Document:

EXHIBIT 10.6

 

This Long-Term Incentive Policy of Lavoro
Agro Holding SA (“Company”) is governed by the provisions below and applicable law.

 

1.    DEFINITIONS

 

1.1.       Definitions.
The following words, expressions and abbreviations with capital letters, when not defined elsewhere in this Policy, in the singular or
in the plural, shall have the meaning assigned to them in this Clause 1.1, unless expressly indicated otherwise or if the context is
inconsistent with any meaning attributed herein:

 

	Action(s)	means the share(s) issued by the Offshore Holding.
	 	 
	Shares Received	has the meaning given to it in Clause 6.1 of this Policy.
	 	 
	Affiliates of the Current Controllers	means companies, funds or any entities (a) controlled by the Current Controllers of the Offshore Holding; (b) under common Control
    with the Current Controllers of the Offshore Holding; (c) controllers of the Current Controllers of the Offshore Holding; and (d)
    managed by the managers of the funds that constitute or control the Current Controllers of the Offshore Holding.
	 	 
	Disposal of Control	means the transfer, directly or indirectly, of Shares that implies a change in Control of the Offshore Holding, either through
    a single operation or through successive operations, so that the Current Controllers cease to hold Control of the Offshore Holding.
	 	 
	Current Controlling Shareholders or Controlling Shareholder(s)	means the companies, persons, funds or any entities that, on the date of this Policy, have, directly or indirectly, the Control
    of the Offshore Holding, as well as the Affiliates of the Current Controllers that, together, hold or will hold the Control of the
    Offshore Holding.
	 	 
	Bad Leaver	means the Participant, in relation to which the Termination has occurred and who is not classified as a Good Leaver , regardless
    of the type of Termination and/or the party that caused it. Participants who leave the Company on their own initiative after becoming
    aware of the definition of the strategy to operationalize the divestment by the Company’s Current Controllers through a Liquidity
    Event will also be characterized as Bad Leavers.
	 	 
	Disposal Commitment	has the meaning given to it in Clause 4.2 (iii) of this Policy.
	 	 
	Conditions for Receiving the Incentive	has the meaning given to it in Clause 4.2 of this Policy.
	 	 
	Adhesion Contract(s)	means the contract by means of which (i) the Participant adheres to and is subject to all the terms and conditions
    of this Policy; and (ii) the granting of Reference Options by the Company to the Participant is formalized.

 

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	Control (and its variations)	means the ownership of a majority of the voting capital stock of the Offshore Holding, or the de facto ability
    to elect a majority of the members of Offshore Holding’s management, whether via a voting agreement, shareholders’ agreement,
    or otherwise, and to determine, directly or indirectly, the corporate activities and guide the functioning of the Offshore Holding’s
    governing bodies, pursuant to art. 116 of the Brazilian Corporate Law. In the event of Control shared by more than one entity or
    person, all said entities or persons will be considered holders of Control for the purposes of this Policy.
	 	 
	Liquidity Event Costs per Share	means all commissions, expenses, fees and other costs incurred by the Current Controllers for the realization of a Liquidity
    Event.
	 	 
	Grant Date	means the date considered, for the purposes of this Policy, of granting the Reference Options to the Participant, as established
    in the Contract of Adhesion or otherwise determined by the Board of Directors.
	 	 
	Termination	means any act or fact that ends the Participant’s legal relationship with the Company. Termination covers, among others,
    the events of retirement, death, permanent disability, voluntary termination of the Participant, resignation, resignation from the
    position, dismissal, dismissal with or without just cause, dismissal for breach of duties and attributions, replacement or non-reelection
    as administrator and termination with or without just cause of employment or service contract.
	 	 
	Termination for Just Cause	means any act or fact that puts an end to the Participant’s legal relationship with the Company according
    to the cases of dismissal for just cause provided for in Brazil’s Consolidated Labor Laws, as per the wording in force at the
    time, in the case of Participants who are employees of the Company; and in the case of Participants who are non-employed statutory
    administrators or service providers, the following hypotheses: (a) Participant’s negligence in the exercise of responsibilities
    arising from his/her mandate as administrator or contracted service provider; (b) criminal conviction, even if subject to appeal,
    related to intentional crimes; (c) the practice, by the Participant, of dishonest or fraudulent acts against the Company or against
    its subsidiaries or affiliates; (d) any act or omission resulting from intent or fault of the Participant that is harmful to the
    business, image, or financial situation of the Company, its shareholders, or any controlled or affiliated companies, provided that
    it is duly proven; (e) significant violation of the instrument that regulates the exercise of the statutory manager’s mandate
    or service provider agreement entered into by the Participant with the Company or any amendments to such instrument or agreement;
    (f) non-compliance with the Company’s Bylaws, Code of Ethics and other corporate provisions applicable to the Participant,
    as an administrator or service provider; and (g) failure to comply with the obligations set forth in the Brazilian Corporation Law,
    applicable to managers of corporations, including, but not limited to, those provided for in arts. 153 to 157 of the Brazilian Corporation
    Law, obligations that will also analogously apply to service providers.
	 	 

 

 

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	Dividends	means the net amount of taxes paid per Share by way of distributions of dividends, interest on shareholders’
    equity and other earnings.
	 	 
	Change of Control Event	means the sale, directly or indirectly, of part or all of the Shares (or shares issued by Nova Holding) owned by the Current
    Controllers, or any transaction or corporate act, including corporate reorganizations, the result of which is the Disposal of Control
    through: (a) private sale of part or all of the Shares (or shares issued by Nova Holding) to a Third Party Acquirer, with effective
    receipt of the amount, or part of the amount, in local currency or in US dollars; or (b) secondary offering of all Shares (or shares
    issued by Nova Holding) or a controlling interest (direct or indirect) on a stock exchange, in Brazil or abroad.
	 	 
	Partial Liquidity Event	means the disposal of part or all of the Shares (or shares issued by Nova Holding) owned by the Current Controllers, or any corporate
    transaction or act, including corporate reorganizations, the result of which is the disposal of the Shares (or shares issued by Nova
    Holding) without the occurrence of Disposal of Control, including through: (a) private sale of part of the Shares (or shares issued
    by Nova Holding) to a Third Party Acquirer, with effective receipt of the amount, or part of the amount, in local currency or US
    dollars; or (b) secondary offering of part of the Shares (or shares issued by Nova Holding) (interest not representing Control) on
    a stock exchange, in Brazil or abroad.
	 	 
