Document:

EX-4.3

 Exhibit 4.3 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH APPLICABLE LAW. 
 WARRANT TO PURCHASE COMMON STOCK 

 

							
		 	Company:	  	SENSEI BIOTHERAPEUTICS, INC.	  	
		 	Number of Shares:	  		  	
		 	Class of Stock:	  	Common Stock	  	
		 	Warrant Price:	  	$	  	
		 	Issue Date:	  		  	
		 	Expiration Date:	  		  	

 THIS WARRANT CERTIFIES THAT, for good and
valuable consideration, the receipt of which is hereby acknowledged, [HOLDER] or its assignee or transferee (“Holder”) is entitled to purchase the number of fully paid and nonassessable shares of the
Company (the “Shares”) at the 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. This warrant is
being issued to Holder in connection with the closing of an Equity Offering as defined in that certain Engagement Letter by and between the Company and Holder, dated as of September 17, 2018, as amended from time to time (the
“Engagement Letter”). 
 ARTICLE 1 

EXERCISE 
 1.1
Method of Exercise. Holder may exercise this warrant by delivering this warrant and 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 Section 1.2, Holder shall also deliver to the Company a check for the aggregate Warrant Price for the Shares being purchased. 

1.2 Conversion Right. In lieu of exercising this warrant as specified in Section 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 Section 1.3. 

1.3 Fair Market Value. If the Shares are traded regularly in a public market, the fair market value of the Shares shall be the
closing price of the Shares (or the closing price of the Company’s stock into which the Shares are convertible) reported for the business day immediately before Holder delivers its Notice of Exercise to the Company. If the Shares are not
regularly traded in a public market, the fair market value of the Shares shall be the greater of (a) the most recent valuation of the common stock of the Company performed in compliance with Section 409A of the U.S. Internal Revenue Code
of 1986, as amended, or (b) the fair market value of the common stock as determined by the Board of Directors of the Company in its reasonable good faith judgment. 

1.4 Delivery of Certificate and New Warrant. Promptly after Holder exercises or converts this warrant, 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 at its expense shall execute and deliver, in lieu of this warrant, a new warrant of like tenor. 

 1.6 Treatment of Warrant Upon Acquisition of the Company. 

1.6.1 “Acquisition.” For the purpose of this warrant, “Acquisition” means
(a) any sale, license, or other disposition of all or substantially all of the assets of the Company, or (b) any transaction where the holders of the Company’s securities before the transaction beneficially own less than fifty percent
(50%) of the outstanding voting securities of the surviving entity after the transaction. 
 1.6.2 Exercise Upon Acquisition.
Upon the closing of any Acquisition in which the consideration to be received by the Company’s stockholders consists solely of cash, Marketable Securities (as defined below), or a combination of both cash and Marketable Securities, this warrant
shall be deemed to have been automatically converted pursuant to Section 1.2 simultaneously with the closing of the Acquisition, and thereafter Holder shall participate in the Acquisition on the same terms as other holders of the same class of
securities of the Company. For purposes hereof, “Marketable Securities” means securities that are publicly traded and listed on a national exchange that can be publicly re-sold by the
Holder in their entirety pursuant to Rule 144 or an effective registration statement under the Securities Act of 1933 (the “Securities Act”). 

1.6.3 Assumption of Warrant. Upon the closing of any Acquisition in which the consideration to be received by the Company’s
stockholders does not entirely consist of cash, Marketable Securities, or a combination of both cash and Marketable Securities, Holder shall have the option to (a) deem this Warrant to have been automatically converted pursuant to
Section 1.2 simultaneously with the closing of the Acquisition and thereafter Holder shall participate in the Acquisition on the same terms as other holders of the same class of securities of the Company or (b) cause the successor entity
to assume the obligations of this warrant, and this warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon exercise of the unexercised portion of this warrant as if
such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this warrant. 

