Document:

Careview Communications, Inc. 8-K

EXHIBIT 10.24

 

Exhibit B-1

THE SECURITIES REPRESENTED HEREBY
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 WITHOUT RESTRICTION 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 OR
QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS.

SUBJECT TO THE PROVISIONS OF SECTION
10 HEREOF, THIS WARRANT SHALL BE VOID AFTER 5:00 P.M. EASTERN TIME ON [____________], 2025 (THE “EXPIRATION DATE”).

No. __________

CareView
Communications, Inc.

WARRANT TO PURCHASE [___________]
SHARES OF

COMMON STOCK, PAR VALUE $0.001
PER SHARE

For VALUE RECEIVED,
[______________________________] (“Warrantholder”), is entitled to purchase, subject to the provisions of this
Warrant, from CareView Communications, Inc., a Nevada corporation (“Company”), from and after [____________],
2015 and at any time not later than 5:00 P.M., Eastern time, on the Expiration Date (as defined above), at an exercise price per
share equal to $0.52 (the exercise price in effect being herein called the “Warrant Price”), [___________]
shares (“Warrant Shares”) of the Company’s Common Stock, par value $0.001 per share (“Common
Stock”). The number of Warrant Shares purchasable upon exercise of this Warrant and the Warrant Price shall be subject
to adjustment from time to time as described herein. This Warrant is being issued pursuant to the Note and Warrant Purchase Agreement,
dated as of April 21, 2011, as previously amended on December 20, 2011, January 31, 2012, August 20, 2013, January 16, 2014 and
December 15, 2014, and as the same may be amended and/or restated from time to time (the “Purchase Agreement”),
among the Company and the Investors named therein. Capitalized terms used herein have the respective meanings ascribed thereto
in the Note and Warrant and Purchase Agreement unless otherwise defined herein.

Section 1.Registration.
The Company shall maintain books for the transfer and registration of the Warrant. Upon the initial issuance of this Warrant, the
Company shall issue and register the Warrant in the name of the Warrantholder.

Section 2.Transfers.
As provided herein, this Warrant may be transferred only pursuant to a registration statement filed under the Securities Act of
1933, as amended (the “Securities Act”), or an exemption from such registration. Subject to such restrictions,
the Company shall transfer this Warrant from time to time upon the books to be maintained by the Company for that purpose, upon
surrender hereof for transfer, properly endorsed or accompanied by appropriate instructions for transfer and such other documents
as may be reasonably required by the Company, including, if required by the Company, an opinion of its counsel to the effect that
such transfer is exempt from the registration requirements of the Securities Act, to establish that such transfer is being made
in accordance with the terms hereof, and a new Warrant shall be issued to the transferee and the surrendered Warrant shall be canceled
by the Company.

 

    	 

    	 

    

 

Section 3.Exercise
of Warrant. Subject to the provisions hereof, the Warrantholder may exercise this Warrant, in whole or in part, at any time
from and after [____________], 2015 and prior to its expiration upon surrender of the Warrant, together with delivery of a duly
executed Warrant exercise form, in the form attached hereto as Appendix A (the “Exercise Agreement”) and payment
by cash, certified check or wire transfer of funds (or, in certain circumstances, by cashless exercise as provided below) of the
aggregate Warrant Price for that number of Warrant Shares then being purchased, to the Company during normal business hours on
any business day at the Company’s principal executive offices or such other office or agency of the Company as it may designate
by notice to the Warrantholder (such date, the “Exercise Date”). The Warrant Shares so purchased shall be deemed
to be issued to the Warrantholder or the Warrantholder’s designee, as the record owner of such shares, as of the close of
business on the date on which this Warrant shall have been surrendered (or the date evidence of loss, theft or destruction thereof
and security or indemnity satisfactory to the Company has been provided to the Company), the Warrant Price shall have been paid
and the completed Exercise Agreement shall have been delivered. Execution and delivery of the Exercise Agreement with respect to
less than all of the Warrant Shares shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant
evidencing the right to purchase the remaining number of Warrant Shares. On or before the first (1st) business day following
the Exercise Date, the Company shall transmit by facsimile an acknowledgment of confirmation of receipt of the Exercise Agreement
(or Net Issue Election Notice, if applicable, pursuant to Section 18) to the Warrantholder and the Company’s transfer agent
(the “Transfer Agent”).  On or before the third (3rd) business day following the Exercise Date
(the “Share Delivery Date”), the Company shall (A) provided that the Transfer Agent is participating in
The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of the Warrantholder,
credit such aggregate number of Warrant Shares to which the Warrantholder is entitled pursuant to such exercise to the Warrantholder’s
or its designee’s balance account with DTC through its Deposit Withdrawal At Custodian system, or (B) if the Transfer
Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver by overnight courier to the
address as specified in the Exercise Agreement or Net Issue Election Notice, a certificate, registered in the Company’s share
register in the name of the Warrantholder or its designee, for the number of shares of Common Stock to which the Warrantholder
is entitled pursuant to such exercise. The Company shall be responsible for all fees and expenses of the Transfer Agent and all
fees and expenses with respect to the issuance of Warrant Shares via DTC, if any.  Any certificates so delivered shall be
in such denominations as may be requested by the Warrantholder and shall be registered in the name of the Warrantholder or such
other name as shall be designated by the Warrantholder, as specified in the Exercise Agreement or Net Issue Election Notice, if
applicable. If this Warrant shall have been exercised only in part, then, unless this Warrant has expired, the Company shall, at
its expense, at the time of delivery of such certificates (or of crediting the Warrantholder’s balance account with DTC),
deliver to the Warrantholder a new Warrant representing the right to purchase the number of shares with respect to which this Warrant
shall not then have been exercised. As used herein, “business day” means a day, other than a Saturday or Sunday,
on which banks in New York City are open for the general transaction of business. Each exercise hereof shall constitute the re-affirmation
by the Warrantholder that the representations and warranties contained in Section 3 of the Purchase Agreement are true and correct
in all material respects with respect to the Warrantholder as of the time of such exercise.

 

    	 

    	 

    

 

If (1) the
Company shall fail for any reason or no reason to issue to the Warrantholder within three (3) business days (such third business
day, a “Warrant Share Delivery Date”) of after the Exercise Date, in compliance with the terms of this Section
3, a certificate for the number of Warrant Shares to which the Warrantholder is entitled and register such shares on the Company’s
share register or to credit the Warrantholder’s balance account at DTC for such number of Warrant Shares to which the Warrantholder
is entitled upon the exercise of this Warrant, and (2) on or after the Warrant Share Delivery Date, the Warrantholder, or any third
party on behalf of the Warrantholder or for the Warrantholder’s account, purchases (in an open market transaction or otherwise)
shares of Common Stock to deliver in satisfaction of a sale by the Warrantholder of shares issuable upon exercise that the Warrantholder
anticipated receiving from the Company (a “Buy-In”), then the Company shall pay in cash to the Warrantholder
(for costs incurred either directly by such Warrantholder or on behalf of a third party) the amount by which the total purchase
price paid for Common Stock as a result of the Buy-In (including brokerage commissions, if any) exceeds the proceeds received by
such Warrantholder as a result of the sale to which such Buy-In relates. The Warrantholder shall provide the Company written notice
indicating the amounts payable to the Warrantholder in respect of the Buy-In.

Section 4.Compliance
with the Securities Act. Except as provided in the Purchase Agreement, the Company may cause the legend set forth on the first
page of this Warrant to be set forth on each Warrant, and a similar legend on any security issued or issuable upon exercise of
this Warrant, unless counsel for the Company is of the opinion as to any such security that such legend is unnecessary.

Section 5.Payment
of Taxes. The Company will pay any documentary stamp taxes attributable to the initial issuance of Warrant Shares issuable
upon the exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax or taxes which may
be payable in respect of any transfer involved in the issuance or delivery of any certificates for Warrant Shares in a name other
than that of the Warrantholder in respect of which such shares are issued, and in such case, the Company shall not be required
to issue or deliver any certificate for Warrant Shares or any Warrant until the person requesting the same has paid to the Company
the amount of such tax or has established to the Company’s reasonable satisfaction that such tax has been paid. The Warrantholder
shall be responsible for income taxes due under federal, state or other law, if any such tax is due.

Section 6.Mutilated
or Missing Warrants. In case this Warrant shall be mutilated, lost, stolen, or destroyed, the Company shall issue in exchange
and substitution of and upon surrender and cancellation of the mutilated Warrant, or in lieu of and substitution for the Warrant
lost, stolen or destroyed, a new Warrant of like tenor and for the purchase of a like number of Warrant Shares, but only upon receipt
of evidence reasonably satisfactory to the Company of such loss, theft or destruction of the Warrant, and with respect to a lost,
stolen or destroyed Warrant, reasonable indemnity or bond with respect thereto, if requested by the Company.

 

    	 

    	 

    

 

Section 7.Reservation
of Common Stock. The Company hereby represents and warrants that there have been reserved, and the Company shall at all applicable
times keep reserved until issued (if necessary) as contemplated by this Section 7, out of the authorized and unissued shares of
Common Stock, sufficient shares to provide for the exercise of the rights of purchase represented by this Warrant. The Company
agrees that all Warrant Shares issued upon due exercise of this Warrant shall be, at the time of delivery of the certificates for
such Warrant Shares, duly authorized, validly issued, fully paid and non-assessable shares of Common Stock of the Company.

Section 8.Adjustments.
Subject and pursuant to the provisions of this Section 8, the Warrant Price and number of Warrant Shares subject to this Warrant
shall be subject to adjustment from time to time as set forth hereinafter.

(a)If the
Company shall, at any time or from time to time while this Warrant is outstanding, pay a dividend or make a distribution on its
Common Stock in shares of Common Stock, subdivide its outstanding shares of Common Stock into a greater number of shares or combine
its outstanding shares of Common Stock into a smaller number of shares or issue by reclassification of its outstanding shares of
Common Stock any shares of its capital stock (including any such reclassification in connection with a consolidation or merger
in which the Company is the continuing corporation), then (i) the Warrant Price in effect immediately prior to the date on which
such change shall become effective shall be adjusted by multiplying such Warrant Price by a fraction, the numerator of which shall
be the number of shares of Common Stock outstanding immediately prior to such change and the denominator of which shall be the
number of shares of Common Stock outstanding immediately after giving effect to such change and (ii) the number of Warrant Shares
purchasable upon exercise of this Warrant shall be adjusted by multiplying the number of Warrant Shares purchasable upon exercise
of this Warrant immediately prior to the date on which such change shall become effective by a fraction, the numerator of which
is shall be the Warrant Price in effect immediately prior to the date on which such change shall become effective and the denominator
of which shall be the Warrant Price in effect immediately after giving effect to such change, calculated in accordance with clause
(i) above. Such adjustments shall be made successively whenever any event listed above shall occur.

