Document:

EX-4.5

 Exhibit 4.5 

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR, SUBJECT TO SECTION 11 HEREOF, AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS
NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS. 
 WARRANT AGREEMENT 

To Purchase Shares of the Capital Stock of 

GELESIS, INC. 
 Dated as of
April 30, 2011 (the “Effective Date”) 
 WHEREAS, Gelesis, Inc., a Delaware corporation (the
“Company”), has entered into a certain Fourth Loan Modification Agreement of even date herewith (the “Modification Agreement”) to that certain Loan and Security Agreement dated August 7, 2008, as modified and
amended (such Loan and Security Agreement, as modified and amended an in effect from time to time, is referred to hereinafter as the “Loan Agreement”) with Hercules Technology II, L.P., a Delaware limited partnership (the
“Warrantholder”); 
 WHEREAS, the Company desires to grant to Warrantholder, as additional consideration for, among other
things, the financial accommodations provided for in the Modification Agreement, the right to purchase shares of the Class (as defined below) pursuant to this Warrant Agreement (the “Agreement” or the “Warrant”);

 NOW, THEREFORE, in consideration of the Warrantholder executing and delivering the Modification Agreement and providing the financial
accommodations contemplated therein, and in consideration of the mutual covenants and agreements contained herein, the Company and Warrantholder agree as follows: 

SECTION 1. GRANT OF THE RIGHT TO PURCHASE CAPITAL STOCK. 

(a) Grant. For value received, the Company hereby grants to the Warrantholder, and the Warrantholder is entitled, upon the terms and
subject to the conditions hereinafter set forth, to subscribe for and purchase, from the Company, up to such number of fully paid and non-assessable shares of the Class (as defined below) as determined pursuant to Section 1(c) below, at a
purchase price per share equal to the Exercise Price (as defined below). The number of, and Exercise Price for, such shares are subject to adjustment from time to time as provided in Section 8. 

(b) Certain Definitions. As used herein, the following terms shall have the respective meanings set forth below: 

“Act” means the Securities Act of 1933, as amended. 

 “Charter” means the Company’s Certificate of Incorporation,
as amended and/or restated and in effect from time to time. 
 “Class” means Series A-1 Stock;
provided, that if upon the closing of the Equity Financing the Equity Financing Price is less than the then-effective Series A-1 Price, then the “Class” shall be the Equity Financing Series
upon and after such closing; and in any case subject to adjustment from time to time in accordance with the provisions of this Warrant. 

“Common Stock” means the Company’s common stock, $0.0001 par value per share; 

“Equity Financing” means the first sale and issuance by the Company on or after the date hereof, in a single
transaction or series of related transactions, of shares of its convertible preferred stock and/or other equity securities to one or more investors for cash for financing purposes in which at least $5,000,000 in aggregate gross cash proceeds are
received by the Company. 
 “Equity Financing Price” means the lowest price per share for which shares of
the Equity Financing Series are sold or issued by the Company in the Equity Financing. 
 “Equity Financing
Series” means the series of Company convertible preferred stock and/or the class, series and/or other designation of Company equity security sold and issued in the Equity Financing. 

“Exercise Price” means the Series A-1 Price; provided, that if upon the closing of the Equity Financing
the Equity Financing Price is less than the then-effective Series A-1 Price, then the “Exercise Price” shall be the Equity Financing Price upon and after such closing; and in all cases subject to adjustment from time to time in accordance
with the provisions of this Agreement. 
 “Initial Public Offering” means the initial underwritten public
offering of the Company’s Common Stock pursuant to a registration statement under the Act, which public offering has been declared effective by the Securities and Exchange Commission (“SEC”); 

“Liquid Sale” means the closing of a Merger Event in which the consideration received by the Company and/or
its stockholders consists solely of cash and/or freely-tradeable securities of a public reporting company of a class and series listed or quoted for trading on a national securities exchange or over-the-counter market. 

“Merger Event” means a merger or consolidation involving the Company in which the Company is not the surviving
entity, or in which the outstanding shares of the Company’s capital stock are otherwise converted into or exchanged for shares of capital stock of another entity, or a sale by the Company of all or substantially all of its assets, or any
transaction or series of related transactions by which holders of outstanding shares of capital stock of the Company transfer shares representing a majority of the total outstanding combined voting power of the Company to another person or entity.

  
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 “Purchase Price” means, with respect to any exercise of this
Agreement, an amount equal to the Exercise Price as of the relevant time multiplied by the number of shares of the Class requested to be exercised under this Agreement pursuant to such exercise. 

“Rights Agreement” means that certain Second Amended and Restated Registration Rights Agreement between the
Company and certain of its shareholders dated April 30, 2011, as amended and in effect from time to time. 

“Series A-1 Price” means $1.2608, as such number may be adjusted from time to time hereafter upon the
occurrence of one or more events described in Section 8 hereof. 
 “Series A-1 Stock” means the
Company’s Series A-1 Convertible Preferred Stock, $0.0001 par value per share, and any shares or other securities into or for which all outstanding shares of such Series A-1 Convertible Preferred Stock are hereafter converted, exchanged,
substituted or replaced. 
 (c) Number of Shares. This Warrant shall be exercisable for up to such number of shares of the Class as
shall equal (i) 332,460.42, divided by (ii) the Exercise Price, as adjusted from time to time in accordance with the provisions of this Warrant. 

SECTION 2. TERM OF THE AGREEMENT. 

Except as otherwise provided for herein, the term of this Agreement and the right to purchase shares as granted herein shall commence on the
Effective Date and shall be exercisable for a period ending upon the earliest to occur of (i) ten (10) years from the Effective Date; (ii) three (3) years after the Initial Public Offering; or (iii) the closing of a Liquid
Sale. 
 SECTION 3. EXERCISE OF THE PURCHASE RIGHTS. 

(a) Exercise. The purchase rights set forth in this Agreement are exercisable by the Warrantholder, in whole or in part, at any time, or
from time to time, prior to the expiration of the term set forth in Section 2, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as Exhibit I (the “Notice of Exercise”),
duly completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of the Purchase Price in accordance with the terms set forth below, and in no event later than three (3) days thereafter, the Company shall issue to
the Warrantholder a certificate for the number of shares of the Class purchased and shall execute the acknowledgment of exercise in the form attached hereto as Exhibit II (the “Acknowledgment of Exercise”) indicating the
number of shares which remain subject to future purchases, if any. 
 The Purchase Price may be paid at the Warrantholder’s election
either (i) by cash or check, or (ii) by surrender of all or a portion of the Warrant for shares of the Class to be exercised under this Agreement and, if applicable, an amended Agreement representing the remaining number of shares
purchasable hereunder, as determined below (“Net Issuance”). If the Warrantholder elects the Net Issuance method, the Company will issue shares of the Class in accordance with the following formula: 

  
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					 X = Y(A-B)

            A

			
	Where:				X = the number of shares of the Class to be issued to the Warrantholder.
			
					Y = the number of shares of the Class requested to be exercised under this Agreement.
			
					A = the fair market value of one (1) share of the Class at the time of issuance of such shares of the Class.
			
			B =		the Exercise Price.