ARTICLE 2 
 ADJUSTMENTS
TO THE SHARES 
 2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on its common stock or
subdivides the outstanding common stock into a greater amount of common stock, 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 or subdivision occurred. 
 2.2
Reclassification, Exchange 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. The Company or its successor shall promptly issue to Holder a new warrant for such new securities or other property. The new 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
Section 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other events. 
 2.3
Adjustments for Combinations, Etc. If the outstanding Shares are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased. If the outstanding Shares are
combined or consolidated, by reclassification or otherwise, into a greater number of shares, the Warrant Price shall be proportionately decreased. 

2.4 Adjustments for Diluting Issuances. In the event of the issuance by the Company after the Issue Date of securities at a
price per share less than the Warrant Price, then the number of shares of common stock issuable upon conversion of the Shares shall be adjusted in accordance with those provisions of the Company’s Certificate of Incorporation that apply thereto
as if Holder held the underlying Shares as of the date of such adjustment. 

  
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 2.5 Reduction of Shares. In the event that certain Convertible Promissory Note
issued by the Company, dated as of April 16, 2019, in the principal amount of $1,000,000, does not convert into shares of the Company’s Series AA Preferred Stock, whether due to repayment or cancellation of such note or otherwise, the
number of Shares that this warrant is exercisable for shall be reduced accordingly. In no event shall this warrant be exercisable for more thatn18,687,605 shares of Common Stock. 

2.6 Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company at its expense shall promptly compute
such adjustment, and furnish Holder with a certificate of its Chief Financial 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 in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 
 2.7
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. 

ARTICLE 3 

REPRESENTATIONS AND COVENANTS 

3.1 Company Representations and Warranties. The Company hereby represents and warrants to the Holder as that 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 nonassessable, and free
of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. 

3.2 Notice of Certain Events. The Company shall provide Holder with not less than five (5) days prior written notice of,
including a description of the material facts surrounding, any of the following events: (a) declaration of any dividend or distribution upon its common stock, whether in cash, property, stock, or other securities and whether or not a regular
cash dividend; (b) effecting any reclassification or recapitalization of common stock; or (c) an Acquisition. 
 3.3
Reservation of Shares; No Impairment. The Company shall not, by amendment of its organizational documents or through reorganization, consolidation, merger, dissolution, issue or sale of securities, sale of assets or any other voluntary
action, willfully 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 Holder hereunder against wrongful impairment. Without limiting the generality of the foregoing, the Company shall take such action as may be necessary or appropriate in order that the Company may duly
and validly issue fully paid and nonassessable shares of common stock upon the exercise of this Warrant, including by maintaining an adequate number of authorized but unissued shares of common stock while this Warrant remains outstanding. 

3.4 Stockholder Agreements. Upon exercise of this Warrant (other than in connection with an Acquisition or after a public
offering of the Shares), upon the request of the Company, Holder shall promptly become a party to the Rights Agreement and any other agreement executed by all of the Company’s stockholders with respect to their ownership of the Shares. 

3.5 Holder Investments Representations. With respect to the acquisition of this Warrant and any of the Shares issuable upon
exercise of this Warrant, Holder hereby represents and warrants to, and agrees with, the Company as follows: 
 (a) Purchase
Entirely for Own Account. This Warrant is issued to Holder in reliance upon Holder’s representation to the Company that this Warrant and the Shares issuable upon exercise of this Warrant 

  
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will be acquired for investment for Holder’s, or its affiliate’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof other than
to an affiliate, and that Holder has no present intention of selling, granting any participation in, or otherwise distributing the same other than to an affiliate. By executing this Warrant, Holder further represents that Holder does not have any
contract, undertaking, agreement or arrangement with any person, other than an affiliate, to sell, transfer or grant participations to such person or to any third person with respect to this Warrant or any of the Shares issuable upon exercise of
this Warrant. 
 (b) Reliance upon Holder’s Representations. Holder understands that this Warrant and the Shares issuable
upon exercise of this Warrant are not registered under the Securities Act on the ground that the issuance of such securities is exempt from registration under the Securities Act, and that the Company’s reliance on such exemption is predicated
on Holder’s representations set forth herein. 
 (c) Accredited Investor Status. Holder represents to the Company that
Holder is an Accredited Investor (as defined in the Securities Act). 
 (d) Restricted Securities. Holder understands that
this Warrant and the Shares issuable upon exercise of this Warrant are “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that
under such federal securities laws and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited circumstances. 

