Document:

EX-10.1

   

  Exhibit 10.1

   

  September 19, 2021

   

  PERSONAL AND CONFIDENTIAL

   

  Kathy Yi

   

  Re:	Separation Agreement

   

  Dear Kathy:

   

  This letter confirms your separation from employment with Cerevel Therapeutics, LLC (together with parent and subsidiary entities, the “Company”).  This letter also proposes an agreement between you and the Company (the “Agreement”) under which you would remain employed by the Company during a transition period and receive severance benefits from the Company after the transition period.

  Regardless of whether you sign the Agreement below, the following bulleted terms and conditions apply in connection with the ending of your employment:

  The Company shall pay you, at the applicable time, your “Final Compensation” as defined in your Employment Agreement with the Company dated May 9, 2019 (the “Employment Agreement”) and as applicable here, i.e. (i) your Base Salary ($445,050.00) for the final payroll period of your employment, through the Separation Date (as defined below); and (ii) reimbursement, in accordance with Section 2(f) of the Employment Agreement, for business expenses incurred by you but not yet paid to you as of the Separation Date, provided that you submit all expenses and supporting documentation required within 60 days of the Separation Date, and provided further that such expenses are reimbursable under Company policies then in effect. 

   

  The Company shall provide you with the opportunity to continue group health coverage under the law known as “COBRA”, subject to your COBRA eligibility as applicable.  You will be notified by separate memoranda of your rights under COBRA.

  Except as expressly provided in this Agreement and under COBRA, your employee benefits shall terminate (if they have not earlier terminated) as of the Separation Date, as provided in the Employment Agreement and/or the applicable employee benefit plans.

   

  You are subject to continuing obligations under Section 3 (“Confidential Information and Restricted Activities”) and 5(e) of the Employment Agreement including without limitation your obligation to refrain from: soliciting Company employees and customers for 24 months following the Separation Date; and disclosing or using Company Confidential Information (as defined in the Employment Agreement) at any time (along with your agreement to refrain from competing with the Company for 12 months following the Separation Date (as addressed below) and any other confidentiality, restrictive covenant and other ongoing obligations you have to any of the Releasees (as defined below), the “Ongoing Obligations”). 

   

  The Company granted you options to purchase an aggregate of 864,028 shares of the Company’s common stock pursuant to the Company’s 2020 Equity Incentive Plan and applicable stock option agreement(s) (the “Equity Documents”).  As of the date of this Agreement, 319,935 shares have vested under the Equity Documents, and 544,093 shares are unvested.  On your Separation Date of November 15, 2021, an additional 23,699 shares will become vested under the Equity Documents as of the Separation Date. The exercise of any vested stock options shall be subject to the terms of the Equity Documents, including, without limitation, the time limits on exercise. Any shares that remain unvested shall become null and void as of the Separation Date.

   

  

   

  The remainder of this letter proposes the Agreement between you and the Company.  With those understandings, you and the Company agree as follows:

  1.Transition Period

  Provided you enter into and comply with this Agreement, the Company will continue to employ you until November 15, 2021, unless, prior to that date, (i) you resign from your employment for any reason; or (ii) the Company terminates your employment due to  your material breach of this Agreement or any Ongoing Obligation; or (iii) your employment is terminated for “Cause” as defined in in your Employment Agreement ((i), (ii) or (iii), a “Specified Termination”).  Subject to the foregoing sentence, the actual last date of your employment with the Company, whether it is November 15, 2021 or an earlier date, is the “Separation Date.” The time period between the date of this Agreement and the Separation Date shall be referred to herein as the “Transition Period.”  

  During the Transition Period, you agree to make yourself reasonably available to the Company to the extent the Company requests transitional services (the “Transitional Services”).  The Company agrees to use its best efforts to provide reasonable written advance notice of the need for your assistance and shall exercise reasonable efforts to schedule and limit such matters so as to avoid interfering with your personal and professional obligations. You acknowledge that, unless otherwise provided in writing by the Company, effective as of September 21, 2021 (the “System Termination Date”), your access to Company systems, whether electronic or otherwise, will be terminated.  During the Transition Period (i) you will continue to be eligible under the Company’s employee benefit plans and will continue to vest in your stock options (subject in all respects to the Equity Documents); and (ii) the Company shall continue to pay you your current base salary rate of $445,050.00 per year, to be paid on the Company’s regular payroll dates.  In the event you find, and accept, another job prior to November 15, 2021  you will be deemed to have resigned from the Company immediately and the Separation Date will be on the date of your acceptance of that offer.

  You acknowledge and agree that you have received adequate notice of your termination under the Employment Agreement and that the Company has no further notice obligations under the Employment Agreement.  To avoid doubt, this Agreement shall extend the temporal duration of the Ongoing Obligations through the Transition Period, such that the post-employment portion of the Ongoing Obligations does not begin to run until the Separation Date. 

   

  2.Severance Benefits

  Provided you (i) enter into and comply with this Agreement, (ii) do not experience a Specified Termination prior to November 15, 2021, and (iii) reaffirm the terms of this Agreement including the general release in Section 3 so that it covers the period between the date of this Agreement and the Separation Date by signing and returning the Certificate attached as Exhibit A hereto after the Separation Date but no later than seven days after the Separation Date (collectively, the “Severance Conditions”), you will be eligible for the following “Severance Benefits”:

  a.Salary Continuation.  The Company shall pay you severance pay in the form of post-employment salary continuation during the six month period that immediately follows the Separation Date (a total amount of $222,525.00) (such period, the “Salary Continuation Period”).  The Salary Continuation payments  shall be made in installments on the Company’s payroll dates applicable to your position with the Company, commencing on the Company’s next regular payroll date following the Certificate Effective Date (as defined in Exhibit A).   

  b.2021 Prorated Target Bonus.  The Company shall pay you an additional payment of $155,767.50, which is equal to 10.5 months of your 2021 target bonus (i.e. using a Separation Date of November 15, 2021), less applicable taxes and withholdings (the “2021 Bonus”).  The Company will pay you the 2021 Bonus on the Company’s next regular payroll date following the Certificate Effective Date.   

  c.Health Benefits.  Provided you elect and remain eligible for COBRA, the Company shall pay the same portion of premiums that it pays for active employees for the same level of group healthcare coverage as in effect for you on the Separation Date until the earliest of the following: (i) the twelve (12) month period following the Certificate Effective Date; (ii) your eligibility for group healthcare care coverage through other employment; or (iii) the end of your eligibility under COBRA for continuation coverage for healthcare.  You agree to notify the Company promptly if you become eligible for group healthcare coverage through another employer.  You also agree 

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  to respond promptly and fully to any reasonable requests for information by the Company concerning your eligibility for such coverage. You may continue coverage after the twelve (12) month period following the Separation Date at your own expense for the remainder of the COBRA continuation period, subject to your continued eligibility under COBRA.  Notwithstanding the foregoing, if the Company determines at any time that its payments pursuant to this paragraph may be taxable income to you, it may convert such payments to payroll payments directly to you on the Company’s regular payroll dates, which shall be subject to tax-related deductions and withholdings.  

