Document:

EX-10.2

  Exhibit 10.2

   

  Certain identified information has been marked in the exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the Company, if publicly disclosed. 

  Double asterisks denote omissions.

   

  INOZYME PHARMA, INC. CONFIDENTIAL

  YALE UNIVERSITY

  CORPORATE SPONSORED RESEARCH AGREEMENT

  This RESEARCH AGREEMENT (this “Agreement”) is entered into as of January 6, 2017 (the “Effective Date”), by and between Yale University, a non-profit corporation organized and existing under and by virtue of a special charter granted by the General Assembly of the Colony and State of Connecticut (the “University”), and Inozyme Pharma, LLC, a Delaware limited liability company, having its principal offices at 240 Bluff View Drive, Guilford, Connecticut 06347 (the “Sponsor”).

  W I T N E S S E T H :

  WHEREAS, in pursuit of its educational purposes, which include research and training, the University undertakes scholarly, research, and experimental activities in a variety of academic disciplines including the biology of the modulation of inorganic pyrophosphate and calcification by ectonucleotide pyrophosphatase/phosphodiesterases (“ENPPs”); and

  WHEREAS, the Sponsor wishes to fund and desires that the University undertake a research program in the field of ENPPs, as described more fully in Exhibit A, attached hereto; and 

  WHEREAS, in furtherance of its scholarly, research, and instructional interests, the University is willing to undertake such research upon the terms and conditions set forth below; and 

  NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows:

   

  

   

  1.Scope of Research.  During the term of this Agreement, the University shall use reasonable efforts to perform the research program described in Exhibit A, attached hereto and incorporated herein (the “Research”) using the levels of diligence, care and skill applicable to academic research typically conducted at the University.  Notwithstanding the foregoing, the University makes no warranties or representations regarding its ability to achieve, nor shall it be bound hereby to accomplish, any particular research objective or results.

  2.Personnel.

  (a)The Research shall be performed by and under the supervision and direction of Dr. Demetrios Braddock, while employed by the University, who shall be designated the Principal Investigator (the “Principal Investigator”) together with such additional personnel as may be assigned by the University and who are employees or agents of the University.  If Dr. Braddock ceases to be available to act as Principal Investigator, the University shall give Sponsor written notice of any proposed change in the Principal Investigator, subject to Sponsor’s approval, which the Sponsor may withhold in its sole discretion.  In case a replacement Principal Investigator cannot be found who is acceptable to the University and the Sponsor, then the Sponsor may terminate the Term (as defined herein) on 30 days’ notice to the University.

  (b)It is understood that the University and the personnel performing the Research hereunder may be involved in other activities and projects which entail pre-existing commitments to other sponsors.  The University will use reasonable efforts to avoid conflicts with the terms of this Agreement; however, it is agreed that unless provided to the contrary herein, this Agreement is subject to the University’s pre-existing commitments to such other sponsors.  [**].

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  3.University Policies and Procedures.  All Research conducted hereunder shall be performed in accordance with established University policies and procedures, including, but not limited to, policies and procedures applicable to research involving human subjects, laboratory animals, and conflicts of interest.

  4.Reimbursement of Costs.

  (a)The Sponsor shall reimburse the University for all direct and indirect costs incurred by the University in connection with the Research, in accordance with the budget set forth as Exhibit B, in the amount of [**] Dollars ($[**]), attached hereto and which hereby is incorporated herein; provided, however, that the University may submit to Sponsor at any time, and Sponsor may at its discretion approve in writing, a revised budget or budgets requesting additional funds.  Indirect costs shall be equal to the facilities and administration rate for indirect costs negotiated between the University and the Federal Government.

  (b)The Sponsor shall make quarterly advance payments to the University to fund estimated reimbursable costs, as determined in advance by Yale in good faith, it being understood that Yale’s estimate is not a guarantee of actual reimbursable costs for the applicable quarter.  All checks shall be made payable to Yale University, shall include reference to the Principal Investigator, and shall be sent to:

  Yale University
Office of Sponsored Projects
P.O. Box 1873
New Haven, CT 06508-1873
Contacting email: [**]     

  Or wired to:

  [**] 
Reference: Demetrios Braddock, Principal Investigator; [**]

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  5.Research Reports.  The University shall furnish to Sponsor during the term of this Agreement periodic informal reports regarding the progress of the Research.  A final report setting forth the significant research findings shall be prepared by the University and submitted to Sponsor within a reasonable period following the expiration of the Term or the effective date of early termination.  The University shall hold such reports in confidence subject to its rights under Section 6.  The Sponsor shall hold such reports in confidence pursuant to Section 7.

  6.Publication.

  (a)Part of the University’s mission is to publish and disseminate research results developed under sponsored research projects.  Consistent with this Agreement, University, the Principal Investigator and other University employees and/or students may disseminate or publish the results of the Research without prior approval by the Sponsor.  The University shall provide the Sponsor with a copy of any proposed publication 45 days in advance of submission to third parties.  The Sponsor shall determine whether any of its Confidential Information is included in the proposed publication.  The Sponsor may reasonably require that any of its Confidential Information be removed from the proposed publication.  The Sponsor may reasonably require that submission of the proposed publication to third parties and publication be W I delayed to permit the filing of patent applications.  The Sponsor shall make such determinations within forty-five (45) days of receipt of the proposed publication.  Submission of the proposed publication shall not be delayed more than ninety (90) days after receipt of the proposed publication by the Sponsor.  The Sponsor at its election shall be entitled to receive an acknowledgment of its sponsorship of the Research in any such publication.

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  (b)The University shall have the final authority to determine the scope and content of any publications or presentations made by its students and employees in accordance with the limitations of this section.

  7.Confidential Information.

  (a)Confidential Information consists of information that has been reduced to writing and marked “Confidential,” or, if disclosed orally, has been reduced to writing and marked “Confidential” within [**] of oral disclosure.  Subject to the following exceptions, all Confidential Information of either party disclosed by or on behalf of it to the other party in connection with the Research hereunder will be treated by such other party as confidential throughout the term hereof or for [**] from the time of disclosure, whichever is longer.  Each party will use reasonable efforts to safeguard the confidentiality of the other Party’s Confidential Information, and will require its employees, agents, students and associates to adhere to such obligation of confidentiality.  The following shall be exceptions to confidentiality:

  (i)Information that is now in the public domain or subsequently enters the public domain through no fault of the receiving party;

  (ii)Information that is presently known or becomes known to the receiving party from its own independent sources;

  (iii)Information that the receiving party receives from any third party not under any obligation to keep such information confidential;

  (iv)Information that is required to be disclosed by law.

  (v)Information that is developed independently by persons who had no direct or indirect access to the information.

  Neither party will use any Confidential Information of the other party provided under this Agreement for any purpose other than carrying out the Research and performing the parties’ respective obligations under this Agreement.

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  (b)Neither party shall knowingly convey Confidential Information that is subject to federal export control restrictions under the EAR or the ITAR without first so disclosing to the other party and providing the other party the opportunity to decline receiving such information.

  (c)Notwithstanding the foregoing in this Article 7, the Sponsor may disclose or release the results of the Research in connection with obtaining necessary regulatory approvals by a governmental authority for any ENPP product or ENPP product candidate of the Sponsor that is the subject of any license agreement between the University and the Sponsor pertaining, in part or in whole to such ENPP products or ENPP product candidates (a “Regulatory Disclosure”) to the extent that such Regulatory Disclosure is necessary or appropriate in the Sponsor’s judgment to obtain such approvals [**].

  (d)[**] under this Section 7.

  8.Intellectual Property.

  (a)Definition of Invention.  “Invention” shall mean any discovery, concept or idea, whether or not patentable, first conceived, discovered or first reduced to practice in whole or in part in performance of this Agreement.  For purposes of this Agreement, “Invention” shall also include any software written, created, and utilized in performance of this Agreement.

  (b)Ownership of Inventions.  The University shall be entitled to ownership of any Invention first conceived or discovered solely by its employees, students, or agents in the performance of the Research (“University Inventions”).  Sponsor shall own any Inventions first conceived or discovered solely by Sponsor’s employees or agents (“Sponsor Inventions”).  Inventions first conceived or discovered jointly by University employees, students or agents and Sponsor employees or agents in the performance of the Research shall be owned jointly (“Joint Inventions”).

