Form of Convertible Unsecured Promissory Note



 Exhibit 4.6 
 Form of Convertible Unsecured Promissory Note 
 THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED
WITHOUT AN EFFECTIVE REGISTRATION STATEMENT OR QUALIFICATION RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION OR QUALIFICATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
APPLICABLE STATE SECURITIES LAWS. 
 THESE SECURITIES ARE SUBJECT TO, AND MAY BE TRANSFERRED ONLY IN COMPLIANCE WITH, THAT CERTAIN CONVERTIBLE
NOTE AND WARRANT PURCHASE AGREEMENT BETWEEN THE COMPANY AND THE HOLDER, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. 
 CONVERTIBLE UNSECURED PROMISSORY NOTE 
  

			
	$«Principal_Dollar_Amount»	  	«Date_of_Issuance», 2011
		  	South San Francisco, California

 For value received, Hyperion Therapeutics, Inc., a Delaware corporation (the “Company”),
promises to pay to «Note_Holder» (the “Holder”), the principal sum of «Dollar_Amount_Written» ($«Principal_Dollar_Amount»). Simple interest shall accrue from the date of this Note on the
unpaid principal amount at a rate equal to six percent (6%) per annum (the “Interest Rate). The Interest Rate shall be computed on the basis of the actual number of days elapsed and a year of 365 days. This Note is one of several
convertible unsecured promissory notes containing substantially identical terms and conditions issued pursuant to that certain Convertible Note and Warrant Purchase Agreement dated as of «Date_of_Issuance», 2011 (the “Purchase
Agreement”). Capitalized terms used herein but not defined shall have the meanings ascribed to them in the Purchase Agreement. This Note is subject to the following terms and conditions. 

1. Maturity. Unless earlier converted into equity securities of the Company pursuant to Section 3 of the Purchase
Agreement, the principal amount of this Note, together with any accrued interest thereon, shall be due and payable in full on the earlier of (i) the demand of a Purchaser Majority (as defined below), which shall not be earlier than
January 31, 2012, and (ii) the occurrence of an Event of Default (as defined below) (such date, the “Maturity Date”). 
 2. No Prepayment. The principal amount of this Note and any accrued interest thereon may not be prepaid by the Company prior to the demand by the Purchaser Majority (as defined below).

 3. Transferability of Note. This Note may not be transferred or assigned in whole or in part unless
(a) the Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, (b) the transferee has agreed in writing
for the benefit of the Company to be bound by the Loan Documents, and (c): 
 (i) There is then in effect a
registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or 







 (ii) The Holder shall have furnished the Company with an opinion of counsel,
reasonably satisfactory to the Company, that such disposition will not require registration of such shares under the Securities Act. 
 Notwithstanding the provisions of subsections (a) and (c), no such detailed statement, registration statement or opinion of counsel shall be necessary for a transfer by the Holder to any affiliate
thereof, by a Holder which is a partnership or limited liability company to a partner or member of such partnership or limited liability company or a retired partner or member of such partnership or limited liability company who retires after the
date hereof, or to the estate of any such partner or member or retired partner or member, or the transfer by gift, will or intestate succession of any partner or member to such Holder’s spouse or lineal descendants or ancestors; provided, in
each case, the transferee agrees in writing prior to such transfer to be subject to the terms of the Loan Documents to the same extent as if such transferee were an original Purchaser thereunder. 

4. Assignment. Subject to the provisions of Section 3 hereunder, the rights and obligations of the Company and the
Holder of this Note will be binding upon and inure to the benefit of the successors, assigns, heirs, administrators and transferees of the parties. 
 5. Events of Default. If there shall be an Event of Default, at the option and upon the declaration of the holders of at least sixty-six percent (66%) of the then outstanding principal
amount of the Notes (a “Purchaser Majority”) and written notice to the Company (which election and notice shall not be required in the case of an Event of Default under Section 5(d) or (e)), the entire unpaid principal balance
of this Note, together with any accrued interest thereon, shall become immediately due and payable regardless of any prior forbearance and without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived
by the Company. The Holder may exercise any and all rights and remedies available to the Holder under applicable law, including, without limitation, the right to collect from the Company all amounts due under this Note. 