ARTICLE 4 

MISCELLANEOUS 
 4.1
Term: Exercise Upon Expiration. This warrant is exercisable in whole or in part, at any time and from time to time on or before the Expiration Date set forth above. If this warrant has not been exercised prior to the Expiration Date, this
warrant shall be deemed to have been automatically exercised on the Expiration Date by “cashless” conversion pursuant to Section 1.2. 

4.2 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 SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH APPLICABLE LAW. 
 4.3 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. The Company shall not require Holder to provide an opinion of counsel if the transfer is to any affiliate of Holder or if there is no material
question as to the availability of current information as referenced in Rule 144(c), Holder represents that it has complied with Rule 144 (d) and (e) in reasonable detail, the selling broker represents that it has complied with Rule 144(f), and
the Company is provided with a copy of Holder’s notice of proposed sale. 
 4.4 Transfer Procedure. Subject to the
provisions of Section 4.3 and any restrictions on transfer that may be included in the Company’s Bylaws or any Rights Agreements, 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) by giving the Company notice of the portion of the warrant being transferred setting forth the name, address and taxpayer identification number of the transferee and
surrendering this warrant to the Company for reissuance to the transferee(s) (and Holder, if applicable). No surrender or reissuance shall be required for a transfer to any affiliate of Holder. 

  
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 4.5 Notices. All notices and other communications from the Company to the
Holder, or vice versa, shall be deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or the Holder, as the case may be,
in writing by the Company or such Holder from time to time. 
 4.6 Amendments. 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. 

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

4.8 Governing Law. This warrant shall be governed by and construed in accordance with the laws of the State of Delaware, without
giving effect to its principles regarding conflicts of law. 
 4.9 Holder Acknowledgment. Holder hereby acknowledges and
agrees that this warrant and the Shares it is exercisable for are the only equity of the Company that Holder is entitled to pursuant to the terms of the Engagement Letter as of May 5, 2020. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the undersigned has executed this Warrant to Purchase Stock as of the date set forth
above. 
  

			
	SENSEI BIOTHERAPEUTICS, INC.

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 The foregoing is acknowledged and agreed to by the undersigned as the “Holder” of this Warrant to Purchase
Stock as of the date set forth above. 
  

			
	[HOLDER]

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 [Signature Page to
Warrant to Purchase Stock] 

 APPENDIX 1 

NOTICE OF EXERCISE 

1. The undersigned hereby elects to purchase ______________ shares of the common stock of SENSEI BIOTHERAPEUTICS, INC. pursuant
to the terms of the attached warrant, and tenders herewith payment of the purchase price of such shares in full. 
 1. The
undersigned hereby elects to convert the attached warrant into shares in the manner specified in the warrant. This conversion is exercised with respect to ______________ of the shares covered by the warrant. 

[Strike paragraph that does not apply.] 

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

			
	 	 	
	 (Holder’s Name)
	 	
		
	 	 	
	 	 	
	 (Address)
	 	

 3. The undersigned represents it is acquiring the shares solely for its own account and not as a
nominee for any other party and not with a view toward the resale or distribution thereof except in compliance with applicable securities laws. 
  

			
	 [HOLDER] or Registered Assignee
	 	
		
	 	 	
	 (Signature)
	 	
		
	 	 	
	 (Date)EX-4.4

 Exhibit 4.4 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE BEEN TAKEN FOR INVESTMENT, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY
NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT. 
  

			
	CSW	  	(“Issue Date”)
		
	Number of Shares Issuable Upon Exercise:	  	

 RIGHT TO PURCHASE SHARES OF COMMON STOCK 

OF 
 PPI HOLDINGS, INC. 

PPI HOLDINGS, INC. 
 Common Stock
Warrant 
 PPI Holdings, Inc., a Delaware corporation, hereby certifies that, for value received,
                (the “Holder”) is entitled, subject to the terms set forth below, to purchase from the Company (as defined below)
                fully paid and nonassessable shares of Common Stock (as defined below). 

