Document:

EX-10.3

 Exhibit 10.3 
 EXECUTION COPY 
 FIRST AMENDMENT TO 

LOAN AND SECURITY AGREEMENT 
 THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is dated as of August 14, 2012, by and among AXOGEN, INC. (f/k/a LecTec Corporation), a Minnesota
corporation (“AxoGen Inc”), AXOGEN CORPORATION, a Delaware corporation (“AxoGen Corp”; together with AxoGen Inc, either individually or collectively as the context may require, as
“Borrower”), MIDCAP FINANCIAL SBIC, LP, a Delaware limited partnership in its capacity as agent (“Agent”) for the lenders under the Loan Agreement (as defined below) (“Lenders”), and the
Lenders signatory hereto. 
 W I T N E S S E T H:

 WHEREAS, Borrower, Lenders and Agent are parties to that certain Loan and Security Agreement, dated as of
September 30, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”; capitalized terms used herein have the meanings given to them in the Loan Agreement except as otherwise
expressly defined herein), pursuant to which Lenders have agreed to provide to Borrower certain loans and other extensions of credit in accordance with the terms and conditions thereof; and 

WHEREAS, Borrower, Agent and Lenders desire to amend certain provisions of the Loan Agreement in accordance with, and subject to,
the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises, the covenants and
agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Borrower, Lenders and Agent hereby agree as follows: 

1. Acknowledgment of Obligations. Borrower hereby acknowledges, confirms and agrees that all Term Loans made prior to the
date hereof, together with interest accrued and accruing thereon, and fees, costs, expenses and other charges owing by Borrower to Agent and Lenders under the Loan Agreement and the other Loan Documents, as amended hereby, are unconditionally owing
by Borrower to Agent and Lenders, without offset, defense or counterclaim of any kind, nature or description whatsoever except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or
affecting creditor’s rights generally. 
 2. Amendment to Loan Agreement. Subject to the terms and conditions
of this Amendment, including, without limitation, the conditions to effectiveness set forth in Section 6 below, the Loan Agreement is hereby amended as follows: 
 (a) Section 6.2(a) of the Loan Agreement is hereby amended by deleting the word “and” immediately preceding clause (vii) thereof, replacing it with a comma (“,”) and
adding the following new clause (viii) after the end of clause (vii): 
 “and (viii) copies of all statements,
reports and notices to the Subordinated Creditor concurrently with delivery to Subordinated Creditor.” 

 (b) Section 7.9 of the Loan Agreement is hereby amended by deleting the reference to
such section being “[Reserved]” and replacing such reference with the following new Section 7.9: 
 “7.9
Subordinated Debt. (a) make or permit any payment on or with respect to the Subordinated Debt other than as expressly permitted pursuant to the Subordination Agreement or (b) amend any provision of the Subordinated IRA or any
agreement, instrument or other document evidencing the Subordinated Debt.” 
 (c) Section 8.9 of the Loan Agreement is
hereby amended by deleting the reference to such section being “[Reserved]” and replacing such reference with the following new Section 8.9: 
 “8.9 Subordinated Debt. (a) a default or breach by Borrower or Subordinated Creditor occurs under the Subordinated IRA or any agreement, instrument or other document executed and/or
delivered in connection with the Subordinated Debt, including without limitation the Subordination Agreement or (b) any payment is made by Borrower or accepted by Subordinated Creditor in violation of the Subordination Agreement.”

 (d) Section 14 of the Loan Agreement is hereby amended by amending the definition of “Change of Control” by
deleting the word “or” immediately preceding clause (c) thereof, replacing the period (“.”) at the end of clause (c) with a semicolon (“;”), and adding and “or” and the following new clause
(d) after the new semicolon at the end of clause (c): 
 “or (d) constitutes a Change of Control under and as
defined in the Subordinated IRA.” 
 (e) Section 14 of the Loan Agreement is hereby further amended by amending the
definition of “Permitted Indebtedness” by deleting the reference to clause (c) of such definition being “[Reserved]” and replacing such reference with the following new clause (c): 

“(c) Subordinated Debt; provided, that Agent’s and Senior Lenders’ Liens with respect to any assets transferred or
purported to be transferred in connection with the Subordinated Debt shall remain in full force and effect and first priority Liens until such time as the assets are permitted to be paid to the Subordinated Creditor pursuant to and subject to the
terms of the Subordination Agreement;” 
 (f) Section 14 of the Loan Agreement is hereby further amended by inserting
the following new defined terms in the appropriate alphabetical order: 
 ““Subordinated Creditor”
means PDL BioPharma, Inc. and any successor or assign of PDL BioPharma, Inc. as Purchaser under and as defined in the Subordinated IRA, subject to the terms of the Subordination Agreement. 

