Document:

Exhibit
10.2

 

SECURITY
AGREEMENT

 

THIS
SECURITY AGREEMENT (this “Agreement”) dated effective as of the 1st day of October, 2018, is executed
by CTL Medical Corporation, a Delaware corporation (hereinafter referred to as
the “Debtor”), whose mailing address is 4550 Excel Parkway, Suite 300, Addison, Texas 75001, for the benefit
of Amedica Corporation, a Delaware corporation (hereinafter referred to as the
“Secured Party”), whose mailing address is 1885 West 2100 South, Salt Lake City, Utah 84119.

 

R
E C I T A L S:

 

A.
This Agreement is executed in connection with that certain Asset Purchase Agreement dated as of September 5, 2018, by and among
Debtor, as buyer, and Secured Party and US SPINE, INC., a Delaware corporation, collectively, as sellers (the “APA”).
Capitalized terms used herein and not otherwise defined have the meanings assigned to them in the APA.

 

B.
Pursuant to Section 2.1(a) of the APA, Debtor is obligated to pay off or assume that certain loan made by North Stadium Investments,
LLC (“North Stadium”) to the Secured Party with a principal balance as of the date hereof of $2,500,000.00
(the “North Stadium Note”).

 

C.
Pursuant to Section 2.1(b) of the APA, Debtor is indebted to Secured Party pursuant to that certain Promissory Note in the original
face amount of $6,000,000.00 dated of even date herewith executed by Debtor, as maker, and payable to Secured Party, as payee
(the “Seller Note” and together with the North Stadium Note, the “Notes”).

 

D.
Secured Party has conditioned its consummation of the transactions contemplated by the APA and its acceptance of the Seller Note
upon, among other things, the execution and delivery of this Agreement by Debtor.

 

NOW,
THEREFORE, in consideration of the agreement by Secured Party to accept from Debtor amounts evidenced by the Seller Note as a
portion of the Purchase Price and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged
and confessed, the parties agree as follows:

 

Section
1. Grant of Security Interest. Debtor hereby grants to Secured Party a security interest in the Debtor’s right, title,
and interest in and to the following, wherever located, whether now existing or hereafter from time to time arising or acquired
(such property being hereinafter sometimes called the “Collateral”):

 

(a)
the Acquired Assets; and

 

(b)
all cash and non-cash products and proceeds of the foregoing, in whatever form, including proceeds in the form of inventory, equipment
or any other form of personal property, including proceeds of proceeds and proceeds of insurance, all claims by the Company against
third parties for loss or damage to, or destruction of, or otherwise relating to, any or all of the foregoing, together with all
books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records
related thereto.

 

    	Security
                                         Agreement	Page
                                         1

    	 

    

 

to
secure payment and performance of all obligations of the Debtor to Secured Party now or hereafter existing under the Notes and
the APA, including any extensions, modifications, substitutions, amendments and renewals thereof, whether for principal, interest
or otherwise (hereinafter called the “Obligations”). Notwithstanding anything to the contrary contained herein,
Collateral shall not include the Excluded Property of the Debtor; provided, that if and when any property of the Debtor
shall cease to be Excluded Property, such property shall be deemed at all times from and after the date hereof to constitute Collateral
until the date, if ever, such property again becomes Excluded Property. As used herein, “Excluded Property” means
(a) contractual rights to the extent and for so long as the grant of a security interest therein pursuant hereto would violate
the terms of the agreement under which such contractual rights arise or exist to the extent such prohibition is enforceable under
applicable law, (b) rights under governmental licenses and authorizations to the extent and for so long as the grant of a security
interest therein is prohibited by and enforceable under applicable law, and (c) any intent-to-use trademark or service mark application
prior to the filing of a statement of use or amendment to allege use.

 

Section
2. Second Priority Nature of Lien

 

(a)
Notwithstanding anything herein to the contrary, the security interest granted pursuant to this Agreement shall be a second priority
security interest in the Collateral.

 

(b)
Notwithstanding anything herein or in any other Loan Document (as defined below) to the contrary, before the North Stadium Note
has been paid in full by the Debtor, (i) any endorsement, assignment, or delivery to North Stadium of any Collateral and certificates
instruments, or agreements in relation thereto shall be deemed an endorsement, assignment, or delivery to the Secured Party for
all purposes hereunder, and (ii) the requirements of this Agreement to perfect by control the Secured Party’s security interest
in any Collateral shall be deemed satisfied for so long as North Stadium maintains control of such Collateral as provided in the
loan agreement between North Stadium and the Debtor (the “North Stadium Loan Agreement”).

