Document:

EX-4.3

 Exhibit 4.3 

THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933
ACT”), AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS PURSUANT TO SEC RULE 144 OR THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT COVERING SUCH SECURITIES OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE
HOLDER OF THESE SECURITIES REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH REGISTRATION IS NOT REQUIRED. 
  

			
	                      , 2011	  	No. C-        

 ELLIPSE TECHNOLOGIES, INC. 

SERIES C PREFERRED STOCK WARRANT 

This certifies that, for good and valuable consideration, receipt of which is hereby acknowledged,
                     or any permitted subsequent holder hereof (the “Holder”), is entitled to purchase, subject to the terms
and conditions of this Warrant, from Ellipse Technologies, Inc., a Delaware corporation (the “Company”),                     
fully paid and nonassessable shares of the Company’s Series C Preferred Stock, par value $0.001 per share (“Preferred Stock”). Holder shall be entitled to purchase the shares of Preferred Stock in accordance with Section 2
at any time beginning on the date of this Warrant set forth above and prior to the Expiration Time (as defined below). The shares of Preferred Stock of the Company for which this Warrant is exercisable, as adjusted from time to time pursuant
to the terms hereof, are hereinafter referred to as the “Shares”. This Warrant is being issued as one of a series of warrants (the “Warrants”) pursuant to the terms of that certain Series C Preferred Stock and
Warrant Purchase Agreement, dated June 20, 2011, by and between the Company and the parties signatory thereto (the “Purchase Agreement”). 

1.        Exercise Period; Price. 

1.1        Exercise Period. This Warrant shall terminate at 5:00 p.m. Pacific
Daylight Time on                      (the “Expiration Time”). Any portion of this Warrant that has not been earlier
exercised prior to the Expiration Time shall be deemed to have been net exercised as set forth in Section 2.2 immediately prior to the Expiration Time. 

1.2        Exercise Price. The initial purchase price for each of the Shares
shall be $0.46 per share. Such price shall be subject to adjustment pursuant to the terms hereof (such price, as adjusted from time to time, is hereinafter referred to as the “Exercise Price”). 

2.        Exercise and Payment. 

2.1        Cash Exercise. At any time beginning on the date hereof and prior
to the Expiration Time, this Warrant may be exercised, in whole or in part, from time to time by the Holder by surrender of this Warrant and the Notice of Exercise annexed hereto, duly completed and executed by the Holder, to the Company at the
principal executive offices of the Company, together with payment in the amount obtained by multiplying the Exercise Price then in effect by the number of Shares thereby purchased, as designated in the Notice of Exercise. Payment may be in cash or
by check payable to the order of the Company. 

 2.2        Net Issuance. If the
fair market value of one Share is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of payment of the Exercise Price described in Section 2.1, the Holder may elect to receive, without the payment by the
Holder of any additional consideration, shares equal to the value of this Warrant, or any portion hereof, by the surrender of this Warrant or such portion to the Company, with the net issue election notice annexed hereto (the “Net Issuance
Election”) duly executed, at the principal executive offices of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Preferred Stock as is computed using the following formula:

  

					
	X =	 	Y (A-B)	  	
		 	      A	  	

 where: 

X =     the number of Shares to be issued to the Holder pursuant to this Section 2.2. 

Y =     the number of Shares covered by this Warrant in respect of which the net issuance election is made
pursuant to this Section 2.2. 
 A =     the fair market value of one share of Preferred Stock, as
determined in accordance with the provisions of this Section 2.2. 
 B =     the Exercise Price in
effect under this Warrant at the time the net issuance election is made pursuant to this Section 2.2. 
 For purposes of this
Section 2.2, the “fair market value” per share of the Preferred Stock shall be determined by the Board of Directors of the Company in the exercise of its reasonable good faith discretion; provided, however, that in the
event that this Warrant is exercised pursuant to this Section 2.2 in connection with the Company’s initial public offering of its Common Stock, the fair market value per Share shall be the product of (i) the per share offering price
to the public of the Company’s initial public offering, and (ii) the number of shares of Common Stock into which one Share is convertible at the time of such exercise; provided, further, that in the event that this Warrant is
exercised pursuant to this Section 2.2 in connection with a Deemed Liquidation Event (as defined in the Company’s Fourth Amended and Restated Certificate of Incorporation (as it may be amended from time to time, the “Restated
Certificate”)), the fair market value per share shall be the aggregate consideration resulting from such Deemed Liquidation Event and paid and/or payable with respect to one Share. 