  3.Release of Claims

  In consideration for, among other terms, the Transition Period and Severance Benefits, you voluntarily release and forever discharge the Company, its affiliated and related entities, its and their respective predecessors, successors and assigns, its and their respective employee benefit plans and fiduciaries of such plans, and the current and former officers, directors, shareholders, managers, members, partners, employees, attorneys, accountants and agents of each of the foregoing in their official and personal capacities (collectively referred to as the “Releasees”) generally from all claims, demands, debts, damages and liabilities of every name and nature, known or unknown (“Claims”) that, as of the date when you sign this Agreement, you have, ever had, now claim to have or ever claimed to have had against any or all of the Releasees.  This release includes, without limitation, all Claims:

  relating to your employment by and termination of employment with the Company; 

  of wrongful discharge or violation of public policy; 

  of breach of contract; 

  of defamation or other torts; 

  under the Employment Agreement;

  of retaliation or discrimination under federal, state or local law (including, without limitation, Claims of discrimination or retaliation under the Age Discrimination in Employment Act, the Americans with Disabilities Act, Title VII of the Civil Rights Act of 1964, and M.G.L. c. 151B);

  under any other federal or state statute;

  for wages, bonuses, incentive compensation, commissions, stock, stock options, vacation pay or any other compensation or benefits, either under the Massachusetts Wage Act, M.G.L. c. 149, §§148-150C, or otherwise; and

  for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney’s fees; 

   

  provided, however, that this release shall not affect your rights under this Agreement and the vested equity rights under the Equity Documents, any claim or right you may have under COBRA, any claim or right you may have for unemployment insurance or workers’ compensation benefits, any claims to enforce this Agreement, any claims that cannot be waived as a matter of law, and/or any claim or right that may arise after the execution of this Agreement.

   

  You acknowledge and represent that, except as expressly provided in this Agreement, the Company has paid or provided, and/or you are not otherwise owed, any and all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, any notice of termination under the Employment Agreement, housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to you.  

   

  You agree not to accept damages of any nature, other equitable or legal remedies for your own benefit or attorney’s fees or costs from any of the Releasees with respect to any Claim released by this Agreement.  As a material inducement to the Company to enter into this Agreement, you represent that you have not assigned any Claim to any third party.

  4.Resignation from Other Positions

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  You agree that, effective as of the date of this Agreement, you have resigned from any other position you occupy at the Company or any Company affiliate, including without limitation as an officer and as the Company’s Principal Financial Officer, and will execute such documents and take such actions as the Company reasonably requires in good faith to effectuate such resignations.

  5.Nondisparagement  

  You agree not to make any disparaging statements concerning the Company or any of its affiliates or current or former officers, directors, shareholders, employees or agents. You represent that since the date of this Agreement, you have not made any such disparaging statements.  These nondisparagement obligations shall not in any way affect your obligation to testify truthfully in any legal proceeding.  The Company shall instruct its C-suite executives in writing not to make any disparaging statements about you during such persons’ employment with the Company. 

  6.Unemployment Insurance

  If you apply to the Massachusetts Department of Unemployment Assistance for unemployment compensation benefits under state law, the Company shall not dispute your eligibility for such benefits.  This shall not affect the Company’s obligation to respond truthfully to governmental agency requests for information related to unemployment compensation eligibility.

  7.Ongoing Obligations

  You hereby acknowledge and agree that the Ongoing Obligations remain in full effect and are incorporated by reference herein.  Without limiting the foregoing, you specifically agree that the 12-month post-employment noncompetition provision under Section 3(d)(i) of the Employment Agreement remains in full effect and applies to you, and that the ending of your employment is not considered a “without Cause” termination or layoff for the purposes of such Section 3(d)(i).

  8.Return of Property

  You confirm that, to the best of your knowledge, you have returned, to the Company all Company property, including, without limitation, passwords, account access, computer equipment, software, keys and access cards, credit cards, files and any documents (including computerized data and any copies made of any computerized data or software) containing information concerning the Company, its business or its business relationships.  You also commit to deleting and finally purging any duplicates of files or documents that may contain Company information from any computer or other device that remains your property after the System Termination Date.  In the event that you discover that you continue to retain any such property, you shall return it to the Company immediately.

  9.Confidentiality of Agreement-Related Information

  You and the Company agree, to the fullest extent permitted by law, to keep all Agreement-Related Information confidential.  “Agreement-Related Information” means the negotiations leading to this Agreement and the terms of this Agreement.  Notwithstanding this foregoing Section: (i) you may disclose Agreement-Related Information to your spouse, your immediate family, your attorney and your financial advisors (in each case if applicable), or to enforce this Agreement in a court of competent jurisdiction; and (ii) the Company may disclose Agreement-Related Information to its directors, officers, employees with a need to know such Information, potential and actual investors and acquirors, attorneys, financial advisors and potential and actual insurers or to enforce this Agreement in a court of competent jurisdiction, provided that (in the case of both (i) and (ii)) such persons to whom such Information is to be disclosed first agree to keep Agreement-Related Information confidential.  Nothing in this Section shall be construed to prevent you or the Company from disclosing Agreement-Related Information to the extent required by a lawfully issued subpoena or duly issued court order; provided that each party to this Agreement provides the other party with advance written notice and a reasonable opportunity to contest such subpoena or court order. 

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  10.Communications Concerning Your Separation

  Your separation from the Company will be announced by the Company on or around September 21, 2021. You will be provided the opportunity to review and provide reasonable comments on the relevant portion of the Company’s draft Form 8-K and on any applicable press release the Company decides to issue (collectively, the “Communications”), provided that such comments do not unreasonably delay finalizing the Communications and are otherwise reasonably acceptable to the Company.  The Company agrees to characterize your departure as a resignation in the Communications.  

  To the extent that a potential employer requests a reference concerning you from the Company’s Chief Executive Officer or Chief Human Resources Officer, the Company will only confirm your dates of employment and last job title.  If asked about the circumstances of your separation from employment with the Company, you shall state that you resigned and shall not make any further comment about your employment separation.

  11.Protected Disclosures and Other Protected Actions

  Nothing contained in this Agreement limits your ability to file a charge or complaint with any federal, state or local governmental agency or commission (a “Government Agency”).  In addition, nothing contained in this Agreement limits your ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including your ability to provide documents or other information, without notice to the Company, nor does anything contained in this Agreement apply to truthful testimony in litigation.  If you file any charge or complaint with any Government Agency and if the Government Agency pursues any claim on your behalf, or if any other third party pursues any claim on your behalf, you waive any right to monetary or other individualized relief (either individually, or as part of any collective or class action).

  12.Defend Trade Secrets Act Notice  

  You understand that pursuant to the Defend Trade Secrets Act of 2016, you shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  

  13.Other Provisions

  a.Termination and Return of Payments; Certain Remedies.  If you breach any of your obligations under this Agreement, in addition to any other legal or equitable remedies it may have for such breach, the Company shall have the right to terminate the Transition Period and/or enforce the return of its non-wage payments to you or for your benefit under this Agreement.  The termination of the Transition Period and/or return of such payments in the event of your breach will not affect your continuing obligations under this Agreement.   

  b.Enforceability; Taxes.  If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.  All compensation and benefits provided or referred to hereunder shall be subject to taxes as required by applicable law.  

  c.Waiver; Absence of Reliance.  No waiver of any provision of this Agreement shall be effective unless made in writing and signed by the waiving party.  The failure of a party to require the performance of any term or obligation of this Agreement, or the waiver by a party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.  In signing this Agreement, you are not relying upon any promises or representations made by anyone at or on behalf of the Company.  

