Document:

Exhibit

Execution Version

MUFG
1221 Avenue of the Americas
New York, New York 10020-1001

June 29, 2016

Coherent, Inc.
5100 Patrick Henry Drive
Santa Clara, California 95054

Attention: Kevin Palatnik

Project Rembrandt 
Joinder Agreement to Amended and Restated Commitment Letter 

Ladies and Gentlemen:
Reference is made to the Amended and Restated Commitment Letter, dated as of April 5, 2016 (together with the exhibits and annexes attached thereto, the “Commitment Letter”), by and among Barclays Bank PLC (“Barclays”), Bank of America, N.A. (“BofA”), Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPFS”, which term shall include, in each case, MLPFS’s designated affiliate for any purpose thereunder, and together with BofA and their respective affiliates, “BAML”) (BAML, together with Barclays, each an “Initial Commitment Party” and together, the “Initial Commitment Parties”) and Coherent, Inc. (the “US Borrower”).  Capitalized terms used but not defined herein are used with the meanings assigned to them in the Commitment Letter.  This Joinder Agreement to Amended and Restated Commitment Letter (this “Joinder Agreement”) sets forth the understanding and agreement of the parties hereto regarding the joinder of The Bank of Tokyo-Mitsubishi UFJ, Ltd. (“MUFG” or the “Additional Commitment Party” and together with the Initial Commitment Parties, the “Commitment Parties”) to the Commitment Letter.  “MUFG” shall mean The Bank of Tokyo-Mitsubishi UFJ, Ltd., MUFG Union Bank, N.A., Mitsubishi UFJ Securities (USA) Inc. and/or any of their affiliates as MUFG shall determine to be appropriate to provide the services contemplated herein.
The Additional Commitment Party (a) commits, on a several but not joint basis, on the terms and conditions set forth herein and in the Commitment Letter, to provide a portion of the Facilities in a principal amount set forth adjacent to its name on Schedule I hereto (the “Commitment Schedule”) and (b) becomes a party to the Commitment Letter as a Commitment Party thereunder having such commitment, and being subject to all applicable obligations thereunder, with the same force and effect as if originally named therein as a Commitment Party.  The commitment of each Commitment Party to provide a portion of the Facilities under this Joinder Agreement or the Commitment Letter is referred to herein as its “Commitment” and collectively as the “Commitments”.  The Commitment of the Additional Commitment Party is subject only to the applicable conditions set forth in Section 5 of the Commitment Letter and Annex II thereto.  Upon the execution and delivery of this Joinder Agreement by the parties hereto, the Commitments of each Initial Commitment Party under the Commitment Letter (as in effect immediately prior to the execution hereof) shall, in accordance with the Commitment Letter, be reduced pro rata on a dollar-for-dollar basis by the aggregate amount of the Commitments of the Additional Commitment Party, such that the Commitment of each Commitment Party shall be as set forth in the Commitment Schedule.
In connection with the Additional Commitment Party’s Commitment under this Joinder Agreement, it is agreed that the Additional Commitment Party (or the Additional Commitment Party’s applicable affiliate) will be granted the title or designation with respect to the Facilities as set forth opposite the Additional Commitment Party’s name on the Commitment Schedule.
As consideration for the Commitments of the Additional Commitment Party, the Lead Arrangers severally agree to pay the applicable fees to the Additional Commitment Party as set forth in that certain Joinder Fee Letter, dated as of the date hereof, by and among Barclays, BAML, the US Borrower and the Additional Commitment Party (the “Joinder Fee Letter”), solely to the extent that such fees have been received in full by the Lead Arrangers from the US Borrower pursuant to the Facilities Fee Letter (it being understood that nothing herein shall be deemed to modify the Facilities Fee Letter or increase any fees that have been paid or are payable by the US Borrower thereunder).
The Additional Commitment Party agrees that the syndication of the Facilities shall be managed by the Initial Commitment Parties in their capacity as the Lead Arrangers on the terms set forth in the Commitment Letter.  The Additional Commitment Party acknowledges and agrees that it shall not engage, nor shall it authorize any person on its behalf to engage, in any secondary selling or any solicitation of offers to purchase loans or commitments with respect to the Facilities until such time as the Lead Arrangers declare the primary syndication of the Facilities to be complete.  Furthermore, the Additional Commitment Party represents that its Commitment represents a commitment from the Additional Commitment Party only, and does not in any way include a commitment or other arrangement from any other unaffiliated institution.
Each party hereto agrees that the Additional Commitment Party shall be bound by the terms and conditions of the Commitment Letter, and shall have all the rights and obligations with respect to its Commitment, to the same extent as the same are applicable to the Initial Commitment Parties, on a several and not joint basis; provided, however, that this paragraph shall not apply to, and the Additional Commitment Party shall not have any rights or benefits with respect to, (a) roles or titles assigned to Barclays, BofA or MLPFS pursuant to the Commitment Letter, (b) the provisions of the Commitment Letter applicable to the Lead Arrangers, the Administrative Agent and the Syndication Agent in their capacities as such and (c) any provisions of the Fee Letters.
This Joinder Agreement supersedes any commitment advice or similar letter executed by the Additional Commitment Party on or prior to the date hereof in connection with the Facilities, which commitment advice or similar letter shall in each case terminate upon the effectiveness of this Joinder Agreement.
This Joinder Agreement may not be assigned by any party hereto without the prior written consent of each other party hereto (and any purported assignment without such consent will be null and void), is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and the Indemnified Parties); provided, however, that a Commitment Party may assign its Commitment only to the extent permitted by, and in accordance with, the terms of the Commitment Letter; provided further, that MLPFS may, without notice, assign its rights and obligations under this Joinder Agreement to any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date hereof.
