party obtaining any rights
to cause the Company to offer or issue any securities of the Company as a result of the consummation of the transactions contemplated
hereunder.

 

3.6             
SEC Reporting and Related Matters.

 

(a)       Since
December 31, 2021, the Company has filed all reports, schedules, forms, statements and other documents required to be filed by it under
the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof (the foregoing materials, including the exhibits thereto and documents
incorporated by reference therein, being collectively referred to herein as the “SEC Reports”) on a timely basis.
As of their respective filing dates, or to the extent corrected by a subsequent amendment or restatement, the SEC Reports complied in
all material respects with the requirements of the Securities Act and the Exchange Act and the rules and regulations of the SEC promulgated
thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. Neither the Company nor any of its Subsidiaries Party has ever been an issuer subject to Rule 144(i) under
the Securities Act.

 

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(b)       The
Company and its Subsidiaries have (A) timely filed and made publicly available on EDGAR all certifications, statements and documents required
by Rule 13a-14 or Rule 15d-14 under the Exchange Act. The Company and its Subsidiaries, on a consolidated basis, maintain disclosure controls
and procedures required by Rule 13a-15 or Rule 15d-15 under the Exchange Act; such controls and procedures are designed to ensure that
the information required to be disclosed by the Company in the reports that it files with or submits to the SEC (A) is recorded, processed,
summarized and reported accurately within the time periods specified in the SEC’s rules and forms and (B) is accumulated and communicated
to the Company’s management, including its or their principal executive officer and principal financial officer, as appropriate,
to allow timely decisions regarding required disclosure. The Company’s certifying officers have evaluated the effectiveness of the
Company’s disclosure controls and procedures as of the end of the period covered by the Company’s most recently filed periodic
reports under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently
filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls
and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the Company’s
internal control over financial reporting (as such term is defined in the Exchange Act) that have materially affected, or are reasonably
likely to materially affect, the Company’s internal control over financial reporting.

 

(c)       The
Company and its Subsidiaries are in compliance in all material respects with all of the applicable provisions of the Sarbanes-Oxley Act
of 2002, as amended, and the rules and regulations thereunder (collectively, “Sarbanes-Oxley”).

 

3.7             
Capitalization; Securities Law Matters.

 

(a)       Section
‎3.7(a) of the Disclosure Schedule attached hereto sets forth the Company’s Capital Securities,
including all options, warrants and other securities convertible into (or exercisable or exchangeable for) shares of Company’s Capital
Securities, on a pro forma basis after giving effect to the Transactions. All of the issued and outstanding shares of Common Stock of
the Company and each of its Subsidiaries are duly authorized and validly issued, fully paid and non-assessable, have been issued in compliance
with all federal and state and foreign securities laws, were not issued in violation of or subject to any preemptive rights or other rights
to subscribe for or purchase securities that have not been complied with or waived in writing. Except as disclosed in Schedule 3.7, there
are no stockholders’ agreements, voting agreement or similar agreement to which the Company or any of its Subsidiaries is otherwise
subject or bound, preemptive rights or any other similar rights to which any Capital Securities of the Company or any of its Subsidiaries
is subject or any restrictions upon the voting or transfer of any stock of the Company or any of its Subsidiaries (other than restrictions
on transfer imposed by U.S. federal and state securities laws). Except as disclosed in Schedule 3.7, no Person has any right to cause
the Company to effect a registration under the Securities Act of any Capital Securities of the Company.

 

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(b)       The
Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and neither the Company no any of its Subsidiaries
has taken any action designed to terminate, or which to the knowledge of the Company and its Subsidiaries is reasonably likely to have
the effect of terminating, the registration of such common stock under the Exchange Act, nor has the Company received any written notification
that the SEC is contemplating terminating such registration. The Company is eligible to register the Conversion Securities for resale
by the holders thereof on a registration statement on Form S-3 under the Securities Act. The SEC has never issued any stop order or other
order suspending the effectiveness of any registration statement filed by the Company under the Securities Act or the Exchange Act.

 

(c)       The
offer, sale and issuance by the Company of the Warrants and the Conversion Securities are exempt from registration under the Securities
Act (pursuant to Section 4(a)(2) thereof and Rule 506 of Regulation D thereunder) and applicable state securities laws. Neither the Company,
nor any of its Affiliates, nor any Person acting on its or their behalf, has engaged or will engage in any form of general solicitation
or general advertising (within the meaning of Regulation D under the Securities Act) in connection with the offer, sale or issuance of
the Warrants or the Conversion Securities. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf
has, directly or indirectly, made, or will make, any offers or sales of any capital stock or other securities, or solicited or will solicit
any offers to buy any capital stock or other securities, under circumstances that would require registration of any of the Warrants or
any Conversion Securities under the Securities Act or cause this offering of the Warrants or the Conversion Securities to be integrated
with prior offerings by the Company for purposes of any applicable stockholder approval provisions of the Principal Trading Market or
any other authority.

 

(d)       Neither
the Company nor any of its Subsidiaries is in violation of any of the rules, regulations or requirements of the Principal Trading Market,
and, to the knowledge of the Company and its Subsidiaries there are no facts or circumstances that could reasonably be expected to lead
to suspension or termination of trading of the Common Stock on the Principal Trading Market, except that closing bid price of the Common
Stock has been below $1.00 on each trading day since May 9, 2022. Since January 1, 2022, (i) the Common Stock has been listed or designated
for quotation, as applicable, on the Principal Trading Market, (ii) trading in the Common Stock has not been suspended by the SEC or the
Principal Trading Market, and (iii) except as set forth in Section ‎3.7(d) of the Disclosure
Schedule, neither the Company nor any of its Subsidiaries has received any written communication from the SEC or the Principal Trading
Market regarding the suspension or termination of trading of the Common Stock on the Principal Trading Market. The transactions contemplated
by this Agreement, the Warrants and the Registration Rights Agreement, including the issuance and sale of the Warrants and the Conversion
Securities do not contravene, or require stockholder approval pursuant to, the rules and regulations of the Principal Trading Market or
otherwise. The Conversion Securities have been approved for listing on the Principal Trading Market.

 

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(e)       The
Common Stock is eligible for clearing through The Depository Trust Company (“DTC”), through its Deposit/Withdrawal
At Custodian (DWAC) system, and the Company is eligible for and participating in the Direct Registration System (DRS) of DTC with respect
to the Common Stock. The transfer agent for the Common Stock is a participant in, and the Common Stock is eligible for transfer pursuant
to, DTC’s Fast Automated Securities Transfer Program. The Common Stock is not, and has not at any time been, subject to any DTC
“chill,” “freeze” or similar restriction with respect to any DTC services, including the clearing of transactions
in shares of Common Stock through DTC.

 

(f)       The
Company has exercised reasonable care, in accordance with SEC 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 Capital 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 as
of the date of this Agreement; and any Person that has been or will be paid (directly or indirectly) remuneration for solicitation of
purchasers in connection with this Agreement (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.

 

3.8             
Application of Takeover Provisions; Rights Agreement. The Company and the Company’s board of directors (or equivalent
governing body) have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination
or other similar anti-takeover provision under the Company’s constitutional documents or the laws of the State of Delaware that
is or could become applicable to any of the Purchasers as a result of the transactions contemplated by this Agreement and the Company
fulfilling its obligations with respect thereto, including the Company’s issuance of the Warrants and any Purchaser’s ownership
of the Warrants and Convertible Securities. The Company has not adopted a stockholders rights plan (or “poison pill”) or similar
arrangement relating to accumulations of beneficial ownership of Common Stock or a change in control of the Company.

 

3.9             
Reliance. The Company acknowledges and agrees that the execution and delivery of this Agreement constitutes a material inducement
to each Purchaser’s willingness to enter into the Credit Agreement and each other Loan Document, that this Agreement shall constitute
a Loan Document and that each Purchaser, in its capacity as a Lender, secured party or otherwise under the Credit Agreement, is relying,
and shall be entitled to rely, on the representations and warranties of the Company set forth in this Agreement for all purposes of the
Credit Agreement and each other Loan Document.

 

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		4.	Representations and Warranties of the Purchasers

 

Each Purchaser, severally
and not jointly, represents on behalf of itself to the Company as of the date hereof as follows:

 

4.1             
Purchase for Own Account. Such Purchaser represents that it is acquiring the Warrants solely for its own account and beneficial
interest and not for sale or with a view to distribution of the Warrants or any part thereof in violation of the Securities Act.

 

4.2             
Information and Sophistication. Without lessening or obviating the representations and warranties of the Company set forth
in Section ‎3 or any of the other representations, warranties, covenants or agreements of the
Company or any other Loan Party (as defined in the Credit Agreement) contained in this Agreement, the Credit Agreement, the Warrants,
the Registration Rights Agreement or any other Loan Document (as defined in the Credit Agreement) or otherwise affect such Purchaser’s
right to rely thereon, such Purchaser hereby: (i) acknowledges that it has received all the information it has requested from the Company
and it considers necessary or appropriate for deciding whether to acquire the Warrants, (ii) represents that it has had an opportunity
to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Warrants and to obtain
any additional information necessary to verify the accuracy of the information given the Purchaser and (iii) further represents that it
has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risk of this investment.

 

4.3             
Ability to Bear Economic Risk. Such Purchaser acknowledges that investment in the Warrants involves a high degree of risk and
has the capacity to protect its own interests.

 

4.4             
Rule 144. Such Purchaser acknowledges and agrees that the Warrants, and, if issued, the Conversion Securities are “restricted
securities” as defined in Rule 144 promulgated under the Securities Act as in effect from time to time and must be held indefinitely
unless the resale thereof is registered under the Securities Act (pursuant to the Registration Rights Agreement or otherwise) or an exemption
from such registration is available. Such Purchaser has been advised or is aware of the provisions of Rule 144, which permits public resale
of shares purchased in a private placement subject to the satisfaction of certain conditions.

 

4.5             
Transfer Restrictions. Such Purchaser acknowledges and agrees that the Warrants are subject to the restrictions on transfer
set forth in the Warrant.

 

4.6             
Accredited Investor Status. Such Purchaser is an “accredited investor” as such term is defined in Rule 501 under
the Act.

 

4.7             
US Person. Such Purchaser is a “United States person” as defined in Section 7701(a)(30) of the Internal Revenue
Code of 1986, as amended that can deliver to the Company a duly executed IRS Form W-9.

 

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		5.	Certain Covenants of the Company and the Purchasers

 

5.1             
Indemnification. In consideration of the execution and delivery of this Agreement by the Purchasers, and without duplication
of the Company’s obligations under the Credit Agreement, the Company hereby indemnifies, agrees to defend, exonerates and holds
each Purchaser and each Related Party of any of the Purchasers (collectively, the “Indemnified Parties”) free
and harmless from and against any and all actions, causes of action, suits, proceedings, investigations, claims (collectively, “Proceedings”),
losses, costs, liabilities, obligations and damages and expenses incurred in connection therewith (irrespective of whether any such Indemnified
Party is a plaintiff, defendant, witness or party to a Proceeding in connection with which indemnification hereunder is sought, and whether
or not any Proceeding is brought by the Company or any of its Subsidiaries or any other Person), including reasonable attorneys’
and professionals’ fees and disbursements, whether incurred in connection with actions between the Parties or the Parties and third
parties (collectively, the “Indemnified Liabilities”), including Indemnified Liabilities arising out of or relating
to the entering into and performance of this Agreement, the Warrants and the Registration Rights Agreement by any of the Indemnified Parties.
If and to the extent that the foregoing indemnification may be unenforceable for any reason, the Company agrees to make the maximum contribution
to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable Law.

