Document:

Exhibit 4.6

 

THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY
TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT
TO PURCHASE STOCK

 

Company:
Outbrain Inc., a Delaware corporation

Number
of Shares: 82,5001, subject to adjustment

Type/Series
of Stock: Common Stock, $0.001 par value per share

Warrant
Price: $4.871 per Share, subject to adjustment

Issue
Date: September 29, 2016

Expiration
Date: September 29, 2026              See also Section
5.l (b).

Credit
Facility: This Warrant to Purchase Stock (“Warrant”) is issued in connection with that certain First
Amendment, dated January 27,2016, to that certain Mezzanine Loan and Security Agreement dated November 20, 2014, between Silicon
Valley Bank and the Company (collectively, and as may be further amended and/or modified and in effect from time to time, the
“Loan Agreement”) and the participation therein of WestRiver Mezzanine Loans, LLC pursuant to an arrangement
between Silicon Valley Bank and WestRiver Mezzanine Loans, LLC.

 

THIS
WARRANT CERTIFIES THAT, for good and valuable consideration, WESTRIVER MEZZANINE LOANS, LLC (together with any successor or permitted
assignee or transferee of this Warrant, “Holder”) is entitled to purchase up to the number of fully paid and
non-assessable shares (the “Shares”) of the above-stated Type/Series of Stock (the “Class”)
of the above-named company (the “Company”), at the above-stated Warrant Price, all as set forth above and as
adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this
Warrant.

 

SECTION
1. EXERCISE.

 

1.1           Method
of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to the
Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto
as Appendix I and, unless Holder is exercising this Warrant pursuant to a cashless exercise as set forth in Section 1.2, a check,
wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company
for the aggregate Warrant Price for the Shares being purchased.

 

 

1
Share number and exercise price are subject to adjustment in connection with events described in Section 2 below that occur
after effective date of First Amendment to Mezzanine Loan and Security Agreement and on or before issuance of Warrant.

     

     

    

1.2           Cashless
Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in
Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal
to the value of this Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, the Company shall issue
to the Holder such number of fully paid and non-assessable Shares as are 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 with respect to which this
                                                                                                                   Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant
                                                                                                                   Price);

 

		A =	the Fair Market Value (as
determined pursuant to Section 1.3 below) of one Share; and

 

		B =	the Warrant
Price.

 

1.3           Fair
Market Value. If shares of the Class are then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation
system or over-the-counter market (a “Trading Market”), the fair market value of a Share shall be the closing
price or last sale price of a share of the Class reported for the Business Day immediately before the date on which Holder delivers this
Warrant together with its Notice of Exercise to the Company. If shares of the Class are not then traded in a Trading Market, the Board
of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment.

 

1.4           Delivery
of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set forth in Section
1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise
and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing the Shares not
so acquired.

 

1.5           Replacement
of Warrant. On 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, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation,
the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor
and amount.

 

1.6           Treatment
of Warrant Upon Acquisition of Company.

 

(a)           Acquisition.
For the purpose of this Warrant, “Acquisition” means any transaction or series of related transactions
involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company
(ii) any merger or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected
exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company
in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s
(or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization
(or, if such Company stockholders beneficially own a majority of the outstanding voting power of the surviving or successor entity
as of immediately after such merger, consolidation or reorganization, such surviving or successor entity is not the Company);
or (iii) any sale or other transfer by the stockholders of the Company of shares representing at least a majority of the Company’s
then-total outstanding combined voting power.

    2

     

    

(b)           Treatment
of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by the Company’s
stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public
Acquisition”), and the fair market value of one Share as determined in accordance with Section 1.3 above
would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has
not exercised this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically be deemed to
be exercised on a cashless basis pursuant to Section 1.2 above as to all Shares effective immediately prior to and contingent
upon the consummation of a Cash/Public Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have
restated each of the representations and warranties in Section 4 of the Warrant as of the date thereof and the Company shall promptly
notify the Holder of the number of Shares (or such other securities) issued upon exercise. In the event of a Cash/Public Acquisition
where the fair market value of one Share as determined in accordance with Section 1.3 above would be less than the Warrant Price
in effect immediately prior to such Cash/Public Acquisition, then this Warrant will expire immediately prior to the consummation
of such Cash/Public Acquisition.

 

(c)           Upon
the closing of any Acquisition other than a Cash/Public Acquisition, the acquiring, surviving or successor entity shall assume
the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property
as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were
outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the
provisions of this Warrant.