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  d.Jurisdiction; Governing Law; Interpretation.  You and the Company hereby agree that the state and federal courts of Massachusetts located in Boston shall have the exclusive jurisdiction to consider any matters related to this Agreement, including without limitation any claim of a violation of this Agreement.  With respect to any such court action, you submit to the jurisdiction of such courts, you acknowledge that venue in such courts is proper and you and the Company waive any right to a jury with respect to such court action.  This Agreement shall be interpreted and enforced under the laws of Massachusetts, without regard to conflict of law principles.  

  e.Entire Agreement.  This Agreement, the Ongoing Obligations (which are incorporated herein by reference) and the Equity Documents constitute the entire agreement between you and the Company and supersede any previous agreements or understandings between you and the Company.  

  f.Time for Consideration; Effective Date.  You acknowledge that you have been given the opportunity to consider this Agreement for twenty-one (21) days before signing it (the “Consideration Period”) and that you have knowingly and voluntarily entered into this Agreement.  You acknowledge that the above release of claims expressly includes without limitation claims under the Age Discrimination in Employment Act.  You are advised to consult with an attorney before signing this Agreement, and you acknowledge that you have in fact done so.  To accept this Agreement, you must return a signed original or a signed PDF copy of this Agreement so that it is received by the undersigned at or before the expiration of the Consideration Period.  If you sign this Agreement before the end of the Consideration Period, you acknowledge by signing this Agreement that such decision was entirely voluntary and that you had the opportunity to consider this Agreement for the entire Consideration Period.  For the period of seven (7) business days from the date when you sign this Agreement, you have the right to revoke this Agreement by written notice to the undersigned.  For such a revocation to be effective, it must be delivered so that it is received by the undersigned at or before the expiration of the seven (7) business day revocation period (the “Revocation Period”).  This Agreement shall not become effective or enforceable during the Revocation Period.  It will become effective on the day after the Revocation Period ends (the “Effective Date”). 

  g.Counterparts.  This Agreement may be executed in separate counterparts.  When all counterparts are signed, they shall be treated together as one and the same document.

  Please indicate your agreement to the terms of this Agreement by signing and returning to the undersigned the original or a PDF copy of this letter within the time period set forth above.

  Very truly yours,

  Cerevel Therapeutics, LLC

   

   

  By: 	/s/ N. Anthony Coles_______________		9/19/21_____________________

  	N. Anthony Coles, MD				          Date

  	Chief Executive Officer

   

   

   

   

  This is a legal document.  Your signature will commit you to its terms.  By signing below, you acknowledge that you have carefully read and fully understand all of the provisions of this Agreement and that you are knowingly and voluntarily entering into this Agreement.  

   

       /s/ Kathy Yi___________________________	        9/19/21____________________________

                Kathy Yi						                 Date

    

  	6EX-4.1

 Exhibit 4.1 

CONFIDENTIAL 
 FORM OF WARRANT

 THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH
SHARES IS EFFECTIVE UNDER THE SECURITIES ACT AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE SECURITIES ACT AND THE QUALIFICATION
REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IF TPI COMPOSITES, INC. A DELAWARE CORPORATION (THE “COMPANY”), REASONABLY REQUESTS, AN OPINION REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT HAS BEEN RENDERED BY
COUNSEL. 
 THIS WARRANT (AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT) IS SUBJECT TO AN INVESTORS’ RIGHTS AGREEMENT, DATED AS OF
[•], 2021, BY AND AMONG THE COMPANY, CERTAIN STOCKHOLDERS OF THE COMPANY, INCLUDING THE HOLDER OF THIS WARRANT (AS AMENDED FROM TIME TO TIME, THE “INVESTOR RIGHTS AGREEMENT”). NO TRANSFER, SALE, ASSIGNMENT, PLEDGE,
HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY THIS WARRANT (AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT) MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE INVESTOR RIGHTS AGREEMENT. A COPY OF THE
INVESTOR RIGHTS AGREEMENT SHALL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON REQUEST. 
 Warrant Certificate No. W-1 
 Original Issue Date: [•], 2021 

FOR VALUE RECEIVED, TPI Composites, Inc., a Delaware corporation (the “Company”), hereby certifies that [OAKTREE], a
[•], or its registered permitted assigns (the “Holder”), is entitled to purchase from the Company 4,666,667 duly authorized, validly issued, fully paid and nonassessable shares of Common Stock, at a purchase price per share of
$0.01 (the “Exercise Price”), all subject to the terms, conditions and adjustments set forth below in this Warrant. Certain capitalized terms used herein are defined in Section 1. 

 1. Definitions. As used in this Warrant, the following terms have the respective meanings set forth
below: 
 “Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls,
is controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member, officer, director or trustee of such Person, or any venture capital fund, private investment fund or registered
investment company now or hereafter existing that is controlled by one or more general partners, managing members or investment advisers of, or shares the same management company or investment adviser with, such Person; provided that neither the
Holder nor any of its Affiliates shall be considered Affiliates of the Company for purposes of this definition. 
 “Aggregate
Exercise Price” means an amount equal to the product of (a) the number of Warrant Shares in respect of which this Warrant is then being exercised pursuant to Section 3, multiplied by (b) the
Exercise Price. 
 “Applicable Law” means all applicable provisions of (a) constitutions, treaties, statutes, laws
(including the common law), rules, regulations, decrees, ordinances, codes, proclamations, declarations or orders of any Governmental Authority; (b) any consents or approvals of any Governmental Authority; and (c) any orders, decisions,
advisory or interpretative opinions, injunctions, judgments, awards, decrees of, or agreements with, any Governmental Authority. 

“Board” means the board of directors of the Company. 

“Business Day” means any day other than a Saturday, Sunday or day on which banks in New York City, New York are
authorized or required by Applicable Law to close. 
 “Change of Control” means any (a) direct or indirect acquisition
(whether by a purchase, sale, transfer, exchange, issuance, merger, consolidation or other business combination) of shares of capital stock or other securities, in a single transaction or series of related transactions, (b) merger,
consolidation or other business combination directly or indirectly involving the Company or (c) reorganization, equity recapitalization, liquidation or dissolution directly or indirectly involving the Company, in each case for clauses
(a) - (c) which results in any one Person, or more than one Person that are Affiliates or that are acting as a group, other than Holder, acquiring direct or indirect ownership of equity securities of the Company which, together with the
equity securities held by such Person, such Person and its Affiliates or such group, constitutes more than 50% of the total direct or indirect voting power of the equity securities of the Company, taken as a whole, or (d) direct or indirect
sale, lease, exchange, transfer or other disposition, in a single transaction or series of related transactions, of assets or businesses that constitute or represent all or substantially all of the consolidated assets of the Company and its
subsidiaries, taken as a whole, to a Person other than the Company, any of its wholly-owned subsidiaries, or Holder; provided, that no Change of Control shall be deemed to have occurred pursuant to clause (a) due to the
acquisition of shares of Common Stock by Holder or its Affiliates upon the exercise of this Warrant or any other warrants of the Company. 

  
 2 

 “Common Stock” means the common stock, par value $0.01 per share, of
the Company, and any capital stock into which such Common Stock shall have been converted, exchanged or reclassified following the date hereof. 

“Company” has the meaning set forth in the preamble. 

“Convertible Securities” means any securities (directly or indirectly) convertible into or exchangeable for Common
Stock, but excluding Options. 
 “Exercise Agreement” has the meaning set forth in
Section 3(a)(i). 
 “Exercise Date” means, for any given exercise of this Warrant, the date
on which the conditions to such exercise as set forth in Section 3 shall have been satisfied at or prior to 5:00 p.m. Eastern Time, on a Business Day, including, without limitation, the receipt by the Company of the
Exercise Agreement, the Warrant and the Aggregate Exercise Price. 
 “Exercise Period” has the meaning set forth in
Section 2. 
 “Exercise Price” has the meaning set forth in the preamble. 

