Document:

EXHIBIT 4.6

 

DESCRIPTION OF COMMON STOCK OF MOVANO INC.

REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES
EXCHANGE ACT OF 1934

 

The following is a brief description
of our common stock. This summary does not purport to be complete in all respects. This description is subject to and qualified entirely
by the terms of our Third Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), and our
Amended and Restated Bylaws (the “Bylaws”), each of which are incorporated by reference as an exhibit to the Annual Report
on Form 10-K of which this Exhibit 4.7 is a part.

 

Authorized Common Stock

 

Our Certificate of Incorporation
authorizes the issuance of 75,000,000 shares of Common Stock. Our authorized but unissued shares of Common Stock are available for issuance
without further action by our stockholders, unless such action is required by applicable law or the rules of any stock exchange or automated
quotation system on which our securities may be listed or traded.

 

Voting 

 

Each outstanding share of
our Common Stock is entitled to one vote on all matters submitted to a vote of shareholders. There is no cumulative voting.

 

Dividends

 

The holders of outstanding
shares of our Common Stock are entitled to receive dividends out of assets legally available for the payment of dividends at the times
and in the amounts as our board of directors may from time to time determine.

 

Rights and Preferences

 

Shares of Common Stock are
neither redeemable nor convertible. Holders of Common Stock have no preemptive or subscription rights to purchase any of our securities
and no sinking fund provisions apply to our Common Stock.

 

Liquidation

 

In the event of our liquidation,
dissolution or winding up, holders of Common Stock are entitled to receive, pro rata, our assets which are legally available for distribution,
after payments of all debts and other liabilities and subject to the prior rights of any holders of preferred stock then outstanding.

 

Preferred Stock

 

Our board of directors has
the authority, without further action by our stockholders, to issue up to 5,000,000 shares of preferred stock in one or more series and
to fix the designations, powers, rights, preferences, qualifications, limitations and restrictions thereof. These designations, powers,
rights and preferences could include voting rights, dividend rights, dissolution rights, conversion rights, exchange rights, redemption
rights, liquidation preferences, and the number of shares constituting any series or the designation of such series, any or all of which
may be greater than the rights of Common Stock. The issuance of preferred stock could adversely affect the voting power of holders of
Common Stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance
of preferred stock could have the effect of delaying, deferring or preventing a change in our control or other corporate action.

 

     

     

    

 

Anti-Takeover Provisions

 

The following is a summary
of certain provisions of Delaware law, our Certificate of Incorporation and our Bylaws. This summary does not purport to be complete and
is qualified in its entirety by reference to the corporate law of Delaware and our Certificate of Incorporation and bylaws. The provisions
of Delaware law, the Certificate of Incorporation and the By-Laws could have the effect of delaying, deferring or discouraging another
person from acquiring control of us. These provisions, which are summarized below, may have the effect of discouraging takeover bids.
They are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with our board of directors.
We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer
outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement
of their terms.

 

Delaware Law

 

We must comply with Section
203 of the Delaware General Corporation Law, an anti-takeover law. In general, Section 203 prohibits a publicly held Delaware corporation
from engaging in a “business combination” with an “interested stockholder” for a period of three years following
the date the person became an interested stockholder, unless the business combination or the transaction in which the person became an
interested stockholder is approved in a prescribed manner or certain other exceptions are met. Generally, a “business combination”
includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to an interested stockholder. An “interested
stockholder” includes a person who, together with affiliates and associates, owns, or did own within three years prior to the determination
of interested stockholder status, 15% or more of the corporation’s voting stock. The existence of this provision generally will
have an anti-takeover effect for transactions not approved in advance by the board of directors, including discouraging attempts that
might result in a premium over the market price for the shares of Common Stock held by stockholders.

 

Certificate of Incorporation
and Bylaws Provisions

 

Our Certificate of Incorporation
and Bylaws include provisions that may have the effect of discouraging, delaying or preventing a change in control or an unsolicited acquisition
proposal that a stockholder might consider favorable, including a proposal that might result in the payment of a premium over the market
price for the shares held by our stockholders. Certain of these provisions are summarized in the following paragraphs.

 

Authorized but Unissued Shares. One of
the effects of the existence of authorized but unissued common stock may be to enable our board of directors to make more difficult or
to discourage an attempt to obtain control of our Company by means of a merger, tender offer, proxy contest or otherwise, and thereby
to protect the continuity of management. If, in the due exercise of its fiduciary obligations, the board of directors were to determine
that a takeover proposal was not in our best interest, such shares could be issued by the board of directors without stockholder approval
in one or more transactions that might prevent or render more difficult or costly the completion of the takeover transaction by diluting
the voting or other rights of the proposed acquirer or insurgent stockholder group, by putting a substantial voting block in institutional
or other hands that might undertake to support the position of the incumbent board of directors, by effecting an acquisition that might
complicate or preclude the takeover, or otherwise.

 

    2

     

    

 

Undesignated Preferred Stock. Our board
of directors has the ability to issue preferred stock with voting or other rights, preferences and privileges that could have the effect
of deterring hostile takeovers or delaying changes in control of our Company or management.

 

Cumulative Voting. Our Certificate of Incorporation
does not provide for cumulative voting in the election of directors, which would allow holders of less than a majority of the stock to
elect some directors.