 

Section
3. Representations and Warranties. To induce Secured Party to accept the Seller Note, Debtor represents and warrants to
Secured Party as follows:

 

(a)
All information heretofore, herein or hereafter supplied to the Secured Party by or on behalf of Debtor with respect to the Collateral
is true and correct. The exact legal name of Debtor is correctly shown above and the Debtor’s jurisdiction of incorporation
is Delaware. The Debtor’s exact legal name and its jurisdiction of incorporation have not changed in the last five years.

 

(b)
The execution and delivery of this Agreement and any other Loan Documents by the Debtor and the performance by the Debtor of its
obligations hereunder and thereunder will not violate any provision of any applicable law or regulation or any order, judgment,
writ, award, or decree of any court, arbitrator, or governmental authority, domestic or foreign, applicable to the Debtor or any
of its property, or any agreement or instrument to which the Debtor is party or by which it or its property, including the Collateral,
is governed or bound.

 

    	Security
                                         Agreement	Page
                                         2

    	 

    

 

(c)
Debtor’s principal place of business (as that term is used in the Uniform Commercial Code as enacted in the State of Utah
(the “UCC”) is located at the address set forth in the Seller Note.

 

(d)
To the best of the Debtor’s current, actual knowledge, the Collateral is not subject to any liens other than the lien granted
hereunder, the liens granted to North Stadium pursuant to the North Stadium Loan Agreement, and any liens granted or created prior
to the Closing Date (collectively, the “Permitted Liens”).

 

(e)
The Collateral is not covered by any financing statement naming the Debtor as debtor in any proper jurisdiction that has not lapsed
or been terminated other than (a) financing statements in favor of the Secured Party, and (b) financing statements perfecting
the Permitted Liens.

 

(f)
As of the Closing Date, Debtor has full right, title and interest in and to the Collateral, including the right to grant the security
interest contemplated in this Agreement to Secured Party.

 

Section
4. Covenants. Debtor covenants and agrees with Secured Party that until the Obligations are irrevocably paid and performed
in full:

 

(a)
Maintenance. Debtor shall maintain the Collateral in good operating condition and repair and shall not permit any waste
or destruction of the Collateral or any part thereof. Debtor shall not use or permit the Collateral to be used in violation of
any law or inconsistently with the terms of any policy of insurance. Debtor shall not use or permit the Collateral to be used
in any manner or for any purpose that would impair the value of the Collateral or expose the Collateral to unusual risk.

 

(b)
Encumbrances. Debtor shall not create, permit, or suffer to exist, and shall defend the Collateral against, any lien, security
interest, or other encumbrance on the Collateral except the Permitted Liens, and those arising by operation of law, and shall
defend Debtor’s rights in the Collateral and Secured Party’s security interest in the Collateral against the claims
of all other persons and entities.

 

(c)
Disposition of Collateral. Except with regard to the enforcement of North Stadium’s rights in and to the Collateral
under the North Stadium Loan Agreement, Debtor shall not sell, lease, or otherwise dispose of the Collateral or any part thereof
outside of the ordinary course of business without the prior written consent of Secured Party.

 

(d)
Further Assurances. At any time and from time to time, upon the request of Secured Party, and at the sole expense of Debtor,
Debtor shall promptly execute and deliver all such further instruments and documents and take such further action as Secured Party
may deem necessary or desirable to preserve and perfect its security interest in the Collateral and carry out the provisions and
purposes of this Agreement, including, without limitation, the execution and filing of such financing statements as Secured Party
may require. A carbon, photographic, or other reproduction of this Agreement or of any financing statement covering the Collateral
or any part thereof shall be sufficient as a financing statement and may be filed as a financing statement.

 

(e)
Notification. Debtor shall promptly notify Secured Party of any lien, security interest, encumbrance, or claim made or
threatened against the Collateral.

