Document:

Exhibit 10.2

 

EXECUTION VERSION

 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF
ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS
AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR
OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT TO PURCHASE STOCK

 

	 	Company: 	Senseonics Holdings, Inc., a Delaware corporation
	 	 	 
	 	Number of Shares: 	10,000,000 shares
	 	 	 
	 	Type/Series of Stock: 	Common Stock of the Company
	 	 	 
	 	Warrant Price: 	$0.3951 per share
	 	 	 
	 	Issue Date: 	November 9, 2020
	 	 	 
	 	Expiration Date: 	November 9, 2030 (See also Section 5.1(b))
	 	 	 
	 	Vesting Date: 	May 9, 2021
	 	 	 
	 	Equity Line Agreement: 	This Warrant to Purchase Stock (“Warrant”) is issued pursuant to that Equity Line Agreement (the “Equity Line Agreement”), dated as of November 9, 2020 between Energy Capital, LLC (“Energy”), and the Company, a Delaware corporation

 

THIS WARRANT CERTIFIES
THAT, for good and valuable consideration, Energy (together with any successor or permitted assignee or transferee of this Warrant
or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and
non-assessable shares (the “Shares”) of the above-stated
Type/Series of Stock (the “Class”) of the above-named
company (the “Company”) at the above-stated Warrant Price, all as set forth above and as adjusted pursuant
to SECTION 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant.

 

SECTION 1       
EXERCISE.

 

1.1             
Method of Exercise. Holder may at any time after the Vesting Date and
from time to time through the Expiration Date exercise this Warrant, in whole
or in part, by delivering to the Company the original of this Warrant
together with a duly executed Notice of Exercise in substantially the form attached hereto
as Appendix 1 and, unless Holder is exercising this Warrant pursuant
to a cashless exercise set forth in Section 1.2, a check, wire transfer of same-day
funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant
Price for the Shares being purchased.

 

     

     

    

 

1.2              Cashless
Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified
in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares
equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised (“Cashless
Exercised”). Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares
as are computed using the following formula:

 

X
= (Y(A-B))/A

 

where:

 

X
=       the number of Shares to be issued to the Holder;

 

Y
=       the number of Shares with respect to which this Warrant is being exercised (inclusive
of the Shares surrendered to the Company in payment of the aggregate Warrant Price);

 

A
=       the Fair Market Value (as determined pursuant to Section 1.3 below)
of one Share; and

 

B
=       the Warrant Price.

 

1.3             
Fair Market Value. If the Company’s common stock is then traded
or quoted on a nationally recognized securities exchange, inter-dealer quotation system
or over-the-counter market (a “Trading Market”), the fair market value of a Share shall be the closing
price or last sale price of a share of common stock reported for the Business
Day immediately before the date on which Holder delivers its Notice of Exercise
to the Company. If the Company’s common stock is not traded in a Trading Market,
the Board of Directors of the Company shall determine the fair market value
of a Share in its reasonable good faith judgment.

 

1.4             
Delivery of Shares and New Warrant. Promptly after Holder exercises this Warrant in
the manner set forth in Section 1.1 or 1.2 above, the Company shall have its transfer agent credit the Shares issued
to Holder upon such exercise to the Holder’s account via book-entry and shall deliver a notice to the Holder of its
book-entry position and, if this Warrant has not been fully exercised and has not expired, shall deliver to the Holder a new warrant
with identical terms to this Warrant, other than the number Shares represented thereby, representing the Shares not so
acquired and this Warrant shall be deemed null and void.

 

1.5             
Replacement of Warrant. On receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on
delivery of an indemnity agreement reasonably satisfactory in form, substance
and amount to the Company or, in the case of mutilation, on surrender of this Warrant to
the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to
Holder, in lieu of this Warrant, a new warrant of like tenor and amount.