 For purposes of the above calculation, current fair market value of shares of the Class shall mean with
respect to each share of the Class: 
 (i) if the exercise is in connection with an Initial Public Offering, and if the
Company’s Registration Statement relating to such Initial Public Offering has been declared effective by the SEC, then the fair market value per share shall be the product of (x) the initial “Price to Public” of the Common Stock
specified in the final prospectus with respect to the offering and (y) (i) 1, or (ii) if the Class is a series of convertible preferred stock, the number of shares of Common Stock into which each share of the Class is convertible at
the time of such exercise; 
 (ii) if the exercise is after, and not in connection with an Initial Public Offering, and: 

(A) if the Common Stock is traded on a securities exchange, the fair market value shall be deemed to be the product of
(x) the average of the closing prices over a five (5) day period ending three days before the day the current fair market value of the securities is being determined and (y) (i) 1, or (ii) if the Class is a series of
convertible preferred stock, the number of shares of Common Stock into which each share of the Class is convertible at the time of such exercise; or 

(B) if the Common Stock is traded over-the-counter, the fair market value shall be deemed to be the product of (x) the
average of the closing bid and asked prices quoted on the NASDAQ system (or similar system) over the five (5) day period ending three days before the day the current fair market value of the securities is being determined and
(y) (i) 1, or (ii) if the Class is a series of convertible preferred stock, the number of shares of Common Stock into which each share of the Class is convertible at the time of such exercise; 

(iii) if at any time the Common Stock is not listed on any securities exchange or quoted in the NASDAQ National Market or the
over-the-counter market, the current fair market value of a share of the Class shall be the product of (x) the highest price per share which the Company could obtain from a willing buyer (not a current employee or director) for shares of Common
Stock sold by the Company, from authorized but unissued shares, as determined in good faith by its Board of Directors and (y) (i) 1, or (ii)

  
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if the Class is a series of convertible preferred stock, the number of shares of Common Stock into which each share of the Class is convertible at the time of such exercise, unless the Company
shall become subject to a Merger Event, in which case the fair market value of a share of the Class shall be deemed to be the per share value received by the holders of the outstanding shares of the Class on a common equivalent basis pursuant to
such Merger Event. 
 Upon partial exercise by either cash or Net Issuance, the Company shall promptly issue an amended Agreement
representing the remaining number of shares purchasable hereunder. All other terms and conditions of such amended Agreement shall be identical to those contained herein, including, but not limited to the Effective Date hereof. 

(b) Exercise Prior to Expiration. To the extent this Agreement is not previously exercised as to all shares subject hereto, and if the
fair market value of one share of the Class is greater than the Exercise Price then in effect, this Agreement shall be deemed automatically exercised pursuant to Section 3(a) (even if not surrendered) immediately before its expiration. For
purposes of such automatic exercise, the fair market value of one share of the Class upon such expiration shall be determined pursuant to Section 3(a). To the extent this Agreement or any portion thereof is deemed automatically exercised
pursuant to this Section 3(b), the Company agrees to promptly notify the Warrantholder of the number of shares of the Class if any, the Warrantholder is to receive by reason of such automatic exercise. 

SECTION 4. RESERVATION OF SHARES. 

During the term of this Agreement, the Company will at all times have authorized and reserved a sufficient number of shares of the Class to
provide for the exercise of the rights to purchase shares as provided for herein, and shall have authorized and reserved a sufficient number of shares of its Common Stock to provide for the conversion of the shares of the Class (if the Class is a
series of convertible preferred stock) available hereunder. 
 SECTION 5. NO FRACTIONAL SHARES OR SCRIP. 

No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Agreement, but in lieu of such
fractional shares the Company shall make a cash payment therefor upon the basis of the Exercise Price then in effect. 
 SECTION
6. NO RIGHTS AS SHAREHOLDER/STOCKHOLDER. 
 This Agreement does not entitle the Warrantholder to any voting rights or other rights
as a shareholder/stockholder of the Company prior to the exercise of this Agreement. 
 SECTION 7. WARRANTHOLDER REGISTRY.

 The Company shall maintain a registry showing the name and address of the registered holder of this Agreement. Warrantholder’s
initial address, for purposes of such registry, is set forth below Warrantholder’s signature on this Agreement. Warrantholder may change such address by giving written notice of such changed address to the Company. 

  
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 SECTION 8. ADJUSTMENT RIGHTS. 

The Exercise Price and the number of shares of the Class purchasable hereunder are subject to adjustment, as follows: 

(a) Merger Event. If at any time there shall be Merger Event, then, as a part of such Merger Event, lawful provision shall be made so
that the Warrantholder shall thereafter be entitled to receive, upon exercise of this Agreement, the number of shares or other securities or property of the surviving or successor entity resulting from such Merger Event that would have been issuable
if Warrantholder had exercised this Agreement in full immediately prior to the Merger Event. In any such case, appropriate adjustment (as determined in good faith by the Company’s Board of Directors) shall be made in the application of the
provisions of this Agreement with respect to the rights and interests of the Warrantholder after the Merger Event to the end that the provisions of this Agreement (including adjustments of the Exercise Price and number of shares of the Class
purchasable) shall be applicable in their entirety, and to the greatest extent possible. Without limiting the foregoing, (i) this Warrant shall terminate upon the closing of a Liquid Sale to the extent not previously exercised, and (ii) in
connection with a Merger Event that is not a Liquid Sale, the Company shall cause the successor or surviving entity to assume this Warrant and the obligations of the Company hereunder on the closing thereof, and thereafter this Warrant shall be
exercisable for the same number and type of securities or other property as the Warrantholder would have received in consideration for the shares of the Class issuable hereunder had it exercised this Warrant in full as of immediately prior to such
closing, at an aggregate Exercise Price no greater than the aggregate Exercise Price in effect as of immediately prior to such closing, and subject to further adjustment from time to time in accordance with the provisions of this Warrant. In
connection with a Merger Event and upon Warrantholder’s written election to the Company, the Company shall cause this Warrant Agreement to be exchanged for the consideration that Warrantholder would have received if Warrantholder chose to
exercise its right to have shares issued pursuant to the Net Issuance provisions of this Warrant Agreement without actually exercising such right, acquiring such shares and exchanging such shares for such consideration. 

(b) Reclassification of Shares. Except as set forth in Section 8(a), if the Company at any time shall, by combination,
reclassification, exchange or subdivision of securities or otherwise, change the outstanding shares of the Class into the same or a different number of securities of any other class/series or classes/series, this Agreement shall thereafter represent
the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities which were subject to the purchase rights under this Agreement immediately prior to such combination,
reclassification, exchange, subdivision or other change. 
 (c) Subdivision or Combination of Shares. If the Company at any time
shall combine or subdivide it’s the outstanding shares of the Class, (i) in the case of a subdivision, the Exercise Price shall be proportionately decreased, and the number of shares of the Class issuable upon exercise of this Agreement
shall be proportionately increased, or (ii) in the case of a combination, the Exercise Price shall be proportionately increased, and the number of shares of the Class issuable upon the exercise of this Agreement shall be proportionately
decreased. 

  
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 (d) Stock Dividends. If the Company at any time while this Agreement is outstanding and
unexpired shall: 
 (i) pay a dividend with respect to the outstanding shares of the Class payable in shares of the Class,
then the Exercise Price shall be adjusted, from and after the date of determination of stockholders entitled to receive such dividend or distribution, to that price determined by multiplying the Exercise 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 the Class outstanding immediately prior to such dividend or distribution, and (B) the denominator of which shall be the total number of
shares of the Class outstanding immediately after such dividend or distribution; or 
 (ii) make any other distribution with
respect to the shares of the Class (or stock into which the shares of the Class are convertible), except any distribution specifically provided for in any other clause of this Section 8, then, in each such case, provision shall be made by the
Company such that the Warrantholder shall receive upon exercise or conversion of this Warrant a proportionate share of any such distribution as though it were the holder of the shares of the Class (or other stock for which the shares of the Class
are convertible) as of the record date fixed for the determination of the stockholders of the Company entitled to receive such distribution. 

