Company: HCWB
Filing Date: 2025-05-09
Form Type: S-1
Source: 0001193125-25-116745
Chunk: 108

Company: HCW Biologics Inc.
Filing Date: 2025-05-09
Form: S-1
Chunk 108
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 fees, costs and expenses for the placement agent’s legal counsel) that we have agreed to reimburse.

Lock-Up Agreements

We have agreed to use our best efforts to cause each of our officers, directors and holders of five percent (5.0%) or more of our
outstanding shares of common stock have agreed for a period of six (6) months after this offering is complete, subject to certain exceptions not to offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise
dispose of any shares of our common stock or other securities convertible into or exercisable or exchangeable for our common stock for a period without the prior written consent of the placement agent, subject to certain exceptions.

The placement agent may in its sole discretion and at any time without notice release some or all of the shares subject to lock-up agreements
prior to the expiration of the lock-up period. When determining whether or not to release shares from the lock-up agreements, the placement agent will consider, among other factors, the security holder’s reasons for requesting the release, the
number of shares for which the release is being requested and market conditions at the time.

We have also agreed to similar lock-up
restrictions on the issuance and sale of our securities for 60 days following the closing of this offering, subject to certain exceptions. In addition, subject to an exception, we have agreed to not issue any securities that are subject to a price
reset based on the trading prices of our Common Stock or upon a specified or contingent event in the future, or enter into any agreement to issue securities at a future determined price for a period of 60 days following the closing date of this
offering.

Tail

Upon the closing or
termination (other than for cause as defined in FINRA Rule 5110(g)(5)(B)) of this offering, then if within nine (9) months following such time, the Company, or any successor to or any subsidiary of the Company, completes any public or private
offering of equity, equity-linked or debt securities or other capital raising activity of the Company with, or receives any proceeds from, any of the investors who were contacted by the placement agent in connection with the Offering, then the
Company or such successor or subsidiary will pay the placement agent upon the closing of such financing or receipt of such proceeds the compensation equivalent to 7.0% of the gross proceeds of such financing.

Indemnification

We have agreed to
indemnify the