 

1.6             
Treatment of Warrant Upon Acquisition of Company.

 

(a)               Acquisition.
For the purpose of this Warrant, “Acquisition” means any transaction or series of related transactions
involving: (i) the sale, lease,
exclusive license or other disposition of all or substantially all of the assets of the Company; (ii)
any merger or consolidation of the Company into or with another person or entity (other than a merger or consolidation
effected exclusively to change the Company’s domicile), or any other corporate reorganization or other transaction that
results in a Change of Control as defined in the Company’s Certificate of Designation of Preferences Rights and
Limitations of Series B Convertible Preferred Stock. For the avoidance of any doubt, an Acquisition shall not include any
transaction or series of transactions principally for bona fide equity financing purposes unless such transaction or series
of transactions results in the Company issuing 50.1% or more of the aggregate voting power of the Company.

  

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(b)              
Treatment of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by
the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable
Securities (a “Cash/Public Acquisition”), and the fair market value, as reported for the Business Day immediately
before the consummation of the Acquisition, of one Share as determined in accordance with Section 1.3 above would be greater
than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not exercised
this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically be deemed to be Cashless
Exercised pursuant to Section 1.2 above as to all Shares effective immediately prior to and contingent upon the consummation
of a Cash/Public Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have restated each of the representations
and warranties in Section 4 of the Warrant as the date thereof and the Company shall promptly notify the Holder of the number
of Shares (or such other securities) issued upon exercise. In the event of a Cash/Public Acquisition where the fair market value,
as reported for the Business Day immediately before the consummation of the Acquisition, of one Share as determined in accordance
with Section 1.3 above would be less than the Warrant Price in effect immediately prior to such Cash/Public Acquisition,
then this Warrant will expire immediately prior to the consummation of such Cash/Public Acquisition and shall no longer be exercisable.

 

(c)              
Upon the closing of any Acquisition other than a Cash/Public Acquisition defined
above, the acquiring, surviving or successor entity shall assume the
obligations of this Warrant, and this Warrant shall thereafter be exercisable
for the same securities and/or other property as would have
been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding
on and as of the closing of such Acquisition, subject to further adjustment from time
to time in accordance with the provisions of this Warrant.

 

(d)              
As used in this Warrant, “Marketable Securities” means securities
meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13
or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is then current
in its filing of all required reports and other information under the Securities Act of 1933, as amended (the “Act”)
and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in
connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in a Trading
Market; and (iii) Holder would be able to publicly re-sell, within six (6) months following the closing of such Acquisition, all
of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise
this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such restriction (x) arises
solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from
the closing of such Acquisition.

 

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1.7              Equity
Issuance Limit. Notwithstanding anything to the contrary herein, the Company shall not issue to any Holder, and no Holder
may acquire, a number of shares of Common Stock upon any exercise of this Warrant to the extent that, upon such exercise, the
number of shares of Common Stock then beneficially owned by such Holder and its affiliates and any other persons or entities
whose beneficial ownership of Common Stock would be aggregated with such Holder’s for purposes of Section 13(d) of the
Exchange Act (including shares held by any “group” of which such Holder is a member, but excluding shares
beneficially owned by virtue of the ownership of any securities or rights to acquire securities that have limitations on the
right to convert, exercise or purchase similar to the limitation set forth herein) would exceed 9.90% of the total number of
shares of common stock then issued and outstanding (the “Beneficial Ownership Cap”) except
that, upon at least 61 days’ prior notice from the holder to us, the holder may reset the Beneficial Ownership Cap
to a higher or lower percentage of the total number of shares of common stock then issued and outstanding, subject to a
maximum of 29.0%; provided, however, that the Beneficial Ownership Cap shall only apply to the extent that the Common
Stock is deemed to constitute an “equity security” pursuant to Rule 13d-1(i) promulgated under the Exchange Act.
For purposes hereof, “group” has the meaning set forth in Section 13(d) of the Exchange Act and applicable
regulations of the SEC, and the percentage held by any Holder shall be determined in a manner consistent with the provisions
of Section 13(d) of the Exchange Act. Upon the written request of a Holder, the Company shall, within two (2) trading days,
confirm orally and in writing to such Holder the number of shares of Common Stock then outstanding.