(e) Antidilution Rights. At all times (if any) where the Class is a series of convertible preferred stock, additional antidilution
rights applicable to the shares of such Class purchasable hereunder are as set forth in the Company’s Charter and shall be applicable with respect to the shares issuable hereunder. The Company shall promptly provide the Warrantholder with any
restatement, amendment, modification or waiver of any provision of the Charter applicable to the Class; provided, that no such amendment, modification or waiver shall impair or reduce the antidilution rights applicable to the Class unless such
amendment, modification or waiver affects the rights of Warrantholder with respect to the shares of the Class purchasable hereunder in the same manner as it affects all outstanding shares of the Class For the avoidance of doubt, there shall be no
duplicate anti-dilution adjustment pursuant to this subsection (e), the forgoing subsection (d) and the Company’s Charter. 
 (f)
Notice of Adjustments. If: (i) the Company shall declare any dividend or distribution upon the outstanding shares of the Class, whether in stock, cash, property or other securities; (ii) the Company shall offer for subscription pro
rata to the holders of the outstanding shares of the Class any additional shares of stock of any class or other rights; (iii) there shall be any Merger Event; (iv) there shall be an Initial Public Offering; or (v) there shall be any
voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such event, the Company shall send to the Warrantholder: (A) at least twenty (20) days’ prior written notice of the date on which the books
of the Company shall close or a record shall be taken for such dividend, distribution, subscription rights (specifying the date on which the holders of shares of the Class shall be entitled thereto) or for determining rights to vote in respect of
such Merger Event, dissolution, liquidation or winding up; (B) .in the case of any such Merger Event, dissolution, liquidation or winding up, at least twenty (20) days’ prior written notice of the date when the same shall take place
(and specifying the date on which the holders of shares of the Class shall be entitled to exchange their shares for, or otherwise receive, securities or other 

  
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property deliverable upon such Merger Event, dissolution, liquidation or winding up); and (C) in the case of an Initial Public Offering, the Company shall give the Warrantholder at least
twenty (20) days’ written notice prior to the effective date thereof. 
 Each such written notice shall set forth, in reasonable
detail, (i) the event requiring the notice, and (ii) if any adjustment is required to be made, (A) the amount of such adjustment, (B) the method by which such adjustment was calculated, (C) the adjusted Exercise Price (if
the Exercise Price has been adjusted), and (D) the number of shares subject to purchase hereunder after giving effect to such adjustment, and shall be given by first class mail, postage prepaid, or by reputable overnight courier with all
charges prepaid, addressed to the Warrantholder at the address for Warrantholder set forth in the registry referred to in Section 7. 

(g) Timely Notice. Failure to timely provide such notice required by subsection (f) above shall entitle Warrantholder to retain
the benefit of the applicable notice period notwithstanding anything to the contrary contained in any insufficient notice received by Warrantholder. 

SECTION 9. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. 

(a) Reservation of Shares. The shares of the Class issuable upon exercise of the Warrantholder’s rights have been, and at all times
prior to exercise in full of this Warrant shall be (or will be within twenty (20) days following receipt of the written notice from the Warrantholder electing to cause this Warrant to be exercisable for a class of shares other than Common
Stock), duly and validly reserved for issuance upon exercise hereof and, when issued in accordance with the provisions of this Agreement, will be validly issued, fully paid and non-assessable, and will be free of any taxes, liens, charges or
encumbrances of any nature whatsoever; provided, that the shares issuable pursuant to this Agreement may be subject to restrictions on transfer under state and/or federal securities laws. The Company has made available to the Warrantholder true,
correct and complete copies of its Charter and current bylaws. The issuance of certificates for shares of the Class upon exercise of this Agreement shall be made without charge to the Warrantholder for any issuance tax in respect thereof, or other
cost incurred by the Company in connection with such exercise and the related issuance of shares of the Class; provided, that the Company shall not be required to pay any tax which may be payable in respect of any transfer and the issuance
and delivery of any certificate in a name other than that of the Warrantholder. 
 (b) Due Authority. The execution and delivery by
the Company of this Agreement and the performance of all obligations of the Company hereunder, including the issuance to Warrantholder of the right to acquire the shares of the Class (and if applicable the Common Stock into which such shares may be
converted), have been duly authorized by all necessary corporate action on the part of the Company. This Agreement: (1) does not violate the Company’s Charter or current bylaws; (2) does not contravene any law or governmental rule,
regulation or order applicable to it; and (3) does not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument to which it is a party or by which it is bound. This Agreement
constitutes a legal, valid and binding agreement of the Company, enforceable in accordance with its terms. 

  
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 (c) Consents and Approvals. No consent or approval of, giving of notice to, registration
with, or taking of any other action in respect of any state, federal or other governmental authority or agency is required with respect to the execution, delivery and performance by the Company of its obligations under this Agreement, except for the
filing of notices pursuant to Regulation D under the Act and any filing required by applicable state securities law, which filings will be effective by the time required thereby. 

(d) Issued Securities. All issued and outstanding shares of capital stock and other securities of the Company have been duly authorized
and validly issued and are fully paid and nonassessable. All outstanding shares of capital stock and any other securities were issued in full compliance with all federal and state securities laws. In addition, as of the date immediately preceding
the date of this Agreement: 
 (i) The authorized capital of the Company consists of 6,900,000 shares of Preferred Stock, of
which 5,771,999 shares are issued and outstanding, and 17,000,000 shares of Common Stock, of which 7,096,883 shares are issued and outstanding. The Company also has outstanding warrants to purchase 100,000 shares of Common Stock. 

(ii) The Company has reserved 2,293,454 shares of Common Stock for issuance under its Stock Option Plan(s), under which 136,331
shares of restricted Common Stock are outstanding and options to purchase 75,108 shares of Common Stock are outstanding. There are no other options, warrants, conversion privileges or other rights presently outstanding to purchase or otherwise
acquire any authorized but unissued shares of the Company’s capital stock or other securities of the Company. The Company has no outstanding loans to any employee, officer or director of the Company, and the Company agrees not to enter into any
such loan or otherwise guarantee the payment of any loan made to an employee, officer or director by a third party. 
 (e) Insurance.
The Company has in full force and effect insurance policies, with extended coverage, insuring the Company and its property and business against such losses and risks, and in such amounts, as are customary for corporations engaged in a similar
business and similarly situated and as otherwise may be required pursuant to the terms of any other contract or agreement. 
 (f) Other
Commitments to Register Securities. Except as set forth in this Agreement, the Company is not, pursuant to the terms of any other agreement currently in existence, under any obligation to register under the Act any of its presently outstanding
securities or any of its securities which may hereafter be issued. 
 (g) Exempt Transaction. Subject to the accuracy of the
Warrantholder’s representations in Section 10, the issuance of the shares of the Class upon exercise of this Agreement (and, if applicable, the issuance of the Common Stock upon conversion of such shares), will each constitute a
transaction exempt from (i) the registration requirements of Section 5 of the Act, in reliance upon Section 4(2) thereof, and (ii) the qualification requirements of the applicable state securities laws. 

  
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 (h) Compliance with Rule 144. If the Warrantholder proposes to sell shares of the Class
issuable upon the exercise of this Agreement (or, if applicable, the Common Stock into which such shares are convertible), in compliance with Rule 144 promulgated by the SEC, then, upon Warrantholder’s written request to the Company, the
Company shall furnish to the Warrantholder, within ten days after receipt of such request, a written statement confirming the Company’s compliance with the filing requirements of the SEC as set forth in such Rule, as such Rule may be amended
from time to time. 
 (i) Information Rights. During the term of this Warrant, Warrantholder shall be entitled to the information
rights contain in Section 7.1 of the Loan Agreement, and Section 7.1 of the Loan Agreement is hereby incorporated into this Agreement by this reference as though fully set forth herein, provided, however, that the Company shall not be
required to deliver a Compliance Certificate once all Indebtedness (as defined in the Loan Agreement) owed by the Company to Warrantholder has been repaid. 

(j) Registration Rights. The shares of Common Stock issued and issuable upon conversion of the shares of the Class issued and issuable
upon exercise of this Warrant, or the shares of Common Stock issued and issuable upon exercise of this Warrant at all times (if any) when the Class shall be Common Stock, shall be deemed “Registrable Securities” under, and the
Warrantholder shall have the registration rights with respect to such shares under and as set forth in, the Rights Agreement, on a pari passu basis with the rights of the holders of the outstanding shares of the Class who are parties thereto.

 SECTION 10. REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER. 