	Liquidity Event	means the occurrence of a Change of Control Event or a Partial Liquidity Event.
	 	 
	Good Leaver	means the Participant, in relation to which the Termination has occurred through: (a) execution of an exit agreement between
    the Company and the Participant, duly formalized by means of a specific instrument signed by the Company and the Participant; (b)
    the Company’s initiative, except in the case of Termination for Cause; and (c) death or permanent disability of the Participant.

 

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	Offshore Holding	Company named “Lavoro Agro Limited,” headquartered in the Cayman Islands, which holds indirect
    Control of the Company.
	 	 
	Incentive	means the incentive embodied in the receipt of value in cash, or in goods, linked to the potential appreciation of the Shares,
    proportional to the number of Reference Options attributed to the Participant, calculated in accordance with Clause 5.2 .
	 	 
	IPCA	means the Extended National Consumer Price Index, published by the Brazilian Institute of Geography and Statistics - IBGE.
	 	 
	Law	means any law, authorization, statute, regulation, rule, court or arbitration decision, or requirement enacted or imposed by
    any governmental authority.
	 	 
	Corporation Law	means Law No. 6,404, of December 15, 1976, as amended.
	 	 
	New Holding	means any legal entity, fund or entity that, within the scope of a corporate reorganization of the Offshore Holding, comes to
    be constituted and starts to hold the Control of the Offshore Holding.
	 	 
	Reference Option	means the reference unit for calculating the Incentive to which the Participant will be entitled upon verification of all the
    Conditions for Receiving the Incentive.
	 	 
	Reference Options Acquired	means the Reference Options, whose respective Grace Period has elapsed.
	 	 
	Reference Options Not Acquired	means the Reference Options, whose respective Grace Period has not elapsed.
	 	 
	Participants	means the Eligible Persons to which the Company has granted Reference Options.
	 	 
	Eligible Persons	means the Officers, Managers, Superintendents and other employees of the Company and/or its controlled companies, as well as
    individuals considered “key” to the Company, as defined by the Board of Directors.
	 	 
	Policy	means the present Long-Term Incentive Policy of the Company that replaces the Long-Term Incentive Policy, approved on March 15,
    2018 and canceled on August 17, 2022 by the Company’s Board of Directors (“1st Policy”), such that the Participants
    of the 1st Policy will have their rights guaranteed. In this way, the Reference Options granted, Exercise Price, beginning and end
    of the Grace Period, will observe the conditions set forth in the 1st Policy.

 

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	Grace period	means the period(s) after which the Reference Options become Reference Options Acquired, so that they may
    be exercisable upon verification of the Conditions for Receiving the Incentive.
	 	 
	Disposal Price per Share, or DPS	means the amount per Share (or shares issued by Nova Holding)
    effectively received by the Current Controllers in an Event of Liquidity, and said amount may be received by the Current Controllers
    in cash or in goods.

     

    For clarification purposes, the Disposal Price per Share
    is considered to be the amount received by the Current Controllers (Controlling Shareholders) within the scope of the Liquidity Event,
    after subtracting the Costs per Share of the Liquidity Event, except in cases where the Board of Directors, at its sole discretion,
    define the non-application of the Cost per Share of the Liquidity Event.

     

    In the event of a Liquidity Event through the sale of
    shares issued by Nova Holding, the Board of Directors will indicate the value attributed to the Shares of the Offshore Holding within
    the scope of the transaction. Accordingly, the value attributed to the Shares will be the Disposal Price per Share, or DPS, for the
    purposes of this Policy.

     

    The Disposal Price per Share will be corrected by the
    variation of the IPCA from the closing date of the transaction that characterized the Liquidity Event and compliance with the Conditions
    for Receipt of the Incentive until the date of payment of the Incentive.

     

    In the event of a Liquidity Event embodied in US dollars
    (USD), the Disposal Price per Share will be calculated using the average between the official selling price (PTAX) and the official
    buying price (PTAX) disclosed by the Central Bank of Brazil (BACEN) on a daily basis, considering the same date used for (a) the
    closing of the respective private sale of part or all of the Shares (or shares issued by Nova Holding) to a Third Party Acquirer;
    or (b) the pricing of the secondary offering of the Shares (or shares issued by Nova Holding) on a stock exchange in Brazil or abroad. 

	 	 
	Disposal Price per Share - Participant	means the amount per Share (or per share issued by Nova Holding) to be received by the Participant, in a Liquidity Event, as
    a result of the sale of Shares Received, in the event that the Incentive is paid upon delivery of Shares (or shares issued by Nova
    Holding), pursuant to Clause 6 of this Policy.

 

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	Reference Exercise Price	Means (a) the amount used to calculate the Minimum Return pursuant
    to Clause 4.2 (ii) of this Policy, equivalent to R$ 1.00 (one real); and (b) the amount used to calculate the Incentive pursuant
    to Clause 5.2 of this Policy, equivalent to R$ 1.00 (one real) adjusted by the IPCA variation since August 1, 2017 until payment
    of the Incentive to the Participant.

     

    If, since August 1, 2017, the Current Controllers have received
    amounts as dividends from the Offshore Holding, or payment of interest on equity, as well as arising from a capital reduction of
    the Offshore Holding, such amounts will be subtracted from the Reference Exercise Price. The amounts received, for purposes of calculating
    the Incentive pursuant to Clause 5.2 of this Policy, under the terms above, will be corrected according to the positive variation
    of the IPCA, from the date of each receipt by the Current Controllers, and until the date of payment of the Incentive to the Participant.

     

    In the event that the distributions provided for above are made
    in US dollars, the conversion of the amount to be deducted from the Reference Exercise Price will be carried out using the average
    between the official selling price (PTAX) and the official price (PTAX) of purchase disclosed by the Central Bank of Brazil (BACEN)
    on a daily basis, considering the date on which each distribution to the Current Controllers took place. 

