Document:

eqr-ex101_18.htm

Exhibit 10.1

Execution Copy

FIRST AMENDMENT TO CREDIT AGREEMENT

(LIBOR TRANSITION AMENDMENT)

THIS AMENDMENT AGREEMENT (this “Agreement”), dated as of August 31, 2021 (the “Amendment Effective Date”), is entered into among ERP OPERATING LIMITED PARTNERSHIP, an Illinois limited partnership (the “Borrower”), LEXFORD PROPERTIES, L.P., an Ohio limited partnership (the “Guarantor”) and Bank of America, N.A., as administrative agent (the “Administrative Agent”).   

RECITALS

WHEREAS, the Borrower, the lenders from time to time party thereto (the “Lenders”), the letter of credit issuers from time to time party thereto (the “Fronting Banks”) and Bank of America, N.A., as Administrative Agent, have entered into that certain Revolving Credit Agreement dated as of November 1, 2019 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”); 

WHEREAS, certain loans and/or other extensions of credit (the “Loans”) under the Credit Agreement denominated in British Pound Sterling, Japanese Yen, and Euros (collectively, the “Impacted Currencies”) incur or are permitted to incur interest, fees, commissions or other amounts based on the London Interbank Offered Rate as administered by the ICE Benchmark Administration (“LIBOR”) in accordance with the terms of the Credit Agreement; and

WHEREAS, applicable parties under the Credit Agreement have determined in accordance with the Credit Agreement that LIBOR for the Impacted Currencies should be replaced with a successor rate in accordance with the Credit Agreement and, in connection therewith, the Administrative Agent has determined that certain conforming changes are necessary or advisable.

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.Defined Terms.  Capitalized terms used herein but not otherwise defined herein (including on any Appendix attached hereto) shall have the meanings provided to such terms in the Credit Agreement, as amended by this Agreement.

2.Agreement.  Notwithstanding any provision of the Credit Agreement or any other Loan Document to the contrary, the parties hereto hereby agree that the terms set forth on Appendix A shall apply to the Impacted Currencies.  For the avoidance of doubt, to the extent provisions in the Credit Agreement apply to the Impacted Currencies and such provisions are not specifically addressed by Appendix A, the provisions in the Credit Agreement shall continue to apply to the Impacted Currencies.  

3.Conflict with Loan Documents.  In the event of any conflict between the terms of this Agreement and the terms of the Credit Agreement or the other Loan Documents, the terms hereof shall control. 

4.Conditions Precedent.  This Agreement shall become effective upon receipt by the Administrative Agent of counterparts of this Agreement, properly executed by the Borrower, the Guarantor and the Administrative Agent.

 

 

5.Payment of Expenses.  The Borrower agrees to reimburse the Administrative Agent for all reasonable and documented out-of-pocket fees, charges and disbursements of the Administrative Agent in connection with the preparation, execution and delivery of this Agreement in accordance with Section 9.3(a) of the Credit Agreement.

6.Miscellaneous.

(a)The Loan Documents, and the obligations of the Borrower and the Guarantor under the Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.  This Agreement is a Loan Document.

(b)Each of the Borrower and the Guarantor (i) acknowledges and consents to all of the terms and conditions of this Agreement, (ii) affirms all of its obligations under the Loan Documents and (iii) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Loan Documents.  The Guarantor hereby reaffirms its obligations under the Down REIT Guaranty dated as of November 1, 2019 made by the Guarantor in favor of the Administrative Agent and agrees that its obligation thereunder to guarantee the Obligations is in full force and effect as of the date hereof.

(c)Each of the Borrower and the Guarantor represents and warrants that:

(i)The execution, delivery and performance by such Person of this Agreement is within such Person’s organizational powers and has been duly authorized by all necessary organizational, partnership, member or other action, as applicable, as may be necessary or required, and do not and will not contravene the terms of its certificate or articles of incorporation or organization or other applicable constitutive documents.

(ii) This Agreement has been duly executed and delivered by such Person, and constitutes a valid and binding obligation of such Person, enforceable against it in accordance with the terms hereof, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity.

(iii)The execution and delivery by such Person of this Agreement and performance by such Person of this Agreement do not and will not (i) conflict with or result in any breach or contravention of, or the creation of any lien under (x) any indenture, mortgage, deed of trust, or other agreement or other instrument to which such Person is a party or affecting such Person or the properties of such Person or any Consolidated Subsidiary thereof or (y) any order, injunction, writ or decree of any governmental authority or any arbitral award to which such Person or any Consolidated Subsidiary thereof or its property is subject or (ii) violate any applicable law, in each case, the consequences of which conflict, contravention or breach would have a Material Adverse Effect, or result in or require the creation or imposition of any Lien whatsoever upon any Property.

(iv)Before and after giving effect to this Agreement, (A) all representations and warranties of such Person set forth in the Loan Documents are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality (after giving effect to such materiality qualification)) on and as of the Amendment Effective Date (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in 

2

 

 

all material respects (and in all respects if any such representation or warranty is already qualified by materiality (after giving effect to such materiality qualification)) as of such earlier date), and (B) no Event of Default exists.

