Document:

Document

Exhibit 10.34

EXECUTION VERSION

270431704V.7
GUARANTEE
This Guarantee, dated as of August 11, 2021 (this “Guarantee”), is made by GWG Holdings, Inc., a Delaware corporation (the “Guarantor”), in favor of National Founders LP, a Delaware limited partnership (“National Founders”), as the Administrative Agent under the Credit Agreement referenced below, for the benefit of the Secured Parties (as defined in the Credit Agreement).
GWG DLP Funding VI, LLC, a Delaware limited liability company (the “Borrower”), is a wholly-owned, indirect subsidiary of the Guarantor.
The Borrower is a party to that certain Credit Agreement, dated as of the date hereof (the “Credit Agreement;” and each capitalized term used but not otherwise defined herein shall have the meaning ascribed to such term in the Credit Agreement), among the Borrower, the lenders party thereto and National Founders, as the administrative agent thereunder (in such capacity, the “Administrative Agent”).
The Guarantor will derive substantial direct and indirect benefits from the transactions contemplated by the Credit Agreement, including the one or more Loans contemplated to be made thereunder on the Closing Date.
The obligation of each Lender to make a Loan to the Borrower under the Credit Agreement on the Closing Date is subject to the Guarantor executing and delivering this Guarantee.
1.Guarantee and Indemnity.
(a)The Guarantor hereby irrevocably and unconditionally guarantees the full and prompt payment when due of all of the Obligations, whether at stated maturity, by required prepayment, or upon acceleration, demand or otherwise, and at all times thereafter, but in all cases of this Section 1(a) only if a Guarantee Trigger Event (as defined below) has occurred.  As used herein, the term “Guarantee Trigger Event” means the occurrence of:
(i)either Loan Party initiating or consenting to the institution of any proceeding under any Debtor Relief Law, or any Affiliate of any Loan Party initiating any proceeding under any Debtor Relief Law with respect to either Loan Party or any of its property;
(ii)either Loan Party making an assignment for the benefit of creditors;
(iii)either Loan Party applying for or consenting to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, examiner or similar officer for it or for all or any material part of its property, or any Affiliate of either Loan Party applying for the appointment of any 