 

5.2             
Director by Deputization. The Company acknowledges and agrees that so long as Andrew ElBardissi or any other employee or partner
of Deerfield Management Company, L.P. or any of its Affiliates serves on the board of directors of the Company, each of the Purchasers
or any of their respective Affiliates that beneficially owns (for any purpose of Section 16 of the Exchange Act) any shares of Common
Stock (or any derivative securities with respect thereto) shall be a “director by deputization” for purposes of Section 16
of the Exchange Act, including Rule 16b-3 thereunder and related guidance of the SEC, and the Company agrees not to take any contrary
position. The Company further acknowledges and agrees that, to the extent Section 16 is applicable to the transactions contemplated by
this Agreement, including the issuance to, and exercise by, any of the Purchasers or any of their Affiliates of the Warrants, and the
direct and indirect issuance (or deemed issuance) to the Purchasers and any of their respective Affiliates of the Conversion Securities
have been approved by the Company’s board of directors for purposes of Rule 16b-3 under the Exchange Act (the “Section
16 Approval”). Prior to the Closing Date, the Company shall provide to the Holders excerpts of resolutions of the Company’s
board of directors embodying the Section 16 Approval, certified by the secretary of the Company.

 

5.3             
IRS Form. On or prior to the Closing Date, the Purchasers shall deliver to the Company a properly completed and duly executed
IRS Form W-9.

 

5.4             
Capital Securities and SEC Matters.

 

(a)       The
Company shall take all commercially reasonable actions necessary to cause its Common Stock to remain listed on the Principal Trading Market
at all times during the term of the Warrants. The Company shall pay all fees, costs and expenses in connection with satisfying its obligations
related hereto.

 

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(b)       At
all times during the term of the Warrants, (i) the Common Stock shall be eligible for clearing through DTC, through its Deposit/Withdrawal
At Custodian (DWAC) system; (ii) the Company shall be eligible and participating in the Direct Registration System (DRS) of DTC with respect
to the Common Stock; (iii) the transfer agent for the Common Stock shall be a participant in, and the Common Stock shall be eligible for
transfer pursuant to, DTC’s Fast Automated Securities Transfer Program (or successor thereto); and (iv) the Company shall use its
reasonable best efforts to cause the Common Stock to not at any time be subject to any DTC “chill,” “freeze” or
similar restriction with respect to any DTC services, including the clearing of shares of Common Stock through DTC, and, in the event
the Common Stock becomes subject to any DTC “chill,” “freeze” or similar restriction with respect to any DTC services,
the Company shall use its reasonable best efforts to cause any such “chill,” “freeze” or similar restriction to
be removed at the earliest possible time.

 

(c)       The
Company shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock solely for the purpose
of effecting the exercise of the Warrants. If at any time the number of authorized but unissued shares of Common Stock shall not be sufficient
to effect the exercise in full of any such Warrants, the Company will use its best efforts to take such corporate action as may, in the
opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall
be sufficient for such purposes.

 

(d)       At
all times during the term of the Warrants, the Company and its Subsidiaries shall timely (without giving effect to any extensions pursuant
to Rule 12b-25 of the Exchange Act) file all reports required to be filed with the SEC pursuant to the Exchange Act, and the Company and
its Subsidiaries shall not terminate the registration of the Common Stock under the Exchange Act or otherwise terminate its status as
an issuer required to file reports under the Exchange Act, even if the securities laws would otherwise permit any such termination. None
of such SEC Reports, when filed or furnished, shall contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading. All financial statements including in any such SEC Reports shall fairly present the consolidated financial position of
the Company and its Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods
presented and shall have been prepared in accordance with GAAP, consistently applied (subject, in the case of unaudited quarterly financial
statements, to normal year-end adjustments that are not material individually or in the aggregate and lack of footnote disclosures). The
Company hereby agrees that the Company shall send to each Purchaser copies of (i) without duplication, any notices and other information
made available or given to the holders of the Capital Securities of the Company generally, contemporaneously with the Company’s
making available or giving such notices and other information to such holders of Capital Securities and (ii) all other documents, reports,
financial data and other information not available on EDGAR that does not contain any material non-public information of the Company that
the Purchasers may reasonably request.

 

(e)       The
Company shall timely file a Form D with respect to the offering of the Warrants and the Conversion Securities under this Agreement and
the Warrants as required by Rule 503 under the Securities Act and to provide a copy thereof to each Secured Party promptly after such
filing.

 

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(f)       At
or prior to 8:00 a.m. (New York City time) on the first Business Day following the Closing Date, the Company shall file with the SEC a
Form 8-K describing the transactions contemplated by the Credit Agreement, this Agreement, the Warrants and the Registration Rights Agreement,
and including as exhibits to such Form 8-K the Credit Agreement (including the schedules and exhibits hereto), the form of Note, the form
of Warrant and the Registration Rights Agreement, in each case without any redactions (such Form 8-K, the “Announcing Form
8-K”). Subject to the foregoing, no Purchaser shall (and no Purchaser shall permit any of its Affiliates to) issue any press
releases or any other public statements with respect to the transactions contemplated by this Agreement or the Warrants or disclosing
the name of any Purchaser or any of its Affiliates; provided, however, that the Company shall be entitled, without the prior approval
of any Purchaser, to make any press release or other public disclosure with respect to such transactions (i) in substantial conformity
with the Announcing Form 8-K and contemporaneously therewith and (ii) as is required by applicable Law and regulations (provided that
each Purchaser shall be consulted by the Company in connection with any such press release or other public disclosure pursuant to clause
(ii) prior to its release and shall be provided with a copy thereof).

 

(g)       Upon
the filing of the Announcing Form 8-K, the Company shall have disclosed all material nonpublic information regarding any the Company,
the Subsidiaries, its Capital Securities, any of its Affiliates or any other Person (collectively, “Inside Information”)
(if any) provided or otherwise made available to any Purchaser or any of its Affiliates, attorneys, agents or representatives by any Purchaser
or any of its employees, officers, directors (or equivalent persons), attorneys, agents or representatives on or prior to the Closing
Date.

 

(h)       The
Company acknowledges and agrees that none of the Purchasers or their Affiliates or holders of the Warrants or any Conversion Securities
has been asked to agree, nor has any Purchaser or any of its Affiliates agreed, to desist from purchasing or selling, long and/or short,
Capital Securities or other securities of the Company, or “derivative” securities or Capital Securities based on Capital Securities
or other securities issued by the Company or to hold the Warrants or any Conversion Securities for any specified term; and no Purchaser
or any of its Affiliates or holder of Warrants or Conversion Securities shall be deemed to have any affiliation with or control over any
arm’s length counterparty in any “derivative” transaction. The Company further acknowledges and agrees that (i) one
or more Purchasers or their Affiliates or holders of Warrants and/or Conversion Securities may engage in hedging and/or trading activities
at various times during the period that the Warrants or any Conversion Securities are outstanding, (ii) such hedging and/or trading activities,
if any, can reduce the value of the Common Stock or other securities of the Company held by the existing holders of Common Stock or other
securities of the Company, both at and after the time the hedging and/or trading activities are being conducted; (iii) any such hedging
and/or trading activities shall not constitute a breach of this Agreement, the Warrants, the Registration Rights Agreement, the Credit
Agreement or any other agreement contemplated hereby or thereby, or affect any of the rights of any

 

    -10- 

     

    

Purchaser or holder
of Warrants or Conversion Securities hereunder or thereunder; (iv) the issuance of any Conversion Shares may result in dilution of the
outstanding shares of Common Stock, which dilution may be substantial under certain market conditions; and (v) the Company’s obligation
to issue the Conversion Shares upon exercise of the Warrants, is unconditional and absolute and not subject to any right of set off, counterclaim,
delay or reduction, regardless of the effect of any such dilution or any claim the Company or any of its Affiliates may have against any
of the Purchasers and regardless of the dilutive effect that such issuance may have on the ownership of the other stockholders of the
Company.

 

(i)       The
Company hereby acknowledges and agrees that, for so long as any Purchaser holds any Warrants or Conversion Securities, the Company shall
comply with, and each Purchaser shall have the right to enforce, the provisions of Section 7.14 of the Credit Agreement, with the same
force and effect as if Section 7.14 of the Credit Agreement were fully set forth herein, mutatis mutandis. The foregoing rights
and obligations shall survive the repayment of the Obligations (as defined in the Credit Agreement) and any termination of the Credit
Agreement.

 

		6.	Miscellaneous

 

6.1             
Binding Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Nothing in this Agreement, expressed or implied, is intended to confer upon any third party any
rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement, except
that each Indemnified Party shall be deemed an express third party beneficiary of this Agreement.

 

6.2             
Governing Law. This Agreement shall be governed by and construed under the laws of the State of New York without giving effect
to conflicts of laws principles that would result in the application of the laws of any other jurisdiction.

 

6.3             
Submission to Jurisdiction; Consents to Service of Process. Any Proceeding arising out of or based upon this Agreement or the
transactions contemplated hereby shall be instituted in the federal courts of the United States of America or the courts of the State
of New York in each case located in New York City, Borough of Manhattan, and each party irrevocably submits to the exclusive jurisdiction
of such courts in any such suit, action or proceeding. The parties irrevocably and unconditionally waive any objection to the laying of
venue of any Proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any Proceeding brought
in any such court has been brought in an inconvenient forum. Each party irrevocably consents to service of process in the manner provided
for notices in Section ‎6.7. Nothing in this Agreement will affect the right of any party to
serve process in any other manner permitted by law.

 

6.4             
Waiver of Jury Trial. Each party acknowledges and agrees that any controversy that may arise under this Agreement is likely
to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have
to a trial by jury in respect of any Proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

 

    -11- 

     

    

6.5             
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement
by email (in “pdf,” “tif” or similar format) or telecopy shall be effective as delivery of a manually executed
counterpart of this Agreement.

 

6.6             
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.

 

6.7             
Notices. All notices, requests and other communications to any party hereunder shall be in writing (including facsimile transmission
and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received)
and shall be given (i) if to the Company, at 2210 Faraday Ave, Suite 100, Carlsbad, California 92008, and (ii) if to a Purchaser, at the
address(es) set forth on the Schedule of Purchasers attached hereto or at such other address(es) as the Company or Purchaser may designate
to the other parties hereto. All such notices, requests and other communications shall be deemed received on the date of receipt by the
recipient thereof if received prior to 5:00 p.m. on a business day in the place of receipt. Otherwise, any such notice, request or communication
shall be deemed to have been received on the next succeeding business day in the place of receipt.

