Document:

Warrant Agreement dated March 30, 2009

 Exhibit 4.4 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE
STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 

WARRANT TO PURCHASE STOCK 
  

			
	Company:	  	 BLUEARC CORPORATION, a Delaware corporation

		
	Number of Shares:	  	 as set forth below

		
	Class of Stock:	  	 Series FF Preferred Stock

		
	Warrant Price:	  	 as set forth below

		
	Issue Date:	  	 March 30, 2009

		
	Expiration Date:	  	 The 10th anniversary after the Issue Date

		
	Credit Facility:	  	 This Warrant is issued in connection with the Growth Capital Advances referenced in the Loan and Security Agreement between the Company and Gold Hill Capital
2008, LP dated March 30, 2009 (the “Loan Agreement”).

 THIS WARRANT CERTIFIES THAT,
for good and valuable consideration, GOLD HILL CAPITAL 2008, LP (Gold Hill Capital 2008, LP, together with any registered holder from time to time of this Warrant or any holder of the shares issuable or issued upon exercise of this Warrant,
“Holder”) is entitled to purchase the number of fully paid and nonassessable shares of the class of securities (the “Shares”) of the Company at the Warrant Price, all as set forth above and as adjusted pursuant to Article 2 of
this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. 
 As used
herein: 
 “Number of Shares” means the number of shares of Series FF Preferred Stock equal to:
(i) One Million One Hundred Twenty Five Thousand Dollars ($1,125,000), divided by (ii) the Warrant Price. 
 “Next Round” means the Company’s next sale of its convertible preferred stock (other than Series FF Preferred Stock) to purchasers which include venture capital investors.

 “Next Round Price” means the lowest effective price per
share (on a common stock equivalent basis and taking into account any securities issued together with the preferred stock) at which shares of the Company’s convertible preferred stock are sold in the Next Round. 

“Series FF Price” means $4.52742 per share. 

“Warrant Price” means the lower of: (i) the Series FF Price, or (ii) the Next Round Price;
provided, however, if this Warrant is exercised prior to the Next Round, then the Warrant Price shall be the Series FF Price. 

ARTICLE 1    EXERCISE. 

1.1         Method of Exercise. Holder may exercise this Warrant by
delivering a duly executed Notice of Exercise in substantially the form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Article 1.2, Holder shall also deliver to the
Company a check, wire transfer (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased. 

1.2         Conversion Right. In lieu of exercising this Warrant as
specified in Article 1.1, Holder may from time to time convert this Warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable upon
exercise of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Article 1.3. 

1.3         Fair Market Value. If the Company’s common stock is
traded in a public market and the Shares are common stock, the fair market value of each Share shall be the closing price of a Share reported for the business day immediately before Holder delivers its Notice of Exercise to the Company (or in the
instance where the Warrant is exercised immediately prior to the effectiveness of the Company’s initial public offering, the “price to public” per share price specified in the final prospectus relating to such offering). If the
Company’s common stock is traded in a public market and the Shares are preferred stock, the fair market value of a Share shall be the closing price of a share of the Company’s common stock reported for the business day immediately before
Holder delivers its Notice of Exercise to the Company (or, in the instance where the Warrant is exercised immediately prior to the effectiveness of the Company’s initial public offering, the initial “price to public” per share price
specified in the final prospectus relating to such offering), in both cases, multiplied by the number of shares of the Company’s common stock into which a Share is convertible. If the Company’s common stock is not traded in a public
market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith judgment. 
 1.4         Delivery of Certificate and New Warrant. Promptly after Holder exercises or converts this Warrant and, if applicable, the Company receives
payment of the aggregate Warrant Price, the Company shall deliver to Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised or converted and has not expired, a new Warrant representing the Shares not so
acquired. 

  
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 1.5    Replacement of Warrants. On receipt of
evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the
Company or, in the case of mutilation on surrender and cancellation of this Warrant, the Company shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor. 

1.6    Treatment of Warrant Upon Acquisition of Company. 

1.6.1      “Acquisition”. For the purpose of this Warrant,
“Acquisition” means any sale, license, or other disposition of all or substantially all of the assets of the Company, or any reorganization, consolidation, or merger of the Company where the holders of the Company’s securities
immediately before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity immediately after the transaction, other than a sale of the Company’s securities for capital raising purposes.

 1.6.2      Treatment of Warrant at Acquisition. 

A)    Holder agrees that, in the event of an Acquisition in which the sole consideration is cash and
the Company does not continue as a going concern, either (a) Holder shall exercise its conversion or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition or
(b) if Holder elects not to exercise the Warrant, this Warrant will expire upon the consummation of such Acquisition. The Company shall provide Holder with written notice of any such Acquisition (together with such reasonable information as
Holder may request in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed Acquisition. 

