Document:

EX-4.6

 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 (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER THE SECURITIES ACT OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO AN EXEMPTION TO THE SECURITIES ACT. 

THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS WARRANT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA OR
ANY OTHER STATE AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION FOR SUCH SECURITIES PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SUCH SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION
2511, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE OR SUCH PROVISIONS OF THE CORPORATIONS CODE OF ANY SUCH OTHER STATE. THE RIGHTS OF THE HOLDER OF THIS WARRANT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED, UNLESS THE SALE
IS SO EXEMPT. 
 Void after 

October [    ], 2020 

WARRANT TO PURCHASE SHARES 

OF PREFERRED STOCK 
 of

 EXAGEN DIAGNOSTICS, INC. 

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE 

THIS CERTIFIES THAT, for value received,
                                , together with its permitted successors
and assigns (“Holder”) is entitled, subject to the terms set forth below, to subscribe for and purchase shares of a series of Preferred Stock (the “Preferred Stock”) of Exagen Diagnostics, Inc., a
Delaware corporation (the “Company”), subject to adjustment as provided herein. This warrant and any warrant subsequently issued upon exchange or transfer hereof are hereinafter referred to collectively as the
“Warrant.” This Warrant is one of a series of warrants issued pursuant to that certain Note and Warrant Purchase Agreement dated October [ ], 2015 by and among the Company and the entities and persons listed on the Schedule
of Investors thereto (the “Purchase Agreement”), and the Holder and the Company shall be bound by all the terms, conditions and provisions of the Purchase Agreement. 

This Warrant is subject to the following terms and conditions: 

1. Convertible Promissory Note. This Warrant is issued in connection with that certain Convertible Promissory Note dated October [ ],
2015 (the “Note”) by the Company in favor of Holder. All capitalized terms used but not defined in this Warrant shall have the meanings ascribed thereto in the Note. 

  
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 2. Exercise of Warrant. The terms and conditions upon which this Warrant may be exercised,
and the shares covered hereby may be purchased, are as follows: 
 2.1 Term. Subject to the terms hereof and unless sooner terminated
as provided below in Section 7.3, this Warrant may be exercised at any time after the date hereof, or from time to time, in whole or in part; provided, however, that in no event may this Warrant be exercised (the “Exercise
Date”) later than 5:00 p.m. (Pacific Time) on the close of business on October [ ], 2020 (the “Exercise Period”). 

2.2 Number of Shares. This Warrant may be exercised for a number of Shares, as defined below, as set forth below: 

2.2.1 Equity Financing. In the event (a) the Company completes a Qualified Equity Financing (as defined below) or (b) the
Note is converted into equity securities of the Company in accordance with Sections 4(b) or 4(c) of the Note, the number of Shares subject to this Warrant will be equal to the following: 

 

					
	A =	 	.20(B)	 	
		 	    C	 	
	Where:        	 		 	
		 	A  =	 	The number of Shares that may be purchased by Holder pursuant to this Warrant.
			
		 	B  =	 	The original principal amount of the Note held by Holder.
			
		 	C  =	 	The Exercise Price (as defined below) for the Shares.

 The term “Qualified Equity Financing” shall mean an equity financing after the date
hereof which results in aggregate gross proceeds to the Company of at least Ten Million Dollars ($10,000,000), excluding the conversion of the Notes, and in which investors purchase shares of a newly authorized series of the Company’s Preferred
Stock and in which the Notes are converted into Shares. 
 The term “Shares” shall mean (a) if a Qualified
Equity Financing occurs, the shares of Preferred Stock sold in the Qualified Equity Financing (the “New Preferred Stock”), or (b) if the Note has been converted into the Company’s Series D Preferred Stock, par value
$0.001 per share (the “Series D Preferred Stock”), pursuant to Sections 4(b)(i), 4(b)(ii)(A), 4(b)(iii) or 4(c) of the Note, such Series D Preferred Stock, in each case, subject to further adjustment as provided herein. The
Company agrees to use commercially reasonable efforts to obtain the requisite approvals to authorize sufficient Series D Preferred Stock in the event the Shares issuable upon exercise of this Warrant are shares of Series D Preferred Stock. 

2.3 Exercise Price. The “Exercise Price” shall be equal to (a) in case that the Shares being purchased
upon exercise of this Warrant are shares of New Preferred Stock, the lowest price per share paid by investors for such New Preferred Stock and (b) in the case that the Shares being purchased upon exercise of this Warrant are shares of Series D
Preferred Stock, the then applicable Conversion Price (as defined in the Company’s Fifteenth Amended and Restated Certificate of Incorporation, as the same may be amended from time to time), in each case, subject to adjustment as provided
herein. 

