EX-10.2




 Exhibit 10.2 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE
SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.5 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE
SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 SECOND AMENDED AND RESTATED

 WARRANT TO PURCHASE STOCK 
  

			
	Company:	  	Vapotherm, Inc., a Delaware corporation
		
	Type/Series of Stock:	  	Common Stock of the Company (“Common Stock”)
		
	Number of Shares:	  	[_____]
		
	Warrant Price:	  	$0.48 per share
		
	Issue Date:	  	February 18, 2022
		
	Expiration Date:	  	February 18, 2032 (See also Section 5.1(b))
		
	Credit Facility:	  	This Second Amended and Restated Warrant to Purchase Stock (“Warrant”) was originally issued on February 18, 2022 (the “Original Warrant”) and subsequently amended and restated on
September 30, 2022 (the “A&R Warrant”) in connection with that certain Loan and Security Agreement, dated as of February 18, 2022, among SLR Investment Corp., a Maryland corporation with an office located at 500 Park
Avenue, 3rd Floor, New York, NY (“SLR”), as collateral agent, the lenders party thereto from time to time including SLR in its capacity as a lender, the Company, HGE Health Care Solutions, LLC, a Delaware limited liability company,
Vapotherm Access Care Management Network, LLC, a Delaware limited liability company, and Vapotherm Access Management Services, LLC, an Oklahoma limited liability company (as amended, restated, or otherwise modified from time to time, the
“Loan Agreement”).
		
	Amendment & Restatement:	  	This Warrant amends and restates as of November 22, 2022 the A&R Warrant to change the exercise price of the A&R Warrant as set forth herein.

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, [_____] (together with any
successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and non-assessable shares
(the “Shares”) of the above-stated Type/Series of Stock (the “Class”) of the above-named company (the “Company”) at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to
SECTION 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant.  











 SECTION 1 EXERCISE. 

1.1 Method of Exercise. 

(a) Holder may at any time and from time to time through the Expiration Date exercise this Warrant, in whole or in part, by delivering to the
Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in
Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for
the Shares being purchased. 
 (b) Delivery of Shares Upon Exercise. As promptly as practicable after the Company receives the duly
executed Notice of Exercise and payment of the Warrant Price for the exercised Shares in the manner set forth in Section 1.1 or 1.2 of this Warrant, as applicable, the Company shall deliver to Holder the Shares purchased hereunder upon such
exercise. 
 1.2 Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner
as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to
which this Warrant is being exercised in accordance with this Section 1.2 (a “Cashless Exercise”). Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares, rounded down to the nearest whole number, as are computed using the following formula: 

X = Y(A-B)/A 

where: 
 X = the number of Shares
to be issued to the Holder; 
 Y = the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares
surrendered to the Company in payment of the aggregate Warrant Price); 
 A = the Fair Market Value (as determined pursuant to
Section 1.3 below) of one Share; and 
 B = the Warrant Price. 

1.3 Fair Market Value. If the Common Stock is then traded or quoted on a nationally recognized securities exchange, inter-dealer
quotation system or over-the-counter market (a “Trading Market”) and the Class is Common Stock, the fair market value of a Share shall be the
closing price or last sale price of a share of Common Stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If the Common Stock is not traded in a
Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment. 

  
 2 












 1.4 Delivery of New Warrant. Promptly after Holder exercises this Warrant in the
manner set forth in Sections 1.1 and/or 1.2 above, if this Warrant has not been fully exercised and has not expired, the Company shall deliver to Holder a new warrant of like tenor representing the Shares not so acquired. 

1.5 Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement and bond reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the
Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount. 

1.6 Treatment of Warrant Upon Acquisition of Company. 

(a) Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series of related
transactions involving: (i) the sale, lease, exclusive license or other disposition of all or substantially all of the assets of the Company; (ii) any merger or consolidation of the Company into or with another person or entity (other than
a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or
reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization; or (iii) any sale or other transfer by the
stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power. For the avoidance of any doubt, an Acquisition shall not include any transaction or series of transactions
principally for bona fide equity financing purposes. 
 (b) Treatment of Warrant at Acquisition. In the event of an Acquisition in
which the consideration to be received by the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), and the fair market
value of one Share as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not exercised this
Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically be deemed to be Cashless Exercised pursuant to Section 1.2 above as to all Shares effective immediately
prior to and contingent upon the consummation of a Cash/Public Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have restated each of the representations and warranties in SECTION 4 of the Warrant as the date
thereof, and the Company shall promptly notify the Holder of the amount of cash or number of securities issued upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Share as determined in accordance with
Section 1.3 above would be less than the Warrant Price in effect immediately prior to such Cash/Public Acquisition, then this Warrant will expire without value or payment immediately prior to the consummation of such
Cash/Public Acquisition and shall no longer be exercisable. 
 (c) Upon the closing of any Acquisition other than a Cash/Public Acquisition
defined above, the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable
upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant. 

