# EDGAR Filing Document

**Accession Number:** 0001000694
**File Stem:** 0001104659-25-081160
**Filing Date:** 2025-8
**Character Count:** 73548
**Document Hash:** da6876f7048278a690c478484ca953e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-081160.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001104659-25-081160

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250820

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NOVAVAX INC
- **CENTRAL INDEX KEY:** 0001000694
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 222816046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-26770
- **FILM NUMBER:** 251238396

**BUSINESS ADDRESS:**
- **STREET 1:** 700 QUINCE ORCHARD ROAD
- **CITY:** GAITHERSBURG
- **STATE:** MD
- **ZIP:** 20878
- **BUSINESS PHONE:** 240-268-2000

**MAIL ADDRESS:**
- **STREET 1:** 700 QUINCE ORCHARD ROAD
- **CITY:** GAITHERSBURG
- **STATE:** MD
- **ZIP:** 20878

?xml version='1.0' encoding='ASCII'?

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 8-K**

------

**CURRENT REPORT** 

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

**Date of Report (Date of earliest event reported): August 20, 2025**

**NOVAVAX, INC.**

**(Exact name of registrant as specified in charter)** 

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| | | |
|:---|:---|:---|
| **Delaware** | **0-26770** | **22-2816046** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**700 Quince Orchard Road**

**Gaithersburg, Maryland 20878**

**(Address of Principal Executive Offices, including Zip Code)** 

**(240) 268-2000**

**(Registrant's telephone number, including area code)** 

**(Former name or former address, if changed since last report.)**

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

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**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading <br> Symbol(s)** | &nbsp;&nbsp;**Name of each exchange on which <br> registered** |
| &nbsp;&nbsp;Common Stock, Par Value $0.01 per share | &nbsp;&nbsp;NVAX | &nbsp;&nbsp;The Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 1.01. Entry into a Material Definitive Agreement.**

On August 20, 2025, Novavax, Inc. (the "Company") entered into privately negotiated exchange and subscription agreements (the "Exchange and Subscription Agreements") with certain holders of the Company's 5.00% Convertible Senior Notes due 2027 (the "2027 Notes") and new investors, pursuant to which the Company will issue $225.0 million aggregate principal amount of its 4.625% Convertible Senior Notes due 2031 (the "2031 Notes") consisting of (a) approximately $175.3 million principal amount of 2031 Notes issued in exchange for approximately $148.7 million principal amount of 2027 Notes (the "Exchange Transactions"), and (b) approximately $49.7 million principal amount of 2031 Notes for cash (the "Subscription Transactions" and, together with the Exchange Transactions, the "Transactions"), in each case, pursuant to exemptions from registration under the Securities Act of 1933, as amended (the "Securities Act"), and the rules and regulations thereunder.

The 2031 Notes will be issued under an indenture (the "New Notes Indenture"), expected to be dated on or around August 27, 2025, between the Company and The Bank of New York Mellon Trust Company, N.A.

The 2031 Notes will be senior, unsecured obligations of the Company and will accrue interest at a rate of 4.625% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2026. The 2031 Notes will mature on September 1, 2031, unless earlier repurchased, redeemed or converted. Before June 1, 2031, noteholders will have the right to convert their 2031 Notes only upon the occurrence of certain events. From and including June 1, 2031, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, based on the applicable conversion rate(s). The initial conversion rate is 89.7384 shares of common stock per $1,000 principal amount of 2031 Notes, which represents an initial conversion price of approximately $11.14 per share of common stock. Based on the initial conversion rate 20,191,140 shares of common stock would be issued upon conversion of the 2031 Notes. The initial conversion price represents a premium of approximately 27.5% over the last reported sale price of $8.74 per share of the Company's common stock on August 20, 2025. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.

The 2031 Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at the Company's option at any time, and from time to time, on or after September 5, 2028 and before the 41st scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company's common stock exceeds 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the 2031 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the relevant redemption date.

Holders of the 2031 Notes will have the right to require the Company to repurchase all or part of their 2031 Notes for cash in the event of certain fundamental changes (as defined in the New Notes Indenture), at a repurchase price equal to 100% of the principal amount of the 2031 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the relevant repurchase date.

In connection with the Transactions, the Company has been advised that J. Wood Capital Advisors LLC ("JWCA"), the Company's financial advisor with respect to the Transactions, intends to purchase approximately 1.2 million shares of the Company's common stock concurrently with the Transactions in privately negotiated transactions from certain exchanging holders and/or purchasers of the 2031 Notes through a financial intermediary at a discount to the last reported sale price of the Company's common stock on August 20, 2025. JWCA has also agreed not to sell such shares of common stock for 30 days. Such concurrent purchases by JWCA of the Company's common stock could increase (or reduce the size of any decrease in) the market price of the Company's common stock, the 2027 Notes or the 2031 Notes.

Following the closing of the Exchange Transactions, approximately $26.5 million in aggregate principal amount of 2027 Notes will remain outstanding with terms unchanged. The Company expects that the gross proceeds from the Subscription Transactions will be approximately $49.7 million, excluding offering fees and transaction expenses, and intends to use the net proceeds for general corporate purposes. The Company will not receive any cash proceeds from the Exchange Transactions. The Transactions are expected to close concurrently on or about August 27, 2025, subject to customary closing conditions.

JWCA and Leerink Partners acted as financial advisors and Latham & Watkins LLP served as legal advisor to the Company on the transaction.

A copy of the Form of Exchange and Subscription Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein. The foregoing description of the Form of Exchange and Subscription Agreement does not purport to be complete and is qualified in its entirety by reference to such exhibit.

This Current Report on Form 8-K does not constitute an offer to sell, nor is it a solicitation of an offer to buy, the 2031 Notes or the Company's common stock, nor shall there be any sale of the 2031 Notes or the Company's common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or any jurisdiction.

**Item 3.02. Unregistered Sales of Equity Securities.**

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference. The offer and sale of the 2031 Notes and the common stock of the Company issuable upon conversion, if any, have not been registered under the Securities Act or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. The 2031 Notes were offered in a private placement in reliance on Section 4(a)(2) of the Securities Act. The issuance of common stock upon conversion, if any, is expected to be exempt from registration pursuant to Section 3(a)(9) of the Securities Act as involving an exchange by the Company exclusively with its security holders.

**Item 8.01. Other Events.**

On August 21, 2025, the Company issued a press release announcing entry into the Exchange and Subscription Agreements. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 8.01.