3.        Reservation of Shares. The Company hereby agrees that at all times
there shall be authorized and reserved for issuance and delivery upon exercise of this Warrant, free from preemptive rights, such number of shares of Preferred Stock or other shares of capital stock of the Company from time to time issuable upon
exercise of this Warrant (and shares of its Common Stock for issuance upon conversion of such Preferred Stock). If at any time the number of authorized but unissued shares of such series of the Company’s equity securities shall not be
sufficient to permit exercise of this Warrant, the Company will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of such series of the Company’s equity securities to
such number of shares as shall be sufficient for such purposes. All such shares shall be duly authorized, and when issued upon such exercise, shall be validly issued, fully paid and non-assessable, free and clear of all taxes, liens, security
interests, charges and other encumbrances or restrictions on sale and free and clear of all preemptive rights. 

  
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 4.        Delivery of Stock
Certificates. Within a reasonable time after exercise, in whole or in part, of this Warrant, the Company shall issue in the name of and deliver to the Holder, or persons affiliated with the Holder, if the Holder so designates, a certificate or
certificates for the number of fully paid and nonassessable shares of Preferred Stock which the Holder shall have requested in the Notice of Exercise or Net Issuance Election, as applicable. If this Warrant is exercised in part, the Company shall
deliver to the Holder a new Warrant for the unexercised portion of this Warrant at the time of delivery of such stock certificate or certificates. 

5.        Holder of Record. The person in whose name any certificate or
certificates for Shares are to be issued upon exercise of this Warrant shall be deemed to have become the holder of record of such shares on the date on which this Warrant was surrendered and payment of the Exercise Price was made, irrespective of
the date of delivery of such certificate or certificates, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares
at the close of business on the next succeeding date on which the stock transfer books are open. 

6.        No Fractional Shares. No fractional shares or scrip representing
fractional shares will be issued upon exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Shares (including fractions) to be issued upon exercise of this Warrant shall be aggregated for purposes of determining whether
the exercise would result in the issuance of any fractional share. If, after aggregation, upon any exercise of this Warrant a fraction of a share results, the Company will pay the Holder the difference between the cash value of the fractional share
and the portion of the Exercise Price allocable to the fractional share. 

7.        Early Termination. In the event of a proposed Deemed Liquidation
Event, the Company shall provide to the Holder at least 20 days advance written notice of such Deemed Liquidation Event, and unless this Warrant has been earlier exercised at or immediately prior to the closing of such Deemed Liquidation Event this
Warrant (or any portion thereof not already exercised) shall be deemed to have been net exercised as set forth in Section 2.2, with such net exercise effective and conditioned upon the consummation of such Deemed Liquidation Event. 

8.        Charges, Taxes and Expenses. The Company shall pay all transfer taxes
or other incidental charges, if any, in connection with the transfer of the Shares purchased pursuant to the exercise hereof from the Company to the Holder. 

9.        Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by
the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to the Company, and upon surrender and
cancellation of this Warrant, if mutilated, the Company will make and deliver a new Warrant of like tenor and dated as of such cancellation, in lieu of this Warrant. Any such new Warrant shall constitute an original contractual obligation of the
Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone. 

10.        Saturdays, Sundays, Holidays, Etc. If the last or appointed day for
the taking of any action or the expiration of any right required or granted herein shall be a Saturday or a Sunday or shall be a legal holiday, then such action may be taken or such right may be exercised on the next succeeding weekday which is not
a legal holiday. 

  
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 11.        Adjustment of Exercise
Price and Number of Shares. The Exercise Price and the number of and kind of securities purchasable upon exercise of this Warrant shall be subject to adjustment from time to time as follows: 

11.1        Changes in Securities. In the event of changes in the series of
equity securities of the Company comprising the Shares by reason of stock dividends, splits, recapitalizations, reclassifications, combinations or exchanges of shares, separations, reorganizations, liquidations, or the like, the number and class of
Shares available under the Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of the Warrant, on exercise for the same aggregate Exercise Price, the total number, class, and kind of shares as the
Holder would have owned had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring adjustment. For purposes of this Section 11.1, the “Aggregate Exercise
Price” shall mean the aggregate Exercise Price payable in connection with the exercise in full of this Warrant. The form of this Warrant need not be changed because of any adjustment in the number of Exercise Shares subject to this Warrant.