 

(d)           As
used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements:
(i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and is then current in its filing of all required reports
and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer
that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing
thereof is then traded in a Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted
from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition
were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such
restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six
(6) months from the closing of such Acquisition.

 

SECTION
2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE.

 

2.1           Stock
Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the Class
payable in additional shares of the Class or other securities or property (other than cash), then upon exercise of this Warrant,
for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and
property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred.
If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number of shares,
the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased.
If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser number of
shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased.

    3

     

    

2.2           Reclassification,
Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of the Class are
reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class
and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class and
series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of
such event, and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant.
The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations,
substitutions, replacements or other similar events.

 

2.3           No
Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued
shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the
Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional
interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective
Warrant Price.

 

2.4           Notice/Certificate
as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company, at the Company’s
expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or
number of Shares and facts upon which such adjustment is based. The Company shall, upon written request from Holder, furnish Holder
with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and
number of Shares in effect upon the date of such adjustment.

 

SECTION
3. REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

3.1           Representations
and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows:

 

(a)         The
initial Warrant Price referenced on the first page of this Warrant is not greater than the fair market value of a share of the
Class as determined by the most recently completed valuation, approved by the Company’s Board of Directors, of the Company’s
stock for purposes of its compliance with Section 409A of the Internal Revenue Code of 1986, as amended.

 

(b)        All
Shares which may be issued upon the exercise of this Warrant shall, upon issuance, be duly authorized, validly issued, fully paid
and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable
federal and state securities laws. The Company covenants that it shall at all times cause to be reserved and kept available out
of its authorized and unissued capital stock such number of shares of the Class and other securities as will be sufficient to
permit the exercise in full of this Warrant.

 

(c)         The
Company’s capitalization table attached hereto as Schedule 1 is true and complete, in all material respects, as of the Issue
Date.

    4

     

    

3.2
          Notice of Certain Events. If the Company proposes at any time to:

 

(a)
declare any dividend or distribution upon the outstanding shares of the Class, whether in cash, property, stock, or other securities
and whether or not a regular cash dividend;

 

(b)
offer for subscription or sale pro rata to the holders of the outstanding shares of the Class any additional shares of any class
or series of the Company’s stock (other than pursuant to contractual pre-emptive rights);

 

(c)
effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares
of the Class;

 

(d)
effect an Acquisition or to liquidate, dissolve or wind up; or

 

(e)
effect its initial, underwritten offering and sale of its securities to the public pursuant to an effective registration statement
under the Act (the “IPO”);

 

then, in connection
with each such event, the Company shall give Holder:

 

(1)
in the case of the matters referred to in (a) and (b) above, at least seven (7) Business Days prior written notice of the earlier
to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription
rights (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto) or for determining
rights to vote, if any;

 

(2)
in the case of the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the date
when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled
to exchange their shares for the securities or other property deliverable upon the occurrence of such event and such reasonable
information as Holder may reasonably require regarding the treatment of this Warrant in connection with such event giving rise
to the notice); and

 

(3)
with respect to the IPO, at least seven (7) Business Days prior written notice of the date on which the Company proposes to file
its registration statement in connection therewith.

 

The Company
will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s
accounting or reporting requirements.

 

SECTION 4. REPRESENTATIONS,
WARRANTIES OF THE HOLDER.

 

The Holder represents
and warrants to the Company as follows:

 

4.1           Purchase
for Own Account. This Warrant and the Shares to be acquired upon exercise of this Warrant by Holder are being acquired for
investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within
the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant
or the Shares.

    5

     

    

4.2           Disclosure
of Information. Holder is aware of the Company’s business affairs and financial condition and has received or has had
full access to all the information it considers necessary or appropriate to make an informed investment decision with respect
to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive
answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and
to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable
effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

4.3           Investment
Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk.
Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear
the economic risk of such Holder’s investment in this Warrant and its underlying securities. Holder has such knowledge and
experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this
Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain
of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business
acumen and financial circumstances of such persons.

 

4.4           Accredited
Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.

 

4.5           The
Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the
Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of
the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any
exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities
laws, or unless exemption from such registration and qualification are otherwise available. Holder is aware of the provisions
of Rule 144 promulgated under the Act.

 

4.6           No
Voting Rights. Holder, as a holder of this Warrant, will not have any voting rights until the exercise of this Warrant.

 

SECTION
5. MISCELLANEOUS.

 

5.1
           Term; Automatic Cashless Exercise Upon Expiration.

 

(a)           Term.
Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from time to time
on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter.