This Joinder Agreement may not be amended or any term or provision hereof waived or modified except by an instrument in writing signed by each of the parties hereto.  This Joinder Agreement may be executed in multiple counterparts and by different parties hereto in separate counterparts, all of which, taken together, shall constitute an original.  Delivery of an executed counterpart of a signature page to this Joinder Agreement by telecopier, facsimile or other electronic transmission (e.g., a “pdf” or “tiff”) shall be effective as delivery of a manually executed counterpart thereof.  Headings are for convenience of reference only and shall not affect the construction of, or be taken into consideration when interpreting this Joinder Agreement.
This Joinder Agreement, the Commitment Letter and the Joinder Fee Letter embody the entire agreement and understanding among the parties hereto and thereto and their respective affiliates with respect to the Additional Commitment Party’s Commitments and the fee compensation with respect thereto and supersedes all prior agreements and understandings relating to the Additional Commitment Party’s Commitments and the fee compensation with respect thereto.  No party has been authorized by the Additional Commitment Party to make any oral or written statements that are inconsistent with this Joinder Agreement or the Joinder Fee Letter.  Following the execution and delivery of this Joinder Agreement by each of the parties hereto, the Commitment Letter and this Joinder Agreement shall be construed as a single instrument to the extent necessary to give effect to the provisions hereof and thereof.  Notwithstanding any provision hereof or of the Commitment Letter, it is agreed and understood that all obligations of each of the Commitment Parties, whether pursuant hereto or pursuant to the Commitment Letter, shall be several and not joint obligations.
This Joinder Agreement shall be governed by, and construed in accordance with, the laws of the State of New York (and the Additional Commitment Party hereby expressly acknowledges and agrees that it shall be subject to Section 8 of the Commitment Letter as a party thereto); provided that the foregoing shall not modify the governing law provisions set forth in the Commitment Letter.  Each party hereto hereby irrevocably waives any and all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Joinder Agreement or the Joinder Fee Letter and the other transactions contemplated hereby or the actions of the Commitment Parties in the negotiation, performance or enforcement hereof.  Each party hereto hereby irrevocably and unconditionally submits to the exclusive jurisdiction of any New York State court or Federal court of the Unites States of America sitting in the Borough of Manhattan in New York City in respect of any suit, action or proceeding arising out of or relating to the provisions of this Joinder Agreement or the Joinder Fee Letter and the other transactions contemplated hereby and irrevocably agrees that all claims in respect of any such suit, action or proceeding may be heard and determined in any such court.  The parties hereto agree that service of any process, summons, notice or document by registered mail addressed to such party shall be effective service of process against you for any suit, action or proceeding relating to any such dispute.  Each party hereto waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceedings brought in any such court, and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  A final judgment in any such suit, action or proceeding brought in any such court may be enforced in any other courts to whose jurisdiction the applicable party is or may be subject by suit upon judgment.
This Joinder Agreement (including all of the terms of the Commitment Letter) and the other terms and conditions contained herein shall be subject to the same confidentiality provisions applicable to the Commitment Letter as provided in Section 6 of the Commitment Letter.  The Joinder Fee Letter and the contents thereof shall be subject to the same confidentiality provisions applicable to the Facilities Fee Letter as provided in Section 6 of the Commitment Letter. 
The Additional Commitment Party acknowledges that it has, independently and without any reliance upon the Lead Arrangers or any of their respective affiliates, or any of their respective officers, directors, employees, agents, advisors or representatives, and based on the financial statements of the US Borrower and its consolidated subsidiaries and the Acquired Business and such other documents as it has deemed appropriate, made its own credit analysis and decision to provide a Commitment and enter into this Joinder Agreement.
The compensation, reimbursement, indemnification, confidentiality (except as otherwise set forth in the Commitment Letter), jurisdiction, waiver of jury trial and governing law provisions contained herein or in the Commitment Letter shall remain in full force and effect regardless of whether the Credit Documentation shall be executed and delivered and notwithstanding the termination of this Joinder Agreement, the Commitment Letter, or each Commitment Party’s Commitment.
All Commitments and undertakings of the Additional Commitment Party will expire on the earliest of (a) 11:59 p.m. (New York City time) on March 16, 2017 (the “Commitment Termination Date”) (provided that to the extent the Termination Date (as defined in the Acquisition Agreement in effect on March 16, 2016) is extended to June 16, 2017 in accordance with the terms of Section 8.1(b) of the Acquisition Agreement (in accordance with the terms thereof as in effect on March 16, 2016), the Commitment Termination Date shall, upon notice of such extension to the Commitment Parties from the US Borrower, be automatically extended to 11:59 p.m. (New York City time) on June 16, 2017), (b) the closing of the Acquisition without the use of the Facilities, (c) the termination of the Acquisition Agreement and (d) the public announcement of the abandonment of the Acquisition by the US Borrower or any of the US Borrower’s affiliates in a public statement or filing (such earliest time set forth in clause (a), (b), (c) or (d) above, the “Expiration Date”).
[Signature Pages Follow]

