Document:

EX-10.1

 Exhibit 10.1 

ATARA BIOTHERAPEUTICS, INC. 

$75,000,000 
 COMMON
STOCK 
 SALES AGREEMENT 

March 27, 2017 
 Cowen and Company, LLC 

599 Lexington Avenue 
 New York, NY 10022 

Ladies and Gentlemen: 
 Atara Biotherapeutics,
Inc., a Delaware corporation (the “Company”), confirms its agreement (this “Agreement”) with Cowen and Company, LLC (“Cowen”), as follows: 

1.     Issuance and Sale of Shares. The Company agrees that, from time to time during the term of this
Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through Cowen, acting as agent and/or principal, shares of the Company’s common stock, par value $0.0001 per share (the “Common
Stock”), having an aggregate offering price of up to $75,000,000 (the “Placement Shares”). Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitation
set forth in this Section 1 on the number of shares of Common Stock issued and sold under this Agreement shall be the sole responsibility of the Company, and Cowen shall have no obligation in connection with such
compliance. The issuance and sale of Common Stock through Cowen will be effected pursuant to the Registration Statement (as defined below) filed by the Company and declared effective by the Securities and Exchange Commission (the
“Commission”), although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement (as defined below) to issue the Common Stock. 

The Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder
(collectively, the “Securities Act”), with the Commission a registration statement on Form S-3 (File No. 333-207876), including a base
prospectus, relating to certain securities, including the Common Stock, to be issued from time to time by the Company, and which incorporates by reference, to the extent provided for under Form S-3,
documents that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the “Exchange Act”). The Company
has prepared a prospectus supplement specifically relating to the Placement Shares (the “Prospectus Supplement”) to the base prospectus included as part of such registration statement. The Company has furnished to Cowen, for
use by Cowen, copies of the prospectus included as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Placement Shares. Except where the context otherwise requires, such registration statement, as
amended when it 

 
became effective, including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as defined below) subsequently filed
with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement pursuant to Rule 430B or 462(b) of the Securities Act, is herein called the “Registration Statement.”
The base prospectus, including all documents incorporated therein by reference, included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in the form in which such prospectus and/or Prospectus Supplement have
most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act, together with any “issuer free writing prospectus,” as defined in Rule 433 of the Securities Act (“Rule
433”), relating to the Placement Shares that (i) is required to be filed with the Commission by the Company or (ii) is exempt from filing pursuant to Rule 433(d)(5)(i), in each case in the form filed or required to be filed
with the Commission or, if not required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g), is herein called the “Prospectus.” Any reference herein to the Registration Statement, the
Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated by reference therein, and any reference herein to the terms “amend,” “amendment” or “supplement” with
respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein. For purposes of this Agreement,
all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed to include any copy filed with the Commission pursuant to the Electronic Data Gathering Analysis and Retrieval System or any
successor thereto (collectively, “EDGAR”). 
 2.     Placements. Each time that the
Company wishes to issue and sell the Placement Shares hereunder (each, a “Placement”), it will notify Cowen by email notice (or other method mutually agreed to in writing by the parties) (a “Placement
Notice”) containing the parameters in accordance with which it desires the Placement Shares to be sold, which shall at a minimum include the number of Placement Shares to be issued, the time period during which sales are requested to be
made, any limitation on the number of Placement Shares that may be sold in any one Trading Day (as defined in Section 3) and any minimum price below which sales may not be made, a form of which containing such minimum sales
parameters necessary is attached hereto as Schedule 1. The Placement Notice shall originate from any of the individuals from the Company set forth on Schedule 2 (with a copy to each of the other individuals from
the Company listed on such schedule), and shall be addressed to each of the individuals from Cowen set forth on Schedule 2, as such Schedule 2 may be amended from time to time. The Placement Notice shall be effective upon
receipt by Cowen unless and until (i) in accordance with the notice requirements set forth in Section 4, Cowen declines to accept the terms contained therein for any reason, in its sole discretion, (ii) the entire
amount of the Placement Shares have been sold, (iii) in accordance with the notice requirements set forth in Section 4, the Company suspends or terminates the Placement Notice, (iv) the Company issues a subsequent
Placement Notice with parameters superseding those on the earlier dated Placement Notice, or (v) this Agreement has been terminated under the provisions of Section 11. The amount of any discount, commission or other compensation to be
paid by the Company to Cowen in connection with the sale of the Placement Shares shall be calculated in accordance with the terms set forth in Schedule 3. It is expressly acknowledged and agreed that neither the Company nor
Cowen will have any obligation whatsoever with respect to a Placement or any Placement Shares unless and until the 

  
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Company delivers a Placement Notice to Cowen and Cowen does not decline such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In
the event of a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control. 

3.     Sale of Placement Shares by Cowen. Subject to the terms and conditions herein set
forth, upon the Company’s issuance of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, Cowen, for the period
specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of The NASDAQ Global Market
(“Nasdaq”) to sell such Placement Shares up to the amount specified in such Placement Notice, and otherwise in accordance with the terms of such Placement Notice. Cowen will provide written confirmation to the Company
(including by email correspondence to each of the individuals of the Company set forth on Schedule 2, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via
auto-reply) no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such day, the volume-weighted average price of the Placement Shares sold, and the Net Proceeds (as defined below) payable to the Company. Cowen may sell Placement Shares by any method permitted by law
deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act, including without limitation sales made through Nasdaq, on any other existing
trading market for the Common Stock. Notwithstanding the provisions of Section 6(gg), Cowen shall not purchase Placement Shares for its own account as principal unless expressly authorized to do so by the Company
in a Placement Notice. The Company acknowledges and agrees that (i) there can be no assurance that Cowen will be successful in selling Placement Shares, and (ii) Cowen will incur no liability or obligation to the Company or any other
person or entity if it does not sell Placement Shares for any reason other than a failure by Cowen to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Shares as required under this
Section 3. For the purposes hereof, “Trading Day” means any day on which the Company’s Common Stock is purchased and sold on the principal market on which the Common Stock is listed or quoted.

 4.     Suspension of Sales. 

(a)    The Company or Cowen may, upon notice to the other party in writing (including by email correspondence to each of
the individuals of the other party set forth on Schedule 2, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed
immediately by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on Schedule 2), suspend any sale of Placement Shares; provided, however, that such suspension shall
not affect or impair either party’s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. Each of the parties agrees that no such notice under this Section 4 shall be
effective against the other unless it is made to one of the individuals named on Schedule 2 hereto, as such schedule may be amended in writing from time to time. 

  
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 (b)    Notwithstanding any other provision of this Agreement, during any
period in which the Company is in possession of material non-public information, the Company and Cowen agree that (i) no sale of Placement Shares will take place, (ii) the Company shall not request
the sale of any Placement Shares, and (iii) Cowen shall not be obligated to sell or offer to sell any Placement Shares. 

(c)    If either Cowen or the Company has reason to believe that the exemptive provisions set forth in Rule 101(c)(1) of
Regulation M under the Exchange Act are not satisfied with respect to the Common Stock, it shall promptly notify the other party, and Cowen may, at its sole discretion, suspend sales of the Placement Shares under this Agreement. 

5.     Settlement. 

(a)     Settlement of Placement Shares. Unless otherwise specified in the applicable Placement Notice,
settlement for sales of Placement Shares will occur on the third (3rd) Trading Day (or such earlier day as is industry practice for regular-way trading)
following the date on which such sales are made (each, a “Settlement Date” and the first such settlement date, the “First Delivery Date”). The amount of proceeds to be delivered to the Company on a
Settlement Date against receipt of the Placement Shares sold (the “Net Proceeds”) will be equal to the aggregate sales price received by Cowen at which such Placement Shares were sold, after deduction for
(i) Cowen’s commission, discount or other compensation for such sales payable by the Company pursuant to Section 2 hereof, (ii) any other amounts due and payable by the Company to Cowen hereunder pursuant to
Section 7(g) (Expenses) hereof, and (iii) any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales. 

(b)     Delivery of Placement Shares. On or before each Settlement Date, the Company will, or will cause its
transfer agent to, electronically transfer the Placement Shares being sold by crediting Cowen’s or its designee’s account (provided Cowen shall have given the Company written notice of such designee at least one Trading Day prior to
the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (“DWAC”) or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases
shall be freely tradable, transferable, registered shares in good deliverable form. On each Settlement Date, Cowen will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement Date.
Cowen will be responsible for providing DWAC instructions or instructions for delivery by other means with respect to the Placement Shares being sold. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its
obligation to deliver duly authorized Placement Shares on a Settlement Date (other than as a result of a failure by Cowen to provide true and correct instructions for delivery), the Company agrees that in addition to and in no way limiting the
rights and obligations set forth in Section 9(a) (Company Indemnification) hereto, it will (i) hold Cowen harmless against any loss, claim, damage, or reasonable and documented expense (including reasonable and documented legal fees and
expenses), as incurred, arising out of or in connection with such default by the Company and (ii) pay to Cowen any commission, discount, or other compensation to which it would otherwise have been entitled absent such default. 

  
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 6.     Representations and Warranties of the Company. The Company
represents and warrants to, and agrees with, Cowen that as of the date of this Agreement (or, in the case of paragraph (b) below, as of the date the Registration Statement initially became effective or, if later, as of the date the Registration
Statement was amended or deemed amended), each Representation Date (as defined in Section 7(m)), each date on which a Placement Notice is given, and any date on which Placement Shares are sold hereunder: 

(a)     Compliance with Registration Requirements. The Registration Statement and any Rule 462(b) Registration
Statement have been declared effective by the Commission. The Company has complied to the Commission’s satisfaction with all requests of the Commission for additional or supplemental information. No order suspending the effectiveness of the
Registration Statement or any Rule 462(b) Registration Statement is in effect and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, contemplated or threatened by the Commission. The Company
meets the requirements for use of Form S-3 under the Securities Act. The sale of the Placement Shares hereunder meets the requirements of General Instruction I.B.1 of
Form S-3. 
 (b)     Incorporated Documents. The documents
incorporated by reference in the Registration Statement and the Prospectus, when they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements of the Securities Act or the
Exchange Act, as applicable, and none of such documents contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading; and any further documents so filed and incorporated by reference in the Registration Statement or the Prospectus, when such documents become effective or are filed with the Commission, as the case may be, will conform in all material
respects to the requirements of the Securities Act or the Exchange Act, as applicable, and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading. 
 (c)     Emerging Growth Company. The Company is
an “emerging growth company,” as defined in Section 2(a) of the Securities Act. The Company agrees to notify Cowen promptly upon the Company ceasing to be an emerging growth company. 

(d)     Not an Ineligible Issuer. The Company currently is not an “ineligible issuer,” as defined in
Rule 405 of the rules and regulation of the Commission. The Company agrees to notify Cowen promptly upon the Company becoming an “ineligible issuer.” 

(e)     Distribution of Offering Material By the Company. The Company has not distributed and will not
distribute, prior to the completion of Cowen’s distribution of the Placement Shares, any offering material in connection with the offering and sale of the Placement Shares other than the Prospectus or the Registration Statement. 

(f)     The Sales Agreement. This Agreement has been duly authorized, executed and delivered by, and is a
valid and binding agreement of, the Company, enforceable in accordance with its terms, except as rights to indemnification and contribution hereunder may be limited by applicable law and public policy considerations and except as the enforcement
hereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles. 

  
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 (g)     Placement Shares. The Placement Shares, when issued and
delivered, will be duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered and paid for as provided herein, will be duly authorized and validly issued, fully paid and nonassessable. 

(h)     No Applicable Registration or Other Similar Rights. There are no persons with registration or other
similar rights to have any equity or debt securities registered for sale under the Registration Statement or included in the offering contemplated by this Agreement, except for such rights as have been duly waived. 

(i)     No Material Adverse Change. Except as otherwise disclosed in the Prospectus, subsequent to the
respective dates as of which information is given in the Prospectus: (i) there has been no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition, financial or
otherwise, or in the earnings, business, operations or prospects, whether or not arising from transactions in the ordinary course of business, of the Company and its subsidiaries, taken as a whole, (ii) the Company and its subsidiaries,
considered as one entity, have not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor entered into any material transaction or agreement not in the ordinary course of business:
and (iii) there has been no dividend or distribution of any kind declared, paid or made by the Company or, except for regular quarterly dividends publicly announced by the Company or dividends paid to the Company or other subsidiaries, by any
of its subsidiaries on any class of capital stock or repurchase or redemption by the Company or any of its subsidiaries of any class of capital stock. 

(j)     Independent Accountants. Deloitte & Touche LLP, which has expressed its opinion with respect
to certain financial statements of the Company and its subsidiaries contained or incorporated by reference in the Registration Statement and the Prospectus, is an independent registered public accounting firm as required by the Securities Act and
the rules and regulations of the Commission thereunder. 
 (k)     Financial Statements. The financial
statements (including the related notes thereto) of the Company and its consolidated subsidiaries included or incorporated by reference in the Registration Statement and the Prospectus comply in all material respects with the applicable requirements
of the Securities Act and the Exchange Act, as applicable, and present fairly the consolidated financial position of the Company and its consolidated subsidiaries as of the dates indicated and the results of their operations and the changes in their
cash flows for the periods specified; such financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States applied on a consistent basis throughout the periods
covered thereby, and any supporting schedules included or incorporated by reference in the Registration Statement present fairly the information required to be stated therein; and the other financial information included or incorporated by reference
in the Registration Statement and the Prospectus has been derived from the accounting records of the Company and its consolidated subsidiaries and presents fairly the information shown thereby in the Registration Statement and the Prospectus have
been prepared in accordance with the applicable requirements of the Securities Act and the Exchange Act, as applicable. 

  
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 (l)     Organization and Good Standing. The Company has been duly
incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware, with corporate power and authority to own its properties and conduct its business as described in the Registration Statement and the
Prospectus, and has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such
qualification, except where the failure to be so qualified or be in good standing would not individually or in the aggregate have a material adverse effect on the current or future financial position, stockholders’ equity or results of
operations of the Company and its subsidiaries, taken as a whole (a “Material Adverse Effect”); and each subsidiary of the Company has been duly incorporated and is validly existing as a corporation in good standing under the
laws of its jurisdiction of incorporation. 
 (m)     Capitalization. All of the outstanding shares of
capital stock of the Company have been duly authorized; the authorized equity capitalization of the Company is as set forth in the Prospectus; all outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable;
all outstanding shares of capital stock of the Company conform, and the Placement Shares, when they have been delivered and paid for in accordance with this Agreement, will conform, in all material respects to the information thereof in the
Prospectus; the stockholders of the Company have no preemptive rights with respect to the Placement Shares; and none of the outstanding shares of capital stock of the Company have been issued in violation of any preemptive or similar rights of any
security holder. 
 (n)     No Violation or Default. Neither the Company nor any of its subsidiaries is
(i) in violation of its Certificate of Incorporation, By-laws or similar organizational documents, (ii) in default in the performance or observance of any material obligation, agreement, covenant or
condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound, or (iii) in violation of any statute or any
order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties except in the case of (ii) or (iii) for such defaults as would not, individually or
in the aggregate, have a Material Adverse Effect. 
 (o)     No Conflicts. The issue and sale of the
Placement Shares and the compliance by the Company with this Agreement and the consummation of the transactions herein contemplated will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a
default under, (i) any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of
the property or assets of the Company or any of its subsidiaries is subject, (ii) the Certificate of Incorporation or By-laws of the Company, or (iii) any statute or any order, rule or regulation of
any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties; except in the case of (i) and (iii) for such violations that would not individually or in the aggregate have a
Material Adverse Effect; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the issue and sale of the Placement Shares or the consummation by the
Company of the transactions contemplated by this Agreement, except for the registration under the Securities Act of the Placement Shares, the 

  
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approval by the Financial Industry Regulatory Authority (“FINRA”) of the underwriting terms and arrangements and such consents, approvals, authorizations, registrations or
qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Placement Shares by Cowen. 

