Document:

EX-10.12

 Exhibit 10.12 

BRAZE, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION
POLICY 
 Adopted: November 4, 2021 

Each member of the Board of Directors (the “Board”) of Braze, Inc. (the “Company”) who is a non-employee director of the Company (each, a “Non-Employee Director”) will receive the compensation described in this
Non-Employee Director Compensation Policy (this “Director Compensation Policy”) for his or her Board service, subject to the terms and conditions set forth herein. 

This Director Compensation Policy may be amended or modified, or any provision of it waived, at any time in the sole discretion of the Board
or the Compensation Committee of the Board (the “Compensation Committee”); provided, that any Non-Employee Director may waive all or any portion of his or her cash or equity
compensation in any period in such Non-Employee Director’s sole discretion. 
 Annual Cash Compensation

 This Director Compensation Policy will be effective upon the execution of the underwriting agreement between the Company and the
underwriter(s) managing the initial public offering of the Company’s Class A common stock (such stock, the “Common Stock” and such date, the “IPO Date”). The annual cash compensation amounts
will be payable in equal quarterly installments in arrears following the end of each fiscal quarter in which the service occurred, prorated for any partial months of service. 

Commencing on the IPO Date, each Non-Employee Director will be eligible to receive the following
annual cash retainers for service on the Board (as applicable): 
  

	 	(a)	 Annual Board Service Retainer. 

 

	 	(i)	 All Eligible Directors: $30,000 

 

	 	(ii)	 Non-Executive Chairperson: $30,000 (in addition to the regular Annual
Board Service Retainer) 

  

	 	(iii)	 Lead Independent Director: $15,000 (in addition to the regular Annual Board Service Retainer)

  

	 	(b)	 Annual Committee Member Service Retainer. 

 

	 	(i)	 Member of the Audit Committee: $10,000 

 

	 	(ii)	 Member of the Compensation Committee: $7,000 

 

	 	(iii)	 Member of the Nominating and Corporate Governance Committee: $4,000 

 

	 	(c)	 Annual Committee Chair Service Retainer (in lieu of Annual Committee Member Service Retainer).

  

	 	(i)	 Chair of the Audit Committee: $20,000 

 

	 	(ii)	 Chair of the Compensation Committee: $14,000 

 

	 	(iii)	 Chair of the Nominating and Corporate Governance Committee: $8,000 

 Equity Compensation 

Commencing on the IPO Date, each eligible Non-Employee Director will be eligible to receive the equity
compensation set forth below. Equity awards will be granted under the Company’s 2021 Equity Incentive Plan, as the same may be amended from time to time, or any successor plan thereto (the “Plan”). 

(a) Initial Appointment Equity Grant. On appointment to the Board, and without any further action of the Board or Compensation
Committee, at the close of business on the date of such appointment, each individual who becomes a Non-Employee Director after the IPO Date will automatically receive a restricted stock unit award having a
value of $225,000 (the “Initial RSU”). Each Initial RSU will vest in three equal annual installments on the first three anniversaries of the IPO Date of grant. 

