Document:

Exhibit
4.28

 

THIS
WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION REQUIREMENTS OR AN
EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH
OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THIS WARRANT
MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE SALE, TRANSFER, PLEDGE OR HYPOTHECATION OF ANY
INTEREST IN ANY OF THE SECURITIES REPRESENTED HEREBY.

 

WARRANT
TO PURCHASE SHARES COMMON STOCK

of

NANOMIX, INC.

Dated
as of [             ], 2020

Void
after the date specified in Section 8

 

Warrant
to Purchase Shares of 

Common Stock (subject to adjustment)

 

THIS
CERTIFIES THAT, for value received, [  ], or its registered assigns (the “Holder”), is entitled, subject to
the provisions and upon the terms and conditions set forth herein, to purchase from Nanomix, Inc., a California corporation (the “Company”),
shares of the Company’s Common Stock, $0.001 par value per share (the “Shares”), in the amounts, at such
times and at the price per share set forth in Section 1. The term “Warrant” as used herein shall include this
Warrant and any warrants delivered in substitution or exchange therefor as provided herein, and is issued in connection in satisfaction
of the obligations of the Company to Holder pursuant to the Note and Warrant Purchase Agreement dated as of [  ], 2019 (the “Note
and Warrant Agreement”). The holder of this Warrant is subject to certain restrictions set forth herein.

 

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

 

 1. Number and Price of Shares; Exercise Period.

 

(a) Number
of Shares. Subject to any previous exercise of the Warrant, the Holder shall have the right to purchase up to that number of
Shares as is equal to the quotient of (i) 20% of the principal amount of the corresponding Note with which this Warrant is
concurrently issued with, divided by (ii) either (x) if the Note converts in a Qualified Financing (as defined in the Note), then
the price per share paid for by other cash purchasers of the Preferred Stock sold in the Qualified Financing, or (y) if the Note
converts into shares of Series EE Preferred Stock, then a price per share equal to $0.32276, as may be adjusted pursuant hereto,
prior to (or in connection with) the expiration of this Warrant as provided in Section 8.

 

(b) Exercise
Price. The exercise price per Share shall be equal to $0.01, subject to adjustment pursuant hereto (the “Exercise
Price”).

 

(c) Exercise
Period. This Warrant shall be exercisable, in whole or in part, on or prior to (or in connection with) the expiration of this
Warrant as set forth in Section 8.

 

     

     

    

 

 2. Exercise of the Warrant.

 

(a) Exercise.
The purchase rights represented by this Warrant may be exercised at the election of the Holder, in whole or in part, in accordance
with Section 1, by:

 

(i) the
tender to the Company at its principal office (or such other office or agency as the Company may designate) of a notice of exercise in
the form of Exhibit A (the “Notice of Exercise”), duly completed and executed by or on behalf of the Holder,
together with the surrender of this Warrant; and

 

(ii) the
payment to the Company of an amount equal to (x) the Exercise Price multiplied by (y) the number of Shares being purchased, by (a) wire
transfer or certified, cashier’s or other check acceptable to the Company and payable to the order of the Company; (b) surrender
and cancellation of promissory notes or other instruments representing indebtedness of the Company to the Holder; or (c) a combination
of (a) and (b).

 

(b) Treatment
of Warrant upon a Change of Control. In the event of Change of Control in which the consideration to be received by the Company’s
stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and freely tradeable marketable securities
(a “Cash/Public Acquisition”), and the fair market value of one Share as determined in accordance would
be greater than the Exercise Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not exercised
this Warrant as to all Shares, then this Warrant shall automatically be converted into the right to receive the consideration payable
in such Cash/Public Acquisition with respect to the Shares. In connection with the treatment of the Warrant pursuant to this Section
2(b), Holder shall be deemed to have restated each of the representations and warranties in Section 10 of this Warrant as the date thereof
and the Company shall promptly notify the Holder of the number of Shares (or such other securities) issued upon exercise.

 

(c) Stock
Certificates. The rights under this Warrant shall be deemed to have been exercised and the Shares issuable upon such exercise
shall be deemed to have been issued immediately prior to the close of business on the date this Warrant is exercised in accordance with
its terms, and the person entitled to receive the Shares issuable upon such exercise shall be treated for all purposes as the holder
of record of such Shares as of the close of business on such date. As promptly as reasonably practicable on or after such date, the Company
shall issue and deliver to the person or persons entitled to receive the same a certificate or certificates for that number of shares
issuable upon such exercise. In the event that the rights under this Warrant are exercised in part and have not expired, the Company
shall execute and deliver a new Warrant reflecting the number of Shares that remain subject to this Warrant.

 

(d) No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of
the rights under this Warrant. In lieu of such fractional share to which the Holder would otherwise be entitled, the Company shall make
a cash payment equal to the Exercise Price multiplied by such fraction.

 

(e) Conditional
Exercise. The Holder may exercise this Warrant conditioned upon (and effective immediately prior to) consummation of any transaction
that would cause the expiration of this Warrant pursuant to Section 8 by so indicating in the notice of exercise.

 

    - 2 -

     

    

 

(f) Reservation
of Stock. The Company agrees during the term the rights under this Warrant are exercisable to take all reasonable action to
reserve and keep available from its authorized and unissued shares of common stock for the purpose of effecting the exercise of this
Warrant such number of shares as shall from time to time be sufficient to effect the exercise of the rights under this Warrant; and
if at any time the number of authorized but unissued shares of common stock shall not be sufficient for purposes of the exercise of
this Warrant in accordance with its terms, without limitation of such other remedies as may be available to the Holder, the Company
will use all reasonable efforts to take such corporate action as may, in the opinion of counsel, be necessary to increase its
authorized and unissued shares of its common stock to a number of shares as shall be sufficient for such purposes.

 

3. Replacement
of the Warrant. Subject to the 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 at the expense
of the Holder shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

 

 4. Transfer of the Warrant.

 

(a) Warrant
Register. The Company shall maintain a register (the “Warrant Register”) containing the name and address
of the Holder or Holders. Until this Warrant is transferred on the Warrant Register in accordance herewith, the Company may treat the
Holder as shown on the Warrant Register as the absolute owner of this Warrant for all purposes, notwithstanding any notice to the contrary.
Any Holder of this Warrant (or of any portion of this Warrant) may change its address as shown on the Warrant Register by written notice
to the Company requesting a change.

 

(b) Warrant
Agent. The Company may appoint an agent for the purpose of maintaining the Warrant Register referred to in Section 4(a), issuing
the Shares or other securities then issuable upon the exercise of the rights under this Warrant, exchanging this Warrant, replacing this
Warrant or conducting related activities.

 

(c) Transferability
of the Warrant. Subject to the provisions of this Warrant with respect to compliance with the Securities Act of 1933, as amended
(the “Securities Act”) and limitations on assignments and transfers, including without limitation compliance
with the restrictions on transfer set forth in Section 5, title to this Warrant may be transferred by endorsement (by the transferor
and the transferee executing the assignment form attached as Exhibit B (the “Assignment Form”)) and delivery
in the same manner as a negotiable instrument transferable by endorsement and delivery.

 

(d) Exchange
of the Warrant upon a Transfer. On surrender of this Warrant (and a properly endorsed Assignment Form) for exchange, subject
to the provisions of this Warrant with respect to compliance with the Securities Act and limitations on assignments and transfers, the
Company shall issue to or on the order of the Holder a new warrant or warrants of like tenor, in the name of the Holder or as the Holder
(on payment by the Holder of any applicable transfer taxes) may direct, for the number of shares issuable upon exercise hereof, and the
Company shall register any such transfer upon the Warrant Register. This Warrant (and the securities issuable upon exercise of the rights
under this Warrant) must be surrendered to the Company or its warrant or transfer agent, as applicable, as a condition precedent to the
sale, pledge, hypothecation or other transfer of any interest in any of the securities represented hereby.

 

(e) Minimum
Transfer. This Warrant may not be transferred in part unless such transfer is to a transferee who, pursuant to such transfer,
receives the right to purchase at least 50,000 Shares hereunder (as adjusted from time to time in accordance with Section 5(h)).

 

    - 3 -

     

    

 

(f) Taxes. In
no event shall the Company be required to pay any tax which may be payable in respect of any transfer involved in the issue and
delivery of any certificate in a name other than that of the Holder, and the Company shall not be required to issue or deliver any
such certificate unless and until the person or persons requesting the issue thereof shall have paid to the Company the amount of
such tax or shall have established to the satisfaction of the Company that such tax has been paid or is not payable.

 

 5. Restrictions on Transfer of the Warrant and Shares; Compliance with Securities Laws.

 

By
acceptance of this Warrant, the Holder agrees to comply with the following:

 

(a) Restrictions
on Transfers. Subject to Section 5(b), this Warrant may not be transferred or assigned in whole or in part without the Company’s
prior written consent (which shall not be unreasonably withheld), and any attempt by Holder to transfer or assign any rights, duties
or obligations that arise under this Warrant without such permission shall be void. Any transfer of this Warrant or the Shares (the “Securities”)
must be in compliance with all applicable federal and state securities laws. The Holder agrees not to make any sale, assignment, transfer,
pledge or other disposition of all or any portion of the Securities, or any beneficial interest therein, unless and until the transferee
thereof has agreed in writing for the benefit of the Company to take and hold such Securities subject to, and to be bound by, the terms
and conditions set forth in this Warrant to the same extent as if the transferee were the original Holder hereunder, and

 

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

 

(ii) (A)
such Holder shall have given prior written notice to the Company of such Holder’s intention to make such disposition and shall
have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, (B) the transferee
shall have confirmed to the satisfaction of the Company in writing, substantially in the form of Exhibit A-1, that the Securities are
being acquired (i) solely for the transferee’s own account and not as a nominee for any other party, (ii) for investment and (iii)
not with a view toward distribution or resale, and shall have confirmed such other matters related thereto as may be reasonably requested
by the Company, and (C) such Holder shall have furnished the Company, at the Holder’s expense, with (i) an opinion of counsel,
reasonably satisfactory to the Company, to the effect that such disposition will not require registration of such Securities under the
Securities Act or (ii) a “no action” letter from the Securities and Exchange Commission to the effect that the transfer of
such Securities without registration will not result in a recommendation by the staff of the Securities and Exchange Commission that
action be taken with respect thereto, whereupon such Holder shall be entitled to transfer such Securities in accordance with the terms
of the notice delivered by the Holder to the Company.

