Company: HCWB
Filing Date: 2025-02-21
Form Type: DEF 14A
Source: 0001193125-25-032115
Chunk: 98

Company: HCW Biologics Inc.
Filing Date: 2025-02-21
Form: DEF 14A
Chunk 98
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 issued to the Buyer upon purchase from the Company by the Buyer from time to time in accordance with the Purchase Agreement; and (2)Commitment Shares which were issued to the Buyer pursuant to the Purchase Agreement. Pursuant to the Purchase Agreement, the Company also has entered into a Registration Rights Agreement, of even date with the Purchase Agreement with the Buyer (the “ Registration Rights Agreement”) pursuant to which the Company agreed, among other things, to register the Put Shares and the Commitment Shares under the Securities Act of 1933, as amended (the “ Securities Act”). In connection with the Company’s obligations under the Equity Purchase Agreement and the Registration Rights Agreement, on February 20, 2025, the Company filed a Registration Statement (File No. 333-[]) (the “ Registration Statement”) with the Securities and Exchange Commission (the “ SEC”) relating to the resale of the Put Shares and the Commitment Shares. In connection with the foregoing, we advise you that a member of the SEC’s staff has advised us by telephone that the SEC has entered an order declaring the Registration Statement effective under the Securities Act at [] [A.M./P.M.] on [], 2025 and we have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the Put Shares are available for resale under the Securities Act pursuant to the Registration Statement and may be issued without any restrictive legend.

| Very truly yours, [Company 
 Counsel]                   |
| By:                        |

cc: Square Gate Capital Master Fund, LLC - Series 4

Appendix B BINDING TERM SHEET FOR CONVERSION OF SENIOR SECURED NOTES HCW Biologics Inc. (the “ Company”) and the undersigned holders (each, a “ Noteholder”) of promissory notes of the Company are parties to (1) that certain Amended and Restated Senior Secured Note Purchase Agreement dated as of July 2, 2024, as amended (the “ Note Purchase Agreement”), pursuant to which the Company issued to each Noteholder a Senior Secured Promissory Note representing each Noteholder’s investment in the Company (as amended, the “ Notes”), (2) that certain Amended and Restated Pledge Agreement dated as of July 2, 2024 (the “ Pledge Agreement”), and (3) that certain Amended and Restated Escrow Agreement