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  (c)Disclosure and Right to Patent Inventions.  The University and Sponsor shall promptly disclose to each other in writing any Invention first conceived or discovered in the performance of the Research [**], and reported to the University’s Office of Co-operative Research (“OCR”) if a University Invention or Joint Invention or Sponsor’s Intellectual Property Authority (“IPA”) if the Invention is a Joint Invention (see Article 11 “Notices”), respectively.  Such disclosure shall be considered Confidential Information.  The University may elect to file and prosecute a patent application on any University Invention described in any such Invention disclosure.  Should the University elect not to do so it will so notify the Sponsor and the Sponsor may at its own cost file and prosecute any such patent application on behalf of the University.  The Sponsor shall have the sole right to file and prosecute a patent application on any Sponsor Invention and Joint Invention.  If Sponsor elects not to file or to prosecute an application for a Joint Invention or if after filing such an application, Sponsor elects not to prosecute such application, then in any such case Sponsor shall notify the University promptly and, if University elects to file and prosecute such an application on a Joint Invention, Sponsor shall not grant rights to such Joint Invention to any third party without University’s prior written permission.  [**].

  (d)[**] & Option.

  i.[**], the Sponsor shall have [**]; provided, however, that [**].

  ii.Option.  For each University Invention or University’s interest in a Joint Invention that, at the time the University makes written disclosure thereof to the Sponsor, [**], the Sponsor will have the option, for a period of three (3) months from the date of such disclosure to Sponsor, to elect to negotiate for a royalty-bearing, exclusive or non-exclusive, world-wide license to 

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  University’s rights in such Invention, including the right to sublicense, to make, have made, use, lease, sell, import and export products embodying or produced through the use of such Invention (the “Option”).  In the event that the parties are unable to reach agreement on the terms of the license described above in this Section 8(d)(ii) for such Invention after three (3) months of good faith negotiations, and the parties therefore do not execute such license, the University may enter into an agreement relating to such Invention with any third party [**].

  (e)New License.  Any license to Sponsor as provided herein [**] will be granted by a separate license agreement signed by the parties which shall include at least the following terms and conditions: (a) an appropriate field of use; (b) mutually agreeable license fees and royalties; (c) mutually agreeable minimum royalties and/or other requirements of due diligence to develop and effectively commercialize the Invention; (d) reimbursement of University’s cost of patent filing, prosecution and maintenance; (e) retention by University of a royalty-free right, sublicensable to its research partners, to use the Invention for teaching, research, or other educational or academic purposes; and (f) indemnification of the University.

  (f)Data.  University will retain ownership of the data arising out of the Research that University generates.  Subject to other provisions of this Agreement, including those pertaining to Confidential Information and intellectual property, Sponsor will have access to the data and may use such data in connection with its internal research, subject to the applicable confidentiality provisions of this Agreement.

  (g)Tangible Research Property.  University shall retain ownership of property that is developed solely by University’s employees, students, and agents, including, but not limited 

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  to, prototypes, biogenic materials, samples, lab notebooks graphs, maps, drawings, and documents created or acquired under this Agreement (collectively, “Tangible Research Property”), except the University shall not retain ownership of any such Tangible Research Property that is a deliverable under this Agreement.  [**].  University shall retain the right to use and distribute copies of all deliverables for educational and/or research purposes.

  (h)Copyrightable material.  As between University and Sponsor, University shall own all right, title and interest in and to any and all copyrights and copyrightable materials, including data and excluding software, that is created solely by University employees, students or agents in performance of this Agreement (collectively “University Copyrights”).  As between University and Sponsor, Sponsor shall own all right, title and interest in and to any and all copyrights and copyrightable materials, including data, created solely by Sponsor employees or agents in performance of this Agreement (collectively, “Sponsor Copyrights”).  As between University and Sponsor, University and Sponsor shall jointly own all right, title and interest in and to any and all copyrights and copyrightable materials, including data, created jointly by University employees, students, or agents and Sponsor employees or agents in performance of this Agreement (collectively, “Joint Copyrights”).  University shall have the sole right to determine the disposition of University Copyrights, provided that Sponsor shall have option rights, in accordance with Section 8, in computer software and databases developed and delivered under the Statement of Work.

  (i)Background IP.  Neither party shall, by virtue of this Agreement, acquire rights to Inventions, copyrights, technical information, or tangible property concurrently created or acquired outside of this Agreement or that are owned by the other party prior to entering into this 

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  Agreement, including any background technology required to practice Inventions.  Such rights may or may not be available for licensing.

  9.Ownership of Property.  Title to any equipment purchased or created in the performance of the work funded under this Agreement shall vest in the University.

  10.Term and Termination.

  (a)This Agreement shall be effective for the term January 6, 2017 through January 6, 2020 (the “Term”), and may be extended thereafter by mutual agreement of the parties in writing; provided, however, that the termination of this Agreement shall not relieve either party of any obligation of such party accrued prior to such termination hereunder.  In particular, the provisions hereof relating to rights in patents and ownership of property shall survive such termination.

  (b)Notwithstanding the foregoing, this Agreement may be terminated by either party at any time upon 180 days advance written notice to the other party; provided, however, that Sponsor may also terminate this Agreement pursuant to Section 2(a).  Upon receipt of notice of early termination by Sponsor, the University shall use reasonable efforts promptly to limit or terminate any outstanding commitments prior to the effective termination date.  All allowable costs associated with such termination and up through the date of termination, shall be reimbursed by Sponsor, including non-cancelable commitments, such as, where applicable, committed salary and benefits [**] for personnel shall be non-cancelable commitments.  In case of such termination, such amounts for such non-cancellable obligations shall be the limits of the Sponsor’s liability for payments to the University hereunder.

  (c)If Sponsor breaches its obligation of payment and fails to remedy such breach within thirty (30) days after receipt of notice in writing of such breach, then if such payment 

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  breach is not remedied in such thirty (30) day period, the University may, in addition to any other remedies that the University may have at law or in equity, terminate this Agreement by sending written notice of termination to Sponsor.  Termination for material breaches will be effective from the date of notice to Sponsor and does not affect any of University’s other rights under this Agreement.

  11.Notices.  Any notices given under this Agreement shall be in writing and shall be deemed delivered when sent by first-class mail, postage prepaid, addressed to the parties as follows (or at such other addresses as the parties may notify each other in writing):

  		
	The University
Yale University
Office of Sponsored Projects (OSP)
25 Science Park - 3rd Floor
P.O. Box 208327
New Haven, CT 06520-88327
ATTN: [**]
Contract Manager
	Sponsor
Inozyme Pharma, LLC
[**] 
ATTN: Chief Executive Officer
[**]

	Yale University
Office of Cooperative Research
433 Temple Street
New Haven, CT 06511
ATTN: Managing Director
	[**]
 

  provided, however, that Invention Disclosures shall be addressed to the parties as follows:

  		
	Yale University
Yale University Office of Cooperative Research
Attn: Director of Intellectual Property
433 Temple Street
New Haven, CT, 06511
P: [**]
E: [**]
CC: [**]
 
	Sponsor IPA
[**]
 

   

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  12.Use of Name.  Neither party shall employ or use the name of the other party in any promotional materials or advertising without the prior express written permission of the other party.

  13.Relationship of the Parties.  The relationship of Sponsor and the University established by this Agreement is that of independent contractors.  Nothing in this Agreement shall be construed to create a relationship of employment or agency, nor shall either party’s employees, servants, agents, or representatives be considered the employees, servants, agents, or representatives of the other.  Nothing in this Agreement shall be construed to constitute the parties as partners or joint venturers, or allow either of the parties to create or assume any obligation on behalf of the other party.

  14.Indemnification.  The following indemnification obligation applies only to the extent of Sponsor’s use of the Research or any University intellectual property or Research Results.  The Sponsor shall therefore defend, indemnify and hold harmless University, the Principal Investigator, in his capacity as such, and any of University’s faculty, students, employees, trustees, officers, affiliates, and agents (hereinafter referred to collectively as the if “Indemnified Persons”) from and against any and all liability, claims, lawsuits, losses, damages, costs or expenses (including attorneys’ fees), which the Indemnified Persons may hereafter incur, or be required to pay, unless determined with finality by a court of competent jurisdiction to result solely from an Indemnified Person’s gross negligence or willful misconduct.  University shall notify Sponsor upon learning of the institution or threatened institution of any such liability, claims, lawsuits, losses, damages, costs and expenses and University shall cooperate with Sponsor in every proper way in the defense or settlement thereof at Sponsor’s 

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  request and expense.  Sponsor shall not dispose or settle any claim admitting liability on the part of the University without University’s prior written consent.

  15.NO WARRANTIES.  THE UNIVERSITY MAKES NO WARRANTIES EITHER EXPRESS OR IMPLIED, AS TO ANY MATTER, INCLUDING, WITHOUT LIMITATION, THE RESULTS OF THE RESEARCH OR ANY INVENTIONS OR PRODUCT, TANGIBLE OR INTANGIBLE, CONCEIVED, DISCOVERED, OR DEVELOPED UNDER THIS AGREEMENT; OR THE OWNERSHIP, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE OF THE RESEARCH RESULTS OR OF ANY SUCH INVENTION OR PRODUCT.  Neither party shall be liable for any indirect, consequential, lost profits, or other damages suffered by the other party or by any Licensee or any others resulting from the use of the research results, including any Invention, program, or product.