B)    Upon the written request of the Company, Holder agrees that, in the event of an Acquisition
that is an “arms length” sale of all or substantially all of the Company’s assets (and only its assets) to a third party that is not an Affiliate (as defined below) of the Company (a “True Asset Sale”), either
(a) Holder shall exercise its conversion or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such True Asset Sale or (b) if Holder elects not to exercise the Warrant,
this Warrant will continue until the Expiration Date if the Company continues as a going concern following the closing of any such True Asset Sale. The Company shall provide the Holder with written notice of its request relating to the True Asset
Sale (together with such reasonable information as the Holder may request in connection with such contemplated True Asset Sale giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of
the proposed True Asset Sale. As used herein “Affiliate” shall mean any person or entity that owns or controls directly or indirectly ten (10) percent or more of the stock of Company, any person or entity that controls or is
controlled by or is under common control with such persons or entities, and each of such person’s or entity’s officers, directors, joint venturers or partners, as applicable. 

C)    Upon the closing of any Acquisition other than those particularly described in subsections
(A) and (B) above, the successor entity shall assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities, cash, and property as would 

  
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be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Acquisition and subsequent closing. The
Warrant Price and/or number of Shares shall be adjusted accordingly. 
 ARTICLE 2    ADJUSTMENTS TO THE
SHARES. 
 2.1         Stock Dividends, Splits, Etc. If
the Company declares or pays a dividend on the Shares payable in common stock, or other securities, then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to
which Holder would have been entitled had Holder owned the Shares of record as of the date the dividend occurred. If the Company subdivides the Shares by reclassification or otherwise into a greater number of shares or takes any other action which
increase the amount of stock into which the Shares are convertible, the number of shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares are combined or
consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 

2.2         Reclassification, Exchange, Combinations or Substitution.
Upon any reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon exercise or
conversion of this Warrant, the number and kind of securities and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. Such an
event shall include any automatic conversion of the outstanding or issuable securities of the Company of the same class or series as the Shares to common stock pursuant to the terms of the Company’s Certificate of Incorporation upon the closing
of a registered public offering of the Company’s common stock, but shall not include any conversions or reclassifications as a result of a failure to participate in any equity financings of the Company or any “right of first offer” or
other pay to play provisions set forth in the Company’s Certificate of Incorporation as set forth in Section 2.4. The Company or its successor shall promptly issue to Holder an amendment to this Warrant setting forth the number and kind of
such new securities or other property issuable upon exercise or conversion of this Warrant as a result of such reclassification, exchange, substitution or other event that results in a change of the number and/or class of securities issuable upon
exercise or conversion of this Warrant. The amendment to this Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including, without limitation,
adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new Warrant. The provisions of this Article 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other
events. 
 2.3         Adjustments for Diluting Issuances.
The Warrant Price and the number of Shares issuable upon exercise of this Warrant or, if the Shares are preferred stock, the number of shares of common stock issuable upon conversion of the Shares, shall be subject to adjustment, from time to time
in the manner set forth in the Company’s Certificate of Incorporation as if the Shares were issued and outstanding on and as of the date of any such required adjustment. The provisions set forth for the Shares in the Company’s Certificate
of Incorporation relating to the above in effect as 

  
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of the Issue Date may not be amended, modified or waived, without the prior written consent of Holder unless such amendment, modification or waiver affects the rights associated with the Shares
in the same manner as such amendment, modification or waiver affects the rights associated with all other shares of the same series and class as the Shares granted to Holder. 

2.4         “Pay to Play”. In the event that any “pay
to play” terms or conditions (i.e. terms or conditions that require a holder of the Company’s Preferred Stock to purchase securities in a future round of equity financing or else lose the benefit of antidilution protection applicable to
the shares of Preferred Stock issuable upon the exercise of this Warrant or have such shares of Preferred Stock automatically convert to common stock or convert to another class and series of the Company’s capital stock) in the Company’s
Certificate of Incorporation, are triggered in connection with the consummation of a Down Round (as defined below) or otherwise after the date hereof, then in such event, this Warrant shall automatically adjust to provide the Holder with the same
securities and/or rights that the Holder would have received had the Holder participated in the Down Round to its full pro rata share with respect to the Preferred Stock issuable upon exercise of this Warrant (e.g., if this Warrant provides for the
purchase of Series D Preferred Stock, and the Company after the date hereof consummates a Down Round in which those holders of Series D Preferred Stock who participate to their full pro rata share in such Down Round become entitled to exchange such
Series D Preferred Stock for Series E Preferred Stock and those holders of Series D Preferred Stock who do not participate to their full pro rata share will have their Series D Preferred Stock converted into Common Stock, then this Warrant would
automatically adjust to provide the right to purchase Series E Preferred Stock instead of Common Stock). A “Down Round” means any non-public offering of equity securities of the Company after the Issue Date of this Warrant at a price per
share lower than the Warrant Price. 
 2.5         No
Impairment. The Company shall not, by amendment of its Certificate of Incorporation or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms to be observed or performed under this Warrant by the Company, but shall at all times in good faith assist in carrying out of all the provisions of this Article 2 and in taking all such action
as may be necessary or appropriate to protect Holder’s rights under this Article against impairment. 