  
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 2.4 Method of Exercise. Subject to the terms and conditions contained herein and while
this Warrant remains outstanding and exercisable, from and after the Qualified Equity Financing or conversion of the Note, as applicable, this Warrant is exercisable with respect to any or all of the Shares, at the option of Holder, upon surrender
of this Warrant to the Company together with (a) a duly completed (i) Notice of Exercise, in the form attached hereto as Exhibit A, or (ii) Net Issue Election Notice, in the form attached hereto as Exhibit B and
(b) payment of an amount equal to the Exercise Price multiplied by the number of Shares with respect to which this Warrant is being exercised as provided in Section 2.5 below. If Holder exercises this Warrant with respect to less than all
of the Shares represented by this Warrant, the Company shall cancel this Warrant upon the surrender thereof and shall execute and deliver to Holder a new Warrant for the balance of such Shares. 

2.5 Payment. Payment of the Exercise Price for the Shares with respect to which this Warrant is being exercised by Holder shall be
made, at the option of Holder, (a) by delivery of cash payable by wire transfer of immediately available funds, (b) by the delivery of a cashier’s check or certified check, (c) by net issue election as set forth in
Section 2.6 below, or (d) by any combination of (a) – (c). 
 2.6 Net Issue Election Holder may elect to
receive, without payment by Holder of any additional consideration, Shares equal to the value of the “spread” on the Shares or any portion thereof by the surrender of the Warrant to the Company, together with a duly completed Net Issue
Election Notice, in the form attached hereto as Exhibit B, at the principal office of the Company, in which event the Company shall issue to Holder such number of Shares as is computed using the following formula: 

 

					
	X =	 	Y (A – B)	 	
		 	      A	 	

					
			
	Where:        	 	X  =	 	The number of Shares to be issued to Holder pursuant to the net issue election;
			
		 	Y  =	 	The number of Shares in respect of which the net issue election is made;
			
		 	A  =	 	The fair market value (as determined below) of one Share at the time the net issue election is made;
			
		 	B  =	 	The Exercise Price in effect under this Warrant as of the date of the net issue election.

 For purposes of this Section 2.6, the fair market value of one Share as of a particular date shall be as determined in
good faith by the Board of Directors of the Company. 
 3. Adjustment of Exercise Price and Number of Shares. The Exercise Price and
the number and kind of Shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time to time upon the happening of certain events as follows: 

3.1 Conversion of Shares into Common Stock. Upon conversion of all of the issued and outstanding shares of the Company’s Preferred
Stock into Common Stock (“Common Stock”), this Warrant shall be automatically exercisable only for such number of shares of Common Stock as Holder would have received had this Warrant been exercised in full for the Shares and
then converted into Common Stock on the date all issued and outstanding shares of the Company’s Preferred Stock converted into Common Stock. The Exercise Price in effect immediately prior to such conversion shall,

  
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concurrently with the effectiveness of such conversion, be proportionally adjusted. Upon such conversion of the Preferred Stock into Common Stock, all references under this Warrant to Shares
shall be deemed references to Common Stock. 
 3.2 Split, Subdivision or Combination. If the Company should at any time or from time
to time fix a record date for (a) the effectuation of a split or subdivision of the outstanding Shares or (b) the determination of Holders of Shares entitled to receive a dividend or other distribution payable in additional Shares or other
securities or rights convertible into, or entitling Holder thereof to receive directly or indirectly, additional Shares (hereinafter referred to as the “Share Equivalents”), without payment of any consideration by such holder
for the additional Shares or Share Equivalents, then, as of such record date (or the date of such distribution, split or subdivision if no record date is fixed), the Exercise Price shall be appropriately decreased and the number of Shares which this
Warrant is exercisable for, if any, shall be appropriately increased in proportion to such increase of outstanding shares. Notwithstanding the foregoing, in any such case, the aggregate purchase price payable by Holder for the total number of Shares
(as adjusted) shall remain the same. 
 3.3 Combination of Shares. If the number of Shares outstanding at any time after the date
hereof is decreased by a combination of the outstanding Shares, the Exercise Price shall be appropriately increased and the number of Shares for which this Warrant is exercisable, if any, shall be appropriately decreased in proportion to such
decrease in outstanding shares. Notwithstanding the foregoing, in any such case, the aggregate purchase price payable by Holder for the total number of Shares (as adjusted) shall remain the same. 

3.4 Reclassification or Reorganization. If the Shares shall be changed into the same or different number of shares of any class or
classes of stock, whether by capital reorganization, reclassification or otherwise (other than a subdivision, conversion or combination of shares or stock dividend provided for in Sections 3.1, 3.2 and 3.3 above), then and in each such event Holder
shall be entitled to receive upon the exercise of this Warrant the kind and amount of shares of stock and other securities and property receivable upon such reorganization, reclassification or other change, to which a holder of the number of Shares
(or any shares of stock or other securities which may be) issuable upon the exercise of this Warrant would have received if this Warrant had been exercised immediately prior to such reorganization, reclassification or other change, all subject to
further adjustment as provided herein. At the request of Holder, this Warrant will thereupon be cancelled and upon its surrender to the Company, the Company will execute and deliver at its expense a new Warrant reflecting the foregoing adjustment,
but otherwise identical to the replaced Warrant. 
 3.5 Notice of Adjustments and Record Dates. The Company shall promptly notify
Holder in writing of each adjustment or readjustment of the Exercise Price hereunder and the number of Shares issuable upon the exercise of this Warrant. Such notice shall state the adjustment or readjustment and show in reasonable detail the facts
on which that adjustment or readjustment is based. In the event of any taking by the Company of a record of holders of Shares for the purpose of determining holders thereof who are entitled to receive any dividend or other distribution, the Company
shall notify Holder in writing of such record date at least twenty (20) days prior to the date specified therein. 
 3.6 Fractional
Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of
determining whether the exercise would result in the issuance of a fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay Holder
otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then current fair market value of a Share by such fraction. 