“Subordinated Debt” means the “Subordinated Obligations” under and as defined in the Subordination
Agreement. 

  
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 “Subordinated IRA” means that certain Interim Revenue Interests
Purchase Agreement, dated as of August 14, 2012, by and among Borrower and the Subordinated Creditor, as the same may be amended, restated, supplemented or otherwise modified from time to time (subject to the restrictions in this Agreement and
the Subordination Agreement). 
 “Subordination Agreement” means that certain Subordination and
Intercreditor Agreement, dated as of August 14, 2012, by and among Agent, the Lenders, Subordinated Creditor and Borrower, as the same may be amended, restated, supplemented or otherwise modified from time to time.” 

3. No Other Amendments. Except for the amendment and agreement set forth and referred to in Section 2 above,
the Loan Agreement and the other Loan Documents shall remain unchanged and in full force and effect and Borrower hereby ratifies and reaffirms all of its obligations under the Loan Agreement and the other Loan Documents as amended by this Amendment.
Nothing in this Amendment is intended, or shall be construed, to constitute a novation or an accord and satisfaction of any of Borrower’s Obligations or to modify, affect or impair the perfection or continuity of Agent’s security interests
in, security titles to or other liens, for the benefit of itself and the Lenders, on any Collateral for the Obligations. 

4. Representations and Warranties. To induce Agent and Lenders to enter into this Amendment, Borrower does hereby warrant,
represent and covenant to Agent and Lenders that (i) each representation or warranty of Borrower set forth in the Loan Agreement is hereby restated and reaffirmed as true, correct and complete in all material respects on and as of the date
hereof as if such representation or warranty were made on and as of the date hereof; provided, however, that (A) such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by
materiality in the text thereof and (B) those representations and warranties expressly referring to a specific date shall be true, correct and complete in all material respects as of such date, (ii) no Default or Event of Default has
occurred and is continuing as of the date hereof and (iii) Borrower has the power and is duly authorized to enter into, deliver and perform this Amendment and this Amendment is the legal, valid and binding obligation of Borrower enforceable
against Borrower in accordance with its terms. 
 5. Amendment Fee. Borrower hereby agrees to pay to the Lenders,
to be allocated to each Lender in accordance with its Pro Rata Share, and amendment fee equal to $100,000, of which (a) $25,000 shall be due and payable on the Amendment Effective Date in immediately available funds (the “Amendment
Effective Date Fee”) and (b) $75,000 shall be due and payable in immediately available funds upon the earlier of (i) the completion of a cash investment in the form of either or a combination of both stock of Axogen, Inc. or
Indebtedness (which, for the avoidance of doubt, may include a revenue purchase transaction similar to the transaction contemplated by the Subordinated IRA (as defined in the Loan Agreement after giving effect to this Amendment)) by investors
reasonably acceptable to Agent and Lenders which yields net cash proceeds in an aggregate amount of not less than $2,500,000 (a “Future Capital Transaction”) and (ii) the date on which all Obligations are due and payable
whether by prepayment, maturity, acceleration or otherwise (the “Deferred Amendment Fee”; together with the Amendment Effective Date Fee, collectively, the “Amendment Fee”). Borrower acknowledges and agrees that
(x) if any portion of the Amendment Fee is not paid when due, 

  
 -3-

 
such failure shall constitute an immediate Event of Default and (y) reference to the Future Capital Transaction above shall not constitute a consent by the Agent or the Lenders to any such
transaction and any such Future Capital Transaction shall continue to require the consent of the Lenders prior to the consummation thereof. 
 6. Condition Precedent to Effectiveness of this Amendment. This Amendment shall become effective as of the date (the “Amendment Effective Date”) upon which Agent shall
notify Borrower in writing that each of the following conditions have been satisfied in a manner, and in form and substance, satisfactory to Agent: 
 (a) Agent shall have received one or more counterparts of this Amendment duly executed and delivered by Borrower, Agent and Lenders; 