2.6         Fractional Shares. No fractional Shares shall be issuable
upon exercise or conversion of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company shall eliminate
such fractional share interest by paying Holder the amount computed by multiplying the fractional interest by the fair market value of a full Share. 
 2.7         Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company shall promptly notify Holder in writing, and, at the
Company’s expense, promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment is based. The Company shall, upon written request,
furnish Holder a certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 

  
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 ARTICLE 3    REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 3.1         Representations and Warranties. The Company
represents and warrants to Holder as follows: 
 3.1.1    The initial Warrant Price
referenced on the first page of this Warrant is not greater than the price per share at which the Shares were last issued in an arms-length transaction in which at least $500,000 of the Shares were sold. 

3.1.2    All Shares which may be issued upon the exercise of the purchase right represented by this
Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided
for herein or under applicable federal and state securities laws. 
 3.1.3    The
Company’s capitalization table attached hereto as Schedule 1 is true and complete as of the Issue Date. 

3.2         Notice of Certain Events. If the Company proposes at any
time (a) to declare any dividend or distribution upon any of its stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for sale to its existing stockholders any shares of the
Company’s capital stock (or other securities convertible into such capital stock), other than (i) pursuant to the Company’s stock option or other compensatory plans, (ii) in connection with commercial credit arrangements or
equipment financings, or (iii) in connection with strategic transactions for purposes other than capital raising; (c) to effect any reclassification or recapitalization of any of its stock; (d) to effect an Acquisition, or to
liquidate, dissolve or wind up; or (e) offer holders of registration rights the opportunity to participate in an underwritten public offering of the Company’s securities for cash, then, in connection with each such event, the Company shall
give Holder: (1) at least 10 days prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of common stock will be entitled thereto)
or for determining rights to vote, if any, in respect of the matters referred to in (a) and (b) above; (2) in the case of the matters referred to in (c) and (d) above at least 10 days prior written notice of the date when
the same will take place (and specifying the date on which the holders of common stock will be entitled to exchange their common stock for securities or other property deliverable upon the occurrence of such event); and (3) in the case of the
matter referred to in (e) above, the same notice as is given to the holders of such registration rights. Company will also provide information requested by Holder reasonably necessary to enable Holder to comply with Holder’s accounting or
reporting requirements. 
 3.3         Registration Under
Securities Act of 1933, as amended. The Company agrees that the Shares or, if the Shares are convertible into common stock of the Company, such common stock, shall have certain “piggyback” and “S-3” registration rights
pursuant to and as set forth in the Company’s Amended and Restated Investors’ Right Agreement dated as of May 30, 2008, to which the Holder has been made a party. 

  
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 3.4         No Shareholder
Rights. Except as provided in this Warrant, Holder will not have any rights as a shareholder of the Company until the exercise of this Warrant. 
 ARTICLE 4   REPRESENTATIONS, WARRANTIES OF HOLDER. Holder represents and warrants to the Company as follows: 

4.1         Purchase for Own Account. This Warrant and the securities
to be acquired upon exercise of this Warrant by Holder will be acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also
represents that Holder has not been formed for the specific purpose of acquiring this Warrant or the Shares. 

4.2         Disclosure of Information. Holder has received or has had
full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions
and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it
without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 
 4.3         Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk. Holder
has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge and
experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and
certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

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

4.5         The Act. Holder understands that this Warrant and the
Shares issuable upon exercise or conversion hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Holder’s investment intent as
expressed herein. Holder understands that this Warrant and the Shares issued upon any exercise or conversion hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or
unless exemption from such registration and qualification are otherwise available. 
 ARTICLE
5   MISCELLANEOUS. 

5.1         Term. This Warrant is exercisable in whole or in part at
any time and from time to time on or before the Expiration Date. 

  
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 5.2         Legends.
This Warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form: 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE
STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 

5.3         Compliance with Securities Laws on Transfer. This Warrant
and the Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable federal and
state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The
Company shall not require Gold Hill Capital 2008, LP (“Gold Hill”) to provide an opinion of counsel if the transfer is to any affiliate of Gold Hill. Additionally, the Company shall also not require an opinion of counsel if there is no
material question as to the availability of current information as referenced in Rule 144(c), Holder represents that it has complied with Rule 144(d) and (e) in reasonable detail, the selling broker represents that it has complied with Rule
144(f), and the Company is provided with a copy of Holder’s notice of proposed sale. 

5.4         Transfer Procedure. Subject to the provisions of Article
5.3 and upon providing the Company with written notice, Gold Hill and any subsequent Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the Shares issuable directly or indirectly, upon conversion
of the Shares, if any) to any transferee, by execution of an Assignment substantially in the form of Appendix 2, provided, however, in connection with any such transfer, Gold Hill or any subsequent Holder will give the Company notice of the portion
of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable). The Company may refuse
to transfer this Warrant or the Shares to any person who directly competes with the Company, unless, in either case, the stock of the Company is publicly traded. 