 

    	Security
                                         Agreement	Page
                                         3

    	 

    

 

(f)
Taxes. Debtor agrees to pay or discharge prior to delinquency all taxes, assessments, levies, and other governmental charges
imposed on it or its property, except Debtor shall not be required to pay or discharge any tax, assessment, levy, or other governmental
charge if (i) the amount or validity thereof is being contested by Debtor in good faith by appropriate proceedings diligently
pursued, (ii) such proceedings do not involve any risk of sale, forfeiture, or loss of the Collateral or any interest therein,
and (iii) adequate reserves therefor have been established in conformity with generally accepted accounting principles.

 

(g)
Obligations. Debtor shall duly and punctually pay and perform the Obligations.

 

(h)
Organization Changes. Debtor shall not change its name, identity, notice address, or corporate existence, structure or
management in any manner that might make any financing statement filed in connection with this Agreement seriously misleading
unless Debtor has given Secured Party thirty (30) days prior written notice thereof and shall have taken all action deemed necessary
or desirable by Secured Party to make each financing statement not seriously misleading. Debtor shall not change its principal
place of business or the place where it keeps its books and records unless it shall have given Secured Party thirty (30) days
prior written notice thereof and shall have taken all action deemed necessary or desirable by Secured Party to cause its security
interest in the Collateral to be perfected with the priority required by this Agreement.

 

Section
5. Default and Remedies.

 

(a)
The occurrence of any one or more of the following will constitute an event of default (“Event of Default”)
under this Security Agreement:

 

(i)
Any representation or warranty made or deemed made by or on behalf of the Debtor under this Agreement or in any certificate, document
or financial or other statement furnished by or on behalf of the Debtor under or in connection with this Agreement shall prove
to have been incorrect, false or misleading in any material respect on or as of the date made or deemed made.

 

(ii)
The material breach by the Debtor of any provision of this Agreement and such breach continues for fifteen (15) calendar days
after the Debtor’s receipt of written notice thereof; provided, that, to the extent such 15-day cure period would
cause the loss or impairment of the perfection or the priority of the security interest granted hereunder, such 15-day cure period
shall be automatically adjusted to the extent necessary to prevent such loss or impairment.

 

(iii)
The failure of the Debtor to pay any cost, expense, indemnity or other amount due under this Agreement as and when due or, if
no due date is specified herein, within six (6) business days of demand therefor, subject to any applicable indemnification procedures
set forth in the APA.

 

(iv)
The occurrence of any “Event of Default” (or term of similar import) under the Loan Documents.

 

    	Security
                                         Agreement	Page
                                         4

    	 

    

 

(b)
Upon the occurrence of an Event of Default, the Secured Party may exercise any or all of the following rights and remedies:

 

(i)
Secured Party may declare the Obligations or any part thereof immediately due and payable.

 

(ii)
Those rights and remedies provided for in this Agreement or any other Loan Documents (provided, that, this Section does not limit
the Secured Party’s ability to exercise its rights under this Agreement that are not designated as available only after
an Event of Default).

 

(iii)
Those rights and remedies available to the Secured Party under other applicable law or in equity.

 

(iv)
In addition to all other rights and remedies granted to Secured Party in this Agreement, the Seller Note, any guaranty relating
thereto and in any other instrument or agreement securing, evidencing, guarantying or relating to the Obligations or any part
thereof (collectively, the “Loan Documents”), Secured Party shall have all of the rights and remedies of a
secured party under the UCC.

 

Section
6. Expenses; Indemnification. The Debtor agrees to reimburse Secured Party’s out-of-pocket expenses, including reasonable
attorneys’ fees, incurred in connection with enforcing any of the Secured Party’s rights in connection with this Agreement,
the other Loan Documents and the enforcement of its rights with respect to any part of the Obligations.

 

Section
7. Successors and Assigns. The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit
of the Debtor, the Secured Party and their respective successors and permitted assigns (including all persons or entities who
become bound as a debtor to this Agreement), and neither the Debtor nor the Secured Party shall have the right to assign their
rights or delegate their obligations under this Agreement or any interest herein, without the prior written consent of the other
party, which Debtor may not unreasonably withhold.

 

Section
8. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Utah.

 

Section
9. Headings. The headings, captions, and arrangements used in this Agreement are for convenience only and shall not affect
the interpretation of this Agreement.

