Document:

EX-10.2

 Exhibit 10.2 

GUARANTY 
 GUARANTY (as
amended, modified, restated and/or supplemented from time to time, this “Guaranty”), dated as of September 29, 2017, made by TPG RE FINANCE TRUST HOLDCO, LLC, a Delaware limited liability company (the
“Guarantor”) in favor of BANK OF AMERICA, N.A. (“Bank of America”), as Administrative Agent (in such capacity, together with any successor administrative agent, the “Administrative Agent”) for the
benefit of the Secured Parties (as defined in the Credit Agreement referred to below). 
 W I T N E S S E T H: 

WHEREAS, TPG RE Finance 20, Ltd., an exempted company incorporated under the laws of the Cayman Islands with limited liability (the
“Borrower”), the lenders from time to time party thereto (the “Lenders”) and Bank of America, as Administrative Agent, have entered into a Credit Agreement, dated as of the date hereof (as it may be amended,
modified, restated, amended and restated, extended, supplemented or otherwise modified from time to time after the date hereof, the “Credit Agreement”), providing for the making of Loans to the Borrower as contemplated therein. 

WHEREAS, the Borrower is a direct or an indirect Subsidiary of the Guarantor. 

WHEREAS, it is a condition precedent to the effectiveness of the Credit Agreement and the making of Loans thereunder that the Guarantor shall
have executed and delivered to the Administrative Agent this Guaranty. 
 WHEREAS, the Guarantor desires to execute this Guaranty to satisfy
the condition described in the preceding paragraph. 
 NOW, THEREFORE, in consideration of the benefits accruing to the Guarantor, the
receipt and sufficiency of which are hereby acknowledged, the Guarantor hereby makes the following representations and warranties to the Administrative Agent, for the benefit of the Secured Parties, and hereby covenants and agrees with the
Administrative Agent, for the benefit of the Secured Parties, as follows: 
 1. Definitions. All capitalized terms used herein and not
otherwise defined herein shall have the meanings specified in the Credit Agreement. The following capitalized terms used herein shall have the definitions specified below: 

“Available Borrowing Capacity” means, on any date of determination, the total unrestricted borrowing capacity
which may be drawn (taking into account required reserves and discounts) upon by the Sponsor and its Subsidiaries under any credit facilities (including repurchase agreements, note on note facilities, or otherwise). 

“Cash Equivalents” means, as of any date of determination, (a) marketable securities listed on a national
or international exchange, marked to market, (b) certificates of deposit (with a maturity of two years or less) issued by, or savings accounts with, any bank or other financial institution reasonably acceptable to the Administrative Agent, and
(c) equity in short term or current assets determined in accordance with GAAP. 

 “Customary Recourse Exceptions” means, with respect to any
Non-Recourse Indebtedness, exclusions from the exculpation provisions with respect to such Non-Recourse Indebtedness such as fraud, misapplication of cash, voluntary bankruptcy, environmental claims, breach of representations and warranties, failure
to pay taxes and insurance, as applicable, and other circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate indemnification agreements in non-recourse financings of commercial real estate.

 “EBITDA” means, for any period, an amount equal to Net Income for such period, plus the sum of
(a) the amount of depreciation and amortization expense deducted in determining Net Income for such period, (b) the amount of Interest Expense deducted in determining Net Income for such period, (c) the sum of federal, state, local
and foreign income taxes accrued or paid in cash during such period, and (d) the amount of any extraordinary or non-recurring items reducing Net Income for such period, all as determined in accordance with GAAP. 

“Facility Termination Date” means the date upon which all of the Commitments have been terminated, no Note
under the Credit Agreement is unpaid, all Loans have been paid in full, and all other Obligations (other than contingent indemnification obligations that survive termination of the Loan Documents for which no claim has been made) have been paid in
full. 
 “Interest Expense” means, for any period, the amount of total interest expense incurred by the
Guarantor and its consolidated Subsidiaries during such period as offset by the amount of receipts pursuant to net receipts under interest rate hedging instruments. 

“Liquidity” means, for any Person and its consolidated Subsidiaries, the sum of (a) cash and Cash
Equivalents and (b) Available Borrowing Capacity. 
 “Net Income” means, for any period, with respect
to the Guarantor and its consolidated Subsidiaries, the consolidated net income (or loss) for such period as reported in the Guarantor’s financial statements prepared in accordance with GAAP. 

“Non-Recourse Indebtedness” means Indebtedness that is not Recourse Indebtedness. 

“Recourse Indebtedness” means, with respect to any Person, for any period, without duplication, the aggregate
Indebtedness in respect of which such Person is subject to recourse for payment, whether as a borrower, guarantor or otherwise; provided, that Indebtedness arising pursuant to Customary Recourse Exceptions shall not constitute Recourse Indebtedness
until such time (if any) as demand has been made for the payment or performance of such Indebtedness. 
 “Tangible
Net Worth” means, with respect to any Person, as of any date of determination, on a consolidated basis, (a) the total tangible and intangible assets of such Person, less (b) the total liabilities of such Person, in each case, on
or as of such date and as determined in accordance with GAAP. 

  
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 “Total Equity” means, with respect to any Person, as of any date
of determination, the sum of all paid-in capital of such Person, as determined in accordance with GAAP. 
 “Total
Indebtedness” means, with respect to any Person, as of any date of determination, the sum (without duplication) of (a) the then aggregate outstanding amount of all Indebtedness of such Person plus (b) the proportionate share of
all Indebtedness of all non-consolidated subsidiaries of such Person as of such date. 
 2. Guaranty. 

(a) Subject to Section 2(b) below, the Guarantor hereby absolutely, unconditionally and irrevocably guarantees the full and prompt
payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of all of the Obligations (the “Guaranteed Obligations”). This Guaranty is a guaranty of
payment and performance and is not merely a guaranty of collection. 
 (b) Notwithstanding anything in this Guaranty or in any Loan Document
to the contrary, but subject to Section 2(c) and Section 2(d) below, the maximum liability of the Guarantor at any time under Section 2(a) shall in no event exceed twenty-five percent (25%) of the Total Outstandings at such time
(the “Liability Cap”). 
 (c) Notwithstanding the foregoing, the limitation on recourse liability as set forth in
Section 2(b) above SHALL BECOME NULL AND VOID and shall be of no further force and effect and the Guaranteed Obligations immediately shall become fully recourse to the Guarantor in the event of any of the following: 

 

	 	(i)	any Loan Party institutes or consents to the institution of any proceeding under any Insolvency Law, or makes an assignment for the benefit of creditors; or any Loan Party applies for or consents to the appointment of
any receiver, trustee, custodian, conservator, liquidator, provisional liquidator, rehabilitator or similar officer for it or for all or any material part of its property; 