receiver, trustee, custodian, conservator, liquidator, rehabilitator, examiner or similar officer for either Loan Party or for all or any material part of the property of either Loan Party;
(iv)either Loan Party, or any property of either Loan Party, becoming substantively consolidated with any other Person (other than the other Loan Party) or any property thereof in connection with any proceeding under any Debtor Relief Law to which such other Person is a party or in respect of which any of its property otherwise is subject;
(v)any Change in Control;
(vi)the Borrower breaching Section 7.4 of the Credit Agreement or the Parent breaching Section 4.24 of the Parent Security Agreement; or
(vii)either Loan Party dissolving or winding up its affairs, or either Loan Party or Affiliate thereof taking any action in furtherance of dissolving or winding up the affairs of either Loan Party.
(b)Additionally, the Guarantor hereby irrevocably and unconditionally agrees to indemnify each Secured Party against, and hold each Secured Party harmless from, any and all costs, losses, claims, damages, liabilities and related expenses (including the reasonable fees, charges and disbursements of any counsel for any Secured Party (with any such fees or charges being limited to external counsel for any such Secured Party)) to the extent arising out of, or resulting from:
(i)either (A) any fraud, intentional misrepresentation, bad faith, illegal act or willful misconduct by either Loan Party or any Affiliate thereof, in each case in connection with any Loan Document or transaction contemplated thereby, any of the Collateral or either Loan Party’s business, or (B) any Trigger Event;
(ii)any intentional misapplication or misappropriation of any of the Collections by or on behalf of either Loan Party or any Affiliate thereof;
(iii)any filing of any petition by either Loan Party or any Affiliate thereof that contests or opposes any motion made by any Secured Party to obtain relief from any automatic stay, or that seeks to reinstate any automatic stay, in connection with any proceeding under any Debtor Relief Law to which either Loan Party is a party or in respect of which any of its property otherwise is subject;
(iv)either Loan Party or any Affiliate thereof (A) taking any action in bad faith with the intent to directly or indirectly delay, oppose, avoid, contest, impede, obstruct, hinder, enjoin or otherwise interfere in any manner with the exercise or enforcement by any Secured Party of any of its rights or 
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remedies under any Loan Document or applicable Law upon the occurrence of an Event of Default, including with respect to any of the Collateral, (B) alleging, asserting or otherwise pursuing, in each case in bad faith, any claim, defense, affirmative defense, counterclaim, cause of action, setoff or other right that it purports to have against any Secured Party relating to the exercise or enforcement by such Secured Party of any of its rights or remedies under any Loan Document or applicable Law upon the occurrence of an Event of Default, including with respect to any of the Collateral, or (C) causing, conspiring, colluding with, acting in concert with or soliciting any other Person in doing or attempting to do any of the acts described in clause (A) or (B);
(v)any Loan Party or Affiliate thereof voluntarily granting or creating, or consenting to the grant or creation of, any Lien in or on any of the Collateral, other than any Lien that is in favor of the Administrative Agent or that otherwise is permitted by a Loan Document;
(vi)any breach of the first sentence of Section 5.17, or any breach of Section 5.18(c) or (e), 5.21 or 5.22, of the Credit Agreement, in each case on and as of the Closing Date for purposes of clarification; or
(vii)any breach of Section 7.5 of the Credit Agreement or Article V of the Parent Security Agreement.
(c)This Guarantee is a guaranty of payment and is not merely a guaranty of collection.
(d)Anything contained herein to the contrary notwithstanding, the obligations of the Guarantor hereunder at any time shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of the United States Bankruptcy Code (the “Bankruptcy Code”) or any comparable provision of any other Debtor Relief Law, including any applicable state uniform fraudulent transfer act, uniform fraudulent conveyance act or similar statute or common law.
2.Guarantee Unconditional.  The obligations of the Guarantor hereunder shall be unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by (but, in each case, subject to the limitations set forth in Section 1(d)):
(a)any extension, renewal, settlement, adjustment, indulgence, forbearance, compromise, waiver or release of or with respect to the Obligations or any part thereof or any agreement relating thereto, or with respect to any obligation of any other guarantor of any of the Obligations, whether (in any such case) by operation of law or otherwise, or any failure or omission to enforce any right, power or remedy with respect to the Obligations or any part thereof or any agreement 
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relating thereto, or with respect to any obligation of any other guarantor of any of the Obligations;
(b)any modification or amendment of, or supplement, to any Loan Document, including any such modification, amendment or supplement which may increase the amount of, or any interest rate applicable to, any of the Obligations, whether resulting from, or otherwise following, any increase of the Commitment of any Lender or otherwise;
(c)any release, surrender, compromise, settlement, waiver, subordination or modification, with or without consideration, of any collateral securing the Obligations or any part thereof, any other guarantee with respect to the Obligations or any part thereof, or any other obligation of any Person with respect to the Obligations or any part thereof, or any non-perfection or invalidity of any direct or indirect security for the Obligations or any part thereof;
(d)any change in the corporate, partnership, limited liability company or other existence, structure or ownership of either Loan Party or any other guarantor of any of the Obligations, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting either Loan Party or any other guarantor of any of the Obligations, or affecting any of their respective assets, or any resulting release or discharge of any obligation of either Loan Party or any other guarantor of any of the Obligations;
(e)the existence of any claim, setoff or other right which the Guarantor may have at any time against either Loan Party, any other guarantor of any of the Obligations, the Administrative Agent or any other Secured Party or any other Person, whether in connection with the transactions contemplated by the Loan Documents or in connection with any unrelated transaction; provided, that, nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim;
(f)the enforceability or validity of the Obligations or any part thereof or the genuineness, enforceability or validity of any agreement relating thereto or with respect to any collateral securing the Obligations or any part thereof, or any other invalidity or unenforceability relating to or against either Loan Party or any other guarantor of any of the Obligations for any reason related to any Loan Document, or any provision of any applicable Law purporting to prohibit the payment by the Borrower, or by any other guarantor of any of the Obligations, of any of the Obligations or otherwise affecting any term of any of the Obligations, including resulting from any fact that (i) the act of creating the Obligations or any part thereof is ultra vires, (ii) any officer or other representative executing any Loan Document, or otherwise creating any Obligation, on behalf of any Loan Party acted in excess of such individual’s authority or (iii) any Loan Document has been forged or otherwise is irregular or not genuine or authentic;
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(g)any Secured Party taking or accepting any other security, collateral or guaranty, or other assurance of payment, for all or any part of the Obligations;
(h)any failure of the Administrative Agent to take any step to perfect and maintain any security interest in, or to preserve any right to, any security or collateral for any of the Obligations, if any;
(i)any reorganization, merger or consolidation of any Loan Party into or with any other Person;
(j)any election by, or on behalf of, any one or more of the Secured Parties in any proceeding instituted under any Debtor Relief Law;
(k)any borrowing or grant of a security interest by either Loan Party, as debtor-in-possession, under Section 364 of the Bankruptcy Code or any comparable provision of any other Debtor Relief Law;
(l)any disallowance, under Section 502 of the Bankruptcy Code or any comparable provision of any other Debtor Relief Law, of all or any portion of the claims of any Secured Party for repayment of all or any part of the Obligations; or
(m)any other act or omission to act or delay of any kind by either Loan Party, any other guarantor of any of the Obligations, any Secured Party or any other Person or any other circumstance whatsoever which might, but for the provisions of this Section 2, constitute a legal or equitable discharge of any obligation, or otherwise reduce, release, prejudice or extinguish the liability, of the Guarantor hereunder.
3.Continuing Guarantee; Discharge Only Upon Payment In Full; Reinstatement In Certain Circumstances.  Subject to the occurrence of a Guarantee Trigger Event, the obligations of the Guarantor under Section 1(a) shall constitute a continuing and irrevocable guaranty of all of the Obligations now or hereafter existing and, subject to the immediately following sentence, the obligations of the Guarantor hereunder shall remain in full force and effect until the date on which all of the Obligations shall have been fully and finally performed and indefeasibly paid in full in cash (other than Unliquidated Obligations (as defined below) that have not yet arisen) and the Commitment of each Lender shall have terminated or expired (subject to the immediately following sentence, the “Termination Date”).  If at any time any payment of any amount payable by either Loan Party or the Guarantor under any Loan Document, including a payment effected through any exercise of a right of setoff, is rescinded, or is or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of either Loan Party or the Guarantor or otherwise (including pursuant to any settlement entered into by a Secured Party in its discretion), the obligations hereunder of the Guarantor with respect to such payment, to the extent constituting an Obligation or otherwise an obligation of the Guarantor hereunder, shall be reinstated as though such payment had been due but not made at such time and this Guarantee shall be reinstated (and, if such reinstatement occurs after the Termination Date, the Termination Date shall be considered to have not 
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occurred from and after the date of such reinstatement until the occurrence of the date described in the first sentence of this Section 3 after such reinstatement).  As used herein, the term “Unliquidated Obligation” means, at any time, any Obligation that is contingent in nature, or unliquidated, at such time.
4.General Waivers; Additional Waivers.
(a)The Guarantor irrevocably waives acceptance hereof, presentment, demand or action on delinquency, protest, the benefit of any statute of limitations and, to the fullest extent permitted by applicable Law, any notice not provided for under any Loan Document, as well as any requirement that at any time any action be taken by any Person against either Loan Party, any other guarantor of any of the Obligations or any other Person.
(b)Notwithstanding anything herein to the contrary, the Guarantor hereby absolutely, unconditionally, knowingly and expressly waives, to the fullest extent permitted by applicable Law:
(i)any right it may have to revoke this Guarantee as to future indebtedness or notice of acceptance hereof;
(ii)each of (A) notice of acceptance hereof, (B) notice of any Loan or other financial accommodation made or extended under any Loan Document or the creation or existence of any Obligation, (C) notice of the amount of the Obligations (subject, however, to the Guarantor’s right to make inquiry of the Administrative Agent to ascertain the amount of the Obligations at any reasonable time), (D) notice of any adverse change in the financial condition of either Loan Party or any other guarantor of any of the Obligations or of any other fact that might increase the Guarantor’s risk hereunder, (E) notice of presentment for payment, demand, protest, and notice thereof as to any instrument among the Loan Documents, (F) notice of any Default or Event of Default and (G) all other notices (except if such notice is specifically required to be given to the Guarantor hereunder) and demands to which the Guarantor might otherwise be entitled;
(iii)its right, if any, to require any Secured Party to institute suit, or to exhaust any right or remedy which such Secured Party has or may have, against any other Person or against any of the Collateral; 
(iv)each of (A) any right to assert against any Secured Party any defense (legal or equitable), setoff, counterclaim or claim which the Guarantor may now or at any time hereafter have against any Person liable to such Secured Party, (B) any defense, setoff, counterclaim or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity or enforceability of any of the Obligations or any security therefor, (C) any defense the Guarantor has to performance 
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hereunder, and any right the Guarantor has to be exonerated, arising by reason of (1) the alteration by any Secured Party of any of the Obligations or (2) the acceptance by any Secured Party of anything in partial satisfaction of the Obligations, and (D) the benefit of any statute of limitation affecting the Guarantor’s liability hereunder or the enforcement thereof (and any act which shall defer or delay the operation of any statute of limitation applicable to any of the Obligations shall similarly operate to defer or delay the operation of such statute of limitation applicable to the Guarantor’s liability hereunder); and
(v)any defense arising by reason of or deriving from (A) any claim or defense based upon an election of any remedy by any Secured Party or (B) any election by any Secured Party under the Bankruptcy Code or any comparable provision of any other Debtor Relief Law to limit the amount of, or any collateral securing, its claim against the Guarantor.
5.Subordination of Subrogation.  Until all of the Obligations have been fully and finally performed and indefeasibly paid in full in cash (other than Unliquidated Obligations), (i) the Guarantor shall not have any right of subrogation with respect to any of the Obligations and (ii) the Guarantor waives any right to enforce any remedy which any Secured Party now has or hereafter may have against either Loan Party, any endorser or any guarantor of all or any part of the Obligations or any other Person, and until such time the Guarantor waives any benefit of, and any right to participate in, any security or collateral given to any Secured Party to secure the payment or performance of all or any part of the Obligations or any other liability of either Loan Party to a Secured Party.  Should the Guarantor have the right, notwithstanding the foregoing, to exercise any such right of subrogation, the Guarantor hereby expressly and irrevocably (i) subordinates any and all rights at law or in equity to subrogation, reimbursement, exoneration, contribution, indemnification or setoff that the Guarantor may have to the payment in full in cash of the Obligations until all of the Obligations are fully and finally performed and indefeasibly paid in full in cash (other than Unliquidated Obligations) and (ii) waives any and all defenses available to a surety, guarantor or accommodation co-obligor until all of the Obligations are fully and finally performed and indefeasibly paid in full in cash (other than Unliquidated Obligations that have not yet arisen).  The Guarantor acknowledges and agrees that this subordination is intended to benefit the Secured Parties and shall not limit or otherwise affect the Guarantor’s liability hereunder or the enforceability of this Guarantee, and that the Secured Parties are intended third party beneficiaries of the waivers and agreements set forth in this Section 5.
6.Limitation of Guarantee.  Notwithstanding any other provision of this Guarantee, the amount guaranteed by the Guarantor hereunder shall be limited to the an amount required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or any comparable provision of any other Debtor Relief Law, including any applicable state uniform fraudulent transfer act, uniform fraudulent conveyance act or similar statute or common law.  In determining the limitations, if any, 
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on the amount of the Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention of the parties to this Guarantee that any right of subrogation, indemnification or contribution which the Guarantor may have under this Guarantee, any other agreement or applicable Law shall be taken into account.
7.Stay of Acceleration.  If acceleration of the time for payment of any amount payable by either Loan Party under any Loan Document is stayed upon the insolvency, bankruptcy or reorganization of such Loan Party or any Affiliate thereof, such amount otherwise subject to acceleration under the terms of such Loan Document shall nonetheless be payable by the Guarantor hereunder forthwith, to the extent such amount constitutes an Obligation.
8.Representations and Warranties.  The Guarantor represents and warrants to the Administrative Agent that:
(a)it is (i) duly organized and validly existing and in good standing under the Laws of the State of Delaware and (ii) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to execute, deliver and perform its obligations under this Guarantee and to consummate the transactions herein contemplated;
(b)the execution, delivery and performance of this Guarantee have been duly authorized by all necessary corporate or other organizational action, and do not (i) violate the terms of any Organization Document of the Guarantor; (ii) result in any breach or contravention of, or the creation of any Lien (other than a Permitted Lien) under, or require any payment to be made under (A) any Contractual Obligation to which the Guarantor is a party or affecting it or its properties, pursuant to the terms of any such Contractual Obligation, or (B) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Guarantor or its property is subject; except, in the case of this clause (ii), to the extent such breach or contravention could not reasonably be expected to have a Material Adverse Effect; or (iii) violate in any material respect any Law;
(c)no approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Guarantor of this Guarantee, except such as have been duly made, effected or obtained or where the failure to obtain or make could not reasonably be expected to have a Material Adverse Effect;
(d)this Guarantee (i) has been duly executed and delivered by the Guarantor and (ii) constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws or other Laws affecting creditors’ rights generally and by general principles of equity, regardless of whether considered in a proceeding in equity or at Law; and
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(e)as of the date of this Guarantee, and after giving effect to any Borrowing under the Credit Agreement on the Closing Date, it is or will be, as applicable, Solvent.
9.Certain Affirmative Covenants.  Until the Termination Date, the Guarantor shall: 
(a)promptly notify the Administrative Agent of the occurrence of any Guarantee Trigger Event; and
(b)both (i) preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 10  and (ii) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except, in the case of this clause (ii), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.
10.Consolidation, Merger and Disposal of Assets.  Until the Termination Date, the Guarantor shall not consolidate or merge with or into, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of, any Person, unless the Person formed by such consolidation or merger or into which the Guarantor is merged or the Person which acquires by operation of Law or by conveyance or transfer substantially all of the Guarantor’s assets (i) shall be a legal entity organized under the Laws of the United States, a state of the United States or the District of Columbia and (ii) shall assume all of the Guarantor’s obligations and liabilities under or otherwise arising with respect to this Agreement, including any such obligation or liability that arose prior to such consolidation, merger or Disposal, as the case may be.
11.Notices.  All notices, requests and other communications to any party hereunder shall be given in the manner prescribed in Section 10.2 of the Credit Agreement with respect to the Administrative Agent at its notice address therein and, with respect to the Guarantor, as set forth below, or such other address as such parties may hereafter specify for such purpose in accordance with the provisions of Section 10.2 of the Credit Agreement.
If to GWG Holdings, Inc.:
 