	 	 
	Minimum Return	means the greater of the following values: (a) DPS ≥ the multiplication by 3 (three) of the Reference Exercise Price; or
    (b) the value obtained by applying the following formula: DPS ≥ Reference Exercise Price * (1.25) n where n = number
    of years (i) from August 1, 2017 , (ii) to the date of Liquidity Event; it may be a fractional number, depending on the calculation
    month, pursuant to Clause 4.2 (ii) of this Policy.
	 	 
	Third Party Purchaser	means any individual or legal entity or unincorporated entity, including, but not limited to, companies of any kind, de facto
    or de jure, consortium, partnership, association, joint venture and investment funds, which acquires Shares of the Company
    (or shares of issuance of Nova Holding) within the scope of a Liquidity Event and, on the date of approval of this Policy, is not
    (a) a shareholder, directly or indirectly, of the Company (nor its successor or heir) or (b) Affiliate of the Current Controllers.

 

2.    OBJECTIVE

 

2.1.       The
purpose of this Policy is (a) to establish the main conditions regarding the granting of Reference Options to Eligible Persons;
(b) replace the Company’s 1st Long-Term Incentive Policy, approved on March 15, 2018, and canceled on August 17, 2022 by
the Company’s Board of Directors; (c) encourage the expansion, success and achievement of the Company’s corporate
objectives; (d) align the interests of the Company’s shareholders with those of the Eligible Persons; and (e) encourage
the generation of sustainable results.

 

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2.2.       The
terms and conditions set forth herein and the procedures for granting the Reference Options will also be detailed in the respective
Contracts of Adhesion to be prepared and previously approved by the Company’s competent corporate bodies, in accordance with
market practices and in compliance with applicable legislation, the Company’s corporate acts and shareholders’
agreements filed at its Corporate headquarters.

 

2.3.       The
Company’s relevant corporate bodies may, at their sole discretion, approve a different long-term incentive structure, in place
of this Policy, so that the Eligible Persons receive share purchase options (or shares issued by Nova Holding), which will be calculated
according to the parameters set forth in this Policy and will be subject to the same conditions and terms stipulated herein.

 

3.    GENERAL CONDITIONS FOR GRANTING
REFERENCE OPTIONS

 

3.1.       Granting
of Reference Options. The granting of Reference Options will be made by the Company’s Board of Directors, observing the guidelines
established in this Policy. The Board of Directors may establish different terms and conditions for each Participant, without the need
to apply any rules for equitability, even between people who are in similar or identical situations. Acceptance of the Reference Options
and the signature of the Contract of Adhesion by the Participant are optional.

 

3.2.       Conditions
for Acquisition of Right. Once the requirements and conditions set forth in this Policy and in the respective Contracts of Adhesion are
met, the Participant will be granted Reference Options, which will entitle him/her to, after verifying all the Conditions for Receiving
the Incentive, to receive the payment of the Incentive from the Company.

 

3.3.       No
Link Maintenance Warranty. No provision of this Policy or the Contract of Adhesion will grant any Participant rights with respect to
the permanence or maintenance of his/her relationship with the Company and will not interfere, in any way, with the Company’s right
to discontinue, at any time, his/her mandate or contract with the Company.

 

3.4.       Quantitative
Limit. The granting of Reference Options, under the terms of this Policy, is subject to a global limit equivalent to a maximum of 3%
(three percent) of the total amount, on the Grant Date, of Shares representing the Offshore Holding’s capital stock.

 

4.    CONDITIONS FOR RECEIVING THE
INCENTIVE

 

4.1.       Grace
Period. The Reference Options will be subject to the Grace Period that will occur in stages, according to dates to be defined by the
Board of Directors and provided for in the relevant Contracts of Adhesion, so that, after the Grace Period has expired, the Reference
Options will become Purchased Reference Options and the Participant will be entitled to receive the Incentive linked to the Purchased
Reference Options, provided that the Conditions for Receipt of the Incentive provided for in Clause 4.2 below are verified. Unless otherwise
approved by the Board of Directors and regulated in the respective Contracts of Adhesion, the Grace Period of the Reference Options granted
to Participants shall observe the following rules:

 

(i)       1/3
(one third) of the Reference Options will become Purchased Reference Options on the 3rd (third) anniversary of the Grant Date;

 

(ii)       1/3
(one third) of the Reference Options will become Purchased Reference Options on the 4th (fourth) anniversary of the Grant Date; and

 

(iii)       1/3
(one third) of the Reference Options will become Purchased Reference Options on the 5th (fifth) anniversary of the Grant Date.

 

4.2.       Conditions
for Exercise of Reference Options and Consequent Receipt of the Incentive. Only the Reference Options Acquired (ie, those whose
Grace Period has already expired) will be entitled to receive the Incentive, in any case, solely and exclusively, when all, and not less
than all, of the following conditions for exercise of the Reference Options and consequent receipt of the Incentive (“Conditions
for Receiving the Incentive”):

 

(i)       occurrence
of a Liquidity Event with the verification of the Minimum Return; and

 

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(ii)       the
Disposal Price per Share in the Liquidity Event, is equal to or greater than the highest of the following values:

 

(a)       the
multiplication by 3 (three) of the Reference Exercise Price or

 

(b)       the
value obtained by applying the following formula:

 

DPS3
Reference Exercise Price*(1.25) n

 

Where:

 

n = is the number of years from August 1, 2017
to the date of the Liquidity Event, which may be a fractional number, depending on the calculation month.

 

5.    INCENTIVE

 

5.1.       Once
the requirements and conditions set forth in this Policy are met, including the Conditions for Receiving the Incentive in the event of
a Liquidity Event occurring, the Participant will be entitled to receive the Incentive.

 

5.2.       The
Incentive will be calculated according to the following formula:

 

INCENTIVE = (DPS - Reference
Exercise Price)    × ORA x Y%

 

Where:

 

	INCENTIVE	means the amount, in national currency, to which the Participant will be entitled
    as an Incentive.
	 	 
	ORA	means the number of Reference Options Purchased from the Participant on the date on which the Incentive
    Receipt Conditions were verified.
	 	 
	Y%	means (a) in the case of a Partial Liquidity Event, the percentage of shareholding held
    by the Controlling Shareholders and which was the object of the Partial Liquidity Event; and (b) in the case of a Change of
    Control Event, Y will always be equal to 100% (one hundred percent).