The occurrence of any one or more of the following events with respect to the Company constitutes an “Event of Default”
hereunder: 
 (a) The Company breaches any representation, warranty or covenant in the Purchase Agreement, and
fails to cure such breach within ten (10) days after receipt of written notice thereof from a Purchaser Majority; 
 (b) The Company fails to pay the principal of this Note or any accrued interest thereon when due, and fails to cure such breach within ten (10) days after receipt of written notice thereof from a
Purchaser Majority; 
 (c) The entry of any judgment or order against the Company that could reasonably be
expected to have a material adverse effect on the businesses, prospects or operations of the Company, taken as a whole, which remains unsatisfied or undischarged and in effect for thirty (30) days after such entry without a stay of enforcement
or execution; 
 (d) The Company shall (i) apply for or consent to the appointment of a receiver, trustee,
liquidator or custodian of itself or of all or a substantial part of its property, (ii) make a general assignment for the benefit of its or any of its creditors, (iii) be dissolved or liquidated, (iv) commence a voluntary case or
other proceeding seeking 

  
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liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or
to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, or (v) take any action for the purpose of effecting any of the foregoing; or 

(e) Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company or of all or a
substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law now or
hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within twenty (20) days of commencement. 
 6. Governing Law. This Note and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with
the laws of the State of California, without giving effect to principles of conflicts of law. 
 7. Notices. All
notices and other communications required or permitted hereunder shall be made pursuant to Section 11.6 of the Purchase Agreement. 
 8. Amendments and Waivers. Any term of this Note may be amended and the observance of any term of this Note may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company and a Purchaser Majority. Any amendment or waiver effected in accordance with this Section 8 shall be binding upon each Holder of Notes and the Company. 

9. Stockholders, Officers and Directors Not Liable. In no event shall any stockholder, officer or director of the
Company be liable for any amounts due or payable pursuant to this Note. 
 10. Lost Documents. Upon receipt by the
Company of evidence and indemnity satisfactory to it of the loss, theft, destruction or mutilation of, and upon surrender and cancellation of this Note, if mutilated, the Company will make and deliver in lieu of this Note a new note of the same
series and of like tenor and unpaid principal amount and dated as of the date to which interest, if any, has been paid on the unpaid principal amount of this Note. 
 11. Counterparts. This Note may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. 

12. Waiver. The Company hereby waives presentment, protest and notice of dishonor. 

13. Remedies. No remedy herein conferred upon the Holder is intended to be exclusive of any other remedy, and each and
every such remedy shall be cumulative and shall be in addition to every right or other remedy now or hereafter existing at law or in equity or by statute or otherwise. 

  
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 14. Course of Dealing. No course of dealing between the Company and the
Holder or any delay on the part of the Holder in exercising any rights or remedies shall operate as a waiver of any such right or remedy of the Holder. 
 15. Severability. Whenever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under all applicable laws and regulations. If, however, any
provision of this Note shall be prohibited by or invalid under any such law or regulation in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such law or regulation, or, if for any
reason it is not deemed so modified, it shall be ineffective and invalid only to the extent of such prohibition or invalidity without affecting the remaining provisions of this Note, or the validity or effectiveness of such provision in any other
jurisdiction. 
 16. Expenses. The Company agrees to pay on demand all costs and expenses of the Holder, and the
reasonable fees and disbursements of its counsel, in connection with: (i) any amendments, modifications or waivers of the terms hereof; (ii) the protection or preservation of the Holder’s rights under this Note, whether by judicial
proceeding or otherwise; (iii) enforcement or attempted enforcement of, and preservation of any rights under, this Note; and (iv) any out-of-court workout or other refinancing or restructuring or in any bankruptcy case, including, without
limitation, any and all losses, costs and expenses sustained by the Holder as a result of any failure by the Company to perform or observe its obligations contained herein. 
 [Signature Page Follows] 

  
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 The parties have executed this Convertible Unsecured Promissory Note as of the date first
written above. 
  

			
	COMPANY:
	
	HYPERION THERAPEUTICS, INC.
		
	By:	 	 
	Name:	 	Donald Santel
	Title:	 	President and Chief Executive Officer
		
	Address:	 	 601 Gateway Blvd. Suite 200

South San Francisco, CA 94080

	Facsimile:	 	(650) 745-3568


 SIGNATURE
PAGE TO CONVERTIBLE UNSECURED PROMISSORY NOTE 







 
			
	AGREED TO AND ACCEPTED:
	
	«NOTE_HOLDER»
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	Address:
	
	Facsimile:


 SIGNATURE
PAGE TO CONVERTIBLE UNSECURED PROMISSORY NOTE