GWG Holdings, Inc.
325 N Saint Paul St Ste 2650
Dallas, TX, 75201-3920
Attn: Timothy Evans
Email:   tevans@gwgh.com
12.No Waivers.  No failure or delay by the Administrative Agent or any other Secured Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  The rights and remedies provided 
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in this Guarantee and the other Loan Documents shall be cumulative and not exclusive of any right or remedy provided by law.
13.Successors and Assigns.  This Guarantee is for the benefit of the Administrative Agent and the other Secured Parties and their respective successors and permitted assigns; provided, that, the Guarantor shall not have any right to assign any of its obligations hereunder without the prior written consent of the Administrative Agent, and any such purported assignment by the Guarantor in violation of this Section 13 shall be null and void; and (i) in the event of an assignment by any Secured Party of any right with respect to any Obligation in accordance with the applicable terms of the Loan Documents, the rights hereunder, to the extent applicable to the right in respect of such Obligation so assigned, may be transferred with such right so assigned and (ii) for the avoidance of doubt, the Guarantor expressly consents to the right of the Administrative Agent to assign its rights under this Guarantee to any Person appointed as a successor “Administrative Agent” pursuant to the terms of the Credit Agreement.  In no event shall any delegation by the Guarantor of any obligation hereunder release or otherwise discharge the Guarantor from such obligation, unless the Administrative Agent hereafter consents in writing to such release or other discharge.  This Guarantee shall be binding upon the Guarantor and its successors and assigns.
14.Changes in Writing.  Neither this Guarantee nor any provision hereof may be changed, waived, discharged or terminated orally, but only in writing signed by the Guarantor and the Administrative Agent.
15.Governing Law; Submission to Jurisdiction, Etc.
(a)THIS GUARANTEE AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS GUARANTEE AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
(b)EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST ANY OTHER PARTY HERETO OR ANY RELATED PARTY OF ANY PARTY HERETO IN ANY WAY RELATING TO THIS GUARANTEE OR THE TRANSACTIONS RELATING HERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN 
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RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.
(c)THE GUARANTOR IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTEE IN ANY COURT REFERRED TO IN SECTION 15(b).  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.
(d)EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.  NOTHING IN THIS GUARANTEE WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.
16.No Strict Construction.  The Guarantor has participated in the negotiation and drafting of this Guarantee.  In the event an ambiguity or question of intent or interpretation arises, this Guarantee shall be construed as if drafted jointly by the Guarantor and the Secured Parties and no presumption or burden of proof shall arise favoring or disfavoring any Person by virtue of the authorship of any provisions of this Guarantee.
17.Taxes; Expenses of Enforcement; Etc.
(a)Taxes.
(i)Any and all payments by or on account of any obligation of the Guarantor hereunder shall be made without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of the applicable withholding agent) require the deduction or withholding of any Tax from any such payment by the Guarantor, then the Guarantor shall be entitled to make such deduction or withholding. 
(ii)If the Guarantor shall be required by any applicable Laws to withhold or deduct any Taxes from any payment hereunder, then (1) the Guarantor 
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shall withhold or make such deductions, (2) the Guarantor shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (3) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the Guarantor shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 17(a)) the applicable Secured Party receives an amount equal to the sum it would have received had no such withholding or deduction been made.
(iii)Upon request by the Administrative Agent, after any payment of Taxes by the Guarantor to a Governmental Authority as provided in this Section 17(a), the Guarantor shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(iv)The Guarantor shall, and does hereby, indemnify, jointly and severally, each Secured Party, and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 17(a)) payable or paid by such Secured Party or required to be withheld or deducted from a payment to such Secured Party, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Guarantor by a Secured Party, or by the Administrative Agent on behalf of a Secured Party, shall be conclusive absent manifest error.
(v)For purposes of this Section 17(a), references to the Borrower in the defined terms used in Section 3.1 of the Credit Agreement shall include reference to the Guarantor and references to the Lender(s) or the Recipient(s) in the defined terms used in Section 3.1 of the Credit Agreement shall include reference to each Secured Party.
(vi)Notwithstanding anything to the contrary in this Section 17(a), the indemnification obligations of the Guarantor under this Section 17(a) shall apply without duplication of the indemnification obligations of the Loan Parties or the Guarantor under Section 3.1(a) of the Credit Agreement and without duplication of any recovery under Section 3.1(c) of the Credit Agreement.  The Guarantor shall be entitled to the benefits of Section 3.1(g) of the Credit Agreement with respect to any indemnification 
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payments or payments of additional amounts made by the Guarantor pursuant to this Section 17 to same extent as the Borrower is entitled to the benefits of Section 3.1(g) of the Credit Agreement with respect to indemnification payments or payments of additional amounts made by the Borrower pursuant to Section 3.1 of the Credit Agreement.
(b)The Guarantor shall pay on demand all reasonable out-of-pocket expenses (including the fees, charges and disbursements of outside counsel) in any way relating to the enforcement or protection of any of the rights of any Secured Party under this Guarantee or in respect of any of the Obligations, including any incurred during any workout, restructuring or negotiation in respect of any of the Obligations and any incurred in the preservation, protection or enforcement of any right of any Secured Party in any proceeding under any Debtor Relief Law.
18.Termination.  This Guarantee and the Guarantor’s obligations hereunder shall terminate on the Termination Date (subject to potential reinstatement under Section 3); provided, however, no such termination shall relieve the Guarantor from any liability with respect to any breach of this Guarantee occurring prior to such termination.
19.Financial Information.  The Guarantor hereby assumes responsibility for keeping itself informed of the financial condition of the Loan Parties and any and all endorsers and/or other guarantors of all or any part of the Obligations, and of all other circumstances bearing upon the risk of nonpayment of the Obligations, or any part thereof, that diligent inquiry would reveal, and the Guarantor hereby agrees that none of the Secured Parties shall have any duty to advise the Guarantor of any information known to such Secured Party regarding such condition or any such circumstance.  In the event any Secured Party, in its sole discretion, undertakes at any time or from time to time to provide any such information to the Guarantor, such Secured Party shall be under no obligation (i) to undertake any investigation not a part of its regular business routine, (ii) to disclose any information which such Secured Party, pursuant to accepted or reasonable commercial finance or banking practices, wishes to maintain confidential or (iii) to make any other or future disclosure of such information or any other information to the Guarantor.
20.Severability.  Wherever possible, each provision of this Guarantee shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Guarantee shall be prohibited by or invalid under any applicable Law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Guarantee.
21.Merger.  This Guarantee represents the final agreement of the Guarantor with respect to the matters contained herein and may not be contradicted by evidence of any prior or contemporaneous agreement, or any subsequent oral agreement, between the Guarantor and any Secured Party.
22.Headings.  Section headings in this Guarantee are for convenience of reference only and shall not govern the interpretation of any provision of this Guarantee.
13