 

(b) Permitted
Transfers. Permitted transfers with respect to Section 5(a) include (i) a transfer not involving a change in beneficial ownership,
or (ii) transactions involving the distribution without consideration of Securities by any Holder to (x) a parent, subsidiary or other
affiliate of a Holder that is a corporation, (y) any of the Holder’s partners, members or other equity owners, or retired partners
or members, or to the estate of any of its partners, members or other equity owners or retired partners or members, or (z) a venture
capital fund that is controlled by or under common control with one or more general partners or managing members of, or shares the same
management company with, the Holder; provided, in each case, that the Holder shall give written notice to the Company of the Holder’s
intention to effect such disposition and shall have furnished the Company with a detailed description of the manner and circumstances
of the proposed disposition.

 

(c) Investment
Representation Statement. Unless the rights under this Warrant are exercised pursuant to an effective registration statement
under the Securities Act that includes the Shares with respect to which the Warrant was exercised, it shall be a condition to any
exercise of the rights under this Warrant that the Holder shall have confirmed to the satisfaction of the Company in writing,
substantially in the form of Exhibit A-1, that the Shares so purchased are being acquired solely for the Holder’s own account
and not as a nominee for any other party, for investment and not with a view toward distribution or resale and that the Holder shall
have confirmed such other matters related thereto as may be reasonably requested by the Company.

 

    - 4 -

     

    

 

(d) Securities
Law Legend. The Securities shall (unless otherwise permitted by the provisions of this Warrant) be stamped or imprinted with
a legend substantially similar to the following (in addition to any legend required by state securities laws):

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER
THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT
AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION REQUIREMENTS OR AN EXEMPTION
THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE
OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THIS CERTIFICATE MUST
BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE SALE, TRANSFER, PLEDGE OR HYPOTHECATION OF ANY INTEREST
IN ANY OF THE SECURITIES REPRESENTED HEREBY.

 

(e) Market
Stand-off Legend. The Shares issued upon exercise hereof shall also be stamped or imprinted with a legend in substantially the
following form:

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, INCLUDING A LOCK-UP PERIOD IN THE EVENT
OF A PUBLIC OFFERING, AS SET FORTH IN THE WARRANT PURSUANT TO WHICH THESE SHARES WERE ISSUED, A COPY OF WHICH MAY BE OBTAINED AT THE
PRINCIPAL OFFICE OF THE COMPANY.

 

(f) Instructions
Regarding Transfer Restrictions. The Holder consents to the Company making a notation on its records and giving instructions
to any transfer agent in order to implement the restrictions on transfer established in this Section 5.

 

(g) Removal
of Legend. The legend referring to federal and state securities laws identified in Section 5(d) stamped on a certificate evidencing
the Shares and the stock transfer instructions and record notations with respect to such securities shall be removed and the Company
shall issue a certificate without such legend to the holder of such securities if (i) such securities are registered under the Securities
Act, or (ii) such holder provides the Company with an opinion of counsel reasonably acceptable to the Company to the effect that a sale
or transfer of such securities may be made without registration or qualification.

 

(h) No
Transfers to Bad Actors; Notice of Bad Actor Status. The Holder agrees not to sell, assign, transfer, pledge or otherwise
dispose of any securities of the Company, or any beneficial interest therein, to any person (other than the Company) unless and
until the proposed transferee confirms to the reasonable satisfaction of the Company that neither the proposed transferee nor any of
its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests,
general partners or managing members nor any person that would be deemed a beneficial owner of those securities (in accordance with
Rule 506(d) of the Securities Act) is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i)
through (viii) under the Securities Act, except as set forth in Rule 506(d)(2) or (d)(3) under the Securities Act and disclosed,
reasonably in advance of the transfer, in writing in reasonable detail to the Company. The Holder will promptly notify the Company
in writing if the Holder or, to the Holder’s knowledge, any person specified in Rule 506(d)(1) under the Securities Act
becomes subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii) under the
Securities Act.

 

    - 5 -

     

    

 

6. Adjustments.
Subject to the expiration of this Warrant pursuant to Section 8, the number and kind of shares purchasable hereunder and the Exercise
Price therefor are subject to adjustment from time to time, as follows:

 

(a) Merger
or Reorganization. If at any time there shall be any reorganization, recapitalization, merger or consolidation (a “Reorganization”)
involving the Company (other than as otherwise provided for herein or as would cause the expiration of this Warrant under Section 8)
in which shares of the Company’s stock are converted into or exchanged for securities, cash or other property, then, as a part
of such Reorganization, lawful provision shall be made so that the Holder shall thereafter be entitled to receive upon exercise of this
Warrant, the kind and amount of securities, cash or other property of the successor corporation resulting from such Reorganization, equivalent
in value to that which a holder of the Shares deliverable upon exercise of this Warrant would have been entitled in such Reorganization
if the right to purchase the Shares hereunder had been exercised immediately prior to such Reorganization. In any such case, appropriate
adjustment (as determined in good faith by the Board of Directors of the successor corporation) shall be made in the application of the
provisions of this Warrant with respect to the rights and interests of the Holder after such Reorganization to the end that the provisions
of this Warrant shall be applicable after the event, as near as reasonably may be, in relation to any shares or other securities deliverable
after that event upon the exercise of this Warrant.

 

(b) Reclassification
of Shares. If the securities issuable upon exercise of this Warrant are changed into the same or a different number of securities
of any other class or classes by reclassification, capital reorganization or otherwise (other than as otherwise provided for herein)
(a “Reclassification”), then, in any such event, in lieu of the number of Shares which the Holder would otherwise
have been entitled to receive, the Holder shall have the right thereafter to exercise this Warrant for a number of shares of such other
class or classes of stock that a holder of the number of securities deliverable upon exercise of this Warrant immediately before that
change would have been entitled to receive in such Reclassification, all subject to further adjustment as provided herein with respect
to such other shares.

 

(c) Subdivisions
and Combinations. In the event that the outstanding shares of common stock are subdivided (by stock split, by payment of a stock
dividend or otherwise) into a greater number of shares of such securities, the number of Shares issuable upon exercise of the rights
under this Warrant immediately prior to such subdivision shall, concurrently with the effectiveness of such subdivision, be proportionately
increased, and the Exercise Price shall be proportionately decreased, and in the event that the outstanding shares of common stock are
combined (by reclassification or otherwise) into a lesser number of shares of such securities, the number of Shares issuable upon exercise
of the rights under this Warrant immediately prior to such combination shall, concurrently with the effectiveness of such combination,
be proportionately decreased, and the Exercise Price shall be proportionately increased.

 

(d) Notice
of Adjustments. Upon any adjustment in accordance with this Section 5, the Company shall give notice thereof to the Holder, which
notice shall state the event giving rise to the adjustment, the Exercise Price as adjusted and the number of securities or other property
purchasable upon the exercise of the rights under this Warrant, setting forth in reasonable detail the method of calculation of each.
The Company shall, upon the written request of any Holder, furnish or cause to be furnished to such Holder a certificate setting forth
(i) such adjustments, (ii) the Exercise Price at the time in effect and (iii) the number of securities and the amount, if any, of other
property that at the time would be received upon exercise of this Warrant.

 

    - 6 -

     

    

 

7. Notification
of Certain Events. Prior to the expiration of this Warrant pursuant to Section 8, in the event that the Company shall authorize a
Change of Control or the voluntary liquidation, dissolution or winding up of the Company, the Company shall send to the Holder of this
Warrant prior written notice of the expected effective date of any such event.

 

8. Expiration
of the Warrant. This Warrant shall expire and shall no longer be exercisable as of the earlier of:

 

(a)
5:00 p.m., Pacific time, on the five year anniversary of the issuance date of this Warrant; or

 

(b) (i)
the acquisition of the Company by another entity by means of any transaction or series of related transactions to which the Company is
a party (including, without limitation, any stock acquisition, reorganization, merger or consolidation, but excluding any sale of stock
for capital raising purposes and any transaction effected primarily for purposes of changing the Company’s jurisdiction of incorporation)
other than a transaction or series of related transactions in which the holders of the voting securities of the Company outstanding immediately
prior to such transaction or series of related transactions retain, immediately after such transaction or series of transactions, as
a result of shares in the Company held by such holders prior to such transaction or series of transactions, at least a majority of the
total voting power represented by the outstanding voting securities of the Company or such other surviving or resulting entity (or if
the Company or such other surviving or resulting entity is a wholly-owned subsidiary immediately following such acquisition, its parent),
or (ii) a sale, lease or other disposition of all or substantially all of the assets of the Company and its subsidiaries taken as a whole
by means of any transaction or series of related transactions, except where such sale, lease or other disposition is to a wholly-owned
subsidiary of the Company (any the transactions referenced in clauses (i) or (ii) are referred to as a “Change of Control”).

 

9. No
Rights as a Stockholder. Nothing contained herein shall entitle the Holder to any rights as a stockholder of the Company or to be
deemed the holder of any securities that may at any time be issuable on the exercise of the rights hereunder for any purpose nor shall
anything contained herein be construed to confer upon the Holder, as such, 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, or to receive dividends or subscription rights or any other rights of a stockholder of
the Company until the rights under the Warrant shall have been exercised and the Shares purchasable upon exercise of the rights hereunder
shall have become deliverable as provided herein.

