Document:

Exhibit 4.24 

 

NEITHER
THIS SECURITY NOR THE SECURITIES AS TO WHICH THIS SECURITY MAY BE EXERCISED HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A
LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.
THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

AMENDED
AND RESTATED COMMON STOCK PURCHASE WARRANT

 

AMEDICA
CORPORATION

 

The
Common Stock Purchase Warrant with issue date of January 30, 2018, for 68,257 Warrant Shares, issued by Amedica Corporation to
L2 Capital, LLC, is hereby amended and restated in its entirety as follows:

 

Warrant
Shares: 68,257

Date
of Issuance: January 30, 2018 (“Issuance Date”)

 

This
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received (in connection with the funding
of the purchase price of $500,000.00, with respect to the first tranche of $565,000.00 under that certain convertible promissory
note in the original principal amount of $840,000.00 on January 30, 2018 by the Company (as defined below) to the Holder (as defined
below)) (the “Note”), L2 Capital, LLC, a Kansas limited liability company (including any permitted and registered
assigns, the “Holder”), is entitled, upon the terms and subject to the limitations on exercise and the conditions
hereinafter set forth, at any time on or after the date of issuance hereof, to purchase from Amedica Corporation, a Delaware corporation
(the “Company”), up to 68,257 shares of Common Stock (as defined below) (the “Warrant Shares”)
(whereby such number may be adjusted from time to time pursuant to the terms and conditions of this Warrant) (with the understanding
that the Holder shall only be entitled to the prorated number of Warrant Shares based upon each tranche funded) at the Exercise
Price per share then in effect. This Warrant is issued by the Company as of the date hereof in connection with that certain securities
purchase agreement dated January 30, 2018, by and among the Company and the Holder (the “Purchase Agreement”).
At the time that each subsequent tranche under the Note is funded by the Holder in cash, then on such funding date, the Warrant
Shares shall immediately and automatically be increased by the quotient of 40% of the face value of the respective tranche and
110% of the VWAP of the Common Stock on the Trading Day immediately prior to the funding date of the respective tranche.

 

Capitalized
terms used in this Warrant shall have the meanings set forth in the Purchase Agreement unless otherwise defined in the body of
this Warrant or in Section 13 below. For purposes of this Warrant, the term “Exercise Price” with respect to
the Warrant Shares issued for each tranche funded under the Note, shall mean 110% of the VWAP of the Common Stock on the Trading
Day immediately prior to the funding date of the respective tranche, subject to adjustment as provided herein (including but not
limited to cashless exercise), and the term “Exercise Period” shall mean the period commencing on the date
that is 6 months immediately following the Issuance Date and ending on 5:00 p.m. eastern standard time on the five-year anniversary
thereof.

 

    	 	 

     

    

 

1.
EXERCISE OF WARRANT.

 

(a)
Mechanics of Exercise. Subject to the terms and conditions hereof, the rights represented by this Warrant may be exercised
in whole or in part at any time or times during the Exercise Period by delivery of a written notice, in the form attached hereto
as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. The Holder
shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Partial exercises of this Warrant
resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering
the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.
On or before the third Trading Day (the “Warrant Share Delivery Date”) following the date on which the Company
shall have received the Exercise Notice, and upon receipt by the Company of payment to the Company of an amount equal to the applicable
Exercise Price multiplied by the number of Warrant Shares as to which all or a portion of this Warrant is being exercised (the
“Aggregate Exercise Price” and together with the Exercise Notice, the “Exercise Delivery Documents”)
in cash or by wire transfer of immediately available funds (or by cashless exercise, in which case there shall be no Aggregate
Exercise Price provided), the Company shall (or direct its transfer agent to) issue and dispatch by overnight courier to the address
as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder
or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Upon delivery
of the Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes to have become the holder of record
of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the certificates
evidencing such Warrant Shares. If this Warrant is submitted in connection with any exercise and the number of Warrant Shares
represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise,
then the Company shall as soon as practicable and in no event later than three Business Days after any exercise and at its own
expense, issue a new Warrant (in accordance with Section 6) representing the right to purchase the number of Warrant Shares purchasable
immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is
exercised.