“Fair Market Value” means, as of any particular date: (a) the volume weighted average of the closing sales prices
of the Common Stock for such day on all domestic securities exchanges on which the Common Stock may at the time be listed; (b) if there have been no sales of the Common Stock on any such exchange on any such day, the average of the highest bid
and lowest asked prices for the Common Stock on all such exchanges at the end of such day; (c) if on any such day the Common Stock is not listed on a domestic securities exchange, the closing sales price of the Common Stock as quoted on the OTC
Bulletin Board, the Pink OTC Markets or similar quotation system or association for such day; or (d) if there have been no sales of the Common Stock on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association on
such day, the average of the highest bid and lowest asked prices for the Common Stock quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association at the end of such day; in each case, averaged over twenty
(20) consecutive Business Days ending on the Business Day immediately prior to the day as of which “Fair Market Value” is being determined; provided, that if the Common Stock is listed on any domestic securities
exchange, the term “Business Day” as used in this sentence means Business Days on which such exchange is open for trading. If at any time the Common Stock is not listed on any domestic securities exchange or quoted on the OTC
Bulletin Board, the Pink OTC Markets or similar quotation system or association, the “Fair Market Value” of the Common Stock shall be the fair market value per share as determined in good faith by the Board. 

“Governmental Authority” means any federal, state, local or foreign government or political subdivision thereof, or any
agency or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority (to the extent that the
rules, regulations or orders of such organization or authority have the force of law), or any arbitrator, court or tribunal of competent jurisdiction. 

“Holder” has the meaning set forth in the preamble. 

  
 3 

 “Investor Rights Agreement” means the Investors’ Rights Agreement,
dated as of [•], 2021, by and among the Company and Holder, as amended and in effect from time to time. 
 “Material Adverse
Effect” means a material adverse effect on (a) the ability of the Company to fulfill its obligations to be performed under this Warrant or (b) the business, operations or financial condition of the Company and its subsidiaries
taken as a whole. 
 “NASDAQ” means the NASDAQ Global Market. 

“Options” means any warrants or other rights or options to subscribe for or purchase Common Stock or Convertible
Securities. 
 “Original Issue Date” means [•], 2021. 

“OTC Bulletin Board” means the Financial Industry Regulatory Authority OTC Bulletin Board electronic inter-dealer
quotation system. 
 “Person” means any individual, corporation, partnership, trust, limited liability company,
association or other entity. 
 “Pink OTC Markets” means the OTC Markets Group Inc. electronic inter-dealer quotation
system, including OTCQX, OTCQB and OTC Pink. 
 “Purchase Rights” has the meaning set forth in
Section 5. 
 “Restated Certificate” means the Amended and Restated Certificate of
Incorporation of the Company, as the same may be amended and in effect from time to time. 
 “Securities Act” means the
Securities Act of 1933, as amended. 
 “Transaction Agreements” has the meaning set forth in the Investor Rights Agreement.

 “Warrant” means this Warrant and all warrants issued upon division or combination of, or in substitution for, this
Warrant. 
 “Warrant Shares” means the shares of Common Stock or other capital stock of the Company then purchasable
upon exercise of this Warrant in accordance with the terms of this Warrant. 
 2. Term of Warrant. Subject to the terms and conditions hereof, at any
time or from time to time after the date hereof and prior to the earlier to occur of: (a) 5:00 p.m., Eastern Time, on the fifth (5th) year anniversary of the date hereof or, if such day is not a Business Day, on the next preceding Business
Day and (b) the consummation of a Change of Control (the “Exercise Period”), the Holder of this Warrant may exercise this Warrant for all or any part of the Warrant Shares purchasable hereunder (subject to adjustment as
provided herein). Upon the consummation of a Change of Control, pursuant to Section 3(i) this Warrant shall automatically terminate and be of no further force or effect, without any action of any party hereto or any other
Person. 

  
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 3. Exercise of Warrant. 

(a) Exercise Procedure. This Warrant may be exercised from time to time on any Business Day during the Exercise Period, for all or any
part of the unexercised Warrant Shares, upon: 
 (i) surrender of this Warrant to the Company at its then principal executive
offices (or an indemnification undertaking with respect to this Warrant in the case of its loss, theft or destruction), together with an Exercise Agreement in the form attached hereto as Exhibit A (each, an “Exercise
Agreement”), duly completed (including specifying the number of Warrant Shares to be purchased) and executed; and 

(ii) payment to the Company of the Aggregate Exercise Price in accordance with Section 3(b). 

(b) Payment of the Aggregate Exercise Price. Payment of the Aggregate Exercise Price shall be made, at the option of the Holder as
expressed in the Exercise Agreement, by any of the following methods: 
 (i) by delivery to the Company of a certified or
official bank check payable to the order of the Company or by wire transfer of immediately available funds to an account designated in writing by the Company, in the amount of such Aggregate Exercise Price; 

(ii) by instructing the Company to withhold a number of Warrant Shares then issuable upon exercise of this Warrant with an
aggregate Fair Market Value as of the Exercise Date equal to such Aggregate Exercise Price; 
 (iii) by surrendering to the
Company (x) Warrant Shares previously acquired by the Holder with an aggregate Fair Market Value as of the Exercise Date equal to such Aggregate Exercise Price and/or (y) other securities of the Company having a value as of the Exercise
Date equal to such Aggregate Exercise Price (which value in the case of debt securities shall be the principal amount thereof plus accrued and unpaid interest, in the case of preferred stock shall be the liquidation value thereof plus accrued
and unpaid dividends and in the case of shares of Common Stock shall be the Fair Market Value thereof); or 
 (iv) any
combination of the foregoing. 
 In the event of any withholding of Warrant Shares or surrender of other securities pursuant to clause (ii),
(iii) or (iv) above where the number of shares whose value is equal to the Aggregate Exercise Price is not a whole number, the number of shares withheld by or surrendered to the Company shall be rounded up to the nearest whole
share and the Company shall make a cash payment to the Holder (by delivery of a certified or official bank check or by wire transfer of immediately available funds) based on the incremental fraction of a share being so withheld by or surrendered to
the Company in an amount equal to the product of (x) such incremental fraction of a share being so withheld or surrendered multiplied by (y) in the case of Common Stock, the Fair Market Value per Warrant Share as of the Exercise
Date, and, in all other cases, the value thereof as of the Exercise Date determined in accordance with clause (iii)(y) above. 