23.Counterparts.  This Guarantee may be executed in any number of counterparts by facsimile or other written form of communication, each of which shall be deemed to be an original as against the party whose signature appears thereon, and all of which shall together constitute one and the same instrument.
24.Certain Rules of Construction.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.  The word “will” shall be construed to have the same meaning and effect as the word “shall”.  Unless the context requires otherwise (i) any definition of, or reference to, any agreement (including this Guarantee or any other Loan Document), instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time (including on or prior to the date hereof) amended, supplemented, restated, waived or otherwise modified (subject to any restriction on any such amendment, supplement, restatement, waiver or modification set forth herein), (ii) any reference herein to any party to this Guarantee or any other agreement (including any other Loan Document), instrument or other document shall be deemed to refer to any Person that becomes (or became, if applicable) a successor or assign of such party, upon the occurrence thereof, (iii) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Guarantee in its entirety and not to any particular provision hereof, (iv) all references herein to articles, sections, exhibits and schedules shall be construed to refer to articles and sections of, and exhibits and schedules to, this Guarantee, (v) any reference herein to any treaty, law, rule or regulation, or to any provision of any treaty, law, rule or regulation, shall include any modification or re-enactment thereof, any legislative provision substituted therefor and all regulations and rules issued thereunder or pursuant thereto, in each case whether prior to, on or after the date hereof, (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights, and (vii) all references herein to “$,” “funds” and “dollars” refer to United States currency.  In the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”; and the word “through” means “to and including”.
[signature page follows]
14

IN WITNESS WHEREOF, this Guarantee has been executed and delivered by the undersigned as of the date first above written.
GWG HOLDINGS, INC.
By:    ______________________________
    Name:
    Title:
Signature Page to the GuaranteeEX-4.1

 Exhibit 4.1 

THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE
SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION REQUIREMENTS
OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS. THIS WARRANT MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE SALE, TRANSFER, PLEDGE OR HYPOTHECATION OF ANY INTEREST IN ANY OF THE SECURITIES REPRESENTED HEREBY. 

WARRANT TO PURCHASE SHARES OF CLASS A COMMON STOCK 

of 
 Vaxxinity, Inc.

 Dated as of August 5, 2021 

Void after the date specified in Section 7 
  

			
	No. 02	  	 Warrant to Purchase

3,000,000 Shares of

Class A Common Stock

(subject to adjustment)

 THIS CERTIFIES THAT, for value received, United Biomedical, Inc., or its registered assigns (the
“Holder”), is entitled, subject to the provisions and upon the terms and conditions set forth herein, to purchase from Vaxxinity, Inc., a Delaware corporation (the “Company”), shares of the
Company’s Class A Common Stock, $0.0001 par value per share (the “Shares” or the “Common Stock”), in the amounts, at such times and at the price per share set forth in Section 1. The
term “Warrant” as used herein shall include this Warrant and any warrants delivered in substitution or exchange therefor as provided herein. 

The following is a statement of the rights of the Holder and the conditions to which this Warrant is subject, and to which Holder, by
acceptance of this Warrant, agrees: 
 1. Number and Price of Shares; Exercise Period. 

(a) Number of Shares. Subject to any previous exercise of the Warrant, the Holder shall have the right to purchase up to
3,000,000 Shares, as may be adjusted pursuant hereto, prior to (or in connection with) the expiration of this Warrant as provided in Section 7. 

(b) Exercise Price. The exercise price per Share shall be $8.00 per share, subject to adjustment pursuant hereto (the
“Exercise Price”). 
 (c) Exercise Period. This Warrant shall be exercisable, in whole or in part
prior to (or in connection with) the expiration of this Warrant as set forth in Section 7 (the “Exercise Period”). 

2. Exercise of the Warrant. 

(a) Exercise. The purchase rights represented by this Warrant may be exercised at the election of the Holder, in whole or in
part, in accordance with Section 1, by: 
 (i) the tender to the Company at its principal office (or such other office or agency as the
Company may designate) of a notice of exercise in the form of Exhibit A (the “Notice of Exercise”), duly completed and executed by or on behalf of the Holder, together with the surrender of this Warrant; and 

 (ii) the payment to the Company of an amount equal to (x) the Exercise Price
multiplied by (y) the number of Shares being purchased, by wire transfer of immediately available funds. 
 (b) Net Issue
Exercise. In lieu of exercising this Warrant pursuant to Section 2(a)(ii), if the fair market value of one Share is greater than the Exercise Price (at the date of calculation as set forth below), the Holder may elect to receive a
number of Shares equal to the value of this Warrant (or of any portion of this Warrant being canceled) by surrender of this Warrant at the principal office of the Company (or such other office or agency as the Company may designate) together with a
properly completed and executed Notice of Exercise reflecting such election, in which event the Company shall issue to the Holder that number of Shares computed using the following formula: 

 

							
	 X
	  	    =    	  	Y (A – B)	  	
	  	      A	  	

 Where: 
  

					
	X	  	=	  	The number of Shares to be issued to the Holder
			
	Y	  	=	  	The number of Shares purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of such calculation)
			
	A	  	=	  	The fair market value of one Share (at the date of such calculation)
			
	B	  	=	  	The Exercise Price (as adjusted to the date of such calculation)

 For purposes of the calculation above, the fair market value of one Share shall be determined by the Board of
Directors of the Company, acting in good faith; provided, however, that: 
 (i) where a public market exists for the Common
Stock at the time of such exercise, the fair market value per Share shall be the average of the closing bid and asked prices of the Common Stock or the closing price quoted on the national securities exchange on which the Common Stock is listed as
published in the Wall Street Journal, as applicable, for the ten (10) trading day period ending five (5) trading days prior to the date of determination of fair market value; and 

(ii) if the Warrant is exercised in connection with the Company’s initial public offering of Common Stock (including pursuant to
Section 7), the fair market value per Share shall be the per share offering price to the public of the Common Stock in the Company’s initial public offering. 

(c) Stock Certificates. The rights under this Warrant shall be deemed to have been exercised, in whole or in part, as the case
may be, and the Shares issuable upon such exercise shall be deemed to have been issued immediately prior to the close of business on each date this Warrant is exercised in accordance with its terms, and the person entitled to receive the Shares
issuable upon such exercise shall be treated for all purposes as the holder of record of such Shares as of the close of business on such date. As promptly as reasonably practicable on or after such date, the Company shall issue and deliver to the
person or persons entitled to receive the same a certificate or certificates (or a notice of issuance of uncertificated shares, if applicable) for that number of shares issuable upon such exercise. In the event that the rights under this Warrant are
exercised in part and have not expired, the Company shall execute and deliver a new Warrant reflecting the number of Shares that remain subject to this Warrant. 

(d) No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the
exercise of the rights under this Warrant. In lieu of such fractional share to which the Holder would otherwise be entitled, the Company shall make a cash payment equal to the Exercise Price multiplied by such fraction. 

  
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 (e) Conditional Exercise. The Holder may exercise this Warrant conditioned
upon (and effective immediately prior to) consummation of any transaction that would cause the expiration of this Warrant pursuant to Section 7 by so indicating in the Notice of Exercise. 

(f) Reservation of Stock. The Company agrees during the Exercise Period to take all reasonable action to reserve and keep
available from its authorized and unissued shares of Common Stock for the purpose of effecting the exercise of this Warrant such number shares of Common Stock as shall from time to time be sufficient to effect the exercise of the rights under this
Warrant; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient for purposes of the exercise of this Warrant in accordance with its terms, without limitation of such other remedies as may be available
to the Holder, the Company will use all reasonable efforts to take such corporate action as may be necessary to increase its authorized and unissued shares of Common Stock to a number as shall be sufficient for such purposes. The Company represents
and warrants that all Shares that may be issued upon the exercise of this Warrant will, when issued in accordance with the terms hereof, be validly issued, fully paid and nonassessable. 

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

4. Transfer of the Warrant. 

(a) Warrant Register. The Company shall maintain a register (the “Warrant Register”) containing the name
and address of the Holder or Holders. Until this Warrant is transferred on the Warrant Register in accordance herewith, the Company may treat the Holder as shown on the Warrant Register as the absolute owner of this Warrant for all purposes,
notwithstanding any notice to the contrary. Any Holder of this Warrant (or of any portion of this Warrant) may change its address as shown on the Warrant Register by written notice to the Company requesting a change. 

(b) Warrant Agent. The Company may appoint an agent for the purpose of maintaining the Warrant Register referred to in
Section 4(a), issuing the Shares or other securities then issuable upon the exercise of the rights under this Warrant, exchanging this Warrant, replacing this Warrant or conducting related activities. 

(c) Transferability of the Warrant. Subject to the provisions of this Warrant with respect to compliance with the Securities Act
of 1933, as amended (the “Securities Act”) and limitations on assignments and transfers, including without limitation compliance with the restrictions on transfer set forth in Section 5, title to this Warrant may be
transferred by endorsement (by the transferor and the transferee executing the assignment form attached as Exhibit B (the “Assignment Form”)) and delivery in the same manner as a negotiable instrument transferable by
endorsement and delivery. 
 (d) Exchange of the Warrant upon a Transfer. On surrender of this Warrant (and a properly
endorsed Assignment Form) for exchange, subject to the provisions of this Warrant with respect to compliance with the Securities Act and limitations on assignments and transfers, the Company shall issue to or on the order of the Holder a new warrant
or warrants of like tenor, in the name of the Holder or as the Holder (on payment by the Holder of any applicable transfer taxes) may direct, for the number of Shares issuable upon exercise hereof, and the Company shall register any such transfer
upon the Warrant Register. This Warrant (and the securities issuable upon exercise of the rights under this Warrant) must be surrendered to the Company or its warrant or transfer agent, as applicable, as a condition precedent to the sale, pledge,
hypothecation or other transfer of this Warrant. 
 (e) Transfer Taxes. In no event shall the Company be required to pay any
tax which may be payable in respect of any transfer involving in the issue and delivery of any certificate, or a book entry, in a name other than that of the Holder, and the Company shall not be required to issue or deliver any such certificate, or
make such book entry, unless and until the person or persons requesting the issue or entry thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid or is
not payable. 