 

(b)           Automatic
Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share as determined
in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically
be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares for which it shall not previously
have been exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Shares issued upon
such exercise to Holder.

    6

     

    

5.2           Legends.
Each certificate evidencing Shares shall be imprinted with a legend in substantially the following form:

 

THE
SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO
WESTRIVER MEZZANINE LOANS, LLC DATED SEPTEMBER 29, 2016, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND
UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER,
SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

5.3           Compliance
with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise of this Warrant may not be transferred
or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the
transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory
to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion of counsel
if the transfer is to an affiliate of Holder, provided that such affiliate is an “accredited investor” as defined
in Regulation D promulgated under the Act.

 

5.4           Transfer
Procedure. Subject to the provisions of Section 5.3 and upon providing the Company with written notice, Holder may transfer
all or part of this Warrant or the Shares issued upon exercise of this Warrant to any transferee, provided, however, in connection
with any such transfer, Holder will give the Company notice of the portion of the Warrant and/or Shares being transferred with
the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for
reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee shall agree in
writing with the Company to be bound by all of the terms and conditions of this Warrant and shall make the representations in
Section 4 hereof. Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder may not, without the Company’s
prior written consent, transfer this Warrant or any portion hereof, or any Shares issued upon any exercise hereof, to any person
or entity who directly competes with the Company, except in connection with an Acquisition of the Company by such a direct competitor.

 

5.5           Notices.
All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective
(i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail,
postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by
the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid,
in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company
or such Holder from time to time in accordance with the provisions of this Section 5.5.  All notices to Holder shall be
addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise:

 

WestRiver Mezzanine Loans,
LLC

c/o Chief Financial Officer

3720 Carillon Point

Kirkland, Washington
98033-7455

Attention: Trent Dawson

Telephone: (425) 952-3951

Email: tdawson@westrivermgmt.com

    7

     

    

With
a copy (which shall not constitute notice) to:

 

Perkins Coie LLP

1201 Third Avenue, Suite
4800

Seattle, Washington 98101-3099

Attention: David C. Clarke

Telephone: (206) 359-8612

EmaiI: dclarke@perkinscoie.com

 

Notice
to the Company shall be addressed as follows until Holder receives notice of a change in address:

 

Outbrain Inc.

Attn: Chief Financial
Officer

39
West 13th Street, 3rd Floor

New York, NY
10011

Telephone: 917.534.5383

Email:
egarofalo@outbrain.com

 

and

 

Outbrain
Inc.

Attn:
Michael Kistler

39
West 13th Street, 3rd Floor

New
York, NY 10011

Telephone:
212 353-5898

Email: mkistler@outbrain.com

 

With a copy
(which shall not constitute notice) to:

 

Loeb
 & Loeb LLP

Attn:
Lloyd Rothenberg

345
Park Ave

New
York, New York 10154

Telephone:
212 407-4937

Facsimile:
212 407-4990

EmaiI: lrothenberg@loeb.com

 

5.6           Waiver.
This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular instance
and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of
such change, waiver, discharge or termination is sought.

    8

     

    

5.7        Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant,
the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including
reasonable attorneys’ fees.

 

5.8        Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall
constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same
extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 

5.9        Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California,
without giving effect to its principles regarding conflicts of law.

 

5.10      Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning
of any provision of this Warrant.

 

5.11      Business
Days. “Business Day” is any day that is not a Saturday, Sunday or a day on which banks in Washington
are closed.

 

[Remainder
of page left blank intentionally]

[Signature page follows]

    9

     

    

IN
WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by their duly authorized representatives
effective as of the Issue Date written above.

 

“COMPANY”

 

OUTBRAIN INC.

 

	By:	/s/ Barry Schofield	 
	Name:	Barry Schofield	 
	 	(Print)	 
	Title:	VP, Corporate Finance & Treasury	 

 

“HOLDER”

 

WESTRIVER
MEZZANINE LOANS, LLC

 

	By:	Loan Manager, LLC, its Managing Member	 
	 	 	 
	By:	 	 
	 	Trent Dawson, Chief Financial Officer	 

    10

     

    

APPENDIX
1

 

NOTICE
OF EXERCISE

 

1.
            The undersigned Holder hereby exercises its right to purchase ________________ shares of the Common/Series ________ Preferred
[circle one] Stock of ______________ (the “Company”) in accordance with the attached Warrant To Purchase
Stock, and tenders payment of the aggregate Warrant Price for such shares as follows:

 

		 ̈	check
in the amount of $________ payable to order of the Company enclosed herewith

 

		 ̈	Wire transfer of immediately
available funds to the Company’s account

 

		 ̈	Cashless Exercise pursuant
to Section 1.2 of the Warrant

 

		 ̈	Other [Describe] ______________________________________________________________________________

 

2.             Please
issue a certificate or certificates representing the Shares in the name specified below:

 

	 	 	 
	 	Holder’s Name	 
	 	 	 
	 	 	 
	 	(Address)	 

 

3.             By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in
Section 4 of the Warrant to Purchase Stock as of the date hereof.

