Company: HCWB
Filing Date: 2025-02-21
Form Type: DEF 14A
Source: 0001193125-25-032115
Chunk: 45

Company: HCW Biologics Inc.
Filing Date: 2025-02-21
Form: DEF 14A
Chunk 45
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ies.

Section 2.4 . Following the Put Date in respect of any Put, the Company and Investor may agree
to increase the amount of Put Shares relating to such Put up to an amount not to exceed Three Million Dollars ($3,000,000.00). Such mutual agreement, if any, must be made after the relevant Put Notice is delivered but before 4:00 p.m. New York City
time on the last Trading Day of the applicable Valuation Period. Following any such agreement, the Company agrees that it shall deliver, or cause to be delivered any such additional Put Shares as DWAC Shares to the Investor on the Trading Day
following the date the Company and the Investor shall have agreed to such increase by 9:30 a.m. New York City time. A failure to deliver such additional Put Shares by such time shall entitle the Investor to the rights set forth in
in respect of such failure.

Section 2.5 . Upon
utilizing the entire Initial Amount, provided that no event of default by the Company has occurred under the Transaction Documents or such event of default has been waived by the Investor, the Company shall have the right to an increase of the
amount of the Maximum Commitment Amount by the lesser of (x) Twenty Million Dollars ($20,000,000) or (y) an amount equal to one hundred percent (100%) of the Company’s market capitalization as of such date (the “Upsized Facility
Option”). In the event that the Company exercises the Upsized Facility Option, it shall file an additional registration statement in accordance with the terms and conditions set forth in the Registration Rights Agreement registering the
additional Put Shares covered by the Upsized Facility Option.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF INVESTOR

The Investor represents and warrants to the Company that as of the Execution Date, each date a Put Notice is submitted and at each Closing
Date:

Section 3.1 . The Investor is acquiring the Shares for its own account, for investment purposes and not with
a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered under or exempt from the registration requirements of the Securities Act; provided, however, that by making the
representations herein, the Investor does not agree, or make any representation or warranty, to hold any of the Shares for any minimum or other specific term and reserves the right to dispose of the Shares at any time in accordance with, or pursuant
to, a