Company: HCWB
Filing Date: 2025-02-21
Form Type: DEF 14A
Source: 0001193125-25-032115
Chunk: 36

Company: HCW Biologics Inc.
Filing Date: 2025-02-21
Form: DEF 14A
Chunk 36
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 contact your bank, broker or other nominee record holder, or you may contact us at the
above address and phone number.

OTHER MATTERS

Our board of directors does not presently intend to bring any other business before the Special Meeting and, so far as is known to our board
of directors, no matters are to be brought before the Special Meeting except as specified in the Notice of Special Meeting of Stockholders. As to any business that may arise and properly come before the Special Meeting, however, it is intended that
proxies, in the form enclosed, will be voted in respect thereof in accordance with the judgment of the persons voting such proxies.

23

Appendix A

EQUITY PURCHASE AGREEMENT

THIS
EQUITY PURCHASE AGREEMENT (this “”) is entered into as of February 20, 2025 (the “”), by and between HCW Biologics Inc., a corporation incorporated in the State of Delaware (the
“”), and Square Gate Capital Master Fund, LLC – Series 4, a series limited liability company organized in the State of Delaware (the “”).

RECITALS

WHEREAS, the parties
desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to the Investor, from time to time as provided herein, and the Investor shall purchase from the Company up to Twenty Million Dollars
($20,000,000.00) of the Company’s Common Stock (as defined below);

NOW, THEREFORE, in consideration of the mutual covenants
contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Investor hereby agree as follows:

ARTICLE I

CERTAIN DEFINITIONS

Section 1.1 . The parties acknowledge and agree that the recitals set forth above are true and correct and are
hereby incorporated in and made a part of this Agreement.

Section 1.2 . As used in this Agreement, the
following terms shall have the following meanings specified or indicated (such meanings to be equally applicable to both the singular and plural forms of the terms defined):

“” shall have the meaning set forth in .

“” shall have the meaning specified in the preamble hereof.

“” means, initially, the Maximum Commitment Amount, which amount shall be reduced by the Investment Amount
following each successful Closing, each time the Investor purchases Put Shares.

“” shall
mean the average trading volume of the Common Stock on