  
 3 












 (d) As used in this Warrant, “Marketable Securities” means securities
meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and is then current in its filing of all required reports and other information under the Securities Act of 1933, as amended (the “Act”) and the Exchange Act; (ii) the class and series of shares or other security of the issuer
that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or immediately following the closing thereof will be traded in a Trading Market; and (iii) Holder would be able to publicly re-sell, within six (6) months following the closing of such Acquisition, all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition, except to the extent that
any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition. 

SECTION 2 ADJUSTMENTS TO THE SHARES AND WARRANT PRICE. 

2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the
Class payable in Common Stock or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and
property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater
number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased, provided the aggregate purchase price shall remain the same. If the outstanding shares of the
Class are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased, provided the aggregate
purchase price shall remain the same. 
 2.2 Reclassification, Exchange, Combinations or Substitution. Upon any event, other than an
Acquisition, whereby all of the outstanding shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of
such event, this Warrant will be exercisable for the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, provided the aggregate purchase price
shall remain the same and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive
reclassifications, exchanges, combinations, substitutions, replacements or other similar events. 
 2.3 No Fractional Share.
No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall
eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional interest by (a) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less
(b) the then-effective Warrant Price. 
 2.4 Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price,
Class and/or number of Shares, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares and facts upon which such
adjustment is based. The Company shall, upon written request from Holder, furnish Holder with a certificate of its Chief Executive Officer or Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and
number of Shares in effect upon the date of such adjustment. 

  
 4 












 SECTION 3 REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1 Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows:  

(a) This Warrant is duly authorized and validly issued, and all shares which may be issued upon the exercise of this Warrant, and all
securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any taxes, liens, charges and encumbrances
except for (i) such taxes or charges that the Company is not responsible for as provided for in Section 5.8 and (ii) restrictions on transfer provided for herein or under applicable federal and state securities laws. The
Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of shares of Common Stock and other securities as will be sufficient to permit the exercise in full of
this Warrant and the conversion of the Shares into Common Stock or such other securities. 
 (b) The Company’s capitalization as
disclosed in its filings with the Commission is true and complete, in all material respects, as of the Issue Date. 
 (c) The Company has
all requisite corporate power and authority, and has taken all requisite corporate action, to execute and deliver this Warrant, sell and issue the Shares and carry out and perform all of its obligations under this Warrant. If at any time the Company
does not have a sufficient number of Shares authorized and available, then the Company shall take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock or other
securities to such number of shares or other securities as shall be sufficient for such purposes. This Warrant constitutes the legal, valid and binding obligation of the Company, enforceable in accordance with its terms, except (i) as limited
by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) as limited by equitable principles generally, including any specific
performance. 
 (d) No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing
with, any federal, state, or local governmental authority on the part of the Company is required in connection with the consummation of the transactions contemplated by this Warrant except for (i) the filing of a Form D with the Securities and
Exchange Commission (the “Commission”) under the Securities Act and compliance with the securities and blue sky laws in the states and other jurisdictions in which shares of Common Stock are offered and/or sold, which compliance
will be effected in accordance with such laws, (ii) the approval by the New York Stock Exchange (“NYSE”) of the listing of the Shares and (iii) the filing of one or more registration statements and all amendments thereto
with the Commission. 
 (e) Neither the execution, delivery or performance of this Warrant by the Company nor the consummation of any of
the transactions contemplated thereby (including, without limitation, the issuance and sale by the Company of the Shares) will conflict with, result in a breach or violation of, or imposition of any lien, charge or encumbrance upon any property or
assets of the Company pursuant to, (i) the charter or by-laws of the Company, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other
agreement, obligation, condition, covenant or instrument to which the Company is a party or bound or to which its or their property is 

  
 5 












 
subject, or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Company of any court, regulatory body, administrative agency, governmental body, arbitrator
or other authority having jurisdiction over the Company or any of its properties, except in the case of clauses (ii) and (iii) above, for any conflict, breach or violation of, or imposition that would not, individually or in the aggregate have
(x) a material adverse effect on the validity or enforceability of this Warrant, (y) a material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company, or (z) a material adverse
effect on the Company’s ability to perform in any material respect its obligations under this Warrant (any of (x), (y) or (z)) (a “Material Adverse Effect”). 