(p)     Legal Proceedings. Except as described in the Registration Statement and the Prospectus, there are no
legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings (“Actions”) pending to which the Company or any of its subsidiaries is or may be a party or, to the
knowledge of the Company, to which any property of the Company or any of its subsidiaries is or may be the subject that, individually or in the aggregate, if determined adversely to the Company or any of its subsidiaries, could reasonably be
expected to have a Material Adverse Effect; no such Actions are threatened or, to the knowledge of the Company, contemplated by any governmental or regulatory authority or threatened by others; and (i) there are no current or pending Actions
that are required under the Securities Act to be described in the Registration Statement or the Prospectus that are not so described in the Registration Statement and the Prospectus and (ii) there are no statutes, regulations or contracts or
other documents that are required under the Securities Act to be filed as exhibits to the Registration Statement or described in the Registration Statement or the Prospectus that are not so filed as exhibits to the Registration Statement or
described in the Registration Statement and the Prospectus. 
 (q)     Intellectual Property. Except as
disclosed in the Registration Statement and the Prospectus, the Company and its subsidiaries own, possess, license or have an exclusive option to license adequate rights to use all patents, trademarks, service marks, trade names, copyrights, domain
names, licenses, approvals, technology and know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures) and other intellectual
property rights, including registrations and applications for registration thereof (collectively, “Intellectual Property Rights”) used or held to be used for the conduct of the Company’s business now conducted and as
proposed in the Registration Statement and the Prospectus to be conducted, except where the failure to own, possess or license such Intellectual Property Rights would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. Except as disclosed in the Registration Statement and the Prospectus and to the Company’s knowledge: (i) neither the Company nor any of its subsidiaries has materially infringed, misappropriated or otherwise violated the
Intellectual Property Rights of any third party, and neither the manufacture of, nor the use or sale of, any of the product candidates described in the Registration Statement and the Prospectus will materially infringe or otherwise violate the
Intellectual Property Rights of any third party and (ii) there are no rights of third parties to any of the Intellectual Property Rights owned by or exclusively licensed to the Company or any of its subsidiaries. Except as would not,
individually or in aggregate, if determined adversely to the Company or any of its subsidiaries, reasonably be expected to have a Material Adverse Effect, there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding
or claim by any third party (i) challenging the Company’s or any of its subsidiaries’ rights in or to any of the Company’s Intellectual Property Rights; (ii) alleging that the Company or any of its subsidiaries have
infringed, misappropriated or otherwise violated any Intellectual Property Rights of any third party; or (iii) challenging the validity, scope or enforceability of any Intellectual Property Rights owned or exclusively licensed to the Company or
any of its subsidiaries, and in the case of each of (i), (ii) and (iii), the Company is unaware of 

  
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any facts that would form a reasonable basis for any such action, suit, proceeding or claim. To the Company’s knowledge, there is no infringement, misappropriation, breach or default by
others of any Intellectual Property Rights owned by or exclusively licensed to the Company or any of its subsidiaries, and all Intellectual Property Rights owned by or licensed to the Company or any of its subsidiaries are valid and enforceable,
except as would not reasonably be expected, individually or in aggregate, to have a Material Adverse Effect. The Company and its subsidiaries have at all times taken reasonable steps in accordance with normal industry practice to maintain the
confidentiality of all Intellectual Property Rights, the value of which to the Company and to its subsidiaries is contingent upon maintaining the confidentiality thereof. All founders, current and former employees and consultants involved in the
development of the Intellectual Property Rights for the Company or any of its subsidiaries have signed confidentiality and invention assignment agreements with the Company or any of its subsidiaries pursuant to which the Company or any of its
subsidiaries either (i) has obtained ownership of and is the exclusive owner of such Intellectual Property Rights, or (ii) has obtained a valid and unrestricted right to exploit such Intellectual Property Rights, sufficient for the conduct
of the business as currently conducted and as proposed in the Registration Statement and the Prospectus to be conducted. 

(r)     No Undisclosed Relationships. No relationship, direct or indirect, exists between or among the Company
or any of its subsidiaries, on the one hand, and the directors, officers, stockholders, customers, suppliers or other affiliates of the Company or any of its subsidiaries, on the other, that is required by the Securities Act to be described in each
of the Registration Statement and the Prospectus and that is not so described in such documents. 

(s)     Investment Company Act. The Company is not and, after receipt of payment for the Placement Shares and
the application of the proceeds thereof as described in the Prospectus, will not be an “investment company” as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”). 

(t)     Taxes. The Company and its subsidiaries have filed all federal, state, local and foreign tax returns
required to be filed through the date of this Agreement (taking into account applicable extensions) (except where the failure to file would not, individually or in the aggregate, have a Material Adverse Effect) and have paid all taxes required to be
paid thereon (except for cases in which the failure to pay would not have a Material Adverse Effect, or, except as currently being contested in good faith and for which reserves required by U.S. GAAP have been created in the financial statements of
the Company), and no tax deficiency has been determined adversely to the Company or any of its subsidiaries which has had (nor has the Company nor any of its subsidiaries received any notice of any tax deficiency from any taxing authority which is
reasonably expected to be determined adversely to the Company or its subsidiaries and which is reasonably expected to have) a Material Adverse Effect. 

(u)     Licenses and Permits. The Company possesses all certificates, authorizations and permits issued by the
appropriate federal, state or foreign regulatory authorities necessary to conduct its business as described in the Prospectus, including, without limitation, from the U.S. Food and Drug Administration (“FDA”) and equivalent
foreign regulatory authorities, other than those the failure to possess or own would not reasonably be expected to result in a Material Adverse Effect, and the Company has not received any written notice of proceedings relating to

  
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the revocation or modification of any such certificate, authorization or permit, which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would
reasonably be expected to have a Material Adverse Effect, except as described in the Registration Statement and the Prospectus. 

(v)     Compliance with the FDA. The Company has operated and currently is in compliance with all applicable
rules, regulations and policies of the FDA, except where the failure to so operate or be in compliance would not reasonably be expected to have a Material Adverse Effect. 

(w)     Clinical Trials. Any clinical trials and human studies conducted by the Company and, to the knowledge
of the Company, any clinical trials and human studies conducted on behalf of the Company or in which the Company has participated were and, if still pending, are being conducted in accordance with standard medical and scientific research procedures
and any applicable rules, regulations and policies of the jurisdiction in which such trials and studies are being conducted, except where the failure to be so conducted would not reasonably be expected to have a Material Adverse Effect. 

(x)     Disclosure Controls. The Company maintains disclosure controls and procedures (as such term is defined
in Rule 13a-15(e) under the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that material information relating to the
Company and its subsidiaries is made known to the Company’s principal executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures are effective. 

(y)     Accounting Controls. The Company maintains a system of internal control over financial reporting (as
such term is defined in Rule 13a-15(f) under the Exchange Act) that complies with the requirements of the Exchange Act and has been designed by the Company’s principal executive officer and principal
financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP and, except as disclosed
in the Registration Statement and the Prospectus, the Company is not aware of any material weaknesses in its internal control over financial reporting (it being understood that, as of the date hereof, the Company is not required to comply with
Section 404 of the Sarbanes Oxley Act of 2002). Except as disclosed in the Registration Statement and the Prospectus, since the date of the latest audited financial statements included or incorporated by reference in the Registration Statement
and the Prospectus, there has been no change in the Company’s internal control over financial reporting that has materially and adversely affected, or is reasonably likely to materially and adversely affect, the Company’s internal control
over financial reporting 
 (z)     No Unlawful Payments. None of the Company, nor any of Nina
Biotherapeutics, Inc., Pinta Biotherapeutics, Inc. or Santa Maria Biotherapeutics, Inc. (collectively, the “Predecessor Entities”), nor any of their respective subsidiaries nor, to the knowledge of the Company, any director,
officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company, the Predecessor Entities or any of their subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment or
other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic

  
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government official or employee, including of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of
any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation
implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom or any other applicable anti-bribery or
anti-corruption law; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or
improper payment or benefit. The Company and its subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and
anti-corruption laws. 
 (aa)     Compliance with Anti-Money Laundering Laws. The operations of the Company,
the Predecessor Entities and their subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of
1970, as amended, the applicable money laundering statutes of all jurisdictions where the Company or any of its subsidiaries conducts business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued,
administered or enforced by any governmental agency having jurisdiction over the Company, the Predecessor Entities or any of their subsidiaries (collectively, the “Anti-Money Laundering Laws”) and no action, suit or
proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

 (bb)     No Conflicts with Sanctions Laws. Neither the Company nor any of its subsidiaries, nor, to the
knowledge of the Company, any directors, officers, employees, agent, affiliate of the Company or any of its subsidiaries is currently the subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of
the Treasury (“OFAC”); and the Company will not directly or indirectly use the proceeds of the offering of the Placement Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other person or entity for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 

(cc)     No Registration Rights. Except such rights as have been validly waived and that are described in each
of the Registration Statement and the Prospectus, no person has the right to require the Company or any of its subsidiaries to register any securities for sale under the Securities Act by reason of the filing of the Registration Statement with the
Commission or the issuance and sale of the Placement Shares. 
 (dd)     No Stabilization. The Company has
not taken, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Placement Shares. 

(ee)     Statistical and Market Data. Nothing has come to the attention of the Company that has caused the
Company to believe that the statistical and market-related data included or incorporated by reference in each of the Registration Statement and the Prospectus is not based on or derived from sources that are reliable and accurate in all material
respects. 

  
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 (ff)     No Reliance. The Company has not relied upon Cowen or
legal counsel for Cowen for any legal, tax or accounting advice in connection with the offering and sale of the Placement Shares. 

(gg)     Cowen Purchases. The Company acknowledges and agrees that Cowen has informed the Company that Cowen
may, to the extent permitted under the Securities Act and the Exchange Act, purchase and sell shares of Common Stock for its own account while this Agreement is in effect. 

(hh)     Brokers. Except for Cowen, there is no broker, finder or other party that is entitled to receive from
the Company any brokerage or finder’s fee or other fee or commission as a result of any transactions contemplated by this Agreement. 
 Any certificate
signed by an officer of the Company and delivered to Cowen or to counsel for Cowen in connection with this Agreement shall be deemed to be a representation and warranty by the Company to Cowen as to the matters set forth therein. 

The Company acknowledges that Cowen and, for purposes of the opinions to be delivered pursuant to Section 7 hereof, counsel to the
Company and counsel to Cowen, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance. 

7.     Covenants of the Company. The Company covenants and agrees with Cowen that: 

(a)     Registration Statement Amendments. After the date of this Agreement and during any period in which a
Prospectus relating to any Placement Shares is required to be delivered by Cowen under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), (i) the Company
will notify Cowen promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated by reference, has been filed with the Commission and/or has become effective or any subsequent supplement to the
Prospectus has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information, (ii) the Company will prepare and file with the Commission, promptly upon
Cowen’s reasonable request, any amendments or supplements to the Registration Statement or Prospectus that, in Cowen’s reasonable opinion, may be necessary or advisable in connection with the distribution of the Placement Shares by Cowen
(provided, however, that the failure of Cowen to make such request shall not relieve the Company of any obligation or liability hereunder, or affect Cowen’s right to rely on the representations and warranties made by the Company in this
Agreement, provided, further, that the only remedy Cowen shall have with respect to the failure to make such filing (other than Cowen’s rights under Section 9 hereof) shall be to cease making sales under this Agreement until
such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus relating to the Placement Shares or a security convertible into the Placement Shares unless a copy
thereof has been submitted to Cowen within a reasonable period of time before the filing and Cowen has not reasonably objected thereto (provided, however, that (A) the failure of 

  
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Cowen to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect Cowen’s right to rely on the representations and warranties made by the Company
in this Agreement and provided, further, that (B) the only remedy Cowen shall have with respect to the failure by the Company to provide Cowen with such copy or the filing of such amendment or supplement despite Cowen’s objection
(other than Cowen’s rights under Section 9 hereof) shall be to cease making sales under this Agreement) and the Company will furnish to Cowen at the time of filing thereof a copy of any document that upon filing is deemed to be
incorporated by reference into the Registration Statement or Prospectus, except for those documents available via EDGAR; and (iv) the Company will cause each amendment or supplement to the Prospectus, other than documents incorporated by
reference, to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act. 

(b)     Notice of Commission Stop Orders. The Company will advise Cowen, promptly after it receives notice or
obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the Placement Shares for offering or sale in
any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order
should be issued. 
 (c)     Delivery of Prospectus; Subsequent Changes. During any period in which a
Prospectus relating to the Placement Shares is required to be delivered by Cowen under the Securities Act with respect to a pending sale of the Placement Shares, (including in circumstances where such requirement may be satisfied pursuant to Rule
172 under the Securities Act), the Company will use its commercially reasonable efforts to comply with all requirements imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates (taking
into account any extensions available under the Exchange Act) all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision
of or under the Exchange Act. If during such period any event occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Securities Act, the Company will
promptly notify Cowen to suspend the offering of Placement Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such statement or
omission or effect such compliance. 
 (d)     Listing of Placement Shares. During any period in which the
Prospectus relating to the Placement Shares is required to be delivered by Cowen under the Securities Act with respect to a pending sale of the Placement Shares (including in circumstances where such requirement may be satisfied pursuant to Rule 172
under the Securities Act), the Company will use its commercially reasonable efforts to cause the Placement Shares to be listed on Nasdaq and to qualify the Placement Shares for sale under the securities laws of such jurisdictions as Cowen reasonably
designates and to continue such qualifications in effect so long as required for the 

  
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distribution of the Placement Shares; provided, however, that the Company shall not be required in connection therewith to qualify as a foreign corporation or dealer in securities or file
a general consent to service of process in any jurisdiction. 
 (e)     Delivery of Registration Statement and
Prospectus. The Company will furnish to Cowen and its counsel (at the expense of the Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to
the Registration Statement or Prospectus that are filed with the Commission during any period in which a Prospectus relating to the Placement Shares is required to be delivered under the Securities Act (including all documents filed with the
Commission during such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such quantities as Cowen may from time to time reasonably request and, at Cowen’s request, will also
furnish copies of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; provided, however, that the Company shall not be required to furnish any document (other than the Prospectus) to Cowen to the
extent such document is available on EDGAR. 
 (f)     Earnings Statement. The Company will make generally
available to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company’s current fiscal quarter, an earnings statement covering a 12-month period
that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act. 
 (g)     Expenses. The
Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, in accordance with the provisions of Section 11 hereunder, will pay all expenses incident to the performance
of its obligations hereunder, including, but not limited to, expenses relating to (i) the preparation, printing and filing of the Registration Statement and each amendment and supplement thereto, of each Prospectus and of each amendment and
supplement thereto, (ii) the preparation, issuance and delivery of the Placement Shares, (iii) the qualification of the Placement Shares under securities laws in accordance with the provisions of Section 7(d) of this Agreement,
including filing fees (provided, however, that any fees or disbursements of counsel for Cowen in connection therewith shall be paid by Cowen except as set forth in (vii) and (viii) below), (iv) the printing and delivery to Cowen of
copies of the Prospectus and any amendments or supplements thereto, and of this Agreement, (v) the fees and expenses incurred in connection with the listing or qualification of the Placement Shares for trading on Nasdaq, (vi) the filing
fees and expenses, if any, of the Commission, (vii) any stamp or transfer taxes in connection with the original sale and issuance of the Placement Shares, (viii) the filing fees and associated legal expenses of Cowen’s outside counsel
for filings with the FINRA Corporate Financing Department, such legal expense reimbursement not to exceed $10,000 and (ix) the reasonable fees and disbursements of Cowen’s counsel in an amount not to exceed $50,000. 