 

    	 

    	 

    

 

(b)If any
capital reorganization, reclassification of the capital stock of the Company, consolidation or merger of the Company with another
corporation in which the Company is not the survivor, or sale, transfer or other disposition of all or substantially all of the
Company’s assets to another corporation shall be effected, then, as a condition of such reorganization, reclassification,
consolidation, merger, sale, transfer or other disposition, lawful and adequate provision shall be made whereby each Warrantholder
shall thereafter have the right to purchase and receive upon the basis and upon the terms and conditions herein specified and in
lieu of the Warrant Shares immediately theretofore issuable upon exercise of this Warrant, such shares of stock, securities or
assets as would have been issuable or payable with respect to or in exchange for a number of Warrant Shares equal to the number
of Warrant Shares immediately theretofore issuable upon exercise of this Warrant, had such reorganization, reclassification, consolidation,
merger, sale, transfer or other disposition not taken place, and in any such case appropriate provision shall be made with respect
to the rights and interests of each Warrantholder to the end that the provisions hereof (including, without limitation, provision
for adjustment of the Warrant Price) shall thereafter be applicable, as nearly equivalent as may be practicable in relation to
any shares of stock, securities or assets thereafter deliverable upon the exercise hereof. The Company shall not effect any such
consolidation, merger, sale, transfer or other disposition unless prior to or simultaneously with the consummation thereof the
successor corporation (if other than the Company) resulting from such consolidation or merger, or the corporation purchasing or
otherwise acquiring such assets or other appropriate corporation or entity shall assume the obligation to deliver to the Warrantholder,
at the last address of the Warrantholder appearing on the books of the Company, such shares of stock, securities or assets as,
in accordance with the foregoing provisions, the Warrantholder may be entitled to purchase, and the other obligations under this
Warrant. The provisions of this paragraph (b) shall similarly apply to successive reorganizations, reclassifications, consolidations,
mergers, sales, transfers or other dispositions.

(c)In case
the Company shall fix a payment date for the making of a distribution to all holders of Common Stock (including any such distribution
made in connection with a consolidation or merger in which the Company is the continuing corporation) of evidences of indebtedness
or assets (other than cash dividends or cash distributions payable out of consolidated earnings or earned surplus or dividends
or distributions referred to in Section 8(a)), or subscription rights or warrants, the Warrant Price to be in effect after such
payment date shall be determined by multiplying the Warrant Price in effect immediately prior to such payment date by a fraction,
the numerator of which shall be the total number of shares of Common Stock outstanding multiplied by the Market Price (as defined
below) per share of Common Stock immediately prior to such payment date, less the fair market value (as determined by the Company’s
Board of Directors in good faith) of said assets or evidences of indebtedness so distributed, or of such subscription rights or
warrants, and the denominator of which shall be the total number of shares of Common Stock outstanding multiplied by such Market
Price per share of Common Stock immediately prior to such payment date. “Market Price” as of a particular date
(the “Valuation Date”) shall mean the following: (a) if the Common Stock is then listed on The NASDAQ Stock
Market or any other national stock exchange, the closing sale price of one share of Common Stock on such exchange on the last trading
day prior to the Valuation Date; (b) if the Common Stock is then quoted on a tiered marketplace of the OTC Markets Group Inc. (the
“Bulletin Board”) or a similar quotation system or association, the closing sale price of one share of Common
Stock on the Bulletin Board or such other quotation system or association on the last trading day prior to the Valuation Date or,
if no such closing sale price is available, the average of the high bid and the low asked price quoted thereon on the last trading
day prior to the Valuation Date; or (c) if the Common Stock is not then listed on a national stock exchange or quoted on the Bulletin
Board or such other quotation system or association, the fair market value of one share of Common Stock as of the Valuation Date,
as determined in good faith by the Board of Directors of the Company and the Warrantholder. If the Common Stock is not then listed
on a national securities exchange, the Bulletin Board or such other quotation system or association, the Board of Directors of
the Company shall respond promptly, in writing, to an inquiry by the Warrantholder prior to the exercise hereunder as to the fair
market value of a share of Common Stock as determined by the Board of Directors of the Company. In the event that the Board of
Directors of the Company and the Warrantholder are unable to agree upon the fair market value in respect of subpart (c) of this
paragraph, the Company and the Warrantholder shall jointly select an appraiser, who is experienced in such matters. The decision
of such appraiser shall be final and conclusive, and the cost of such appraiser shall be borne equally by the Company and the Warrantholder.
Such adjustment shall be made successively whenever such a payment date is fixed.

 

    	 

    	 

    

 

(d)An adjustment
to the Warrant Price shall become effective immediately after the payment date in the case of each dividend or distribution and
immediately after the effective date of each other event which requires an adjustment.

(e)In the
event that, as a result of an adjustment made pursuant to this Section 8, the Warrantholder shall become entitled to receive any
shares of capital stock of the Company other than shares of Common Stock, the number of such other shares so receivable upon exercise
of this Warrant shall be subject thereafter to adjustment from time to time in a manner and on terms as nearly equivalent as practicable
to the provisions with respect to the Warrant Shares contained in this Warrant.

(f)[Intentionally
Omitted.]

(g)To the
extent permitted by applicable law and the listing requirements of any stock market or exchange on which the Common Stock is then
listed, the Company from time to time may decrease the Warrant Price by any amount for any period of time if (i) the period is
at least twenty (20) days, (ii) the decrease is irrevocable during the period, (iii) the decrease is made at the same time to all
Fifth Amendment Supplemental Company Warrants (as defined below) on the same terms, and (iv) the Board shall have made a determination
that such decrease would be in the best interests of the Company, which determination shall be conclusive. Whenever the Warrant
Price is decreased pursuant to the preceding sentence, the Company shall provide written notice thereof to the Warrantholder at
least five (5) days prior to the date the decreased Warrant Price takes effect, and such notice shall state the decreased Warrant
Price and the period during which it will be in effect.

Section 9.Fractional
Interest. The Company shall not be required to issue fractions of Warrant Shares upon the exercise of this Warrant. If any
fractional share of Common Stock would, except for the provisions of the first sentence of this Section 9, be deliverable upon
such exercise, the Company, in lieu of delivering such fractional share, shall pay to the exercising Warrantholder an amount in
cash equal to the Market Price of such fractional share of Common Stock on the date of exercise.

 

    	 

    	 

    

 

Section 10.Extension
of Expiration Date. If the Company fails to cause any Registration Statement covering Registrable Securities (as defined in
the Registration Rights Agreement) to be declared effective prior to the applicable dates set forth therein, or if any of the events
specified in Section 3(b) of the Registration Rights Agreement occurs, and the Blackout Period (as defined in the Registration
Rights Agreement) (whether alone, or in combination with any other Blackout Period) continues for more than 60 days in any 12 month
period, or for more than a total of 90 days, then the Expiration Date of this Warrant shall be extended one day for each day beyond
the 60-day or 90-day limits, as the case may be, that the Blackout Period continues.

Section 11.Benefits.
Nothing in this Warrant shall be construed to give any person, firm or corporation (other than the Company and the Warrantholder)
any legal or equitable right, remedy or claim, it being agreed that this Warrant shall be for the sole and exclusive benefit of
the Company and the Warrantholder.

Section 12.Notices
to Warrantholder. Upon the happening of any event requiring an adjustment of the Warrant Price, the Company shall promptly
give written notice thereof to the Warrantholder at the address appearing in the records of the Company, stating the adjusted Warrant
Price and the adjusted number of Warrant Shares resulting from such event and setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based. Failure to give such notice to the Warrantholder or any defect
therein shall not affect the legality or validity of the subject adjustment.

Section 13.Identity
of Transfer Agent. The Transfer Agent for the Common Stock is Holladay Stock Transfer, Inc. Upon the appointment of any subsequent
transfer agent for the Common Stock or other shares of the Company’s capital stock issuable upon the exercise of the rights
of purchase represented by the Warrant, the Company will mail to the Warrantholder a statement setting forth the name and address
of such transfer agent.

Section 14.Notices.
Unless otherwise provided, any notice required or permitted under this Warrant shall be given in writing and shall be deemed effectively
given as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given upon such delivery, (ii)
if given by telex or facsimile, then such notice shall be deemed given upon receipt of confirmation of complete transmittal, (iii)
if given by mail, then such notice shall be deemed given upon the earlier of (A) receipt of such notice by the recipient or (B)
three days after such notice is deposited in first class mail, postage prepaid, and (iv) if given by an internationally recognized
overnight air courier, then such notice shall be deemed given one business day after delivery to such carrier. All notices shall
be addressed as follows: if to the Warrantholder, at its address as set forth in the Company’s books and records and, if
to the Company, at the address as follows, or at such other address as the Warrantholder or the Company may designate by ten days’
advance written notice to the other:

If to the Company:

CareView Communications, Inc.

405 State Highway 121

Suite B-240

 

    	 

    	 

    

 

Lewisville, TX 75067

Attention: Chief Executive Officer

Fax: (972) 403-7659

With a copy to:

Law Offices of Carl A. Generes

4358 Shady Bend Drive

Dallas, Texas 75244-7447

Attn: Carl A. Generes

Fax: (972) 715-5700

 

 

Section 15.Registration
Rights. The initial Warrantholder is entitled to the benefit of certain registration rights with respect to the shares of Common
Stock issuable upon the exercise of this Warrant as provided in the Registration Rights Agreement, and any subsequent Warrantholder
may be entitled to such rights.

Section 16.
Successors. All the covenants and provisions hereof by or for the benefit of the Warrantholder shall bind and inure to the
benefit of its respective successors and permitted assigns hereunder.

Section 17.Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Warrant shall be governed by, and construed in accordance with, the
internal laws of the State of Delaware, without reference to the choice of law provisions thereof. The Company and, by accepting
this Warrant, the Warrantholder, each irrevocably submits to the exclusive jurisdiction of the courts of the State of Delaware
and the United States District Court for the District of Delaware for the purpose of any suit, action, proceeding or judgment relating
to or arising out of this Warrant and the transactions contemplated hereby. Service of process in connection with any such suit,
action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving
of notices under this Warrant. The Company and, by accepting this Warrant, the Warrantholder, each irrevocably consents to the
jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. The Company and,
by accepting this Warrant, the Warrantholder, each irrevocably waives any objection to the laying of venue of any such suit, action
or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum.  EACH OF THE COMPANY AND, BY ITS ACCEPTANCE HEREOF, THE WARRANTHOLDER HEREBY
WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS WARRANT AND REPRESENTS THAT COUNSEL HAS BEEN
CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

    	 

    	 

    

 

Section 18.Cashless
Exercise. Notwithstanding any other provision contained herein to the contrary, the Warrantholder may elect to receive, without
the payment by the Warrantholder of the aggregate Warrant Price in respect of the shares of Common Stock to be acquired, shares
of Common Stock of equal value to the value of this Warrant, or any specified portion hereof, by the surrender of this Warrant
(or such portion of this Warrant being so exercised) together with a Net Issue Election Notice, in the form annexed hereto as Appendix
B (the “Net Issue Election Notice”), duly executed, to the Company. Thereupon, the Company shall issue to the
Warrantholder 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

where

X =the
number of shares of Common Stock to which the Warrantholder is entitled upon such cashless exercise;

Y =the
total number of shares of Common Stock covered by this Warrant for which the Warrantholder has surrendered purchase rights at such
time for cashless exercise (including both shares to be issued to the Warrantholder and shares as to which the purchase rights
are to be canceled as payment therefor);

A =the
“Market Price” of one share of Common Stock as at the date the net issue election is made; and

B =the
Warrant Price in effect under this Warrant at the time the net issue election is made.

Section 19.[Intentionally Omitted].

Section 20.No
Rights as Shareholder. Prior to the exercise of this Warrant, the Warrantholder shall not have or exercise any rights as a
shareholder of the Company by virtue of its ownership of this Warrant.