 

Section
10. Survival of Representations and Warranties. All representations and warranties made in this Agreement or in any certificate
delivered pursuant hereto shall survive the execution and delivery of this Agreement until the Obligations are irrevocably paid
and performed in full.

 

Section
11. Counterparts. This Agreement may be executed in any number of 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 facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery
of a manually executed counterpart of this Agreement.

 

Section
12. Severability. If any one or more of the provisions of this Agreement, or the applicability of any such provision to
a specific situation, shall be held invalid or unenforceable, such provision shall be modified to the minimum extent necessary
to make it or its application valid and enforceable, and the validity and enforceability of all other provisions of this Agreement
and all other applications of any such provision shall not be affected thereby.

 

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                                         Agreement	Page
                                         5

    	 

    

 

Section
13. Construction. Debtor and Secured Party acknowledge that each of them has had the benefit of legal counsel of its own
choice and has been afforded an opportunity to review this Agreement with its legal counsel and that this Agreement shall be construed
as if jointly drafted by Debtor and Secured Party.

 

Section
14. Amendment. None of the terms or provisions of this Agreement may be amended, modified, supplemented, terminated, or
waived, and no consent to any departure by the Debtor therefrom shall be effective, unless the same shall be in writing and signed
by the Secured Party and the Debtor, and then such amendment, modification, supplement, waiver, or consent shall be effective
only in the specific instance and for the specific purpose for which made or given.

 

Section
15. Entire Agreement. This Agreement embodies the entire agreement and understanding between the Debtor and the Secured
Party with respect to its subject matter and supersedes all prior agreements and understandings between the Debtor and the Secured
Party with respect thereto.

 

Section
16. Consent to Jurisdiction. THE DEBTOR IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL
COURT SITTING IN SALT LAKE COUNTY, UTAH OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OF THE LOAN DOCUMENTS, AND THE DEBTOR HEREBY AGREES AND CONSENTS THAT, IN ADDITION TO ANY METHODS OF SERVICE OF PROCESS PROVIDED
FOR UNDER APPLICABLE LAW, ALL SERVICE OF PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY STATE OR FEDERAL COURT SITTING
IN SALT LAKE COUNTY, UTAH MAY BE MADE BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO MAKER AT THE ADDRESS
INDICATED BELOW, AND SERVICE SO MADE SHALL BE COMPLETE FIVE DAYS AFTER THE SAME SHALL HAVE BEEN SO MAILED.

 

Section
17. WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING,
DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR
CONNECTED WITH THIS AGREEMENT. THE DEBTOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE SECURED PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT THE SECURED PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND
(B) ACKNOWLEDGES THAT THE SECURED PARTY AND THE DEBTOR HAVE EACH BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

[Remainder
of page intentionally left blank; signature page follows.]

 

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                                         Agreement	Page
                                         6

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first written above.

 

	 	DEBTOR:
	 	 	 
	 	CTL
    MEDICAL CORPORATION,
	 	a
    Delaware corporation
	 	 	 
	 	By:	/s/
    Daniel Chon
	 	Name:	Daniel
    Chon
	 	Title:	President
    / CEO
	 	 	 
	 	SECURED
    PARTY:
	 	 	 
	 	AMEDICA
    CORPORATION,
	 	a
    Delaware corporation
	 	 	 
	 	By:	/s/
    B. Sonny Bal
	 	Name:	B.
    Sonny Bal, MD
	 	Title:	President
    and Chief Executive Officer

 

    	Security
                                         Agreement	Signature
                                         PageExhibit
10.3

 

GUARANTY

 

THIS
GUARANTY, is dated as of October 1, 2018, by DANIEL CHON, individually (the “Guarantor”), in favor of AMEDICA
CORPORATION, a Delaware corporation (the “Seller”), and is executed in connection with that certain Asset Purchase
Agreement, of even date herewith, by and among, Buyer, as buyer, and Seller and US SPINE, INC., a Delaware corporation, collectively,
as sellers (the “Agreement”). Capitalized terms used herein and not otherwise defined have the meanings assigned
to them in the Agreement. In consideration of the Seller’s giving, in its discretion, time, credit, or other accommodations
to Buyer and its successors in connection with the Agreement, Guarantor agrees as follows:

 