 

6.8             
Modification; Waiver. No amendment, modification or waiver of any provision of this Agreement or consent to departure therefrom
shall be effective unless in writing and approved by (i) the Company and (ii) the holders of Warrants representing at least sixty percent
(60%) of the aggregate number of Conversion Shares issuable upon the exercise of the outstanding Warrants as of the applicable date of
determination; provided however, this Agreement may not be amended or modified and no provision hereof may be waived with respect to any
Purchaser, in each case, without the written consent of such Purchaser if such amendment, modification or waiver by its terms treats such
Purchaser in a manner materially different from any other Purchaser. Upon the effectuation of such amendment, modification or waiver in
conformance with this paragraph, such amendment, modification or waiver shall be binding upon all parties thereto.

 

6.9             
Expenses. Except as otherwise provided in any other Loan Document, the Company and each Purchaser shall each bear its respective
expenses and legal fees incurred with respect to this Agreement and the transactions contemplated herein.

 

6.10         
Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to each Purchaser,
upon any breach or default of the Company under this Agreement or Warrant shall impair any such right, power or remedy, nor shall it be
construed to be a waiver of any such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter
occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter
occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character by Purchaser of any breach or default
under this Agreement, or any waiver by any Purchaser of any provisions or conditions of this Agreement must be in writing and shall be
effective only to the extent specifically set forth in writing and that all remedies, either under this Agreement, or by law or otherwise
afforded to the Purchaser, shall be cumulative and not alternative.

 

    -12- 

     

    

6.11         
Entire Agreement. This Agreement and the Exhibits hereto constitute the full and entire understanding and agreement between
the parties with regard to the subjects hereof and no party shall be liable or bound to any other party in any manner by any representations,
warranties, covenants and agreements except as specifically set forth herein.

 

6.12         
Specific Performance. The parties agree that irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that, without
the necessity of posting bond or other undertaking or proving economic damages, the parties shall be entitled to specific performance
of the terms hereof, this being in addition to any other remedies to which they are entitled at law or equity, and in the event that any
action or suit is brought in equity to enforce the provisions of this Agreement and no party will allege, and each party hereby waives,
the defense or counterclaim that there is an adequate remedy at law.

 

6.13         
Further Assurances. Each party hereto agrees and covenants that at any time and from time to time it will use commercially
reasonable efforts to execute and deliver to the other parties hereto such further instruments and documents and take such further action
as the such other parties may reasonably require in order to carry out the full intent and purpose of this Agreement.

 

6.14         
Interpretation. Wherever required by the context of this Agreement, the singular shall include the plural and vice versa, and
the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument
shall be deemed to refer to such agreement, document or instrument as amended, supplemented or modified from time to time. All article,
section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement, and
all exhibit, annex, letter and schedule references not attributed to a particular document shall be references to such exhibits, annexes,
letters and schedules to this Agreement. In addition, the word “or” shall not be exclusive; the words “including,”
“includes,” “included” and “include” shall be deemed to be followed by the words “without limitation”;
and the terms “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular section, paragraph or subdivision.

 

    -13- 

     

    

In
Witness Whereof, the parties have executed this Warrant Purchase Agreement
as of the date first written above.

 

 

	
    Company:

     

    Acutus
    Medical, Inc.

     

    By:       /s/ David Roman                               

    

    Name:  David Roman

    

    Title:    Chief Financial
    Officer

     

     

 

Signature
Page to Warrant Purchase Agreement

 

     

     

    

 

In
Witness Whereof, the parties have executed this Warrant Purchase Agreement
as of the date first written above.

 

 

 

	 	
    PURCHASERS:
    

     

     

    Deerfield
    Partners, L.P.

     

    By: Deerfield Mgmt, L.P., its General Partner

    By: J.E. Flynn Capital, LLC, its General Partner

     

    By:      /s/
    David J. Clark                          

    

    Name: David J. Clark

    Title:   Authorized Signatory

     

     

    Deerfield
    Private Design Fund III, L.P.

     

    By: Deerfield Mgmt III, L.P., its General Partner

    By: J.E. Flynn Capital III, LLC, its General Partner

     

    By:       /s/ David J. Clark                          

    

    Name: David J. Clark

    Title:   Authorized Signatory

     

 

 

Signature
Page to Warrant Purchase Agreement

 

 

     

     

    

  

SCHEDULES AND EXHIBITS

 

Schedule of Purchasers

 

Disclosure Schedule

 

Exhibit A: Form of Warrant

 

Exhibit B: Registration Rights Agreement

 

     

     

    

SCHEDULE OF PURCHASERS

 

	
    Name
and Address 
	
    Number
of Shares of Common Stock Subject to Warrant 

	 	 
	
    Deerfield
    Partners, L.P.

    

    c/o Deerfield Management Company, L.P.

    

    345 Park Avenue South, 12th Floor

    

    New York, NY 10010

    

    Attn: Legal Department

    

    E-mail: [
    ]

     
	1,889,509
	
    Deerfield
    Private Design Fund III, L.P.

    

    c/o Deerfield Management Company, L.P.

    

    345 Park Avenue South, 12th Floor

    

    New York, NY 10010

    

    Attn: Legal Department

    

    E-mail: [
    ]

     
	1,889,509
	 	 
	TOTAL:	3,779,018 

 

 

Schedule
of Purchasers

 

     

     

    

Exhibit A

 

Form of Warrant

 

(See attached)

 

 

 

A-1

     

     

    

Exhibit B

 

Registration Rights Agreement

 

(See attached)

 

 

 

B-1Exhibit 10.3

 

 

In accordance with Instruction 2 to Item 601 of Regulation
S-K, below is a schedule setting forth details in which the omitted executed warrants differ from the form of warrant that follows:

 

	Holder
	  Deerfield Partners, L.P.
	  Deerfield Private Design Fund III, L.P.

 

THIS WARRANT AND THE SECURITIES ISSUABLE
IN CONNECTION HEREWITH HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
STATE SECURITIES LAW. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, INCLUDING PURSUANT TO
RULE 144 UNDER THE SECURITIES ACT OR PURSUANT TO A PRIVATE SALE EFFECTED UNDER SECTION 4(a)(7) OF THE SECURITIES ACT OR APPLICABLE FORMAL
OR INFORMAL SEC INTERPRETATION OR GUIDANCE, SUCH AS A SO-CALLED “4[a](1) AND A HALF” SALE, SUBJECT TO THE COMPANY’S
AND THE TRANSFER AGENT’S RIGHT PRIOR TO ANY SUCH OFFER, SALE, TRANSFER, ENCUMBRANCE, ASSIGNMENT OR OTHER DISPOSITION TO REQUIRE
THE DELIVERY OF REASONABLE AND CUSTOMARY CERTIFICATIONS, OPINIONS OF COUNSEL AND/OR OTHER INFORMATION REASONABLY SATISFACTORY TO EACH
OF THEM.

 

WARRANT

TO PURCHASE

SHARES OF COMMON STOCK

OF

ACUTUS MEDICAL, INC.

 

	Original Issue Date: June 30, 2022	 

 

FOR VALUE RECEIVED, the undersigned,
Acutus Medical, Inc., a Delaware corporation (together with its successors and assigns, the “Company”), hereby certifies
that [Deerfield Partners, L.P. / Deerfield Private Design Fund III, L.P.] or any transferee, assignee or other subsequent holder hereof
(the “Holder”) is entitled to subscribe for and purchase, at the Exercise Price per share, the Warrant Share Number
of duly authorized, validly issued, fully paid and non-assessable shares of the Company’s common stock, par value $0.001 per share
(the “Common Stock”). This Warrant is issued pursuant to that certain Amended and Restated Credit Agreement, dated
as of June 30, 2022, by and among the Company, the lenders from time to time party thereto, and Wilmington Trust, National Association,
as the Administrative Agent (as may be amended, restated, supplemented or otherwise modified from time to time in accordance with the
terms thereof, the “Credit Agreement”). The Common Shares issuable hereunder (the “Warrant Shares”)
are entitled to the benefits of the Registration Rights Agreement (as defined below). Capitalized terms used in this Warrant and not otherwise
defined herein shall have the respective meanings specified in Section 7 hereof.

 

    1 

     

    

1.            
Term. The right to subscribe for and purchase Warrant Shares represented hereby commences on the Original Issue Date
and shall expire at 5:00 p.m. (New York City time) on June 30, 2030 (such period being the “Term”).

 

2.            
Method of Exercise; Payment; Issuance of New Warrant; Transfer and Exchange.

 

(a)      
Exercise of Warrant. The purchase rights represented by this Warrant may be exercised in whole or in part
at any time and from time to time during the Term by delivering to the Company (by electronic mail or otherwise in accordance with Section
10) written notice of such exercise in the form attached hereto as Exhibit A (each, an “Exercise Form”),
duly completed and the applicable Exercise Price, which may be satisfied by a Cash Exercise or a Cashless Exercise (as each is defined
below), for each Warrant Share as to which this Warrant is being exercised. The “Exercise Date” in respect of each
exercise of this Warrant shall be defined as the date that the Exercise Form in respect of such exercise, duly completed, is delivered
to the Company in accordance with the terms hereof. In the event that this Warrant has not been exercised in full as of the last Business
Day during the Term and the Fair Market Value of one share of Common Stock on the Exercise Date exceeds the Exercise Price, the Holder
shall be deemed to have exercised the purchase rights represented by this Warrant in full as a Cashless Exercise as of 4:59 p.m. (New
York City time) on such last Business Day (and such last Business Day shall be deemed the Exercise Date for purposes of such exercise).

 

(b)      
Cash Exercise. The Holder may pay the Exercise Price in respect of any Warrant Share(s) in cash (a “Cash
Exercise”). In the case of a Cash Exercise, within two (2) Trading Days (or, if less, the number of Trading Days comprising
the Standard Settlement Period on the Exercise Date) following the Exercise Date as aforesaid, the Holder shall deliver the aggregate
Exercise Price for the Warrant Shares specified in the applicable Exercise Form by wire transfer.

 

(c)      
Net Issue Exercise. In lieu of paying the Exercise Price in respect of any Warrant Share(s) in cash using
immediately available funds, the Holder, at its option, may exercise this Warrant (in whole or in part) on a cashless basis by making
appropriate notation on the applicable Exercise Form (a “Cashless Exercise”), in which event the Company shall issue
to the Holder, in respect of such Cashless Exercise, a number of Warrant Shares computed using the following formula:

 

 

 

	Where:     X	=   the number of the Warrant Shares to be issued to the Holder pursuant to the Cashless Exercise.
	Y	=   the number of Warrant Shares with respect to which the Warrant is exercised on a Cashless Exercise basis.
	A 	=   the Fair Market Value of one share of Common Stock on the Exercise Date.
	B 	=   the Exercise Price (as adjusted to the date of such calculation).

