Document:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF UNLESS A
REGISTRATION STATEMENT UNDER THE ACT WITH RESPECT TO THIS NOTE HAS BECOME EFFECTIVE OR UNLESS THE HOLDER ESTABLISHES TO THE SATISFACTION
OF THE COMPANY THAT AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.  

  

	Amount: $___________	 __________________, 201__
	 	 
	 	Sylmar, California

  

201___ CONVERTIBLE PROMISSORY NOTE

 

FOR VALUE RECEIVED, the
undersigned, Second Sight Medical Products, Inc. (“Maker”), on or before ___________________ (the “Maturity Date”),
but subject to conversion as more particularly described in paragraphs 5., 6., and 7., below, hereby promises to pay to ________________________________________
or his/her/its assigns (“Holder”), at Los Angeles, California, or at such other place as Holder may from time to time
designate in writing, the principal sum of ________________________ THOUSAND DOLLARS AND NO CENTS ($_____________), together with
interest on the unpaid principal balance from date at the rate seven and one-half percent (7.5%) per annum. This 201___ Convertible
Note shall be referred to herein as the “Note”. This Note is being issued as one in a series of Notes, to different
holders, in different denominations, in the aggregate amount of not to exceed Twenty-Five Million Dollars ($25,000,000), with the
same terms and conditions.

  

1.          Repayment
of Principal and Interest. Unless the written consent of the Holder shall first be obtained, and except as otherwise provided
herein, Maker shall not have the right to prepay the principal balance of this Note or any accrued and unpaid interest or otherwise
take any other action that would deprive the Holder of its conversion rights under this Note.

 

2.          Application
of Payments. Each payment made under this Note shall be applied first to costs and fees owing hereunder, then to the payment
of accrued interest, and then to the payment of principal.

  

    	–1–

    	 

    

 

3.          Waivers.
Any delay or omission on the part of the Holder in exercising any right hereunder shall not operate as a waiver of such right,
or of any other right. The acceptance of payment of any sum payable hereunder, or part thereof, after the due date of such payment
shall not be a waiver of Holder’s right to either require prompt payment when due of all other sums payable hereunder or
to declare Maker to be in default for failure to make prompt or complete payment.

 

4.          Costs
of Enforcement. Maker agrees to pay upon demand all reasonable costs and expenses, including reasonable attorneys' fees and
disbursements incurred by Holder to enforce the terms hereof.

 

5.          Conversion
Of Note On Occurrence of Capital Event. Subject to Paragraph 12, hereof, in the event of the occurrence of a Capital Event
prior to the Maturity Date, this Note shall be converted into shares of the common stock of the Corporation. The number of shares
of stock that the Holder shall thereupon be entitled to receive shall be equal to (a) the sum of the then unpaid principal balance
of this Note plus any and all unpaid and accrued interest, divided by (b) the Paragraph 5 Conversion Rate. The “Paragraph
5 Conversion Rate” shall be equal to the lower of (a) the cash purchase price per share then being paid by the purchaser
or purchasers acquiring shares pursuant to the Capital Event (or, if the purchase price is being paid in shares, the fair market
value of such shares), or (b) Five Dollars ($5.00). For purposes of this Paragraph 5., a "Capital Event" shall mean any
of the following transactions: (a) as between the Maker and a third party who is not an existing shareholder of the Maker, a sale
of shares of stock of, and by, the Maker of not less than Fifteen Million Dollars ($15,000,000), (b) an initial public offering
and sale of shares of stock pursuant to a registration statement filed with the Securities and Exchange Commission under the 1933
Securities Act, or (c) the occurrence of any of the following events (hereinafter referred to as a “Qualifying Reorganization
Event”): (i) a merger or consolidation of the Company by means of a single transaction or in a series of related transactions
with or into another entity in which the stockholders of the Company existing as of immediately prior to such merger or consolidation
do not following such merger or consolidation continue to hold at least a fifty percent (50%) interest in the surviving entity
or its parent; (ii) the sale, lease, exclusive license or other disposition, in a single transaction or in a series of transactions,
of all or substantially all of the assets of the Company to another entity; or (iii) any other like transaction or series of related
transactions immediately following which the stockholders of the Company existing as of immediately prior to such transaction or
series of related transactions do not continue to own following such transaction at least a fifty percent (50%) interest of the
surviving entity or its parent. Maker shall give Holder prompt written notice that a Capital Event has occurred or is about to
occur and upon receipt of such notice, Holder shall immediately thereupon deliver this Note to Maker for cancellation it being
expressly understood however that such delivery of this Note to Maker shall not be a condition to the conversion and if Maker fails
to deliver this Note, this Note shall thereupon be deemed cancelled and of no further force or effect.