  
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 3.7 Issue Tax. The issuance of certificates for the Shares upon exercise of this Warrant
shall be made without charge to Holder for any issuance tax in respect thereof provided that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in
a name other than that of Holder. 
 3.8 No Impairment. The Company shall not avoid or seek to avoid the observance or performance of
any of the terms to be observed or performed hereunder by the Company, but shall at all times in good faith assist in the carrying out of all the provisions of this Warrant. Without limiting the generality of the foregoing, the Company shall take
all such action as may be necessary or appropriate in order that all shares of Shares as may be issued pursuant to the exercise of this Warrant shall, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all taxes,
liens and charges with respect to the issue thereof. 
 4. Replacement of Warrants. On receipt by the Company 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 of this Warrant, on delivery of an indemnity agreement reasonably satisfactory in form and amount to
the Company or, in the case of any such mutilation, on surrender and cancellation of such Warrant, the Company at its expense shall execute and deliver to Holder, in lieu thereof, a new Warrant of like tenor. 

5. No Rights or Liability as a Stockholder. This Warrant does not entitle Holder hereof to any voting rights or other rights as a
stockholder of the Company. No provisions hereof, in the absence of affirmative action by Holder to purchase Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder as a shareholder of the
Company. 
 6. Registration Rights. The Shares issuable upon exercise of this Warrant shall be entitled to registration rights and
all other rights as applicable to Common Stock issuable upon conversion of New Equity Shares under any investors’ rights agreement entered into between the Company and the holders of New Equity Shares. 

7. Miscellaneous. 
 7.1
Limitations on Disposition. Holder agrees not to make any disposition of this Warrant or any Shares, unless and until (i) the transferee has agreed in writing for the benefit of the Company to be bound by this Section 7.1 and the
other provisions of this Warrant as if such transferee were the original Holder hereof, provided and to the extent such provisions are then applicable, and (ii) (A) there is then in effect a registration statement under the Securities Act
of 1933, as amended (the “Securities Act”), covering such proposed disposition and such disposition is made in accordance with such registration statement, or (B) Holder shall have notified the Company of the proposed
disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, and, if requested by the Company, such Holder shall have furnished the Company, at its expense, with either
(x) an opinion of counsel, reasonably satisfactory to the Company, to the effect that such disposition will not require registration of such Securities under the Securities Act or (y) a “no action” letter from the Securities and
Exchange Commission to the effect that the transfer of such securities without registration will not result in a recommendation by the staff of the Securities and Exchange Commission that action be taken with respect thereto, whereupon the holder of
such Securities shall be entitled to transfer such Securities in accordance with the terms of the notice delivered by Holder to the Company. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule
144 under the Securities Act except in unusual circumstances. 

  
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 7.2 Permitted Transfers. Notwithstanding the provisions of Section 7.1 above, no such
registration statement, prior consent or opinion of counsel shall be necessary for (i) a transfer not involving a change in beneficial ownership, or (ii) in transactions involving the distribution without consideration by any Holder to
(x) a parent, subsidiary or other affiliate of Holder that is a corporation, (y) any of its partners, members or other equity owners, or retired partners, retired members or other equity owners, or to the estate of any of its partners,
members or other equity owners or retired partners, retired members or other equity owners, or (z) a venture capital fund that is controlled by or under common control with one or more general partners or managing members of, or shares the same
management company with, such Holder, or (iii) transfers in compliance with Rule 144 under the Securities Act, as long as the Company is furnished with satisfactory evidence of compliance with such Rule; provided, in each case, that Holder
thereof shall give written notice to the Company of such Holder’s intention to effect such disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition. Each new
certificate evidencing this Warrant and/or the Shares so transferred shall bear the appropriate restrictive legends, except that such certificate shall not bear such restrictive legend if, in the opinion of counsel for the Company, such legend is
not required in order to establish or assist in compliance with any provisions of the Securities Act or any applicable state securities laws. 

7.3 Early Termination. In the event of, at any time during the Exercise Period, an initial public offering of securities of the Company
registered under the Securities Act, or any capital reorganization, or any reclassification of the capital stock of the Company (other than a change in par value or from par value to no par value or no par value to par value or as a result of a
stock dividend or subdivision, split-up or combination of shares), or the consolidation or merger of the Company with or into another corporation (other than a merger solely to effect a reincorporation of the Company into another state), or the sale
or other disposition of all or substantially all the properties and assets of the Company in its entirety to any other person, the Company shall provide to Holder ten (10) days advance written notice of such public offering, reorganization,
reclassification, consolidation, merger or sale or other disposition of the Company’s assets, and this Warrant shall terminate unless exercised prior to the date such public offering is closed or the occurrence of such reorganization,
reclassification, consolidation, merger or sale or other disposition of the Company’s assets. 
 8. Titles and Subtitles. The
titles and subtitles used in this Warrant are for convenience only and are not to be considered in construing or interpreting this Warrant. 

