Document:

EX-10.2

 Exhibit 10.2 

SUBSCRIPTION AGREEMENT 

1. The Parties. THIS SUBSCRIPTION AGREEMENT (this “Agreement”) is entered into effective as of the 13th day of November, 2013, by and between PURE BIOSCIENCE, INC., a Delaware corporation (alternatively referred to herein as the “Issuer” or the “Company”), and the
purchaser identified on Exhibit “A”, attached hereto and incorporated herein by reference (the “Purchaser”). The Company and the Purchaser are sometimes referred to collectively herein as the “Parties”,
and each individually as a “Party”. 
 2. Recitals. The Parties acknowledge and understand that the Company
is currently offering for sale $2,500,000 worth of shares of its Common Stock, $.01 par value per share (the “Shares”), having the rights, privileges, and preferences as set forth in the Certificate of Incorporation of the Company
(the “Certificate”). This offering is made pursuant to detailed financial and due diligence information and documentation previously delivered to the Purchaser, the receipt of which is hereby acknowledged (the “Due Diligence
Information”). The Parties further understand that the offering is being made without registration of the Shares under the Securities Act of 1933, as amended (the “Securities Act”), and is being made to the Purchaser in its
capacity as an “accredited investor” (as defined in Rule 501 of Regulation D under the Securities Act). 
 3.
Subscription. Subject to the terms and conditions hereof, the Purchaser hereby irrevocably subscribes for that number of Shares referenced on Exhibit “A” (the “Purchased Shares”), at the purchase price per Share
also referenced on Exhibit “A”, for the total purchase price also referenced on Exhibit “A”. The purchase price is payable in accordance with Section 6, below. The Parties acknowledge that the Shares will be subject to
restrictions on transfer pursuant to other agreements which may be executed by and between the Parties, and as further set forth in this Agreement. 

4. Acceptance of Subscription and Issuance of Shares. It is understood and agreed that the Company shall have the sole right, at
its complete discretion, to accept or reject this subscription, in whole or in part, for any reason and that the same shall be deemed to be accepted by the Company only when it is signed by a duly authorized officer of the Company and delivered to
the Purchaser at the Closing referred to in Section 5 hereof. Notwithstanding anything in this Agreement to the contrary, the Company shall have no obligation to issue any of the Shares to any person who is a resident of a jurisdiction in which
the issuance of Shares to it would constitute a violation of the securities, “blue sky” or other similar laws of such jurisdiction (collectively referred to as the “State Securities Laws”). 

5. Closing and Closing Date. The closing of the purchase and sale of the Shares (the “Closing”) shall take
place at the offices of the Company, on the day designated by the Company (the “Closing Date”), or at such place as the Parties may agree. 

6. Payment for Shares. Payment for the Shares shall be received by the Company from the Purchaser by check, cashier’s check
or wire transfer of immediately available funds at or prior to the Closing. As soon as practicable after the Closing the Company shall deliver to the Purchaser a certificate for the Purchased Shares. 

7. Representations and Warranties of the Company. As of the Closing, the Company represents and warrants that: 

(a) The Company is duly incorporated, validly existing and in good standing under the laws of the State of Delaware, with full
power and authority to conduct its business as it is currently being conducted and to own its assets and has secured any other authorizations, approvals, permits and orders required by law for the conduct by the Company of its business as it is
currently being conducted. 
 (b) The Company has duly authorized the issuance and sale of the Purchased Shares upon the
terms of their offer by all requisite corporate action. The Company has reserved for issuance such number of Shares. 

  
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 (c) The Purchased Shares, when issued and paid for, will represent validly
authorized, duly issued and fully paid and nonassessable Shares of the Company, and the issuance thereof will not conflict with the certificate of incorporation or bylaws of the Company nor with any outstanding warrant, option, call, preemptive
right or commitment of any type relating to the Company’s capital stock. The Purchased Shares shall have the rights, preferences and privileges set forth in the Certificate. 

(d) No representation or warranty by the Company in this Agreement, and no statement by an officer of the Company contained in
any document, certificate or other writing furnished to the Purchaser in connection with the transactions contemplated hereby, when taken as a whole, contains any untrue statement of a material fact or omits to state any material fact necessary to
make statements herein or therein not misleading in light of the circumstances in which they are made. 
 (e) The Company has
filed all reports, schedules, forms, statements and other documents required to be filed by the Company under applicable federal securities laws (collectively referred to herein as the “SEC Reports”). 

(f) As of the Closing, the consummation by the Company of the transactions herein contemplated, including the execution,
delivery and consummation of this Agreement, will comply with all applicable law and will not: 
 (1) Violate any judgment,
statute, law, code, act, order, writ, rule, ordinance, regulation, governmental consent or governmental requirement, or determination or decree of any arbitrator, court, or other governmental agency or administrative body, which now or at any time
hereafter may be applicable to and enforceable against the relevant party, work, or activity in question or any part thereof (collectively, “Requirement of Law”) applicable to or binding upon the Company or any of its assets; 

(2) Violate (i) the terms of the Certificate or Bylaws of the Company; or, (ii) any material agreement, contract,
mortgage, indenture, bond, bill, note, or other material instrument or writing binding upon the Company or to which the Company is subject; or 

(3) Result in the breach of, constitute a default under, constitute an event which with notice or lapse of time, or both, would
become a default under, or result in the creation of any lien, security interest, charge or encumbrance upon any of the assets or other properties of the Company under any agreement, commitment, contract (written or oral) or other instrument to
which the Company is a party, or by which the assets or other properties of the Company are bound or affected. 
 8. Representations
and Warranties of the Purchaser. The Purchaser hereby represents and warrants that: 
 8.1 General.

 (a) The Purchaser has all requisite authority to enter into this Agreement and to perform all the obligations required to
be performed by the Purchaser hereunder. 
 (b) The Purchaser is a resident of the state (or, was formed in the state, as
appropriate) referenced on Exhibit “A”. 
 (c) The Purchaser is not acquiring the Purchased Shares as an agent or
otherwise for any other person. 

  
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 (d) As of the Closing, the consummation by the Purchaser of the transactions
herein contemplated, including the execution, delivery and consummation of this Agreement, will not violate any Requirement of Law applicable to or binding upon the Purchaser. 

8.2 Information Concerning the Company. 

(a) The Purchaser has received a copy of the Due Diligence Information. The Purchaser has not been furnished any offering
literature other than the Due Diligence Information, and the Purchaser has exclusively relied only on the information contained therein and in the SEC Reports. 

(b) The Purchaser is familiar with the business and financial condition, properties, operations, and prospects of the Company,
and that there are no guarantees of the success of the Company. The Purchaser has been given the opportunity to obtain any information necessary to verify the accuracy of the information set forth in the Due Diligence Information and in the SEC
Reports and has been furnished all such information so requested. 
 (c) The Purchaser understands that, unless it notifies
the Company in writing to the contrary at or before the Closing, all of the representations and warranties contained in Section 8 of this Agreement will be deemed true and correct as of the Closing by the Purchaser in all respect with the same
effect as thought made on closing taking into account all information received by purchaser from the Company. 
 (d) The
Purchaser understands that the purchase of the Purchased Shares involves various risks, including those outlined in the SEC Reports. 

(e) The Purchaser understands that no federal or state agency has passed upon the Purchased Shares or made any finding or
determination concerning the fairness or advisability of this investment. 
 (f) The Purchaser understands that estimates and
projections like those contained in the Due Diligence Information, by their nature, involve significant elements of subjective judgment and analysis that may or may not be correct; that there can be no assurance that such projections or goals will
be attained; and, that the projections and estimates contained in the Due Diligence Information should not be relied upon as a promise or representation of the future performance of the Company. 

8.3 Accredited Investor Status. 

(a) The Purchaser is an “accredited investor” as defined in Rule 501(a) under Regulation D of the Securities Act. The
Purchaser agrees to furnish any additional information requested to assure compliance with applicable federal and state securities laws in connection with the purchase and sale of the Shares, and further acknowledges that it has completed the
Accredited Investor Questionnaire, attached hereto as Exhibit “B”, and that the information contained therein is complete and accurate as of the date thereof and is hereby affirmed as of the date of the Closing. 