(d)This Agreement may be in the form of an electronic record (in “.pdf” form or otherwise) and may be executed using electronic signatures, which shall be considered as originals and shall have the same legal effect, validity and enforceability as a paper record.  This Agreement may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts shall be one and the same Agreement.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative Agent of a manually signed Agreement which has been converted into electronic form (such as scanned into “.pdf” format), or an electronically signed Agreement converted into another format, for transmission, delivery and/or retention.  

(e)Any provision of this Agreement held to be illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or enforceability of the remaining provisions hereof and the illegality, invalidity or unenforceability of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

(f)The terms of the Credit Agreement with respect to governing law, submission to jurisdiction, waiver of venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms.

[remainder of page intentionally left blank]

 

 

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Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

 

	
BORROWER:
	
ERP OPERATING LIMITED PARTNERSHIP,

an Illinois limited partnership

By:Equity Residential, a Maryland real estate investment trust, its general partner

 

 

By:/s/ Claudio Moreno

Name: Claudio Moreno

Title: First Vice President and Treasurer

 

 

	
GUARANTOR:
	
LEXFORD PROPERTIES, L.P.,

an Ohio limited partnership

	
 
	
By: 
	
Lexford Partners, L.L.C., an Ohio limited liability company, its general partner

	
 
	
By: 
	
ERP Operating Limited Partnership, an Illinois limited partnership, its manager

By:  Equity Residential, a Maryland real estate investment trust, its general partner

By:/s/ Claudio Moreno

Name: Claudio Moreno

Title: First Vice President and Treasurer

Signature Page to First Amendment to ERP Credit Agreement

  

 

 

	
ADMINISTRATIVE AGENT:
	
BANK OF AMERICA, N.A.,

as Administrative Agent

By:/s/ Ronaldo Naval

Name: Ronaldo Naval

Title: Vice President

Signature Page to First Amendment to ERP Credit Agreement

 

 

 

Appendix A

TERMS APPLICABLE TO ALTERNATE CURRENCY LOANS

1.Defined Terms.  The following terms shall have the meanings set forth below: 

“Administrative Agent’s Office” means, with respect to any currency, the Administrative Agent’s address and, as appropriate, account specified in the Credit Agreement with respect to such currency, or such other address or account with respect to such currency as the Administrative Agent may from time to time notify the Borrower and the Lenders.

“Alternate Currency” means each of the following currencies: British Pound Sterling, Japanese Yen and Euros. 

“Alternate Currency Daily Rate” means, for any day, with respect to any extension of credit under the Credit Agreement denominated in British Pound Sterling, the rate per annum equal to SONIA determined pursuant to the definition thereof plus the SONIA Adjustment; provided, that, if any Alternate Currency Daily Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.  Any change in an Alternate Currency Daily Rate shall be effective from and including the date of such change without further notice.

“Alternate Currency Daily Rate Loan” means a Loan that bears interest at a rate based on the definition of “Alternate Currency Daily Rate.”  All Alternate Currency Daily Rate Loans must be denominated in an Alternate Currency.  

“Alternate Currency Loan” means an Alternate Currency Daily Rate Loan or an Alternate Currency Term Rate Loan, as applicable.

“Alternate Currency Term Rate” means, for any Interest Period, with respect to any extension of credit under the Credit Agreement: 

(a)denominated in Euros, the rate per annum equal to the Euro Interbank Offered Rate (“EURIBOR”), as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) on the day that is two TARGET Days preceding the first day of such Interest Period with a term equivalent to such Interest Period; and

(b)denominated in Japanese Yen, the rate per annum equal to the Tokyo Interbank Offered Rate (“TIBOR”), as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) on the day that is two Business Days preceding the first day of such Interest Period (or such other day as is generally treated as the rate fixing day by market practice in such interbank market, as determined by the Administrative Agent; provided that, to the extent such market practice is not administratively feasible for the Administrative Agent, then such date shall be such other day as otherwise reasonably determined by the Administrative Agent) with a term equivalent to such Interest Period;

provided, that, if any Alternate Currency Term Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

Appendix-1

 

 

“Alternate Currency Term Rate Loan” means a Loan that bears interest at a rate based on the definition of “Alternate Currency Term Rate.”  All Alternate Currency Term Rate Loans must be denominated in an Alternate Currency. 

“Applicable Authority” means, with respect to any Alternate Currency, the applicable administrator for the Relevant Rate for such Alternate Currency or any governmental authority having jurisdiction over the Administrative Agent or such administrator.

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located; provided that

(a)if such day relates to any interest rate settings as to an Alternate Currency Loan denominated in Euro, any fundings, disbursements, settlements and payments in Euro in respect of any such Alternate Currency Loan, or any other dealings in Euro to be carried out pursuant to this Agreement in respect of any such Alternate Currency Loan, means a Business Day that is also a TARGET Day;

(b)if such day relates to any interest rate settings as to an Alternate Currency Loan denominated in (i) British Pound Sterling, means a day other than a day banks are closed for general business in London because such day is a Saturday, Sunday or a legal holiday under the laws of the United Kingdom;  and (ii) Japanese Yen, means a day other than when banks are closed for general business in Japan; and

(c)if such day relates to any fundings, disbursements, settlements and payments in a currency other than Euro in respect of an Alternate Currency Loan denominated in a currency other than Euro, or any other dealings in any currency other than Euro to be carried out pursuant to this Agreement in respect of any such Alternate Currency Loan (other than any interest rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such currency.

