Company: HCWB
Filing Date: 2025-02-21
Form Type: DEF 14A
Source: 0001193125-25-032115
Chunk: 79

Company: HCW Biologics Inc.
Filing Date: 2025-02-21
Form: DEF 14A
Chunk 79
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:                                        |     | /s/ Hing C. Wong |
| Name: Hing C. Wong                         |     |                  |
| Title: Founder and Chief Executive Officer |     |                  |

SQUARE GATE CAPITAL MASTER FUND, LLC – SERIES 4

| By:                       |     | /s/ Christopher Perugini |
| Name: Christoper Perugini |     |                          |
| Title: Managing Partner   |     |                          |

** Signature Page to Equity Purchase Agreement **

EXHIBIT A FORM OF PUT NOTICE TO: SQUARE GATE CAPITAL MASTER FUND, LLC – SERIES 4 DATE: We refer to the Equity Purchase Agreement, dated February 20, 2025 (the “ Agreement”), entered into by and between HCW Biologics Inc. and you. Capitalized terms defined in the Agreement shall, unless otherwise defined herein, have the same meaning when used herein. We hereby:

| 1) | Notify you that the Maximum Put Amount as of the delivery of this Put Notice is _________. |

| 2) | Give you notice that: |

[__] we require you to purchase Put Shares in an amount equal to _________, which is not in excess of the Maximum Put Amount; [__] we request that you purchase an amount of Put Shares equal to _________ (the “ Excess Purchase Amount”) which is in excess of the Maximum Put Amount but less than or equal to $3,000,000 less the Maximum Put Amount. If we have requested that you purchase in excess of the Maximum Put Amount, prior to the opening of trading on the Trading Day immediately following the delivery of this Put Notice please confirm if you will purchase the Maximum Put Amount, the Excess Purchase Amount or some amount of Put Shares between the Maximum Put Amount and the Excess Purchase Amount and what amount. Failure to so confirm will be deemed confirmation that you elect to purchase the Maximum Put Amount. Subsequent to the submission of this Put Notice, the Company and the Investor may agree to increase the amount of Put Shares subject to this Put Notice in accordance with Section 2.4 of the Agreement. In the event of any such increase, following the date of the Valuation Period relating to this Put Notice, the Company will reflect the amount of Put Shares as so increased in the space provided below and resubmit this Put Notice to you for your records. Total amount of Put Shares following an increase under Section 2.4 of the Agreement: ______

| 3)