This Agreement has been entered into by the Company in reliance upon the following representations and covenants of the Warrantholder: 

(a) Investment Purpose. This Warrant and the shares issuable upon exercise of the Warrantholder’s rights contained herein will be
acquired for investment and not with a view to the sale or distribution of any part thereof, and the Warrantholder has no present intention of selling or engaging in any public distribution of the same except pursuant to a registration or exemption.

 (b) Private Issue. The Warrantholder understands (i) that the shares of the Class issuable upon exercise of this Agreement
have not been registered under the Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Agreement will be exempt from the registration and qualifications requirements thereof, and
(ii) that the Company’s reliance on such exemption is predicated on the representations set forth in this Section 10. 
 (c)
Financial Risk. The Warrantholder has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment, and has the ability to bear the economic risks of its investment.

  
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 (d) Risk of No Registration. The Warrantholder understands that if the Company does not
register with the SEC pursuant to Section 12 of the Securities Exchange Act of 1934 (the “1934 Act”), or file reports pursuant to Section 15(d) of the 1934 Act, or if a registration statement covering the securities under
the Act is not in effect when it desires to sell this Warrant or the shares issuable upon exercise hereof, it may be required to hold such securities for an indefinite period. The Warrantholder also understands that any sale of this Warrant or the
shares issuable upon exercise hereof which might be made by it in reliance upon Rule 144 under the Act may be made only in accordance with the terms and conditions of that Rule. 

(e) Accredited Investor. Warrantholder is an “accredited investor” within the meaning of the Securities and Exchange Rule 501
of Regulation D, as presently in effect. 
 (f) Market Stand-Off. Warrantholder agrees not to sell any shares of Common Stock or any
other securities of the Company in a public offering (excluding any shares acquired in the public markets) within such period requested by the Company’s underwriters (not to exceed 180 days in the event of the Company’s Initial Public
Offering or 90 days with respect to subsequent public offerings); provided that each of the Company’s directors, officers and greater-than-1% shareholders enter into and remain bound by similar agreements and the Warrantholder shall be subject
to the foregoing agreement with respect to public offerings other than an Initial Public Offering only if the holder then beneficially owns more than 1% of the Company’s outstanding Common Stock, assuming the conversion of all then outstanding
convertible securities and the exercise of all then outstanding options. The Company may impose stop transfer instructions with respect to the securities of the Company subject to the foregoing restriction until the end of such “lock up”
period. Warrantholder agrees that any written notice from the Company regarding the Company’s plans to file a registration statement shall be treated confidentially and that Warrantholder shall not disclose such information to any person
(whether legal or natural) other than as necessary to exercise its rights under this Agreement. 
 SECTION 11. TRANSFERS. 

Subject to compliance with applicable federal and state securities laws, this Agreement and all rights hereunder are transferable, in whole or
in part, without charge to the holder hereof (except for transfer taxes) upon surrender of this Agreement properly endorsed. Each taker and holder of this Agreement, by taking or holding the same, consents and agrees that this Agreement, when
endorsed in blank, shall be deemed negotiable, and that the holder hereof, when this Agreement shall have been so endorsed and its transfer recorded on the Company’s books, shall be treated by the Company and all other persons dealing with this
Agreement as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented by this Agreement. The transfer of this Agreement shall be recorded on the books of the Company upon receipt by the Company of a
notice of transfer in the form attached hereto as Exhibit III (the “Transfer Notice”), at its principal offices and the payment to the Company of all transfer taxes and other governmental charges imposed on such transfer. Until the
Company receives such Transfer Notice, the Company may treat the registered owner hereof as the owner for all purposes. Notwithstanding anything to the contrary in this Agreement, the Company shall not require an opinion of counsel in connection
with any transfer by the Warrantholder of this Warrant or portion hereof, or of any shares issued upon any exercise hereof, to an “affiliate” (as such term is defined in Regulation D promulgated under the Act) of the Warrantholder,
provided that such affiliate is an “accredited investor” as defined in Regulation D promulgated under the Act. 

  
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 Each certificate representing shares acquired upon exercise of this Warrant shall bear a legend
substantially in the following form: 
 “The securities represented by this certificate have not been registered under the Securities
Act of 1933, as amended, and may be not be offered, sold or otherwise transferred, pledged or hypothecated unless and until such securities are registered under such Act or, subject to Section 11 of a certain Warrant Agreement, an opinion of
counsel satisfactory to the Company is obtained to the effect that such registration is not required.” 
 SECTION 12.
MISCELLANEOUS. 
 (a) Effective Date. The provisions of this Agreement shall be construed and shall be given effect in all respects as
if it had been executed and delivered by the Company on the date hereof. This Agreement shall be binding upon any successors or assigns of the Company. 

(b) Remedies. In the event of any default hereunder, the non-defaulting party may proceed to protect and enforce its rights either by
suit in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where Warrantholder will not have an adequate remedy at law and
where damages will not be readily ascertainable. The Company expressly agrees that, if the Company breaches this Agreement, it shall not oppose an application by the Warrantholder or any other person entitled to the benefit of this Agreement
requiring specific performance of any or all provisions hereof or enjoining the Company from continuing to commit any such breach of this Agreement. 

(c) No Impairment of Rights. The Company will not, by amendment of its Charter or through any other means, avoid or seek to avoid the
observance or performance of any of the terms of this Agreement, but will at all times in good faith assist in the carrying out of all such terms. 

(d) Attorney’s Fees. In any litigation, arbitration or court proceeding between the Company and the Warrantholder relating hereto,
the prevailing party shall be entitled to attorneys’ fees and expenses and all costs of proceedings incurred in enforcing this Agreement. For the purposes of this Section 12(d), attorneys’ fees shall include without limitation fees
incurred in connection with the following: (i) contempt proceedings; (ii) discovery; (iii) any motion, proceeding or other activity of any kind in connection with an insolvency proceeding; (iv) garnishment, levy, and debtor and
third party examinations; and (v) post-judgment motions and proceedings of any kind, including without limitation any activity taken to collect or enforce any judgment. 

(e) Severability. In the event any one or more of the provisions of this Agreement shall for any reason be held invalid, illegal or
unenforceable, the remaining provisions of this Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision, which comes closest to the
intention of the parties underlying the invalid, illegal or unenforceable provision. 

  
 12 

 (f) Notices. Except as otherwise provided herein, any notice, demand, request, consent,
approval, declaration, service of process or other communication that is required, contemplated, or permitted under this Agreement or with respect to the subject matter hereof shall be in writing, and shall be deemed to have been validly served,
given, delivered, and received upon the earlier of: (i) the day of transmission by facsimile or hand delivery if transmission or delivery occurs on a business day at or before 5:00 pm in the time zone of the recipient, or, if transmission or
delivery occurs on a non-business day or after such time, the first business day thereafter, or the first business day after deposit with an overnight express service or overnight mail delivery service; or (ii) the third calendar day after
deposit in the United States mails, with proper first class postage prepaid (provided, that any Advance Request shall not be deemed received until Lender’s actual receipt thereof), and shall be addressed to the party to be notified as
follows: 
 If to Warrantholder: 

HERCULES TECHNOLOGY II, L.P. 

Legal Department 
 Attention:
Chief Legal Officer and Manuel Henriquez 
 400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 Facsimile:
650-473-9194 
 Telephone: 650-289-3060 

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

Riemer & Braunstein LLP 

Attn: David A. Ephraim, Esq. 

Three Center Plaza 
 Boston, MA
02108 
 Facsimile: 617-880-3456 

Telephone: 617-880-3455 
 If to
the Company: 
 Gelesis, Inc. 

Attention: Chief Executive Officer 

500 Boylston Street, Suite 1600 

Boston, MA 02116 
 Facsimile:
617-482-3337 
 Telephone: 617-482-2333 
 or
to such other address as each party may designate for itself by like notice. 
 (g) Entire Agreement; Amendments. This Agreement
constitute the entire agreement and understanding of the parties hereto in respect of the subject matter hereof, and supersede and replace in their entirety any prior proposals, term sheets, letters, communications, negotiations or other documents
or agreements, whether written or oral, with respect to the subject matter hereof. None of the terms of this Agreement may be amended except by an instrument executed by each of the parties hereto. 

