Document:

EX-4.2

 Exhibit 4.2 
 THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 

Five Prime Therapeutics, Inc. 
 WARRANT TO PURCHASE SERIES A PREFERRED STOCK 
  

			
	 No. PAW-[    ]
	 	[DATE]

 Void After May 15, 2015 

This certifies that, for value received,
                                         
                           , with an office at
                                         
       , or assigns (“Holder”), is entitled to subscribe for and purchase at the Exercise Price (defined below) from Five Prime Therapeutics, Inc., a Delaware corporation, with its principal
office at Two Corporate Drive, South San Francisco, California 94080 (the “Company”) up to
                                         
        (                    ) shares of Series A Preferred Stock of the Company (the “Series A
Stock”), as provided herein. 
 This Warrant is being issued pursuant to
                                         
                               . 

1. DEFINITIONS. As used herein, the following terms shall have the following respective meanings: 

“Exercise Period” shall mean the time period commencing with the date hereof and ending ten (10) years later or such
earlier time as this Warrant is terminated in accordance with the terms herein. 
 “Exercise Price” shall mean $1.00
per share, subject to adjustment pursuant to Section 5.1 below. 
 “Exercise Shares” shall mean the shares of
Series A Stock issuable upon exercise of this Warrant, subject to adjustment pursuant to the terms herein, including but not limited to adjustment pursuant to Section 5.1 below. 

2. EXERCISE OF WARRANT . The rights represented by this Warrant may be exercised in whole or in part at any time during the
Exercise Period, by delivery of the following to the Company at its address set forth above (or at such other address as it may designate by notice in writing to the Holder): 
 (a) An executed Notice of Exercise in the form attached hereto; 

  
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 (b) Payment of the Exercise Price either (i) in cash or by check, or
(ii) by cancellation of indebtedness; and 
 (c) This Warrant. 

Upon the exercise of the rights represented by this Warrant, a certificate or certificates for the Exercise Shares so purchased,
registered in the name of the Holder or persons affiliated with the Holder, if the Holder so designates, shall be issued and delivered to the Holder within a reasonable time after the rights represented by this Warrant shall have been so exercised.

 The person in whose name any certificate or certificates for the Exercise Shares are to be issued upon exercise of this
Warrant shall be deemed to have become the holder of record of such shares on the date on which this Warrant was surrendered and payment of the Exercise Price was made, irrespective of the date of delivery of such certificate or certificates, except
that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the
stock transfer books are open. 
 2.1 Net Exercise. Notwithstanding any provisions herein to the contrary, if the fair
market value of one share of the Company’s Series A Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant by payment of cash, the Holder may elect to receive shares equal to
the value (as determined below) of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise, in which event the Company shall
issue to the Holder a number of shares of Series A Stock (or, if exercised pursuant to Section 5.3 hereof in connection with the Company’s initial public offering, the number of shares of Common Stock of the Company that would be issuable
upon the conversion of a number of shares of Series A Stock) computed using the following formula: 
 X = Y (A-B)

         A 
 Where X = the number of shares of Series A Stock to be issued to the Holder 
  

	 	Y =	the number of shares of Series A Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled
(at the date of such calculation) 

  

	 	A =	the fair market value of one share of the Company’s Series A Stock (at the date of such calculation) 

 

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

 For purposes of the above calculation, the fair market value of one share of Series A Stock shall be determined by the Company’s Board of Directors in good faith; provided, however, that in
the event that this Warrant is exercised pursuant to this Section 2.1 in connection with the Company’s initial public offering of its Common Stock, the fair market 

  
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value of one share of Series A Stock shall equal (x) the number of shares of Common Stock that then would be issuable upon conversion of one share of Series A Stock (including partial shares
that would be issuable upon such conversion, assuming no limitation upon the issuance of fractional shares existed), multiplied by (x) the per share offering price to the public of the Company’s initial public offering. 

3. COVENANTS OF THE COMPANY. 
 3.1 Covenants as to Exercise Shares. The Company covenants and agrees that all Exercise Shares that may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be
validly issued and outstanding, fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issuance thereof. The Company further covenants and agrees that the Company will, at all times during the Exercise Period,
have authorized and reserved, free from preemptive rights, a sufficient number of shares of its Series A Stock to provide for the exercise of the rights represented by this Warrant. If at any time during the Exercise Period the number of authorized
but unissued shares of Series A Stock shall not be sufficient to permit exercise of this Warrant, the Company will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of
Series A Stock to such number of shares as shall be sufficient for such purposes. 
 3.2 Notices of Record Date. In the
event of 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 (other than a cash dividend which is the same as cash dividends paid
in previous quarters) or other distribution, the Company shall mail to the Holder, at least ten (10) days prior to the date specified herein, a notice specifying the date on which any such record is to be taken for the purpose of such dividend
or distribution. 
 4. REPRESENTATIONS OF HOLDER. 