  16.Export Controls.  The University complies with all applicable laws and, regulations, including, where applicable, federal export control regulations.  Many of the University employees (faculty and staff) and students are residents of foreign countries, including individuals who may work on this contract and/or have access to information conveyed to the University pursuant hereto.  The University does not screen its employees or students based on nationality.  In most situations, the University relies on the fundamental research exclusion from export control laws, but makes no representation as to whether Sponsor’s conveyance of information or material to the University pursuant hereto would be covered by the export control laws.  Each party agrees that before knowingly providing the other with export-controlled materials or data, it will provide written notice, including a description of the 

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  materials or data, and, if known, the appropriate ECCN or MCL designation.  No such materials or data shall knowingly be shared without prior written approval.

  17.Force Majeure.  The University shall not be liable for any failure to perform as required by this Agreement, to the extent such failure to perform is caused by any reason beyond the University’s control, or by reason of any of the following: labor disturbances or disputes of any kind, accidents, failure of any required governmental approval, civil disorders, acts of aggression, acts of God, energy or other conservation measures, failure of utilities, mechanical breakdowns, material shortages, disease, or similar occurrences.

  18.Assignment.  Neither the University nor the Sponsor shall assign this Agreement to any other person without the prior written consent of the other, and any purported assignment without such consent shall be void [**].

  19.Severability.  In the event that a court of competent jurisdiction holds any provision of this Agreement to be invalid, such holding shall have no effect on the remaining provisions of this Agreement, and they shall continue in full force and effect.

  20.Entire Agreement: Amendments.  This Agreement and the Exhibits hereto contain the entire agreement between the parties.  No amendments or modifications to this Agreement shall be effective unless made in writing and signed by authorized representatives of both parties.

  21.Similar Research.  Nothing in this Agreement shall be construed to limit the freedom of the University or of its researchers who are not participants under this Agreement, from engaging in similar research made under other grants, contracts or agreements with parties other than the Sponsor.

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  22.Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut.

  IN WITNESS WHEREOF, the parties hereto have executed this Agreement by their duly authorized officers or representatives.

  		
	YALE UNIVERSITY
By  /s/ Jeffrey E. McGuinness
Title  Associate Director
Date  January 10, 2017
	INOZYME PHARMA, LLC
By  /s/ Axel Bolte
Title  Chief Executive Officer
Date  January 10, 2017

	Read and acknowledged:
Principal Investigator
 
/s/ Demetrios Braddock
Demetrios Braddock, MD PhD
Date  01/09/2017
	 

   

  YALE UNIVERSITY 

  AMENDMENT NO. 1 TO 

  CORPORATE SPONSORED RESEARCH AGREEMENT 

  This AMENDMENT NO. 1 TO CORPORATE SPONSORED RESEARCH AGREEMENT, dated as of February 19, 2019 (this “Amendment”), by and between Yale University, a non-profit corporation organized and existing under and by virtue of a special charter granted by the General Assembly of the Colony and State of Connecticut (the “University”), and Inozyme Pharma, Inc., a Delaware corporation, having its principal offices at 280 Summer Street, Floor 5, Boston, Massachusetts 02210 (the “Sponsor”), amends the RESEARCH AGREEMENT, entered into as of January 6, 2017 (the “Agreement”), by and between the University and the Sponsor. 

  W I T N E S S E T H: 

  WHEREAS, the Sponsor has funded a research program in the field of ENPPS. 

  WHEREAS, the Sponsor now wishes to continue to fund for an extended period (years 3-5) research programs in the field of expertise of the Principal Investigator, as described more fully in Exhibit A, attached to this Amendment; and 

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  WHEREAS, the Sponsor wishes to allow for a broader research program and to amend the the budget for the research to take place during the Extended Term (as defined herein) as provided in the Agreement, and the University is willing to agree to such modifications and to undertake such research upon the terms and conditions set forth below and in the Agreement; 

  NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 

  1. Scope of Research. Upon the effectiveness of this Amendment, the Agreement is hereby amended such that during the Extended Term, the University shall use reasonable efforts to perform the research program described in Exhibit A, attached hereto and incorporated herein and incorporated in the Agreement to allow for expansion of the original Research, and otherwise in accordance with the terms and limitations provided in the Agreement. The Research provided for in this Amendment shall be in lieu of the portion of the Research for the third year of the Term as provided in the Agreement and shall also extend for the Extended Term. Any additional research requested by Sponsor that is supplemental to the research 

   

   

  selected by the Principal Investigator – relating to ENPPs within the amended program described in Exhibit A attached hereto, shall be the subject of a separately negotiated financial agreement between the University and Sponsor. 

  2. Reimbursement of Costs. The Agreement is hereby amended such that the Sponsor shall reimburse the University for all direct and indirect costs incurred by the University in connection with the Extended Research, in accordance with the budget set forth as Exhibit B hereto (the “Extended Budget”), in the amount of [**] Dollars ($[**]), attached hereto and which hereby is incorporated herein and incorporated in the Agreement. The first year of the Extended Budget shall be in lieu of $[**] of Total Grant Budget for Year 3 as shown in the budget attached as Exhibit B to the Agreement. Nothing in this Amendment modifies the Total Grant Budget shown for each of Year 1 and Year 2 in the Agreement. Once the parties execute and deliver this Amendment, the Total Grant Budget and Extended Budget under the Agreement, as amended by this Amendment, will be: 

  					
	 
	 
	 
	 
	 

	Year 1
	 
	 
	$[**]
	 

	Year 2
	 
	 
	$[**]
	 

	Year 3
	 
	 
	$[**]
	 

	Year 4
	 
	 
	$[**]
	 

	Year 5
	 
	 
	$[**]
	 

	 
	 
	 
	 
	 

	Total
	 
	$
	2,409,708
	 

	 
	 
	 
	 
	 

  Indirect costs for the Extended Budget shall be as shown in the Extended Budget. 

  3. Amendment to Term. The first sentence of Section 10(a) of the Agreement is hereby amended by deleting the words “January 6, 2020” and substituting in lieu thereof “December 31, 2021”. The period of the New Research shall be referred to as the “Extended Term.” 

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  4. Defined Terms. Capitalized terms used in this Amendment and defined in the introductory paragraph of, or recitals to, this Amendment shall have the respective meanings provided therein. Capitalized terms used in this Amendment and not defined in this Amendment shall have the respective meanings provided in the Agreement except as otherwise expressly provided herein. 

    

   

   

  5. Effectiveness. This Amendment shall become effective as of the date first set forth above once this Amendment or counterparts hereof shall have been executed and delivered by University and the Sponsor. 

  6. Confirmation of Original Agreement. 

  			
	 
	(a)
	Except as amended by this Amendment, the Agreement shall remain in füll force and effect in accordance with its terms. From and after the date this Amendment becomes effective, any reference in the Agreement to the “Agreement”, the “Research” or the “Term” shall be deemed a reference to the Agreement, as amended hereby, the Research, as defined hereby, or the Extended Term, as defined hereby, respectively. 

  7. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Connecticut. 

  [signature page follows] 

    

   

   

  IN WITNESS WHEREOF, the parties hereto have executed this Agreement by their duly authorized officers or representatives. 

  											
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	YALE UNIVERSITY
	 
	 
	 
	INOZYME PHARMA, INC.
	 
