Document:

Exhibit 10.8

 

SAMSARA VISION, INC.

 

2020 NOTE PURCHASE AGREEMENT

 

This 2020
Note Purchase Agreement (this "Agreement") is made as of December 16, 2020 (the "Effective Date")
by and among Samsara Vision, Inc., a Delaware corporation (the "Company"), and the parties listed on the
Schedule of Investors attached to this Agreement as Exhibit A (each, an "Investor" and collectively
the "Investors").

 

The parties hereby agree as follows:

 

1.            Purchase
and Sale of Notes. Subject to the terms and conditions hereof, the Company will issue and
sell to the Investors and the Investors agree to purchase from the Company convertible promissory notes in substantially the form attached
hereto as Exhibit B (individually, a "Note" and collectively, the "Notes").

 

2.            Closing;
Delivery.

 

2.1            Initial
Closing. The initial purchase and sale of the Notes shall be held on

 

December , 2020, or at such
other date and place as the Company and the Investor may agree in writing (the "Initial Closing"), provided, that,
the parties hereto agree the amount funded to the Company on November 5, 2020 (the "Preliminary Funding Date"),
in the amount of $548,000, shall be deemed a part of the Initial Closing, and this Agreement will apply to such amount with effect as
of the Preliminary Funding Date.

 

2.2            Subsequent
Closing. Including the amount received by the Company from the Initial Closing,
the Company may sell additional Notes for up to an aggregate principal amount of $3,000,000 at any time on or prior to 5PM PDT of
December 31, 2021 (each such sale, a "Subsequent Closing") subject to the terms and conditions of this
Agreement. Any participant in a Subsequent Closing who has not already signed this Agreement will execute a counterpart of this
Agreement and agree to be bound by the terms hereby and become a party hereto as an "Investor" hereunder. After each
Subsequent Closing, Exhibit A will be updated by the Company without any further action on the part of the parties
hereto to reflect the addition of any subsequent Investors and additional amounts invested pursuant to this Agreement. The Initial
Closing and any Subsequent Closing are each referred to in this Agreement as a "Closing," and the date of a
particular Closing is referred to as the "Closing Date".

 

2.3            Delivery. Subject
to the terms of this Agreement, at each Closing the Company will deliver to each Investor a Note in the principal amount set
forth opposite such Investor's name on Exhibit A dated as of the Closing Date against payment of the purchase price
therefor by, at the option of such Investor, a check or checks payable to the order of the Company or wire transfer to the account
specified by the Company.

 

     

     

    

 

3.            Terms
of the Notes.

 

3.1            Maturity
Date of the Notes. Each Note issued pursuant to this Agreement will be due and payable by
the Company upon demand by the holder thereof on or after January 1, 2022 (the "Maturity Date").

 

3.2            Definitions.
The following definitions shall apply for to this Agreement and the Notes:

 

(a)            "Code"
means the Internal Revenue Code of 1986, as amended.

 

(b)            "Conversion
Price" means the price equal to sixty five percent (65%) of the lowest price paid per
share by the investors in the Qualified Financing;

 

(c)            "Conversion
Stock" means the class or series of the Company's capital stock that is sold by the
Company in the Qualified Financing.

 

(d)            "Equity
Securities" means shares of the Company capital stock (including, without limitation,
common stock and preferred stock); provided, however, that no such shares of capital stock issued in connection with the Company's
equity incentive plan or for other non-financing purposes shall be deemed to constitute "Equity Securities" in all events.

 

(e)            "Fully-Diluted
Shares" means the sum of: (i) all shares of capital stock of the Company (on an
as-converted basis) issued and outstanding, assuming exercise or conversion of all outstanding vested and unvested options, warrants and
other convertible securities, but excluding any Notes; and (ii) all shares of Common Stock reserved and available for future grant
under any equity incentive or similar plan of the Company.

 

(f)            "Noteholder",
 "holder", or similar terms, when the context refers to a holder of the Note, shall
mean any person who shall at the time be the registered holder of a Note.

 

(g)            "Sale
of the Company" means (i) any sale of all or substantially all of the assets of
the Company to an unaffiliated third party; (ii) any merger, consolidation or other transaction of the Company in which the stockholders
of the Company immediately prior to such transaction do not represent a controlling interest in the resulting company or business entity;
or (iii) any sale or issuance of stock of the Company, in a single transaction or a series of related transactions, whereby the stockholders
of the Company immediately prior to the initial such transaction(s) do not represent a controlling interest in the Company after
such subsequent transaction(s).