(b) The Purchaser has such knowledge, skill, and experience in business, financial and investment matters so that it is capable
of evaluating the merits and risks of an investment in the Purchased Shares. To the extent necessary, it has retained, at its own expense, and relied upon, appropriate professional advice regarding the investment, tax and legal merits and
consequences of this Agreement and owning the Purchased Shares. 
 . 

  
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 8.4 Purchase Transaction and Restrictions on Transfer or Sale of the
Shares. 
 (a) The Purchaser is acquiring the Purchased Shares solely for its own beneficial account, for investment
purposes, and not with a view to, or for resale in connection with, any distribution of the Purchased Shares. The Purchaser understands that the Purchased Shares have not been registered under the Securities Act or any State Securities Laws by
reason of specific exemptions under the provisions thereof which depend in part upon the investment intent of the Purchaser and of the other representations made by the Purchaser in this Agreement. The Purchaser understands that the Company is
relying upon the representations and agreements contained in this Agreement (and any supplemental information) for the purpose of determining whether this transaction meets the requirements for such exemptions. 

(b) As of the Closing the Purchaser will be purchasing the Purchased Shares based upon its own independent investigation and
evaluation of the Company and its prospects, and the covenants, representations, and warranties of the Company set forth herein. The Purchaser is expressly not relying on any oral representations made by the Company or any of its agents. 

(c) The Purchaser understands that the Purchased Shares are “restricted securities” under applicable federal
securities laws and that the Securities Act and the rules of the Securities and Exchange Commission (the “Commission”) provide in substance that the Purchaser may dispose of the Purchased Shares only pursuant to an effective
registration statement under the Securities Act or an exemption therefrom, and the Purchaser understands that the Company has no obligation or intention to register any of the Purchased Shares, or to take action so as to permit sales pursuant to the
Securities Act (including Rule 144 thereunder). Accordingly, the Purchaser understands that under the Commission’s rules, the Purchaser may dispose of the Purchased Shares principally only in “private placements” which are exempt from
registration under the Securities Act, in which event the transferee will acquire “restricted securities” subject to the same limitations as in the hands of the Purchaser. As a consequence, the Purchaser understands that it must bear the
economic risks of the investment in the Purchased Shares for an indefinite period of time. 
 (d) The Purchaser has not
offered or sold any portion of the Purchased Shares and has no present intention of dividing the Purchased Shares with others or of reselling or otherwise disposing of any portion of the Purchased Shares either currently or after the passage of a
fixed or determinable period of time or upon the occurrence or nonoccurrence of any predetermined event or circumstance. 

(e) The Purchaser acknowledges that neither the Company nor any other person offered to sell the Purchased Shares to it by
means of any form of general advertising, such as media advertising or seminars. 
 (f) The Purchaser has not used any person
as a “purchaser representative” within the meaning of SEC Regulation D to represent it in determining whether it should purchase the Shares, unless otherwise specifically disclosed to, and acknowledged by, the Company in writing. 

9. Obligations Irrevocable. The obligations of the Purchaser to effect the purchase hereunder shall be irrevocable, except in
the event of a breach of a material provision of this Agreement by the Company or abandonment by the Company pursuant to Section 8.4(h). 

10. Legend. Each certificate for Purchased Shares will be imprinted with a legend in substantially the following form: 

  
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 “THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED OR OFFERED FOR SALE OR TRANSFER UNLESS A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES LAWS
WITH RESPECT TO SUCH SECURITIES IS THEN IN EFFECT, OR IN THE OPINION OF COUNSEL, SUCH REGISTRATION UNDER THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES LAWS IS NOT REQUIRED.” 

11. Brokers. The Purchaser has not entered into any agreement to pay any broker’s or finder’s fee to any Person with
respect to this Agreement or the transactions contemplated hereby. In the sole discretion of the Company it may retain brokers and finders, the payment which, if any, will be the sole responsibility of the Company. 

12. Reserved. 

13. Additional Provisions. 

13.1 Executed Counterparts. This Agreement may be executed in any number of counterparts, all of which when taken
together shall be considered one and the same agreement, it being understood that all Parties need not sign the same counterpart. In the event that any signature is delivered by fax or by e-mail delivery of a “.pdf” format data file, such
signature shall create a valid and binding obligation of the Party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. Each of the
Parties hereby expressly forever waives any and all rights to raise the use of a fax machine or E-Mail to deliver a signature, or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a fax machine
or E-Mail, as a defense to the formation of a contract. 
 13.2 Successors and Assigns. Except as expressly
provided in this Agreement, each and all of the covenants, terms, provisions, conditions and agreements herein contained shall be binding upon and shall inure to the benefit of the successors and assigns of the Parties hereto. 

13.3 Article and Section Headings. The article and section headings used in this Agreement are inserted for
convenience and identification only and are not to be used in any manner to interpret this Agreement. 
 13.4
Severability. Each and every provision of this Agreement is severable and independent of any other term or provision of this Agreement. If any term or provision hereof is held void or invalid for any reason by a court of competent
jurisdiction, such invalidity shall not affect the remainder of this Agreement. 

  
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 13.5 Governing Law. This Agreement shall be governed by the laws of
the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of
Delaware. The laws of the State of Delaware shall only apply to the extent necessary to comply with such law in light of the fact that the Company is a Delaware corporation. Each Party agrees that all legal proceedings concerning the
interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a Party or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the
state and federal courts sitting in the County of San Diego. Each Party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the County of San Diego, State of California, for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, 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 improper or is an inconvenient venue for such proceeding. 

13.6 Entire Agreement. This Agreement, and all references, documents, or instruments referred to herein, contains
the entire agreement and understanding of the Parties hereto in respect to the subject matter contained herein. The Parties have expressly not relied upon any promises, representations, warranties, agreements, covenants, or undertakings, other than
those expressly set forth or referred to herein. This Agreement supersedes any and all prior written or oral agreements, understandings, and negotiations between the Parties with respect to the subject matter contained herein. 

13.7 Additional Documentation. The Parties hereto agree to execute, acknowledge, and cause to be filed and
recorded, if necessary, any and all documents, amendments, notices, and certificates which may be necessary or convenient under the laws of the State of Delaware. 

13.8 Attorney’s Fees. If any legal action (including arbitration) is necessary to enforce the terms and
conditions of this Agreement, the prevailing Party after final judgment shall be entitled to costs and reasonable attorney’s fees. 

13.9 Amendment. This Agreement may be amended or modified only by a writing signed by all Parties. 

13.10 Remedies. 

(a) Specific Performance. The Parties hereby declare that it is impossible to measure in money the damages which
will result from a failure to perform any of the obligations under this Agreement. Therefore, each Party waives the claim or defense that an adequate remedy at law exists in any action or proceeding brought to enforce the provisions hereof. 

(b) Cumulative. The remedies of the Parties under this Agreement are cumulative and shall not exclude any other
remedies to which any person may be lawfully entitled. 
 13.11 Waiver. No failure by any Party to insist on
the strict performance of any covenant, duty, agreement, or condition of this Agreement or to exercise any right or remedy on a breach shall constitute a waiver of any such breach or of any other covenant, duty, agreement, or condition. 

13.12 Assignability. This Agreement is not assignable by either Party without the expressed written consent of
all other Parties. 
 13.13 Notices. 

(a) Method and Delivery. All notices, requests and demands hereunder shall be in writing and delivered by hand,
by Electronic Transmission, by mail, by telegram, or by recognized 

  
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commercial over-night delivery service (such as Federal Express, UPS, or DHL), and shall be deemed given (a) if by hand delivery, upon such delivery; (b) if by Electronic Transmission,
upon telephone confirmation of receipt of same; (c) if by mail, forty-eight (48) hours after deposit in the United States mail, first class, registered or certified mail, postage prepaid; (d) if
by telegram, upon telephone confirmation of receipt of same; or, (e) if by recognized commercial over-night delivery service, upon such delivery. 