 

	 	HOLDER:	 
	 	 	 
	 	 	 	 
	 	By:	 
	 	 	 	 
	 	Name:	 
	 	 	 	 
	 	Title:	 
	 	 	 	 
	 	(Date):	 

    Appendix 1

     

    

SCHEDULE
1

 

Company Capitalization Table

 

See
attached

    Schedule 1Exhibit 4.7

 

NEITHER THIS WARRANT NOR ANY SECURITIES
WHICH MAY BE ISSUED UPON CONVERSION OR EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
 “Securities Act”), OR REGISTERED OR OTHERWISE QUALIFIED UNDER ANY STATE
SECURITIES LAW. NEITHER THIS WARRANT NOR ANY SUCH SECURITIES MAY BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT UNDER SAID ACT AND REGISTRATION OR OTHER QUALIFICATION UNDER ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION OR OTHER QUALIFICATION IS NOT REQUIRED.

 

Warrant

 

to Purchase up to an Aggregate of 100,000

 

Shares of Common Stock (subject to adjustment)
of

 

OUTBRAIN, INC.

 

at a per share price as detailed below

 

Void
After the expiration of the Option Period (defined below)

 

This is to certify
that American Friends of Tmura (“Holder”) is entitled to purchase, subject to the provision of this Warrant,
from Outbrain, Inc. a company incorporated under the laws of the State of Delaware (the “Company”), during
the period (the ‘‘Option Period”) from the date hereof and until the earlier of (i) immediately prior
to the closing of the initial public offering of the Company’s shares (“IPO”), (ii) a Deemed Liquidation,
as such term is defined in the Company’s Amended and Restated Certificate of Incorporation of the Company, or (iii) on the
tenth anniversary of the date hereof, an aggregate of up to 100,000 (subject to adjustment as provided in Section 3 below) fully
paid and non-assessable shares of Common Stock, US$ 0.001 par value per share (the “Warrant Shares”), of the
Company at a price of US$0,576 per share (the “Exercise Price”), all subject to the terms and conditions set
forth below.

 

		1.	Exercise of Warrant

 

(a)       Exercise.
Subject to the provisions hereof, this Warrant may be exercised, in whole or in part, on one or more occasions at any time
during the Option Period. Notice of exercise of this Warrant in the form annexed hereto duly completed and executed on behalf
of the Holder must be submitted to the Company no later than the expiration of the Option Period.

 

(b)       Method
of Exercise.

 

(i) Exercise for
Cash - This Warrant may be exercised in whole or in part by presentation and surrender hereof to the Company at the
principal office of the Company, accompanied by (i) a written notice of exercise and (ii) payment to the Company, for the
account of the Company, of the Exercise Price for the number of Warrant Shares specified in such notice. The Exercise Price
for the number of Warrant Shares specified in the notice shall be payable in immediately available good funds, in U.S.
dollars.

     

     

    

(ii) Net
Exercise - In the event of (i) the closing of the IPO, (ii) the closing of any transaction for the sale of all or
substantially all of the assets or the shares of the Company, or (iii) the merger or consolidation of the Company in which the
Company is not the surviving entity (an “Exit Event”), and provided that the Warrant has not been previously fully
exercised or terminated, in lieu of the payment method set forth in Section 1(b)(i) above, the Holder may elect to exchange the
Warrant for a number of Warrant Shares calculated pursuant to the following formula. If the Holder elects to exchange this Warrant
as provided in this Section l(b)(ii), the Holder shall tender to the Company the Warrant along with the Notice of Exercise, and the
Company shall issue to the Holder the number of Warrant Shares computed using the following formula:

 

	 	X = Y(A-B)	 
	 	A	 

 

Where:

 

X = the number of Warrant Shares
to be issued to the Holder.

 

Y = the number of shares of Warrant
Shares purchasable under the Warrant (as adjusted to the date of such calculation, but excluding those shares already issued under
this Warrant).

 

A = the Fair Market Value (as
defined below) of one share of the Company’s Common Stock.