As used herein, the terms set forth below have the following respective meanings: 

 

	 	(a)	 “Company” shall mean and include PPI Holdings, Inc. and any corporation that may succeed or
assume the obligations of the Company hereunder. 

  

	 	(b)	 “Common Stock” shall mean the Company’s common stock, $0.10 par value per share.

  

	 	(c)	 “Warrant” shall mean this Warrant and any and all additional Warrants to be issued by the
Company to the Holder or its assigns, as approved by the Company pursuant to the terms and conditions set forth in Section 1.3 hereof. 

  

	 	1.	 Exercise of Warrant. 

1.1 Full Exercise. This Warrant may be exercised in full by the Holder hereof by surrender of this Warrant, with the form of
subscription attached hereto, duly executed by such Holder, to the Company at its principal office, accompanied by payment, in cash or by certified or official bank check payable to the order of the Company, in the amount obtained by multiplying the
number of shares of Common Stock for which this Warrant is exercisable by the Exercise Price. 

  

			
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Common Stock Warrant
  

Page 1 of 10

 1.2 Partial Exercise. This Warrant may be exercised in part by surrender of the
Warrant in the manner and at the place provided in subsection 1.1 except that the amount payable by the Holder on such partial exercise shall be the amount obtained by multiplying (a) the number of shares of Common Stock designated by the
Holder in the subscription attached hereto by (b) the Exercise Price. On any such partial exercise the Company, at its expense, will forthwith issue and deliver to or upon the order of the Holder hereof a new Warrant or Warrants of like tenor,
in the name of the Holder hereof or as such Holder (upon payment by such Holder of any applicable transfer taxes) may request, calling in the aggregate on the face or faces thereof for the number of shares of Common Stock for which such Warrant or
Warrants may still be exercised. 
 1.3 Exercise Price Number of Shares; Exercise Date. 

(a) The exercise price per share (“Exercise Price”) of each share of Common Stock subject to the provisions of this Warrant shall be
$                     , subject to adjustment pursuant to Sections 3, 4 and 5 hereof. 

(b) This Warrant shall be exercisable for a period of time commencing on the Issue Date and ending on
                . 
 (c) The aggregate number of shares of
Common Stock that the Holder shall be entitled to purchase hereunder shall be                     , subject to adjustment pursuant to Sections 3, 4
and 5. 
 1.4 Right to Exercise Warrant for Stock Issuance. 

(a) Notwithstanding any provisions herein to the contrary, in lieu of exercising this Warrant by paying the Exercise Price in the manner set
forth in either subsection 1.1 or 1.2, prior to its expiration pursuant to subsection 1.3, the Holder may, by providing notice thereof to the Company along with the form of subscription attached hereto, elect to exercise the Warrant for a reduced
number of shares of Common Stock determined in accordance with the following formula: 
  

	
	X = Y(A-B)
	      A

 Where: 
 X = The
number of shares of Common Stock to be issued to the Holder. 
 Y = The number of shares of Common Stock purchasable under this Warrant 

(at the date of such exercise). 

A = The fair market value of one share of Common Stock 

(at the date of such exercise). 

B = Exercise Price (as adjusted to the date of such exercise). 

  

			
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Common Stock Warrant
  

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 (b) For purposes of this subsection 1.4, the “fair market value” per share of
Common Stock shall be determined in such reasonable manner as may be prescribed in good faith by the Company’s Board of Directors except as follows: 

(i) in the event the Warrant is being exercised at the time the Company is making a public offering of its Common Stock, the fair market
value per share of Common Stock shall be the per share offering price to the public of the Common Stock; 
 (ii) in the event the Warrant
is being exercised at the time the Common Stock is listed on a national securities exchange or admitted to unlisted trading privileges on any such exchange or listed for trading on the NASDAQ National Market System, the fair market value per share
of Common Stock shall be the last reported sale price of Common Stock on SLLCI1 exchange or system on the last business day prior to the date of exercise of the Warrant (or if no such sale is made on such day, the average of the closing bid and ask
prices for Common Stock for such day on such exchange or system); and 
 (iii) in the event the Warrant is being exercised at the time of
the consummation of an acquisition, the fair market value per share of Common Stock shall be the consideration per share of Common Stock the Holders thereof are to receive in connection with such acquisition. 