Section 21.Amendment;
Waiver; Termination. This Warrant is one of a series of Warrants of like tenor issued on the date hereof by the Company pursuant
to Section 1.3 of the Purchase Agreement and initially covering an aggregate of up to 3,692,308 shares of Common Stock (collectively,
the “Fifth Amendment Supplemental Company Warrants”). Any term of this Warrant may be amended or waived
(including the adjustment provisions included in Section 8 of this Warrant) upon the written consent of the Company and the holders
of Fifth Amendment Supplemental Company Warrants representing at least a majority of the number of shares of Common Stock then
subject to all outstanding Fifth Amendment Supplemental Company Warrants; provided, that (x) any such amendment or waiver
or termination must apply to all Fifth Amendment Supplemental Company Warrants; and (y) except as provided in the adjustment provisions
of this Warrant, the number of Warrant Shares subject to this Warrant, the Warrant Price and the Expiration Date may not be amended,
and the right to exercise this Warrant may not be altered or waived, without the written consent of the Warrantholder.

 

    	 

    	 

    

 

Section 22.Section
Headings. The section headings in this Warrant are for the convenience of the Company and the Warrantholder and in no way alter,
modify, amend, limit or restrict the provisions hereof.

[Signature Page Follows.]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Company has caused this Warrant to
be duly executed, as of the 16th day of January, 2014.

 

	 	CAREVIEW COMMUNICATIONS, INC.
	 	 
	 	By:	
	 	Name: 	Steven G. Johnson
	 	Title: 	President

 

 

    	 

    	 

    

 

APPENDIX A

CAREVIEW COMMUNICATIONS, INC.

WARRANT EXERCISE FORM

 

To Careview Communications, Inc.:

 

The undersigned hereby irrevocably elects
to exercise the right of purchase represented by the within Warrant (“Warrant”) for, and to purchase thereunder
by the payment of the Warrant Price and surrender of the Warrant, _______________ shares of Common Stock (“Warrant Shares”)
provided for therein, and requests that certificates for the Warrant Shares be issued as follows:

 

	 	 	 
	 	 	 
	 	Name	 
	 	 	 
	 	 	 
	 	 	 
	 	Address	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Federal Tax ID or Social Security No.	 

  

	and delivered by	(certified mail to the above address, or
	 	 	 
	 	(electronically (provide DWAC Instructions:___________________), or
	 	 	 
	 	(other (specify): __________________________________________).

 

and, if the number of Warrant Shares shall not be all the
Warrant Shares purchasable upon exercise of the Warrant, that a new Warrant for the balance of the Warrant Shares purchasable upon
exercise of this Warrant be registered in the name of the undersigned Warrantholder or the undersigned’s Assignee as below
indicated and delivered to the address stated below.

 

    	 

    	 

    

 

 

	Dated:	 	,	 	 	 	 

  

	 	 	Signature:	 	 
	 	 	 	 	 
	Note: The signature must correspond with	 	 	 	 
	the name of the Warrantholder as written	 	 	 	 
	on the first page of the Warrant in every	 	 	 	 
	particular, without alteration or enlargement	 	 	 	 
	or any change whatever, unless the Warrant	 	 	Name
(please print)	 
	has been assigned.	 	 	 	 
		 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Address	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Federal Identification or	 
	 	 	 	Social Security No.	 
	 	 	 	 	 
	 	 	 	Assignee:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

    	 

    	 

    

 

APPENDIX B

 

CAREVIEW COMMUNICATIONS, INC.

 

NET ISSUE ELECTION NOTICE

 

To: CareView Communications, Inc.

  

Date:[_________________________]

 

The undersigned hereby elects under Section
18 of this Warrant to surrender the right to purchase [____________] shares of Common Stock pursuant to this Warrant and hereby
requests the issuance of [_____________] shares of Common Stock. The certificate(s) for the shares issuable upon such net issue
election shall be issued in the name of the undersigned or as otherwise indicated below.

 

	 	 
	 	 
	Signature	 
	 	 
	 	 
	 	 
	Name for Registration	 
	 	 
	 	 
	 	 
	Mailing AddressCareview Communications, Inc. 8-K

EXHIBIT
10.25

 

Exhibit C-1

AMENDED
AND RESTATED PLEDGE AND SECURITY AGREEMENT

THIS AMENDED AND
RESTATED PLEDGE AND SECURITY AGREEMENT (as it may be amended or modified from time to time, the “Security Agreement”)
is entered into as of _____________________, 2015 by and among CareView Communications, Inc., a Nevada corporation (“CareView
NV”), CareView Communications, Inc., a Texas corporation (“CareView TX”), CareView Operations, LLC,
a Texas limited liability company (“CareView LLC” and together with CareView NV and CareView TX, collectively
referred to herein as the “Grantor”), and HealthCor Partners Fund, L.P., a Delaware limited partnership (“HealthCor
Partners”), HealthCor Hybrid Offshore Master Fund L.P., a Cayman Islands limited partnership (“HealthCor Offshore”)
and the other parties listed on the signature pages hereto (collectively with HealthCor Partners and HealthCor Offshore, the “Secured
Parties”).

RECITALS

WHEREAS, CareView
NV, HealthCor Partners and HealthCor Offshore entered into that certain Note and Warrant Purchase Agreement dated as of April 21,
2011 (as amended prior to the date hereof, the “Original Purchase Agreement”);

WHEREAS, in connection
with the purchase of Notes under the Original Purchase Agreement, the Grantor entered into that certain Pledge and Security Agreement
dated as of April 21, 2011 in favor of HealthCor Partners and HealthCor Offshore, as secured parties (the “Original Security
Agreement”);

WHEREAS, as of the
date hereof, certain of the Secured Parties are purchasing additional Notes in the aggregate amount pursuant to that certain Fifth
Amendment to Note and Warrant Agreement, which amends that certain Note and Warrant Purchase Agreement dated as of April 21, 2011
(as amended, restated or otherwise modified from time to time, the “Purchase Agreement”) by and among CareView
NV and the Investors party thereto;

WHEREAS, CareView
NV is entering into this Security Agreement in order to induce the applicable Secured Parties to enter into, and to advance the
Purchase Price to CareView NV under, the Purchase Agreement and to secure all of the obligations of CareView NV to the Secured
Parties under the Purchase Agreement and the other Transaction Documents (the “Obligations”);

WHEREAS, CareView
TX and CareView LLC are entering into this Security Agreement as a result of the substantial direct and indirect financial benefit
they will derive from the Secured Parties’ purchase of the Notes from CareView NV and because the Secured Parties have required
them to be parties hereto as a condition precedent to the consummation of the transactions contemplated in the Purchase Agreement;
and

WHEREAS, the Secured
Parties desire to appoint HealthCor Partners as collateral agent hereunder (“Agent”).

NOW, THEREFORE,
in consideration of the premises and the agreements, provisions and covenants set forth herein, the Grantor and the Secured Parties
hereby agree as follows:

ARTICLE
I

DEFINITIONS

1.1.Terms
Defined in Purchase Agreement. All capitalized terms used herein and not otherwise defined shall have the meanings assigned
to such terms in the Purchase Agreement.

 

    	

    	 

    

 

1.2.Terms
Defined in UCC. Terms defined in the UCC which are not otherwise defined in this Security Agreement are used herein as defined
in the UCC.

1.3.Definitions
of Certain Terms Used Herein. As used in this Security Agreement, in addition to the terms defined in the Preliminary Statement,
the following terms shall have the following meanings:

“Accounts”
shall have the meaning set forth in Article 9 of the UCC.

“Agent”
has the meaning set forth in the recitals hereto.

“Article”
means a numbered article of this Security Agreement, unless another document is specifically referenced.

“Charges”
means all federal, state, county, city, municipal, local, foreign or other governmental taxes, levies, assessments, charges or
claims, in each case then due and payable, upon or relating to (a) any property of the Grantor, (b) the Notes, (c) the
Grantor’s employees, payroll, income or gross receipts, (d) the Grantor’s ownership or use of any of its property,
or (e) any other aspect of the Grantor’s business.

“Chattel
Paper” shall have the meaning set forth in Article 9 of the UCC.

“Collateral”
shall have the meaning set forth in Article II.

“Commercial
Tort Claims” means “commercial tort claims” as set forth in Article 9 of the UCC and shall include, without
limitation, any existing commercial tort claims of the Grantor set forth in Exhibit C-2 attached hereto.

“Contracts”
means, collectively, all of the Grantor’s rights and remedies under, and all moneys and claims for money due or to become
due to the Grantor under all contracts and other agreements between the Grantor and any party (other than the Secured Parties)
and all amendments, supplements, extensions, and renewals thereof, including all rights and claims of the Grantor now or hereafter
existing: (a) under any insurance, indemnities, warranties, and guarantees provided for or arising out of or in connection with
any of the foregoing agreements; (b) for any damages arising out of or for breach or default under or in connection with any of
the foregoing agreements; (c) to all other amounts from time to time paid or payable under or in connection with any of the foregoing
agreements; or (d) to exercise or enforce any and all covenants, remedies, powers and privileges under or in connection with any
of the foregoing agreements.

“Control”
shall have the meaning set forth in Article 8 or, if applicable, in Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the UCC.

“Control
Agreement” means an agreement, in form and substance satisfactory to the Secured Parties, among (i) the Grantor, (ii)
a banking institution, securities broker or securities intermediary at which the Grantor maintains a Deposit Account or a securities
account, and (iii) the Secured Parties, providing for the Secured Parties to have Control over the funds or securities and other
financial assets held in such Deposit Account or securities account.

 

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“Copyrights”
means, with respect to any Person, all of such Person’s right, title, and interest in and to the following: (a) all copyrights,
rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all
renewals of any of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due and/or payable under any
of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing;
(d) the right to sue for past, present, and future infringements of any of the foregoing; and (e) all rights corresponding to any
of the foregoing throughout the world.

“Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured
or waived, become an Event of Default.

“Deposit
Accounts” shall have the meaning set forth in Article 9 of the UCC.

“Documents”
shall have the meaning set forth in Article 9 of the UCC.

“Equipment”
shall have the meaning set forth in Article 9 of the UCC.

“Event
of Default” shall have the meaning set forth in Section 5.1.

“Exhibit”
refers to a specific exhibit to this Security Agreement, unless another document is specifically referenced.

“Fixtures”
shall have the meaning set forth in Article 9 of the UCC.

“General
Intangibles” shall have the meaning set forth in Article 9 of the UCC.

“Goods”
shall have the meaning set forth in Article 9 of the UCC.

“Instruments”
shall have the meaning set forth in Article 9 of the UCC.

“Inventory”
shall have the meaning set forth in Article 9 of the UCC.

“Investment
Property” shall have the meaning set forth in Article 9 of the UCC.

“Letter-of-Credit
Rights” shall have the meaning set forth in Article 9 of the UCC.

“Licenses”
means, with respect to any Person, all of such Person’s right, title, and interest in and to (a) any and all licensing agreements
or similar arrangements in and to its Patents, Copyrights, or Trademarks, (b) all income, royalties, damages, claims, and payments
now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and
future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof.

“Patents”
means, with respect to any Person, all of such Person’s right, title, and interest in and to: (a) any and all patents and
patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations,
renewals, extensions, and continuations-in-part thereof; (d) all income, royalties, damages, claims, and payments now or hereafter
due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements
thereof; (e) all rights to sue for past, present, and future infringements thereof; and (f) all rights corresponding to any of
the foregoing throughout the world.