 

B = Per share Exercise Price
(as adjusted to the date of such calculation).

 

“Fair Market Value”
of a share of the Company’s Commons Stock shall mean:

 

		(a)	Except as set forth in paragraphs 1(b)(ii)(b) and 1(b)(ii)(c) (below), as determined by the Company’s
Board of Directors in good faith.

 

		(b)	If the exercise date is the date of closing of the IPO, then the price at which the Common Stock
is being sold to the public in the IPO (after deduction of discounts and commissions but before expenses).

 

		(c)	If the exercise date is the date of closing of an Exit Event, then the value of such shares as
determined for purpose of such transaction, and, in the absence of such determination, in accordance with Section 1(c)(i)(a) above.

     

     

    

(c)       Partial
Exercise, Etc. If this Warrant should be exercised in part, the Company shall, promptly after surrender of this Warrant for
cancellation, execute and deliver a new Warrant evidencing the rights of the Holder to purchase the balance of the shares purchasable
hereunder.

 

(d)       Issuance
of the Warrant Shares. Promptly after presentation and surrender of the notice of exercise accompanied by the payment of the
Exercise Price pursuant to Section 1(b)(i) above or in accordance with Section 1(b)(ii) above, the Company shall issue to the
Holder the shares to which the Holder is entitled thereto. Upon receipt by the Company of the notice or exercise and the Exercise
Price, the Holder shall be deemed to be the holder of the shares issuable upon such exercise, notwithstanding that the share transfer
books of the Company shall then be closed and that certificates representing such shares shall not then be actually delivered
to the Holder. The Company shall pay all charges that may be payable in connection with the issuance of the shares and the preparation
and delivery of share certificates pursuant to this Section 1 in the name of the Holder, but shall not pay any taxes, levies,
charges and the like payable by the Holder by virtue of the receipt, holding and exercise of this Warrant or of the holding, issuance,
exercise or sale of the Warrant Shares to or by the Holder.

 

(e)       Withholding
Taxes. The Holder is responsible for any and all taxes to be paid in connection with the exercise of the Warrant or the sale
of the Warrant Shares. To the extent required by applicable federal, state, local or foreign law, and as a condition to the Company’s
obligation to issue any Warrant Shares upon the exercise of the Warrant in full or in part, Holder will make arrangements reasonably
satisfactory to the Company for the payment of any withholding tax obligations that arise by reason of such exercise.

 

2.             Reservation
of Shares

 

The Company hereby
agrees that at all times it will maintain and reserve, free from pre-emptive rights, such number of authorized but unissued Warrant
Shares so that this Warrant may be exercised without additional authorization of Warrant Shares after giving effect to all other
options, warrants, convertible securities and other rights to acquire shares of the Company.

 

3.             Adjustment

 

The number of Warrant Shares purchasable
upon the exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time or upon exercise as provided
in this Section 3.

 

(a)       Rights
Offer. If the Company’s shareholders are offered any securities whatsoever by a rights issue, neither the Exercise Price
nor the quantity of Warrant Shares will be adjusted, provided that the Company shall offer identical rights on the same terms
and conditions to the Holder, as if the Holder had exercised this Warrant in full immediately prior to the date of conferring
the right to participate in the rights issue.

     

     

    

(b)       Consolidation
and Division. If the Company consolidates its shares into shares of greater nominal value, or subdivides them into shares
of lesser nominal value, the number of Warrant Shares to be allotted on exercise of this Warrant after such consolidation or subdivision
and the Exercise Price will be reduced or increased, as the case may be. The Holder will not be entitled to receive a fraction
of a Warrant Share.

 

(c)       Bonus
Shares and Certain Distributions. In the event of a distribution of share dividend, other distribution payable in additional
shares or bonus shares prior to the end of the Option Period, this Warrant shall represent, subject to its exercise, the right
to acquire, in addition to the number of Warrant Shares indicated in the caption of this Warrant, and without payment of any additional
consideration therefor, the amount of shares in such share dividend, other distribution payable in additional shares or bonus
shares to which the Holder hereof would have been entitled had this Warrant been exercised prior to the distribution of the bonus
shares.

 

(d)       General
Protection. The Company will not, by amendment of its Certificate of Incorporation, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed hereunder, but will at all times in good faith assist in the carrying
out of all the provisions hereof and in taking of all such actions and making all such adjustments as may be necessary or appropriate
in order to protect the rights of the Holder against impairment.

