Document:

EX-4.4

 Exhibit 4.4 

SEE REVERSE FOR IMPORTANT NOTICE ON TRANSFER 

RESTRICTIONS AND OTHER INFORMATION 

CERTIFICATE OF STOCK 
 [LOGO] 

MFA FINANCIAL, INC. 
 INCORPORATED
UNDER THE LAWS OF 
 THE STATE OF MARYLAND 
  

			
	 NUMBER
	  	SHARES

 6.50% SERIES C FIXED-TO-FLOATING RATE
CUMULATIVE REDEEMABLE PREFERRED STOCK, PAR VALUE $0.01 PER SHARE 
 SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP 55272X 508 
 THIS CERTIFIES THAT
                                         
                    is the owner of
                                         
                    FULLY PAID AND NONASSESSABLE SHARES OF THE 6.50% SERIES C
FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK, PAR VALUE $0.01 PER SHARE, OF MFA FINANCIAL, INC., a Maryland corporation (the “Corporation”),
transferable on the books of the Corporation by the holder hereof in person or by duly authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby are issued and shall be held subject
to all the provisions of the Charter and Bylaws of the Corporation, each as amended (copies of which are on file at the office of the Transfer Agent), to all of which the holder of this Certificate by acceptance hereof assents. This Certificate is
not valid unless countersigned by the Transfer Agent and registered by the Registrar. 
 WITNESS the facsimile seal of the Corporation and the facsimile
signatures of its duly authorized officers. 
 Dated: **SPECIMEN** 
  

			
	 [SEAL OF MFA FINANCIAL, INC.]
	  	
		
	
                   
                                         
                                        

	  	                                     
                                         
              
	 GENERAL COUNSEL AND SECRETARY
	  	 CHIEF EXECUTIVE OFFICER AND PRESIDENT

	
	 COUNTERSIGNED AND REGISTERED:

	 COMPUTERSHARE, INC.

	 TRANSFER AGENT AND REGISTRAR

	
	 BY:
                                         
                   

	 AUTHORIZED SIGNATURE

  

IMPORTANT NOTICE 

The securities represented by this certificate are subject to restrictions on Beneficial and Constructive Ownership and Transfer for the
purpose of the Corporation’s maintenance of its status as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the “Code”). Except as otherwise provided in the Charter of the Corporation, (1) no
Person may Beneficially Own or Constructive Own shares of Equity Stock in excess of 9.8% (in value or number) of the outstanding Capital Stock of the Corporation; or (2) there shall be no Transfer of other event that would cause a violation of
the Ownership Limit, that would result in Equity Stock of the Corporation being Beneficially Owned by fewer than 100 persons or that would result in the Corporation’s being “closely held” under section 856(h) of the Code. Any Person
who violates, or attempts to Beneficially Own or Constructively Own shares of Equity Stock in excess of, the above limitations must immediately notify the Corporation in writing. If the restrictions on ownership and transfer are violated, the shares
of Equity Stock represented hereby will be automatically converted into shares of Excess Stock which will be held in trust for the benefit of one or more Charitable Beneficiaries as provided in the Charter. In addition, upon the occurrence of
certain events, attempted Transfers in violation of the restrictions described above may be void ab initio. All capitalized terms in the legend have the meanings defined in the Charter of the Corporation, as the same may be amended from time
to time, a copy of which, including the restrictions on transfer and ownership, will be furnished to each holder of Capital Stock of the Corporation on request and without charge. 