2. Delivery of Stock Certificates on Exercise. As soon as practicable after the exercise of this Warrant in full or in part, and in any
event within fifteen (15) days thereafter, the Company, at its expense (including the payment by it of any applicable issue taxes), will cause to be issued in the name of and delivered to the Holder hereof, or as such Holder (upon payment by
such Holder of any applicable transfer taxes) may direct, a certificate or certificates for the number of fully paid and nonassessable shares of Common Stock to which such Holder shall be entitled on such exercise, plus, in lieu of any fractional
share to which such Holder would otherwise be entitled, cash equal to such fraction multiplied by the Exercise Price of one fill share, together with any other stock or other securities and property (including cash, where applicable) to which such
Holder is entitled upon such exercise pursuant to Section 1. or otherwise. 
 3. Adjustment for Dividends in Other Stock, Property,
Reclassification. In case at any time or from time to time, the Holders of Common Stock have received, or (on or after the record date fixed for the determination of shareholders eligible to receive) shall have become entitled to receive,
without payment therefore, 
 (a) other or additional stock or other securities or property (other than cash) by way of dividend, 

(b) any cash (excluding cash dividends payable solely out of earnings or earned surplus of the Company), or 

(c) other or additional stock or other securities or property (including cash) by way of spin-off; split-up, reclassification, recapitalization, combination of shares or similar corporate rearrangement, other than additional shares of Common Stock issued as a stock dividend or in a stock-split (adjustments in
respect of which are provided in Section 5 hereof), then and in 

  

			
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Common Stock Warrant
  

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each such case the Holder of this Warrant, on the exercise hereof as provided in Section 1, shall be entitled to receive the amount of stock and other securities and property (including cash
in the cases referred to in subdivisions (b) and (c) of this Section 3) that such Holder would hold on the date of such exercise as if on the date hereof he had been the Holder of record of the number of shares of Common Stock called for
on the face of this Warrant and had thereafter, during the period from the date hereof to and including the date of such exercise, retained such shares and all such other or additional stock and other securities and property (including cash in the
cases referred to in subdivisions (h) and (c) of this section 3) receivable by him as aforesaid during such period, giving effect to all adjustments called for during such period by Sections 4 and 5 hereof. 

4. Adjustment for Reorganization, Consolidation, Merger. 

4.1 General. In case at any time or from time to time, the Company shall (a) effect a reorganization, (b) consolidate with or
merge into any other person, or (c) transfer all or substantially all of its properties or assets to any other person under any plan or arrangement contemplating the dissolution of the Company, then, in each such case, except as otherwise
provided in Section 4.3 hereof; the Holder of this Warrant, on the exercise hereof as provided in Section 1 at any time after the consummation of such reorganization, consolidation or merger or the effective date of such dissolution, as
the case may be, shall receive, in lieu of the Common Stock issuable on such exercise prior to such consummation or such effective date, the stock and other securities and property (including cash) to which such Holder would have been entitled upon
such consummation or in connection with such dissolution, as the case may be, if such Holder had so exercised this Warrant, immediately prior thereto, all subject to further adjustment thereafter as provided in Sections 3 and 5 hereof. 

4.2 Dissolution. Except as otherwise provided in Section 4.3 hereof, in the event of any dissolution of the Company following the
transfer of all or substantially all of its properties or assets, the Company, prior to such dissolution, shall at its expense deliver or cause to be delivered the stock and other securities and property (including cash, where applicable) receivable
by the Holder of the Warrant after the effective-date of such dissolution pursuant to this Section 4 to a ban or trust company, as trustee for the Holder of the Warrant. 