 

	 	(ii)	a Default occurs under Section 9.01(f)(ii) of the Credit Agreement with respect to any Loan Party in connection with which either (A) the Guarantor or any Affiliate of the Guarantor has or have colluded in any
way with the creditors commencing or filing such insolvency proceeding, or (B) the Guarantor, any Affiliate of the Guarantor or any representative of any of the foregoing files an answer consenting to, or otherwise acquiescing in, or joining
in, such involuntary insolvency proceeding; or the Guarantor or any Affiliate of the Guarantor (x) consents to, or acquiesces in, or joins in, an application for the appointment of a custodian, receiver, liquidator, trustee or examiner for the
Borrower or the Guarantor, or (y) makes an assignment for the benefit of creditors; or 

  

	 	(iii)	any breach of Section 7.14 of the Credit Agreement that substantially contributes to the substantive consolidation of any of the assets and/or liabilities of the Borrower with the assets and/or liabilities of any
other entity in any proceeding under any Insolvency Law. 

  
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 (d) In addition to the foregoing and notwithstanding the limitation on recourse liability set
forth in Section 2(b) above, the Guarantor shall be liable for any out-of-pocket losses, costs, claims, expenses or other liabilities incurred by any Indemnitee (excluding consequential, special or punitive damages) resulting from or
attributable to the following items (and not due to such Indemnitee’s gross negligence, bad faith or willful misconduct): 
  

	 	(i)	any breach of Section 7.14 of the Credit Agreement; 

  

	 	(ii)	fraud by a Loan Party in connection with a Pledged Asset, the making or disbursement of any Loan, or any certificates or documents provided in connection therewith; 

 

	 	(iii)	intentional and material misrepresentation or breach of warranty by the Borrower in connection with a Pledged Asset, the making or disbursement of any Loan, or any certificates or documents provided in connection
therewith; 

  

	 	(iv)	intentional breach of any Loan Document; 

  

	 	(v)	any distribution of Income or any other asset in contravention of the Loan Documents; 

  

	 	(vi)	the misapplication by the Borrower of any Insurance Proceeds or Condemnation Awards attributable to any property securing a Pledged Asset which, under the terms thereof, should have been applied otherwise;

  

	 	(vii)	breach by the Borrower of any covenant in the Loan Documents relating to the Borrower’s status as a single purpose entity that results in substantive consolidation of the Borrower’s assets with those of
another Person in a bankruptcy or insolvency proceeding; 

  

	 	(viii)	any transfer of or creation of a lien on (i) all or any part of any Collateral or (ii) any direct or indirect ownership interest in the Borrower, in each case in violation of the terms of the Loan Documents;

  

	 	(ix)	a judicial or nonjudicial forfeiture or seizure proceeding is commenced by a Governmental Authority and remains pending with respect to the property, or any part thereof, securing a Pledged Asset, on the grounds that
such property or any part thereof had been used to commit or facilitate the commission of a criminal offense by any Person, including any tenant, pursuant to any Law, including under the Controlled Substances Act or the Civil Asset Forfeiture Reform
Act, regardless of whether or not such property or the Mortgage securing the related Pledged Asset shall become subject to forfeiture or seizure in connection therewith; 

  
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	 	(x)	any acts of the Borrower or any Guarantor taken in bad faith with the intent to hinder, delay or interfere with the exercise by any Secured Party of any rights and remedies under the Loan Documents after the occurrence
of and during the continuance of an Event of Default; or 

  

	 	(xi)	(x) any acts of the Borrower or any Guarantor taken in bad faith with the intent to hinder, delay or interfere with the enforcement of or preservation of the Administrative Agent’s or any Lender’s rights with
respect to the Obligations and/or under any of the Loan Documents, including all attorneys’ fees and expenses, investigation costs, and all court costs, whether or not suit is filed hereon, or whether at maturity or by acceleration, or whether
before or after maturity, or whether in connection with bankruptcy, insolvency or appeal, or whether in connection with the collection and enforcement with respect to the Obligations and/or under any of the Loan Documents. 

3. No Setoff or Deductions; Taxes; Payments. All payments by the Guarantor hereunder shall be made in accordance with, and subject to
the provisions of, Section 3.01 of the Credit Agreement. The obligations of the Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty for so long as the Borrower’s
obligations under Section 3.01 of the Credit Agreement survive the Facility Termination Date. At the Administrative Agent’s option, all payments under this Guaranty shall be made in the United States. The obligations hereunder shall not be
affected by any acts of any legislative body or governmental authority affecting the Borrower, including but not limited to, any restrictions on the conversion of currency or repatriation or control of funds or any total or partial expropriation of
the Borrower’s property, or by economic, political, regulatory or other events in the countries where the Borrower is located. 
 4.
Rights of Secured Parties. The Guarantor consents and agrees that the Secured Parties may, at any time and from time to time, without notice or demand to or consent of the Guarantor, and without affecting the enforceability or continuing
effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the times for payment or the terms of the Guaranteed Obligations or any part thereof subject to and in accordance with the terms of the Loan
Documents; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, impair, or otherwise dispose of any security, or any Lien granted, for the payment of any Guaranteed Obligations; (c) apply such security and direct the
order or manner of sale thereof as provided in the Loan Documents; and (d) release or substitute any one or more of any endorsers or other guarantors of any of the Guaranteed Obligations. Without limiting the generality of the foregoing, the
Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risk of the Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of the Guarantor. 

5. Certain Waivers. The Guarantor waives to the fullest extent permitted by law (a) any defense arising by reason of any
disability or other defense of the Borrower, any other Loan Party, or any other guarantor of the Guaranteed Obligations or any part thereof, or the cessation from any cause whatsoever (including any act or omission of any Secured Party) of the
liability of the Borrower (other than the defense that the Guaranteed Obligations have been fully 

  
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performed and paid in full in immediately available funds); (b) any defense based on any claim that the Guarantor’s obligations exceed or are more burdensome than those of the Borrower;
(c) the benefit of any statute of limitations affecting the Guarantor’s liability hereunder; (d) any right to require any Secured Party to proceed against the Borrower, proceed against or exhaust any security for the Guaranteed
Obligations, or pursue any other remedy in the power of any Secured Party whatsoever and any defense based upon the doctrines of marshalling of assets or of election of remedies; (e) any benefit of and any right to participate in any security
now or hereafter held by any Secured Party; (f) any fact or circumstance related to the Guaranteed Obligations which might otherwise constitute a defense to the obligations of the Guarantor under this Guaranty (other than the defense that the
Guaranteed Obligations have been fully performed and paid in full in immediately available funds); and (g) any and all other defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating
guarantors or sureties (other than the defense that the Guaranteed Obligations have been fully performed and paid in full in immediately available funds). 