5.5         Notices. All notices and other communications from the
Company to Holder, or vice versa, shall be deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or Holder, as the case
may (or on the first business day after transmission by facsimile) be, in writing by the Company or such Holder from time to time. Effective upon receipt of the fully executed Warrant and the initial transfer described in Article 5.4 above, all
notices to Holder shall be 

  
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addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 

Gold Hill Capital 2008, LP 
 One Almaden Blvd., Suite 630 
 San Jose, CA 95113 

Attention: Glenn Marasigan 
 Telephone: (408) 200-7857 
 Facsimile: (408) 200-7841

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

 BlueArc Corporation 

Attn: Chief Financial Officer, Rick Martig 

50 Rio Robles Drive 
 San Jose, CA 95134 
 Telephone: (408) 576-6609 

Facsimile: (408) 576-5741 
 5.6         Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination is sought. 

5.7         Attorneys’ Fees. In the event of any dispute between
the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.8         Automatic Conversion upon Expiration. In the event that,
upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant
shall automatically be deemed on and as of such date to be converted pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised or converted, and the Company shall promptly
deliver a certificate representing the Shares (or such other securities) issued upon such conversion to Holder. 

5.9         Counterparts. This Warrant may be executed in
counterparts, all of which together shall constitute one and the same agreement. 

5.10         Governing Law. This Warrant shall be governed by and
construed in accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law. 
 [Signature page follows.] 

  
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	 “COMPANY”
	  		  		  	
				
	 BLUEARC CORPORATION
	  		  		  	
					
	 By:
	  	 /s/ Shmuel Shottan
	  		  	 By:
	  	 /s/ Rick Martig

									
					
	 Name:
	  	 Shumel Shottan
	  		  	 Name:
	  	 Rick Martig

									
		  	           (Print)
	  		  		  	
              (Print)

									
	 Title:
	  	Chairman of the Board, President or
Vice President	  		  	 Title:
	  	Chief Financial Officer, Secretary,
Assistant Treasurer or Assistant
Secretary

									
					
	 “HOLDER”
	  		  		  		  	
				
	 GOLD HILL CAPITAL 2008, LP
	  		  		  	

									
	 By: Gold Hill Capital 2008, LLC, General

Partner
	  		  		  	

							
				
	 By:
	  	 /s/ Rob Helm
	  		  	

							
				
	 Name:
	  	 Rob Helm
	  		  	
		  	 (Print)
	  		  	

							
	 Title:
	  	 Managing Member
	  		  	

  
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 SCHEDULE 1 
 CAPITALIZATION TABLE 
 [See attached.] 

 BlueArc Corporation 

Pro Forma Cap Table 317/09 
  

																																					
	 Liquidation Preference Price Per Share
SHARES OUTSTANDING
	 	Common	 	 	$6.00
Series AA	 	 	$3.00
Series 1313	 	 	$60.00
Series CC	 	 	54.14
Series DD	 	 	$5.19
Series EE	 	 	S4.53
Series FE	 	 	Total	 
	 	 	 	 	 	 	 	 	Number	 	 	%	 
	 Meritech
	 	 	–	  	 	 	2,516,955	  	 	 	4,500,000	  	 	 	24,998	  	 	 	1,081,374	  	 				 	 	641,449	  	 	 	8,764,776	  	 	 	22.5	% 
	 Crosslink
	 	 	–	  	 	 	1,677,964	  	 	 	2,999,994	  	 				 	 	600,139	  	 				 	 	416,776	  	 	 	5,694,873	  	 	 	14.6	% 
	 Morgenthaler
	 				 				 				 				 	 	3,381,642	  	 				 	 	267,028	  	 	 	3,648,670	  	 	 	9.3	% 
	 RW1
	 	 	–	  	 	 	362,966	  	 	 	666,667	  	 				 	 	147,511	  	 				 	 	552,191	  	 	 	1,729,335	  	 	 	4.4	% 
	 Weston Presideo
	 	 	15,053	  	 	 	416,309	  	 	 	542,490	  	 				 	 	172,946	  	 				 				 	 	1,146,798	  	 	 	2.9	% 
	 Ft. Washington
	 	 	–	  	 	 	392,332	  	 	 	499,996	  	 				 	 	96,617	  	 				 	 	78,090	  	 	 	1,067,035	  	 	 	2.7	% 
	 HDS
	 				 				 				 				 				 	 	789,980	  	 	 	106,020	  	 	 	896,000	  	 	 	2.3	% 
	 CTTV
	 				 				 				 				 	 	483,091	  	 				 	 	38,148	  	 	 	521,239	  	 	 	1.3	% 
	 Wasatch / CCC
	 				 				 				 				 	 	471,013	  	 				 	 	666,691	  	 	 	1,137,704	  	 	 	2.9	% 
	 Canion
	 				 	 	333,333	  	 				 				 	 	143,211	  	 				 				 	 	476,544	  	 	 	1.2	% 
	 Johnson
	 				 	 	333,333	  	 				 				 	 	143,211	  	 				 				 	 	476,544	  	 	 	1.2	% 
	 Onahru
	 	 	200,068	  	 	 	166,666	  	 				 				 	 	72,082	  	 				 				 	 	438,816	  	 	 	1.1	% 
	 Montague Newhall
	 				 				 				 				 				 				 	 	1,159,601	  	 	 	1,159,601	  	 	 	3.0	% 
	 Current Employees
	 	 	1,390,284	  	 	 	4,162	  	 				 				 				 				 				 	 	1,394,446	  	 	 	3.6	% 
	 Rattazzi
	 	 	122,719	  	 				 				 				 				 				 				 	 	122,719	  	 	 	0.3	% 
	 JVAX Holdings
	 				 				 				 				 				 				 	 	1,104,382	  	 	 	1,104,382	  	 	 	2.8	% 
	 Others
	 	 	721,782	  	 	 	187,427	  	 	 	88,552	  	 	 	285,021	  	 	 	211,989	  	 				 	 	110,438	  	 	 	1,605,209	  	 	 	4.1	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total shares outstanding
	 	 	2,449,906	  	 	 	6,391,447	  	 	 	9,297,699	  	 	 	310,019	  	 	 	7,004,826	  	 	 	789,980	  	 	 	5,140,814	  	 	 	31,384,691	  	 	 	80.4	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Shares outstanding as converted
	 				 				 				 				 				 	 	17,300	  	 				 	 	17,300	  	 			
		 				 				 				 				 				 	 	807,280	  	 				 	 	31,401,991	  	 			
	 OPTIONS/ WARRANTS OUTSTANDING
	 				 				 				 				 				 				 				 				 			