 

    	–2–

    	 

    

 

6.           Optional Conversion of Note Prior to
Maturity Date or Capital Event. Until the earlier to occur of the Maturity Date or the occurrence of a Capital Event, Holder
shall have the right to elect to convert this Note into shares of common stock of the Maker. Said election shall be exercised by
Holder giving written notice to the Maker that Holder elects to convert this Note into shares of the common stock of Maker, along
with the delivery to Maker of the original of this Note. Upon making such election, and delivery of this Note to Maker, Maker shall
promptly thereupon issue to Holder shares of the common stock of the Maker equal in amount to (a) the total principal balance plus
all accrued and unpaid interest then due under this Note, divided by (b) the Paragraph 6 Conversion Rate. The “Paragraph
6 Conversion Rate” shall mean Five Dollars ($5.00).

 

7.           Conversion of Note on or after Maturity
Date. In the event that prior to the Maturity Date neither a Capital Event has occurred nor the exercise by Holder of its
option under paragraph 6., hereof, then on and after the Maturity Date, until Maker shall fully pay to Holder all amounts due
under this Note, Holder shall have a continuing option, pursuant to the procedures described in paragraph 6., above, to convert
this Note into shares of common stock of the Maker. Such failure of Holder to exercise this option shall in no way affect or alter
the obligation of Maker to pay to Holder on the Maturity Date all amounts due to Maker under this Note.

 

8.          Issuance
of Shares and Cancellation of Note. Upon conversion of this Note into shares of the common stock of Maker in the manner prescribed
in paragraphs 5., 6., or 7, hereof, Maker shall immediately thereupon issue and deliver to Holder a share certificate evidencing
the number of shares of the common stock of Maker that Holder is entitled to receive hereunder and upon delivery of said share
certificate to Holder, all obligations of Maker under this Note shall thereupon be extinguished and this Note shall be of no further
force or effect and deemed fully paid.

 

9.          Miscellaneous.
Time is of the essence hereof. This Note shall be governed by, and construed and interpreted in accordance with, the laws of the
State of California.

 

10.         Restrictions
on Assignment. Transfer or assignment of this Note or any interest therein is subject to restrictions set forth in a Statement
of Investor Suitability and Subscription Agreement duly executed by the Holder, the terms of which are incorporated herein by this
reference.

 

11.         Adjustments
to Conversion Rate. The Paragraph 6 Conversion Rate and, in any case where the Paragraph 5 Conversion Rate is determined to
be the fixed amount of Five Dollars ($5), the issuable securities shall be subject to adjustment from time to time as set forth
in this paragraph 11.

 

(a)          Reclassification,
etc. If the Maker, at any time, while this Note, or any portion hereof, remains outstanding, shall change any of the securities
as to which conversion rights under this Note exist into the same or a different number of securities or any other class or classes,
this Note shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the
result of such change with respect to the securities that were subject to the conversion rights under this Note immediately prior
to such reclassification or other change and the Paragraph 5 Conversion Rate or Paragraph 6 Conversion Rate, as the case may be,
shall be appropriately adjusted, all subject to further adjustment as provided in this paragraph 11.