9. Notices. All notices and other communications under this Warrant shall be in writing and shall be deemed given upon receipt if
delivered personally, or when sent if mailed by registered or certified mail (return receipt requested) or by reputable overnight express courier (charges prepaid) or transmitted by facsimile (with confirmation of transmittal) to the party to be
notified at the address indicated for such party on the signature page hereof, or at such other address as such party may designate by advance written notice to the other parties. 

10. Attorneys’ Fees. If any action at law or in equity is necessary to enforce or interpret the terms of this Warrant, the
prevailing party shall be entitled to reasonable attorneys’ fees, costs and disbursements in addition to any other relief to which such party may be entitled. 

11. Amendments and Waivers. This Warrant may be amended and the observance of any other term of this Warrant may be waived (either
generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the holders of a majority in interest of the Shares issuable upon exercise of the Warrants issued pursuant to the Purchase
Agreement. Any amendment or waiver effected in accordance with this Section 11 shall be binding upon Holder of 

  
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this Warrant (and of any Shares into which this Warrant is exercisable), and each future holder of all such securities and the Company. 

12. Severability. If one or more provisions of this Warrant are held to be unenforceable under applicable law, such provision shall be
excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

13. Governing Law. This Warrant shall be governed by and construed and enforced in accordance with the laws of the State of Delaware,
without giving effect to its conflicts of laws principles. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 This Warrant may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 
  

							
	Date: October [    ], 2015	 		 	EXAGEN DIAGNOSTICS, INC.
		 		 	a Delaware corporation
				
		 		 	By:	 	  

		 		 	Name:	 	Fortunato Ron Rocca
		 		 	Title:	 	Chief Executive Officer
				
		 		 	Address:	 	1261 Liberty Way
		 		 		 	Vista, CA 92081

  

			
	ACKNOWLEDGED AND AGREED:
	
	[HOLDER]
		
	By:	 	 
		
	Name:	 	  

		
	Title:	 	  

  

			
		
	Address:	 	  

		 	  

		 	  

		 	Fax:                                     
                       

 EXAGEN DIAGNOSTICS, INC. 

WARRANT TO PURCHASE SHARES OF 

PREFERRED STOCK 

 EXHIBIT A 

FORM OF NOTICE OF EXERCISE 
 The
undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise this Warrant for, and to purchase thereunder,
                     Shares (as defined in the attached Warrant)* of EXAGEN DIAGNOSTICS,
INC., a Delaware corporation and herewith makes payment of $                     therefor and requests that the
certificates for such shares be issued in the name of, and delivered to,
                                , federal taxpayer identification number
                    , whose address is
                                         
                   . 
 In exercising this
Warrant, the undersigned hereby confirms and acknowledges that the                      Shares (as defined in the attached Warrant) are being
acquired solely for the account of the undersigned and not as a nominee for any other party, and for investment, and the undersigned will not offer, sell or otherwise dispose of any such Shares except under circumstances that will not result in a
violation of the Securities Act of 1933, as amended, or any state securities laws. 
 Please issue a new Warrant for the unexercised portion
of the attached Warrant in the name of, and delivered to,
                                , federal taxpayer identification number
                    , whose address is
                                         
                       . 

Dated:                     

 

	
	
	  

	(Signature must conform to name of holder as specified on the face of the Warrant)

  

	*	 Insert here the number of shares as to which the Warrant is being exercised. 

 EXHIBIT B 

FORM OF NET ISSUE ELECTION NOTICE 

(To be signed only on net issue exercise of the Warrant) 

The undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise this Warrant with respect to
                     Shares (as defined in the attached Warrant) of EXAGEN DIAGNOSTICS,
INC., a Delaware corporation, pursuant to the net issue election provisions set forth in Section 2.6 of the Warrant and requests that the certificates for the number of Shares issuable pursuant to said Section 2.6 after
application of the net issue election formula to such Shares be issued in the name of, and delivered to,
                                , federal taxpayer identification number
                    , whose address is
                                         
                   . 
 In exercising this
Warrant, the undersigned hereby confirms and acknowledges that the Shares are being acquired solely for the account of the undersigned and not as a nominee for any other party, and for investment, and the undersigned will not offer, sell or
otherwise dispose of any such Shares except under circumstances that will not result in a violation of the Securities Act of 1933, as amended, or any state securities laws. 

Please issue a new Warrant for the unexercised portion of the attached Warrant in the name of, and delivered to,
                                , federal taxpayer identification number
                    , whose address is
                                         
                   . 