 11.2        Automatic Conversion. Upon the automatic conversion of all
outstanding shares of the series of equity securities comprising the Shares, this Warrant shall become exercisable for that number of shares of Common Stock of the Company into which the Exercise Shares would then be convertible, so long as such
shares, if this Warrant had been exercised prior to such offering, would have been converted into shares of the Company’s Common Stock pursuant to the Restated Certificate. In such case, all references to “Shares” shall mean shares of
the Company’s Common Stock issuable upon exercise of this Warrant, as appropriate. 

12.        Notice of Adjustments; Notices. Whenever the Exercise Price or
number of Shares purchasable hereunder shall be adjusted pursuant to Section 11 hereof, the Company shall execute and deliver to the Holder a certificate setting forth, in reasonable detail, the event requiring the adjustment, the amount of the
adjustment, the method by which such adjustment was calculated and the Exercise Price and number of and kind of securities purchasable hereunder after giving effect to such adjustment, and shall cause a copy of such certificate to be mailed (by
first class mail, postage prepaid) to the Holder; provided, however, that only a nationally recognized overnight courier shall be used to effectuate the delivery of any notices to addresses outside the United States. 

13.        Rights As Stockholder; Notice to Holders. Nothing contained in this
Warrant shall be construed as conferring upon the Holder or his or its transferees the right to vote or to receive dividends or to consent or to receive notice as a stockholder in respect of any meeting of stockholders for the election of directors
of the Company or of any other matter, or any rights whatsoever as stockholders of the Company. The Company shall give notice to the Holder by registered mail if at any time prior to the expiration or exercise in full of the Warrants, any of the
following events shall occur: 
 (i)        a dissolution, liquidation or winding
up of the Company shall be proposed, whether voluntary or involuntary; 

(ii)         a capital reorganization of the Company, any reclassification or
recapitalization of the capital stock of the Company (other than a subdivision or combination of the outstanding Preferred Stock and other than a change in the par value of the Preferred Stock) or any consolidation or merger of the Company with or
into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any 

  
 4 

 
reclassification or change of Preferred Stock outstanding) or any transfer of all or substantially all of the assets of the Company; or 

(iii)        a taking by the Company of a record of the holders of any class of
securities for the purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend) for other distribution, any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or
any other securities or property, or to receive any other rights. 
 The Company shall mail to the Holder such notice at
least ten (10) days prior to the date specified herein. Such notice shall specify the record date or the date of closing the stock transfer books, as the case may be. 

14.        Restricted Securities. The Holder understands that this Warrant and
the Shares purchasable hereunder constitute “restricted securities” under the federal securities laws inasmuch as they are, or will be, acquired from the Company in transactions not involving a public offering and accordingly may
not, under such laws and applicable regulations, be resold or transferred without registration under the Securities Act of 1933, as amended (the “Act”) or an applicable exemption from such registration. The Holder further
acknowledges that a securities legend to the foregoing effect shall be placed on any Shares issued to the Holder upon exercise of this Warrant. The Holder is aware that neither the Warrant nor the Shares may be sold pursuant to Rule 144 adopted
under the Act unless certain conditions are met, including, among other things, the existence of a public market for the shares, the availability of certain current public information about the Company, the resale following the required holding
period under Rule 144 and the number of shares being sold during any three month period not exceeding specified limitations. 

15.        Certification of Investment Purpose. The Holder represents and
warrants that it is acquiring the Warrant solely for its account for investment and not with a view to or for sale or distribution of said Warrant or any part thereof. Unless a current registration statement under the Act shall be in effect with
respect to the securities to be issued upon exercise of this Warrant, the Holder covenants and agrees that, at the time of exercise hereof, it will deliver to the Company a written certification executed by the Holder that the securities acquired by
such Holder upon exercise hereof are for the account of such Holder and acquired for investment purposes only and that such securities are not acquired with a view to, or for sale in connection with, any distribution thereof. 