 

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“Permitted
Encumbrances” means (a) Liens in favor and for the benefit of the Secured Parties; (b) non-exclusive licenses
of the Grantor’s intellectual property granted to hospitals in the ordinary course of the Grantor’s business pursuant
to the Grantor’s hospital contracts; (c) non-exclusive licenses of the Grantor’s intellectual property granted to subsidiaries
of the Grantor in connection with existing joint venture transactions and future joint venture transactions entered into by the
Grantor to the extent involving new hospitals, new businesses or international markets; (d) Liens
in favor and for the benefit of joint venture partners arising from joint venture transactions entered into by the Grantor to the
extent involving new hospitals, new businesses or international markets; (e) Liens for Charges not delinquent or being contested
in good faith and by appropriate proceedings and with respect to which proper reserves have been established by the Grantor on
its financial statements in accordance with GAAP; (f) deposits or pledges to secure obligations under workers’ compensation,
social security or similar laws, or with respect to unemployment insurance; (g) bonded and statutory Liens of landlords, mechanics,
workers, materialmens or other like Liens arising in the ordinary course of the business with respect to obligations which are
not delinquent; (h) Liens placed upon tangible assets hereafter acquired to secure payment of the purchase price thereof,
provided that any such Lien shall not encumber any other property of the Grantor; and (i) zoning restrictions and easements,
licenses, covenants and other restrictions that do not individually, or in the aggregate, materially and adversely affect the use
of the Grantor’s owned, leased or licensed real property for its intended purpose in connection with the business.

“Pledged
Collateral” means all Instruments, Securities and other Investment Property of the Grantor, whether or not physically
delivered to the Secured Parties pursuant to this Security Agreement.

“Receivables”
means, with respect to the Grantor, all rights to payment, whether or not earned by performance, for goods or other property sold,
leased, licensed, assigned or otherwise disposed of, or services rendered, including, without limitation, all such rights constituting
or evidenced by an Account, Chattel Paper, Document, Investment Property, Instrument, or any other right or claim to receive money
which is a General Intangible or which is otherwise included as Collateral.

“Required
Secured Parties” means Secured Parties holding greater than [50]% of the principal value of Notes.

“Section”
means a numbered section of this Security Agreement, unless another document is specifically referenced.

“Security”
has the meaning set forth in Article 8 of the UCC.

“Stock
Rights” means all dividends, instruments or other distributions and any other right or property which the Grantor shall
receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for, or in exchange for
any Equity Interest constituting Collateral, any right to receive an Equity Interest and any right to receive earnings, in which
the Grantor now has or hereafter acquires any right, issued by an issuer of such Equity Interest.

“Supporting
Obligations” shall have the meaning set forth in Article 9 of the UCC.

“Trademarks”
means, with respect to any Person, all of such Person’s right, title, and interest in and to the following: (a) all trademarks
(including service marks), trade names, trade dress, and trade styles and the registrations and applications for registration thereof
and the goodwill of the business symbolized by the foregoing; (b) all licenses of the foregoing, whether as licensee or licensor;
(c) all renewals of the foregoing; (d) all income, royalties, damages, and payments now or hereafter due or payable with respect
thereto, including, without limitation, damages, claims, and payments for past and future infringements thereof; (e) all rights
to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands
for royalties owing; and (f) all rights corresponding to any of the foregoing throughout the world.

 

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“UCC”
means the Uniform Commercial Code, as in effect from time to time, of the State of Delaware or of any other state the laws of which
are required as a result thereof to be applied in connection with the attachment, perfection or priority of, or remedies with respect
to, the Secured Parties’ Lien on any Collateral.

The foregoing definitions
shall be equally applicable to both the singular and plural forms of the defined terms.

ARTICLE
II

GRANT OF SECURITY INTEREST

2.1.Grant
of Security Interest. The Grantor hereby pledges, assigns and grants to the Agent, for the ratable benefit of the Secured Parties
a security interest in all of its right, title and interest in, to and under all personal property and other tangible and intangible
assets, whether now owned by or owing to, or hereafter acquired by or arising in favor of the Grantor (including under any trade
name or derivations thereof), and whether owned or consigned by or to, or leased from or to, the Grantor, and wherever located
(all of which will be collectively referred to as the “Collateral”), including, without limitation:

(i)all
Accounts;

(ii)all
Chattel Paper;

(iii)all
Copyrights, Patents and Trademarks;

(iv)all
Documents;

(v)all
Equipment;

(vi)all
Fixtures;

(vii)all
General Intangibles;

(viii)all
Goods;

(ix)all
Instruments;

(x)all
Inventory;

(xi)all
Investment Property;

(xii)all
cash or cash equivalents;

(xiii)all
letters of credit, Letter-of-Credit Rights and Supporting Obligations;

(xiv)all
Deposit Accounts with any bank or other financial institution;

(xv)all
Commercial Tort Claims;

(xvi)all
Contracts; and

(xvii)all
accessions to, substitutions for and replacements, proceeds (including Stock Rights), insurance proceeds and products of the foregoing,
together with all books and records, customer lists, credit files, computer files, programs, printouts and other computer materials
and records related thereto and any General Intangibles at any time evidencing or relating to any of the foregoing.

 

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Any of the foregoing
to the contrary notwithstanding (a) the “Collateral” shall not include, and the security interest granted herein
shall not attach to, any asset subject to a rule of law, statute or regulation (including a permit, license or franchise), where
the grant of such security interest would invalidate or constitute a breach or violation of any such rule of law, statute or regulation,
provided that the limitation set forth in this sentence shall (i) exist only for so long as such rule of law, statute or regulation,
continues to be effective (and, upon the cessation, termination, expiration of such rule of law, statute or regulation, or if any
such rule of law, statue or regulation is no longer applicable, the security interest granted herein shall be deemed to have automatically
attached to such asset), and (ii) not apply with respect to any asset if and to the extent that the security interest in and to
such asset granted in this Security Agreement is permitted under Section 9-406, 9-407, 9-408, or 9-409 of the UCC, and (b) in the
case of a Subsidiary that is a foreign entity, in no event shall the “Collateral” include more than sixty-five
percent (65%) of the equity interests in such Subsidiary.

2.2.Security
for Obligations. This Security Agreement, including the Guarantors’ guaranty hereunder, secures, and the Collateral is
collateral security for, the prompt and complete payment or performance in full when due, whether at stated maturity, by required
prepayment, declaration, acceleration, demand or otherwise, of all Obligations.

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

The Grantor represents
and warrants to the Agent and the Secured Parties that:

3.1.Title,
Perfection and Priority. The Grantor has good and valid rights in, or the power to transfer rights in, the Collateral and,
to the extent applicable, title to the Collateral with respect to which it has purported to grant a security interest hereunder,
free and clear of all Liens, except for Permitted Encumbrances, and has full power and authority to grant to the Secured Parties
the security interest in such Collateral pursuant hereto. When financing statements have been filed in the appropriate offices
against the Grantor in the locations listed on Exhibit G, the Agent, on behalf of the Secured Parties will have a fully
perfected security interest in that Collateral of the Grantor in which a security interest may be perfected by filing, and having
priority over all other Liens on such Collateral except in the case of (a) Permitted Encumbrances, to the extent any such Permitted
Encumbrances would have priority over the Liens in favor of the Secured Parties pursuant to any applicable law or agreement, and
(b) Liens perfected only by possession (including possession of any certificate of title) to the extent the Agent has not
obtained or does not maintain possession of such Collateral, in which case such Lien in favor of the Agent shall not be perfected
until such possession is obtained.

3.2.Type
and Jurisdiction of Organization, Organizational and Identification Number. The type of entity of the Grantor, its state of
organization, the organizational number issued to it by its state of organization and its federal employer identification number
are set forth on Exhibit A.

3.3.Principal
Location. The Grantor’s mailing address and the location of its place of business (if it has only one) or its chief executive
office (if it has more than one place of business), is disclosed in Exhibit A; the Grantor has no other places of business
except those set forth in Exhibit A.

3.4.Collateral
Locations. All of the Grantor’s locations where Collateral is located are listed on Exhibit A. All of said locations
are owned by the Grantor except for locations (i) which are leased by the Grantor as lessee and designated in Part VII(b)
of Exhibit A and (ii) at which Inventory is held in a public warehouse or is otherwise held by a bailee or on consignment
as designated in Part VII(c) of Exhibit A.

 

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3.5.Deposit
Accounts. All of the Grantor’s Deposit Accounts are listed in Part VIII of Exhibit A.

3.6.Exact
Names. The Grantor’s name in which it has executed this Security Agreement is the exact name as it appears in the Grantor’s
organizational documents, as amended, as filed with the Grantor’s jurisdiction of organization. Other than as set forth on
Exhibit B, the Grantor has not, during the past five years, been known by or used any other corporate or fictitious name,
or been a party to any merger or consolidation, or been a party to any acquisition.

3.7.Letter-of-Credit
Rights and Chattel Paper. Exhibit C-1 lists all Letter-of-Credit Rights and Chattel Paper of the Grantor having a value
in excess of $25,000, individually. All action by the Grantor necessary or desirable to protect and perfect the Secured Parties’
Lien on each item listed on Exhibit C-1 (including the delivery of all originals and the placement of a legend on all Chattel
Paper as required hereunder) has been duly taken. The Secured Parties will have a fully perfected first priority security interest
in the Collateral listed on Exhibit C-1.

3.8.Intellectual
Property. The Grantor does not have any interest in, or title to, any Patent, Trademark or Copyright except as set forth in
Exhibit D.

3.9.Filing
Requirements. None of the Grantor’s Equipment is covered by any certificate of title. None of the Collateral owned by
the Grantor is of a type for which security interests or Liens may be perfected by filing under any federal statute except for
Patents, Trademarks and Copyrights held by the Grantor and described in Exhibit D. The legal description, county and street
address of each property on which any Fixtures are located is set forth in Exhibit E together with the name and address
of the record owner of each such property.

3.10.No Financing
Statements, Security Agreements. No financing statement or security agreement describing all or any portion of the Collateral
which has not lapsed or been terminated naming the Grantor as debtor has been filed or is of record in any jurisdiction except
(a) for financing statements or security agreements naming Agent and/or the Secured Parties as the secured party and (b) to perfect
Permitted Encumbrances.

3.11.Pledged
Collateral.

(a)Exhibit
F sets forth a complete and accurate list of the Pledged Collateral. The Grantor is the record and beneficial owner of the
Pledged Collateral listed on Exhibit F as being owned by the Grantor, free and clear of any Liens, except for the security
interest granted to the Agent for the ratable benefit of the Secured Parties hereunder and Permitted Encumbrances. The Grantor
further represents and warrants that (i) with respect to any certificates delivered to Agent representing Equity Interests, either
such certificates are Securities as defined in Article 8 of the UCC as a result of actions by the issuer or otherwise or, if such
certificates are not Securities, the Grantor has so informed the Agent so that the Agent may take steps to perfect the security
interest therein as a General Intangible, (ii) all Pledged Collateral held by a securities intermediary is covered by a Control
Agreement among the Grantor, the securities intermediary and Agent on behalf of the Secured Parties, or otherwise held under terms,
pursuant to which the Agent has Control, (iii) none of the Pledged Collateral owned by the Grantor has been issued or transferred
in violation of the securities registration, securities disclosure or similar laws of any jurisdiction to which such issuance or
transfer may be subject, (iv) there are existing no options, warrants, calls or commitments of any character whatsoever relating
to such Pledged Collateral, and (v) no consent, approval, authorization, or other action by, and no giving of notice or filing
with, any governmental authority or any other Person is required for the pledge by the Grantor of such Pledged Collateral pursuant
to this Security Agreement or for the execution, delivery and performance of this Security Agreement by the Grantor, or for the
exercise by Agent of the voting or other rights provided for in this Security Agreement or for the remedies in respect of the Pledged
Collateral pursuant to this Security Agreement, except as may be required in connection with such disposition by laws affecting
the offering and sale of securities generally.