 

(d)      
Issuance of Warrant Shares and New Warrant. In the event of any exercise of the purchase rights represented
by this Warrant in accordance with the terms hereof, the Warrant Shares so purchased shall be delivered by the Company, (i) in the case
of an exercise at a time when any of the Unrestricted Conditions is met as of the Exercise Date in respect of the Warrant Shares issuable
upon such exercise, by causing the Company’s designated transfer agent (“Transfer Agent”) to electronically transmit
the Warrant Shares issuable upon such exercise to the Holder by crediting

 

    2 

     

    

the account
of the Holder’s prime broker with The Depository Trust Company (“DTC”), through its Deposit/Withdrawal at Custodian
(“DWAC”) system, as specified in the relevant Exercise Form, no later than the later of (x) two (2) Trading Days (or,
if less, the number of Trading Days comprising the Standard Settlement Period) after the relevant Exercise Date and, (y) in the case
of a Cash Exercise, one (1) Trading Day after the date the applicable aggregate Exercise Price is received by the Company, or (ii) in
the case of an exercise at a time when the Warrant Shares issuable upon such exercise are required to bear a restrictive legend pursuant
to Section 2(f)(i) because none of the Unrestricted Conditions is met in respect thereof, issue and dispatch by overnight courier
to the address as specified in the Exercise Form, a certificate, registered in the name of the Holder or its designee, for the number
of Warrant Shares to which the Holder is entitled pursuant to such exercise, within the later of (x) five (5) Trading Days after the
relevant Exercise Date and, (y) in the case of a Cash Exercise, two (2) Trading Days after the date the applicable aggregate Exercise
Price is received by the Company; provided, that if the Transfer Agent is a “qualified custodian” (as defined in Rule 206(4)-2
(or successor thereto) under the Investment Advisers Act of 1940, as amended) as of the date of such issuance, then in lieu of the Company’s
delivering certificates representing such Warrant Shares, the Transfer Agent shall electronically credit such Warrant Shares by book-entry
in the name of the Holder (or its designee) on the books and records of such Transfer Agent and deliver a statement thereof to the Holder.
For purposes hereof, “Delivery Period” means, in respect of each exercise of the Holder’s purchase right hereunder,
the period commencing on the delivery of a duly completed Exercise Form in respect of such exercise and ending on the deadline for delivery
of the Warrant Shares issuable in respect of such exercise, as set forth in this Section 2(d). Upon the exercise of this Warrant
or any part hereof, the Company shall, at its own cost and expense, take all necessary action, including obtaining and delivering an
opinion of counsel, if applicable, to assure that the Transfer Agent shall transmit to the Holder in accordance with this Section
2(d) the number of Warrant Shares issuable upon such exercise. The Company warrants that no instructions other than these instructions
have been or will be given to the Transfer Agent in respect of such Warrant Shares and that such Warrant Shares will be free-trading
and freely transferable if any of the Unrestricted Conditions is met as of the Exercise Date. Upon the delivery of an Exercise Form in
accordance with Section 2(a) and, in the case of a Cash Exercise, delivery of the applicable aggregate Exercise Price, the Holder
shall be deemed for purposes of dividends, distributions, the Exchange Act and any other applicable securities laws to have become the
holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares
are credited to the Holder’s or its designee’s DTC account or the date of delivery of the certificates evidencing such Warrant
Shares, as the case may be. The Holder shall not be required to physically surrender this Warrant to the Company until the Holder has
purchased all of the Warrant Shares available hereunder and this Warrant has been exercised in full, in which case the Holder shall surrender
this Warrant to the Company for cancellation within three (3) Trading Days following the date the final Exercise Form is delivered to
the Company. Execution and delivery of an Exercise Form with respect to a partial exercise shall have the same effect as cancellation
of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. The Holder
and the Company shall maintain records showing the number of Warrant Shares purchased and the remaining number of Warrant Shares. The
Holder and any assignee of the Holder, by acceptance of this Warrant, acknowledges and agrees that, by reason of the provisions of this
paragraph, following the purchase of a portion of the Warrant Shares hereunder, the Warrant Share Number (and, therefore, the number
of Warrant Shares available for purchase hereunder) at any given time may be less than the amount stated herein.

 

    3 

     

    

(e)      
Transferability of Warrant. Subject to Section 2(f), this Warrant and all rights hereunder are transferable,
in whole or in part, by the Holder without charge to the Holder, upon surrender of this Warrant to the Company at its then principal executive
offices with a properly completed and duly executed Assignment Form in the form attached hereto as Exhibit B. Within three (3)
Trading Days of such surrender and delivery, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee
or assignees and in the denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing
the portion of this Warrant, if any, not so assigned and this Warrant shall promptly thereafter be cancelled. Notwithstanding anything
herein to the contrary, this Warrant, if properly assigned in accordance herewith, may be exercised by a new Holder for the purchase of
Warrant Shares immediately upon such assignment without having a new Warrant issued. The Holder shall pay any Transfer Taxes (as such
term is defined in Section 5(b) below) imposed in connection with such assignment (if any). Any transfer or exchange of this Warrant shall
be without charge to the Holder (except as provided above with respect to Transfer Taxes, if any) and any new Warrant issued shall be
dated the date hereof.

 

(f)       
Compliance with Securities Laws; Restrictive Legend.

 

(i)                 
The Holder, by acceptance hereof, acknowledges that this Warrant and the Warrant Shares to be issued upon exercise hereof are being
acquired solely for the Holder’s own account, and not as a nominee for any other party, and that the Holder may not offer, sell
or otherwise dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof except pursuant to an effective registration
statement, or an exemption from registration, under the Securities Act and any applicable state securities laws, including pursuant to
Section 4(a)(7) of the Securities Act or in a so-called “4[(a)](1) and a half” transaction. In addition, the Holder, by the
acceptance hereof, represents that, upon any exercise of this Warrant pursuant to a Cash Exercise, (A) the Holder will acquire the Warrant
Shares for its own account and not with a view towards, or for resale in connection with, the public sale or distribution of the Warrant
Shares, except pursuant to sales or other transactions registered or exempt from registration under the Securities Act (provided, however,
that by making the representations herein, the Holder does not agree to hold any of the Warrant Shares for any minimum or other specific
term and reserves the right to dispose of the Warrant Shares at any time pursuant to registration or an exemption from registration under
the Securities Act); and (B) the Holder will be an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation
D under the Securities Act, unless contemporaneous with the delivery of such Exercise Form, the Holder notifies the Company in writing
that it is not making such representations (a “Representation Notice”). If the Holder delivers a Representation Notice
in connection with an exercise, it shall be a condition to such Holder's exercise of this Warrant pursuant to such Cash Exercise and the
Company's obligations set forth in Section 2 in connection with such exercise, that the Company receive such other representations as
the Company considers reasonably necessary to assure the Company that the issuance of the Warrant Shares upon exercise of this Warrant
shall not violate the registration requirement of the Securities Act, and the time periods for the Company's compliance with its obligations
set forth in Section 2 shall be tolled until the Holder provides the Company with such other representations as the Company considers
reasonably necessary to assure the Company that the issuance of the Warrant Shares upon exercise of this Warrant shall not violate any
United States or state securities laws.

 

(ii)                 
Except as provided in paragraph (iii) below, the Warrant Shares issued upon exercise hereof shall be stamped or imprinted with
a legend in substantially the following form (the “Securities Law Legend”):

 

    4 

     

    

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE
STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, INCLUDING PURSUANT TO
RULE 144 UNDER THE SECURITIES ACT OR PURSUANT TO A PRIVATE SALE EFFECTED UNDER SECTION 4(A)(7) OF THE SECURITIES ACT OR APPLICABLE FORMAL
OR INFORMAL SEC INTERPRETATION OR GUIDANCE SUCH AS A SO CALLED “4[(A)(1) AND A HALF” SALE, SUBJECT TO THE COMPANY’S
AND THE TRANSFER AGENT’S RIGHT PRIOR TO ANY SUCH OFFER, SALE, TRANSFER, ENCUMBRANCE, ASSIGNMENT OR OTHER DISPOSITION TO REQUIRE
THE DELIVERY OF REASONABLE AND CUSTOMARY CERTIFICATIONS, OPINIONS OF COUNSEL AND/OR OTHER INFORMATION REASONABLY SATISFACTORY TO EACH
OF THEM.

 

(iii)                 
The Warrant Shares (and any certificates or electronic book entries evidencing the Warrant Shares) shall not contain or be subject
to (and Holder shall be entitled to removal of) any legend restricting the transfer thereof (including the Securities Law Legend) and
shall not be subject to any stop-transfer instructions: (A) while a registration statement (including a Registration Statement, as defined
in the Registration Rights Agreement) covering the sale or resale of such Warrant Shares is effective under the Securities Act, subject
to the Holder’s delivery to the Company of an undertaking that such Holder will only sell or otherwise transfer such shares pursuant
to such effective registration under the Securities Act or Rule 144 under the Securities Act, and that if such securities are sold pursuant
to a registration statement, they will be sold in compliance with the plan of distribution set forth therein (the “Undertaking”),
provided that no Holder shall be required to give an Undertaking in respect of shares as to which a prior Undertaking has been delivered
by such Holder and has not been withdrawn by such Holder, or (B) if the Holder provides customary paperwork to the effect that it has
sold such Warrant Shares pursuant to Rule 144 under the Securities Act, or (C) if such Warrant Shares are eligible for sale under Rule
144(b)(1) (without the application of Rule 144(c)(1)) under the Securities Act as set forth in customary non-affiliate paperwork provided
by the Holder, or (D) if at any time on or after the date hereof the Holder certifies that it is not an Affiliate of the Company and has
not been an Affiliate of the Company for a period of three months and that the Holder has satisfied a holding period for purposes of Rule
144 (including, for the avoidance of doubt, subsection (d)(3)(ii) thereof) of at least six (6) months, or (E) if such legend is not required
under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the
SEC) as determined in good faith by counsel to the Company or as set forth in a legal opinion delivered by Katten Muchin Rosenman LLP
or other nationally recognized counsel to the Holder (collectively, the “Unrestricted Conditions”). The Company shall
cause its counsel to issue a legal opinion to the Transfer Agent promptly after

 

    5 

     

    

the Registration
Effective Date, or at such other time as any of the Unrestricted Conditions has been satisfied, if required by the Transfer Agent to
effect the issuance of the applicable Warrant Shares without a restrictive legend or removal of the legend hereunder. If any of the Unrestricted
Conditions is met at the time of issuance of the Warrant Shares then such Warrant Shares shall be issued free of all legends and stop-transfer
instructions. The Company agrees that, following the Registration Effective Date or at such time as any of the Unrestricted Conditions
is met or such legend is otherwise no longer required under this Section 2(f), it will, no later than the earlier of (x) two (2)
Trading Days and (y) the number of Trading Days comprising the Standard Settlement Period following the delivery by the Holder to the
Company or the Transfer Agent of the Warrant Shares issued with a restrictive legend, deliver or cause to be delivered to the Holder
or its designee the Warrant Shares free from all restrictive and other legends (or similar notations) by crediting the account of the
Holder's prime broker with DTC, through its DWAC system. For purposes hereof, “Registration Effective Date” shall
mean the date that the first Registration Statement covering the Warrant Shares that the Company is required to file pursuant to the
Registration Rights Agreement has been declared effective by the SEC. The Company acknowledges and agrees that, if the Holder delivers
a certification that it is not an “affiliate” of the Company (as such term is used under Rule 144 under the Securities Act)
and has not been an Affiliate for a period of three months, then from and after the delivery thereof, the Holder shall be deemed to have
certified that it is not an “affiliate” of the Company (as such term is used under Rule 144 under the Securities Act) upon
each delivery of an Exercise Form, unless the Holder otherwise advises the Company in writing. For purposes of Rule 144 under the Securities
Act and subsection (d)(3)(ii) thereof, it is intended, understood and acknowledged that the Warrant Shares issuable upon any exercise
of this Warrant pursuant to a Cashless Exercise shall be deemed to have been acquired, and the holding period thereof shall be deemed
to have commenced, on the Original Issue Date. The Holder, by acceptance hereof, acknowledges and agrees that the removal of any restrictive
legends from any securities as set forth in this Section 2(f)(ii) is predicated upon the Company’s reliance that the Holder
will sell such securities pursuant to either the registration requirements of the Securities Act or an exemption therefrom, and that
if such securities are sold pursuant to a registration statement, they will be sold while such registration statement is effective and
available for resales of such securities, in compliance with the plan of distribution set forth therein. The Company and its counsel
and transfer agent shall be entitled to rely on the foregoing agreement and/or such certificate of each Holder in issuing instructions
letters and opinions.