The Guarantor expressly waives all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests,
notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new
or additional Guaranteed Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by the
existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the obligations of the
Guarantor under this Guaranty (other than the defense that the Guaranteed Obligations have been fully performed and paid in full in immediately available funds), and the Guarantor hereby irrevocably waives any defenses it may now have or hereafter
acquire in any way relating to any or all of the foregoing (other than the defense that the Guaranteed Obligations have been fully performed and paid in full in immediately available funds). 

6. Obligations of Guarantor Independent. The obligations of the Guarantor hereunder are those of primary obligor, and not merely as
surety, and are independent of the Guaranteed Obligations and the obligations of any other guarantor of the Guaranteed Obligations or any part thereof, and a separate action may be brought against the Guarantor to enforce this Guaranty whether or
not the Borrower or any other Person is joined as a party. 
 7. Subrogation. The Guarantor shall not exercise any right of
subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until after the Facility Termination Date. If any amounts are paid to the Guarantor in violation of the foregoing
limitation, then such amounts shall be held in trust by the Guarantor for the benefit of the Secured Parties and shall forthwith be paid to the Administrative Agent for the benefit of the Secured Parties for application to the Guaranteed Obligations
in accordance with the terms of the Credit Agreement or, if the Credit Agreement does not provide for the application of such amount, to be held by the Administrative Agent as collateral security for any Guaranteed Obligations thereafter existing,
whether matured or unmatured. 

  
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 8. Termination; Reinstatement. 

(a) This Guaranty is a continuing, absolute, unconditional and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing
and shall remain in full force and effect until the Facility Termination Date, and upon the occurrence of the Facility Termination Date this Guaranty shall terminate and be of no further effect (provided that all indemnities and reimbursement
obligations set forth herein and the other Loan Documents shall survive any such termination). 
 (b) Notwithstanding the foregoing, this
Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of the Borrower or the Guarantor is made, or a Secured Party exercises its right of setoff, in respect of the Guaranteed Obligations
and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by a Secured Party in its
discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Insolvency Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Secured
Parties are in possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of the Guarantor under this paragraph shall survive termination of this Guaranty. 

9. Financial Covenants. 

So long as the Facility Termination Date shall not have occurred, the Guarantor shall not: 

(a) Minimum Liquidity. Permit Liquidity at any time to be less than the greater of (i) Ten Million and No/100 Dollars
($10,000,000.00) and (ii) 5.0% of the Guarantor’s Recourse Indebtedness. 
 (b) Minimum Tangible Net Worth. Permit Tangible
Net Worth at any time to be less than the sum of (i) seventy-five percent (75%) of the net cash proceeds of all equity issuances made by the Guarantor or the Sponsor, without duplication, as of the Closing Date, plus
(ii) seventy-five percent (75%) of the aggregate net cash proceeds of any equity issuances made by the Guarantor or the Sponsor, without duplication, after the Closing Date. 

(c) Maximum Ratio of Total Indebtedness to Total Equity. Permit the ratio of (i) Total Indebtedness to (ii) Total Equity at
any time to exceed 4.0 to 1.0. 
 (d) Minimum Interest Coverage Ratio. Permit, as of any date of determination, the ratio of
(i) EBITDA for the period of twelve (12) consecutive months ended on such date (if such date is the last day of a fiscal quarter) or most recently ended prior to such date (if such date is not the last day of a fiscal quarter) to
(ii) Interest Expense for such period to be less than 1.4 to 1.0. 
 Notwithstanding anything to the contrary contained herein or elsewhere,
(i) in the event that the Guarantor, the Borrower or any Subsidiary of the Guarantor has entered into or shall enter into or amend any other commercial real estate loan repurchase agreement, warehouse facility or credit facility with any other
lender or repurchase buyer (each as in effect after giving effect to all 

  
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amendments thereof, a “Third Party Agreement”) and such Third Party Agreement contains any financial covenant as to the Guarantor for which there is no corresponding covenant in
this Section 9 at the time such financial covenant becomes effective (each an “Additional Financial Covenant”), or contains a financial covenant that corresponds to a covenant in this Section 9 and such financial covenant
is more restrictive as to the Guarantor than the corresponding covenant in this Section 9 as in effect at the time such financial covenant becomes effective (each, a “More Restrictive Financial Covenant” and together with each
Additional Financial Covenant, each an “MFN Covenant”), then (A) the Guarantor shall promptly notify the Administrative Agent of the effectiveness of such MFN Covenant and (B) in the sole discretion of the Required Lenders
this Section 9 will automatically be deemed to be modified to reflect such MFN Covenant (whether through amendment of an existing covenant contained in this Section 9 (including, if applicable, related definitions) or the inclusion of an
additional financial covenant (including, if applicable, related definitions), as applicable), and (ii) in the event that all Third Party Agreements that contain an MFN Covenant are or have been amended, modified or terminated and the effect
thereof is to make less restrictive as to the Guarantor any MFN Covenant or eliminate any Additional Financial Covenant, then, upon Guarantor providing written notice to the Administrative Agent of the same (each an “MFN Step Down
Notice”), which Guarantor may deliver to the Administrative Agent from time to time, the financial covenants in this Section 9 will automatically be deemed to be modified to reflect only such MFN Covenants which are then in effect as
of the date of any such MFN Step Down Notice; provided, however, that in no event shall the foregoing cause the financial covenants of the Guarantor to be any less restrictive than the financial covenants expressly set forth in clauses
(a) through (d) of this Section 9. Promptly upon request by the Administrative Agent, the Guarantor shall execute and take any and all acts, amendments, supplements, modifications and assurances and other instruments as the
Administrative Agent may reasonably require from time to time in order to document any such modification and otherwise carry out the intent and purposes of this paragraph. 

10. Stay of Acceleration. In the event that acceleration of the time for payment of any of the Guaranteed Obligations is stayed, in
connection with any case commenced by or against the Guarantor or the Borrower under any Insolvency Laws, or otherwise, all such amounts shall nonetheless be payable by the Guarantor immediately upon demand by the Administrative Agent subject to
Section 2(b) of this Guaranty. 
 11. Expenses. The Guarantor shall pay on demand all out-of-pocket expenses incurred by the
Administrative Agent in enforcing its rights under this Guaranty. The obligations of the Guarantor under this paragraph shall remain in full force and effect until the Guaranteed Obligations are paid in full. 