 

4.             Representations
of Holder

 

The Holder, by accepting
this Warrant, represents that the Holder is acquiring this Warrant for its own account or the account of an affiliate for investment
purposes and not with the view to any offering or distribution and that the Holder will not sell or otherwise dispose of this Warrant
or the underlying Warrant Shares in violation of applicable securities laws. The Holder acknowledges that the certificates representing
any Warrant Shares will bear a legend indicating that they have not been registered under the Securities Act and may not be sold
by the Holder except pursuant to an effective registration statement or pursuant to an exemption from the registration requirements
of the Securities Act and in accordance with federal and state securities laws.

 

5.             No
Stockholder Rights

 

The Holder shall not,
by virtue hereof, be entitled to any rights or privileges of a stockholder in the Company.

 

Upon exercising any
portion of this Warrant, Holder shall enter into and be bound by all of the terms of the Company’s Stockholders’ Agreement,
if any.

 

6.            Termination

 

This Warrant and the
rights conferred hereunder shall terminate on the earlier of: (i) the expiration of the Option Period, or (ii) the date of exercise
in full of this Warrant.

     

     

    

7.             Limitation
on Transfer

 

This Warrant and the
rights of the Holder hereunder may not be transferred and/or assigned in any way whatsoever other than in connection with an estate
planning, and no transaction in respect thereof shall be made, either for consideration or for no consideration.

 

8.             
Governing Law

 

This Warrant shall be governed by and construed
in accordance with the laws of the State of Delaware, without reference to principles of conflicts or choice of laws. The parties
hereto hereby submit to the jurisdiction of the courts of the State of New York located in New York City or the United States District
Court for the Southern District of New York for every dispute, action, claim or proceeding arising from or in connection with this
Warrant.

 

	DATED: July 26, 2011	OUTBRAIN, INC.
	 	 	 
	 	 	By:	/s/ Patrick Kelly
	 	 	Name:	Patrick Kelly
	 	 	Title:	VP Finance, Secretary

 

We acknowledge and agree to the terms of
this Warrant.

 

	/s/ Baruch Lipner	 
	(sign)	 

  

American Friends of Tmura

 

	By:	/s/ Baruch Lipner	 
	 	 	 
	Name:	 Baruch Lipner	 
	 	 	 
	Title:	Executive Director	 

     

     

    

NOTICE OF EXERCISE

 

To: Outbrain, Inc.

 

		1.	The undersigned hereby elects to purchase __________
shares of Common Stock of Outbrain, Inc., pursuant to the terms of the attached Warrant, (a) tenders herewith payment of the purchase
price for such shares; or (b) tenders the Warrant as a net exercise pursuant to Section 1(c)(ii) thereof.

 

		2.	In exercising this Warrant, the undersigned hereby confirms
and acknowledges that the shares are being acquired solely for the account of the undersigned and not as a nominee for any other
party, or for investment, and that the undersigned will not offer, sell or otherwise dispose of any such shares except under circumstances
that will not result in a violation of the Securities Act of 1933, as amended, or any state securities laws.

 

		3.	Please issue a certificate representing said shares in
the name of the undersigned.

 

		4.	Please issue a new Warrant for the unexercised portion
of the attached Warrant in the name of the undersigned.

 

	(Date)	 	(Print Name)
	 	 	 
	 	 	(Signature)

     

     

    

IRREVOCABLE
LETTER OF APPOINTMENT

OF PROXY AND POWER OF ATTORNEY

 

		1.	The undersigned holder (“Stockholder”)
                                         of [___] shares of Common Stock (the “Shares”) of OUTBRAIN, INC, a
                                         Delaware corporation (the “Company”), hereby irrevocably (to the fullest
                                         extent permitted by the Delaware General Corporation Law) appoints the chairman of the
                                         Company’s Board of Directors, as may be appointed from time to time (the “Chairman”)
                                         as the Stockholder’s true and lawful, sole and exclusive proxy and attorney-in-fact,
                                         with full power of substitution, to vote and exercise all voting and related rights as
                                         Stockholders proxy (i) at all annual and special meetings of the stockholders of the
                                         Company including any class meetings, and any postponements or adjournments thereof,
                                         and (ii) on all consents or dissents by stockholders of the Company to corporate actions
                                         in writing without a meeting, with respect to all of the Shares (which term shall include
                                         the Shares and any other voting security of the Company owned as of record by the Stockholder
                                         (whether now owned or hereafter acquired)), in the Chairman’s sole discretion.
                                         The Stockholder shall be entitled to receive any notice submitted to the stockholders
                                         of the Company; provided, that Stockholder hereby waives the timely delivery of any such
                                         notice (including with respect to meetings of the stockholders of the Company). Without
                                         limiting the foregoing, the Chairman, in his capacity as proxy holders hereunder shall
                                         have the right to waive the timely delivery of any such notice on behalf of Stockholder.