  
 - 3 - 

 5. Restrictions on Transfer of the Warrant and Shares; Compliance with Securities
Laws. By acceptance of this Warrant, the Holder agrees to comply with the following: 
 (a) Restrictions on Transfers.
Subject to Section 5, this Warrant may not be transferred or assigned in whole or in part without the Company’s prior written consent (which shall not be unreasonably withheld), and any attempt by Holder to transfer or assign any rights,
duties or obligations that arise under this Warrant without such permission shall be void. Any transfer of this Warrant or the Shares issuable upon the exercise hereof (the “Securities”) must be in compliance with all
applicable federal and state securities laws. The Holder agrees not to make any sale, assignment, transfer, pledge or other disposition of all or any portion of the Securities, or any beneficial interest therein, unless and until the transferee
thereof has agreed in writing for the benefit of the Company to take and hold such Securities subject to, and to be bound by, the terms and conditions set forth in this Warrant to the same extent as if the transferee were the original Holder
hereunder, and 
 (i) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such
disposition is made in accordance with such registration statement, or 
 (ii) (A) such Holder shall have given prior written notice to the
Company of such Holder’s intention to make such disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, (B) the transferee shall have confirmed to the
satisfaction of the Company in writing, substantially in the form of Exhibit A-1, that the Securities are being acquired (i) solely for the transferee’s own account and not as a nominee for any other
party, (ii) for investment and (iii) not with a view toward distribution or resale, and shall have confirmed such other matters related thereto as may be reasonably requested by the Company, and (C) such Holder shall have furnished
the Company, at the Holder’s expense, with (i) 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 (ii) 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 such Holder shall be entitled to transfer such Securities in accordance with the terms of the notice delivered by the Holder to the Company. 

(b) Investment Representation Statement. Unless the rights under this Warrant are exercised pursuant to an effective
registration statement under the Securities Act that includes the Shares with respect to which the Warrant was exercised, it shall be a condition to any exercise of the rights under this Warrant that the Holder shall have confirmed to the
satisfaction of the Company in writing, substantially in the form of Exhibit A-1, that the Shares so purchased are being acquired solely for the Holder’s own account and not as a nominee for any other
party, for investment and not with a view toward distribution or resale and that the Holder shall have confirmed such other matters related thereto as may be reasonably requested by the Company. 

(c) Securities Law Legend. Each certificate, instrument or book entry representing the Securities shall (unless otherwise
permitted by the provisions of this Warrant) be notated with a legend substantially similar to the following (in addition to any legend required by state securities laws): 

THE OFFER AND SALE OF THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN

  
 - 4 - 

 
ACCORDANCE WITH APPLICABLE REGISTRATION REQUIREMENTS OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH
OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THIS CERTIFICATE MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE SALE, TRANSFER,
PLEDGE OR HYPOTHECATION OF ANY INTEREST IN ANY OF THE SECURITIES REPRESENTED HEREBY. 
 (d) Market
Stand-off Legend. Each certificate, instrument or book entry representing the Shares issued upon exercise hereof shall also be notated with a legend in substantially the following form: 

THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, INCLUDING A
LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN THE WARRANT PURSUANT TO WHICH THESE SHARES WERE ISSUED, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 

(e) Instructions Regarding Transfer Restrictions. The Holder consents to the Company making a notation on its records and giving
instructions to any transfer agent in order to implement the restrictions on transfer established in this Section 5. 
 (f)
Removal of Legend. The legend referring to federal and state securities laws identified in Section 5(c) notated on any certificate evidencing the Shares and the stock transfer instructions and record notations with respect to such
securities shall be removed, and the Company shall issue a certificate without such legend to the holder of such securities (to the extent the securities are certificated), if (i) such securities are registered under the Securities Act, or
(ii) such holder provides the Company with an opinion of counsel reasonably acceptable to the Company to the effect that a sale or transfer of such securities may be made without registration, qualification or legend. 

(g) No Transfers to Bad Actors; Notice of Bad Actor Status. The Holder agrees not to sell, assign, transfer, pledge or otherwise
dispose of any securities of the Company, or any beneficial interest therein, to any person (other than the Company) unless and until the proposed transferee confirms to the reasonable satisfaction of the Company that neither the proposed transferee
nor any of its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners or managing members nor any person that would be deemed a beneficial owner of those securities
(in accordance with Rule 506(d) of the Securities Act) is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities Act, except as set forth in Rule 506(d)(2) or (d)(3)
under the Securities Act and disclosed, reasonably in advance of the transfer, in writing in reasonable detail to the Company. The Holder will promptly notify the Company in writing if the Holder or, to the Holder’s knowledge, any person
specified in Rule 506(d)(1) under the Securities Act becomes subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities Act. 

6. Adjustments. Subject to the expiration of this Warrant pursuant to Section 7, the number and kind of shares purchasable
hereunder and the Exercise Price therefor are subject to adjustment from time to time, as follows: 
 (a) Merger or
Reorganization. If at any time there shall be any reorganization, recapitalization, merger or consolidation (a “Reorganization”) involving the Company (other than as otherwise provided for herein or as would cause the
expiration of this Warrant under Section 7) in which shares of the Common Stock are converted into or exchanged for securities, cash or other property, then, as a part of such Reorganization, lawful provision shall be made so that the Holder
shall thereafter be entitled to receive upon exercise of this Warrant, the kind and amount of securities, cash or other property of the successor corporation resulting from such Reorganization, equivalent in value to that which a holder of the
Shares deliverable upon 

  
 - 5 - 

 
exercise of this Warrant would have been entitled in such Reorganization if the right to purchase the Shares hereunder had been exercised immediately prior to such Reorganization. In any such
case, appropriate adjustment (as determined in good faith by the Board of Directors of the successor corporation) shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after such
Reorganization to the end that the provisions of this Warrant shall be applicable after the event, as near as reasonably may be, in relation to any shares or other securities deliverable after that event upon the exercise of this Warrant. 

(b) Reclassification of Shares. If the securities issuable upon exercise of this Warrant are changed into the same or a
different number of securities of any other class or classes by reclassification, capital reorganization, conversion of all outstanding shares of the relevant class or series (other than as would cause the expiration of this Warrant pursuant to
Section 7) or otherwise (other than as otherwise provided for herein) (a “Reclassification”), then, in any such event, in lieu of the number of Shares which the Holder would otherwise have been entitled to receive, the
Holder shall have the right thereafter to exercise this Warrant for a number of shares of such other class or classes of stock that a holder of the number of securities deliverable upon exercise of this Warrant immediately before that change would
have been entitled to receive in such Reclassification, all subject to further adjustment as provided herein with respect to such other shares. 

(c) Subdivisions and Combinations. In the event that the outstanding shares of Common Stock are subdivided (by stock split, by
payment of a stock dividend or otherwise) into a greater number of shares of such securities, the number of Shares issuable upon exercise of the rights under this Warrant immediately prior to such subdivision shall, concurrently with the
effectiveness of such subdivision, be proportionately increased, and the Exercise Price shall be proportionately decreased, and in the event that the outstanding shares of Common Stock are combined (by reclassification or otherwise) into a lesser
number of shares of such securities, the number of Shares issuable upon exercise of the rights under this Warrant immediately prior to such combination shall, concurrently with the effectiveness of such combination, be proportionately decreased, and
the Exercise Price shall be proportionately increased. 
 (d) Adjustment for Tax Purposes. The Company may, in its sole
discretion, make such decreases to the Exercise Price to avoid or diminish any adverse income tax consequences to any holders of shares of Common Stock, preferred stock, options or other equity securities of the Company resulting from any dividend
or distribution of stock, issuance of warrants or similar rights to subscribe for stock, or similar event. 
 (e) Notice of
Adjustments. Upon any adjustment in accordance with this Section 6, the Company shall give notice thereof to the Holder, which notice shall state the event giving rise to the adjustment, the Exercise Price as adjusted and the number of
securities or other property purchasable upon the exercise of the rights under this Warrant, setting forth in reasonable detail the method of calculation of each. The Company shall, upon the written request of any Holder, furnish or cause to be
furnished to such Holder a certificate setting forth (i) such adjustments, (ii) the Exercise Price at the time in effect and (iii) the type and number of securities and the amount, if any, of other property that at the time would be
received upon exercise of this Warrant. 
 7. Expiration of the Warrant. This Warrant shall expire and shall no longer be exercisable
as of the earlier of: 
 (a) 5:00 p.m., Pacific time, on the five-year anniversary of the date of issuance of this Warrant; or 