 

If
the Company fails to cause its transfer agent to transmit to the Holder the respective shares of Common Stock by the respective
Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise in Holder’s sole discretion, and
such failure shall be deemed an event of default under the Note.

 

If
(i) the Market Price of one share of Common Stock is greater than the Exercise Price and (ii) there is no effective registration
statement of the Company covering the Holder’s immediate resale of the Warrant Shares without any limitations, then Holder
may elect to receive Warrant Shares pursuant to a cashless exercise, in lieu of a cash exercise, equal to the value of this Warrant
determined in the manner described below (or of any portion thereof remaining unexercised) by surrender of this Warrant and a
Notice of Exercise, in which event the Company shall issue to Holder a number of Common Stock computed using the following formula:

 

X
= Y (A-B)

 

A

 

	 	Where	X
    =	the
    number of Warrant Shares to be issued to Holder.
	 	 	 	 
	 	 	Y
    =	the
    number of Warrant Shares that the Holder elects to purchase under this Warrant (at the date of such calculation).
	 	 	 	 
	 	 	A
    =	the
    Market Price (at the date of suchcalculation).
	 	 	 	 
	 	 	B
    =	Exercise
    Price (as adjusted to the date of suchcalculation).

 

    	 	2	 

     

    

 

(b)
No Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment
pursuant hereto. All Warrant Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes
of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise
would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder
otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then-current fair market
value of a Warrant Share by such fraction.

 

(c)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, to the extent that after giving effect to issuance of Warrant Shares upon
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess
of the Beneficial Ownership Limitation, as defined below. For purposes of the foregoing sentence, the number of shares of Common
Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise
of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock
which would be issuable upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder
or any of its Affiliates and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of
the Company (including without limitation any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in
the preceding sentence, for purposes of this paragraph (d), beneficial ownership shall be calculated in accordance with Section
13(d) of the Exchange Act, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation
is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be
filed in accordance therewith. To the extent that the limitation contained in this paragraph applies, the determination of whether
this Warrant is exercisable (in relation to other securities owned by the Holder together with any affiliates) and of which portion
of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall
be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial
Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.

 

For
purposes of this paragraph, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of
outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the
Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the
Company or its transfer agent setting forth the number of shares of Common Stock outstanding. Upon the request of a Holder, the
Company shall within two Trading Days confirm to the Holder the number of shares of Common Stock then outstanding. In any case,
the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder or its affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of
shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon
exercise of this Warrant. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant. The Company
covenants that this Warrant is outstanding, the Company will reserve from its authorized and unissued Common Stock a number of
shares, free from preemptive rights, equal to three times the number of shares that is actually issuable upon full exercise of
the Warrant (based on the Exercise Price in effect at that time). Notwithstanding anything in this Warrant to the contrary, and
in addition to the beneficial ownership limitations provided herein, the total number of shares of Common Stock that may be issued
under this Warrant and that certain Promissory Note dated January 30, 2018 in the principal amount of $840,000 (the “Note”),
shall be limited to 19.99% of the Company’s outstanding shares of Common Stock as of the date hereof (the “Exchange
Cap”), unless stockholder approval is obtained to issue more than the Exchange Cap. The Exchange Cap shall be appropriately
adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction.

 

    	 	3	 

     

    

 

2.
ADJUSTMENTS. The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows:

 

(a)
Distribution of Assets. If the Company shall declare or make any dividend or other distribution of its assets (or rights
to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including without limitation
any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate
rearrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant,
then, in each such case:

 

(i)
any Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of holders
of shares of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such
record date, to a price determined by multiplying such Exercise Price by a fraction (i) the numerator of which shall be the Closing
Sale Price of the shares of Common Stock on the Trading Day immediately preceding such record date minus the value of the Distribution
(as determined in good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the
denominator of which shall be the Closing Sale Price of the shares of Common Stock on the Trading Day immediately preceding such
record date; and

 

(ii)
the number of Warrant Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable
immediately prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock
entitled to receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding clause
(i); provided, however, that in the event that the Distribution is of shares of common stock of a company (other than the Company)
whose common stock is traded on a national securities exchange or a national automated quotation system (“Other Shares
of Common Stock”), then the Holder may elect to receive a warrant to purchase Other Shares of Common Stock in lieu of
an increase in the number of Warrant Shares, the terms of which shall be identical to those of this Warrant, except that such
warrant shall be exercisable into the number of shares of Other Shares of Common Stock that would have been payable to the Holder
pursuant to the Distribution had the Holder exercised this Warrant immediately prior to such record date and with an aggregate
exercise price equal to the product of the amount by which the exercise price of this Warrant was decreased with respect to the
Distribution pursuant to the terms of the immediately preceding clause (i) and the number of Warrant Shares calculated in accordance
with the first part of this clause (ii).