(b) Automatic Equity Grants. Without any further action of the Board or Compensation Committee, at the close of business on the
date of each annual meeting of the Company’s stockholders following the IPO Date (the “Annual Meeting”), each person who is then a Non-Employee Director will automatically receive
a restricted stock unit award having a value of $175,000 (the “Annual RSU”). The value of the Annual Grant will be prorated for each individual who has been in service with the Company as a
Non-Employee Director for less than one year as of such Annual Meeting. The value of such prorated Annual RSU shall be equal to $175,000 multiplied by a fraction, (i) in the case of a grant made at the
first annual meeting, the numerator of which is the number of days between commencement of service as a Non-Employee Director and the date of the annual meeting (provided, that for any Non-Employee Director who was a director of the Company at the IPO Date such number shall be 365) , and the denominator of which is 365 or (ii) in the case of a grant made after the first annual meeting, the
numerator of which is the number of days between commencement of service as a Non-Employee Director and the date of such annual meeting, and the denominator of which is 365. Each Annual RSU will vest on the
earlier of the first anniversary of the date of grant or the date immediately preceding the date of the following Annual Meeting. 
 (c)
Vesting; Change of Control. All vesting of each Initial RSU and each Annual RSU is subject to the Non-Employee Director’s Continuous Service (as defined in the Plan) on the applicable vesting date
of each such award. Notwithstanding the foregoing, for each Non-Employee Director who remains in Continuous Service with the Company until immediately prior to the occurrence of a Change in Control (as defined
in the Plan), the shares subject to such Non-Employee Director’s then-outstanding Initial RSU and Annual RSU, as applicable, will become fully vested immediately prior to the occurrence of such Change in
Control. 
 (d) Calculation of Value of a Restricted Stock Unit Award. The value of a RSU award to be granted under this Director
Compensation Policy will be determined based on the unweighted average closing price for the Common Stock, as quoted on the national securities exchange on which the Common Stock is then traded (or the exchange or market with the greatest volume of
trading in the Common Stock), for the most recent full calendar month ending prior to the grant date (or such lesser period, as applicable, if the Common Stock has not yet traded for a full calendar month prior to the grant date). 

(e) Remaining Terms. The remaining terms and conditions of each RSU award, including transferability, will be as set forth in the
Company’s Restricted Stock Unit Award Notice and Agreement, in the form adopted from time to time by the Board or Compensation Committee. 
 Non-Employee Director Compensation Limit 
 Notwithstanding anything herein to the contrary, the cash
compensation and equity compensation that each Non-Employee Director is eligible to receive under this Director Compensation Policy shall be subject to the limits set forth in the Plan. 

  
 2 

 Ability to Decline Compensation 

A Non-Employee Director may decline all or any portion of his or her compensation under this Director
Compensation Policy by giving notice to the Company prior to the date cash is to be paid or equity awards are to be granted, as the case may be. 

Expenses 
 The Company will reimburse each
Non-Employee Director for any ordinary and reasonable out-of-pocket expenses actually incurred by such director in connection
with in-person attendance at and participation in Board and committee meetings; provided, that such director timely submits to the Company appropriate documentation substantiating such expenses in accordance
with the Company’s travel and expense policy as in effect from time to time. 
 *         *
        *        *        * 

  
 3EX-4.1

   

  Exhibit 4.1

   

  THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 6.3 AND 6.4 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 COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

  WARRANT TO PURCHASE STOCK

  This WARRANT TO PURCHASE STOCK (as amended and in effect from time to time, this “Warrant”) is issued as of the issue date set forth on Schedule I hereto (the “Issue Date”) by the company set forth on Schedule I hereto (the “Company”) to INNOVATION CREDIT FUND VIII-A, L.P. in connection with that certain Loan and Security Agreement of even date herewith between them (as amended and/or modified and in effect from time to time, the “Loan Agreement”).  The parties agree as follows:

  SCHEDULE I. WARRANT PROVISIONS.

  		
	Warrant Section
	Warrant Provision

	Recitals – “Issue Date”
	August 6, 2021.

	Recitals – “Company”
	ZIOPHARM ONCOLOGY, INC., a Delaware corporation.  

	1.1 – “Class”
	Common Stock, $0.001 par value per share.

	1.1 – “Exercise Price”
	$2.22 per Share.

	1.2– “Initial Shares”
	86,569.

	1.3 – “Additional Shares”
	86,568.

	1.3(a) – Conditions for issuance of Additional Shares
	Achievement by the Company of the Term B Milestone (as defined in the Loan Agreement).

	4.1(b) – Share percentage as of the Issue Date
	0.40% of the Company’s total fully-diluted issued and outstanding shares of capital stock.

	6.1(a) – “Expiration Date”
	August 6, 2031.  

   

  SECTION 1.	RIGHT TO PURCHASE SHARES.

