Document:

Exhibit 4.4

 

 

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 AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR,
IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER,
PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION.

 

WARRANT TO PURCHASE STOCK

 

Company:   Chimerix,
Inc., a Delaware corporation

Number of
Shares:   58,680, subject to adjustment

Class of
Stock:   Series D Preferred Stock, $0.001 par value per share

Warrant
Price:   $2.045, subject to adjustment

Issue Date:   November
24, 2008

Expiration
Date:   November 24, 2018

Credit
Facility:   This Warrant is issued in connection with that certain Loan and Security Agreement of even date herewith
between Silicon Valley Bank and the Company.

 

               THIS
WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK (Silicon Valley Bank, together with any successor
or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, is referred to hereinafter as
“Holder”) is entitled to purchase the number of fully paid and non-assessable shares (the “Shares”) of
the above-stated Class 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 Article 2 of this Warrant, subject to the provisions and upon
the terms and conditions set forth in this Warrant.

 

ARTICLE
1. EXERCISE.

 

1.1          Method
of Exercise. Holder may exercise this Warrant by delivering the original of this Warrant together with a duly executed Notice
of Exercise in substantially the form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising
the conversion right set forth in Article 1.2, Holder shall also deliver to the Company a check, wire transfer (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.

 

1.2          Conversion
Right. In lieu of exercising this Warrant as specified in Article 1.1, Holder may from time to time convert this Warrant, in
whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities
otherwise issuable upon exercise of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value
of one Share. The fair market value of the Shares shall be determined pursuant to Article 1.3.

 

    	 

    	 

    

 

1.3          Fair
Market Value. If the Company’s common stock is traded in a public market and the Shares are common stock, the fair market
value of a Share shall be the closing price of a share of common stock reported for the business day immediately before Holder
delivers this Warrant together with its Notice of Exercise to the Company (or in the instance where the Warrant is exercised immediately
prior to the effectiveness of the Company’s initial public offering (“IPO”), the “price to public”
per share price specified in the final prospectus relating to such offering). If the Company’s common stock is traded in
a public market and the Shares are preferred stock, the fair market value of a Share shall be the closing price of a share of the
Company’s common stock reported for the business day immediately before Holder delivers this Warrant together with its Notice
of Exercise to the Company (or, in the instance where the Warrant is exercised immediately prior to the effectiveness of the IPO,
the initial “price to public” per share price specified in the final prospectus relating to such offering), in both
cases, multiplied by the number of shares of the Company’s common stock into which a Share is convertible. If the Company’s
common stock is not traded in a public market, the Board of Directors of the Company shall determine fair market value in its reasonable
good faith judgment.

 

1.4          Delivery
of Certificate and New Warrant. Promptly after Holder exercises or converts this Warrant and, if applicable, the Company receives
payment of the aggregate Warrant Price, the Company shall deliver to Holder certificates for the Shares acquired and, if this Warrant
has not been fully exercised or converted and has not expired, a new Warrant representing the Shares not so acquired.

 

1.5          Replacement
of Warrants. 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
and amount to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company shall execute
and deliver, in lieu of this Warrant, a new warrant of like tenor.

 

1.6          Treatment
of Warrant Upon Acquisition of Company.

 

1.6.1           “Acquisition”.
For the purpose of this Warrant, “Acquisition” means any sale, exclusive license, or other disposition of all or substantially
all of the assets of the Company, or any reorganization, consolidation, merger or sale of outstanding capital stock of the Company
where the holders of the Company’s securities before the transaction beneficially own less than a majority of the outstanding
voting securities of the surviving entity after the transaction.

 

1.6.2           Treatment
of Warrant at Acquisition.

 

A)         Upon
the written request of the Company, Holder agrees that, in the event of an Acquisition in which the sole consideration is cash
and/or Marketable Securities, either (a) Holder shall exercise its conversion or purchase right under this Warrant and such exercise
will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder elects not to exercise the
Warrant, this Warrant will expire upon the consummation of such Acquisition. The Company shall provide the Holder with written
notice of its request relating to the foregoing (together with such reasonable information as the Holder may request in connection
with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days
prior to the closing of the proposed Acquisition.

 

    	2

    	 

    

 

B)         Upon
the written request of the Company, Holder agrees that, in the event of an Acquisition that is an “arms length” sale
of all or substantially all of the Company’s assets (and only its assets) to a third party that is not an Affiliate (as defined
below) of the Company (a “True Asset Sale”), either (a) Holder shall exercise its conversion or purchase right under
this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder
elects not to exercise the Warrant, this Warrant will continue until the Expiration Date if the Company continues as a going concern
following the closing of any such True Asset Sale. The Company shall provide the Holder with written notice of its request relating
to the foregoing (together with such reasonable information as the Holder may request in connection with such contemplated Acquisition
giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed
Acquisition.

 

C)         Upon
the closing of any Acquisition other than those particularly described in subsections (A) and (B) above, the successor entity shall
assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities, cash, and property as would
be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding
on the record date for the Acquisition and subsequent closing. The Warrant Price and/or number of Shares shall be adjusted accordingly.

 

D)         As
used in this Article 1.6, (a) “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 or convert this Warrant on or prior to the closing thereof
is then listed or quoted for trading on a national securities exchange or a national inter-dealer quotation system, and (iii) Holder
would not be not be restricted by contract or by applicable federal and state securities laws from publicly re-selling, within
six (6) months and one day following the closing of such Acquisition, all of the issuer’s shares and/or other securities
that would be received by Holder in such Acquisition were Holder to exercise or convert this Warrant in full on or prior to the
closing of such Acquisition; and (b) “Affiliate” shall mean any person or entity that owns or controls directly or
indirectly ten percent (10%) or more of the stock of Company, any person or entity that controls or is controlled by or is under
common control with such persons or entities, and each of such person’s or entity’s officers, directors, joint venturers
or partners, as applicable.