  
 5 

 (c) Issuance of Warrant Shares. Upon receipt by the Company of the Exercise
Agreement, surrender of this Warrant (in accordance with Section 3(a)) and payment of the Aggregate Exercise Price (in accordance with Section 3(b)), the Company shall, as promptly as practicable,
and in any event within five (5) Business Days thereafter, (i) either execute (or cause to be executed) and deliver (or cause to be delivered) to the Holder a certificate or certificates representing the Warrant Shares issuable upon such
exercise, or (ii) instruct its transfer agent to register in book entry form the Warrant Shares issuable upon such exercise and, in the case of either (i) or (ii), deliver (or cause to be delivered) to the Holder cash in lieu of any
fraction of a Warrant Share, as provided in Section 3(d). Any such certificate or certificates or book entry shares so delivered or issued shall be, to the extent possible, in such denomination or denominations as the
exercising Holder shall reasonably request in the Exercise Agreement and shall be registered in the name of the Holder or, subject to compliance with Section 8 below, such other Person’s name as shall be designated in
the Exercise Agreement. This Warrant shall be deemed to have been exercised and such certificate or certificates or book entry shares, if any, of Warrant Shares shall be deemed to have been issued, and the Holder or any other Person so designated to
be named therein shall be deemed to have become a holder of record of such Warrant Shares for all purposes, as of the Exercise Date. 
 (d)
Fractional Shares. The Company shall not be required to issue a fractional Warrant Share upon exercise of any Warrant. As to any fraction of a Warrant Share that the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall pay to such Holder an amount in cash (by delivery of a certified or official bank check or by wire transfer of immediately available funds) equal to the product of (i) such fraction multiplied by (ii) the Fair Market
Value of one Warrant Share on the Exercise Date. 
 (e) Delivery of New Warrant. In the event that this Warrant is exercised in
respect of fewer than all of the Warrant Shares issuable on such exercise during the Exercise Period, the Company shall, at the time of delivery of the certificate or certificates or registration of the book entry shares representing the Warrant
Shares being issued in accordance with Section 3(c), deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unexpired and unexercised Warrant Shares called for by this Warrant. Such new
Warrant shall in all other respects be identical to this Warrant. 
 (f) Representations, Warranties and Covenants of the Company. The
Company hereby represents, covenants and agrees, as applicable: 
 (i) As of the Original Issue Date, the Company (A) is
a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, (B) has the corporate power and authority to execute, deliver and perform this Warrant and to own, lease and operate its properties and
assets and to carry on its business and operations as presently conducted, (C) has duly authorized this Warrant by all necessary corporate action and (D) is qualified to do business and in good standing in every jurisdiction where its
assets are located and wherever necessary to carry out its business and operations as presently conducted, except, in the case of clause (D), in jurisdictions where the failure to be so qualified or in good standing, individually or in the
aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

  
 6 

 (ii) This Warrant is, and any Warrant issued in substitution for or
replacement of this Warrant shall be, upon issuance, duly authorized and validly issued. This Warrant constitutes, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon execution, issuance and delivery by the
Company, a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or other similar laws affecting the enforcement
of creditors’ rights generally and by general principles of equity. 
 (iii) All Warrant Shares issuable upon the
exercise of this Warrant pursuant to the terms hereof shall be, upon issuance, and the Company shall take all such actions as may be necessary or appropriate in order that such Warrant Shares are, validly issued, fully paid and nonassessable, issued
without violation of any preemptive or similar rights of any stockholder of the Company and free and clear of all taxes, liens and charges (except as referred to in Section 3(f)(vii)). 

(iv) As of the Original Issue Date, the execution, delivery and performance by the Company of the Warrant does not and will not
(A) violate any material provision of Applicable Law or the Restated Certificate, Investor Rights Agreement or bylaws of the Company, (B) conflict with, result in a breach of, or constitute (with the giving of any notice, the passage of
time, or both) a default under any material agreement of the Company or (C) result in or require the creation or imposition of any lien upon any assets of the Company. 

(v) As of the Original Issue Date, the execution, delivery and performance by the Company of the Warrant does not and will not
(A) require any consent or approval of any holder of any equity interest of the Company or any consent or approval of any Person under any material agreement of the Company or (B) require any registration with, consent or approval of,
notice to or other action with or by any Governmental Authority, except in each such case for those consents, approval, registrations, notices or other actions that have been obtained, made, given or taken and evidence of which has been provided to
the Holder. 
 (vi) The Company shall take such reasonable actions as may be necessary to ensure that all such Warrant Shares
are issued without violation by the Company of any Applicable Law or governmental regulation, subject to the accuracy of the representations of the Holder set forth in Section 11(b). 

(vii) The Company shall pay all expenses in connection with, and all taxes and other governmental charges that may be imposed
with respect to, the issuance or delivery of Warrant Shares upon exercise of this Warrant; provided, that the Company shall not be required to pay any tax or governmental charge that may be imposed with respect to any applicable withholding
or the issuance or delivery of the Warrant Shares to any Person other than the Holder, and no such issuance or delivery shall be made unless and until the Person requesting such issuance has paid to the Company the amount of any such tax, or has
established to the satisfaction of the Company that such tax has been paid. 

  
 7 

 (g) Conditional Exercise. Notwithstanding any other provision hereof, if an exercise
of any portion of this Warrant is to be made in connection with a Change of Control, such exercise may at the election of the Holder be conditioned upon the consummation of such transaction, in which case such exercise shall not be deemed to be
effective until immediately prior to the consummation of such transaction. 
 (h) Reservation of Shares. During the Exercise Period,
the Company shall at all times reserve and keep available out of its authorized but unissued Common Stock or other securities constituting Warrant Shares, solely for the purpose of issuance upon the exercise of this Warrant, the maximum number of
Warrant Shares issuable upon the exercise of this Warrant, and the par value per Warrant Share shall at all times be less than or equal to the applicable Exercise Price. The Company shall not increase the par value of any Warrant Shares receivable
upon the exercise of this Warrant above the Exercise Price then in effect. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates
to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company shall take all such actions as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant. 
 (i) Exercise Upon Change of
Control. In the event of a Change of Control at any time during the Exercise Period, unless the Holder exercises this Warrant prior to the effectiveness of such Change of Control, this Warrant shall automatically expire and terminate upon the
effectiveness of such Change of Control. The Company shall provide the Holder with written notice of the contemplated Change of Control pursuant to Section 4(f) below. 

4. Adjustment to Number of Warrant Shares. 
 The number of
Warrant Shares issuable upon exercise of this Warrant shall be subject to adjustment from time to time as provided in this Section 4 (in each case, after taking into consideration any prior adjustments pursuant to this
Section 4). 
 (a) Adjustment to Number of Warrant Shares Upon Dividend, Subdivision or Combination of Common
Stock. If the Company shall, at any time or from time to time after the Original Issue Date, (i) pay a dividend or make any other distribution upon the Common Stock or any other capital stock of the Company payable in shares of Common
Stock, Options or Convertible Securities, or (ii) subdivide (by any stock split, recapitalization or otherwise) its outstanding shares of Common Stock into a greater number of shares, the number of Warrant Shares issuable upon exercise of this
Warrant immediately prior to any such dividend, distribution or subdivision shall be proportionately increased. If the Company at any time combines (by combination, reverse stock split or otherwise) its outstanding shares of Common Stock into a
smaller number of shares, the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to such combination shall be proportionately decreased. Any adjustment under this Section 4(a) shall become
effective at the close of business on the date the dividend, subdivision or combination becomes effective. 