4.1 Investment Representations. Holder understands that neither the Warrant nor the Exercise Shares have been registered under the
Securities Act. Holder also understands that the Warrant and the Exercise Shares are being offered and sold pursuant to an exemption from registration contained in the Securities Act based in part upon Holder’s representations contained herein.
Holder hereby represents and warrants as follows: 
 (a) Holder Bears Economic Risk. Holder has substantial experience in
evaluating and investing in transactions of securities in companies similar to the Company so that it is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests. Holder must bear
the economic risk of this investment indefinitely unless the Warrant or the Exercise Shares are registered pursuant to the Securities Act, or an exemption from registration is available. Holder understands that the Company has no present intention
of registering the Warrant, the Exercise Shares or any shares of its Common Stock. Holder also understands that there is no assurance that any exemption from registration under the Securities Act will be available and that, even if available, such
exemption may not allow Holder to transfer all or any portion of the Warrant or the Exercise Shares under the circumstances, in the amounts or at the times Holder might propose. 

  
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 (b) Acquisition for Own Account. Holder is acquiring the Warrant and the Exercise
Shares for Holder’s own account for investment only, and not with a view towards their distribution. 
 (c) Holder Can
Protect Its Interest. Holder represents that by reason of its, or of its management’s, business or financial experience, Holder has the capacity to protect its own interests in connection with the purchase of the Warrant or the Exercise
Shares. Holder is aware of no publication of any advertisement in connection with the transactions contemplated in the Warrant. 

(d) Accredited Investor. Holder represents that it is an accredited investor within the meaning of Regulation D under the
Securities Act. 
 (e) Company Information. Holder has had an opportunity to discuss the Company’s business,
management and financial affairs with directors, officers and management of the Company and has had the opportunity to review the Company’s operations and facilities. Holder has also had the opportunity to ask questions of and receive answers
from, the Company and its management regarding the terms and conditions of this investment. 
 (f) Foreign Investor. As
Holder is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), Holder hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in
connection with any invitation to purchase the Warrant or the Exercise Shares or any use of this Warrant or the Exercise Shares, including (i) the legal requirements within its jurisdiction for the purchase of the Warrant or the Exercise
Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any government or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the
purchase, holding, redemption, sale or transfer of the Warrant or the Exercise Shares. Holder’s subscription and payment for and continued beneficial ownership of the Warrant or the Exercise Shares will not violate any applicable securities or
other laws of Holder’s jurisdiction. 
 4.2 Securities Are Not Registered. 

(a) The Holder understands that the Warrant and the Exercise Shares have not been registered under the Securities Act of 1933, as
amended (the “Act”) on the basis that no distribution or public offering of the stock of the Company is to be effected. The Holder realizes that the basis for the exemption may not be present if, notwithstanding its representations, the
Holder has a present intention of acquiring the securities for a fixed or determinable period in the future, selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the securities. The
Holder has no such present intention. 
 (b) The Holder recognizes that the Warrant and the Exercise Shares must be held
indefinitely unless they are subsequently registered under the Act or an exemption from such registration is available. The Holder recognizes that the Company has no obligation to register the Warrant or the Exercise Shares of the Company or to
comply with any exemption from such registration. 

  
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 (c) The Holder is aware that neither the Warrant nor the Exercise Shares may be sold
pursuant to Rule 144 adopted under the Act unless certain conditions are met, including, among other things, the existence of a public market for the shares, the availability of certain current public information about the Company, the resale
following the required holding period under Rule 144 and the number of shares being sold during any three month period not exceeding specified limitations. Holder is aware that the conditions for resale set forth in Rule 144 have not been satisfied
and that the Company presently has no plans to satisfy these conditions in the foreseeable future. 
 4.3 Disposition of
Warrant and Exercise Shares. 
 (a) The Holder further agrees not to make any disposition of all or any part of the
Warrant or the Exercise Shares in any event unless and until: 
 (i) The Company shall have received a letter secured by
the Holder from the Securities and Exchange Commission stating that no action will be recommended to the Commission with respect to the proposed disposition; or 
 (ii) There is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made in accordance with said registration statement; or 

(iii) The Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed
statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, the Holder shall have furnished the Company with an opinion of counsel, satisfactory to the Company, for the Holder to the effect that
such disposition will not require registration of such Warrant or Exercise Shares under the Act or any applicable state securities laws. 
 (b) Notwithstanding the provisions of paragraph (a) above, the Holder may assign this Warrant and the Exercise Shares to (i) any partner or retired partner of the Holder if Holder is a
partnership, (ii) any member or former member of the Holder if Holder is a limited liability company, (iii) any affiliate, including affiliated funds or (iv) any family member or trust for the benefit of the Holder if the Holder is an
individual; provided that the Company is given written notice thereof. 
 (c) The Holder understands and agrees that all
certificates evidencing the shares to be issued to the Holder may bear the following legend: 
 THESE SECURITIES HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER THE ACT OR AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 

  
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 5. ADJUSTMENT OF EXERCISE PRICE AND EFFECT OF ORGANIC CHANGES. 