 

5.2.1.       After
the occurrence of a Partial Liquidity Event, when any new Liquidity Event takes place that meets the Conditions for Receiving the Incentive,
the Incentive will be calculated in accordance with Clause 5.2 above, provided, for purposes of calculation, that the shareholding held
by the Controlling Shareholder that was the object of the new Liquidity Event (“Y”, as provided for in Clause 5.2 ) shall
only include the percentage of Shares that were already paid in on the date of the occurrence of the first Liquidity Event.

 

5.2.2.       For
clarification purposes, after the occurrence of a Change of Control Event, in which the Current Controlling Shareholders remain holders
of equity interest (despite the Company’s Transfer of Control), without verifying the Minimum Return, all Options for Reference,
including the Purchased Reference Options, will be automatically extinguished, by operation of law, regardless of prior notice or payment
of any amount or indemnity of any nature by the Company to the Participant.

 

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5.3.       Inability
to receive the Incentive relating to Reference Options Not Acquired. In the event of a Liquidity Event and compliance with the Conditions
for Receiving the Incentive, only the Incentive related to the Purchased Reference Options will be paid to each Participant. The payment
of the Incentive referring to the Reference Options Not Acquired will remain subject to compliance with the Grace Periods, accordingly,
if (a) the Participant remains with the Company after the Liquidity Event, subject to the provisions of Clause 5.4 below, in which
the Conditions for Receiving the Incentive have been met; and (b) complies with the respective Grace Periods, the Reference Options
Not Acquired will become Reference Options Acquired, under the terms of this Policy, and the corresponding Incentive payment may be made.
In such situations, the Participant will be entitled to receive the Incentive related to such Reference Options Acquired, calculated
under the terms of Clause 5.2 above, observing the terms and conditions of this Policy and the respective Contract of Adhesion.

 

5.3.1.       For
clarification purposes, if the Participant holds Reference Options Not Acquired on the date of a Partial Liquidity Event, but which become
Reference Options Acquired after the completion of a Partial Liquidity Event due to the course of the Grace Period, the Participant will
be entitled to receive the Incentive related to such Reference Options Acquired in proportion to the shareholding held by the Controlling
Shareholder that was the object of the Partial Liquidity Event (“Y,” as provided for in Clause 5.2 ), observing the conditions
set forth in this Policy. In this case, the Disposal Price per Share will be adjusted by the IPCA from the date of the Liquidity Event
until receipt of the Incentive, for purposes of calculating the Incentive pursuant to Clause 5.2 above.

 

5.4.       Termination
by Company Initiative after Disposal of Control. Notwithstanding the provisions of Clause 5.3 above, if, after the occurrence of a Liquidity
Event Control and compliance with the Conditions for Receipt of the Incentive, a Good Leaver is terminated, the Grace Period of all Reference
Options Not Acquired held by the respective Participant will become Reference Options Acquired on the date of Termination—so that
the Participant will be entitled to receive the Incentive related to 100% (one hundred percent) of the Reference Options held by him/her.
For the avoidance of doubt, only the Termination of a Good Leaver after a Disposal of Control anticipates the Grace Period, provided
that, for the purposes of this Clause 5.4, a Termination, even if of Good Leaver, after the occurrence of a Liquidity Event Partial does
not bring forward the Grace Period.

 

5.5.       Receipt
of Incentive. Notwithstanding the provisions of Clause 5.5.2 below, upon the occurrence of a Liquidity Event, the payment of the Incentive
shall (a) be in cash or in goods, without prejudice to the provisions of Clause 6 below; (b) be under the same conditions,
terms and form as those applicable to the Current Controlling Shareholders in the Event of Liquidity; or, alternatively; and (c) at
the discretion of the Board of Directors, be under conditions, terms and form different from those applicable to the Current Controllers,
provided that, in this case, such conditions, terms and form are not less beneficial than those applicable to the Current Controllers.

 

5.5.1.       Payment
in Goods. If the payment of the Sale Price per Share is made to the Current Controllers in assets, the Current Controllers will
define the amount to be attributed to said assets for purposes of calculating the DPS value. In this case, the Participants shall receive
the payment of the Incentive in assets, in the same proportion as the amount received by the Current Controllers, and may, at the sole
discretion of the Board of Directors, receive in cash the amount corresponding to the value of the assets. If the payment of the DPS
to the Current Controllers is made in shares of a publicly-held company and listed on a stock exchange, the value attributed to calculate
the number of shares to be delivered to the Participant will be equivalent to the average value of the quotations of said shares of the
last 60 (sixty) trading days prior to the Liquidity Event date.

 

5.5.2.       Notwithstanding
the provisions of Clause 5.5 above, in the event of a Change of Control Event in which it is stipulated that the Controlling Shareholder
will receive the payment in cash and it is in the interest of the Third Party Acquirer, the Board of Directors may determine that the
payment of the Incentive due to the Participants is deferred up to 2 (two) installments, being (i) 75% (seventy-five percent)
of the amount due within 15 (fifteen) business days from the date the payment is received by the Controlling Shareholder; and (ii)
25% (five percent) of the amount due on the last business day of the 12th (twelfth) month following receipt of the installment referred
to in item (i) of this Clause, provided that a Bad Leaver Termination does not occur in this period.

 

6.    PAYMENT OF THE INCENTIVE BY DELIVERY
OF SHARES

 

6.1.       Incentive
paid upon Delivery of Shares. At the sole discretion of the Company and subject to the approval of the competent corporate bodies, the
Company may pay the Incentive upon delivery to the Participant of Shares of the Offshore Holding (or Nova Holding), upon the occurrence
of a Liquidity Event and provided that the Shares (or shares issued by Nova Holding) are listed on a stock exchange. The number of Shares
(or shares issued by Nova Holding) to be received by the Participants (“Shares Received”) will be calculated by dividing
(i) the total value of the Incentive, calculated pursuant to Clause 5.2 above, by (ii) Disposal Price per Share within
the scope of the public offering.