(b) (i) the acquisition of the Company by another entity by means of any transaction or series of related transactions to which the Company is
a party (including, without limitation, any stock acquisition, reorganization, merger or consolidation, but excluding any sale of stock for capital raising purposes and any transaction effected primarily for purposes of changing the Company’s
jurisdiction of incorporation) other than a transaction or series of related transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction or series of related transactions retain,
immediately after such transaction or series of transactions, as a result of shares in the Company held by such holders prior 

  
 - 6 - 

 
to such transaction or series of transactions, at least a majority of the total voting power represented by the outstanding voting securities of the Company or such other surviving or resulting
entity (or if the Company or such other surviving or resulting entity is a wholly-owned subsidiary immediately following such acquisition, its parent), (ii) a sale, lease or other disposition of all or substantially all of the assets of the Company
and its subsidiaries taken as a whole by means of any transaction or series of related transactions, except where such sale, lease or other disposition is to a wholly-owned subsidiary of the Company, or (iii) any Liquidation Event (as defined
in the Company certificate of incorporation, as the same may be amended and/or restated from time to time) ((i),(ii) and (iii), a “Change of Control”). 

Notwithstanding anything herein to the contrary, in the event of a Change of Control, effective as of immediately prior to the expiration of
this Warrant pursuant to Section 7(b), this Warrant shall be deemed automatically exercised for all remaining Shares available hereunder via cashless exercise pursuant to Section 2(b) without any action by the Holder or any other person or
entity and regardless of whether a Notice of Exercise is delivered or the Warrant is surrendered in connection therewith. 
 8. No Rights
as a Stockholder. Except as may be set forth in any other agreement between the Company and the Holder, nothing contained herein shall entitle the Holder to any rights as a stockholder of the Company or to be deemed the holder of any securities
that may at any time be issuable on the exercise of the rights hereunder for any purpose nor shall anything contained herein be construed to confer upon the Holder, as such, 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 or change of stock to no par value,
consolidation, merger, conveyance or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or any other rights of any stockholder of the Company until the rights under the Warrant shall have been exercised and
the Shares purchasable upon exercise of the rights hereunder shall have become deliverable as provided herein. 
 9. Market Stand-off. Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by
the Company of shares of Common Stock or any other equity securities under the Securities Act on a registration statement on Form S-1, and ending on the date specified by the Company and the managing
underwriter (such period not to exceed one hundred eighty (180) days in the case of the Company’s first underwritten public offering of Common Stock under the Securities Act, or such other period as may be requested by the Company or an
underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule
2241, or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or
otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock (whether such shares or any such securities are then
owned by the Holder or are thereafter acquired) or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Section 9 shall not apply to the sale of any shares to an underwriter pursuant
to an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Holder or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions
set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers and directors are subject to the same restrictions. The underwriters in connection
with such registration are intended third-party beneficiaries of this Section 9 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such
agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Section 9 or that are necessary to give further effect thereto. 

  
 - 7 - 

 10. Representations and Warranties of the Holder. By acceptance of this Warrant, the
Holder represents and warrants to the Company as of the date hereof and at each time of exercise (whether full or partial) of this Warrant as follows: 

(a) No Registration. The Holder understands that the Securities have not been, and will not be, registered under the Securities
Act by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Holder’s
representations as expressed herein or otherwise made pursuant hereto. 
 (b) Investment Intent. The Holder is acquiring the
Securities for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with, any distribution thereof. The Holder has no present intention of selling, granting any participation in, or otherwise
distributing the Securities, nor does it have any contract, undertaking, agreement or arrangement for the same. 
 (c) Investment
Experience. The Holder has substantial experience in evaluating and investing in private placement transactions of securities in companies similar to the Company, and has such knowledge and experience in financial or business matters so that
it is capable of evaluating the merits and risks of its investment in the Company and protecting its own interests. 
 (d) Speculative
Nature of Investment. The Holder understands and acknowledges that its investment in the Company is highly speculative and involves substantial risks. The Holder can bear the economic risk of its investment and is able, without impairing its
financial condition, to hold the Securities for an indefinite period of time and to suffer a complete loss of its investment. 
 (e)
Access to Data. The Holder has had an opportunity to ask questions of officers of the Company, which questions were answered to its satisfaction. The Holder believes that it has received all the information that it considers necessary
or appropriate for deciding whether to acquire the Securities. The Holder understands that any such discussions, as well as any information issued by the Company, were intended to describe certain aspects of the Company’s business and
prospects, but were not necessarily a thorough or exhaustive description. The Holder acknowledges that any business plans prepared by the Company have been, and continue to be, subject to change and that any projections included in such business
plans or otherwise are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual results. 

(f) Accredited Investor. The Holder is an “accredited investor” within the meaning of Regulation D, Rule 501(a),
promulgated by the Securities and Exchange Commission and agrees to submit to the Company such further assurances of such status as may be reasonably requested by the Company. The Holder has furnished or made available any and all information
requested by the Company or otherwise necessary to satisfy any applicable verification requirements as to “accredited investor” status. Any such information is true, correct, timely and complete. 

(g) Residency. The residency of the Holder (or, in the case of a partnership or corporation, such entity’s principal place
of business) is correctly set forth on the signature page hereto. 
 (h) Restrictions on Resales. The Holder acknowledges that
the Securities must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available. The Holder is aware of the provisions of Rule 144 promulgated under the Securities Act, which
permit resale of shares purchased in a private placement subject to the satisfaction of certain conditions, which may include, among other things, the availability of certain current public information about the Company; the resale occurring not
less than a specified period after a party has purchased and paid for the security to be sold; the number of shares being sold during any three-month period not exceeding specified limitations; the sale being effected through a “broker’s
transaction,” a transaction directly with a “market maker” or a “riskless principal transaction” (as those terms are defined in the Securities Act or the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder); and the filing of a Form 144 notice, if applicable. The 

  
 - 8 - 

 
Holder acknowledges and understands that the Company may not be satisfying the current public information requirement of Rule 144 at the time the Holder wishes to sell the Securities and that, in
such event, the Holder may be precluded from selling the Securities under Rule 144 even if the other applicable requirements of Rule 144 have been satisfied. The Holder acknowledges that, in the event the applicable requirements of Rule 144 are not
met, registration under the Securities Act or an exemption from registration will be required for any disposition of the Securities. The Holder understands that, although Rule 144 is not exclusive, the Securities and Exchange Commission has
expressed its opinion that persons proposing to sell restricted securities received in a private offering other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from
registration is available for such offers or sales and that such persons and the brokers who participate in the transactions do so at their own risk. 

(i) No Public Market. The Holder understands and acknowledges that no public market now exists for any of the securities issued
by the Company and that the Company has made no assurances that a public market will ever exist for the Company’s securities. 
 (j)
Brokers and Finders. The Holder has not engaged any brokers, finders or agents in connection with the Securities, and the Company has not incurred nor will incur, directly or indirectly, as a result of any action taken by the Holder,
any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the Securities. 

(k) Legal Counsel. The Holder has had the opportunity to review this Warrant, the exhibits and schedules attached hereto and the
transactions contemplated by this Warrant with its own legal counsel. The Holder is not relying on any statements or representations of the Company or its agents for legal advice with respect to this investment or the transactions contemplated by
this Warrant. 
 (l) Tax Advisors. The Holder has reviewed with its own tax advisors the U.S. federal, state and local and non-U.S. tax consequences of this investment and the transactions contemplated by this Warrant. With respect to such matters, the Holder relies solely on any such advisors and not on any statements or
representations of the Company or any of its agents, written or oral. The Holder understands that it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment and the transactions contemplated
by this Warrant. 
 (m) No “Bad Actor” Disqualification. Neither (i) the Holder, (ii) any of its
directors, executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners or managing members, nor (iii) any beneficial owner of any of the Company’s voting equity securities
(in accordance with Rule 506(d) of the Securities Act) held by the Holder is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities Act, except as set forth in Rule
506(d)(2) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the acceptance of this Warrant, in writing in reasonable detail to the Company. 

11. Tax Matters. 
 (a)
Withholding. The Company shall be entitled to deduct and withhold taxes on all payments made, or deemed to be made, with respect to the Warrants to the extent required by applicable law. The Holder has delivered to the Company a duly
executed IRS Form W-9 or an applicable IRS Form W-8 (and will deliver an IRS Form W-9 or applicable IRS Form W-8 at any time hereafter if such form is no longer valid, or upon the Company’s reasonable request). 