1.
GUARANTY OF PAYMENT AND PERFORMANCE. Until Buyer repays the North Stadium Note in full, the Guarantor hereby guarantees to the
Seller the full and punctual payment when due (whether at maturity, by acceleration or otherwise), and the performance, of (a)
all liabilities, agreements, and other obligations of the Buyer to the Seller pursuant to the Agreement and that certain Promissory
Note executed by Buyer, as maker, to Seller, as payee, in the original principal amount of Six
Million and No/100 Dollars ($6,000,000.00), dated on or about the date hereof, plus (b) the obligations under the North
Stadium Note (collectively, the “Obligations”). This Guaranty is an absolute, unconditional, and continuing
guaranty of the full and punctual payment and performance of the Obligations and not of their collectability only and is in no
way conditioned upon any requirement that the Seller first attempt to collect any of the Obligations from the Buyer or resort
to any security or other means of obtaining their payment. Should the Buyer default in payment or performance of any of the Obligations,
the obligations of the Guarantor hereunder shall become immediately due and payable to the Seller. Payments by the Guarantor hereunder
may be required by the Seller on any number of occasions. The obligations of the Guarantor hereunder
shall not be released, discharged, or otherwise affected by:

 

(a)
any extension, renewal, settlement, indulgence, compromise, waiver, or release of or with respect to the Obligations or the North
Stadium Note or any part thereof or any agreement relating thereto (collectively, the “Loan Documents”), or
with respect to any obligation of any other guarantor, obligor, surety, endorser, accommodating party or any other person or entity
liable for any of the Obligations (each, an “Obligor” and collectively, the “Obligors”),
whether (in any such case) by operation of law or otherwise, or any failure or omission to enforce any right, power or remedy
with respect to the Obligations or any part thereof or any agreement relating thereto, or with respect to any obligation of any
other Obligor;

 

(b)
any modification or amendment of or supplement to the Loan Documents, including, without limitation, any such amendment which
may increase the amount of, or the interest rates applicable to, any of the Obligations;

 

(c)
any release, surrender, compromise, settlement, waiver, subordination, or modification, with or without consideration, of any
collateral securing the Obligations or any part thereof, any other guaranties with respect to the Obligations or any part thereof,
or any other obligation of any other Obligor with respect to the Obligations or any part thereof, or any nonperfection or invalidity
of any direct or indirect security for the Obligations;

 

    	GUARANTY – Daniel Chon – Page 1
	 

     

    

 

(d)
any change in the corporate, partnership, limited liability company, or other existence, structure or ownership of the Buyer or
any other Obligor, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Buyer or any other
Obligor of the Obligations, or any of their respective assets or any resulting release or discharge of any obligation of the Buyer
or any other Obligor;

 

(e)
the existence of any claim, setoff or other rights which the Guarantor may have at any time against the Buyer, any other Obligor,
the Seller or any other person or entity, whether in connection herewith or in connection with any unrelated transactions, provided
that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim;

 

(f)
the enforceability or validity of the Obligations or any part thereof with respect to Buyer or any other Obligor or the enforceability
or validity of any agreement relating thereto or with respect to any collateral securing the Obligations or any part thereof,
or any other invalidity or unenforceability relating to or against the Buyer or any other Obligor, for any reason related to the
Loan Documents, or any provision of applicable law, decree, order or regulation purporting to prohibit the payment by the Buyer
or any other Obligor of any of the Obligations or otherwise affecting any term of any of the Obligations;

 

(g)
the failure of the Seller to take any steps to perfect and maintain any security interest in, or to preserve any rights to, any
security or collateral for the Obligations, if any;

 

(h)
the election by, or on behalf of the Seller, in any proceeding instituted under Chapter 11 of Title 11 of the United States Code
(11 U.S.C. 101 et seq.) (or any successor statute, the “Bankruptcy Code”), of the application of Section 1111(b)(2)
of the Bankruptcy Code;

 

(i)
any borrowing or grant of a security interest by the Buyer, as debtor-in-possession, under Section 364 of the Bankruptcy Code;

 

(j)
the disallowance, under Section 502 of the Bankruptcy Code, of all or any portion of the claims of the Seller for repayment of
all or any part of the Obligations; or

 

(k)
any other act or omission to act or delay of any kind by the Buyer, any other Obligor, or any other person or entity or any other
circumstance whatsoever which might, but for the provisions of this Section, constitute a legal or equitable discharge of the
Guarantor’s obligations hereunder or otherwise reduce, release, prejudice or extinguish the Guarantor’s liability
under this Guaranty.