	 HDS (Warrants)
	 	 	454,254	  	 				 				 				 				 				 				 	 	454,254	  	 	 	1.2	% 
	 Employees
	 	 	4,633,639	  	 				 				 				 				 				 				 	 	4,633,639	  	 	 	11.9	% 
	 Directors/Others*
	 	 	145,549	  	 				 				 	 	1,500	  	 				 				 	 	147,861	  	 	 	294,910	  	 	 	0.8	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total options outstanding
	 	 	5,233,442	  	 	 	–	  	 	 	–	  	 	 	1,500	  	 	 	–	  	 	 	–	  	 	 	147,861	  	 	 	5,382,803	  	 	 	13.8	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 TOTAL OUTSTANDING
	 	 	7,683,348	  	 	 	6,391,447	  	 	 	9,297,699	  	 	 	311,519	  	 	 	7,004,826	  	 	 	789,980	  	 	 	5,288,675	  	 	 	36,784,794	  	 	 	94,2	% 
	 Options Available for grant
	 	 	1,341,118	  	 	 	–	  	 	 	–	  	 	 	–	  	 				 				 				 	 	1,341,118	  	 	 	3,4	% 
	 HDS warrants available for grant
	 	 	908,508	  	 				 				 				 				 				 				 	 	908,508	  	 	 	2.3	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 TOTAL OUTSTANDING & AVAILABLE
	 	 	9,932,974	  	 	 	6,391,447	  	 	 	9,297,699	  	 	 	311,519	  	 	 	7,004,826	  	 	 	789,980	  	 	 	5,288,675	  	 	 	39,034,420	  	 	 	100.0	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 WARRANT’S HDS 46 remaining [ranches only

    anticipate that 3 will be earned)
	 	 	454,254	  	 				 				 				 				 				 				 	 	454,254	  	 	 	1.2	% 

  

Note: Do not anticipate HDS will achieve any of the 3 tranches in the current milestone period by March 31, 2009 

*      including 1,589 warrants from Synaxia Warrant Plan 

 APPENDIX 1 
 NOTICE OF EXERCISE 

1.        Holder elects to purchase
                     shares of the Common/Series              Preferred
[strike one] Stock of BlueArc Corporation pursuant to the terms of the attached Warrant, and tenders payment of the purchase price of the shares in full. 
 [or] 
 1.        Holder
elects to convert the attached Warrant into Shares/cash [strike one] in the manner specified in the Warrant. This conversion is exercised for
                     of the Shares covered by the Warrant. 

[Strike paragraph that does not apply.] 

2.        Please issue a certificate or certificates representing the shares in
the name specified below: 
  

	
	  

	 Holder’s Name

	
	  

	
	  

	 (Address)

 3.        By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in Article 4 of the Warrant
as the date hereof. 
  

			
	 HOLDER:

	
	
 

			
		
	 By:
	 	
 

			
		
	 Name:
	 	
 

			
		
	 Title:
	 	
 

			
		
	 (Date):
	 	  

 APPENDIX 2 
 ASSIGNMENT 
 For value received, Gold Hill Capital
2008, LP hereby sells, assigns and transfers 
 unto 

 

	
	 Name:

	
	 Address:

	
	 Tax ID:

 that certain Warrant to Purchase Stock issued by BlueArc Corporation (the 
 “Company”), on                     , 2009 (the ‘Warrant”) together with all
rights, title 
 and interest therein. 

 

			
	 GOLD HILL CAPITAL 2008, LP

		
	 By:
	 	
 

			
		
	 Name:
	 	
 

			
		
	 Title:
	 	  

Date:
                                         
        
 By its execution below, and for the benefit of the Company,
                     makes each of the representations and warranties set forth in Article 4 of the Warrant and agrees to all other provisions
of the Warrant as of the date hereof. 
  

			
	  

		
	 By:
	 	
 

			
		
	 Name:
	 	
 

			
		
	 Title:Form of Warrant to purchase Series FF Preferred Stock

 Exhibit 4.5 
 THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED,
OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED. 