(b)Except as set
forth in Exhibit F, the Grantor owns 100% of the issued and outstanding Equity Interests which constitute Pledged Collateral
owned by it and none of the Pledged Collateral which represents indebtedness owed to the Grantor is subordinated in right of payment
to other indebtedness or subject to the terms of an indenture.

 

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ARTICLE
IV

COVENANTS

From the date of
this Security Agreement, and thereafter until this Security Agreement is terminated, the Grantor agrees that:

4.1.General.

(a)Collateral
Records. The Grantor will maintain complete and accurate books and records with respect to the Collateral owned by it, and
will furnish Agent with updates with respect to Exhibits A, B, C-1, C-2, D, E, F and G hereto in accordance with Section
4.1(c) and such other such reports relating to such Collateral as Agent shall from time to time request.

(b)Authorization
to File Financing Statements; Ratification. The Grantor hereby authorizes Agent to file, and if requested will deliver to Agent,
all financing statements and other documents and to take such other actions as may from time to time be requested by the Secured
Parties in order to maintain a perfected security interest in and, if applicable, Control of, the Collateral owned by the Grantor
subject only to Permitted Encumbrances. Any financing statement filed by Agent may be filed in any filing office in any UCC jurisdiction
and may (i) indicate the Grantor’s Collateral (1) as all assets of the Grantor or words of similar effect, regardless of
whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the UCC or such jurisdiction, or
(2) by any other description which reasonably approximates the description contained in this Security Agreement, and (ii) contain
any other information required by part 5 of Article 9 of the UCC for the sufficiency or filing office acceptance of any financing
statement or amendment, including (A) whether the Grantor is an organization, the type of organization and any organization identification
number issued to the Grantor and (B) in the case of a financing statement filed as a fixture filing, a sufficient description of
real property to which the Collateral relates. The Grantor also agrees to furnish any such information to Agent promptly upon request.
The Grantor also ratifies its authorization for Agent to have filed in any UCC jurisdiction any initial financing statements or
amendments thereto if filed prior to the date hereof.

(c)Further
Assurances. The Grantor will, if reasonably requested by Agent, furnish to Agent statements and schedules further identifying
and describing the Collateral owned by it and such other reports and information in connection with its Collateral as the Agent
may reasonably request, all in such detail as Agent may reasonably specify. The Grantor also agrees to take any and all actions
necessary to defend title to the Collateral against all persons and to defend the security interest of Agent in its Collateral
and the priority thereof against any Lien not expressly permitted hereunder, in each case as reasonably requested by Agent. The
Grantor shall also supplement the information set forth in Exhibits A, B, C-1, C-2, D, E, F and G attached hereto within
thirty (30) days after obtaining knowledge of information which would require a material correction or addition of any such Exhibit.

 

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(d)Disposition
of Collateral. The Grantor will not sell, lease or otherwise dispose of the Collateral owned by it except for dispositions
in the ordinary course of business consistent with past practice or as permitted under the Purchase Agreement.

(e)Liens.
The Grantor will not create, incur, or suffer to exist any Lien on the Collateral owned by it except (i) the security interest
created by this Security Agreement and (ii) Permitted Encumbrances.

(f)Other Financing
Statements. The Grantor will not authorize the filing of any financing statement naming it as debtor covering all or any portion
of the Collateral owned by it, except in connection with Permitted Encumbrances. The Grantor acknowledges that it is not authorized
to file any financing statement or amendment or termination statement with respect to any financing statement without the prior
written consent of Agent, subject to the Grantor’s rights under Section 9-509(d)(2) of the UCC.

(g)Locations.
Other than to the extent permitted by the Purchase Agreement, the Grantor will not (i) maintain any Collateral owned by it at any
location other than those locations listed on Exhibit A, (ii) otherwise change or add to such locations without Agent’s
prior written consent, which shall not be unreasonably withheld (provided that if Agent gives such consent, the Grantor will concurrently
therewith obtain a landlord waiver for each such location), or (iii) change its principal place of business or chief executive
office from the location identified on Exhibit A.

(h)Compliance
with Terms. The Grantor will perform and comply in all material respects with all obligations in respect of the Collateral
owned by it and all agreements to which it is a party or by which it is bound relating to such Collateral.

4.2.Equipment.
The Grantor shall not permit any Equipment to become a fixture with respect to real property or to become an accession with respect
to other personal property with respect to which real or personal property Agent does not have a Lien. The Grantor will not, without
Agent’s prior written consent, alter or remove any identifying symbol or number on any of the Grantor’s Equipment constituting
Collateral.

4.3.Delivery
of Instruments, Securities, Chattel Paper and Documents. The Grantor will (a) deliver to Agent immediately upon execution of
this Security Agreement the originals of all Chattel Paper, Securities (to the extent certificated) and Instruments constituting
Collateral owned by it (if any then exist), (b) hold in trust for Agent upon receipt and immediately thereafter deliver to Agent
any such Chattel Paper, Securities and Instruments constituting Collateral, and (c) upon Agent’s request, deliver to Agent
(and thereafter hold in trust for Agent upon receipt and immediately deliver to Agent) any Document evidencing or constituting
Collateral.

4.4.Uncertificated
Pledged Collateral. The Grantor will permit Agent from time to time to cause the appropriate issuers (and, if held with a securities
intermediary, such securities intermediary) of uncertificated securities or other types of Pledged Collateral owned by it not represented
by certificates to mark their books and records with the numbers and face amounts of all such uncertificated securities or other
types of Pledged Collateral not represented by certificates and all rollovers and replacements therefor to reflect the Lien of
Agent granted pursuant to this Security Agreement. With respect to any Pledged Collateral owned by it, the Grantor will take any
actions necessary to cause (a) the issuers of uncertificated securities which are Pledged Collateral and (b) any securities intermediary
which is the holder of any such Pledged Collateral, to cause Agent to have and retain Control over such Pledged Collateral. Without
limiting the foregoing, the Grantor will, with respect to any such Pledged Collateral held with a securities intermediary, cause
such securities intermediary to enter into a Control Agreement with Agent, in form and substance satisfactory to Agent, giving
Agent Control over such Pledged Collateral.

 

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4.5.Pledged
Collateral.

(a)Changes
in Capital Structure of Issuers. Except as permitted under the Purchase Agreement, the Grantor will not (i) permit or suffer
any issuer of Equity Interests constituting Pledged Collateral owned by it to dissolve, merge, liquidate, retire any of its Equity
Interests or other Instruments or Securities evidencing ownership, reduce its capital, sell or encumber all or substantially all
of its assets (except for Permitted Encumbrances and sales of assets permitted pursuant to Section 4.1(d)) or merge or consolidate
with any other entity, or (ii) vote any such Pledged Collateral in favor of any of the foregoing.

(b)Issuance
of Additional Securities. If any issuer of Equity Interests constituting Pledged Collateral issues additional Equity Interests
to the Grantor, the Grantor shall promptly notify Agent of such issuance of Equity Interests and such Equity Interests shall promptly
be deposited with and pledged to Agent in accordance with Section 4.4 and 4.5 hereof, subject, in each case, to the limitation
set forth in Section 2.1.

(c)Registration
of Pledged Collateral. After the occurrence and during the continuance of an Event of Default, the Grantor will permit any
registrable Pledged Collateral owned by it to be registered in the name of Agent or its nominee at any time at Agent’s option.

(d)Exercise
of Rights in Pledged Collateral.

(i)Without
in any way limiting the foregoing and subject to clause (ii) below, the Grantor shall have the right to exercise all voting rights
or other rights relating to the Pledged Collateral owned by it for all purposes not inconsistent with this Security Agreement,
the Purchase Agreement or any other Transaction Document; provided however, that no vote or other right shall be exercised
or action taken which would have the effect of impairing the rights of Agent in respect of such Pledged Collateral.

(ii)The
Grantor will permit Agent or their nominee at any time after the occurrence and during the continuance of an Event of Default,
without notice, to exercise all voting rights or other rights relating to the Pledged Collateral owned by it, including, without
limitation, exchange, subscription or any other rights, privileges, or options pertaining to any Equity Interests or Investment
Property constituting such Pledged Collateral as if they were the absolute owner thereof.

(iii)So
long as no Event of Default shall have occurred and be continuing, the Grantor shall be entitled to collect and receive for its
own use all cash dividends and interest paid in respect of the Pledged Collateral owned by it to the extent not in violation of
the Purchase Agreement; provided however, that until actually paid, all rights to such distributions shall remain subject
to the Lien created by this Security Agreement.

 

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4.6.Intellectual
Property.

(a)The Grantor
will use commercially reasonable efforts to secure all consents and approvals necessary or appropriate for the assignment to or
benefit of Agent of any material License held by the Grantor and to enforce the security interests granted hereunder.

(b)In no event
shall the Grantor, either directly or through any agent, employee, licensee or designee, file an application for the registration
of any material Patent, Trademark or Copyright with the United States Patent and Trademark Office, the United States Copyright
Office or any similar office or agency without giving Agent prior written notice thereof, and, upon Agent’s request, the
Grantor shall execute and deliver any and all security agreements as Agent may request to evidence Agent’s first priority
security interest on such Patent, Trademark or Copyright, and the General Intangibles of the Grantor relating thereto or represented
thereby.

(c)The Grantor
shall take all actions necessary or reasonably requested by Agent to maintain and pursue each application, to obtain the relevant
registration and to maintain the registration of each of its material Patents, Trademarks and Copyrights registered with, or applied
to be registered with, the United Stated Patent and Trademark Office or the United States Copyright Office, as applicable (now
or hereafter existing), including the filing of applications for renewal, affidavits of use, affidavits of noncontestability and
opposition and interference and cancellation proceedings, unless the Grantor shall determine in good faith that such Patent, Trademark
or Copyright is not material to the conduct of the Grantor’s business.

(d)The Grantor
shall, unless it shall reasonably determine that such Patent, Trademark or Copyright is not material to the conduct of its business
or operations, promptly sue for any material infringement, misappropriation or dilution and to recover any and all damages for
such infringement, misappropriation or dilution, and shall take such other actions as Agent shall deem reasonably appropriate under
the circumstances to protect such Patent, Trademark or Copyright. In the event that the Grantor institutes suit because any of
its Patents, Trademarks or Copyrights constituting Collateral is infringed upon, or misappropriated or diluted by a third party,
the Grantor shall comply with Section 4.7.

4.7.Commercial
Tort Claims. The Grantor shall promptly, and in any event within two Business Days after the same is acquired by it, notify
Agent of any commercial tort claim (as defined in the UCC) acquired by it having a value in excess of $25,000 and, unless Agent
otherwise consents, the Grantor shall enter into an amendment to this Security Agreement, in form and substance reasonably satisfactory
to Agent, granting Agent a first priority security interest in such commercial tort claim.