 

10. Market
Stand-off. The Holder of this Warrant hereby agrees that such Holder shall not sell or otherwise transfer, make any short sale
of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale,
of any common stock (or other securities) of the Company held by the Holder (other than those included in the registration) during
the one hundred eighty (180) day period following the effective date of the registration statement for the Company’s initial
public offering filed under the Securities Act (or such other period as may be requested by the Company or an underwriter to
accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst
recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule
472(f)(4), or any successor provisions or amendments thereto). The obligations described in this section shall not apply to a
registration relating solely to employee benefit plans on Form S-l or Form S-8 or similar forms that may be promulgated in the
future, or a registration relating solely to a transaction on Form S-4 or similar forms that may be promulgated in the future. The
Company may impose stop-transfer instructions and may stamp each certificate with a legend as substantially set forth in Section
5(e) with respect to the shares of common stock (or other securities) subject to the foregoing restriction until the end of such one
hundred eighty (180) day (or other) period. The Holder agrees to execute a market stand-off agreement with the underwriters in the
offering in customary form consistent with the provisions of this section.

 

    - 7 -

     

    

 

11. Representations
and Warranties of the Holder. By acceptance of this Warrant, the Holder represents and warrants to the Company as follows:

 

(a) No
Registration. The Holder understands that the Securities have not been, and will not be, registered under the Securities Act
by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends upon, among
other things, the bona fide nature of the investment intent and the accuracy of the Holder’s representations as expressed
herein or otherwise made pursuant hereto.

 

(b) Investment
Intent. The Holder is acquiring the Securities for investment for its own account, not as a nominee or agent, and not with a
view to, or for resale in connection with, any distribution thereof. The Holder has no present intention of selling, granting any participation
in, or otherwise distributing the Securities, nor does it have any contract, undertaking, agreement or arrangement for the same.

 

(c) Investment
Experience. The Holder has substantial experience in evaluating and investing in private placement transactions of securities
in companies similar to the Company, and has such knowledge and experience in financial or business matters so that it is capable of
evaluating the merits and risks of its investment in the Company and protecting its own interests.

 

(d) Speculative
Nature of Investment. The Holder understands and acknowledges that the Company has a limited financial and operating history
and that its investment in the Company is highly speculative and involves substantial risks. The Holder can bear the economic risk of
its investment and is able, without impairing its financial condition, to hold the Securities for an indefinite period of time and to
suffer a complete loss of its investment.

 

(e) Access
to Data. The Holder has had an opportunity to ask questions of officers of the Company, which questions were answered to its
satisfaction. The Holder believes that it has received all the information that it considers necessary or appropriate for deciding whether
to acquire the Securities. The Holder understands that any such discussions, as well as any information issued by the Company, were intended
to describe certain aspects of the Company’s business and prospects, but were not necessarily a thorough or exhaustive description.
The Holder acknowledges that any business plans prepared by the Company have been, and continue to be, subject to change and that any
projections included in such business plans or otherwise are necessarily speculative in nature, and it can be expected that some or all
of the assumptions underlying the projections will not materialize or will vary significantly from actual results.

 

(f) Accredited
Investor. The Holder is an “accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated by
the Securities and Exchange Commission and agrees to submit to the Company such further assurances of such status as may be reasonably
requested by the Company. The Holder has furnished or made available any and all information requested by the Company or otherwise necessary
to satisfy any applicable verification requirements as to “accredited investor” status. Any such information is true, correct,
timely and complete.

 

(g) Residency.
The residency of the Holder (or, in the case of a partnership or corporation, such entity’s principal place of business)
is correctly set forth on the signature page hereto.

 

    - 8 -

     

    

 

(h) Restrictions
on Resales. The Holder acknowledges that the Securities must be held indefinitely unless subsequently registered under the
Securities Act or an exemption from such registration is available. The Holder is aware of the provisions of Rule 144 promulgated
under the Securities Act, which permit resale of shares purchased in a private placement subject to the satisfaction of certain
conditions, which may include, among other things, the availability of certain current public information about the Company; the
resale occurring not less than a specified period after a party has purchased and paid for the security to be sold; the number of
shares being sold during any three-month period not exceeding specified limitations; the sale being effected through a
“broker’s transaction,” a transaction directly with a “market maker” or a “riskless principal
transaction” (as those terms are defined in the Securities Act or the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder); and the filing of a Form 144 notice, if applicable. The Holder acknowledges and
understands that the Company may not be satisfying the current public information requirement of Rule 144 at the time the Holder
wishes to sell the Securities and that, in such event, the Holder may be precluded from selling the Securities under Rule 144 even
if the other applicable requirements of Rule 144 have been satisfied. The Holder acknowledges that, in the event the applicable
requirements of Rule 144 are not met, registration under the Securities Act or an exemption from registration will be required for
any disposition of the Securities. The Holder understands that, although Rule 144 is not exclusive, the Securities and Exchange
Commission has expressed its opinion that persons proposing to sell restricted securities received in a private offering other than
in a registered offering or pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from
registration is available for such offers or sales and that such persons and the brokers who participate in the transactions do so
at their own risk.

 

(i) No
Public Market. The Holder understands and acknowledges that no public market now exists for any of the securities issued by the
Company and that the Company has made no assurances that a public market will ever exist for the Company’s securities.

 

(j) Brokers
and Finders. The Holder has not engaged any brokers, finders or agents in connection with the Securities, and the Company has
not incurred nor will incur, directly or indirectly, as a result of any action taken by the Holder, any liability for brokerage or finders’
fees or agents’ commissions or any similar charges in connection with the Securities.

 

(k) Legal
Counsel. The Holder has had the opportunity to review this Warrant, the exhibits and schedules attached hereto and the transactions
contemplated by this Warrant with its own legal counsel. The Holder is not relying on any statements or representations of the Company
or its agents for legal advice with respect to this investment or the transactions contemplated by this Warrant.

 

(l) Tax
Advisors. The Holder has reviewed with its own tax advisors the U.S. federal, state and local and non-U.S. tax consequences of
this investment and the transactions contemplated by this Warrant. With respect to such matters, the Holder relies solely on any such
advisors and not on any statements or representations of the Company or any of its agents, written or oral. The Holder understands that
it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment and the transactions
contemplated by this Warrant.

 

(m) No
“Bad Actor” Disqualification. Neither (i) the Holder, (ii) any of its directors, executive officers, other officers
that may serve as a director or officer of any company in which it invests, general partners or managing members, nor (iii) any beneficial
owner of any of the Company’s voting equity securities (in accordance with Rule 506(d) of the Securities Act) held by the Holder
is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities
Act, except as set forth in Rule 506(d)(2) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the acceptance
of this Warrant, in writing in reasonable detail to the Company.

 

    - 9 -

     

    

 

12.
Miscellaneous.

 

(a) Amendments.
Except as expressly provided herein, neither this Warrant nor any term hereof may be amended, waived, discharged or terminated
other than by a written instrument referencing this Warrant and signed by the Company and the holders of a majority of the shares issuable
under all Warrants.

 

(b) Waivers.
No waiver of any single breach or default shall be deemed a waiver of any other breach or default theretofore or thereafter occurring.

 

(c) Notices.
All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or
certified mail, postage prepaid, sent by facsimile or electronic mail (if to the Holder) or otherwise delivered by hand, messenger or
courier service addressed:

 

(i) if
to the Holder, to the Holder at the Holder’s address, facsimile number or electronic mail address as shown in the Company’s
records, as may be updated in accordance with the provisions hereof, or until any such Holder so furnishes an address, facsimile number
or electronic mail address to the Company, then to and at the address, facsimile number or electronic mail address of the last holder
of this Warrant for which the Company has contact information in its records; or

 

(ii) if
to the Company, to the attention of the President or Chief Financial Officer of the Company at the Company’s address as the Company
shall have furnished to the Holder, with a copy (which shall not constitute notice) to Scott Murano, Wilson Sonsini Goodrich & Rosati,
P.C., 650 Page Mill Road, Palo Alto, CA 94304.

 

Each
such notice or other communication shall for all purposes of this Warrant be treated as effective or having been given (i) if delivered
by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid,
specifying next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via mail, at the earlier of
its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States
mail, addressed and mailed as aforesaid, or (iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via electronic
mail, upon confirmation of delivery when directed to the relevant electronic mail address, if sent during normal business hours of the
recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day. In the event
of any conflict between the Company’s books and records and this Warrant or any notice delivered hereunder, the Company’s
books and records will control absent fraud or error.

 

(d) Governing
Law. This Warrant and all actions arising out of or in connection with this Warrant shall be governed by and construed in accordance
with the laws of the State of California, without regard to the conflicts of law provisions of the State of California, or of any other
state.

 

(e) Jurisdiction
and Venue. Each of the Holder and the Company irrevocably consents to the exclusive jurisdiction and venue of any court within
California, in connection with any matter based upon or arising out of this Warrant or the matters contemplated herein, and agrees that
process may be served upon them in any manner authorized by the laws of the State of California for such persons.

 

(f) Titles
and Subtitles. The titles and subtitles used in this Warrant are used for convenience only and are not to be considered in construing
or interpreting this Warrant. All references in this Warrant to sections, paragraphs and exhibits shall, unless otherwise provided, refer
to sections and paragraphs hereof and exhibits attached hereto.

 

    - 10 -

     

    

 

(g) Severability.
If any provision of this Warrant becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or
void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Warrant, and
such illegal, unenforceable or void provision shall be replaced with a valid and enforceable provision that will achieve, to the extent
possible, the same economic, business and other purposes of the illegal, unenforceable or void provision. The balance of this Warrant
shall be enforceable in accordance with its terms.

 

(h) Waiver
of Jury Trial. EACH OF THE HOLDER AND THE COMPANY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS WARRANT.

 

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

 

(j) Rights
and Obligations Survive Exercise of the Warrant. Except as otherwise provided herein, the rights and obligations of the Company
and the Holder under this Warrant shall survive exercise of this Warrant.

 

(k) Entire
Agreement. Except as expressly set forth herein, this Warrant (including the exhibits attached hereto) constitutes the entire
agreement and understanding of the Company and the Holder with respect to the subject matter hereof and supersede all prior agreements
and understandings relating to the subject matter hereof.