  
 13 

 (h) Headings. The various headings in this Agreement are inserted for convenience only and
shall not affect the meaning or interpretation of this Agreement or any provisions hereof. 
 (i) Advice of Counsel. Each of the
parties represents to each other party hereto that it has discussed (or had an opportunity to discuss) with its counsel this Agreement and, specifically, the provisions of Sections 12(n), 12(o), 12(p), 12(q) and 12(r). 

(j) No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any provisions of this Agreement. 
 (k) No Waiver. No omission or delay by Warrantholder at any time to enforce any
right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by the Company at any time designated, shall be a waiver of any such right or remedy to which Warrantholder is entitled, nor shall it in
any way affect the right of Warrantholder to enforce such provisions thereafter. 
 (l) Survival. All agreements, representations and
warranties contained in this Agreement or in any document delivered pursuant hereto shall be for the benefit of Warrantholder and shall survive the execution and delivery of this Agreement and the expiration or other termination of this Agreement.

 (m) Governing Law. This Agreement have been negotiated and delivered to Warrantholder in the Commonwealth of Massachusetts, and
shall have been accepted by Warrantholder in the Commonwealth of Massachusetts. Delivery of shares of the Class to Warrantholder by the Company under this Agreement is due in the Commonwealth of Massachusetts. This Agreement shall be governed by,
and construed and enforced in accordance with, the laws of the Commonwealth of Massachusetts, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction. 

(n) Consent to Jurisdiction and Venue. All judicial proceedings arising in or under or related to this Agreement may be brought in any
state or federal court of competent jurisdiction located in the Commonwealth of Massachusetts. By execution and delivery of this Agreement, each party hereto generally and unconditionally: (a) consents to personal jurisdiction in Suffolk
County, Commonwealth of Massachusetts; (b) waives any objection as to jurisdiction or venue in Suffolk County, Commonwealth of Massachusetts; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid
courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement. Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if given in
accordance with the requirements for notice set forth in Section 12(f), and shall be deemed effective and received as set forth in Section 12(f). Nothing herein shall affect the right to serve process in any other manner permitted by law
or shall limit the right of either party to bring proceedings in the courts of any other jurisdiction. 

  
 14 

 (o) Mutual Waiver of Jury Trial. Because disputes arising in connection with complex
financial transactions are most quickly and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their disputes be resolved
by a judge applying such applicable laws. EACH OF THE COMPANY AND WARRANTHOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY,
“CLAIMS”) ASSERTED BY THE COMPANY AGAINST WARRANTHOLDER OR ITS ASSIGNEE OR BY WARRANTHOLDER OR ITS ASSIGNEE AGAINST THE COMPANY. This waiver extends to all such Claims, including Claims that involve Persons other than the Company and the
Warrantholder; Claims that arise out of or are in any way connected to the relationship between the Company and Warrantholder; and any Claims for damages, breach of contract, specific performance, or any equitable or legal relief of any kind,
arising out of this Agreement. 
 (p) Arbitration. If the Mutual Waiver of Jury Trial set forth in Section 12(o) is ineffective
or unenforceable, the parties agree that all Claims shall be submitted to binding arbitration in accordance with the commercial arbitration rules of JAMS (the “Rules”), such arbitration to occur before one arbitrator, which arbitrator
shall be a retired California state judge or a retired Federal court judge. Such proceeding shall be conducted in San Francisco County, California, with California rules of evidence and discovery applicable to such arbitration. The decision of the
arbitrator shall be binding on the parties, and shall be final and nonappealable to the maximum extent permitted by law. Any judgment rendered by the arbitrator may be entered in a court of competent jurisdiction and enforced by the prevailing party
as a final judgment of such court. 
 (q) Prearbitration Relief. In the event Claims are to be resolved by arbitration, either party
may seek from a court of competent jurisdiction identified in Section 12(n), any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that
all Claims are otherwise subject to resolution by binding arbitration. 
 (r) Counterparts. This Agreement and any amendments,
waivers, consents or supplements hereto may be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall
constitute but one and the same instrument. 
 (s) Specific Performance. The parties hereto hereby declare that it is impossible to
measure in money the damages which will accrue to Warrantholder by reason of the Company’s failure to perform any of the obligations under this Agreement and agree that the terms of this Agreement shall be specifically enforceable by
Warrrantholder. If Warrantholder institutes any action or proceeding to specifically enforce the provisions hereof, any person against whom such action or proceeding is brought hereby waives the claim or defense therein that Warrantholder has an
adequate remedy at law, and such person shall not offer in any such action or proceeding the claim or defense that such remedy at law exists. 

[Remainder of Page Intentionally Left Blank] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by its officers
thereunto duly authorized as of the Effective Date. 
  

							
	 COMPANY
				GELESIS, INC.
				
					By:		 /s/ Yishai Zohar

				
					Title:		  

			
	 WARRANTHOLDER
				 HERCULES TECHNOLOGY II, L.P.,

a Delaware limited partnership

				
					By:		Hercules Technology SBIC Management, LLC, its General Partner
				
					By:		Hercules Technology Growth Capital, Inc., its Manager
				
					By:		 /s/ K. Nicholas
Martitsch            

					Name:		K. Nicholas Martitsch
					Its:		Associate General Counsel

  
 16 

 EXHIBIT I 

NOTICE OF EXERCISE 
 To:
                     
  

	(1)	The undersigned Warrantholder hereby elects to purchase     shares of the                     Stock
of Gelesis, Inc., pursuant to the terms of the Agreement dated the     day of             ,            (the
“Agreement) between                     and the Warrantholder, and [CASH PAYMENT]: tenders herewith payment of the Purchase Price in full,
together with all applicable transfer taxes, if any.] [NET ISSUANCE elects pursuant to Section 3(a) of the Agreement to effect a Net Issuance.] 

  

	(2)	Please issue a certificate or certificates representing said shares of                     Stock in the name of the
undersigned or in such other name as is specified below. 

							
			
					  

					(Name)		
			
					  

					(Address)		
				
	 WARRANTHOLDER:
						
			
					 HERCULES TECHNOLOGY II, L.P.,

a Delaware limited partnership

				
					By:		Hercules Technology SBIC Management, LLC, its General Partner
				
					By:		Hercules Technology Growth Capital, Inc., its Manager
				
					By:		  

					Name:		K. Nicholas Martitsch
					Its:		Associate General Counsel

  
 17 

 EXHIBIT II 

ACKNOWLEDGMENT OF EXERCISE 
 The undersigned
                            , hereby acknowledge receipt of the “Notice of Exercise” from Hercules
Technology II, L.P. to purchase             shares of the                     Stock of
Gelesis, Inc., pursuant to the terms of the Agreement, and further acknowledges that             shares remain subject to purchase under the terms of the Agreement. 

 

							
	 COMPANY:             
				  

				
					By:		  

				
					Title:		  

				
					Date:		  

  
 18 

 EXHIBIT III 

TRANSFER NOTICE 
 (To transfer or assign the
foregoing Agreement execute this form and supply required information. Do not use this form to purchase shares.) 
 FOR VALUE RECEIVED, the foregoing
Agreement and all rights evidenced thereby are hereby transferred and assigned to 

			
	
	  

	(Please Print)
		
	whose address is		  

	
	  

  

			
		
	Dated:		  

		
	Holder’s Signature:		  

		
	Holder’s Address:		  

	
	  

Signature
Guaranteed:                                       
                                         
                                 

NOTE: The signature to this Transfer Notice must correspond with the name as it appears on the face of the Agreement, without alteration or enlargement or any
change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Agreement. 

  
 19EX-4.6

 Exhibit 4.6 

THIS AMENDED AND RESTATED WARRANT AND THE SHARES OF PREFERRED STOCK ISSUED UPON ITS 

EXERCISE ARE SUBJECT TO THE RESTRICTIONS ON 

TRANSFER SET FORTH IN SECTION 5 OF THIS WARRANT

 
 Warrant No. A3-1 

Date of Issuance: June 29, 2012 
 Original Issue Date (as
defined in subsection 2(a)): June 29, 2012 
 GELESIS, INC. 