12. Modifications; Miscellaneous. The books and records of the Administrative Agent showing the amount of the Guaranteed Obligations
shall be admissible in evidence in any action or proceeding, and shall be binding upon the Guarantor and conclusive, absent manifest error, for the purpose of establishing the amount of the Guaranteed Obligations. Neither this Guaranty nor any
provision hereof may be changed, waived, discharged or terminated except in a writing signed by the Guarantor and the Administrative Agent (with the consent of the Required Lenders or all of the Lenders, to the extent required by Section 11.01
of the Credit Agreement). No failure by any Secured Party to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any

  
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right, remedy or power hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies herein provided are cumulative and not exclusive
of any remedies provided by law or in equity. The unenforceability or invalidity of any provision of this Guaranty shall not affect the enforceability or validity of any other provision herein. This Guaranty is not intended to supersede or otherwise
affect any other guaranty now or hereafter given by the Guarantor for the benefit of the Secured Parties (or any of them) or any term or provision thereof. 

13. Condition of the Loan Parties. The Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate
means of, obtaining from the other Loan Parties and any other guarantor of the Guaranteed Obligations such information concerning the financial condition, business and operations of the Loan Parties and any such other guarantors as the Guarantor
requires, and that no Secured Party has any duty, and the Guarantor is not relying on any Secured Party at any time, to disclose to the Guarantor any information relating to the business, operations or financial condition of any Loan Party or any
other guarantor of the Guaranteed Obligations (the Guarantor waiving any duty on the part of the Secured Parties to disclose such information and any defense relating to the failure to provide the same). 

14. Setoff. If an Event of Default shall have occurred and is continuing, the Guarantor hereby authorizes each Lender and each of their
respective Affiliates, after obtaining the prior written consent of the Administrative Agent and subject to Section 2 of this Guaranty, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Guarantor against
any and all of the obligations of the Guarantor now or hereafter existing under this Guaranty to such Lender or their respective Affiliates, irrespective of whether or not such Lender or Affiliate shall have made any demand under this Guaranty and
although such obligations of the Guarantor may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided,
that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of
Section 2.14 of the Credit Agreement and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting
Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Guaranteed Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. Subject to Section 2 of this
Agreement, the rights of each Lender and its Affiliates under this Section 14 are in addition to other rights and remedies (including other rights of setoff) that such Lender or its Affiliates may have. Each Lender agrees to notify the
Guarantor and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application. 

15. Representations and Warranties. The Guarantor represents and warrants that (a) it is duly organized and in good standing under
the laws of the jurisdiction of its organization and has full capacity and right to make and perform this Guaranty, and all necessary authority has been obtained; (b) this Guaranty constitutes its legal, valid and binding obligation

  
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enforceable in accordance with its terms; (c) the making, existence and performance of this Guaranty does not and will not violate in any material respect the provisions of any applicable
law, regulation, judgment or order, and does not and will not result in the breach in any material respect of, or constitute a default or require any consent under, any Contractual Obligation of this Guarantor; (d) all consents, approvals,
licenses and authorizations of, and filings and registrations with, any Governmental Authority required under applicable law and regulations for the making and performance of this Guaranty have been obtained or made and are in full force and effect
and (e) an executed (or conformed) copy of each of the Loan Documents has been made available to a senior officer of the Guarantor and such officer is familiar with the contents thereof. 

16. [Reserved] 
 17.
Guaranty Enforceable by Administrative Agent. This Guaranty may be enforced only by the action of the Administrative Agent, in each case acting upon the instructions of the Required Lenders (to the extent required under the Credit Agreement) and
no other Secured Party will have any right individually to seek to enforce or to enforce this Guaranty, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent, for the benefit of the Secured
Parties, upon the terms of this Guaranty and the other Loan Documents. It is understood and agreed that the agreement in this paragraph is solely for the benefit of the Secured Parties. 

18. Subordination of Indebtedness Held by Guarantor. Any indebtedness of any Loan Party now or hereafter held by the Guarantor is
hereby subordinated to the prior payment in full in immediately available funds of all the Guaranteed Obligations, and such indebtedness of any Loan Party to the Guarantor, if the Administrative Agent, after an Event of Default has occurred and is
continuing, so requests, shall be collected, enforced and received by the Guarantor as trustee for the Secured Parties, shall be segregated from all other property or funds of the Guarantor and shall be paid over to the Administrative Agent for the
benefit of the Secured Parties for application to the Guaranteed Obligations in accordance with the terms of the Loan Documents or, if the Loan Documents do not provide for the application of such amount, to be held by the Administrative Agent as
collateral security for any Guaranteed Obligations thereafter existing, but without affecting or impairing in any manner the liability of the Guarantor under the other provisions of this Guaranty. In the event that the Guarantor receives any payment
of any indebtedness described in the first sentence of this Section 18 prior to the Facility Termination Date and during the existence of an Event of Default, such payment of such indebtedness which has been received by the Guarantor, if
requested by the Administrative Agent, shall be received by the Guarantor as trustee for the Secured Parties, shall be segregated from all other property or funds of the Guarantor and shall be paid over to the Administrative Agent for the benefit of
the Secured Parties for application to the Guaranteed Obligations in accordance with the terms of the Credit Agreement or, if the Credit Agreement does not provide for the application of such amount, to be held by the Administrative Agent as
collateral security for any Guaranteed Obligations thereafter existing. Prior to the transfer by the Guarantor of any note or negotiable instrument evidencing any indebtedness of any Loan Party to the Guarantor, the Guarantor shall mark such note or
negotiable instrument with a legend that the same is subject to this subordination. 

  
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 19. [Reserved] 

20. Foreign Currency. If the Administrative Agent so notifies the Guarantor in writing, at the Administrative Agent’s sole and
absolute discretion (with the consent of the Required Lenders or all of the Lenders, to the extent required by Section 11.01 of the Credit Agreement), payments under this Agreement shall be the Dollar equivalent of the Guaranteed Obligations or
any portion thereof, determined as of the date payment is made. If any claim arising under or related to this Agreement is reduced to judgment denominated in a currency (the “Judgment Currency”) other than the currencies in which
the Guaranteed Obligations are denominated (collectively the “Obligations Currency”), the judgment shall be for the equivalent in the Judgment Currency of the amount of the claim denominated in the Obligations Currency included in
the judgment, determined as of the date of judgment. The equivalent of any Obligations Currency amount in any Judgment Currency shall be calculated at the spot rate for the purchase of the Obligations Currency with the Judgment Currency quoted by
the Administrative Agent in the place of the Administrative Agent’s choice at or about 8:00 a.m. on the date for determination specified above. The Guarantor shall indemnify each Indemnitee and hold each Indemnitee harmless from and against all
loss or damage resulting from any change in exchange rates between the date any claim is reduced to judgment and the date of payment thereof by the Guarantor or any failure of the amount of any such judgment to be calculated as provided in this
paragraph. 
 21. Notices. All notices and other communications hereunder shall be in writing and shall be delivered in the manner
prescribed for notices in Section 11.02(a) of the Credit Agreement, addressed as follows: 
  

	 	(a)	if to the Guarantor, at the address for the Borrower provided in the Credit Agreement; 

  

	 	(b)	if to the Administrative Agent, at its address set forth on Schedule 11.02 of the Credit Agreement; 

 or at
such other address as shall have been furnished in writing by any Person described above to the party required to give notice hereunder. 