  1.1.	Grant of Right.  For good and valuable consideration, the Company hereby grants to INNOVATION CREDIT FUND VIII-A, L.P. (together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) the right, and Holder is entitled, to purchase from the Company up to the number of fully paid and non-assessable shares (as determined pursuant to Section 1.2 below) of the class set forth on Schedule I hereto (the “Class”), at a purchase price per Share set forth on Schedule I hereto (the “Exercise Price”), subject to the provisions and upon the terms and conditions set forth in this Warrant. 

  1.2.	Number of Shares.  This Warrant shall be exercisable for the number of initial shares of the Class as set forth on Schedule I hereto (the “Initial Shares”), plus the Additional Shares (as hereinafter defined), if any (collectively, and as may be adjusted from time to time in accordance with the provisions of this Warrant, the “Shares”).

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  1.3.	Additional Shares.  All shares, if any, for which this Warrant shall become exercisable pursuant to this Section 1.3 are referred to herein cumulatively and collectively as the “Additional Shares.”  The number of Additional Shares may be adjusted from time to time in accordance with the provisions of this Warrant, including, without limitation, adjustments in respect of events occurring prior to the date, if any, on which this Warrant becomes exercisable for such shares as if they constituted “Shares” hereunder for such purpose at all times from the Issue Date.

  (a)	This Warrant shall automatically become exercisable for the number of additional shares of the Class as set forth on Schedule I hereto (the “Additional Shares”) upon the occurrence of events set forth on Schedule I hereto.

  SECTION 2.	EXERCISE.

  2.1.	Method of Exercise.  Holder may exercise this Warrant in whole or in part at any time and from time to time prior to the expiration or earlier termination of this Warrant, 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, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 2.2 below, 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 Exercise Price for the Shares being purchased.  Notwithstanding any contrary provision herein, to the extent that the original of this Warrant is an electronic original, in no event shall an original ink-signed paper copy of this Warrant be required for any exercise of a Holder’s rights hereunder, nor shall this Warrant or any physical copy hereof be required to be physically surrendered at the time of any exercise hereof.

  2.2.	Cashless Exercise.  On any exercise of this Warrant, in lieu of payment of the aggregate Exercise Price in the manner specified in Section 2.1 above, Holder may elect to surrender to the Company Shares having an aggregate value equal to the aggregate Exercise Price.  If Holder makes such election, the Company shall issue to Holder such number of fully paid and non-assessable Shares determined by the following formula:

  	X = Y(A-B)/A

  	where:

  	X =	the number of Shares to be issued to Holder;

  	Y =	the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares 	surrendered to the Company in payment of the aggregate Exercise Price);

  	A =	the fair market value (as determined pursuant to Section 2.3 below) of one Share; and

  	B =	the Exercise Price.

  2.3.	Fair Market Value.  If shares of the Company’s common stock are then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”) and the Class is common stock, the fair market value of a Share shall be the closing price or last sale price of a share of the Company’s common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company.  If shares of the Company’s common stock are not then traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment.

  2.4.	Delivery of Certificate and New Warrant.  Within a reasonable time after Holder exercises this Warrant in the manner set forth in Sections 2.1 or 2.2 above, the Company shall deliver to Holder a certificate, which may be in electronic form (or, in the case of uncertificated securities, provide notice of book entry) 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 (or surrendered in payment of the aggregate Exercise Price).

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  2.5.	Replacement of Warrant.

  (a)	Paper Original Warrant.  To the extent that the original of this Warrant is a paper original, 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.

  (b)	Electronic Original Warrant.  To the extent that the original of this Warrant is an electronic original, if at any time this Warrant is rejected by any person (including, but not limited to, paying or escrow agents) or any such person fails to comply with the terms of this Warrant based on this Warrant being presented to such person as an electronic record or a printout hereof, or any signature hereto being in electronic form, the Company shall, promptly upon Holder’s request and without indemnity, execute and deliver to Holder, in lieu of electronic original versions of this Warrant, a new warrant of like tenor and amount in paper form with original ink signatures.