	 

	 
	 
	 
	 
	 
	 

	By
	 
	/s/ James Cresswell
	 
	 
	 
	By
	 
	/s/ Henric Bjarke
	 
	 

	 
	 
	 
	 
	 
	 

	Title
	 
	Sr. Contract Manager
	 
	 
	 
	Title
	 
	COO
	 
	 

	 
	 
	 
	 
	 
	 

	Date:
	 
	February 19, 2019
	 
	 
	 
	Date:
	 
	2/22/2019
	 
	 

   

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	Read and acknowledged:
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 

	Principal Investigator
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 

	/s/ Demetrios Braddock
	 
	 
	 
	 
	 
	 

	Demetrios Braddock, MD PhD
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 

	Date: February 19th, 2019 
	 
	 
	 
	 
	 
	 

    

   

   

  Exhibit B: Extended Budget 

  Amendment No. 1 to Corporate Sponsored Research Agreement 

  									
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Year 3
	 
	Year 4
	 
	Year 5
	 
	Total

	 
	 
	 
	 
	 

	Total Direct Costs
	 
	[**]
	 
	[**]
	 
	[**]
	 
	[**]

	 
	 
	 
	 
	 

	Indirect Rage
	 
	[**]
	 
	[**]
	 
	[**]
	 
	[**]

	 
	 
	 
	 
	 

	Total Indirect Costs
	 
	[**]
	 
	[**]
	 
	[**]
	 
	[**]

	 
	 
	 
	 
	 

	Total Grant Budget
	 
	[**]
	 
	[**]
	 
	[**]
	 
	[**]

   

  Exhibit B: Budget

  					
	 
	Year 1
	Year 2
	Year 3
	Total

	 
	$
	$
	$
	 

	YALE TOTAL DIRECT COSTS - Grant
	[**]
	[**]
	[**]
	[**]

	 
	$
	$
	$
	 

	Total Indirects
	[**]
	[**]
	[**]
	[**]

	 
	$
	$
	$
	 

	Total Grant Budget
	[**]
	[**]
	[**]
	[**]

   

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  Second Amendment to Corporate Sponsored Research Agreement

  	This Second Amendment (the “Amendment”), effective as of December 31, 2021 (the “Amendment Effective Date”), is entered into by and Inozyme Pharma, Inc., a Delaware corporation, having its principal offices at 321 Summer Street, Suite 400, Boston, MA 02210 (“Inozyme”) and Yale University, a non-profit corporation organized and existing under and by virtue of a special charter granted by the General Assembly of the Colony and State of Connecticut, (“Yale”), and is made to that certain Research Agreement with an Effective Date of January 6, 2017, as amended by a First Amendment effective February 19, 2019 (the “Agreement”).

  	Whereas, the Parties desire to modify the terms of the Agreement to extend the term thereof on a no-cost basis as set forth herein.

  Now Therefore, the Parties agree as follows:

  1.1All capitalized terms used in this Amendment but not defined herein shall have the meaning given such term in the Agreement.

  1.2The first sentence of Section 10(a) of the Agreement is hereby amended by deleting the words “December 31, 2021” and substituting in lieu thereof “June 30, 2022.”

  1.3Except as amended by this Amendment, the Agreement shall remain in full force and effect according to its terms.

   

  1.4This Amendment may be executed in two counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

   

  In Witness Whereof, the Parties hereto have caused this Amendment to be executed by their respective duly authorized officers as of the Amendment Effective Date.

   

   Yale University				 	Inozyme Pharma, Inc.

  By:__/s/ James Cresswell____________			By:___/s/ Axel Bolte__________________

  Name:	James Cresswell				Name: Axel Bolte

  Title: Sr. Contract Manager				Title: CEO

   

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  THIRD AMENDMENT TO CORPORATE SPONSORED RESEARCH AGREEMENT

  This Third Amendment (the “Amendment”), effective as of May 31, 2022 (the “Third Amendment Effective Date”), is entered into by and Inozyme Pharma, Inc., a Delaware corporation, having its principal offices at 321 Summer Street, Suite 400, Boston, MA 02210 (“Sponsor”) and Yale University, a non-profit corporation organized and existing under and by virtue of a special charter granted by the General Assembly of the Colony and State of Connecticut, (“University”), and is made to that certain Research Agreement with an Effective Date of January 6, 2017, as amended by a First Amendment effective February 19, 2019 and a Second Amendment effective December 31, 2021 (the “Agreement”).

  Whereas, the Parties desire to modify the terms of the Agreement to extend the term and to provide additional funding as described herein in support of experiments associated with investigating [**].

  Now Therefore, the Parties agree as follows:

  (a)All capitalized terms used in this Amendment but not defined herein shall have the meaning given such term in the Agreement.

  (b)Section 8(d)(ii) of the Agreement is hereby amended by addition of the following at the end of the Section:

  (i)Notwithstanding the foregoing in this Section 8(d)(ii), Inventions that are: (i) related to (a) [**] and/or (b) the use of such [**] and (ii) not otherwise already subject to a license from University to Sponsor, including a license under the License Agreement (Yale Ref. [**])) (such inventions ((i) and (ii)), “[**] Inventions”) shall not be subject to the Option granted herein.  Sponsor shall not seek or require the disclosure of any future [**] Inventions from University.

  (ii)Sponsor hereby acknowledges that University has disclosed to Sponsor the [**] Inventions set forth on Exhibit 8(d)(ii)(2) (“Existing [**] Inventions”).  Further, Sponsor hereby acknowledges and agrees that its Options to such Existing [**] Inventions have expired without exercise.

  (iii)University represents that, to the actual knowledge of Yale Ventures (fka Yale Office of Cooperative Research; “Yale Ventures”), the [**] Inventions set forth on Exhibit 8(d)(ii)(2) are all of the patentable [**] Inventions that have arisen under this Agreement that have been reported to Yale Ventures as of the Third Amendment Effective Date.

  20

   

  

   

  (c)The first sentence of Section 10(a) of the Agreement is hereby amended by deleting the words “June 30, 2022” and substituting in lieu thereof “April 30, 2023.”

  (d)Exhibit A is hereby modified to include the additional components of the Research identified in Exhibit A-1, attached hereto and incorporated herein.

  (e)The Extended Budget of the Agreement is hereby modified to include the following:

  		
	Funds for the performance of Research as set forth in Exhibit A-1 (for the time period beginning on the Third Amendment Effective Date and ending on April 30, 2023)

	Total Direct Costs
	[**]

	Indirect Rate
	[**]

	Indirect Costs
	[**]

	Total Budget
	[**]

   

  For clarity, the total funding under the Agreement, inclusive of the original Budget and the Extended Budget, is $2,549,708.00, of which University acknowledges that $2,409,708 has already been paid by Sponsor and received by University as of the Third Amendment Effective Date.

  (f)Except as amended by this Amendment, the Agreement shall remain in full force and effect according to its terms.

  (g)This Amendment may be executed in two counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

  In Witness Whereof, the Parties hereto have caused this Amendment to be executed by their respective duly authorized officers as of the Third Amendment Effective Date.

  21

   

  

   

  		
	YALE UNIVERSITY
 
By: /s/ James Cresswell
Name: James Cresswell, JD
Title: Senior Contract Manager
 
	Inozyme Pharma, Inc.
 
By: /s/ Henric Bjarke
Name: Henric Bjarke
Title: COO
 

	By: /s/ Josh Geballe
Name: Josh Geballe, MBA
Title: Managing Director, Yale Ventures
 
	 

	Read and acknowledged
 
By: /s/ Demetrios Braddock
Dr. Demetrios Braddock, Yale Faculty
 
	 

   

   

  	 

   

   

  22Document

Exhibit 4.5

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS WARRANT NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL SELECTED BY THE HOLDER, IN A FORM REASONABLY SATISFACTORY TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT.
THIS WARRANT IS ONE OF THE WARRANTS TO PURCHASE COMMON STOCK ISSUED PURSUANT TO THAT CERTAIN SUBSCRIPTION AGREEMENT, DATED AS OF JUNE 30, 2022, BY AND AMONG THE COMPANY AND THE INVESTORS REFERRED TO THEREIN. ANY HOLDER OF THIS WARRANT TAKES SUCH WARRANT SUBJECT TO THE TERMS AND CONDITIONS OF SUCH SUBSCRIPTION AGREEMENT AND, BY ITS ACCEPTANCE HEREOF, AGREES TO ABIDE BY THE TERMS AND CONDITIONS THEREOF NOTWITHSTANDING ANYTHING TO THE CONTRARY SET FORTH HEREIN.
CANADIAN RESALE RESTRICTION APPLICABLE TO CANADIAN SUBSCRIBERS ONLY: UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE NOVEMBER 1, 2022.

FORM OF WARRANT TO PURCHASE COMMON STOCK
Company:    Ascend Wellness Holdings, Inc.
Holder:    [•]
Number of Shares:    [•]
Class of Stock:    Class A Common Stock, par value $0.001 per share (the “Common Stock”) 
Initial Exercise Price:    $3.10 per share
Issue Date:    June 30, 2022
Expiration Date:    June 30, 2026, subject to acceleration in accordance with Sections 1.2 and 2.1, as applicable
Second Joinder Agreement:    This Warrant to Purchase Common Stock (this “Warrant”) is issued in connection with that certain Second Joinder Agreement, dated as of the date hereof, to the Credit Agreement, dated as of August 27, 2021, by and among the Company, as borrower, the lenders from time to time party thereto, Acquiom Agency Services LLC, as administrative agent and collateral Agent for the lenders thereunder and Seaport Global Securities LLC, as Placement Agent.