(b) Agent shall have received one or more counterparts of the Subordination Agreement duly executed and delivered by Borrower, Agent and
Lenders; 
 (c) Lenders shall have received the Amendment Effective Date Fee, in accordance with their respective Pro Rata
Shares, which Amendment Effective Date Fee shall be fully earned and nonrefundable when paid; 
 (d) Agent shall have received
an officer’s certificate certifying as to certain conditions and attaching true, correct and complete copies of the Subordinated IRA and related transaction documents; and 

(e) Agent shall have received such other agreements, assurances, certificates, documents, consents or opinions as Agent may require.

 7. Release. 
 (a) In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Borrower, on behalf
of itself and each of its Affiliates and Subsidiaries and each of their respective successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent and each
Lender and their respective successors and assigns, and their respective present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, Lenders
and all such other persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts,
controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually, a “Claim” and
collectively, “Claims”) of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which Borrower or any of its successors, assigns, or other legal representatives may now or hereafter own,
hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the Amendment Effective Date, including, without limitation, for
or on account of, or in relation to, or in any way in connection with the Loan Agreement or any of the other Loan Documents or transactions thereunder or related thereto. 

  
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 (b) Borrower understands, acknowledges and agrees that its release set forth above may be
pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release. 

(c) Borrower agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be
discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above. 
 8.
Covenant Not To Sue. Borrower, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably, covenants and agrees with and in favor of each Releasee that it will not
sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any Claim released, remised and discharged by Borrower pursuant to Section 7 above. If Borrower or any of its successors, assigns or other
legal representatives violates the foregoing covenant, Borrower, for itself and its successors, assigns and legal representatives, agrees to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all
attorneys’ fees and costs incurred by any Releasee as a result of such violation. 
 9. Advice of Counsel.
Each of the parties represents to each other party hereto that it has discussed this Amendment with its counsel. 
 10.
Severability of Provisions. In case any provision of or obligation under this Amendment shall be invalid, illegal or unenforceable in any applicable jurisdiction, the validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 
 11. Counterparts. This Amendment may be executed in multiple counterparts, each of which shall be deemed to be an original and all of which when taken together shall constitute one and the
same instrument. Delivery of an executed counterpart of this Amendment by facsimile transmission or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof. 

12. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF
MARYLAND APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE WITHOUT REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICTS OF LAWS. 
 13. Entire Agreement. The Loan Agreement as and when amended through this Amendment embodies the entire agreement between the parties hereto relating to the subject matter thereof and
supersedes all prior agreements, representations and understandings, if any, relating to the subject matter thereof. 
 14.
No Strict Construction, Etc. The parties hereto have participated jointly in the negotiation and drafting of this Amendment. In the event an ambiguity or question of intent or interpretation arises, this Amendment shall be construed as if
drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Amendment. Time is of the essence for this Amendment. 

  
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 15. Costs and Expenses. Borrower absolutely and unconditionally agrees to pay
or reimburse upon demand for all reasonable fees, costs and expenses incurred by Agent and the Lenders in connection with the preparation, negotiation, execution and delivery of this Amendment and any other Loan Documents or other agreements
prepared, negotiated, executed or delivered in connection with this Amendment or transactions contemplated hereby. 

[Remainder of page intentionally blank; signature pages follow.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Loan and
Security Agreement to be duly executed and delivered as of the day and year specified at the beginning hereof. 
  

			
	BORROWER:
	
	AXOGEN, INC. (f/k/a LecTec Corporation)
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	AXOGEN CORPORATION
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 AXOGEN
CORPORATION 
 AXOGEN, INC. 
 FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT 
 SIGNATURE PAGE 

 
			
	AGENT AND LENDERS:
	
	MIDCAP FINANCIAL SBIC, LP, as Agent and a Lender
	
	 By: MIDCAP FINANCIAL SBIC GP, LLC

		
	By:	 	 
	Name:	 	 
	 Title:
	 	 
	
	 SILICON VALLEY BANK, as a Lender

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 AXOGEN
CORPORATION 
 AXOGEN, INC. 
 FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT 
 SIGNATURE PAGEForm of Series 1 Nonconvertible Preferred Stock Warrant

 Exhibit 4.2 
 NEITHER THIS WARRANT NOR ANY SECURITIES THAT MAY BE ISSUED UPON EXERCISE HEREOF HAVE BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND
MAY NOT BE TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THEY HAVE BEEN SO REGISTERED AND QUALIFIED OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY IS FURNISHED TO THE COMPANY TO THE EFFECT THAT REGISTRATION AND QUALIFICATION IS NOT REQUIRED.