**Forward Looking Statements**

This Current Report on Form 8-K contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this Current Report on Form 8-K that do not relate to matters of historical fact should be considered forward-looking, including statements regarding net proceeds from the Subscription Transactions, use of proceeds from the Subscription Transactions, and anticipated closing of the Transactions. These forward-looking statements generally are identified by the words "anticipate", "believe", "contemplate", "continue", "could", "estimate", "expect", "forecast", "future", "guidance", "intend", "may", "might", "opportunity", "outlook", "plan", "possible", "potential", "predict", "project", "should", "strategy", "strive", "target", "vision", "will", or "would", any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this Current Report on Form 8-K include but are not limited to: the Company's ability to consummate the Transactions; risks related to the Company's indebtedness; challenges or delays in obtaining regulatory authorization or approval for its COVID-19 vaccine, including for future COVID-19 variant strain changes, the Company's CIC vaccine candidate, its stand-alone influenza vaccine candidate or other product candidates; the Company's ability to successfully and timely manufacture, market, distribute, or deliver its COVID-19 vaccine; challenges related to the Company's partnership with Sanofi, including collaboration on the Nuvaxovid PMC, and in pursuing additional partnership opportunities; challenges satisfying, alone or together with partners, various safety, efficacy, and product characterization requirements, including those related to process qualification, assay validation and stability testing, necessary to satisfy applicable regulatory authorities; challenges or delays in conducting clinical trials or studies for its product candidates, including the Nuvaxovid PMC; manufacturing, distribution or export delays or challenges; the Company's substantial dependence on SII and Serum Life Sciences Limited for co-formulation and filling the Company's COVID-19 vaccine and the impact of any delays or disruptions in their operations; difficulty obtaining scarce raw materials and supplies including for its proprietary adjuvant; resource constraints, including human capital and manufacturing capacity; constraints on the Company's ability to pursue planned regulatory pathways, alone or with partners; challenges in implementing its global restructuring and cost reduction plan; the Company's ability to timely deliver doses; challenges in obtaining commercial adoption and market acceptance of its COVID-19 vaccine or any COVID-19 variant strain containing formulation, or for its CIC vaccine candidate and stand-alone influenza vaccine candidate or other product candidates; challenges meeting contractual requirements under agreements with multiple commercial, governmental, and other entities, including requirements to deliver doses that may require the Company to refund portions of upfront and other payments previously received or result in reduced future payments pursuant to such agreements and challenges in negotiating, amending or terminating such agreements; challenges related to the seasonality of vaccinations against COVID-19 or influenza; challenges and uncertainty related to regulatory development; challenges related to the demand for vaccinations against COVID-19 or influenza; challenges in identifying and successfully pursuing innovation expansion opportunities, including with respect to the Company's Matrix-M adjuvant; the Company's expectations as to expenses and cash needs may prove not to be correct for reasons such as changes in plans or actual events being different than its assumptions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption "Risk Factors" in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 27, 2025, as updated by its periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations.

**Item 9.01. Financial Statements and Exhibits.**

 

*(d) Exhibits.*

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [10.1](tm2524045d1_ex10-1.htm) | [Form of Exchange and Subscription Agreement.](tm2524045d1_ex10-1.htm) |
| [99.1](tm2524045d1_ex99-1.htm) | [Press Release issued August 21, 2025.](tm2524045d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **NOVAVAX, INC.** | **NOVAVAX, INC.** |
| Date: August 21, 2025 | /s/ Mark J. Casey | /s/ Mark J. Casey |
|  | Name: | Mark J. Casey |
|  | Title: | Executive Vice President, Chief Legal Officer and Corporate Secretary |

---

## Exhibit 10.1

**Exhibit 10.1**

August 20, 2025

Novavax, Inc.

700 Quince Orchard Road

Gaithersburg, MD 20878

Attention: Chief Financial Officer

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| | |
|:---|:---|
| **Re:** | **Exchange and/or Subscription for 4.625% Convertible Senior Notes due 2031** |

---

Ladies and Gentlemen:

Novavax, Inc., a Delaware corporation, (the "**Company**"), is offering a new series of its 4.625% Convertible Senior Notes due 2031 (the "**New Notes**"). The New Notes will be convertible into cash, shares ("**Underlying Shares**") of common stock of the Company, par value $0.01 per share ("**Stock**"), or a combination of cash and Underlying Shares, at the Company's election, in accordance with the terms of the Indenture (as defined below).

The undersigned (the "**Investor**"), for itself and, on behalf of the accounts (if any) listed on (x) <u>Exhibit A</u> hereto, in the case of the Exchange (as defined below), for whom the Investor has been duly authorized to enter into the Exchange (each, including the Investor if it is listed on <u>Exhibit A</u>, an "**Exchanging Holder**") and (y) <u>Exhibit B</u> hereto, in the case of the Subscription (as defined below), for whom the Investor has been duly authorized to enter into the Subscription (each, including the Investor if it is listed on <u>Exhibit B</u>, a "**Subscriber**"), may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) exchange 5.00% Convertible Senior Notes due 2027 (CUSIP: 670002AD6 and ISIN: US670002AD60) of the Company (the "**Old Notes**") for an amount of New Notes determined as set forth herein (the "**Exchange**"); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) subscribe for and purchase from the Company New Notes for cash (the "**Subscription**" and, the Exchange and/or the Subscription, as applicable, the "**Notes Transactions**"),

in each case, pursuant and subject to the terms and conditions set forth in this agreement (the "**Exchange/Subscription Agreement**" or this "**Agreement**").

The Exchanging Holders and the Subscribers (including the Investor, as applicable) are referred to collectively as the "**Purchasers,**" and each Purchaser (other than the Investor) is referred to herein as an "**Account**."

<u>The Investor hereby confirms that this Agreement relates to participation by the Purchasers, taken together, in the</u>:

Exchange only ◻ Subscription only ◻ Exchange and Subscription ◻ <br>      

The Investor and each Account understands that the Notes Transactions are being made without registration under the Securities Act of 1933, as amended (the "**Securities Act**"), or any securities laws of any state of the United States or of any other jurisdiction, and that the Notes Transactions are only being made to investors who are institutional "accredited investors" within the meaning of Rule 501 of Regulation D under the Securities Act that are also "qualified institutional buyers" (within the meaning of Rule 144A under the Securities Act) in reliance upon an exemption from registration under Section 4(a)(2) of the Securities Act. The Notes Transactions are described in, and are being made pursuant to, the draft Indenture relating to the New Notes (the "**Indenture**") to be entered into as of the Closing Date (as defined below) between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the "**New Notes Trustee**"), as supplemented by the Pricing Term Sheet, dated as of the date hereof (the "**Pricing Term Sheet**" and, together with the Indenture, the **"Transaction Documents**").