THE COMPANY WILL FURNISH TO ANY STOCKHOLDER OF THE COMPANY UPON REQUEST AND WITHOUT CHARGE A FULL STATEMENT OF (1) THE DESIGNATIONS AND
ANY PREFERENCES, CONVERSION AND OTHER RIGHTS, VOTING POWERS, RESTRICTIONS, LIMITATIONS AS TO DIVIDENDS, QUALIFICATIONS AND TERMS AND CONDITIONS OF REDEMPTION OF THE STOCK OF EACH CLASS WHICH THE CORPORATION IS AUTHORIZED TO ISSUE; AND (2) WITH
RESPECT TO THE CLASSES OF STOCK WHICH MAY BE ISSUED IN SERIES, A FULL STATEMENT OF (A) THE DIFFERENCES IN THE RELATIVE RIGHTS AND PREFERENCES BETWEEN THE SHARES OF EACH SERIES TO THE EXTENT THEY HAVE BEEN SET; AND (B) THE AUTHORITY OF THE
BOARD OF DIRECTORS TO SET THE RELATIVE RIGHTS AND PREFERENCES OF SUBSEQUENT SERIES. 
 The following abbreviations, when used in the
inscription on the face of this Certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

			
	 TEN COM — as tenants in common
	  	 UNIF GIFT MIN
ACT-             Custodian             

	 TEN ENT — as tenants by the entireties
	  	
                   
                     (Cust)                   
(Minor)

	 JT TEN — as joint tenants with right of survivorship and not as tenants in common
	  	 Under Uniform Gifts to Minors 
Act
                    

		  	
                
(State)

 Additional abbreviations may also be used though not in the above list. 

 FOR VALUE RECEIVED,
                                         
                    hereby sell, assign and 
 transfer
unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING
NUMBER OF ASSIGNEE 
  
  

 

                          
                                         
                                         
                                         
                                         
                                         
                           

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 
  

 

                          
                                         
                                  Shares of the 6.50% SERIES C FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK represented by the within Certificate, and do hereby irrevocably constitute and appoint
                                         
                                         
                   Attorney to transfer the said stock on the books of the within-named Corporation with full power of substitution in the premises. 

Dated
                                         
        
 NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE
CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. 
 Signature(s) Guaranteed: 

 
  

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.Exhibit
4.5

 

THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL
IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT
TO PURCHASE STOCK

 

Company:
MTBC, Inc., a Delaware corporation

Number
of Shares: 1,000,000, subject to adjustment

Type/Series
of Stock: Common Stock, $0.001 par value per share

Warrant
Price: $7.50 per share

Issue
Date: January 8, 2020

Expiration
Date: January 8, 2022

 

THIS
WARRANT CERTIFIES THAT, for good and valuable consideration, Runway Growth Credit Fund Inc., a Maryland corporation (together
with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”)
is entitled to purchase the above-stated number of fully paid and non-assessable shares (the “Shares”)
of the above-stated Type/Series of Stock (the “Class”) of the above-named company (the “Company”)
at a purchase price per Share equal to the Warrant Price (as defined below) 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 issued pursuant to an Agreement and Plan of Merger, dated as of January 8, 2020 (the “Merger Agreement”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Merger Agreement.

 

A.
Warrant Price. The purchase price per Share hereunder (the “Warrant Price”) shall be $7.50 per
share.

 

SECTION
1. EXERCISE.

 

1.1
Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering
to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached
hereto as Appendix 1 and a check, wire transfer of same-day funds (to an account designated by the Company), or other form of
payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased.

 

1.2
Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set
forth in Section 1.1 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such
exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing the Shares
not so acquired.

 

1.3
Replacement of Warrant. 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, on surrender of this Warrant to the Company for cancellation,
the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor
and amount.

 

    	 

    	 

    

 

1.4
Treatment of Warrant Upon Acquisition of Company.

 

(a)
Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series of
related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the
assets of the Company; (ii) any merger or consolidation of the Company into or with another person or entity (other than a merger
or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which
the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization, own
less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately
after such merger, consolidation or reorganization (or, if such Company stockholders beneficially own a majority of the outstanding
voting power of the surviving or successor entity as of immediately after such merger, consolidation or reorganization, such surviving
or successor entity is not the Company); or (iii) any sale or other transfer by the stockholders of the Company of shares representing
at least a majority of the Company’s then-total outstanding combined voting power.

