Document:

EX-4.4

 Exhibit 4.4 

FINAL FORM 
 THESE SECURITIES HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL
(WHICH MAY BE COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS. 

WARRANT AGREEMENT 
 To Purchase
Shares of Preferred Stock of 
 TPI COMPOSITES, INC. 

Dated as of [•] (the “Effective Date”) 

WHEREAS, TPI COMPOSITES, INC., a Delaware corporation, has entered into a Super Senior Redeemable Preferred Stock Purchase Agreement dated as of the date
hereof (the “Purchase Agreement”) with [•], a Delaware limited partnership (the “Warrantholder”); 
 WHEREAS, the
Company (as defined below) desires to grant to Warrantholder, in consideration for, among other things, the financial accommodations provided for in the Purchase Agreement, the right to purchase shares of Preferred Stock pursuant to this Warrant
Agreement (the “Agreement”); 
 NOW, THEREFORE, in consideration of the Warrantholder executing and delivering the Purchase Agreement and
providing the financial accommodations contemplated therein, and in consideration of the mutual covenants and agreements contained herein, the Company and Warrantholder agree as follows: 

SECTION 1. GRANT OF THE RIGHT TO PURCHASE PREFERRED STOCK. 

For value received, the Company hereby grants to the Warrantholder, and the Warrantholder is entitled, upon the terms and subject to the conditions hereinafter
set forth, to subscribe for and purchase, from the Company, an aggregate number of fully paid and nonassessable Preferred Stock equal to the quotient derived by dividing the Warrant Coverage Amount (as defined below) by the Exercise Price. As used
herein, the following terms shall have the following meanings: 
 “Act” means the Securities Act of 1933, as amended; 

“Company” means TPI COMPOSITES, INC., a Delaware corporation, and any successor or surviving entity that assumes the
obligations of the Company under this Agreement pursuant to Section 8(a); 
 “Charter” means the Seventh Amended and
Restated Certificate of Incorporation, as amended, or other constitutional document, as may be amended from time to time; 
 “Common
Stock” means the Company’s common stock; 
 “Equity Round” means any non-public offering of equity securities
by the Company, after the Effective Date but prior to the consummation of an Initial Public Offering in a transaction or series of related transactions principally for equity financing purposes in which the cash is received by the Company and/or
debt of the Company is cancelled or converted in exchange for equity securities of the Company; 
 “Exercise Price” means
(a) if Preferred Stock means Series B Preferred Stock, $8,748.81 per share, or (b) if Preferred Stock means Next Round Stock, the lowest price per share of Next Round Stock paid by investors in the Next Round (including any discounts
provided to other stockholders), in either case subject to adjustment pursuant to Section 8; 

  
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 “Initial Public Offering” means the initial underwritten public offering of
the Company’s Common Stock pursuant to a registration statement under the Act, which public offering has been declared effective by the Securities and Exchange Commission (“SEC”); 

“IRA Agreement” has the meaning ascribed thereto in Section 3(c); 

“Liquidation Event” shall have the meaning set forth in the Voting Agreement; 

“Merger Event” means any sale, lease or other transfer of all of the Equity Securities of the Company or all or substantially
all assets of the Company or any merger or consolidation involving the Company in which the Company is not the surviving entity, or in which the outstanding shares of the Company’s capital stock are otherwise converted into or exchanged for
shares of preferred stock, other securities or property of another entity or any Liquidation Event; 
 “Next Round” means
the next Equity Round in which the Company issues and sells shares of its preferred stock for aggregate proceeds of at least $5,000,000 that is consummated before the second anniversary of the Effective Date; 

“Preferred Stock” means, at the sole election of the Warrantholder (which such election must be made not later than five
(5) business days prior to the closing of the Next Round), (A) the Series B Preferred Stock of the Company, or (B) upon the closing of the Next Round, the class and series of the preferred stock of the Company issued in Next Round
(such stock, the “Next Round Stock”), and, to the extent provided in Sections 8(a) and (b),any other stock into or for which such Preferred Stock may be converted or exchanged; provided that upon and after the occurrence of an event
which results in the automatic or voluntary conversion, redemption or retirement of all (but not less than all) of the outstanding shares of such Preferred Stock, including, without limitation, the consummation of an Initial Public Offering of the
Common Stock in which such a conversion occurs, then from and after the date upon which such outstanding shares are so converted, redeemed or retired, “Preferred Stock” shall mean the Common Stock; 

“Purchase Price” means, with respect to any exercise of this Agreement, an amount equal to the Exercise Price as of the
relevant time multiplied by the number of shares of Preferred Stock requested to be exercised under this Agreement pursuant to such exercise; and 

“Voting Agreement” has the meaning ascribed thereto in Section 3(c). 

“Warrant Coverage Amount” shall mean $[•]. 

SECTION 2. TERM OF THE AGREEMENT. 
 Except as otherwise
provided for herein, the term of this Agreement and the right to purchase Preferred Stock as granted herein (the “Warrant”) shall commence on the Effective Date and shall be exercisable for a period (the “Exercise
Period”) ending upon the earliest to occur of (i) the eighth anniversary of the Effective Date, (ii) the date of the Initial Public Offering, or (iii) the date of the Merger Event. In the event that Company is contemplating
the Initial Public Offering or Merger Event and the Exercise Period will conclude as a result, the Company shall give the Warrantholder thirty (30) days’ written notice, waivable in writing by the Warrantholder, of the contemplated date of
the Initial Public Offering or Merger Event, during which period the Warrantholder shall be entitled to exercise. 
 SECTION 3. EXERCISE OF THE
PURCHASE RIGHTS. 
 (a) Exercise. The purchase rights set forth in this Agreement are exercisable by the Warrantholder, in whole or in
part, at any time, or from time to time, prior to the expiration of the term set forth in Section 2, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as Exhibit I (the “Notice
of Exercise”), duly completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of the Purchase Price in accordance with the terms set forth below, and in no event later than three (3) days thereafter, the
Company shall issue to the Warrantholder a certificate for the number of shares of Preferred Stock purchased and shall execute the acknowledgment of exercise in the form attached hereto as Exhibit II (the “Acknowledgment of
Exercise”) indicating the number of shares which remain subject to future purchases, if any. 

  
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 The Purchase Price may be paid at the Warrantholder’s election either (i) by cash or check, or
(ii) by surrender of all or a portion of the Warrant for shares of Preferred Stock to be exercised under this Agreement and, if applicable, an amended Agreement representing the remaining number of shares purchasable hereunder, as determined
below (“Net Issuance”). If the Warrantholder elects the Net Issuance method, the Company will issue Preferred Stock in accordance with the following formula: 
  

					
		  		  	 X = Y(A-B)

          A

			
	Where:	  	X =	  	the number of shares of Preferred Stock to be issued to the Warrantholder.
			
		  	Y =	  	the number of shares of Preferred Stock requested to be exercised under this Agreement.
			
		  	A =	  	the fair market value of one (1) share of Preferred Stock at the time of issuance of such shares of Preferred Stock.
			
		  	B =	  	the Exercise Price.

 For purposes of the above calculation, current fair market value of Preferred Stock shall mean with respect to each share of
Preferred Stock: 
 (i) if the exercise is in connection with an Initial Public Offering, and if the Company’s
registration statement relating to such Initial Public Offering has been declared effective by the SEC, then the fair market value per share shall be the product of (x) the midpoint of the range of offering prices of the Common Stock specified
in the registration statement with respect to the offering and (y) the number of shares of Common Stock into which each share of Preferred Stock is convertible at the time of such exercise; 

(ii) if at any time the Common Stock is not listed on any securities exchange or quoted in the NASDAQ National Market or the
over-the-counter market, the current fair market value of Preferred Stock shall be the product of (x) the highest price per share which the Company could obtain from a willing buyer (not a current employee or director) for shares of Common
Stock sold by the Company, from authorized but unissued shares, as determined in good faith by its Board of Directors and (y) the number of shares of Common Stock into which each share of Preferred Stock is convertible at the time of such
exercise, unless the Company shall become subject to a Merger Event, in which case the fair market value of Preferred Stock shall be deemed to be the per share value to be received by the holders of the Company’s Preferred Stock on a common
equivalent basis pursuant to such Merger Event. 
 Upon partial exercise by either cash or Net Issuance, the Company shall promptly issue an amended
Agreement representing the remaining number of shares purchasable hereunder. All other terms and conditions of such amended Agreement shall be identical to those contained herein, including, but not limited to the Effective Date hereof. 