 

(g)      
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional Warrant Shares shall
be issued upon the exercise of this Warrant. If pursuant to an exercise of this Warrant the Holder would be entitled to a fractional Common
Share, the number of Common Shares issuable upon such exercise shall be rounded up or down to the nearest whole number of Common Shares
(with 0.5 rounded up) and no cash payment will be made in lieu thereof where rounded down.

 

(h)      
Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably
satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company
shall execute and deliver, in lieu of this Warrant, a new Warrant of like tenor and amount.

 

    6 

     

    

(i)        
No Rights of Stockholders. Except as expressly provided in Sections 2(d) and 4(b), the Holder
shall not be entitled to vote or be otherwise deemed the holder of Common Shares or any other securities of the Company that may at any
time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the Holder, as
such, any of the rights of a stockholder of the Company, including any right to vote for the election of directors or upon any matter
submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization,
issuance of stock, reclassification of stock, change of par value, or change of stock to no par value, consolidation, merger, conveyance,
or otherwise) or to receive notice of meetings.

 

(j)        
Holder’s Exercise Limitations. Notwithstanding anything to the contrary contained herein, the Company
shall not effect any exercise of this Warrant (or issue any Warrant Shares thereupon), and the Holder shall not have the right to exercise
any portion of this Warrant or acquire Warrant Shares pursuant to Section 2(a) or otherwise, to the extent that after giving effect
to such exercise as contemplated by the applicable Exercise Form, the Holder, together with the Holder’s Affiliates and any other
Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange
Act (including shares beneficially owned by any “group” of which the Holder is a member, but excluding shares beneficially
owned by virtue of the ownership of securities or rights to acquire securities that have limitations on the right to convert, exercise
or purchase similar to the limitation set forth herein), would beneficially own in excess of 4.9% of the total number of Common Shares
then issued and outstanding (the “Beneficial Ownership Limitation”); provided, however, that the Beneficial
Ownership Limitation shall not apply to the extent that the Common Stock is deemed not to constitute an “equity security”
pursuant to Rule 13d-1(i) under the Exchange Act. For purposes hereof, “group” has the meaning set forth in Section 13(d)
of the Exchange Act and applicable regulations of the SEC, and the percentage beneficially owned by the Holder shall be determined in
a manner consistent with the provisions of Section 13(d) of the Exchange Act; provided that, for avoidance of doubt, the number
of shares of Common Stock beneficially owned by such Holder and its Affiliates shall include the number of shares of Common Stock issuable
upon exercise of this Warrant pursuant to the applicable Exercise Form with respect to which such determination is being made, but shall
exclude the number of shares of Common Stock which are issuable upon (A) exercise of the remaining, unexercised portion of this Warrant,
and (B) exercise, exchange or conversion of the unexercised, unexchanged or unconverted portion of any other securities of the Company
subject to a limitation on conversion, exchange or exercise analogous to the limitation contained herein beneficially owned by such Holder
or any of its Affiliates. For purposes hereof, the Holder may rely on the number of outstanding Common Shares as set forth in the Company’s
most recent annual report filed with the SEC, or any report filed by the Company with the SEC subsequent thereto, in each case, unless
the Company has confirmed to the Holder the number of Common Shares outstanding as provided in the next sentence (in which case the Holder
may rely upon such confirmation). Upon the written request of the Holder, the Company shall, within two (2) Trading Days, confirm in writing
to the Holder the number of Common Shares then outstanding. Each delivery of an Exercise Form by the Holder will constitute a representation
by the Holder that it has evaluated the limitation set forth in this paragraph and determined that the issuance of the full number of
Common Shares requested in such Exercise Form is permitted under this paragraph. In any case, the number of outstanding shares shall be
determined after giving effect to the actual conversion or exercise of securities of the Company, including this Warrant, by the Holder
or its Affiliates since the date as of which such number of outstanding Common Shares was reported.

 

    7 

     

    

(k)      
Buy-In. In addition to any other rights or remedies available to the Holder hereunder or otherwise at law
or in equity, if the Company fails to cause its Transfer Agent to deliver to the Holder all of the applicable Warrant Shares pursuant
to an exercise of this Warrant on or before the last day of the Delivery Period in respect of such exercise, and if after such date the
Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder or Holder’s brokerage firm
otherwise purchases Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares that the Holder was entitled
to receive upon such exercise (a “Buy-In”), then the Company shall (1) pay in cash to the Holder 100% of the amount
by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds
(y) the amount obtained by multiplying (A) the number of Warrant Shares that the Company was required to deliver to the Holder in connection
with the exercise on or before the last day of such Delivery Period, by (B) the price at which the sell order giving rise to such purchase
obligation was executed, and (2) at the option of the Holder, either reinstate the portion of this Warrant and equivalent number of Warrant
Shares for which such exercise was not honored (and refund the Exercise Price therefor, to the extent paid by Holder), or deliver to the
Holder the number of Common Shares that would have been issued had the Company timely complied with its exercise and delivery obligations
hereunder. For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect
to an attempted exercise to cover the sale of Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000,
under clause (1) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide
the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In, together with applicable confirmations
and other evidence reasonably requested by the Company. Nothing herein shall limit a Holder’s right to pursue any other remedies
available to it hereunder, at law or in equity including a decree of specific performance and/or injunctive relief, with respect to the
Company’s failure to timely deliver the Common Shares upon exercise of this Warrant as required pursuant to the terms hereof.

 

3.            
Certain Representations and Agreements. The Company represents, covenants and agrees:

 

(a)      
This Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly
authorized and validly issued.

 

(b)      
All Warrant Shares issuable upon the exercise of this Warrant pursuant to the terms hereof shall be, upon issuance, and
the Company shall take all such actions as may be necessary or appropriate in order that such Warrant Shares are, validly issued, fully
paid and non-assessable, issued without violation of any preemptive or similar rights of any stockholder of the Company, and free from
all taxes, liens and charges. As of the Original Issue Date, the Company has reserved from its authorized and unissued Common Shares,
exclusively for issuance upon exercise of this Warrant, and from and after the Original Issue Date the Company shall at all times reserve
and keep available out of its authorized but unissued Common Shares solely for the purpose of effecting exercises of this Warrant, such
number of Common Shares as shall from time to time be sufficient to effect the exercise of this Warrant in full for cash (without giving
effect to the Beneficial Ownership Limitation); and if at any time the number of authorized but unissued Common Shares shall not be sufficient
to effect the exercise of this Warrant in full, the Company will use reasonable best efforts to take such corporate action as may necessary
to increase its authorized but unissued Common Shares to such number of shares as shall be sufficient for such purpose.

 

(c)      
The Company shall take all such actions as may be necessary to ensure that all Warrant Shares are issued without violation
by the Company of any applicable law or governmental regulation or any requirements of any securities exchange upon which shares of the
Company’s capital stock may be listed at the time of such exercise.

 

    8 

     

    

(d)      
The Company will procure, subject to issuance or notice of issuance, the listing of any Warrant Shares issuable upon exercise
of this Warrant on the principal stock exchange on which the Common Stock is then listed or traded.

 

4.            
Adjustments and Other Rights. The Exercise Price and Warrant Share Number shall be subject to adjustment from time
to time as follows; provided, that no single event shall cause an adjustment or distribution under more than one subsection of this Section
4 so as to result in duplication.

 

(a)      
Stock Splits, Subdivisions, Reclassifications or Combinations. If the Company shall at any time or from time
to time (i) pay or make a dividend or make a distribution on its Common Stock in Common Shares, (ii) split, subdivide or reclassify the
outstanding Common Shares into a greater number of shares or (iii) combine or reclassify the outstanding Common Shares into a smaller
number of shares, the Warrant Share Number at the time of the record date for such dividend or distribution or the effective date of such
split, subdivision, combination or reclassification shall be proportionately adjusted so that the Holder immediately after such record
date or effective date, as the case may be, shall be entitled to purchase the number of Common Shares which such Holder would have owned
or been entitled to receive in respect of the Common Shares subject to this Warrant after such date had such Holder held a number of Common
Shares equal to the Warrant Share Number immediately prior to such record date or effective date, as the case may be. In the event of
such adjustment, the Exercise Price in effect at the time of the record date for such dividend or distribution or the effective date of
such split, subdivision, combination or reclassification shall be immediately adjusted to the number obtained by dividing (x) the product
of (1) the Warrant Share Number before the adjustment determined pursuant to the immediately preceding sentence and (2) the Exercise Price
in effect immediately prior to the record or effective date, as the case may be, for the dividend, distribution, split, subdivision, combination
or reclassification giving rise to such adjustment by (y) the new Warrant Share Number determined pursuant to the immediately preceding
sentence.

 

(b)      
Distributions. Notwithstanding anything to the contrary contained herein (including, for the avoidance of
doubt, Section 2(i)), the Holder, as the holder of this Warrant, shall be entitled to receive, and shall be paid by the Company,
any dividend paid or distribution of any kind made to the holders of Common Stock, other than a dividend or distribution resulting in
an adjustment pursuant to Section 4(a), to the same extent as if the Holder had exercised this Warrant in full in a Cash Exercise
(without regard to the Beneficial Ownership Limitation or any other limitations on exercise herein or elsewhere and without regard to
whether or not a sufficient number of shares are authorized, reserved and available to effect any such exercise and issuance) and had
held such Warrant Shares on the record date for such dividend or distribution (or, if there is no record date therefor, on the date of
such dividend or distribution). Payments or distributions under this Section 4(b) shall be made concurrently with the dividend
or distribution to holders of the Common Stock. For the avoidance of doubt, if at any time the Company grants, issues or sells any options,
convertible securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class
of its capital stock (the “Purchase Rights”), and such grant, issuance or sale does not result in a dividend or distribution
resulting in an adjustment pursuant to Section 4(a), then the Holder will be entitled to acquire, upon the terms applicable to
such Purchase Rights, the aggregate Purchase Rights that the Holder could have acquired if the Holder had held the number of shares of
Common Stock acquirable upon exercise in full of this Warrant (without regard to the Beneficial Ownership Limitation or any other limitations
on exercise herein or elsewhere and without regard to whether or not a sufficient number of shares are authorized, reserved and available
to effect any such exercise and issuance) immediately before the date on which a record is taken for the grant, issuance or sale of such
Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined for the
grant, issue or sale of such Purchase Rights.

 

    9 

     

    

(c)      
Organic Change and Major Transaction.