“Conforming Changes” means, with respect to the use, administration of or any conventions associated with SONIA, EURIBOR, TIBOR or any proposed LIBOR Successor Rate for any currency, any conforming changes to the definitions of “SONIA”, “EURIBOR”, “TIBOR”, “Interest Period”, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the definition of “Business Day”, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption and implementation of such applicable rate(s) and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice for such currency (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such rate for such currency exists, in such other manner of administration as the Administrative Agent determines is reasonably necessary in connection with the administration of this Agreement and any other Loan Document).

“Interest Payment Date” means, (a) as to any Alternate Currency Daily Rate Loan, the last Business Day of each March, June, September and December and the applicable maturity date set forth in the Credit Agreement and (b) as to any Alternate Currency Term Rate Loan, the last day of each Interest Period applicable to such Loan; provided, however, that if any Interest Period for 

Appendix-2

 

an Alternate Currency Term Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall be Interest Payment Dates.

“Interest Period” means as to each Alternate Currency Term Rate Loan, the period commencing on the date such Alternate Currency Term Rate Loan is disbursed or converted to or continued as an Alternate Currency Term Rate Loan and ending on the date one, three or six months thereafter (in each case, subject to availability for the interest rate applicable to the relevant currency), as selected by the Borrower in its Notice of Borrowing, or such other period that is twelve months or less requested by the Borrower and consented to by all the Lenders; provided that:

	
 
	
(a)
	
any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless, in the case of an Alternate Currency Term Rate Loan, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

	
 
	
(b)
	
any Interest Period pertaining to an Alternate Currency Term Rate Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and

	
 
	
(c) 
	
no Interest Period shall extend beyond the applicable maturity date set forth in the Credit Agreement.

“LIBOR Loan” means any Loan bearing interest by reference to LIBOR. 

“Relevant Rate” means, with respect to any Loan denominated in (a) British Pound Sterling, SONIA, (b) Euros, EURIBOR and (c) Japanese Yen, TIBOR, as applicable.  

“SONIA” means, with respect to any applicable determination date, the Sterling Overnight Index Average Reference Rate published on the fifth Business Day preceding such date on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time); provided however that if such determination date is not a Business Day,  SONIA means such rate that applied on the first Business Day immediately prior thereto.

“SONIA Adjustment” means, with respect to SONIA, 0.1193%% per annum.

“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on November 19, 2007.

“TARGET Day” means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.

“Type” means, with respect to a Loan, its character as a Base Rate Loan, a LIBOR Loan, an Alternate Currency Daily Rate Loan or an Alternate Currency Term Rate Loan.

Appendix-3

 

2.Terms Applicable to Alternate Currency Loans.  From and after the Amendment Effective Date, the parties hereto agree as follows:

(a)Alternate Currencies.  (i) No Alternate Currency shall be considered a currency for which there is a published LIBOR rate, and (ii) any request for a new Loan denominated in an Alternate Currency, or to continue an existing Loan denominated in an Alternate Currency, shall be deemed to be a request for a new Loan bearing interest at the Alternate Currency Daily Rate or Alternate Currency Term Rate, as applicable; provided, that, to the extent any LIBOR Loan is outstanding on the Amendment Effective Date, such LIBOR Loan shall continue to bear interest at the rate in effect on the date this Agreement becomes effective until the end of the current Interest Period or payment period applicable to such LIBOR Loan unless, in the case of LIBOR a Loan that bears interest at a daily floating rate, such daily floating rate is no longer representative or being made available, in which case such LIBOR Loan shall bear interest at the applicable Alternate Currency Rate immediately upon the effectiveness of this Agreement.

(b)References to Euro-Dollar Rate, Euro-Dollar Loans and Euro-Dollar Rate Loans in the Credit Agreement and Loan Documents.  

(i)References to the Euro-Dollar Rate, Euro-Dollar Loans and Euro-Dollar Rate Loans in provisions of the Credit Agreement and the other Loan Documents that are not specifically addressed herein (other than the definitions of Euro-Dollar Rate and Euro-Dollar Rate Loan) shall be deemed to include Alternate Currency Daily Rates, Alternate Currency Term Rates, and Alternate Currency Loans, as applicable.

(ii)For purposes of any requirement for the Borrower to compensate Lenders for losses in the Credit Agreement resulting from any continuation, conversion, payment or prepayment of any Alternate Currency Term Rate Loan on a day other than the last day of any Interest Period (as defined in the Credit Agreement), references to the Interest Period (as defined in the Credit Agreement) shall be deemed to include any relevant interest payment date or payment period for an Alternate Currency Term Rate Loan.

(c)Interest Rates.  The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission or any other matter related to the rates in the definition of “Alternate Currency Daily Rate”, “Alternate Currency Term Rate” or with respect to any rate (including, for the avoidance of doubt, the selection  of such rate and any related spread or other adjustment) that is an alternative or replacement for or successor to any such rate or the effect of any of the foregoing, or of any Conforming Changes.