 

ARTICLE
2. ADJUSTMENTS TO THE SHARES.

 

2.1           Stock
Dividends, Splits, Etc. If the Company declares or pays a dividend on the outstanding shares of the Class payable in common
stock or other securities, then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder,
the total number and kind of securities to which Holder would have been entitled had Holder owned the Shares of record as of the
date the dividend 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.

 

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2.2           Reclassification,
Exchange, Combinations or Substitution. Upon any reclassification, exchange, substitution, or other event that results in a
change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled
to receive, upon exercise or conversion of this Warrant, the number and kind of securities and property that Holder would have
received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or
other event. Such an event shall include, without limitation, any automatic conversion of the outstanding or issuable securities
of the Company of the same class or series as the Shares to common stock pursuant to the terms of the Company’s Amended and
Restated Certificate of Incorporation, as amended and in effect from time to time (the “Certificate”). The Company
or its successor shall promptly issue to Holder an amendment to this Warrant setting forth the number and kind of such new securities
or other property issuable upon exercise or conversion of this Warrant as a result of such reclassification, exchange, substitution
or other event that results in a change of the number and/or class of securities issuable upon exercise or conversion of this Warrant.
The amendment to this Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Article 2 including, without limitation, adjustments to the Warrant Price and to the number of securities
or property issuable upon exercise of the new Warrant. The provisions of this Article 2.2 shall similarly apply to successive reclassifications,
exchanges, substitutions, or other events.

 

2.3           Adjustments
for Diluting Issuances. The number of shares of common stock issuable upon conversion of the Shares shall be subject to adjustment,
from time to time in the manner set forth in the Certificate as if the Shares were issued and outstanding on and as of the date
of any such required adjustment. The provisions set forth for the Class in the Certificate relating to the above in effect as of
the Issue Date may not be amended, modified or waived, without the prior written consent of Holder unless such amendment, modification
or waiver affects the rights associated with the Shares in the same manner as such amendment, modification or waiver affects the
rights associated with all other shares of the Class.

 

2.4           No
Impairment. The Company shall not, by amendment of the Certificate or through a reorganization, transfer of assets, consolidation,
merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms to be observed or performed under this Warrant by the Company, but shall at all times in good faith assist
in carrying out of all the provisions of this Article 2 and in taking all such action as may be necessary or appropriate to protect
Holder’s rights under this Article against impairment. Notwithstanding the foregoing in this Article 2.4, and without limiting
any other provision of this Warrant, the Company shall not have been deemed to have impaired Holder’s rights hereunder if:
(a) it amends its Certificate, and/or the holders of the Company’s preferred stock waive rights thereunder, in a manner that
does not affect the Shares differently from the effect that such amendment and/or waiver has on the rights, preferences, privileges
or restrictions of all other shares of the Class, or (b) the Shares are not differently affected than all other shares of the Class
in connection with any reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or
any other voluntary action.

 

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2.5          Fractional
Shares. No fractional Shares shall be issuable upon exercise or conversion of the 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 or conversion of the
Warrant, the Company shall eliminate such fractional share interest by paying Holder the amount computed by multiplying the fractional
interest by the fair market value of a full Share.

 

2.6          Certificate
as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company shall promptly notify
Holder in writing, and, at the Company’s expense, promptly compute such adjustment, and furnish Holder with a certificate
of its Chief Financial Officer (or other authorized officer) setting forth such adjustment and the facts upon which such adjustment
is based. The Company shall, upon written request, furnish Holder a certificate setting forth the Warrant Price, Class and number
of Shares in effect upon the date thereof and the series of adjustments leading to such Warrant Price, Class and number of Shares.

 

ARTICLE
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 price per share at which shares of the
same class and series as the Shares were last issued in an arms-length transaction in which at least $500,000 of such shares were
sold.

 

(b)          All
Shares which may be issued upon the exercise of the purchase right represented by this Warrant, and all securities, if any, issuable
upon conversion of the Shares, 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, under the Company’s Bylaws or the
Rights Agreement (as defined below), or under applicable federal and state securities laws.

 

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

 

3.2          Notice
of Certain Events. If the Company proposes at any time (a) to 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) to 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) to effect any reclassification, reorganization
or recapitalization of the shares of the Class; or (d) to effect an Acquisition or to liquidate, dissolve or wind up; then, in
connection with each such event, the Company shall give Holder: (1) at least 10 days prior written notice of 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
shares of the same class and series as the Shares will be entitled thereto) or for determining rights to vote, if any, in respect
of the matters referred to in (c) and (d) above; and (2) in the case of the matters referred to in (c) and (d) above at least 10
days prior written notice of the date when the same will take place (and specifying the date on which the holders of shares of
the same class and series as the Shares will be entitled to exchange their shares for the securities or other property deliverable
upon the occurrence of such event).

 

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3.3           Registration
Under Securities Act of 1933, as amended. The Company agrees that the Shares or, if the Shares are convertible into common
stock of the Company, such common stock, shall have certain incidental, or “Piggyback,” and S-3 registration rights
pursuant to and as set forth in the Company’s Amended and Restated Investor Rights Agreement dated February 23, 2007, as
amended and in effect from time to time (the “Rights Agreement”). Holder and the Company shall execute and deliver
a joinder agreement, counterpart signature page, instrument of accession or similar instrument to the Rights Agreement for purposes
of effecting the foregoing grant of registration rights. 