(b) Consent to Electronic Transmissions. Each Party hereby expressly consents to the use of Electronic
Transmissions for communications and notices under this Agreement. For purposes of this Agreement, “Electronic Transmissions” means a communication (i) delivered by facsimile telecommunication or electronic mail when directed
to the facsimile number or electronic mail address, respectively, for that recipient on record with the sending Party; and, (ii) that creates a record that is capable of retention, retrieval, and review, and that may thereafter be rendered into
clearly legible tangible form. 
 13.14 Time. All Parties agree that time is of the essence as to this
Agreement. 
 13.15 Provision Not Construed Against Party Drafting Agreement. This Agreement is the result of
negotiations by and between the Parties, and each Party has had the opportunity to be represented by independent legal counsel of its choice. This Agreement is the product of the work and efforts of all Parties, and shall be deemed to have been
drafted by all Parties. In the event of a dispute, no Party hereto shall be entitled to claim that any provision should be construed against any other Party by reason of the fact that it was drafted by one particular Party. 

13.16 Incorporation of Exhibits and Schedules. The Exhibits and Schedules identified in this Agreement are
incorporated herein by reference and made a part hereof as if set out in full herein. 
 13.17 Recitals. The
facts recited in Section 2, above, are hereby conclusively presumed to be true as between and affecting the Parties. 

13.18 Consents, Approvals, and Discretion. Except as herein expressly provided to the contrary, whenever this
Agreement requires consent or approval to be given by a Party, or a Party must or may exercise discretion, the Parties agree that such consent or approval shall not be unreasonably withheld, conditioned, or delayed, and such discretion shall be
reasonably exercised. Except as otherwise provided herein, if no response to a consent or request for approval is provided within ten (10) days from the receipt of the request, then the consent or approval shall be presumed to have been given.

 13.19 Best Efforts. The Parties shall use and exercise their best efforts, taking all reasonable, ordinary
and necessary measures to ensure an orderly and smooth relationship under this Agreement, and further agree to work together and negotiate in good faith to resolve any differences or problems which may arise in the future. 

13.20 Definitional Provisions. For purposes of this Agreement, (i) those words, names, or terms which are
specifically defined herein shall have the meaning specifically ascribed to them; (ii) wherever from the context it appears appropriate, each term stated either in the singular or plural shall include the singular and plural;
(iii) wherever from the context it appears appropriate, the masculine, feminine, or neuter gender, shall each include the others; (iv) the words “hereof”, “herein”, “hereunder”, and words of similar import,
when used in this Agreement, shall refer to this Agreement as a whole, and not to any particular provision of this Agreement; (v) all references to designated “Articles”, “Sections”, and to other subdivisions are to the
designated Articles, Sections, and other subdivisions of this Agreement as originally executed; (vi) all references to “Dollars” or “$” shall be construed as being United States dollars; (vii) the term
“including” is not limiting and means “including without limitation”; and, (viii) all references to all statutes, statutory provisions, regulations, or similar 

  
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administrative provisions shall be construed as a reference to such statute, statutory provision, regulation, or similar administrative provision as in force at the date of this Agreement and as
may be subsequently amended. 
 ****SIGNATURES APPEAR ON NEXT PAGE**** 

  
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 EXHIBIT “A” 

PURCHASER INFORMATION AND EXECUTION 

The Purchaser hereby subscribes for such number of shares of Stock as set forth below and agrees to be bound by the terms and conditions of
this Agreement. 
  

							
		 	 1.      Purchaser Name:
	 	  
	  	
				
		 	 2.      Purchaser’s Contact Info:
	 		  	
		 	                                Address:	 	  
	  	
		 		 	  
	  	
		 		 	  
	  	
				
		 	                                E-Mail:	 	  
	  	
				
		 	                                Phone:	 	  
	  	
				
		 	                                Fax:	 	  
	  	
				
		 	 3.      Purchase Price Per Share:
	 	Seventy Cents ($0.70)	  	
				
		 	 4.      Number of Shares Purchased:
	 	  
	  	
				
		 	 5.      Total Purchase Price:
	 	  
	  	
			
	
                        
                                         
                          
	 	  
	  	
	 Signature of Purchaser
 (and title,
if applicable)
	 	 Signature of Joint Purchaser
 (if
any)
	  	
			
	
                        
                                         
                          
	 	  
	  	
	Taxpayer Identification or Social
Security Number	 	Taxpayer Identification or Social
Security Number of Joint Purchaser (if any)	  	

									
				
	
DATED:                      
                               
	 	DATED:	 	  
	  	

 Name as it should appear on Stock Certificate: 

 

					
	 	  	  
	  	 

 ACCEPTED BY: 
 PURE BIOSCIENCE,
INC., 
 a Delaware corporation 
  

			
	By:	 	 

			
	
	NAME: Peter C. Wulff
	TITLE: CFO & COO
	DATED:	 	  

  
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 EXHIBIT “B” 

ACCREDITED INVESTOR QUESTIONNAIRE 
  

	1.	IF YOU ARE AN INDIVIDUAL PLEASE FILL IN THE IDENTIFICATION QUESTIONS IN (A). IF YOU ARE AN ENTITY PLEASE FILL IN THE IDENTIFICATION QUESTIONS IN (B) 

 

	 	A.	IDENTIFICATION QUESTIONS FOR INDIVIDUALS 

  

			
	Name:	 	  

			
		
	 Residence Address:
	 	  

			
		
	 Date of Birth:
	 	  

			
		
	Social Security Number:	 	  

  

	 	B.	IDENTIFICATION QUESTIONS FOR ENTITIES 

  

			
	Name:	 	  

			
	Address of Principal Place of Business:	 	  

	  

			
	Type of Entity (corporation, partnership, trust, etc.):	 	  

			
	State (or Country) of Formation or Incorporation:	 	  

			
	Contact Person:	 	  

			
	Telephone Number:	 	  

Was entity formed for the purpose of this investment? Yes          No
          
  

	2.	DESCRIPTION OF INVESTOR 

 The following information is required to ascertain
whether you would be deemed an “accredited investor” as defined in Rule 501 of Regulation D under the Securities Act. Please check whether you are any of the following: 

 ̈ a corporation or partnership with total assets in excess of $5,000,000, not organized for
the purpose of this particular investment; 
  ̈ private business development company as
defined in Section 202(a)(22) of the Investment Advisers Act of 1940 [a U.S. venture capital fund which invests primarily through private placements in non-publicly traded securities and makes available (either directly or through co-investors)
to the portfolio companies significant guidance concerning management, operations or business objectives]; 
  ̈ a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; 

 ̈ an investment company registered under the Investment Company Act of 1940 or a business
development company as defined in Section 2(a)(48) of that Act; 
  ̈ a trust not
organized to make this particular investment, with total assets in excess of $5,000,000 whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of the Securities Act of 1933 and who completed item 4 below of this
questionnaire; 
  ̈ a bank as defined in Section 3(a)(2) or a savings and loan
association or other institution defined in Section 3(a)(5)(A) of the Securities Act of 1933 acting in either an individual or fiduciary capacity; 

 ̈ an insurance company as defined in Section 2(13) of the Securities Act of 1933; 

  
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  ̈ an employee benefit plan within the meaning of
Title I of the Employee Retirement Income Security Act of 1974 (i) whose investment decision is made by a fiduciary which is either a bank, savings and loan association, insurance company, or registered investment advisor, or
(ii) whose total assets exceed $5,000,000, or (iii) if a self-directed plan, whose investment decisions are made solely by a person who is an accredited investor and who completed Part I of this questionnaire; 

 ̈ a charitable, religious, educational, or other organization described in
Section 501(c)(3) of the Internal Revenue Code, not formed for the purpose of this investment, with total assets in excess of $5,000,000; 

 ̈ an entity not located in the U.S. none of whose equity owners are U.S. citizens or U.S.
residents; 
  ̈ a plan having assets exceeding $5,000,000 established and maintained by a
government agency for its employees; 
  ̈ an individual who had individual income from all
sources during each of the last two years in excess of $200,000 or the joint income of you and your spouse (if married) from all sources during each of such years in excess of $300,000, and who reasonably expects that either your own
income from all sources during the current year to exceed $200,000 or the joint income of you and your spouse (if married) from all sources during the current year to exceed $300,000; 

 ̈ an individual whose net worth as of the date you purchase the securities offered, together
with the net worth of your spouse, be in excess of $1,000,000; or 
  ̈ an entity in which
all of the equity owners are accredited investors. 
  