 

(i)                 
At least ten (10) Trading Days prior to the consummation of any Major Transaction or Organic Change, but, in any event, within
two (2) Trading Days following the first to occur of (x) the date of the public announcement of such Major Transaction or Organic
Change if such announcement is made before 4:00 p.m., New York City time, or (y) the day following the public announcement of such
Major Transaction or Organic Change if such announcement is made at or after 4:00 p.m., New York City time, the Company shall deliver
written notice thereof via electronic mail and overnight courier to Holder (a “Major Transaction/Organic Change Notice”),
which notice shall prominently indicate that it is a “Major Transaction/Organic Change Notice.”

 

(ii)                 
In the event of a Major Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option,
exercisable by written notice given to the Company at any time prior to, concurrently with, or within 30 days after, the consummation
of the Major Transaction (or, if later, 30 days after the date of delivery of a Major Transaction/Organic Change Notice with respect to
such Major Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value
of the remaining unexercised portion of this Warrant on the date of the consummation or occurrence of such Major Transaction; provided,
however, that, if the Major Transaction is a merger, consolidation, exchange of shares, recapitalization, reorganization, business
combination or other similar event in which the stockholders of the Company receive consideration consisting, in whole or in part, of
securities or assets (other than cash), the Holder shall only be entitled to receive from the Company or any Successor Entity the same
type or form of consideration (and in the same proportion), in an aggregate amount equal to the Black Scholes Value of the unexercised
portion of this Warrant, that is being offered and paid to the holders of Common Stock in connection with the Major Transaction (the cash
and/or other consideration payable to the Holder upon a purchase election pursuant to this Section 4(c), the “Major Transaction
Consideration”). For purposes hereof, the value of any asset (other than cash or securities) included in the Major Transaction
Consideration shall be determined on substantially the same basis as agreed to by the Company and its stockholders (if applicable) pursuant
to the underlying Major Transaction, and the value of any security included in the Major Transaction Consideration shall be the Fair Market
Value thereof immediately preceding the occurrence of the Major Transaction or, if later, the date of delivery of a Major Transaction/Organic
Change Notice with respect to such Major Transaction.

 

(iii)                 
For purposes of clarification, the Holder shall not be required to exercise the Warrant or pay the Exercise Price in order to receive
the Major Transaction Consideration. The payment of any cash component of the Major Transaction Consideration will be made by wire transfer
of immediately available funds within five (5) Business Days of the Holder’s election (or, if later, on the effective date of the
Major Transaction) and any non-cash component(s) of the Major Transaction Consideration shall be delivered to the Holder on substantially
the same basis as a holder of Common Shares would be entitled to received comparable consideration as a result of the Major Transaction.
The Beneficial Ownership Limitation and any other restriction or limitation on exercise of this Warrant shall be disregarded for purposes
of the determination of the Black Scholes Value of the remaining unexercised portion of this Warrant and the Major Transaction Consideration.

 

    10 

     

    

(iv)                 
If, at any time while this Warrant is outstanding an Organic Change is consummated or otherwise occurs, then, upon exercise of
this Warrant, the Holder shall be entitled to receive in lieu of (or in addition to, as the case may be) the Warrant Shares, the kind
and amount of securities, cash or other property of the Company or the Successor Entity (as defined below), as the case may be, resulting
from such Organic Change, which a Holder of the Warrant Share Number (at the time of such Organic Change and, for the avoidance of doubt,
without regard to the Beneficial Ownership Limitation or any other restriction or limitation on exercise) of Warrant Shares would have
been entitled to receive upon consummation of such Organic Change if such Warrant Shares had been outstanding immediately prior to such
Organic Change; and in any such case, if applicable, the provisions set forth herein with respect to the rights and interests thereafter
of the Holder shall be appropriately adjusted (pursuant to a written agreement in form and substance reasonably satisfactory to Required
Holders) so as to be applicable, as nearly as may reasonably be, to the Holder’s right to exercise this Warrant in exchange for
any shares of stock or other securities or property pursuant to this paragraph. If holders of Common Shares are given any choice as to
the kind and/or amount of stock and/or other securities or property (including cash) to be received in an Organic Change, then the Holder
shall be given the same choice as to the consideration it receives upon any exercise of this Warrant following such Organic Change. For
the avoidance of doubt, neither the provisions of this Section 4(c)(iv) nor any partial exercise of this Warrant following the occurrence
of an Organic Change shall in any way limit the right of the Holder to elect a repurchase by the Company of this Warrant in accordance
with Section 4(c)(ii).

 

(v)                 
Except to the extent that this Warrant is to be purchased by the Company pursuant to Section 4(c)(ii), the Company shall cause
any acquiring, surviving or successor entity in a Major Transaction or Organic Change in which the Company does not survive as the parent
entity (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the
Registration Rights Agreement in accordance with the provisions hereof and thereof pursuant to written agreements in form and substance
satisfactory to the Holder (including agreements to deliver to the Holder in exchange for this Warrant a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to this Warrant). Upon the occurrence of any Major Transaction
or Organic Change in which there is a Successor Entity, the Successor Entity shall succeed to, and be substituted for (so that from and
after the date of such Organic Change, the provisions of this Warrant referring to the “Company” shall refer instead to the
Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under
this Warrant and the Registration Rights Agreement with the same effect as if such Successor Entity had been named as the Company herein
and therein.

 

    11 

     

    

(vi)                 
Notwithstanding anything to the contrary contained herein, the Holder may deliver an Exercise Form that provides for the exercise
of this Warrant (in whole or in part), (A) in the case of a Major Transaction in which the Company survives as the parent entity, that
is conditioned upon, and shall occur concurrently with, the consummation of such Major Transaction, or (B) in the case of a Major Transaction
in which there is a Successor Entity, that is conditioned upon, and shall occur immediately prior to, the consummation of such Major Transaction
or in the case of an Asset Sale, the Company’s distribution of assets to its shareholders, as applicable.

 

(d)      
Certain Repurchases of Common Shares. In case the Company effects a Pro Rata Repurchase of Common Shares,
then the Exercise Price shall be reduced to the price determined by multiplying the Exercise Price in effect immediately prior to the
Effective Date of such Pro Rata Repurchase by a fraction of which the numerator shall be (i) the product of (x) the number of Common Shares
outstanding immediately prior to such Pro Rata Repurchase and (y) the Market Price of a share of Common Stock on the Trading Day immediately
preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase, minus
(ii) the aggregate value of all cash and any other consideration (as determined by the Company in good faith) paid or payable for shares
purchased in such Pro Rata Repurchase, and of which the denominator shall be the product of (x) the number of Common Shares outstanding
immediately prior to such Pro Rata Repurchase minus the number of Common Shares so repurchased and (y) the Market Price per share of Common
Stock on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to
effect such Pro Rata Repurchase. In such event, the Warrant Share Number shall be increased to the number obtained by dividing (i) the
product of (x) the Warrant Share Number before such adjustment, and (y) the Exercise Price in effect immediately prior to the Pro Rata
Repurchase giving rise to this adjustment by (ii) the new Exercise Price determined in accordance with the immediately preceding sentence.

 

(e)      
Calculations. All calculations under this Section 4 shall be made to the nearest one-hundredth (1/100th)
of a cent or to the nearest one-tenth (l/10th) of a share, as the case may be. No adjustment in the Exercise Price or the number of Warrant
Shares into which this Warrant is exercisable shall be made if the amount of such adjustment would be less than $0.01 or one-tenth (1/10th)
of a Common Share, but any such amount shall be carried forward and an adjustment with respect thereto shall be made at the time of and
together with any subsequent adjustment which, together with such amount and any other amount or amounts so carried forward, shall aggregate
$0.01 or 1/10th of a Common Share, or more.

 

(f)       
Reserved.

 

(g)      
Notice of Adjustments. Whenever the Exercise Price or the Warrant Share Number shall be adjusted as provided
in this Section 4, the Company shall as promptly as practicable prepare and make available to the Holder a statement showing in
reasonable detail the facts requiring such adjustment and the Exercise Price and Warrant Share Number that shall be in effect after such
adjustment.

 

(h)      
Adjustment Rules. Any adjustments pursuant to this Section 4 shall be made successively whenever an
event referred to herein shall occur. If an adjustment in Exercise Price made hereunder would reduce the Exercise Price to an amount below
par value of the Common Stock, then such adjustment in Exercise Price made hereunder shall reduce the Exercise Price to the par value
of the Common Stock.

 

    12 

     

    

(i)        
Proceedings Prior to any Action Requiring Adjustment. As a condition precedent to the taking of any action
which would require an adjustment pursuant to this Section 4, the Company shall take such actions as are necessary, which may include
obtaining regulatory, stock exchange or stockholder approvals or exemptions, in order that the Company may thereafter validly and legally
issue as fully paid and nonassessable Common Shares (and any other securities, if applicable) that the Holder is entitled to receive upon
exercise of this Warrant pursuant to this Section 4.

 

5.            
Taxes; HSR.

 

(a)      
Withholding. The Company and its paying agent shall be entitled to deduct and withhold taxes on all payments
(or deemed payments) with respect to the Warrants to the extent required by applicable law. To the extent that any amounts are so deducted
or withheld and remitted to the applicable governmental authority, such deducted or withheld amounts shall be treated for all purposes
of this Warrant as having been paid to the Person in respect of which such deduction or withholding was made. In the event the Company
previously remitted any amounts to a governmental authority on account of taxes required to be deducted or withheld in respect of any
deemed distribution under Section 305 of the Internal Revenue Code of 1986, as amended (the “Code”), to a Holder that is not
a U.S. Person as defined in the Code (a “non-U.S. Holder”) with respect to a Warrant or upon the exercise thereof, the Company
shall be entitled to offset any such amounts against any amounts otherwise payable to such Holder in respect of such Warrant. The Company
shall notify the applicable non-U.S. Holder of its intention to make any such withholding or deduction reasonably in advance of doing
so, and shall reasonably assist the Holder with claiming any exemption or reduction from such withholding or deduction allowable by law,
provided, however, that the Company or its paying agent, as appropriate, shall, in good faith, determine the appropriate amount to withhold
under applicable law after consulting with the Holder and its tax advisors. The Company shall provide a receipt or other evidence of payment
of any taxes deducted or withheld reasonably acceptable to the Holder within 30 days after making any deduction or withholding of taxes.

 

(b)      
Transfer Taxes. Other than in connection with a transfer under Section 2(e), the Company shall be responsible
for paying all present or future stamp, court or documentary, intangible, recording, filing or similar taxes (such taxes, “Transfer
Taxes) that arise from the issuance of this Warrant and any payment or issuance made under, from the execution, delivery, performance,
enforcement or otherwise with respect to, this Warrant or the sale of Warrant Shares or other securities issued hereunder.

 

(c)      
HSR Submissions. If the Holder, in
its sole discretion, determines thatthe exercise of this Warrant is subject to notification under the Hart-Scott Rodino Antitrust Improvements
Act of 1976, as amended, and the related rules and regulations promulgated thereunder (collectively, the “HSR Act”),
the Company and the Holder, as applicable, agree to (i) cooperate with the other party in the other party’s preparing and making
of such submission and any responses to inquiries of the FTC and DOJ; and (ii) prepare and make any submission required to be filed by
the Company or the Holder, as applicable, under the HSR Act and respond to inquiries of the Federal Trade Commission and/or Department
of Justice in connection therewith. The Company shall pay, or reimburse the Holder for, the costs of any required filing fees for any
submissions under the HSR Act. Where the Holder notifies the Company that, pursuant to this section, the Holder has determined that an
HSR filing is required, the Company shall not issue Warrant Shares until the expiration or early termination of the applicable waiting
period under the HSR Act.