5.1 Adjustment of Exercise Price. 
 In the event of changes in the outstanding Series A Stock of the Company by reason of stock dividends, splits, recapitalizations, reclassifications, combinations or exchanges of shares, separations,
reorganizations, liquidations, or the like, the number and class of shares available under the Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of the Warrant, on exercise for the same aggregate
Exercise Price, the total number, class, and kind of shares as the Holder would have owned had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring adjustment. The form of
this Warrant need not be changed because of any adjustment in the number of Exercise Shares subject to this Warrant. 
 5.2
Reorganization, Reclassification, Consolidation, Merger or Sale. If any recapitalization, reclassification or reorganization of the capital stock of the Company, or any consolidation or merger of the Company with another corporation, or the sale
of all or substantially all of its assets or other transaction other than a Liquidity Event (as defined below) shall be effected in such a way that holders of the Company’s Series A Stock shall be entitled to receive stock, securities, or other
assets or property (an “Organic Change”), then, as a condition of such Organic Change, lawful and adequate provisions shall be made by the Company whereby the Holder hereof shall thereafter have the right to purchase and receive (in lieu
of the shares of the Series A Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby) such shares of stock, securities or other assets or property as may be issued or payable with
respect to or in exchange for a number of outstanding shares of such Series A Stock equal to the number of shares of such stock immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby. In the event of
any Organic Change, appropriate provision shall be made by the Company with respect to the rights and interests of the Holder of this Warrant to the end that the provisions hereof (including, without limitation, provisions for adjustments of the
Exercise Price and of the number of shares purchasable and receivable upon the exercise of this Warrant) shall thereafter be applicable, in relation to any shares of stock, securities or assets thereafter deliverable upon the exercise hereof. The
Company will not effect any such consolidation, merger or sale unless, prior to the consummation thereof, the successor corporation (if other than the Company) resulting from such consolidation or the corporation purchasing such assets shall assume
by written instrument reasonably satisfactory in form and substance to the Holders of a majority of the warrants to purchase Series A Stock then outstanding, executed and mailed or delivered to the registered Holder hereof at the last address of
such Holder appearing on the books of the Company, the obligation to deliver to such Holder such shares of stock, securities or assets as, in accordance with the foregoing provisions, such Holder may be entitled to purchase. 

5.3 Early Termination. In the event of, at any time during the Exercise Period, an initial public offering of securities of the
Company registered under the Act, or any Acquisition or Asset Transfer (as defined in the Company’s Amended and Restated Articles of Incorporation) in which the Exercise Shares are exchanged for cash, securities of a class which is traded on a
national securities exchange or listed on the Nasdaq National Market System, or a 

  
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combination of both (each, a “Liquidity Event”), the Company shall provide to the Holder twenty (20) days advance written notice of such Liquidity Event, and this Warrant shall
terminate unless exercised prior to the date such Liquidity Event is consummated. Notwithstanding the foregoing, if the fair market value of one share of the Company’s Common Stock is greater than the Exercise Price immediately prior to the
date such Liquidity Event is consummated and the Holder has not provided the Company with written notice of such Holder’s intent not to exercise this Warrant, the Company shall issue to the Holder a number of shares of Common Stock computed
pursuant to Section 2.1 herein; provided, however, that the Holder shall remain obligated to deliver this Warrant and Notice of Exercise upon request from the Company. 

5.4 Certain Events. If any change in the outstanding Series A Stock of the Company or any other event occurs as to which the other
provisions of this Section 5 are not strictly applicable or if strictly applicable would not fairly protect the purchase rights of the Holder of the Warrant in accordance with such provisions, then the Board of Directors of the Company shall
make an adjustment in the number and class of shares available under the Warrant, the Exercise Price or the application of such provisions, so as to protect such purchase rights as aforesaid. The adjustment shall be such as to give the Holder of the
Warrant upon exercise for the same aggregate Exercise Price the total number, class and kind of shares as he would have owned had the Warrant been exercised prior to the event and had he continued to hold such shares until after the event requiring
adjustment. 
 6. FRACTIONAL SHARES. No fractional shares shall be issued upon the exercise of this Warrant as a
consequence of any adjustment pursuant hereto. All Exercise Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would result in the issuance of any fractional share.
If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash equal to the product resulting
from multiplying the then current fair market value of an Exercise Share by such fraction. 
 7. MARKET STAND-OFF
AGREEMENT. Holder shall not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, this Warrant, the Exercise Shares,
any Common Stock (or any other securities) of the Company held by Holder, for a period of time specified by the managing underwriter(s) (not to exceed one hundred eighty (180) days) following the effective date of a registration statement of
the Company filed under the Act. Holder agrees to execute and deliver such other agreements as may be reasonably requested by the Company and/or the managing underwriter(s) which are consistent with the foregoing or which are necessary to give
further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to such Series A Stock (or other securities) until the end of such period. The underwriters of the Company’s
stock are intended third party beneficiaries of this Section 7 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 

8. NO STOCKHOLDER RIGHTS. This Warrant in and of itself shall not entitle the Holder to any voting rights or other rights as a
stockholder of the Company. 