Dated:                     

 

	
	  

	(Signature must conform to name of holder as specified on the face of the Warrant)EX-4.7

 Exhibit 4.7 

AMENDMENT TO CONVERTIBLE PROMISSORY NOTES AND WARRANTS 

This Amendment to Convertible Promissory Notes and Warrants (this “Amendment”) is made and entered into as of
January 19, 2016, by and among Exagen Diagnostics, Inc., a Delaware corporation (the “Company”) and the parties listed on the signature pages hereto. 

RECITALS 

WHEREAS, the Company has sold and issued certain Convertible Promissory Notes (each, a
“Note” and collectively, the “Notes”) to note holders (the “Note Holders”) pursuant to (i) that certain Note Purchase Agreement,
dated as of February 19, 2015, by and among the Company and the entities and persons on the Schedule of Investors attached thereto (as the same may be amended from time to time) (each such Note issued pursuant to such agreement, as amended, a
“February Note,” and collectively, the “February Notes”), (ii) that certain Note Purchase Agreement, dated as of July 2, 2015, by and among the Company and the entities and
persons on the Schedule of Investors attached thereto (as the same may be amended from time to time) (each such Note issued pursuant to such Agreement, as amended, a “July Note” and collectively, the
“July Notes”) and (iii) that certain Note and Warrant Purchase Agreement (the “October Purchase Agreement”), dated as of October 9, 2015, by and among the Company
and the entities and persons on the Schedule of Investors attached thereto (as the same may be amended from time to time) (each such Note issued pursuant to the October Purchase Agreement, an “October Note” and
collectively, the “October Notes”); 
 WHEREAS, the Company has sold and issued
certain Warrants to warrant holders (the “Warrant Holders,” and together with the Note Holders, the “Holders”) pursuant to the October Purchase Agreement (the “Warrants”); 

WHEREAS, on or about the date hereof, the Company will complete an equity financing (the
“Series E Financing”), pursuant to which the Company will sell and certain of the Holders will purchase shares of the Company’s Series E Preferred Stock, par value $0.001 per share (the “Series E
Preferred”); 
 WHEREAS, pursuant to the terms of the Notes and the Warrants, the Notes
may be converted at the option of the Majority in Interest (as defined in the Notes) into equity securities sold by the Company in a Qualified Equity Financing (as defined in the Notes), and the Warrants shall be exercisable for shares of New
Preferred Stock (as defined in the Warrants) in the event of a Qualified Equity Financing (as defined in the Warrants), with the Exercise Price (as defined in the Warrants) equal to the lowest price per share paid by investors for the equity
securities sold in the Qualified Equity Financing and used to calculate the number of shares issuable upon exercise of the Warrants; 

WHEREAS, pursuant to Section 7(b) of each of the February Notes, the February Notes may be amended
with the written consent of the Company and the holders of February Notes representing more than 50% of the aggregate outstanding principal amount of the February Notes (the “February Requisite Holders”); 

 WHEREAS, pursuant to Section 7(b) of each of the July
Notes, the July Notes may be amended with the written consent of the Company and the holders of July Notes representing more than 50% of the aggregate outstanding principal amount of the July Notes (the “July Requisite
Holders”); 
 WHEREAS, pursuant to Section 7(b) of each of the October Notes, the
October Notes may be amended with the written consent of the Company and the holders of October Notes representing more than 50% of the aggregate outstanding principal amount of the October Notes (the “October Requisite
Holders”); 
 WHEREAS, pursuant to the Section 11 of each Warrant, the Warrants may
be amended and the observance of any term thereof may be waived with the written consent of the Company and the holders of a majority in interest of the Shares (as defined in the Warrants) issuable upon exercise of the Warrants (the
“Requisite Warrant Holders,” and together with the February Requisite Holders, the July Requisite Holders and the October Requisite Holders, the “Requisite Holders”); 

WHEREAS, notwithstanding the definition of Qualified Equity Financing in the Notes and the Warrants, the
Company and the Requisite Holders desire to deem the Series E Financing to be a Qualified Equity Financing under the Notes and Warrants and amend the definition thereof in the Notes and Warrants such that upon the closing of the Series E Financing,
the Notes will be converted into shares of the Series E Preferred, and the Warrants shall be exercisable for shares of Series E Preferred; and 

WHEREAS, the undersigned Holders collectively constitute the Requisite Holders. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

ARTICLE I 
 AMENDMENT OF
NOTES 
 1.1 Section 4(b)(i) of February Notes. Section 4(b)(i) of the February Notes is hereby amended and restated in
its entirety as follows: 
 “(i) In the event the Company completes an equity financing which results in aggregate gross
proceeds to the Company of at least Five Million Dollars ($5,000,000), excluding the conversion of the Notes, and in which investors purchase shares of a newly authorized series of the Company’s Preferred Stock (a “Qualified Equity
Financing”), the Issue Price plus all accrued and previously unpaid interest thereon shall be converted into that number of fully paid and nonassessable shares of the newly authorized series of the Company’s Preferred Stock sold in
the Qualified Equity Financing (the “New Equity Shares”) as is equal to the Issue Price plus all accrued and previously unpaid interest thereon divided by the lowest price per share paid by investors for the New Equity Shares
in the Qualified Equity Financing.” 