(h) Use of Proceeds. The Company will use the Net Proceeds as described in the Prospectus in the section entitled “Use of
Proceeds.” 
 (i) Notice of Other Sales. During the pendency of any Placement Notice given hereunder, and for five
(5) Trading Days following the termination of any Placement Notice given hereunder, the Company shall provide Cowen notice as promptly as reasonably possible before it offers to sell, contracts to sell, sells, grants any option to sell or
otherwise disposes of 

  
 - 14 - 

 
any shares of Common Stock (other than Placement Shares offered pursuant to the provisions of this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any
rights to purchase or acquire Common Stock; provided, that such notice shall not be required in connection with the (i) issuance, grant or sale of Common Stock, options to purchase shares of Common Stock or any other equity awards, or
Common Stock issuable upon the exercise of options or other equity awards pursuant to any stock option, stock bonus, employee stock purchase or other stock plan or arrangement described in the Prospectus, (ii) the issuance of securities in
connection with any joint venture, commercial, strategic or collaborative relationship, acquisition, merger or sale or purchase of assets, (iii) the issuance or sale of Common Stock pursuant to any dividend reinvestment plan that the Company
may adopt from time to time provided the implementation of such is disclosed to Cowen in advance or (iv) any shares of common stock issuable upon the exchange, conversion or redemption of securities or the exercise or vesting of warrants,
options or other rights in effect or outstanding. Notwithstanding the foregoing provisions, nothing herein shall be construed to restrict the Company’s ability, or require the Company to provide notice to Cowen, to file a registration statement
under the Securities Act. 
 (j)     Change of Circumstances. The Company will, at any time during a fiscal
quarter in which the Company intends to tender a Placement Notice or sell Placement Shares, advise Cowen promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any
material respect any opinion, certificate, letter or other document provided to Cowen pursuant to this Agreement. 

(k)     Due Diligence Cooperation. The Company will cooperate with any reasonable due diligence review
conducted by Cowen or its agents in connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate officers, during regular business hours and at the
Company’s principal offices, as Cowen may reasonably request. 
 (l)     Required Filings Relating to
Placement of Placement Shares. The Company agrees that on such dates as the Securities Act shall require, the Company will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the
Securities Act, which prospectus supplement will set forth, within the relevant period, the amount of Placement Shares sold through Cowen, the Net Proceeds to the Company and the compensation payable by the Company to Cowen with respect to such
Placement Shares, and (ii) deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales were effected as may be required by the rules or regulations of such exchange or market. 

(m)     Representation Dates; Certificate. On or prior to the First Delivery Date and each time the Company
(i) amends or supplements the Registration Statement or the Prospectus relating to the Placement Shares (other than a prospectus supplement filed in accordance with Section 7(l) of this Agreement) by means of a post-effective amendment,
sticker, or supplement filed after the date hereof but not by means of incorporation of document(s) by reference to the Registration Statement or the Prospectus relating to the Placement Shares; (ii) files an annual report on Form 10-K under the Exchange Act; (iii) files its quarterly reports on Form 10-Q under the Exchange Act; or (iv) files a report on Form
8-K containing amended financial information 

  
 - 15 - 

 
(other than an earnings release or other information “furnished” pursuant to Items 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to
Item 8.01 of Form 8-K relating to the reclassification of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144 under the Exchange Act) under
the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a “Representation Date”); the Company shall furnish Cowen with a certificate, in the
form attached hereto as Exhibit 7(m) within five (5) Trading Days of any Representation Date if requested by Cowen. The requirement to provide a certificate under this Section 7(m) shall be automatically waived for any
Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be
considered a Representation Date) and the next occurring Representation Date; provided, however, that such waiver shall not apply for any Representation Date on which the Company files its annual report on Form 10-K. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation Date when the Company relied on such waiver and did not provide Cowen with a certificate
under this Section 7(m), then before the Company delivers the Placement Notice or Cowen sells any Placement Shares, the Company shall provide Cowen with a certificate, in the form attached hereto as Exhibit 7(m), dated the date of the
Placement Notice. 
 (n)     Legal Opinion. (i) On or prior to the First Delivery Date, the Company
shall cause to be furnished to Cowen a written opinion of Cooley LLP, or other counsel satisfactory to Cowen (“Company Counsel”), in form and substance reasonably satisfactory to Cowen and its counsel, dated the date that the
opinion is required to be delivered, and (ii) within the later of (A) five (5) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit
7(m) for which no waiver is applicable and (B) the date a Placement Notice is first delivered by the Company following such Representation Date, the Company shall cause to be furnished to Cowen a negative assurance letter of Company
Counsel, or other counsel satisfactory to Cowen, in form and substance reasonably satisfactory to Cowen and its counsel, dated the date that the opinion is required to be delivered; provided, however, that the Company shall not be
required to furnish Cowen any such negative assurance letter if Davis Polk & Wardwell LLP or other counsel satisfactory to Cowen (“Cowen Counsel”) does not also concurrently deliver a negative assurance letter to
Cowen dated as of such date, which negative assurance letter of Cowen Counsel shall cover statements substantially similar to those covered by such negative assurance letter of Company Counsel. 

(o)     Comfort Letter. On or prior to the First Delivery Date and within the later of (A) five
(5) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit 7(m) for which no waiver is applicable, and (B) the date a Placement Notice
is first delivered by the Company following a Representation Date, the Company shall cause its independent accountants to furnish Cowen a letter (the “Comfort Letter”), dated the date the Comfort Letter is
delivered, in form and substance satisfactory to Cowen, (i) confirming that they are an independent registered public accounting firm within the meaning of the Securities Act and the PCAOB, (ii) stating, as of such date, the conclusions
and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants’ “comfort letters” to Cowen in connection with 

  
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registered public offerings (the first such letter, the “Initial Comfort Letter”) and (iii) updating the Initial Comfort Letter with any information
that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter. 

(p)     Market Activities. The Company will not, directly or indirectly, (i) take any action designed to
cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares or (ii) sell, bid for,
or purchase the Common Stock to be issued and sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the Placement Shares other than Cowen; provided, however, that the Company may bid for and purchase
shares of its common stock in accordance with Rule 10b-18 under the Exchange Act. 

(q)     Insurance. The Company and its subsidiaries shall maintain, or cause to be maintained, insurance in
such amounts and covering such risks as is reasonable and customary for the business for which it is engaged. 

(r)     Compliance with Laws. The Company and each of its subsidiaries will use commercially reasonable
efforts to maintain, or cause to be maintained, all material environmental permits, licenses and other authorizations required by federal, state and local law in order to conduct their businesses as described in the Prospectus, and the Company and
each of its subsidiaries shall conduct their businesses, or cause their businesses to be conducted, in substantial compliance with such permits, licenses and authorizations and with applicable environmental laws, except where the failure to maintain
or be in compliance with such permits, licenses and authorizations could not reasonably be expected to result in a Material Adverse Effect. 

(s)     Investment Company Act. The Company will conduct its affairs in such a manner so as to reasonably
ensure that neither it nor its subsidiaries will be or become, at any time prior to the termination of this Agreement, an “investment company,” as such term is defined in the Investment Company Act, assuming no change in the
Commission’s current interpretation as to entities that are not considered an investment company. 

(t)     Securities Act and Exchange Act. The Company will use its best efforts to comply with all requirements
imposed upon it by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement Shares as contemplated by the provisions hereof and the Prospectus.

 (u)     No Offer to Sell. Other than the Prospectus or a free writing prospectus (as defined in Rule 405
under the Securities Act) approved in advance by the Company and Cowen in its capacity as principal or agent hereunder, neither Cowen nor the Company (including its agents and representatives, other than Cowen in its capacity as such) will make,
use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405 under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to buy Placement Shares
hereunder. 

  
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 (v)     Sarbanes-Oxley Act. The Company and its subsidiaries will
use their best efforts to comply with all effective applicable provisions of the Sarbanes-Oxley Act. 

8.     Conditions to Cowen’s Obligations. The obligations of Cowen hereunder with respect to a Placement
will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company of its obligations hereunder, to the completion by Cowen of a due diligence review
satisfactory to Cowen in its reasonable judgment, and to the continuing satisfaction (or waiver by Cowen in its sole discretion) of the following additional conditions: 

(a)     Registration Statement Effective. The Registration Statement shall be effective and shall be available
for (i) all sales of Placement Shares issued pursuant to all prior Placement Notices and (ii) the sale of all Placement Shares contemplated to be issued by any Placement Notice. 

(b)     No Material Notices. None of the following events shall have occurred and be continuing:
(i) receipt by the Company or any of its subsidiaries of any request for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the
response to which would require any post-effective amendments or supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental authority of any stop order suspending
the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any
of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus
or any material document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, related Prospectus or such documents so that, in the
case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the
case of the Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading. 
 (c)     No Misstatement or Material Omission. Cowen shall not have
advised the Company that the Registration Statement or Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in Cowen’s reasonable opinion is material, or omits to state a fact that in Cowen’s
opinion is material and is required to be stated therein or is necessary to make the statements therein not misleading. 

(d)     Material Changes. Except as contemplated in the Prospectus, or disclosed in the Company’s reports
filed with the Commission, there shall not have been any material adverse change, on a consolidated basis, in the authorized capital stock of the Company or any Material Adverse Effect or any development that could reasonably be expected to result
in a Material Adverse Effect, or any downgrading in or withdrawal of the rating assigned to any of the Company’s securities (other than asset backed securities) by any rating organization or a public

  
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announcement by any rating organization that it has under surveillance or review its rating of any of the Company’s securities (other than asset backed securities), the effect of which, in
the case of any such action by a rating organization described above, in the reasonable judgment of Cowen (without relieving the Company of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable
to proceed with the offering of the Placement Shares on the terms and in the manner contemplated in the Prospectus. 

(e)     Company Counsel Legal Opinion. Cowen shall have received the opinion and negative assurance letters of
Company Counsel required to be delivered pursuant to Section 7(n) on or before the date on which such delivery of such opinion and negative assurance letter is required pursuant to Section 7(n).

 (f)     Cowen Counsel Legal Opinion. Cowen shall have received from Cowen Counsel, such opinion or
opinions, on or before the date on which the delivery of the Company Counsel legal opinion is required pursuant to Section 7(n), with respect to such matters as Cowen may reasonably require, and the Company shall have
furnished to such counsel such documents as they request for enabling them to pass upon such matters. 

(g)     Comfort Letter. Cowen shall have received the Comfort Letter required to be delivered pursuant to
Section 7(o) on or before the date on which such delivery of such Comfort Letter is required pursuant to Section 7(o). 

(h)     Representation Certificate. Cowen shall have received the certificate required to be delivered
pursuant to Section 7(m) on or before the date on which delivery of such certificate is required pursuant to Section 7(m). 

(i)     Secretary’s Certificate. On or prior to the First Delivery Date, Cowen shall have received a
certificate, signed on behalf of the Company by its corporate Secretary, in form and substance satisfactory to Cowen and its counsel. 

(j)     No Suspension. Trading in the Common Stock shall not have been suspended on Nasdaq. 

(k)     Other Materials. On each date on which the Company is required to deliver a certificate pursuant to
Section 7(m), the Company shall have furnished to Cowen such appropriate further information, certificates and documents as Cowen may have reasonably requested. All such opinions, certificates, letters and other documents shall have been in
compliance with the provisions hereof. The Company will furnish Cowen with such conformed copies of such opinions, certificates, letters and other documents as Cowen shall have reasonably requested. 

(l)     Securities Act Filings Made. All filings with the Commission required by Rule 424 under the Securities
Act to have been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424. 

(m)     Approval for Listing. The Placement Shares shall either have been (i) approved for listing on
Nasdaq, subject only to notice of issuance, or (ii) the Company shall have filed an application for listing of the Placement Shares on Nasdaq at, or prior to, the issuance of any Placement Notice. 

  
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 (n)     No Termination Event. There shall not have occurred any
event that would permit Cowen to terminate this Agreement pursuant to Section 11(a). 

9.     Indemnification and Contribution. 

(a)     Company Indemnification. The Company agrees to indemnify and hold harmless Cowen, the directors,
officers, partners, employees and agents of Cowen and each person, if any, who (i) controls Cowen within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, or (ii) is controlled by or is under
common control with Cowen from and against any and all losses, claims, liabilities, expenses and damages (including, but not limited to, any and all reasonable investigative, legal and other expenses incurred in connection with, and any and all
amounts paid in settlement (in accordance with Section 9(c)) of, any action, suit or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified party and any third party, or otherwise, or any
claim asserted), as and when incurred, to which Cowen, or any such person, may become subject under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses,
claims, liabilities, expenses or damages arise out of or are based, directly or indirectly, on (x) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or the Prospectus or any amendment or
supplement to the Registration Statement or the Prospectus or in any free writing prospectus or in any application or other document executed by or on behalf of the Company or based on written information furnished by or on behalf of the Company
filed in any jurisdiction in order to qualify the Common Stock under the securities laws thereof or filed with the Commission, (y) the omission or alleged omission to state in any such document a material fact required to be stated in it or
necessary to make the statements in it not misleading or (z) any breach by any of the indemnifying parties of any of their respective representations, warranties and agreements contained in this Agreement; provided, however, that
this indemnity agreement shall not apply to the extent that such loss, claim, liability, expense or damage arises from the sale of the Placement Shares pursuant to this Agreement and is caused directly or indirectly by an untrue statement or
omission made in reliance upon and in conformity with the Agent’s Information. This indemnity agreement will be in addition to any liability that the Company might otherwise have. 

(b)     Cowen Indemnification. Cowen agrees to indemnify and hold harmless the Company and its directors and
each officer of the Company that signed the Registration Statement, and each person, if any, who (i) controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or (ii) is
controlled by or is under common control with the Company against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 9(a), as incurred, but only with respect to untrue statements or
omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendments thereto) or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with the Agent’s Information.