	3.	BUSINESS, INVESTMENT, AND EDUCATIONAL EXPERIENCE 

  

			
	Occupation:	 	  

			
	Number of Years:	 	  

			
	Present Employer:	 	  

			
	Position/Title:	 	  

			
	Educational Background:	 	  

 Frequency of prior investment (check one in each appropriate column): 

 

					
	  	  	Stocks & Bonds	  	Venture Capital Investments
	Frequently	  	 	  	 
	Occasionally	  	 	  	 
	Never	  	 	  	 

  

	4.	SIGNATURE: 

 The above information is true and correct of my own knowledge. The undersigned
recognizes that the Company and its counsel are relying on the truth and accuracy of such information in reliance on the exemption contained in Subsection 4(2) of the Securities Act of 1933, as amended, and Regulation D promulgated
thereunder. The undersigned agrees to notify the Company promptly of any changes in the foregoing information which may occur prior to Closing. 

Executed at                     , State
of                     , on the          day of
                    , 2013. 
  

			
	  
	 	 
	(Signature),                      (Title if for Entity)	 	

  
 11EX-4.1

 Exhibit 4.1 

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS. 
 WARRANT AGREEMENT 

To Purchase Shares of Common Stock of 

AMERICAN SUPERCONDUCTOR CORPORATION 

Dated as of November 15, 2013 (the “Effective Date”) 

WHEREAS, AMERICAN SUPERCONDUCTOR CORPORATION, a Delaware corporation, has entered into a First Amendment to Loan and Security Agreement of even date herewith,
amending the Loan and Security Agreement, dated as of June 5, 2012, (together, the “Loan Agreement”) with Hercules Technology Growth Capital, Inc., a Maryland corporation (the “Warrantholder”); 

WHEREAS, the Company (as defined below) desires to grant to Warrantholder, in consideration for, among other things, the financial accommodations provided for
in the Loan Agreement, the right to purchase shares of Common Stock (as defined below) pursuant to this Warrant Agreement (the “Agreement”); 

NOW, THEREFORE, in consideration of the Warrantholder executing and delivering the Loan Agreement and providing the financial accommodations contemplated
therein, and in consideration of the mutual covenants and agreements contained herein, the Company and Warrantholder agree as follows: 

SECTION 1. GRANT OF THE RIGHT TO PURCHASE COMMON STOCK. 

For value received, the Company hereby grants to the Warrantholder, and the Warrantholder is entitled, upon the terms and subject to the conditions
hereinafter set forth, to subscribe for and purchase, from the Company, an aggregate number of fully paid and non-assessable shares of the Common Stock equal to the quotient derived by dividing (a) five percent (5.0%) of the principal
amount of the Term Advance B, as defined in the Loan Agreement by (b) the Exercise Price (defined below), rounded to the nearest whole number of shares. As used herein, the following terms shall have the following meanings: 

“Act” means the Securities Act of 1933, as amended. 

“Adjustment Right” means any right granted with respect to any securities issued in connection with, or with respect to, any
issuance or sale (or deemed issuance or sale in accordance with Section 8) of shares of Common Stock (other than rights of the type described in Sections 8(a), 8(d) or 8(f) hereof) that could result in a decrease in the net consideration
received by the Company in connection with, or with respect to, such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights). 

“Company” means American Superconductor Corporation, a Delaware corporation, and any successor or surviving entity that
assumes the obligations of the Company under this Warrant pursuant to Section 8(a). 
 “Charter” means the
Company’s Certificate of Incorporation or other constitutional document, as may be amended from time to time. 
 “Common
Stock” means the Company’s common stock. 
 “Exercise Price” means $1.95, subject to adjustment pursuant to
Section 8. 

 “Merger Event” means any merger or consolidation involving the Company in which
the Company is not the surviving entity, or in which the outstanding shares of the Company’s capital stock are otherwise converted into or exchanged for shares of common stock, other securities or property of another entity. 

“Purchase Price” means, with respect to any exercise of this Warrant, an amount equal to the Exercise Price as of the relevant
time multiplied by the number of shares of Common Stock requested to be exercised under this Warrant pursuant to such exercise. 

SECTION 2. TERM OF THE AGREEMENT. 

Except as otherwise provided for herein, the term of this Warrant and the right to purchase Common Stock as granted herein (the “Warrant”)
shall commence on the Effective Date and shall be exercisable for a period beginning on the date hereof and ending on May 15, 2019. 

SECTION 3. EXERCISE OF THE PURCHASE RIGHTS. 

(a) Exercise. The purchase rights set forth in this Warrant are exercisable by the Warrantholder, in whole or in part, at any time, or
from time to time, prior to the expiration of the term set forth in Section 2, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as Exhibit I (the “Notice of Exercise”),
duly completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of the Purchase Price in accordance with the terms set forth below, and in no event later than three (3) days thereafter, the Company shall issue to
the Warrantholder a certificate for the number of shares of Common Stock purchased and shall execute the acknowledgment of exercise in the form attached hereto as Exhibit II (the “Acknowledgment of Exercise”) indicating the
number of shares which remain subject to future purchases, if any. 
 The Purchase Price may be paid at the Warrantholder’s election either (i) by
cash or check, or (ii) by surrender of all or a portion of the Warrant for shares of Common Stock to be exercised under this Warrant and, if applicable, an amended Agreement representing the remaining number of shares purchasable hereunder, as
determined below (“Net Issuance”). If the Warrantholder elects the Net Issuance method, the Company will issue Common Stock in accordance with the following formula: 

 

			
		  	               X = Y(A-B)

		  	
                         
  A

		
	Where:	  	 X =       the number of shares of Common Stock to be issued to the Warrantholder.

		
		  	 Y =       the number of shares of Common Stock requested to be exercised under this
Warrant.

		
		  	 A =       the fair market value of one (1) share of Common Stock at the time of issuance
of such shares of Common Stock.

		
		  	 B =       the Exercise Price.

 For purposes of the above calculation, the fair market value of Common Stock shall mean with respect to each share of Common
Stock: 
 (A) if the Common Stock is traded on a securities exchange, the fair market value shall be deemed to be the
average of the closing prices over a five (5) day period ending three days before the day the fair market value of the Common Stock is being determined; or 

(B) if the Common Stock is traded over-the-counter, the fair market value shall be deemed to be the average of the closing bid
and asked prices quoted on the over-the-counter system over the five (5) day period ending three days before the day the fair market value of the Common Stock is being determined; 

  
 2 

 (ii) if at any time the Common Stock is not listed on any securities exchange or quoted in the
over-the-counter market, the fair market value of Common Stock shall be the highest price per share which the Company could obtain from a willing buyer (not a current employee or director) for shares of Common Stock sold by the Company, from
authorized but unissued shares, as determined in good faith by its Board of Directors, unless the Company shall become subject to a Merger Event, in which case the fair market value of Common Stock shall be deemed to be the per share value received
by the holders of the Company’s Common Stock on a common equivalent basis pursuant to such Merger Event. 
 Upon partial exercise by either cash or Net
Issuance, the Company shall promptly issue an amended Agreement representing the remaining number of shares purchasable hereunder. All other terms and conditions of such amended Agreement shall be identical to those contained herein, including, but
not limited to the Effective Date hereof. 
 (b) Exercise Prior to Expiration. To the extent this Warrant is not previously exercised
as to all Common Stock subject hereto, and if the fair market value of one share of the Common Stock is greater than the Exercise Price then in effect, this Warrant shall be deemed automatically exercised pursuant to Section 3(a) (even if not
surrendered) immediately before its expiration. For purposes of such automatic exercise, the fair market value of one share of the Common Stock upon such expiration shall be determined pursuant to Section 3(a). To the extent this Warrant or any
portion thereof is deemed automatically exercised pursuant to this Section 3(b), the Company agrees to promptly notify the Warrantholder of the number of shares of Common Stock, if any, the Warrantholder is to receive by reason of such
automatic exercise. 
 SECTION 4. RESERVATION OF SHARES. 