 

    	–3–

    	 

    

  

(b)          Subdivision
or Combination of Shares. In the event that the Maker shall at any time subdivide the outstanding securities as to which conversion
rights under this Note exist, or shall issue a stock dividend on the securities as to which conversion rights under this Note exist,
the number of securities as to which conversion rights under this Note exist immediately prior to such subdivision or to the issuance
of such stock dividend shall be proportionately increased, and the Paragraph 5 Conversion Rate or Paragraph 6 Conversion Rate,
as the case may be, shall be proportionately decreased, and in the event that the Maker shall at any time combine the outstanding
securities as to which conversion rights under this Note exist, the number of securities as to which conversion rights under this
Note exist immediately prior to such combination shall be proportionately decreased, and the Paragraph 5 Conversion Rate or Paragraph
6 Conversion Rate, as the case may be, shall be proportionately increased, effective at the close of business on the date of such
subdivision, stock dividend or combination, as the case may be.

 

(c)          Cash
Distributions. No adjustment on account of cash dividends or interest on the securities as to which conversion rights under this
Note exist will be made to the Paragraph 5 Conversion Rate or Paragraph 6 Conversion Rate under this Note.         

 

12.           Substitution of Securities
for Capital Reorganization, Merger or Consolidation. If at any time while this Note, or any portion hereof, remains outstanding
there shall be a reorganization (other than a combination, reclassification or subdivision of shares as otherwise provided for
herein) involving the Maker where the Shares of the Maker are substituted or replaced for securities of another entity (a “Reorganization
Event”), then, at the option of Maker, this Note shall cease to represent the right to receive any of the securities as to
which purchase rights under this Note exist and shall automatically represent the right to receive upon the conversion of this
Note, during the period specified herein, the number of shares of stock or other securities or property offered to the Maker’s
holders of securities as to which conversion rights under this Note exist in connection with such Reorganization Event that a holder
of such securities deliverable upon conversion of this Note would have been entitled to receive in such Reorganization Event if
this Note had been converted immediately before such Reorganization Event, subject to further adjustment as provided in this Section
12. The foregoing provisions of this Section 12 shall similarly apply to successive reorganizations, consolidations, mergers, sales,
and transfers to the extent that the obligations of the Maker under this Note are assigned to or assumed by an successor corporation
or entity, whether by operation of law or otherwise, and to the stock or securities of any other corporation that are at the time
receivable upon the conversion of this Note. If the per-share consideration payable to the Holder for shares of stock in connection
with any such transaction is in a form other than cash or marketable securities, then the value of such consideration shall be
determined in good faith by the Maker’s Board of Directors. In all events, appropriate adjustment (as determined in good
faith by the Maker’s Board of Directors) shall be made in the application of the provisions of this Note with respect to
the rights and interests of Holder after the transaction, to the end that the provisions of this Note shall be applicable after
that event, as near as reasonably may be, in relation to any shares or other property deliverable after that event upon conversion
of this Note.

 

    	–4–

    	 

    

  

In Witness Whereof, the
undersigned has caused this Note to be executed as of the date set forth above.

 

	SECOND SIGHT MEDICAL PRODUCTS, INC.	 
	 	 	 
	By	 	 
	 	Robert Greenberg, President	 

 

    	–5–THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF UNLESS A REGISTRATION
STATEMENT UNDER THE ACT WITH RESPECT TO THIS WARRANT HAS BECOME EFFECTIVE OR UNLESS THE HOLDER ESTABLISHES TO THE SATISFACTION
OF THE COMPANY THAT AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

 

SECOND SIGHT MEDICAL PRODUCTS, INC.

 

WARRANT TO PURCHASE COMMON STOCK

  

NAME OF ISSUEE/HOLDER: ___________________________________________

 

DATE OF ISSUANCE: ______________, 201___

 

EXPIRATION DATE: __________________, or earlier as provided
herein.