  
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 (c)     Procedure. Any party that proposes to assert the right to
be indemnified under this Section 9 will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this
Section 9, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from
(i) any liability that it might have to any indemnified party otherwise than under this Section 9 and (ii) any liability that it may have to any indemnified party under the foregoing provision of this
Section 9 unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies
the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the
action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the
indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable costs of investigation subsequently
incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such
indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be
legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict exists (based on advice of counsel to the indemnified party)
between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact
employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of
the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other
charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly as they
are incurred after the indemnifying party receives a written invoice relating to fees, disbursements and other charges in reasonable detail. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected
without its written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to
the matters contemplated by this Section 9 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all
liability arising or that may arise out of such claim, action or proceeding. 
 (d)     Contribution. In
order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of this Section 9 is applicable in accordance with its terms but for any reason is
held to be unavailable from the Company or Cowen, the Company and Cowen will contribute to the total losses, claims, 

  
 - 21 - 

 
liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or
proceeding or any claim asserted, but after deducting any contribution received by the Company from persons other than Cowen, such as persons who control the Company within the meaning of the Securities Act, officers of the Company who signed the
Registration Statement and directors of the Company, who also may be liable for contribution) to which the Company and Cowen may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the
one hand and Cowen on the other. The relative benefits received by the Company on the one hand and Cowen on the other hand shall be deemed to be in the same proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting
expenses) received by the Company bear to the total compensation received by Cowen (before deducting expenses) from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence is not
permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one
hand, and Cowen, on the other, with respect to the statements or omission that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such
offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the
Company or Cowen, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and Cowen agree that it would not be just and equitable if contributions
pursuant to this Section 9(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified
party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this Section 9(d) shall be deemed to include, for the purpose of this Section 9(d), any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with Section 9(c) hereof. Notwithstanding the foregoing provisions of this Section 9(d),
Cowen shall not be required to contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 9(d), any person who controls a party to this Agreement within the meaning of the Securities Act, and any officers,
directors, partners, employees or agents of Cowen, will have the same rights to contribution as that party, and each officer of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in
each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this Section 9(d), will
notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this Section
9(d) except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence
of Section 9(c) hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to Section 9(c) hereof. 

  
 - 22 - 

 10.     Representations and Agreements to Survive Delivery. The
indemnity and contribution agreements contained in Section 9 of this Agreement and all representations and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their respective
dates, regardless of (i) any investigation made by or on behalf of Cowen, any controlling persons, or the Company (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and
payment therefor or (iii) any termination of this Agreement. 
 11.     Termination. 

(a)     Cowen shall have the right by giving notice as hereinafter specified at any time to terminate this Agreement
if (i) any Material Adverse Effect, or any development that could reasonably be expected to result in a Material Adverse Effect has occurred that, in the reasonable judgment of Cowen, may materially impair the ability of Cowen to sell the
Placement Shares hereunder, (ii) the Company shall have failed, refused or been unable to perform any agreement on its part to be performed hereunder; provided, however, in the case of any failure of the Company to deliver (or cause
another person to deliver) any certification, opinion, or letter required under Sections 7(m), 7(n), or 7(o), Cowen’s right to terminate shall not arise unless such failure to deliver (or cause to be delivered)
continues for more than thirty (30) days from the date such delivery was required; or (iii) any other condition of Cowen’s obligations hereunder is not fulfilled, or (iv), any suspension or limitation of trading in the Placement
Shares or in securities generally on Nasdaq shall have occurred. Any such termination shall be without liability of any party to any other party except that the provisions of Section 7(g) (Expenses), Section 9
(Indemnification and Contribution), Section 10 (Representations and Agreements to Survive Delivery), Section 16 (Applicable Law; Consent to Jurisdiction) and Section 17
(Waiver of Jury Trial) hereof shall remain in full force and effect notwithstanding such termination. If Cowen elects to terminate this Agreement as provided in this Section 11(a), Cowen shall provide the required notice as specified in
Section 12 (Notices). 
 (b)     The Company shall have the right, by giving ten
(10) days’ notice as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the
provisions of Section 7(g), Section 9, Section 10, Section 16 and Section 17 hereof shall remain in full force and effect notwithstanding
such termination. 
 (c)     Cowen shall have the right, by giving ten (10) days’ notice as hereinafter
specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of Section 7(g),
Section 9, Section 10, Section 16 and Section 17 hereof shall remain in full force and effect notwithstanding such termination. 

(d)     Unless earlier terminated pursuant to this Section 11, this Agreement shall
automatically terminate upon the issuance and sale of all of the Placement Shares through Cowen on the terms and subject to the conditions set forth herein; provided that the provisions of Section 7(g),
Section 9, Section 10, Section 16 and Section 17 hereof shall remain in full force and effect notwithstanding such termination. 

  
 - 23 - 

 (e)     This Agreement shall remain in full force and effect unless
terminated pursuant to Sections 11(a), (b), (c), or (d) above or otherwise by mutual agreement of the parties; provided, however, that any such termination by mutual agreement shall in all cases be deemed to provide
that Section 7(g), Section 9, Section 10, Section 16 and Section 17 shall remain in full force and effect. 

(f)     Any termination of this Agreement shall be effective on the date specified in such notice of termination;
provided, however, that such termination shall not be effective until the close of business on the date of receipt of such notice by Cowen or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for
any sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement. 

12.     Notices. All notices or other communications required or permitted to be given by any party to any
other party pursuant to the terms of this Agreement shall be in writing, unless otherwise specified in this Agreement, and if sent to Cowen, shall be delivered to Cowen at Cowen and Company, LLC, 599 Lexington Avenue, 27th Floor, New York, NY 10022, fax no. 646-562-1124, Attention: General Counsel; or if sent to the Company, shall be
delivered to Atara Biotherapeutics, Inc., 611 Gateway Blvd., Suite 900, South San Francisco, California 94080; attention: CFO and General Counsel with a copy to Cooley LLP, 101 California Street,
5th Floor, San Francisco, California 94111; fax no. 415-693-2222, attention: Jodie Bourdet. Each party to this
Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication shall be deemed given (i) when delivered personally or by
verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day (as defined below), or, if such day is not a Business Day on the next succeeding Business Day, (ii) on the next
Business Day after timely delivery to a nationally-recognized overnight courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For
purposes of this Agreement, “Business Day” shall mean any day on which the Nasdaq and commercial banks in the City of New York are open for business. 

13.     Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company
and Cowen and their respective successors and the affiliates, controlling persons, officers and directors referred to in Section 9 hereof. References to any of the parties contained in this Agreement shall be deemed to
include the successors and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies,
obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party;
provided, however, that Cowen may assign its rights and obligations hereunder to an affiliate of Cowen without obtaining the Company’s consent, so long as such affiliate is a registered broker-dealer. 

  
 - 24 - 

 14.     Adjustments for Share Splits. The parties acknowledge and
agree that all share-related numbers contained in this Agreement shall be adjusted to take into account any share split, share dividend or similar event effected with respect to the Common Stock. 

15.     Entire Agreement; Amendment; Severability. This Agreement (including all schedules and exhibits
attached hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject
matter hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and Cowen. In the event that any one or more of the provisions contained herein, or the application thereof in
any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the
remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and
provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement. 

16.     Applicable Law; Consent to Jurisdiction. This Agreement shall be governed by, and construed in
accordance with, the internal laws of the State of New York without regard to the principles of conflicts of laws. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the state and
federal courts sitting in the City of New York, borough of Manhattan, for the adjudication of any dispute hereunder or in connection with any transaction contemplated hereby, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof (certified or registered mail, return receipt requested) to such party at the address
in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
manner permitted by law. 
 17.     Waiver of Jury Trial. The Company and Cowen each hereby irrevocably
waives any right it may have to a trial by jury in respect of any claim based upon or arising out of this Agreement or any transaction contemplated hereby. 

18.     Absence of Fiduciary Relationship. The Company acknowledges and agrees that: 

(a)     Cowen has been retained solely to act as sales agent in connection with the sale of the Placement Shares and
that no fiduciary, advisory or agency relationship between the Company and Cowen has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether Cowen has advised or is advising the Company on other
matters; 
 (b)     the Company is capable of evaluating and understanding and understands and accepts the terms,
risks and conditions of the transactions contemplated by this Agreement; 

  
 - 25 - 

 (c)     the Company has been advised that Cowen and its affiliates are
engaged in a broad range of transactions which may involve interests that differ from those of the Company and that Cowen has no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency
relationship; and 
 (d)     the Company waives, to the fullest extent permitted by law, any claims it may have
against Cowen, for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement and agrees that Cowen shall have no liability (whether direct or indirect) to the Company in respect
of such a fiduciary claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including stockholders, partners, employees or creditors of the Company. 

19.     Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile transmission. 

20.     Definitions. As used in this Agreement, the following term has the meaning set forth below: 

(a)     “Applicable Time” means the date of this Agreement, each Representation Date, the
date on which a Placement Notice is given, and any date on which Placement Shares are sold hereunder. 
 (b)
    “Agent’s Information” means, solely the following information in the Prospectus: the seventh and eighth paragraphs under the caption “Plan of Distribution” in the Prospectus. 

[Remainder of Page Intentionally Blank] 

  
 - 26 - 

 If the foregoing correctly sets forth the understanding between the Company and Cowen, please so
indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between the Company and Cowen. 
  

			
	Very truly yours,
	
	COWEN AND COMPANY, LLC
		
	By:	 	 /s/ Robert Sine

	Name:	 	Robert Sine
	Title:	 	Managing Director
	
	 ACCEPTED as of the date

first-above written:

	
	ATARA BIOTHERAPEUTICS, INC.
		
	By:	 	 /s/ John F. McGrath, Jr.

	Name:	 	John F. McGrath, Jr.
	Title:	 	Executive Vice President and Chief Financial Officer

  
 27 

 SCHEDULE 1 

FORM OF PLACEMENT NOTICE 
  

			
	From:	  	[                             ]
	Cc:	  	[                             ]
	To:	  	[                             ]
	Subject:	  	Cowen at the Market Offering—Placement Notice

 Gentlemen: 
 Pursuant to the
terms and subject to the conditions contained in the Sales Agreement between Atara Biotherapeutics, Inc. (the “Company”), and Cowen and Company, LLC (“Cowen”) dated
[            ], 2017 (the “Agreement”), I hereby request on behalf of the Company that Cowen sell up to [
            ] shares of the Company’s common stock, par value $0.0001 per share, at a minimum market price of $[
            ] per share. Sales should begin on the date of this Notice and shall continue until [DATE] [all shares are sold][the aggregate sales price of the shares reaches $[
            ]]. 

 SCHEDULE 2 

The Company: 
  

	 	•	 	Isaac Ciechanover 

  

	 	•	 	John F. McGrath, Jr. 

  

	 	•	 	Heather D. Turner 

 The Agent: 
  

	 	•	 	Robert Sine 

  

	 	•	 	Bill Follis 

 SCHEDULE 3 

Compensation 
 Cowen shall be paid
compensation up to 3% of the gross proceeds from the sales of Common Stock pursuant to the terms of this Agreement. 

 Exhibit 7(m) 

OFFICER CERTIFICATE 
 The
undersigned, the duly qualified and elected                     , of Atara Biotherapeutics, Inc. (“Company”), a Delaware
corporation, does hereby certify in such capacity and on behalf of the Company, pursuant to Section 7(m) of the Sales Agreement dated [            ], 2017
(the “Sales Agreement”) between the Company and Cowen and Company, LLC, that to the best of the knowledge of the undersigned. 

(i)    The representations and warranties of the Company in Section 6 of the Sales Agreement
(A) to the extent such representations and warranties are subject to qualifications and exceptions contained therein relating to materiality or Material Adverse Effect, are true and correct on and as of the date hereof with the same force and
effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date, and (B) to the extent such representations and
warranties are not subject to any qualifications or exceptions, are true and correct in all material respects as of the date hereof as if made on and as of the date hereof with the same force and effect as if expressly made on and as of the date
hereof except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date; and 

(ii)    The Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied
pursuant to the Sales Agreement at or prior to the date hereof. 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

 Date:Blueprint

Exhibit 4.2

 

WARRANT AGREEMENT

 

THIS WARRANT AGREEMENT (this
“Warrant
Agreement”), dated as of [______], 2017, is entered
into by and between ENDRA Life Sciences Inc., a Delaware
corporation (the “Company”), and Corporate Stock
Transfer, Inc., a Colorado corporation (the “Warrant Agent”).

 

WHEREAS, the
Company is engaged in an initial public offering (the
“Offering”) of
up to [●] shares (the “Offered Shares”) of the
Company’s Common Stock, par value $0.0001 per share (the
“Common Stock”),
and warrants to purchase up to [●] shares of Common Stock for
an exercise price of [$___]
per share [NOTE: An exercise price
equal to 125% of the initial public offering price of the Common
Stock.], subject to adjustment as described herein (the
“Warrants”);

 

WHEREAS, the
Company has filed with the U.S. Securities and Exchange Commission
(the “Commission”) a Registration
Statement on Form S-1, No. 333-214724 (as the same may be amended
from time to time, the “Registration Statement”), for the
registration, under the Securities Act of 1933, as amended (the
“Securities
Act”), of, among other securities, (i) the Offered
Shares, (ii) the Warrants, and (iii) the Common Stock issuable upon
exercise of the Warrants (the “Warrant Shares”);

 

WHEREAS, the
Registration Statement was declared effective on [March __],
2017;

 

WHEREAS, the
Company desires the Warrant Agent to act on behalf of the Company,
and the Warrant Agent is willing to so act, in connection with the
issuance, registration, transfer, exchange and exercise of the
Warrants;

 

WHEREAS, the
Company desires to provide for the form and provisions of the
Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of
the Company, the Warrant Agent, and the holders of the Warrants
(each, a “Holder”); and

 

WHEREAS, all acts
and things have been done and performed which are necessary to make
the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent, as provided
herein, the valid and binding obligations of the Company, and to
authorize the execution and delivery of this Warrant
Agreement.

 

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

 

1. Appointment
of Warrant Agent. The Company
hereby appoints the Warrant Agent to act as agent for the Company
for the Warrants, and the Warrant Agent hereby accepts such
appointment and agrees to perform the same in accordance with the
terms and conditions set forth in this Warrant
Agreement.

 

 

1

 

 

2. Warrants.

 

2.1 Form
of Warrant. Each Warrant shall
be issued in registered, book-entry form only, shall be in
substantially the form of Exhibit A
hereto (each a
“Book-Entry Warrant
Certificate”), the
provisions of which are incorporated herein, and shall be signed
by, or bear the facsimile signature of, the Chief Executive
Officer, President, Chief Financial Officer, Treasurer, Secretary
or Assistant Secretary of the Company. For purposes of this
Agreement, the term “Issuance
Date” means the date a
Warrant shall be issued. In the event the person whose facsimile
signature has been placed upon any Warrant shall have ceased to
serve in the capacity in which such person signed the Warrant
before such Warrant is issued, it may be issued with the same
effect as if he or she had not ceased to be such at the Issuance
Date.

 

For purposes of this Agreement, the term “person” (whether or not capitalized) means an
individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or
subdivision thereof) or other entity of any
kind.

 

As used
in this Warrant Agreement, the term “Holder” refers only to a
registered holder of the Warrants.

 

2.2 Effect
of Countersignature. Unless and
until countersigned by the Warrant Agent pursuant to this Warrant
Agreement, a Warrant shall be invalid and of no effect and may not
be exercised by a Holder.

