Company: HCWB
Filing Date: 2025-04-28
Form Type: DRS
Source: 0000950123-25-003769
Chunk: 120

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DRS
Chunk 120
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 the
non-U.S. Holder’s adjusted tax basis in its shares of our Common Stock and, to the extent such distribution exceeds the non-U.S. Holder’s adjusted tax basis, as gain realized from the sale or other disposition of the Common Stock, which
will be treated as described under “Non-U.S. Holders-Gain on Sale, Exchange, Redemption, Expiration or Other Taxable Disposition of Common Stock” below. In addition, if we determine that we are classified as a “United States
real property holding corporation” (see “Non-U.S. Holders-Gain on Sale, Exchange, Redemption, Expiration or Other Taxable Disposition of Common Stock” below), we will withhold 15% of the fair market value of any property
distributed that exceeds our current and accumulated earnings and profits.

Dividends we pay to a non-U.S. Holder that are effectively
connected with such non-U.S. Holder’s conduct of a trade or business within the United States (or, if an applicable tax treaty so requires, are attributable to a U.S. permanent establishment or fixed base maintained by the non-U.S. Holder) will
generally not be subject to U.S. withholding tax, provided such non-U.S. Holder complies with certain certification and disclosure requirements (generally by providing an IRS Form W-8ECI). Instead, such dividends will generally be subject to U.S.
federal income tax, net of certain deductions, at the same graduated individual rates or corporate rates applicable to U.S. Holders. If the non-U.S. Holder is a corporation, dividends that are effectively connected income may also be subject to a
“branch profits tax” at a rate of 30% (or such lower rate as may be specified by an applicable income tax treaty).

74

Confidential Treatment Requested by HCW Biologics Inc. Pursuant to 17 C.F.R. Section 200.83 Gain on Sale, Exchange, Redemption, Expiration or Other Taxable Disposition of Common Stock A non-U.S. Holder will generally not be subject to U.S. federal income or withholding tax in respect of gain recognized on a sale, taxable exchange or other taxable disposition of our Common Stock unless:

| • |     | the gain is effectively connected with the conduct of a trade or business by the non-U.S. Holder within the                                                     
 United States (or, if an applicable tax treaty so requires, is attributable to a U.S. permanent establishment or fixed base