 

(b)
Treatment of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by the Company’s
stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public
Acquisition”), and the fair market value of one Share would be greater than the Warrant Price in effect on such
date immediately prior to such Cash/Public Acquisition, and Holder has not exercised this Warrant pursuant to Section 1.1 above
as to all Shares, then Holder shall have the option to exercise this Warrant immediately prior to and contingent upon the consummation
of a Cash/Public Acquisition, and upon such exercise, Holder shall be deemed to have restated each of the representations and
warranties in Section 4 of the Warrant as of the date thereof. In the event of a Cash/Public Acquisition where the fair market
value of one Share would be less than the Warrant Price in effect immediately prior to such Cash/Public Acquisition, then this
Warrant will expire immediately prior to the consummation of such Cash/Public Acquisition.

 

(c)
Upon the closing of any Acquisition other than a Cash/Public Acquisition, the acquiring, surviving or successor entity shall assume
the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property
as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were
outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the
provisions of this Warrant.

 

(d)
As used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements:
(i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and is then current in its filing of all required reports
and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer
that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing
thereof is then traded in a Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted
from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition
were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such
restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six
(6) months from the closing of such Acquisition.

 

    	2

    	 

    

 

SECTION
2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE.

 

2.1
Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the
Class payable in additional shares of the Class or other securities or property (other than cash), then upon exercise of this
Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities
and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution
occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number
of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately
decreased. If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser
number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased.

 

2.2
Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of the Class
are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class
and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class and
series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of
such event, and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant.
The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions,
replacements or other similar events.

 

2.3
No Fractional Share. No fractional Share shall be issuable upon exercise of this 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 of the Warrant,
the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional
interest by (i) the fair market value of a full Share, less (ii) the then-effective Warrant Price.

 

2.4
Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company,
at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant
Price, Class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon written request from
Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant
Price, Class and number of Shares in effect upon the date of such adjustment.

 

SECTION
3. REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

3.1
Representations and Covenants. The Company represents and warrants to, and agrees with, the Holder as follows:

 

(a)
All Shares which may be issued upon the exercise of this Warrant shall, upon issuance, be duly authorized, validly issued, fully
paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under
applicable federal and state securities laws.

 

    	3

    	 

    

 

(b)
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 shares of the Class and other securities as will be sufficient to permit the exercise in full of this Warrant.

 

3.2
Notice of Certain Events. If the Company proposes at any time to:

 

(a)
declare any dividend or distribution upon the outstanding shares of the Class, whether in cash, property, stock, or other securities
and whether or not a regular cash dividend;

 

(b)
offer for subscription or sale pro rata to the holders of the outstanding shares of the Class any additional shares of any class
or series of the Company’s stock (other than pursuant to contractual pre-emptive rights);

 

(c)
effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares
of the Class; or

 

(d)
effect an Acquisition or to liquidate, dissolve or wind up;

 

then,
in connection with each such event, the Company shall give Holder notice thereof at the same time and in the same manner as given
to holders of the outstanding shares of the Class.

 

SECTION
4. REPRESENTATIONS, WARRANTIES OF THE HOLDER.

 

The
Holder represents and warrants to the Company as follows:

 

4.1
Purchase for Own Account. This Warrant and the Shares to be acquired upon exercise of this Warrant by Holder are being
acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution
within the meaning of the Securities Act. Holder also represents that it has not been formed for the specific purpose of acquiring
this Warrant or the Shares.

 

4.2
Disclosure of Information. Holder is aware of the Company’s business affairs and financial condition and has received
or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with
respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions
and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities
and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable
effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

4.3
Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can
bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge
and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in
this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain
of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business
acumen and financial circumstances of such persons.

 

    	4

    	 

    

 

4.4
Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated
under the Securities Act and has sufficient knowledge and experience in financial and business matters so as to be capable of
evaluating the merits and risks of this Warrant and the Shares issuable hereunder.

 

4.5
Warrant Not Registered. Holder understands that this Warrant has not been registered under the Securities Act in reliance
upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s
investment intent as expressed herein.

 

4.6
No Voting Rights. This Warrant does not contain or give any voting rights to any Holder hereof.

 

SECTION
5. MISCELLANEOUS.