(b) Exercise Prior to Expiration. To the extent this Agreement is not previously exercised as to all Preferred Stock subject hereto,
and if the fair market value of one share of the Preferred Stock is greater than the Exercise Price then in effect, this Agreement shall be deemed automatically exercised pursuant to the Net Issuance provisions of Section 3(a) (even if not
surrendered) immediately before its expiration. For purposes of such automatic exercise, the fair market value of one share of the Preferred Stock upon such expiration shall be determined pursuant to Section 3(a). To the extent this Agreement
or any portion thereof is deemed automatically exercised pursuant to this Section 3(b), the Company agrees to promptly notify the Warrantholder of the number of shares of Preferred Stock, if any, the Warrantholder is to receive by reason of
such automatic exercise. 
 (c) Conditions to Exercise. Simultaneously with and as a condition to the consummation of any exercise of
all or any portion of the warrant contemplated by this Agreement, the Warrantholder shall enter into joinder agreements to become a party to (i) the Company’s Third Amended 

  
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and Restated Right of First Refusal, Co-Sale and Voting Agreement dated as of June 17, 2010, as the same may be amended from time to time (the “Voting Agreement”) to become
an “Investor” thereunder and (ii) the Company’s Third Amended and Restated Investor Rights Agreement dated June 17, 2010, as the same may be amended from time to time (the “IRA Agreement”) to become an
“Investor” thereunder such that the Preferred Stock will be “Registrable Securities” thereunder. 
 SECTION 4. RESERVATION OF
SHARES. 
 The Company shall amend its Charter as of the date hereof to authorize and reserve a sufficient number of shares of its Preferred Stock to provide
for the exercise of the rights to purchase Preferred Stock as provided for herein, and shall authorize and reserve a sufficient number of shares of its Common Stock to provide for conversion of the Preferred Shares available hereunder. 

SECTION 5. NO FRACTIONAL SHARES OR SCRIP. 
 No fractional
shares or scrip representing fractional shares shall be issued upon the exercise of this Agreement, but in lieu of such fractional shares the Company shall make a cash payment therefor upon the basis of the Exercise Price then in effect. 

SECTION 6. NO RIGHTS AS STOCKHOLDER. 
 This Agreement does
not entitle the Warrantholder to any voting rights or other rights as a stockholder of the Company prior to the exercise of this Agreement. 
 SECTION 7.
WARRANTHOLDER REGISTRY. 
 The Company shall maintain a registry showing the name and address of the registered holder of this Agreement.
Warrantholder’s initial address, for purposes of such registry, is set forth below Warrantholder’s signature on this Agreement. Warrantholder may change such address by giving written notice of such changed address to the Company. 

SECTION 8. ADJUSTMENT RIGHTS. 
 The Exercise Price and the
number of shares of Preferred Stock purchasable hereunder are subject to adjustment, as follows: 
 (a) Merger Event. In connection
with a Merger Event, the Company shall cause any part of this Warrant Agreement that has not yet been exercised to be exchanged for the consideration that Warrantholder would have received if Warrantholder chose to exercise its right to have shares
issued pursuant to the Net Issuance provisions of this Warrant Agreement without actually exercising such right, acquiring such shares and exchanging such shares for such consideration, and in connection therewith, this Warrant Agreement shall
terminate. 
 (b) Reclassification of Shares. Except for Merger Events subject to Section 8(a), if the Company at any time
shall, by combination, reclassification, exchange or subdivision of securities or otherwise, change any of the securities as to which purchase rights under this Agreement exist into the same or a different number of securities of any other class or
classes, this Agreement shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities which were subject to the purchase rights under this
Agreement immediately prior to such combination, reclassification, exchange, subdivision or other change. The provisions of this Section 8(b) shall similarly apply to successive combination, reclassification, exchange, subdivision or other
change. 
 (c) Subdivision or Combination of Shares. If the Company at any time shall combine or subdivide its Preferred Stock,
(i) in the case of a subdivision, the Exercise Price shall be proportionately decreased, , or (ii) in the case of a combination, the Exercise Price shall be proportionately increased,. 

  
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 (d) Stock Dividends. If the Company at any time while this Agreement is outstanding
and unexpired shall: 
 (i) pay a dividend with respect to the Preferred Stock payable in Preferred Stock, then the Exercise
Price shall be adjusted, from and after the date of determination of stockholders entitled to receive such dividend or distribution, to that price determined by multiplying the Exercise Price in effect immediately prior to such date of determination
by a fraction (A) the numerator of which shall be the total number of shares of Preferred Stock outstanding immediately prior to such dividend or distribution, and (B) the denominator of which shall be the total number of shares of
Preferred Stock outstanding immediately after such dividend or distribution; or 
 (ii) make any other distribution with
respect to Preferred Stock (or stock into which the Preferred Stock is convertible), except any distribution specifically provided for in any other clause of this Section 8, then, in each such case, provision shall be made by the Company such
that the Warrantholder shall receive upon exercise or conversion of this Warrant a proportionate share of any such distribution as though it were the holder of the Preferred Stock (or other stock for which the Preferred Stock is convertible) as of
the record date fixed for the determination of the stockholders of the Company entitled to receive such distribution. 
 (e) Antidilution
Rights. Additional antidilution rights applicable to the Preferred Stock purchasable hereunder are as set forth in the Charter and shall be applicable with respect to the Preferred Stock issuable hereunder. The Company shall promptly provide the
Warrantholder with any restatement, amendment, modification or waiver of the Charter; provided, that no such amendment, modification or waiver shall impair or reduce the antidilution rights applicable to the Preferred Stock as of the date
hereof unless such amendment, modification or waiver affects the rights of Warrantholder with respect to the Preferred Stock in the same manner as it affects all other holders of Preferred Stock. The Company shall provide Warrantholder with prior
written notice of any issuance of its stock or other equity security to occur after the Effective Date of this Agreement, which notice shall include (a) the price at which such stock or security is to be sold, (b) the number of shares to
be issued, and (c) such other information as necessary for Warrantholder to determine if a dilutive event has occurred. For the avoidance of doubt, there shall be no duplicate anti-dilution adjustment pursuant to this subsection (e), the
forgoing subsection (d) and the Charter. 
 (f) Notice of Adjustments. If: (i) the Company shall declare any dividend or
distribution upon its stock, whether in stock, cash, property or other securities (assuming Warrantholder consents to a dividend involving cash, property or other securities); (ii) there shall be any Merger Event; (iii) there shall be an
Initial Public Offering; (iv) the Company shall sell, lease, license or otherwise transfer all or substantially all of its assets; or (v) there shall be any voluntary dissolution, liquidation or winding up of the Company; then, in
connection with each such event, the Company shall send to the Warrantholder: (A) at least five (5) business days’ prior written notice of the date on which the books of the Company shall close or a record shall be taken for such
dividend, distribution, subscription rights (specifying the date on which the holders of Preferred Stock shall be entitled thereto) or for determining rights to vote in respect of such Merger Event, dissolution, liquidation or winding up;
(B) in the case of any such Merger Event, sale, lease, license or other transfer of all or substantially all assets, dissolution, liquidation or winding up, at least five (5) business days’ prior written notice of the date when the
same shall take place (and specifying the date on which the holders of Preferred Stock shall be entitled to exchange their Preferred Stock for securities or other property deliverable upon such Merger Event, dissolution, liquidation or winding up);
and (C) in the case of an Initial Public Offering, the Company shall give the Warrantholder at least five (5) business days’ written notice prior to the effective date thereof. Notwithstanding the foregoing, the Company shall have no
liability for failing to timely give such notice, except to the extent the Warrantholder is materially and adversely affected by such failure. 
 Each such
written notice shall set forth, in reasonable detail, (i) the event requiring the notice, and (ii) if any adjustment is required to be made, (A) the amount of such adjustment, (B) the method by which such

  
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adjustment was calculated, (C) the adjusted Exercise Price (if the Exercise Price has been adjusted), and (D) the number of shares subject to purchase hereunder after giving effect to
such adjustment, and shall be given by first class mail, postage prepaid, or by reputable overnight courier with all charges prepaid, addressed to the Warrantholder at the address for Warrantholder set forth in the registry referred to in
Section 7. 
 SECTION 9. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. 