  2.6.	Treatment of Warrant Upon Acquisition of Company.

  (a)	Acquisition.  “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 (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.  For the avoidance of doubt, “Acquisition” shall not include any sale and issuance by the Company of shares of its capital stock or of securities or instruments exercisable for or convertible into, or otherwise representing the right to acquire, shares of its capital stock to one or more investors for cash in a transaction or series of related transactions the primary purpose of which is a bona fide equity financing of the Company.

  (b)	Treatment of Warrant in Cash/Public Acquisition.  In the event of an Acquisition in which the consideration to be received by the holders of the outstanding shares of the Class (in their capacity as such) consists solely of cash, solely of Marketable Securities (as hereinafter defined) or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), and the fair market value of one Share as determined in accordance with Section 2.3 above would be greater than the Exercise Price in effect as of immediately prior to the closing of such Cash/Public Acquisition, and Holder has not previously exercised this Warrant in full, then, in lieu of Holder’s exercise of the unexercised portion of this Warrant, this Warrant shall, as of immediately prior to such closing (but subject to the occurrence thereof) automatically cease to represent the right to purchase Shares and shall, from and after such closing, represent solely the right to receive the aggregate consideration that would have been payable in such Acquisition on and in respect of all Shares for which this Warrant was exercisable as of immediately prior to the closing thereof, net of the aggregate Exercise Price therefor, as if such Shares had been issued and outstanding to Holder as of immediately prior to such closing, as and when such consideration is paid to the holders of the outstanding shares of the Class.  In the event of a Cash/Public Acquisition in which the fair market value of one Share as determined in accordance with Section 2.3 above would be equal to or less than the Exercise Price in effect as of immediately prior to the closing of such Cash/Public Acquisition, then this Warrant will automatically and without further action of any party terminate as of immediately prior to such closing.

  (c)	Treatment of Warrant in non-Cash/Public Acquisition.  Upon the closing of any Acquisition other than a Cash/Public Acquisition, the acquiring, surviving or successor entity shall assume this Warrant and the Company’s obligations hereunder, 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, at an aggregate Exercise Price equal to the aggregate Exercise Price in effect as of immediately prior to such closing, all subject to further adjustment from time to time thereafter in accordance with the provisions of this Warrant.

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  (d)	Marketable Securities.  “Marketable Securities” means securities meeting all of the following requirements (determined as of immediately prior to the closing of the Acquisition): (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.  Notwithstanding the foregoing provisions of this Section 2.6(d), securities held in escrow or subject to holdback to cover indemnification-related claims shall be deemed to be Marketable Securities if they would otherwise be Marketable Securities but for the fact that they are held in escrow or subject to holdback to cover indemnification-related claims.

  SECTION 3.	CERTAIN ADJUSTMENTS TO THE SHARES, CLASS AND EXERCISE PRICE.

  3.1.	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 (including fractional shares) 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, even if such number would include fractional shares, and the Exercise 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 Exercise Price shall be proportionately increased and the number of Shares shall be proportionately decreased, even if such number would include fractional shares.

  3.2.	Reclassification, Exchange, Combination 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, “Class” shall mean such securities and this Warrant will be exercisable for the number of such securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, at an aggregate Exercise Price equal to the aggregate Exercise Price in effect as of immediately prior to such event, all subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant.  The provisions of this Section 3.2 shall similarly apply to successive reclassifications, exchanges, combinations, substitutions, replacements or other similar events.

  3.3.	Adjustment to Exercise Price on Cash Dividend.  In the event that the Company at any time or from time to time prior to the exercise in full of this Warrant pays any cash dividend on the outstanding shares of the Class or makes any cash distribution on or in respect of all outstanding shares of the Class (other than a distribution of cash proceeds received by the Company in connection with an Acquisition described in Section 2.6(a)(i) above), then on and as of the date of each such dividend payment and/or distribution, the Exercise Price shall be reduced by an amount equal to the amount paid or distributed upon or in respect of each outstanding share of the Class; provided that in no event shall the Exercise Price be reduced below the then-par value, if any, of a share of the Class.