If the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms hereof by returning to us an executed counterpart hereof.

Very truly yours, 
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
as the Additional Commitment Party

By:____________________________ 
Name: 
Title: 

Accepted and agreed to as of 
the date first written above by:
BARCLAYS BANK PLC

By: ________________________________ 
Name:
Title:

MERRILL LYNCH, PIERCE, FENNER 
& SMITH INCORPORATED

By: ________________________________ 
Name:
Title:

BANK OF AMERICA, N.A.

By: ________________________________ 
Name:
Title:

COHERENT, INC.

By: ________________________________
Name:
Title:

Schedule I 
to Joinder Agreement to Commitment Letter

Commitments

	
					
	Commitment Party
	Commitment of the US Term Facility
	Commitment of the Euro Term Facility
	Commitment of the Revolving Credit Facility
	Title

	Barclays Bank PLC
	$225,000,000
	$225,000,000
	$48,000,000
	Lead Arranger, Administrative Agent, Syndication Agent and Initial Lender

	Merrill Lynch, Pierce, Fenner & Smith Incorporated
	$0
	$0
	$0
	Lead Arranger

	Bank of America, N.A.
	$150,000,000
	$150,000,000
	$32,000,000
	Initial Lender

	The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	$0
	$0
	$20,000,000
	Co-Arranger and Initial Lender

	 
	Total: $375,000,000
	Total: $375,000,000
	Total: $100,000,000
	 

WEIL:\95696167\11\21151.0139EX-4.1

 Exhibit 4.1 

THIS WARRANT HAS BEEN, AND THE SHARES OF COMMON STOCK WHICH MAY BE RECEIVED PURSUANT TO THE EXERCISE OF THIS WARRANT WILL BE, ACQUIRED SOLELY FOR INVESTMENT
AND NOT WITH A VIEW TO, OR FOR RESALE IN CONNECTION WITH, ANY DISTRIBUTION THEREOF. NEITHER THIS WARRANT NOR SUCH SHARES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR QUALIFIED UNDER ANY STATE SECURITIES
LAWS. SUCH SECURITIES MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF SUCH REGISTRATION OR QUALIFICATION OR AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH DISPOSITION IS EXEMPT FROM THE
REGISTRATION REQUIREMENTS OF THE ACT AND ANY REGISTRATION OR QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE SECURITIES LAWS. 
 Dated as
of May 4, 2016 
 WARRANT TO PURCHASE COMMON STOCK