This Warrant certifies that, for good and valuable consideration, Holder is entitled to purchase from the Company, until 5:00 p.m. Eastern Time, on the Expiration Date set forth above, the number of fully paid and nonassessable shares of Common Stock (the “Shares”) of the Company at the Initial Exercise Price per Share (the “Warrant Price”), all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant.  This Warrant is one of the Warrants to purchase Common Stock (the “Lender Warrants”) issued pursuant to Section 2 of that certain Subscription Agreement, dated as of June 30, 2022 (the “Subscription Date”), by and among the Company and the investors (the “Subscribers”) referred to therein (the “Subscription Agreement”). Capitalized terms used herein and not otherwise defined shall have the definitions ascribed to such terms in the Subscription Agreement.
1.EXERCISE.
1.1Exercise of Warrant. 
1.1.1Holder may exercise this Warrant, in whole or in part, at any time or times on or after the Issue Date and on or before the Expiration Date by delivering a duly executed facsimile copy or PDF copy submitted by Email (or Email attachment) of the Notice of Exercise in substantially the form attached hereto as Exhibit A (the “Notice of Exercise”) to the Company. Within one (1) Trading Day following the date of exercise, the Holder shall deliver the aggregate Warrant Price, subject to adjustment hereunder, for the number of Shares specified in the applicable Notice of Exercise (the “Exercise Amount”) by check or wire transfer to an account specified by the Company in writing following delivery of the Notice of Exercise (or through cashless exercise as provided for in Section 1.1.2). 
1.1.2If at the time of exercise hereof there is no effective registration statement registering the resale of the Shares issuable upon exercise of the Warrant, then this Warrant may be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:
(A) =    as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 1.1 hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1.1 hereof on a Trading Day prior to the opening of or during “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under U.S. federal securities laws) on such Trading Day, or (ii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 1.1 hereof after the close of “regular trading hours” on such Trading Day;

(B) =    the Warrant Price, as adjusted hereunder; and
(X) =    the number of Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.
For the avoidance of doubt, this Warrant may only be exercised by the Holder pursuant to a cashless exercise pursuant to this Section 1.1.2 if, and only if, at the time of exercise hereof, there is no effective registration statement registering the resale of the Shares issuable upon exercise of the Warrant, as determined by the Company in good faith. The Holder hereby acknowledges and agrees that it will provide all information reasonably requested by the Company in connection with the preparation and filing with the United States Securities and Exchange Commission of a registration statement registering the Shares for resale and hereby consents to being named as a “selling stockholder” in such registration statement.
1.2Mandatory Exercise. If after the one year anniversary of the Issue Date, the VWAP (as defined below) of the Common Stock for any consecutive thirty (30) day period exceeds $6.50 per share (as may be adjusted pursuant to Section 2 herein) (each an “Exercise Trigger”), the Company shall have the right (but not the obligation) to require Holder to exercise some or all of any unexercised portion of this Warrant, as designated by the Company in the Mandatory Exercise Notice on the Mandatory Exercise Date (each as defined below) (each, a “Mandatory Exercise”). The Company may exercise its right to require Holder to exercise this Warrant pursuant to this Section 1.2 by delivering a written exercise notice (the “Mandatory Exercise Notice”) at any time after the occurrence of an Exercise Trigger (the date of the Mandatory Exercise Notice, the “Mandatory Exercise Notice Date”). The Mandatory Exercise Notice shall state (i) the Trading Day by which the Mandatory Exercise shall occur, which shall be no later than the third (3rd) Trading Day following the Mandatory Exercise Notice Date (the “Mandatory Exercise Date”), (ii) the aggregate number of Shares underlying the Warrant that the Company has elected to require that the Holder exercise in connection with such Mandatory Exercise (the “Mandatory Exercise Amount”) pursuant to this Section 1.2 and (iii) the Company’s wire instructions for delivery of the aggregate Warrant Price due in connection with the Mandatory Exercise. Holder shall be required to deliver the aggregate Warrant Price and the Notice of Exercise by no later than the Mandatory Exercise Date. “Trading Day” means, with respect to any security, any day on which such security is traded on the principal securities exchange or trading market for such security, provided that “Trading Day” shall not include any day that such security is suspended from trading during the final hour of trading on such exchange or market.
For purposes of this Warrant, “VWAP” means, with respect to any security, as of any day or period of days (as the case may be), the volume-weighted average sale price on the principal securities exchange or trading market for such security as reported by, or based upon data reported by, Bloomberg Financial Markets or, if no volume-weighted average sale price is reported for such security by Bloomberg Financial Markets, then the last closing trade price of such security as reported by Bloomberg Financial Markets, or, if no last closing trade price is 

reported for such security by Bloomberg Financial Markets, the average of the bid prices of any market makers for such security that are listed in the over the counter market by the Financial Industry Regulatory Authority, Inc. or on the Over the Counter Bulletin Board or any successor (the “Bulletin Board”) (or in the OTCQB market or “pink sheets” (or any successor) by the OTC Markets Group, Inc.
1.3Delivery of Shares Upon Exercise. Subject to compliance with applicable law, within two (2) Trading Days after the Company receives the aggregate Warrant Price (the “Share Delivery Date”) for the Exercise Amount or the Mandatory Exercise Amount (or notification of cashless exercise, if applicable), as applicable, the Company shall cause the Shares purchased hereunder to be transmitted by Odyssey Trust Company or its successor (the “Transfer Agent”) to Holder by crediting the account of Holder’s balance account with the Depository Trust Company (“DTC”) through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system, or by delivering certificate(s) or ownership statements under a direct registration system representing the Exercise Amount or Mandatory Exercise Amount, as applicable, purchased hereunder. If this Warrant has not been fully exercised or converted and has not expired, this Warrant shall automatically be reduced by the number of Shares issued and remain exercisable for such remaining Shares not so acquired, and all other terms of the Warrant shall otherwise remain in full force and effect as so adjusted. Upon final exercise of this Warrant for any such remaining number of Shares, this Warrant shall be surrendered by the Holder to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company.  Holder and any assignee, by acceptance of this Warrant, acknowledges and agrees that, by reason of the provisions of this paragraph, following the purchase of a portion of the Shares hereunder, the number of Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.
1.4Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation, or surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount.
1.5Sale, Merger, Consolidation or Liquidation of the Company. 
1.5.1“Acquisition”. For the purpose of this Warrant, “Acquisition” means any of the following transactions, whether effected directly or indirectly in one or a series of related transactions involving: (i) any merger or consolidation of the Company with or into another person, (ii) any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of the assets of the Company and its subsidiaries, (iii) the consummation of any purchase offer, tender offer or exchange offer (whether by the Company or another person) pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property, (iv) any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange by the Company 

pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property and (v) the consummation of a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another person or group of persons; provided, however, only those transactions described in clauses (i), (iii), (iv) and (v) that result in the holders of the Company’s outstanding Common Stock as of immediately prior to the transaction (or series of related transactions) beneficially owning less than a majority by voting power of the outstanding shares of common stock of the surviving or successor entity as of immediately after the transaction shall be considered an Acquisition.
1.5.2Assumption of Warrant. Upon the consummation of such Acquisition where the consideration for the Acquisition to be received by the Company’s stockholders consists solely or in part of stock or securities of the acquirer or an entity affiliated with the acquirer, the successor entity shall assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities as would be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Acquisition and subsequent closing thereof, subject to further adjustment from time to time in accordance with the provisions of this Warrant. The Warrant Price shall be adjusted based on the exchange ratio that applies to the Company’s Common Stock in the Acquisition (i.e. the Warrant Price will be divided by the exchange ratio).
1.5.3Termination of Warrant. In the case of (a) an Acquisition where the consideration for the Acquisition to be received by the Company’s stockholders in return for their equity of the Company consists of cash or a combination of cash and other property (other than stock or securities of the acquirer) or (b) the proposed liquidation and dissolution of the Company, the Company shall give Holder at least 30 days advance written notice of such event (the “Company Notice”), which notice shall include the Company’s best estimate of the value of the Shares receivable upon exercise or conversion of this Warrant (including, without limitation, the consideration payable to holders of Common Stock on a per share basis in connection with an Acquisition) and the proposed date upon which such event is expected to occur. During such notice period, Holder may exercise or convert this Warrant in accordance with its terms, whether or not the exercise or conversion is contingent upon the happening of such event and/or existence of a minimum value of the Shares receivable upon exercise or conversion as provided on Holder’s exercise notice; provided that such minimum value shall be no greater than the per share price set forth in the Company Notice. Subject to prior exercise or conversion as provided in the preceding sentence, this Warrant will terminate at 5:00 p.m. Eastern Time on the day prior to the date such event is expected to occur as set forth in the Company Notice; provided that (a) the Company Notice of the proposed event is actually received by Holder, as evidenced by a return receipt of certified mail delivery, a certificate of delivery by hand delivery or written verification of delivery from the overnight courier, and (b) the event actually occurs within (30) days after the date it is expected to occur, as such date was specified in the Company Notice.
1.5.4Holder Put Right. Notwithstanding anything to the contrary herein, in the event of an Acquisition pursuant to which the Company’s stockholders will be entitled to receive consideration in exchange for their Common Stock in a per share amount that is less than 