  3.4.	No Fractional Share.  No fractional Share shall be issued 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 this Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash an amount equal to (a) such fractional interest, multiplied by (b)(i) the fair market value (as determined in accordance with Section 2.3 above) of a full Share, less (ii) the then-effective Exercise Price (the “Fractional Share Value”), unless Holder otherwise elects, in its sole discretion, to waive such payment.  Notwithstanding any contrary provision herein, if this Warrant becomes exercisable for a fractional Share interest at any time or from time to time prior to the exercise in full of this Warrant, and the Company eliminates such fractional Share interest prior to any 

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  exercise of this Warrant, then the then-effective Exercise Price shall be reduced by an amount equal to the Fractional Share Value, unless Holder otherwise elects, in its sole discretion, to waive such reduction.

  3.5.	Certificate as to Adjustments.  Within a reasonable time following each adjustment of the Exercise Price, Class and/or number of Shares pursuant to the terms of this Warrant, the Company, at its expense, shall deliver a certificate of its Chief Financial Officer or other authorized officer to Holder setting forth the adjustments to the Exercise Price, Class and/or number of Shares and the facts upon which such adjustments are based.  The Company shall, at any time and from time to time within a reasonable time following Holder’s written request and at the Company’s expense, furnish Holder with a certificate of its Chief Financial Officer or other authorized officer setting forth the then-current Exercise Price, Class and number of Shares and the computations or other determinations thereof.

  SECTION 4.	REPRESENTATIONS AND COVENANTS OF THE COMPANY.

  4.1.	Representations and Warranties.  The Company represents and warrants to, and agrees with, 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 the Company’s Certificate of Incorporation or Bylaws, each as amended and in effect from time to time (the “Charter Documents”) or applicable federal and state 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 shares of the Class and other securities as will be sufficient to permit the exercise in full of this Warrant.

  4.2.	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, stock or other securities or property and whether or not a regular cash dividend;

  (b)	effect any redemption (excluding repurchases of unvested shares on termination of service) reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the Class; or

  (c)	effect an Acquisition, or to liquidate, dissolve or wind up the Company; 

  then, in connection with each such event, the Company shall give Holder (pursuant to Section 6.5 below): 

  (1)	in the case of the matters referred to in (a) above, at least seven (7) Business Days prior written notice of the earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto) or for determining rights to vote, if any; and

  (2)	in the case of the matters referred to in (c) and (d) above, at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled to exchange their shares for the securities or other property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the notice).

  4.3.	Certain Company Information.  The Company will provide such information requested by Holder from time to time, within a reasonable time following each such request, that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements.  

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  SECTION 5.	REPRESENTATIONS AND COVENANTS OF HOLDER.

  Holder represents and warrants to, and agrees with, the Company as follows:

  5.1.	Investment Representations.

  (a)	Purchase for Own Account.  This Warrant and the Shares to be acquired upon exercise hereof 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 Act.  Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the Shares.

  (b)	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 of 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.

  (c)	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 for an indefinite period of time, 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.

  (d)	Accredited Investor Status.  Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.

  (e)	The Act.  Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the Act or registered or qualified under the securities laws of any state, and are issued in reliance upon specific exemptions therefrom, which exemptions depend upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein.  Holder understands that the Company is under no obligation to so register or qualify this Warrant, the Shares or such other securities.  Holder understands that this Warrant and the Shares issued upon any exercise hereof are “restricted securities” under applicable federal and state securities laws and must be held indefinitely unless subsequently registered under the Act and registered or qualified under applicable state securities laws, or unless exemptions from such registration and qualification are otherwise available.  Holder is aware of the provisions of Rule 144 promulgated under the Act.

  5.2.	No Stockholder Rights.  Without limiting any provision of this Warrant, Holder agrees that as a Holder of this Warrant it will not have any rights (including, but not limited to, voting rights) as a stockholder of the Company with respect to the Shares issuable hereunder unless and until the exercise of this Warrant and then only with respect to the Shares issued on such exercise.