4.3 Continuation of Terms. Except as otherwise hereinafter provided, upon any reorganization, consolidation, merger or transfer (and
any dissolution following any transfer) referred to in this Section 4, this Warrant shall continue in full force and effect and the terms hereof shall be applicable to the shares of stock and other securities and property receivable on the
exercise of this Warrant after the consummation of such reorganization, consolidation or merger or the effective date of dissolution following any such transfer, as the ease may be, and shall be binding upon the issuer of any such stock or other
securities, including, in the case of any such transfer, the person acquiring all or substantially all of the properties or assets of the Company, regardless of whether such person shall have expressly assumed the terms of this Warrant; provided,
however that if the Holders of Warrants exercisable into at least that number of shares of Common Stock that represents a majority in interest of the Common Stock issuable upon exercise of all the Warrants then issued and outstanding, agree in
writing to waive the terms of this Section 4, on and as of the date of the consummation of such reorganization, consolidation or merger effective date of dissolution, as the case may he, the rights of the Holder of this Warrant and the
obligations of the Company under this Section 4 shall terminate and the provisions of this Section 4 shall he of no further force and effect. 

  

			
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Common Stock Warrant
  

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 5. Adjustment for Extraordinary Events. In the event that the Company shall
(i) issue additional shares of the Common Stock as a dividend or other distribution on outstanding Common Stock, (ii) subdivide its outstanding shares of Common Stock, or (iii) combine its outstanding shares of the Common Stock into a
smaller number of shares of the Common Stock, then, in each such event, the Exercise Price shall, simultaneously with the happening of such event, be adjusted by multiplying the then current Exercise Price by a fraction, the numerator of which shall
be the number of shares of Common Stock outstanding immediately prior to such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event, and the product so obtained shall thereafter be
the Exercise Price then in effect. 
 The Exercise Price, as so adjusted, shall be readjusted in the same manner upon the happening of any
successive event or events described herein in this Section 5. The Holder of this Warrant shall thereafter, on the exercise hereof as provided in Section 1, be entitled to receive that number of shares of Common Stock determined by
multiplying the number of shares of Common Stock which would otherwise (but for the provisions of this Section 5) be issuable on such exercise by a fraction of which (i) the numerator is the Exercise Price which would otherwise (but for
the provisions of this Section 5) be in effect, and (ii) the denominator is the Exercise Price in effect on the date of such exercise. 

6. Certificate as to Adjustments. In each ease of any adjustment or readjustment in the shares of Common Stock issuable on the exercise
of the Warrants, the Company at its expense will promptly cause its treasurer or chief financial officer to compute such adjustment in accordance with the terms of the Warrants and prepare a certificate setting forth such adjustment or readjustment
and showing in detail the facts upon which such adjustment or readjustment is based, including a statement of (a) the consideration received or receivable by the Company for any additional shares of Common Stock issued or sold or deemed to have
been issued or sold, (b) the number of shares of Common Stock outstanding or deemed to be outstanding, and (c) the Exercise Price and the number of shares of Common Stock to be received upon exercise of this Warrant, in effect immediately
prior to such issue or sale and as adjusted and readjusted as provided in this Warrant. The Company will forthwith mail a copy of each such certificate to each Holder of a Warrant, and will, on the written request at any time of any Holder of a
Warrant, furnish to such Holder a like certificate setting forth the Exercise Price at the time in effect and showing how it was calculated. 

7. Notices of Record Data, etc. In the event of: 

(a) any taking by the Company of a record of the Holders of any class of securities for the purpose of determining the Holders thereof who are
entitled to receive any dividend or other distribution, or any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other right; or 

(b) any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or any transfer of
all or substantially all the assets of the Company to or consolidation or merger of the Company with or into any other person, 

  