 

3.4           No
Shareholder Rights. Except as provided in this Warrant, Holder will not have any rights as a shareholder of the Company until
the exercise of this Warrant.

 

3.5           Certain
Information. The Company agrees to provide Holder at any time and from time to time with such information as Holder may reasonably
request for purposes of Holder’s compliance with regulatory, accounting and reporting requirements applicable to Holder.

 

ARTICLE
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 securities to be acquired upon exercise of this Warrant by Holder will be 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.

 

4.2           Disclosure
of Information. Holder 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 and 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.

 

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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 or conversion 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 or conversion 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.

 

ARTICLE
5. MISCELLANEOUS.

 

5.1           Term:
This Warrant is exercisable in whole or in part at any time and from time to time on or before the Expiration Date.

 

5.2           Legends.
This Warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall
be imprinted with a legend in substantially the following form:

 

THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE ACT, OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT
AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 OF THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE COMPANY TO SILICON VALLEY BANK
DATED AS OF NOVEMBER 24, 2008 MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED
UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE
ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION.

 

5.3           Compliance
with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without 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 SVB Financial Group (Silicon
Valley Bank’s parent company) or any other affiliate of Holder, provided that any such transferee is an “accredited
investor” as defined in Regulation D promulgated under the Act.

 

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5.4         Transfer
Procedure. After receipt by Silicon Valley Bank (“Bank”) of the executed Warrant, Bank will transfer all of this
Warrant to SVB Financial Group, Holder’s parent company. Subject to the provisions of Article 5.3 and upon providing the
Company with written notice, SVB Financial Group and any subsequent Holder may transfer all or part of this Warrant or the Shares
issuable upon exercise of this Warrant (or the securities issuable directly or indirectly, upon conversion of the Shares, if any)
to any transferee, provided, however, in connection with any such transfer, SVB Financial Group or any subsequent Holder will
give the Company written notice of the portion of the Warrant 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). The Company may refuse to transfer this Warrant or the Shares to any person who directly competes with the Company,
unless, in either case, the stock of the Company is publicly traded.

 

5.5         Notices.
All notices and other communications from the Company to the Holder, or vice versa, shall be in writing and deemed delivered and
effective when given personally or mailed by first-class registered or certified mail, postage prepaid (or on the first business
day after transmission by facsimile), 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. All notices to Holder shall be addressed as follows until the Company
receives written notice of a change of address in connection with a transfer or otherwise:

 

SVB Financial Group

Attn: Treasury
Department

3003 Tasman Drive,
HA 200

Santa Clara, CA
95054

Telephone: 408-654-7400

Facsimile: 408-496-2405

 

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

 

Chimerix, Inc.

Attn: Chief Executive
Officer

2505 Meridian Parkway,
Suite 340

Durham, NC 27713

Telephone: 919-806-1074

Facsimile: 919-806-1146

 

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

 

5.7         Attorney’s
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.

 

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5.8           Automatic
Conversion upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or other security
issuable upon the exercise hereof) as determined in accordance with Article 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 converted pursuant to Article 1.2 above
as to all Shares (or such other securities) for which it shall not previously have been exercised or converted, and the Company
shall promptly deliver a certificate representing the Shares (or such other securities) issued upon such conversion to Holder.

 

5.9           Counterparts.
This Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement.

 

5.10         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.

 

5.11         Market
Stand-Off Provision. The Holder hereby agrees to be bound by the “Market Stand-Off” provision in Section 1.14 of
the Rights Agreement

 

“COMPANY”

 

CHIMERIX, INC.

 

	By:	/s/ George R. Painter
	 	 
	Name: 	George R. Painter
	 	(Print)
	 	 
	Title:	Pres & CEO

 

“HOLDER”

 

SILICON VALLEY BANK

 

	By:	/s/ Corey
    Waters
	 	 
	Name: 	Corey Waters
	 	(Print)
	 	 
	Title:	VP/Relationship Manager

 

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APPENDIX
1

 

NOTICE
OF EXERCISE

 

1.           Holder
elects to purchase ____________ shares of the Common/Series _______ Preferred [strike one] Stock of _______________________
pursuant to the terms of the attached Warrant, and tenders payment of the purchase price of the shares in full.

 

[or]

 

1.           Holder
elects to convert the attached Warrant into Shares/cash [strike one] in the manner specified in the Warrant. This conversion is
exercised for ________________________ of the Shares covered by the Warrant.

 

[Strike paragraph that does
not apply.]

 

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

 

	 	 	 
	 	Holders Name	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	(Address)	 

 

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

 

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

 

    	10Exhibit 4.5

 

 

NEITHER THIS WARRANT NOR THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO SALE OR DISPOSITION
MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO
OR AN OPINION OF COUNSEL FOR THE HOLDER, SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT
OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.

 

WARRANT TO PURCHASE 21,000 SHARES
OF SERIES B-l PREFERRED STOCK

 

Nov. 5, 2003                             

THIS CERTIFIES THAT, for value received,
General Electric Capital Corporation (“Holder”) is entitled to subscribe for and purchase Twenty One Thousand
(21,000) shares of the fully paid and nonassessable Series B-l Preferred Stock (the “Shares” or the “Preferred Stock”)
of CHIMERIX, INC., a Delaware corporation (the “Company”), at the Warrant Price (as hereinafter defined), subject to
the provisions and upon the terms and conditions hereinafter set forth. As used herein, the term “Series B-l Preferred Stock”
shall mean the Company’s presently authorized Series B-l Preferred Stock and any stock into which such Series B-l Preferred Stock
may hereafter be converted or exchanged.