(d)Borrowings and Continuations of Alternate Currency Loans.  In addition to any other borrowing requirements set forth in the Credit Agreement:

(i)Alternate Currency Loans.  Each Borrowing of Alternate Currency Loans and each continuation of an Alternate Currency Term Rate Loan shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by (A) telephone or (B) a Notice of Borrowing; provided that any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a Notice of Borrowing. Each such Notice of Borrowing must be received by the Administrative Agent not later than 11:00 a.m.  three Business Days (or five Business Days in the case of a Special Notice Currency) prior to the requested date of any Borrowing or, in the case of Alternate Currency Term Rate Loans, any continuation; provided, however, that if the Borrower wishes to 

Appendix-4

 

request Alternate Currency Term Rate Loans having an Interest Period other than one, three or six months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than 11:00 a.m. five Business Days (or six Business Days in the case of a Special Notice Currency) prior to the requested date of such Borrowing or continuation of Alternate Currency Term Rate Loans, whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is acceptable to all of them.  Not later than 11:00 a.m., four Business Days (or five Business Days in the case of a Special Notice Currency) prior to the requested date of such Borrowing or continuation of Alternate Currency Term Rate Loans, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the Lenders.  Each Borrowing of or continuation of Alternate Currency Loans shall be in a principal amount of the Dollar Equivalent of $3,000,000 or a whole multiple of the Dollar Equivalent of $100,000 in excess thereof.  Each Notice of Borrowing shall specify (i) whether the Borrower is requesting a Borrowing or a continuation of Alternate Currency Term Rate Loans, (ii) the requested date of the Borrowing or continuation, as the case may be (which shall be a Business Day), (iii) the currency and principal amount of Loans to be borrowed or continued, (iv) the Type of Loans to be borrowed and (v) if applicable, the duration of the Interest Period with respect thereto.  If the Borrower fails to specify a currency in a Notice of Borrowing requesting a Borrowing, then the Loans so requested shall be made in Dollars.  If the Borrower fails to specify a Type of Loan in a Notice of Borrowing or if such Borrower fails to give a timely notice requesting a continuation, then the applicable Loans shall be made as Base Rate Loans denominated in Dollars; provided, however, that in the case of a failure to timely request a continuation of Alternate Currency Term Rate Loans, such Loans shall be continued as Alternate Currency Term Rate Loans in their original currency with an Interest Period of one (1) month.  If the Borrower requests a Borrowing of or continuation of Alternate Currency Term Rate Loans in any such Notice of Borrowing, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.  Except as otherwise specified in the Credit Agreement, no Alternate Currency Loan may be converted into or continued as a Loan denominated in a different currency, but instead must be repaid in the original currency of such Alternate Currency Loan and reborrowed in the other currency.

(ii)Conforming Changes.  With respect to any Alternate Currency Rate the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein, in the Credit Agreement or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement, the Credit Agreement or any other Loan Document (other than the consent of the Borrower); provided, that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes effective. 

(iii)Notice of Borrowing.  For purposes of a Borrowing of Alternate Currency Loans or a continuation of any Alternate Currency Term Rate Loan, the Borrower shall use the Notice of Borrowing attached hereto as Exhibit A.  

Appendix-5

 

(e)Interest.  

(i)Subject to the provisions of the Credit Agreement with respect to default interest, (x) each Alternate Currency Daily Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Alternate Currency Daily Rate plus the Applicable Margin; and (y) each Alternate Currency Term Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Alternate Currency Term Rate for such Interest Period plus the Applicable Margin.

(ii)Interest on each Alternate Currency Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified in the Credit Agreement.  Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any debtor relief law.

(f)Computations.  All computations of interest for Alternate Currency Loans shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed, or, in the case of interest in respect of Alternate Currency Loans as to which market practice differs from the foregoing, in accordance with such market practice.  Interest shall accrue on each Alternate Currency Loan for the day on which the Alternate Currency Loan is made, and shall not accrue on an Alternate Currency Loan, or any portion thereof, for the day on which the Alternate Currency Loan or such portion is paid, provided that any Alternate Currency Loan that is repaid on the same day on which it is made shall, subject to the terms of the Credit Agreement, bear interest for one day.  Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

(g)LIBOR Successor Rates.  The provisions in the Credit Agreement addressing the replacement of a current LIBOR Successor Rate for a currency shall be deemed to apply to Alternate Currency Loans and SONIA, TIBOR and EURIBOR, as applicable, and the related defined terms shall be deemed to include British Pound Sterling, Japanese Yen and Euros and SONIA, TIBOR and EURIBOR, as applicable.

 

 

Appendix-6

 

 

Exhibit A

FORM OF NOTICE OF BORROWING
(Alternate Currency Loans)

 

Date:  ___________, _____1

	
To:
	
Bank of America, N.A., as Administrative Agent
	
 

 

Ladies and Gentlemen:

 

Reference is made to that certain Revolving Credit Agreement, dated as of November 1, 2019 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”) among ERP OPERATING LIMITED PARTNERSHIP (the “Borrower”), the lenders party thereto from time to time, the Fronting Banks party thereto from time to time and BANK OF AMERICA, N.A., as Administrative Agent.  Terms used herein and not otherwise defined have the meanings assigned to them in the Credit Agreement.