 

SECTION 2       
ADJUSTMENTS TO THE SHARES AND WARRANT PRICE.

 

2.1             
Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares
of the Class payable in common stock or other securities or property (including in
the form of cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional
cost to Holder, the total number and kind of securities and property
(including cash) which Holder would have received had Holder owned the Shares
of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Class
by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder shall be proportionately
increased and the Warrant Price shall be proportionately decreased, provided the aggregate purchase price shall remain the same.
If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser number of
shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased, provided
the aggregate purchase price shall remain the same.

 

2.2             
Reclassification, Exchange, Combinations or Substitution. Upon any event
whereby all of the outstanding shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into,
with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant
will be exercisable for the number, class and series of Company securities that Holder would have received had the
Shares been outstanding on and as of the consummation of such event,
provided the aggregate purchase price shall remain the same and subject to further
adjustment thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section
2.2 shall similarly apply to successive reclassifications, exchanges, combinations,
substitutions, replacements or other similar
events.

 

2.3             
No Fractional Share.
No fractional Share shall be issuable upon exercise of this Warrant and the
number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional Share
interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share
interest by paying Holder in cash the amount computed by multiplying
the fractional interest by (a) the fair market value (as
determined in accordance with Section 1.3 above) of a full Share, less (b) the
then-effective Warrant Price.

 

2.4              Notice/Certificate
as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company, at the
Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant
Price, Class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon written request
from Holder, furnish Holder with a certificate of its Chief Executive Officer or Chief Financial Officer, including
computations of such adjustment and the Warrant Price, Class and number of Shares in effect upon the date of such
adjustment.

 

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SECTION 3       
REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

3.1             
Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows:

 

(a)              
This Warrant is, and all Shares which may be issued upon the exercise of this
Warrant, all securities, if any, issuable upon conversion of the Shares and any warrants issued in substitution for or replacement
of this Warrant shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable,
and free of any taxes, liens, charges and encumbrances except for restrictions on transfer provided for herein or under applicable
federal and state securities laws and the issuance of any such Shares shall not be subject to any preemptive or similar rights.
The Company covenants that it shall at all times cause to be reserved and kept available
out of its authorized and unissued capital stock such number of shares of the Class, common stock and other securities as will
be sufficient to permit the exercise in full of this Warrant and the conversion of the Shares into common stock or such other
securities. 

 

(b)              
The Company’s capitalization as disclosed in its filings with the Securities and Exchange Commission (the “Commission”)
is true and complete, in all material respects, as of the Issue Date (without giving effect to any transactions effected on the
Issue Date among the parties to the Note Purchase and Exchange Agreement).

 

(c)              
The Company (i) has been duly incorporated and is validly existing as a corporation in good standing under the laws of
Delaware, with full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct
its business as presently conducted, and (ii) is duly qualified to do business as a foreign corporation and is in good standing
under the laws of each jurisdiction which requires such qualification, except in the case of clause (ii) above, to the extent
that the failure to be so qualified or be in good standing would not reasonably be expected to result in (i) a material adverse
effect on the validity or enforceability of this Warrant, (ii) a material adverse effect on the condition (financial or otherwise),
earnings, business, prospects or properties of the Company, or (iii) a material adverse effect on the Company’s ability
to perform in any material respect its obligations under this Warrant (any of (i), (ii) or (iii)) (a “Material Adverse
Effect”).