  
 8 

 (b) Adjustment to Number of Warrant Shares Upon Reorganization, Reclassification,
Consolidation or Merger. In the event, at any time or from time to time after the Original Issue Date, of any (i) capital reorganization of the Company, (ii) reclassification of the stock of the Company (other than a change in par
value or from par value to no par value or from no par value to par value or as a result of a stock dividend or subdivision, split-up or combination of shares), (iii) consolidation or merger of the Company
with or into another Person that does not constitute a Change of Control or (iv) other similar transaction (other than any such transaction covered by Section 4(a)), in each case which entitles the holders of Common
Stock to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Common Stock, subject to the final sentence of this Section 4(b) each Warrant shall,
immediately after such reorganization, reclassification, consolidation, merger or similar transaction, remain outstanding and shall thereafter, in lieu of or in addition to (as the case may be) the number of Warrant Shares then exercisable under
this Warrant, be exercisable for the kind and number of shares of stock or other securities or assets of the Company or of the successor Person resulting from such transaction to which the Holder would have been entitled upon such reorganization,
reclassification, consolidation, merger or similar transaction if the Holder had exercised this Warrant in full immediately prior to the time of such reorganization, reclassification, consolidation, merger or similar transaction and acquired the
applicable number of Warrant Shares then issuable hereunder as a result of such exercise (without taking into account any limitations or restrictions on the exercisability of this Warrant, but which shall thereafter be subject to such limitations or
restrictions); and, in such case, appropriate adjustment (in form and substance reasonably satisfactory to the Holder and the Company or successor) shall be made with respect to the Holder’s rights under this Warrant to insure that the
provisions of this Section 4 shall thereafter be applicable, as nearly as possible, to this Warrant in relation to any shares of stock, securities or assets thereafter acquirable upon exercise of this Warrant. The
provisions of this Section 4(b) shall similarly apply to any such successive reorganizations, reclassifications, consolidations, mergers or similar transactions. The Company shall not effect any such reorganization,
reclassification, consolidation, merger or similar transaction unless, prior to the consummation thereof, the successor Person (if other than the Company) resulting from such reorganization, reclassification, consolidation, merger or similar
transaction, shall assume, by written instrument substantially similar in form and substance to this Warrant and reasonably satisfactory to the Holder and the Company or such successor, the obligation to deliver to the Holder such shares of stock,
securities or assets which, in accordance with the foregoing provisions, such Holder shall be entitled to receive upon exercise of this Warrant. Notwithstanding anything to the contrary contained herein, with respect to any corporate event or other
transaction contemplated by the provisions of this Section 4(b), the Holder shall have the right to elect prior to the consummation of such event or transaction, to give effect to the exercise rights contained in
Section 3 instead of giving effect to the provisions contained in this Section 4(b) with respect to this Warrant. 

(c) Certain Events. If any event of the type contemplated by the provisions of this Section 4 but not
expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features) occurs, at any time or from time to time after the Original Issue Date,
then the Board shall make an appropriate adjustment in the number of Warrant Shares issuable upon exercise of this Warrant so as to protect the rights of the Holder in a manner consistent with the provisions of this
Section 4; provided, that no such adjustment pursuant to this Section 4(c) shall decrease the number of Warrant Shares issuable as otherwise determined pursuant to this
Section 4. 

  
 9 

 (d) Other Dividends and Distributions. Subject to the provisions of
Section 4(a)), if the Company shall, at any time or from time to time after the Original Issue Date, pay, make or declare, or fix a record date for the determination of holders of Common Stock entitled to receive, any
dividend or other distribution payable in securities of the Company or another issuer, cash, evidences of indebtedness of the Company or another issuer or other assets (excluding dividends or distributions payable in shares of Common Stock, Options
or Convertible Securities for which adjustment is made under Section 4(a) or 4(b)), then, and in each such event, provision shall be made so that the Holder shall receive, simultaneously with the distribution to the
holders of Common Stock, the kind and amount of securities, cash, evidences of indebtedness or other assets that the Holder would have been entitled to receive had this Warrant been exercised in full into Warrant Shares on the date of such event,
giving application to all adjustments called for during such period under this Section 4 with respect to the rights of the Holder. 

(e) Certificate as to Adjustment. 

(i) As promptly as reasonably practicable following any adjustment of the number of Warrant Shares pursuant to the provisions
of this Section 4, but in any event not later than five (5) Business Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer setting forth in reasonable detail such adjustment and
the facts upon which it is based and certifying the calculation thereof. 
 (ii) As promptly as reasonably practicable
following the receipt by the Company of a written request by the Holder, but in any event not later than five (5) Business Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer certifying the number of
Warrant Shares or the amount, if any, of other shares of stock, securities or assets then issuable upon exercise of the Warrant. 
 (f)
Notices. In the event, at any time or from time to time after the Original Issue Date: 
 (i) that the Company shall
take a record of the holders of its Common Stock (or other capital stock or securities at the time issuable upon exercise of the Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, to vote at a
meeting (or by written consent), to receive any right to subscribe for or purchase any shares of capital stock of any class or any other securities, or to receive any other security; 

(ii) of any capital reorganization of the Company, any reclassification of the Common Stock of the Company, any consolidation
or merger of the Company with or into another Person, or sale of all or substantially all of the Company’s assets to another Person or other Change of Control; 

  
 10 

 (iii) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company; or 
 (iv) any other event that may cause an adjustment pursuant
to Section 4. 
 then, and in each such case, the Company shall send or cause to be sent to the Holder at least ten
(10) Business Days prior to the applicable record date or the applicable expected effective date, as the case may be, for the event, a written notice specifying, as the case may be, (A) the record date for such dividend, distribution,
meeting or consent or other right or action, and a description of such dividend, distribution or other right or action to be taken at such meeting or by written consent, or (B) the effective date on which such reorganization, reclassification,
consolidation, merger, sale or other Change of Control, dissolution, liquidation or winding-up is proposed to take place, and the date, if any is to be fixed, as of which the books of the Company shall close
or a record shall be taken with respect to which the holders of record of Common Stock (or such other capital stock or securities at the time issuable upon exercise of the Warrant) shall be entitled to exchange their shares of Common Stock (or such
other capital stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, sale or other Change of Control, dissolution, liquidation or
winding-up, and the amount per share and character of such exchange applicable to the Warrant and the Warrant Shares. 

5. Purchase Rights. In addition to any adjustments pursuant to Section 4 above, if at any time or from time to time after the
Original Issue Date, the Company grants, issues or sells any shares of Common Stock, Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of Common Stock (the
“Purchase Rights”), then unless an adjustment is made to this Warrant pursuant to the terms of Section 4, the Holder shall be entitled to acquire, upon the terms applicable to such Purchase Rights, the
aggregate Purchase Rights which the Holder would have acquired if the Holder had held the number of Warrant Shares acquirable upon complete exercise of this Warrant immediately before the date on which a record is taken for the grant, issuance or
sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights. 

6. Investor Rights Agreement. This Warrant and all Warrant Shares issuable upon exercise of this Warrant are and shall become subject to, and have the
benefit of, the relevant rights, restrictions, obligations, and other provisions contained in the Investor Rights Agreement. 
 7. Transfer of
Warrant. Subject to the transfer conditions referred to in the legend endorsed hereon and in Section 11 and the terms and conditions of the Investor Rights Agreement, this Warrant and all rights hereunder are
transferable, in whole or in part, by the Holder without charge to the Holder, upon surrender of this Warrant to the Company at its then principal executive offices with a properly completed and duly executed Assignment in the form attached hereto
as Exhibit B, together with funds sufficient to pay any transfer taxes described in Section 3(f)(vii) in connection with the making of such transfer; and the Holder may not transfer or assign this Warrant or any
Warrant Shares unless such transfer or assignment is made in accordance with this Warrant, the Investor Rights Agreement and applicable securities law and the transferee signs a joinder or otherwise becomes a party to the Investor Rights Agreement;
and any attempted transfer or assignment in violation hereof or thereof shall be null and void ab initio. Upon such compliance, surrender and delivery and, if required, such payment, the Company shall execute and deliver a new Warrant
or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so assigned and this Warrant
shall promptly be cancelled. 