 

(signature
page follows)

 

    - 11 -

     

    

 

The
Company signs this Warrant as of the date stated on the first page.

 

	 	NANOMIX, INC.
	 	 	 
	 	By:	            
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 

 

(Signature
Page to Warrant to Purchase Shares Common Stock of Nanomix, Inc.)

 

     

     

    

 

EXHIBIT
A

 

NOTICE OF EXERCISE

 

	TO:	Nanomix, Inc. (the “Company”)
	 	 
	Attention:	President

 

	(1)	Exercise.
                                            The undersigned elects to purchase the following pursuant to the terms of the attached
                                            warrant:

 

	 	Number of shares:	
	 	 	
	 	Type of security:	

 

	(2)	Method
                                            of Exercise. The undersigned elects to exercise the attached warrant pursuant to:

 

		☐	A cash
payment or cancellation of indebtedness, and tenders herewith payment of the purchase price for such shares in full, together with all
applicable transfer taxes, if any.

 

	(3)	Conditional
Exercise. Is this a conditional exercise pursuant to Section 2(e):

 

		☐	Yes	☐	No	 

 

If
“Yes,” indicate the applicable condition:

 

	(4)	Stock
Certificate. Please issue a certificate or certificates representing the shares in the name of: 

 

	 	☐	The undersigned	

 

	 	☐	Other—Name:	

 

		 	              Address:	
	 	 	 	 
	 	 	 	 

 

	(5)	Unexercised
                                            Portion of the Warrant. Please issue a new warrant for the unexercised portion of the
                                            attached warrant in the name of:

 

	 	☐	The undersigned	

 

	 	☐	Other—Name:	

 

		 	              Address:	
	 	 	 	 
	 	 	 	 

 

	 	☐	Not
applicable	

 

    A-1

     

    

 

	(6)	Investment
                                            Intent. The undersigned represents and warrants that the aforesaid shares are being acquired
                                            for investment for its own account, not as a nominee or agent, and not with a view to, or
                                            for resale in connection with, the distribution thereof, and that the undersigned has no
                                            present intention of selling, granting any participation in, or otherwise distributing the
                                            shares, nor does it have any contract, undertaking, agreement or arrangement for the same,
                                            and all representations and warranties of the undersigned set forth in Section 11 of the
                                            attached warrant are true and correct as of the date hereof.

 

	(7)	Investment
                                            Representation Statement and Market Stand-Off Agreement. The undersigned has executed,
                                            and delivers herewith, an Investment Representation Statement and Market Stand-Off Agreement
                                            in a form substantially similar to the form attached to the warrant as Exhibit A-1.

 

	 	 
	 	(Print name of the warrant holder)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name and title of signatory, if applicable)
	 	 
	 	 
	 	(Date)
	 	 
	 	 
	 	(Fax number)
	 	 
	 	 
	 	(Email address)]

 

(Signature
page to the Notice of Exercise)

 

    A-2

     

    

 

EXHIBIT
A-l

 

INVESTMENT
REPRESENTATION STATEMENT

AND

MARKET
STAND-OFF AGREEMENT

 

	INVESTOR:	 
	 	 
	COMPANY:	NANOMIX, INC.
	 	 
	SECURITIES:	THE WARRANT ISSUED
    ON                                      ,
    20        (THE “WARRANT”) AND THE SECURITIES ISSUED OR ISSUABLE
    UPON EXERCISE THEREOF

 

	DATE:	 	 

 

In
connection with the purchase or acquisition of the above-listed Securities, the undersigned Investor represents and warrants to, and
agrees with, the Company as follows:

 

1. No
Registration. The Investor understands that the Securities have not been, and will not be, registered under the Securities Act of
1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration provisions
of the Securities Act, the availability of which depends upon, among other things, the bona fide nature of the investment intent
and the accuracy of the Investor’s representations as expressed herein or otherwise made pursuant hereto.

 

2. Investment
Intent. The Investor is acquiring the Securities for investment for its own account, not as a nominee or agent, and not with a view
to, or for resale in connection with, any distribution thereof. The Investor has no present intention of selling, granting any participation
in, or otherwise distributing the Securities, nor does it have any contract, undertaking, agreement or arrangement for the same.

 

3. Investment
Experience. The Investor has substantial experience in evaluating and investing in private placement transactions of securities in
companies similar to the Company, and has such knowledge and experience in financial or business matters so that it is capable of evaluating
the merits and risks of its investment in the Company and protecting its own interests.

 

4. Speculative
Nature of Investment. The Investor understands and acknowledges that the Company has a limited financial and operating history and
that its investment in the Company is highly speculative and involves substantial risks. The Investor can bear the economic risk of its
investment and is able, without impairing its financial condition, to hold the Securities for an indefinite period of time and to suffer
a complete loss of its investment.

 

5. Access
to Data. The Investor has had an opportunity to ask questions of officers of the Company, which questions were answered to its
satisfaction. The Investor believes that it has received all the information that it considers necessary or appropriate for deciding
whether to acquire the Securities. The Investor understands that any such discussions, as well as any information issued by the
Company, were intended to describe certain aspects of the Company’s business and prospects, but were not necessarily a
thorough or exhaustive description. The Investor acknowledges that any business plans prepared by the Company have been, and
continue to be, subject to change and that any projections included in such business plans or otherwise are necessarily speculative
in nature, and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary
significantly from actual results.

 

    A-1-1

     

    

 

6. Accredited
Investor. The Investor is an “accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated by the
Securities and Exchange Commission and agrees to submit to the Company such further assurances of such status as may be reasonably requested
by the Company. The Investor has furnished or made available any and all information requested by the Company or otherwise necessary
to satisfy any applicable verification requirements as to “accredited investor” status. Any such information is true, correct,
timely and complete.

 

7. Residency.
The residency of the Investor (or, in the case of a partnership or corporation, such entity’s principal place of business)
is correctly set forth on the signature page hereto.

 

8. Restrictions
on Resales. The Investor acknowledges that the Securities must be held indefinitely unless subsequently registered under the Securities
Act or an exemption from such registration is available. The Investor is aware of the provisions of Rule 144 promulgated under the Securities
Act, which permit resale of shares purchased in a private placement subject to the satisfaction of certain conditions, which may include,
among other things, the availability of certain current public information about the Company; the resale occurring not less than a specified
period after a party has purchased and paid for the security to be sold; the number of shares being sold during any three-month period
not exceeding specified limitations; the sale being effected through a “broker’s transaction,” a transaction directly
with a “market maker” or a “riskless principal transaction” (as those terms are defined in the Securities Act
or the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder); and the filing of a Form 144
notice, if applicable. The Investor acknowledges and understands that the Company may not be satisfying the current public information
requirement of Rule 144 at the time the Investor wishes to sell the Securities and that, in such event, the Investor may be precluded
from selling the Securities under Rule 144 even if the other applicable requirements of Rule 144 have been satisfied. The Investor understands
and acknowledges that, in the event the applicable requirements of Rule 144 are not met, registration under the Securities Act or an
exemption from registration will be required for any disposition of the Securities. The Investor understands that, although Rule 144
is not exclusive, the Securities and Exchange Commission has expressed its opinion that persons proposing to sell restricted securities
received in a private offering other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof in
establishing that an exemption from registration is available for those offers or sales and that those persons and the brokers who participate
in the transactions do so at their own risk.

 

9. No
Public Market. The Holder understands and acknowledges that no public market now exists for any of the securities issued by the Company
and that the Company has made no assurances that a public market will ever exist for the Company’s securities.

 

10. Brokers
and Finders. The Investor has not engaged any brokers, finders or agents in connection with the Securities, and the Company has not
incurred nor will incur, directly or indirectly, as a result of any action taken by the Investor, any liability for brokerage or finders’
fees or agents’ commissions or any similar charges in connection with the Securities.

 

11. Legal
Counsel. The Investor has had the opportunity to review the Warrant, the exhibits and schedules attached thereto and the transactions
contemplated by the Warrant with its own legal counsel. The Investor is not relying on any statements or representations of the Company
or its agents for legal advice with respect to this investment or the transactions contemplated by the Warrant.

 

    A-1-2

     

    

 

12. Tax
Advisors. The Investor has reviewed with its own tax advisors the U.S. federal, state and local and non-U.S. tax consequences of
this investment and the transactions contemplated by the Warrant. With respect to such matters, the Investor relies solely on such
advisors and not on any statements or representations of the Company or any of its agents, written or oral. The Investor understands
that it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment or the
transactions contemplated by the Warrant.

 

13. Market
Stand-off. The Investor agrees that the Investor shall not sell or otherwise transfer, make any short sale of, grant any option
for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any common stock
(or other securities) of the Company held by the Investor (other than those included in the registration) during the one hundred
eighty (180) day period following the effective date of the registration statement for the Company’s initial public offering
filed under the Securities Act (or such other period as may be requested by the Company or an underwriter to accommodate regulatory
restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions,
including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor
provisions or amendments thereto). The obligations described in this section shall not apply to a registration relating solely to
employee benefit plans on Form S-l or Form S-8 or similar forms that may be promulgated in the future, or a registration relating
solely to a transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer
instructions and may stamp each certificate with a legend with respect to the shares of common stock (or other securities) subject
to the foregoing restriction until the end of such one hundred eighty (180) day (or other) period. The Investor agrees to execute a
market stand-off agreement with the relevant underwriters in customary form consistent with the provisions of this
section.

 

14. No
“Bad Actor” Disqualification. Neither (i) the Investor, (ii) any of its directors, executive officers, other officers
that may serve as a director or officer of any company in which it invests, general partners or managing members, nor (iii) any beneficial
owner of any of the Company’s voting equity securities (in accordance with Rule 506(d) of the Securities Act) held by the Investor
is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities
Act, except as set forth in Rule 506(d)(2) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the purchase or
acquisition of the Securities, in writing in reasonable detail to the Company.

 

(signature
page follows)

 

    A-1-3

     

    

 

The
Investor is signing this Investment Representation Statement and Market Stand-Off Agreement on the date first written above.