 

(h)            "Preferred
Stock" means the Company's Preferred Stock, par value $0.0001.

 

(i)            "Qualified
Financing" shall mean the Company's closing of its first sale to purchasers which
are not affiliates of the Company of Preferred Stock, or other securities which are all of the same class and series, in one
transaction or series of related transactions occurring on or before the Maturity Date for an aggregate purchase price of no
less than $10,000,000, which shall be in addition to the aggregate amount of Notes and other indebtedness converted into Conversion
Stock.

 

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3.3            Conversion.

 

(a)            Mandatory
Conversion. On the date of the Qualified Financing, all outstanding principal and accrued
and unpaid interest under all of the Notes on such date shall be automatically converted into Conversion Stock at the Conversion Price,
without the need for any further action on the part of the Noteholder, in accordance with all applicable laws. If the Company closes
a Qualified Financing prior to the Subsequent Closing, then the Investors or Cascade shall have the option to purchase, at its option,
shall invest the amount of the Second Installment by the closing of the Qualified Financing or the Investor shall lose the right to invest
such Second Installment.

 

(b)            Sale
of Company. In the event of a Sale of the Company while the Notes are still issued and outstanding,
at the option of the Company as determined by its sole discretion and documented by its written notice to the Noteholders, the Company
shall pay each Noteholder, in preference to any holder of the Company's capital stock, an amount equal to one and one-quarter times (1.25x)
the original principal amount of such Noteholder's Note in full satisfaction of all obligations thereunder.

 

(c)            Mechanics
of Conversion. A Noteholder shall be entitled to receive the certificate or certificates
for the number of shares of Conversion Stock to which the Noteholder shall be entitled upon any conversion (bearing such legends as provided
in Section 5.9 below), together with any other securities and property to which the Noteholder is entitled upon such conversion,
when the original of its respective Note is surrendered to the Company together with such accompanying documents or other agreements
as the Company may reasonably request (including, but not limited to a stock purchase agreement, investor rights agreement and any other
agreements entered into by the other purchasers in the Non-Qualified Financing or Qualified Financing, as the case may be).

 

(d)            Issuance
of Conversion Stock. As soon as practicable after conversion of the Notes, the Company at
its expense will cause to be issued in the name of and delivered to the holder of a Note, a certificate or certificates for the number
of shares of Conversion Stock to which the holder shall be entitled upon such conversion (bearing such legends as may be required by
applicable state and federal securities laws in the opinion of legal counsel of the Company). Such conversion shall be deemed to have
been made on the date of the initial closing of the Qualified Financing. No fractional shares will be issued upon conversion of a Note.
If upon any conversion of a Note a fraction of a share would otherwise result, then in lieu of such fractional share the Company will
pay the cash value of that fractional share, calculated on the basis of the applicable Conversion Price.

 

3.4            Priority
of Notes; Prepayment. Each Note is one of a series of convertible promissory
notes issued by the Company pursuant to this Agreement. Any and all payments on account of principal and accrued interest with
respect to any of the Notes shall be applied ratably and proportionately to all Notes. All payments will first be applied to accrued
interest until all then outstanding accrued interest has been paid, and then shall be applied to the repayment of principal. The
Company may not prepay any amounts under any Note without the prior written consent of the Investor, provided that any
prepayments shall be made pro rata to all Noteholders.

 

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3.5            Registered
Notes. The Notes shall be registered notes. The Company will keep, at its principal executive
office, books for the registration and registration of transfer of the Notes. Prior to presentation of any Note for registration of transfer,
the Company shall treat the person in whose name such Note is registered as the owner and holder of such Note for all purposes whatsoever,
whether or not such Note shall be overdue, and the Company shall not be affected by notice to the contrary.

 

4.            Representations
and Warranties of the Company. The Company hereby represents and warrants to each Investor
that the statements in the following paragraphs of this Section 4 are all true and complete as of the Initial Closing and will be
true and complete as of each Subsequent Closing:

 

4.1            Organization,
Good Standing and Qualification. The Company is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business
as now conducted and as proposed to be conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction
in which the failure to so qualify would have a material adverse effect on its business or properties.

 

4.2            Due
Authorization. All corporate action on the part of the Company's directors and shareholders
necessary for the authorization, execution, delivery of, and the performance of all obligations of the Company under, this Agreement and
the Notes has been taken or will be taken prior to the Effective Date, and this Agreement constitutes, and the Notes when executed and
delivered, will constitute, valid and legally binding obligations of the Company, enforceable in accordance with their respective terms,
except as may be limited by (i) applicable bankruptcy, insolvency, reorganization or other laws of general application relating to
or affecting the enforcement of creditor's rights generally and (ii) the effect of rules of law governing the availability of
equitable remedies.