 

NUMBER OF COMMON SHARES THAT MAY BE PURCHASED (the “Allotment

 

Amount”): ________________

 

EXERCISE PRICE: Five Dollars ($5.00) per share

 

TERMS AND CONDITIONS OF WARRANT

 

The following is
a statement of the rights of the Holder of this Warrant and the conditions to which this Warrant is subject, and to which the Holder,
by acceptance of this Warrant, agrees:

 

1.          Right
to Purchase Shares. This certifies that the Holder identified above (the “Holder”) is entitled to subscribe for,
and purchase from Second Sight Medical Products, Inc. (the “Company”), upon the terms and conditions set forth herein,
at any time prior to the Expiration Date set forth above (the “Expiration Date”), up to the number of shares of common
stock of the Company (“Shares”) set forth above (the “Allotment Amount”) for the purchase/exercise price
(the “Exercise Price”) per Share set forth above.

 

    	1

    	 

    

  

2.          Association
with 2013 Convertible Note. This Warrant is being issued in conjunction with, and as consideration in part for, the purchase
by the Holder of a 2013 Convertible Promissory Note (the “Note”) being issued by the Company to Holder on even date
herewith. In that regard, the Allotment Amount has been calculated to equal the product of (a) twenty percent (20%) multiplied
by (b) the face amount of the Note divided by Five Dollars ($5). It is expressly understood that actual conversion of the Note
into shares of the common stock of the Company by action of the Holder, the Company, or automatically, shall not be a condition
to Holder’s ability to exercise Holder’s right to purchase all or any portion of the Holder’s Allotment Amount
from the Company under this Warrant.

 

3.          Adjustment
to Exercise Price. The Exercise Price shall be adjusted pursuant to paragraph 9., hereof, to appropriately reflect any stock
split, reverse stock split, stock dividend, reorganization, reclassification, combination, recapitalization, or other like change
with respect to the common stock of the Company occurring after the date hereof and before the exercise of the Warrant.

 

4.          Exercise
of Warrant. This Warrant may be exercised by Holder, in whole or in part, at any time after the date hereof and, except as
provided in paragraph 11, hereof, continuing until 5:00 p.m. Pacific Standard Time on the close of business on the Expiration Date
or if the Expiration Date shall fall on a weekend or holiday, then as provided in paragraph 8., hereof. To effectuate the exercise
of this Warrant, the Holder shall deliver and surrender to the Company the original of this Warrant, along with a written notice
in the form annexed hereto as Exhibit “A”, duly signed by the Holder, along with a check made payable to the Company
in immediately available funds for the full purchase price of that portion of, or all of, the Allotment Amount being purchased.
Within ten (10) of the Company’s receipt of all of the foregoing, or if later upon confirmation that any check delivered
to the Company for the shares being purchased has cleared and been fully honored, the Company shall cancel this Warrant and deliver
to the Holder a stock certificate in the name of the Holder as record owner for the number of shares so purchased. In the event
that the Warrant is being exercised for less than the remaining outstanding Allotment Amount and the Expiration Date has not yet
occurred, the Company shall not cancel the Warrant but shall instead indicate and certify thereon that a partial exercise of the
Warrant has occurred, stipulate the remaining unexercised portion of the Allotment Amount, and then return the Warrant, as so modified,
to the Holder.

 

    	2

    	 

    

 

The Company covenants
that all Shares which may be issued upon the exercise of rights represented by this Warrant will, upon exercise of the rights represented
by this Warrant, be validly issued, fully paid and non-assessable and free from all taxes, liens and charges in respect of the
issuance thereof.

 

5.          No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. With respect to any fraction of a share called for upon the exercise of this Warrant, an amount equal to such
fraction multiplied by the then current fair market value (determined in accordance with Section 2(b)(i)) of a Share shall be paid
in cash to the Holder.

 

6.          Charges,
Taxes and Expenses. Issuance of certificates for Shares upon the exercise of this Warrant shall be made without charge to the
Holder hereof for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of
which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder; provided,
however, that in no event shall the Company be required to pay any tax which may be payable in respect of any
transfer involved in the issue and delivery of any certificate in a name other than that of the Holder, and the company shall not
be required to issue or deliver any such certificate unless and until the person or persons requesting the issue thereof shall
have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has
been paid or is not payable.