 

	 	INVESTOR
	 	 
	 	 
	 	(Print
    name of the investor)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name and title of signatory, if applicable)
	 	 
	 	 
	 	(Street address)
	 	 
	 	 
	 	(City,
    state and ZIP)

 

    A-1-4

     

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

	ASSIGNOR:	 
	 	 
	COMPANY:	NANOMIX, INC.
	 	 
	WARRANT:	THE WARRANT TO PURCHASE SHARES OF COMMON STOCK ISSUED ON                                       
, 20        (THE “WARRANT”)

 

	DATE:	 	 

 

	(1)	Assignment.
                                            The undersigned registered holder of the Warrant (“Assignor”)
                                            assigns and transfers to the assignee named below (“Assignee”)
                                            all of the rights of Assignor under the Warrant, with respect to the number of shares set
                                            forth below:

 

	 	Name of Assignee:	

 

 

	 	Address of Assignee:	
	 	 	 
	 	 	 

 

	 	Number of Shares Assigned:	

 

and
does irrevocably constitute and appoint                                                 as attorney to make such transfer on the books of Nanomix, Inc., maintained for the
purpose, with full power of substitution in the premises.

 

	(2)	Obligations
                                            of Assignee. Assignee agrees to take and hold the Warrant and any shares of stock to
                                            be issued upon exercise of the rights thereunder (the “Securities”)
                                            subject to, and to be bound by, the terms and conditions set forth in the Warrant to the
                                            same extent as if Assignee were the original holder thereof.

 

	(3)	Investment
                                            Intent. Assignee represents and warrants that the Securities are being acquired for investment
                                            for its own account, not as a nominee or agent, and not with a view to, or for resale in
                                            connection with, the distribution thereof, and that Assignee has no present intention of
                                            selling, granting any participation in, or otherwise distributing the shares, nor does it
                                            have any contract, undertaking, agreement or arrangement for the same, and all representations
                                            and warranties set forth in Section 11 of the Warrant are true and correct as to Assignee
                                            as of the date hereof.

 

	(4)	Investment
                                            Representation Statement and Market Stand-Off Agreement. Assignee has executed, and delivers
                                            herewith, an Investment Representation Statement and Market Stand-Off Agreement in a form
                                            substantially similar to the form attached to the Warrant as Exhibit A-1.

 

    B-1

     

    

 

	(5)	No
                                            “Bad Actor” Disqualification. Neither (i) Assignee, (ii) any of its directors,
                                            executive officers, other officers that may serve as a director or officer of any company
                                            in which it invests, general partners or managing members, nor (iii) any beneficial owner
                                            of any of the Company’s securities held or to be held by Assignee is subject to any
                                            of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii)
                                            under the Securities Act of 1933, as amended (the “Securities Act”),
                                            except as set forth in Rule 506(d)(2) or (d)(3) under the Securities Act and disclosed, reasonably
                                            in advance of the transfer of the Securities, in writing in reasonable detail to the Company.

 

Assignor and Assignee are signing this Assignment Form on the date first set forth above. 

 

	ASSIGNOR	 	ASSIGNEE
	 	 	 
	 	 	 
	(Print name of Assignor)	 	(Print name of Assignee)
	 	 	 
	 	 	 
	(Signature of Assignor)	 	(Signature of Assignee)
	 	 	 
	 	 	 
	(Print name of signatory, if applicable)	 	(Print name of signatory, if applicable)
	 	 	 
	 	 	 
	(Print title of signatory, if applicable)	 	(Print title of signatory, if applicable)
	 	 	 
	Address:	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

B-2ex_392621.htm

Exhibit 10.1

 

 

AMENDED AND RESTATED SUBSCRIPTION AGREEMENT

 

This AMENDED AND RESTATED SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of June 30, 2022 (the “Amendment and Restatement Effective Date”), by and between ORBITAL ENERGY GROUP, INC., a Colorado corporation (the “Company” or “Parent”), and [·] (the “Subscriber”), that is subscribing hereby (or subscribed pursuant to the terms and conditions set forth in the Original Subscription Agreement (as defined below)) to purchase shares of registered public Common Stock of the Company.

 

WHEREAS, the Company has entered into that certain Membership Unit Purchase Agreement, dated as of November 17, 2021, by and among Kurt A. Johnson and Tidal Power Group LLC, a Texas limited liability company, as sellers (the “Sellers”), and Parent, as buyer (the “Buyer”), (as such agreement may be amended, restated or otherwise modified from time to time, the “Acquisition Agreement”), pursuant to which, among other things, subject to the terms and conditions set forth in the Acquisition Agreement, the Sellers have agreed to sell and assign to the Buyers, and the Buyers have agreed to purchase and assume from Sellers, one hundred percent (100%) of the issued and outstanding membership units of the Target (as defined below) (the “Transaction”);

 

WHEREAS, the Company entered into that certain Credit Agreement, dated as of November 17, 2021, by and among Parent, Front Line Power Construction, LLC, a Texas limited liability company (the “Target”), as the borrower, the guarantors party thereto from time to time, and the lenders party thereto from time to time and Alter Domus (US) LLC, as administrative agent and collateral agent (the “Credit Agreement”);

 

WHEREAS, the Company and Subscriber entered into that certain Subscription Agreement, dated as of November 17, 2021 (the “Closing Date”), by and between the Company and Subscriber (the “Original Subscription Agreement”), pursuant to which, as consideration and payment for the extension of credit by the Subscriber to the Company and its affiliates in connection with the Credit Agreement and the debt financing contemplated thereby (the “Consideration”), the Subscriber subscribed for from the Company, and the Company issued and sold to the Subscriber in exchange for the Consideration, the Subscription Shares (as defined below), subject to the terms and conditions set forth in the Original Subscription Agreement; and

 

WHEREAS, the Company and Subscriber wish to amend and restate the Original Subscription Agreement on the terms and conditions set forth herein and to consummate the Amendment and Restatement Effective Date Issuance (as defined below).

 

NOW, THEREFORE, in consideration of the premises and of the mutual representations, warranties, covenants and obligations hereinafter set forth and such other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

 

 

 

 

1.     Purchase and Sale of Common Stock. Subject to the terms and conditions set forth in this Agreement, contemporaneously with the consummation of the Transaction, on the Closing Date the Subscriber has purchased, and the Company has issued and sold to the Subscriber, [·] shares of its Common Stock which is currently listed on the NASDAQ stock exchange (the “Subscription Shares”) in exchange for the Consideration. The issuance by the Company of the Subscription Shares and the subscription by the Subscriber of the Subscription Shares in exchange for the Consideration are hereby collectively referred to herein as the “Subscription”.

 

2.     Closing.

 

	 	
			(a)

				
			The closing of the purchase and sale of the Subscription Shares (the “Closing”) have taken place on the same day as (and contemporaneously with) the closing of the transactions pursuant to the Acquisition Agreement, or at such different time or date as the Subscriber and the Company may mutually agree in writing (the “Closing Date”).

			

 

	 	
			(b)

				
			At the Closing, the Company has evidenced, or caused to be evidenced, the Subscription Shares in book entry format with the Company’s transfer agent.

			

 

3.     Representations and Warranties of the Subscriber. The Subscriber hereby represents and warrants to the Company, as of the Closing Date and the Amendment and Restatement Effective Date, as follows:

 

	 	
			(a)

				
			Authority and Approval; Enforceability. The Subscriber has all requisite power, authority and legal capacity to execute and deliver this Agreement, to perform its obligations under this Agreement and to consummate the Subscription and the Amendment and Restatement Effective Date Issuance. The execution, delivery and performance by the Subscriber of this Agreement, and the consummation by it of the Subscription, have been duly and validly authorized by all necessary action on the part of the Subscriber, and no other proceedings on the part of the Subscriber are necessary to authorize the execution and delivery by the Subscriber of this Agreement and the consummation by it of the Subscription and the Amendment and Restatement Effective Date Issuance. This Agreement has been duly executed and delivered by the Subscriber and, assuming due authorization, execution and delivery hereof by the Company, is a legal, valid and binding obligation of the Subscriber, enforceable against the Subscriber in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other applicable laws affecting creditors’ rights generally from time to time in effect and by general principles of equity).

			

 

- 2 - 

 

 

 

 

	 	
			(b)

				
			Non-contravention. The execution, delivery and performance of this Agreement, and the consummation of the Subscription and the Amendment and Restatement Effective Date Issuance, do not and will not conflict with, or result in any violation or breach of, or default (with or without notice or lapse of time or both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or to the loss of a benefit under, or result in the creation of any lien or restrictions (other than liens, if any, contained in the certificate of incorporation or bylaws of the Company and restrictions on transfer pursuant to applicable securities laws, in each case in respect of the Subscription Shares or the shares issued pursuant to the Amendment and Restatement Effective Date Issuance) in or upon any of the properties or other assets of the Subscriber under, (i) the organizational documents of the Subscriber (if Subscriber is an entity), (ii) any material contract to which the Subscriber is a party or any of its properties or other assets is subject or (iii) subject to (x) the filing of a Schedule 13D or an amendment to an existing Schedule 13D filing under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and (y) such filings and approvals as may be required by any applicable state securities or “blue sky” laws, any applicable law with respect to the Subscriber or its properties or other assets, other than, in the case of clauses (ii) and (iii), any such conflicts, violations, breaches, defaults, rights, losses or liens that have not had or would not reasonably be expected to have, individually or in the aggregate, a Subscriber Material Adverse Effect.

			

 

	 	
			(c)

				
			Litigation. There is no action pending or, to the Knowledge of the Subscriber, threatened, and to the Knowledge of Subscriber, there is no external investigation pending or threatened with respect to the Subscriber, nor is there any material judgment, decree, injunction, rule or order of any Governmental Authority or arbitrator outstanding with respect to the Subscriber, except in each case for any actions that have not had and would not reasonably expected to have, individually or in the aggregate, a Subscriber Material Adverse Effect.