 

    13 

     

    

6.            
Frustration of Purpose. The Company hereby covenants and agrees that the Company will not, by amendment of its certificate
of incorporation, bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of
this Warrant to be observed or performed by it hereunder, but shall at all times in good faith carry out all of the provisions of this
Warrant. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any Common Shares receivable
upon the exercise of this Warrant above the Exercise Price then in effect, and (ii) shall take all such actions as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid and nonassessable Common Shares upon the exercise of this
Warrant.

 

7.            
Definitions. For the purposes of this Warrant, the following terms have the following meanings:

 

“Action”
means any legal, regulatory or administrative proceeding, suit, investigation, arbitration or action.

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common
control with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”) with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership
of voting securities, by contract or otherwise. With respect to the Holder, any investment fund or managed account that is managed on
a discretionary basis by the same investment manager as the Holder will be deemed to be an Affiliate of the Holder.

 

“Asset Sale”
means a transaction described in clause (B) of the definition of “Major Transaction.”

 

“Beneficial Ownership
Limitation” has the meaning specified in Section 2(j) hereof.

 

“Black Scholes Value”
means the value of this Warrant or applicable portion thereof as determined by use of the Black-Scholes Option Pricing Model using the
criteria set forth on Schedule 1 hereto.

 

“Business Day”
means any day, except a Saturday, Sunday or legal holiday, on which banking institutions in the city of New York, New York are authorized
or obligated by law or executive order to close; provided, however, for clarification, bank institutions shall not be deemed to
be authorized or obligated by law or executive order to remain closed due to “stay at home,” “shelter-in-place,”
“non-essential employee” or any other similar orders or restrictions or the closure of any physical branch locations at the
direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial
banks in the City of New York generally are open for use by customers on such day.

 

“Cash Exercise”
has the meaning specified in Section 2(b) hereof.

 

“Cashless Exercise”
has the meaning specified in Section 2(c) hereof.

 

    14 

     

    

“Certificate of Incorporation”
means the Amended and Restated Certificate of Incorporation of the Company, as from time to time amended, modified, supplemented or restated
in accordance with its terms and pursuant to applicable law.

 

“Common Shares”
means shares of Common Stock.

 

“Common Stock”
has the meaning specified in the preamble hereof.

 

“Company”
has the meaning specified in the preamble hereof.

 

“Credit Agreement”
has the meaning specified in the preamble hereof.

 

“Delivery Period”
has the meaning specified in Section 2(d).

 

“DTC” has
the meaning specified in Section 2(d) hereof.

 

“DWAC” has
the meaning specified in Section 2(d) hereof.

 

“Enterprise Value”
means, as of any date of determination, (i) the product of (x) the number of issued and outstanding Common Shares on such date, multiplied
by (y) the Market Price of the Common Shares on such date, plus (ii) the amount of the Company’s debt, as shown on the latest financial
statements filed with the SEC prior to such date, less (iii) the amount of cash and cash equivalents of the Company, as shown on such
financial statements.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Exercise Date”
has the meaning specified in Section 2(a) hereof.

 

“Exercise Form”
has the meaning specified in Section 2(a) hereof.

 

“Exercise Price”
means $1.1114, subject to adjustment as set forth herein.

 

“Fair Market Value”
of a Common Share, any other security or any other asset, as of any date of determination, means: (i) if the Common Shares or such other
security are publically traded, the closing (last sale) price, regular way, or, in case no such sale takes place on such day, the average
of the closing bid and asked prices, regular way, of the Common Shares or of such other security (per Common Share or other security),
as applicable, on the United States principal exchange or market on which the Common Shares or such security, as applicable, is so listed
or quoted (which, in the case of the Common Shares on the Original Issue Date, is the NASDAQ Global Select Market), at the end of regular
trading hours on such exchange or market; and (ii) if the Common Shares or such other security are not so publicly traded, the per share
fair market value as reasonably determined by the Company (provided that such determination shall be made in reliance on the most recent
valuation of an independent investment banking or valuation firm retained by the Company, to the extent such a valuation has been prepared,
with such adjustments as shall be reasonably necessary to reflect subsequent events, unless the Company reasonably determines that such
valuation is no longer reliable; provided that the Holder shall have a right to receive from the Company the calculations performed to
arrive at such fair market value and a copy of any valuation use in connection therewith.

 

“Holder”
has the meaning specified in the preamble hereof.

 

    15 

     

    

“Major Transaction”
means any of the following, in each case, whether effected in a single transaction or series of related transactions, directly or indirectly:
(A) a consolidation, merger, exchange of shares, recapitalization, reorganization, business combination or other similar event that results
in a change in control of the Company (i.e., current stockholders no longer hold at least 50% of the Common Stock or no longer have the
ability to elect a majority of the Board of Directors of the Company); (B) a sale, exclusive license, lease, conveyance, transfer or other
disposition of assets in one transaction or a series of related transactions for a purchase price of more than 50% of the Company’s
Enterprise Value or a sale, exclusive license, lease, conveyance, transfer or other disposition of all or substantially all of the Company’s
assets; (C) a purchase, tender or exchange offer made to the holders of outstanding Common Shares (whether by the Company or a third party),
such that following the completion of such purchase, tender or exchange offer a change of control shall have occurred (i.e., current stockholders
no longer hold at least 50% of the Common Stock or no longer have the ability to elect a majority of the Board of Directors of the Company);
(D) an issuance or series of issuances by the Company after the Original Issue Date (other than to the Holder and its Affiliates) of an
aggregate number of Common Shares equal to 50% or more of the Company’s outstanding Common Stock as of the date of such issuance
(or first issuance of such series, as applicable); (E) the liquidation, bankruptcy, insolvency, dissolution or winding up (or the occurrence
of any analogous proceeding) of the Company; (F) the Common Shares cease to be listed, traded or publicly quoted on the NASDAQ Global
Select Market and are not immediately re-listed or requoted on either the New York Stock Exchange, the NYSE American, the NASDAQ Global
Market or the NASDAQ Capital Market; or (G) the Common Stock ceases to be registered under Section 12 of the Securities Exchange Act of
1934.

 

“Market Price”
means, with respect to a share of Common Stock or any other security, on any given day, the arithmetic average of the Volume Weighted
Average Price (as defined below) of the Company’s Common Stock or such security on each of the five (5) consecutive Trading Days
immediately preceding the date in question. In the event that a Stock Event is consummated during any period for which the arithmetic
average of the Volume Weighted Average Prices is to be determined, the Volume Weighted Average Price for all Trading Days during such
period prior to the effectiveness of the Stock Event shall be appropriately adjusted to reflect such Stock Event.

 

“Organic Change”
means any merger, consolidation, business combination, recapitalization, reorganization, reclassification, spin-off or other transaction
(including any Major Transaction in respect of which the Holder has not elected to have this Warrant redeemed) other than a transaction
subject to Section 4(a), in each case, that is effected in such a way that the outstanding Common Shares are converted into, are
exchanged for or become the right to receive (either directly or upon subsequent liquidation) cash, securities or other property.

 

“Original Issue Date”
means June 30, 2022.

 

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

 

“Pro Rata Repurchase”
means any purchase of Common Shares by the Company or any subsidiary thereof pursuant to (A) any tender offer or exchange offer subject
to Section 13(e) of the Exchange Act, or (B) any other offer available to substantially all holders of Common Shares, in each case whether
for cash, shares of capital stock of the Company, other securities of the Company, evidences of indebtedness of the Company or any other
Person or any other property, or any combination thereof, effected while this Warrant is outstanding; provided, however,
that, for the avoidance of doubt, “Pro Rata Repurchase” shall not include any purchase of shares by the Company or
any subsidiary thereof made in accordance with the requirements of Rule 10b-18 as in effect under the Exchange Act. The “Effective
Date” of a Pro Rata Repurchase shall mean the date of acceptance of shares for purchase or exchange under any tender or exchange
offer which is a Pro Rata Repurchase or the date of purchase with respect to any Pro Rata Repurchase that is not a tender or exchange
offer.

 

    16 

     

    

“Registration Effective
Date” has the meaning specified in Section 2(f)(iii) hereof.

 

“Registration Rights
Agreement” means that certain Registration Rights Agreement, dated as of the Original Issue Date, among the Company, Deerfield
Partners, L.P. and Deerfield Private Design Fund III, L.P., as may be amended, restated, supplemented or otherwise modified from time
to time in accordance with the terms thereof.

 

“Required Holders”
means, as of any date of determination, the holders of a majority-in-interest of the Warrants as of such date.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

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

 

“Standard Settlement
Period” means the standard settlement period for equity trades effected by U.S. broker-dealers, expressed in a number of Trading
Days, as in effect on the applicable date.

 

“Stock Event”
means any stock split or other subdivision of outstanding Common Stock or other security for which Market Price is being determined, combination
of outstanding Common Stock or other security for which Market Price is being determined (including by reverse stock split), reclassification,
payment of a stock dividend in Common Shares or such other security, recapitalization, or other similar transaction of such character
that Common Shares or such other security, as applicable, shall be changed into or become exchangeable for a larger or smaller number
of Common Shares or such other security.

 

“Term” has
the meaning specified in Section 1 hereof.

 

“Trading Day”
means any day on which the Common Shares are traded for any period on the NASDAQ Global Select Market, or if the Common Shares are no
longer listed on the NASDAQ Global Select Market, on the other United States securities exchange or market on which the Common Shares
are then being principally traded. If the Common Shares are not so listed or traded, then “Trading Day” means a Business
Day.

 

“Unrestricted Conditions”
has the meaning specified in Section 2(f)(iii) hereof.

 

“Volume Weighted Average
Price” means, with respect to a share of Common Stock or any other security as of any date, the volume weighted average sale
price on the principal United States exchange or market on which the Common Stock or such security is then being traded as reported by,
or based upon data reported by, Bloomberg Financial Markets or an equivalent, reliable reporting service mutually acceptable to and hereafter
designated by the Required Holders and the Company (“Bloomberg”), or, if no volume weighted average sale price is reported
for such security, then the last closing trade price of such security as reported by Bloomberg, or, if no last closing trade price is
reported for such security by Bloomberg, the average of the bid prices of any market makers for such security on the OTC Bulletin Board
or the OTCQX Market, the OTCQB Market or Pink Open Market of OTC Markets Group (or, in each case, any successor to such market).

 

    17 

     

    

“Warrant”
means this Warrant and any other warrants of like tenor issued in substitution or exchange for any thereof pursuant to the provisions
of Section 2(d) hereof.

 

“Warrant Share Number”
means 1,889,509, subject to adjustment as set forth herein, including reduction for each Common Share as to which this Warrant has been
exercised (whether pursuant to a Cash Exercise or a Cashless Exercise) hereunder (subject to the Company’s compliance with its obligations
with respect to each such exercise under Section 2 hereof).

 

“Warrant Shares”
has the meaning set forth in the preamble.