(b) Tax Treatment. The Company and, by its acceptance of this Warrant, the Holder hereby agree (i) that this Warrant is
issued as consideration for the licenses granted to the Company pursuant to the Platform License Agreement, dated as of August 5, 2021, by and among United Biomedical, Inc., United Biomedical, Inc., Asia, United BioPharma, Inc., UBI IP
Holdings, UBI US Holdings, LLC and the Company and not in connection with the performance of any services by the Holder for all applicable tax purposes (“Tax Treatment”) and (ii) not to take any position on any tax
return or in any tax audit or proceeding or otherwise inconsistent with the Tax Treatment unless otherwise required pursuant to a “final determination” within the meaning of Section 1313(a) of the Internal Revenue Code of 1986, as
amended (or any similar provision of applicable U.S. state or local or non-U.S. law). 

  
 - 9 - 

 12. Miscellaneous. 

(a) Amendments. This Warrant may be amended and the Company may take any action herein prohibited, or omit to perform any act
herein required to be performed by it, only with the prior written consent of the Holder; provided, however, that the Company may, without the consent of the Holder, amend or supplement this Warrant to cure defects or inconsistencies that are
immaterial or ministerial in nature. 
 (b) Waivers. No waiver of any single breach or default shall be deemed a waiver of any
other breach or default theretofore or thereafter occurring. 
 (c) Notices. All notices and other communications required or
permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand, messenger or courier service addressed: 

(i) if to the Holder, to the Holder at the Holder’s address, facsimile number or electronic mail address as shown in the Company’s
records, as may be updated in accordance with the provisions hereof, or until any such Holder so furnishes an address, facsimile number or electronic mail address to the Company, then to and at the address, facsimile number or electronic mail
address of the last holder of this Warrant for which the Company has contact information in its records; or 
 (ii) if to the Company, to
the attention of the President of the Company at the Company’s address as shown on the signature page hereto, or at such other current address as the Company shall have furnished to the Holder, with a copy (which shall not constitute notice) to
Cravath, Swaine & Moore LLP, Worldwide Plaza, 825 Eighth Avenue, New York, NY 10019, Attn: Joseph D. Zavaglia and Nicholas A. Dorsey. 

Each such notice or other communication shall for all purposes of this Warrant be treated as effective or having been given (i) if
delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day delivery, one business day after
deposit with the courier), or (ii) if sent via mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid,
or (iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via electronic mail, upon confirmation of delivery when directed to the relevant electronic mail address, if sent during normal business hours of the recipient,
or if not sent during normal business hours of the recipient, then on the recipient’s next business day. In the event of any conflict between the Company’s books and records and this Warrant or any notice delivered hereunder, the
Company’s books and records will control absent fraud or error. 
 (d) Governing Law. This Warrant and all actions
arising out of or in connection with this Warrant shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law provisions of the State of Delaware, or of any other state. 

(e) Jurisdiction and Venue. Each of the Holder and the Company irrevocably consents to the exclusive jurisdiction and venue of
any court within the United States District Court for the District of Delaware, in connection with any matter based upon or arising out of this Warrant or the matters contemplated herein, and agrees that process may be served upon them in any manner
authorized by the laws of the State of Delaware for such persons. 
 (f) Titles and Subtitles. The titles and subtitles used
in this Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant. All references in this Warrant to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and
paragraphs hereof and exhibits attached hereto. 

  
 - 10 - 

 (g) Severability. If any provision of this Warrant becomes or is declared by a
court of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Warrant, and such illegal, unenforceable or void provision shall
be replaced with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, unenforceable or void provision. The balance of this Warrant shall be enforceable in
accordance with its terms. 
 (h) Saturdays, Sundays and Holidays. If the last or appointed day for the taking of any action
or the expiration of any right required or granted herein shall be a Saturday, Sunday or U.S. federal holiday, then such action may be taken or such right may be exercised on the next succeeding day that is not a Saturday, Sunday or U.S. federal
holiday. 
 (i) Rights and Obligations Survive Exercise of the Warrant. Except as otherwise provided herein, the rights and
obligations of the Company and the Holder under this Warrant shall survive exercise of this Warrant. 
 (j) Entire Agreement.
Except as expressly set forth herein, this Warrant (including the exhibits attached hereto) constitutes the entire agreement and understanding of the Company and the Holder with respect to the subject matter hereof and supersede all prior agreements
and understandings relating to the subject matter hereof. 
 (signature page follows) 

  
 - 11 - 

 The Company hereby signs this Warrant as of the date stated on the first page. 

 

			
	VAXXINITY, INC.
	
	By: /s/ Mei Mei Hu                              
                          
	
	Name: Mei Mei Hu
	
	Title: President
	
	 Address: 1717 Main Street, Suite 3388

                Dallas TX 75201

 (Signature Page to Warrant to Purchase Common Stock) 

 EXHIBIT A 

NOTICE OF EXERCISE 

TO:                VAXXINITY, INC. (the
“Company”) 
 Attention:     President 

 

	(1)	 Exercise. The undersigned elects to purchase the following pursuant to the terms of the attached
warrant: 

  

					
		  	Number of shares:	  	 
			
		  	Type of security:	  	 

  

	(2)	 Method of Exercise. The undersigned elects to exercise the attached warrant pursuant to:

  

	 	☐	 A cash payment or cancellation of indebtedness, and tenders herewith payment of the purchase price for such
shares in full, together with all applicable transfer taxes, if any. 

  

	 	☐	 The net issue exercise provisions of Section 2(b) of the attached warrant. 

 

	(3)	 Conditional Exercise. Is this a conditional exercise pursuant to Section 2(e):

  

	 	☐	
Yes                       
     ☐         No 

 If “Yes,” indicate the
applicable condition:  
  

                       
                                         
                                         
                                         
                                         
                              

 

	(4)	 Stock. Please make a book entry and, if the shares are certificated, issue a certificate or certificates
representing the shares in the name of: 

  

	 	☐	 The undersigned 

  

	 	☐	
Other—Name:                    
                                         
                                         
                                         
                                       

            Address:          
                                         
                                         
                                         
                                         
       
  

	(5)	 Unexercised Portion of the Warrant. Please issue a new warrant for the unexercised portion of the
attached warrant in the name of: 

  

	 	☐	 The undersigned 

  

	 	☐	
Other—Name:                    
                                         
                                         
                                         
                                       

            Address:          
                                         
                                         
                                         
                                         
       
  

	 	☐	 Not applicable 

  

	(6)	 Investment Intent. The undersigned represents and warrants that the aforesaid shares are being acquired
for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and that the undersigned has no present intention of selling, granting any participation in, or
otherwise distributing the shares, nor does it have any contract, undertaking, agreement or arrangement for the same, and all representations and warranties of the undersigned set forth in Section 10 of the attached warrant are true and correct
as of the date hereof. 

  
 A-1 

	(7)	 Investment Representation Statement and Market Stand-Off
Agreement. The undersigned has executed, and delivers herewith, an Investment Representation Statement and Market Stand-Off Agreement in a form substantially similar to the form attached to the warrant as
Exhibit A-1. 

  

	(8)	 Consent to Receipt of Electronic Notice. Subject to the limitations set forth in Delaware General
Corporation Law §232(e), the undersigned consents to the delivery of any notice to stockholders given by the Company under the Delaware General Corporation Law or the Company’s certificate of incorporation or bylaws by (i) facsimile
telecommunication to the facsimile number provided below (or to any other facsimile number for the undersigned in the Company’s records), (ii) electronic mail to the electronic mail address provided below (or to any other electronic mail
address for the undersigned in the Company’s records), (iii) posting on an electronic network together with separate notice to the undersigned of such specific posting or (iv) any other form of electronic transmission (as defined in the
Delaware General Corporation Law) directed to the undersigned. This consent may be revoked by the undersigned by written notice to the Company and may be deemed revoked in the circumstances specified in Delaware General Corporation Law §232.

  

			
	 (Print name of the warrant holder)

 

	 (Signature)

 

	 (Name and title of signatory, if applicable)

 

	 (Date)

 

	 (Fax number)

 

	(Email address)

 (Signature page to the Notice of Exercise) 

  
 A-2 

 EXHIBIT A-1 

INVESTMENT REPRESENTATION STATEMENT 

AND 
 MARKET STAND-OFF AGREEMENT 
 INVESTOR:
                                        
                                         
                                         
                                         
              
 COMPANY:
               Vaxxinity, Inc. 
  

			
	SECURITIES:	  	THE WARRANT ISSUED ON AUGUST 5, 2021 (THE “WARRANT”) AND THE SECURITIES ISSUED OR ISSUABLE UPON EXERCISE THEREOF
		
	DATE:	  	                                      
                                         
             

	

 In connection with the purchase or acquisition of the above-listed Securities, the
undersigned Investor represents and warrants to, and agrees with, the Company as follows: 
 1. No Registration. The Investor
understands that the Securities have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration provisions of the
Securities Act, the availability of which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Investor’s representations as expressed herein or otherwise made pursuant hereto. 