	

  
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 9. TRANSFER OF WARRANT. Subject to applicable laws and Section 4 above, this
Warrant and all rights hereunder are transferable, by the Holder in person or by duly authorized attorney, upon delivery of this Warrant and the form of assignment attached hereto to any transferee designated by Holder. The transferee shall sign an
investment representation letter in form and substance satisfactory to the Company. 
 10. LOST, STOLEN, MUTILATED OR
DESTROYED WARRANT. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute an original contractual obligation of the Company, whether or not the allegedly lost, stolen,
mutilated or destroyed Warrant shall be at any time enforceable by anyone. 
 11. NOTICES, ETC. All notices required or
permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient, if
not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight
courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at the address listed on the signature page and to Holder at
                                         
               , or at such other address as the Company or Holder may designate by ten (10) days advance written notice to the other parties hereto. 

12. ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and
conditions contained herein. 
 13. GOVERNING LAW. This Warrant and all rights, obligations and liabilities hereunder
shall be governed by the laws of the State of California. 
 [Remainder of page intentionally blank; signature page follows.]

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

  

			
	Five Prime Therapeutics, Inc.
		
	By:	 	 
		 	Name:
		 	Title:

 Agreed and Accepted: 
  

			
		
	By:	 	 

			
		
	Print Name:	 	 

			
		
	Title:	 	 

 NOTICE OF EXERCISE 
 TO: FIVE PRIME THERAPEUTICS, INC. 
 (1)
q The undersigned hereby elects to purchase              shares of Series A Preferred Stock of FIVE PRIME THERAPEUTICS, INC.
(the “Company”) pursuant to the terms of the attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 

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

	
	
	  

	 (Name)

	
	  

	
	  

	 (Address)

 (3) The undersigned represents that (i) the aforesaid shares of Series A Preferred Stock are being
acquired for the account of the undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling such shares; (ii) the
undersigned is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision regarding its investment in the Company; (iii) the
undersigned is experienced in making investments of this type and has such knowledge and background in financial and business matters that the undersigned is capable of evaluating the merits and risks of this investment and protecting the
undersigned’s own interests; (iv) the undersigned understands that the shares of Series A Preferred Stock issuable upon exercise of this Warrant have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), by reason of a specific exemption from the registration provisions of the Securities Act, which exemption depends upon, among other things, the bona fide nature of the investment intent as expressed herein, and, because such securities
have not been registered under the Securities Act, they must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available; (v) the undersigned is aware that the aforesaid
shares of Series A Preferred Stock may not be sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until the undersigned has held the shares for the number of years prescribed by Rule 144, that among the
conditions for use of the Rule is the availability of current information to the public about the Company and the Company has not made such information available and has no present plans to do so; and (vi) the undersigned agrees not to make any
disposition of all or any part of the aforesaid shares of Series A Preferred Stock unless and until there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in
accordance 

 
with said registration statement, or the undersigned has provided the Company with an opinion of counsel satisfactory to the Company, stating that such registration is not required. 

 

							
	 	 		 		 	 
	(Date)	 		 		 	(Signature)
				
		 		 		 	 
		 		 		 	(Print Name)

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 

 

			
	 Name:
	 	 
	 (Please Print)

 

			
	 Address:
	 	 
	 (Please Print)

 

			
	 Dated:
	 	 

  

					
	 Holder’s Signature:
	 	 	 	

  

					
	 Holder’s Address:
	 	 	 	

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the
Warrant, 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 Warrant.EX-4.3

 Exhibit 4.3 
 NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN
COMPLIANCE WITH RULE 144 UNDER SAID ACT OR WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER, SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A
NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION. 
 No. PAW – 6 

WARRANT TO PURCHASE 28,350 SHARES OF SERIES A PREFERRED STOCK 

January 26, 2004 
 THIS CERTIFIES THAT, for value received, General Electric Capital Corporation (“Holder”) is entitled to subscribe for and purchase Twenty-Eight Thousand Three Hundred Fifty
(28,350) shares of the fully paid and nonassessable Series A Preferred Stock (the “Shares” or the “Preferred Stock”) of Five Prime Therapeutics, Inc., a Delaware corporation (the “Company”), at the Warrant Price
(as hereinafter defined), subject to the provisions and upon the terms and conditions hereinafter set forth. As used herein, the term “Series A Preferred Stock” shall mean the Company’s presently authorized Series A Preferred Stock
and any stock into which such Series A Preferred Stock may hereafter be converted or exchanged. 

1.  Warrant Price.    The Warrant Price shall initially be one dollar and 00/100 ($1.00) per
share, subject to adjustment as provided in Section 7 below. 
 2.  Conditions to
Exercise.  The purchase right represented by this Warrant may be exercised at any time, or from time to time, in whole or in part during the term commencing on the date hereof and ending at 5:00 P.M. Pacific time on the tenth
anniversary of the date of this Warrant (the “Exercise Period”). 
 3.  Method of Exercise;
Payment; Issuance of Shares; Issuance of New Warrant. 
 (a) Cash Exercise.  Subject to Section 2
hereof, the purchase right represented by this Warrant may be exercised by the Holder hereof, in whole or in part, by the surrender of this Warrant (with a duly executed Notice of Exercise in the form attached hereto) at the principal office of the
Company (as set forth in Section 18 below) and by payment to the Company, by check, of an amount equal to the then applicable Warrant Price per share multiplied by the number of shares then being purchased (unless exercised pursuant to
Section 3(b) below). In the event of any exercise of the rights represented by this Warrant, certificates for the shares of stock so purchased shall be in the name of, and delivered to, the Holder hereof, or as such Holder may direct (subject
to the terms of transfer contained herein and upon payment by such Holder hereof of any applicable transfer taxes). Such delivery shall be made within 30 days after exercise of the Warrant and at the Company’s expense and, unless this Warrant
has been fully exercised or expired, a new Warrant having terms and conditions substantially identical to this Warrant and representing the portion of the Shares, if any, with respect to which this Warrant