 

4.3            Corporate
Power. The Company has the corporate power and authority to execute and deliver this Agreement
and the Notes to be purchased by the Investors hereunder, and to issue the Notes and to carry out and perform all its obligations under
this Agreement and the Notes.

 

4.4            Valid
Issuance.

 

(a)            The
Notes when issued, sold and delivered in accordance with the terms of this Agreement for the
consideration provided for herein, will be duly and validly issued, fully paid and nonassessable.

 

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(b)            Based
in part on the representations made by the Investors in Section 5 hereof, the offer and sale of the Notes solely to the
Investors in accordance with this Agreement are exempt from the registration and prospectus delivery requirements of the U.S.
Securities Act of 1933, as amended (the "1933 Act") and the securities registration and qualification
requirements of the currently effective provisions of the securities laws of the states in which the Investors are resident based
upon their addresses set forth on the signature page for such Investor.

 

4.5            Title
to Property and Assets. The Company has good and marketable title to all of its
properties, intangible and tangible assets that it owns free and clear of all mortgages, liens, loans, claims and encumbrances,
except liens for current taxes and assessments not yet due and minor liens and encumbrances which arise in the ordinary course of
business and which do not, in any case, in the aggregate, materially detract from the value or use of the property subject thereto
or materially impair the operations of the Company. With respect to the property and assets it leases, the Company is in material
compliance with such leases and holds a valid leasehold interest free of all liens, claims or encumbrances.

 

4.6
Governmental Consents. All consents, approvals, orders, or authorizations of, or registrations, qualifications, designations,
declarations, or filings with, any governmental authority, required to be made in connection with the valid execution and delivery of
this Agreement, the offer, sale or issuance of the Notes, the applicable Closing or the consummation of any other transaction contemplated
hereby will have been made or will be made in a timely manner.

 

4.7            Compliance
with Other Instruments. Neither the authorization, execution and delivery of
this Agreement, nor the issuance and delivery of the Notes, will constitute or result in a material default or violation of any law
or regulation applicable to the Company or any material term or provision of the Company's current Certificate of Incorporation or
bylaws or any material agreement or instrument by which it is bound or to which its properties or assets are subject.

 

5.            Representations,
Warranties and Certain Agreements of Investors. Each Investor hereby represents
and warrants to, and agrees with, the Company, that:

 

5.1            Authorization. This
Agreement constitutes such Investor's valid and legally binding obligation, enforceable in accordance with its terms except
as may be limited by (i) applicable bankruptcy, insolvency, reorganization or other laws of general application relating to or
affecting the enforcement of creditors' rights generally; and (ii) the effect of rules of law governing the availability
of equitable remedies. Each Investor represents that such Investor has full power and authority to enter into this Agreement.

 

5.2            Purchase
for Own Account. The Notes and the shares of the Company's capital stock issuable
upon conversion of the Notes (collectively, the "Securities") will be acquired for investment for such Investor's
own account, not as a nominee or agent, and not with a view to the public resale or distribution thereof within the meaning of the 1933
Act, and such Investor has no present intention of selling, granting any participation in, or otherwise distributing the same.

 

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5.3            Disclosure
of Information. Such Investor believes that Investor has received or has had
full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the
Securities. Such Investor further has had an opportunity to ask questions and receive answers from the Company regarding the terms
and conditions of the offering of the Securities and to obtain additional information (to the extent the Company possessed such
information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to such
Investor or to which such Investor had access. The foregoing, however, does not in any way limit or modify the representations and
warranties made by the Company in Section 4.

 

5.4            Investment
Experience. Such Investor understands that the purchase of the Securities
involves substantial risk. Such Investor also understands that there can be no assurances that the Company will be able to repay the
Note. Such Investor (i) has experience as an investor in securities of companies in the development stage and acknowledges that
such Investor is able to fend for itself, can bear the economic risk of such Investor's investment in the Securities and has such
knowledge and experience in financial or business matters that such Investor is capable of evaluating the merits and risks of this
investment in the Securities and protecting its own interests in connection with this investment and/or (ii) has a preexisting
personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and
duration that enables such Investor to be aware of the character, business acumen and financial circumstances of such persons.