22. Counterparts. This Guaranty may be executed in any number of counterparts and by the different parties hereto on separate
counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 

23. Headings Descriptive. The headings of the several Sections of this Guaranty are inserted for convenience only and shall not in any
way affect the meaning or construction of any provision of this Guaranty. 
 24. Assignments. This Guaranty shall (i) bind the
Guarantor and its successors and assigns, provided that the Guarantor may not assign its rights or obligations under this Guaranty without the prior written consent of the Administrative Agent (with the consent of the Required Lenders or all of the
Lenders, to the extent required by Section 11.01 of the Credit Agreement) (and any attempted assignment without such consent shall be void) and (ii) inure to the benefit of 

  
 11 

 
the Secured Parties and their respective successors and assigns and the Secured Parties may, in accordance with Section 11.06 of the Credit Agreement and without affecting the obligations of
the Guarantor hereunder, assign, sell or grant participations in the Guaranteed Obligations and this Guaranty, in whole or in part. 

25. Damage Waiver. To the fullest extent permitted by applicable law, no party to this Guaranty shall assert, and each party hereto
hereby waives, any claim against any Indemnitee or any Loan Party or any of its Affiliates, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Guaranty or any agreement or instrument contemplated hereby, or the transactions contemplated hereby. 

26. Governing Law, Etc. 

(a) THIS GUARANTY AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT
OF OR RELATING TO THIS GUARANTY AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS THEREOF (OTHER THAN SECTIONS 5-1401
AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 
 (b) Sections 11.14 and 11.15 of the Credit Agreement are hereby
incorporated herein by reference, mutatis mutandis, and made a part of this Agreement as if set forth herein in full. 
 27.
ENTIRE AGREEMENT. THIS GUARANTY REPRESENTS THE ENTIRE AGREEMENT AMONG THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
 [THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
 12 

 IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be executed and delivered as of the date first
above written. 
  

			
	TPG RE FINANCE TRUST HOLDCO, LLC
		
	By:	 	/s/ Matthew Coleman
		 	Name: Matthew Coleman
		 	Title: Vice President, Transactions

 Signature Page to TPG Holdco Guaranty 

			
	Accepted and Agreed to:
	
	 BANK OF AMERICA, N.A.,
 as
Administrative Agent

		
	By:	 	/s/ Mark E. Connors
		 	Name: Mark E. Connors
		 	Title: SVP

 Signature Page to TPG Holdco GuarantyEX-4.1

 EXHIBIT 4.1 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT
REQUIRED UNDER SUCH ACT OR UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER SUCH ACT. 
  

			
	 WARRANT NO. [●]
	  	NUMBER OF SHARES: [●]
	 DATE OF ISSUANCE: [●]
	  	(subject to adjustment hereunder)
	 EXPIRATION DATE: [●]
	  	

 FORM OF WARRANT TO PURCHASE SHARES 

OF COMMON STOCK OF 
 EXICURE, INC.

 This Warrant is issued to [●], or its registered assigns (including any successors or assigns, the
“Warrantholder”), in connection with those certain Subscription Agreements, dated on or about [●], 2017, by and between Exicure, Inc. (f/k/a Max-1 Acquisition Corporation), a
Delaware corporation (the “Company”), and each of the persons and entities parties thereto as Purchasers (each, a “Purchase Agreement”, and collectively, the “Purchase Agreements”). 

1.    EXERCISE OF WARRANT. 

(a)    Number and Exercise Price of Warrant Shares; Expiration Date. Subject to the terms and conditions set forth
herein and set forth in the Purchase Agreements, at any time beginning on or after the date that is six months and one day after the date hereof (the “Initial Exercise Date”) and ending on or before 5:00 p.m. New York City time on
the third anniversary of the Initial Exercise Date (the “Expiration Date”), the Warrantholder is entitled to purchase from the Company up to [●] shares of the Company’s Common Stock, $0.0001 par value per share (the
“Common Stock”) (as adjusted from time to time pursuant to the provisions of this Warrant) (the “Warrant Shares”), at a purchase price of $3.00 per share (the “Exercise Price”) (subject to earlier
termination of this Warrant as set forth herein). 
 (b)    Method of Exercise. While this Warrant remains
outstanding and exercisable in accordance with Section 1(a) above, the Warrantholder may exercise this Warrant in accordance with Section 5 herein, by either: 

(1)    wire transfer to the Company or cashier’s check drawn on a United States bank made payable to the order of
the Company, or 

 (2)    exercising of the right to credit the Exercise Price against the Fair
Market Value of the Warrant Shares (as defined below) at the time of exercise (the “Net Exercise”) pursuant to Section 1(c); provided, that the method of exercise provided in this
Section 1(b)(2) shall be available only if, at the time of exercise, there is not an effective registration statement registering resale of the Warrant Shares by the holder. 

Notwithstanding anything herein to the contrary, the Warrantholder shall not be required to physically surrender this Warrant to the Company
until the Warrantholder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Warrantholder shall surrender this Warrant to the Company for cancellation within three
(3) trading days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of
lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Warrantholder and the Company shall maintain records showing the number of Warrant Shares purchased
and the date of such purchases. 
 (c)    Net Exercise. If the Company shall receive written notice from the
Warrantholder at the time of exercise of this Warrant that the holder elects to Net Exercise the Warrant, the Company shall deliver to such Warrantholder (without payment by the Warrantholder of any exercise price in cash) that number of Warrant
Shares computed using the following formula:  
  

					
		 	X =	 	Y (A - B)
		 	 	       A

  

					
	Where	 		  	
			
		 	X =	  	The number of Warrant Shares to be issued to the Warrantholder.
			
		 	Y =	  	The number of Warrant Shares purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being cancelled (at the date of such calculation).
			
		 	A =	  	The Fair Market Value of one (1) share of Common Stock on the trading date immediately preceding the date on which Warrantholder elects to exercise this Warrant.
			
		 	B =	  	The Exercise Price (as adjusted hereunder).