  
 11 

 8. Holder Not Deemed a Stockholder; Limitations on Liability. Except as otherwise specifically
provided herein and in the Investor Rights Agreement, prior to the issuance to the Holder of the Warrant Shares which the Holder is then entitled to receive upon the due exercise of this Warrant, the Holder shall not be entitled to vote or receive
dividends or be deemed the holder of shares of capital stock of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right
to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights,
or otherwise. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such
liabilities are asserted by the Company or by creditors of the Company. Notwithstanding the foregoing provisions of this Section 8, the Company shall provide the Holder with copies of the same notices and other information given to the
stockholders of the Company generally, contemporaneously with the giving thereof to stockholders. 
 9. Replacement on Loss; Division and
Combination. 
 (a) Replacement of Warrant on Loss. Upon receipt of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written indemnification agreement or affidavit of loss of the Holder shall be a sufficient indemnity) and,
in case of mutilation, upon surrender of such Warrant for cancellation to the Company, the Company at its own expense shall execute and deliver to the Holder, in lieu hereof, a new Warrant of like tenor and exercisable for an equivalent number of
Warrant Shares as the Warrant so lost, stolen, mutilated or destroyed; provided, that, in the case of mutilation, no indemnity shall be required if this Warrant in identifiable form is surrendered to the Company for cancellation. 

(b) Division and Combination of Warrant. Subject to compliance with the applicable provisions of this Warrant and the Investor Rights
Agreement as to any transfer or other assignment which may be involved in such division or combination, this Warrant may be divided or, following any such division of this Warrant, subsequently combined with other Warrants, upon the surrender of
this Warrant or Warrants to the Company at its then principal executive offices, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the respective Holders or their agents or
attorneys. Subject to compliance with the applicable provisions of this Warrant and the Investor Rights Agreement as to any transfer or assignment which may be involved in such division or combination, the Company shall at its own expense execute
and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants so surrendered in accordance with such notice. Such new Warrant or Warrants shall be of like tenor to the surrendered Warrant or Warrants and shall be exercisable in the
aggregate for an equivalent number of Warrant Shares as the Warrant or Warrants so surrendered in accordance with such notice. 

  
 12 

 10. No Impairment. The Company shall not, by amendment of the Restated Certificate or bylaws of the
Company, or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or
performed by it hereunder, but shall at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may reasonably be requested by the Holder in order to protect the exercise
rights of the Holder against dilution or other impairment, consistent with the tenor and purpose of this Warrant. 
 11. Compliance with the Securities
Act. 
 (a) Agreement to Comply with the Securities Act; Legend. The Holder, by acceptance of this Warrant, agrees to comply in
all respects with the provisions of this Section 11 and the restrictive legend requirements set forth on the face of this Warrant and further agrees that such Holder shall not offer, sell or otherwise dispose of this
Warrant or any Warrant Shares to be issued upon exercise hereof except under circumstances that will not result in a violation of the Securities Act or other applicable securities laws. This Warrant and all Warrant Shares issued upon exercise of
this Warrant (unless registered under the Securities Act) shall be stamped or imprinted with legends in substantially the following form: 

“THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION
STATEMENT COVERING SUCH SHARES IS EFFECTIVE UNDER THE SECURITIES ACT AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE SECURITIES ACT
AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IF TPI COMPOSITES, INC., A DELAWARE CORPORATION (THE “COMPANY”), REASONABLY REQUESTS, AN OPINION REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT
HAS BEEN RENDERED BY COUNSEL. 

  
 13 

 THIS WARRANT (AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT) IS SUBJECT TO THE
INVESTOR RIGHTS AGREEMENT, DATED AS OF [•], 2021, BY AND AMONG, THE COMPANY, CERTAIN STOCKHOLDERS OF THE COMPANY AND THE HOLDER HEREOF (AS AMENDED FROM TIME TO TIME, THE “INVESTOR RIGHTS AGREEMENT”). NO TRANSFER, SALE,
ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY THIS WARRANT (AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT) MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE INVESTOR RIGHTS AGREEMENT. A
COPY OF THE INVESTOR RIGHTS AGREEMENT SHALL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON REQUEST.” 
 (b)
Representations and Warranties of the Holder. In connection with the issuance of this Warrant, the Holder specifically represents and warrants, as of the date of issuance hereof to the Company by acceptance of this Warrant as follows: 

(i) The Holder is acquiring this Warrant, and upon any exercise hereof, will acquire the Warrant Shares issuable upon such
exercise, for investment for its own account, not as a nominee or agent, and not with the view to, or for resale in connection with, the public sale or any distribution thereof in violation of the Securities Act, except pursuant to sales registered
or exempted under the Securities Act. The Holder further represents that it does not have any contract, undertaking, agreement, or arrangement with any Person to sell, transfer or grant participations to any Person, with respect to this Warrant or
the Warrant Shares. 
 (ii) The Holder acknowledges that it can bear the economic risk of its investment and has such
knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in this Warrant and the Warrant Shares. The Holder has had an opportunity to ask questions and receive answers from the
Company and its subsidiaries regarding the terms and conditions of the offering of this Warrant and the business, properties, prospects and financial condition of the Company and its subsidiaries. The Holder has conducted its own independent review
and analysis of the business, operations, assets, liabilities, results of operations, financial condition and prospects of the Company and its subsidiaries, and acknowledges it has been provided with sufficient access for such purposes. 

(iii) The Holder is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under the
Securities Act. 
 (iv) The Holder understands that this Warrant and the Warrant Shares to be issued upon exercise hereof are
“restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be
resold without registration under the Securities Act only in certain limited circumstances. In addition, the Holder represents that it is familiar with Rule 144 as promulgated under the Securities Act, as presently in effect, and understands the
resale limitations imposed thereby and by the Securities Act. 

  
 14 

 12. Warrant Register. The Company shall keep and properly maintain at its principal executive offices
books for the registration of the Warrant and any transfers thereof. The Company may deem and treat the Person in whose name the Warrant is registered on such register as the Holder thereof for all purposes, and the Company shall not be affected by
any notice to the contrary, except any assignment, division, combination or other transfer of the Warrant effected in accordance with the provisions of this Warrant. 

13. Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to
have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient; or (d) on
the third (3rd) day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses indicated below (or at such other address for a party
as shall be specified in a notice given in accordance with this Section 13). 
  

			
	 If to the Company:
	  	 TPI Composites, Inc.
 8501 N. Scottsdale
Road,
 Gainey Center II, Suite 100,
 Scottsdale, AZ 85253

Fascimaile: [•]
 Email: [•]

Attention: [•]

		
	 with a copy to:
	  	 Goodwin Procter LLP
 601 Marshall Street

Redwood City, CA 94063
 Facsimile: (650) 853-1038
 Email: bweber@goodwinlaw.com

Attention: Brad Weber

  
 15 

			
		
	 If to the Holder:
	  	 [Oaktree entity]
 c/o Oaktree Capital
Management, LLC
 333 South Grand Avenue, 28th Floor

Los Angeles, 90071
 Facsimile: [•]

E-mail: [•]

Attention: [•]
 Facsimile: [•]

E-mail: [•]

Attention: [•]

		
	 with a copy to:
	  	 Sullivan & Cromwell
 1888 Century Park
East, Suite 2100
 Los Angeles, CA 90067
 Facsimile:
(310) 712-8800
 E-mail: brownp@sullcrom.com

Attention: Patrick S. Brown

 14. Cumulative Remedies. Except to the extent expressly provided in Section 9 to the
contrary, the rights and remedies under this Warrant are cumulative and are in addition to and not in substitution for any other rights and remedies available at law or in equity or otherwise. 