 

		2.	The proxy granted by the Stockholder pursuant to this Irrevocable Letter of Appointment is coupled
with an interest and is given to secure the performance of the Stockholder’s duties under certain obligations that he took
upon himself toward the Chairman.

 

		3.	In addition, the Stockholder hereby irrevocably constitutes and appoints the Chairman as the Stockholder’s
true and lawful attorney-in-fact, with full power of substitution and with full power and authority to act in the name of, for
and on behalf of, the Stockholder with respect to any and all matters arising in connection with the Shares or any agreement to
which the Stockholder and the Company are bound, including, but not limited to, the power and authority on behalf of the Stockholder
to make, execute, acknowledge and deliver any and all contracts, amendments, stock powers, orders, receipts, notices, instructions,
certificates, letters and other writings, and in general do any and all things, that the Chairman in his sole discretion may deem
advisable and not adverse to the Stockholder, in each case as fully as could the Stockholder if personally present and acting.
The Stockholder hereby agrees that, upon the execution and deliver of any such instruments by the Chairman on behalf of the Stockholder,
the Stockholder shall be bound by and obligated to perform each and every covenant and agreement of the Stockholder contained therein.

 

		4.	The Chairman is hereby empowered to determine in his sole discretion the time or times when, the
purpose for and the manner in which any power herein conferred upon him shall be exercised, and the conditions, provisions or covenants
of any instrument or document that may be executed by him pursuant hereto.

     

     

    

		5.	The Stockholder hereby agrees to indemnify the Chairman for and to hold the Chairman free from
and harmless against any and all loss, claim, damage, liability or expense incurred by or on behalf of the Chairman under this
Irrevocable Letter of Appointment arising out of or in connection with acting as Stockholder’s proxy or attorney-in-fact
hereunder, as well as the reasonable costs and expenses of defending against any claim of liability hereunder, and not due to the
Chairman’s own gross negligence or willful misconduct.

 

		6.	This Irrevocable Letter of Appointment shall be irrevocable until, and shall automatically terminate
upon, the consummation of the Company’s initial public offering, and shall survive the death, incompetency or disability
of the Stockholder (if he or she is an individual), or the merger or dissolution of the Stockholder (that is a corporation or a
partnership), and shall be binding upon Stockholder’s successors and assignees. The Stockholder acknowledges and understands
that the specific date on which this Irrevocable Letter of Appointment will terminate is not presently known, and that such date
may be more than three years after the date hereof.

 

		7.	The undersigned acknowledges and agrees that his/its undertakings as per the above are and will
remain irrevocable, as one or more third parties will be relying upon them in taking action that they may otherwise not take, and
by which they may be adversely changing their financial and/or legal situation.

 

		8.	Stock certificates representing the Shares shall be imprinted with a legend stating that the shares
are subject to this Irrevocable Letter of Appointment. Upon termination of this Irrevocable Letter of Appointment and upon receipt
of certificates representing Shares bearing a legend referring to this Irrevocable Letter of Appointment, certificates without
the legend may be reissued by the Company.

 

		9.	This Irrevocable Letter of Appointment shall be governed by and construed in accordance with the
laws of the State of Delaware, without regard to its conflict of laws principles. The undersigned hereby submits to the jurisdiction
of New York courts every dispute arising from, or in connection with, this Irrevocable Letter of Appointment.

 

		10.	Stockholder hereby revokes any prior oral or written proxy which may have been executed by Stockholder
with respect to any securities of the Company and agrees not to grant any subsequent proxies with respect to any securities of
the Company until after the termination of this Irrevocable Letter of Appointment.

 

	 	American Friends of Tmura	 

 

	Address:	 	 

 

	Date:	 	 

     

     

    

[For US Investors]

 

Today: _________

 

To

Outbrain. Inc.