16.        Transferability. Subject to applicable laws and the restriction on
transfer set forth herein, this Warrant and all rights hereunder shall be transferable to any transferee designated by Holder on the books of the Company upon delivery of this Warrant and the form of assignment annexed hereto duly endorsed by the
Holder or by its duly authorized attorney or representative. Upon any registration of transfer, the Company shall execute and deliver new Warrants to the person entitled thereto. 

17.        Rights. To the extent the Holder is a party to the Restated
Investors’ Rights Agreement (as defined in the Purchase Agreement), the Shares issuable upon exercise of this Warrant shall be deemed “Registrable Securities” for all purposes under the Restated Investors’ Rights Agreement and
shall be subject to the rights and covenants therein. The powers, preferences, rights, restrictions and other matters relating to the Shares issuable upon exercise of this Warrant will be as determined in the certificate of incorporation of the
Company as then in effect. 

  
 5 

 18.        Miscellaneous. 

18.1        Binding Effect. This Warrant and the various rights and
obligations arising hereunder shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

18.2        Entire Agreement. This Warrant, the Purchase Agreement (including
the Exhibits and Schedules hereto and other documents delivered pursuant thereto), constitute the entire agreement between the parties with respect to the subject matter hereof and supersede all prior and contemporaneous agreements, whether oral or
written, between the parties hereto with respect to the subject matter hereof. 

18.3        Amendment and Waiver. Any term of this Warrant may be amended and
the observance of any term hereof may be waived or terminated (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the Holders representing a sixty six and two thirds
percent (66 2/3%) of the shares of Preferred Stock underlying the Warrants (the “Requisite Holders”), provided that all Warrants are similarly affected. Any waiver or amendment effected in accordance with this Section 18.3
shall be binding upon the Holder and the Company. Upon the effectuation of such amendment or waiver in conformance with this Section 18.3, the Company shall promptly give written notice thereof to the record holders of the Warrants who have not
previously consented thereto in writing. HOLDER ACKNOWLEDGES THAT BECAUSE THIS WARRANT MAY BE AMENDED WITH THE CONSENT OF THE REQUISITE HOLDERS, HOLDER’S RIGHTS HEREUNDER MAY BE AMENDED, WAIVED OR TERMINATED WITHOUT HOLDER’S CONSENT. 

18.4        Governing Law. This Warrant and all rights, obligations and
liabilities hereunder shall be governed by and construed under the laws of the State of Delaware without reference to the conflicts of law principles thereof. 

18.5        Headings. The headings in this Warrant are for convenience only
and shall not alter or otherwise affect the meaning hereof. 

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

 18.7        Counterparts. This Warrant may be executed in two or more
counterparts, each of which shall be deemed an original for all purposes. 

18.8        Notices. Unless otherwise provided, any notice required or
permitted under this Warrant shall be given in the same manner as provided in the Purchase Agreement. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Company has executed and delivered this Warrant as of the
date appearing on the first page of this Warrant. 
  

			
	THE COMPANY:
	
	Ellipse Technologies, Inc.
	
	   

	By:    	 	 
	Its:	 	 

  
 7 

 NOTICE OF EXERCISE 

To:     Ellipse Technologies, Inc. 

1.        The undersigned hereby elects to purchase
             shares of Series C Preferred Stock, $0.001 par value per share (“Stock”), of Ellipse Technologies, Inc., a Delaware corporation (the
“Company”), pursuant to the terms of the attached Warrant, and tenders herewith payment of the purchase price pursuant to the terms of the Warrant. 

2.        Please issue certificates representing the shares of Stock purchased
hereunder in the names and in the denominations indicated on Exhibit A attached hereto. 

3.        Please issue a new Warrant for the unexercised portion of the attached
Warrant, if any, in the name of the undersigned. 
  

									
		 		 	Holder:    	 	 
	Dated:  	 	
                             
                   
	 		 		 	
					
		 		 		 	By:	 	 
		 		 		 	Its:	 	 

 NET ISSUANCE ELECTION NOTICE 

 

			
	 To:    Ellipse Technologies, Inc.
	  	
Date:                            

 The undersigned hereby elects under Section 2 of the attached Warrant to surrender the
right to purchase                      shares of Preferred Stock pursuant to the attached Warrant. The Certificate(s) for the shares issuable
upon such net issuance election shall be issued in the name of the undersigned or as otherwise indicated below. 
  