(a) Reservation of Preferred Stock. The Preferred Stock issuable upon exercise of the Warrantholder’s rights will be duly and
validly reserved and, when issued in accordance with the provisions of this Agreement, will be validly issued, fully paid and non-assessable, and will be free of any taxes, liens, charges or encumbrances of any nature whatsoever; provided,
that the Preferred Stock issuable pursuant to this Agreement may be subject to restrictions on transfer under state and/or federal securities laws and as provided in the Voting Agreement and IRA Agreement. The Company has made available to the
Warrantholder true, correct and complete copies of its Charter and current bylaws. The issuance of certificates for shares of Preferred Stock upon exercise of this Agreement shall be made without charge to the Warrantholder for any issuance tax in
respect thereof, or other cost incurred by the Company in connection with such exercise and the related issuance of shares of Preferred Stock; provided, that the Company shall not be required to pay any tax which may be payable in respect of
any transfer and the issuance and delivery of any certificate in a name other than that of the Warrantholder. 
 (b) Due Authority.
The execution and delivery by the Company of this Agreement and the performance of all obligations of the Company hereunder, including the issuance to Warrantholder of the right to acquire the shares of Preferred Stock and the Common Stock into
which it may be converted, have been duly authorized by all necessary corporate action on the part of the Company. Subject to amending the Charter to authorize the Preferred Stock, this Agreement: (1) does not violate the Company’s Charter
or current bylaws; (2) does not contravene any law or governmental rule, regulation or order applicable to it; and (3) does not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, contract or
other instrument to which it is a party or by which it is bound. This Agreement constitutes a legal, valid and binding agreement of the Company, enforceable in accordance with its terms. 

(c) Consents and Approvals. No consent or approval of, giving of notice to, registration with, or taking of any other action in respect
of any state, federal or other governmental authority or agency is required with respect to the execution, delivery and performance by the Company of its obligations under this Agreement, except for the filing of notices pursuant to Regulation D
under the Act and any filing required by applicable state securities law, which filings will be effective by the time required thereby. 

(d) Issued Securities. As of the date hereof: 

(i) The authorized capital of the Company consists of (A) 30,000 shares of Common Stock, of which 11,773.5963 shares are
issued and outstanding, and (B) 13,737 shares of Preferred Stock, of which 12,611.6018 shares are issued and outstanding. 

(ii) The Company has reserved 1,439 shares of Common Stock for issuance under its 2004 Stock Option and Grant Plan, as amended,
of which 1,126.2337 shares of restricted stock and no options have been granted to date and of which no shares of Common Stock are available for future grant; and the Company has reserved 2,968.4904 shares of Common Stock for issuance under its 2008
Stock Option and Grant Plan, as amended (the “2008 Plan”), of which options to acquire 99.1825 shares of Common Stock have been granted to date and are outstanding and of which 2,869.3079 shares of Common Stock are available for
future grant. Stock appreciation rights for 2,146.3269 shares of Common Stock have expired and the shares have been added back into the available reserved pool pursuant to the terms of the 2008 Plan. The Company has

  
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authorized warrants for the purchase of 250 shares of Series B Preferred Stock, of which 176.79 are outstanding. There are no other options, warrants, conversion privileges or other rights
presently outstanding to purchase or otherwise acquire any authorized but unissued shares of the Company’s capital stock or other securities of the Company. The Company has no outstanding loans to any employee, officer or director of the
Company, and the Company agrees not to enter into any such loan or otherwise guarantee the payment of any loan made to an employee, officer or director by a third party. 

(e) Other Commitments to Register Securities. Except as set forth in this Agreement and in the IRA Agreement, the Company is not,
pursuant to the terms of any other agreement currently in existence, under any obligation to register under the Act any of its presently outstanding securities or any of its securities which may hereafter be issued. 

(f) Exempt Transaction. Subject to the accuracy of the Warrantholder’s representations in Section 10, the issuance of the
Preferred Stock upon exercise of this Agreement, and the issuance of the Common Stock upon conversion of the Preferred Stock, will each constitute a transaction exempt from (i) the registration requirements of Section 5 of the Act, in
reliance upon Section 4(2) thereof, and (ii) the qualification requirements of the applicable state securities laws. 
 (g)
Information Rights. During the term of this Warrant, Warrantholder shall be entitled to the information rights contained in Section 3.1 of the IRA Agreement, and Section 3.1 of the IRA Agreement is hereby incorporated into this
Agreement by this reference as though fully set forth herein. 
 SECTION 10. REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER. 

This Agreement has been entered into by the Company in reliance upon the following representations and covenants of the Warrantholder: 

(a) Investment Purpose. The right to acquire Preferred Stock is being acquired for investment and not with a view to the sale or
distribution of any part thereof, and the Warrantholder has no present intention of selling or engaging in any public distribution of such rights or the Preferred Stock except pursuant to an effective registration statement or an exemption from the
registration requirements of the Act. 
 (b) Private Issue. The Warrantholder understands (i) that the Preferred Stock issuable
upon exercise of this Agreement is not registered under the Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Agreement will be exempt from the registration and qualifications requirements
thereof, and (ii) that the Company’s reliance on such exemption is predicated on the representations set forth in this Section 10. 

(c) Financial Risk. The Warrantholder has such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of its investment, and has the ability to bear the economic risks of its investment. 
 (d) Risk of No
Registration. The Warrantholder understands that if the Company does not register with the SEC pursuant to Section 12 of the Securities Exchange Act of 1934 (the “1934 Act”), or file reports pursuant to Section 15(d)
of the 1934 Act, or if a registration statement covering the securities under the Act is not in effect when it desires to sell (i) the rights to purchase Preferred Stock pursuant to this Agreement or (ii) the Preferred Stock issuable upon
exercise of the right to purchase, it may be required to hold such securities for an indefinite period. The Warrantholder also understands that any sale of (A) its rights hereunder to purchase Preferred Stock or (B) Preferred Stock issued
or issuable hereunder which might be made by it in reliance upon Rule 144 under the Act may be made only in accordance with the terms and conditions of that Rule. 

  
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 (e) Accredited Investor. Warrantholder is an “accredited investor” within
the meaning of the Securities and Exchange Rule 501 of Regulation D, as presently in effect. 
 SECTION 11. TRANSFERS. 

Subject to compliance with applicable federal and state securities laws, this Agreement and all rights hereunder are, with the consent of the Company (other
than with respect to a transfer to an affiliate of the Warrantholder, in which case the consent of the Company shall not be required), transferable, in whole or in part, without charge to the holder hereof (except for transfer taxes) upon surrender
of this Agreement properly endorsed. Each taker and holder of this Agreement, by taking or holding the same, consents and agrees that this Agreement, when endorsed in blank, shall be deemed negotiable, and that the holder hereof, when this Agreement
shall have been so endorsed and its transfer recorded on the Company’s books, shall be treated by the Company and all other persons dealing with this Agreement as the absolute owner hereof for any purpose and as the person entitled to exercise
the rights represented by this Agreement. The transfer of this Agreement in accordance with this Section 11 shall be recorded on the books of the Company upon receipt by the Company of a notice of transfer in the form attached hereto as Exhibit
III (the “Transfer Notice”), at its principal offices and the payment to the Company of all transfer taxes and other governmental charges imposed on such transfer. Until the Company receives such Transfer Notice, the Company may
treat the registered owner hereof as the owner for all purposes. 
 SECTION 12. MISCELLANEOUS. 

(a) Effective Date. The provisions of this Agreement shall be construed and shall be given effect in all respects as if it had been
executed and delivered by the Company on the date hereof. This Agreement shall be binding upon any successors or assigns of the Company. 

(b) Remedies. In the event of any default hereunder, the non-defaulting party may proceed to protect and enforce its rights either by
suit in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where Warrantholder will not have an adequate remedy at law and
where damages will not be readily ascertainable. The Company expressly agrees that it shall not oppose an application by the Warrantholder or any other person entitled to the benefit of this Agreement requiring specific performance of any or all
provisions hereof or enjoining the Company from continuing to commit any such breach of this Agreement. 
 (c) No Impairment of
Rights. The Company will not, by amendment of its Charter or through any other means, avoid or seek to avoid the observance or performance of any of the terms of this Agreement, but will at all times in good faith assist in the carrying out of
all such terms and in the taking of all such actions as may be necessary or appropriate in order to protect the rights of the Warrantholder against impairment. 