 

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6.2.       Payment
of Incentive in Shares within the scope of a Public Offering. In the event of payment of the Incentive upon delivery of Shares (or shares
issued by Nova Holding), whose Liquidity Event has occurred through a secondary public offering of Shares (or shares issued by Nova Holding),
the following rules will apply:

 

(i)       If
the delivery of Shares Received occurs concomitantly with the Liquidity Event, then the Participant may, at its discretion: (a) participate
in the secondary public offering, selling its Shares Received together with the Current Controlling Shareholders, in which case the Participant
will sign any and all documents necessary or convenient to carry out the secondary offering of shares, as well as provide the same representations
and guarantees as the Current Controllers, and shall also bear the Costs per Share of the Liquidity Event in proportion to the number
of Shares held by each Participant at the time of the Liquidity Event, if it has not been considered for purposes of calculating the
number of Shares Received pursuant to Clause 6.1 above and unless otherwise resolved by the Company’s Board of Directors; or (b)
not sell their Shares Received, being, however, prevented from carrying out the sale of Shares Received during the period established
by Law or in the documents of the secondary public offering, as the case may be, as contracted with the coordinators of said secondary
public offering , unless otherwise resolved by the Company’s Board of Directors; or

 

(ii)       If
the delivery of the Shares Received occurs after the Liquidity Event, the calculation of the Incentive, as well as the number of Shares
to be delivered to the Participant, will be carried out at the time of the occurrence of the Liquidity Event and the effective delivery
of the Shares Received will occur when the expiration of the Grace Period of the Reference Options Not Acquired. In this case, the Participant
will remain the holder of its Received Shares, being able to sell them on the stock exchange, provided that the term established in Clause
6.2 (i) (b) above is complied with and upon prior communication to the Company’s investor relations department.

 

7.    RULES REGARDING PARTICIPANT TERMINATION

 

7.1.       Good
Leaver Shutdown. Without prejudice to the provisions Clause 5.4 above , or the exceptions approved at the Board of Directors’
Meeting, in the event of Termination of the Participant, classified as Good Leaver, the Reference Options held by them at the time of
Termination shall observe the following:

 

(i)       the
Reference Options Not Acquired will be automatically extinguished, by operation of law, regardless of prior notice or payment of any
amount or indemnity of any nature by the Company to the Participant; and

 

(ii)       the
Reference Options Acquired will remain valid, which will continue to be held by the Participant (or his successors, as the case may be)
and may be exercised when and if the Conditions for Receiving the Incentive are fulfilled. At the sole discretion of the Board of Directors,
(a) restrictions may be imposed for the maintenance, by the Participant, of the Reference Options Acquired, as provided for in
the employment contract or employment contract (e.g. non-compete obligation); and (b) the Company may immediately liquidate the
Reference Options Acquired, through price and payment method to be established by the Board of Directors.

 

7.2.       Bad
Leaver Shutdown. In the event of Termination of the Participant, classified as Bad Leaver, all Reference Options Acquired and Reference
Options Not Acquired will be automatically extinguished, by operation of law, regardless of prior notice or payment of any amount or
indemnity of any nature by the Company to the Participant.

 

7.3.       Termination
by the Participant. In the event of the Participant’s Termination, on his/her own initiative, all Reference Options Acquired
and Reference Options Not Acquired will be automatically extinguished, by operation of law, regardless of prior notice or payment of
any amount or indemnity of any nature by the Company to the Participant. For the avoidance of doubt, upon Termination by the Participant,
there will be no qualification of Good Leaver (unless the conclusion and formalization of a departure agreement takes place, pursuant
to item (a) of the definition of the term Good Leaver) or Bad Leaver.

 

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8.    GENERAL PROVISIONS

 

8.1.       Taxes.
Any and all amounts paid by the Company to the Participants as an Incentive will be net of all taxes, fees, contributions and charges
levied on said Incentive, which will be borne by the Participants, the Company being expressly authorized to carry out any and all withholdings
that required by law. The Participant will be solely responsible for the payment of taxes eventually levied on the sale of Shares Received
under the terms of Clause 6, as well as, when applicable, any other form of long-term incentive that may replace this Policy.

 

8.2.       Term.
This Policy enters into force immediately after its approval by the Company’s Board of Directors and remains in force for a period
of 5 years. This Policy may be extinguished, amended or replaced, by a new policy, by the Board of Directors, provided that the rights
already granted to the Participants and in compliance with the Contracts of Adhesion already executed, referring to the granting of Referential
Shares, will remain in force, in accordance with their terms and conditions.

 

8.3.       The
Board of Directors may establish special treatment for certain cases and situations, during the term of the Plan, provided that the neither
the rights already granted to the Participants, nor the basic principles of the Plan, are affected. Such particular treatment will not
constitute a precedent invoked by other Participants.

 

* * *

 

    11EX-4.1

 Exhibit 4.1 

KALVISTA PHARMACEUTICALS, INC. 

FORM OF WARRANT TO PURCHASE COMMON STOCK 

Number of Shares: [    ] 

(subject to adjustment) 
  

			
	 Warrant No. [    ]
	  	Original Issue Date: [    ], 202[    ]

 KalVista Pharmaceuticals, Inc., a Delaware corporation (the “Company”), hereby certifies that, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, [    ] or its registered assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the
Company up to a total of [    ] shares of common stock, $0.001 par value per share (the “Common Stock”), of the Company (each such share, a “Warrant Share” and all such shares, the
“Warrant Shares”) at an exercise price per share equal to $0.001 per share (as adjusted from time to time as provided in Section 9 herein, the “Exercise Price”) upon surrender of this Warrant to Purchase Common
Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”) at any time and from time to time on or after the date hereof (the “Original Issue Date”),
subject to the following terms and conditions: 
 1. Definitions. For purposes of this Warrant, the following terms shall have the following
meanings: 
 (a) “Affiliate” means any Person directly or indirectly controlled by, controlling or under common control
with, a Holder, as such terms are used in and construed under Rule 405 under the Securities Act, but only for so long as such control shall continue. 

(b) “Commission” means the United States Securities and Exchange Commission. 

(c) “Closing Sale Price” means, for any security as of any date, the last trade price for such security on the Principal
Trading Market for such security, as reported by Bloomberg L.P., or, if such Principal Trading Market begins to operate on an extended hours basis and does not designate the last trade price, then the last trade price of such security prior to 4:00
P.M., New York City time, as reported by Bloomberg L.P., or if the security is not listed for trading on a national securities exchange or other trading market on the relevant date, the last quoted bid price for the security in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. (or a similar organization or agency succeeding to its functions of reporting prices). If
the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder.
If the Company and the Holder are unable to agree upon the fair market value of such security, then the Board of Directors of the Company shall use its good faith judgment to determine the fair market value. The Board of Directors’
determination shall be binding upon all parties absent demonstrable error. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation
period. 
 (d) “Principal Trading Market” means the national securities exchange or other trading market on which the
Common Stock is primarily listed on and quoted for trading, which, as of the Original Issue Date, shall be the Nasdaq Global Market. 
 (e)
“Registration Statement” means the Company’s Registration Statement on Form S-3 (File No. 333-256378), declared effective on
June 1, 2021. 
 (f) “Securities Act” means the Securities Act of 1933, as amended. 