  5.3.	Confidential Information.  Holder agrees to treat and hold all information provided by the Company pursuant to this Warrant in confidence in accordance with the provisions of Section 12.8 of the Loan Agreement (regardless of whether the Loan Agreement shall then be in effect).  

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  SECTION 6.	MISCELLANEOUS.

  6.1.	Term; Automatic Cashless Exercise Upon Expiration.

  (a)	Term. Subject to the provisions of Section 2.6 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 set forth on Schedule I hereto (the “Expiration Date”) and shall be void thereafter; provided that if the Company does not deliver to Holder written confirmation of the fair market value of a Share pursuant to Section 6.1(b) below, then the Expiration Date shall automatically be extended until the earlier to occur of (i) such date as the Company delivers such written confirmation and (ii) one (1) year after the Expiration Date. 

  (b)	Automatic Cashless Exercise upon Expiration.  In the event that, upon the Expiration Date, the fair market value of one Share as determined in accordance with Section 2.3 above is greater than the Exercise Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 2.2 above as to all Shares for which it shall not previously have been exercised, and the Company shall, within a reasonable time following Holder’s written request, deliver a certificate, which may be in electronic form (or, in the case of uncertificated securities, provide notice of book entry) representing the Shares issued to Holder upon such exercise.  If shares of the Company’s common stock are not then traded in a Trading Market, the Company shall deliver to Holder, prior to the Expiration Date, written confirmation of the fair market value of a Share (as determined pursuant to Section 2.3 above) to be used in determining whether this Warrant shall automatically exercise on the Expiration Date pursuant to this Section 6.1(b).

  6.2.	Legends.  Each certificate or notice of book entry evidencing Shares shall be imprinted with a legend in substantially the following form (together with such additional legends as may be required by the Charter Documents or otherwise subject thereto in accordance with the provisions of Section 5.3 above)):

  THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “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 INNOVATION CREDIT FUND VIII-A, L.P. DATED AUGUST 6, 2021, 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.

  6.3.	Compliance with Securities Laws on Transfer.  This Warrant and the Shares issued upon exercise hereof 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 SVB Financial Group (Silicon Valley Bank’s 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 Act.

  6.4.	Transfer Procedure.  Subject to the provisions of Section 6.3 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 that in connection with any such transfer, SVB Financial Group or 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, or the certificates or other evidence of such Shares or other securities, to the Company for reissuance to the transferee(s) (and to Holder if applicable); and provided further, that any subsequent transferee shall make substantially the representations set forth in Section 5.1 above and shall agree in writing with the Company to be bound by all of the terms and conditions of this Warrant.  

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  6.5.	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 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 6.5.  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:

  Innovation Credit Fund VIII-A, L.P.

  c/o SVB Capital

  2770 Sand Hill Road

  Menlo Park, California 94025

  Attn: SVB Capital Finance and Operations
Email: svbcapitalcredit@svb.com; and SVBCapCreditFinance@svb.com

   

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

  Ziopharm Oncology, Inc.
Attn: Heidi Hagen, Interim CEO
1 First Avenue, Parris Building #34

  Navy Yard Plaza 

  Boston, MA 02129
Email:   

   

  			With a copy (which shall not constitute notice) to:

  	 

  			Cooley LLP

  			Attn: Joshua Rottner

  			500 Boylston Street, 14th Floor

  			Boston, MA 02116

  			Telephone: (617) 937-2338

  			Email: jrottner@cooley.com 

   

  6.6.	Amendment and Waiver.  Notwithstanding any contrary provision herein or in the Loan Agreement, this Warrant may be amended and any provision hereof waived (either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by Holder and any party against which enforcement of such amendment or waiver is sought.