 

The undersigned hereby requests on [insert proposed date of borrowing] (a Business Day) (select one)2:

 

						
	
Indicate:

Borrowing,

Conversion or Continuation
	
Indicate:

Borrower Name
	
Indicate:

Requested Amount
	
Indicate:

Currency
	
Indicate:

Alternate Currency Daily Rate Loan or Alternate Currency Term Rate Loan
	
For Alternate Currency Term Rate Loans Indicate:

 

Interest Period (e.g., 1, 3 or 6 month interest period)

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

 

The Borrowing, if any, requested herein complies with the requirements set forth in the Credit Agreement.

 

	

	
ERP OPERATING LIMITED PARTNERSHIP,

an Illinois limited partnership

By:  Equity Residential, a Maryland real estate investment trust, its general partner

 

By:

Name:  [Type Name of Signatory]

Title:  [Type Title of Signatory]

	
	 

	
1 
	
 Note to Borrower.  All requests submitted under a single Notice of Borrowing must be effective on the same date.  If multiple effective dates are needed, multiple Notices of Borrowing will need to be prepared and signed.

	
2 
	
 Note to Borrower.  For multiple borrowings, conversions and/or continuations for a particular facility, fill out a new row for each borrowing/conversion and/or continuation.Exhibit 4.3

 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE BEEN AND WILL BE ISSUED WITHOUT REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) AND MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED
WITHOUT REGISTRATION UNDER THE ACT UNLESS EITHER (i) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED IN CONNECTION WITH SUCH DISPOSITION OR (ii) THE SALE
OF SUCH SECURITIES IS MADE PURSUANT TO RULE 144 PROMULGATED UNDER THE ACT.

 

	 	 	Menlo Park, California
	 	 	 
	Date of Issuance: July 1, 2021	 	Void after: July 1, 2026

 

WARRANT TO PURCHASE COMMON STOCK

of

TIVIC HEALTH SYSTEMS, INC.

 

This Warrant to Purchase Common
Stock of Tivic Health Systems, Inc. (this “Warrant”), is issued to Hanover International, Inc. (and, together with
its permitted successors and assigns, the “Holder”) by Tivic Health Systems, Inc., a Delaware corporation (the “Company”).

 

1.                  
Purchase of Shares.

 

(a)              
Number of Shares. Subject to the terms and conditions set forth herein, the Holder is entitled,
upon surrender of this Warrant at the principal office of the Company (or at such other place as the Company shall notify the Holder in
writing), to purchase from the Company up to 200,000 fully paid and nonassessable shares of the Company’s Common Stock (the “Common
Stock”). 

 

(b)              
Exercise Price. The exercise price for the shares of Common Stock issuable pursuant to Section
1(a) of this Warrant (the “Shares”) shall be $0.26 per share (the “Exercise Price”). The Shares
and the Exercise Price shall be subject to adjustment pursuant to Section 8 hereof. 

 

2.                   Exercise
Period. This Warrant shall be exercisable beginning on the date of this Warrant and ending at 5:00 p.m. Pacific time on the
five-year anniversary of the date hereof (the “Exercise Period”); provided, however, that this Warrant
shall no longer be exercisable and become null and void upon the consummation of a Change of Control. In the event of a Change of
Control, the Company shall notify the Holder at least ten (10) days prior to the consummation of such Change of Control. For the
purposes hereof, a “Change of Control” shall mean (i) the direct or indirect sale or transfer, in a single
transaction or a series of related transactions, by the stockholders of the Company of voting securities, in which the holders of
the outstanding voting securities of the Company immediately prior to such transaction or series of transactions hold, as a result
of holding Company securities prior to such transaction, in the aggregate, securities possessing less than fifty percent (50%) of
the total combined voting power all outstanding voting securities of the Company or of the acquiring entity immediately after such
transaction or series of related transactions; (ii) a merger or consolidation in which the Company is not the surviving entity,
except for a transaction in which the holders of the outstanding voting securities of the Company immediately prior to such merger
or consolidation hold as a result of holding Company securities prior to such transaction, in the aggregate, securities possessing
more than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the surviving entity (or
the parent of the surviving entity) immediately after such merger or consolidation; (iii) a reverse merger in which the Company is
the surviving entity but in which the holders of the outstanding voting securities of the Company immediately prior to such merger
hold as a result of holding Company securities prior to such transaction, in the aggregate, securities possessing less than fifty
percent (50%) of the total combined voting power of all outstanding voting securities of the Company or of the acquiring entity
immediately after such merger; or (iv) the sale, transfer or other disposition (in one transaction or a series of related
transactions) of all or substantially all of the assets of the Company, except for a transaction in which the holders of the
outstanding voting securities of the Company immediately prior to such transaction(s) receive as a distribution with respect to
securities of the Company, in the aggregate, securities possessing more than fifty percent (50%) of the total combined voting power
of all outstanding voting securities of the acquiring entity immediately after such transaction(s). Notwithstanding the foregoing or
anything herein contained to the contrary, the following shall not be deemed to constitute a Change in Control: (A) a merger
effected exclusively for the purpose of changing the domicile of the Company; or (B) a transaction or series of related transactions
in which the stockholders of the Corporation immediately following such transaction or series of related transactions own 50% or
less of the voting power of the Corporation if such transactions were undertaken wholly or primarily for capital raising
purposes.