 

Classified Board of Directors. Our Certificate
of Incorporation and Bylaws provide that our board of directors is divided into three classes, with members of each class serving staggered
three-year terms. Our classified Board of Directors could have the effect of delaying or discouraging an acquisition of us or a change
in management.

 

Vacancies. Our Certificate of Incorporation
provides that all vacancies may be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum.

 

Actions at Meetings of Stockholders; Special
Meeting of Stockholders and Advance Notice Requirements for Stockholder Proposals. Our Certificate of Incorporation and Bylaws require
that any action required or permitted to be taken by our stockholders must be effected at a duly called annual or special meeting of the
stockholders and may not be effected by a consent in writing. Our Certificate of Incorporation and Bylaws also provide that special meetings
of stockholders may be called from time to time only by a majority of our board of directors, our president, chief executive officer or
the chairman of the board for the purpose specified in the notice of meeting. In addition, the Bylaws provide that candidates for director
may be nominated and other business brought before an annual meeting only by the Board of Directors or by a stockholder who gives written
notice to us not less than 90 days, nor more than 120 days, prior to the first anniversary of the preceding year’s annual meeting,
subject to certain exceptions. Such stockholder’s notice must set forth certain information required by the Bylaws. These provisions
may have the effect of deterring unsolicited offers to acquire our company or delaying stockholder actions, even if they are favored by
the holders of a majority of our outstanding voting securities.

 

Supermajority Voting for Amendments to Our
Governing Documents. Amendments to certain provisions our Certificate of Incorporation relating to our board of directors, actions
of stockholders, director liability, choice of forum and amendments to our Certificate of Incorporation will require the affirmative vote
of at least 66 2/3% of the voting power of all shares of our capital stock then outstanding. Our Certificate of Incorporation provides
that the board of directors is expressly authorized to adopt, amend or repeal our Bylaws and that our stockholders may amend our Bylaws
only with the approval of at least 66 2/3% of the voting power of all shares of our capital stock then outstanding.

 

Choice of Forum. Our Certificate of Incorporation
provides that, subject to certain exceptions, the Court of Chancery of the State of Delaware will be the exclusive forum for any claim,
including any derivative claim, (i) that is based upon a violation of a duty by a current or former director or officer or stockholder
in such capacity or (ii) as to which the Delaware General Corporation Law, or any other provision of Title 8 of the Delaware Code, confers
jurisdiction upon the Court of Chancery. Additionally, our Certificate of Incorporation provides that the federal district courts of the
United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the
Securities Act of 1933.

 

Listing on the Nasdaq Capital Market

 

Shares of Common Stock are listed on the Nasdaq
Capital Market under the symbol “MOVE.”

 

 

3EXHIBIT 10.3

 

Movano
Inc.

 

Director
Compensation Policy

 

Members
of the Board of Directors (the “Board”) of Movano Inc. (the “Company”) who are not employees of
the Company or any subsidiary of the Company (“non-employee directors”) shall receive compensation for their services
on the Board in accordance with this Director Compensation Policy (this “Policy”).

 

Cash
Compensation

 

Each
non-employee director shall be paid an annual cash retainer of $50,000 prorated for partial periods and paid quarterly in arrears as
soon as practicable following the end of each quarter for which payment under this Policy is owed.

 

In
addition to the annual cash retainer described above, the chair of the Board, if he or she is a non-employee director, shall be paid
an annual cash retainer of $25,000 and committee chairs shall be paid the annual committee fees set forth below, in each case prorated
for partial periods and paid quarterly in arrears as soon as practicable following the end of each quarter for which payment under this
Policy is owed.

 

	Audit Committee Chair: 	 	$	20,000	 
	Compensation Committee Chair: 	 	$	10,000	 

 

Equity
Compensation

 

On
the first trading day following December 31 of each year (the “Grant Date”), each non-employee director shall be awarded
options to purchase 20,000 shares of Common Stock (“Options”) pursuant to the Company’s 2019 Amended and Restated
Omnibus Incentive Plan (the “Plan”). In accordance with the Plan, the exercise price per share of such Options shall
be the closing price of the Common Stock the Common Stock on the Grant Date; provided for the grant made for 2022 the exercise
price shall not be less than $5.00. Such Options shall not become vested until the first anniversary of the Grant Date (the “Annual
Award Vesting Date”). Upon Separation from Service due to the non-employee director’s death, or if there is a Change
of Control, any such Options shall become fully vested as of the date of such death or Change of Control, as applicable. If a non-employee
director ceases to remain a Service Provider for any reason other than death before the Annual Award Vesting Date or a Change of Control,
then such Options shall be forfeited as of the date of such Separation from Service.

 

Capitalized
terms used herein and not otherwise defined shall have the meanings given to them in the Plan. The Board, in its sole discretion and
in recognition for meritorious service, may elect to vest up to 100% of a non-employee director’s unvested equity awards upon retirement.

 

Expense
Reimbursement

 

The
compensation described in this Policy is in addition to reimbursement of all out-of-pocket expenses incurred by directors in attending
meetings of the Board.

 

Employee
Directors

 

An
employee of the Company who serves as a director receives no additional compensation for such service.

 

Adopted
November 20, 2021

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