4.8.Letter-of-Credit
Rights. If the Grantor is or becomes the beneficiary of a letter of credit having a value in excess of $25,000, it shall promptly,
and in any event within five (5) Business Days after becoming a beneficiary, notify Agent thereof and use its commercially reasonable
efforts to cause the issuer and/or confirmation bank to (i) consent to the assignment of any Letter-of-Credit Rights to Agent and
(ii) agree to direct all payments thereunder to a Deposit Account subject to a Control Agreement for application to the Obligations,
all in form and substance reasonably satisfactory to Agent.

4.9.Federal,
State or Municipal Claims. The Grantor will, within five (5) Business Days, notify Agent of any Collateral which constitutes
a claim against the United States government or any state or local government or any instrumentality or agency thereof (other than
Accounts owing from the United States government which have been or will be identified by the Grantor) having a value in excess
of $25,000, the assignment of which claim is restricted by federal, state or municipal law.

 

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4.10.No Interference.
The Grantor agrees that it will not interfere with any right, power and remedy of Agent provided for in this Security Agreement
or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning of the exercise by Agent
of any one or more of such rights, powers or remedies.

4.11.Insurance.

(a)All insurance
policies required hereunder and under Section 5.10 of the Purchase Agreement shall name Agent as additional insured or as loss
payee, as applicable, and shall contain loss payable clauses through endorsements in form and substance satisfactory to Agent,
which provide that: (i) all proceeds thereunder with respect to any Collateral shall be payable to Agent for the ratable benefit
of the Secured Parties; (ii) no such insurance shall be affected by any act or neglect of the insured or owner of the property
described in such policy; and (iii) such policy and loss payable clauses may be canceled, amended, or terminated only upon at least
thirty (30) days prior written notice given to Agent.

(b)All premiums
on any such insurance shall be paid when due by the Grantor, and copies of the policies delivered to Agent, upon the request of
Agent. If the Grantor fails to obtain any insurance as required by this Section, Agent may obtain such insurance at the expense
of the Grantor.

4.12.Landlord
Waivers. The Grantor shall obtain landlord waivers from the lessor of each location of real property leased by the Grantor,
mortgagee of owned property or bailee or consignee with respect to any warehouse, processor or converter facility or other location
where Collateral is stored or located, which landlord waivers shall be reasonably satisfactory in form and substance to Agent.
The Grantor shall timely and fully pay and perform in all material respects its obligations under all leases and other agreements
with respect to each leased location or third party warehouse where any Collateral is or may be located.

4.13.Control
Agreements. The Grantor will provide to Agent upon Agent’s request in accordance with the Purchase Agreement, a Control
Agreement duly executed on behalf of each financial institution, securities broker or securities intermediary where the Grantor
maintains a deposit account or securities account.

4.14.Change
of Name or Location; Change of Fiscal Year. The Grantor shall not (a) change its name as it appears in official filings in
the state of its incorporation or organization, (b) change its chief executive office, principal place of business, mailing address
or corporate offices, or the location of its records concerning the Collateral as set forth in the Security Agreement, (c) change
the type of entity that it is, (d) change its organization identification number, if any, issued by its state of incorporation
or other organization, or (e) change its state of incorporation or organization, in each case, unless Agent shall have received
at least thirty (30) days prior written notice of such change and Agent shall have acknowledged in writing that either (1) such
change will not adversely affect the validity, perfection or priority of Agent’s security interest in the Collateral, or
(2) any reasonable action requested by Agent in connection therewith has been completed or taken (including any action to continue
the perfection of any Liens in favor of Agent, in any Collateral), provided that, any new location shall be located in the
continental U.S. to the extent the prior location was located in the continental U.S. The Grantor shall not store any Collateral
at any new warehouse or new leased location unless the Grantor shall have provided Agent with at least five (5) Business Days prior
written notice. The Grantor shall not change its fiscal year which currently ends on December 31.

 

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ARTICLE
V

EVENTS OF DEFAULT AND REMEDIES

5.1.Events
of Default.

The occurrence of
any “Event of Default” under, and as defined in, the Notes shall constitute an Event of Default hereunder.

5.2.Remedies.

(a)If an Event
of Default has occurred and for so long as such Event of Default is continuing, Agent (upon the instruction of the Required Secured
Parties) may exercise any or all of the following rights and remedies:

(i)those
rights and remedies provided in this Security Agreement, the Notes, or any other Transaction Document; provided that, this
Section 5.2(a) shall not be understood to limit any rights or remedies available to Agent prior to an Event of Default;

(ii)those
rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected Collateral) or under
any other applicable law when a debtor is in default under a security agreement;

(iii)give
notice of sole control or any other instruction under any Control Agreement and take any action therein with respect to such Collateral;

(iv)without
notice (except as specifically provided in Section 8.2 or elsewhere herein), demand or advertisement of any kind to the Grantor
or any other Person, enter the premises of the Grantor where any Collateral is located (through self-help and without judicial
process) to collect, receive, assemble, process, appropriate, sell, lease, assign, grant an option or options to purchase or otherwise
dispose of, deliver, or realize upon, the Collateral or any part thereof in one or more parcels at public or private sale or sales
(which sales may be adjourned or continued from time to time with or without notice and may take place at the Grantor’s premises
or elsewhere), for cash, on credit or for future delivery without assumption of any credit risk, and upon such other terms as Agent
may deem commercially reasonable; and

(v)concurrently
with written notice to the Grantor, transfer and register in their name or in the name of their nominee(s) the whole or any part
of the Pledged Collateral, to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates
or instruments of smaller or larger denominations, to exercise the voting and all other rights as a holder with respect thereto,
to collect and receive all cash dividends, interest, principal and other distributions made thereon and to otherwise act with respect
to the Pledged Collateral as though Agent were the outright owners thereof.

(b)Agent may comply
with any applicable state or federal law in connection with a disposition of the Collateral and such compliance will not be considered
to adversely affect the commercial reasonableness of any sale of the Collateral.

(c)Agent shall
have the right upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or sales, to
purchase for the benefit of Agent the whole or any part of the Collateral so sold, free of any right of equity redemption, which
equity redemption the Grantor hereby expressly releases.

 

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(d)Until Agent
is able to effect a sale, lease, or other disposition of Collateral, Agent shall have the right to hold or use Collateral, or any
part thereof, to the extent that it deems appropriate for the purpose of preserving Collateral or its value or for any other purpose
deemed appropriate by Agent. Agent may, if the Required Secured Parties so elect, seek the appointment of a receiver or keeper
to take possession of Collateral and to enforce any of Agent’s remedies with respect to such appointment without prior notice
or hearing as to such appointment.

(e)Notwithstanding
the foregoing, Agent and the Secured Parties shall not be required to (i) make any demand upon, or pursue or exhaust any of their
rights or remedies against, the Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment
of the Obligations or to pursue or exhaust any of their rights or remedies with respect to any Collateral therefor or any direct
or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Obligations or to resort to the Collateral or
any such guarantee in any particular order, or (iii) effect a public sale of any Collateral.

(f)The Grantor
recognizes that Agent may be unable to effect a public sale of any or all the Pledged Collateral and may be compelled to resort
to one or more private sales thereof in accordance with clause (a) above. The Grantor also acknowledges that any private
sale may result in prices and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding
such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner
solely by virtue of such sale being private. Agent shall be under no obligation to delay a sale of any of the Pledged Collateral
for the period of time necessary to permit the Grantor or the issuer of the Pledged Collateral to register such securities for
public sale under the Securities Act, or under applicable state securities laws, even if the Grantor and the issuer would agree
to do so.

5.3.Grantor’s
Obligations Upon an Event of Default. Upon the request of Agent after the occurrence and during the continuance of an Event
of Default, the Grantor will:

(a)assemble and
make available to Agent the Collateral and all books and records relating thereto at any place or places specified by Agent, whether
at the Grantor’s premises or elsewhere;

(b)permit Agent,
by its representatives and agents, to enter, occupy and use any premises where all or any part of the Collateral, or the books
and records relating thereto, or both, are located, to take possession of all or any part of the Collateral or the books and records
relating thereto, or both, to remove all or any part of the Collateral or the books and records relating thereto, or both, and
to conduct sales of the Collateral, without any obligation to pay the Grantor for such use and occupancy; and

(c)at its own
expense, cause the Grantor’s accountants to prepare and deliver to Agent’s and the Secured Parties, at any time, and
from time to time, promptly upon Agent’s or any Secured Parties’ request, the following reports with respect to the
Grantor: (i) a reconciliation of all Accounts; (ii) an aging of all Accounts; (iii) trial balances; and (iv) a test verification
of such Accounts.

5.4.Grant
of Intellectual Property License. For the purpose of enabling Agent to exercise the rights and remedies under this Article
V at such time as Agent shall be lawfully entitled to exercise such rights and remedies, the Grantor hereby (a) grants to Agent
an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to the Grantor) to use, license
or sublicense any Intellectual Property Rights now owned or hereafter acquired by the Grantor, and wherever the same may be located,
and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer
software and programs used for the compilation or printout thereof and (b) irrevocably agrees that Agent may sell any of the Grantor’s
Inventory directly to any person, including without limitation persons who have previously purchased the Grantor’s Inventory
from the Grantor and in connection with any such sale or other enforcement of Agent’s rights under this Security Agreement,
may sell Inventory which bears any Trademark owned by or licensed to the Grantor and any Inventory that is covered by any Copyright
owned by or licensed to the Grantor and Agent may finish any work in process and affix any Trademark owned by or licensed to the
Grantor and sell such Inventory as provided herein.

 

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ARTICLE
VI

ACCOUNT VERIFICATION; ATTORNEY IN FACT; PROXY

6.1.Account
Verification. Agent may at any time, in its own name, in the name of its nominee(s), or in the name of the Grantor, communicate
(by mail, telephone, facsimile or otherwise) with the Account Debtors of the Grantor, parties to contracts with the Grantor and
obligors in respect of Instruments of the Grantor to verify with such Persons, to Agent’s satisfaction, the existence, amount,
terms of, and any other matter relating to, Accounts, Instruments, Chattel Paper, payment intangibles and/or other Receivables.

6.2.Authorization
for Secured Parties to Take Certain Action.