  
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 1.2 Section 4(b)(i) of July Notes. Section 4(b)(i) of the July Notes is hereby
amended and restated in its entirety as follows: 
 “(i) In the event the Company completes an equity financing which
results in aggregate gross proceeds to the Company of at least Five Million Dollars ($5,000,000), excluding the conversion of the Notes, and in which investors purchase shares of a newly authorized series of the Company’s Preferred Stock (a
“Qualified Equity Financing”), the Issue Price plus all accrued and previously unpaid interest thereon shall be converted into that number of fully paid and nonassessable shares of the newly authorized series of
the Company’s Preferred Stock sold in the Qualified Equity Financing (the “New Equity Shares”) as is equal to the Issue Price plus all accrued and previously unpaid interest thereon divided by the lowest
price per share paid by investors for the New Equity Shares in the Qualified Equity Financing.” 
 1.3 Section 4(b)(ii) of
October Notes. Section 4(b)(ii) of the October Notes is hereby amended and restated in its entirety as follows: 

“(ii) In the event the Company completes an equity financing which results in aggregate gross proceeds to the Company of
at least Five Million Dollars ($5,000,000), excluding the conversion of the Notes, and in which investors purchase shares of a newly authorized series of the Company’s Preferred Stock (a “Qualified Equity
Financing”), the Issue Price plus all accrued and previously unpaid interest thereon shall be converted into that number of fully paid and nonassessable shares of the newly authorized series of the Company’s Preferred Stock
sold in the Qualified Equity Financing (the “New Equity Shares”) as is equal to the Issue Price plus all accrued and previously unpaid interest thereon divided by the lowest price per share paid by investors for
the New Equity Shares in the Qualified Equity Financing.” 
 ARTICLE II 

AMENDMENT OF WARRANTS 

2.1 Section 2.2.1 of Warrants. The second full paragraph of Section 2.2.1 of the Warrants is hereby amended and restated in
its entirety as follows: 
 “The term “Qualified Equity Financing” shall mean an
equity financing after the date hereof which results in aggregate gross proceeds to the Company of at least Five Million Dollars ($5,000,000), excluding the conversion of the Notes, and in which investors purchase shares of a newly authorized series
of the Company’s Preferred Stock and in which the Notes are converted into Shares.” 

  
 3 

 2.2 Section 7.3 of Warrants. Section 7.3 of the Warrants is hereby amended and
restated in its entirety as follows: 
 “7.3 Effect of Certain Events and Transactions. 

(a) If this Warrant shall not have been exercised in full before the expiration of the Exercise Period, then this Warrant shall
be automatically exercised, without further action on the part of the Holder, in full (and the Holder shall be deemed to have become a holder of the Shares issuable upon such automatic exercise) on and as of the date on which the Exercise Period is
scheduled to expire unless, either (i) at any time before the expiration of the Exercise Period, the Holder shall notify the Company in writing that no such automatic exercise is to occur or (ii) the fair market value per share of the
Company’s capital stock of the same class and series as the Shares as of the time immediately preceding the expiration of the Exercise Period is less than the Exercise Price then in effect. Unless the Holder otherwise notifies the Company in
writing or the fair market value per share of the Company’s capital stock of the same class and series as the Shares as of the time immediately preceding the expiration of the Exercise Period is less than the Exercise Price then in effect, the
Holder shall be deemed to have elected to pay the Exercise Price due in connection with such automatic exercise pursuant to this Section 7(a) pursuant to the provisions of Section 2.6. If the Holder has advised the Company in writing
before the Expiration Date that no automatic exercise under this Section 7.3(a) is to occur or if the fair market value per share of the Company’s capital stock of the same class and series as the Shares as of the time immediately
preceding the expiration of the Exercise Period is less than the Exercise Price then in effect, then this Warrant shall become void, and all rights to exercise the unexercised portion of this Warrant and all rights in respect of such unexercised
portion of this Warrant shall cease immediately after expiration of the Exercise Period. 
 (b) If there shall be a
Liquidation (as defined in the Company’s certificate of incorporation, as amended and/or restated from time to time) of the Company while this Warrant remains outstanding pursuant to which the price per share to be paid or distributed for or in
respect of shares of the Company’s capital stock of the same class and series as the Shares is less than the Exercise Price in effect at the time immediately preceding the consummation of such Liquidation and such consideration is in the form
of all cash and/or marketable securities, then this Warrant shall automatically terminate as of the time immediately following the consummation of such Liquidation. 