 

2.3 Registration.

 

2.3.1 Warrant
Register. The Warrant Agent
shall maintain books (the “Warrant
Register”) for the
registration of the original issuance and the registration of any
transfer of the Warrants. Upon the initial issuance of the
Warrants, the Warrant Agent shall issue and register the Warrants
in the names of the respective Holders in such denominations and
otherwise in accordance with instructions delivered to the Warrant
Agent by the Company. To the extent the Warrants are eligible as of
the Issuance Date to be deposited through the Depository Trust
Company (the “Depository”), all of the Warrants shall be represented
by one or more Book-Entry Warrant Certificates deposited with the
Depository and
registered in the name of Cede & Co., a nominee of the
Depository. Ownership of beneficial interests in the Book-Entry
Warrant Certificates shall be shown on, and the transfer of such
ownership shall be effected through, records maintained (i) by the
Depository or its nominee for each Book-Entry Warrant Certificate;
or (ii) by institutions that have accounts with the Depository
(such institution, with respect to a Warrant in its account, a
“Participant”).

 

If the Warrants are not eligible as of the Issuance Date to be
deposited through the Depository, or if the Depository subsequently
ceases to make its book-entry settlement system available for the
Warrants, the Company may instruct the Warrant Agent to make other
arrangements for book-entry settlement within ten (10) Business
Days after the Depository ceases to make its book-entry settlement
available. In the event that the Company does not make alternative
arrangements for book-entry settlement within ten (10) Business
Days or the Warrants are not eligible for, or it is no longer
necessary to have the Warrants available in, book-entry form, the
Warrant Agent shall provide written instructions to the Depository
to deliver to the Warrant Agent for cancellation each Book-Entry
Warrant Certificate, and the Company shall instruct the Warrant
Agent to deliver to the Depository definitive warrant certificates
in physical form evidencing such Warrants (the
“Definitive Warrant
Certificates”; each of
the Book-Entry Warrant Certificates and the Definitive Warrant
Certificates is referred to herein as a “Warrant
Certificate”). Such
Definitive Warrant certificates shall be in substantially the form
attached hereto as Exhibit
A.

 

 

2

 

 

As used in this Warrant Agreement, the term
“Business Day” means any day other than Saturday, Sunday
or other day on which commercial banks in the City of New York are
authorized or required by law or executive order to remain
closed.

 

2.3.2 Beneficial
Owner; Registered Holder. Prior
to due presentment for registration of transfer of any Warrant, the
Company and the Warrant Agent may deem and treat the person in
whose name such Warrant shall be registered upon the Warrant
Register (“registered
holder”), as the absolute
owner of such Warrant and of each Warrant represented thereby
(notwithstanding any notation of ownership or other writing on the
Definitive Warrant Certificate made by anyone other than the
Company or the Warrant Agent), for the purpose of any exercise
thereof, and for all other purposes, and neither the Company nor
the Warrant Agent shall be affected by any notice to the contrary.
The term “beneficial
owner” shall mean any
person in whose name ownership of a beneficial interest in the
Warrants evidenced by a Book-Entry Warrant Certificate is recorded
in the records maintained by the Depository or its nominee;
provided, that all such beneficial interests shall be held through
a Participant which shall be the registered holder of such
Warrants. The rights of beneficial owners shall be limited to those
established by applicable law and agreements between the Depository
and the Participants and between such Participants and beneficial
owners and must be exercised through a Participant in accordance
with the rules and procedures of the Depository; provided, however,
the Company acknowledges and agrees that the rights and remedies of
a Holder hereunder are vested with such beneficial
owners.

 

2.4 Uncertificated
Warrants. Notwithstanding the
foregoing and anything else in this Warrant Agreement to the
contrary, the Warrants may be issued in uncertificated
form.

 

3. Terms
and Exercise of Warrants.

 

3.1 Exercise
Price. Each Warrant shall, when
countersigned by the Warrant Agent, entitle the Holder, subject to
the provisions of such Warrant and of this Warrant Agreement, to
purchase from the Company the number of shares of Common Stock
stated therein, at the price of $[___] per share, subject to the
subsequent adjustments provided in Section 4 hereof. The term
“Exercise
Price” as used in this
Warrant Agreement refers to the price per share at which Common
Stock may be purchased at the time a Warrant is
exercised.

 

3.2 Duration
of Warrants. A Warrant may be
exercised only during the period (“Exercise
Period”) commencing on
the Issuance Date and terminating at 5:00 p.m., New York City time
on [March __], 2022 (the “Expiration
Date”). Each Warrant not
exercised on or before the Expiration Date shall become void, and
all rights thereunder and all rights in respect thereof under this
Warrant Agreement shall cease at the close of business on the
Expiration Date.

 

3.3 Exercise
of Warrants.

 

 

3

 

 

3.3.1 Exercise
and Payment. A Holder may
exercise a Warrant by delivering, not later than 5:00 p.m., New
York City time, on any Business Day during the Exercise Period (the
“Exercise
Date”) to the Warrant
Agent at its corporate trust department (i) a duly executed e-mail
or facsimile copy of an election to purchase Warrant Shares
underlying such Warrant in the form included on the reverse side of
the applicable Warrant Certificate (an “Election to
Purchase”) and (ii)
unless the cashless exercise procedure specified in Section 3.3.9
below is specified in the applicable Election to Purchase, the
aggregate Exercise Price for the shares specified in the applicable
Election to Purchase by wire transfer or cashier’s check
drawn on a United States bank. No ink-original Election to Purchase
shall be required. Unless Warrant Shares, or a Warrant Certificate
evidencing unexercised Warrants, are to be issued in a name other
than that of the exercising Holder, no medallion guarantee (or
other type of guarantee or notarization) of any Election to
Purchase form shall be required. Notwithstanding anything herein to
the contrary, a Holder shall not be required to physically
surrender such Holder’s Warrant Certificate to the Warrant
Agent or the Company until such Holder has purchased all of the
Warrant Shares available thereunder and the Warrant has been
exercised in full, in which case, the Holder shall surrender such
Holder’s Warrant Certificate to the Warrant Agent for
cancellation at the same time that the final Election to Purchase
is delivered to the Warrant Agent. Partial exercises of any Warrant
resulting in purchases of a portion of the total number of Warrant
Shares available thereunder shall have the effect of lowering the
outstanding number of Warrant Shares purchasable thereunder in an
amount equal to the applicable number of Warrant Shares purchased.
The Holder and the Warrant Agent shall maintain records showing the
number of Warrant Shares purchased and the date of such purchases.
The Company or the Warrant Agent shall deliver any objection to any
Election to Purchase within one (1) Trading Day of receipt of such
notice.

 

The
term “Trading
Day” means a day on which the principal Trading Market
is open for trading. The term “Trading Market” means any of the
following U.S. markets or exchanges on which the Common Stock is
listed or quoted for trading on the date in question: the NYSE,
NYSE MKT, the NASDAQ Capital Market, the NASDAQ Global Market or
the NASDAQ Global Select Market (or any successors to any of the
foregoing).

 

The
Warrant Agent shall promptly deposit all funds received by it in
payment of the Exercise Price in the account of the Company
maintained with the Warrant Agent for such purpose and shall advise
the Company via telephone or e-mail at the end of each day on which
funds for the exercise of the Warrants are received of the amount
so deposited to its account. The Warrant Agent shall promptly
confirm such telephonic advice to the Company in
writing.

 

3.3.2 Issuance
of Certificates. The Warrant
Agent shall, by 11:00 a.m. New York City time on the Trading Day
following the Exercise Date of any Warrant, advise the Company or
the transfer agent and registrar in respect of (a) the number of
Warrant Shares issuable upon such exercise in accordance with the
terms and conditions of this Warrant Agreement, (b) the
instructions of each Holder with respect to delivery of the Warrant
Shares issuable upon such exercise, and the delivery of Definitive
Warrant Certificates, as appropriate, evidencing the balance, if
any, of the Warrants remaining after such exercise and (c) in case
of a Book-Entry Warrant Certificate, the notation that shall be
made to the records maintained by the Depository or its nominee for
each Book-Entry Warrant Certificate, as appropriate, evidencing the
balance, if any, of the Warrants remaining after such
exercise.

 

 

4

 

 

The
Company shall, by 5:00 p.m., New York City time, on the third
Trading Day next succeeding the Exercise Date of any Warrant and
the clearance of the funds in payment of the aggregate Exercise
Price, execute, issue and deliver to the Warrant Agent, the Warrant
Shares to which such Holder is entitled, in fully registered form,
registered in such name or names as may be directed by such Holder.
Upon receipt of such Warrant Shares, the Warrant Agent shall, by
5:00 p.m., New York City time, on the third Trading Day next
succeeding such Exercise Date, transmit such Warrant Shares to, or
upon the order of, such Holder.

 

In lieu
of delivering physical certificates representing the Warrant Shares
issuable upon exercise of any Warrants, provided the
Company’s transfer agent is participating in the
Depository’s Fast Automated Securities Transfer (FAST)
program, the Company shall use its commercially reasonable efforts
to cause its transfer agent to electronically transmit the Warrant
Shares issuable upon exercise to the Depository by crediting the
account of the Depository or of the Participant, as the case may
be, through its Deposit Withdrawal Agent Commission system. The
time periods for delivery described in the immediately preceding
paragraph shall apply to the electronic transmittals described in
this Warrant Agreement. While the Warrants are outstanding, the
Company agrees to use reasonable best efforts to maintain a
transfer agent that participates in the FAST program.

 

3.3.3 Rescission
Rights. If the Company fails to
cause the Warrant Agent to transmit to any Holder the Warrant
Shares by the third Trading Day following the Exercise Date, then
such Holder will have the right to rescind such
exercise.

 

3.3.4 Valid
Issuance. All shares of Common
Stock issued upon the proper exercise of a Warrant in conformity
with this Warrant Agreement shall be validly issued, fully paid and
nonassessable.

 

3.3.5 No
Fractional Exercise. Warrants
may be exercised only in whole numbers of Warrant Shares. No
fractional Warrant Shares are to be issued upon the exercise of a
Warrant, but rather the number of Warrant Shares to be issued shall
be rounded up or down, as applicable, to the nearest whole number.
If fewer than all of the Warrants evidenced by a Definitive Warrant
Certificate are exercised, a new Definitive Warrant Certificate for
the number of unexercised Warrants remaining shall be executed by
the Company and countersigned by the Warrant Agent as provided in
Section 2 of this Warrant Agreement, and delivered to the Holder at
the address specified on the books of the Warrant Agent or as
otherwise specified by such Holder. If fewer than all of the
Warrants evidenced by a Book-Entry Warrant Certificate are
exercised, a notation shall be made to the records maintained by
the Depository or its nominee for each Book-Entry Warrant
Certificate, as appropriate, evidencing the balance of the Warrants
remaining after such exercise.

 

3.3.6 No
Transfer Taxes. The Company
shall not be required to pay any stamp or other tax or governmental
charge required to be paid in connection with any third party
transfer involved in the issue of the Warrant Shares upon the
exercise of Warrants; and in the event that any such third party
transfer is involved, the Company shall not be required to issue or
deliver any Warrant Shares until such tax or other charge shall
have been paid or it has been established to the Company’s
satisfaction that no such tax or other charge is
due.

 

 

5

 

 

3.3.7 Date
of Issuance. Each person in
whose name any such certificate for Warrant Shares is issued shall
for all purposes be deemed to have become the holder of record of
such shares on the date on which the applicable Warrant was
surrendered and payment of the Exercise Price was made,
irrespective of the date of delivery of any such certificate,
except that, if the date of such surrender and payment is a date
when the stock transfer books of the Company are closed, such
person shall be deemed to have become the holder of record of such
shares at the close of business on the next succeeding date on
which the stock transfer books are open.

 

3.3.8 Cashless
Exercise. If at any time during
the term of this Warrant there is no effective registration
statement registering under the Securities Act, or no current
prospectus available for, the issuance or resale of the Warrant
Shares by the registered holder, then this Warrant may only be
exercised at such time by means of a “cashless
exercise” in which the registered holder shall be entitled to
receive a certificate for the number of Warrant Shares equal to the
quotient obtained by dividing [(A-B) (X)] by (A),
where:

 

(A)           =
the VWAP (as defined below) on the Trading Day immediately
preceding the date of such election;

 

(B)           =
the Exercise Price of this Warrant, as adjusted;
and

 

(X)           =
the number of Warrant Shares issuable upon exercise of this Warrant
in accordance with the terms of this Warrant by means of a cash
exercise rather than a cashless exercise.

 

The
term “VWAP”
means, for any date, the price determined by the first of the
following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market (as defined below), the daily
volume weighted average price of the Common Stock for such date (or
the nearest preceding date) on the Trading Market on which the
Common Stock is then listed or quoted as reported by Bloomberg L.P.
(based on a Trading Day from 9:30 a.m. (New York City time) to 4:02
p.m. (Eastern time), (b) if the OTC Bulletin Board is not a Trading
Market, the volume weighted average price of the Common Stock for
such date (or the nearest preceding date) on the OTC Bulletin
Board, (c) if the Common Stock is not then listed or quoted for
trading on the OTC Bulletin Board and if prices for the Common
Stock are then reported in the “Pink Sheets” published
by OTC Markets Group, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent
bid price per share of the Common Stock so reported, or (d) in all
other cases, the fair market value of a share of Common Stock as
determined by an independent appraiser selected in good faith by
the Warrant Agent and reasonably acceptable to the Company, the
fees and expenses of which shall be paid by the
Company.

 

3.3.9 Disputes.
In the case of a dispute as to the determination of the Exercise
Price or the arithmetic calculation of the Warrant Shares, the
Company shall promptly issue to the registered holder the number of
Warrant Shares that are not disputed.

 

 

6

 

 

3.3.10 Limitations on
Exercise. Neither the Warrant
Agent nor the Company shall effect any exercise of any Warrant, and
a registered holder shall not have the right to exercise any
portion of a Warrant to the extent that after giving effect to the
issuance of Warrant Shares after exercise as set forth on the
applicable Election to Purchase, such Holder (together with such
Holder’s affiliates (as defined in Rule 405 under the
Securities Act), and any other person or entity acting as a group
together with such Holder or any of such Holder’s affiliates
(each an “Attribution
Party”)), would
beneficially own in excess of the Beneficial Ownership Limitation
(as defined below). For purposes of the foregoing sentence, the
number of shares of Common Stock beneficially owned by a Holder and
its Affiliates and its Attribution Parties shall include the number
of shares of Common Stock issuable upon exercise of the 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 such Holder or any of its
Affiliates or Attribution Parties and (ii) exercise or conversion
of the unexercised or nonconverted portion of any other securities
of the Company (including, without limitation, any other Common
Stock Equivalents) subject to a limitation on conversion or
exercise analogous to the limitation contained herein beneficially
owned by such Holder or any of its Affiliates or Attribution
Parties. Except as set forth in the preceding sentence, for
purposes of this Section 3.3.10,
beneficial ownership shall be calculated in accordance with Section
13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and the rules and regulations
promulgated thereunder, it being acknowledged by each Holder that
neither the Warrant Agent nor the Company is representing to such
Holder that such calculation is in compliance with Section 13(d) of
the Exchange Act and such Holder is solely responsible for any
schedules required to be filed in accordance therewith. To the
extent that the limitation contained in this Section
3.3.10 applies, the determination of whether a Warrant is
exercisable (in relation to other securities owned by a Holder
together with any Affiliates and Attribution Parties) and of which
portion of a Warrant is exercisable shall be in the sole discretion
of a Holder, and the submission of an Election to Purchase shall be
deemed to be such Holder’s determination of whether such
Warrant is exercisable (in relation to other securities owned by
such Holder together with any Affiliates and Attribution Parties)
and of which portion of a Warrant is exercisable, and neither the
Warrant Agent nor the Company shall have any obligation to verify
or confirm the accuracy of such determination and neither of them
shall have any liability for any error made by such Holder. 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 3.3.10, 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 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. The
provisions of this Section 3.3.10
shall be construed and implemented in
a manner otherwise than in strict conformity with the terms of this
Section 6 to correct this subsection (or any portion hereof) which
may be defective or inconsistent with the intended beneficial
ownership limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such
limitation. The limitations contained in this paragraph shall apply
to a successor Holder.