 

Dear Sirs,

 

The undersigned (the “Investor”),
having been granted, under a Warrant Agreement dated as of _____________ (the “Warrant Agreement”) the right
to purchase from Outbrain, Inc., a Delaware corporation (“the Company”), 100,000 shares of Common Stock, $0.001
par value each of the Company against payment of the sum of $[____] per share, hereby represents and warrants as follows:

 

		1.	The Investor resides in the United States in the state or other jurisdiction included within the
Investor’s address set forth below the Investor’s signature below;

 

		2.	The Investor understands and acknowledges that the Company has entered into the Warrant Agreement
with the Investor in reliance upon (i) the accuracy of the information supplied to the Company by the Investor, and (ii) the Investor’s
representation to the Company, including those contained herein, which the Investor’s execution of the Warrant Agreement
and of this instrument hereby confirms, that the Shares to be received by the Investor will be acquired for investment for the
Investor’s own account, not as a nominee or agent, and not with a view to the sale or distribution of any part thereof in
violation of applicable securities laws.

 

		3.	The Investor understands and acknowledges
                                         that the offering of the Shares pursuant to the Warrant Agreement will not be registered
                                         under the Securities Act of 1933 on the grounds that the offering and sale of securities
                                         contemplated by the Warrant Agreement are exempt from registration pursuant to Section
                                         4(2) of the Securities Act of 1933 (the “Securities Act”) and Rule
                                         506 of Regulation D promulgated thereunder, and that the Company’s reliance upon
                                         such exemption is predicated upon the Investor’s representations set forth herein.

 

		4.	The Investor acknowledges and agrees that the Shares must be held indefinitely unless they are
subsequently registered under the Securities Act or an exemption from such registration is available. The Investor has been advised
or is aware of the provisions of Rule 144 promulgated under the Securities Act, which permits limited public resale of securities
purchased in a private placement subject to the satisfaction of certain conditions, including, among other things: the availability
of certain current public information about the Company, the resale occurring not less than the required holding period, the sale
being through an unsolicited “broker’s transaction” or in transactions directly with a market maker (as said
term is defined under the Securities Exchange Act of 1934, as amended) and the number of shares being sold during any three-month
period not exceeding specified limitations.

     

     

    

		5.	The Investor: (i) is an “accredited investor” within the meaning of Rule 501 of Regulation
D promulgated under the Securities Act, (ii) has previously invested in securities of companies in the development stage and acknowledges
that it is able to fend for itself, 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 the Shares; (iii) has the ability to bear the economic risks of the Investor’s
prospective investment; (iv) is able, without materially impairing its financial condition, to hold the Shares, for an indefinite
period of time and to suffer complete loss on its investment.

 

		6.	The Investor agrees, at any time and from time to time, without consideration, to take such actions
and to execute and deliver such documents as may be reasonably required by the Company to effectuate or complete this instrument
and/or the rights of the Company hereunder.

 

 

(sign)

Name: American Friends of Tmura

	Address:	 	 

     

     

    

[For Non-US Investors]

 

Today :________

 

To

Outbrain. Inc.

 

Dear Sirs,

 

The undersigned (the “Investor”),
having been granted, under a Warrant Agreement dated as of____________ (the “Warrant Agreement”) the right to purchase from
Outbrain, Inc., a Delaware corporation (“the Company”), 100,000 shares of Common Stock, $0.001 par value each
of the Company against payment of the sum of $[___] per share, hereby represents and warrants as follows:

 

		1.	The Investor is not a “U.S. person” as that term is defined in Rule 902(k) of Regulation
S promulgated under the Securities Act of 1933 (the “Securities Act”), meaning that the Investor is not (i) a natural
person resident in the United States, (ii) a partnership or corporation organized or incorporated under the laws of the United
States, (iii) an estate of which any executor or administrator is a U.S. person, (iv) a trust of which any trustee is a U.S. person,
or (v) a partnership or corporation organized or incorporated under the laws of a jurisdiction outside the United States but formed
by a U.S. person principally for the purpose of investing in securities not registered under the Securities Act.

 

		2.	The Investor is not purchasing the Shares for the account or benefit of any U.S. person, or with
a view towards distribution to any U.S. person, in violation of the registration requirements of the Securities Act.

 

		3.	The Investor will make all subsequent offers and sales of the Shares either (x) outside of the
United States in compliance with Regulation S; (y) pursuant to a registration under the Securities Act; or (z) pursuant to an available
exemption from registration under the Securities Act. Specifically, such Shareholder will not resell the Shares to any U.S. person
or within the United States prior to the expiration of a period commencing on the Effective Date and ending on the date that is
one year thereafter, except pursuant to registration under the Securities Act or an exemption from registration under the Securities
Act.

 

		4.	The Investor did not receive an offer to purchase the Shares from the Company or any of its representatives
at any time when the Investor was physically present in the United States, and the Investor has executed the Warrant Agreement
outside of the United States.

 

 

(sign)

Name: American Friends of Tmura

	Address:

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