 
shall not have been exercised, shall also be issued to the Holder hereof within 30 days after exercise of the Warrant. 
 (b) Net Issue Exercise.    Holder may also elect to receive shares equal to the value of this Warrant (or of any portion thereof remaining unexercised) by surrender of this
Warrant at the principal office of the Company together with notice of such election, in which event the Company shall issue to Holder the number of shares of the Company’s Preferred Stock computed using the following formula: 

 

					
	 X = Y (A-B)
	  	
		  	     A
	  	

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

	 Y =
	 	the number of shares of Preferred Stock purchasable under this Warrant (at the date of such calculation).
	 A =
	 	the Fair Market Value of one share of the Company’s Preferred Stock (at the date of such calculation).
	 B =
	 	Warrant Price (as adjusted to the date of such calculation).

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

(i)      In the event of an exercise in connection with an initial public offering of the
Company’s shares of Common Stock (the “IPO”), the per share Fair Market Value for the Preferred Stock shall be the Offering Price at which the underwriters initially sell Common Stock to the public multiplied by the number of shares
of Common Stock into which each share of Preferred Stock is then convertible; or 

(ii)     If the exercise of this Warrant occurs after the closing of the IPO, the average of the
closing bid and asked prices of Common Stock quoted in the Over-The-Counter Market Summary, the last reported sale price quoted on the Nasdaq National Market (“NNM”) or on any exchange on which the Common Stock is listed, whichever is
applicable, as published in the Western Edition of the Wall Street Journal for the ten (10) trading days or such lesser number of trading days as the stock may actually have been trading prior to the date of determination of Fair Market
Value, multiplied by the number of shares of Common Stock into which each share of Preferred Stock is then convertible; or 
 (iii)    In the event of an exercise in connection with a merger, acquisition or other consolidation in which the Company is not the surviving entity, the per share Fair Market Value
for the Preferred Stock shall be the value to be received per share of Preferred Stock by all holders of the Preferred Stock in such transaction as determined by the Board of Directors; or 

(iv)     In any other instance, the per share Fair Market Value for the Preferred Stock shall be
as determined in good faith by the Company’s Board of Directors. 
 In the event of 3(c)(iii) or 3(c)(iv),
above, the Company’s Board of Directors shall prepare a certificate, to be signed by an authorized officer of the Company, setting forth in reasonable detail the basis for and method of determination of the per share

  
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Fair Market Value of the Preferred Stock. The Board will also certify to the Holder that this per share Fair Market Value will be applicable to all holders of the Company’s Preferred Stock.
Such certification must be made to Holder at least ten (10) business days prior to the proposed effective date of the merger, consolidation, sale, or other triggering event as defined in 3(c)(iii) or 3(c)(iv). 

(d) Automatic Exercise.    To the extent this Warrant is not previously exercised, it shall be automatically
exercised in accordance with Sections 3(b) and 3(c) hereof immediately before its expiration, involuntary termination or cancellation. Notwithstanding the foregoing, the Company shall be under no obligation to issue any certificates for the shares
of stock issuable upon such automatic exercise unless and until the Holder has surrendered this Warrant at the principal office of the Company. 
 4. Representations and Warranties of Holder and the Company 
 (a)
Representations and Warranties by Holder. The Holder represents and warrants to the Company with respect to this purchase as follows: 
 (i)      The Holder has substantial experience in evaluating and investing in private placement transactions of securities of companies similar to the Company so that the
Holder is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its interests. 
 (ii)     Except for transfers to a Holder affiliate, the Holder is acquiring the Warrant and the Shares of Preferred Stock issuable upon exercise of the Warrant (collectively the
“Securities”) for investment for its own account and not with a view to, or for resale in connection with, any distribution thereof. The Holder understands that the Securities have not been registered under the Securities Act of 1933, as
amended (the “Act”) by reason of a specific exemption from the registration provisions of the Act which depends upon, among other things, the bona fide nature of the investment intent as expressed herein. 

(iii)    The Holder acknowledges that the Securities must be held indefinitely unless subsequently
registered under the Act or an exemption from such registration is available. The Holder is aware of the provisions of Rule 144 promulgated under the Act. 
 (iv)     The Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act. 