In connection with the issuance of the New Notes, the Company expects the Placement Agent (as defined below) to purchase shares of Stock from certain institutional investors.

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>The Exchange</u>. If the Investor
 and/or any other Exchanging Holders are participating in the Exchange, subject to the terms
 and conditions of this Exchange/Subscription Agreement, the Investor and the other Exchanging
 Holders hereby deliver, assign and transfer to the Company all right, title and interest
 in the aggregate principal amount of Old Notes set forth in column 2 of <u>Exhibit A</u> hereto (such principal amount of Old Notes, the "**Exchanged Old Notes** ")
 in exchange for New Notes having an aggregate principal amount, for each Exchanging Holder,
 as set forth in column 3 of <u>Exhibit A</u> (such aggregate principal amount of New Notes,
 the "**Exchanged New Notes** "), and the Company agrees to issue such Exchanged
 New Notes to the Exchanging Holders in exchange for such Exchanged Old Notes. For the avoidance
 of doubt, Exchanged New Notes will be issued in denominations of $1,000 principal amount
 and integral multiples thereof, and the Company will not make any separate cash payment in
 respect of rounded amounts or interest, if any, accrued and unpaid to the Closing Date (as
 defined below) for the Exchanged Old Notes. Instead, such amounts will be deemed to be paid
 in full rather than cancelled, extinguished or forfeited upon exchange of the Exchanged Old
 Notes for the Exchanged New Notes. Subject to the terms and conditions of this Exchange/Subscription
 Agreement, the Investor, on behalf of itself and each Exchanging Holder, hereby (a) waives
 any and all other rights with respect to such Exchanged Old Notes, and (b) releases
 and discharges the Company from any and all claims the Investor and each Exchanging Holder
 may now have, or may have in the future, arising out of, or related to, such Exchanged Old
 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>The Subscription</u>. If the Investor
 and/or any other Subscriber is participating in the Subscription, subject to the terms and
 conditions of this Exchange/Subscription Agreement, the Investor hereby agrees to purchase
 from the Company, and the Company hereby agrees to issue and sell to the Investor and/or
 any such Account, New Notes (the "**Purchased New Notes**") having an aggregate
 principal amount as set forth in column 2 of <u>Exhibit B</u> hereto, for an aggregate purchase
 price in cash in respect of such Purchased New Notes as set forth in column 3 of <u>Exhibit B</u> (such aggregate cash purchase price, the "**Cash Purchase Price** ").
 For the avoidance of doubt, such Cash Purchase Price shall not be adjusted for accrued interest
 if the Closing (as defined below) occurs after August 27, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>The Closing</u>. The closing of the
 Notes Transactions (the "**Closing**") shall take place electronically at
 10:00 AM, New York City time, on August 27, 2025, or at such other time and place as the
 Company may designate by notice to the Investor (the "**Closing Date** ");
 provided that the Closing Date cannot be later than September 3, 2025 without the prior written
 consent of the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Closing Mechanics</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Depository Trust Company ()"**DTC** ")
 will act as securities depositary for the New Notes.

b. At or prior to the times set forth in the Exchange/Subscription Procedures
 set forth in <u>Exhibit C</u> hereto (the "**Exchange/Subscription Procedures** "), the Investor,
 on behalf of itself and/or any other Account, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if participating in the Exchange only,
 deliver and/or cause the Exchanging Holders to deliver the Exchanged Old Notes, by book entry
 transfer through the facilities of DTC, to The Bank of New York Mellon Trust Company, N.A.,
 in its capacity as trustee of the Old Notes (in such capacity, the "**Old Notes Trustee** "),
 for the account/benefit of the Company for cancellation as instructed in the Exchange/Subscription
 Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if participating in the Subscription
 only, transfer the Cash Purchase Price by wire in immediately available funds to the account
 of the Company designated in the Exchange/Subscription Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if participating in both the Exchange
 and the Subscription:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. deliver and/or cause the Exchanging Holders
 to deliver the Exchanged Old Notes, by book entry transfer through the facilities of DTC,
 to the Old Notes Trustee, for the account/benefit of the Company for cancellation as instructed
 in the Exchange/Subscription Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. transfer the Cash Purchase Price by wire
 in immediately available funds to the account of the Company designated in the Exchange/Subscription
 Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. On the Closing Date, subject to satisfaction
 of the conditions precedent specified in <u>Section ‎7</u> hereof, and (1) the
 prior receipt by the Old Notes Trustee from each Exchanging Holder of the Exchanged Old Notes,
 if the Investor and/or any other Exchanging Holder is participating in the Exchange only
 pursuant to <u>clause (b)‎(i)</u> above, (2) the prior receipt by the Company
 of the Cash Purchase Price from the Investor on behalf of each Subscriber, if such Subscriber
 is participating in the Subscription only pursuant to <u>clause (b)‎(ii)</u> above,
 and (3) the prior receipt by the Old Notes Trustee from each Purchaser of the Exchanged
 Old Notes to be submitted for exchange by such Purchaser and the prior receipt by the Company
 of the Cash Purchase Price from such Purchaser if such Purchaser is participating in both
 the Exchange and the Subscription pursuant to <u>clause (b)(iii)</u> above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall execute and deliver
 the Indenture, dated as of the Closing Date, between the Company and the New Notes Trustee;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company shall execute, cause the
 New Notes Trustee to authenticate and cause to be delivered to the DTC account(s) specified
 by the Investor or the relevant Account in <u>Exhibit D</u> hereto, the Exchanged New Notes
 (if the Investor and/or any Exchanging Holder is participating in the Exchange) and/or the
 Purchased New Notes (if the Investor and/or any Subscriber is participating in the Subscription),
 as the case may be.