(d) Additional Documents. The Company shall supply such other documents as the Warrantholder may from time to time reasonably request.

 (e) Attorney’s Fees. In any litigation, arbitration or court proceeding between the Company and the Warrantholder relating
hereto, the prevailing party shall be entitled to attorneys’ fees and expenses and all costs of proceedings incurred in enforcing this Agreement. For the purposes of this Section 12(e), attorneys’ fees shall include without limitation
fees incurred in connection with the following: (i) contempt proceedings; (ii) discovery; (iii) any motion, proceeding or other activity of any kind in connection with an insolvency proceeding; (iv) garnishment, levy, and debtor
and third party examinations; and (v) post-judgment motions and proceedings of any kind, including without limitation any activity taken to collect or enforce any judgment. 

(f) Severability. In the event any one or more of the provisions of this Agreement shall for any reason be held invalid, illegal or
unenforceable, the remaining provisions of this Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually 

  
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acceptable valid, legal and enforceable provision, which comes closest to the intention of the parties underlying the invalid, illegal or unenforceable provision. 

(g) Notices. Except as otherwise provided herein, any notice, demand, request, consent, approval, declaration, service of process or
other communication that is required, contemplated, or permitted under this Agreement or with respect to the subject matter hereof shall be in writing, and shall be deemed to have been validly served, given, delivered, and received upon the earlier
of: (i) the day of transmission by facsimile or hand delivery if transmission or delivery occurs on a business day at or before 5:00 pm in the time zone of the recipient, or, if transmission or delivery occurs on a non-business day or after
such time, the first business day thereafter, or the first business day after deposit with an overnight express service or overnight mail delivery service; or (ii) the third calendar day after deposit in the United States mails, with proper
first class postage prepaid, and shall be addressed to the party to be notified as follows: 
 If to the Warrantholder: 

[WARRANTHOLDER NOTICE INFO] 
 If
to the Company: 
 TPI Composites, Inc. 

Attention: William E. Siwek 
 8501
N. Scottsdale Road 
 Gainey Center II, Suite 280 

Scottsdale, AZ 85253 
 Facsimile:
480-305-8315 
 Telephone: 480-305-8922 

with a copy to: 
 Goodwin Procter
LLP 
 Attention: H. David Henken, Esq. 

53 State Street 
 Boston, MA 02109

 Facsimile: 617-523-1231 

Telephone: 617-570-1672 
 or to such other
address as each party may designate for itself by like notice. 
 (h) Entire Agreement; Amendments. This Agreement constitute the
entire agreement and understanding of the parties hereto in respect of the subject matter hereof, and supersede and replace in their entirety any prior proposals, term sheets, letters, negotiations or other documents or agreements, whether written
or oral, with respect to the subject matter hereof. None of the terms of this Agreement may be amended except by an instrument executed by each of the parties hereto. 

(i) Headings. The various headings in this Agreement are inserted for convenience only and shall not affect the meaning or
interpretation of this Agreement or any provisions hereof. 
 (j) No Strict Construction. The parties hereto have participated
jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof
shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 
 (k) No Waiver. No
omission or delay by Warrantholder at any time to enforce any right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof 

  
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by the Company at any time designated, shall be a waiver of any such right or remedy to which Warrantholder is entitled, nor shall it in any way affect the right of Warrantholder to enforce such
provisions thereafter. 
 (l) Survival. All agreements, representations and warranties contained in this Agreement or in any document
delivered pursuant hereto shall be for the benefit of Warrantholder and shall survive the execution and delivery of this Agreement and the expiration or other termination of this Agreement. 

(m) Governing Law. This Agreement have been negotiated and delivered to Warrantholder in the State of California, and shall have been
accepted by Warrantholder in the State of California. Delivery of Preferred Stock to Warrantholder by the Company under this Agreement is due in the State of California. Except with respect to corporate law matters and related matters which shall be
governed by Delaware corporate law, this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any other
jurisdiction. 
 (n) Consent to Jurisdiction and Venue. All judicial proceedings arising in or under or related to this Agreement may
be brought in any state or federal court of competent jurisdiction located in the State of California. By execution and delivery of this Agreement, each party hereto generally and unconditionally: (a) consents to personal jurisdiction in Santa
Clara County, State of California; (b) waives any objection as to jurisdiction or venue in Santa Clara County, State of California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and
(d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement. Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if given in accordance
with the requirements for notice set forth in Section 12(g), and shall be deemed effective and received as set forth in Section 12(g). Nothing herein shall affect the right to serve process in any other manner permitted by law or shall
limit the right of either party to bring proceedings in the courts of any other jurisdiction. 
 (o) Mutual Waiver of Jury Trial.
Because disputes arising in connection with complex financial transactions are most quickly and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration
rules), the parties desire that their disputes be resolved by a judge applying such applicable laws. EACH OF THE COMPANY AND WARRANTHOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM,
COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY THE COMPANY AGAINST WARRANTHOLDER OR ITS ASSIGNEE OR BY WARRANTHOLDER OR ITS ASSIGNEE AGAINST THE COMPANY. This waiver extends to all such Claims,
including Claims that involve Persons other than Borrower and Lender; Claims that arise out of or are in any way connected to the relationship between the Company and Warrantholder; and any Claims for damages, breach of contract, specific
performance, or any equitable or legal relief of any kind, arising out of this Agreement. 
 (p) Judicial Reference. If the waiver of
jury trial set forth above is ineffective or unenforceable, the parties agree that all Claims shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil Procedure Section 638, before a mutually
acceptable referee or, if the parties cannot agree, a referee selected by the Presiding Judge of the Santa Clara County, California. Such proceeding shall be conducted in Santa Clara County, California, with California rules of evidence and
discovery applicable to such proceeding. In the event Claims are to be resolved by judicial reference, either party may seek from a court identified in Section 12(n), any prejudgment order, writ or other relief and have such prejudgment order,
writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise subject to resolution by judicial reference. 

(q) Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of
counterparts, and by different parties hereto in 

  
 10 

 FINAL FORM 
  

 
separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall constitute but one and the same instrument. 

(r) Specific Performance. The parties hereto hereby declare that it is impossible to measure in money the damages which will accrue to
Warrantholder by reason of the Company’s failure to perform any of the obligations under this Agreement and agree that the terms of this Agreement shall be specifically enforceable by Warrantholder. If Warrantholder institutes any action or
proceeding to specifically enforce the provisions hereof, any person against whom such action or proceeding is brought hereby waives the claim or defense therein that Warrantholder has an adequate remedy at law, and such person shall not offer in
any such action or proceeding the claim or defense that such remedy at law exists. 
 [Remainder of Page Intentionally Left Blank] 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by its officers thereunto duly
authorized as of the Effective Date. 
  

									
	 COMPANY:
	 		 	TPI COMPOSITES, INC.
					
		 		 		 	By:	 	 
		 		 		 	Name:	 	 
		 		 		 	Title:	 	 
				
		 	WARRANTHOLDER:	 		 	[NAME]

 EXHIBIT I 

NOTICE OF EXERCISE 
 To: TPI COMPOSITES, INC.

  

	 	(1)	The undersigned Warrantholder hereby elects to purchase [            ] shares of the Series [        ]
Preferred Stock of TPI COMPOSITES, INC., pursuant to the terms of the Agreement dated the [•] day of [•] (the “Agreement”) between TPI Composites, Inc. and the Warrantholder, and [CASH PAYMENT: tenders herewith payment of the
Purchase Price in full, together with all applicable transfer taxes, if any.] [NET ISSUANCE: elects pursuant to Section 3(a) of the Agreement to effect a Net Issuance.] 

 

	 	(2)	The undersigned has attached joinder agreements to the Voting Agreement and IRA Agreement as provided in Section 3(c) of the Agreement. 

 

	 	(3)	Please issue a certificate or certificates representing said shares of Series [__] Preferred Stock in the name of the undersigned or in such other name as is specified below. 