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

  
 - 3 -

 
attached to this Warrant as Exhibit A (the “Disclosure Schedule”), the statements in the following paragraphs of this Section 4(b) are true and correct as of the date
hereof. 
 (i)      Corporate Organization and Authority. Company
(a) is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware, (b) has the corporate power and authority to own and operate its properties and to carry on its business as now conducted
and as proposed to be conducted; and (c) is qualified as a foreign corporation in all jurisdictions where such qualification is required. 
 (ii)     Corporate Power.  Company has all requisite legal and corporate power and authority to execute, issue and deliver the Warrant, to issue the Common Stock
issuable upon exercise or conversion of the Warrant, and to carry out and perform its obligations under the Warrant. 
 (iii)    Authorization; Enforceability.    All corporate action on the part of Company, its officers, directors and stockholders necessary for the
authorization, execution, delivery and performance of its obligations under this Warrant and for the authorization, issuance and delivery of the Warrant and the Warrant Stock issuable upon exercise of the Warrant has been taken and this Warrant
constitutes the legally binding and valid obligation of Company enforceable in accordance with its terms, except as enforcement of the Warrant may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or other
similar laws affecting creditors’ rights, and subject to general equity principals and to limitations on availability of equitable relief, including specific performance. 

(iv)     Valid Issuance of Warrant and Preferred Stock.  The Warrant has been
validly issued and is free of restrictions on transfer other than restrictions on transfer set forth herein and under applicable state and federal securities laws. The Preferred Stock issuable upon conversion of this Warrant, when issued, sold and
delivered in accordance with the terms of this Warrant for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable, and will be free of restrictions on transfer other than restrictions on transfer under this
Warrant under that certain Second Amended and Restated Investor Rights Agreement dated December 19, 2003 (the “IRA”) as the same may be amended from time to time, and under applicable state and federal securities laws. Subject to
applicable restrictions on transfer, the issuance and delivery of the Warrant and the Preferred Stock issuable upon conversion of the Warrant are not subject to any preemptive or other similar rights or any liens or encumbrances except as
specifically set forth in Company’s Certificate of Incorporation, the IRA or this Warrant. The offer, sale and issuance of the Warrant and Preferred Stock, as contemplated by this Warrant, are exempt from the prospectus and registration
requirements of applicable United States federal and state security laws, and neither Company nor any authorized agent acting on its behalf has or will take any action hereafter that would cause the loss of such exemption. 

(v)      No Conflict with Other Instruments.    The execution,
delivery, and performance of this Warrant will not result in any material violation of, be in conflict with, or constitute a material default under, with or without the passage of time or the giving of notice (a) any provision of Company’s
Certificate of Incorporation or by-laws; (b) any provision of 

  
 - 4 -

 
any judgment, decree, or order to which Company is a party or by which it is bound or an event which results in the creation of any material lien, charge or encumbrance upon any material assets
of Company; (c) any contract, obligation, or commitment to which Company is a party or by which it is bound; or (d) any statute, rule, or governmental regulation applicable to Company. 

(vi)     Capitalization.    As of recent date, the authorized
capital stock of Company consists of 70,000,000 shares of Common Stock, $0.001 par value, of which 12,353,416 were issued and outstanding, and 40,300,000 shares of Preferred Stock, $0.001 par value, of which 39,599,999 were issued and outstanding.
The outstanding shares have been duly authorized and validly issued are fully paid and nonassessable and have been issued in compliance with the registration and prospectus delivery requirements of the Securities Act and the registration and
qualification requirements of all applicable state securities laws, or in compliance with applicable exemptions therefrom. Company has reserved 40,300,000 shares of Common Stock for issuance upon conversion of the Preferred Stock. Except as set
forth in Section 4(b) of the Disclosure Schedule, there are no outstanding warrants, options, conversion privileges, preemptive rights or other rights or agreements to purchase or otherwise acquire or issue any equity securities or Convertible
Securities of Company, nor has the issuance of any of the aforesaid rights to acquire securities of Company been authorized. 
 (vii)    Governmental Consents.  No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal,
state or local governmental authority on the part of Company is required in connection with the offer, sale or issuance of the Warrant (and the Preferred Stock issuable upon conversion of the Shares), or the consummation of any other transaction
contemplated hereby, except for the following: (a) the filing of a notice on Form D under the Act and b) the compliance with other applicable state securities laws, which compliance will have occurred within the appropriate time periods
therefore. 
 5. Legends. 
 (a)      Each certificate representing the Securities shall be endorsed with any legends required by the IRA including the following legend: 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL
THAT SUCH REGISTRATION IS NOT REQUIRED. 
 The Company need not enter into its stock records a transfer of Securities unless the
conditions specified in the foregoing legend are satisfied. The Company may also instruct its transfer agent not to allow the transfer of any of the Shares unless the conditions specified in the foregoing

  
 - 5 -

 
legend are satisfied. 
 (b) Removal of Legend and Transfer
Restrictions. The legend relating to the Act endorsed on a certificate pursuant to paragraph 5(a) of this Warrant shall be removed and the Company shall issue a certificate without such legend to the Holder of the Securities if (i) the
Company has completed the initial public offering of its Common Stock registered under the Act and (ii) the Holder provides to the Company an opinion of counsel for the Holder reasonably satisfactory to the Company, to the effect that public
sale, transfer or assignment of the Securities may be made without registration, qualification and legend. 