During the term of this Warrant, the Company will at all times have authorized and reserved a sufficient number of shares of its Common Stock to provide for
the exercise of the rights to purchase Common Stock as provided for herein. 
 SECTION 5. NO FRACTIONAL SHARES OR SCRIP. 

No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant, but in lieu of such fractional shares the
Company shall make a cash payment therefor upon the basis of the Exercise Price then in effect. 
 SECTION 6. NO RIGHTS AS
SHAREHOLDER/STOCKHOLDER. 
 This Warrant does not entitle the Warrantholder to any voting rights or other rights as a shareholder/stockholder of the Company
prior to the exercise of this Warrant. 
 SECTION 7. WARRANTHOLDER REGISTRY. 

The Company shall maintain a registry showing the name and address of the registered holder of this Warrant. Warrantholder’s initial address, for
purposes of such registry, is set forth below Warrantholder’s signature on this Warrant. Warrantholder may change such address by giving written notice of such changed address to the Company. 

SECTION 8. ADJUSTMENT RIGHTS. 
 The
Exercise Price and the number of shares of Common Stock purchasable hereunder are subject to adjustment, as follows: 
 (a) Merger
Event. If at any time there shall be a Merger Event, then, as a part of such Merger Event, lawful provision shall be made so that the Warrantholder shall thereafter be entitled to receive, upon exercise of this Warrant, the number of shares of
Common Stock or other securities or property (collectively, “Reference Property”) that the Warrantholder would have received in connection with such Merger Event if Warrantholder had exercised this Warrant immediately prior to the
Merger 

  
 3 

 
Event. In any such case, if the term of this Warrant has not expired pursuant to Section 2 hereof, appropriate adjustment (as determined in good faith by the Company’s Board of
Directors and reasonably acceptable to the Warrantholder) shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Warrantholder after the Merger Event to the end that the provisions of this
Warrant (including adjustments of the Exercise Price and adjustments to ensure that the provisions of this Section 8 shall thereafter be applicable, as nearly as possible, to the purchase rights under this Warrant in relation to any Reference
Property thereafter acquirable upon exercise of such purchase rights) shall continue to be applicable in their entirety, and to the greatest extent possible. Without limiting the foregoing, in connection with any Merger Event, upon the closing
thereof, the successor or surviving entity shall assume the obligations of this Warrant; provided that if the Reference Property includes shares of stock or other securities and assets of an entity other than the successor or purchasing company, as
the case may be, in such Merger Event, then such other entity shall assume the obligations under this Warrant and any such assumption shall contain such additional provisions to protect the interests of the Warrantholder as reasonably necessary by
reason of the foregoing (as determined in good faith by the Company’s Board of Directors and reasonably acceptable to the Warrantholder). In connection with a Merger Event and upon Warrantholder’s written election to the Company, the
Company shall cause this Warrant Agreement to be exchanged for the consideration that Warrantholder would have received if Warrantholder chose to exercise its right to have shares issued pursuant to the Net Issuance provisions of this Warrant
Agreement without actually exercising such right, acquiring such shares and exchanging such shares for such consideration. The provisions of this Section 8(a) shall similarly apply to successive Merger Events. 

(b) Reclassification of Shares. Except for Merger Events subject to Section 8(a), and subject to Section 8(f), if the Company
at any time shall, by combination, reclassification, exchange or subdivision of securities or otherwise, change any of the securities as to which purchase rights under this Warrant exist into the same or a different number of securities of any other
class or classes, this Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities which were subject to the purchase rights under
this Warrant immediately prior to such combination, reclassification, exchange, subdivision or other change. The provisions of this Section 8(b) shall similarly apply to successive combinations, reclassifications, exchanges, subdivisions or
other changes. 
 (c) Subdivision or Combination of Shares. If the Company at any time shall combine or subdivide its Common Stock,
(i) in the case of a subdivision, the Exercise Price shall be proportionately decreased, or (ii) in the case of a combination, the Exercise Price shall be proportionately increased. 

(d) Stock Dividends. If the Company at any time while this Warrant is outstanding and unexpired shall: 

(i) pay a dividend with respect to the Common Stock payable in Common Stock, then the Exercise Price shall be adjusted, from and after the
date of determination of stockholders entitled to receive such dividend or distribution, to that price determined by multiplying the Exercise Price in effect immediately prior to such date of determination by a fraction (A) the numerator of
which shall be the total number of shares of Common Stock outstanding immediately prior to such dividend or distribution, and (B) the denominator of which shall be the total number of shares of Common Stock outstanding immediately after such
dividend or distribution; or 
 (ii) make any other distribution with respect to Common Stock (or stock into which the Common Stock is
convertible), except any distribution specifically provided for in any other clause of this Section 8, then, in each such case, provision shall be made by the Company such that the Warrantholder shall receive upon exercise or conversion of this
Warrant a proportionate share of any such distribution as though it were the holder of the Common Stock (or other stock for which the Common Stock is convertible) as of the record date fixed for the determination of the stockholders of the Company
entitled to receive such distribution. 

  
 4 

 (e) Adjustment Upon Issuance of Shares of Common Stock. If and whenever on or after the
Issue Date, the Company issues or sells, or in accordance with this Section 8(e) is deemed to have issued or sold, any shares of Common Stock (including the issuance or sale of shares of Common Stock owned or held by or for the account of the
Company, but excluding (i) any Excluded Securities (as defined in that certain Series A Warrant to Purchase Common Stock issued by the Company to Capital Ventures International on April 4, 2012, as exchanged on October 9, 2013, (the
“CV Warrant”)) issued or sold or deemed to have been issued or sold and (ii) any securities issued or sold or deemed to have been issued or sold pursuant to that certain Securities Purchase Agreement dated as of April 4, 2012, as
amended by the Amendment and Exchange Agreement, dated December 20, 2012 and by the Second Amendment and Warrant Exchange Agreement, dated October 9, 2013, between Capital Ventures International and the Company or any instrument, agreement
or document contemplated thereby, that certain Senior Convertible Note dated April 4, 2012, as exchanged on December 20, 2012 and further amended on October 9, 2013, issued by the Company in favor of Capital Ventures International, or
the CV Warrant) for consideration per share (the “New Issuance Price”) less than the Exercise Price in effect immediately prior to such issue or sale or deemed issuance or sale (such Exercise Price then in effect is referred to as
the “Applicable Price”, and the foregoing a “Dilutive Issuance”) (such number being appropriately adjusted to reflect the occurrence of any event described in Section 8(a)), then, immediately after such
Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the product of (A) the Applicable Price and (B) the quotient determined by dividing (1) the sum of (I) the product derived by multiplying
the Applicable Price and the number of shares of Common Stock Deemed Outstanding immediately prior to such Dilutive Issuance plus (II) the consideration, if any, received by the Company upon such Dilutive Issuance, by (2) the product derived by
multiplying (I) the Applicable Price by (II) the number of shares of Common Stock Deemed Outstanding immediately after such Dilutive Issuance. For all purposes of the foregoing (including, without limitation, determining the adjusted Exercise
Price, the consideration per share and the New Issuance Price under this Section 8(e)), the following shall be applicable: 
 (i)
Issuance of Options. If the Company in any manner grants or sells any Options and the lowest price per share for which one share of Common Stock is issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any
Convertible Securities issuable upon exercise of any such Option is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting or sale
of such Option for such price per share. For purposes of this Section 8(e)(i), the “lowest price per share for which one share of Common Stock is issuable upon the exercise of any such Options or upon conversion, exercise or exchange of
any Convertible Securities issuable upon exercise of any such Option” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one share
of Common Stock upon the granting or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option and (y) the lowest exercise price set forth in
such Option for which one share of Common Stock is issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option minus (2) the sum of all amounts
paid or payable to the holder of such Option (or any other Person) upon the granting or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option
plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Option (or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual
issuance of such shares of Common Stock or of such Convertible Securities upon the exercise of such Options or upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities. 