 

					
		 	 
		 		 	 (Name)
  

		 		 	(Address)

  

							
	 WARRANTHOLDER:
	 	[ENTITY NAME]
				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
		 		 	Date:	 	 

 EXHIBIT II 

ACKNOWLEDGMENT OF EXERCISE 
 The undersigned TPI
COMPOSITES, INC., hereby acknowledge receipt of the “Notice of Exercise” from [ENTITY NAME] to purchase [            ] shares of the Series
[        ] Preferred Stock of TPI COMPOSITES, INC., pursuant to the terms of the Warrant Agreement, and further acknowledges that
[            ] shares remain subject to purchase under the terms of the Warrant Agreement. 
  

									
	 COMPANY:
	 		 	TPI COMPOSITES, INC.
					
		 		 		 	By:	 	 
		 		 		 	Title:	 	 
		 		 		 	Date:	 	 

 EXHIBIT III 

TRANSFER NOTICE 
 (To transfer or assign the
foregoing Warrant Agreement execute this form and supply required information. Do not use this form to purchase shares.) 
 FOR VALUE RECEIVED, the
foregoing Warrant Agreement and all rights evidenced thereby are hereby transferred and assigned to 
  

			
	 	  	
	(Please Print)	  	
		
	whose address
is                                        
                                         
                                         
                                         
    	  	
		
	 	  	

  

	
	
	Dated:                                     
                                       
	
	Holder’s
Signature:                                       
               
	
	Holder’s
Address:EX-4.5

 Exhibit 4.5 

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS. 
 WARRANT AGREEMENT 

To Purchase Shares of Common Stock of 

TPI COMPOSITES, INC. 
 Dated as of
[•] (the “Effective Date”) 
 WHEREAS, TPI COMPOSITES, INC., a Delaware corporation, has entered into a Note and
Warrant Purchase Agreement dated as of the date hereof (the “Purchase Agreement”) with [•] (the “Warrantholder”); 

WHEREAS, the Company (as defined below) desires to grant to Warrantholder, in consideration for, among other things, the financial
accommodations provided for in the Purchase Agreement, the right to purchase shares of Common Stock pursuant to this Warrant Agreement (the “Agreement”); 

NOW, THEREFORE, in consideration of the Warrantholder executing and delivering the Purchase Agreement and providing the financial
accommodations contemplated therein, and in consideration of the mutual covenants and agreements contained herein, the Company and Warrantholder agree as follows: 

SECTION 1. GRANT OF THE RIGHT TO PURCHASE COMMON STOCK. 

For value received, the Company hereby grants to the Warrantholder, and the Warrantholder is entitled, upon the terms and subject to the
conditions hereinafter set forth, to subscribe for and purchase, from the Company, an aggregate number of fully paid and nonassessable Common Stock equal to the quotient derived by dividing the Warrant Coverage Amount (as defined below) by the
Exercise Price. As used herein, the following terms shall have the following meanings: 
 “Act” means the Securities Act of
1933, as amended; 
 “Company” means TPI COMPOSITES, INC., a Delaware corporation, and any successor or surviving entity
that assumes the obligations of the Company under this Agreement pursuant to Section 8(a); 
 “Charter” means the Ninth
Amended and Restated Certificate of Incorporation, as amended, or other constitutional document, as may be amended from time to time; 

“Common Stock” means the Company’s common stock; 

“Exercise Price” means the lesser of (a) 85% of the price per share in the Initial Public Offering (i.e., before
underwriter discounts and commissions)(the “IPO Price”) or (b) $8,748.81, subject to adjustment pursuant to Section 8; 

“Initial Public Offering” means the initial underwritten public offering of the Company’s Common Stock pursuant to a
registration statement under the Act, which public offering has been declared effective by the Securities and Exchange Commission (“SEC”); 

  
 1 

 “IRA Agreement” has the meaning ascribed thereto in Section 3(c); 

“Liquidation Event” shall have the meaning set forth in the Voting Agreement; 

“Merger Event” means any sale, lease or other transfer of all of the equity securities of the Company or all or substantially
all assets of the Company or any merger or consolidation involving the Company in which the Company is not the surviving entity, or in which the outstanding shares of the Company’s capital stock are otherwise converted into or exchanged for
shares of preferred stock, other securities or property of another entity or any Liquidation Event; 
 “Note” means the
unsecured convertible promissory note for $[•] issued by the Company to the Warrantholder as of the date hereof; 
 “Preferred
Stock” means the Company’s preferred stock; 
 “Purchase Price” means, with respect to any exercise of this
Agreement, an amount equal to the Exercise Price as of the relevant time multiplied by the number of shares of Common Stock requested to be exercised under this Agreement pursuant to such exercise; 

“Voting Agreement” has the meaning ascribed thereto in Section 3(c); and 

“Warrant Coverage Amount” shall mean $[•]. 

SECTION 2. TERM OF THE AGREEMENT. 
 Except
as otherwise provided for herein, the term of this Agreement and the right to purchase Common Stock as granted herein (the “Warrant”) shall commence on the Effective Date and shall be exercisable for a period (the “Exercise
Period”) ending upon the earliest to occur of (i) the eighth anniversary of the Effective Date, (ii) two (2) years following the effective date of the Initial Public Offering, or (iii) the date of the Merger Event. In
the event that Company is contemplating a Merger Event and the Exercise Period will conclude as a result, the Company shall give the Warrantholder thirty (30) days’ written notice, waivable in writing by the Warrantholder, of the
contemplated date of such Merger Event, during which period the Warrantholder shall be entitled to exercise. 
 SECTION 3. EXERCISE OF THE PURCHASE
RIGHTS. 
 (a) Exercise. The purchase rights set forth in this Agreement are exercisable by the Warrantholder, in whole or in part, at
any time, or from time to time, prior to the expiration of the term set forth in Section 2, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as Exhibit I (the “Notice of
Exercise”), duly completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of the Purchase Price in accordance with the terms set forth below, and in no event later than three (3) days thereafter, the
Company shall issue to the Warrantholder a certificate for the number of shares of Common Stock purchased and shall execute the acknowledgment of exercise in the form attached hereto as Exhibit II (the “Acknowledgment of
Exercise”) indicating the number of shares which remain subject to future purchases, if any. 
 The Purchase Price may be paid at
the Warrantholder’s election either (i) by cash or check, or (ii) by surrender of all or a portion of the Warrant for shares of Common Stock to be exercised under this Agreement and, if applicable, an amended Agreement representing
the remaining number of shares purchasable hereunder, as determined below (“Net Issuance”). If the Warrantholder elects the Net Issuance method, the Company will issue Common Stock in accordance with the following formula: 

 

					
		  		  	 X = Y(A-B)

          A

  
 2 

					
			
	Where:	  	X =	  	the number of shares of Common Stock to be issued to the Warrantholder.
			
		  	Y =	  	the number of shares of Common Stock requested to be exercised under this Agreement.
			
		  	A =	  	the fair market value of one (1) share of Common Stock at the time of issuance of such shares of Common Stock.
			
		  	B =	  	the Exercise Price.

 For purposes of the above calculation, current fair market value of Common Stock shall mean with respect to
each share of Common Stock: 
 (i) if the exercise is in connection with an Initial Public Offering, and if the
Company’s registration statement relating to such Initial Public Offering has been declared effective by the SEC, then the fair market value per share shall be the IPO Price; 

(ii) If the Common Stock is listed on a recognized national stock exchange, such as Nasdaq Global Market, the per share fair
market value shall be the closing price of Common Stock on such recognized national stock exchange on the most recent trading day prior to the exercise date of this Warrant; for the purposes of sentence, “Closing Price” means the final
price at which one share of Common Stock is traded during any trading day; 
 (iii) if at any time the Common Stock is not
listed on any securities exchange or quoted in the Nasdaq Global Market or the over-the-counter market, the current fair market value of Common Stock shall be the product of the highest price per share which the Company could obtain from a willing
buyer (not a current employee or director) for shares of Common Stock sold by the Company, from authorized but unissued shares, as determined in good faith by its Board of Directors, unless the Company shall become subject to a Merger Event, in
which case the fair market value of Common Stock shall be deemed to be the per share value to be received by the holders of Common Stock on a common equivalent basis pursuant to such Merger Event. 