    	3

    	 

    

 

 

7.          No
Rights as Stockholder. This Warrant does not entitle the Holder to any voting rights or other rights as a stockholder of the
Company prior to the exercise hereof.

 

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

 

9.          Adjustments.
Subject to paragraph 11., hereof, the Exercise Price and the number of Shares purchasable hereunder are subject to adjustment
from time to time as set forth in this Section 9.

 

(a)          Reclassification,
etc. If the Company, at any time, while this Warrant, or any portion hereof, remains outstanding and unexpired by reclassification
of securities or otherwise, shall change any of the securities as to which purchase rights under this Warrant exist into the same
or a different number of securities or any other class or classes, this Warrant shall thereafter represent the right to acquire
such number and kind of securities as would have been issuable as the result of such change with respect to the securities that
were subject to the purchase rights under this Warrant immediately prior to such reclassification or other change and the Exercise
Price therefor shall be appropriately adjusted, all subject to further adjustment as provided in this Section 9.

 

(b)          
Subdivision or Combination of Shares. In the event that the Company shall at any time subdivide the outstanding securities
as to which purchase rights under this Warrant exist, or shall issue a stock dividend on the securities as to which purchase rights
under this Warrant exist, the number of securities as to which purchase rights under this Warrant exist immediately prior to such
subdivision or to the issuance of such stock dividend shall be proportionately increased, and the Exercise Price shall be proportionately
decreased, and in the event that the Company shall at any time combine the outstanding securities as to which purchase rights under
this Warrant exist, the number of securities as to which purchase rights under this Warrant exist immediately prior to such combination
shall be proportionately decreased, and the Exercise Price shall be proportionately increased, effective at the close of business
on the date of such subdivision, stock dividend or combination, as the case may be.

 

    	4

    	 

    

 

(c)          Adjustment
for Capital Reorganization, Merger or Consolidation. If at any time while this Warrant, or any portion hereof, remains outstanding
and unexpired there shall be a reorganization (other than a combination, reclassification or subdivision of shares as otherwise
provided for herein) involving the Company (a “Reorganization Event”), then this Warrant shall cease to represent
the right to receive any of the securities as to which purchase rights under this Warrant exist and shall automatically represent
the right to receive upon the exercise of this Warrant, during the period specified herein and upon payment of the Exercise Price
then in effect, the number of shares of stock or other securities or property offered to the Company’s holders of securities
as to which purchase rights under this warrant exist in connection with such Reorganization Event that a holder of such securities
deliverable upon exercise of this Warrant would have been entitled to receive in such Reorganization Event if this warrant had
been exercised immediately before such Reorganization Event, subject to further adjustment as provided in this Section 9. The foregoing
provisions of this Section 9(c) shall similarly apply to successive reorganizations, consolidations, mergers, sales, and transfers
to the extent that this Warrant is assigned to or assumed by an successor corporation or entity, whether by operation of law or
otherwise, and to the stock or securities of any other corporation that are at the time receivable upon the exercise of this Warrant.
If the per-share consideration payable to the Holder for shares of Warrant Stock in connection with any such transaction is in
a form other than cash or marketable securities, then the value of such consideration shall be determined in good faith by the
Company’s Board of Directors. In all events, appropriate adjustment (as determined in good faith by the Company’s Board
of Directors) shall be made in the application of the provisions of this Warrant with respect to the rights and interests of Holder
after the transaction, to the end that the provisions of this Warrant shall be applicable after that event, as near as reasonably
may be, in relation to any shares or other property deliverable after that event upon exercise of this Warrant.

    	5

    	 

    

  

(d)          Cash
Distributions. No adjustment on account of cash dividends or interest on the securities as to which purchase rights under this
Warrant exist will be made to the Exercise Price under this Warrant.         