 STOCK PURCHASE WARRANT 
                  , 20     
 No.     
 Enanta Pharmaceuticals, Inc. (the
“Company”), a Delaware corporation, hereby certifies that, subject to the terms and conditions set forth herein,
                                         (the
“Holder”), is entitled to purchase the Warrant Share Number of shares of Warrant Stock (both as defined in Section 1 below) from the Company at any time or from time to time prior to the Expiration Date (as defined in
Section 2(c) below), for the Exercise Price (as defined in Section 1(c) below), subject to adjustments as set forth in Section 5. 
 This Stock Purchase Warrant (the “Warrant”) is being issued in connection with the purchase by the Holder of a Term Note (the “Note”) of the Company in the original
principal amount set forth on the signature page hereto (the “Note Principal”), and is one of a number of Stock Purchase Warrants (collectively, the “Warrants”) being issued pursuant to that certain Note and Warrant
Purchase Agreement dated as of October 4, 2010 (as such agreement shall be amended from time to time, the “Purchase Agreement”) by and among the Company and the Purchasers from time to time party thereto, and is subject to the
provisions of the Purchase Agreement, as amended from time to time. 
 1. Determination of Warrant Stock, Warrant Share
Number and Warrant Exercise Price. 
 (a) Warrant Stock. The term “Warrant Stock” shall mean shares
of the Series 1 Non-Convertible Preferred Stock, par value $.01 per share (the “Series 1 Non-Convertible Preferred Stock”), of the Company. 

(b) Warrant Share Number. This warrant shall be exercisable at a rate equal to (i) X1 shares of Series 1 Non-Convertible Preferred Stock or (ii) if a
milestone payment of at least $40 million under the Company’s Collaborative Development and License Agreement with Abbott Laboratories is not received by the Company on or before March 31, 2011, 2X shares of Series 1 Non-Convertible
Preferred Stock. 
  

	1 	 X = The principal amount of the Holder’s Note rounded down to the nearest dollar and expressed as a whole number. 

 (c) Exercise Price. The Exercise Price shall be $0.01 per share, subject to
adjustment as set forth in Section 5. 
 2. Exercise of Warrant. 

(a) Mechanics of Exercise. This Warrant may be exercised by the registered holder hereof by surrender to the Company of this
Warrant, with the attached form of subscription agreement duly executed by such holder, accompanied by payment equal to the aggregate purchase price for the securities for which this Warrant is then being exercised according to Section 4
hereof. 
 (b) Warrant Agent. In the event that a bank or trust company is appointed as trustee for the holder of this
Warrant pursuant to Section 5(b) hereof, such bank or trust company will have all the powers and duties of a warrant agent appointed pursuant to Section 9 hereof and will accept, in its own name for the account of the Company or such
successor entity as may be entitled thereto, all amounts otherwise payable to the Company or such successor, as the case may be, upon exercise of this Warrant. 
 (c) Expiration. This Warrant and the holder’s rights hereunder will expire as of the earlier of (i) payment in full by the Company of the Note upon a Liquidity Event (as
such term is defined in the Note), (ii) as of 5:00 P.M. (Boston time) on October 4, 2017 or (iii) Holder breaches Holder’s obligations under the Purchase Agreement with respect to purchasing Holder’s Pro Rata Share of any
Subsequent Tranche (as such terms are defined in the Purchase Agreement). 
 3. Delivery of Certificates: Fractional Shares. 

(a) Delivery of Certificates. As soon as is practicable after any exercise of this Warrant, the Company, at its own expense, will
deliver to the registered holder hereof one or more certificates representing the securities to which such holder is entitled in respect of such exercise, together, in the case of any partial exercise, with a new Warrant representing the unexercised
portion hereof. 
 (b) Fractional Shares. In the event that any exercise of this Warrant would, but for the provisions of
this Section 3(b), result in the issuance of any fractional share of capital stock, then in lieu of such fractional share the registered holder hereof will be entitled to cash equal to the fair market value of such fractional share, as
determined in good faith by the Company’s Board of Directors. 