(a)The Grantor
irrevocably authorizes Agent at any time and from time to time in Agent’s sole discretion, and appoints Agent as its attorney
in fact, (i) to execute on behalf of the Grantor as debtor and to file financing statements necessary or desirable in Agent’s
sole discretion to perfect and to maintain the perfection and priority of Agent’s security interest in the Collateral, (ii)
to endorse and collect any cash proceeds of the Collateral, (iii) to file a carbon, photographic or other reproduction of this
Security Agreement or any financing statement with respect to the Collateral as a financing statement and to file any other financing
statement or amendment of a financing statement (which does not add new collateral or add a debtor) in such offices as Agent in
its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of Agent’s security
interest in the Collateral, (iv) to contact and enter into one or more agreements with the issuers of uncertificated securities
which are Pledged Collateral or with securities intermediaries holding Pledged Collateral as may be necessary or advisable to give
Agent Control over such Pledged Collateral, (v) to discharge past due taxes, assessments, charges, fees or Liens on the Collateral
(except for (i) such Liens as are specifically permitted hereunder if the Grantor shall have failed to do so after request by Agent,
(vi) to contact Account Debtors for any reason, (vii) to demand payment or enforce payment of the Receivables in the name of Agent
or the Grantor and to endorse any and all checks, drafts, and other instruments for the payment of money relating to the Receivables,
(viii) to sign the Grantor’s name on any invoice or bill of lading relating to the Receivables, drafts against any Account
Debtor of the Grantor, assignments and verifications of Receivables, (ix) to exercise all of the Grantor’s rights and remedies
with respect to the collection of the Receivables and any other Collateral, (x) to settle, adjust, compromise, extend or renew
the Receivables, (xi) to settle, adjust or compromise any legal proceedings brought to collect Receivables, (xii) to prepare, file
and sign the Grantor’s name on a proof of claim in bankruptcy or similar document against any Account Debtor of the Grantor,
(xiii) to prepare, file and sign the Grantor’s name on any notice of Lien, assignment or satisfaction of Lien or similar
document in connection with the Receivables, (xiv) to change the address for delivery of mail addressed to the Grantor to such
address as Agent may designate and to receive, open and dispose of all mail addressed to the Grantor, and (xv) to do all other
acts and things necessary to carry out this Security Agreement (other than the acts and things described in clauses (vi) through
(xiv) above) to the extent not performed by the Grantor hereunder when due; and the Grantor agrees to reimburse Agent on demand
for any payment made or any expense incurred by Agent in connection with any of the foregoing; provided that, this authorization
shall not relieve the Grantor of any of its obligations under this Security Agreement or under the Purchase Agreement.

 

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(b)All acts of
said attorney or designee are hereby ratified and approved. The powers conferred on Agent under this Section 6.2 are solely to
protect Agent’s and the Secured Parties’ interests in the Collateral and shall not impose any duty upon Agent or the
Secured Parties to exercise any such powers. Agent and the Secured Parties agree that, except for the powers granted in Section
6.2(a)(i)-(v) and Section 6.2(a)(xv), they shall not exercise any power or authority granted to them unless an Event of Default
has occurred and is continuing.

6.3.Proxy.
THE GRANTOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS AGENT AS ITS PROXY AND ATTORNEY-IN-FACT (AS SET FORTH IN SECTION
6.2 ABOVE) WITH RESPECT TO ITS PLEDGED COLLATERAL, INCLUDING THE RIGHT TO VOTE SUCH PLEDGED COLLATERAL, WITH FULL POWER OF SUBSTITUTION
TO DO SO. IN ADDITION TO THE RIGHT TO VOTE ANY SUCH PLEDGED COLLATERAL, THE APPOINTMENT OF AGENT AS ITS PROXY AND ATTORNEY-IN-FACT
SHALL INCLUDE THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF SUCH PLEDGED COLLATERAL
WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS, CALLING SPECIAL MEETINGS OF SHAREHOLDERS AND
VOTING AT SUCH MEETINGS). SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER
OF ANY SUCH PLEDGED COLLATERAL ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF SUCH PLEDGED COLLATERAL
OR ANY OFFICER OR AGENT THEREOF), UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT.

6.4.Nature
of Appointment; Limitation of Duty. THE APPOINTMENT OF AGENT AS PROXY AND ATTORNEY-IN-FACT IN THIS ARTICLE VI IS COUPLED WITH
AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE DATE ON WHICH THIS SECURITY AGREEMENT IS TERMINATED IN ACCORDANCE WITH SECTION 8.15.
NOTWITHSTANDING ANYTHING CONTAINED HEREIN, NEITHER AGENT NOR ANY OF ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES
SHALL HAVE ANY DUTY TO EXERCISE ANY RIGHT OR POWER GRANTED HEREUNDER OR OTHERWISE OR TO PRESERVE THE SAME AND SHALL NOT BE LIABLE
FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO, EXCEPT IN RESPECT OF DAMAGES ATTRIBUTABLE SOLELY TO ITS OWN GROSS NEGLIGENCE
OR WILLFUL MISCONDUCT AS FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION; PROVIDED THAT, IN NO EVENT SHALL IT BE LIABLE
FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES.

ARTICLE
VII

DEPOSIT ACCOUNTS

7.1.Control
Agreements. Before opening or replacing any Deposit Account, the Grantor shall (a) obtain Agent’s consent (not to be
unreasonably withheld or delayed) in writing to the opening of such Deposit Account, and (b) to the extent then applicable, cause
each bank or financial institution in which it seeks to open a Deposit Account, to enter into a Control Agreement with Agent in
order to give Agent Control of such Deposit Account.

7.2.Application
of Proceeds. Notwithstanding anything to the contrary set forth herein, if an Event of Default shall have occurred and be continuing,
Agent shall have, in addition to all other rights and remedies provided herein and in the other Transaction Documents, the right
to direct each banking institution, securities broker or securities intermediary at which the Grantor maintains a Deposit Account
or securities account, to follow all instructions given to such banking institution, securities broker or securities intermediary
by Agent, including, without limitation, instructions regarding the liquidation of securities and the transfer of funds held in
such accounts, and the Grantor shall remain liable for any deficiency if such funds and proceeds are insufficient to pay all Obligations,
including any attorneys’ fees and other expenses incurred by Agent to collect such deficiency.

 

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ARTICLE
VIII

GENERAL PROVISIONS

8.1.Guaranty,
Etc. CareView TX and CareView LLC (the “Guarantors”), in consideration of the Secured Parties entering into
the Purchase Agreement and the other Transaction Documents to which they are a party and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and for the purpose of inducing the Secured Parties to enter into
the Transaction Documents, hereby jointly and severally, irrevocably and unconditionally guarantee to Agent and the Secured Parties
(a) the full, punctual and prompt payment of all Obligations, whether at maturity or by acceleration or otherwise, in immediately
available funds; (b) the performance of all of CareView NV’s Obligations; and (c) all other obligations of every kind and
description now existing or hereafter arising, direct or indirect, absolute or contingent, secured or unsecured, matured or unmatured,
primary or secondary, of CareView NV to Agent and the Secured Parties. The Guarantors hereby acknowledge that this guaranty is
a guarantee of (i) performance by CareView NV of the Obligations; and (ii) payment and not of collection, and that the liability
of Guarantors hereunder is present, absolute, unconditional, continuing, primary, direct and independent of the obligations of
CareView NV. Agent and the Secured Parties shall not be required to pursue any other remedies before invoking the benefits of this
guaranty, including, without limitation, its remedies under the Transaction Documents. The Guarantors hereby waive notice of the
acceptance of this guaranty, presentment, demand, protest and notice of protest, nonpayment, default or dishonor of the Obligations
or any renewal or extension thereof and any and all other rights and remedies now or hereafter accorded to guarantors by applicable
law. In addition, the Guarantors hereby unconditionally and irrevocably agree that they will not at any time exert or exercise
against CareView NV, and do hereby subordinate any right of or claim to subrogation, reimbursement, indemnity, contribution or
payment for or with respect to any amounts which the Guarantors may pay or be obligated to pay to Agent and/or the Secured Parties.

8.2.Waivers.
The Grantor hereby waives notice of the time and place of any public sale or the time after which any private sale or other disposition
of all or any part of the Collateral may be made. To the extent such notice may not be waived under applicable law, any notice
made shall be deemed reasonable if sent to the Grantor, addressed as set forth in Article IX, at least ten days prior to (i) the
date of any such public sale or (ii) the time after which any such private sale or other disposition may be made. To the maximum
extent permitted by applicable law, the Grantor waives all claims, damages, and demands against Agent and the Secured Parties arising
out of the repossession, retention or sale of the Collateral, except such as arise solely out of the gross negligence or willful
misconduct of Agent or the Secured Parties as finally determined by a court of competent jurisdiction. To the extent it may lawfully
do so, the Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert
against Agent or the Secured Parties, any valuation, stay, appraisal, extension, moratorium, redemption or similar laws and any
and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable
to the sale of any Collateral made under the judgment, order or decree of any court, or privately under the power of sale conferred
by this Security Agreement, or otherwise. Except as otherwise specifically provided herein, the Grantor hereby waives presentment,
demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Security
Agreement or any Collateral.

 

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8.3.Limitation
on Agent’s Duty with Respect to the Collateral. Agent shall have no obligation to clean-up or otherwise prepare the Collateral
for sale. Agent shall use reasonable care with respect to the Collateral in its possession or under its control. Agent shall have
no other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of Agent,
or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. To the
extent that applicable law imposes duties on Agent to exercise remedies in a commercially reasonable manner, the Grantor acknowledges
and agrees that it is commercially reasonable for Agent (i) to fail to incur expenses deemed significant by Agent to prepare Collateral
for disposition or otherwise to transform raw material or work in process into finished goods or other finished products for disposition,
(ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other
law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or
disposed of, (iii) to fail to exercise collection remedies against Account Debtors or other Persons obligated on Collateral or
to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies against Account Debtors and other
Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise
dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized
nature, (vi) to contact other Persons, whether or not in the same business as the Grantor, for expressions of interest in acquiring
all or any portion of such Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral,
whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide
for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match
buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim disposition warranties,
such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure Agent against risks of
loss, collection or disposition of Collateral or to provide to Agent a guaranteed return from the collection or disposition of
Collateral, or (xii) to the extent deemed appropriate by Agent, to obtain the services of other brokers, investment bankers, consultants
and other professionals to assist Agent in the collection or disposition of any of the Collateral. The Grantor acknowledges that
the purpose of this Section 8.3 is to provide non-exhaustive indications of what actions or omissions by Agent would be commercially
reasonable in Agent’s exercise of remedies against the Collateral and that other actions or omissions by Agent shall not
be deemed commercially unreasonable solely on account of not being indicated in this Section 8.3. Without limitation upon the foregoing,
nothing contained in this Section 8.3 shall be construed to grant any rights to the Grantor or to impose any duties on Agent that
would not have been granted or imposed by this Security Agreement or by applicable law in the absence of this Section 8.3.

8.4.Compromises
and Collection of Collateral. The Grantor and Agent recognize that setoffs, counterclaims, defenses and other claims may be
asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible
in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that
reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, the Grantor agrees that Agent
may at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any
Receivable, accept in full payment of any Receivable such amount as Agent in their sole discretion shall determine or abandon any
Receivable, and any such action by Agent shall be commercially reasonable so long as Agent acts in good faith based on information
known to them at the time they take any such action.

8.5.Agent’s
Performance of Grantor Obligations. Without having any obligation to do so, Agent may perform or pay any obligation which the
Grantor has agreed to perform or pay in this Security Agreement, but has failed to perform or pay when due, and the Grantor shall
reimburse Agent for any amounts paid by Agent pursuant to this Section 8.5. The Grantor’s obligation to reimburse Agent pursuant
to the preceding sentence shall be an Obligation payable on demand.

 

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8.6.Specific
Performance of Certain Covenants. The Grantor acknowledges and agrees that a breach of any of the covenants contained in Sections
4.1(d), Sections 4.1(e), 4.3, 4.4, 4.5, 4.11, 4.12, 4.13, 4.14, 5.3, or 8.8 or in Article VII will cause irreparable injury to
Agent and the Secured Parties and that Agent and the Secured Parties have no adequate remedy at law in respect of such breaches
and therefore agrees, without limiting the right of Agent and the Secured Parties to seek and obtain specific performance of other
obligations of the Grantor contained in this Security Agreement, that the covenants of the Grantor contained in the Sections referred
to in this Section 8.6 shall be specifically enforceable against the Grantor.