Void after 

[                    ] 

BLUEARC CORPORATION 
 WARRANT TO PURCHASE SHARES 
 This Warrant is issued to
                                     by BlueArc Corporation a
Delaware corporation (the “Company”), pursuant to the terms of that certain Note and Warrant Purchase Agreement of even date herewith, as it may be amended from time to time (the “Note Purchase Agreement”), in
connection with the Company’s issuance to the holder of this Warrant of a Convertible Promissory Note (the “Note”). 
 1. Purchase of Shares. Subject to the terms and conditions hereinafter set forth and set forth in the Note Purchase Agreement, the holder of this Warrant is entitled, upon surrender of this Warrant
at the principal office of the Company (or at such other place as the Company shall notify the holder hereof in writing), to purchase from the Company up to the number of fully paid and nonassessable Shares (as defined below), that equals the
quotient obtained by dividing (a) the Warrant Coverage Amount (as defined below) by (b) the Exercise Price (as defined below). 
 2. Definitions. 
 (a) Exercise Price. The exercise
price for the Shares shall be the price per share of equity securities sold to investors in a Qualified Equity Financing (as defined below) if such Qualified Equity Financing is consummated within six (6) months from the date hereof; provided,
however, in the event of an IPO, a Change of Control (as defined below) or other repayment or settlement of the Notes other than by a Qualified Equity Financing consummated within six (6) months from the date hereof, the exercise price shall be
$4.14 per share (such price, as adjusted from time to time, is herein referred to as the “Exercise Price”. 
 (b) Exercise Period. This Warrant shall be exercisable, in whole or in part, during the term commencing on the earliest to occur of (i) the closing date of a Qualified Equity Financing,
(ii) the closing of an IPO, (iii) immediately before a Change of Control or (iv) March 11, 2010; and ending on the expiration of this Warrant pursuant to Section 14 hereof. 

(c) Warrant Coverage Amount. The term “Warrant Coverage Amount” shall mean that amount which
equals 10% of the original principal amount of the Note divided by (1) the 

 
price of the New Securities (as defined in the Note), or (2) in the event of an IPO, a Change of Control (as defined below) or other repayment or settlement of the Notes other than by a
Qualified Equity Financing within six (6) months from the date hereof, $4.14. 
 (d) The Shares. The
term “Shares” shall mean shares of the Company’s Series FF Preferred Stock (or such other series of preferred stock) issued to investors in a Qualified Equity Financing which occurs within six (6) months from the date
hereof and before a Change of Control or an IPO. If an IPO occurs before a Qualified Equity Financing, the term Shares shall mean the Company’s Common Stock. If no qualified equity Financing occurs within six (6) months from the date
hereof or no IPO occurs before a Change of Control, the term Shares shall mean the Series DD Preferred Stock. 

(e) Qualified Equity Financing. The term “Qualified Equity Financing” is an equity financing
pursuant to which the Company sells shares of its Series FF Preferred Stock (or other series of preferred stock) with an aggregate sales price of not less than $15,000,000, including all Notes issued under the Note Purchase Agreement which are
converted into capital stock, and with the principal purpose of raising capital. 
 (f) Change of Control.
The term “Change of Control” shall mean (i) any consolidation or merger involving the Company pursuant to which the Company’s stockholders own less than fifty percent (50%) of the voting securities of the surviving
entity or (ii) the sale of all or substantially all of the assets of the Company. 
 (g) Initial Public
Offering. The Term “IPO” shall have the same meaning as the term “Qualified IPO” as set forth in the Company’s Amended and Restated Certificate of Incorporation. 

3. Method of Exercise. While this Warrant remains outstanding and exercisable in accordance with Section 2 above, the holder
may exercise, in whole or in part, the purchase rights evidenced hereby. Such exercise shall be effected by: 

(i) the surrender of the Warrant, together with a notice of exercise to the Secretary of the Company at its principal
offices; and 
 (ii) the payment to the Company of an amount equal to the aggregate Exercise Price for the number
of Shares being purchased. 
 4. Net Exercise. In lieu of cash exercising this Warrant, the holder of this Warrant may
elect to receive shares equal to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with notice of such election, in which event the Company shall issue to
the holder hereof a number of Shares computed using the following formula: 

			
		  	 Y (A - B)

	 X =
	  	        A

 Where 

  
 -2-

			
	X —	  	The number of Shares to be issued to the holder of this Warrant.
		
	Y —	  	The number of Shares purchasable under this Warrant.
		
	A —	  	The fair market value of one Share.
		
	B —	  	The Exercise Price (as adjusted to the date of such calculations).

 For purposes of this Section 4, the fair market value of a Share shall mean the average of the closing bid and asked prices of Shares quoted in the over-the-counter market in which the Shares are
traded or the closing price quoted on any exchange on which the Shares are listed, whichever is applicable, as published in the Western Edition of The Wall Street Journal for the ten (10) trading days before the date of determination of
fair market value (or such shorter period of time during which such stock was traded over-the-counter or on such exchange). If the Shares are not traded on the over-the-counter market or on an exchange, the fair market value shall be the price per
Share that the Company could obtain from a willing buyer for Shares sold by the Company from authorized but unissued Shares, as such prices shall be determined in good faith by the Company’s Board of Directors. 