			
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Common Stock Warrant
  

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or any voluntary or involuntary dissolution, liquidation or winding-up of the Company, then and in each such event the Company will mail or cause to be
mailed to each Holder of a Warrant a notice specifying (i) the date on which any such record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right,
(ii) the date on which any such reorganization, reclassification, recapitalization, transfer, consolidation, merger, 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 Common Stock (or other securities) shall be entitled to exchange their shares of Common Stock (or other securities) for securities or other property deliverable on such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, dissolution, liquidation or winding-up, and (iii) the amount and character of any stock or other securities, or rights or options with respect thereto,
proposed to be issued or granted, the date of such proposed issue or grant and the persons or class of persons to whom such proposed issue or grant is to be offered or made. Such notice shall be mailed at least 20 days prior to the date specified in
such notice on which any such action is to be taken. 
 8. Amendment. The terms of this Warrant may be amended, modified or waived
only with the written consent of the Company and the Holders of Warrants representing at least a majority of the number of shares of Common Stock then issuable upon the exercise of the Warrants. No such amendment, modification or waiver shall be
effective as to this Warrant unless the terms of such amendment, modification or waiver shall apply with the same force and effect to all of the other Warrants then outstanding. 

9. Reservation of Stock Issuable on Exercise of Warrant. The Company will at all times reserve and keep available, solely for issuance
and delivery on the exercise of the Warrant, all shares of Common Stock from time to time issuable on the exercise of the Warrant. 
 10.
Exchange of Warrants. On surrender for exchange of any Warrant, properly endorsed, to the Company, the Company at its expense will issue and deliver to or on the order of the Holder thereof a new Warrant or Warrants of like tenor, in the name
of such Holder or as such Holder (on payment by such Holder of any applicable transfer taxes) may direct, calling in the aggregate on the face or faces thereof for the number of shares of Common Stock called for on the face or faces of the Warrant
or Warrants so surrendered. 
 11. Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of any Warrant and, in the case of any such loss, theft or destruction of any Warrant, on delivery of an indemnity agreement or security reasonably satisfactory in form and amount to the Company or, in the case
of any such mutilation, on surrender and cancellation of such Warrant, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor. 

12. Warrant Agent. The Company may, by written notice to each Holder of a Warrant, appoint an agent for the purpose of issuing Common
Stock (or other securities) on the exercise of the Warrant pursuant to Section 1, exchanging Warrants pursuant to Section 10, and replacing Warrants pursuant to Section 11, or any of the foregoing, and thereafter any such issuance,
exchange or replacement, as the case may be, shall be made at such office by such agent. 

  

			
		  	 PPI Holdings, Inc.

Common Stock Warrant
  

Page 6 of 10

 13. Negotiability, etc. This Warrant is issued upon the following terms, to all of
which each Holder or owner hereof by the taking hereof consents and agrees: 
 (a) any person in possession of this Warrant properly
endorsed, and for which consent of the Company is evidenced in writing, is authorized to represent himself as absolute owner hereof and is empowered to transfer absolute title hereto by endorsement and delivery hereof to a bona tide purchaser hereof
for value; each prior taker or owner waives and renounces all of his equities or rights in this Warrant in favor of each such bona tide purchaser, and each such bona fide purchaser shall acquire absolute title hereto and to all rights represented
hereby; and 
 (b) until this Warrant is transferred on the books of the Company, the Company may treat the registered Holder hereof as the
absolute owner hereof for all purposes, notwithstanding any notice to the contrary. 
 14. Notices, etc. All notices and other
communications from the Company to the Holder of this Warrant shall be mailed by first class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company in writing by such Holder or, until any such Holder
furnishes to the Company an address, then to at the address of, the last Holder of this Warrant who has so furnished an address to the Company. 

15. Governing Law. This Warrant shall be governed by, and construed in accordance with, the laws of the State of Delaware. 

16. Market Standoff. 

(a) The Holder, if requested by the Company and an underwriter of Common Stock or other securities of the Company, shall agree not to sell or
otherwise transfer or dispose of any shares of Common Stock acquired by it by way of exercise of this Warrant or any other securities of the Company held by such Holder for a specified period of time required by the managing underwriter (not to
exceed 180 days) following the effective date of a registration statement; provided that such agreement shall apply only to (i) the Company’s first underwritten public offering and (ii) any registration statements covering shares of
Common Stock of the Company sold on its behalf to the public in an underwritten public offering within twelve (12) months from the effective date of the Company’s first underwritten public offering. 