8.7.Dispositions
Not Authorized. The Grantor is authorized to sell or otherwise dispose of the Collateral except as set forth in Section 4.1(d)
and notwithstanding any course of dealing between the Grantor and Agent or other conduct of Agent, no authorization to sell or
otherwise dispose of the Collateral (except as set forth in Section 4.1(d)) shall be binding upon Agent unless such authorization
is in writing signed by Agent.

8.8.No Waiver;
Amendments; Cumulative Remedies. No delay or omission of Agent to exercise any right or remedy granted under this Security
Agreement shall impair such right or remedy or be construed to be a waiver of any Default or an acquiescence therein, and any single
or partial exercise of any such right or remedy shall not preclude any other or further exercise thereof or the exercise of any
other right or remedy. No waiver, amendment or other variation of the terms, conditions or provisions of this Security Agreement
whatsoever shall be valid unless in writing signed by Agent and the Secured Parties and then only to the extent in such writing
specifically set forth. All rights and remedies contained in this Security Agreement or by law afforded shall be cumulative and
all shall be available to Agent and the Secured Parties until the Obligations have been paid in full.

8.9.Limitation
by Law; Severability of Provisions. All rights, remedies and powers provided in this Security Agreement may be exercised only
to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Security
Agreement are intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited to
the extent necessary so that they shall not render this Security Agreement invalid, unenforceable or not entitled to be recorded
or registered, in whole or in part. Any provision in this Security Agreement that is held to be inoperative, unenforceable, or
invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining
provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and
to this end the provisions of this Security Agreement are declared to be severable.

8.10.Reinstatement.
This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against
the Grantor for liquidation or reorganization, should the Grantor become insolvent or make an assignment for the benefit of any
creditor or creditors or should a receiver or trustee be appointed for all or any significant part of the Grantor’s assets,
and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Obligations,
or any part thereof, is, pursuant to applicable Law, rescinded or reduced in amount, or must otherwise be restored or returned
by any obligee of the Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise,
all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded,
reduced, restored or returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded,
reduced, restored or returned.

8.11.Benefit
of Agreement. The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of the Grantor,
Agent, the Secured Parties and their respective successors and assigns (including all persons who become bound as a debtor to this
Security Agreement), except that the Grantor shall not have the right to assign its rights or delegate its obligations under this
Security Agreement or any interest herein, without the prior written consent of Agent and the Secured Parties. No sales of participations,
assignments, transfers, or other dispositions of any agreement governing the Obligations or any portion thereof or interest therein
shall in any manner impair the Lien granted to Agent for the benefit of the Secured Parties, hereunder.

 

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8.12.Survival
of Representations. All representations and warranties of the Grantor contained in this Security Agreement shall survive the
execution and delivery of this Security Agreement.

8.13.Taxes
and Expenses. Any taxes (including income taxes) payable or ruled payable by Federal or State authority in respect of this
Security Agreement shall be paid by the Grantor, together with interest and penalties, if any. The Grantor shall reimburse Agent
for any and all reasonable out-of-pocket expenses paid or incurred by Agent in connection with the preparation, execution,
delivery, administration, collection and enforcement of this Security Agreement and in the audit, analysis, administration, collection,
preservation or sale of the Collateral (including the reasonable fees, charges and disbursements of counsel for Agent), all as
more fully described in, and subject to the limitations and conditions set forth in, Section 7.2 of the Purchase Agreement. Any
and all costs and expenses incurred by the Grantor in the performance of actions required pursuant to the terms hereof shall be
borne solely by the Grantor.

8.14.Headings.
The title of and section headings in this Security Agreement are for convenience of reference only, and shall not govern the interpretation
of any of the terms and provisions of this Security Agreement.

8.15.Termination.
This Security Agreement shall continue in effect (notwithstanding the fact that from time to time there may be no Obligations outstanding)
until (i) the Purchase Agreement has terminated pursuant to its express terms and (ii) all of the Obligations have been indefeasibly
paid and performed in full and no commitments of Agent and/or the Secured Parties which would give rise to any Obligations are
outstanding.

8.16.Entire
Agreement. This Security Agreement embodies the entire agreement and understanding between the Grantor, Agent and the Secured
Parties relating to the Collateral and supersedes all prior agreements and understandings between the Grantor, Agent and the Secured
Parties relating to the Collateral.

8.17.CHOICE
OF LAW. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF DELAWARE
(REGARDLESS OF THE CHOICE OR CONFLICTS OF LAWS PRINCIPLES OF THAT JURISDICTION).

8.18.CONSENT
TO JURISDICTION. THE GRANTOR HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY U.S. FEDERAL OR STATE
COURT SITTING IN THE STATE OF DELAWARE IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY
OTHER OPERATIVE DOCUMENT AND THE GRANTOR HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY
BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF
ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT
THE RIGHT OF THE SECURED PARTIES TO BRING PROCEEDINGS AGAINST THE GRANTOR IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL
PROCEEDING BY THE GRANTOR AGAINST AGENT OR THE SECURED PARTIES OR ANY AFFILIATE OF THE SECURED PARTIES OR AGENT INVOLVING, DIRECTLY
OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS SECURITY AGREEMENT OR ANY OTHER OPERATIVE
DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN THE STATE OF DELAWARE.

 

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8.19.WAIVER
OF JURY TRIAL. THE GRANTOR, AGENT AND THE SECURED PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING,
DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR
CONNECTED WITH THIS SECURITY AGREEMENT OR ANY OTHER OPERATIVE DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.

8.20.Indemnity.
The Grantor hereby agrees to indemnify Agent and the Secured Parties, and their successors, assigns, agents and employees (each
such Person being called an “Indemnitee”), from and against any and all liabilities, damages, penalties, suits,
costs, and expenses of any kind and nature (including, without limitation, all expenses of litigation or preparation therefor whether
or not Agent or any of the Secured Parties is a party thereto) imposed on, incurred by or asserted against Agent, the Secured Parties,
or their respective successors, assigns, agents and employees, in any way relating to or arising out of this Security Agreement,
or the manufacture, purchase, acceptance, rejection, ownership, delivery, lease, possession, use, operation, condition, sale, return
or other disposition of any Collateral (including, without limitation, latent and other defects, whether or not discoverable by
Agent or the Secured Parties or the Grantor, and any claim for Patent, Trademark or Copyright infringement); provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, damages, penalties, suits, costs and
expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee.

8.21.Agent.
The Secured Parties hereby appoint HealthCor Partners as Agent hereunder. The Agent may be removed and replaced upon the affirmative
vote of the Required Secured Parties. Any action, approval or consent of the “Secured Parties” required hereunder shall
require the action, approval or consent of the Required Secured Parties. Each Secured Party shall indemnify and hold harmless Agent
for acting in its capacity as Agent hereunder, except in cases of Agent’s gross negligence or willful misconduct.

8.22.Restatement.
This Security Agreement amends and restates in its entirety the original Security Agreement.

8.23.Counterparts.
This Security Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement,
and any of the parties hereto may execute this Security Agreement by signing any such counterpart.

ARTICLE
IX

NOTICES

9.1.Sending
Notices. Any notice required or permitted to be given under this Security Agreement shall be sent by United States mail, telecopier,
personal delivery or nationally established overnight courier service, and shall be deemed received (a) when received, if sent
by hand or overnight courier service, or mailed by certified or registered mail notices or (b) when sent, if sent by telecopier
(except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of
business on the next Business Day for the recipient), in each case addressed to the Grantor at the notice address set forth on
Exhibit A, and to the Secured Parties at the respective addresses set forth on the signature page hereto.

9.2.Change
in Address for Notices. Each of the Grantor, Agent and the Secured Parties may change the address for service of notice upon
it by a notice in writing to the other parties.

 

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IN WITNESS WHEREOF,
the Grantor and the Secured Parties have executed this Security Agreement as of the date first above written.

 

 

	 	GRANTOR:
	 	 
	Address of Grantor:	CAREVIEW COMMUNICATIONS, INC., a Nevada corporation
	 	 
	405 State Highway 121	By:_______________________________
	Suite B-240	Name:
	Lewisville, TX 75067	Title:
	Attn: Steven Johnson	 

 

 

		CAREVIEW COMMUNICATIONS, INC., a Texas corporation
	 	 
	405 State Highway 121	By:_______________________________
	Suite B-240	Name:
	Lewisville, TX 75067	Title:
	Attn: Steven Johnson	 

 

 

		CAREVIEW OPERATIONS, LLC
	 	 
	405 State Highway 121	By:_______________________________
	Suite B-240	Name:
	Lewisville, TX 75067	Title:
	Attn: Steven Johnson	 

 

  

	 	SECURED PARTIES:
	 	 
	Address of Secured Party:	HEALTHCOR PARTNERS FUND, L.P.
	 	 
	 	By: HealthCor Partners Management, G.P., LLC, as Manager
	 	 
	 	By: HealthCor Partners Management, G.P., LLC, as General Partner
	 	 
	HealthCor Partners	 
	Carnegie Hall Towers	By:_______________________________
	152 WEst 57th Street	Name: Jeffrey C. Lightcap
	New York, NY 10019	Title: Senior Managing Director

 

 

    	 

    	 

    

 

 

	Address of Secured Party:	HEALTHCOR
HYBRID OFFSHORE MASTER FUND, L.P.
	 	 
	 	By: HealthCor Hybrid Offshore G.P., LLC, as General
    Partner
	 	 
	HealthCor Partners	 
	Carnegie Hall Towers	By:_______________________________
	152 WEst 57th Street	Name: 
	New York, NY 10019	Title:

 

	Address of Secured Party:	 	 	 
	 	Signed:		 
	 	 	Allen Wheeler	 
	 	 	 	 
	 	 	 	 

 

 

 

	Address of Secured Party:	 	 	 
	 	Signed:		 
	 	 	Steven Johnson	 
	 	 	 	 
	 	 	 	 

 

 

 

	Address of Secured Party:	 	 	 
	 	Signed:		 
	 	 	Jason Thompson	 
	 	 	 	 
	 	 	 	 

 

 

 

	Address of Secured Party:	 	 	 
	 	Signed:		 
	 	 	Sandra McRee	 
	 	 	 	 
	 	 	 	 

 

 

    	 

    	 

    

 

 

	Address of Secured Party:	 	 	 
	 	Signed:		 
	 	 	Steven B. Epstein	 
	 	 	 	 
	 	 	 	 

 

 

 

	Address of Secured Party:	 	 	 
	 	Signed:		 
	 	 	Dr. James R. Higgins	 
	 	 	 	 
	 	 	 	 

 

 

 

	Address of Secured Party:	 	 	 
	 	Signed:		 
	 	 	Jeffrey C. Lightcap	 
	 	 	 	 
	 	 	 	 

 

 

 

	Address of Secured Party:	 	 	 
	 	Signed:		 
	 	 	Print name:	 
	 	 	 	 
	 	 	 	 

 

 

    	 

    	 

    

 

	 	AGENT:
	 	 
	Address of Agent:	HEALTHCOR PARTNERS FUND, L.P.
	 	 
	 	By: HealthCor Partners Management, G.P., LLC, as Manager
	 	 
	 	By: HealthCor Partners Management, G.P., LLC, as General Partner
	 	 
	HealthCor Partners	 
	Carnegie Hall Towers	By:_______________________________
	152 West 57th Street	Name: Jeffrey C. Lightcap
	New York, NY 10019	Title: Senior Managing Director

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