	
	Signature:
	
	   

	
	Name for Registration
	
	   

	
	Mailing Address
	 
	 

 ASSIGNMENT FORM 
  

					
		 	 (To assign the foregoing Warrant, execute this form and

supply required information. Do not use this form to
 purchase
shares.)
	 	

 FOR VALUE RECEIVED, the
foregoing Warrant and all rights evidenced thereby are hereby assigned to 
  

			
		
	Name:	  	 
		  	(Please Print)
		
	Address:	  	 
		  	(Please Print)
		
	 Dated:
	  	                    ,
20        

  

			
	 Holder’s
 Signature:
_________________________

		 	
	
	 Holder’s
 Address:
_________________________

 NOTE: The signature to this Assignment Form must correspond with the name as it appears
on the face of the Warrant, without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.EX-4.4

 Exhibit 4.4 

THE SECURITIES REPRESENTED HEREBY AND THE SHARES OF EQUITY SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO SUCH SECURITIES, OR DELIVERY OF
AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE WITH THE SECURITIES ACT, OR UNLESS SOLD IN FULL COMPLIANCE WITH AN EXEMPTION UNDER
THE SECURITIES ACT. 
 ELLIPSE TECHNOLOGIES, INC. 

EQUITY SECURITIES WARRANT 
  

			
	Warrant No.         	  	September 20, 2010

 FOR VALUE RECEIVED, Ellipse Technologies, Inc., a Delaware corporation (the
“Company”), hereby grants to                      and permitted successors and assigns (“Holder”), the right
to purchase up to and including a number of fully paid and non-assessable shares (the “Warrant Shares”) of the Company’s equity securities at a price per share as set forth below. The amount and kind of equity securities
obtainable pursuant to the rights granted hereunder and the exercise price for such securities are subject to adjustment pursuant to the provisions contained in this Warrant. The date of issuance of this Warrant (the “Date of
Issuance”) is as set forth above. The amount and kind of Warrant Shares obtainable pursuant to the rights granted hereunder and the exercise price for such Warrant Shares are subject to adjustment pursuant to the provisions contained in
this Warrant. This Warrant is issued pursuant to a Note and Warrant Subscription Agreement dated as of September 20, 2010 (the “Agreement”), and is subject to the provisions thereof. If any dispute arises between the
terms of the Agreement and the terms of this Warrant, the terms of the Agreement shall prevail. Capitalized terms used but not defined herein have the meanings given thereto in the Agreement. 

This Warrant is subject to the following provisions: 

1.        Exercise of Warrant. 

1.1        Exercise of Warrant. 

(a)         Generally. If the Next Financing does not occur prior to
the Maturity Date (as defined in the Agreement), the Warrants shall be exercisable for the number of shares of Series B Preferred Stock equal to the quotient of (i) twenty percent (20%) of the Note Principal Amount (as defined in the
Agreement) owed to the Holder (the “Warrant Value”) on the Maturity Date divided by (ii) the Series B Conversion Price (as defined in the Agreement). 

(b)        Exercise upon Next Financing. At the closing of the Next
Financing (as defined in the Agreement), this Warrant shall automatically become exercisable into a number of shares of Next Financing Stock (as defined in the Agreement) to be determined by dividing (i) twenty percent (20%) of the Warrant
Value on the Next Financing Conversion Date (as defined in the Agreement), by (ii) the Next Financing Conversion Price (as defined in the Agreement), and the issuance of such shares upon exercise of the Warrant shall be upon and subject to the
same terms and conditions applicable to Next Financing Stock. 

 (c)         Exercise upon Change
of Control. In the event of Change of Control (as defined in the Agreement) before the Next Financing, this Warrant shall automatically become exercisable into a number of Series B Shares (as defined in the Agreement) to be determined by
dividing (i) the Warrant Value on the Change of Control Conversion Date (as defined in the Agreement), by (ii) the Series B Conversion Price (as defined in the Agreement), and the issuance of such shares upon exercise of the Warrant shall
be upon and subject to the same terms and conditions applicable to Series B Shares. 
 (d)
        Exercise upon IPO. In the event of an IPO before the Next Financing, this Warrant shall automatically become exercisable into a number of shares of Common Stock to be determined by
dividing (i) the Warrant Value on the IPO Conversion Date (as defined in the Agreement), by (ii) the IPO Conversion Price (as defined in the Agreement). 