			

 

	 	
			(d)

				
			No Brokers. Other than the payment of fees and reimbursement of expenses of the Subscriber and its affiliates pursuant to the Credit Agreement (including in connection with this Agreement), no broker, investment banker, financial advisor or other person is entitled to any broker’s, finder’s, financial advisor’s or other similar fee or commission, or the reimbursement of expenses, in connection with the Subscription or the Amendment and Restatement Effective Date Issuance based upon arrangements made by or on behalf of the Subscriber.

			

 

4.     Representations and Warranties of the Company. The Company represents and warrants to the Subscriber, as of the Closing Date and the Amendment and Restatement Effective Date (except to the extent another date is specified below), as follows:

 

- 3 -

 

 

 

	 	
			(a)

				
			Organization, Standing and Corporate Power. The Company is a corporation duly incorporated, validly existing and in good standing under the applicable laws of the State of Colorado and has all requisite corporate power and authority to carry on its business as now being conducted. Each Subsidiary of the Company is an entity duly organized, validly existing and in good standing (except to the extent the “good standing” concept is not applicable in any relevant jurisdiction) under the applicable laws of the jurisdiction in which it is formed and has all requisite corporate, limited liability company or other entity power and authority to carry on its business as now being conducted, except to the extent that any failure to be so organized, validly existing and in good standing has not had or would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. The Company and each of its Subsidiaries is duly qualified or licensed to do business and is in good standing in each jurisdiction in which the nature of its business or the ownership, leasing or operation of its properties makes such qualification or licensing necessary, other than in such jurisdictions where the failure to be so qualified or licensed has not had or would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. The Company has, prior to the date hereof, made available to the Subscriber true and complete copies of the certificate of incorporation and bylaws of the Company. There has been no breach by the Company of the certificate of incorporation or bylaws of the Company, each as in effect from time to time, except as would not have a Company Material Adverse Effect.

			

 

	 	
			(b)

				
			Subsidiaries. All the outstanding shares of capital stock of, or other equity interests in, each Subsidiary of the Company have been validly issued and, where applicable, are fully paid and nonassessable, and are owned directly or indirectly by the Company free and clear of any liens or other encumbrances. Neither the execution and delivery of this Agreement, nor the consummation of the Transaction, by the Company will conflict with or result in a breach of, or trigger a right of first refusal or other preferential purchase right or preemptive right under any organizational documents, partnership agreement, joint venture agreement, stockholders agreement or similar agreement in connection with the Company’s or its Subsidiaries’ ownership of any capital stock or other equity or voting interests in any Person.

			

 

	 	
			(c)

				
			Authority and Approval; Enforceability. The Company has all necessary corporate power and authority to execute and deliver this Agreement, to perform its obligations under this Agreement and to consummate the Subscription and the Amendment and Restatement Effective Date Issuance. The execution, delivery and performance by the Company of this Agreement and the consummation by it of the Subscription and the Amendment and Restatement Effective Date Issuance, have been duly and validly authorized by the board of directors of the Company and no other corporate action on the part of the Company pursuant to the applicable laws of the State of Colorado, the applicable listing standards of the NASDAQ or otherwise, is necessary to authorize the execution and delivery by the Company of this Agreement and the consummation by it of the Subscription and the Amendment and Restatement Effective Date Issuance. This Agreement has been duly executed and delivered by the Company and, assuming due authorization, execution and delivery hereof by the Subscriber, is a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other applicable laws affecting creditors’ rights generally from time to time in effect and by general principles of equity).

			

 

- 4 -

 

 

 

	 	
			(d)

				
			Non-contravention. The execution, delivery and performance of this Agreement, and the consummation of the Subscription and the Amendment and Restatement Effective Date Issuance, do not and will not, conflict with, or result in any violation or breach of, or default (with or without notice or lapse of time or both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or to the loss of a benefit under, or result in the creation of any lien in or upon any of the properties or other assets of the Company or any of its Subsidiaries under, (i) the organizational documents of the Company, (ii) any material contract to which the Company or any of its Subsidiaries is a party or any of their respective properties or other assets is subject or (iii) any applicable law with respect to the Company or any of its Subsidiaries or their respective properties or other assets, other than, in the case of clauses (ii) and (iii), any such conflicts, violations, breaches, defaults, rights, losses or liens that have not had or would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.

			

 

	 	
			(e)

				
			Capital Structure.

			

 

(i) As of the Closing Date, the authorized capital stock of the Company consisted of 325,000,000 shares of Common Stock, par value $0.001 per share (“Common Stock”), and 10,000,000 shares of preferred stock, par value of $0.001 per share (“Preferred Stock”). As of the Closing Date, 67,005,274 shares of Common Stock were issued and 66,652,211 shares of Common Stock were outstanding (with 353,063 of issued shares of Common Stock held in treasury) and no Preferred Stock was issued and outstanding.

 

(ii) As of the Amendment and Restatement Effective Date, the authorized capital stock of the Company consists of 325,000,000 shares of Common Stock, and 10,000,000 shares of Preferred Stock. As of the Amendment and Restatement Effective Date, 105,635,813 shares of Common Stock are issued and 105,282,750 shares of Common Stock are outstanding (with 353,063 of issued shares of Common Stock held in treasury) and no Preferred Stock is issued and outstanding.

 

	 	
			(f)

				
			Valid Issuance. The Common Stock issuable in the Subscription and the Amendment and Restatement Effective Date Issuance, when issued, sold and delivered at the Closing and the Amendment and Restatement Effective Date, as applicable, will be duly authorized and validly issued, publicly registered, fully paid and nonassessable, and will be issued free and clear of any liens or restrictions (other than such liens created by the certificate of incorporation of the Company or by applicable securities law restrictions) or any preemptive rights.

			

 

	 	
			(g)

				
			Company SEC Documents; No Undisclosed Liabilities.

			

 

(i) The Company has timely filed or furnished copies of all registration statements (excluding the exhibits thereto and any registration statements on Form S-8 or its equivalent), reports on Forms 10-K, 10-Q and 8-K (or their equivalents) and all other periodic reports which the Company shall file with the Securities and Exchange Commission (the “SEC”) (or any Governmental Authority substituted therefor) or any national securities exchange to the extent any such information is not generally available on its website free of charge or on the Electronic Data Gathering Analysis and Retrieval system (the “Company SEC Documents”). No Subsidiary of the Company is required to file or furnish, or files or furnishes, any form, report or other document with the SEC.

 

- 5 -

 

 

 

(ii) As of their respective dates, the Company SEC Documents complied in all material respects with the requirements of the Securities Act or the Exchange Act, as the case may be, applicable to such Company SEC Documents, and, as of their respective dates, none of the Company SEC Documents 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 light of the circumstances under which they were made, not misleading, unless such information contained in any Company SEC Document has been amended or superseded by a later-filed Company SEC Document that was filed prior to the date hereof.

 

(iii) The financial statements of the Company included in the Company SEC Documents comply as of their respective dates as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, have been prepared in accordance with GAAP (except, in the case of unaudited statements, for normal and recurring year-end adjustments not material in amount and as permitted by Form 10-Q of the SEC or other rules and regulations of the SEC) applied by the Company on a consistent basis during the periods and at the dates involved (except as may be indicated therein or in the notes thereto) and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended (except, in the case of unaudited statements, for normal and recurring year-end adjustments not material in amount and as permitted by Form 10-Q of the SEC or other rules and regulations of the SEC). Neither the Company nor any of its Subsidiaries maintains any “off balance sheet arrangements” within the meaning of Item 303 of Regulation S-K of the SEC.

 

(iv) Neither the Company nor any of its Subsidiaries has any liabilities or obligations of any nature (whether accrued, absolute, contingent or otherwise) that would be required under GAAP to be reflected on a consolidated balance sheet of the Company and its Subsidiaries (including the notes thereto), except for any such liabilities or obligations (A) accrued, disclosed, reflected or reserved against in the most recent financial statements (including any related notes) contained in the Company SEC Documents filed prior to the date of this Agreement, (B) incurred in the ordinary course of business since the date of the latest balance sheet included in such financial statements, (C) incurred in connection with this Agreement, the Acquisition Agreement, the agreements and documents ancillary thereto, the Subscription, the Transaction and the other transactions ancillary to the Transaction or (D) that have not had or would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.

 

- 6 -

 

 

 

	 	
			(h)

				
			 Absence of Certain Changes or Events. (i) the Company and its Subsidiaries have conducted their respective businesses in all material respects in accordance with the ordinary course of such businesses and (ii) (A) there has not been any change, effect, event, circumstance, occurrence or state of facts that has had or would reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect, (B) neither the Company nor one of its Subsidiaries has sold, leased, transferred, assigned or otherwise disposed of any material assets, other than in the ordinary course of business consistent with past practice, (C) the Company has not (1) declared, set aside or paid any distribution in respect of the capital stock of the Company or other equity interests of the Company or (2) redeemed or purchased any capital stock of the Company or other equity interests of the Company, (D) neither the Company nor its Subsidiaries have made, changed or revoked any material tax election, filed an amended tax return, settled any tax audit or changed any tax accounting periods or methods and (E) neither the Company nor its Subsidiaries have committed to do any of the foregoing.

			

 

	 	
			(i)

				
			Litigation. There is no material action pending or, to the Knowledge of the Company, threatened, and the Company has no Knowledge of any material external investigation pending or threatened with respect to the Company or its Subsidiaries, nor is there any material judgment, decree, injunction, rule or order of any Governmental Authority or arbitrator outstanding with respect to the Company or any of its Subsidiaries.

			

 

	 	
			(j)

				
			Compliance with Applicable Laws.

			

 

(i)         The Company and each of its Subsidiaries are and have been in compliance with all applicable laws, their properties or other assets or their business or operations, except for such violations or noncompliance that have not been and would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. The Company and its Subsidiaries have in effect all permits necessary to carry on their businesses as currently conducted, and there has occurred no violation of, default (with or without notice or lapse of time or both) under, or event giving to others any right of termination, amendment or cancellation of, with or without notice or lapse of time or both, any permit, except for such violation, defaults, terminations, amendments or cancellations that, individually or in the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect. There is no event which has occurred that would reasonably be expected to result in the termination, revocation, cancellation, non-renewal or adverse modification of any such permit, except where such termination, revocation, cancellation, non-renewal or adverse modification would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.