 

1.   Warrant Price.
The “Warrant Price” shall initially be One and 50/100 dollars ($1.50) per share, subject to adjustment as provided in
Section 7 below.

 

2.   Conditions
to Exercise. The purchase right represented by this Warrant may be exercised at any time, or from time to time, in whole or
in part during the term commencing on the date hereof and ending at 5:00 P.M. Pacific time on the tenth anniversary of the date
of this Warrant.

 

3.   Method of Exercise;
Payment; Issuance of Shares; Issuance of New Warrant.

 

(a) Cash Exercise. Subject to Section
2 hereof, the purchase right represented by this Warrant may be exercised by the Holder hereof, in whole or in part, by the surrender
of this Warrant (with a duly executed Notice of Exercise in the form attached hereto) at the principal office of the Company (as
set forth in Section 17 below) and by payment to the Company, by check, of an amount equal to the then applicable Warrant Price
per share multiplied by the number of shares then being purchased. In the event of any exercise of the rights represented by this
Warrant, certificates for the shares of stock so purchased shall be in the name of, and delivered to, the Holder hereof, or as
such Holder may direct (subject to the terms of transfer contained herein and upon payment by such Holder hereof of any applicable
transfer taxes). Such delivery shall be made within 30 days after exercise of the Warrant and at the Company’s expense and, unless
this Warrant has been fully exercised or expired, a new Warrant having terms and conditions substantially identical to this Warrant
and representing the portion of the Shares, if any, with respect to which this Warrant shall not have been exercised, shall also
be issued to the Holder hereof within 30 days after exercise of the Warrant.

 

    	 

    	 

    

 

(b) Net Issue Exercise. Holder may
also elect to receive shares equal to the value of this Warrant (or of any portion thereof remaining unexercised) by surrender
of this Warrant at the principal office of the Company together with notice of such election, in which event the Company shall
issue to Holder the number of shares of the Company’s Preferred Stock computed using the following formula:

 

X = Y (A-B)

            A

 

Where X = the number of shares
of Preferred Stock to be issued to Holder.

Y = the
number of shares of Preferred Stock purchasable under this Warrant (at the date of such calculation).

A = the
Fair Market Value of one share of the Company’s Preferred Stock (at the date of such calculation).

B = Warrant
Price (as adjusted to the date of such calculation).

 

(c) Fair Market Value. For purposes
of this Section 3, Fair Market Value of one share of the Company’s Preferred Stock shall mean:

 

(i)          In
the event of an exercise in connection with an initial public offering of the Company’s Common Stock registered under the Act (as
defined below), the per share Fair Market Value for the Preferred Stock shall be the offering price at which the underwriters initially
sell Common Stock to the public (if applicable, multiplied by the number of shares of Common Stock into which each share of Preferred
Stock is then convertible); or

(ii)         The
average of the closing bid and asked prices of Common Stock quoted in the Over-The-Counter Market Summary, the last reported
sale price quoted on the Nasdaq National Market (“NNM”) or on any exchange on which the Common Stock is listed,
whichever is applicable, as published in the Western Edition of the Wall Street Journal for the ten (10) trading days
prior to the date of determination of Fair Market Value, (if applicable, multiplied by the number of shares of Common Stock
into which each share of Preferred Stock is then convertible); or

(iii)        In
the event of an exercise in connection with a merger, acquisition or other consolidation in which the Company is not the surviving
entity, the per share Fair Market Value for the Preferred Stock shall be the value to be received per share of Preferred Stock
by all holders of the Preferred Stock in such transaction as determined by the Board of Directors; or

(iv)        In
any other instance, the per share Fair Market Value for the Preferred Stock shall be as determined in good faith by the Company’s
Board of Directors.

In the event of 3(c)(iii) or
3(c)(iv), above, the Company’s Board of Directors shall prepare a certificate, to be signed by an authorized officer of the Company,
setting forth in reasonable detail the basis for and method of determination of the per share Fair Market Value of the Preferred
Stock. The Board will also certify to the Holder that this per share Fair Market Value will be applicable to all holders of the
Company’s Preferred Stock. In the event such determination is made under 3(c)(iii), such certification must be made to Holder at
least ten (10) days prior to the proposed effective date of the merger, consolidation, sale, or other triggering event as defined
in 3(c)(iii).

 

    	- 2 -

    	 

    

 

(d) Automatic Exercise. To the extent
this Warrant is not previously exercised, and its exercise in accordance with Sections 3(b) and 3(c) hereof would result in the
issuance of shares of Preferred Stock, it shall be automatically exercised in accordance with Sections 3(b) and 3(c) hereof (even
if not surrendered) immediately before its expiration, involuntary termination or cancellation.

 

4.   Representations and
Warranties of Holder and the Company

 

(a) Representations and Warranties by Holder.
The Holder represents and warrants to the Company with respect to this purchase as follows:

 

(i)         The
Holder has substantial experience in evaluating and investing in private placement transactions of securities of companies similar
to the Company so that the Holder is capable of evaluating the merits and risks of its investment in the Company and has the capacity
to protect its interests.

 

(ii)        Except
for transfers to a Holder affiliate, the Holder is acquiring the Warrant and the Shares of Preferred Stock issuable upon exercise
of the Warrant (collectively the “Securities”) for investment for its own account and not with a view to, or for resale
in connection with, any distribution thereof. The Holder understands that the Securities have not been registered under the Securities
Act of 1933, as amended (the “Act”) by reason of a specific exemption from the registration provisions of the Act which
depends upon, among other things, the bona fide nature of the investment intent as expressed herein.