 

(b)
Anti-Dilution Adjustments to Exercise Price. If the Company, with respect to the next equity and/or debt financing transaction
consummated by the Company after the Issuance Date (as well as with respect to the Company’s adjustment, amendment, or alteration
of any warrant issued by the Company prior to the Issuance Date if such adjustment, amendment, or alteration of that warrant occurs
after the Issuance Date), shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose
of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or securities
entitling any person or entity to acquire shares of Common Stock (upon conversion, exercise or otherwise) (including but not limited
to under the Note), at an effective price per share less than the then Exercise Price (such lower price, the “Base Share
Price” and such issuances collectively, a “Dilutive Issuance”) (if the holder of the Common Stock
or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions,
floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued
in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share which is less
than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive
Issuance), then the Exercise Price shall be reduced at the option of the Holder and only reduced to equal the Base Share Price,
and the number of Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise Price payable hereunder,
after taking into account the decrease in the Exercise Price, shall be equal to the aggregate Exercise Price prior to such adjustment.
The Company shall notify the Holder in writing, no later than the Trading Day following the issuance of any Common Stock or Common
Stock Equivalents subject to this Section 2(b), indicating therein the applicable issuance price, or applicable reset price, exchange
price, conversion price and other pricing terms (such notice the “Dilutive Issuance Notice”). For purposes
of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 2(b), upon the occurrence
of any Dilutive Issuance, after the date of such Dilutive Issuance the Holder is entitled to receive a number of Warrant Shares
based upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise.

 

    	 	4	 

     

    

 

3.
FUNDAMENTAL TRANSACTIONS. If, at any time while this Warrant is outstanding, (i) the Company effects any merger of the
Company with or into another entity and the Company is not the surviving entity (such surviving entity, the “Successor
Entity”), (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related
transactions, (iii) any tender offer or exchange offer (whether by the Company or by another individual or entity, and approved
by the Company) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares of Common
Stock for other securities, cash or property and the holders of at least 50% of the Common Stock accept such offer, or (iv) the
Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination
of shares of Common Stock) (in any such case, a “Fundamental Transaction”), then, upon any subsequent exercise
of this Warrant, the Holder shall have the right to receive the number of shares of Common Stock of the Successor Entity or of
the Company and any additional consideration (the “Alternate Consideration”) receivable upon or as a result
of such reorganization, reclassification, merger, consolidation or disposition of assets by a holder of the number of shares of
Common Stock for which this Warrant is exercisable immediately prior to such event (disregarding any limitation on exercise contained
herein solely for the purpose of such determination). For purposes of any such exercise, the determination of the Exercise Price
shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate
Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental
Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of
this Warrant following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any Successor
Entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing
the Holder’s right to exercise such warrant into Alternate Consideration.

 

4.
NON-CIRCUMVENTION. The Company covenants and agrees that it will not, by amendment of its certificate of incorporation,
bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or
sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of
this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required
to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the
par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect,
(ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully
paid and non-assessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, for so long as this Warrant
is outstanding, have authorized and reserved, free from preemptive rights, three times the number of shares of Common Stock issuable
under the Warrant to provide for the exercise of the rights represented by this Warrant (without regard to any limitations on
exercise).

 

    	 	5	 

     

    

 

5.
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, this Warrant, in and of itself,
shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company. In addition, nothing contained
in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this
Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors
of the Company.

 

6.
REISSUANCE.

 

(a)
Lost, Stolen or Mutilated Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company will, on such terms
as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

(b)
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such new
Warrant which is the same as the Issuance Date.