the Warrant Price (as adjusted pursuant to the terms of this Warrant), at any time on or after a Holder’s receipt of a Company Notice in accordance with Section 1.5.3 herein and before the fifth (5th) Trading Day prior to the consummation of such Acquisition, each Holder shall have the right (the “Put Right”) to require the Company to purchase the Warrants then held by such Holder concurrently with the consummation of such Acquisition by delivering written notice to the Company (the “Put Notice”) indicating the Warrants held by the Holder to which the Put Notice applies. In the event a Holder exercises the Put Right in accordance with this Section 1.5.4, the Company shall, concurrently with and subject to the consummation of the Acquisition, purchase, or cause another party to such Acquisition to purchase, the Warrants to which the Put Notice applies for an amount in cash equal to the Black Scholes Value of such Warrants.
As used herein: “Black Scholes Value” means the value of the Warrants subject to a Put Notice at the time such Put Notice is delivered, which value is to be calculated using the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg utilizing (i) an underlying price per share equal to the greater of (1) the highest Closing Sale Price of the Company’s Common Stock during the period beginning on the Trading Day immediately preceding the announcement of the applicable Acquisition (or the consummation of the applicable Acquisition, if earlier) and ending on the Trading Day that the Put Notice is delivered and (2) the sum of the price per share being offered in cash in the applicable Acquisition (if any) plus the Fair Market Value of the non-cash consideration being offered in the applicable Acquisition (if any), (ii) a strike price equal to the Exercise Price in effect on the date that the Put Notice is delivered, (iii)  a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the greater of (1) the remaining term of the Warrants as of the date that a Put Notice is delivered and (2) the remaining term of the Warrants as of the date of consummation of the applicable Acquisition, (iv) a zero cost of borrow and (v) an expected volatility equal to the 90 day volatility obtained from the “HVT” function on Bloomberg (determined utilizing a 260 day annualization factor) as of the Trading Day immediately following the earliest to occur of (A) the public disclosure of the applicable Acquisition, (B) the consummation of the applicable Acquisition and (C) the date on which the applicable Holder was first notified by the Company in writing of the execution and delivery of a definitive agreement with respect to the applicable Acquisition; “Fair Market Value” means (i) in the case of cash, the amount of such cash, (ii) in the case of a security, the Market Price of such security, or (iii) in the case of any consideration other than cash or securities, the amount as determined by the Company’s board of directors (the “Board”) in good faith. “Market Price” as of a particular date means: (i) if the security is then listed on a national securities exchange, the closing sale price of one (1) share of such security on such exchange on the last Trading Day for such security prior to such date; (ii) if the security is then quoted on the Bulletin Board or any similar quotation system or association, the closing sale price of one (1) share of such security on the Bulletin Board or such other quotation system or association on the last Trading Day for such security prior to the such date or, if no such closing sale price is available, the average of the high bid and the low asked price quoted thereon on the last Trading Day for such security prior to such date; or (iii) if the security is not then listed on a national securities exchange or quoted on the Bulletin Board or such other quotation system or association, the fair value of one (1) share of such security as of such date, as determined by the Board in good faith. 

2.CERTAIN ADJUSTMENTS.
2.1Adjustment of Warrant Price Upon Issuance of Shares. Upon the Company’s first capital raise transaction (whether a single transaction or a series of related transactions and excluding issuances of Common Stock as consideration for, or whose proceeds will be used in connection with, mergers, acquisitions or other business combinations, joint ventures, collaborations, strategic alliances, or third-party service arrangements occurring after the date of this Warrant which are not used solely for capital raising purposes, issuances pursuant to any present or future employee, director or consultant benefit plan or program of or assumed by the Company or any of its subsidiaries and issuances pursuant to any option, warrant, right or exercisable, exchangeable or convertible security outstanding as of the date of the Warrant) having gross proceeds of greater than fifteen million dollars ($15,000,000.00) at a per share price less than the Warrant Price (a “Dilutive Issuance”), the Warrant Price shall be reduced to the lesser of (i) 120% of the per share price of the Company’s Common Stock sold by the Company in the Dilutive Issuance; and (ii) 120% of the weighted average per share price of the Company’s Common Stock issued in the Dilutive Issuance (if shares of Common Stock were sold at different prices in such Dilutive Issuance). For the avoidance of doubt, the Warrant Price shall not be adjusted if the Company issues common shares in exchange for proceeds of fifteen million dollars ($15,000,000.00) or less. For the avoidance of doubt, the Warrant Price shall not be adjusted upwards pursuant to this Section 2.1. Notwithstanding the foregoing or anything to the contrary contained herein, in no event shall the Warrant Price be adjusted in a manner that would: (i) be prohibited by applicable securities laws or the requirements of the Canadian Securities Exchange (or the applicable primary securities exchange on which the Company’s Common Stock trades at such time) (a “Prohibited Adjustment”) or (ii) require the approval of the Company’s stockholders. In the event that this Section 2.1 would otherwise result in a Prohibited Adjustment to the Warrant Price or would require the approval of the Company’s stockholders, the Warrant Price shall be adjusted only to the extent permissible under applicable securities laws and the requirements of the Canadian Securities Exchange (or the applicable primary securities exchange on which the Company’s Common Stock trades at such time) without requiring the approval of the Company’s stockholders. By acceptance of this Warrant, the Holder shall be deemed to have consented to any adjustment to the Warrant Price in accordance with this Section 2.1. In the event that the Company’s Common Stock is listed and posted for trading on the Canadian Securities Exchange, and an adjustment pursuant to this Section 2.1 would result in the Warrant Price being below $2.04, then if, following the amendment, for any ten consecutive trading days (the seventh day following such day being the “Acceleration Date”) the closing price of the Company’s Common Stock on the Canadian Securities Exchange exceeds the amended Warrant Price by the applicable private placement discount prescribed by the Policies of the Canadian Securities Exchange at such time, the Expiration Date shall be accelerated to the date that is 30 days following the Acceleration Date. 
2.2Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on all of the issued and outstanding shares of the Company’s Common Stock payable in cash, shares of the Company’s Common Stock or other securities of the Company or subdivides or combines the outstanding shares of the Company’s Common Stock, then upon exercise or conversion of this Warrant, Holder shall receive, without cost to Holder, the cash 

and/or the total number and kind of securities to which Holder would have been entitled had Holder owned the Shares of record as of the date the dividend, distribution, subdivision or combination occurred.
2.3Reclassification, Exchange or Substitution. Upon any reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant (other than a merger, consolidation or recapitalization described in Section 1.5 above or a dividend, split, etc. described in Section 2.2 above), Holder shall be entitled to receive, upon exercise or conversion of this Warrant, the number and kind of securities and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution or other event. The Company or its successor shall promptly issue to Holder a new Warrant for such new securities or other property. The new Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 2 including, without limitation, appropriate adjustments to the Warrant Price and to the number of securities or property issuable upon exercise or conversion of the new Warrant.
2.4Adjustments of Warrant Price. If the outstanding shares of the Company’s Common Stock are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased. If the outstanding shares of the Company’s Common Stock are divided by reclassification or otherwise, into a greater number of shares, the Warrant Price shall be proportionately decreased.
2.5Adjustment is Cumulative. The provisions of this Section 2 shall similarly apply to successive, dividends, stock splits or combinations, reclassifications, exchanges, substitutions, replacement or other events.
2.6No Impairment. The Company shall not, by amendment of its organizational documents or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this Warrant by the Company, but shall at all times in good faith assist in carrying out of all the provisions of this Section 2 and in taking all such action as may be necessary or appropriate to protect Holder’s rights under this Section 2 against impairment.
2.7Fractional Shares. No fractional Shares or scrip representing fractional Shares shall be issuable upon exercise or conversion of the Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder an amount by check computed by multiplying the fractional interest by the applicable Warrant Price.
2.8Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company at its expense shall compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and the facts upon which 