(ii) Issuance of Convertible Securities. If the Company in any manner issues or sells any Convertible Securities and the lowest price
per share for which one share of Common Stock is issuable upon the conversion, exercise or exchange thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the
Company at the time of the issuance or sale of such Convertible Securities for such price per share. For the purposes of this Section 8(e)(ii), the “lowest price per share for which one share of Common Stock is

  
 5 

 
issuable upon the conversion, exercise or exchange thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by
the Company with respect to one share of Common Stock upon the issuance or sale of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security and (y) the lowest conversion price set forth in such Convertible
Security for which one share of Common Stock is issuable upon conversion, exercise or exchange thereof minus (2) the sum of all amounts paid or payable to the holder of such Convertible Security (or any other Person) upon the issuance or sale
of such Convertible Security plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Convertible Security (or any other Person). Except as contemplated below, no further adjustment of the
Exercise Price shall be made upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities, and if any such issue or sale of such Convertible Securities is made upon exercise of any
Options for which adjustment of this Warrant has been or is to be made pursuant to other provisions of this Section 8(e), except as contemplated below, no further adjustment of the Exercise Price shall be made by reason of such issue or sale.

 (iii) Change in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options referred to in
Section 8(e)(i), the additional consideration, if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities referred to in Section 8(e)(i) or 8(e)(ii), or the rate at which any Convertible Securities
referred to in Section 8(e)(i) or 8(e)(ii) are convertible into or exercisable or exchangeable for shares of Common Stock increases or decreases at any time, the Exercise Price in effect at the time of such increase or decrease shall be
adjusted to the Exercise Price which would have been in effect at such time had such Options or Convertible Securities provided for such increased or decreased purchase price, additional consideration or increased or decreased conversion rate, as
the case may be, at the time initially granted, issued or sold. For purposes of this Section 8(e)(iii), if the terms of any Option or Convertible Security that was outstanding as of the date of issuance of this Warrant are increased or
decreased in the manner described in the immediately preceding sentence, then such Option or Convertible Security and the shares of Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of
the date of such increase or decrease. On the expiration of any Options referred to in Section 8(e)(i) or any Convertible Securities referred to in Section 8(e)(ii), or the termination of any such right to exercise, convert or exchange
such Options or Convertible Securities, the Applicable Price then in effect hereunder shall forthwith be increased to the Applicable Price which would have been in effect at the time of such expiration or termination had such Options or Convertible
Securities, to the extent outstanding immediately prior to such expiration or termination, never been issued. 
 (iv) Calculation of
Consideration Received. If any Option or Convertible Security or Adjustment Right is issued in connection with the issuance or sale or deemed issuance or sale of any other securities of the Company, together comprising one integrated
transaction, (x) such Option or Convertible Security (as applicable) or Adjustment Right (as applicable) will be deemed to have been issued for consideration equal to the Black Scholes Consideration Value thereof and (y) the other
securities issued or sold or deemed to have been issued or sold in such integrated transaction shall be deemed to have been issued for consideration equal to the difference of (I) the aggregate consideration received or receivable by the
Company minus (II) the Black Scholes Consideration Value of each such Option or Convertible Security (as applicable) or Adjustment Right (as applicable). If any shares of Common Stock, Options or Convertible Securities are issued or sold or deemed
to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount of consideration received by the Company therefor. If any shares of Common Stock, Options or Convertible Securities are issued or sold for
a consideration other than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in which case the amount of consideration
received by the Company for such securities will be the arithmetic average of the VWAPs of such security for each of the five (5) trading days immediately preceding the date of receipt. If any shares of Common Stock, Options or Convertible
Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets
and business of the non-surviving entity as is attributable to such shares of Common Stock, Options or 

  
 6 

 
Convertible Securities, as the case may be. The fair value of any consideration other than cash or publicly traded securities will be determined jointly by the Company and the Holder. If such
parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”), the fair value of such consideration will be determined within five (5) trading days after
the tenth (10th) day following such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and binding upon all parties absent manifest error and
the fees and expenses of such appraiser shall be borne by the Company. 
 (v) Record Date. If the Company takes a record of the
holders of shares of Common Stock for the purpose of entitling them (A) to receive a dividend or other distribution payable in shares of Common Stock, Options or in Convertible Securities or (B) to subscribe for or purchase shares of
Common Stock, Options or Convertible Securities, then such record date will be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such
other distribution or the date of the granting of such right of subscription or purchase (as the case may be). 
 (f) Notice of
Adjustments. If: (i) the Company shall declare any dividend or distribution upon its stock, whether in stock, cash, property or other securities; (ii) the Company shall offer for subscription pro rata to the holders of any class of its
Common Stock or other capital stock any additional shares of stock of any class or other rights; (iii) there shall be any Merger Event; (iv) the Company shall sell, lease, license or otherwise transfer all or substantially all of its
assets; or (v) there shall be any voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such event, the Company shall send to the Warrantholder written notice of the occurrence of any such event, setting
forth, in reasonable detail, (i) the event requiring the notice, and (ii) if any adjustment is required to be made, (A) the amount of such adjustment, (B) the method by which such adjustment was calculated, (C) the adjusted
Exercise Price (if the Exercise Price has been adjusted), and (D) the number of shares subject to purchase hereunder after giving effect to such adjustment, and shall be given by first class mail, postage prepaid, or by reputable overnight
courier with all charges prepaid, addressed to the Warrantholder at the address for Warrantholder set forth in the registry referred to in Section 7. 

(g) Share Cap. Notwithstanding anything contained herein to the contrary, the Company shall not be obligated to issue any shares of
Common Stock upon exercise or conversion of this Warrant or otherwise pursuant to the terms of this Warrant if the issuance of such shares of Common Stock would exceed the aggregate number of shares of Common Stock which the Company may issue upon
exercise or conversion of this Warrant or otherwise pursuant to the terms of this Warrant without conflicting with or breaching the Company’s obligations under the rules or regulations of the Nasdaq Stock Market or other securities exchange
upon which the Common Stock is listed. 
 SECTION 9. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. 

(a) Reservation of Common Stock. The Common Stock issuable upon exercise of the Warrantholder’s rights has been duly and validly
reserved and, when issued in accordance with the provisions of this Warrant, will be validly issued, fully paid and non-assessable, and will be free of any taxes, liens, charges or encumbrances of any nature whatsoever; provided, that the
Common Stock issuable pursuant to this Warrant may be subject to restrictions on transfer under state and/or federal securities laws. The Company has made available to the Warrantholder true, correct and complete copies of its Charter and current
bylaws. The issuance of certificates for shares of Common Stock upon exercise of this Warrant shall be made without charge to the Warrantholder for any issuance tax in respect thereof, or other cost incurred by the Company in connection with such
exercise and the related issuance of shares of Common Stock; provided, that the Company shall not be required to pay any tax which may be payable in respect of any transfer and the issuance and delivery of any certificate in a name other than
that of the Warrantholder. 
 (b) Due Authority. The execution and delivery by the Company of this Warrant and the performance of all
obligations of the Company hereunder, including the issuance to Warrantholder of 

  
 7 

 
the right to acquire the shares of Common Stock, have been duly authorized by all necessary corporate action on the part of the Company. This Warrant: (1) does not violate the Company’s
Charter or current bylaws; (2) does not contravene any law or governmental rule, regulation or order applicable to it; and (3) does not and will not contravene any provision of, or constitute a default under, any indenture, mortgage,
contract or other instrument to which it is a party or by which it is bound. This Warrant constitutes a legal, valid and binding agreement of the Company, enforceable in accordance with its terms except as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or other laws of general application affecting enforcement of creditors’ rights generally. 