 

10.         Notices
For Action. In the event (i) the Company shall take a record of the holders of the securities at the time receivable upon the
exercise of this Warrant for the purpose of entitling them to receive any dividend or other distribution, or any right to subscribe
for or purchase any shares of stock of any class or any other securities, or to receive any other right, (ii) of any capital reorganization
of the Company, (iii) of any reclassification of the capital stock of the Company, or (iv) of any voluntary dissolution, liquidation
or winding-up of the Company, then, and in each such case, the Company will mail or cause to be mailed to the Holder a notice specifying,
as the case may be, (A) the date on which a record is to be taken for the purpose of such dividend, distribution or right, and
stating the amount and character of such dividend, distribution or right, or (B) the date on which such reorganization, reclassification,
dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed, as of which the holders of the securities
at the time receivable upon the exercise of this Warrant shall be entitled to exchange such securities for the securities or other
property deliverable upon such reorganization, reclassification, dissolution, liquidation or winding-up. Such notice shall be mailed
at least ten (10) days prior to the date therein specified for action to be taken by the Holder to the address specified by the
Holder.

 

11.         
Omitted.

 

12.         Miscellaneous.

 

(a)          Restrictions
on Transfer. This Warrant and all rights hereunder shall not be assignable, conveyable or transferable, without the prior written
consent of the Company; provided, however, that the foregoing restrictions shall not apply to any assignment, conveyance or transfer
of this Warrant and all rights hereunder (i) to a partner or retired partner of the Holder if the Holder is a partnership or to
a member of the Holder if the Holder is a limited liability company, or (ii) to a family member of the Holder or a trust for the
benefit of the holder or a family member of the Holder if the Holder is an individual, or (iiii) by will or the laws of descent
and distribution upon the death of the Holder if the Holder is an individual, provided, in each case, that (A) such assignment,
conveyance or transfer is made in compliance with all applicable securities laws and (B) the Holder notifies the Company of such
assignment, conveyance or transfer. Any attempted transfer, assignment, or other conveyance of this Warrant not in compliance with
this subparagraph (a) shall be null and void and of no force or effect.

 

    	6

    	 

    

 

(b)          Amendment
and Waivers. No amendment or waiver of any provision of this Warrant, nor consent to any departure by the Company herefrom,
shall in any event be effective unless the same shall be in writing and signed by the Holder and then such waiver or consent shall
be effective only in the specific instance and for the specific purpose for which given.

 

(c)          Loss,
Theft, Destruction or Mutilation of Warrant. On receipt of evidence satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably
satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant,
the Company shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

 

(d)          Successors
and Assigns. Subject to Section 11(a) above, the rights and obligations of the Company and the Holder of this Warrant shall
be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties.

 

(e)          Governing
Law. This Warrant shall be governed in all respects by the laws of the State of California, without regard to its principles
of conflicts of law.

 

(f)          Subscription
Agreement. This Warrant is issued pursuant and subject, to all of the terms, conditions, representations, and disclosures set
forth in the Statement of Investor Suitability and Subscription Agreement for 2013 Convertible Notes and Warrants (the “Subscription
Agreement”), the Notice to Shareholders, and Notice to Interested Parties, all issued in January of 2013.

 

    	7

    	 

    

 

(g)          Notices.
Any Notice and other communications required or permitted hereunder shall be in writing and shall be mailed by (a) registered or
certified mail, postage prepaid, (b) overnight delivery by commercial carrier, by facsimile or electronic mail or otherwise, delivered
by hand or by messenger, addressed to the parties at their respective addresses which, in the case of the Holder, shall, unless
otherwise indicated in writing, be that address specified in the Holder’s Subscription Agreement duly executed by the Holder
to subscribe for this Warrant. Each such notice or other communication shall for all purposes of this Agreement be treated as effective
or having been given when delivered if delivered personally, or, if sent by mail, on the third day following deposit in the United
States mail, or if sent by facsimile or electronically, upon electronic confirmation.

 

	
         
	 	 
	 	 	Robert Greenberg
	 	 	President
	 	 	 
	 	 	Holder

  

    	8

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