(c) Except as is provided in Section 7.3(d), in the event of a Liquidation of the Company while this Warrant remains
outstanding pursuant to which the per share price to be paid or distributed for or in respect of shares of the Company’s capital stock of the same class and series as the Shares is greater than the Exercise Price in effect at the time
immediately preceding the consummation of such Liquidation and such consideration is in the form of all cash and/or marketable securities, the Holder may by written notice to the Company (an “Election Notice”) either: 

(i) give notice of its intent to exercise this Warrant in advance of such Liquidation (and may condition such exercise on the
consummation of such 

  
 4 

 
Liquidation) by returning the Form of Notice of Exercise or Form of Net Issue Election Notice, as applicable, annexed hereto duly executed by or on behalf of such Registered Holder; or 

(ii) in lieu of exercising this Warrant in advance of such Liquidation and receiving the consideration which the holder of the
Shares issuable on such conversion of this Warrant would receive in connection with such Liquidation Event (the “Event Consideration”), surrender this Warrant for cancellation and receive, in redemption of and in exchange for this
Warrant, an amount equal to the difference between (i) the Event Consideration with respect to the Shares for which this Warrant is exercisable immediately prior to the consummation of such Liquidation, minus (ii) the aggregate Exercise
Price of the Shares for which this Warrant was exercisable immediately prior to the consummation of such Liquidation (the “Net Warrant Event Consideration”). 

(d) If, in connection with such Liquidation, the price per share to be paid or distributed for or in respect of shares of the
Company’s capital stock of the same class and series as the Shares is greater than the Exercise Price in effect at the time of immediately preceding the consummation of such Liquidation, such consideration is in the form of all cash and/or
marketable securities and the Holder has not, prior to the time immediately preceding the consummation of such Liquidation, provided a Form of Notice of Exercise or Form of Net Issue Election Notice, then (x) the Holder shall be deemed to have
elected to surrender this Warrant for cancellation and to receive, in redemption of and in exchange for this Warrant, an amount equal to the Net Warrant Event Consideration, and (y) this Warrant shall be terminated and of no further force
immediately after the consummation of such Liquidation other than as evidence the Holder’s right to receive the Net Warrant Event Consideration. In lieu of the foregoing, the Company may provide in the definitive agreements governing such
Liquidation that the Holder shall be entitled receive an amount equal to the Net Warrant Event Consideration in exchange for and upon surrender of this Warrant.” 

2.3 Section 11 of the Warrants. Section 11 of the Warrants is hereby amended and restated in its entirety as follows: 

“11. Amendments and Waivers. This Warrant may be amended and the observance of any other term of this Warrant may
be waived (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the holders of a majority in interest of the Shares issuable upon exercise of the Warrants issued
pursuant to the Purchase Agreement; provided, that: (a) any such amendment, waiver or consent shall apply with equal force to all of the Warrants issued pursuant to the Purchase Agreement and the holders of such Warrants; (b) except for
any amendment, waiver or consent which applies with equal force to all of the Warrants issued pursuant to the Purchase Agreement and the holders of such Warrants with respect to the operation of any of the provisions of such Warrants that require an
adjustment to the Exercise Price and the number and kind of shares of stock or other securities or property deliverable upon the exercise of this Warrant upon the occurrence of any specified event, transaction, condition or circumstance, the written

  
 5 

 
consent of the Holder shall be required for any amendment, waiver or consent that would (i) increase the Exercise Price or decrease the number or type of shares of stock or other securities
or property purchasable at the time of such amendment, waiver or consent upon exercise of this Warrant, or (ii) impair the Holder’s right to exercise this Warrant or the effect of Section 7.3; and (c) no consideration or other
accommodation is paid or provided to any holder of such Warrants in connection with or related to such amendment, waiver or consent that is not also offered to the Holder. Any amendment or waiver effected in accordance with this Section 11
shall be binding upon Holder of this Warrant (and of any Shares into which this Warrant is exercisable), and each future holder of all such securities and the Company.” 

2.4 New Section 14 Added to the Warrants. The following provision is added as a new Section 14 to the Warrants. 

“14. Certain Notices. If at any time: 

(a) The Company shall declare any cash dividend upon its Shares; 

(b) There shall be any acquisition or capital reorganization or reclassification of the capital stock of the Company; 

(c) There shall be a voluntary or involuntary dissolution, liquidation or winding-up of the Company; or 

(d) There shall be an initial public offering of the Company’s securities; 

then, in any one or more of said cases, the Company shall give, by first class mail, postage prepaid or by reputable overnight
express courier (charges prepaid) or by facsimile (with confirmation of transmittal) or electronic mail, addressed to the Holder of this Warrant at the address of such Holder as shown on the signature page hereof (or such other address as the Holder
may designate by advance written notice to the Company), (a) at least ten (10) days prior written notice of the date on which the books of the Company shall close or a record shall be taken for such dividend or for determining rights to
vote in respect of any such acquisition, reorganization, reclassification, dissolution, liquidation, winding-up or public offering, and (b) in the case of any such acquisition, reorganization, reclassification, dissolution, liquidation,
winding-up or public offering, at least ten (10) days prior written notice of the date when the same shall take place; provided, however, that the Holder shall make a best efforts attempt to respond to such notice as early as possible after the
receipt thereof. Any notice given in accordance with the foregoing clause (a) shall also specify, in the case of any such dividend, the date on which the holders of Shares shall be entitled thereto. Any notice given in accordance with the
foregoing clause (b) shall also specify the date on which the holders of Shares shall be entitled to exchange their Shares for securities or other property deliverable upon such acquisition, reorganization, reclassification, dissolution,
liquidation, winding-up, conversion or public offering, as the case may be.” 