Upon partial exercise by either cash or Net Issuance, the Company shall promptly issue an amended Agreement representing the remaining number
of shares purchasable hereunder. All other terms and conditions of such amended Agreement shall be identical to those contained herein, including, but not limited to the Effective Date hereof. 

(b) Exercise Prior to Expiration. To the extent this Agreement is not previously exercised as to all Common Stock subject hereto, and
if the fair market value of one share of the Common Stock is greater than the Exercise Price then in effect, this Agreement shall be deemed automatically exercised pursuant to the Net Issuance provisions of Section 3(a) (even if not
surrendered) immediately before its expiration. For purposes of such automatic exercise, the fair market value of one share of the Common Stock upon such expiration shall be determined pursuant to Section 3(a). To the extent this Agreement or
any portion thereof is deemed automatically exercised pursuant to this Section 3(b), the Company agrees to promptly notify the Warrantholder of the number of shares of Common Stock, if any, the Warrantholder is to receive by reason of such
automatic exercise. 
 (c) Conditions to Exercise. Simultaneously with and as a condition to the consummation of any exercise of all
or any portion of the warrant contemplated by this Agreement, the Warrantholder shall enter into joinder agreements to become a party, to the extent the following agreements are still in effect, to (i) the Company’s Third Amended and
Restated Right of First Refusal, Co-Sale and Voting Agreement dated as of June 17, 2010, as the same may be amended from time to time (the “Voting Agreement”) to become an “Restricted Stockholder” thereunder and
(ii) the Company’s Third Amended 

  
 3 

 
and Restated Investor Rights Agreement dated June 17, 2010, as the same may be amended from time to time (the “IRA Agreement”) to become an “Investor” thereunder
such that the Common Stock will be “Registrable Securities” thereunder. 
 SECTION 4. RESERVATION OF SHARES. 

The Company shall amend its Charter as of the date hereof to authorize and reserve a sufficient number of shares of its Common Stock to provide
for the exercise of the rights to purchase Common Stock as provided for herein. 
 SECTION 5. NO FRACTIONAL SHARES OR SCRIP. 

No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Agreement, but in lieu of such
fractional shares the Company shall make a cash payment therefor upon the basis of the Exercise Price then in effect. 
 SECTION 6. NO RIGHTS AS
STOCKHOLDER. 
 This Agreement does not entitle the Warrantholder to any voting rights or other rights as a stockholder of the Company prior
to the exercise of this Agreement. 
 SECTION 7. WARRANTHOLDER REGISTRY. 

The Company shall maintain a registry showing the name and address of the registered holder of this Agreement. Warrantholder’s initial
address, for purposes of such registry, is set forth below Warrantholder’s signature on this Agreement. Warrantholder may change such address by giving written notice of such changed address to the Company. 

SECTION 8. ADJUSTMENT RIGHTS. 
 The
Exercise Price and the number of shares of Common Stock purchasable hereunder are subject to adjustment, as follows: 
 (a) Merger
Event. In connection with a Merger Event, the Company shall cause any part of this Warrant Agreement that has not yet been exercised to be exchanged for the consideration that Warrantholder would have received if Warrantholder chose to exercise
its right to have shares issued pursuant to the Net Issuance provisions of this Warrant Agreement without actually exercising such right, acquiring such shares and exchanging such shares for such consideration, and in connection therewith, this
Warrant Agreement shall terminate. 
 (b) Reclassification of Shares. Except for Merger Events subject to Section 8(a), if the
Company at any time shall, by combination, reclassification, exchange or subdivision of securities or otherwise, change any of the securities as to which purchase rights under this Agreement exist into the same or a different number of securities of
any other class or classes, this Agreement shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities which were subject to the purchase
rights under this Agreement immediately prior to such combination, reclassification, exchange, subdivision or other change. The provisions of this Section 8(b) shall similarly apply to successive combination, reclassification, exchange,
subdivision or other change. 
 (c) Subdivision or Combination of Shares. If the Company at any time shall combine or subdivide its
Common Stock, (i) in the case of a subdivision, the Exercise Price shall be proportionately decreased, or (ii) in the case of a combination, the Exercise Price shall be proportionately increased. 

  
 4 

 (d) Stock Dividends. If the Company at any time while this Agreement is outstanding and
unexpired shall: 
 (i) pay a dividend with respect to the Common Stock payable in Common Stock, then the Exercise Price
shall be adjusted, from and after the date of determination of stockholders entitled to receive such dividend or distribution, to that price determined by multiplying the Exercise Price in effect immediately prior to such date of determination by a
fraction (A) the numerator of which shall be the total number of shares of Common Stock outstanding immediately prior to such dividend or distribution, and (B) the denominator of which shall be the total number of shares of Common Stock
outstanding immediately after such dividend or distribution; or 
 (ii) make any other distribution with respect to Common
Stock, except any distribution specifically provided for in any other clause of this Section 8, then, in each such case, provision shall be made by the Company such that the Warrantholder shall receive upon exercise or conversion of this
Warrant a proportionate share of any such distribution as though it were the holder of the Common Stock as of the record date fixed for the determination of the stockholders of the Company entitled to receive such distribution. 

(e) Notice of Adjustments. If: (i) the Company shall declare any dividend or distribution upon its stock, whether in stock, cash,
property or other securities (assuming Warrantholder consents to a dividend involving cash, property or other securities); (ii) there shall be any Merger Event; (iii) there shall be an Initial Public Offering; (iv) the Company shall
sell, lease, license or otherwise transfer all or substantially all of its assets; or (v) there shall be any voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such event, the Company shall send to
the Warrantholder: (A) at least five (5) business days’ prior written notice of the date on which the books of the Company shall close or a record shall be taken for such dividend, distribution, subscription rights (specifying the
date on which the holders of Common Stock shall be entitled thereto) or for determining rights to vote in respect of such Merger Event, dissolution, liquidation or winding up; (B) in the case of any such Merger Event, sale, lease, license or
other transfer of all or substantially all assets, dissolution, liquidation or winding up, at least five (5) business days’ prior written notice of the date when the same shall take place (and specifying the date on which the holders of
Common Stock shall be entitled to exchange their Common Stock for securities or other property deliverable upon such Merger Event, dissolution, liquidation or winding up); and (C) in the case of an Initial Public Offering, the Company shall
give the Warrantholder at least five (5) business days’ written notice prior to the effective date thereof. Notwithstanding the foregoing, the Company shall have no liability for failing to timely give such notice, except to the extent the
Warrantholder is materially and adversely affected by such failure. 
 Each such written notice shall set forth, in reasonable detail,
(i) the event requiring the notice, and (ii) if any adjustment is required to be made, (A) the amount of such adjustment, (B) the method by which such adjustment was calculated, (C) the adjusted Exercise Price (if the
Exercise Price has been adjusted), and (D) the number of shares subject to purchase hereunder after giving effect to such adjustment, and shall be given by first class mail, postage prepaid, or by reputable overnight courier with all charges
prepaid, addressed to the Warrantholder at the address for Warrantholder set forth in the registry referred to in Section 7. 
 SECTION 9.
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. 
 (a) Reservation of Common Stock. The Common Stock issuable upon
exercise of the Warrantholder’s rights will be duly and validly reserved and, when issued in accordance with the provisions of this Agreement, will be validly issued, fully paid and non-assessable, and will be free of any taxes, liens, charges
or encumbrances of any nature whatsoever; provided, that the Common Stock issuable pursuant to this Agreement may be subject to restrictions on transfer under state and/or federal securities laws and as provided in the Voting Agreement and
IRA Agreement. The Company has made available to the Warrantholder true, correct and complete copies of its Charter and current bylaws. The issuance of 

  
 5 

 
certificates for shares of Common Stock upon exercise of this Agreement shall be made without charge to the Warrantholder for any issuance tax in respect thereof, or other cost incurred by the
Company in connection with such exercise and the related issuance of shares of Common Stock; provided, that the Company shall not be required to pay any tax which may be payable in respect of any transfer and the issuance and delivery of any
certificate in a name other than that of the Warrantholder. 
 (b) Due Authority. The execution and delivery by the Company of this
Agreement and the performance of all obligations of the Company hereunder, including the issuance to Warrantholder of the right to acquire the shares of Common Stock, have been duly authorized by all necessary corporate action on the part of the
Company. Subject to amending the Charter to authorize the Common Stock, this Agreement: (1) does not violate the Company’s Charter or current bylaws; (2) does not contravene any law or governmental rule, regulation or order applicable
to it; and (3) does not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument to which it is a party or by which it is bound. This Agreement constitutes a legal, valid and
binding agreement of the Company, enforceable in accordance with its terms. 
 (c) Consents and Approvals. No consent or approval of,
giving of notice to, registration with, or taking of any other action in respect of any state, federal or other governmental authority or agency is required with respect to the execution, delivery and performance by the Company of its obligations
under this Agreement, except for the filing of notices pursuant to Regulation D under the Act and any filing required by applicable state securities law, which filings will be effective by the time required thereby. 