All questions as to the form of all documents and the validity and acceptance of the Old Notes and the New Notes will be determined by the Company, in its sole discretion, which determination shall be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Representations and Warranties of the Company</u>. The Company represents and warrants to the Investor (and each Account, as
 applicable) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *Organization*. The Company is duly
 organized and is validly existing under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. *Due Authorization*. This Exchange/Subscription
 Agreement has been duly authorized, executed and delivered by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. *New Notes.* The New Notes have
 been duly authorized by the Company and, when duly executed by the Company in accordance
 with the terms of the Indenture, assuming due authentication of the New Notes by the New
 Notes Trustee, upon delivery to the Investors in accordance with the terms of the Exchange
 and/or Subscription, as applicable, will be validly issued and delivered and will constitute
 valid and binding obligations of the Company entitled to the benefits of the Indenture, enforceable
 against the Company in accordance with their terms, except as such enforceability may be
 limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and
 other laws relating to or affecting creditors' rights generally and by general equitable
 principles (regardless of whether such enforceability is considered in a proceeding in equity
 or at law) (collectively, the "**Enforceability Exceptions** "). The maximum
 number of Underlying Shares initially issuable upon conversion of the New Notes (assuming
 settlement in shares of Stock to the maximum extent permitted by the Indenture and taking
 into account the maximum make-whole adjustment under the Indenture) have been duly and validly
 authorized and reserved for by the Company and, when issued upon conversion of the New Notes
 in accordance with the terms of the New Notes and the Indenture, will be validly issued,
 fully paid and non-assessable, and the issuance of any Underlying Shares will not be subject
 to any preemptive, participation, rights of first refusal or similar rights. At or prior
 to the Closing, a notice for the listing of additional shares covering the Underlying Shares
 shall have been submitted to the Nasdaq Global Select Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. *Indenture.* The Company has all
 requisite corporate power and authority to perform its obligations under the Indenture. The
 Indenture has been duly authorized by the Company, and will have been duly executed and delivered
 by the Company on or prior to the Closing. Assuming due authorization, execution and delivery
 by the New Notes Trustee thereto, the Indenture, upon execution and delivery thereof by the
 Company, will constitute the valid and binding agreement of the Company, enforceable against
 the Company in accordance with its terms, subject to the Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. *Exemption from Registration.* Assuming
 the accuracy of the representations and warranties of the Investor and each other investor
 executing an Exchange/Subscription Agreement, (1) each of the issuance of the Exchanged
 New Notes in connection with the Exchange and/or the issuance of the Purchased New Notes
 in connection with the Subscription, as the case may be, pursuant to this Exchange/Subscription
 Agreement is exempt from the registration requirements of the Securities Act; and (2) the
 Indenture is not required to be qualified under the Trust Indenture Act of 1939, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. *New Class.* The New Notes, when
 issued, will not be of the same class as securities listed on a national securities exchange
 registered under Section 6 of the Securities Exchange Act of 1934, as amended, or quoted
 in a U.S. automated inter-dealer quotation system, within the meaning of Rule 144A(d)(3)(i)
 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. *No Conflicts*. The issuance of
 the New Notes pursuant to the Exchange/Subscription Agreements, the execution, delivery and
 performance, as applicable, by the Company of its obligations under the New Notes, the Indenture
 and each Exchange/Subscription Agreement, and the consummation of the transactions contemplated
 hereby and thereby, will not (i) conflict with or result in a breach or violation of any
 of the terms or provisions of, impose any lien, charge or encumbrance upon any property or
 assets of the Company or its subsidiaries, or constitute a default under, any indenture,
 mortgage, deed of trust, loan agreement, license, lease or other agreement or instrument
 to which the Company or any of its subsidiaries is a party or by which the Company or any
 of its subsidiaries is bound or to which any of the property or assets of the Company or
 any of its subsidiaries is subject, (ii) result in any violation of the provisions of the
 charter or by-laws or similar organizational document of the Company or any of its subsidiaries
 or (iii) result in any violation of any statute or any judgment, order, decree, rule or regulation
 of any court or arbitrator or federal, state, local or foreign governmental agency or regulatory
 authority having jurisdiction over the properties or assets of the Company or any of its
 subsidiaries or any of their properties or assets, except, with respect to clauses (i) and
 (iii), conflicts, breaches, violations, impositions or defaults that would not reasonably
 be expected to have a material adverse effect on the condition (financial or otherwise),
 results of operations, stockholders' equity, properties, business or prospects of the
 Company and its subsidiaries taken as a whole or a material adverse effect on the performance
 by the Company of its obligations under any Exchange/Subscription Agreement, the Old Notes
 Indenture, the Indenture or the New Notes or the consummation of any of the transactions
 contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. *Solvency*. On each of the date
 hereof and immediately after giving effect to the Exchange on the Closing Date, (A) the
 present fair market value (or present fair saleable value) of the total assets of Company
 is not less than the total amount required to pay the probable total liabilities (including
 contingent liabilities) of the Company as they mature and become absolute, (B) the capital
 of the Company is adequate to conduct its business and to enter into the Exchange, (C) the
 Company has the ability to pay its debts and obligations as such debts mature, and (D) the
 Company is not "insolvent" (as such term is defined under Section 101(32)
 of the U.S. Bankruptcy Code (Title 11 of the United States Code)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. *Exchange*.
 The Company acknowledges that the terms of the Notes Transactions have been mutually negotiated
 between the parties .

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties of the Investor</u>. The Investor hereby represents and warrants to and covenants with the Company,
 on behalf of itself and each Account, as applicable, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Investor is a corporation, limited
 partnership, limited liability company or other entity, as the case may be, duly formed,
 validly existing and in good standing under the laws of the jurisdiction of its formation.