  
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 4. Payment of Exercise Price. The Exercise Price may be paid at the holder’s election either
(i) by cash, certified or official bank check payable to the order of the Company, or wire transfer to its account, or (ii) by the net issuance method in accordance with the following formula: 

 

					
		  	X =	  	(Y)(A-B)/A
			
	where:	  	X =	  	the number of shares of Warrant Stock to be issued to the holder
			
		  	Y =	  	the number of shares of Warrant Stock requested to be exercised under this Warrant
			
		  	A =	  	the current fair market value of one (1) share of Warrant Stock
			
		  	B =	  	the Exercise Price

 As used herein, current fair market value of Warrant Stock shall mean with respect to each share
of Warrant Stock $1.00 (subject to adjustment in accordance with Section 5 hereof). 
 5. Adjustments for
Reorganizations, Consolidations, Mergers, etc. During the period that this Warrant is exercisable: 
 (a) Certain
Adjustments. If, prior to the exercise of the Warrant, the Company (A) effects a capital reorganization, reclassification, or recapitalization, (B) consolidates with or merges with or into any other person or entity, or
(C) transfers all or substantially all of its properties or assets to any other person or entity under any plan or arrangement contemplating the dissolution of the Company, then in each such case, the registered holder of this Warrant, upon
exercise hereof at any time after or simultaneously with the consummation of such reorganization, reclassification, recapitalization, consolidation, or merger or the effective date of such dissolution, as the case may be, will receive, in lieu of
the securities issuable upon such exercise before such consummation or effective date, the other securities, cash, and/or property to which such holder would have been entitled upon such consummation or in connection with such dissolution, as the
case may be, if such holder had exercised this Warrant immediately prior thereto, all subject to further adjustment thereafter as provided herein. 
 (b) Appointment of Trustee for Warrant Holders Upon Dissolution. In the event of any dissolution of the Company, the Company (other than as described in Section 5(a)(C) above), prior to such
dissolution, will, at its expense, deliver or cause to be delivered the securities, property, and/or cash receivable by the registered holder of the Warrant after the effective date of such dissolution pursuant to this Section 5 to a bank or
trust company having its principal office in Boston, Massachusetts, as trustee for the registered holder of this Warrant. 
 (c)
Continuation of Terms. Upon any reorganization, consolidation, merger or transfer (and any dissolution following any transfer) referred to in this Section 5, this Warrant will continue in full force and effect and the terms hereof will
be applicable to the securities, cash, and/or property receivable on the exercise of this Warrant after or simultaneously with the consummation of such reorganization, consolidation, or merger or the effective date of dissolution following any such
transfer, as the case may be, and will be binding upon the issuer of any such stock or other securities, including, in the case of any such transfer the person or 

  
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entity acquiring all or substantially all of the properties or assets of the Company, whether or not such person or entity expressly assumes the Company’s obligations under this Warrant as
provided in this Section 5. 
 6. No Dilution or Impairment. 

(a) During the period that this Warrant is exercisable, the Company will not, by amendment of its Certificate of Incorporation as amended
from time to time (the “Certificate of Incorporation”) or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other 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
registered holder of this Warrant against dilution. Without limiting the generality of the foregoing, the Company will take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and
nonassessable shares of stock upon exercise of this Warrant from time to time. 
 (b) Rights, Preferences and Authorized
Shares. At any time prior to the issuance of Series 1 Non-Convertible Preferred Stock, the Corporation will not: (1) alter or change the rights, preferences or privileges of the Series 1 Non-Convertible Preferred Stock; or
(2) increase the number of authorized shares of Series 1 Non-Convertible Preferred Stock, as the case may be, without obtaining the written consent of the Required Noteholders (as such term is defined in the Note). 