 

5.5            Accredited
Investor Status. Such Investor is an "accredited investor" within the
meaning of Regulation D promulgated under the 1933 Act.

 

5.6            Restricted
Securities. Such Investor understands that the Securities are characterized as
 "restricted securities" under the 1933 Act and Rule 144 promulgated thereunder inasmuch as they are being acquired
from the Company in a transaction not involving a public offering, and that under the 1933 Act and applicable regulations thereunder
such securities may be resold without registration under the 1933 Act only in certain limited circumstances. In this connection,
such Investor represents that such Investor is familiar with Rule 144 of the U.S. Securities and Exchange Commission, as
presently in effect, and understands the resale limitations imposed thereby and by the 1933 Act. Such Investor understands that the
Company is under no obligation to register any of the Securities sold hereunder.

 

5.7            No
Solicitation. At no time was the Investor presented with or solicited by any
publicly issued or circulated newspaper, mail, radio, television or other form of general advertising or solicitation in connection
with the offer, sale and purchase of the Securities.

 

5.8            Further
Limitations on Disposition. Without in any way limiting the representations set
forth above, such Investor further agrees not to make any disposition of all or any portion of the Securities unless and until:

 

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(a)            there
is then in effect a registration statement under the 1933 Act covering such proposed disposition and such disposition is made in accordance
with such registration statement; or

 

(b)            such
Investor will have notified the Company of the proposed disposition, and will have furnished the Company with a statement of the circumstances
surrounding the proposed disposition, and, at the expense of such Investor or its transferee, with an opinion of counsel, reasonably satisfactory
to the Company, that such disposition will not require registration of such securities under the 1933 Act.

 

Notwithstanding the provisions
of paragraphs (a) and (b) above, no such registration statement or opinion of counsel will be required: (i) for any transfer
of any Securities in compliance with Rule 144 or Rule 144A; (ii) for any transfer of any Notes by an Investor that is a
partnership or a corporation to (A) a partner of such partnership or stockholder of such corporation, (B) a retired partner
of such partnership who retires after the date hereof, (C) the estate of any such partner or stockholder; or (iii) for the transfer
by gift, will or intestate succession by any Investor to his or her spouse or lineal descendants or ancestors or any trust for any of
the foregoing; provided that in each of the foregoing cases the transferee agrees in writing to be subject to the terms of this
Section 5 to the same extent as if the transferee were an original Investor hereunder.

 

5.9            Legends.
It is understood that the certificates evidencing the Securities will bear legends substantially similar to those set forth below:

 

(a)            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 ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED
OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.
INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.
THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT
THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

(b)            Any
legend required by the laws of the State of California or the State of Delaware, including any legend required by the California Department
of Corporations, the General Corporation Law of the State of Delaware and Sections 417 and 418 of the California Corporations Code or
any other state securities laws.

 

The legend set forth in
(a) above will be removed by the Company from any certificate evidencing the Securities upon delivery to the Company of an
opinion of counsel, reasonably satisfactory to the Company, that a registration statement under the 1933 Act is at that time in
effect with respect to the legended security or that such security can be freely transferred in a public sale (other than pursuant
to Rule 144 or Rule 145 under the 1933 Act) without such a registration statement being in effect and that such transfer
will not jeopardize the exemption or exemptions from registration pursuant to which the Company issued the Securities.

 

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5.10         
"Market Stand-Off" Agreement. Each Investor hereby agrees, in connection with any registration of the Company's
securities which covers common stock of the Company (or other securities) to be sold on its behalf to the general public in an underwritten
public offering, upon request of the Company or the underwriter of such public offering, not to sell, make any short sale of, loan, grant
any option for the purchase of, or otherwise dispose of any Securities (other than those included in the registration) without the prior
written consent of the Company or such underwriter, as the case may be, for a period of time not to exceed one hundred eighty (180) days
from the effective date of such registration (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 2241, or any successor provisions or amendments
thereto). In order to enforce the foregoing covenant, the Company will have the right to place restrictive legends on the certificates
representing the shares subject to this Section and to impose stop transfer instructions with respect to the Securities and any other
shares of stock of each Investor (and the shares or securities of every other person subject to the foregoing restriction) until the end
of such period.