such adjustment is based. The Company shall, upon written request from Holder, furnish Holder a certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price.
3.REPRESENTATIONS AND COVENANTS OF THE COMPANY. 
3.1Representations and Warranties. The Company hereby represents and warrants to the Holder that all Shares which may be issued upon the exercise of the purchase right represented by this Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable securities laws. The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of Common Stock as will be sufficient to permit the exercise in full of this Warrant.
4.REPRESENTATIONS OF HOLDER: TRANSFER. 
4.1Representations. Holder hereby represents and warrants to the Company as follows. Holder is an Accredited Investor, as such term is defined in Rule 501 of Regulation D of the Securities Act. Holder is aware that this Warrant and the Shares are being, or will be, issued to Holder in reliance upon Holder’s representation in this Section 4 and that such securities are restricted securities that cannot be publicly sold except in certain prescribed situations. Holder has received such information about the Company as Holder deems reasonable, has had the opportunity to ask questions and receive answers from the Company with respect to its business, assets, prospects and financial condition and has verified any answers Holder has received from the Company with independent third parties to the extent Holder deems necessary. The Holder of this Warrant, by acceptance hereof, acknowledges this Warrant and the Shares to be issued upon exercise hereof or conversion thereof are being acquired solely for the Holder’s own account and not as a nominee for any other party, and for investment, and that the Holder will not offer, sell or otherwise dispose of this Warrant or any Shares to be issued upon exercise hereof or conversion thereof except under circumstances that will not result in a violation of the securities laws.
4.2Restriction on Transfer and Compliance with Securities Laws on Transfer. 
4.2.1Holder understands that the Warrants and the Shares issuable upon exercise of the Warrants shall only be transferrable in accordance with the terms and conditions of this Warrant, the Subscription Agreement and applicable securities laws and, except as set forth below, shall bear a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer of such Shares):
[NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS WARRANT NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN][THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF 

1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL SELECTED BY THE HOLDER, IN A FORM REASONABLY SATISFACTORY TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT. 
The legend set forth above shall be removed and the Company shall issue a certificate or ownership statement under a direct registration system without such legend to the holder of the securities upon which it is stamped or issue to such holder by electronic delivery at the applicable balance account at DTC, if (i) such securities are registered for resale under the Securities Act and the holder has delivered to the Company a representation that such securities have been sold pursuant to such registration statement, or (ii) in connection with a sale, assignment or other transfer, such holder provides the Company with an opinion of counsel, reasonably satisfactory to the Company as to such counsel and to the form of opinion, to the effect that such sale, assignment or transfer of the Securities may be made (or was made, as applicable under Rule 144) without registration under the applicable requirements of the Securities Act.
4.2.2Canadian Legend. If Holder is a Canadian Subscriber or otherwise subject to the Canadian Securities Laws, Holder understands and acknowledges that this Warrant and any Shares issuable upon the exercise of this Warrant issued before the date that is four months and one day from the Issue Date, shall bear a restrictive legend in substantially the following form:
CANADIAN RESALE RESTRICTION APPLICABLE TO A CANADIAN SUBSCRIBERS ONLY: UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE NOVEMBER 1, 2022.
4.3Transfer Procedure. Subject to the provisions of Sections 4.2, 4.3 and 4.4 of this Warrant and Sections 3.2(h) and (k) of the Subscription Agreement, Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable, directly or indirectly, upon conversion of the Shares, if any) by giving the Company a written notice of the portion of the Warrant or such Shares (or such securities) being transferred, such notice setting forth the name, address and taxpayer identification number of the transferee, and, with respect to the Warrant, surrendering this Warrant to the Company for reissuance to the transferee(s) (and to the new Holder for any remaining Shares, if applicable). The Company shall have the right to refuse to transfer any portion of this Warrant to any person or entity who directly competes with the Company (as determined by the Company’s Board of Directors in its reasonable good faith judgment), except in connection with an Acquisition of the Company by such a direct competitor. In connection with any transfer hereunder, the transferee’s acceptance of the transferred Warrant and shall be deemed to constitute acceptance by such transferee of all of the rights and obligations of a Holder of a Warrant. As a condition precedent to any transfer, the Holder and the transferee shall provide the Company, together with the Form of Assignment attached hereto as Exhibit B, a duly executed Transferee Representation Letter in 

the form attached hereto as Exhibit C and such other information, confirmations and acknowledgements as the Company may reasonably request to confirm that the transfer is permitted under applicable securities laws.
4.4Canadian Transfer Restrictions. The Holder represents and warrants that he, she or it will not sell, transfer or distribute any Warrants, or Shares issuable upon the due exercise of the Warrants, in Canada before the date that is four months and a day after the initial distribution of the Warrants, except pursuant to a Canadian prospectus or prospectus exemption under applicable Canadian securities laws.  The Holder further acknowledges that neither the Warrants nor the Shares: (i) have been, nor will they be, as applicable, qualified for distribution by a prospectus in Canada, and (ii) may be offered or sold in Canada during the course of their distribution except pursuant to a Canadian prospectus or prospectus exemption under applicable Canadian securities laws.
5.GENERAL PROVISIONS.
5.1Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via email or facsimile at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via email or facsimile on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or by International Federal Express, (d) the third (3rd) Trading Day following the date of mailing if sent by first-class registered or certified mail domestic, or (e) upon actual receipt by the party to whom such notice is required to be given. The addresses for such communications shall be:
If to the Company:    Ascend Wellness Holdings, Inc. 
1411 Broadway, 16th Floor
New York, NY, 10018
Attn: Chief Financial Officer
Email: [***]

With a copy to:    Foley Hoag LLP
155 Seaport Boulevard
Boston, MA 02210
Fax: 617.832.7000
Attention: Thomas B. Draper, Esq.
Email: [***]

If to the Holder:    To the address, email address or 
facsimile number set forth on the signature page hereto

5.2Attorney’s Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees.
5.3Governing Law. This Warrant will be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to that body of laws pertaining to conflict of laws.
5.4Further Assurances. The parties agree to execute such further documents and instruments and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Warrant.
5.5Titles and Headings. The titles, captions and headings of this Warrant are included for ease of reference only and will be disregarded in interpreting or construing this Warrant. Unless otherwise specifically stated, all references herein to “sections” and “exhibits” will mean “sections” and “exhibits” to this Warrant.
5.6Counterparts. This Warrant may be executed in any number of counterparts, each of which when so executed and delivered will be deemed an original, and all of which together shall constitute one and the same agreement.
5.7Severability. If any provision of this Warrant is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from this Warrant and the remainder of this Warrant shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Warrant. Notwithstanding the forgoing, if the value of this Warrant based upon the substantial benefit of the bargain for any party is materially impaired, which determination as made by the presiding court or arbitrator of competent jurisdiction shall be binding, then both parties agree to substitute such provision(s) through good faith negotiations.
5.8Facsimile Signatures. This Warrant may be executed and delivered by facsimile and upon such delivery the facsimile signature will be deemed to have the same effect as if the original signature had been delivered to the other party. The original signature copy shall be delivered to the other party by express overnight delivery. The delay or failure to deliver the original signature copy and/or the nonreceipt of the original signature copy shall have no effect upon the binding and enforceable nature of this Warrant.
5.9Amendment and Waivers. This Warrant may be amended and the observance of any term of this Warrant may be waived only with the written consent of the Company and the Holder. 
5.10Warrantholder not a Stockholder. Except as may be specifically provided herein, nothing in this Warrant shall, in itself, confer or be construed as conferring upon 

a Holder any right or interest whatsoever as a stockholder of the Company, including, but not limited to, the right to vote at, to receive notice of, or to attend, meetings of stockholders or any other proceedings of the Company, or the right to dividends and other allocations.
5.11Currency. Unless otherwise specified in this Agreement, all references to currency, monetary values and dollars set forth herein shall mean United States dollars and all payments hereunder shall be made in United States dollars
5.12Entire Agreement. This Warrant and the documents referred to herein constitute the entire agreement and understanding of the parties with respect to the subject matter of this Warrant, and supersede all prior understandings and agreements, whether oral or written, between or among the parties hereto with respect to the specific subject matter hereof.
[Signature page follows.]

COMPANY
ASCEND WELLNESS HOLDINGS, INC.

By:                                                                  
Name:
Title: 

HOLDER 
[•]
By:                                                                  
Name:                                                             
Title:                                                               
Email Address: [•]
Address: [•]
Telephone Number: [•]
Facsimile Number:  [•]

EXHIBIT A
NOTICE OF EXERCISE
(TO BE SIGNED ONLY UPON EXERCISE OF WARRANT)
1.    The undersigned hereby elects to purchase ______ shares of the Common Stock, par value $0.001 per share (the “Shares”) of Ascend Wellness Holdings, Inc., a Delaware corporation, pursuant to the terms of the attached Warrant to Purchase Common Stock with an Issue Date of June 30, 2022 (the “Warrant”), as follows:
(Initial applicable method:)
_____ a.    The undersigned tenders herewith payment of the total purchase price of such Shares in full, pursuant to a check or wire transfer, in the amount of $_________.
_____ b.    On a “cashless” basis pursuant to section 1.1.2, if applicable, as determined in accordance with such section.