(f) The Company is in compliance in all material respects with applicable NYSE continued listing requirements. To the Company’s
knowledge, there are no proceedings pending or threatened against the Company relating to the continued listing of the Shares on the NYSE and the Company has not received any notice of, nor to the Company’s knowledge is there any reasonable
basis for, the delisting of the Shares from the NYSE. 
 (g) The Company has not taken, directly or indirectly, any action designed to
cause or result in, or that has constituted or that might reasonably be expected to constitute the stabilization or manipulation of the price of any securities of the Company in the fifteen days prior to the issuance of this Warrant. 

3.2 Notice of Certain Events. If the Company proposes at any time to: 

(a) declare any dividend or distribution upon the outstanding shares of the Class or Common Stock, whether in cash, property, stock, or
other securities and whether or not a regular cash dividend; 
 (b) offer for subscription or sale pro rata to the holders of the
outstanding shares of the Class any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights); 

(c) effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the
Class; or 
 (d) effect an Acquisition or to liquidate, dissolve or wind up. 

then, in connection with each such event, the Company shall give Holder: 

(1) at least five (5) Business Days prior written notice of the date on which a record will be taken for such dividend,
distribution, or subscription rights (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (a) and (b)
above; and 
 (2) in the case of the matters referred to in (c) and (d) above at least five (5) Business Days prior
written notice of the estimated date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled to exchange their shares for the securities or other property deliverable upon
the occurrence of such event). 

  
 6 












 The Company will also provide information requested by Holder that is reasonably necessary
to enable Holder to comply with Holder’s accounting or reporting requirements. 
 SECTION 4 REPRESENTATIONS AND WARRANTIES OF THE
HOLDER. 
 The Holder represents and warrants to the Company as follows: 

4.1 Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired
for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act, and the Holder has no present intention of selling or engaging in any public distribution of
the same except pursuant to a registration or exemption. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the Shares. 

4.2 Disclosure of Information. Holder is aware of the Company’s business affairs and financial condition and has received or has
had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask
questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could
acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3 Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such
knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the
Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4 Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the
Act. 
 4.5 The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under
the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued
upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available. Holder is
aware of the provisions of Rule 144 promulgated under the Act. 
 4.6 No Voting Rights; No Stockholder Rights. Holder, as a
Holder of this Warrant, will not have any voting rights or otherwise be entitled to any other rights afforded to a stockholder of the Company, except such rights as are expressly granted herein such as notice and other rights, until the exercise of
this Warrant. 

  
 7 












 4.7 No Short Sales. Holder has not at any time on or prior to the Issue Date engaged
in any short sales or equivalent transactions in the Common Stock. Holder agrees that at all times from and after the Issue Date and on or before the expiration or earlier termination of this Warrant, it shall not engage in any short sales or
equivalent transactions in the Common Stock. 
 SECTION 5 MISCELLANEOUS. 

5.1 Expiration. 
 (a)
Term and Automatic Conversion Upon Expiration. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from time to time on or before 6:00 P.M. Pacific time, on
the Expiration Date and shall be void thereafter. 
 (b) Automatic Cashless Exercise upon Expiration. In the event that, upon the
Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then
this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the
Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder. 

5.2 Legends. The Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted
with a legend in substantially the following form: 
 THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO [_____] DATED FEBRUARY 18, 2022, MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 

5.3 Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant may not be
transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal
opinions reasonably satisfactory to the Company, as reasonably requested by the Company). Upon any assignment of the Warrant (other than to an affiliate of the Holder), the Holder and assignee shall complete an assignment in the form attached hereto
as Appendix 2. 
 5.4 No Impairment; Further Assurances. The Company will not, by amendment of its charter or through any
reorganization, transfer of assets, consolidation, merger or dissolution, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but will at all times in
good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may reasonably be requested by Holder in order to protect the exercise privilege of Holder against dilution or other impairment,
consistent with the tenor and purpose of this Warrant. The Company will not increase the par value of any Shares above the Warrant Price then in effect, and will take all such actions as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and non-assessable Shares upon the exercise of this Warrant. 

  
 8 












 5.5 Transfer Procedure. Subject to the provisions of
Section 5.3 and upon providing the Company with written notice, Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable directly or indirectly, upon
conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, Holder will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer
identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee shall be deemed to make
to the Company each of the representations and warranties set forth in SECTION 4 as of the date of such transfer and be bound by all of the terms and conditions of this Warrant. 

5.6 [Reserved.] 
 5.7 Binding
on Successors. This Warrant will be binding upon any entity succeeding to the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets. 