6.    Condition of Transfer or Exercise of Warrant.  It shall be a condition to any transfer or
exercise of this Warrant that at the time of such transfer or exercise, the Holder shall provide the Company with a representation in writing that the Holder or transferee is acquiring this Warrant and the shares of Preferred Stock to be issued upon
exercise for investment purposes only and not with a view to any sale or distribution, and will provide the Company with a statement of pertinent facts covering any proposed transfer. As a further condition to any transfer of this Warrant or any or
all of the shares of Preferred Stock issuable upon exercise of this Warrant, other than a transfer registered under the Act, the Company may request a legal opinion, in form and substance satisfactory to the Company and its counsel, reciting the
pertinent circumstances surrounding the proposed transfer and stating that such transfer is exempt from the registration and prospectus delivery requirements of the Act. The Company shall not require Holder to provide an opinion of counsel if the
transfer is to an affiliate of Holder. Each certificate evidencing the shares issued upon exercise of the Warrant or upon any transfer of the shares (other than a transfer registered under the Act or any subsequent transfer of shares so registered)
shall, at the Company’s option, if the Shares are not freely saleable under Rule 144(k) under the Act, contain a legend in form and substance satisfactory to the Company and its counsel, restricting the transfer of the shares to sales or other
dispositions exempt from the requirements of the Act. As further condition to each transfer, at the request of the Company, the Holder shall surrender this Warrant to the Company and the transferee shall receive and accept a Warrant, of like tenor
and date, executed by the Company. 
 7.    Adjustment for Certain Events.  The number and
kind of securities purchasable upon the exercise of this Warrant and the Warrant Price shall be subject to adjustment from time to time upon the occurrence of certain events, as follows: 

(a) Reclassification or Merger.  In case of any reclassification or change of securities of the class
issuable upon exercise of this Warrant (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), or in case of any merger of the Company with or into
another corporation (other than a merger with another corporation in which the Company is the acquiring and the surviving corporation and which does not result in any reclassification or change of outstanding securities issuable upon exercise of
this Warrant), or in case of any sale of all or substantially all of the assets of the Company, the Company, or such successor or purchasing corporation, as the case may be, shall duly execute and deliver to the Holder a new Warrant (in form and
substance satisfactory to the Holder of this Warrant), or the Company shall make appropriate provision without the issuance of a new Warrant, so that the Holder shall have the 

  
 - 6 -

 
right to receive, at a total purchase price not to exceed that payable upon the exercise of the unexercised portion of this Warrant, and in lieu of the shares of Preferred Stock theretofore
issuable upon exercise of this Warrant, the kind and amount of shares of stock, other securities, money and property receivable upon such reclassification, change, merger or sale by a Holder of the number of shares of Preferred Stock then
purchasable under this Warrant, or in the case of such a merger or sale in which the consideration paid consists all or in part of assets other than securities of the successor or purchasing corporation, at the option of the Holder, the securities
of the successor or purchasing corporation having a value at the time of the transaction equivalent to the value of the Preferred Stock purchasable upon exercise of this Warrant at the time of the transaction. Any new Warrant shall provide for
adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 7. The provisions of this subparagraph (a) shall similarly apply to successive reclassifications, changes, mergers and
transfers. 
 (b) Subdivision or Combination of Shares.  If the Company at any time while this
Warrant remains outstanding and unexpired shall subdivide or combine its outstanding shares of Preferred Stock, the Warrant Price shall be proportionately decreased and the number of Shares issuable hereunder shall be proportionately increased in
the case of a subdivision and the Warrant Price shall be proportionately increased and the number of Shares issuable hereunder shall be proportionately decreased in the case of a combination. 

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

8. Notice of Adjustments.  Whenever any Warrant Price or the kind or number of securities issuable under this Warrant
shall be adjusted pursuant to Section 7 hereof, the Company 

  
 - 7 -

 
shall prepare a certificate signed by an officer of the Company setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such
adjustment was calculated, and the Warrant Price and number or kind of shares issuable upon exercise of the Warrant after giving effect to such adjustment, and shall cause copies of such certificate to be mailed (by certified or registered mail,
return receipt required, postage prepaid) within thirty (30) days of such adjustment to the Holder of this Warrant as set forth in Section 18 hereof. 
 9.  Transferability of Warrant. This Warrant is transferable on the books of the Company at its principal office by the registered Holder hereof upon surrender of this Warrant
properly endorsed, subject to compliance with Sections 5 and 6 and applicable federal and state securities laws. The Company shall issue and deliver to the transferee a new Warrant representing the Warrant so transferred. Upon any partial transfer,
the Company will issue and deliver to Holder a new Warrant with respect to the Warrant not so transferred. Holder shall not have any right to transfer any portion of this Warrant to any direct competitor of the Company. 