 

8.            
Amendment and Waiver. Any term, covenant, agreement or condition in this Warrant may be amended, or compliance therewith
may be waived (either generally or in a particular instance and either retroactively or prospectively), by a written instrument or written
instruments executed by the Company and the Required Holders, and all amendments and waivers so approved shall be binding upon holders
of all warrants issued pursuant to the Credit Agreement.

 

9.            
Governing Law; Jurisdiction; Specific Performance. This Warrant and all matters concerning the construction, validity,
enforcement and interpretation hereof or otherwise relating hereto shall be governed by, and construed in accordance with, the laws of
the State of New York, without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any
other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of New York. All Actions
arising out of or relating to this Warrant shall be heard and determined in the courts of the State of New York or the courts of the United
States located in the Borough of Manhattan, New York City, New York, and the parties hereto hereby irrevocably submit to the exclusive
jurisdiction and venue of such courts in any such Action and irrevocably waive the defense of an inconvenient forum or lack of jurisdiction
to the maintenance of any such Action. The consents to jurisdiction and venue set forth in this Section 9 shall not constitute general
consents to service of process in the State of New York and shall have no effect for any purpose except as provided in this paragraph
and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process
upon such party in any Action arising out of or relating to this Warrant shall be effective if notice is given by overnight courier at
the address set forth in Section 10 of this Warrant. The parties hereto agree that a final judgment in any such Action shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable law; provided, however,
that nothing in the foregoing shall restrict any party’s rights to seek any post-judgment relief regarding, or any appeal from,
a final trial court judgment. The parties hereto agree that irreparable damage for which monetary relief, even if available, would not
be an adequate remedy, would occur in the event that the parties hereto do not perform the provisions of this Warrant in accordance with
its specified terms or otherwise breach such provisions. Accordingly, the parties acknowledge and agree that the parties shall be entitled
to seek an injunction or injunctions, specific performance or other equitable relief to prevent breaches of this Warrant and to enforce
specifically the terms and provisions hereof in the courts without proof of damages or otherwise, this being in addition to any other
remedy to which they are entitled under this Warrant, and this right of specific enforcement is an integral part of the terms of this
Warrant. The parties agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to law or inequitable
for any reason, and agree not to assert that a remedy of monetary damages would provide an adequate remedy or that the parties otherwise
have an adequate remedy at law. The parties acknowledge and agree that any party shall not be required to provide any bond or other security
in connection with its pursuit of an injunction or injunctions to prevent breaches of this Warrant and to enforce specifically the terms
and provisions hereof.

 

    18 

     

    

10.            
Notices. All notices, requests, claims, demands and other communications under this Warrant shall be in writing and
shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier
service, by email, or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties hereto at
the following respective addresses (or at such other address for a party hereto as shall be specified in a notice given in accordance
with this Section 10):

 

(a)      
If to the Holder:

 

c/o Deerfield Management Company, L.P.

345 Park Avenue South, 12th Floor

New York, NY 10010

Attn: Legal Department

E-mail: [ ]

 

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

 

Katten Muchin Rosenman LLP

525 West Monroe Street

Chicago, IL 60661

Attn: Mark D. Wood and Jonathan D. Weiner

Email: [ ]

 

or at such other address or contact information delivered by the Holder
to the Company in writing.

 

(b)      
If to the Company:

 

Acutus Medical, Inc.

2210 Faraday Ave Suite 100

Carlsbad, CA 92008

Attention: David Roman

Email: [ ]

 

with a copy to (which copy alone shall not constitute notice):

 

Davis Polk & Wardwell

1600 El Camino Real

Menlo Park, CA 94025

Attention: Alan Denenberg

Email: [ ]

 

In connection with the delivery of any exercise
or assignment of this Warrant, no ink-original Exercise Form or Assignment Form, as applicable, shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Exercise Form or Assignment Form be required.

 

    19 

     

    

11.            
Successors and Assigns. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding
upon the Company and the Holder and their respective successors and permitted assigns (subject to Section 2(f) with respect to the Holder);
provided that the Company shall not assign its obligations under this Warrant except in connection with a Major Transaction or Organic
Change as provided in Section 4(c).

 

12.            
Modification and Severability. The provisions of this Warrant will be deemed severable and the invalidity or unenforceability
of any provision will not affect the validity or enforceability of any other provision hereof. To the fullest extent permitted by law,
if any provision of this Warrant, or the application thereof to any Person or circumstance, is invalid or unenforceable, (a) a suitable
and equitable provision will be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose
of such invalid or unenforceable provision, and (b) the remainder of this Warrant and the application of such provision to other Persons,
entities or circumstances will not be affected by such invalidity or unenforceability.

 

13.            
Material Nonpublic Information. Upon receipt or delivery by the Company of any notice in accordance with the terms
of this Warrant, unless the Company has in good faith determined that the matters relating to such notice do not constitute material nonpublic
information relating to the Company or its subsidiaries, if requested by Holder, the Company shall within one (1) Trading Day after any
such receipt or delivery, publicly disclose such material nonpublic information in a report on Form 8-K or otherwise in a filing with
the SEC. Without derogating from the immediately previous sentence, in the event that the Company believes that any notice delivered to
the Holder contains material nonpublic information relating to the Company, the Company shall so indicate to the Holder prior to the delivery
of such notice, and such indication shall provide the Holder the means to refuse to receive such notice; and in the absence of any such
indication, the Holder shall be allowed to presume that all matters relating to such notice do not constitute material nonpublic information
relating to the Company.

 

14.            
Interpretation. When a reference is made in this Warrant to a Section, such reference shall be to a Section of this
Warrant unless otherwise indicated. The headings contained in this Warrant are for reference purposes only and shall not affect in any
way the meaning or interpretation of this Warrant. Whenever the words “include,” “includes” or “including”
are used in this Warrant, they shall be deemed to be followed by the words “without limitation.” The words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Warrant shall refer to this Warrant as
a whole and not to any particular provision of this Warrant unless the context requires otherwise. The words “date hereof’
when used in this Warrant shall refer to the date of this Warrant. The terms “or,” “any” and “either”
are not exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or
other thing extends, and such phrase shall not mean simply “if.” The word “will” shall be construed to have the
same meaning and effect as the word “shall.” All terms defined in this Warrant shall have the defined meanings when used in
any document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Warrant are applicable
to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term.
Any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means
such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or
instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments
thereto and instruments incorporated therein. Unless otherwise specifically indicated, all references to “dollars” or “$”
shall refer to, and all payments hereunder shall be made in, the lawful money of the United States. References to a Person are also to
its successors and permitted assigns. When calculating the period of time between which, within which or following which any act is to
be done or step taken pursuant to this Warrant, the date that is the reference date in calculating such period shall be excluded (and,
unless otherwise required by law, if the last day of such period is not a Business Day, the period in question shall end on the next succeeding
Business Day).

 

[Signature pages follow]

 

    20 

     

    

IN WITNESS WHEREOF, the Company
has duly executed this Warrant.

 

Dated: June 30, 2022.

 

	 	ACUTUS MEDICAL, INC.
	 	 
	 	 
	 	By:	/s/ David Roman 
	 	 	Name:David Roman
	 	 	Title:  Chief Financial Officer

 

 

 

[Signature Page
to Warrant]

 

     

     

    

EXHIBIT A

 

FORM OF EXERCISE NOTICE

(To be executed by the registered holder hereof)

 

Reference is made to the Warrant to Purchase Common
Shares of Acutus Medical, Inc. issued to [Deerfield Partners, L.P. / Deerfield Private Design Fund III, L.P.] on June 30, 2022 (the “Warrant”).

 

The
undersigned hereby irrevocably exercises the Warrant with respect to shares of common stock, par value $0.001 per share (the “Common
Stock”), of Acutus Medical, Inc., a Delaware corporation (the “Company”). 

 

Check
the applicable box:

 

□ The undersigned
is exercising the Warrant with respect to [_______] shares of Common Stock pursuant to a Cashless Exercise, and makes payment of the
Exercise Price with respect to such shares in full, all in accordance with the conditions and provisions of the Warrant applicable to
such Cashless Exercise.

 

□ The undersigned is exercising
the Warrant with respect to [__________] shares of Common Stock pursuant to a Cash Exercise and
is hereby delivering by wire transfer to an account designated by the Company, $____ as payment of the Exercise Price.

 

1. The undersigned requests that [any stock
certificates for such shares be issued free of any restrictive legend, if appropriate,]/[the shares be credited to the Holder’s
account with its prime broker by DWAC to the account specified below] [and, if requested by the undersigned, a warrant representing any
unexercised portion hereof be issued, pursuant to the Warrant in the name of the undersigned and delivered to the undersigned at the
address set forth below.]

 

2. Capitalized
terms used but not otherwise defined in this Exercise Form shall have the meaning ascribed thereto in the Warrant.

 

	Dated:	Signature ____________________________

 

Please issue shares of Common Stock in the following name and to the
following address:

 

Issue to (print name): 

Email Address: 

DTC Details (if applicable): 

Address for Stock Certificates (if applicable):

 

     

     

    

EXHIBIT B

 

ASSIGNMENT FORM

(To be executed by the registered holder hereof)

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto                                 
(the “Assignee”) the within Warrant and all rights evidenced thereby and does irrevocably constitute and appoint                                ,
attorney, to transfer the said Warrant on the books of the within named corporation.

 

	Dated:	Signature ____________________________
	 	Address _____________________________

 

PARTIAL ASSIGNMENT

(To be executed by the registered holder hereof)

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto                           
the right to purchase                          
Common Shares issuable upon exercise of the attached Warrant, and does irrevocably constitute and appoint                    ,
attorney, to transfer that part of the said Warrant on the books of the within named corporation.

 

	Dated:	Signature ____________________________
	 	Address _____________________________

 

 

B-1

     

     

    

Schedule 1

 

Black-Scholes Value 

	 	 
	Remaining Term	Number of calendar days from date of consummation of the Major Transaction until the last date on which this Warrant may be exercised.
	Interest Rate	A risk-free interest rate corresponding to the US$ Treasury Yield + 0.50% for a period equal to the Remaining Term.
	Cost to Borrow	Zero
	Volatility	
    If the first public announcement of the Major Transaction is made at
    or prior to 4:00 p.m., New York City time, the arithmetic mean of the historical volatility for the 10, 30 and 50 Trading Day periods
    ending on the date of such first public announcement, obtained from the HVT or similar function on Bloomberg.

    

     

    If the first public announcement of the Major Transaction is made after
    4:00 p.m., New York City time, the arithmetic mean of the historical volatility for the 10, 30 and 50 Trading Day periods ending on the
    next succeeding Trading Day following the date of such first public announcement, obtained from the HVT or similar function on Bloomberg.

    

	Stock Price	The greatest of (1) the per share closing (last sale) price of the Common Shares on the Nasdaq Global Select Market, or, if that is not the principal trading market for the Common Shares, such principal market on which the Common Shares are traded or listed (the “Closing Market Price”) on the Trading Day immediately preceding the date on which the Major Transaction is consummated, and (2) the first Closing Market Price following the first public announcement of the Major Transaction, and (3) the Closing Market Price as of the date immediately preceding the first public announcement of the Major Transaction.

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