 

7.
TRANSFER.

 

(a)
Notice of Transfer. The Holder agrees to give written notice to the Company before transferring this Warrant or transferring
any Warrant Shares of such Holder’s intention to do so, describing briefly the manner of any proposed transfer. Promptly
upon receiving such written notice, the Company shall present copies thereof to the Company’s counsel. If the proposed transfer
may be effected without registration or qualification (under any federal or state securities laws), the Company, as promptly as
practicable, shall notify the Holder thereof, whereupon the Holder shall be entitled to transfer this Warrant or to dispose of
Warrant Shares received upon the previous exercise of this Warrant, all in accordance with the terms of the notice delivered by
the Holder to the Company; provided, however, that an appropriate legend may be endorsed on this Warrant or the certificates for
such Warrant Shares respecting restrictions upon transfer thereof necessary or advisable in the opinion of counsel and satisfactory
to the Company to prevent further transfers which would be in violation of Section 5 of the Securities Act and applicable state
securities laws; and provided further that the prospective transferee or purchaser shall execute the Assignment of Warrant attached
hereto as Exhibit B and such other documents and make such representations, warranties, and agreements as may be required
solely to comply with the exemptions relied upon by the Company for the transfer or disposition of the Warrant or Warrant Shares.

 

(b)
If the proposed transfer or disposition of this Warrant or such Warrant Shares described in the written notice given pursuant
to this Section 7 may not be effected without registration or qualification of this Warrant or such Warrant Shares, the Holder
will limit its activities in respect to such transfer or disposition as are permitted by law.

 

(c)
Any transferee of all or a portion of this Warrant shall succeed to the rights and benefits of the initial Holder of this Warrant
under the Purchase Agreement (registration rights, expenses, and indemnity).

 

8.
NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall
be given in accordance with the notice provisions contained in the Purchase Agreement. The Company shall provide the Holder with
prompt written notice (i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, the calculation
of such adjustment and (ii) at least 20 days prior to the date on which the Company closes its books or takes a record (A) with
respect to any dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of
any stock or other securities directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock
or other property, pro rata to the holders of shares of Common Stock or (C) for determining rights to vote with respect to any
Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to the public
prior to or in conjunction with such notice being provided to the Holder.

 

    	 	6	 

     

    

 

9.
AMENDMENT AND WAIVER. The terms of this Warrant may be amended or waived (either generally or in a particular instance
and either retroactively or prospectively) only with the written consent of the Company and the Holder.

 

10.
GOVERNING LAW. This Warrant shall be governed by and construed in accordance with the laws of the State of Kansas without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Warrant shall be brought only in the state courts or in the federal courts located in the State of Kansas, County of Johnson.
The parties to this Warrant hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder
and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. THE BORROWER
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY. The prevailing party
shall be entitled to recover from the other party its reasonable attorney’s fees and costs. In the event that any provision
of this Warrant or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives
personal service of process and consents to process being served in any suit, action or proceeding in connection with this Agreement
or any other Transaction Document by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any other manner permitted by law.

 

11.
ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and
conditions contained herein.

 

12.
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)
“Nasdaq” means www.Nasdaq.com.

 

(b)
“Closing Sale Price” means, for any security as of any date, (i) the last closing trade price for such security
on the Principal Market, as reported by Nasdaq, or, if the Principal Market begins to operate on an extended hours basis and does
not designate the closing trade price, then the last trade price of such security prior to 4:00 p.m., New York time, as reported
by Nasdaq, or (ii) if the foregoing does not apply, the last trade price of such security in the over-the-counter market for such
security as reported by Nasdaq, or (iii) if no last trade price is reported for such security by Nasdaq, the average of the bid
and ask prices of any market makers for such security as reported by the OTC Markets. If the Closing Sale Price cannot be calculated
for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall
be the fair market value as mutually determined by the Company and the Holder. All such determinations to be appropriately adjusted
for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

 

    	 	7	 

     

    

 

(c)
“Common Stock” means the Company’s common stock, and any other class of securities into which such securities
may hereafter be reclassified or changed.

 

(d)
“Common Stock Equivalents” means any securities of the Company that would entitle the holder thereof to acquire
at any time Common Stock, including without limitation any debt, preferred stock, rights, options, warrants or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
Common Stock.

 

(e)
[Intentionally Omitted].

 

(f)
[Intentionally Omitted].

 

(g)
“Principal Market” means the primary national securities exchange or marketplace on which the Common Stock
is then traded.