(d) Issued Securities. As of the date hereof: 

(i) The authorized capital of the Company consists of (A) 86,400 shares of Common Stock, of which 11,773.5963 shares are
issued and outstanding, and (B) 14,044 shares of Preferred Stock, of which 12,771.6018 shares are issued and outstanding. 

(ii) The Company has reserved 1,439 shares of Common Stock for issuance under its 2004 Stock Option and Grant Plan, as amended,
of which 1,126.2337 shares of restricted stock and no options have been granted to date and of which no shares of Common Stock are available for future grant; and the Company has reserved 2,968.4904 shares of Common Stock for issuance under its 2008
Stock Option and Grant Plan, as amended (the “2008 Plan”), of which options to acquire 99.1825 shares of Common Stock have been granted to date and are outstanding and of which 2,869.3079 shares of Common Stock are available for
future grant. Stock appreciation rights for 2,146.3269 shares of Common Stock have expired and the shares have been added back into the available reserved pool pursuant to the terms of the 2008 Plan. There are no other options, warrants, conversion
privileges or other rights presently outstanding to purchase or otherwise acquire any authorized but unissued shares of the Company’s capital stock or other securities of the Company. The Company has no outstanding loans to any employee,
officer or director of the Company, and the Company agrees not to enter into any such loan or otherwise guarantee the payment of any loan made to an employee, officer or director by a third party. 

(e) Other Commitments to Register Securities. Except as set forth in this Agreement and in the IRA Agreement, the Company is not,
pursuant to the terms of any other agreement currently in existence, under any obligation to register under the Act any of its presently outstanding securities or any of its securities which may hereafter be issued. 

(f) Exempt Transaction. Subject to the accuracy of the Warrantholder’s representations in Section 10, the issuance of the
Common Stock upon exercise of this Agreement will constitute a transaction exempt from (i) the registration requirements of Section 5 of the Act, in reliance upon Section 4(2) thereof, and (ii) the qualification requirements of
the applicable state securities laws. 

  
 6 

 (g) Information Rights. During the term of this Warrant, Warrantholder shall be entitled
to the information rights contained in Section 3.1 of the IRA Agreement, and Section 3.1 of the IRA Agreement is hereby incorporated into this Agreement by this reference as though fully set forth herein. 

SECTION 10. REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER. 

This Agreement has been entered into by the Company in reliance upon the following representations and covenants of the Warrantholder: 

(a) Investment Purpose. The right to acquire Common Stock is being acquired for investment and not with a view to the sale or
distribution of any part thereof, and the Warrantholder has no present intention of selling or engaging in any public distribution of such rights or the Common Stock except pursuant to an effective registration statement or an exemption from the
registration requirements of the Act. 
 (b) Private Issue. The Warrantholder understands (i) that the Common Stock issuable
upon exercise of this Agreement is not registered under the Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Agreement will be exempt from the registration and qualifications requirements
thereof, and (ii) that the Company’s reliance on such exemption is predicated on the representations set forth in this Section 10. 

(c) Financial Risk. The Warrantholder has such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of its investment, and has the ability to bear the economic risks of its investment. 
 (d) Risk of No
Registration. The Warrantholder understands that if the Company does not register with the SEC pursuant to Section 12 of the Securities Exchange Act of 1934 (the “1934 Act”), or file reports pursuant to Section 15(d)
of the 1934 Act, or if a registration statement covering the securities under the Act is not in effect when it desires to sell (i) the rights to purchase Common Stock pursuant to this Agreement or (ii) the Common Stock issuable upon
exercise of the right to purchase, it may be required to hold such securities for an indefinite period. The Warrantholder also understands that any sale of (A) its rights hereunder to purchase Common Stock or (B) Common Stock issued or
issuable hereunder which might be made by it in reliance upon Rule 144 under the Act may be made only in accordance with the terms and conditions of that Rule. 

(e) Accredited Investor. Warrantholder is an “accredited investor” within the meaning of the Securities and Exchange Rule 501
of Regulation D, as presently in effect. 
 SECTION 11. TRANSFERS. 

Subject to compliance with applicable federal and state securities laws, this Agreement and all rights hereunder are, with the consent of the
Company (other than with respect to a transfer to an affiliate of the Warrantholder, in which case the consent of the Company shall not be required), transferable, in whole or in part, without charge to the holder hereof (except for transfer taxes)
upon surrender of this Agreement properly endorsed. Each taker and holder of this Agreement, by taking or holding the same, consents and agrees that this Agreement, when endorsed in blank, shall be deemed negotiable, and that the holder hereof, when
this Agreement shall have been so endorsed and its transfer recorded on the Company’s books, shall be treated by the Company and all other persons dealing with this Agreement as the absolute owner hereof for any purpose and as the person
entitled to exercise the rights represented by this Agreement. The transfer of this Agreement in accordance with this Section 11 shall be recorded on the books of the Company upon receipt by the Company of a notice of transfer in the form
attached hereto as Exhibit III (the “Transfer Notice”), at its principal offices and the payment to the Company of all transfer taxes and other governmental charges imposed on such transfer. Until the Company receives such Transfer
Notice, the Company may treat the registered owner hereof as the owner for all purposes. 

  
 7 

 SECTION 12. MISCELLANEOUS. 

(a) Effective Date. The provisions of this Agreement shall be construed and shall be given effect in all respects as if it had been
executed and delivered by the Company on the date hereof. This Agreement shall be binding upon any successors or assigns of the Company. 

(b) Remedies. In the event of any default hereunder, the non-defaulting party may proceed to protect and enforce its rights either by
suit in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where Warrantholder will not have an adequate remedy at law and
where damages will not be readily ascertainable. The Company expressly agrees that it shall not oppose an application by the Warrantholder or any other person entitled to the benefit of this Agreement requiring specific performance of any or all
provisions hereof or enjoining the Company from continuing to commit any such breach of this Agreement. 
 (c) No Impairment of
Rights. The Company will not, by amendment of its Charter or through any other means, avoid or seek to avoid the observance or performance of any of the terms of this Agreement, but will at all times in good faith assist in the carrying out of
all such terms and in the taking of all such actions as may be necessary or appropriate in order to protect the rights of the Warrantholder against impairment. 

(d) Additional Documents. The Company shall supply such other documents as the Warrantholder may from time to time reasonably request.

 (e) Attorney’s Fees. In any litigation, arbitration or court proceeding between the Company and the Warrantholder relating
hereto, the prevailing party shall be entitled to attorneys’ fees and expenses and all costs of proceedings incurred in enforcing this Agreement. For the purposes of this Section 12(e), attorneys’ fees shall include without limitation
fees incurred in connection with the following: (i) contempt proceedings; (ii) discovery; (iii) any motion, proceeding or other activity of any kind in connection with an insolvency proceeding; (iv) garnishment, levy, and debtor
and third party examinations; and (v) post-judgment motions and proceedings of any kind, including without limitation any activity taken to collect or enforce any judgment. 

(f) Severability. In the event any one or more of the provisions of this Agreement shall for any reason be held invalid, illegal or
unenforceable, the remaining provisions of this Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision, which comes closest to the
intention of the parties underlying the invalid, illegal or unenforceable provision. 
 (g) Notices. Except as otherwise provided
herein, any notice, demand, request, consent, approval, declaration, service of process or other communication that is required, contemplated, or permitted under this Agreement or with respect to the subject matter hereof shall be in writing, and
shall be deemed to have been validly served, given, delivered, and received upon the earlier of: (i) the day of transmission by facsimile or hand delivery if transmission or delivery occurs on a business day at or before 5:00 pm in the time
zone of the recipient, or, if transmission or delivery occurs on a non-business day or after such time, the first business day thereafter, or the first business day after deposit with an overnight express service or overnight mail delivery service;
or (ii) the third calendar day after deposit in the United States mails, with proper first class postage prepaid, and shall be addressed to the party to be notified as follows: 

If to the Warrantholder: 

[•] 
 If to the Company:

  
 8 

 TPI Composites, Inc. 