5.8 Taxes. The Company will pay all taxes (other than taxes based upon income) and other governmental charges that may be imposed with
respect to the issuance or delivery of the Shares, other than any tax or other charge imposed in connection with any transfer involved in the issue and delivery of the Shares in a name other than that of the Holder. 

5.9 Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered
and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual
receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such
address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.9. All notices to Holder shall be addressed
as follows until the Company receives notice of a change of address in connection with a transfer or otherwise:  
 [_____] 

500 Park Avenue, 3rd Floor 
 New
York, NY 10022 
 Attention: Anthony Storino 

Fax: (212) 993-1698 

Email: astorino@slrcp.com 
 With
a copy (which shall not constitute notice) to: 
 LATHAM & WATKINS LLP 

505 Montgomery Street, Suite 2000 

San Francisco, CA 94111 

Attention: Haim Zaltzman 

Facsimile: (415) 395-8095 

Email: haim.zaltzman@lw.com 

  
 9 












 Notice to the Company shall be addressed as follows until Holder receives notice of a change
in address: 
 VAPOTHERM, INC. 

100 Domain Drive 
 Exeter, NH
03833 
 Attn: John Landry, VP & CFO 

Fax: (603) 658-0181 

Email: jlandry@vtherm.com 

5.10 Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular
instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

5.11 Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall
constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 5.12 Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York, without
regard to conflict of law principles that would result in the application of any other than the laws of the State of New York. 
 5.13
Waiver of Jury Trial. AS A MATERIAL INDUCEMENT FOR EACH PARTY HERETO TO ENTER INTO THIS WARRANT, THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED IN ANY WAY TO THIS WARRANT AND/OR ANY AND ALL OF
THE OTHER DOCUMENTS ASSOCIATED WITH THIS TRANSACTION. 
 5.14 Headings. The headings in this Warrant are for purposes of
reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant. 
 5.15 Business Days.
“Business Day” is any day that is not a Saturday, Sunday or a day on which banks in the State of New York are closed. 

[Signature page follows] 

  
 10 












 IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by
their duly authorized representatives effective as of the Issue Date written above. 
  

	
	“COMPANY”
	
	VAPOTHERM, INC.
	
	By:                                     
                                         
            
	
	Name:                                     
                                         
      
	            (Print)
	
	Title:                                     
                                         
         

  

	
	“HOLDER”
	
	[_____]
	
	By:                                     
                                         
            
	
	Name:                                     
                                         
      
	            (Print)
	
	Title:                                     
                                         
         

 Signature Page to Warrant to Purchase Stock 











 APPENDIX 1 

NOTICE OF EXERCISE 
 1.
The undersigned Holder hereby exercises its right purchase ___________ shares of the Common Stock of Vapotherm, Inc. (the “Company”) in accordance with the attached Warrant to Purchase Stock, and tenders payment of the aggregate
Warrant Price for such shares as follows: 
  

	 	☐	 check in the amount of $________ payable to order of the Company enclosed herewith 



 

	 	☐	 Wire transfer of immediately available funds to the Company’s account 



 

	 	☐	 Cashless Exercise pursuant to Section 1.2 of the Warrant 



 

	 	☐	 Other [Describe] __________________________________________ 



2. Please issue a certificate or certificates representing the Shares in the name specified below: 

___________________________________________ 

                Holder’s Name 

___________________________________________ 

___________________________________________ 

                (Address) 

3. By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in SECTION
4 of the Warrant to Purchase Stock as of the date hereof. 
  

	
	HOLDER:
	
	  

	
	By:                                     
                                         
                  
	
	Name:                                     
                                         
            
	
	Title:                                     
                                         
              
	
	(Date):                                     
                                         
           


 Appendix 1 











 APPENDIX 2 

ASSIGNMENT 
 For value
received, [_____] hereby sells, assigns and transfers unto 
 Name: 

Address: 

Tax ID: 
 that
certain Warrant to Purchase Stock issued by Vapotherm, Inc. (the “Company” on February 18, 2022 (the “Warrant”) together with all rights, title and interest therein. 

 

	
	[_____]
	
	By:                                     
                                         
                  
	
	Name:                                     
                                         
            
	
	Title:                                     
                                         
              
	
	Date:                                     
                                         
              


 By its execution below, and for the benefit of the Company, [SLR TRANSFEREE] makes each of the representations and
warranties set forth in Article 4 of the Warrant and agrees to all other provisions of the Warrant as of the date hereof. 
  

	
	[SLR TRANSFEREE]
	
	By:                                     
                                         
                  
	
	Name:                                     
                                         
            
	
	Title:                                     
                                         
              
	
	Date:                                     
                                         
              


 Appendix 2