5. Certificates for Shares. Upon the exercise of the purchase rights evidenced by this Warrant, one or more certificates for the
number of Shares so purchased shall be issued as soon as practicable thereafter, and in any event within thirty (30) days of the delivery of the subscription notice. 
 6. Issuance of Shares. The Company covenants that the Shares, when issued pursuant to the exercise of this Warrant, will be duly and validly issued, fully paid and nonassessable and free from all
taxes, liens, and charges with respect to the issuance thereof. 
 7. Adjustment of Exercise Price and Number of Shares.
The number of and kind of securities purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 

(a) Subdivisions, Combinations and Other Issuances. If the Company shall at any time before the expiration of this
Warrant subdivide the Shares, by split-up or otherwise, or combine its Shares, or issue additional shares of its Shares as a dividend, the number of Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the
case of a subdivision or stock dividend, or proportionately decreased in the case of a combination. Appropriate adjustments shall also be made to the purchase price payable per share, but the aggregate purchase price payable for the total number of
Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment under this Section 7(a) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record
date of such dividend, or in the event that no record date is fixed, upon the making of such dividend. 
 (b)
Reclassification, Reorganization and Consolidation. In case of any reclassification, capital reorganization, or change in the capital stock of the Company (other than as a result of a subdivision, combination, or stock dividend provided for
in Section 7(a) above), then the Company shall make appropriate provision so that the holder of this Warrant shall have the right 

  
 -3-

 
at any time before the expiration of this Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other
securities and property receivable in connection with such reclassification, reorganization, or change by a holder of the same number of Shares as were purchasable by the holder of this Warrant immediately before such reclassification,
reorganization, or change. In any such case appropriate provisions shall be made with respect to the rights and interest of the holder of this Warrant so that the provisions hereof shall thereafter be applicable with respect to any shares of stock
or other securities and property deliverable upon exercise hereof, and appropriate adjustments shall be made to the purchase price per share payable hereunder, provided the aggregate purchase price shall remain the same. 

(c) Notice of Adjustment. When any adjustment is required to be made in the number or kind of shares purchasable
upon exercise of the Warrant, or in the Exercise Price, the Company shall promptly notify the holder of such event and of the number of Shares or other securities or property thereafter purchasable upon exercise of this Warrant. 

8. 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 on the basis of the Exercise Price then in effect. 
 9. Representations of the Company. The Company represents that all corporate actions on the part of the Company, its officers, directors and stockholders necessary for the sale and issuance of this
Warrant have been taken. 
 10. Representations and Warranties by the Holder. The Holder represents and warrants to the
Company as follows: 
 (a) This Warrant and the Shares issuable upon exercise thereof are being acquired for its
own account, for investment and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act of 1933, as amended (the “Act”). Upon exercise of this
Warrant, the Holder shall, if so requested by the Company, confirm in writing, in a form satisfactory to the Company, that the securities issuable upon exercise of this Warrant are being acquired for investment and not with a view toward
distribution or resale. 
 (b) The Holder understands that the Warrant and the Shares have not been registered
under the Act by reason of their issuance in a transaction exempt from the registration and prospectus delivery requirements of the Act pursuant to Section 4(2) thereof, and that they must be held by the Holder indefinitely, and that the Holder
must therefore bear the economic risk of such investment indefinitely, unless a subsequent disposition thereof is registered under the Act or is exempted from such registration. The Holder further understands that the Warrant Shares have not been
qualified under the California Securities Law of 1968 (the “California Law”) by reason of their issuance in a transaction exempt from the qualification requirements of the California Law pursuant to Section 25102(f)
thereof, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent expressed above. 
 (c) The Holder has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the purchase of this Warrant and the

  
 -4-

 
Shares purchasable pursuant to the terms of this Warrant and of protecting its interests in connection therewith. 

(d) The Holder is able to bear the economic risk of the purchase of the Shares pursuant to the terms of this Warrant.

 (e) The Holder is a “qualified institutional buyer” as defined in Rule 144A promulgated under the
Act 
 11. Restrictive Legend. 
 The Shares (unless registered under the Act) shall be stamped or imprinted with a legend in substantially the following form: 

(i) THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”). SUCH SECURITIES MAY NOT BE TRANSFERRED UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER OR SUCH TRANSFER MAY BE MADE PURSUANT TO RULE 144 OR IN THE OPINION OF COUNSEL FOR THE COMPANY, REGISTRATION
UNDER THE ACT IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT. 
 (ii) THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH IS AVAILABLE UPON REQUEST FROM THE COMPANY. THESE TRANSFER
RESTRICTIONS ARE BINDING UPON ALL TRANSFEREES OF THE SECURITIES. THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED FOR A PERIOD NOT TO EXCEED 180 DAYS FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT FILED BY THE
COMPANY FOR ITS INITIAL PUBLIC OFFERING IF REQUESTED BY THE UNDERWRITERS IN ACCORDANCE WITH SUCH AGREEMENT. 
 12. Warrants
Non-Transferable. This Warrant and all rights hereunder are not transferable, without the written consent of the Company. 