 

- 7 -

 

 

 

(ii)          neither the Company nor any of its Subsidiaries has received any written notice from any Governmental Authority that alleges or relates to (1) any violation or noncompliance (or reflects that the Company or any of its Subsidiaries is under investigation or the subject of an inquiry by any such Governmental Authority for such alleged noncompliance) with any applicable law or (2) any fine, assessment or cease and desist order, or the suspension, revocation or limitation or restriction of any permit and (B) neither the Company nor any of its Subsidiaries has entered into any agreement or settlement with any Governmental Authority with respect to its alleged noncompliance with, or violation of, any applicable law, except in each case in clauses (A) and (B) above to the extent any such violation, noncompliance, fine, assessment, order, suspension, revocation, limitation or restriction has not had and would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.

 

	 	
			(k)

				
			No Brokers. No broker, investment banker, financial advisor or other person is entitled to any broker’s, finder’s, financial advisor’s or other similar fee or commission, or the reimbursement of expenses, in connection with the Subscription based upon arrangements made by or on behalf of the Company or its Subsidiaries.

			

 

5.     Subsequent Issuances.

 

	 	
			(a)

				
			On the Amendment and Restatement Effective Date, the Company shall issue [·] shares of Common Stock to Subscriber pursuant Section 5 of the Original Subscription Agreement in connection with the issuances of Common Stock and/or warrants to purchase Common Stock consummated by the Company in December, 2021, on April 29, 2022, on June 15, 2022, and on June 24 2022 (the “Amendment and Restatement Effective Date Issuance”).

			

 

	 	
			(b)

				
			From and after the Amendment and Restatement Effective Date, if at any time prior to the date on which all amounts owing under the “Seller Note” (as defined in the Credit Agreement), including after any extension of the maturity thereof, are repaid in full, or within seven (7) calendar days of such repayment in full, the Company issues any Common Stock or Preferred Stock, and/or issues or enters into any securities, rights, options, warrants, instruments or other agreements (any of the foregoing, an “Other Convertible Instrument”) convertible into or exchangeable or exercisable for, or in connection with, or based upon or related to the value of, Common Stock or Preferred Stock, whether in a public or private transaction (each a “Subsequent Issuance”), for an Issue Price that is less than the Reference Price at such time (each as defined below), the Subscriber shall be entitled to, and the Company shall issue to the Subscriber on the date of such Subsequent Issuance in a manner consistent with the terms described in this Agreement, additional shares of publicly registered Common Stock of the Company with a value, determined at such Issue Price, equal to (x) $[·] minus (y) the value, determined at such Issue Price, of (i) the Subscription Shares issued pursuant to Section 2 of the Original Subscription Agreement on the Closing Date plus (ii) the value, determined at such Issue Price, of shares of Common Stock issued to Subscriber pursuant to the Amendment and Restatement Effective Date Issuance pursuant to Section 5(a) plus (iii) the value, determined at the Issue Price, of any shares of Common Stock that have been issued to Subscriber pursuant to this Section 5(b) as a result of any prior Subsequent Issuance.

			

______________________________

[1] [NTD: Reflecting an "Issue Price" of $0.65 per share]

- 8 -

 

 

 

 

	 	
			(c)

				
			For purposes hereof, the term “Reference Price” shall mean, at any time, the Issue Price issued in the most recent prior Subsequent Issuance if the Company has complied with Section 5(b) in connection with such Subsequent Issuance; provided, that the Company and Subscriber agree that from and after the Amendment and Restatement Effective Date until the occurrence of the first Subsequent Issuance that occurs thereafter, the Reference Price is $0.625.

			

 

	 	
			(d)

				
			For purposes hereof, the term “Issue Price” shall mean:

			

 

(i) with respect to Common Stock or Preferred Stock acquired for cash, the per share issuance amount for such Common Stock or Preferred Stock;

 

(ii) with respect to Common Stock or Preferred Stock acquired for other consideration, the per share fair market value (determined as set forth in Section 5(g)) of the consideration received by the Company for such Common Stock or Preferred Stock;

 

(iii) with respect to any option, warrant or other right to acquire Common Stock or Preferred Stock, whether direct or indirect and whether or not conditional or contingent, the sum of (a) the fair market value (determined as set forth in Section 5(g)) of the aggregate consideration, if any, received by the Company for such option, warrant or right divided by the number of shares of Common Stock or Preferred Stock into which such option, warrant or right is exercisable, plus (b) the per share amount of the exercise price to the extent paid in cash and per share fair market value (determined as set forth in Section 5(g)) of the exercise price if paid in other consideration; and

 

(iv) with respect to securities convertible or exchangeable into Common Stock or Preferred Stock, (x) the net consideration per security paid for such securities (to the extent paid in cash) or the net fair market value (determined as set forth in Section 5(g)) of the consideration per security paid for such securities if the price for such securities is paid in other consideration, divided by (y) the number of shares of Common Stock or Preferred Stock per security for which such securities are convertible or exchangeable.

 

______________________________

[2] For example, if the Company issues additional shares of Common Stock for an Issue Price of $.312 per share of Common Stock, as long as the as the Reference Price is $0.625, the Subscriber shall be entitled to the issuance of an additional [_] shares of publicly issued Common Stock.

 

- 9 -

 

 

 

 

For the avoidance of doubt, any calculation of Issue Price pursuant to 5(d)(iii) and 5(d)(iv) shall only occur when shares of Common Stock or Preferred Stock are actually issued upon the exercise, conversion, exchange or otherwise in accordance with the terms of Other Convertible Instruments.

 

For the avoidance of doubt, any calculation of an Issue Price shall take into account the value of any Other Convertible Instruments and any other consideration or instrument, agreement or any other transaction entered into in connection with the relevant Subsequent Issuance (in each case, as determined in good faith by the Subscriber).

 

	 	
			(e)

				
			For the avoidance of doubt, (i) under no circumstances shall the Subscriber be required to return any Subscription Shares pursuant to this Section 5, (ii) any calculations pursuant to this Section 5 shall be subject to any adjustments, as reasonably calculated by the Subscriber, taking into account any stock splits, reverse stock splits or similar transactions occurring after the Closing Date and on or prior to the time of such Subsequent Issuance and (iii) the issuance by the Company of Common Stock, Preferred Stock, or Other Convertible Instruments in connection with the amendment, repayment, reduction, defeasance, extension, waiver or other transaction involving any debt for borrowed money of the Company or any of its subsidiaries or affiliates shall constitute a Subsequent Issuance.

			

 

	 	
			(f)

				
			The issuance of shares of Common Stock, Preferred Stock and any Other Convertible Instruments shall not constitute a Subsequent Issuance when issued:

			

 

i.         to employees, officers or directors of the Company in the ordinary course of business pursuant to the terms of a management incentive plan or employee retention plan; or

 

ii.         to suppliers or third party service providers in connection with the provision of goods or services pursuant to transactions; or

 

iii.         as acquisition consideration pursuant to the acquisition of another corporation by the Corporation by merger, purchase of substantially all of the assets or other reorganization or to a joint venture agreement or

______________________________

[3] For example, (i) if each share of Common Stock is split into two shares of Common Stock on or prior to the date of the Subsequent Issuance, the Reference Price used in this Section 5 would be adjusted from $0.625 to be $0.312 and (ii) if there is a reverse stock split pursuant to which ten shares of Common Stock become one share of  Common Stock on or prior to the date of the Subsequent Issuance, the Reference Price used in this Section 5 would be adjusted from $0.625 to be $6.25.

 

- 10 -

 

 

 

iv.         in connection with sponsored research, collaboration, technology license, development, OEM, marketing or other similar agreements or strategic partnerships.

 

	 	
			(g)

				
			Determinations of fair market value pursuant to Section 5(d)(ii)-(iv) shall be made by mutual agreement of the Company and Subscriber; provided, that in the event that the Company and Subscriber cannot agree on the relevant Issue Price within seven (7) business days of any Subsequent Issuance, then such Issue Price shall be determined by a third party valuation firm reasonably acceptable to each of Company and Subscriber (with the fees and expenses of such third party valuation firm paid by the Company) and the period for the Company to issue shares to Subscriber pursuant to Section 5(b) shall be extended through five (5) Business Day after the date such determination is made by such third party valuation firm; provided, further that (1) in no event shall such period be extended beyond 14 calendar days following the date of the applicable Subsequent Issuance and (2) Company and Subscriber hereby agree that Moelis & Company and Kroll Inc. are reasonably acceptable third party valuation firms for purposes of this Section 5(g).

			

 

6.     Remedies. The parties hereto agree that irreparable damage would occur and that they would not have any adequate remedy at law 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 the parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement without proof of actual damages and without the requirement to post any bond or other security, this being in addition to any other remedy to which any such party is entitled at law or in equity.

 

7.     Miscellaneous.

 

	 	
			(a)

				
			Notices. Except for notices that are specifically required by the terms of this Agreement to be delivered orally, all notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed given, delivered and/or provided (i) when delivered personally or when sent by e-mail of a .pdf attachment (provided no notice of non-delivery is generated), or (ii) on the next Business Day when dispatched for overnight delivery by Federal Express or a similar courier, in either case, to the parties hereto at the following addresses (or at such other address for a party hereto as shall be specified by like notice):

			

 

if to the Company, to:

 

Orbital Energy Group, Inc.

1924 Aldine Western Road

Houston, TX 77038

Attn: William J Clough

Email: wclough@orbitalenergygroup.com

 

if to the Subscriber, to:

 

[·]

- 11 -

 

 

 

	 	
			(b)

				
			Further Assurances. The parties agree to execute and deliver to each other such other documents and to do such other acts and things, all as the other party may reasonably request for the purpose of carrying out the intent of this Agreement

			

 

	 	
			(c)

				
			Exclusivity of Representations and Warranties; No Limitation of Other Representations or Warranties.