 The “Fair Market Value” of one share of Common Stock shall mean (x) the last
reported sale price and, if there are no sales, the last reported bid price, of the Common Stock on the business day prior to the date of exercise on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg
Financial Markets (or a comparable reporting service of national reputation selected by the Company and reasonably acceptable to the holder if Bloomberg Financial Markets is not then reporting sales prices of the Common Stock) (collectively,
“Bloomberg”), (y) if the foregoing does not apply, the last sales price of the 

  
 -2- 

 
Common Stock in the over-the-counter market on the pink sheets or bulletin board for such security as reported by
Bloomberg, and, if there are no sales, the last reported bid price of the Common Stock as reported by Bloomberg or, (z) if fair market value cannot be calculated as of such date on either of the foregoing bases, the price determined in good
faith by the Company’s Board of Directors. 
 “OTC Markets” shall mean either OTC QX or OTC QB of the OTC Markets
Group, Inc. 
 “Trading Market” shall mean any of the following markets or exchanges on which the Common Stock is listed or
quoted for trading on the date in question: the NYSE MKT, the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ Global Select Market, the New York Stock Exchange or the OTC Markets (or any successors to any of the foregoing). 

(d)    Deemed Exercise. In the event that immediately prior to the close of business on the Expiration Date, the
Fair Market Value of one share of Common Stock (as determined in accordance with Section 1(c) above) is greater than the then applicable Exercise Price, this Warrant shall be deemed to be automatically exercised on a net
exercise issue basis pursuant to Section 1(c) above, and the Company shall deliver the applicable number of Warrant Shares to the Warrantholder pursuant to the provisions of Section 1(c) above and
this Section 1(d). 
 2.    CERTAIN ADJUSTMENTS. 

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

(1)    Subdivisions, Combinations and Other Issuances. If the Company shall at any time after the Date of Issuance
but prior to the Expiration Date subdivide its shares of capital stock of the same class as the Warrant Shares, by split-up or otherwise, or combine such shares of capital stock, or issue additional shares of
capital stock as a dividend with respect to any shares of such capital stock, the number of Warrant Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or
proportionately decreased in the case of a combination. Appropriate adjustments shall also be made to the Exercise Price payable per share, but the aggregate Exercise Price payable for the total number of Warrant Shares purchasable under this
Warrant (as adjusted) shall remain the same. Any adjustment under this Section 2(a)(1) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date
of such dividend, or in the event that no record date is fixed, upon the making of such dividend. 

(2)    Reclassification, Reorganizations and Consolidation. In case of any reclassification, capital
reorganization or change in the capital stock of the Company (other than as a result of a subdivision, combination or stock dividend provided for in Section 2(a)(1) above) that occurs after the Date of Issuance (whether
prior to, on or subsequent to the Initial Exercise Date), then, as a condition of such reclassification, reorganization or change, lawful provision shall be made, and duly executed documents evidencing the same from the Company or its successor
shall be delivered to the Warrantholder, so that the Warrantholder shall thereafter have 

  
 -3- 

 
the right at any time prior to the Expiration Date to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and/or other
securities or property (including, if applicable, cash) receivable in connection with such reclassification, reorganization or change by a holder of the same number and type of securities as were purchasable as Warrant Shares by the Warrantholders
immediately prior to such reclassification, reorganization or change. In any such case appropriate provisions shall be made with respect to the rights and interest of the Warrantholder so that the provisions hereof shall thereafter be applicable
with respect to any shares of stock or other securities or property deliverable upon exercise hereof, and appropriate adjustments shall be made to the Exercise Price payable hereunder, provided the aggregate Exercise Price shall remain the same
(and, for the avoidance of doubt, this Warrant shall be exclusively exercisable for such shares of stock and/or other securities or property from and after the consummation of such reclassification or other change in the capital stock of the
Company). 
 (b)    Notice to Warrantholder. If, while this Warrant is outstanding (whether prior to, on or
subsequent to the Initial Exercise Date), the Company (i) declares a dividend or any other distribution of cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants to
subscribe for or purchase any capital stock of the Company or any subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Change of Control or (iii) authorizes the voluntary
dissolution, liquidation or winding up of the affairs of the Company, then the Company shall deliver to the Warrantholder a notice of such transaction at least ten (10) business days prior to the applicable record or effective date on which a
person would need to hold Common Stock in order to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action
required to be described in such notice. 
 (c)    Calculations. All calculations under this
Section 2 shall be made to the nearest cent or the nearest whole share, as the case may be. For purposes of this Section 2, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding. 

(d)    Treatment of Warrant upon a Change of Control.

(1)    If, at any time prior to the Expiration Date (whether prior to, on or subsequent to the Initial Exercise Date)
while this Warrant is outstanding, the Company consummates a Change of Control, then this Warrant shall terminate automatically at the closing of such Change of Control and shall be converted into the right to receive from the Company an amount
equal to the excess, if any, of (A) the product of the total number of unexercised Warrant Shares multiplied by the per-share consideration paid in such Change of Control over (B) the product of the
total number of unexercised Warrant Shares multiplied by the Exercise Price. 
 (2)    As used in this Warrant, a
“Change of Control” shall mean (i) a merger or consolidation of the Company with another corporation (other than a merger effected exclusively for the purpose of changing the domicile of the Company), (ii) the sale, assignment,
transfer, conveyance or other disposal of all or substantially all of the properties or assets or all 

  
 -4- 

 
or a majority of the outstanding voting shares of capital stock of the Company, (iii) a purchase, tender or exchange offer accepted by the holders of a majority of the outstanding voting
shares of capital stock of the Company, or (iv) a “person” or “group” (as these terms are used for purposes of Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly at least a majority of the voting power of the capital stock of the
Company; provided that the Merger (as defined in the Purchase Agreement) shall not be deemed to be a Change of Control for purposes of this Warrant; and provided further, that a transaction in which the Company is issuing securities primarily for
the purpose of raising capital (including pursuant to the Purchase Agreements) shall not be deemed to be a Change of Control for purposes of this Warrant. 

3.    NO FRACTIONAL SHARES. No fractional Warrant Shares or scrip representing fractional shares will be issued upon
exercise of this Warrant. In lieu of any fractional shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by the Fair Market Value of one Warrant Share. 

4.    NO STOCKHOLDER RIGHTS. Until the exercise of this Warrant or any portion of this Warrant, the Warrantholder shall
not have, nor exercise, any rights as a stockholder of the Company (including without limitation the right to notification of stockholder meetings or the right to receive any notice or other communication concerning the business and affairs of the
Company) except as provided in Section 8 below. 
 5.    MECHANICS OF EXERCISE. 