 

(h)
“Market Price” means the highest traded price of the Common Stock during the thirty (30) Trading Days
prior to the date of the respective Exercise Notice.

 

(i)
“Trading Day” means (i) any day on which the Common Stock is listed or quoted and traded on its Principal Market,
(ii) if the Common Stock is not then listed or quoted and traded on any national securities exchange, then a day on which trading
occurs on any over-the-counter markets, or (iii) if trading does not occur on the over-the-counter markets, any Business Day.

 

*
* * * * * *

 

    	 	8	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the Issuance Date set forth above.

 

	 	AMEDICA
    CORPORATION
	 	 	 
	 	 	/s/
    Sonny Bal
	 	Name:	Sonny
    Bal
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Agreed and accepted:
	 	 	 
		L2 CAPITAL, LLC
	 	 	 
	 	By:	/s/
    Adam Long
	 	Name:	Adam
    Long
	 	Title:	Managing
    Partner

 

    	 	 

     

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

(To
be executed by the registered holder to exercise this Common Stock Purchase Warrant)

 

THE
UNDERSIGNED holder hereby exercises the right to purchase                              
 of the shares of Common Stock (“Warrant Shares”) of Amedica Corporation, a Delaware corporation (the
“Company”), evidenced by the attached copy of the Common Stock Purchase Warrant (the “Warrant”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the
Warrant.

 

	1.	Form
    of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as (check one):
	 	 
	 	        [  ]	a
    cash exercise with respect to                       Warrant
    Shares; or
	 	        [  ]	by
    cashless exercise pursuant to the Warrant.

 

	2.	Payment
    of Exercise Price. If cash exercise is selected above, the holder shall pay the applicable Aggregate Exercise Price in
    the sum of $                                to
    the Company in accordance with the terms of the Warrant.
	 	 
	3.	Delivery
    of Warrant Shares. The Company shall deliver to the holder                           Warrant
    Shares in accordance with the terms of the Warrant.

 

Date:
_______________

 

	 	 	 	 
	 	 	 	(Print Name of Registered Holder)
	 	 	 	 	      
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

    	 	 

     

    

 

EXHIBIT
B

 

ASSIGNMENT
OF WARRANT

 

(To
be signed only upon authorized transfer of the Warrant)

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto                      
the right to purchase                          
shares of common stock of Amedica Corporation, to which the within Common Stock Purchase Warrant relates and appoints                           ,
as attorney-in-fact, to transfer said right on the books of Amedica Corporation with full power of substitution and re-substitution
in the premises. By accepting such transfer, the transferee has agreed to be bound in all respects by the terms and conditions
of the within Warrant.

 

Dated:
_______________

 

	 	 	 	 
	 	 	 	(Signature)
    *
	 	 	 	 
	 	 	 	 
	 	 	 	(Name)
	 	 	 	 
	 	 	 	 
	 	 	 	(Address)
	 	 	 	 
	 	 	 	 
	 	 	 	(Social
    Security or Tax Identification No.)

 

*
The signature on this Assignment of Warrant must correspond to the name as written upon the face of the Common Stock Purchase
Warrant in every particular without alteration or enlargement or any change whatsoever. When signing on behalf of a corporation,
partnership, trust or other entity, please indicate your position(s) and title(s) with such entity.Exhibit
4.25

 

THIS
WARRANT AND THE SHARES OF CAPITAL STOCK ISSUED UPON ANY EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED
BY ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER (A) A REGISTRATION WITH RESPECT THERETO SHALL BE EFFECTIVE UNDER THE SECURITIES
ACT, OR (B) THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT IS AVAILABLE, AND (2) THERE SHALL HAVE BEEN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES OR “BLUE
SKY” LAWS.

 

Right
to Purchase 25,000 Shares of Common

Stock of Amedica Corporation

 

Warrant
No. C-182

 

COMMON
STOCK PURCHASE WARRANT

 

Amedica
Corporation, a Delaware corporation (the “Company”), hereby certifies that for value received A. Karl Kipke
(the “Holder”), or assigns, is entitled to purchase, subject to the terms and conditions hereinafter set forth, up
to twenty-five thousand (25,000) shares of Common Stock (the “Warrant Shares”) (subject to adjustment as hereinafter
provided) at the Exercise Price, payable as hereinafter provided. This Warrant is being issued pursuant to the terms of that certain
financial advisory services engagement agreement, dated October 31, 2014, by and between the Company and Karl Kipke (the “Engagement
Agreement”).