 

The “Beneficial Ownership
Limitation” means 4.99%
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 such Warrant.

 

 

7

 

 

“Common Stock
Equivalents” means any
securities of the Company or the Subsidiaries which would entitle
the holder thereof to acquire at any time Common Stock, including,
without limitation, any debt, preferred stock, right, option,
warrant or other instrument that is at any time convertible into or
exercisable or exchangeable for, or otherwise entitles the holder
thereof to receive, Common Stock.

 

The Holder may upon prior notice to the Company
and the Warrant Agent increase or decrease the Beneficial Ownership
Limitation, provided that the Beneficial Ownership Limitation in no
event exceeds 9.99% of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of
shares of Common Stock upon exercise of the applicable Warrant held
by such Holder and the provisions of this Section 3.3.10
shall continue to apply. Any such
increase will not be effective until the 61st day after such notice
is delivered to the Company and the Warrant Agent. The provisions
of this Section 3.3.10 shall be construed, corrected and implemented in a
manner so as to effectuate the intended Beneficial Ownership
Limitation herein contained. The limitations contained in this
paragraph shall apply to a successor Holder of any
Warrant.

 

4. Adjustments.

 

4.1 Stock Dividends and
Splits. If the Company, at any
time while any of the Warrants is outstanding: (i) pays a stock
dividend or otherwise makes a distribution or distributions on
shares of its Common Stock or any other equity or equity equivalent
securities payable in shares of Common Stock (which, for avoidance
of doubt, shall not include any Warrant Shares issued pursuant to
this Warrant Agreement or any of the Warrants), (ii) subdivides
outstanding shares of Common Stock into a larger number of shares,
(iii) combines (including by way of reverse stock split)
outstanding shares of Common Stock into a smaller number of shares,
or (iv) issues by reclassification of shares of the Common Stock
any shares of capital stock of the Company, then in each case the
Exercise Price shall be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock (excluding
treasury shares, if any) outstanding immediately before such event
and of which the denominator shall be the number of shares of
Common Stock outstanding immediately after such event, and the
number of Warrant Shares shall be proportionately adjusted such
that the aggregate Exercise Price of each Warrant shall remain
unchanged. Any adjustment made pursuant to this Section
4.1 shall
become effective immediately after the record date for the
determination of stockholders entitled to receive such dividend or
distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or
re-classification. The Company shall promptly notify Warrant Agent
of any such adjustment and give specific instructions to Warrant
Agent with respect to any adjustments to the Warrant
Register.

 

4.2 Subsequent
Rights Offerings. In addition
to any adjustments pursuant to Section 4.1
above, if at any time the Company
grants, issues or sells any Common Stock Equivalents or rights to
purchase stock, warrants, securities or other property pro rata to
the record holders of any class of shares of Common Stock (the
“Purchase
Rights”), then each
Holder will be entitled to acquire, upon the terms applicable to
such Purchase Rights, the aggregate Purchase Rights which such
Holder could have acquired if such Holder had held the number of
shares of Common Stock acquirable upon complete exercise of this
Warrant (without regard to any limitations on exercise hereof,
including without limitation, the Beneficial Ownership Limitation)
immediately before the date on which a record is taken for the
grant, issuance or sale of such Purchase Rights, or, if no such
record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the grant, issue or sale
of such Purchase Rights (provided, however, to the extent that any
Holder’s right to participate in any such Purchase Right
would result in such Holder exceeding the Beneficial Ownership
Limitation, then such Holder shall not be entitled to participate
in such Purchase Right to such extent (or beneficial ownership of
such shares of Common Stock as a result of such Purchase Right to
such extent) and such Purchase Right to such extent shall be held
in abeyance for such Holder until such time, if ever, as its right
thereto would not result in such Holder exceeding the Beneficial
Ownership Limitation).

 

 

8

 

 

4.3 Pro
Rata Distributions. During such
time as any of the Warrants is outstanding, if the Company shall
declare or make any dividend or other distribution of its assets
(or rights to acquire its assets) to holders of shares of Common
Stock, by way of return of capital or otherwise (including, without
limitation, any distribution of cash, stock or other securities,
property or options by way of a dividend, spin off,
reclassification, corporate rearrangement, scheme of arrangement or
other similar transaction) (a “Distribution”), at any time after the Issuance Date,
then, in each such case, each Holder shall be entitled to
participate in such Distribution to the same extent that such
Holder would have participated therein if such Holder had held the
number of Warrant Shares acquirable upon complete exercise of this
Warrant (without regard to any limitations on exercise hereof,
including without limitation, the Beneficial Ownership Limitation)
immediately before the date of which a record is taken for such
Distribution, or, if no such record is taken, the date as of which
the record holders of shares of Common Stock are to be determined
for the participation in such Distribution (provided,
however,
to the extent that any Holder’s right to participate in any
such Distribution would result in such Holder exceeding the
Beneficial Ownership Limitation, then such Holder shall not be
entitled to participate in such Distribution to such extent (or in
the beneficial ownership of any shares of Common Stock as a result
of such Distribution to such extent) and the portion of such
Distribution shall be held in abeyance for the benefit of such
Holder until such time, if ever, as its right thereto would not
result in such Holder exceeding the Beneficial Ownership
Limitation).

 

 

9

 

 

4.4 Fundamental
Transaction. If, at any time
while the Warrants are outstanding, (i) the Company, directly or
indirectly, in one or more related transactions effects any merger
or consolidation of the Company with or into another person, (ii)
the Company, directly or indirectly, effects any sale, lease,
license, assignment, transfer, conveyance or other disposition of
all or substantially all of its assets in one transaction or a
series of related transactions, (iii) any, direct or indirect,
purchase offer, tender offer or exchange offer (whether by the
Company or another person) is completed pursuant to which holders
of Common Stock are permitted to sell, tender or exchange their
shares for other securities, cash or property and has been accepted
by the holders of 50% or more of the outstanding Common Stock, (iv)
the Company, directly or indirectly, in one or more related
transactions effects any reclassification, reorganization or
recapitalization of the Common Stock or any compulsory share
exchange (other than as a result of a dividend, subdivision or
combination covered by Section 4.1) pursuant to which the Common
Stock is effectively converted into or exchanged for other
securities, cash or property, or (v) the Company, directly or
indirectly, in one or more related transactions consummates a stock
or share purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another person or group of
persons whereby such other person or group acquires more than 50%
of the outstanding shares of Common Stock (not including any shares
of Common Stock held by the other person or other persons making or
party to, or associated or affiliated with the other persons making
or party to, such stock or share purchase agreement or other
business combination) (each a “Fundamental
Transaction”), then, upon
any subsequent exercise of a Warrant, each Holder shall have the
right to receive, for each Warrant Share that would have been
issuable upon such exercise immediately prior to the occurrence of
such Fundamental Transaction, at the option of the Holder (without
regard to any limitation in Section 3.3.10
on the exercise of such Warrant), the
number of shares of common stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation,
and any additional consideration (the “Alternate
Consideration”)
receivable as a result of such Fundamental Transaction by a holder
of the number of Warrant Shares for which each Warrant is
exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 3.3.10
on the exercise of such Warrant). For
purposes of any such exercise, the determination of the Exercise
Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such
Fundamental Transaction, and the Company shall apportion the
Exercise Price among the Alternate Consideration in a reasonable
manner reflecting the relative value of any different components of
the Alternate Consideration. If holders of Common Stock are given
any choice as to the securities, cash or other property to be
received in a Fundamental Transaction, then the Holder shall be
given the same choice as to the Alternate Consideration that such
Holder receives upon any exercise of each Warrant following such
Fundamental Transaction. The Company shall cause any successor
entity in a Fundamental Transaction in which the Company is not the
survivor (the “Successor
Entity”), to assume in
writing all of the obligations of the Company under this Warrant
Agreement in accordance with the provisions of this Section 4.3
pursuant to written agreements and shall, upon the written request
of such Holder and without regard to any limitation in
Section 3.3.10 on
the exercise of such Warrant, deliver to such Holder in exchange
for the applicable Warrants created by this Warrant Agreement a
security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to the Warrants which
are exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity), if any, plus
any Alternate Consideration, receivable as a result of such
Fundamental Transaction by a holder of the number of shares of
Common Stock for which the Warrants are exercisable immediately
prior to such Fundamental Transaction, and with an exercise price
which applies the Exercise Price hereunder to such shares of
capital stock, if any, plus any Alternate Consideration (but taking
into account the relative value of the shares of Common Stock
pursuant to such Fundamental Transaction and the value of such
shares of capital stock, such number of shares of capital stock and
such exercise price being for the purpose of protecting the
economic value of such Warrant immediately prior to the
consummation of such Fundamental Transaction). Upon the occurrence
of any such Fundamental Transaction the Successor Entity shall
succeed to, and be substituted for (so that from and after the date
of such Fundamental Transaction, the provisions of this Warrant
Agreement and the Warrants referring to the “Company”
shall refer instead to the Successor Entity), and may exercise
every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant Agreement and the
Warrants with the same effect as if such Successor Entity had been
named as the Company herein and therein.

 

The
Company shall instruct the Warrant Agent to mail, by first class
mail, postage prepaid, to each Holder, written notice of the
execution of any such amendment, supplement to this Warrant
Agreement and/or the Warrants or other agreement. Any such
amendment, supplement or other agreement entered into by the
Successor Entity shall provide for adjustments, which shall be as
nearly equivalent as may be practicable to the adjustments provided
for in this Section 4. The Warrant Agent shall be under no
responsibility to determine the correctness of any provisions
contained in such amendment, supplement or other agreement relating
either to the kind or amount of securities or other property
receivable upon exercise of the Warrants or with respect to the
method employed and provided therein for any adjustments and shall
be entitled to rely upon the provisions contained in any such
amendment, supplement or other agreement. The provisions of this
Section 4.3 shall similarly apply to successive reclassifications,
changes, consolidations, mergers, sales and conveyances of the kind
described above.

 

 

10

 

 

4.5 Other
Events. If any event occurs of
the type contemplated by the provisions of Section 4.1, 4.2 or 4.3
but not expressly provided for by such provisions (including,
without limitation, the granting of stock appreciation rights,
phantom stock rights or other rights with equity features to all
holders of Common Stock for no consideration), then the
Company’s Board of Directors will in good faith make an
adjustment in the Exercise Price and the number of Warrant Shares
so as to protect the rights of each Holder.

 

4.6 Notice
to Allow Exercise by Holder. If
(A) the Company shall declare a dividend (or any other distribution
in whatever form) on the Common Stock, (B) the Company shall
declare a special nonrecurring cash dividend on or a redemption of
the Common Stock, (C) the Company shall authorize the granting to
all holders of the Common Stock rights or warrants to subscribe for
or purchase any shares of capital stock of any class or of any
rights, (D) the approval of any stockholders of the Company shall
be required in connection with any reclassification of the Common
Stock, any consolidation or merger to which the Company is a party,
any sale or transfer of all or substantially all of the assets of
the Company, or any compulsory share exchange whereby the Common
Stock is converted into other securities, cash or property, or (E)
the Company shall authorize the voluntary or involuntary
dissolution, liquidation or winding up of the affairs of the
Company, then, in each case, the Company shall cause to be mailed
to each Holder at its last address as it shall appear upon the
Warrant Register of the Company, at least 20 calendar days prior to
the applicable record or effective date hereinafter specified, a
notice stating (x) the date on which a record is to be taken for
the purpose of such dividend, distribution, redemption, rights or
warrants, or if a record is not to be taken, the date as of which
the holders of the Common Stock of record to be entitled to such
dividend, distributions, redemption, rights or warrants are to be
determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected
to become effective or close, and the date as of which it is
expected that holders of the Common Stock of record shall be
entitled to exchange their shares of the Common Stock for
securities, cash or other property deliverable upon such
reclassification, consolidation, merger, sale, transfer or share
exchange; provided that the failure to mail such notice or any
defect therein or in the mailing thereof shall not affect the
validity of the corporate action required to be specified in such
notice. To the extent that any notice provided hereunder
constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall
simultaneously file such notice with the Commission pursuant to a
Current Report on Form 8-K. A Holder shall remain entitled to
exercise its Warrant during the period commencing on the date of
such notice to the effective date of the event triggering such
notice except as may otherwise be expressly set forth
herein.

 

 

11

 

 

4.7 Notices
of Changes in Warrant. Upon
every adjustment of the Exercise Price or the number of Warrant
Shares, the Company shall give written notice thereof to the
Warrant Agent, which notice shall state the Exercise Price
resulting from such adjustment and the increase or decrease, if
any, in the number of Warrant Shares purchasable upon the exercise
of a Warrant, setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based.
Upon the occurrence of any event specified in Sections 4.1, 4.2 or
4.3, then, in any such event, the Company shall give written notice
to each Holder, at the last address set forth for such Holder in
the Warrant Register, of the record date or the effective date of
the event. Failure to give such notice, or any defect therein,
shall not affect the legality or validity of such
event.

 

4.8 No
Fractional Shares.
Notwithstanding any provision contained in this Warrant Agreement
to the contrary, the Company shall not issue fractional shares upon
exercise of Warrants. If, by reason of any adjustment made pursuant
to this Section 4, a Holder would be entitled, upon the exercise of
such Warrant, to receive a fractional interest in a share, the
Company shall, upon such exercise, round up or down, as applicable,
to the nearest whole number the number of Warrant Shares to be
issued to such Holder.

 

4.9 Form
of Warrant. The form of Warrant
need not be changed because of any adjustment pursuant to this
Section 4, and Warrants issued after such adjustment may state the
same Exercise Price and the same number of shares as is stated in
the Warrants initially issued pursuant to this Warrant Agreement.
However, the Company may at any time in its sole discretion make
any change in the form of Warrant that the Company may deem
appropriate and that does not affect the substance thereof, and any
Warrant thereafter issued or countersigned, whether in exchange or
substitution for an outstanding Warrant or otherwise, may be in the
form as so changed.

 

4.10 Calculations.
All calculations under this Section 4 shall be made to the nearest
cent or the nearest 1/100th of a share, as the case may be. For
purposes of this Section 4, 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.