1.2         Exercise Price. The exercise price for the purchase of each
Warrant Share under this Warrant (the “Exercise Price”) shall be the Next Financing Conversion Price if the Warrant is exercisable into Next Financing Stock, the Series B Conversion Price if the Warrant is exercisable into Series B
Shares, or the IPO Warrant Exercise Price (as defined in the Agreement) if the Warrant is exercisable into Common Stock. 

1.3         Exercise Period. Subject to the Warrant becoming exercisable
into Next Financing Stock, Series B Preferred Stock or Common Stock as described above, this Warrant shall vest and be exercisable, at any time through and including the fifth
(5th) anniversary of the Date of Issuance of the Warrant (the “Exercise Period”). In the event of a Change of Control, the Company shall notify the Holder in writing at least
ten (10) days prior to the consummation of such event or transaction and, notwithstanding anything to the contrary above, the Warrant shall be exercisable during such ten (10) day period. 

1.4         Exercise Procedure.  

      (a)         This Warrant shall be deemed to have
been exercised when the Company has received all of the following items (the “Exercise Time”): 
 (i)
        a completed Exercise Notice, as described in Section 1.6, executed by the Holder exercising all or part of the purchase rights represented by this Warrant; 

(ii)         this Warrant; and 

(iii)         payment to the Company of an amount equal to the Exercise Price
multiplied by the number of Warrant Shares being purchased, at the election of the Holder, by wire transfer or certified check payable to the order of the Company (unless this Warrant is being exercised pursuant to the Cashless Exercise provisions
set forth below). The person or persons in whose name(s) any certificate(s) representing Warrant Shares shall be issuable, upon exercise of this Warrant, shall be deemed to have become the holders(s) of record of, and shall be treated for all
purposes as the record holder(s) of, the Warrant Shares represented. 
       (b)
        Certificates for Warrant Shares purchased upon exercise of this Warrant shall be delivered by the Company to the Holder within five (5) business days after the date of the Exercise Time. Unless
this Warrant has expired or all of the purchase rights represented hereby have been exercised, the Company shall prepare a new Warrant, substantially identical hereto, representing the rights formerly represented by this Warrant which have not
expired or been exercised and shall within such five-day period, deliver such new Warrant to the person designated for delivery in the Exercise 

 
Notice. 
 (c)         The
Warrant Shares issuable upon the exercise of this Warrant shall be deemed to have been issued to the Holder at the Exercise Time, and the Holder shall be deemed for all purposes to have become the record holder of such shares of Next Financing
Stock, Series B Shares or Common Stock at the Exercise Time. 
 (d)         The
issuance of certificates for Warrant Shares upon exercise of this Warrant shall be made without charge to the Holder for any issuance tax in respect thereof or other cost incurred by the Company in connection with such exercise and the related
issuance of Warrant Shares (other than any transfer taxes resulting from the issuance of Warrant Shares to any person other than the Holder). 

(e)         The Company shall not close its books against the transfer of this
Warrant or of any Warrant Shares issued or issuable upon the exercise of this Warrant in any manner which interferes with the timely exercise of this Warrant. 

(f)         The Company shall at all times reserve and keep available out of its
authorized but unissued Next Financing Stock, Series B Shares or Common Stock such number of Warrant Shares issuable upon the full exercise of this Warrant. All Warrant Shares which are so issuable shall, when issued and upon the payment of the
applicable Exercise Price, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges and not subject to the pre-emptive rights of any holder of common stock or any other class or series of stock of the
Company. The Company shall not take any action which would cause the number of authorized but unissued shares of Next Financing Stock, Series B Shares or Common Stock to be less than the number of such shares required to be reserved hereunder for
issuance upon exercise of the Warrant. 
 1.5        Cashless
Exercise. Notwithstanding the provisions of Section 1.4(a)(iii) requiring payment by wire transfer or check, the Company agrees that, unless otherwise prohibited by law, Holder shall have the right at any time and from time to
time to exercise this Warrant in full or in part on a cashless basis, computed using the following formula: 

                       
         X = Y (A - B) 

                        
                    A         

Where: 
 X = The number of Warrant Shares to be issued to the
Holder pursuant to this cashless exercise; 
 Y = The number of Warrant Shares in respect of which the net issue election is made; 

A = The Fair Market Value (as defined below) of one Warrant Share at the time the cashless exercise election is made; and 

B = The Exercise Price (as adjusted to the date of the cashless exercise). 