 

2.
GUARANTOR’S AGREEMENT TO PAY. The Guarantor further agrees, as the principal obligor and not as a guarantor only, to pay
to the Seller, on demand, all reasonable costs and expenses (including court costs and legal fees and expenses) incurred or expended
by the Seller in connection with the Obligations, this Guaranty, and the enforcement thereof, together with interest on amounts
recoverable under this Guaranty from the time such amounts become due until payment, at the rate per annum equal to 18% or, if
higher, the maximum rate permitted to be paid under applicable law. In no event shall such interest exceed such maximum permitted
amount.

 

    	GUARANTY – Daniel Chon – Page 2
	 

     

    

 

3.
UNLIMITED GUARANTY. The liability of the Guarantor hereunder shall be unlimited.

 

4.
SUBROGATION; SUBORDINATION. Until the Obligations have been fully and finally performed and indefeasibly paid in full in cash,
the Guarantor (i) shall have no right of subrogation with respect to such Obligations and (ii) waives any right to enforce any
remedy which the Seller now has or may hereafter have against the Buyer or any other Obligor, and (iii) waives any benefit of,
and any right to participate in, any security or collateral given to the Seller, to secure the payment or performance of all or
any part of the Obligations or any other liability of the Buyer to the Seller. Should the Guarantor have the right, notwithstanding
the foregoing, to exercise its subrogation rights, the Guarantor hereby expressly and irrevocably (A) subordinates to the Obligations
any and all rights at law or in equity to subrogation, reimbursement, exoneration, contribution, indemnification or set off that
the Guarantor may have with respect to the Buyer or any other Obligor until the Obligations are fully and finally performed and
indefeasibly paid in full in cash and (B) waives any and all defenses available to a surety, guarantor, or accommodation co-obligor
until the Obligations are indefeasibly paid in full in cash. The Guarantor acknowledges and agrees that this subordination is
intended to benefit the Seller and shall not limit or otherwise affect the Guarantor’s liability hereunder or the enforceability
of this Guaranty, and that the Seller and its successors and assigns are intended third-party beneficiaries of the waivers and
agreements set forth in this Section.

 

5.
FURTHER ASSURANCES. The Guarantor agrees to do all such things and execute all such documents, including financing statements,
as the Seller may consider necessary or desirable to give full effect to this Guaranty and to perfect and preserve the rights
and powers of the Seller hereunder.

 

6.
TERMINATION. Pursuant to Section 2.1(c) of the Agreement, this Guaranty shall terminate immediately upon satisfaction in full
of the North Stadium Note.

 

7.
SUCCESSORS AND ASSIGNS. This Guaranty shall be binding upon the Guarantor, its successor and assigns, and shall inure to the benefit
of and be enforceable only by the Seller. The Guarantor shall have no right to assign its rights or obligations hereunder without
the written consent of the Seller.

 

8.
AMENDMENTS. No amendment or waiver of any provision of this Guaranty nor consent to any departure by the Guarantor therefrom shall
be effective unless the same shall be in writing and signed by the Seller and Guarantor.

 

9.
GOVERNING LAW; CONSENT TO JURISDICTION. This Guaranty is intended to take effect as a sealed instrument and shall be governed
by, and construed in accordance with, the laws of the State of Utah. The Guarantor agrees that any suit for the enforcement of
this Guaranty may be brought in the courts of the State of Utah or any Federal Court sitting therein and consents to the non-exclusive
jurisdiction of such court and to service of process in any such suit being made upon the Guarantor by mail at the address specified
in Section 11 hereof. The Guarantor hereby waives any objection that it may now or hereafter have to the venue of any such suit
or any such court or that such suit was brought in an inconvenient court.

 

    	GUARANTY – Daniel Chon – Page 3
	 

     

    

 

10.
MISCELLANEOUS. This Guaranty constitutes the entire agreement of the Guarantor with respect to the matters set forth herein. The
rights and remedies herein provided are cumulative and not exclusive of any remedies provided by law or any other agreement, and
this Guaranty shall be in addition to any other guaranty of the Obligations. The invalidity or unenforceability of any one or
more sections of this Guaranty shall not affect the validity or enforceability of its remaining provisions. The meanings of all
defined terms used in this Guaranty shall be equally applicable to the singular and plural forms of the terms defined.