(b) The agreements described in subsection (a) above shall be in writing in a form reasonably satisfactory to the Company and the
underwriter. The Company may impose stop-transfer instructions with respect to the shares of Common Stock held by the Holder or other securities subject to the foregoing restriction until the end of the
stand-off period. 
 17. Miscellaneous. The headings in this Warrant are for purposes of
reference only, and shall not limit or otherwise affect any of the terms hereof. This Warrant is being executed as an instrument under seal. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or
enforceability of any other provision. 
 18. Expiration. The right to exercise this Warrant shall expire at 11:59 P.M., Eastern
Time, on                  pursuant to the terms and conditions of Section 1.3 hereof. 

  

			
		  	 PPI Holdings, Inc.

Common Stock Warrant
  

Page 7 of 10

 [19. Surrender for Exchange of Warrant. Holder agrees that the certain Common
Stock Warrant originally issued by Panacea Pharmaceuticals, Inc., a Maryland corporation (“Panacea”), dated                 (the “Original Warrant”),
is hereby surrendered and terminated. Concurrent with such surrender of the Original Warrant and in accordance with Section 10 thereof, the Original Warrant is hereby converted solely into the right to receive this Warrant such that Holder
shall have the right to purchase the same number of shares of Company Common Stock on the same terms and conditions and at the same price per share as those shares of common stock of Panacea as set forth in the Original Warrant. 

Holder agrees that this Warrant satisfies the obligations of the Company pursuant to Section 10 of the Original Warrant, that this
Warrant replaces in its entirety the Original Warrant, and that the Original Warrant is null, void, and of no further force or effect. Holder has reviewed this Warrant in its entirety, has had an opportunity to obtain the advice of counsel prior to
executing this Warrant, and fully understands all provisions hereof. Holder hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Company upon any questions arising under this Warrant.] 

 

			
	 PPI HOLDINGS, INC.

		
	By:	 	            
		
	Name:	 	            
		
	Title:	 	            

  

			
		  	 PPI Holdings, Inc.

Common Stock Warrant
  

Page 8 of 10

 FORM OF SUBSCRIPTION 

(To be signed only upon exercise of Warrant) 

To: PPI Holdings, Inc. 
 The undersigned, the
Holder of the within Warrant, hereby irrevocably elects to exercise this Warrant for, and to purchase thereunder,
                             shares of Common Stock of PPI Holdings, Inc. and herewith makes payment
of $                         therefore, and requests that the certificates for such shares be issued in the name of, and
delivered to: 
  

							
		
	 	 	
				
	 whose address is:
	 		 		 	
		
	 	 	
		
	 	 	
				
	 	 		 	 	 	
	(Phone)	 		 	(Email)	 	

  

			
		
	Dated:	 	 
	(Signature must conform to name on face of the Warrant)

 
			
	
	 
	(Printed Name)
		
	 	 	 
	 (Address)
	 	

  

			
		  	 PPI Holdings, Inc.

Common Stock Warrant
  

Page 9 of 10

 FORM OF ASSIGNMENT 

(To be signed only on transfer of Warrant) 

For value received, the undersigned hereby sells, assigns, and transfers unto
                                         
                            the right represented by the within Warrant to purchase
                             shares of Common Stock of PPI Holdings, Inc. to which the within Warrant
relates, and appoints
                                         
        attorney to transfer such right on the books of PPI Holdings, Inc. with full power of substitution in the premises. 

The Holder of this Warrant and any purchaser, assignee or transferee of such Holder acknowledges that no sale, assignment or transfer of this
Warrant will be valid without the express written approval of the Company. 
  

							
	Dated:
                                    	 		 		 	 
		 		 		 	(Signature must conform to name on face of the Warrant)
				
		 		 		 	 
		 		 		 	 (Printed Name)

				
		 		 		 	 
		 		 		 	 (Address)

  

			
	
	Signed in the presence of:
	
	 
	 (Signature)

		
	 	 	 
	 (Printed Name)

  

			
		  	 PPI Holdings, Inc.

Common Stock Warrant
  

Page 10 of 10

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