The term “Fair Market Value” shall mean the per share fair market value of the class of Warrant Shares as determined in good
faith by the Company’s Board of Directors. 
 1.6        Exercise
Notice. Upon any exercise of this Warrant, the Holder shall deliver to the Company an Exercise Notice in substantially the form set forth on Exhibit A hereto. 

 1.7         No Fractional
Shares. If a fractional share of Warrant Shares would, but for the provisions of this Section 1.7, be issuable upon exercise of the rights represented by this Warrant, the Company shall, at the Holder’s option, round up the
number of shares delivered to the Holder to the nearest whole share. 

2.        Antidilution and other Adjustments. 

2.1        Underlying Antidilution Protection. Each Warrant Share
exercisable into Next Financing Stock or Series B Shares, when and if issued upon the exercise of this Warrant, shall receive the benefit of any antidilution adjustments made to the Next Financing Stock and Series B Shares at any time from and
including the Date of Issuance through and including the Exercise Time for such Warrant Shares. 

2.2        Stock Splits, etc. The number of Warrant Shares and the
Exercise Price shall be equitably adjusted in the event that, at any time during the Exercise Period, the number of outstanding shares of Next Financing Stock, Series B Shares or Common Stock, as the case may be, is (i) increased by a
subdivision or split-up of shares or payment of a dividend in shares or a distribution in shares, or (ii) decreased by a combination of shares. 

2.3        Capital Reorganizations and Other Reclassifications. In case
of any capital reorganization of the Company, or of any reclassification of the shares of Next Financing Stock, Series B Shares, or Common Stock, this Warrant shall, after such capital reorganization or reclassification, be exercisable, upon the
terms and conditions specified in this Warrant, for the kind, amount and number of shares or other securities, assets, or cash to which a holder of the number of shares of Next Financing Stock, Series B Shares or Common Stock purchasable (at the
time of such capital reorganization, reclassification) upon exercise of such Warrant would have been entitled to receive upon such capital reorganization or reclassification; and in any such case, if necessary, the provisions set forth in this
Section 2 with respect to the rights and interests thereafter of the Holder shall be appropriately adjusted so as to be applicable, as nearly equivalent as possible, to any shares or other securities, assets, or cash thereafter
deliverable on the exercise of this Warrant. 
 3.         Covenants of the
Company. 
 3.1         Covenants as to Shares. The Company
covenants and agrees that all shares that may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly issued and outstanding, fully paid and non-assessable, and free from all taxes, liens and charges
with respect to the issuance thereof. 
 3.2         No Impairment.
Except and to the extent as waived or consented to by the Holder, the Company will not, by amendment of its Certificate of Incorporation, as amended, or through any reorganization, transfer of assets, consolidation, merger, 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 to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all
the provisions of this Warrant and in the taking of all such action as may be necessary or appropriate in order to protect the exercise rights of the Holder against impairment. 

3.3         Notice of Record Date. The Company shall give notice to the
Holder in the event of: (a) any taking by the Company of a record of the holders of any class of securities of the Company for the purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend
payable out of earned surplus) or other distribution, or any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities or property, or 

 
to receive any other right; or (b) any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or any transfer of all or
substantially all of the assets of the Company to any other person or any consolidation or merger involving the Company; or (c) any voluntary or involuntary dissolution, liquidation or winding up of the Company. The Company will mail such
notice to the Holder of this Warrant at least ten (10) days prior to the earliest date specified therein, specifying: (y) the date on which any such record is to be taken for the purpose of such dividend, distribution or right, and the
amount and character of such dividend, distribution or right; or (z) the date on which any such reorganization, reclassification, transfer, consolidation, merger, dissolution, liquidation or winding up is expected to become effective and the
record date for determining stockholders entitled to vote thereon. 

4.        No Rights as Stockholder. Prior to the exercise of this
Warrant, the Holder of this Warrant shall not be entitled to any rights of a stockholder of the Company, including, without limitation, the right to vote, to receive dividends or other distributions or to exercise any pre-emptive rights, and shall
not be entitled to receive any notice of any proceedings of the Company, except as provided herein or in the Agreement or as otherwise agreed. 