 

(iii)       The
Holder acknowledges that the Securities must be held indefinitely unless subsequently registered under the Act or an exemption
from such registration is available. The Holder is aware of the provisions of Rule 144 promulgated under the Act.

 

(iv)       The
Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.

 

(v)        The
Holder has had an opportunity to discuss the Company’s business, management and financial affairs with its management and an opportunity
to review the Company’s facilities. The Holder understands that such discussions, as well as the written information issued by
the Company, were intended to describe the aspects of the Company’s business and prospects which the Company believes to be material
but were not necessarily a thorough or exhaustive description.

 

(b) Company hereby represents and warrants
to Holder that, except as set forth in the schedule attached to this Warrant as Exhibit A (the “Disclosure Schedule”),
the statements in the following paragraphs of this Section 4(b) are true and correct (a) as of the date hereof and (b) except where
any such representation and warranty relates specifically to an earlier date, as of the date of any exercise of this Warrant.

 

(i)          Corporate
Organization and Authority. Company (a) is a corporation duly organized, validly existing, and in good standing in its jurisdiction
of incorporation, (b) has the corporate power and authority to own and operate its properties and to carry on its business as now
conducted and as proposed to be conducted; and (c) is qualified as a foreign corporation in all jurisdictions where such qualification
is required, except where the failure to so qualify would not have a material adverse effect on the Company’s business.

 

    	- 3 -

    	 

    

 

(ii)         Corporate
Power. Company has all requisite legal and corporate power and authority to execute, issue and deliver the Warrant, to issue
the Preferred Stock issuable upon exercise or conversion of the Warrant, and to carry out and perform its obligations under the
Warrant.

 

(iii)        Authorization;
Enforceability. All corporate action on the part of Company, its officers, directors and shareholders necessary for the authorization,
execution, delivery and performance of its obligations under this Warrant and for the authorization, issuance and delivery of the
Warrant and the Preferred Stock issuable upon exercise of the Warrant has been taken and this Warrant constitutes the legally binding
and valid obligation of Company enforceable against the Company in accordance with its terms, except as limited by (a) applicable
bankruptcy and insolvency laws and (b) general principles of equity that restrict the availability of equitable remedies.

 

(iv)        Valid
Issuance of Warrant and Preferred Stock. The Warrant has been validly issued and is free of restrictions on transfer other
than restrictions on transfer (a) created by or imposed upon the Holder through no action by the Company, or (b) as set forth herein
or under applicable state and federal securities laws or the Company’s Bylaws. The Preferred Stock issuable upon conversion of
this Warrant, when issued, sold and delivered in accordance with the terms of this Warrant for the consideration expressed herein,
will be duly and validly issued, fully paid and nonassessable, and will be free of restrictions on transfer other than restrictions
on transfer (a) created by or imposed upon the Holder through no action by the Company, or (b) under this Warrant, applicable state
and federal securities laws or the Company’s Bylaws. Subject to applicable restrictions on transfer, the issuance and delivery
of the Warrant and the Preferred Stock issuable upon conversion of the Warrant are not subject to any preemptive or other similar
rights that will not have been properly complied with or waived. Assuming the accuracy of the Holder’s representations and warranties
set forth in Section 4(a) and pursuant to the Notice of Exercise in the form attached hereto, the offer, sale and issuance of the
Warrant and Preferred Stock, respectively, as contemplated by this Warrant, are exempt from the prospectus and registration requirements
of applicable United States federal and state security laws, and neither Company nor any authorized agent acting on its behalf
has or will take any action hereafter that would cause the loss of such exemption.

 

(v)         No
Conflict with Other Instruments. The execution, delivery, and performance of this Warrant will not result in any violation
of, be in conflict with, or constitute a default under, with or without the passage of time or the giving of notice (a) any provision
of Company’s Certificate of Incorporation or by-laws; (b) any provision of any judgment, decree, or order to which Company is a
party or by which it is bound; (c) any contract, obligation, or commitment to which Company is a party or by which it is bound;
or (d) any statute, rule, or governmental regulation applicable to Company, except in each case where such violation, conflict
or default would not have a material adverse effect on the Company’s business.

 

    	- 4 -

    	 

    

 

(vi)        Capitalization.
As of the date hereof, the authorized capital stock of Company consists of 15,000,000 shares of Common Stock, $0.001 par value,
of which 4,165,000 are issued and outstanding, and 5,308,879 shares of Preferred Stock, $0.001 par value, of which 800,000 are
designated Series A Preferred Stock, all of which are issued and outstanding, 2,233,879 are designated Series B Preferred Stock,
all of which are issued and outstanding, and 2,275,000 are designated Series B-l Preferred Stock, 2,033,333 of which are issued
and outstanding. Such outstanding shares have been duly authorized and validly issued (including, without limitation, issued in
compliance with applicable federal and state securities laws) and are fully paid and nonassessable. Company has reserved 21,000
shares of Common Stock for issuance upon conversion of the Preferred Stock. Except as set forth in the Disclosure Schedule, as
of the date hereof, there are no outstanding warrants, options, conversion privileges, preemptive rights or other rights or agreements
to purchase or otherwise acquire or issue any equity securities or convertible securities of Company, nor has the issuance of any
of the aforesaid rights to acquire securities of Company been authorized.

 

(vii)       Governmental
Consents. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing
with, any federal, state or local governmental authority on the part of Company is required in connection with the offer, sale
or issuance of the Warrant (and the Preferred Stock issuable upon exercise of the Warrant), except for the following: (a) the filing
of a notice on Form D under the Act and (b) the compliance with other applicable state securities laws, which compliance will have
occurred within the appropriate time periods therefor.