13. Rights of Stockholders. No holder of this Warrant shall be entitled, as a Warrant holder, to vote or receive dividends or be
deemed the holder of the Shares or any other securities of the Company which may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the holder of this Warrant, as such, any
of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any
recapitalization, issuance of stock, reclassification of stock, change of par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until the Warrant
shall have 

  
 -5-

 
been exercised and the Shares purchasable upon the exercise hereof shall have become deliverable, as provided herein. 
 14. Expiration of Warrant; Notice of Certain Events Terminating This Warrant. 
 (a) This Warrant shall expire and shall no longer be exercisable upon the earlier to occur of: 
 (i) 5:00 p.m., California local time, on March 11, 2018; or 
 (ii) Any Change of Control. 
 (b) The Company shall provide at
least five business days prior written notice of any event set forth in Section 14(a)(ii). 
 15. Notices. All
notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and shall in any event be deemed to be given upon receipt or, if earlier, (a) five (5) days after deposit with the U.S.
Postal Service or other applicable postal service, if delivered by first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid or (d) one business day after the business day of facsimile transmission, if delivered by facsimile transmission with copy by first class mail, postage prepaid, and shall be addressed (i) if to the Holder, at the
Holder’s address as set forth on the Schedule of Investors to the Note Purchase Agreement, and (ii) if to the Company, at the address of its principal corporate offices (attention: President), with a copy to Michael Danaher, Wilson Sonsini
Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, CA 94304 (which copy shall not be deemed to constitute notice to the Company) or at such other address as a party may designate by ten days advance written notice to the other party
pursuant to the provisions above. 
 16. “Market Stand-Off” Agreement. The Shares shall be subject to all the
rights and obligations of “Registrable Securities” under that certain Investors’ Rights Agreement dated as of May 30, 2008 and as may be amended from time to time, including without limitation the market stand-off provision set
forth in Section 2.12 thereof. 
 17. Registration Rights Agreement. The registration rights of the Holder
(including Holders’ successors) with respect to the Common Stock issuable upon conversion of the Shares issuable upon exercise of this Warrant will be the same as granted to the holders of Shares issued in the Qualified Equity Financing.

 18. Governing Law. This Warrant and all actions arising out of or in connection with this Agreement shall be governed
by and construed in accordance with the laws of California, without regard to the conflicts of law provisions of California or of any other state. 
 (Signature Page Follows) 

  
 -6-

 19. Rights and Obligations Survive Exercise of Warrant. Unless otherwise provided
herein, the rights and obligations of the Company, of the holder of this Warrant and of the holder of the Shares issued upon exercise of this Warrant, shall survive the exercise of this Warrant. 

Issued this              day of March, 2008. 

 

			
	BlueArc Corporation
	
	 
	By: Michael Gustafson
	Title:	 	President and Chief Executive Officer

  
 -7-

 EXHIBIT A 

NOTICE OF EXERCISE 
  

	TO:	BlueArc Corporation 

	    	50 Rio Robles Dr. 

	    	San Jose, CA 95134 

	    	Attention: President 

 1. The
undersigned hereby elects to purchase              Shares of BlueArc Corporation pursuant to the terms of the attached Warrant. 

2. Method of Exercise (Please initial the applicable blank): 

 

	 	 ̈	The undersigned elects to exercise the attached Warrant by means of a cash payment, and tenders herewith payment in full for the purchase price of the shares being
purchased, together with all applicable transfer taxes, if any. 

  

	 	 ̈	The undersigned elects to exercise the attached Warrant by means of the net exercise provisions of Section 4 of the Warrant. 

3. Please issue a certificate or certificates representing said Shares in the name of the undersigned or in such other name as is
specified below: 
  

	
	  
	(Name)
	
	  
	
	
	  
	(Address)

 4. The
undersigned hereby represents and warrants that the aforesaid Shares are being acquired for the account of the undersigned for investment and not with a view to, or for resale, in connection with the distribution thereof, and that the undersigned
has no present intention of distributing or reselling such shares and all representations and warranties of the undersigned set forth in Section 10 of the attached Warrant (including Section 10(e) thereof) are true and correct as of the
date hereof. 
  

					
	 	 		 	  
		 		 	(Signature)
			
	 	 		 	  
		 		 	(Name)
			
	  	 		 	  
	(Date)	 		 	(Title)

 EXHIBIT B 

FORM OF TRANSFER 
 (To be signed only upon transfer of Warrant) 
 FOR VALUE RECEIVED, the undersigned
hereby sells, assigns and transfers unto
                                         
            the right represented by the attached Warrant to purchase
                     shares of
                                         
        of BLUEARC CORPORATION to which the attached Warrant relates, and appoints
                             Attorney to transfer such right on the books of BLUEARC CORPORATION, with
full power of substitution in the premises. 
 Dated:
                                        

  

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

 

			
	Address:	 	 
		 	 
		 	 

  

	
	Signed in the presence of:

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