 

5. Transfer
and Exchange of Warrants.

 

5.1 Registration
of Transfer. The Warrant Agent
shall register the transfer, from time to time, of any outstanding
Warrant upon the Warrant Register, upon surrender of such Warrant
for transfer, properly endorsed with signatures properly guaranteed
and accompanied by appropriate instructions for transfer. Upon any
such transfer, a new Warrant representing an equal aggregate number
of Warrants shall be issued and the old Warrant shall be cancelled
by the Warrant Agent. The Warrants so cancelled shall be delivered
by the Warrant Agent to the Company from time to time upon
request.

 

5.2 Procedure
for Surrender of Warrants.
Warrants may be surrendered to the Warrant Agent, together with a
written request for exchange or transfer reasonably acceptable to
Warrant Agent, duly executed by the Holder thereof, or by a duly
authorized attorney, and thereupon the Warrant Agent shall issue in
exchange therefor one or more new Warrants as requested by the
Holder of the Warrants so surrendered, representing an equal
aggregate number of Warrants; provided, however, that except as
otherwise provided herein or in any Book-Entry Warrant Certificate,
each Book-Entry Warrant Certificate may be transferred only in
whole and only to the Depository, to another nominee of the
Depository, to a successor depository, or to a nominee of a
successor depository; provided further, however, that in the event
that a Warrant surrendered for transfer bears a restrictive legend,
the Warrant Agent shall not cancel such Warrant and issue new
Warrants in exchange therefor until the Warrant Agent has received
an opinion of counsel for the Company stating that such transfer
may be made and indicating whether the new Warrants must also bear
a restrictive legend.

 

 

12

 

 

5.3 Fractional
Warrants. The Warrant Agent
shall not be required to effect any registration of transfer or
exchange which will result in the issuance of a Warrant Certificate
for a fraction of a Warrant.

 

5.4 Service
Charges. No service charge
shall be made for any exchange or registration of transfer of
Warrants.

 

5.5 Warrant
Execution and Countersignature.
The Warrant Agent is hereby authorized to countersign and to
deliver, in accordance with the terms of this Warrant Agreement,
the Warrants required to be issued pursuant to the provisions of
this Section 5, and the Company, whenever required by the Warrant
Agent, will supply the Warrant Agent with Warrants duly executed on
behalf of the Company for such purpose.

 

6. Other
Provisions Relating to Rights of Holders of
Warrants.

 

6.1 No
Rights as Stockholder. Except
as otherwise specifically provided herein, a Holder, solely in its
capacity as an owner of a Warrant, shall not be entitled to vote or
receive dividends or be deemed the holder of share capital of the
Company for any purpose, nor shall anything contained in this
Warrant Agreement be construed to confer upon a Holder, solely in
its capacity as the owner of a Warrant, any of the rights of a
stockholder of the Company or any right to vote, give or withhold
consent to any corporate action (whether any reorganization, issue
of stock, reclassification of stock, consolidation, merger,
conveyance or otherwise), receive notice of meetings, receive
dividends or subscription rights, or otherwise, prior to the
issuance to the Holder of the Warrant Shares which it is then
entitled to receive upon the due exercise of a Warrant. For the
avoidance of doubt, ownership of a Warrant does not entitle the
Holder or any beneficial owner thereof to any of the rights of a
stockholder.

 

6.2 Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated or
destroyed, the Company and the Warrant Agent may, on such terms as
to indemnity or otherwise as they may in their discretion impose
(which shall, in the case of a mutilated Warrant, include the
surrender thereof), issue a new Warrant of like denomination, tenor
and date as the Warrant so lost, stolen, mutilated or destroyed.
Any such new Warrant shall constitute a substitute contractual
obligation of the Company, whether or not the allegedly lost,
stolen, mutilated or destroyed Warrant shall be at any time
enforceable by anyone.

 

6.3 Reservation
of Common Stock. The Company
shall at all times reserve and keep available a number of its
authorized but unissued shares of Common Stock that will be
sufficient to permit the exercise in full of all outstanding
Warrants issued pursuant to this Warrant
Agreement.

 

 

13

 

 

7. Concerning
the Warrant Agent and Other Matters.

 

7.1 Payment
of Taxes. The Company will from
time to time promptly pay all taxes and charges that may be imposed
upon the Company or the Warrant Agent in respect of the issuance or
delivery of Warrant Shares upon the exercise of Warrants, but the
Company shall not be obligated to pay any transfer taxes in respect
of the Warrants or such shares.

 

7.2 Resignation,
Consolidation, or Merger of Warrant Agent.

 

7.2.1 Appointment
of Successor Warrant Agent. The
Warrant Agent, or any successor to it hereafter appointed, may
resign its duties and be discharged from all further duties and
liabilities hereunder after giving sixty (60) calendar days’
notice in writing to the Company. If the office of the Warrant
Agent becomes vacant by resignation or incapacity to act or
otherwise, the Company shall appoint in writing a successor Warrant
Agent in place of the Warrant Agent. If the Company shall fail to
make such appointment within a period of thirty (30) calendar days
after it has been notified in writing of such resignation or
incapacity by the Warrant Agent or by the Holder (who shall, with
such notice, submit such Holder’s Warrants for inspection by
the Company), then such Holder may apply to the Supreme Court of
the State of New York for the County of New York for the
appointment of a successor Warrant Agent, the expenses of which
shall be paid by the Company. Any successor Warrant Agent (but not
including the initial Warrant Agent), whether appointed by the
Company or by such court, shall be a duly organized and existing
corporation, authorized under the laws of its state of
incorporation to exercise corporate trust powers and subject to
supervision or examination by federal or state authority. After
appointment, any successor Warrant Agent shall be vested with all
the authority, powers, rights, immunities, duties, and obligations
of its predecessor Warrant Agent with like effect as if originally
named as Warrant Agent hereunder, without any further act or deed;
but if for any reason it becomes necessary or appropriate, the
predecessor Warrant Agent shall execute and deliver, at the expense
of the Company, an instrument transferring to such successor
Warrant Agent all the authority, powers, and rights of such
predecessor Warrant Agent hereunder; and upon request of any
successor Warrant Agent the Company shall make, execute,
acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such
successor Warrant Agent all such authority, powers, rights,
immunities, duties, and obligations.

 

7.2.2 Notice
of Successor Warrant Agent. In
the event a successor Warrant Agent shall be appointed, the Company
shall give notice thereof to the predecessor Warrant Agent and the
transfer agent for the Common Stock not later than the effective
date of any such appointment.

 

7.2.3 Merger
or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may
be merged or with which it may be consolidated or any corporation
resulting from any merger or consolidation to which the Warrant
Agent shall be a party shall be the successor Warrant Agent under
this Warrant Agreement without any further act.

 

 

14

 

 

7.3 Fees
and Expenses of Warrant Agent.

 

7.3.1 Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration
for its services as such Warrant Agent hereunder and will reimburse
the Warrant Agent upon demand for all expenditures that the Warrant
Agent may reasonably incur in the execution of its duties
hereunder.

 

7.3.2 Further
Assurances. The Company agrees
to perform, execute, acknowledge and deliver or cause to be
performed, executed, acknowledged and delivered all such further
and other acts, instruments and assurances as may reasonably be
required by the Warrant Agent for the carrying out or performing of
the provisions of this Warrant Agreement.

 

7.4 Liability
of Warrant Agent.

 

7.4.1 Reliance
on Company Statement. Whenever
in the performance of its duties under this Warrant Agreement the
Warrant Agent shall deem it necessary or desirable that any fact or
matter be proved or established by the Company prior to taking or
suffering any action hereunder, such fact or matter (unless other
evidence in respect thereof be herein specifically prescribed) may
be deemed to be conclusively proved and established by a statement
signed by the President, Chief Executive Officer or Chief Financial
Officer of the Company and delivered to the Warrant Agent. The
Warrant Agent may rely upon such statement for any action taken or
suffered in good faith by it pursuant to the provisions of this
Warrant Agreement.

 

7.4.2 Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross
negligence, willful misconduct or bad faith. The Company agrees to
indemnify the Warrant Agent and save it harmless against any and
all liabilities, including judgments, costs and reasonable counsel
fees, for anything done or omitted by the Warrant Agent in the
execution of this Warrant Agreement, except as a result of the
Warrant Agent’s gross negligence, willful misconduct or bad
faith.

 

7.4.3 Exclusions.
The Warrant Agent shall have no responsibility with respect to the
validity of this Warrant Agreement or with respect to the validity
or execution of any Warrant (except its countersignature hereof and
thereof); nor shall it be responsible for any breach by the Company
of any covenant or condition contained in this Warrant Agreement or
in any Warrant; nor shall it be responsible to make any adjustments
required under the provisions of Section 4 hereof or responsible
for the manner, method or amount of any such adjustment or the
ascertaining of the existence of facts that would require any such
adjustment; nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation
of any Warrant Shares to be issued pursuant to this Warrant
Agreement or any Warrant or as to whether any Warrant Shares will
when issued be validly issued and fully paid and
nonassessable.

 

7.5 Acceptance
of Agency. The Warrant Agent
hereby accepts the agency established by this Warrant Agreement and
agrees to perform the same upon the terms and conditions herein set
forth and, among other things, shall account promptly to the
Company with respect to Warrants exercised and concurrently account
for, and pay to the Company, all moneys received by the Warrant
Agent for the purchase of Warrant Shares through the exercise of
Warrants.

 

 

15

 

 

8. Miscellaneous
Provisions.

 

8.1 Successors.
All the covenants and provisions of this Warrant Agreement by or
for the benefit of the Company or the Warrant Agent shall bind and
inure to the benefit of their respective successors and
assigns.

 

8.2 Notices.
Any notice, statement or demand authorized by this Warrant
Agreement to be given or made by the Warrant Agent or by a Holder
to or on the Company shall be sufficiently given when so delivered
if by e-mail or fax, the date of confirmed transmission, and if by
hand or overnight delivery or if sent by certified mail or private
courier service within five (5) Business Days after deposit of such
notice, postage prepaid, addressed (until another address is filed
in writing by the Company with the Warrant Agent), as
follows:

 

ENDRA
Life Sciences Inc.

3600
Green Court, Suite 350

 

Ann
Arbor, MI 48105

 

E-mail:
fmichelon@endrainc.com

Attn:
Chief Executive Officer

 

with a
copy in each case to:

 

K&L
Gates LLP

 

214
North Tryon Street, Suite 4700

 

Charlotte,
NC 28202

 

E-mail:
mark.busch@klgates.com

 

Fax:
(704) 353-3140

 

Attn:
Mark R. Busch

 

Any
notice, statement or demand authorized by this Warrant Agreement to
be given or made by a Holder or by the Company to or on the Warrant
Agent shall be sufficiently given when so delivered if by e-mail or
fax, the date of confirmed transmission, and if by hand or
overnight delivery or if sent by certified mail or private courier
service within five (5) Business Days after deposit of such notice,
postage prepaid, addressed (until another address is filed in
writing by the Warrant Agent with the Company), as
follows:

 

Corporate Stock
Transfer, Inc.

 

3200
Cherry Creek Drive South, #430

 

Denver,
CO 80209

 

E-mail:
knaughton@corporatestock.com

 

Fax:
(303) 282-5800

 

Attn:                       

Karen
Naughton

 

 

16

 

 

8.3 Applicable
Law. The validity,
interpretation and performance of this Warrant Agreement and of the
Warrants shall be governed in all respects by the laws of the State
of New York, without giving effect to conflicts of law principles
that would result in the application of the substantive laws of
another jurisdiction. The Company hereby agrees that any action,
proceeding or claim against it arising out of or relating in any
way to this Warrant Agreement shall be brought and enforced in the
courts of the State of New York or the United States District Court
for the Southern District of New York, and irrevocably submits to
such jurisdiction, which jurisdiction shall be exclusive. The
Company hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum. Any such
process or summons to be served upon the Company may be served by
transmitting a copy thereof by registered or certified mail, return
receipt requested, postage prepaid, addressed to it at the address
set forth in Section 8.2 hereof. Such mailing shall be deemed
personal service and shall be legal and binding upon the Company in
any action, proceeding or claim.

 

8.4 Persons
Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and
nothing that may be implied from any of the provisions hereof is
intended, or shall be construed, to confer upon, or give to, any
person or corporation other than the parties hereto and the Holders
of the Warrants and, for purposes of Sections 3.3, 8.3 and 8.8, the
Underwriter, any right, remedy, or claim under or by reason of this
Warrant Agreement or of any covenant, condition, stipulation,
promise, or agreement hereof. The Underwriters shall be deemed to
be an express third-party beneficiary of this Warrant Agreement
with respect to Sections 3.3, 8.3 and 8.8 hereof. All covenants,
conditions, stipulations, promises, and agreements contained in
this Warrant Agreement shall be for the sole and exclusive benefit
of the parties hereto (and the Underwriters with respect to the
Sections 3.3, 8.3 and 8.8 hereof) and their successors and assigns
and of the Holders.

 

8.5 Examination
of the Warrant Agreement. A
copy of this Warrant Agreement shall be available for inspection by
any Holder at all reasonable times at the office of the Warrant
Agent in Denver, Colorado and at the office of the Company in Ann
Arbor, Michigan. The Warrant Agent may require any such Holder to
submit his, her or its Warrant for inspection by
it.

 

8.6 Counterparts.
This Warrant Agreement may be executed in any number of original or
facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts
shall together constitute but one and the same
instrument.

 

8.7 Effect
of Headings. The section
headings herein are for convenience only and are not part of this
Warrant Agreement and shall not affect the interpretation
thereof.

 

8.8 Amendments.
Any modifications or amendments, including any amendment to
increase the Exercise Price or shorten the Exercise Period, shall
require the written consent of the Holders of a majority of the
then outstanding Warrants. No consideration shall be offered or
paid to any Person to amend or consent to a waiver or modification
of any provision of this Warrant Agreement unless the same
consideration is also offered to all of the
Holders.

 

8.9 Severability.
This Warrant Agreement shall be deemed severable, and the
invalidity or unenforceability of any term or provision hereof
shall not affect the validity or enforceability of this Warrant
Agreement or of any other term or provision hereof. Furthermore, in
lieu of any such invalid or unenforceable term or provision, the
parties hereto intend that there shall be added as a part of this
Warrant Agreement a provision as similar in terms to such invalid
or unenforceable provision as may be possible and be valid and
enforceable.

 

 

17

 

 

 

[Signature
page follows]

 

 300328890
v8

 

18

 

 

IN
WITNESS WHEREOF, this Warrant Agreement has been duly executed by
the parties hereto as of the day and year first above
written.

 

ENDRA
LIFE SCIENCES INC.

 

By:                                                                            

Name:                                                                            

 

Title:                       

 

CORPORATE
STOCK TRANSFER, INC.

 

By:                                                                            

Name:                                                                            

 

Title:                       

 

 

 

[SIGNATURE
PAGE TO WARRANT AGREEMENT]

 

 

 

19

 

 

Exhibit A - Form of Warrant Certificate

 

 

 

THE
SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE (INCLUDING THE
SECURITIES ISSUABLE UPON THE EXERCISE OF THE WARRANT) ARE SUBJECT
TO THE TERMS AND CONDITIONS SET FORTH IN THE WARRANT AGREEMENT
DATED AS OF [MARCH __], 2017, BY AND BETWEEN THE COMPANY AND THE
WARRANT AGENT. COPIES OF SUCH AGREEMENT MAY BE OBTAINED BY THE
HOLDER HEREOF AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS
WITHOUT CHARGE.