 

5.11         
Foreign Investors. If the Investor is not a United States person (as defined by Section 7701(a)(30) of the Code),
such Investor hereby represents that it has satisfied itself as to the full observance of all applicable laws in connection with any invitation
to subscribe for the Notes or any use of this Agreement, including (a) the legal requirements within its jurisdiction for the purchase
of the Notes, (b) any foreign exchange restrictions applicable to such purchase, (c) any governmental or other consents that
may need to be obtained, and (d) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding,
redemption, sale, or transfer of the Notes. Such Investor's subscription and payment for and continued beneficial ownership of the Notes,
will not violate any applicable securities or other laws of the Investor's jurisdiction.

 

5.11           No
 "Bad Actor" Designees. None of the "bad actor" disqualifying events described in Rule 506(d)(1)(i)-(viii) under
the 1933 Act (each, a "Disqualification Event"), is applicable to such Investor except, if applicable, for a Disqualification
Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) under the 1933 Act is applicable. Such Investor has exercised
reasonable care to determine whether any Disqualification Event is applicable to such Investor, except, if applicable, for a Disqualification
Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) under the 1933 Act is applicable.

 

6.            Conditions
to Closing.

 

6.1            Conditions
to Investor's Obligations. The obligation of the Investor to purchase the Notes at the Closing
is subject to the fulfillment to its satisfaction, on or prior to the Closing Date, of the following conditions, any of which may be waived
in accordance with the provisions of this Agreement:

 

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(a)            Representations
and Warranties Correct; Performance of Obligations. The representations and warranties made
by the Company in Section 4 hereof will be true and correct as of the Initial Closing. The Company will have performed all obligations
and conditions herein required to be performed or observed by it on or prior to the Closing Date.

 

(b)            Qualifications.
All authorizations, approvals, or permits, if any, of any governmental authority or regulatory
body of the United States or of any state that are required in connection with the lawful issuance and sale of the Notes pursuant to
this Agreement will be duly obtained and effective as of the Closing.

 

(c)            Proceedings
and Documents. All corporate and other proceedings in connection with the transactions contemplated
at the Closing and all documents incident thereto will be reasonably satisfactory in form and substance to the Investors, and the Investors
(or their counsel) will have received all such counterpart originals and certified or other copies of such documents as reasonably requested.

 

6.2            Conditions
to Company's Obligations. The obligations of the Company to the Investors are subject to
the fulfillment to the Company's satisfaction, on or prior to the Closing Date, of the following conditions, any of which may be waived
in accordance with the provisions of this Agreement:

 

(a)            Representations
and Warranties Correct. The representations and warranties of the Investors in Section 5
hereof will be true and correct when made, and will be true and correct on the Closing Date with the same force and effect as if they
had been made on and as of such date.

 

(b)            Qualifications.
All authorizations, approvals, or permits, if any, of any governmental authority or regulatory
body of the United States or of any state that are required in connection with the lawful issuance as sale of the Notes pursuant to this
Agreement will be duly obtained and effective as of the Closing Date.

 

7.            General
Provisions.

 

7.1            Survival
of Warranties. The representations, warranties and covenants of the Company and the Investors
contained in or made pursuant to this Agreement will survive the execution and delivery of this Agreement and will in no way be affected
by any investigation of the subject matter thereof made by or on behalf of any of the Investors or the Company, as the case may be.

 

7.2            Governing
Law; Jurisdiction. This Agreement will be governed by and construed under the internal
laws of the State of Delaware as applied to agreements among Delaware residents entered into and to be performed entirely within
Delaware, without reference to principles of conflict of laws or choice of laws. The parties agree to submit to the non-exclusive
jurisdiction of the Delaware state and federal courts for purposes of any action or proceeding arising from this Agreement. The
parties agree to accept service of process for purposes of any such proceeding when service of process is directed to such
party in accordance with the notice provisions in Section 7.4 hereof.

 

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7.3            Counterparts. This
Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together
will constitute one and the same instrument.

 

7.4            Notices. Any
and all notices required or permitted to be given to a party pursuant to the provisions of this Agreement will be in writing
and will be effective and deemed given and received under this Agreement on the earliest of the following: (i) at the time of
personal delivery, if delivery is in person; (ii) at the time of transmission by eletronic mail, addressed to the other party
at the e-mail address specified on the signature page or Exhibit A hereto (or hereafter modified by subsequent
notice to the parties hereto), with confirmation of receipt made by both telephone and printed confirmation sheet verifying
successful transmission of the facsimile; (iii) one (1) business day after deposit with an express overnight courier for
United States deliveries, or two (2) business days after such deposit for deliveries outside of the United States, with proof
of delivery from the courier requested; or (iv) three (3) business days after deposit in the United States mail by
registered or certified mail (return receipt requested) for United States deliveries. All notices for delivery outside the United
States will be sent by electronic mail or by express courier. All notices not delivered personally or by electronic mail will be
sent with postage and/or other charges prepaid and properly addressed to the party to be notified at the address set forth on the
signature pages or Exhibit A to this Agreement, or at such other address as such other party may designate by ten
(10) days advance written notice to the other parties hereto. Notices to each Investor will be addressed to the person who
signed this Agreement for such Investor.