  
  

This Warrant to Purchase Common Stock (the “Warrant”) certifies that, for good and valuable
consideration, DANFORTH ADVISORS, LLC (along with its permitted assignees, the “Holder”) is entitled to, and GI DYNAMICS, INC., a Delaware corporation (the
“Company”), hereby grants the Holder the right to, purchase, as of the date of issuance set forth above (the “Warrant Date”), Twenty-Eight Thousand Five Hundred Thirty-Two
(28,532) fully paid and nonassessable shares of Common Stock, par value $0.01 (“Common Stock”), of the Company (as adjusted pursuant to Section 3 hereof) (the “Warrant
Shares”) at a price per share equal to $0.64 (as adjusted pursuant to Section 3) (the “Exercise Price”). This Warrant is issued pursuant to the Consulting Agreement (the
“Consulting Agreement”) dated as of May 4, 2016 by and between the Company and Holder. 
  

	1.	Exercise; Payment. 

 (a) Vesting of Warrant Shares. The Warrant
Shares subject to this Warrant shall vest in equal installments of 1/24th of the Warrant Shares on the last day of each successive month during the term of the Consulting Agreement beginning May 31, 2016 and ending April 30, 2018;
provided however, that all unvested Warrant Shares shall vest immediately upon a Change of Control. For purposes of this Warrant, the term “Change of Control” means the occurrence of any of the following events (which shall be
interpreted, if applicable, in a manner, and limited to the extent necessary, so that it will not cause adverse tax consequences under Section 409A): 

(i) Ownership. Any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)) becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power
represented by the Company’s then outstanding voting securities (excluding for this purpose any such voting securities held by the Company or its Affiliates or by any employee benefit plan of the Company) pursuant to a transaction or a series
of related transactions which the Board of Directors does not approve; or 

 (ii) Merger/Sale of Assets. (A) A merger or consolidation of the
Company whether or not approved by the Company’s Board of Directors, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity or the parent of such corporation) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity or
parent of such corporation, as the case may be, outstanding immediately after such merger or consolidation; or (B) the sale or disposition by the Company of all or substantially all of the Company’s assets in a transaction requiring
stockholder approval; or 
 (iii) Change in Board Composition. A change in the composition of the Company’s Board
of Directors, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” shall mean directors who either (A) are directors of the Company as of the date of this Warrant, or (B) are
elected, or nominated for election, to the Company’s Board of Directors with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but shall not include an individual whose election
or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company). 

(b) Exercise Period. This Warrant may be exercised in whole or part by the Holder during the term (as set
forth in Section 8) and in compliance with the provisions of this Warrant at any time after the Warrant Date for all or any part of the Warrant Shares that have vested pursuant to Section 1(a) above, by the surrender of this Warrant (with
the notice of exercise form attached hereto as Exhibit A (the “Notice of Exercise”) duly executed) at the principal office of the Company. If this Warrant shall have been exercised in part, the Company shall, at the
time of delivery of the notice of book entry or certificate or certificates representing Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the then unpurchased Warrant Shares, which new Warrant shall
in all other respects be identical with this Warrant, or at the request of the Holder, appropriate notation may be made on this Warrant and the same returned to the Holder. 

(c) Cash Exercise. Upon exercise of this Warrant, the Holder shall pay the Company an amount
(“Exercise Payment”) equal to the product of the Exercise Price multiplied by the total number of vested Warrant Shares purchased pursuant to such exercise of this Warrant, by wire transfer of immediately
available funds or check payable to the order of the Company. The Holder shall be deemed to have become the holder of record of, and shall be treated for all purposes as the record holder of, the Warrant Shares represented by such exercise (and such
Warrant Shares shall be deemed to have been issued) immediately prior to the close of business on the date upon which the Exercise Payment is paid to the Company. 