 

5.1
Term. Subject to the provisions of Section 1.4 above, this Warrant is exercisable in whole or in part at any time and from
time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter.

 

5.2
Legends. Each certificate evidencing Shares shall be imprinted with a legend in substantially the following form:

 

THE
SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED
BY THE ISSUER TO RUNWAY GROWTH CREDIT FUND INC. DATED JANUARY 8, 2020, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO
THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

5.3
Compliance with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise of this Warrant may not be
transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor
and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably
satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion
of counsel if the transfer is to a parent company or any other affiliate of Holder, provided that any such transferee is an “accredited
investor” as defined in Regulation D promulgated under the Securities Act.

 

5.4
Transfer Procedure. Subject to the provisions of Section 5.3 and upon providing the Company with written notice, Holder
and any subsequent Holder may transfer all or part of this Warrant or the Shares issued upon exercise of this Warrant to any transferee,
provided, however, in connection with any such transfer, any subsequent Holder will give the Company notice of the portion of
the Warrant and/or Shares being transferred with the name, address and taxpayer identification number of the transferee and Holder
will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further,
that any subsequent transferee shall agree in writing with the Company to be bound by all of the terms and conditions of this
Warrant.

 

    	5

    	 

    

 

5.5
Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed
delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class
registered or certified mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt
is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier
service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may
be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices
to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer
or otherwise:

 

Runway
Growth Credit Fund Inc.

205
N Michigan Ave., Suite 4200

Chicago,
IL 60601

Attention:
Legal Reporting

Email:
legalreporting@runwaygrowth.com

runwayagency@cortlandglobal.com

 

Notice
to the Company shall be addressed as follows until Holder receives notice of a change in address:

 

MTBC,
Inc.

Attn:
General Counsel

7
Clyde Road

Somerset,
NJ 08873

Telephone:
(732) 873-5133

Email:
spatel@mtbc.com

 

5.6
Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular
instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement
of such change, waiver, discharge or termination is sought.

 

5.7
Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall
constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same
extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 

5.8
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New Jersey,
without giving effect to its principles regarding conflicts of law. The parties irrevocably agree that any action to enforce the
provisions of this Agreement or arising under or by reason of this Agreement shall be brought solely in the Superior Court of
New Jersey, Somerset County venue.

 

5.9
Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning
of any provision of this Warrant.

 

5.10
Business Days. “Business Day” is any day that is not a Saturday, Sunday or a day on which banks
in New York City are closed.

 

[Remainder
of page left blank intentionally]

[Signature
page follows]

 

    	6

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by their duly authorized representatives
effective as of the Issue Date written above.

 

	“COMPANY”

 

MTBC, INC.

	 
	 	 	 
	By:	/s/
    Shruti Patel	 
	Name: 	Shruti
    Patel	 
	Title:	General
    Counsel	 

 

	“HOLDER”

 

RUNWAY GROWTH CREDIT FUND INC.

	 
	 	 	 
	By:	/s/
    David Spreng	 
	Name: 	David
    Spreng	 
	 	(Print)	 
	Title:
    	CEO	 

 

    	7

    	 

    

 

APPENDIX
1

 

NOTICE
OF EXERCISE

 

1.
The undersigned Holder hereby exercises its right to purchase ___________ shares of the Common Stock of __________________ (the
“Company”) in accordance with the attached Warrant To Purchase Stock, and tenders payment of the aggregate
Warrant Price for such shares as follows:

 

	 	[  ]	check
    in the amount of $________ payable to order of the Company enclosed herewith
	 	[  ]	Wire
    transfer of immediately available funds to the Company’s account 
	 	[  ]	Other
    [Describe] __________________________________________

 

2.
Please issue a certificate or certificates representing the Shares in the name specified below:

 

	 	 	 
	 	Holder’s
    Name	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	(Address)	 

 

3.
By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in
Section 4 of the Warrant to Purchase Stock as of the date hereof.

 

	 	HOLDER:
	 	 
	 	 	     
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	(Date):

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