 

(d)              
The Company has all requisite corporate power and authority, and has taken all requisite corporate action, to execute and
deliver this Warrant, sell and issue the Shares and carry out and perform all of its obligations under this Warrant, and without
limiting the foregoing, the Company hereby agrees that the Company shall all times have authorized and reserved the number of
Shares needed to provide for the exercise of the rights then represented by this Warrant. If at any time the Company does not
have a sufficient number of Shares authorized and available, then the Company shall call and hold a special meeting of its stockholders
within sixty (60) days of that time for the sole purpose of increasing the number of authorized Shares to a sufficient number.
This Warrant constitutes the legal, valid and binding obligation of the Company, enforceable in accordance with its terms, except
(i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting the enforcement
of creditors’ rights generally and (ii) as limited by equitable principles generally, including any specific performance.

 

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(e)               No
consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any
federal, state, or local governmental authority on the part of the Company is required in connection with the consummation of
the transactions contemplated by this Warrant except for the filing of a Form D with the Commission under the Securities Act
and compliance with the securities and blue sky laws in the states and other jurisdictions in which shares of Common Stock
are offered and/or sold, which compliance will be effected in accordance with such laws and (b) the approval by the NYSE
American of the listing of the Shares.

 

(f)               
Neither the execution, delivery or performance of this Warrant by the Company nor the consummation of any of the transactions
contemplated thereby (including, without limitation, the issuance and sale by the Company of the Shares) will conflict with, result
in a breach or violation of, or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant
to, (i) the charter or by-laws of the Company, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note
agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company is a party or
bound or to which its or their property is subject, or (iii) any statute, law, rule, regulation, judgment, order or decree applicable
to the Company of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction
over the Company or any of its properties, except in the case of clauses (ii) and (iii) above, for any conflict, breach or violation
of, or imposition that would not, individually or in the aggregate, have a Material Adverse Effect.

 

(g)              
Neither the Company nor any individual, sole proprietorship, partnership, limited liability company, joint venture, company,
trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company,
estate, entity or government agency (each a “Person”) acting on its behalf, has engaged in any form of general solicitation
or general advertising (within the meaning of Regulation D promulgated under the Securities Act) in connection with the offer
or sale of this Warrant.

 

(h)              
Neither of the Company or any Person acting on its behalf has, directly or indirectly, made any offers or sales of any
security or solicited any offers to buy any Company security, under circumstances that would adversely affect reliance by the
Company on Section 4(a)(2) of the Securities Act, or Regulation D thereunder, or require registration of this Warrant under the
Securities Act or cause this Warrant to be integrated with prior offerings by the Company for purposes of the Securities Act.

 

(i)                
The Company is in compliance with applicable NYSE American continued listing requirements. There are no proceedings pending
or, to the Company’s knowledge, threatened against the Company relating to the continued listing of the Shares on NYSE American
and the Company has not received any notice of, nor to the Company’s knowledge is there any reasonable basis for, the delisting
of the Shares from NYSE American.

 

(j)                
The Company has not taken, directly or indirectly, any action designed to cause or result in, or that has constituted or
that might reasonably be expected to constitute the stabilization or manipulation of the price of any securities of the Company
in the fifteen (15) days prior to the issuance of this Warrant.

 

3.2             
Notice of Certain Events. If the Company proposes at any time to:

 

(a)              
declare any dividend or distribution upon the outstanding shares of the Class
or common stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend;

 

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(b)              
 offer for subscription or sale pro rata to the holders of the outstanding shares of the Class
any additional shares of any class or series of the Company’s stock (other
than pursuant to contractual pre-emptive rights);

 

(c)              
effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the
outstanding shares of the Class; or

 

(d)              
effect an Acquisition or to liquidate, dissolve or wind up.

 

then, in connection with each
such event, the Company shall give Holder:

 

(1)              
at least seven (7) Business
Days prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription
rights (and specifying the date on which the holders of outstanding shares of
the Class will be entitled thereto) or for determining rights to vote, if any,
in respect of the matters referred to in (a) and (b) above; and

 

(2)              
in the case of the matters referred to in (c) and (d) above at least seven (7)
Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders
of outstanding shares of the Class
will be entitled to exchange their shares for the securities or other property deliverable upon the occurrence of such
event).