(d) Net Exercise. The Exercise Payment also may be paid at the Holder’s election by surrender of all or a portion
of the Warrant for the vested Warrant Shares to be exercised under this Warrant (“Net Exercise”). If the Holder elects the Net Exercise method, the Company will issue Warrant Shares in accordance with the following formula:

 X = Y(A-B) 

           A 

  
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 Where: 
  

	 	X =	the number of Warrant Shares to be issued upon the Net Exercise of the Warrant 

  

	 	Y =	the number of vested Warrant Shares to be surrendered 

  

	 	A =	the fair market value of one (1) share of Common Stock on the date of exercise of this Warrant 

  

	 	B =	the Exercise Price 

 For purposes of the above calculation, fair market value of
Common Stock shall mean the following (“Fair Market Value”): 
 (i) if CHESS
Depository Interests representing interests in shares of the Company’s Common Stock (“CDIs”) are then quoted on the Australian Securities Exchange (“ASX”), then the fair market value per share of Common Stock
shall be equal to the result obtained by multiplying (A) the volume weighted average price of one CDI in Australian dollars over five (5) consecutive trading days ending three days before the day the Fair Market Value is
being determined by (B) the number of CDIs (or fraction thereof) which equal an interest in exactly one share of Common Stock on such dates; 

(ii) if CDIs are not then quoted on the ASX, then if the Common Stock is traded on another securities exchange, the Fair Market
Value shall be deemed to be the average of the closing prices over the five (5) consecutive trading days ending three days before the day the Fair Market Value is being determined; 

(iii) if CDIs are not then quoted on the ASX and the Common Stock is not then traded on another securities exchange, then 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 principal market on which or through which the Common Stock is traded over the five
(5) consecutive trading days ending three days before the day the Fair Market Value is being determined; 
 (iv) if CDIs
are not then quoted on the ASX and the Common Stock is not then listed on any securities exchange or traded in the over-the-counter market, the Fair Market Value of the Common Stock shall be the highest price per share which the Company could
reasonably obtain from a willing buyer (other than an employee, director or “Affiliate” of the Company, as such term is defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”)) for
Common Stock sold by the Company, as determined in good faith by its Board of Directors (which determination shall take into consideration any available appraisals); 

  
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 If any of the amounts used to calculate the Fair Market Value are expressed in Australian dollars and not the
United States dollar, then each such amount shall be converted into United States dollars based on the closing exchange rate published by the Reserve Bank of Australia in their Official Bulletin at 4pm for the applicable date. The amounts used to
calculate the Fair Market Value shall be equitably adjusted for the occurrence of any of the events for which an adjustment would be made pursuant Section 3 but which is not otherwise fully reflected in the Fair Market Value calculation. 

(e) Election to receive CDIs. The Holder may include in their notice of exercise, the election to receive the
corresponding number of CDIs for the vested Warrant Shares. In such case, the Holder may nominate a CHESS account or accounts for those CDIs to be issued into. 

(f) Stock Certificates. In the event of the exercise of this Warrant, a notice of book entry for the vested Warrant
Shares so purchased (or in the event that CDIs were elected, a Holding Statement to certify that CDIs were issued) shall be delivered to the Holder within a reasonable time (and in no event more than 5 Business Days) after the Exercise Payment is
paid to the Company. 
  

	2.	Stock Fully Paid; Reservation of Shares. All of the Common Stock issuable upon the exercise of this Warrant, upon issuance and receipt by the Company of the Exercise Price therefor (or upon Net Exercise thereof,
as provided in Section 1(d)), shall be fully paid and nonassessable, and free from all preemptive rights, rights of first refusal or first offer, taxes, liens and charges with respect to the issuance thereof. During the period within which the
rights represented by this Warrant may be exercised, the Company shall at all times have authorized and reserved for issuance a sufficient number of shares of its Common Stock to provide for the exercise of this Warrant. 

 

	3.	Adjustment of Exercise Price and Number of Shares. The number and kind of Warrant Shares to be issued upon the exercise of this Warrant and the Exercise Price payable therefor shall be subject to adjustment from
time to time upon the occurrence of certain events, as follows: 

 (a) Reclassification, Consolidation or
Reorganization. In case of any reclassification of the Common Stock (other than a change in par value, or as a result of a subdivision or combination), or in case of any consolidation or merger of the Company with or into another corporation or
sale of all or substantially all of the Company’s assets (any of which is a “Reorganization Transaction”), the Company, or such successor corporation as the case may be, shall execute a new warrant, providing that the
Holder shall have the right to exercise such new warrant, and procure upon such exercise and payment of the same aggregate Exercise Price, in lieu of the Warrant Shares then issuable upon exercise of this Warrant, the kind and amount of shares of
stock, other securities, money and property as would be received by the Holder for such Warrant Shares as if such Warrant Shares were outstanding immediately prior to the consummation of the Reorganization Transaction. 