 

7.5            Amendments
and Waivers. Any term of this Agreement and the Notes may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or
prospectively) with respect to all of the Noteholders, only with the written consent of the Company and the Investor. Any amendment
or waiver effected in accordance with this Section 7.5 will be binding upon each holder of any of the Notes at the time
outstanding, each future holder of such securities, and the Company.

 

7.6            Severability. If
one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision(s) will be
excluded from this Agreement and the balance of the Agreement will be interpreted as if such provision(s) were so excluded and
will be enforceable in accordance with its terms.

 

7.7            Entire
Agreement. This Agreement, together with all exhibits and schedules hereto,
constitutes the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and
all prior negotiations, correspondence, agreements, understandings duties or obligations between the parties with respect to the
subject matter hereof.

 

7.8            Assignment;
Successors and Assigns. The rights and obligations of the Company and the
Investors will be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties. The terms
and conditions of this Agreement will inure to the benefit of and be binding upon the respective successors and assigns of the
parties.

 

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7.9            Expenses. Each
party shall pay its own expenses, including its attorneys fees and expenses, in connection with the preparation, execution
and delivery of this Agreement and the Notes unless otherwise provided herein.

 

7.10        
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be
considered in construing or interpreting this Agreement.

 

[Signature page follows.]

 

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CONFIDENTIAL

 

IN WITNESS
WHEREOF, the parties have executed this 2020 Note Purchase Agreement as of the Effective Date.

 

	 	COMPANY:
	 	 	 
	 	SAMSARA VISION, INC. a Delaware corporation
	 	 	 
	 	 	                                  
	 	By:	/s/ Tom Ruggia
	 	Name:	Tom Ruggia
	 	Title:	Chief Executive Officer
	 	 	 
	 	Address:
	 	14395 Saratoga Ave, Suite 150 Saratoga, California 95070
	 	Email: truggia@visioncareinc.net

 

    

     

    

 

IN WITNESS WHEREOF, the parties
have executed this 2020 Note Purchase Agreement as of the Effective Date.

 

	 	INVESTOR:
	 	 	 
	 	VOT HOLDINGS LLC
	 	 	 
	 	 	 
	 	By:	/s/
Stephen J. DeNelsky
	 	Name:	Stephen
J. DeNelsky
	 	Title:	Managing
Member

 

    

     

    

 

EXHIBIT A

 

Schedule of Investors

 

	Name of Investor	 	Principal Amount	 
	Initial Closing: November 5, 2020	 	 	 
	 	 	 	 
	VOT Holdings, LLC	 	$	548,000	 
	777 Third Avenue, 19th Floor	 	 	 	 
	New York, NY 10017	 	 	 	 
	 	 	 	 	 
	Subsequent Closing: December , 2020	 	 	 	 
	 	 	 	 	 
	VOT Holdings, LLC	 	$	2,452,000	 
	777 Third Avenue, 19th Floor	 	 	 	 
	New York, NY 10017	 	 	 	 
	 	 	 	 	 
	TOTAL ALL CLOSINGS:	 	$	3,000,000	 

 

    

     

    

 

EXHIBIT B Form of Note

 

I312.10768v5)Exhibit 10.11

 

THIS NOTE AND THE SECURITIES
ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN (AND ARE NOT EXPECTED TO BE) REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “1933 ACT”). THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED
OR RESOLD EXCEPT AS PERMITTED UNDER THE TERMS OF THE SECURITIES OR UNDER THE 1933 ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT
TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT
FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY
TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

CONVERTIBLE PROMISSORY
NOTE

 

OF

 

SAMSARA VISION, INC.

 

	 	Date: June        , 2021

 

For value received, Samsara Vision, Inc., a Delaware corporation
(the “Company”), hereby promises to pay to the order of VOT Holdings LLC (hereinafter referred to as the “Noteholder”),
the principal sum of ______________ as indicated above (“Principal Amount”) at the times and in the manner as
hereinafter provided.