 

Company will also provide information
requested by Holder that is reasonably necessary to enable Holder to comply
with Holder’s accounting or reporting requirements.

 

SECTION 4       
REPRESENTATIONS AND WARRANTIES OF THE HOLDER.

 

The Holder represents and warrants
to the Company as follows:

 

4.1             
Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder
are being acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale
or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of
acquiring this Warrant or the Shares.

 

4.2             
Disclosure of Information. Holder is aware of the Company’s business
affairs and financial condition and has received or has had full access to all the information it considers necessary or
appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities.
Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions
of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company
possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished
to Holder or to which Holder has access.

 

4.3              Investment
Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk.
Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can
bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge
and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment
in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and
certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the
character, business acumen and financial circumstances of such persons.

 

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4.4             
Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated
under the Act.

 

4.5             
The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been
registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the
bona fide nature of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares
issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable
state securities laws, or unless exemption from such registration and qualification are otherwise available. Holder
is aware of the provisions of Rule 144 promulgated under the Act.

 

4.6             
No Voting Rights; No Stockholder Rights. Holder, as a Holder of
this Warrant, will not have any voting rights or otherwise be entitled to any other rights afforded to a stockholder of the Company,
except such rights as are expressly granted herein such as notice and other rights, until the exercise of this Warrant.

 

SECTION 5       
MISCELLANEOUS.

 

5.1            
(a)       Term and Automatic Conversion Upon Expiration. Subject to the provisions of Section 1.6 above, this
Warrant is exercisable in whole or in part at any time after the Vesting Date and from time to time on or before 6:00
P.M. Pacific time, on the Expiration Date and shall be void thereafter.

 

(b)        Automatic
Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or
other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the
Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised
pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been
exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other
securities) issued upon such exercise to Holder.

 

5.2             
Legends. The Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any)
shall be imprinted with a legend in substantially the following form:

 

“THE
SECURITIES REPRESENTED HEREBY 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, AND, ACCORDINGLY, MAY
NOT BE TRANSFERRED UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED,
(II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144, OR (III) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY
TO IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED.”

 

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5.3              Compliance
with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant (and the securities
issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in
part except in compliance with applicable federal and state securities laws
by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and
legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require
Holder to provide an opinion of counsel if the transfer is to any affiliate of Holder, provided that any such transferee is
an “accredited investor” as defined in Regulation D promulgated under the Act. Additionally, the Company shall
also not require an opinion of counsel if there is no material question as to the availability of Rule
144 promulgated under the Act, provided that, Holder represents that it has
complied with Rule 144 in reasonable detail, the selling broker represents that it has complied with Rule 144, and the
Company is provided with a copy of Holder’s proposed notice of sale. The Company agrees that, in light of the
Holder’s ownership of the Exchanged Notes (as defined in the Note Purchase and Exchange Agreement) for at least six (6)
months as of the Issue Date, Rule 144 will be available for any resale of any Shares received from Warrants that are Cashless
Exercised.

 

5.4             
No Impairment; Further Assurances. The Company will not, by amendment of its Charter 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 by it hereunder, 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 reasonably
be requested by Holder in order to protect the exercise privilege of Holder against dilution or other impairment, consistent with
the tenor and purpose of this Warrant. The Company (i) will not increase the par value of any Shares above the Warrant Price then
in effect, and (ii) will 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 upon the exercise of this Warrant.

 

5.5             
Transfer Procedure. Subject to the provisions of Section 5.3 and upon providing the Company with written
notice, Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities
issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee, provided, however, in
connection with any such transfer, Holder will give the Company notice of the portion of the Warrant being transferred with the
name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance
to the transferee(s) (and Holder if applicable); and provided further, that
any subsequent transferee shall make to the Company each of the representations and warranties set forth in Section 4
and agree in writing with the Company to be bound by all of the terms and conditions
of this Warrant. 