  
 - 4 - 

 (b) Stock Splits, Dividends and Combinations. In the event that the
Company shall at any time subdivide the outstanding shares of Common Stock, or shall issue a stock dividend on its outstanding shares of Common Stock, the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to such
subdivision or to the issuance of such stock dividend shall be proportionately increased and the Exercise Price shall be proportionately decreased, and in the event that the Company shall at any time combine the outstanding shares of Common Stock,
the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to such combination shall be proportionately decreased and the Exercise Price shall be proportionately increased, effective at the close of business on the date of
such subdivision, stock dividend or combination, as the case may be such that in each case, the result obtained by multiplying the Exercise Price by the number of Warrant Shares shall be the same immediately prior to, and
immediately after, such event. 
 (c) Notice of Corporate Action. If at any time: 

(i) the Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend (other than a
cash dividend payable out of earnings or earned surplus legally available for the payment of dividends under the laws of the jurisdiction of incorporation of the Company) or other distribution, or any right to subscribe for or purchase any evidences
of its indebtedness, any shares of stock of any class or any other securities or property, or to receive any other right; or 
 (ii) there
shall be any Reorganization Transaction; or 
 (iii) there shall be a voluntary or involuntary dissolution, liquidation or winding up of the
Company, 
 then, in any one or more of such cases, the Company shall give to the Holder (i) at least five-days’ prior written
notice of the date on which a record date shall be selected for such dividend, distribution or right or for determining rights to vote in respect of any such Reorganization Transaction or such dissolution, liquidation or winding up, and (ii) in
the case of any such Reorganization Transaction or such dissolution, liquidation or winding up, at least five-days’ prior written notice of the date when the same shall take place. Such notice in accordance with the foregoing clause also shall
specify (i) the date on which any such record is to be taken for the purpose of such dividend, distribution or right, the date on which the holders of Common Stock shall be entitled to any such dividend, distribution or right, and the amount
and character thereof, and (ii) the date on which any such Reorganization Transaction or such dissolution, liquidation or winding up is to take place and the time, if any such time is to be fixed, as of which the holders of Common Stock shall
be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such Reorganization Transaction or such dissolution, liquidation or winding up. Each such written notice shall be sufficiently given if addressed
to the Holder at the last address of the Holder appearing on the books of the Company and delivered in accordance with Section 10(d). 

  
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	4.	Investment Representations of Holder; Transfer of Warrant and Resale of Warrant Shares. 

(a) Holder represents and warrants to the Company that: 

(i) it has the ability to bear the economic risks of such Holder’s prospective investment, including a complete loss of Holder’s
investment in the Warrants and the Warrant Shares; and 
 (ii) the Warrants and the Warrant Shares are purchased for the Holder’s own
account, and not with view to distribution of either the Warrants or any securities purchasable upon exercise thereof; provided however that the Holder may transfer the Warrant and any Warrant Shares to any Affiliate of the Holder. 

(b) This Warrant will be freely tradeable and only be subject to federal and state securities laws and any escrow imposed by
the ASX. 
 (c) At the time of the surrender of this Warrant in connection with any transfer of this Warrant or the resale of
the vested Warrant Shares (except to an Affiliate), the Company may require, as a condition of allowing such transfer (i) that the Holder or transferee of this Warrant or the Warrant Shares as the case may be, furnish to the Company a written
opinion of counsel that is reasonably acceptable to the Company to the effect that such transfer may be made without registration under the Securities Act or qualification under any state securities laws and (ii) that the Holder or transferee
execute and deliver to the Company an investment representation letter in form and substance acceptable to the Company and substantially in the form of Exhibit B hereto. Transfer of this Warrant and all rights hereunder, in whole or in part,
in accordance with the foregoing provisions, shall be registered on the books of the Company to be maintained for such purpose, upon surrender of this Warrant at the principal office of the Company or the office or agency designated by the Company,
together with a written assignment of this Warrant substantially in the form of Exhibit C hereto duly executed by the Holder or its attorney-in-fact. Upon such surrender and, if required, such payment, the Company shall execute and deliver a
new Warrant or Warrants in the name of the assignee or assignees and in the denomination specified in such instrument of assignment, and shall issue to the Holder a new warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall be deemed cancelled. 
  