(g) “Trading Day” means any weekday on which the Principal Trading Market is open for trading. If the Common Stock is not
listed or admitted for trading, “Trading Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in New York City are authorized or required
by law or other governmental action to close. 
 (h) “Transfer Agent” means American Stock Transfer & Trust
Company, LLC, the Company’s transfer agent and registrar for the Common Stock, and any successor appointed in such capacity. 
 2. Issuance of
Securities; Registration of Warrants. The Warrant, as initially issued by the Company, is offered and sold pursuant to the Registration Statement. As of the Original Issue Date, the Warrant Shares are issuable under the Registration Statement.
Accordingly, the Warrant and, assuming issuance pursuant to the Registration Statement or an exchange meeting the requirements of Section 3(a)(9) of the Securities Exchange Act of 1934 (the “Exchange Act”) as in effect on the
Original Issue Date, the Warrant 

 
Shares are not “restricted securities” under Rule 144 promulgated under the Securities Act. The Company shall register ownership of this Warrant, upon records to be maintained by the
Company for that purpose (the “Warrant Register”), in the name of the record Holder (which shall include the initial Holder or, as the case may be, any assignee to which this Warrant is assigned hereunder) from time to time. The
Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 

3. Registration of Transfers. Subject to compliance with all applicable securities laws, the Company shall, or will cause its Transfer Agent to,
register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, and payment for all applicable transfer taxes (if any). Upon any such registration or transfer, a new warrant to purchase Common
Stock in substantially the form of this Warrant (any such new warrant, a “New Warrant”) evidencing the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining portion of
this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the
New Warrant that the Holder has in respect of this Warrant. The Company shall, or will cause its Transfer Agent to, prepare, issue and deliver at the Company’s own expense any New Warrant under this Section 3. Until due presentment for
registration of transfer, the Company may treat the registered Holder hereof as the owner and holder for all purposes, and the Company shall not be affected by any notice to the contrary. 

4. Exercise and Duration of Warrants. 

(a) All or any part of this Warrant shall be exercisable by the registered Holder in any manner permitted by this Warrant at any time and from
time to time on or after the Original Issue Date. 
 (b) The Holder may exercise this Warrant by delivering to the Company (i) an
exercise notice, in the form attached as Schedule 1 hereto (the “Exercise Notice”), completed and duly signed, and (ii) payment of the Exercise Price for the number of Warrant Shares as to which this Warrant is being exercised
(which may take the form of a “cashless exercise” if so indicated in the Exercise Notice pursuant to Section 10 below). The date on which such exercise notice is delivered to the Company (as determined in accordance with the notice
provisions hereof) is an “Exercise Date.” The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise Notice shall have the same effect as
cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares, if any. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by
reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face
hereof. 
 5. Delivery of Warrant Shares. 

(a) Upon exercise of this Warrant, the Company shall promptly (but in no event later than three (3) Trading Days after the Exercise
Date), upon the request of the Holder, cause the Transfer Agent to credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with The
Depository Trust Company (“DTC”) through its Deposit Withdrawal Agent Commission system, or if the Transfer Agent is not participating in the Fast Automated Securities Transfer Program (the “FAST Program”) or if the
certificates are required to bear a legend regarding restriction on transferability, issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the
name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. The Holder, or any natural person or legal entity (each, a “Person”) so designated by the Holder
to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the
certificates evidencing such Warrant Shares, as the case may be. 
 (b) To the extent permitted by law, the Company’s obligations to
cause the Transfer Agent to issue and deliver Warrant Shares in accordance with and subject to the terms hereof (including the limitations set forth in Section 11 below) are absolute and unconditional, irrespective of any action or inaction by
the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any
breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance that might otherwise limit such
obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Nothing herein shall limit the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 

  
 2 

 6. Charges, Taxes and Expenses. Issuance and delivery of certificates for shares of Common
Stock, if any, upon exercise of this Warrant shall be made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense (excluding any applicable stamp duties) in respect of the issuance of such
certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration
of any certificates for Warrant Shares or the Warrants in a name other than that of the Holder or an Affiliate thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or
receiving Warrant Shares upon exercise hereof. 
 7. Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the
Company shall issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such
loss, theft or destruction (in such case) and, in each case, a customary and reasonable indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable
regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company
as a condition precedent to the Company’s obligation to issue the New Warrant. 
 8. Reservation of Warrant Shares. The Company covenants
that it will, at all times while this Warrant is outstanding, reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon
exercise of this Warrant as herein provided, the number of Warrant Shares that are initially issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than
the Holder (taking into account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with
the terms hereof, be duly and validly authorized, issued and fully paid and non-assessable. The Company will take all such action as may be reasonably necessary to assure that such shares of Common
Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or automated quotation system upon which the Common Stock may be listed. The Company further covenants
that it will not, without the prior written consent of the Holder, take any actions to increase the par value of the Common Stock at any time while this Warrant is outstanding. 

9. Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time
to time as set forth in this Section 9. 
 (a) Stock Dividends and Splits. If the Company, at any time while this Warrant is
outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a distribution on any class of capital stock issued and outstanding on the Original Issue Date and in accordance with the terms of such stock on the Original Issue
Date or as amended, as described in the Registration Statement, that is payable in shares of Common Stock, (ii) subdivides its outstanding shares of Common Stock into a larger number of shares of Common Stock, (iii) combines its
outstanding shares of Common Stock into a smaller number of shares of Common Stock or (iv) issues by reclassification of shares of capital stock any additional shares of Common Stock of the Company, then in each such case the Exercise Price
shall be multiplied by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately before such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately
after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, provided,
however, that if such record date shall have been fixed and such dividend is not fully paid on the date fixed therefor, the Exercise Price shall be recomputed accordingly as of the close of business on such record date and thereafter the
Exercise Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends. Any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date
of such subdivision or combination. 
 (b) Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding,
distributes to all holders of Common Stock for no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by the preceding paragraph), (iii) rights or warrants to subscribe
for or purchase any security, or (iv) cash or any other asset (in each case, a “Distribution”), other than a reclassification as to which Section 9(c) applies, then in each such case, the Holder shall be entitled to
participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on
exercise hereof, including without limitation, the ownership limitation set forth in Section 11(a) hereof) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the
record holders of Common Stock are to be determined for the participation in such Distribution; provided, however, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding
the ownership limitation set forth in Section 11(a) hereof, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Common Stock as a result of such Distribution to such
extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until the earlier of (i) such time, if ever, as the delivery to such Holder of such portion would not result in the Holder exceeding the
ownership limitation set forth in Section 11(a) hereof and (ii) such time as the Holder has exercised this Warrant. 

  
 3 

 (c) Fundamental Transactions. If, at any time while this Warrant is outstanding
(i) the Company effects any merger or consolidation of the Company with or into another Person, in which the Company is not the surviving entity and in which the stockholders of the Company immediately prior to such merger or consolidation do
not own, directly or indirectly, at least 50% of the voting power of the surviving entity immediately after such merger or consolidation, (ii) the Company effects any sale to another Person of all or substantially all of its assets in one
transaction or a series of related transactions, (iii) pursuant to any tender offer or exchange offer (whether by the Company or another Person), holders of capital stock tender shares representing more than 50% of the voting power of the
capital stock of the Company and the Company or such other Person, as applicable, accepts such tender for payment, (iv) the Company consummates a stock purchase agreement or other business combination (including, without limitation, a
reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than the 50% of the voting power of the capital stock of the Company
(except for any such transaction in which the stockholders of the Company immediately prior to such transaction maintain, in substantially the same proportions, the voting power of such Person immediately after the transaction) or (v) the
Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision
or combination of shares of Common Stock covered by Section 9(a) above) (in any such case, a “Fundamental Transaction”), then following such Fundamental Transaction the Holder shall have the right to receive, upon exercise of
this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the
number of Warrant Shares then issuable upon exercise in full of this Warrant without regard to any limitations on exercise contained herein (the “Alternate Consideration”). The Company shall not effect any Fundamental Transaction in
which the Company is not the surviving entity or the Alternate Consideration includes securities of another Person unless (i) the Alternate Consideration is solely cash and the Company provides for the simultaneous “cashless exercise”
of this Warrant pursuant to Section 10 below or (ii) prior to or simultaneously with the consummation thereof, any successor to the Company, surviving entity or other Person (including any purchaser of assets of the Company) shall assume
the obligation to deliver to the Holder such Alternate Consideration as, in accordance with the foregoing provisions, the Holder may be entitled to receive, and the other obligations under this Warrant. The provisions of this paragraph
(c) shall similarly apply to subsequent transactions analogous of a Fundamental Transaction type. 
 (d) Number of Warrant
Shares. Simultaneously with any adjustment to the Exercise Price pursuant to Section 9 (including any adjustment to the Exercise Price that would have been effected but for the final sentence in this paragraph (d)), the number of Warrant
Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant Shares shall be
the same as the aggregate Exercise Price in effect immediately prior to such adjustment. Notwithstanding the foregoing, in no event may the Exercise Price be adjusted below the par value of the Common Stock then in effect. 

(e) Calculations. All calculations under this Section 9 shall be made to the
nearest one-hundredth of one cent or the nearest share, as applicable. 
 (f) Notice of
Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will, at the written request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this
Warrant and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable),
describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the
Company’s Transfer Agent. 
 (g) Notice of Corporate Events. If, while this Warrant is outstanding, the Company
(i) declares a dividend or any other distribution of cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase any capital stock of the
Company or any subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of
the affairs of the Company, then, except if such notice and the contents thereof shall be deemed to constitute material non-public information, the Company shall deliver to the Holder a notice of
such transaction at least ten (10) days prior to the applicable record or effective date on which a Person would need to hold Common Stock in order to participate in or vote with respect to such transaction; provided, however,
that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required to be described in such notice. In addition, if while this Warrant is outstanding, the Company authorizes or approves,
enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction contemplated by Section 9(c), other than a Fundamental Transaction under clause (iii) of Section 9(c), then, except if such
notice and the contents thereof shall be deemed to constitute material non-public information, the Company shall deliver to the Holder a notice of such Fundamental Transaction at least ten (10) days prior
to the date such Fundamental Transaction is consummated. Holder agrees to maintain any information disclosed pursuant to this Section 9(g) in confidence until such information is publicly available, and shall comply with applicable law with
respect to trading in the Company’s securities following receipt of any such information. 

  
 4 

 10. Payment of Cashless Exercise Price. Notwithstanding anything contained herein to
the contrary, the Holder may, in its sole discretion, satisfy its obligation to pay the Exercise Price through a “cashless exercise,” in which event the Company shall issue to the Holder the number of Warrant Shares in an exchange of
securities effected pursuant to Section 3(a)(9) of the Securities Act as determined as follows: 
 X =
Y [(A-B)/A] 
 where: 

“X” equals the number of Warrant Shares to be issued to the Holder; 

“Y” equals the total number of Warrant Shares with respect to which this Warrant is then being exercised; 

“A” equals the Closing Sale Price per share of Common Stock as of the Trading Day on the date immediately preceding the Exercise
Date; and 
 “B” equals the Exercise Price per Warrant Share then in effect on the Exercise Date. 

For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in such a
“cashless exercise” transaction shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued (provided that the
Commission continues to take the position that such treatment is proper at the time of such exercise). In the event that the Registration Statement or another registration statement registering the issuance of Warrant Shares is, for any reason, not
effective at the time of exercise of this Warrant, then the Warrant may only be exercised through a cashless exercise, as set forth in this Section 10. 

In no event will the exercise of this Warrant be settled in cash. 