 

5.6             
Binding on Successors. This Warrant will be binding upon any entity succeeding
to the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets.

 

5.7             
Taxes. The Company will pay all taxes (other than taxes based upon income) and other governmental charges that may
be imposed with respect to the issuance or delivery of the Shares, other than any tax or other charge imposed in connection with
any transfer involved in the issue and delivery of the Shares in a name other than that of the Holder.

 

5.8              Notices.
All notices and other communications hereunder from the Company to the
Holder, or vice versa, shall be deemed delivered and effective (i) when
given personally, (ii) on the third (3rd) Business Day after
being mailed by first-class registered or certified mail, postage prepaid, (iii)
upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or
(iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at
such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from
time to time in accordance with the provisions of this Section 5.5 All
notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a
transfer or otherwise:

 

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Energy Capital, LLC

13650 Fiddlesticks Blvd.

Suite 202-324

Ft. Myers, FL 33912

Attn. Robert Smith

(417) 849-1005

rjsmith@usa.com

 

With
a copy (which shall not constitute notice) to:

 

Akerman LLP

350 East Last Olas Blvd.

Suite 1600

Fort Lauderdale, FL 33301

Attn: Michael Francis and Christina Russo

(305) 982-5581; (305) 982-5531

Michael.francis@akerman.com; christina.russo@akerman.com

 

Notice to the Company
shall be addressed as follows until Holder receives notice of a change in address:

 

SENSEONICS HOLDINGS, INC.

20451 Seneca Meadows Parkway

Germantown, Maryland 20876-7005

Attention: Chief Financial Officer

Email: Nick.Tressler@senseonics.com

 

5.9             
Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either
generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed
by the party against which enforcement of such change, waiver, discharge or termination is sought.

 

5.10         
Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this
Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute,
including reasonable attorneys’ fees.

 

5.11         
Counterparts; Facsimile/Electronic Signatures. This Warrant
may be executed in counterparts, all of which together shall constitute one and the same agreement. Any
signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with
regards to any agreement subject to the terms hereof or any amendment thereto.

 

5.12         
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York,
without regard to conflict of law principles that would result in the application of any other than the laws of the State of New
York.

 

    10 

     

    

 

5.13         
Waiver of Jury Trial. AS A MATERIAL INDUCEMENT FOR EACH PARTY HERETO TO ENTER INTO THIS WARRANT, THE PARTIES
HERETO HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED IN ANY WAY TO THIS WARRANT AND/OR ANY AND ALL OF
THE OTHER DOCUMENTS ASSOCIATED WITH THIS TRANSACTION.

 

5.14         
Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect
the meaning of any provision of this Warrant.

 

5.15         
Business Days. “Business Day” is any day that
is not a Saturday, Sunday or a day on which banks in the State of New York are closed.

 

[Signature
page follows]

 

    11 

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by their duly authorized representatives
effective as of the Issue Date written above.

 

	“COMPANY”	 
	 	 
	SENSEONICS HOLDINGS, INC.	 
	 	 
	By:	    /s/ Timothy Goodnow	 
	 	 
	Name:   	    Timothy Goodnow	 
	 	(Print)	 
	 	 
	Title:	    CEO	 

  

	“HOLDER”	 
	 	 
	ENERGY CAPITAL,
        LLC	 
	 	 
	By:	    /s/ Robert Smith	 
	 	 
	Name:   	    Robert
    Smith	 
	 	(Print)	 
	 	 
	Title:	    Managing/Sole Member	 

 

     

     

    

  

APPENDIX 1

 

NOTICE OF EXERCISE

 

1.       The
undersigned Holder hereby exercises its right purchase ___________ shares of the Common Stock of __________________ (the “Company”)
in accordance with the attached Warrant To Purchase Stock, and tenders payment of the aggregate Warrant Price for such shares
as follows:

 

	 ̈	check in the amount of $________ payable to order of the Company enclosed herewith

 

	 ̈	Wire transfer of immediately available funds to the Company’s account

 

	 ̈	Cashless Exercise pursuant to Section 1.2 of the Warrant

 

	 ̈	Other [Describe] __________________________________________

 

2.       Please
issue a certificate or certificates representing the Shares in the name specified below:

 

	 	 	 
	 	          Holder’s Name	 
	 	 	 
	 	 	 
	 	 	 
	 	        (Address)	 

  

3. By its execution
below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in SECTION 4 of the
Warrant to Purchase Stock as of the date hereof.