Preferred Stock Purchase Warrant 

(Void after Ten (10) Year Anniversary of Original Issue Date) 

Gelesis, Inc., a Delaware corporation (the “Company”), for value received, hereby certifies that One SRL, or its registered
assigns (the “Registered Holder”), is entitled, subject to the terms and conditions set forth below, to purchase from the Company, at any time or from time to time on or after Original Issue Date and before 5:00 p.m. (Boston time)
on the Expiration Date (as defined below), Warrant Shares (as defined below), at a purchase price of $0.01 per share. The purchase price per share, as adjusted from time to time pursuant to the provisions of this Warrant, is hereinafter referred to
as the “Purchase Price.” 
 For purposes of this Warrant, “Warrant Shares” shall mean 839,857 shares of
Series A-3 Preferred Stock, $0.0001 par value per share (the “Series A-3 Preferred Stock”). 
 1. Exercise. 

(a) Exercise for Cash. Subject to the provisions of Section 1(e) below, the Registered Holder may, at its option, elect to
exercise this Warrant, in whole or in part and at any time or from time to time, by surrendering this Warrant, with the purchase form appended hereto as Exhibit I duly executed by or on behalf of the Registered Holder, at the principal
office of the Company, or at such other office or agency as the Company may designate, accompanied by payment in full, in lawful money of the United States, of the Purchase Price payable in respect of the number of Warrant Shares purchased upon such
exercise. 

 (b) Cashless Exercise. 

(i) Subject to the provisions of Section 1(e) below, the Registered Holder may, at its option, elect to exercise this Warrant, in whole
or in part and at any time or from time to time, on a cashless basis, by surrendering this Warrant, with the purchase form appended hereto as Exhibit I duly executed by or on behalf of the Registered Holder, at the principal office of the Company,
or at such other office or agency as the Company may designate, by canceling a portion of this Warrant in payment of the Purchase Price payable in respect of the number of Warrant Shares purchased upon such exercise. In the event of an exercise
pursuant to this subsection 1(b), the number of Warrant Shares issued to the Registered Holder shall be determined according to the following formula: 
  

					
	X = Y(A-B)
	            A		
			
	Where:		X =		the number of Warrant Shares that shall be issued to the Registered Holder;
			
			Y =		the number of Warrant Shares for which this Warrant is being exercised (which shall include both the number of Warrant Shares issued to the Registered Holder and the number of Warrant Shares subject to the portion of the Warrant
being cancelled in payment of the Purchase Price);
			
			A =		the Fair Market Value (as defined below) of one share of Series A-3 Preferred Stock; and
			
			B =		the Purchase Price then in effect.

 (ii) The Fair Market Value per share of Series A-3 Preferred Stock shall be determined as follows: 

(1) If the Series A-3 Preferred Stock is listed on a national securities exchange, the Nasdaq National Market or another nationally
recognized trading system as of the Exercise Date, the Fair Market Value per share of Series A-3 Preferred Stock shall be deemed to be the average of the high and low reported sale prices per share of Series A-3 Preferred Stock thereon on the
trading day immediately preceding the Exercise Date (provided that if no such price is reported on such day, the Fair Market Value per share of Series A-3 Preferred Stock shall be determined pursuant to clause (2)). 

(2) If the Series A-3 Preferred Stock is not listed on a national securities exchange, the Nasdaq National Market or another nationally
recognized trading system as of the Exercise Date, the Fair Market Value per share of Series A-3 Preferred Stock shall be deemed to be the amount most recently determined by the Board to represent the fair market value per share of the Series A-3
Preferred Stock (including without limitation a determination for purposes of granting Series A-3 Preferred Stock options or issuing Series A-3 Preferred Stock under any plan, agreement or arrangement with employees of the Company); and, upon
request of the Registered Holder, the Board (or a representative thereof) shall, as promptly as reasonably practicable but in any event not later than 15 days after such request, notify the Registered Holder of the Fair Market Value per share of
Series A-3 Preferred Stock and furnish the Registered Holder with reasonable documentation of the Board’s determination of such Fair Market Value. Notwithstanding the foregoing, if the Board has not made such a determination within the
three-month period prior to the Exercise Date, then (A) the Board shall make, and shall provide or cause to be provided to the Registered Holder notice of, a determination of the Fair Market Value per share of the Series A-3 Preferred Stock
within 30 days of a request by the Registered Holder that it do so, and (B) the exercise of this Warrant pursuant to this subsection 1(b) shall be delayed until such determination is made and notice thereof is provided to the Registered Holder.

  
 - 2 - 

 (c) Exercise Date. Subject to Section 1(e) below, each exercise of this Warrant shall
be deemed to have been effected immediately prior to the close of business on the day on which this Warrant shall have been surrendered to the Company as provided in subsection 1(a) or 1(b) above (the “Exercise Date”). At such time,
the person or persons in whose name or names any certificates for Warrant Shares shall be issuable upon such exercise as provided in subsection 1(d) below shall be deemed to have become the holder or holders of record of the Warrant Shares
represented by such certificates. 
 (d) Issuance of Certificates. As soon as practicable after the exercise of this Warrant in whole
or in part, and in any event within 10 days thereafter, the Company, at its expense, will cause to be issued in the name of, and delivered to, the Registered Holder, or as the Registered Holder (upon payment by the Registered Holder of any
applicable transfer taxes) may direct: 
 (i) a certificate or certificates for the number of full Warrant Shares to which the Registered
Holder shall be entitled upon such exercise plus, in lieu of any fractional share to which the Registered Holder would otherwise be entitled, cash in an amount determined pursuant to Section 3 hereof; and 

(ii) in case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on the
face or faces thereof for the number of Warrant Shares equal (without giving effect to any adjustment therein) to the number of such shares called for on the face of this Warrant minus the number of Warrant Shares for which this Warrant was so
exercised (which, in the case of an exercise pursuant to subsection 1(b), shall include both the number of Warrant Shares issued to the Registered Holder pursuant to such partial exercise and the number of Warrant Shares subject to the portion of
the Warrant being cancelled in payment of the Purchase Price). 
 (e) Automatic Exercise. Notwithstanding Section 2(e) hereof,
in the event of a Deemed Liquidation Event (as defined in the Company’s Certificate of Incorporation, then the Registered Holder shall be deemed to have elected to exercise this Warrant pursuant to the provisions of Section 1(b) above
immediately prior to the consummation of such Deemed Liquidation Event and after such exercise, this Warrant shall have no further force or effect. 

2. Adjustments. 
 (a)
Adjustment for Stock Splits and Combinations. If the Company shall at any time or from time to time after the date on which this Warrant was first issued (or, if this Warrant was issued upon partial exercise of, or in replacement of, another
warrant of like tenor, then the date on which such original warrant was first issued) (either such date being referred to as the “Original Issue Date”) effect a subdivision of the outstanding Series A-3 Preferred Stock, the Purchase
Price then in effect immediately before that subdivision shall be proportionately decreased. If the Company shall at any time or from time to time after the Original Issue Date combine the outstanding shares of Series A-3 Preferred Stock, the
Purchase Price then in effect immediately before the combination shall be proportionately increased. Any adjustment under this paragraph shall become effective at the close of business on the date the subdivision or combination becomes effective.