b. If the Investor is participating in the Exchange, the Investor has all requisite
 corporate, limited partnership, limited liability company or other applicable entity power and authority to
 deliver, assign and transfer the Exchanged Old Notes in exchange for the Exchanged New Notes pursuant to this
 Agreement and to enter into this Exchange/Subscription Agreement and perform all obligations required to be
 performed by the Investor hereunder. This Agreement, when executed and delivered, has been duly authorized,
 executed and delivered by the Investor and constitutes the valid and binding obligation of the Investor and
 each Exchanging Holder, enforceable in accordance with its terms, except that such enforcement may be subject
 to the Enforceability Exceptions. If the Investor is executing this Exchange/Subscription Agreement on behalf
 of an Account, (i) the Investor has all requisite discretionary and contractual authority to enter into this
 Exchange/Subscription Agreement on behalf of, and, bind, each Account to the terms of this Agreement, (ii) <u>Exhibit A</u> hereto is a true, correct and complete list of (A) the name of each Exchanging Holder, and
 (B) the principal amount of each Exchanging Holder's Exchanged Old Notes and (iii) <u>Exhibit B</u> hereto
 is a true, correct and complete list of the name of each Subscriber and the aggregate principal amount of Purchased
 New Notes each such Subscriber agrees to purchase hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Each Exchanging Holder participating
 in the Exchange is the current beneficial owner of the Exchanged Old Notes and has been the
 beneficial owner of the Exchanged Old Notes continuously since at least the business day
 immediately preceding August 19, 2025. When the Exchanged Old Notes are exchanged, the Company
 will acquire good, marketable and unencumbered title thereto, free and clear of all liens,
 restrictions, charges, taxes, encumbrances, adverse claims, rights or proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Participation in the Notes Transactions
 will not contravene (1) any law, rule, regulation or governmental or judicial decrees,
 injunctions or orders binding on the Investor or any Account or any investment guideline
 or restriction applicable to the Investor (or, if applicable, any Account), (2) the
 charter or bylaws (or equivalent organizational documents) of the Investor (or, if applicable,
 any Account) or (3) any agreement or instrument to which the Investor or any Account is a
 party or by which the Investor or any Account or any of their respective assets are bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Investor (or applicable Account)
 is a resident of the jurisdiction set forth in <u>Exhibit D</u> and, unless otherwise set
 out in <u>Exhibit A</u> or <u>Exhibit B</u> hereto, as applicable, is not acquiring the Exchanged
 New Notes or the Purchased New Notes as a nominee or agent or otherwise for any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Investor and each Account will comply
 with all applicable laws and regulations in effect in any jurisdiction in which the Investor
 or such Account purchases or acquires pursuant to the Exchange or Subscription, as the case
 may be, or sells New Notes and will obtain any consent, approval or permission required for
 such purchases, acquisitions or sales under the laws and regulations of any jurisdiction
 to which the Investor or such Account is subject or in which the Investor or such Account
 makes such purchases, acquisitions or sales, and the Company shall not have any responsibility
 therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Investor and each Account has received
 a copy of the Transaction Documents. The Investor acknowledges that: (1) no person has been
 authorized to give any information or to make any representation concerning the Notes Transactions
 or the Company or any of its subsidiaries, other than as contained in this Agreement or the
 Transaction Documents or in the information given by the Company's duly authorized
 officers and employees in connection with the Investor's examination of the Company
 and its subsidiaries and the terms of the Notes Transactions; and (2) the Company and its
 subsidiaries do not take any responsibility for, and cannot provide any assurance as to the
 reliability of, any other information that may have been provided to the Investor. The Investor
 hereby acknowledges that J. Wood Capital Advisors LLC (the "**Placement Agent** ")
 does not take any responsibility for, and can provide no assurance as to the reliability
 of, the information set forth in the Transaction Documents or any such other information
 provided or deemed provided to the Investor by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The Investor and each Account understands
 and accepts that acquiring the New Notes in the Notes Transactions involves risks. The Investor
 and each Account has such knowledge, skill and experience in business, financial and investment
 matters that the Investor and each Account is capable of evaluating the merits and risks
 of the Notes Transactions and an investment in the New Notes. With the assistance of its
 own professional advisors (to the extent the Investor and each Account has deemed appropriate),
 the Investor and each Account has made its own legal, tax, accounting and financial evaluation
 of the merits and risks of an investment in the New Notes and the consequences of the Notes
 Transactions and this Agreement. The Investor and each Account has considered the suitability
 of the New Notes as an investment in light of its own circumstances and financial condition,
 and the Investor is and each Account is able to bear the risks associated with an investment
 in the New Notes. The Investor and each Account understands that it should consult with its
 own tax advisors in order to determine the U.S. federal, state, local and non-U.S. tax consequences
 of the Exchange (if participating in the Exchange) as well as the ownership and disposition
 of the New Notes, in light of the Investor's and each Account's particular circumstances.
 The Investor and each Account acknowledges and agrees that the New Notes may be issued with
 "original issue discount" as defined in Section 1273 of the Code (as defined
 below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Investor confirms that neither it
 nor any Account is relying on any communication (written or oral) of the Company or the Placement
 Agent or any of their respective agents or affiliates as investment advice or as a recommendation
 to participate in the Notes Transactions and receive the New Notes pursuant to the terms
 hereof. The Investor confirms that it has read the Indenture relating to the New Notes and
 has not relied on any statement (written or oral) of the Company, the Placement Agent or
 any of their respective affiliates as to the terms of the New Notes. It is understood that
 information provided in the Transaction Documents, or by the Company or the Placement Agent
 or any of their respective agents or affiliates, shall not be considered investment advice
 or a recommendation with respect to the Notes Transactions, and that none of the Company,
 the Placement Agent or any of their respective agents or affiliates is acting or has acted
 as an advisor to the Investor or any Account in deciding whether to participate in the Notes
 Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The Investor confirms, for itself and
 for each Account, that neither the Company nor the Placement Agent have (1) given any
 guarantee or representation as to the potential success, return, effect or benefit (either
 legal, regulatory, tax, financial, accounting or otherwise) of an investment in the New Notes;
 or (2) made any representation to the Investor regarding the legality of an investment
 in the New Notes under applicable investment guidelines, laws or regulations. In deciding
 to participate in the Notes Transactions, neither the Investor nor any Account is relying
 on the advice or recommendations of the Company or the Placement Agent, and the Investor
 and each Account has made its own independent decision that the investment in the New Notes
 is suitable and appropriate for the Investor or such Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. The Investor and each Account is a sophisticated
 participant in the transactions contemplated hereby and has such knowledge and experience
 in financial and business matters as to be capable of evaluating the merits and risks of
 an investment in the New Notes, is experienced in investing in capital markets and is able
 to bear the economic risk of an investment in the New Notes. The Investor and each Account
 is familiar with the business and financial condition and operations of the Company and its
 subsidiaries and has conducted its own investigation of the Company and its subsidiaries
 and the New Notes and has consulted with its own advisors concerning such matters and shall
 be responsible for making its own independent investigation and appraisal of the transactions
 contemplated hereby. The Investor and each Account has had access to the Company filings
 with the Securities and Exchange Commission and such other information concerning the Company
 and its subsidiaries and the New Notes as it deems necessary to enable it to make an informed
 investment decision concerning the Notes Transactions. The Investor and each Account has
 been offered the opportunity to ask questions of the Company and its representatives and
 has received answers thereto as the Investor or such Account deems necessary to enable it
 to make an informed investment decision concerning the Notes Transactions and the New Notes.
 Neither such inquiries nor any other due diligence investigations conducted by such Investor
 or its advisors, or its representatives shall modify, amend or affect such Investor's
 right to rely on the Company's representations and warranties contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. The Investor and each Account understands
 that no federal, state, local or foreign agency has passed upon the merits or risks of an
 investment in the New Notes or made any finding or determination concerning the fairness
 or advisability of such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. The Investor and each Account is an institutional
 "accredited investor" as defined in Rule 501 of Regulation D under the Securities
 Act as well as a "qualified institutional buyer" as defined in Rule 144A under
 the Securities Act. The Investor, for itself and on behalf of each Account, agrees to furnish
 any additional information reasonably requested by the Company or any of their affiliates