7. Notices of Record Date, Etc. During the period that this Warrant is exercisable, in the event of any proposed or contemplated:

 (a) taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders
thereof who are entitled to receive any dividend or other distribution, or any right to subscribe for, purchase, or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other right; or 

(b) capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company, or any transfer
of all or substantially all the assets of the Company to, or any consolidation or merger of the Company with or into, any other person or entity; or 
 (c) voluntary or involuntary dissolution, liquidation, or winding-up of the Company; 
 then, and
in each such event the Company will mail or cause to be mailed to the registered holder of this Warrant a notice specifying (i) the date on which any such record is to be taken for the purpose of such dividend, distribution, or right, and
stating the amount and character of such dividend, distribution, or right, or (ii) the date on which any such reorganization, reclassification, recapitalization, transfer, consolidation, merger, dissolution, liquidation, or winding-up is
anticipated to take place and the time, if any is to be fixed, as of which the holders of record of any class or series of the Company’s capital stock or other securities will be entitled to exchange such stock or other securities for other
securities, cash, and/or other property deliverable on such 

  
 4 

 
reorganization, reclassification, recapitalization, transfer, consolidation, merger, dissolution, liquidation, or winding-up. Such notice will be mailed at least thirty days prior to the earliest
date specified in such notice on which any such action or transaction is to be taken or consummated. 
 8. Reservation of
Securities Issuable on Exercise of Warrant. During the period that this Warrant is exercisable, the Company at all such times and from time to time will reserve and keep available, solely for issuance and delivery on the exercise of this
Warrant, the quality and quantities of securities from time to time issuable upon exercise of this Warrant. If at any time the Company does not have sufficient authorized securities to comply with the foregoing sentence, the Company promptly will
take all steps (including without limitation amending the Certificate of Incorporation) necessary to provide the quality and quantity of securities sufficient to effect the exercise in full of this Warrant. 

9. Warrant Agent. The Company may, by written notice to the registered holder of this Warrant, appoint an agent having an office
in Boston, Massachusetts for the purpose of issuing securities upon exercise of this Warrant, exchanging or replacing this Warrant, or any of the foregoing, and thereafter any such issuance, exchange, or replacement as the case may be, will be made
at such office by such agent. 
 10. Captions. The captions of sections or subsections of this Warrant are for reference
only and will not affect the interpretation or construction of this Warrant. 
 11. Equitable Relief. The Company hereby
acknowledges that any breach by it of its obligations under this Warrant would cause substantial and irreparable damage to the registered holder hereof and that money damages would be an inadequate remedy therefor, and accordingly, acknowledges and
agrees that, in addition to any other rights and remedies to which the registered holder hereof may be entitled in respect of any breach of such obligations, such holder will be entitled to an injunction, specific performance and/or other equitable
relief to prevent the breach of such obligations. 
 12. Waivers. No waiver of any breach or default hereunder will be
valid unless in a writing signed by the registered holder hereof. No failure or other delay by the registered holder hereof exercising any right, power, or privilege hereunder will be or operate as a waiver thereof, nor will any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power, or privilege. Notwithstanding the foregoing, this Warrant may be amended and any of its terms may be waived as set forth in the Purchase
Agreement, as amended from time to time. 

  
 5 

 13. Governing Law. This Warrant will be governed by and interpreted and
construed in accordance with the internal laws of the Commonwealth of Massachusetts (without reference to principles of conflicts or choice of law). 
 Executed and delivered under seal on and as of the date first above written. 
  

							
	Note Principal: $        	 		 	ENANTA PHARMACEUTICALS, INC.
				
		 		 	By:	 	  

		 		 		 	Jay R. Luly
		 		 		 	President and Chief Executive Officer

  
 6 

 SUBSCRIPTION FORM 

The undersigned, the registered holder of the within Stock Purchase Warrant, hereby elects to exercise the purchase right represented by
such Warrant as follows: 
  

	      	The undersigned hereby elects to purchase              shares of Warrant Stock (as defined in this
Warrant) and herewith makes payment of $         therefor. 

  

	      	The undersigned hereby elects to exercise this Warrant by the net issuance method described in Section 4 of this Warrant and to receive
             shares of Warrant Stock (as defined in this Warrant). 

 The undersigned further requests that the certificates representing such shares be issued in the name of and delivered to
                                        
and if such shares shall not include all of the shares issuable under this Warrant, that a new Warrant of like tenor and date be delivered to the undersigned for the shares not issued. 

 

					
	Dated:                    	 		 	  

		 		 	Name of Registered Holder

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