(a)    Delivery of Warrant Shares Upon Exercise. This Warrant may be exercised by the holder hereof, in whole or in
part, by delivering to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Warrantholder at the address of the Warrantholder appearing on the books of the Company) of a duly completed
and executed copy of the Notice of Exercise in the form attached hereto as Exhibit A by facsimile or e-mail attachment and paying the Exercise Price (unless the Warrantholder has elected to Net
Exercise) then in effect with respect to the number of Warrant Shares as to which the Warrant is being exercised. This Warrant shall be deemed to have been exercised immediately prior to the close of business on the date of the delivery to the
Company of the Notice of Exercise as provided above, and the person entitled to receive the Warrant Shares issuable upon such exercise shall be treated for all purposes as the holder of such shares of record as of the close of business on such date.
Warrant Shares purchased hereunder shall be transmitted by the Company’s transfer agent to the holder by crediting the account of the holder’s prime broker with The Depository Trust Company through its Deposit or Withdrawal at Custodian
system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the holder or
(B) the shares are eligible for resale by the holder without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery to the
address specified by the holder in the Notice of Exercise by the end of the day (such date, the “Warrant Share Delivery Date”) on the date that is three (3) trading days from the delivery to the Company of the Notice of
Exercise and payment of the aggregate Exercise Price (unless exercised by means of a cashless exercise pursuant to Section 1(c)). The Warrant 

  
 -5- 

 
Shares shall be deemed to have been issued, and the holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes,
as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by Net Exercise) and all taxes required to be paid by the holder, if any, prior to the issuance of such shares, having been paid. 

(b)    Rescission Rights. If the Company fails to cause the transfer agent to transmit to the Warrantholder the
Warrant Shares pursuant to Section 5(a) by the Warrant Share Delivery Date, then the Warrantholder will have the right to rescind such exercise. 

(c)    Warrantholder’s Exercise Limitations. A holder shall not have the right to exercise this
Warrant, pursuant to Section 1 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the holder (together with the holder’s affiliates,
and any other persons acting as a group together with the holder or any of the holder’s affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the
aggregate number of shares of Common Stock beneficially owned by the holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but
shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the holder or any of its affiliates and (ii) exercise or conversion
of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to
the limitation contained herein beneficially owned by the holder or any of its affiliates. Except as set forth in the preceding sentence, for purposes of this Section 5(c), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the holder that the Company is not representing to the holder that such calculation is in compliance with
Section 13(d) of the Exchange Act and the holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 5(c) applies, the
determination of whether this Warrant is exercisable (in relation to other securities owned by the holder together with any affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the holder, and the
submission of a Notice of Exercise shall be deemed to be the holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the holder together with any affiliates) and of which portion of this Warrant
is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability for exercise of the Warrant that are not in
compliance with the Beneficial Ownership Limitation. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. For purposes of this Section 5(c), in determining the number of outstanding shares of Common Stock, a holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the
Company’s most recent periodic or annual report filed with the U.S. Securities and Exchange Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the
Company’s transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written request of a 

  
 -6- 

 
holder, the Company shall within two (2) trading days confirm in writing to the holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the holder or its affiliates since the date as of which such number of outstanding shares of Common
Stock was reported. The “Beneficial Ownership Limitation” shall be 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of
this Warrant. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company. 

6.    CERTIFICATE OF ADJUSTMENT. Whenever the Exercise Price or number or type of securities issuable upon exercise of
this Warrant is adjusted, as herein provided, the Company shall, at its expense, promptly deliver to the Warrantholder a certificate of an officer of the Company setting forth the nature of such adjustment and showing in detail the facts upon which
such adjustment is based. 
 7.    COMPLIANCE WITH SECURITIES LAWS. 

(a)    The Warrantholder understands that this Warrant and the Warrant Shares are characterized as “restricted
securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations this Warrant and the Warrant Shares may be
resold without registration under the Securities Act only in certain limited circumstances. In this connection, the Warrantholder represents that it is familiar with Rule 144 under the Securities Act, as presently in effect, and understands the
resale limitations imposed thereby and by the Securities Act. The Warrantholder represents, covenants and agrees that as of the date hereof, it is, and on each date on which it exercises the Warrants it will be, an “accredited investor” as
defined in Rule 501(a) under the Securities Act. 
 (b)    Prior and as a condition to the sale or transfer of the
Warrant Shares issuable upon exercise of this Warrant, the Warrantholder shall furnish to the Company such certificates, representations, agreements and other information, including an opinion of counsel, as the Company or the Company’s
transfer agent reasonably may require to confirm that such sale or transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, unless such Warrant Shares are being
sold or transferred pursuant to an effective registration statement. 
 (c)    The Warrantholder acknowledges that the
Company may place a restrictive legend on the Warrant Shares issuable upon exercise of this Warrant in order to comply with applicable securities laws, in substantially the following form and substance, unless such Warrant Shares are otherwise
freely tradable under Rule 144 of the Securities Act or pursuant to an effective registration statement: 
 “THE SECURITIES EVIDENCED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN 

  
 -7- 

 
RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO A TRANSACTION WHICH IS EXEMPT FROM, OR NOT SUBJECT TO,
SUCH REGISTRATION, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.” 

8.    REPLACEMENT 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 any such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of any such
mutilation, on surrender and cancellation of such Warrant, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor. 

9.    NO IMPAIRMENT. Except to the extent as may be waived by the holder of this Warrant, the Company will not, by
amendment of its charter or through a Change of Control, dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist
in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Warrantholder against impairment. 

10.    TRADING DAYS. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall be other than a day on which the Common Stock is traded on the Trading Market, then such action may be taken or such right may be exercised on the next succeeding day on which the Common Stock is so traded. 

11.    TRANSFERS; EXCHANGES. 

(a)    Subject to compliance with applicable federal and state securities laws and Section 7
hereof, this Warrant may be transferred by the Warrantholder to any Affiliate (as defined below) with respect to any or all of the Warrant Shares purchasable hereunder (a “Permitted Transfer”). As long as the Warrants remain
outstanding and unexercised, the Warrants shall not be sold, transferred, assigned, pledged or hypothecated to any other party without the express written consent of the Company except that (i) such transfer constitutes a Permitted Transfer or
(ii) such transfer is pursuant to an effective registration statement under the Securities Act or pursuant to a transaction which is exempt from, or not subject to, such 