 

EXERCISABLE
ONLY IF COUNTERSIGNED BY THE WARRANT

 

AGENT
AS PROVIDED HEREIN.

 

Warrant
Certificate Evidencing Warrants to Purchase

 

Common
Stock, par value of $0.0001 per share, as described
herein.

 

ENDRA LIFE SCIENCES INC.

 

	

No.
___________

 

	

CUSIP [_______]

 

 

 

VOID AFTER 5:00 P.M., NEW YORK CITY TIME,

 

ON MARCH, [__], 2022

 

This
certifies that ________________________ or registered assigns is
the registered holder (the “Holder”) of _____________________
warrants to purchase certain securities (each a “Warrant”). Each Warrant entitles
the Holder, subject to the provisions contained herein and in the
Warrant Agreement (as defined below), to purchase from ENDRA Life
Sciences Inc., a Delaware corporation (the “Company”), one share
(collectively, the “Warrant
Shares”) of Common Stock, par value $0.0001 per share,
of the Company (“Common
Stock”), at the Exercise Price set forth below. The
price per share at which each Warrant Share may be purchased at the
time each Warrant is exercised (the “Exercise Price”) is $[___]
initially, subject to adjustments as set forth in the Warrant
Agreement (as defined below).

 

This
Warrant Certificate is issued under and in accordance with the
Warrant Agreement, dated as of [March __], 2017 (the
“Warrant
Agreement”), between the Company and the Warrant
Agent, and is subject to the terms and provisions contained in the
Warrant Agreement, to all of which terms and provisions the Holder
of this Warrant Certificate and the beneficial owners of the
Warrants represented by this Warrant Certificate consent by
acceptance hereof. Copies of the Warrant Agreement are on file and
can be inspected at the below-mentioned office of the Warrant Agent
and at the office of the Company at 3600 Green Court, Suite 350,
Ann Arbor, Michigan 48105. Capitalized terms used but not defined
herein shall have the meaning ascribed to them in the Warrant
Agreement.

 

Subject
to the terms of the Warrant Agreement, each Warrant evidenced
hereby may be exercised in whole but not in part at any time, as
specified herein, on any Business Day (as defined below) occurring
during the period (the “Exercise Period”) commencing on
the Issuance Date and terminating at 5:00 p.m., New York City time,
on [March __], 2022 (the “Expiration Date”). Each Warrant
remaining unexercised after 5:00 p.m., New York City time, on the
Expiration Date shall become void, and all rights of the Holder of
this Warrant Certificate evidencing such Warrant shall
cease.

 

 

A-1

 

 

The
Holder of the Warrants represented by this Warrant Certificate may
exercise any Warrant evidenced hereby by delivering, not later than
5:00 p.m., New York City time, on any Business Day during the
Exercise Period (the “Exercise Date”) to Corporate Stock
Transfer, Inc. (the “Warrant
Agent”, which term includes any successor warrant
agent under the Warrant Agreement described below) at its corporate
trust department at 3200 Cherry Creek Drive South, #430, Denver,
Colorado 80209, (i) a duly executed e-mail or facsimile copy of an
election to purchase (“Election to Purchase”), properly
executed by the Holder hereof on the reverse of this Warrant
Certificate or properly executed by the institution in whose
account the Warrant is recorded on the records of the Depository
(the “Participant”), and substantially
in the form included on the reverse of this Warrant Certificate,
and (ii) unless cashless exercise is permitted under the Warrant
Agreement and exercised by the Holder, the aggregate Exercise Price
for the shares specified in the applicable Election to Purchase by
wire transfer or cashier’s check drawn on a United States
bank. No ink-original Election to Purchase shall be required.
Unless Warrant Shares, or a Warrant Certificate evidencing
unexercised Warrants, are to be issued in a name other than that of
the exercising Holder, no medallion guarantee (or other type of
guarantee or notarization) of any Election to Purchase form shall
be required. Notwithstanding anything herein to the contrary, the
Holder shall not be required to physically surrender this Warrant
Certificate to the Warrant Agent or the Company until the Holder
has purchased all of the Warrant Shares available hereunder and the
Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant Certificate to the Warrant Agent for
cancellation at the same time the final Election to Purchase is
delivered to the Warrant Agent. 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 Holder and the Warrant Agent shall maintain records showing the
number of Warrant Shares purchased and the date of such purchases.
The Company or the Warrant Agent shall deliver any objection to any
Election to Purchase within one (1) Trading Day of receipt of such
notice. The Holder and any
assignee, by acceptance of this Warrant Certificate, acknowledge
and agree that, by reason of the provisions of this paragraph,
following the purchase of a portion of the Warrant Shares
hereunder, the number of Warrant Shares available for purchase
hereunder at any given time may be less than the amount stated on
the face hereof.

 

The
term “Business
Day” means any day other than Saturday, Sunday or
other day on which commercial banks in the City of New York are
authorized or required by law or executive order to remain closed.
The term “Trading
Day” means a day on which the principal Trading Market
is open for trading. The term “Trading Market” means any of the
following U.S. markets or exchanges on which the Common Stock is
listed or quoted for trading on the date in question: the NYSE,
NYSE MKT, the NASDAQ Capital Market, the NASDAQ Global Market or
the NASDAQ Global Select Market (or any successors to any of the
foregoing).

 

Warrants may be
exercised only in whole numbers of Warrants. No fractional Warrant
Shares are to be issued upon the exercise of this Warrant, but
rather the number of Warrant Shares to be issued shall be rounded
up to the nearest whole number. If fewer than all of the Warrants
evidenced by this Warrant Certificate are exercised, a new Warrant
Certificate for the number of Warrants remaining unexercised shall
be executed by the Company and countersigned by the Warrant Agent
as provided in Section 3 of the Warrant Agreement, and delivered to
the Holder of this Warrant Certificate at the address specified on
the books of the Warrant Agent or as otherwise specified by such
Holder.

 

 

A-2

 

 

Exercise of the
Warrants is subject to the terms, conditions and limitations set
forth in the Warrant Agreement, which such terms, conditions and
limitations include, without limitation, the prohibitions on
exercise set forth in Section 3.3.10 of the Warrant Agreement if
the exercise would result in the Holder, together with certain of
its Affiliates, beneficially owning in excess of the Beneficial
Ownership Limitation.

 

The
Exercise Price and the number of Warrant Shares purchasable upon
the exercise of each Warrant shall be subject to adjustment as
provided pursuant to Section 4 of the Warrant
Agreement.

 

Neither
this Warrant Certificate nor the Warrants evidenced hereby entitles
the Holder to any of the rights of a stockholder of the Company,
including, without limitation, the right to receive dividends, or
other distributions, exercise any preemptive rights to vote or to
consent or to receive notice as stockholders in respect of the
meetings of stockholders or the election of directors of the
Company or any other matter.

 

The
Warrant Agreement and this Warrant Certificate may be amended as
provided in the Warrant Agreement including, under certain
circumstances described therein, without the consent of the Holder
of this Warrant Certificate or the Warrants evidenced
thereby.

 

THIS
WARRANT CERTIFICATE AND ALL RIGHTS HEREUNDER AND UNDER THE WARRANT
AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS FORMED AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF
NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF
TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD REQUIRE OR PERMIT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

This
Warrant Certificate shall not be entitled to any benefit under the
Warrant Agreement or be valid or obligatory for any purpose, and no
Warrant evidenced hereby may be exercised, unless this Warrant
Certificate has been countersigned by the manual signature of the
Warrant Agent.

 

 

 

[Signature
page follows]

 

 

 

A-3

 

 

IN
WITNESS WHEREOF, the Company and Warrant Agent have caused this
instrument to be duly executed as of __________ __,
20__.

 

 

 

“Company”

 

ENDRA
LIFE SCIENCES INC.

 

By:                                                                            

Name:                                                                            

 

Title:                       

 

“Warrant
Agent”

 

CORPORATE
STOCK TRANSFER, INC.

 

By:                                                                            

Name:                                                                            

 

Title:                       

 

 

 

A-4

 

 

[REVERSE]

 

Instructions for Exercise of Warrant

 

To
exercise the Warrants evidenced hereby, the Holder must, by 5:00
p.m., New York City time, on the specified Exercise Date, deliver
to the Warrant Agent at its stock transfer division, a certified or
official bank check or a bank wire transfer in immediately
available funds, in each case payable to the Company, in an amount
equal to the Exercise Price in full for the Warrants exercised. In
addition, the Holder must provide the information required below
and deliver this Warrant Certificate to the Warrant Agent at the
address set forth below and the Book-Entry Warrants to the Warrant
Agent in its account with the Depository designated for such
purpose. The Warrant Certificate and this Election to Purchase must
be received by the Warrant Agent by 5:00 p.m., New York City time,
on the specified Exercise Date.

 

ELECTION TO PURCHASE

 

TO BE EXECUTED IF WARRANT HOLDER DESIRES

 

TO EXERCISE THE WARRANTS EVIDENCED HEREBY

 

The
undersigned hereby irrevocably elects to exercise, on __________,
____ (the “Exercise
Date”), __________ Warrants, evidenced by this Warrant
Certificate, to purchase, __________ shares (the
“Warrant
Shares”) of Common Stock, par value of $0.0001 per
share (the “Common
Stock”) of ENDRA Life Sciences Inc., a Delaware
corporation (the “Company”), and represents that on
or before the Exercise Date:

 

☐
such Holder has tendered payment for such Warrant Shares by
certified or official bank check payable to the order of the
Company c/o Corporate Stock Transfer, Inc., 3200 Cherry Creek Drive
South, #430, Denver, Colorado 80209, or by bank wire transfer in
immediately available funds payable to the Company at Account No. [
], in each case in the amount of $_______ in accordance with the
terms hereof, or

 

☐
[if permitted] the cancellation of such number of Warrant Shares as
is necessary, in accordance with the formula set forth in
subsection 3.3.8 of the Warrant Agreement, to exercise this Warrant
with respect to the maximum number of Warrant Shares purchasable
pursuant to the cashless exercise procedure set forth in subsection
3.3.8.

 

The
undersigned requests that said number of Warrant Shares be in fully
registered form, registered in such names and delivered, all as
specified in accordance with the instructions set forth
below.

 

If said
number of Warrant Shares is less than all of the Warrant Shares
purchasable hereunder, the undersigned requests that a new Warrant
Certificate evidencing the remaining balance of the Warrants
evidenced hereby be issued and delivered to the Holder of the
Warrant Certificate unless otherwise specified in the instructions
below.

 

Dated:
________ __, ____

 

Name:
_________________________________________

 

           (please
print)

 

/ / / / - / / / - / / / / /

 

(Insert
Social Security or Other Identifying Number of Holder)

 

 

 

	
 

	

Address

 

	

___________________________________________________

 

	
 

	
 

	

___________________________________________________

 

	
 

	

Signature

 

	

__________________________

 

 

 

A-5

 

 

This
Warrant may only be exercised by presentation to the Warrant Agent
at one of the following locations:

 

	
 

	
 

	

Corporate Stock
Transfer, Inc.

	
 

	
 

	

3200
Cherry Creek Drive South, #430

	
 

	
 

	

Denver,
Colorado 80209

	
 

	
 

	
 

	
 

	

By
e-mail or fax at:

	

Corporate Stock
Transfer, Inc.

	
 

	
 

	

3200
Cherry Creek Drive South, #430

	
 

	
 

	

Denver,
Colorado 80209E-mail: knaughton@corporatestock.comFax: (303)
282-5800

 

The
method of delivery of this Warrant Certificate is at the option and
risk of the exercising Holder and the delivery of this Warrant
Certificate will be deemed to be made only when actually received
by the Warrant Agent. If delivery is by mail, registered mail with
return receipt requested, properly insured, is recommended. In all
cases, sufficient time should be allowed to ensure timely
delivery.

 

Instructions as to form and delivery of Warrant Shares and/or
Warrant Certificates

 

Name in
which Warrant Shares are to be registered if other than in the name
of the Holder of this Warrant Certificate:

 

_________________________________________

 

(Name)

 

Address
to which Warrant Shares are to be mailed if other than to the
address of the Holder of this Warrant Certificate as shown on the
books of the Warrant Agent:

 

_________________________________________

 

(Street
Address)

_________________________________________

 

(City
and State)(Zip Code)

 

Name in
which Warrant Certificate evidencing unexercised Warrants, if any,
is to be registered if other than in the name of the Holder of this
Warrant Certificate:

 

_________________________________________

 

(Name)

 

Address
to which certificate representing unexercised Warrants, if any, is
to be mailed if other than to the address of the Holder of this
Warrant Certificate as shown on the books of the Warrant
Agent:

 

_________________________________________

 

(Street
Address)

 

_________________________________________

 

(City
and State)(Zip Code)

 

 

A-6

 

 

Dated:
_________________________________________

 

Signature:
_________________________________________

 

Signature must conform in all respects to the name of the Holder as
specified on the face of this Warrant Certificate. If Warrant
Shares, or a Warrant Certificate evidencing unexercised Warrants,
are to be issued in a name other than that of the Holder hereof or
are to be delivered to an address other than the address of such
Holder as shown on the books of the Warrant Agent, the above
signature must be guaranteed by an Eligible Guarantor Institution
(as that term is defined in Rule 17Ad-15 of the Securities Exchange
Act of 1934, as amended).

 

 

SIGNATURE GUARANTEE

 

Name of
Firm _______________________________________________

 

Address
____________________________________________________

 

Tel.:
_______________________________________________________

 

 

 

Authorized
Signature _________________________________________

 

Name
______________________________________________________

 

Title
_______________________________________________________

 

Dated:
__________, 20__

 

 

 

A-7

 

 

ASSIGNMENT

 

(FORM
OF ASSIGNMENT TO BE EXECUTED IF WARRANT HOLDER

 

DESIRES
TO TRANSFER WARRANTS EVIDENCED HEREBY)

 

FOR
VALUE RECEIVED, ____________ HEREBY SELL(S), ASSIGN(S) AND
TRANSFER(S) UNTO:

 

______________________________________________

 

(Name
of Assignee)

 

______________________________________________

 

(Street
Address)

 

______________________________________________

 

(City
and State)(Zip Code)

 

______________________________________________

 

(Social
Security or Other Identifying Number of Assignee)

 

the
rights represented by the within Warrant Certificate and does
hereby irrevocably constitute and appoint ___________________
Attorney to transfer said Warrant Certificate on the books of the
Warrant Agent with full power of substitution in the
premises.

 

Dated:
_________________________________________

 

Signature:
_________________________________________

 

Signature must conform in all respects to the name of the Holder as
specified on the face of this Warrant Certificate. If Warrant
Shares, or a Warrant Certificate evidencing unexercised Warrants,
are to be issued in a name other than that of the Holder hereof or
are to be delivered to an address other than the address of such
Holder as shown on the books of the Warrant Agent, the above
signature must be guaranteed by a an Eligible Guarantor Institution
(as that term is defined in Rule 17Ad-15 of the Securities Exchange
Act of 1934, as amended).

 

 

SIGNATURE GUARANTEE

 

Name of
Firm _______________________________________________

 

Address
____________________________________________________

 

Tel.:
_______________________________________________________

 

 

 

Authorized
Signature _________________________________________

 

Name
______________________________________________________

 

Title
_______________________________________________________

 

Dated:
__________, 20__

 

 

 

 

A-8

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