 

11.
NOTICE. All notices and other communications shall have been duly given and shall be effective (i) when delivered, (ii) when transmitted
via telecopy (or other facsimile device) to the number set forth below, (iii) on the day following the day on which the same has
been delivered prepaid to a reputable national overnight air courier service, or (iv) on the third business day following the
day on which the same is sent by certified or registered mail, postage prepaid, in each case to the respective parties at the
address set forth below, or at such other address as such party may specify by written notice to the other party hereto. No notice
of change of address shall be effective except upon actual receipt. This Section shall not be construed in any way to affect or
impair any waiver of notice or demand provided in any other document or to require giving of notice or demand to or upon any person
in any other situation or for any reason.

 

to
the Guarantor:

 

Daniel
Chon

c/o
CTL Medical

4550
Excel Parkway, Suite 300

Addison,
Texas 75001

Fax:
(888) 831-4892

 

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

 

Carrington,
Coleman, Sloman and Blumenthal, LLP

901
Main Street, Suite 5500

Dallas,
Texas 75202

Fax:
(214) 758-3706

Attn:
Amy E. Lott

 

to
the Seller:

 

Amedica
Corporation

1885
West 2100 South

Salt
Lake City, Utah 84119

Fax:
(801) 839-3601

Attn:
David O’Brien, VP, Operations

 

    	GUARANTY – Daniel Chon – Page 4
	 

     

    

 

Personal
delivery to a party or to any officer, partner, agent, or employee of such party at its address herein shall constitute receipt.
Rejection or other refusal to accept or inability to deliver because of changed address of which no notice has been received shall
also constitute receipt.

 

12.
CONFIDENTIALITY. Seller shall not, without the Guarantor’s prior written consent, disclose confidential information about
the Guarantor (including Guarantor’s financial condition) to rating agencies or any other person or entity, except as required
by law or in connection with the enforcement by Seller of this Agreement.

 

13.
JURY WAIVER. EACH OF THE GUARANTOR AND THE SELLER HEREBY IRREVOCABLY WAIVES TRIAL BY JURY AND AGREES THAT NEITHER, INCLUDING ANY
ASSIGNEE OR SUCCESSOR, SHALL SEEK A JURY TRIAL IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM, OR ANY OTHER LITIGATION PROCEDURE BASED
UPON, OR ARISING OUT OF, THIS GUARANTY, ANY PROMISSORY NOTE, ANY OTHER RELATED AGREEMENTS, ANY COLLATERAL, OR THE DEALINGS OR
THE RELATIONSHIP BETWEEN OR AMONG THE PARTIES, OR ANY OF THEM. NEITHER THE GUARANTOR NOR THE SELLER WILL SEEK TO CONSOLIDATE ANY
SUCH ACTION, IN WHICH A JURY TRIAL HAS BEEN WAIVED, WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED.
THE PROVISIONS OF THIS SECTION HAVE BEEN FULLY DISCUSSED BY THE PARTIES AND THESE PROVISIONS SHALL BE SUBJECT TO NO EXCEPTIONS.
NEITHER THE GUARANTOR NOR THE SELLER HAS IN ANY WAY AGREED WITH OR REPRESENTED TO THE OTHER THAT THE PROVISIONS OF THIS SECTION
WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.

 

[Remainder
of page intentionally left blank.]

 

    	GUARANTY – Daniel Chon – Page 5
	 

     

    

 

IN
WITNESS WHEREOF, the Guarantor has executed and delivered this Guaranty, or, if other than an individual, has caused this Guaranty
to be executed and delivered by its duly authorized officer, as an instrument under seal, as of the date appearing on page one
hereof.

 

	 	GUARANTOR:
	 	 
	 	/s/
    Daniel Chon
	 	DANIEL
    CHON, individually
	 	 
	WITNESSED:	 
	 	 
	/s/
    Fiona Lazarow	 
	Signature
    of Witness	 
	 	 
	Fiona
    Lazarow	 
	Print
    Name	 

 

    	GUARANTY – Daniel Chon – Signature Page

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