15. Equitable Relief. Each of the Company and the Holder acknowledges that a breach or threatened breach by such party of any of its obligations under
this Warrant would give rise to irreparable harm to the other party hereto, for which monetary damages would not be an adequate remedy, and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, the
other party hereto shall, in addition to any and all other rights and remedies that may be available to it in respect of such breach, be entitled to seek equitable relief, including a temporary restraining order, an injunction, specific performance
and any other relief that may be available from a court of competent jurisdiction (without any requirement to post bond). 
 16. Entire Agreement.
This Warrant (including the Exhibits hereto) and the other Transaction Agreements, constitute the sole and entire agreement of the parties to this Warrant with respect to the subject matter contained herein and therein, and supersedes all prior and
contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. 
 17. Successor and Assigns. This Warrant
and the rights evidenced hereby shall be binding upon and shall inure to the benefit of the parties hereto and the successors of the Company and the successors and permitted assigns of the Holder. Such successors and/or permitted assigns of the
Holder shall be deemed to be a Holder for all purposes hereunder. This Warrant and the Warrant Shares issuable upon the exercise hereof may not be assigned, except as provided in Section 8. 

  
 16 

 18. No Third-Party Beneficiaries. This Warrant is for the sole benefit of the Company and the Holder
and their respective successors and, in the case of the Holder, permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever,
under or by reason of this Warrant. 
 19. Headings. The headings in this Warrant are inserted for convenience or reference only and are in no way
intended to describe, interpret, define, or limit the scope, extent or intent of this Warrant or any provision of this Warrant. 
 20. Amendment and
Modification; Waiver. Except as otherwise provided herein, this Warrant may only be amended, modified, waived or supplemented by an agreement in writing signed by the Company and the Holder. No waiver by any party hereto shall operate or be
construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in
exercising, any rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. 
 21. Severability. If any term or provision of this Warrant is
held to be invalid, illegal or unenforceable under Applicable Law in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such term or
provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Warrant so as to effect the original intent of the
parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. 

22. Governing Law. All issues and questions concerning the application, construction, validity, interpretation and enforcement of this Warrant shall be
governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction). 

23. Submission to Jurisdiction. The parties hereby agree that any suit, action or proceeding seeking to enforce any provision of, or based on any
matter arising out of or in connection with, this Warrant or the transactions contemplated hereby, whether in contract, tort or otherwise, shall be brought in the United States District Court for the District of Delaware or in the Court of Chancery
of the State of Delaware (or, if such courts lack subject-matter jurisdiction, in the Superior Court of the State of Delaware), so long as one of such courts shall have subject-matter jurisdiction over such suit, action or proceeding, and that any
case of action arising out of this Warrant shall be deemed to have arisen from a transaction of business in the State of Delaware. Each of the parties hereby irrevocably consents to the exclusive jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by Applicable Law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or
proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Each party hereto agrees that service of process, summons, notice or other document by certified
or registered mail to the address set forth in Section 13 shall be effective service of process for any suit, action or other proceeding brought in any such court. 

  
 17 

 24. Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE
UNDER THIS WARRANT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO
THIS WARRANT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 25. Counterparts. This Warrant may be executed in counterparts, each of which shall be
deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Warrant delivered by facsimile, e-mail or other means of electronic transmission shall be
deemed to have the same legal effect as delivery of an original signed copy of this Warrant. 
 26. No Strict Construction. This Warrant shall be
construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. 

[SIGNATURE PAGE FOLLOWS] 

  
 18 

 IN WITNESS WHEREOF, the Company has duly executed this Warrant on the Original Issue Date.

  

			
	TPI COMPOSITES, INC.
		
	By:	 	
                 

	Name: Title:	 	 [•]
 [•]

 Accepted and agreed, 
  

			
	[•]	 	
	By: [•], its General
	Partner
	
	By: [•], its Managing
	Member
		
	By:	 	
                     

	Name: [•]
	Title: Authorized Signatory
		
	By:	 	
                 

	Name: [•]
	Title: Authorized Signatory

 Exhibit A 

FORM OF EXERCISE AGREEMENT 
 TPI
Composites, Inc. 
 Attention: Chief Financial Officer 

The undersigned registered owner of this Warrant hereby irrevocably elects to exercise the right to purchase represented by the attached
Warrant (the “Warrant”) for, and to purchase thereunder,             shares of Common Stock, par value $0.01 per share (the
“Common Stock”), of TPI Composites, Inc., a Delaware corporation (the “Company”), as provided for therein, and tenders herewith payment of the exercise price in full in accordance with the terms of the Warrant. 

Please issue a certificate or certificates for, or instruct the Company’s transfer agent to register in book entry form, such shares of
Common Stock in the following name or names and denominations: 
  

			
	 Registered Holder Name
	 	 No. of Shares of Common
Stock

		 	
		 	

 The undersigned hereby represents and warrants that the undersigned is acquiring such shares for its own
account for investment purposes only and not for resale or with a view to distribution of such shares or any part thereof and makes each of the other representations contained in Section 11(b) of the Warrant. 

If said number of shares of Common Stock shall not be all the shares of Common Stock issuable upon exercise of the attached Warrant, a new
Warrant is to be issued in the name of the undersigned for the balance remaining of such shares of Common Stock less any fraction of a share of Common Stock paid in cash. 
  

							
		 		 	[HOLDER]
				
	Date:
                                         
   	 		 	By:	 	
                     
                

		 		 	Name:	 	
                     
       

		 		 	Title:	 	
                

							
		 		 	  Address:	 	
                     
           

		 		 		 	
                     
               

		 		 		 	
                     
       

 Exhibit B 

FORM OF ASSIGNMENT 

ASSIGNMENT FORM 
 (To be executed
by the registered holder hereof) 
 FOR VALUE RECEIVED, ________________ hereby sells, assigns and transfers unto _______________ the within Warrant and all
rights evidenced thereby and does irrevocably constitute and appoint _______________, attorney, to transfer the said Warrant on the books of TPI Composites, Inc., a Delaware corporation. 

 

							
		 		 	[HOLDER]
				
	Date:
                                         
       	 		 	By:	 	
                     
       

		 		 	Name:	 	
                     
   

		 		 	Title:	 	
                     
       

							
		 		 	  Address:	 	
                     
   

		 		 		 	
                     
   

		 		 		 	
                     
       

		 		 		 	

 FOR USE BY THE ISSUER ONLY: 

This Warrant No. W-___ cancelled (or transferred or exchanged) this ___ day of __________, 20___, shares of Common
Stock issued therefor in the name of ___________________, Warrant No. W-____ issued for _____ shares of Common Stock in the name of_______________________. 

 PARTIAL ASSIGNMENT 

(To be executed by the registered holder hereof) 

FOR VALUE RECEIVED, __________________ hereby sells, assigns and transfers unto _________________ the right to purchase ________ shares of Common Stock
issuable upon exercise of the attached Warrant, and does irrevocably constitute and appoint __________________, attorney, to transfer that part of the said Warrant on the books of TPI Composites, Inc., a Delaware corporation. 

 

							
		 		 	[HOLDER]
				
	Date:
                                         
       	 		 	By:	 	
                

		 		 	Name:	 	
                     
   

		 		 	Title:	 	
                     
   

							
		 		 	  Address:	 	
                     
       

		 		 		 	
                     
           

		 		 		 	
                     
       

 FOR USE BY THE ISSUER ONLY: 

This Warrant No. W-___ cancelled (or transferred or exchanged) this ___ day of __________, 20___, shares of Common
Stock issued therefor in the name of ___________________, Warrant No. W-____ issued for _____ shares of Common Stock in the name of _______________________.

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