 to assure compliance with applicable U.S. federal and state securities laws in connection
 with the Notes Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. The Investor and each Account is not
 directly, or indirectly through one or more intermediaries, controlling or controlled by,
 or under direct or indirect common control with, the Company and is not, and has not been
 for the immediately preceding three months, an "affiliate" (within the meaning
 of Rule 144 under the Securities Act) of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. The Investor and each Account is acquiring
 the New Notes solely for the Investor's or such Account's own beneficial account,
 or for an account with respect to which the Investor or such Account exercises sole investment
 discretion, for investment purposes, and not with a view to, or for resale in connection
 with, any distribution of the New Notes. The Investor and each Account understands that the
 offer and sale of the New Notes have not been registered under the Securities Act or any
 state securities laws by reason of specific exemptions under the provisions thereof that
 depend in part upon the investment intent of the Investor or each Account and the accuracy
 of the other representations made by the Investor and each Account in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. The Investor and each Account understands
 that the Company is relying upon the representations and agreements contained in this Agreement
 (and any supplemental information) for the purpose of determining whether the Investor's
 and such Account's participation in the Notes Transactions meets the requirements for
 the exemptions referenced in <u>clause‎ ‎(o)</u> above. In addition, the
 Investor and each Account acknowledges and agrees that any hedging transactions engaged in
 by the Investor or such Account after such Investor or Account was wall crossed and prior
 to the Closing in connection with the issuance and sale of the New Notes have been and will
 be conducted in compliance with the Securities Act and the rules and regulations promulgated
 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. The Investor and each Account acknowledges
 that neither the New Notes nor the Underlying Shares have been registered under the Securities
 Act. As a result, the New Notes, and if converted to Underlying Shares, the Underlying Shares,
 may not be offered or sold within the United States or to, or for the account or benefit
 of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to,
 the registration requirements of the Securities Act as described in the Indenture (including,
 but not limited to, Section 2.05 thereof), and the Investor, for itself and on behalf of
 each Account, hereby agrees that neither it nor any Account will sell the New Notes nor the
 Underlying Shares other than in compliance with such transfer restrictions. Further, the
 Investor and each Account acknowledges that (1) the New Notes and, if converted to the Underlying
 Shares, the Underlying Shares, will carry a restrictive legend and (2) the New Notes will
 be designated with a restricted CUSIP number, in each case, until such time, if any, as the
 restrictive legend can be removed in the Company's reasonable judgment in accordance
 with the terms of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. The Investor and each Account acknowledges
 that the terms of the Notes Transactions have been mutually negotiated between the Investor
 (for itself and on behalf of each Account), and the Company. The Investor was given a meaningful
 opportunity to negotiate the terms of the Notes Transactions on behalf of itself and each
 Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. The Investor and each Account acknowledges
 the Company intends to pay an advisory fee to the Placement Agent and that the Placement
 Agent intends to purchase shares of Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t. The Investor will, for itself and on
 behalf of each Account, upon request, execute and deliver any additional documents, information
 or certifications reasonably requested by the Company, the Old Notes Trustee or the New Notes
 Trustee to complete the Notes Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u. The Investor and each Account understands
 that, unless the Investor notifies the Company in writing to the contrary prior to the Closing,
 each of the Investor's representations and warranties contained in this Agreement will
 be deemed to have been reaffirmed and confirmed as of the Closing, taking into account all
 information received by the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The participation in the Notes Transactions
 by any Exchanging Holder was not conditioned by the Company on such Exchanging Holders'
 exchange of a minimum principal amount of Exchanged Old Notes. No Subscriber's participation
 in the Notes Transactions was conditioned upon a minimum aggregate principal amount of New
 Notes issued for cash in the Subscription.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w. The Investor acknowledges that it and
 each Account had a sufficient amount of time to consider whether to participate in the Notes
 Transactions and that neither the Company nor the Placement Agent has placed any pressure
 on the Investor or any Account to respond to the opportunity to participate in the Notes
 Transactions. The Investor acknowledges that neither it nor any Account became aware of the
 Notes Transactions through any form of general solicitation or advertising within the meaning
 of Rule 502 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. The operations of the Investor and each
 Account have been conducted in material compliance with the rules and regulations administered
 or conducted by the U.S. Department of Treasury Office of Foreign Assets Control ()"**OFAC** "),
 the rules and regulations of the Foreign Corrupt Practices Act ()"**FCPA** ")
 and the Anti-Money Laundering ()"**AML**") rules in the Bank Secrecy Act applicable
 to the Investor. The Investor has performed due diligence necessary to reasonably determine
 that its (or, where applicable, any Account's) beneficial owners are not named on the
 lists of denied parties or blocked persons administered by OFAC, resident in or organized
 under the laws of a country that is the subject of comprehensive economic sanctions and embargoes
 administered or conducted by OFAC ()"**Sanctions** "), are not otherwise the
 subject of Sanctions and have not been found to be in violation or under suspicion of violating
 OFAC, FCPA or AML rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;y. The Investor and each Account acknowledges
 and agrees that the Placement Agent has not acted as a financial advisor or fiduciary to
 the Investor or such Account and that the Placement Agent and its respective directors, officers,
 employees, representatives and controlling persons have no responsibility for making, and
 have not made, any independent investigation of the information contained herein or in the
 Company's Securities and Exchange Commission filings and make no representation or
 warranty to the Investor or such Account, express or implied, with respect to the Company
 or the Notes Transactions or the accuracy, completeness or adequacy of the information provided
 to the Investor or the Account or any other publicly available information, nor will any
 of the foregoing persons be liable for any loss or damages of any kind resulting from the
 use of the information contained therein or otherwise supplied to the Investor or such Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;z. The Investor and each Account acknowledges
 and agrees that no public market exists for the New Notes and that there is no assurance
 that a public market will ever develop for the New Notes. Furthermore, the Investor and each
 Account acknowledges that all of the New Notes, including the Exchanged New Notes and the
 Purchased New Notes, shall be assigned the same restricted CUSIP number.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Conditions to Obligations of the Investor and the Company</u>. The obligations of the Investor to deliver, or to cause the Accounts
 to deliver, the Exchanged Old Notes (if applicable) and the Cash Purchase Price (if applicable)
 and of the Company to deliver the New Notes are subject to (i) the satisfaction at or prior
 to the Closing of the condition precedent that the representations and warranties of the
 Company on the one hand, and of the Investor on the other contained in <u>Sections ‎5</u> and <u>‎6</u>, respectively, shall be true and correct as of the Closing in all material
 respects with the same effect as though such representations and warranties had been made
 as of the Closing and (ii) the delivery by each Investor (or Account(s) of such Investor,
 if applicable) of the documentation required by <u>Section 12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Covenant and Acknowledgment of the Company</u>. The Company hereby agrees to publicly disclose at or prior to 9:00 a.m., New
 York City time (the "**Release Time** "), on the first business day after the
 date hereof, the Notes Transactions as contemplated by this Exchange/Subscription Agreement
 in a press release or through the filing of a Current Report on Form 8-K. The Company hereby
 acknowledges and agrees that as of the Release Time the Company will disclose all confidential
 information to the extent the Company believes such confidential information constitutes
 material non-public information, if any, with respect to the Notes Transactions or that was
 otherwise communicated by the Company to the Investor or any Account in connection with the
 Notes Transactions. For the avoidance of doubt, the Company may be aware of material non-public
 information regarding the Company at the time of Closing that has not been communicated to
 the Investor or any Account. The Company will, no later
 than the first business day following the Closing, file a Current Report on Form 8-K publicly
 disclosing the closing of the Notes Transactions as contemplated by this Exchange/Subscription
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Covenant of the Investor</u>. No later than one (1) business day after the date hereof, the Investor
 agrees to deliver settlement instructions for each Purchaser to the Company substantially
 in the form of <u>Exhibit D</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Waiver, Amendment</u>. Neither this
 Agreement nor any provisions hereof shall be modified, changed, discharged or terminated
 except by an instrument in writing, signed by the party against whom any waiver, change,
 discharge or termination is sought.