2. Investment Intent. The Investor is acquiring the Securities for investment for its own account, not as a nominee or agent, and not
with a view to, or for resale in connection with, any distribution thereof. The Investor has no present intention of selling, granting any participation in, or otherwise distributing the Securities, nor does it have any contract, undertaking,
agreement or arrangement for the same. 
 3. Investment Experience. The Investor has substantial experience in evaluating and
investing in private placement transactions of securities in companies similar to the Company, and has such knowledge and experience in financial or business matters so that it is capable of evaluating the merits and risks of its investment in the
Company and protecting its own interests. 
 4. Speculative Nature of Investment. The Investor understands and acknowledges that its
investment in the Company is highly speculative and involves substantial risks. The Investor can bear the economic risk of its investment and is able, without impairing its financial condition, to hold the Securities for an indefinite period of time
and to suffer a complete loss of its investment. 
 5. Access to Data. The Investor has had an opportunity to ask questions of
officers of the Company, which questions were answered to its satisfaction. The Investor believes that it has received all the information that it considers necessary or appropriate for deciding whether to acquire the Securities. The Investor
understands that any such discussions, as well as any information issued by the Company, were intended to describe certain aspects of the Company’s business and prospects, but were not necessarily a thorough or exhaustive description. The
Investor acknowledges that any business plans prepared by the Company have been, and continue to be, subject to change and that any projections included in such business plans or otherwise are necessarily speculative in nature, and it can be
expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual results. 

6. Accredited Investor. The Investor is an “accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated
by the Securities and Exchange Commission and agrees to submit to the Company such further assurances of such status as may be reasonably requested by the Company. The Investor has furnished or made available any and all information requested by the
Company or otherwise necessary to satisfy any applicable verification requirements as to “accredited investor” status. Any such information is true, correct, timely and complete. 

  
 A-1-1 

 7. Residency. The residency of the Investor (or, in the case of a partnership or
corporation, such entity’s principal place of business) is correctly set forth on the signature page hereto. 
 8. Restrictions on
Resales. The Investor acknowledges that the Securities must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available. The Investor is aware of the provisions of Rule 144
promulgated under the Securities Act, which permit resale of shares purchased in a private placement subject to the satisfaction of certain conditions, which may include, among other things, the availability of certain current public information
about the Company; the resale occurring not less than a specified period after a party has purchased and paid for the security to be sold; the number of shares being sold during any three-month period not exceeding specified limitations; the sale
being effected through a “broker’s transaction,” a transaction directly with a “market maker” or a “riskless principal transaction” (as those terms are defined in the Securities Act or the Securities Exchange Act
of 1934, as amended, and the rules and regulations promulgated thereunder); and the filing of a Form 144 notice, if applicable. The Investor acknowledges and understands that the Company may not be satisfying the current public information
requirement of Rule 144 at the time the Investor wishes to sell the Securities and that, in such event, the Investor may be precluded from selling the Securities under Rule 144 even if the other applicable requirements of Rule 144 have been
satisfied. The Investor understands and acknowledges that, in the event the applicable requirements of Rule 144 are not met, registration under the Securities Act or an exemption from registration will be required for any disposition of the
Securities. The Investor understands that, although Rule 144 is not exclusive, the Securities and Exchange Commission has expressed its opinion that persons proposing to sell restricted securities received in a private offering other than in a
registered offering or pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is available for those offers or sales and that those persons and the brokers who participate in the transactions
do so at their own risk. 
 9. No Public Market. The Holder understands and acknowledges that no public market now exists for any of
the securities issued by the Company and that the Company has made no assurances that a public market will ever exist for the Company’s securities. 

10. Brokers and Finders. The Investor has not engaged any brokers, finders or agents in connection with the Securities, and the Company
has not incurred nor will incur, directly or indirectly, as a result of any action taken by the Investor, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the Securities. 

11. Legal Counsel. The Investor has had the opportunity to review the Warrant, the exhibits and schedules attached thereto and the
transactions contemplated by the Warrant with its own legal counsel. The Investor is not relying on any statements or representations of the Company or its agents for legal advice with respect to this investment or the transactions contemplated by
the Warrant. 
 12. Tax Advisors. The Investor has reviewed with its own tax advisors the U.S. federal, state and local and non-U.S. tax consequences of this investment and the transactions contemplated by the Warrant. With respect to such matters, the Investor relies solely on such advisors and not on any statements or representations
of the Company or any of its agents, written or oral. The Investor understands that it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment or the transactions contemplated by the
Warrant. 
 13. Market Stand-off. The Investor agrees that the Shares are subject to the
market stand-off provision of Section 9 of the Warrant. 
 14. No “Bad Actor”
Disqualification. Neither (i) the Investor, (ii) any of its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners or managing members, nor
(iii) any beneficial owner of any of the Company’s voting equity securities (in accordance with Rule 506(d) of the Securities Act) held by the Investor is subject to any of the “bad actor” disqualifications described in Rule
506(d)(1)(i) through (viii) under the Securities Act, except as set forth in Rule 

  
 A-1-2 

 
506(d)(2) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the purchase or acquisition of the Securities, in writing in reasonable detail to the Company. 

(signature page follows) 

  
 A-1-3 

 The Investor is signing this Investment Representation Statement and Market Stand-Off Agreement on the date first written above. 
  

			
	 INVESTOR
  

	 (Print name of the investor)

 

	 (Signature)

 

	 (Name and title of signatory, if applicable)

 

	 (Street address) 

 

	(City, state and ZIP) 

  
 A-1-4 

 EXHIBIT B 

ASSIGNMENT FORM 

ASSIGNOR:                        
                                         
                                         
                                         
                              

COMPANY:                VAXXINITY, INC. 

 

			
	WARRANT:	  	THE WARRANT TO PURCHASE SHARES OF CLASS A COMMON STOCK ISSUED ON AUGUST 5, 2021 (THE “WARRANT”)
		
	DATE:	  	                                      
                                         
             

  

	(1)	 Assignment. The undersigned registered holder of the Warrant (“Assignor”)
assigns and transfers to the assignee named below (“Assignee”) all of the rights of Assignor under the Warrant, with respect to the number of shares set forth below: 

Name of Assignee:
                                         
                                         
                                         
                                         
                         

Address of Assignee:
                                         
                                         
                                         
                                         
                     
  

                       
                                         
                                         
                                         
                                       

Number of Shares Assigned:
                                         
                                         
                                         
                                         
         
 and does irrevocably constitute and appoint
                 as attorney to make such transfer on the books of Vaxxinity, Inc., maintained for the purpose, with full power of
substitution in the premises. 
  

	(2)	 Obligations of Assignee. Assignee agrees to take and hold the Warrant and any shares of stock to be
issued upon exercise of the rights thereunder (the “Securities”) subject to, and to be bound by, the terms and conditions set forth in the Warrant to the same extent as if Assignee were the original holder thereof.

  

	(3)	 Investment Intent. Assignee represents and warrants that the Securities are being acquired for
investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and that Assignee has no present intention of selling, granting any participation in, or otherwise
distributing the shares, nor does it have any contract, undertaking, agreement or arrangement for the same, and all representations and warranties set forth in Section 10 of the Warrant are true and correct as to Assignee as of the date hereof.

  

	(4)	 Investment Representation Statement and Market Stand-Off
Agreement. Assignee has executed, and delivers herewith, an Investment Representation Statement and Market Stand-Off Agreement in a form substantially similar to the form attached to the Warrant as Exhibit
A-1. 

  

	(5)	 No “Bad Actor” Disqualification. Neither (i) Assignee, (ii) any of its directors,
executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners or managing members, nor (iii) any beneficial owner of any of the Company’s securities held or to be held by
Assignee is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities Act of 1933, as amended (the “Securities Act”), except as set forth in Rule
506(d)(2) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the transfer of the Securities, in writing in reasonable detail to the Company. 

  
 A-1-1 

 Assignor and Assignee are signing this Assignment Form on the date first set forth above.

  

					
	 ASSIGNOR
  
	 		  	 ASSIGNEE
  

	 (Print name of Assignor)

 
	 		  	 (Print name of Assignee)

 

	 (Signature of Assignor)

 
	 		  	 (Signature of Assignee)

 

	 (Print name of signatory, if applicable)

 
	 		  	 (Print name of signatory, if applicable)

 

	 (Print title of signatory, if applicable)

 
	 		  	 (Print title of signatory, if applicable)

 

	Address:	 		  	Address:
			
	 	 		  	 
			
	 	 		  	 

  
 A-1-2

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