 

This
Note is issued as part of a series of substantially similar notes (collectively, the “Notes”) issued and to
be issued pursuant to the terms of that certain 2020 Note Purchase Agreement dated as of December 16, 2020, as amended from time
to time (the “Purchase Agreement”), by and among the Company and the Investors (as defined therein). Any capitalized
terms used and not otherwise defined herein shall have the meanings given to such terms in the Purchase Agreement.

 

1.            Maturity.
Unless converted or as otherwise provided under this Note, the Principal Amount and all accrued and unpaid Interest (as defined below)
shall be due and payable by the Company to the Noteholder on demand on or after January 1, 2022 (the “Maturity Date”).

 

2.            Interest.
This Note shall bear interest at a per annum rate equal to 6% calculated on the basis of a 365-day year and actual days elapsed, or at
the minimum applied federal rate as necessary to avoid imputed interest (the “Interest”), from and after the
date of this Note until paid in full or converted hereunder.

 

3.            Prepayment.
The Company may not prepay any amounts owing under any of the Notes issued under the Purchase Agreement without the unanimous written
consent of the Noteholder; provided further that any prepayments shall be made pro rata to all Noteholders holding Notes
pursuant to the Purchase Agreement. All payments will first be applied to accrued interest until all then outstanding accrued interest
has been paid, and then shall be applied to the repayment of principal.

 

4.            Conversion.
This Note shall be convertible into Conversion Stock as provided in Section 3 of the Purchase Agreement.

 

5.            Cancellation
of Note. No fractional shares of the Company’s capital stock will be issued upon conversion of this Note. Upon conversion
of this Note pursuant to Section 4 hereunder, Noteholder shall surrender this Note, duly endorsed, to the principal offices of Company
or any transfer agent of the Company. At its expense, the Company will promptly issue and deliver to Noteholder a certificate for the
number of shares to which Noteholder is entitled upon such conversion, together with any other securities and property to which Noteholder
is entitled upon such conversion under the terms of this Note; provided, however, that the Noteholder shall not be entitled to receive
such certificate or certificates, together with any other securities and property to which the Noteholder is entitled, until the original
of this Note is surrendered to the Company together with such accompanying documents, including, but not limited to a stock purchase agreement,
investor rights agreement, right of first refusal and co-sale agreement, voting agreement, or other agreements as the Company may reasonably
request and in the same form and substance entered into by all other holders or investors of the capital stock of the Company into which
this Note has been converted. Upon conversion of this Note in accordance with Section 4 hereunder, all rights with respect to this
Note shall terminate, whether or not the Note has been surrendered for cancellation, and the Company will be forever released from its
obligation under this Note, except any obligation under Section 4.

 

    

     

    

 

6.            Events
of Default.

 

If
any of the following events (“Events of Default”) shall occur:

 

(a)            The
Company fails to pay any amounts due under this Note or any other Notes issued under the Purchase Agreement;

 

(b)            The
Company breaches any of the covenants set forth in the Purchase Agreement or any term of any material obligation of indebtedness for borrowed
money owed to any party, and such breach is not cured within the cure period specified under the terms of such obligation or within seven
(7) calendar days if no such period is provided;

 

(c)            There
is a filing or presentation of a petition for administration or winding-up of the Company, or a making of an assignment for the benefit
of creditors, or a commencement of a voluntary case under the Federal Bankruptcy Code of the United States as now or hereafter in effect
(the “Bankruptcy Code”), or the Company files a petition seeking to take advantage of any other law relating
to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, or takes any corporate action for the purpose
of effecting any of the foregoing;

  

(d)            Without
its application, approval or consent, a proceeding shall be commenced, in any court of competent jurisdiction, seeking in respect of the
Company the liquidation, reorganization, dissolution, winding-up, or composition or readjustment of debt, the appointment of a trustee,
receiver, liquidator or the like of the Company or of all or any substantial part of its assets, or other like relief in respect of the
Company under any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; and, if the
proceeding is being contested in good faith by the Company, the same shall continue undismissed, or unstayed and in effect for any period
of seven (7) consecutive days, or an order for relief against the Company shall be entered in any case under the Bankruptcy Code
or other applicable bankruptcy law;

 

then, with respect
to any Event of Default, the Noteholder may elect, at their discretion: (a) to accelerate maturity of its Note(s) and thereby
require the Company to immediately pay all Principal Amounts and accrued, unpaid Interest to all Noteholders under the Notes; and/or (b) to
pursue any legal or equitable remedies available to the Noteholders under the Notes and the Purchase Agreement. In addition, upon such
Event of Default, the Noteholder shall have a full right of set-off for any amounts due under the Note against any amounts (including,
inter alia, accounts payable and royalties, if any) payable by the Noteholder, individually, to the Company and/or any subsidiaries.