_____ c.    This exercise or conversion _____ [is] _____ [is not] contingent upon the closing of the Acquisition or other event specified in the Company Notice to Holder in accordance with Section 1.5.3 of the Warrant received by Holder on ____________ and _____ [is] _____ [is not] contingent upon a sale price or fair market value for the Company’s Common Stock in the Acquisition or other event of no less than the lesser of (a) $________ per share or (b) the per share price set forth in the Company Notice.

2.    Please issue a certificate or certificates representing said Shares in the name of the undersigned. The undersigned represents that it is acquiring the shares solely for its own account and not as a nominee for any other party and not with a view toward the resale or distribution thereof except in compliance with applicable securities laws and hereby represents and warrants that the representations and warranties set forth in Section 4.1 of the attached Warrant and Section 3.2 of the Subscription Agreement are true and correct as if made on the date hereof. The undersigned will provide any additional information reasonably requested by the Company in connection with the exercise of the Warrant (including any information required to deliver the Shares). 

                                                                        
(Printed Name of Holder)
Address:                                                          
                                                                 

                                                                        
(Signature of Holder)

INSTRUCTIONS:

1.    If this Notice of Exercise indicates that the Shares are to be issued to a person or persons other than the registered holder of the Warrants to be converted: (i) the signature of the registered holder on this Notice of Exercise must be medallion guaranteed by an authorized officer of a chartered bank, trust corporation or an investment dealer who is a member of a recognized stock exchange, and (ii) the registered holder must pay to the Company all applicable taxes and other duties.

2.    If this Notice of Exercise is signed by a trustee, executor, administrator, custodian, guardian, attorney, officer of a corporation or any other person acting in a fiduciary or representative capacity, this Notice of Exercise must be accompanied by evidence of authority to sign satisfactory to the Company.

EXHIBIT B

FORM OF ASSIGNMENT

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

FOR VALUE RECEIVED, the undersigned assigns and transfers the Warrant to:
									
		Assignee Name:
	
		Assignee Address:
	
		

and irrevocably appoints the following____________________as its agent to transfer such Warrants on the books of the Company and the Transfer Agent.
												
		Assignor Name:
		
				
		By:
		
		Name:
		
		Title:
		
		Date:
		

Instructions for Transfer:

1.    The signature of the registered holder must be signature guaranteed by a Canadian or United States chartered bank, Medallion Guarantee or other entity acceptable to the Company.

2.    If the Form of Assignment is signed by a trustee, executor, administrator, curator, guardian, attorney, officer of a corporation or any person acting in a fiduciary or representative capacity, the certificate must be accompanied by evidence of authority to sign satisfactory to the Company.

Exhibit C
FORM OF TRANSFEREE REPRESENTATION LETTER

[●], 202[●]

Ascend Wellness Holdings, Inc. 
1411 Broadway, 16th Floor
New York, NY, 10018

Ladies and Gentlemen:

Reference is hereby made to that certain Warrant, dated as of June 30, 2022 (the “Warrant”), issued by Ascend Wellness Holdings, Inc. (the “Company”) to _________________ (the “Transferor”) and exercisable for up to _______ shares of the Company’s Common Stock (the “Shares”), on the terms set forth in the Warrant. Capitalized terms used but not otherwise defined herein have the meanings ascribed to such terms in the Warrant.

The entity/individual set forth on Schedule I attached hereto under the heading “Transferor” desires to transfer (the “Transfer”) the Warrant with respect to the number of Shares set forth on Schedule I attached hereto under the heading “Transferred Warrants” (the “Transferred Warrant”) to the undersigned (“Transferee”).

Transferee acknowledges and agrees that, upon consummation of the Transfer, the Transferred Warrant shall be subject to, and entitled to the benefit of, the terms, provisions and conditions set forth in the Warrant.

In connection with, and as a condition to, the Transfer, Transferee hereby represents and warrants to the Company as follows:

1.It is an “Accredited Investor,” as that term is defined in Rule 501 of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”).
2.It has such knowledge, skill and experience in securities, business and financial matters and investments generally, based on actual participation, that it is capable of evaluating the merits and risks of an investment in the Company and the Transferred Warrant and the suitability thereof as an investment for it.
3.It is capable of bearing and managing the risk of its investment in the Transferred Warrant.
4.It has reviewed such documents and information from the Company that it has requested and has had adequate opportunity to ask questions of and receive answers from the Company’s officers, directors and representatives concerning the terms and conditions of the Transferred Warrant, and the Company’s business, financial condition, properties, operations and prospects, and, without limiting any of Transferee’s rights under the Transferred Warrant, all such questions, if any, have been answered to its satisfaction. The Transferee is relying on its own investigation and evaluation of the Company and the Transferred Warrant and not on any other information.
5.It is acquiring the Transferred Warrant, and any Common Stock issuable upon exercise thereof, for investment for its own account and not with a view to, or for sale or resale in connection with, any distribution thereof which would require registration under the Securities Act or any state securities laws.
6.It understands that the Transferred Warrant and any Common Stock issuable upon exercise thereof have not been registered under applicable state or federal securities laws by reason of certain exemptions from the registration provisions thereof which depend upon, among other things, the bona fide nature of its representations and investment intent as expressed herein. The Company has not agreed to register the 

Transferred Warrant or any of the shares of Common Stock issuable upon the exercise of the Transferred Warrant for distribution in accordance with the provisions of the Securities Act or applicable state securities laws, or agreed to comply with any exemption from registration under the Securities Act or applicable state securities laws for the resale of such shares. It understands that by virtue of the provisions of certain rules respecting “restricted securities” promulgated by the Securities and Exchange Commission, the shares of Common Stock issuable upon the exercise of the Transferred Warrant shall be required to be held indefinitely, unless and until registered under the Securities Act and applicable state securities laws, or unless an exemption from the registration requirements of the Securities Act and applicable state securities laws is available, in which case it may still be limited as to the number of such shares that may be sold. It agrees that the Transferred Warrant will not be offered, sold or transferred except as permitted by the terms of the Transferred Warrant and the Subscription Agreement.
Unless the Transferred Warrant or the Common Stock issuable upon exercise of the Transferred Warrant are sold pursuant to a registration statement under the Securities Act, the Transferred Warrant and the certificates representing or statements evidencing the Common Stock issuable upon exercise of the Transferred Warrant, as applicable, will bear a conspicuous legend in substantially the form set forth below:

[NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS WARRANT NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN][THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL SELECTED BY THE HOLDER, IN A FORM REASONABLY SATISFACTORY TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT.

If Holder is a Canadian Subscriber or otherwise subject to the Canadian Securities Laws, Holder understands and acknowledges that this Warrant and any Shares issuable upon the exercise of this Warrant issued before the date that is four months and one day from the Issue Date, shall bear a restrictive legend in substantially the following form:

CANADIAN RESALE RESTRICTION APPLICABLE TO A CANADIAN SUBSCRIBERS ONLY: UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE NOVEMBER 1, 2022.

7.It has not been offered the Transferred Warrant by any form of general solicitation or advertising, including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine, or other similar media or television or radio broadcast or any seminar or meeting where, to its knowledge, those individuals that have attended have been invited by any such or similar means of general solicitation or advertising.
8.Its principal place of business is as set forth on the signature page to this letter under the heading “Principal Place of Business”.
9.Its EIN and its address and email address for notices under the Transferred Warrant that should be included as its record address, are as set forth on the signature page to this letter under the heading “Notice Information”.

10.To the extent the Transferred Warrant subject to the Transfer is not covered under an effective registration statement under the Securities Act, the Transferee will provide, and will cause the Transferor to provide, such information, confirmations and documentation, as may be reasonably requested by the Company and its legal counsel, in order to confirm that an exemption from registration exists for the Transfer and will provide any required legal opinions to the Company and its transfer agent in connection therewith. 
The undersigned Transferee acknowledges that the Company and its representatives (including its attorneys) will be relying (and authorizes the Company and its representatives (including its attorneys) to rely) upon the representations set forth above for all purposes, including in connection with the delivery of any required legal opinions.
[The Remainder of this Page Left Blank]

Very truly yours,

									
		[TRANSFEREE]

			
		By:
	
			Name:

			Title:

Principal Place of Business:

			
	[ADDRESS]

	[ADDRESS]

	[ADDRESS]

Address, contact and phone number, for delivery of Transferred Warrant:

			
	[ATTN]

	[ADDRESS]

	[ADDRESS]

	[ADDRESS]

	[PHONE NUMBER]

Notice Information:

			
	[ADDRESS]

	[ADDRESS]

	[ADDRESS]

	Attn:

	Email:

	EIN:

[Signature Page to Transferee Representation Letter]

Schedule I

									
	Transferor
	Transferee
	Transferred Warrant

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