&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Assignability</u>. Neither this Agreement
 nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall
 be assignable by the Company or the Investor without the prior written consent of the other
 party.

&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Withholding; Required Tax Forms</u>.
 The Investor (or Account(s) of such Investor, if applicable) shall deliver to the Company,
 at least one (1) business day prior to the Closing, an accurately completed and duly executed
 IRS Form W-9 or IRS Form W-8IMY, W-8BEN, W-8BEN-E or W-8ECI, as applicable (or any successor
 form), and with any required attachments thereto (as applicable). The Investor (or Account(s)
 of such Investor, if applicable) acknowledges that, if the Investor (or Account(s) of such
 Investor, if applicable) (i) is a "United States person" (as defined in Section
 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the "**Code** ")),
 then the Company must be provided with a correct taxpayer identification number (generally,
 a person's social security number or federal employer identification number) on an
 accurately completed and duly executed IRS Form W-9 or (ii) is not a "United States
 person" (as defined in Section 7701(a)(30) of the Code) (a "**Non-U.S. Holder** "),
 then the Company must be provided with an accurately completed and duly executed applicable
 IRS Form W-8, attesting to the non-U.S. status of the Investor (or Account(s) of such Investor,
 if applicable) and any other information as may be reasonably necessary to eliminate any
 withholding or deduction, including information establishing an exemption from withholding
 under Sections 1471 through 1474 of the Code. The Investor (or Account(s) of such Investor,
 if applicable) further acknowledges that any Investor (or Account(s) of such Investor, if
 applicable) may be subject to 30% U.S. federal withholding or 24% U.S. federal backup withholding
 on certain payments or deliveries made to such Investor (or Account(s) of such Investor,
 if applicable) unless such Investor (or Account(s) of such Investor, if applicable) properly
 establishes an exemption from, or a reduced rate of, such withholding or backup withholding.
 Without limiting the generality of the foregoing, the Investor (or Account(s) of such Investor,
 if applicable) hereby represents that it is able to receive any consideration payable hereunder
 (including any amounts attributable to accrued and unpaid interest) without any U.S. federal
 withholding tax and is entitled to provide U.S. tax forms and required attachments indicating
 the same (including, where relevant, any certifications indicating that the Investor (or
 Account(s) of such Investor, if applicable) fulfills the requirements of "portfolio
 interest exemption" as indicated in <u>Exhibit E</u>) and agrees to hold the Company
 and its agents harmless for the breach of such representation. Any forms required to be delivered
 to the Company pursuant to this <u>Section 12</u> shall be delivered in accordance with <u>Section ‎20</u>;
 provided that such communication shall be made via electronic mail.

&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Waiver of Jury Trial</u>. EACH OF
 THE COMPANY AND THE INVESTOR (FOR ITSELF AND, IF APPLICABLE, ON BEHALF OF EACH ACCOUNT) IRREVOCABLY
 WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT
 OF THE TRANSACTIONS CONTEMPLATED BY THIS EXCHANGE/SUBSCRIPTION AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Governing Law</u>. THIS AGREEMENT
 SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW
 PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE
 OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Submission to Jurisdiction</u>. Each
 of the Company and the Investor (for itself and, if applicable, on behalf of each Account)
 (a) agrees that any legal suit, action or proceeding arising out of or relating to this
 Agreement or the transactions contemplated hereby shall be instituted exclusively in the
 courts of the State of New York located in the City and County of New York or in the United
 States District Court for the Southern District of New York; (b) waives any objection
 that it may now or hereafter have to the venue of any such suit, action or proceeding; and
 (c) irrevocably consents to the jurisdiction of the aforesaid courts in any such suit,
 action or proceeding. Each of the Company and the Investor (for itself and, if applicable,
 on behalf of each Account) agrees that a final judgment in any such action or proceeding
 shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or
 in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Venue</u>. Each of the Company and
 the Investor (for itself and, if applicable, on behalf of each Account) irrevocably and unconditionally
 waives, to the fullest extent it may legally and effectively do so, any objection which it
 may now or hereafter have to the laying of venue of any suit, action or proceeding arising
 out of or relating to this Agreement in any court referred to in <u>Section ‎15</u>.
 Each of the Company and the Investor (for itself and, if applicable, on behalf of each Account)
 irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient
 forum to the maintenance of such action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Service of Process</u>. Each of the
 Company and the Investor (for itself and, if applicable, on behalf of each Account) irrevocably
 consents to service of process in the manner provided for notices in <u>Section ‎20</u>.
 Nothing in this Exchange/Subscription Agreement will affect the right of any party to this
 Agreement to serve process in any other manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Section and Other Headings</u>. The
 section and other headings contained in this Exchange/Subscription Agreement are for reference
 purposes only and shall not affect the meaning or interpretation of this Exchange/Subscription
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Counterparts</u>. This Agreement
 may be executed, either manually or by way of a digital signature provided by DocuSign (or
 similar digital signature provider), by one or more of the parties hereto in any number of
 separate counterparts (including by facsimile or other electronic means, including telecopy,
 email or otherwise), and all of said counterparts taken together shall be deemed to constitute
 one and the same instrument. Delivery of an executed signature page of this Exchange/Subscription
 Agreement (whether executed manually or by way of a digital signature as described herein
 this Section 19) by facsimile or other transmission (*e.g.*, "pdf" or "tif"
 format) shall be effective as delivery of a manually executed counterpart hereof.