			

 

(i) The representations and warranties made by the Subscriber in Section 3 of this Agreement are the exclusive representations and warranties made by the Subscriber in connection with the Subscription and the Amendment and Restatement Effective Date Issuance. The Company hereby acknowledges that none of the Subscriber, any of its Subsidiaries, any of their respective equity holders or Representatives, or any other person, has made or is making any other express or implied representation or warranty with respect to the Subscriber, including any information provided or made available to the Company or its Subsidiaries or Representatives, in anticipation or contemplation of the Subscription or the Amendment and Restatement Effective Date Issuance. Nothing in any representation or warranty in this Agreement shall in any way limit or restrict the scope, applicability or meaning of any other representation or warranty made by the Subscriber in this Agreement.

 

(ii) The representations and warranties made by the Company in Section 4 of this Agreement are the exclusive representations and warranties made by the Company in connection with the Subscription and the Amendment and Restatement Effective Date Issuance. The Subscriber hereby acknowledges that none of the Company, any of its Subsidiaries, any of their respective equity holders or Representatives, or any other person, has made or is making any other express or implied representation or warranty with respect to the Company and its Subsidiaries or any of their respective businesses, operations, assets or liabilities, including any information provided or made available to the Subscriber or its Representatives, in anticipation or contemplation of the Subscription and the Amendment and Restatement Effective Date Issuance. Nothing in any representation or warranty in this Agreement shall in any way limit or restrict the scope, applicability or meaning of any other representation or warranty made by the Company or its Subsidiaries in this Agreement.

 

	 	
			(d)

				
			Waivers and Amendments.

			

 

(i) At any time prior to the Amendment and Restatement Effective Date, each party hereto may (A) extend the time for the performance of any of the obligations or other acts of the other party hereto or (B) subject to the proviso to the first sentence of Section 7(d)(iii) of this Agreement and to the extent permitted by applicable law, waive compliance with any of the agreements or conditions contained herein. Any agreement on the part of any party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party hereto.

 

- 12 -

 

 

 

(ii) The failure of any party to this Agreement to exercise any of its rights under this Agreement or otherwise shall not constitute a waiver by such party of such right

 

(iii) This Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties hereto; provided, that notwithstanding anything herein to the contrary, Section 7(h) (and any provision of this Agreement to the extent a modification, waiver or termination of such provision would modify the substance of any of the foregoing provisions) may not be modified, waived or terminated in a manner that impacts or is adverse in any respect to a Non-Recourse Party without the prior written consent of such Non-Recourse Party.

 

	 	
			(e)

				
			Severability. Except as expressly set forth in this Agreement, if any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible to the fullest extent permitted by applicable law in an acceptable manner to the end that the Subscription is fulfilled to the extent possible.

			

 

	 	
			(f)

				
			Entire Agreement. This Agreement (including the Schedules hereto), the Acquisition Agreement and that certain registration rights agreement, dated as of the date hereof, by and between the Company and the Subscriber, constitute the entire agreement, and supersede all prior agreements and understandings, both written and oral, among the parties hereto with respect to the subject matter hereof and thereof.

			

 

	 	
			(g)

				
			No Third-Party Beneficiaries. Except with respect to the Non-Recourse Parties, who are intended express third-party beneficiaries of the provisions of Section 7(h), this Agreement (including the Exhibits and Schedules hereto) is not intended to confer upon any person other than the parties hereto any rights, benefits or remedies.

			

 

	 	
			(h)

				
			No Recourse. Except for any party who is a signatory to this Agreement, and only to the extent of such party’s obligations hereunder, no former, current or future direct or indirect equity holders, controlling persons, stockholders, directors, officers, employees, members, managers, agents, trustees, Affiliates, general or limited partners or assignees of the Company or the Subscriber or of any former, current or future direct or indirect equity holder, controlling person, stockholder, director, officer, employee, member, manager, trustee, general or limited partner, Affiliate, agent or assignee of the Company or the Subscriber (collectively, “Non-Recourse Parties”) shall have any liability or obligation for any of the representations, warranties, covenants, agreements, obligations or liabilities of the Company or the Subscriber, as applicable, under this Agreement or of or for any action based on, in respect of, or by reason of, the Subscription, (including the breach, termination or failure to consummate the Subscription), whether based on contract, tort or strict liability, by the enforcement of any assessment, by any legal or equitable proceeding, by virtue of any applicable law or otherwise and whether by or through attempted piercing of the corporate or partnership veil, by or through a claim by or on behalf of a party who is a signatory to this Agreement or any other person or otherwise. The parties hereto hereby agree that the Non-Recourse Parties shall be express third party beneficiaries of this Section 7(h).

			

 

- 13 -

 

 

 

	 	
			(i)

				
			Successors and Assigns. Subject to the provisions of Section 7(n), all the terms and provisions of this Agreement shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto.

			

 

	 	
			(j)

				
			APPLICABLE LAW; CONSENT TO JURISDICTION; AND WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT SHALL BE SUBJECT TO SECTIONS 10.14, 10.15 AND 10.16 OF THE CREDIT AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

			

 

	 	
			(k)

				
			Survival of Provisions; Knowledge.

			

 

(i) The representations and warranties made by the parties hereto in Section 3 and Section 4 hereof shall survive the Closing until the first anniversary of the Closing, and any claim with respect thereto must be made prior to the expiration of such survival period; provided, that if any claim with respect thereto is made prior to the expiration of such survival period, then the applicable representation or warranty that is the subject of such claim shall survive until such time as such claim is finally resolved by the parties or finally determined by a court of competent jurisdiction and is non-appealable. The covenants and agreements made by the parties hereto shall survive the Closing in accordance with their terms.

 

	 	
			(l)

				
			Assignment. No party to this Agreement may assign any of its rights or obligations under this Agreement without the prior written consent of the other party to this Agreement; provided, that the Subscriber may assign any of its rights or obligation under this Agreement, in whole or in part, to an Affiliate of the Subscriber without the prior written consent of the Company, except that any such assignment shall not receive the Subscriber of its obligations under this Agreement.

			

 

- 14 -

 

 

 

	 	
			(m)

				
			Defined Terms; Interpretation. Except as otherwise expressly provided herein, capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Credit Agreement. For purposes of this Agreement, (1) “Knowledge” means with respect to any party hereto the actual (but not constructive or imputed) knowledge of such party hereto or, if applicable, the executive officers of such party hereto (except with respect to Section 7(m)(ii) hereof, after due inquiry of such party hereto or, if applicable, the officers of such party hereto with oversight responsibilities for the matter in question), (2) “Subscriber Material Adverse Effect” means any change, effect, event, circumstance, occurrence or state of facts that prevents or materially impairs or materially delays the ability of the Subscriber to consummate the Subscription, (3) “Representatives” means, with respect to any Person, such Person’s Affiliates and direct and indirect equity holders and its and their respective directors, officers, employees, agents, representatives, consultants and advisors and (4) “Company Material Adverse Effect” means any state of facts, change, event, circumstance, condition, development, effect or occurrence that, individually or in the aggregate, (a) has had, or would reasonably be expected to have, a material adverse effect on the assets, properties, financial or other condition or results of operations of the Company and its Subsidiaries, taken as a whole, or (b) prevents or materially delays, or would reasonably be expected to prevent or materially delay, the consummation of the transactions contemplated hereby; provided, however, that in determining whether there has been a Company Material Adverse Effect, any state of facts, change, event, circumstance, condition, development, effect or occurrence arising out of, or resulting from any of the following shall be disregarded: (i) general economic, business, industry, trade or credit, financial or capital market conditions (whether in the United States or internationally), including any conditions affecting generally the industries or markets in which the Company and its Subsidiaries operates; (ii) except with respect to the representations and warranties set forth in Section 4(f), the taking of any action expressly required by this Agreement, the Acquisition Agreement or the Related Agreements; (iii) except with respect to the representations and warranties set forth in Section 4(f), the negotiation, entry into and announcement of this Agreement, the Acquisition Agreement or pendency or consummation of the Transaction, including any action in connection with the Transaction; (iv) the taking of any action at the written request of Parent; (v) pandemics, earthquakes, tornados, hurricanes, floods, acts of God and other similar force majeure events; (vi) acts of war (whether declared or not declared), sabotage, terrorism, military actions or the escalation thereof; (vii) any changes in applicable laws, regulations or accounting rules, including GAAP or interpretations thereof, or any changes in general legal, regulatory, trade or political conditions; and (viii) the failure by any member of the Company and its Subsidiaries to meet any projections, estimates or budgets for any period prior to, on or after the date of this Agreement, except that any state of facts, change, event, circumstance, condition, development, effect or occurrence giving rise to such failure may be taken into account in determining whether there has been a “Company Material Adverse Effect”; provided, that notwithstanding the foregoing, in the case of the foregoing clauses (i), (v), (vi) and (vii) of this definition, any such state of facts, change, event, circumstance, condition, development, effect or occurrence that has a disproportionate effect on the Company and its Subsidiaries, taken as a whole, relative to other participants operating in the same or similar businesses or industries as the Company and its Subsidiaries, may be taken into account in determining whether a “Company Material Adverse Effect” has occurred.

			

 

- 15 -

 

 

 

	 	
			(n)

				
			Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties. Facsimile signatures or signatures received as a .pdf attachment to electronic mail shall be treated as original signatures for all purposes of this Agreement.

			

 

[Remainder of page intentionally left blank.]

 

 

 

 

 

 

 

 

 

 

 

 

- 16 -

 

 

 

 

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

	
			THE COMPANY:

			ORBITAL ENERGY GROUP, INC.

			
	
			By:

				 
	 	
			Name:         

			
	 	
			Title:         

			

 

 

 

	
			THE SUBSCRIBER:

			[·]

			
	
			By:

				 
	 	
			Name:         

			
	 	
			Title:

			
	 	 

 

 

 

 

 

 

 

 

MTC/ej/8038145v2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]