 

1.
Definitions. As used herein, the following terms shall have the following meanings, unless the context otherwise requires:

 

(a)
“Change of Control” shall mean the occurrence of any of the following events: (i) any “Person”
(as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)),
becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding
voting securities pursuant to a transaction or a series of related transactions which the Board of Directors of the Company (the
“Board”) does not approve; or (ii) (A) a merger or consolidation of the Company whether or not approved by the Board,
other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving
entity or the parent of such corporation) at least fifty percent (50%) of the total voting power represented by the voting securities
of the Company or such surviving entity or parent of such corporation, as the case may be, outstanding immediately after such
merger or consolidation; (B) or the Company’s stockholders approve an agreement for the sale or disposition by the Company
of all or substantially all of the Company’s assets.

 

    	 

    	 

    

 

(b)
“Common Stock” shall mean the Company’s common stock, $0.01 par value per share.

 

(b)
“Exercise Price” shall mean the purchase price to be paid upon exercise of this Warrant in accordance with
the terms hereof, which price initially shall be $1.,14 per Warrant Share. The Exercise Price shall be subject to adjustment from
time to time pursuant to the provisions of Section 5 hereof.

 

(c)
“Warrant Expiration Date” shall mean 5:00 p.m., Central Time, on October 31, 2019.

 

2.
Exercise.

 

(a)
Manner of Exercise. This Warrant may be exercised at any time or from time to time, on any day which is not a Saturday,
Sunday or holiday under the laws of the State of Utah beginning on April 30, 2015 and prior to the Warrant Expiration Date, for
all or any part of the Warrant Shares. In order to exercise this Warrant, in whole or in part, the Holder shall deliver to the
Company at its principal executive offices, or at such other office as the Company may designate by notice in writing, (i) this
originally executed Warrant and (ii) a duly executed written notice of Holder’s election to exercise its Warrant in whole
or in part substantially in the form of Exhibit A attached hereto, and shall pay to the Company by check made payable to
the order of the Company or wire transfer of funds to a bank account designated by the Company an amount equal to the aggregate
Exercise Price for all Warrant Shares as to which this Warrant is being exercised.

 

(b)
Cashless Exercise. In addition to and without limiting the rights of the Holder hereof under the terms of this Warrant,
the Holder may elect to receive, without the payment by the Holder of the Exercise Price, shares of Common Stock equal to the
value of the Warrant Shares or any portion thereof by the surrender of this Warrant (or such portion of this Warrant being so
exercised) together with the Net Issue Election Notice annexed hereto as Exhibit B duly executed and completed, at its
principal executive offices, or at such other office as the Company may designate by notice in writing. Thereupon, the Company
shall issue to the Holder such number of fully paid, validly issued and nonassessable shares of Common Stock, as is computed using
the following formula:

 

X=
Y(A-B)

A

 

    	-2-

    	 

    

 

where

 

X
= the number of shares of Common Stock to be issued to the Holder (or such other person or persons as directed by the Holder)
upon such exercise of the rights under this Section 2(c)

 

Y
= the total number of Warrant Shares which the Holder has surrendered for cashless exercise

 

A
= the “Fair Market Value” of one share of Common Stock on the date that the Holder delivers the Net Issue Election
Notice to the Company as provided herein

 

B
= the Exercise Price in effect under this Warrant on the date that the Holder delivers the Net Issue Election Notice to the Company
as provided herein

 

The
“Fair Market Value” of a share of Common Stock as of a particular date (the “Valuation Date”) shall mean
the following: (y) if the Common Stock is then listed on a stock exchange or quoted on a quotation system, the closing sale price
of one share of Common Stock on such exchange or system on the last trading day prior to the Valuation Date; or (z) if the Common
Stock is not then listed on a stock exchange or quoted on a quotation system, the Fair Market Value of one share of Common Stock
as of the Valuation Date shall be determined in good faith by the Board of Directors of the Company (the “Board”).
The Board shall respond promptly in writing to an inquiry by the Holder prior to the exercise hereunder as to the Fair Market
Value of a share of Common Stock.