  6.7.	Counterparts; Electronic Signatures; Status as Certificated Security.  This Warrant may be executed by one or more of the parties hereto in any number of separate counterparts, all of which together shall constitute one and the same instrument.  The Company, Holder and any other party hereto may execute this Warrant by electronic means and each party hereto recognizes and accepts the use of electronic signatures and the keeping of records in electronic form by any other party hereto in connection with the execution and storage hereof.  To the extent that this Warrant or any agreement subject to the terms hereof or any amendment hereto is executed, recorded or delivered electronically, it shall be binding to the same extent as though it had been executed on paper with an original ink signature, as provided under applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act.  The fact that this Warrant is executed, signed, stored or delivered electronically shall not prevent the transfer by any Holder of this Warrant pursuant to Section 6.4 or the enforcement of the terms hereof.  To the extent that the original of this Warrant is an electronic original, this Warrant, and any copies hereof, shall NOT be deemed to be a “certificated security” within the meaning of Section 8102(a)(4) of the California Commercial Code.  Physical possession of the original of this Warrant or any paper copy thereof shall confer no special status to the bearer thereof.

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  6.8.	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.

  6.9.	Business Days.  “Business Day” means any day that is not a Saturday, Sunday or a day on which banks in California are closed.

  SECTION 7.	GOVERNING LAW, VENUE AND JURY TRIAL WAIVER; JUDICIAL REFERENCE.

  7.1.	Governing Law.  This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to its principles regarding conflicts of law.

  7.2.	Jurisdiction and Venue.  The Company and Holder each irrevocably and unconditionally submit to the exclusive jurisdiction of the State and Federal courts in New York, New York; provided, however, that nothing in this Warrant shall be deemed to operate to preclude Holder from bringing suit or taking other legal action in any other jurisdiction to enforce a judgment or other court order in favor of Holder.  The Company expressly, irrevocably and unconditionally submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and the Company hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby irrevocably and unconditionally consents to the granting of such legal or equitable relief as is deemed appropriate by such court.  The Company hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered or certified mail addressed to the Company in accordance with Section 6.5 of this Warrant and that service so made shall be deemed completed upon the earlier to occur of the Company’s actual receipt thereof of three (3) days after deposit in the U.S. mails, proper postage prepaid.

  7.3.	Jury Trial Waiver.  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY AND HOLDER EACH WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS WARRANT, THE LOAN AGREEMENT OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES’ AGREEMENT TO THIS WARRANT.  EACH PARTY HERETO HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

  7.4.	Survival.  This Section 7 shall survive the termination of this Warrant.

  [Signature page follows]

   

   

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  	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:

	 
	 
	 

	 
	ZIOPHARM ONCOLOGY, INC.

	 
	 
	 

	 
	By:
	/s/ Heidi Hagen

	 
	 
	 

	 
	Name:
	Heidi Hagen

	 
	 
	 

	 
	Title:
	Interim Chief Executive Officer

   

  			
	 
	INNOVATION CREDIT FUND VIII-A, L.P.

	 
	By: SVB Innovation Credit Partners VIII-A, LLC, a

	 
	Delaware limited liability company, its General Partner

	 
	 
	 

	 
	By:
	/s/ Ryan Grammer

	 
	 
	 

	 
	Name:
	Ryan Grammer

	 
	 
	 

	 
	Title:
	Senior Managing Director

   

   

   

   

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  APPENDIX 1

   

  Form of Notice of Exercise of Warrant

   

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

  [    ]	Check in the amount of $________ payable to the order of the Company enclosed herewith

  [    ]	Wire transfer of immediately available funds to the Company’s account 

  [    ]	Cashless exercise pursuant to Section 2.2 of the Warrant, resulting in the issuance of __________________ shares of the Common Stock of the Company

  [    ]	Other [Describe] __________________________________________

  2.	Please issue a certificate or certificates (or evidence of book entry) 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 makes each of the representations and warranties set forth in Section 5.1 of the Warrant To Purchase Stock as of the date hereof.

  			
	 
	HOLDER:

	 
	 

	 
	By:
	 

	 
	Name:
	 

	 
	Title:
	 

	 
	(Date):
	 

   

   

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