5.        Transfer of Warrant. The securities represented hereby and the
Warrant Shares issuable upon exercise hereof have not been registered under the Securities Act and may not be offered, sold or otherwise transferred, pledged or hypothecated (other than to an affiliate of the Holder) in the absence of a registration
statement in effect with respect to such securities, or delivery of an opinion of counsel in form and substance satisfactory to the Company that such offer or sale or transfer, pledge or hypothecation is in compliance with the Securities Act, or
unless sold in full compliance with an exemption under the Securities Act. 

6.        Replacement. Upon receipt of evidence reasonably satisfactory
to the Company (an affidavit of the Holder shall be satisfactory) of the ownership and the loss, theft, destruction or mutilation of this Warrant, and in the case of any such loss, theft or destruction, upon receipt of indemnity reasonably
satisfactory to the Company or, in the case of any such mutilation upon surrender of such Warrant, the Company shall execute and deliver in lieu of such Warrant a new Warrant of like kind representing the same rights represented by such lost,
stolen, destroyed or mutilated certificate and dated the date of such lost, stolen, destroyed or mutilated certificate. 

7.        Miscellaneous. 

7.1        Successors and Assigns. The rights and obligations of Company
and the Holder of this Warrant shall be binding upon and benefit the permitted successors, assigns, heirs, administrators and transferees of the parties. 

7.2        Waivers and Amendments. This Warrant may be amended, modified
or terminated and the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument executed by the Company and the Holders holding Warrants with the
right to purchase more than fifty percent (50%) of the Warrant Shares under all the Warrants issued under the Agreement. Any amendment, modification, termination or waiver so effected shall be binding upon the Company, the Holders and all of
their respective successors and permitted assigns whether or not such party, assignee or other shareholder entered into or approved such amendment, modification, termination or waiver. The Company shall give prompt written notice of any amendment,
modification or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination or waiver. No waivers of or exceptions to any term, condition or provision of this Warrant, in
any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 

 7.3         Governing Law,
Venue. This Warrant shall be governed by the laws of the State of California, and the laws of such state (other than conflict of laws principles) shall govern the construction, validity, enforcement and interpretation hereof, except to the
extent federal laws otherwise govern the validity, construction, enforcement and interpretation hereof. The Parties hereto agree that any suit or proceedings arising under this Warrant, or in connection with the consummation of the transactions
contemplated hereby, shall be brought solely in a federal or state court located in the County of Orange, California. 

7.4         Entire Agreement. This Warrant and the exhibits hereto
constitute the entire agreement between the Company and the Holder with respect to the subject matter hereof. 

7.5         Notices. Any notice, approval, request, authorization,
direction or other communication under this Warrant shall be given in writing and shall be deemed to have been delivered and given for all purposes (i) on the delivery date if delivered personally to the party to whom the same is directed or
transmitted by facsimile with confirmation of receipt, (ii) one (1) business day after deposit with a commercial overnight carrier, with written verification of receipt, or (iii) three (3) business days after the mailing date,
whether or not actually received, if sent by U.S. mail, return receipt requested, postage and charges prepaid, at the address of the party set forth on the signature page of the Agreement (or at such other address as may be communicated to the
notifying party in writing pursuant to this provision). 
 7.6        
Validity. If any provision of this Warrant shall be judicially determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
 [Signatures Appear on Following Page] 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly
authorized officer. 
  

											
	Dated:
                                         
                               				ELLIPSE TECHNOLOGIES, INC.
						
							By:		 		 
									[Name]
									[Title]
						
							Address:				  

											  

 EXHIBIT A 

EXERCISE NOTICE 

To: ELLIPSE TECHNOLOGIES, INC. 

By checking the appropriate line, the undersigned, pursuant to the provisions set forth in the attached Warrant: 

 

			
	                  
	  	 Hereby agrees to subscribe for the purchase of             of the Warrant Shares covered by
such Warrant and makes payment herewith in full therefor at the price per share provided by such Warrant.

		
	                  
	  	 Hereby represents that it is an accredited investor within the meaning of Regulation D promulgated under the Securities Act of 1933, as amended to date and as
modified by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

  

					
	 Dated:
                                         
               
	 	  
	 	   

		 		 	            (Signature)
		 		 	   

		 		 	(Print Name)
		 		 	   

		 		 	(Street Address)
		 		 	   

		 		 	(City)            (State)                        
    (Zip Code)

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