Document:

Form of Warrant to purchase Series GG Preferred Stock

 Exhibit 4.6 
 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 

July 14, 2015 

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 dated February 23, 2010, 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 Subordinated
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) (the “Exercise Price”). 
 (b)
Exercise Period. This Warrant shall be exercisable, in whole or in part, during the term commencing on the closing date of a Qualified Equity Financing 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 30% of the original principal amount of the Note divided by the price of the New Securities (as defined in the Note. 
 (d) The Shares. The term “Shares” shall mean shares of the Company’s capital stock issued to investors in a Qualified Equity Financing. 

  

 (e) Qualified Equity Financing. The term “Qualified Equity
Financing” means a transaction or series of transactions, which occur after the date of the Note Purchase Agreement, pursuant to which the Company issues and sells shares (i) of its Preferred Stock for aggregate gross proceeds of at
least $15,000,000 (including all proceeds from the incurrence of indebtedness that is converted into such Preferred Stock, or otherwise cancelled in consideration for the issuance of such Preferred Stock) with the principal purpose of raising
capital or (ii) of its capital stock in a financing deemed to be a Qualified Equity Financing upon agreement of the Company and a Majority in Interest. 
 (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 
  

			
	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).

  
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 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 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 

  
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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 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 

  
 -4-

 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 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 July 14, 2015; 

(ii) An IPO; or 

  
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 (iii) 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)(iii). 
 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) 

  
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 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 July, 2010. 

 

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

  
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 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:Form of Warrant Agreement

 Exhibit 4.7 
 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	  
	 Warrant No.:             
	  	 	_______________	  

 BLUEARC CORPORATION

 WARRANT TO PURCHASE SHARES 
 This Warrant is issued to Hitachi Data Systems, Inc. (“HDS”) by BlueArc Corporation, a Delaware corporation (the “Company”), in connection with revenues received from
HDS. 
 1. Purchase of Shares. Subject to the terms and conditions hereinafter set forth, 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
                 fully paid and nonassessable shares of the Company’s Common Stock (each a “Share” and collectively the
“Shares”) at an exercise price of $             per Share (such price, as adjusted from time to time, is herein referred to as the “Exercise
Price”). 
 2. Exercise Period. This Warrant shall be exercisable, in whole or in part, during the term
commencing on the issuance date of this Warrant and ending at 5 p.m. California time on                      (the “Exercise
Period”). 
 3. Method of Exercise. While this Warrant remains outstanding and exercisable in accordance with
Section 2 above, the holder may exercise from time to time, 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. Certificates for Shares; Amendments of Warrants. 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. Upon partial exercise, the
Company shall promptly issue an amended Warrant representing the remaining number of Shares purchasable thereunder. All other terms and conditions of such amended Warrant shall be identical to those contained herein. 

 5. Issuance of Shares. The Company covenants that (i) 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, (ii) during the Exercise Period the Company will reserve
from its authorized and unissued Common Stock sufficient Shares in order to perform its obligations under this warrant. 
 6.
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 6(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 (including because of a change of control) of the Company (other than as a result of a subdivision,
combination, or stock dividend provided for in Section 6(a) above), then the Company shall make appropriate provision so that the holder of this Warrant shall have the right 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. 
 7. 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.

 8. 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. 
 9. 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 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 an “accredited investor” as such
term is defined in Rule 501 of Regulation D promulgated under the Act. 
 10. 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 AMENDED AND RESTATED VOTING AGREEMENT AND AMENDED AND RESTATED INVESTOR RIGHTS 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. 
 11. Warrants Transferable. Subject to compliance with the terms and conditions of this Section 11, this Warrant and all rights hereunder are transferable, without charge to the holder hereof
(except for transfer taxes), upon surrender of this Warrant properly endorsed or accompanied by written instructions of transfer. With respect to any offer, sale or other disposition of this Warrant or any Shares acquired pursuant to the exercise of
this Warrant before registration of such Warrant or Shares, the holder hereof agrees to give written notice to the Company prior thereto, describing briefly the manner thereof, together with a written opinion of such holder’s counsel, or other
evidence, if requested by the Company, to the effect that such offer, sale or other disposition may be effected without registration or qualification (under the Act as then in effect or any federal or state securities law then in effect) of this
Warrant or the Shares and indicating whether or not under the Act certificates for this Warrant or the Shares to be sold or otherwise disposed of require any restrictive legend as to applicable restrictions on transferability in order to ensure
compliance with such law. Upon receiving such written notice and reasonably satisfactory opinion or other evidence, if so requested, the Company, as promptly as practicable, shall notify such holder that such holder may sell or otherwise dispose of
this Warrant or such Shares, all in accordance with the terms of the notice delivered to the Company. If a determination has been made pursuant to this Section 11 that the opinion of counsel for the holder or other evidence is not reasonably
satisfactory to the Company, the Company shall so notify the holder promptly with details thereof after such determination has been made. Each certificate representing this Warrant or the Shares transferred in accordance with this Section 11
shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with such laws, unless in the aforesaid opinion of counsel for the holder, such legend is not required. In order to ensure compliance with such
laws, the Company may issue stop transfer instructions to its transfer agent in connection with such restrictions. 
 12.
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
been exercised and the Shares purchasable upon the exercise hereof shall have become deliverable, as provided herein. 
 13.
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. 
 14. 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. 

15. 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. 
 (Signature Page Follows) 

 
			
	BlueArc Corporation
	
	 
		
	By:	 	 
	Its:	 	 

 EXHIBIT A 

NOTICE OF EXERCISE 
  

	TO:	BlueArc Corporation 

 50 Rio
Robles Drive 
 San Jose, CA 94034 
 Attention: President 
 1. The undersigned hereby elects to purchase
                     shares of Common Stock of BlueArc Corporation (the “Shares”) pursuant to the terms of the attached Warrant.

 2. 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. 
 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 9 of the attached Warrant (including Section 9(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 Common Stock 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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