11. Limitations on Exercise. 
 (a)
Notwithstanding anything to the contrary contained herein, the Company shall not effect any exercise of this Warrant, and the Holder shall not be entitled to exercise this Warrant for a number of Warrant Shares in excess of that number of Warrant
Shares which, upon giving effect or immediately prior to such exercise, would cause (i) the aggregate number of shares of Common Stock beneficially owned by the Holder, its Affiliates and any other Persons whose beneficial ownership of Common
Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act to exceed 9.99% (the “Maximum Percentage”) of the total number of issued and outstanding shares of Common Stock of the Company
following such exercise, or (ii) the combined voting power of the securities of the Company beneficially owned by the Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the
Holder’s for purposes of Section 13(d) of the Exchange Act to exceed 9.99% of the combined voting power of all of the securities of the Company then outstanding following such exercise. For purposes of this Warrant, in determining the
number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Form 10-Q or Form 10-K, as the case may be, filed with the Commission prior to the Exercise Date, (y) a more recent public announcement by the Company or (z) any other notice by the Company or its Transfer
Agent setting forth the number of shares of Common Stock outstanding. Upon the written request of the Holder, the Company shall within three (3) Trading Days confirm in writing or by electronic mail to the Holder the number of shares of Common
Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder since the date as of
which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the Holder may from time to time increase or decrease the Maximum Percentage to any other percentage, not in excess of 19.99%, specified in such
notice; provided that any such increase or decrease will not be effective until the sixty-first (61st) day after such notice is delivered to the Company. For purposes of this Section 11(a), the aggregate number of shares of Common Stock
or voting securities beneficially owned by the Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act shall include
the shares of Common Stock issuable upon the exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (x) exercise of the remaining
unexercised and non-cancelled portion of this Warrant by the Holder and (y) exercise or conversion of the
unexercised, non-converted or non-cancelled portion of any other securities of the Company that do not have voting power (including without
limitation any securities of the Company which would entitle the holder thereof to acquire at any time Common Stock, including without limitation any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible
into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock), is subject to a limitation on conversion or exercise analogous to the limitation contained herein and is beneficially owned by the Holder or
any of its Affiliates and other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act. 

(b) This Section 11 shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to
determine the amount of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9(c) of this Warrant. 

  
 5 

 12. No Fractional Shares. No fractional Warrant Shares will be issued in connection with any
exercise of this Warrant. In lieu of any fractional shares that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the next whole number. 

13. Notices. Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall be in
writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile or confirmed e-mail prior to 5:30
P.M., New York City time, on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile or confirmed e-mail on a day that
is not a Trading Day or later than 5:30 P.M., New York City time, on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service specifying next business day delivery, or
(iv) upon actual receipt by the Person to whom such notice is required to be given, if by hand delivery. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 If to the Company: 

KalVista Pharmaceuticals , Inc. 

Attention: Chief Financial Officer 

55 Cambridge Parkway 
 Suite
901E, Cambridge, MA 02142 
 Telephone: 

Fax: 
 Email: 

If to the Holder, to its address, facsimile number or e-mail address set forth herein or on
the books and records of the Company. 
 Or, in each of the above instances, to such other address, facsimile number
or e-mail address as the recipient party has specified by written notice given to each other party at least five (5) days prior to the effectiveness of such change. 

14. Warrant Agent. The Company shall initially serve as warrant agent under this Warrant. Upon ten (10) days’ notice to the Holder, the
Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any
corporation to which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant
agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register. 

15. Miscellaneous. 
 (a) No
Rights as a Stockholder. The Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall
anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, 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, amalgamation, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the
issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. 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. 

(b) Authorized Shares. Except and to the extent as waived or consented to by the Holder, the Company shall not by any action,
including, without limitation, amending its certificate or articles of incorporation 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 of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights
of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (b) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable Warrant
Shares upon the exercise of this Warrant, and (c) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the
Company to perform its obligations under this Warrant. 

  
 6 

 (c) Successors and Assigns. Subject to compliance with applicable securities laws,
this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company without the written consent of the Holder, except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding on and inure to the
benefit of the Company and the Holder and their respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal or equitable
right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed by the Company and the Holder, or their successors and assigns. 

(d) Amendment and Waiver. Except as otherwise provided herein, the provisions of the Warrants may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder. 

(e) Acceptance. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions
contained herein. 
 (f) Governing Law; Jurisdiction. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND
INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY
SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR
DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE
JURISDICTION OF ANY SUCH COURT. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR
CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PERSON AT THE ADDRESS IN EFFECT FOR NOTICES TO IT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED
HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. EACH OF THE COMPANY AND THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY. 

(g) Headings. The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit
or affect any of the provisions hereof. 
 (h) Severability. In case any one or more of the provisions of this Warrant shall be
invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the Company and the Holder will attempt in good faith to agree
upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 7 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its
authorized officer as of the date first indicated above. 
  

			
	KALVISTA PHARMACEUTICALS, INC.
		
	By:	 	 
		 	Name: Benjamin L. Palleiko
		 	Title: Chief Business and Financial Officer

 SCHEDULE 1 

FORM OF EXERCISE NOTICE 

[To be executed by the Holder to purchase shares of Common Stock under the Warrant] 

Ladies and Gentlemen: 
 (1) The undersigned is the Holder of
Warrant No._______(the “Warrant”) issued by KalVista Pharmaceuticals, Inc., a Delaware corporation (the “Company”). Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the
Warrant. 
 (2) The undersigned hereby exercises its right to purchase ___________Warrant Shares pursuant to the Warrant. 

(3) The Holder intends that payment of the Exercise Price shall be made as (check one): 

 

	 	☐	 Cash Exercise 

  

	 	☐	 “Cashless Exercise” under Section 10 of the Warrant 

(4) If the Holder has elected a Cash Exercise, the Holder shall pay the sum of $____________ in immediately available funds to the Company in accordance with
the terms of the Warrant. 
 (5) Pursuant to this Exercise Notice, the Company shall deliver to the Holder Warrant Shares determined in accordance with the
terms of the Warrant. The Warrant Shares shall be delivered to the following DWAC Account Number: 
 _______________________ 

(6) By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise evidenced hereby the
Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be owned under Section 11(a) of the Warrant
to which this notice relates. 
  

			
		
	 Dated:
	 	 
		
	 Name of Holder:
	 	 
		
	 By:
	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 

 (Signature must conform in all respects to name of Holder as specified on the face of the Warrant)

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