	5.	Legend. 

 (a) Each certificate evidencing the vested Warrant Shares
issued upon exercise of this Warrant shall be stamped or imprinted with a legend substantially in the following form: 
 THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER
THE ACT OR, IN THE OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH. 

  
 - 6 - 

 (b) Removal of Legend and Transfer Restrictions. Any legend
endorsed on a certificate pursuant to this Section 5 shall be removed, and the Company shall issue a certificate without such legend to the holder of such vested Warrant Shares if (i) such Warrant Shares are resold pursuant to an effective
registration statement under the Securities Act, (ii) if such holder satisfies the requirements of Rule 144(b)(i) under the Securities Act or (iii) if such holder provides the Company with an opinion of counsel for such holder of the
Warrant Shares, in form and substance reasonably satisfactory to the Company, to the effect that a sale, transfer or assignment of such Warrant Shares may be made without registration and that upon such sale, transfer or assignment such Warrant
Shares will not be deemed “restricted securities,” as such term is defined in Rule 144 under the Securities Act. 
  

	6.	Fractional Shares. No fractional vested Warrant Shares will be issued in connection with any 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. 

  

	7.	Rights of Stockholders. The Holder shall not be entitled to vote or receive dividends or subscription rights or be deemed the holder of Common Stock or any other securities of the Company which may at any
time be issuable on the exercise of this Warrant for any purpose, nor shall anything contained herein be construed to confer upon the Holder 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) with respect to the Warrant Shares until this Warrant shall have been exercised and the Warrant Shares purchasable upon the exercise of this Warrant shall have become deliverable, as provided in Section 1(c).

  

	8.	Term of Warrant. This Warrant shall become exercisable on the Warrant Date and shall terminate and no longer be exercisable from and after 5:00 p.m., Eastern Time, on the date that is the fifth (5th) anniversary of the Warrant Date. 

  

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

  

	10.	Miscellaneous. 

 (a) This Warrant is being delivered in the Commonwealth
of Massachusetts, United States and shall be construed and enforced in accordance with and governed by the laws of the Commonwealth of Massachusetts, without giving effect to principles of conflicts of laws. 

(b) The headings in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms
hereof. 

  
 - 7 - 

 (c) The terms of this Warrant shall be binding upon and shall inure to the
benefit of any successors or assigns of the Company and of the Holder and of the Warrant Shares issued or issuable upon the exercise hereof. 

(d) Any notice provided for or permitted under this Warrant shall be treated as having been given (i) upon receipt, when
delivered personally, (ii) one day after sending, when sent by commercial overnight courier with written verification of receipt, (iii) upon confirmed transmission when sent via facsimile on a business day prior to 5:00 pm local time or,
if sent after 5:00 pm local time, the next business day after confirmed transmission, or (iv) three business days after deposit with the United States Postal Service, when mailed postage prepaid by certified or registered mail, return receipt
requested, in each case, addressed to the address or facsimile number set forth on the signature pages hereof or as otherwise furnished in writing. 

(e) This Warrant and the Consulting Agreement constitute the full and entire understanding and agreement between the parties
with regard to the matters contained herein. 
 (f) Upon receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of any such mutilation,
upon surrender and cancellation of such Warrant, the Company at the Holder’s expense will execute and deliver to the holder of record, in lieu thereof, a new Warrant of like date and tenor. 