 

(c)
Issuance of Common Stock. Upon receipt of the documents and payments described in Section 2(a) or Section 2(b), as the
case may be, the Company shall, as promptly as practicable, execute or cause to be executed, and deliver to the Holder a certificate
or certificates representing the aggregate number of full Warrant Shares (or such other stock or securities that may be issuable
upon exercise of the Warrant) issuable upon such exercise. The stock certificate or certificates so delivered shall be in the
denomination specified in said notice and shall be registered in the name of the Holder. This Warrant shall be deemed to have
been exercised and a certificate or certificates for shares of Common Stock shall be deemed to have been issued, and the Holder
or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all
purposes as of the date said notice, together with this Warrant and the documents and payments described in Section 2(a) or 2(b),
as the case may be, are received by the Company as aforesaid. If this Warrant shall have been exercised in part, the Company shall,
at the time of delivery of said certificate or certificates, deliver to the Holder a new Warrant evidencing the rights of Holder
to purchase the unpurchased shares of Common Stock called for by this Warrant, which new Warrant shall in all other respects be
identical with this Warrant.

 

    	-3-

    	 

    

 

(d)
Transfer Restriction Legend. Each certificate for Common Stock issued upon exercise of this Warrant, unless at the time
of exercise the offer and sale of the Warrant Shares are registered under the Securities Act, shall bear the following legend
(and any additional legend required by applicable law or rule) on the face thereof:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT” ), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR (B) PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.”

 

3.
Reservation of Shares. The Company covenants that it will at all times until the Warrant Expiration Date reserve and keep
available out of its authorized and unissued Common Stock, solely for the purpose of issue upon exercise of this Warrant, such
number of Warrant Shares as shall then be issuable upon the exercise of this Warrant.

 

4.
Loss, Theft, Destruction or Mutilation. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant (including a reasonably detailed affidavit with respect to the circumstances of any loss, theft
or destruction of such Warrant and a customary and reasonable indemnity and surety bond, if requested by the Company), and, in
the case of any such mutilation, upon surrender and cancellation of this Warrant, the Company at its expense will execute and
deliver, in lieu hereof, a new Warrant of like tenor.

 

5.
Subdivision or Combination of Common Stock. If the Company at any time subdivides (by any stock split, stock dividend,
recapitalization or otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect
immediately prior to such subdivision will be proportionately reduced and the number of Warrant Shares issuable upon exercise
of this Warrant will be proportionately increased, and if the Company at any time combines (by reverse stock split, recapitalization
or otherwise) its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately
prior to such combination will be proportionately increased and the number of Warrant Shares issuable upon exercise of this Warrant
will be proportionately decreased.

 

    	-4-

    	 

    

 

6.
Consolidation, Merger, etc. If there shall be a merger or consolidation of the Company with or into another corporation
(other than a merger or reorganization involving only a change in the state of incorporation of the Company), then as a part of
such transaction, provision shall be made so that the Holder hereof shall thereafter be entitled to receive the number of shares
of stock or other securities or property of the Company, or of the successor corporation resulting from the merger or consolidation,
to which the Holder would have been entitled if the Holder had exercised this Warrant immediately prior thereto.

 

7.
Notice of Adjustment. Upon any adjustment or other change relating to the Exercise Price or the securities purchasable
upon the exercise of this Warrant, then, and in each such case, the Company shall promptly prepare and deliver to Holder notice,
setting forth, in reasonable detail, the event requiring the adjustment and the method by which such adjustment was calculated.

 

8.
Fractional Shares. The Company shall not issue fractions of shares, upon exercise of this Warrant or otherwise, or distribute
certificates that evidence fractional shares. With respect to any fraction of a share called for upon any exercise hereof, such
fraction shall neither be issued nor extinguished until the final exercise of this Warrant, in which event if a fraction is issuable,
the Company shall pay to the Holder an amount in cash equal to such fraction multiplied by the Exercise Price, as adjusted to
date pursuant to Section 5 hereof.