10.  Registration Rights. The Holder of this Warrant shall be entitled to the rights and subject to the obligations
set forth in the IRA as of the date hereto for any Common Stock obtained upon conversion of the Preferred Stock. A copy of said IRA has been provided to the Holder of this Warrant. Company and the Holder hereby further agree that for the purposes of
the IRA, the Shares issuable upon exercise of this Warrant are “Registrable Securities,” as that term is defined in the IRA. 
 11.  No Fractional Shares. No fractional share of Preferred Stock will be issued in connection with any exercise hereunder, but in lieu of such fractional share the Company shall
make a cash payment therefor upon the basis of the Warrant Price then in effect. 
 12.  Charges, Taxes and
Expenses.  Issuance of certificates for shares of Preferred Stock upon the exercise of this Warrant shall be made without charge to the Holder for any United States or state of the United States documentary stamp tax or other
incidental expense with respect to the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder. 

13.  No Stockholder Rights Until Exercise.  This Warrant does not entitle the Holder hereof to any voting
rights or other rights as a stockholder of the Company prior to the exercise hereof. 
 14.  Registry of
Warrant.  The Company shall maintain a registry showing the name and address of the registered Holder of this Warrant. This Warrant may be surrendered for exchange or exercise, in accordance with its terms, at such office or agency of
the Company, and the Company and Holder shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry. 
 15.  Loss, Theft, Destruction or Mutilation of Warrant.  Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of
this Warrant, and, in the case of loss, theft, or destruction, of indemnity reasonably satisfactory to it, and, if mutilated, upon surrender and cancellation of this Warrant, the Company will 

  
 - 8 -

 
execute and deliver a new Warrant, having terms and conditions substantially identical to this Warrant, in lieu hereof. 
 16. Miscellaneous. 
 (a)  Issue
Date.  The provisions of this Warrant shall be construed and shall be given effect in all respect as if it had been issued and delivered by the Company on the date hereof. 

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

 (c)  Governing Law.  This Warrant shall be governed by and construed in accordance
with the laws of the State of Delaware. 
 (d)  Headings.  The headings used in this
Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant. 

(e)  Saturdays, Sundays, Holidays.  If the last or appointed day for the taking of any action
or the expiration of any right required or granted herein shall be a Saturday or a Sunday or shall be a legal holiday in the State of Delaware, then such action may be taken or such right may be exercised on the next succeeding day not a legal
holiday. 
 (f)  Waiver of Jury Trial.  Each of the parties hereto hereby waives to the fullest
extent permitted by applicable law, any right it may have to a trial by jury in respect of any litigation directly or indirectly arising out of, under or in connection with this Warrant or the Preferred Shares. 

(g)  Attorney’s Fees.  In the event of any dispute between the parties concerning the terms and
provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorney’s fees. 

17. No Impairment.  The Company will not, by amendment of its Certificate of Incorporation or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the Holder hereof against impairment. 
 18. Addresses.  All
notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal
business hours of the recipient; if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a
nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the party to be notified at the address set forth below or at such other address or electronic mail
address as such party may designate by ten (10) days 

  
 - 9 -

 
advance written notice to the other parties hereto. 
  

			
	 If to the Company:
	 	Five Prime Therapeutics, Inc.
		 	951 Gateway Blvd.
		 	 South San Francisco, CA 94080

Attn: Gail Maderis

		
	 If to the Holder:
	 	 General Electric Capital Corporation

		 	 401 Merritt 7, Suite 23
 Norwalk, CT 06851-
 1177

		 	Attn: Credit Manager-Life Science and Technology Finance

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

							
	Dated as of January 26, 2004	 		 	   By:  /s/ Gail Maderis                 
                             
		 		 	   Name:  Gail Maderis                  
                            
		 		 	   Title:  President and
CEO                                      

  
 - 10 -

 DISCLOSURE SCHEDULE 

 
 4(b) Capitalization 

Under the Company’s 2002 Equity Incentive Plan (the “Plan”), (i) options to purchase 3,953,417 shares of Common Stock
have been granted and are currently outstanding under the Plan and (ii) 1,536,500 shares of Common Stock remain available for future issuance under the Plan. 
 Warrants to purchase an aggregate of 175,500 shares of the Company’s Series A Preferred Stock are outstanding prior to the issuance this warrant (No. PAW -6). 

  
 - 11 -

 NOTICE OF EXERCISE 
 TO: 
  

	1.	The undersigned Warrantholder (“Holder”) elects to acquire shares of the Series
                 Preferred Stock (the “Preferred Stock”) of Five Prime Therapeutics, Inc., (the “Company”), pursuant to the terms of the Stock
Purchase Warrant dated                             , 200, (the “Warrant”).

  

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

  

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

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

 

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

 The Holder represents that it is acquiring the aforesaid shares of Preferred Stock for investment and not with a view to or for resale in connection with distribution and that the Holder has no present
intention of distributing or reselling the shares. 
 Please issue a certificate representing the shares of the Preferred Stock
in the name of the Holder or in such other name as is specified below: 
  

	
	 Name:

	 Address:

	
	 Taxpayer I.D.:

  

			
	  

	 (Holder)

		
	 By:
	 	  

		
	 Title:
	 	  

		
	 Date:

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