  
 - 3 - 

 (b) Adjustment for Certain Dividends and Distributions. In the event the Company at any
time, or from time to time after the Original Issue Date shall make or issue, or fix a record date for the determination of holders of Series A-3 Preferred Stock entitled to receive, a dividend or other distribution payable in additional shares of
Series A-3 Preferred Stock, then and in each such event the Purchase Price then in effect immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of
business on such record date, by multiplying the Purchase Price then in effect by a fraction: 
 (1) the numerator of which shall be the
total number of shares of Series A-3 Preferred Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and 

(2) the denominator of which shall be the total number of shares of Series A-3 Preferred Stock issued and outstanding immediately prior to
the time of such issuance or the close of business on such record date plus the number of shares of Series A-3 Preferred Stock issuable in payment of such dividend or distribution; 

provided, however, that if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made
on the date fixed therefor, the Purchase Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Purchase Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such
dividends or distributions. 
 (c) Adjustment in Number of Warrant Shares. When any adjustment is required to be made in the Purchase
Price pursuant to subsections 2(a) or 2(b), the number of Warrant Shares purchasable upon the exercise of this Warrant shall be changed to the number determined by dividing (i) an amount equal to the number of shares issuable upon the
exercise of this Warrant immediately prior to such adjustment, multiplied by the Purchase Price in effect immediately prior to such adjustment, by (ii) the Purchase Price in effect immediately after such adjustment. 

(d) Adjustments for Other Dividends and Distributions. In the event the Company at any time or from time to time after the Original
Issue Date shall make or issue, or fix a record date for the determination of holders of Series A-3 Preferred Stock entitled to receive, a dividend or other distribution payable in securities of the Company (other than shares of Series A-3 Preferred
Stock) or in cash or other property (other than regular cash dividends paid out of earnings or earned surplus, determined in accordance with generally accepted accounting principles), then and in each such event provision shall be made so that the
Registered Holder shall receive upon exercise hereof, in addition to the number of shares of Series A-3 Preferred Stock issuable hereunder, the kind and amount of securities of the Company, cash or other property which the Registered Holder would
have been entitled to receive had this Warrant been exercised on the date of such event and had the Registered Holder thereafter, during the period from the date of such event to and including the Exercise Date,

  
 - 4 - 

 
retained any such securities receivable during such period, giving application to all adjustments called for during such period under this Section 2 with respect to the rights of the
Registered Holder. 
 (e) Adjustment for Reorganization. If there shall occur any reorganization, recapitalization, reclassification,
consolidation or merger involving the Company in which the Series A-3 Preferred Stock is converted into or exchanged for securities, cash or other property (other than a transaction covered by subsections 2(a), 2(b) or 2(d)) (collectively, a
“Reorganization”), then, following such Reorganization, the Registered Holder shall receive upon exercise hereof the kind and amount of securities, cash or other property which the Registered Holder would have been entitled to
receive pursuant to such Reorganization if such exercise had taken place immediately prior to such Reorganization. 
 (f) Certificate as
to Adjustments. Upon the occurrence of each adjustment or readjustment of the Purchase Price pursuant to this Section 2, the Company at its expense shall, as promptly as reasonably practicable but in any event not later than 15 days
thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to the Registered Holder a certificate setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other
property for which this Warrant shall be exercisable and the Purchase Price) and showing in detail the facts upon which such adjustment or readjustment is based. The Company shall, as promptly as reasonably practicable after the written request at
any time of the Registered Holder (but in any event not later than 15 days thereafter), furnish or cause to be furnished to the Registered Holder a certificate setting forth (i) the Purchase Price then in effect and (ii) the number of
shares of Series A-3 Preferred Stock and the amount, if any, of other securities, cash or property which then would be received upon the exercise of this Warrant. 

(g) Adjustment for Conversion of Preferred Stock. If all of the outstanding shares of Company’s Preferred Stock, $0.001 par value
per share (the “Preferred Stock”), are converted into shares of the Company’s Common Stock, $0.001 par value per share (the “Common Stock”) in accordance with the terms of the Restated Certificate, then,
effective upon such conversion, (i) this Warrant shall be exercisable for such number of shares of Common Stock as is equal to the number of shares of Common Stock that each share of Series A-3 Preferred Stock was converted into, multiplied by
the number of shares of Preferred Stock subject to this Warrant immediately prior to such conversion, (ii) the Purchase Price shall be the Purchase Price in effect immediately prior to such conversion divided by the number of shares of Common
Stock into which each share of Series A-3 Preferred Stock was converted, and (iii) all references in this Warrant to “Series A-3 Preferred Stock” shall thereafter be deemed to refer to “Common Stock.” 

3. Fractional Shares. The Company shall not be required upon the exercise of this Warrant to issue any fractional shares, but shall pay
the value thereof to the Registered Holder in cash on the basis of the Fair Market Value per share of Series A-3 Preferred Stock, as determined pursuant to subsection 1(b)(ii) above. 

4. Investment Representations. The Registered Holder represents and warrants to the Company as follows: 

(a) Investment. It is acquiring the Warrant, and (if and when it exercises this Warrant) it will acquire the Warrant Shares
(collectively with the Warrant, the “Securities”), for its own account for investment and not with a view to, or for sale in connection with, any distribution thereof, nor with any present intention of distributing or selling the
same; and the Registered Holder has no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness or commitment providing for the disposition thereof. 

  
 - 5 - 

 (b) Accredited Investor. The Registered Holder is an “accredited investor” as
defined in Rule 501(a) under the Securities Act of 1933, as amended (the “Act”). 
 (c) Experience. The Registered
Holder has made such inquiry concerning the Company and its business and personnel as it has deemed appropriate; and the Registered Holder has sufficient knowledge and experience in finance and business that it is capable of evaluating the risks and
merits of its investment in the Company. 
 (d) Restricted Securities. The Registered Holder understands that the Securities have not
been, and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the
accuracy of the Registered Holder’s representations as expressed herein. The Registered Holder understands that the Securities are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to
these laws, the Registered Holder must hold the Securities indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements
is available. The Registered Holder acknowledges that the Company has no obligation to register or qualify the Securities for resale. The Registered Holder further acknowledges that if an exemption from registration or qualification is available, it
may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Securities, and on requirements relating to the Company which are outside of the Registered Holder’s control, and
which the Company is under no obligation and may not be able to satisfy. 
 5. Transfers, etc. 

(a) This Warrant and the Warrant Shares shall not be sold or transferred unless either (i) they first shall have been registered under
the Act, or (ii) the Company first shall have been furnished with an opinion of legal counsel, reasonably satisfactory to the Company, to the effect that such sale or transfer is exempt from the registration requirements of the Act.
Notwithstanding the foregoing, no registration or opinion of counsel shall be required for (i) a transfer by a Registered Holder which is an entity to a wholly owned subsidiary of such entity, a transfer by a Registered Holder which is a
partnership to a partner of such partnership or a retired partner of such partnership or to the estate of any such partner or retired partner, or a transfer by a Registered Holder which is a limited liability company to a member of such limited
liability company or a retired member or to the estate of any such member or retired member, provided that the transferee in each case agrees in writing to be subject to the terms of this Section 5, or (ii) a transfer made in
accordance with Rule 144 under the Act. 

  
 - 6 - 

 (b) Each certificate representing Warrant Shares shall bear a legend substantially in the
following form: 
 “The securities represented by this certificate have not been registered under the Securities Act of 1933, as
amended, and may not be offered, sold or otherwise transferred, pledged or hypothecated unless and until such securities are registered under such Act or an opinion of counsel satisfactory to the Company is obtained to the effect that such
registration is not required.” 
 The foregoing legend shall be removed from the certificates representing any Warrant Shares, at the
request of the holder thereof, at such time as they become eligible for resale pursuant to Rule 144(k) under the Act. 
 (d) Upon the
issuance of the Warrant Shares, the Registered Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO and ending on
the date specified by the Company and the managing underwriter (such period not to exceed l80 days, but subject to such extension or extensions as may be required by the underwriters in order to publish research reports while complying with the Rule
2711 of the National Association of Securities Dealers, Inc.) (a) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or
otherwise transfer or dispose of, directly or indirectly, any shares of Capital Stock held immediately prior to the effectiveness of the registration statement for the IPO or (b) enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of the Capital Stock, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Capital Stock or other securities, in cash
or otherwise (the “Lock-Up”). The underwriters in connection with the IPO are intended third-party beneficiaries of this Section 5(d) and shall have the right, power and authority
to enforce the provisions hereof as though they were a party hereto. The Registered Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the IPO that are consistent with this Section 5(d)
or that are necessary to give further effect thereto. 
 (e) The Company will maintain a register containing the name and address of the
Registered Holder of this Warrant. The Registered Holder may change its address as shown on the warrant register by written notice to the Company requesting such change. 