 

    1

     

    

 

3.                  
Method of Exercise.

 

(a)              
While this Warrant remains outstanding and exercisable in accordance with Section 2 above, the Holder
may exercise, in whole or in part, the purchase rights evidenced hereby. Such exercise shall be effected by:

 

(i)                
the surrender of the Warrant, together with a duly executed copy of the Notice of Exercise attached
hereto, to the Secretary of the Company at its principal office (or at such other place as the Company shall notify the Holder in writing);
and

 

(ii)             
the payment to the Company of an amount equal to the aggregate Exercise Price for the number of Shares
being purchased.

 

(b)              
Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close
of business on the day on which this Warrant is surrendered to the Company as provided in Section 3(a) above. At such time, the person
or persons in whose name or names any certificate for the Shares shall be issuable upon such exercise as provided in Section 3(c) below
shall be deemed to have become the holder or holders of record of the Shares represented by such certificate.

 

(c)              
As soon as practicable after the exercise of this Warrant in whole or in part, the Company at its
expense will cause to be issued in the name of, and delivered to, the Holder, or as such Holder (upon payment by such Holder of any applicable
transfer taxes) may direct:

 

(i)                
a certificate or certificates for the number of Shares to which such Holder shall be entitled, and

 

(ii)             
in case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like
tenor, calling in the aggregate on the face or faces thereof for the number of Shares equal to the number of such Shares described in
this Warrant minus the number of such Shares purchased by the Holder upon all exercises made in accordance with Section 3(a) above.

 

    2

     

    

 

4.                  
Reserved.

 

5.                  
 Warranties and Covenants of the Company. 

 

(a)              
In connection with the transactions provided for herein, the Company hereby represents and warrants
to the Holder that the Shares, when issued, sold, and delivered in accordance with the terms of the Warrants for the consideration expressed
therein, will be (i) duly and validly issued, fully paid and nonassessable, (ii) free from all taxes, liens and charges with respect to
the issuance thereof, and (iii) based in part upon the representations and warranties of the Holders in this Warrant, will be issued in
compliance with all applicable federal and state securities laws.

 

(b)              
The Company covenants and agrees that the Company will at all times during the Exercise Period, have
authorized and reserved, free from preemptive rights, a sufficient number of shares of its Common Stock to provide for the exercise of
the rights represented by this Warrant. If at any time during the Exercise Period the number of authorized but unissued shares of the
Company’s Common Stock shall not be sufficient to permit exercise of this Warrant, the Company will take such corporate action as
may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares
as shall be sufficient for such purposes.

 

(c)              
In the event of any taking by the Company of a record of the holders of any class of securities for
the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution, the Company shall mail
to the Holder, at least 10 days prior to the date of such record, a notice specifying the date on which such record is to be taken for
the purpose of such dividend or distribution.

 

6.                  
Representations and Warranties of the Holder. In connection with the transactions provided for herein, the Holder hereby
represents and warrants to the Company that:

 

(a)              
Authorization. Holder represents that it has full power and authority to enter into this Warrant.
This Warrant constitutes the Holder’s valid and legally binding obligation, enforceable in accordance with its terms, except as
may be limited by (i) applicable bankruptcy, insolvency, reorganization, or similar laws relating to or affecting the enforcement of creditors’
rights and (ii) laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 

 

(b)              
Purchase Entirely for Own Account. The Holder acknowledges that this Warrant is entered into
by the Holder in reliance upon such Holder’s representation to the Company that the Warrant and the Shares (collectively, the “Securities”)
will be acquired for investment for the Holder’s own account, not as a nominee or agent, and not with a view to the resale or distribution
of any part thereof, and that the Holder has no present intention of selling, granting any participation in or otherwise distributing
the same. By acknowledging this Warrant, the Holder further represents that the Holder does not have any contract, undertaking, agreement,
or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to the Securities.

 

(c)              
Disclosure of Information. The Holder acknowledges that it has received all the information
it considers necessary or appropriate for deciding whether to acquire the Securities. The Holder further represents that it has had an
opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Securities.

 

(d)              
Investment Experience. The Holder acknowledges that it is able to fend for itself, can bear
the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating
the merits and risks of the investment in the Securities. If other than an individual, the Holder also represents it has not been organized
solely for the purpose of acquiring the Securities.

 

    3

     

    

 

(e)              
 Accredited Investor. The Holder is an “accredited investor” within the meaning
of Rule 501 of Regulation D, as presently in effect, as promulgated by the Securities and Exchange Commission (the “SEC”)
under the Act.

 

(f)               
Restricted Securities. The Holder understands that the Securities are characterized as “restricted
securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving
a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Act,
only in certain limited circumstances. In this connection, each Holder represents that it is familiar with Rule 144, as presently in effect,
as promulgated by the SEC under the Act (“Rule 144”), and understands the resale limitations imposed thereby and by
the Act.

 

(g)              
Further Limitations on Disposition. Without in any way limiting the representations set forth
above, the Holder further agrees not to make any disposition of all or any portion of the Shares unless and until the transferee has agreed
in writing for the benefit of the Company to be bound by the terms of this Warrant, including, without limitation, this Section 6, Section
19, and any right of first refusal as may be set forth in the Bylaws of the Company, and:

 

(i)                
there is then in effect a registration statement under the Act covering such proposed disposition
and such disposition is made in accordance with such registration statement; or

 

(ii)             
the Holder shall have notified the Company of the proposed disposition and shall have furnished the
Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company,
the Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition
will not require registration of such shares under the Act. It is agreed that the Company will not require opinions of counsel for transactions
made pursuant to Rule 144 except in extraordinary circumstances.