 

5   Legends.

 

(a)          Each
certificate representing the Securities shall be endorsed with the following legend:

 

THESE SECURITIES HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE TRANSFERRED UNLESS COVERED BY AN EFFECTIVE REGISTRATION STATEMENT UNDER
SAID ACT, A “NO ACTION” LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION WITH RESPECT TO SUCH TRANSFER, A TRANSFER
MEETING THE REQUIREMENTS OF RULE 144 OF THE SECURITIES AND EXCHANGE COMMISSION, OR (IF REASONABLY REQUIRED BY THE COMPANY) AN OPINION
OF COUNSEL SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY SUCH TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

The Company need not enter into its stock
records a transfer of Securities unless the conditions specified in the foregoing legend are satisfied. The Company may also instruct
its transfer agent not to allow the transfer of any of the Shares unless the conditions specified in the foregoing legend are satisfied.

 

    	- 5 -

    	 

    

 

(b) Removal of Legend and Transfer Restrictions.
The legend relating to the Act endorsed on a certificate pursuant to paragraph 5(a) of this Warrant shall be removed and the Company
shall issue a certificate without such legend to the Holder of the Securities if (i) the Securities are registered under the Act
and a prospectus meeting the requirements of Section 10 of the Act is available or (ii) the Holder provides to the Company an opinion
of counsel for the Holder reasonably satisfactory to the Company, a no-action letter or interpretive opinion of the staff of the
SEC reasonably satisfactory to the Company, or other evidence reasonably satisfactory to the Company, to the effect that public
sale, transfer or assignment of the Securities may be made without registration and without compliance with any restriction such
as those set forth in Rule 144.

 

6.   Condition of Transfer
or Exercise of Warrant. Notwithstanding anything to the contrary set forth herein, neither this Warrant nor any rights hereunder
shall be transferable, except to a Holder affiliate, without the prior written consent of the Company. It shall be a condition
to any transfer or exercise of this Warrant that at the time of such transfer or exercise, the Holder shall provide the Company
with a representation in writing that the Holder or transferee is acquiring this Warrant and the shares of Preferred Stock to
be issued upon exercise for investment purposes only and not with a view to any sale or distribution, or will provide the Company
with a statement of pertinent facts covering any proposed distribution. As a further condition to any transfer of this Warrant
or any or all of the shares of Preferred Stock issuable upon exercise of this Warrant, other than a transfer registered under
the Act, the Company may request a legal opinion, in form and substance satisfactory to the Company and its counsel, reciting
the pertinent circumstances surrounding the proposed transfer and stating that such transfer is exempt from the registration and
prospectus delivery requirements of the Act. The Company shall not require Holder to provide an opinion of counsel if the transfer
is to an affiliate of Holder. Each certificate evidencing the shares issued upon exercise of the Warrant or upon any transfer
of the shares (other than a transfer registered under the Act or any subsequent transfer of shares so registered) shall, at the
Company’s option, if the Shares are not freely saleable under Rule 144(k) under the Act, contain a legend in form and substance
satisfactory to the Company and its counsel, restricting the transfer of the shares to sales or other dispositions exempt from
the requirements of the Act. As further condition to each transfer, at the request of the Company, the Holder shall surrender
this Warrant to the Company and the transferee shall receive and accept a Warrant, of like tenor and date, executed by the Company.

 

7.   Adjustment for Certain
Events. The number and kind of securities purchasable upon the exercise of this Warrant and the Warrant Price shall be subject
to adjustment from time to time upon the occurrence of certain events, as follows:

 

(a) Reclassification
or Merger. In case of any reclassification or change of securities of the class issuable upon exercise of this Warrant (other
than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision
or combination), or in case of any merger of the Company with or into another corporation (other than a merger with another corporation
in which the Company is the acquiring and the surviving corporation and which does not result in any reclassification or change
of outstanding securities issuable upon exercise of this Warrant), or in case of any sale of all or substantially all of the assets
of the Company, the Company, or such successor or purchasing corporation, as the case may be, shall duly execute and deliver to
the Holder a new Warrant (in form and substance satisfactory to the Holder of this Warrant), or the Company shall make appropriate
provision without the issuance of a new Warrant, so that the Holder shall have the right to receive, at a total purchase price
not to exceed that payable upon the exercise of the then unexercised portion of this Warrant, and in lieu of the shares of Preferred
Stock theretofore issuable upon exercise of this Warrant, the kind and amount of shares of stock, other securities, money and property
receivable upon such reclassification, change, merger or sale by a Holder of the number of shares of Preferred Stock then purchasable
under this Warrant. Any new Warrant shall provide for adjustments that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 7. The provisions of this subparagraph (a) shall similarly apply to successive reclassifications,
changes, mergers and transfers.

 

    	- 6 -

    	 

    

 

(b) Subdivision
or Combination of Shares. If the Company at any time while this Warrant remains outstanding and unexpired shall subdivide or
combine its outstanding shares of Preferred Stock, the Warrant Price shall be proportionately decreased and the number of Shares
issuable hereunder shall be proportionately increased in the case of a subdivision and the Warrant Price shall be proportionately
increased and the number of Shares issuable hereunder shall be proportionately decreased in the case of a combination.