(c) Consents and Approvals. No consent or approval of, giving of notice to, registration with, or taking of any other action in respect
of any state, federal or other governmental authority or agency is required with respect to the execution, delivery and performance by the Company of its obligations under this Warrant, except as may be required pursuant to the Securities Exchange
Act of 1934, as amended (the “1934 Act”), for the filing of notices pursuant to Regulation D under the Act and any filing required by applicable state securities law, which filings will be effective by the time required thereby.

 (d) Exempt Transaction. Subject to the accuracy of the Warrantholder’s representations in Section 10, the issuance of
the Common Stock upon exercise of this Warrant, and the issuance of the Common Stock upon conversion of the Common Stock, will each constitute a transaction exempt from (i) the registration requirements of Section 5 of the Act, in reliance
upon Section 4(2) thereof, and (ii) the qualification requirements of the applicable state securities laws. 
 (e) Compliance
with Rule 144. If the Warrantholder proposes to sell Common Stock issuable upon the exercise of this Warrant in compliance with Rule 144 promulgated by the SEC, then, upon Warrantholder’s written request to the Company, the Company shall
furnish to the Warrantholder, within ten days after receipt of such request, a written statement regarding the Company’s compliance with the filing requirements of the SEC as set forth in such Rule, as such Rule may be amended from time to
time. 
 (f) Information Rights. During the term of this Warrant, unless the Company is delivering financial information pursuant to
the Loan Agreement between the Company and the Warrantholder, the Company shall deliver to the Warrantholder (a) promptly after mailing, copies of any written communications sent to all preferred shareholders of the Company, (b) within one
hundred fifty (150) days after the end of each fiscal year of the Company, the annual audited financial statements of the Company certified by independent public accountants of recognized standing and (c) within forty-five
(45) days after the end of each of the first three quarters of each fiscal year, an unaudited statement of operations and unaudited balance sheet as of the end of such fiscal quarter (it being understood that posting of a link on
Borrower’s website on the Internet to such annual and quarterly statements shall satisfy the delivery requirements hereunder). 

SECTION 10. REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER. 

This Warrant has been entered into by the Company in reliance upon the following representations and covenants of the Warrantholder: 

(a) Investment Purpose. The right to acquire Common Stock is being acquired for investment and not with a view to the sale or
distribution of any part thereof, and the Warrantholder has no present intention of selling or engaging in any public distribution of such rights or the Common Stock except pursuant to an effective registration statement or an exemption from the
registration requirements of the Act. 
 (b) Private Issue. The Warrantholder understands (i) that the Common Stock issuable
upon exercise of this Warrant is not registered under the Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Warrant will be exempt from the registration and qualifications requirements
thereof, and (ii) that the Company’s reliance on such exemption is predicated on the representations set forth in this Section 10. 

  
 8 

 (c) Financial Risk. The Warrantholder has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of its investment, and has the ability to bear the economic risks of its investment. 

(d) No Obligation to Register. The Warrantholder understands that that Company has no obligation to, and if the Company does not,
register with the SEC pursuant to Section 12 of the 1934 Act, or file reports pursuant to Section 15(d) of the 1934 Act, or if a registration statement covering (i) the rights to purchase Common Stock pursuant to this Warrant or
(ii) the Common Stock issuable upon exercise of the right to purchase under the Act is not in effect when it desires to sell (i) the rights to purchase Common Stock pursuant to this Warrant or (ii) the Common Stock issuable upon
exercise of the right to purchase, it may be required to hold such securities for an indefinite period. The Warrantholder also understands that any sale of (A) its rights hereunder to purchase Common Stock or (B) Common Stock issued or
issuable hereunder which might be made by it in reliance upon Rule 144 under the Act may be made only in accordance with the terms and conditions of that Rule. 

(e) Accredited Investor. The Warrantholder is an “accredited investor” within the meaning of the Rule 501 of Regulation D
promulgated under the Act, as presently in effect. 
 SECTION 11. TRANSFERS. 

Subject to compliance with applicable federal and state securities laws, this Warrant and all rights hereunder are transferable, in whole or in part, without
charge to the holder hereof (except for transfer taxes) upon surrender of this Warrant properly endorsed. Each taker and holder of this Warrant, by taking or holding the same, consents and agrees that this Warrant, when endorsed in blank, shall be
deemed negotiable, and that the holder hereof, when this Warrant shall have been so endorsed and its transfer recorded on the Company’s books, shall be treated by the Company and all other persons dealing with this Warrant as the absolute owner
hereof for any purpose and as the person entitled to exercise the rights represented by this Warrant. The transfer of this Warrant shall be recorded on the books of the Company upon receipt by the Company of a notice of transfer in the form attached
hereto as Exhibit III (the “Transfer Notice”), at its principal offices and the payment to the Company of all transfer taxes and other governmental charges imposed on such transfer. Until the Company receives such Transfer Notice,
the Company may treat the registered owner hereof as the owner for all purposes. 
 SECTION 12. MISCELLANEOUS. 

(a) Effective Date. The provisions of this Warrant shall be construed and shall be given effect in all respects as if it had been
executed and delivered by the Company on the date hereof. This Warrant shall be binding upon any successors or assigns of the Company. 

(b) Remedies. In the event of any default hereunder, the non-defaulting party may proceed to protect and enforce its rights either by
suit in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where Warrantholder will not have an adequate remedy at law and
where damages will not be readily ascertainable. The Company expressly agrees that it shall not oppose an application by the Warrantholder or any other person entitled to the benefit of this Warrant requiring specific performance of any or all
provisions hereof or enjoining the Company from continuing to commit any such breach of this Warrant. 
 (c) No Impairment of Rights.
The Company will not, by amendment of its Charter or through any other means, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms
and in the taking of all such actions as may be necessary or appropriate in order to protect the rights of the Warrantholder against impairment. 

  
 9 

 (d) Attorney’s Fees. In any litigation, arbitration or court proceeding between the
Company and the Warrantholder relating hereto, the prevailing party shall be entitled to attorneys’ fees and expenses and all costs of proceedings incurred in enforcing this Warrant. For the purposes of this Section, attorneys’ fees shall
include without limitation fees incurred in connection with the following: (i) contempt proceedings; (ii) discovery; (iii) any motion, proceeding or other activity of any kind in connection with an insolvency proceeding;
(iv) garnishment, levy, and debtor and third party examinations; and (v) post-judgment motions and proceedings of any kind, including without limitation any activity taken to collect or enforce any judgment. 

(e) Severability. In the event any one or more of the provisions of this Warrant shall for any reason be held invalid, illegal or
unenforceable, the remaining provisions of this Warrant shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision, which comes closest to the intention
of the parties underlying the invalid, illegal or unenforceable provision. 
 (f) Notices. Except as otherwise provided herein, any
notice, demand, request, consent, approval, declaration, service of process or other communication that is required, contemplated, or permitted under this Warrant or with respect to the subject matter hereof shall be in writing, and shall be deemed
to have been validly served, given, delivered, and received upon the earlier of: (i) the day of transmission by facsimile or hand delivery if transmission or delivery occurs on a business day at or before 5:00 pm in the time zone of the
recipient, or, if transmission or delivery occurs on a non-business day or after such time, the first business day thereafter, or the first business day after deposit with an overnight express service or overnight mail delivery service; or
(ii) the third calendar day after deposit in the United States mails, with proper first class postage prepaid, and shall be addressed to the party to be notified as follows: 

If to Warrantholder: 
 HERCULES TECHNOLOGY GROWTH
CAPITAL, INC. 
 Legal Department 

Attention: Chief Legal Officer and Manuel Henriquez 

400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 Facsimile:
650-473-9194 
 If to the Company: 
 AMERICAN
SUPERCONDUCTOR CORPORATION 
 64 Jackson Road 

Devens, MA 01434 
 Attention:
Chief Financial Officer 
 Facsimile: 978-842-3364 

with copies to: 
 AMERICAN
SUPERCONDUCTOR CORPORATION 
 64 Jackson Road 

Devens, MA 01434 
 Attention:
General Counsel 
 Facsimile: 978-842-3530 

and 
 Latham & Watkins
LLP 
 John Hancock Tower, 20th Floor 

200 Clarendon Street 
 Boston, MA
02116 
 Attention: Peter N. Handrinos, Esq. 

Facsimile: 617-948-6001 

  
 10 

 or to such other address as each party may designate for itself by like notice. 