 

(h)              
Legends. It is understood that the Securities may bear the following legend, or substantially
similar legends: 

 

(i)             
“THE SECURITIES REPRESENTED HEREBY HAVE BEEN ISSUED WITHOUT REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED WITHOUT REGISTRATION
UNDER THE ACT UNLESS EITHER (i) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO
THE COMPANY, TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED IN CONNECTION WITH SUCH DISPOSITION OR (ii) THE SALE OF SUCH SECURITIES
IS MADE PURSUANT TO RULE 144 PROMULGATED UNDER THE ACT.”

 

(ii)          
“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A RIGHT OF FIRST REFUSAL OPTION
IN FAVOR OF THE CORPORATION AND CERTAIN STOCKHOLDERS OF THE CORPORATION, AS PROVIDED IN THE BYLAWS OF THE CORPORATION, A COPY OF WHICH
IS ON FILE AT THE PRINCIPAL OFFICE OF THE CORPORATION AND THE SALE, TRANSFER OR HYPOTHECATION OF SUCH SHARES MAY NOT BE EFFECTED OTHER
THAN IN ACCORDANCE WITH THE PROVISIONS THEREOF.”

 

7.                   State
Commissioners of Corporations. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS WARRANT HAS NOT BEEN QUALIFIED WITH THE
COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF
THE CONSIDERATION FOR SUCH SECURITIES PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM
QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS WARRANT ARE
EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.

 

    4

     

    

 

8.                  
Adjustment of Exercise Price and Number of Shares. The number and kind of Shares purchasable upon exercise of this Warrant
and the Exercise Price shall be subject to adjustment from time to time as follows:

 

(a)              
Subdivisions, Combinations and Other Issuances. If the Company shall at any time after the
issuance but prior to the expiration of this Warrant subdivide its Common Stock, by split-up or otherwise, or combine its Common Stock,
or issue additional shares of its Common Stock or Common Stock as a dividend with respect to any shares of its Common Stock, the number
of Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock
dividend, or proportionately decreased in the case of a combination. Appropriate adjustments shall also be made to the Exercise Price
payable per share, but the aggregate Exercise Price payable for the total number of Shares purchasable under this Warrant (as adjusted)
shall remain the same. Any adjustment under this Section 8(a) shall become effective at the close of business on the date the subdivision
or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making
of such dividend.

 

(b)              
Reclassification, Reorganization and Consolidation. In case of any reclassification, capital
reorganization or change in the capital stock of the Company (other than as a result of a subdivision, combination or stock dividend provided
for in Section 8(a) above), then, as a condition of such reclassification, reorganization or change, lawful provision shall be made, and
duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall
have the right at any time prior to the expiration of this Warrant to purchase, at a total price equal to that payable upon the exercise
of this Warrant, the kind and amount of shares of stock and other securities or property receivable in connection with such reclassification,
reorganization or change by a holder of the same number and type of securities as were purchasable as Shares by the Holder immediately
prior to such reclassification, reorganization or change. In any such case appropriate provisions shall be made with respect to the rights
and interest of the Holder so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities
or property deliverable upon exercise hereof, and appropriate adjustments shall be made to the Exercise Price per Share payable hereunder,
provided the aggregate Exercise Price shall remain the same.

 

(c)              
Notice of Adjustment. When any adjustment is required to be made in the number or kind of
shares purchasable upon exercise of the Warrant, or in the Exercise Price, the Company shall notify the Holder of such event and of the
number of Shares or other securities or property thereafter purchasable upon exercise of this Warrant.

 

(d)              
Conversion of Common Stock. In the event that all outstanding shares of Common Stock are converted
to any other security, this Warrant shall become exercisable for such other security.

 

9.                  
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant, but in lieu of such fractional shares the Company shall make a cash payment therefor on the basis of the Exercise Price
then in effect.

 

10.               No
Stockholder Rights. Prior to exercise of this Warrant, the Holder shall not be entitled to any rights of a stockholder with
respect to the Shares, including (without limitation) the right to vote such Shares, receive dividends or other distributions
thereon, exercise preemptive rights or be notified of stockholder meetings, and, except as otherwise provided in this Warrant, such
Holder shall not be entitled to any stockholder notice or other communication concerning the business or affairs of the Company.

 

    5

     

    

 

11.              
Governing Law; Venue. This Warrant shall be governed by and construed under the laws of the State of California as applied
to agreements among California residents, made and to be performed entirely within the State of California. The parties agree that any
dispute arising in connection with the interpretation or validity of, or otherwise arising out of, this Warrant, will be subject to the
exclusive jurisdiction of the California State and Federal Courts in and for Santa Clara County, California. The parties hereby agree
to submit to the personal and exclusive jurisdiction and venue of such courts and agree that process may be served in the manner provided
herein for the giving of notices or otherwise as allowed by applicable law. Each party hereto waives any defense of inconvenient forum
to the maintenance of any action so brought and waives any bond, surety, or other security that might be required of any other party with
respect thereto.