 

7.            Payment.
All payments hereunder shall be made in lawful money of the United States at such place as the Noteholder may from time to time designate
in writing to the Company.

 

8.            Transfer;
Successors and Assigns. This Note, and all rights, privileges and obligations hereunder, may be fully but not partially assigned
by the Noteholder to any transferee and the terms and conditions of such assigned Note shall inure to the benefit of and be binding upon
such transferee, as shall be acknowledged by such transferee in writing. None of the rights, privileges, or obligations set forth in,
arising under, or created by this Note may be assigned or transferred by the Company without the prior consent in writing of the Noteholder.
Except as otherwise provided, the terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors
and permitted assigns of the parties.

 

9.            Governing
Law. This Note shall be governed by and construed under the laws of the State of Delaware as applied to agreements among Delaware
residents entered into and to be performed entirely within Delaware, without reference to principles of conflict of laws or choice of
laws. The parties agree to submit to the non-exclusive jurisdiction of the Delaware state and federal courts for purposes of any action
or proceeding arising from this Agreement. The parties agree to accept service of process for purposes of any such proceeding when service
of process is directed to such party in accordance with the notice provisions in Section 10 hereof.

 

    

     

    

 

10.            Notices.
Any notices required or made under this Note shall be given, and deemed received, in accordance with Section 7.4 of the Purchase
Agreement.

 

11.            Lost
Documents. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation
of this Note or any Note exchanged for it, and an indemnity agreement reasonably satisfactory to the Company (in case of loss, theft or
destruction) or surrender and cancellation of such Note (in the case of mutilation), the Company will make and deliver in lieu of such
Note, a new Note of like tenor and unpaid Principal Amount and dated as of the date to which interest has been paid on the unpaid Principal
Amount of the original Note.

 

12.          Amendments
and Waivers. Any term of this Note may be amended or waived only with the written consent of the Company and the Noteholder. Any
amendment or waiver effected in accordance with this Section shall be binding upon the Company, the Noteholders, and each permitted
transferee of the Note. Any waiver by the Company or the Noteholder of a breach of any provision of this Note shall not operate as or
be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of
the Company or the Noteholder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered
a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note.

 

13.          Invalidity.
If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any provision
is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances. In such
an event, the parties will in good faith attempt to effect the business agreement represented by such invalidated term to the fullest
extent permitted by law.

 

14.          Pari
Passu. The Notes rank equally and ratably without priority over one another. No payment shall be made on this Note unless payment
is made with respect to the other Notes for which payment has been demanded in an amount which bears the same ratio to the then outstanding
unpaid Principal Amounts of such other Notes as the payment made hereon bears to the then outstanding unpaid Principal Amount of this
Note.

 

15.          Interest
Rate Limitation. Notwithstanding anything to the contrary contained in this Note or the Purchase Agreement (the “Loan
Documents”), the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious
interest permitted by applicable law (the “Maximum Rate”). If the Noteholder shall receive interest in an amount
that exceeds the Maximum Rate, the excess interest shall be applied to the principal remaining owed under this Note or, if it exceeds
such unpaid principal, refunded to the Company. In determining whether the interest contracted for, charged, or received by the Noteholder
exceeds the Maximum Rate, the Noteholder may, to the extent permitted by applicable law, (a) characterize any payment that is not
principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize,
prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of this Note.

 

[Signature page follows.]

 

    

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Note to be signed in its name as of the date first above written.

 

	 	COMPANY:
	 	 	 
	 	SAMSARA VISION, INC.
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Tom Ruggia
	 	Name:	Tom Ruggia
	 	Title:	Chief Executive Officer
	 	 	 
	 	Address:	27 Route 202, Suites 8 & 9
	 	 	PO Box 705
	 	 	Far Hills, NJ 07931
	 	Email:	truggia@samsaravision.com

 

AGREED AND ACKNOWLEDGED:

 

	VOT HOLDINGS LLC	 
	 	 	 
	By:	/s/ Steve Denelsky	 
	Name:	Steve Denelsky	 
	Title:	Managing Member	 
	 	 	 
	Address:	777 Third Avenue, 19th Floor	 
	 	New York, NY 10017	 
	Email:	steve@lsafunding.com	 

 

[Signature Page to
Samsara Vision, Inc. Note]

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