 

(c) Stock Dividends
and Other Distributions. If the Company at any time while this Warrant is outstanding and unexpired shall (i) pay a dividend
with respect to Preferred Stock payable in Preferred Stock, then the Warrant Price shall be adjusted, from and after the date of
determination of shareholders entitled to receive such dividend or distribution, to that price determined by multiplying the Warrant
Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which shall be the total number
of shares of Preferred Stock outstanding immediately prior to such dividend or distribution, and (B) the denominator of which shall
be the total number of shares of Preferred Stock outstanding immediately after such dividend or distribution; or (ii) make any
other distribution with respect to Preferred Stock (except any distribution specifically provided for in Sections 7(a) and 7(b)),
then, in each such case, provision shall be made by the Company such that the Holder of this Warrant shall receive upon exercise
of this Warrant a proportionate share of any such dividend or distribution as though it were the holder of the Preferred Stock
(or Common Stock issuable upon conversion thereof) as of the record date fixed for the determination of the shareholders of the
Company entitled to receive such dividend or distribution.

 

(d) Adjustment
of Number of Shares. Upon each adjustment in the Warrant Price, the number of Shares purchasable hereunder shall be adjusted,
to the nearest whole share, to the product obtained by multiplying the number of Shares purchasable immediately prior to such adjustment
in the Warrant Price by a fraction, the numerator of which shall be the Warrant Price immediately prior to such adjustment and
the denominator of which shall be the Warrant Price immediately thereafter.

 

8.   Notice of Adjustments.
Whenever any Warrant Price or the kind or number of securities issuable under this Warrant shall be adjusted pursuant to Section
7 hereof, the Company shall prepare a certificate signed by an officer of the Company setting forth, in reasonable detail, the
event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Warrant
Price and number or kind of shares issuable upon exercise of the Warrant after giving effect to such adjustment, and shall cause
copies of such certificate to be mailed (by certified or registered mail, return receipt required, postage prepaid) within thirty
(30) days of such adjustment to the Holder of this Warrant as set forth in Section 17 hereof.

 

    	- 7 -

    	 

    

 

9.   Transferability
of Warrant. This Warrant is transferable on the books of the Company at its principal office by the registered Holder hereof
upon surrender of this Warrant properly endorsed, subject to compliance with Section 6 and applicable federal and state securities
laws. The Company shall issue and deliver to the transferee a new Warrant representing the Warrant so transferred. Upon any partial
transfer, the Company will issue and deliver to Holder a new Warrant with respect to the Warrant not so transferred. Holder shall
not have any right to transfer any portion of this Warrant to any direct competitor of the Company.

 

10.  Registration Rights.
The Company grants registration rights to the Holder of this Warrant for any Common Stock of the Company obtained upon conversion
of the Preferred Stock in parity to the registration rights granted to other holders of the Preferred Stock and agrees that the
Holder of this Warrant shall be added as a party to that certain _________________ dated as of ____________________ of the Company
(the “Registration Rights Agreement”), and that the Shares shall be made “Registrable Securities” under the
Registration Rights Agreement. 11. No fractional share of Preferred Stock will be issued in connection with any exercise hereunder,
but in lieu of such fractional share the Company shall make a cash payment therefor upon the basis of the Warrant Price then in
effect.

 

11.  Charges, Taxes and Expenses.
Issuance of certificates for shares of Preferred Stock upon the exercise of this Warrant shall be made without charge to the Holder
for any United States or state of the United States documentary stamp tax or other incidental expense with respect to the issuance
of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the
name of the Holder.

 

12.  No Shareholder Rights
Until Exercise. This Warrant does not entitle the Holder hereof to any voting rights or other rights as a shareholder of the
Company prior to the exercise hereof.

 

13.  Registry of Warrant.
The Company shall maintain a registry showing the name and address of the registered Holder of this Warrant. This Warrant may be
surrendered for exchange or exercise, in accordance with its terms, at such office or agency of the Company, and the Company and
Holder shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry.

 

14.  Loss, Theft, Destruction
or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction
or mutilation of this Warrant, and, in the case of loss, theft, or destruction, of indemnity reasonably satisfactory to it, and,
if mutilated, upon surrender and cancellation of this Warrant, the Company will execute and deliver a new Warrant, having terms
and conditions substantially identical to this Warrant, in lieu hereof.

 

15.  Miscellaneous.

 

(a) Issue Date. The provisions
of this Warrant shall be construed and shall be given effect in all respect as if it had been issued and delivered by the Company
on the date hereof.

 

    	- 8 -

    	 

    

 

(b) Successors. This
Warrant shall be binding upon any successors or assigns of the Company.

 

(c) Governing Law.
This Warrant shall be governed by and construed in accordance with the laws of the State of Connecticut.

 

(d) Headings. The
headings used in this Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant.

 

(e) Saturdays, Sundays,
Holidays. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein
shall be a Saturday or a Sunday or shall be a legal holiday in the State of Connecticut, then such action may be taken or such
right may be exercised on the next succeeding day not a legal holiday.

 

(f) Waiver of Jury Trial.
Each of the parties hereto hereby waives to the fullest extent permitted by applicable law, any right it may have to a trial by
jury in respect of any litigation directly or indirectly arising out of, under or in connection with this Warrant or the Preferred
Shares.

 

(g) Attorney’s 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 attorney’s fees.

 

(h) Amendment. Any
term of this Warrant may be amended or waived with the written consent of the Company and Holder.

 

(i) Counterparts; Facsimile.
This Warrant may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Facsimile signatures shall be as effective as original signatures.

 

(j) Entire Agreement.
This Warrant constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all
prior understandings (whether written, verbal or implied) with respect to such subject matter.

 

(k) No Stockholder Rights.
This Warrant in and of itself shall not entitle Holder to any voting rights or other rights as a stockholder of the Company.