 

12.              
Successors and Assigns. The terms and provisions of this Warrant and the Purchase Agreement shall inure to the benefit of,
and be binding upon, the Company and the holders hereof and their respective successors and permitted assigns.

 

13.              
Titles and Subtitles. The titles and subtitles used in this Warrant are used for convenience only and are not to be considered
in construing or interpreting this Warrant.

 

14.              
Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail if sent during normal business
hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight
courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties
at addresses set forth on the signature pages hereto (or at such other addresses as shall be specified by notice given in accordance with
this Section 14).

 

15.              
Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this Warrant, the prevailing
party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which
such party may be entitled.

 

16.              
Entire Agreement; Amendments and Waivers. This Warrant and any other documents delivered pursuant hereto constitute the
full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof. Nonetheless, any term
of this Warrant may be amended and the observance of any term of this Warrant may be waived (either generally or in a particular instance
and either retroactively or prospectively), with the written consent of the Company and the Holder; or if this Warrant has been assigned
in part, by the holders or rights to purchase a majority of the shares originally issuable pursuant to this Warrant.

 

17.              
Loss or Mutilation. Upon receipt of evidence reasonably satisfactory to the Company of the ownership of and the loss, theft,
destruction or mutilation of this Warrant, and of indemnity reasonably satisfactory to it, and (in the case of mutilation) upon surrender
and cancellation of this Warrant, the Company will execute and deliver in lieu thereof a new Warrant of like tenor as the lost, stolen,
destroyed or mutilated Warrant.

 

    6

     

    

 

18.              
 Severability. If any provision of this Warrant is held to be unenforceable under applicable law, such provision shall be
excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms.

 

19.              
“Market Stand-Off” Agreement. In connection with the Initial Public Offering, each Investor or a transferee
thereof, shall not, directly or indirectly, sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or
other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree
to engage in any of the foregoing transactions with respect to, any capital stock acquired through the exercise of this Warrant without
the prior written consent of the Company or its managing underwriter. Such restriction (the “Market Stand-Off”) shall
be in effect for such period of time following the date of the final prospectus for the offering as may be requested by the Company or
such underwriter. In no event, however, shall such period exceed one hundred eighty (180) days plus such additional period as may reasonably
be requested by the Company or such underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of
research reports, or (ii) analyst recommendations and opinions, including (without limitation) the restrictions set forth in FINRA Rule
2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), or any similar successor rules. In the event of
the declaration of a stock dividend, a spin off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction
affecting the Company’s outstanding securities without receipt of consideration, any new, substituted or additional securities which
are by reason of such transaction distributed with respect to any capital stock acquired through the exercise of this Warrant subject
to the Market Stand-Off, or into which such capital stock acquired through the exercise of this Warrant thereby become convertible, shall
immediately be subject to the Market Stand-Off. The Company’s underwriters shall be beneficiaries of the agreement set forth in
this Section 19. This Section 19 shall not apply to securities registered in the public offering under the Act or to any securities issued
by the Company that are purchased by Investors on the open market. All certificates evidencing capital stock acquired through the exercise
of this Warrant (and any securities issued in substitution thereof or in respect thereof) shall bear such restrictive legends as the Company
and the Company’s counsel deem necessary or advisable under applicable law or pursuant to this Warrant, including, without limitation,
the following:

 

THE SECURITIES REPRESENTED HEREBY ARE SUBJECT
TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF UP TO 180 DAYS FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, FOR AN OFFERING OF THE COMPANY’S SECURITIES PURSUANT TO THE MARKET STANDOFF PROVISIONS OF AN AGREEMENT
BETWEEN THE COMPANY AND THE ORIGINAL PURCHASER OF SUCH SECURITIES, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

 

[Remainder
of page intentionally left blank]

 

    7

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Warrant as of the date first written above.

 

	 	TIVIC
    HEALTH SYSTEMS, INC.
	 	 
	 	By: 	/s/ Jennifer Ernst
	 	Jennifer
    Ernst, Chief Executive Officer
	 	 
	 	Address:
    750 Menlo Ave. Suite 200
	 	Menlo
    Park, California 94025
	 	Attn:
    Chief Executive Officer
	 	Email
    Address: jennifer.ernst@tivichealth.com

 

ACKNOWLEDGED AND AGREED:

 

	Hanover
    International, Inc.	 
	 	 
	By:	/s/
    James Hock	 
	Name: 	James
    Hock	 
	Title:	President	 

 

	Address:	 	 
	 	 	 

 

	Email:	 	 

 

    8

     

    

 

NOTICE
OF EXERCISE

 

TIVIC HEALTH SYSTEMS, INC.

Attention: Corporate Secretary

 

The undersigned hereby elects
to purchase, pursuant to the provisions of the Warrant, as follows:

 

		 ̈	_____________ shares of Common Stock pursuant to the terms of the attached Warrant, and tenders herewith
payment in cash of the Exercise Price of such Shares in full, together with all applicable transfer taxes, if any.

 

The undersigned hereby represents
and warrants that Representations and Warranties in Section 6 hereof are true and correct as of the date hereof.

 

	 	HOLDER:
	 	 
	Date:	 	 	By:	 

 

	 	Address:	 
	 	 
	 	 

 

Name in which shares should be registered:

 

	 	 	 

 

    9

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