Attention: William E. Siwek 
 8501
N. Scottsdale Road 
 Gainey Center II, Suite 280 

Scottsdale, AZ 85253 
 Facsimile:
480-305-8315 
 Telephone: 480-305-8922 

with a copy to: 
 Goodwin Procter
LLP 
 Attention: H. David Henken, Esq. 

53 State Street 
 Boston, MA 02109

 Facsimile: 617-523-1231 

Telephone: 617-570-1672 
 or to such other
address as each party may designate for itself by like notice. 
 (h) Entire Agreement; Amendments. This Agreement constitute the
entire agreement and understanding of the parties hereto in respect of the subject matter hereof, and supersede and replace in their entirety any prior proposals, term sheets, letters, negotiations or other documents or agreements, whether written
or oral, with respect to the subject matter hereof. None of the terms of this Agreement may be amended except by an instrument executed by each of the parties hereto. 

(i) Headings. The various headings in this Agreement are inserted for convenience only and shall not affect the meaning or
interpretation of this Agreement or any provisions hereof. 
 (j) No Strict Construction. The parties hereto have participated
jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof
shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 
 (k) No Waiver. No
omission or delay by Warrantholder at any time to enforce any right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by the Company at any time designated, shall be a waiver of any such right or
remedy to which Warrantholder is entitled, nor shall it in any way affect the right of Warrantholder to enforce such provisions thereafter. 

(l) Survival. All agreements, representations and warranties contained in this Agreement or in any document delivered pursuant hereto
shall be for the benefit of Warrantholder and shall survive the execution and delivery of this Agreement and the expiration or other termination of this Agreement. 

(m) Governing Law. This Agreement have been negotiated and delivered to Warrantholder in the State of California, and shall have been
accepted by Warrantholder in the State of California. Delivery of Common Stock to Warrantholder by the Company under this Agreement is due in the State of California. Except with respect to corporate law matters and related matters which shall be
governed by Delaware corporate law, this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any other
jurisdiction. 
 (n) Consent to Jurisdiction and Venue. All judicial proceedings arising in or under or related to this Agreement may
be brought in any state or federal court of competent jurisdiction located 

  
 9 

 
in the State of California. By execution and delivery of this Agreement, each party hereto generally and unconditionally: (a) consents to personal jurisdiction in Santa Clara County, State
of California; (b) waives any objection as to jurisdiction or venue in Santa Clara County, State of California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably
agrees to be bound by any judgment rendered thereby in connection with this Agreement. Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if given in accordance with the requirements
for notice set forth in Section 12(g), and shall be deemed effective and received as set forth in Section 12(g). Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of either
party to bring proceedings in the courts of any other jurisdiction. 
 (o) Mutual Waiver of Jury Trial. Because disputes arising in
connection with complex financial transactions are most quickly and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that
their disputes be resolved by a judge applying such applicable laws. EACH OF THE COMPANY AND WARRANTHOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY
OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY THE COMPANY AGAINST WARRANTHOLDER OR ITS ASSIGNEE OR BY WARRANTHOLDER OR ITS ASSIGNEE AGAINST THE COMPANY. This waiver extends to all such Claims, including Claims that involve
Persons other than the Company and the Warrantholder; Claims that arise out of or are in any way connected to the relationship between the Company and Warrantholder; and any Claims for damages, breach of contract, specific performance, or any
equitable or legal relief of any kind, arising out of this Agreement. 
 (p) Judicial Reference. If the waiver of jury trial set
forth above is ineffective or unenforceable, the parties agree that all Claims shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil Procedure Section 638, before a mutually acceptable referee or,
if the parties cannot agree, a referee selected by the Presiding Judge of the Santa Clara County, California. Such proceeding shall be conducted in Santa Clara County, California, with California rules of evidence and discovery applicable to such
proceeding. In the event Claims are to be resolved by judicial reference, either party may seek from a court identified in Section 12(n), any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced
to the fullest extent permitted by law notwithstanding that all Claims are otherwise subject to resolution by judicial reference. 
 (q)
Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed
an original, but all of which counterparts shall constitute but one and the same instrument. 
 (r) Specific Performance. The parties
hereto hereby declare that it is impossible to measure in money the damages which will accrue to Warrantholder by reason of the Company’s failure to perform any of the obligations under this Agreement and agree that the terms of this Agreement
shall be specifically enforceable by Warrantholder. If Warrantholder institutes any action or proceeding to specifically enforce the provisions hereof, any person against whom such action or proceeding is brought hereby waives the claim or defense
therein that Warrantholder has an adequate remedy at law, and such person shall not offer in any such action or proceeding the claim or defense that such remedy at law exists. 

[Remainder of Page Intentionally Left Blank] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Warrant Agreement to be executed by its
officers thereunto duly authorized as of the Effective Date. 
  

									
	COMPANY:	 		 	TPI COMPOSITES, INC.
					
		 		 		 	By:	 	 
		 		 		 	Name:	 	 
		 		 		 	Title:	 	 
			
	WARRANTHOLDER:	 		 	[    ]
					
		 		 		 	By:	 	 
		 	 		 	Name:	 	 
		 	 		 	Title:	 	 
					
		 		 		 	Address:	 	 
		 	 		 	 
		 	 		 	 

 EXHIBIT I 

NOTICE OF EXERCISE 
  

	To:	TPI COMPOSITES, INC. 

  

	 	(1)	The undersigned Warrantholder hereby elects to purchase [            ] shares of Common Stock of TPI COMPOSITES, INC., pursuant to the terms of the
Warrant Agreement dated the [•] day of [•] (the “Agreement”) between TPI Composites, Inc. and the Warrantholder, and [CASH PAYMENT: tenders herewith payment of the Purchase Price in full, together with all applicable
transfer taxes, if any.] [NET ISSUANCE: elects pursuant to Section 3(a) of the Agreement to effect a Net Issuance.] 

  

	 	(2)	The undersigned has attached joinder agreements to the Voting Agreement and IRA Agreement as provided in Section 3(c) of the Agreement. 

 

	 	(3)	Please issue a certificate or certificates representing said shares of Common Stock in the name of the undersigned or in such other name as is specified below. 

 

									
				
		 		 		 	 
		 		 		 	(Name)	 	
				
		 		 		 	 
		 		 		 	(Address)	 	
			
	WARRANTHOLDER:	 		 	[•]
					
		 		 		 	By:	 	 
		 	 		 	Name:	 	 
		 	 		 	Title:	 	 

 EXHIBIT II 

ACKNOWLEDGMENT OF EXERCISE 
 The undersigned TPI
COMPOSITES, INC., hereby acknowledges receipt of the “Notice of Exercise” from [•] to purchase [            ] shares of the Common Stock of TPI COMPOSITES, INC.,
pursuant to the terms of the Warrant Agreement dated the [•] (the “Agreement”) between TPI Composites, Inc. and [•], and further acknowledges that
[            ] shares remain subject to purchase under the terms of the Agreement. 
  

									
	 COMPANY:
	 		 	TPI COMPOSITES, INC.
					
		 		 		 	By:	 	 
		 		 		 	Title:	 	 
		 		 		 	Date:	 	 

 EXHIBIT III 

TRANSFER NOTICE 
 (To transfer or assign the
foregoing Warrant Agreement dated the [•] day of [•] (the “Agreement”) between TPI Composites, Inc. and [•], execute this form and supply required information. Do not use this form to purchase shares.) 

FOR VALUE RECEIVED, the foregoing Agreement and all rights evidenced thereby are hereby transferred and assigned to 

 
  

			
	 	  	
	(Please Print)	  	
		
	whose address is                                  
                                         
                                         
                                         
          	  	
		
	 	  	
		
	 	  	

  

	
	
	Dated:                                     
                                       
	
	Warrantholder’s
Signature:                                       
   
	
	Warrantholder’s
Address:

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