&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Notices</u>. All notices and other
 communications to the Company provided for herein shall be in writing and shall be deemed
 to have been duly given if delivered personally or sent by registered or certified mail,
 return receipt requested, postage prepaid to the following addresses or pursuant to the following
 email addresses, or, in the case of the Investor or any Account, the address provided in <u>Exhibit D</u> (or such other address as either party shall have specified by notice in
 writing to the other):

If to the Company: Novavax, Inc. 700 Quince Orchard Road Gaithersburg, MD 20878 Attention: Chief Financial Officer <br>

&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Binding Effect</u>. The provisions
 of this Exchange/Subscription Agreement shall be binding upon and accrue to the benefit of
 the parties hereto and their respective heirs, legal representatives, successors and permitted
 assigns.

&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Notification of Changes</u>. The
 Investor (for itself and, if applicable, on behalf of each Account) hereby covenants and
 agrees to notify the Company upon the occurrence of any event prior to the Closing that would
 cause any representation, warranty, or covenant of the Investor (and/or such Account) contained
 in this Agreement to be false or incorrect in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Reliance by Placement Agent</u>.
 The Placement Agent may rely on each representation and warranty of the Company and the Investor
 made herein or pursuant to the terms hereof (including, without limitation, in any officer's
 certificate delivered pursuant to the terms hereof) with the same force and effect as if
 such representation or warranty were made directly to the Placement Agent. The Placement
 Agent shall be a third party beneficiary to this Exchange/Subscription Agreement to the extent
 provided in this <u>Section ‎23</u>.

&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Severability</u>. If any term or
 provision (in whole or in part) of this Exchange/Subscription Agreement is invalid, illegal
 or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall
 not affect any other term or provision of this Exchange/Subscription Agreement or invalidate
 or render unenforceable such term or provision in any other jurisdiction.

[*Signature Pages Follow*]

IN WITNESS WHEREOF, the Investor (for itself and, if applicable, on behalf of each Account) has executed this Exchange/Subscription Agreement as of the date first written above.

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|:---|:---|
| **Legal Name of Executing Investor:** | **Legal Name of Executing Investor:** |
| By | |
|  | Name: |
|  | Title: |
|  | Legal Name: |

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[*Signature Page to Exchange/Subscription Agreement*]

**ACCEPTED AND AGREED:** 

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| | |
|:---|:---|
| **Novavax, Inc.** | **Novavax, Inc.** |
| By | |
|  | Name: |
|  | Title: |

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[*Signature Page to Exchange/Subscription Agreement*]

## Exhibit 99.1

**Exhibit 99.1**

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| | |
|:---|:---|
| Press Release | ![](tm2524045d1_ex99-1img002.jpg) |

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**Novavax Announces Convertible Debt Refinancing**

· *Refinancing extends maturity of most existing debt with improved terms* 

· *$225 million of convertible notes due in 2031 issued, including a ~$175 million exchange for the retirement of existing convertible notes due in 2027 and ~$50 million of new money* 

 

**GAITHERSBURG, Md., August 21** **, 2025** – Novavax, Inc. (Nasdaq: NVAX) today announced that it has entered into privately negotiated agreements with certain of the holders of its existing 5.00% Convertible Senior Notes due 2027 (the "2027 Notes") and new investors, pursuant to which the Company will issue $225 million aggregate principal amount of its 4.625% Convertible Senior Notes due 2031 (the "2031 Notes") consisting of (i) approximately $175.3 million principal amount of 2031 Notes issued in exchange for approximately $148.7 million principal amount of 2027 Notes (the "Exchange Transactions"), and (ii) approximately $49.7 million principal amount of 2031 Notes for cash (the "Subscription Transactions" and, together with the Exchange Transactions, the "Transactions").

The conversion price of the 2031 Notes will initially be $11.14 per share of Novavax's common stock, which represents a conversion premium of 27.5% over the closing price of Novavax's common stock on August 20, 2025. Upon the completion of the Transactions, which is expected to occur on or about August 27, 2025, approximately $26.5 million in aggregate principal amount of the 2027 Notes will remain outstanding with terms unchanged, and the aggregate principal amount of the 2031 Notes outstanding will be $225 million.

The 2031 Notes extend debt maturity date to 2031 for the majority of the existing 2027 Notes and supports improvement to the Novavax capital structure.

Neither the 2031 Notes, nor any shares of the Company's common stock issuable upon conversion of the 2031 Notes, have been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the 2031 Notes, the Company's common stock potentially issuable upon conversion of the 2031 Notes or any other securities, and will not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

**About Novavax.**

Novavax, Inc. (Nasdaq: NVAX) tackles some of the world's most pressing health challenges with its scientific expertise in vaccines and its proven technology platform, including protein-based nanoparticles and its Matrix-M adjuvant. The Company's growth strategy seeks to optimize its existing partnerships and expand access to its proven technology platform via R&D innovation, organic portfolio expansion in infectious disease and beyond, and forging new partnerships and collaborations with other companies. Please visit novavax.com and LinkedIn for more information

***Forward-Looking Statements***

 

*This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Any statements that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as "may," "will," "should," "estimates," "predicts," "potential," "continue," "strategy," "believes," "anticipates," "plans," "expects," "intends" and similar expressions are intended to identify forward-looking statements. These forward-looking statements include but are not limited to the Company's ability to close the foregoing transactions on the timeline described, with the terms anticipated, or at all. Actual results could differ materially from those projected in forward-looking statements depending on a variety of factors. These include that the closing of the transactions is subject to closing conditions. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's reports on Forms 10-K and 10-Q, as well as other reports that Novavax files from time to time with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement, and Novavax undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.*

**Contacts:**

<u>Investors</u>

Luis Sanay, CFA

240-268-2022

<u>ir@novavax.com</u>

<u>Media</u>

Giovanna Chandler

844-264-8571

<u>media@novavax.com</u>