(g) Entire Agreement; Amendments. This Warrant constitutes the entire agreement and understanding of the parties hereto in respect of
the subject matter hereof, and supersedes and replaces in their entirety any prior proposals, term sheets, letters, negotiations or other documents or agreements, whether written or oral, with respect to the subject matter hereof. None of the terms
of this Warrant may be amended except by an instrument executed by each of the parties hereto. 
 (h) Headings. The various headings
in this Warrant are inserted for convenience only and shall not affect the meaning or interpretation of this Warrant or any provisions hereof. 

(i) No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Warrant. In the event
an ambiguity or question of intent or interpretation arises, this Warrant shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provisions of this Warrant. 
 (j) No Waiver. No omission or delay by Warrantholder at any time to enforce any right or remedy
reserved to it, or to require performance of any of the terms, covenants or provisions hereof by the Company at any time designated, shall be a waiver of any such right or remedy to which Warrantholder is entitled, nor shall it in any way affect the
right of Warrantholder to enforce such provisions thereafter. 
 (k) Survival. All agreements, representations and warranties
contained in this Warrant or in any document delivered pursuant hereto shall survive the execution and delivery of this Warrant and the expiration or other termination of this Warrant. 

(l) Governing Law. This Warrant have been negotiated and delivered to Warrantholder in the State of California, and shall have been
accepted by Warrantholder in the State of California. Delivery of Common Stock to Warrantholder by the Company under this Warrant is due in the State of California. This Warrant shall be governed by, and construed and enforced in accordance with,
the laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction. 

(m) Consent to Jurisdiction and Venue. All judicial proceedings arising in or under or related to this Warrant may be brought in any
state or federal court of competent jurisdiction located in the State of California. By execution and delivery of this Warrant, each party hereto generally and unconditionally: (a) consents to personal jurisdiction in Santa Clara County, State
of California; (b) waives any objection as to jurisdiction or venue in Santa Clara County, State of California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably
agrees to be bound by any judgment rendered thereby in connection with this Warrant. Service of process on any party hereto in any action arising out of or relating to this Warrant shall be effective if given in accordance with the requirements for
notice set forth in Section 12(f), and shall be deemed effective and received as set forth in Section 12(f). Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of either
party to bring proceedings in the courts of any other jurisdiction. 
 (n) Mutual Waiver of Jury Trial. Because disputes arising in
connection with complex financial transactions are most quickly and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that
their disputes be resolved by a judge applying such applicable laws. EACH OF THE COMPANY AND WARRANTHOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY
OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY 

  
 11 

 
THE COMPANY AGAINST WARRANTHOLDER OR ITS ASSIGNEE OR BY WARRANTHOLDER OR ITS ASSIGNEE AGAINST THE COMPANY. This waiver extends to all such Claims, including Claims that involve persons other than
the Company and the Warrantholder; Claims that arise out of or are in any way connected to the relationship between the Company and Warrantholder; and any Claims for damages, breach of contract, specific performance, or any equitable or legal relief
of any kind, arising out of this Warrant. 
 (o) Judicial Reference. If the waiver of jury trial set forth above is ineffective or
unenforceable, the parties agree that all Claims shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil Procedure Section 638, before a mutually acceptable referee or, if the parties cannot agree, a
referee selected by the Presiding Judge of the Santa Clara County, California. Such proceeding shall be conducted in Santa Clara County, California, with California rules of evidence and discovery applicable to such proceeding. 

(p) Counterparts. This Warrant and any amendments, waivers, consents or supplements hereto may be executed in any number of
counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall constitute but one and the same instrument. 

(q) Specific Performance. The parties hereto hereby declare that it is impossible to measure in money the damages which will accrue to
Warrantholder by reason of the Company’s failure to perform any of the obligations under this Warrant and agree that the terms of this Warrant shall be specifically enforceable by Warrantholder. If Warrantholder institutes any action or
proceeding to specifically enforce the provisions hereof, any person against whom such action or proceeding is brought hereby waives the claim or defense therein that Warrantholder has an adequate remedy at law, and such person shall not offer in
any such action or proceeding the claim or defense that such remedy at law exists. 
 [Remainder of Page Intentionally Left Blank] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Warrant to be executed by its officers thereunto duly
authorized as of the Effective Date. 
  

							
	  COMPANY:
	 		 	AMERICAN SUPERCONDUCTOR CORPORATION
				
		 		 	By:	 	 /s/ David Henry

		 		 	Name:	 	David Henry
		 		 	Title:	 	Senior Vice President and Chief Financial Officer
			
	  WARRANTHOLDER:
	 		 	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
				
		 		 	By:	 	 /s/ Ben Bang

		 		 	Name:	 	Ben Bang
		 		 	Title:	 	Senior Counsel

  
 13 

 EXHIBIT I 

NOTICE OF EXERCISE 
  

	To:	American Superconductor Corporation 

  

	(1)	The undersigned Warrantholder hereby elects to purchase [                ] shares of the Common Stock of American Superconductor
Corporation, pursuant to the terms of the Agreement dated the 15th day of November, 2013 (the “Agreement”) between American Superconductor Corporation and the Warrantholder, and [CASH PAYMENT: tenders herewith payment of the Purchase Price
in full, together with all applicable transfer taxes, if any] [NET ISSUANCE: elects pursuant to Section 3(a) of the Agreement to effect a Net Issuance], and hereby reaffirms as of the date hereof the representations and covenants of the
Warrantholder set forth in Section 10 of the Agreement. 

  

	(2)	Please issue a certificate or certificates representing said shares of Common Stock in the name of the undersigned or in such other name as is specified below. 

 

							
		 		 	  

		 		 	(Name)
			
		 		 	  

		 		 	(Address)
			
	WARRANTHOLDER:	 		 	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
				
		 		 	By:	 	  

				
		 		 	Name:	 	  

				
		 		 	Title:	 	  

				
		 		 	Date:	 	  

  
 14 

 EXHIBIT II 

ACKNOWLEDGMENT OF EXERCISE 
 The undersigned
American Superconductor Corporation, hereby acknowledge receipt of the “Notice of Exercise” from Hercules Technology Growth Capital, Inc., to purchase
[                ] shares of the Common Stock of [                ], pursuant to the
terms of the Agreement, and further acknowledges that [                ] shares remain subject to purchase under the terms of the Agreement. 

 

							
	  COMPANY:
	 		 	AMERICAN SUPERCONDUCTOR CORPORATION
				
		 		 	By:	 	  

				
		 		 	Title:	 	  

				
		 		 	Date:	 	  

  
 15 

 EXHIBIT III 

TRANSFER NOTICE 
 (To transfer or assign the
foregoing Agreement execute this form and supply required information. Do not use this form to purchase shares.) 
 FOR VALUE RECEIVED, the foregoing
Agreement and all rights evidenced thereby are hereby transferred and assigned to 
  

					
	  
	 	
	(Please Print)	 	
			
	whose address is	 	  
	 	
		
	  
	 	

  

			
	Dated:	 	  

 

			
	Holder’s Signature:	 	  

		
	Holder’s Address:	 	  

	
	  

  
 16

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