(g) This Warrant and any provision hereof may be amended, waived or terminated only by an instrument in writing signed by the
Company and the Holder. 
 [continued and to be signed on following page] 

  
 - 8 - 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly
authorized officer, all as of the day and year first above written.  
 COMPANY: 

 

	
	GI DYNAMICS, INC.
	a Delaware corporation
	
	By:                                     
                                         
                  
	Name:
	Title:

  

					
		 	Notice Address:    	  	GI Dynamics, Inc.
		 		  	25 Hartwell Avenue
		 		  	Lexington, MA 02421

  

							
	 WARRANTHOLDER:
	 		 	DANFORTH ADVISORS, LLC
				
		 		 	By:	  	 /s/ Gregg Beloff

		 		 	Title:	  	Gregg Beloff, Managing Director

  

					
		 	Notice Address:    	  	Danforth Advisors, LLC
		 		  	91 Middle Road
		 		  	Southborough, MA 01772
		 		  	Attention: Mr. Gregg Beloff, Managing Partner

  
 - 9 - 

 EXHIBIT A 

NOTICE OF EXERCISE 

 

					
	TO:	  	GI DYNAMICS, INC.	  	
			
		  	  
	  	
			
		  	  
	  	

 1. Cash Exercise. The undersigned hereby elects to purchase
            shares of Common Stock, par value $0.01 per share (“Common Stock”), of GI DYNAMICS, INC., a Delaware corporation (the “Company”)
pursuant to the terms of Section 1(c) of the Warrant to Purchase Common Stock dated             , (the “Warrant”), and tenders herewith payment of the Exercise
Price (as such term is defined in the Warrant) therefor. 
 2. Net Exercise. The undersigned hereby elects to effect a Net Exercise for
            shares of Common Stock pursuant to Section 1(d) of the Warrant. 
 Please issue
a notice of book entry representing said             shares of Common Stock in the name of the undersigned or in such other name as is specified below: 

 

	
	Name:                                     
                                         
           
	
	Address:                                     
                                         
        
	
	                                      
                                         
                     

 3. CDI Election. By initialing here, the undersigned hereby elects to receive the number of CHESS Depository
Interest corresponding to the shares of Common Stock noted above in lieu of the shares of Common Stock otherwise issuable:              

The undersigned hereby represents and warrants that the aforesaid shares of Common Stock or CDIs, as the case may be, 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. 

 

	
	                                    

	
	By:                                     
                                         
                  
	
	Name:                                     
                                         
            
	
	Title:                                     
                                         
              
	
	Date:                                     
                                         
              

 EXHIBIT B 

FORM OF INVESTMENT REPRESENTATION LETTER 

In connection with the acquisition of             shares of Common Stock of GI DYNAMICS, INC. (the
“Company”), par value $0.01 per share (or CHESS Depository Interests representing the same, the “Common Stock”), by             (the
“Holder”) from             , the Holder hereby represents and warrants to the Company as follows: 

The Holder has such knowledge and experience in financial and business matters that the Holder is capable of evaluating the merits and risks of an investment
in the Common Stock (collectively, the “Securities”); and, has the ability to bear the economic risks of such Holder’s investment, including a complete loss of the Holder’s investment in Securities. 

The Holder, by acceptance of the Securities, represents to the Company that the Securities are purchased for the Holder’s own account, and not with view
to distribution of the Securities in violation of applicable securities laws. 
 The Holder acknowledges that (i) the Securities have not been
registered under the Act, (ii) the certificate(s) representing the Securities shall bear a legend as set forth in the Warrant until such Securities shall have been registered for resale by the Holder under the Act that has been declared
effective by the SEC; or (ii) in the opinion of counsel in form and substance reasonably satisfactory to the Company, such Securities may be sold without registration under the Act. 

IN WITNESS WHEREOF, the Holder has caused this Investment Representation Letter to be executed in its corporate name by its duly authorized officer this
            day of             20    . 

 

	
	[Name]
	
	By:                                     
                                         
            
	
	Name:
	
	Title:

 EXHIBIT C 

ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned owner of this Warrant for the purchase of shares of Common Stock of GI DYNAMICS, INC., a Delaware
corporation (the “Company”) hereby sells, assigns and transfers unto the assignee named below all of the rights of the undersigned under this Warrant, with respect to the number of shares of Common Stock set
forth below: 
  

	
	  

	
	  

	
	  

	(Name and Address of Assignee)
	
	  

	(Number of Shares of Common Stock)

 and does hereby irrevocably constitute and appoint
            attorney-in-fact to register such transfer on the books of the Company, maintained for the purpose, with full power of substitution in the premises. 

 

			
	Dated:	 	  

	
	                                    

		
	BY:	 	  

		 	(Print Name and Title)
		 	
	
                     
                

		 	(Signature)

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