 

16.  No
Impairment. The Company will not, by amendment of its Certificate of Incorporation 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 action as may be necessary or appropriate in order to protect
the rights of the Holder hereof against impairment.

 

17.  Addresses.
Any notice required or permitted hereunder shall be in writing and shall be mailed by overnight courier, registered or certified
mail, return receipt required, and postage prepaid, or otherwise delivered by hand or by messenger, addressed as set forth below,
or at such other address as the Company or the Holder hereof shall have furnished to the other party.

 

    	- 9 -

    	 

    

 

	If to the Company:                        	Chimerix, Inc.
	 	11149 North Torrey Pines Road
	 	Suite 200
	 	La Jolla, CA 92037
	 	Attn: Wendy Roos
	 	 
	If to the Holder:	General Electric Capital Corporation
	 	401 Merritt 7, Suite 23
	 	Norwalk, CT 06851-1177
	Attn:	Credit Manager-Life Science and Technology Finance

 

18.  Market Stand-Off Agreement.
Holder shall not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging
or similar transaction with the same economic effect as a sale with respect to, any Preferred Stock (or other equity securities)
of the Company held by Holder, for a period of time specified by the managing underwriter(s) (not to exceed one hundred eighty
(180) days) following the effective date of a registration statement of the Company filed under the Act. Holder agrees to execute
and deliver such other agreements as may be reasonably requested by the Company and/or the managing underwriter(s) which are consistent
with the foregoing or which are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company
may impose stop-transfer instructions with respect to such Common Stock (or other securities) until the end of such period. The
Company’s underwriter(s) are intended third party beneficiaries of this Section 18 and shall have the right, power and authority
to enforce the provisions hereof as if they were a party hereto.

 

    	- 10 -

    	 

    

 

IN WITNESS WHEREOF, Chimerix, Inc.
has caused this Warrant to be executed by its officers thereunto duly authorized.

 

	Dated as of Nov 5, 2003.	By:	/s/ Kevin P. Anderson
	 	Name:	Kevin P. Anderson
	 	Title:	VP Business Development

 

Acknowledged and agreed:

 

	General Electric Capital Corporation	 
	 	 	 
	By:	/s/ John Edel	 
	Name:	John Edel	 
	Title:	SVP	 

 

    	- 11 -

    	 

    

 

Exhibit A

 

DISCLOSURE SCHEDULE

 

This Disclosure Schedule is made and given by
Chimerix, Inc. (the “Company”) pursuant to the Warrant to Purchase 21,000 Shares of Series B-l Preferred Stock
dated ________________, 2003 (the “Warrant”). Nothing herein constitutes an admission of any liability or
obligation on the Company’s part nor an admission against the Company’s interest. The inclusion of any disclosure herein
should not be interpreted as indicating that the Company has determined that such an agreement or other matter is necessarily
material to the Company. Copies of the agreements described herein are available upon request by Holder.

 

1.          As
of the date of the Warrant, 1,500,000 shares of the Company’s Common Stock are reserved for issuance under the Company’s 2002 Equity
Incentive Plan (the “Plan”), of which (i) 629,284 shares are subject to outstanding stock options granted under the Plan,
(ii) 525,000 shares have been issued upon the exercise of stock options previously granted under the Plan and (iii) 345,716 shares
remain available for future issuance under the Plan.

 

2.          In
addition to the Warrant, the following warrants are outstanding as of the date of the Warrant: (i) a warrant issued to Asset Management
Partners to purchase 38,461 shares of the Company’s Common Stock, (ii) a warrant issued to Dr. William Freeman to purchase 35,000
shares of the Company’s Common Stock and (iii) a warrant issued to Paul Grayson to purchase 25,000 shares of the Company’s Common
Stock.

 

3.          Shares
of the Company’s outstanding Series A Preferred Stock, Series B Preferred Stock and Series B-l Preferred Stock are convertible
into shares of the Company’s Common Stock.

 

4.          The
Company has entered into an Amended and Restated Investor Rights Agreement, an Amended and Restated Right of First Refusal and
Co-Sale Agreement and an Amended and Restated Co-Sale Agreement, each dated July 21, 2003, containing (among other things) preemptive
rights, rights of first refusal and co-sale rights, as applicable, with respect to the Company’s securities.

 

5.          The
Company’s Bylaws contain a right of first refusal with respect to transfers of the Company’s Common Stock.

 

    	- 12 -

    	 

    

 

NOTICE OF EXERCISE

 

TO:

 

		1.	The undersigned Warrantholder (“Holder”) elects
to acquire shares of the Series _______________ Preferred Stock (the “Preferred Stock”) of ____________________________________________,
(the “Company”), pursuant to the terms of the Stock Purchase Warrant dated _______________________, 200_, (the “Warrant”).

 

		2.	The Holder exercises its rights under the Warrant as
set forth below:

 

		(          )	The Holder elects to purchase _________ shares of
Preferred Stock as provided in Section 3(a) and tenders herewith a check in the amount of $____________ as payment of the purchase
price.

		(          )	The Holder elects to convert the purchase rights into
shares of Preferred Stock as provided in Section 3(b) of the Warrant.

 

		3.	The Holder surrenders the Warrant with this Notice of
Exercise.

 

The Holder confirms that the representations
and warranties set forth in Section 4(a) of the Warrant are true and correct as of the date hereof with the same force and effect
as of they had been made as of the date hereof.

 

Please issue a certificate representing the shares of the Preferred
Stock in the name of the Holder or in such other name as is specified below:

 

Name:

Address:

 

Taxpayer I.D.:

 

	 	 
	 	(Holder)
	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	 

 

    	- 13 -

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