  
 6 

 ARTICLE III 

MISCELLANEOUS 
 3.1
Captions. The headings contained in this Amendment are for reference purposes only and shall not affect in any way the meaning or interpretation of this Amendment. Except as otherwise indicated, all references in this Amendment to
“Sections” are intended to refer to the Sections of each Note or Warrant, as applicable. 
 3.2 Governing Law. This
Amendment and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of
conflicts of law. 
 3.3 Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed to be an
original, and all of which together shall be deemed to be one and the same instrument. 
 3.4 Electronic and Facsimile Signatures.
Any signature page delivered electronically or by facsimile (including without limitation transmission by .pdf) shall be binding to the same extent as an original signature page, with regard to any agreement subject to the terms hereof or any
amendment thereto. Any party who delivers such a signature page agrees to later deliver an original counterpart to the other party if so requested. 

[Signature Pages Follow] 

  
 7 

 IN WITNESS WHEREOF, the parties have executed this Amendment to Convertible Promissory Notes and
Warrants as of the date first written above. 
  

			
	THE COMPANY:
	
	EXAGEN DIAGNOSTICS, INC.
		
	By:	 	 /s/ Fortunato Ron Rocca

	Name:	 	Fortunato Ron Rocca
	Title:	 	President and Chief Executive Officer

 
			
		
	Address:	 	1261 Liberty Way, Suite C
		 	Vista, CA 92081

 EXAGEN DIAGNOSTICS, INC. 

AMENDMENT TO CONVERTIBLE PROMISSORY NOTES AND
WARRANTS 
 COUNTERPART SIGNATURE PAGE 

 IN WITNESS WHEREOF, the parties have executed this Amendment to Convertible Promissory Notes and
Warrants as of the date first written above. 
  

			
	 REQUISITE HOLDER:

	
	 NMSIC FOCUSED LLC

		
	By:	 	NMSIC Co-Investment Fund LP, its sole member
	By:	 	Sun Mountain Capital Partners LLC, its General Partner
		
	By:	 	 /s/ Brian Birk

	Name:	 	Brian Birk
	Title:	 	Managing Member
		
	By:	 	 /s/ Lee Rand

	Name:	 	Lee Rand
	Title:	 	Managing Member

 
			
		
	Address:	 	Sun Mountain Capital LLC
	 	527 Don Gaspar
	 	Santa Fe, NM 87505
	 	Facsimile No.: (505) 954-5403

 EXAGEN DIAGNOSTICS, INC. 

AMENDMENT TO CONVERTIBLE PROMISSORY NOTES AND
WARRANTS 
 COUNTERPART SIGNATURE PAGE 

 IN WITNESS WHEREOF, the parties have executed this Amendment to Convertible Promissory Notes and
Warrants as of the date first written above. 
  

			
	REQUISITE HOLDER:
	
	HUNT HOLDINGS, LIMITED PARTNERSHIP
	By:	 	HuntVest, LLC, its General Partner
	By:	 	Hunt Guaranty Inc., its Sole Member
		
	By:	 	 /s/ Matthew Hunt

	Name:	 	Matthew D. Hunt
	Title:	 	Managing Partner

 
			
		
	                   Address:	 	4401 N. Mesa St.
		 	El Paso, TX 79902
		 	Facsimile No.: (915) 533-6150

 EXAGEN DIAGNOSTICS, INC. 

AMENDMENT TO CONVERTIBLE PROMISSORY NOTES AND
WARRANTS 
 COUNTERPART SIGNATURE PAGE 

 IN WITNESS WHEREOF, the parties have executed this Amendment to Convertible Promissory Notes and
Warrants as of the date first written above. 
  

			
	REQUISITE HOLDER:
	
	TULLIS-DICKERSON CAPITAL FOCUS III, L.P.
	 By:
	 	Tullis-Dickerson Partners III, L.L.C., its General Partner
		
	 By:
	 	 /s/ James L.L. Tullis

	 Name:
	 	James L.L. Tullis
	 Title:
	 	Manager

 
			
		
	 Address:
	 	500 West Putnam Avenue
		 	Suite 400
		 	Greenwich, CT 06830
		 	Facsimile No.: (561) 200-3600
	
	TULLIS-GROWTH FUND, L.P.

 
			
	 By:
	 	Tullis-Growth Partners, L.L.C., its
		 	General Partner
		
	 By:
	 	 /s/ James L.L. Tullis

	 Name:
	 	James L.L. Tullis
	 Title:
	 	Manager

 
			
		
	 Address:
	 	500 West Putnam Avenue
		 	Suite 400
		 	Greenwich, CT 06830
		 	Facsimile No.: (561) 200-3600

 EXAGEN DIAGNOSTICS, INC. 

AMENDMENT TO CONVERTIBLE PROMISSORY NOTES AND
WARRANTS 
 COUNTERPART SIGNATURE PAGE

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