 

9.
Holder Not Deemed Stockholder. The Holder shall not be entitled to vote or to receive dividends or be deemed the holder
of Common Stock that may at any time be issuable upon exercise of this Warrant for any purpose whatsoever, nor shall anything
contained herein be construed to confer upon the Holder any of the rights of a stockholder of the Company or any right to vote
for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to receive dividends or
subscription rights, until Holder shall have exercised this Warrant in accordance with the provisions hereof.

 

10.
Successors and Assigns. This Warrant, and the obligations and rights of the Company hereunder, shall be binding upon and
inure to the benefit of the Company, the Holder, and their respective successors and permitted assigns.

 

11.
Waiver and Amendment. Any provision of this Warrant may be amended, waived or modified only upon the written consent of
the Company and the Holder.

 

12.
Notices. Any notice, request or other communication required or permitted hereunder shall be in writing and shall be delivered
in accordance with the terms of Section 7.A of the Engagement Agreement.

 

13.
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be governed by the internal laws of the State of Delaware, United States of America, without giving effect to any choice of law
or conflict of law provision or rule (whether of the State of Delaware or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of Delaware.

 

14.
Headings; References. All headings used herein are used for convenience only and will not be used to construe or interpret
this Warrant. Except where otherwise indicated, all references herein to Sections refer to Sections hereof.

 

15.
Acceptance. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and
conditions contained herein.

 

[Remainder
of page intentionally left blank.]

 

    	-5-

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of October 31, 2014.

 

	 	AMEDICA
    CORPORATION
	 	 	 
		By:	 /s/
    Kevin Ontiveros 
	 	Name:
    	Kevin
Ontiveros
	 	Title:
    	Chief
Legal Officer

 

    	-6-

    	 

    

 

EXHIBIT
A

 

EXERCISE
FORM

(To
be signed only on exercise of Warrant)

 

Amedica
Corporation

1885 West 2100 South

Salt Lake City, UT 84119

 

The
undersigned hereby irrevocably elects to exercise the right to purchase represented by the within Warrant for, and to purchase
thereunder, _____________ shares of common stock, $0.01 par value per share, of Amedica Corporation (the “Common Stock”)
at a price of $_______ per share of Common Stock, and herewith makes payment of $___________ (such payment being by check made
payable to the order of Amedica Corporation, or wire transfer of funds to a bank account designated by Amedica Corporation, or
any combination thereof), surrenders the Warrant and all right, title and interest therein to Amedica Corporation and requests
that certificates for such shares be issued in the name of:

 

 

(Please
print name, address, and social security number)

 

 

 

and,
if said number of shares shall not be all the shares purchasable thereunder, that a new Warrant for the balance remaining of the
shares purchasable under the within Warrant be registered in the name of the undersigned holder of the within Warrant or his Assignee
as below indicated and delivered to the address stated below.

 

	 NAME
    OF HOLDER OR ASSIGNEE: 	   	   
	   	 (Please
    print) 	   

 

	 ADDRESS
    OF HOLDER OR ASSIGNEE: 	   	   

 

	 SIGNATURE
    OF HOLDER: 	   	   

 

	 DATED: 	   	   

 

    	-7-

    	 

    

 

EXHIBIT
B

 

NET
ISSUE ELECTION NOTICE

(To
be signed only on exercise of Warrant)

 

Amedica
Corporation

1885 West 2100 South

Salt Lake City, UT 84119

 

The
undersigned hereby elects under Section 2(b) of this Warrant to surrender the right to purchase [______________] shares of common
stock, $0.01 par value per share, of Amedica Corporation (the “Common Stock”) pursuant to the within Warrant and hereby
requests the issuance of [______________] shares of Common Stock. The undersigned requests that certificates for such shares be
issued in the name of:

 

 

(Please
print name, address, and social security number)

 

 

 

and,
if said number of shares shall not be all the shares purchasable thereunder, that a new Warrant for the balance remaining of the
shares purchasable under the within Warrant be registered in the name of the undersigned holder of the within Warrant or his Assignee
as below indicated and delivered to the address stated below.

   

	 NAME
    OF HOLDER OR ASSIGNEE: 	   	   
	   	 (Please
    print) 	   

   

	 ADDRESS
    OF HOLDER OR ASSIGNEE: 	   	   

   

	 SIGNATURE
    OF HOLDER: 	   	   

   

	 DATED: 	   	   

   

    	-8-

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