  
 -8- 

 
registration, in each case in accordance with all applicable securities laws. For a transfer of this Warrant as an entirety by the Warrantholder, upon surrender of this Warrant to the Company,
together with the Notice of Assignment in the form attached hereto as Exhibit B duly completed and executed on behalf of the Warrantholder, the Company shall issue a new Warrant of the same denomination to the assignee. For a transfer of this
Warrant with respect to a portion of the Warrant Shares purchasable hereunder, upon surrender of this Warrant to the Company, together with the Notice of Assignment in the form attached hereto as Exhibit B duly completed and executed on
behalf of the Warrantholder, the Company shall issue a new Warrant to the assignee, in such denomination as shall be requested by the Warrantholder, and shall issue to the Warrantholder a new Warrant covering the number of shares in respect of which
this Warrant shall not have been transferred. The term “Affiliate” as used herein means, with respect to any person, any other person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is
under common control with such person, and any officers, employees or partners of the Warrantholder. 
 (b)    Upon any
Permitted Transfer, this Warrant is exchangeable, without expense, at the option of the Warrantholder, upon presentation and surrender hereof to the Company for other warrants of different denominations entitling the holder thereof to purchase in
the aggregate the same number of shares of Common Stock purchasable hereunder. This Warrant may be divided or combined with other warrants that carry the same rights upon presentation hereof at the principal office of the Company together with a
written notice specifying the denominations in which new warrants are to be issued to the Warrantholder and signed by the Warrantholder hereof. The term “Warrants” as used herein includes any warrants into which this Warrant may be
divided or exchanged. 
 12.    VALID ISSUANCE; AUTHORIZED SHARES. The Company hereby represents, covenants and agrees
that: (i) this Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized and validly issued; (ii) the issuance of this Warrant shall constitute full authority to the
Company’s officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant; (iii) all Warrant Shares issuable upon exercise of the purchase rights represented by
this Warrant and payment for such Warrant Shares in accordance herewith shall be, upon issuance, and the Company shall take all such reasonable actions as may be necessary or appropriate in order that such Warrant Shares are, validly issued, fully
paid and non-assessable, issued without violation of any preemptive or similar rights of any stockholder of the Company and free and clear of all taxes, liens and charges created by the Company in respect of
the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue); (iv) the Company shall take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be quoted or listed; (v) during the period the Warrant is outstanding, the Company shall reserve from its
authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant; (vi) the Company shall use its reasonable efforts to cause the
Warrant Shares, immediately upon such exercise, to be listed on the Trading Market which shares of Common Stock or other securities constituting Warrant Shares are quoted or listed at the time of such exercise; and (vii) the Company shall pay
all expenses in connection with, and all taxes and other 

  
 -9- 

 
governmental charges that may be imposed with respect to, the issuance or delivery of Warrant Shares upon exercise of this Warrant; provided, that the Company shall not be required to pay any tax
or governmental charge that may be imposed with respect to any applicable withholding or the issuance or delivery of the Warrant Shares to any person other than the Warrantholder, and no such issuance or delivery shall be made unless and until the
person requesting such issuance has paid to the Company the amount of any such tax, or has established to the satisfaction of the Company that such tax has been paid; and provided, further that the Company shall not be required to pay any tax or
governmental charge that may be imposed with respect to the income of the Warrantholder or any other person. 

13.    MISCELLANEOUS. 

(a)    This Agreement shall be governed by and construed in accordance with the laws of the United States of America and
the State of New York, both substantive and remedial, without regard to New York conflicts of law principles. Any judicial proceeding brought under this Agreement or any dispute arising out of this Agreement or any matter related hereto shall be
brought in the courts of the State of New York, New York County, or in the United States District Court for the Southern District of New York. 

(b)    All notices, requests, consents and other communications hereunder shall be in writing, shall be sent by confirmed
facsimile or electronic mail, or mailed by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, and shall be deemed given when so sent in the case of facsimile or electronic mail
transmission, or when so received in the case of mail or courier, and addressed as follows: (a) if to the Company, at 8045 Lamon Avenue, Suite 410, Skokie, Illinois 60077, Attention: David Giljohann, Chief Executive Officer, Facsimile: 847-556-6411, Email:                     ; with a copy to (which shall not
constitute notice) Sidley Austin LLP, 1001 Page Mill Road, Building 1, Palo Alto, California 94304, Attention: Sam Zucker, Esq., Facsimile: 650-565-7100, E-Mail:                     ; and (b) if to the Warrantholder, at such address or addresses (including copies
to counsel) as may have been furnished by the Warrantholder to the Company in writing. 
 (c)    The invalidity or
unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provisions. 
 [Signature Page
Follows] 

  
 -10- 

 IN WITNESS WHEREOF, this Common Stock Purchase Warrant is issued effective as of the date first
set forth above. 
  

			
	EXICURE, INC.
		
	By:	 	  

	Name:	 	David Giljohann, Ph.D.
	Title:	 	Chief Executive Officer

 [Signature Page to Warrant No. [●]] 

 EXHIBIT A 

NOTICE OF EXERCISE 
 (To be signed
only upon exercise of Warrant) 
 To: Exicure, Inc. 

The undersigned, the Warrantholder of the attached Warrant, hereby irrevocably elects to exercise the purchase right represented by such
Warrant for, and to purchase thereunder,                     
                     (                ) shares of Common
Stock of Exicure, Inc. and (choose one) 

                     herewith makes
payment of          Dollars ($        ) thereof 

or 

                     elects to Net
Exercise the Warrant pursuant to Section 1(b)(2) thereof. 
 The undersigned requests that the certificates or
book entry position evidencing the shares to be acquired pursuant to such exercise be issued in the name of, and delivered to
                                        ,
whose address is 

                          
                                         
                                         
                                         
                                         
                       

                          
  . 
 By its signature below the undersigned hereby represents and warrants that it is an “accredited investor” as
defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended, and agrees to be bound by the terms and conditions of the attached Warrant as of the date hereof, including Section 7 thereof.

 DATED:                       

 

			
	(Signature must conform in all respects to name of the Warrantholder as specified on the face of the Warrant)
	
	  

	[                    ]
	Address:	 	  

	  

	  

 EXHIBIT B 

NOTICE OF ASSIGNMENT FORM 
 FOR
VALUE RECEIVED, [                    ] (the “Assignor”) hereby sells, assigns and transfers all of the rights of the
undersigned Assignor under the attached Warrant with respect to the number of shares of common stock of Exicure, Inc. (the “Company”) covered thereby set forth below, to the following “Assignee” and, in connection
with such transfer, represents and warrants to the Company that the transfer is in compliance with Section 7 of the Warrant and applicable federal and state securities laws: 

 

			
	 NAME OF ASSIGNEE
	  	 ADDRESS/FAX NUMBER

 

									
	Number of shares:	 	  
	 		 		 	

									
					
	Dated:	 	  
	 		 	Signature:	 	  

					
		 		 		 	Witness:	 	  

 ASSIGNEE ACKNOWLEDGMENT 

The undersigned Assignee acknowledges that it has reviewed the attached Warrant and by its signature below it hereby represents and warrants
that it is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended, and agrees to be bound by the terms and conditions of the Warrant as of the date hereof, including
Section 7 thereof. 
  

			
	Signature:	 	  

 
			
		
	By:	 	  

	Its:	 	  

  

	
	Address:

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