(f) Subject to the provisions of Section 5 hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon
surrender of this Warrant with a properly executed assignment (in the form of Exhibit II hereto) at the principal office of the Company (or, if another office or agency has been designated by the Company for such purpose, then at such
other office or agency). 
 6. Termination. This Warrant (and the right to purchase securities upon exercise hereof) shall terminate
on the ten (10) year anniversary of the Original Issue Date (the “Expiration Date”). 

  
 - 7 - 

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

8. Notices of Record Date, etc. In the event: 

(a) the Company shall take a record of the holders of its Series A-3 Preferred Stock (or other stock or securities at the time deliverable
upon the exercise of this Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of stock of any class or any other securities, or to
receive any other right; or 
 (b) of any capital reorganization of the Company, any reclassification of the Series A-3 Preferred Stock of
the Company, any consolidation or merger of the Company with or into another corporation, or any transfer of all or substantially all of the assets of the Company; or 

(c) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company, 

then, and in each such case, the Company will send or cause to be sent to the Registered Holder a notice specifying, as the case may be, (i) the record
date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution,
liquidation or winding-up is to take place, and the time, if any is to be fixed, as of which the holders of record of Series A-3 Preferred Stock (or such other stock or securities at the time deliverable upon the exercise of this Warrant) shall be
entitled to exchange their shares of Series A-3 Preferred Stock (or such other stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or
winding-up. Such notice shall be sent at least 15 days prior to the record date or effective date for the event specified in such notice. 

9. Reservation of Stock. The Company will at all times reserve and keep available, solely for issuance and delivery upon the exercise
of this Warrant, such number of Warrant Shares and other securities, cash and/or property, as from time to time shall be issuable upon the exercise of this Warrant. 

10. Exchange or Replacement of Warrants. 

(a) Upon the surrender by the Registered Holder, properly endorsed, to the Company at the principal office of the Company, the Company will,
subject to the provisions of Section 5 hereof, issue and deliver to or upon the order of the Registered Holder, at the Company’s expense, a new Warrant or Warrants of like tenor, in the name of the Registered Holder or as the Registered
Holder (upon payment by the Registered Holder of any applicable transfer taxes) may direct, calling in the aggregate on the face or faces thereof for the number of shares of Series A-3 Preferred Stock (or other securities, cash and/or property) then
issuable upon exercise of this Warrant. 

  
 - 8 - 

 (b) Upon 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) upon delivery of an indemnity agreement (with surety if reasonably required) in an amount reasonably satisfactory to the Company, or (in the case of
mutilation) upon surrender and cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor. 
 11.
Notices. All notices and other communications from the Company to the Registered Holder in connection herewith shall be mailed by certified or registered mail, postage prepaid, or sent via a reputable nationwide overnight courier service
guaranteeing next business day delivery, to the address last furnished to the Company in writing by the Registered Holder. All notices and other communications from the Registered Holder to the Company in connection herewith shall be mailed by
certified or registered mail, postage prepaid, or sent via a reputable nationwide overnight courier service guaranteeing next business day delivery, to the Company at its principal office set forth below. If the Company should at any time change the
location of its principal office to a place other than as set forth below, it shall give prompt written notice to the Registered Holder and thereafter all references in this Warrant to the location of its principal office at the particular time
shall be as so specified in such notice. All such notices and communications shall be deemed delivered (i) two business days after being sent by certified or registered mail, return receipt requested, postage prepaid, or (ii) one business
day after being sent via a reputable nationwide overnight courier service guaranteeing next business day delivery. 
 12. No Rights as
Stockholder. Until the exercise of this Warrant, the Registered Holder shall not have or exercise any rights by virtue hereof as a stockholder of the Company. Notwithstanding the foregoing, in the event (i) the Company effects a split of
the Series A-3 Preferred Stock by means of a stock dividend and the Purchase Price of and the number of Warrant Shares are adjusted as of the date of the distribution of the dividend (rather than as of the record date for such dividend), and
(ii) the Registered Holder exercises this Warrant between the record date and the distribution date for such stock dividend, the Registered Holder shall be entitled to receive, on the distribution date, the stock dividend with respect to the
shares of Series A-3 Preferred Stock acquired upon such exercise, notwithstanding the fact that such shares were not outstanding as of the close of business on the record date for such stock dividend. 

13. Amendment or Waiver. Any term of this Warrant or any other Series A-3 Warrant may be amended or waived (either generally or in a
particular instance and either retroactively or prospectively) with the written consent of the Company and the Registered Holder. No waivers of any term, condition or provision of this Warrant, in any one or more instances, shall be deemed to be, or
construed as, a further or continuing waiver of any such term, condition or provision. 
 14. Section Headings. The section headings
in this Warrant are for the convenience of the parties and in no way alter, modify, amend, limit or restrict the contractual obligations of the parties. 

  
 - 9 - 

 15. Governing Law. This Warrant will be governed by and construed in accordance with the
internal laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of law. 

16. Facsimile Signatures. This Warrant may be executed by facsimile signature. 

  
 - 10 - 

 EXECUTED as of the Date of Issuance indicated above. 

 

			
	Gelesis, Inc.
		
	By:		 /s/ Yishai Zohar

	Name:		Yishai Zohar
	Title:		Chief Executive Officer
	
	Registered Holder:
	
	ONE SRL
		
	By:		 /s/ Nicola Cinelli

	Name:		Nicola Cinelli
	Title:		Sole Director

 EXHIBIT I 

PURCHASE FORM 
  

			
	To:                    		Dated:                    

 The undersigned, pursuant to the provisions set forth in the attached Warrant
(No.     ), hereby elects to purchase (check applicable box): 

q
                shares of the Series A-3 Preferred Stock of Gelesis, Inc. covered by such Warrant; or 

q the maximum number of shares of Series A-3 Preferred Stock covered by such Warrant pursuant
to the cashless exercise procedure set forth in subsection 1(b). 
 The undersigned herewith makes payment of the full purchase price
for such shares at the price per share provided for in such Warrant. Such payment takes the form of (check applicable box or boxes): 
  

	 	q	$        in lawful money of the United States; and/or 

  

	 	q	the cancellation of such portion of the attached Warrant as is exercisable for a total of                 Warrant Shares (using a Fair
Market Value of $        per share for purposes of this calculation) ; and/or 

  

	 	q	the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 1(b), to exercise this Warrant with respect to the maximum number of Warrant Shares
purchasable pursuant to the cashless exercise procedure set forth in subsection 1(b). 

 The undersigned hereby makes the
representations as set forth in Section 4 as of the date hereof and further agrees to the provisions of the Warrants, including but not limited to the restrictive provisions in Section 5. 

 

			
	Signature:		  

		
	Address:		  

		
			  

 EXHIBIT II 

ASSIGNMENT FORM 
 FOR VALUE
RECEIVED,
                                        (the
“Assignor”) hereby sells, assigns and transfers all of the rights and obligations of the undersigned under the attached Warrant (No.         ) with respect to the number of shares of Series A-3
Preferred Stock of Gelesis, Inc. covered thereby set forth below, unto: 
  

					
	 Name of Assignee
	  	 Address
	  	 No. of Shares

	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 

 The assignee hereunder hereby accepts the rights and obligations of the Assignor under the above
listed Warrant and makes such representations as provided in Section 4 thereof as of the date of the assignment. 
  

									
	Assignor:	 	
					
	Dated:	 	  
	 		 	Signature:	 	  

				
	Assignee:	 		 		 	
					
	Dated:	 	  
	 		 	Signature:	 	  

			
	Signature Guaranteed:	 		 	
					
	By:	 	  
	 		 		 	

 The signature should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program) pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.

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