  

	 	HOLDER:
	 	 	 
	 	 
	 	 	 
	 	By:	
	 	 	 
	 	Name:	
	 	 	 
	 	Title:	
	 	 	 
	 	(Date):	

 

    Appendix 1Exhibit 10.3 

 

SIDE LETTER AGREEMENT

 

November 9, 2020

 

This Side Letter Agreement
is made by and between Senseonics Holdings, Inc., a Delaware corporation (the “Company”), and the purchasers
of the Company’s convertible preferred stock identified on the signature pages hereto (the “Purchasers”).

 

WHEREAS, the
Company and the Purchasers are party to that certain Stock Purchase Agreement, dated as of August 9, 2020 (as the same may be amended,
modified or waived, the “Stock Purchase Agreement”), in connection with the purchase of up to 30,000 shares
of the Company’s convertible preferred stock by the Purchasers at one or more closings; and

 

WHEREAS, pursuant
to Section 5.5 of the Stock Purchase Agreement, the Company and the Purchasers desire to amend or waive certain provisions of the
Stock Purchase Agreement as contemplated hereby.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements herein set forth, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Company and the Purchasers agree as follows:

 

1.       Conditional
Closing Date. Notwithstanding anything in Section 2.2(b) of the Stock Purchase Agreement to the contrary, for
all purposes under the Stock Purchase Agreement and each Transaction Document, the Company and the Purchasers each hereby
agree that the Conditional Closing Date shall be such date as the Company and the Purchasers shall mutually agree, but in any event
no later than the date that is 150 days from the Initial Closing Date.

 

2.       Capitalized
Terms. All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Stock Purchase Agreement.

 

3.       Counterparts.
This Side Letter Agreement may be executed in any number of counterparts, each of which, when so executed and delivered, shall
be deemed to be an original and all of which counterparts, taken together, shall constitute one and the same instrument; provided
that in the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf’ format
data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or “.pdf’ signature were the original thereof.

 

4.       No
Modifications. Except as expressly modified hereby, the Stock Purchase Agreement shall remain in full force and effect as originally
written until the valid termination of such agreement in accordance with its terms.

 

5.       Choice
of Law. This Side Letter Agreement is governed by the laws of the State of Delaware, without regard to its conflict of laws
provisions.

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Side Letter Agreement as of the date first written above.

 

	 	SENSEONICS HOLDINGS, INC.
	 	 
	 	By:	 /s/ Timothy Goodnow
	 	Name:  Timothy Goodnow
	 	Title:  CEO

 

[Signature Page to Side Letter Agreement]

 

     

     

    

 

	 	PURCHASERS:
	 	 
	 	MARLIN FUND, LIMITED PARTNERSHIP
	 	 
	 	By:	 /s/ Michael W. Masters
	 	Name:  Michael W. Masters
	 	Title:  Managing Member of the
    General Partner
	 	 
	 	MARLIN FUND II, LIMITED
    PARTNERSHIP
	 	 
	 	By: 	/s/ Michael W. Masters
	 	Name:  Michael W. Masters
	 	Title:  Managing Member of the
    General Partner
	 	 
	 	MASTERS SPECIAL SITUATIONS,
    LLC
	 	 
	 	By:	 /s/ Michael W. Masters
	 	Name:  Michael W. Masters
	 	Title:  Managing Member

 

[Signature Page to Side Letter Agreement]

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