Document:

exv10w14

EXHIBIT
10.14

THIS CONVERTIBLE PROMISSORY NOTE HAS NOT 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 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.

FORM OF SENIOR SECURED CONVERTIBLE PROMISSORY NOTE

			
	$_________
	 	_________, 2009

Hayward, California

     For value received Anthera Pharmaceuticals, Inc., a Delaware corporation (“Payor” or the
“Company”) promises to pay to ______or its assigns (“Holder”) the principal sum of $______
with simple interest on the outstanding principal amount at the rate of Eight Percent (8%) per
annum (the “Interest”). Interest shall commence with the date hereof and shall continue on the
outstanding principal until paid in full or converted. Interest shall be computed on the basis of
a year of 365 days for the actual number of days elapsed. Unless otherwise defined herein, defined
terms in this note (the “Note”) shall have the meanings ascribed to them in that certain Note and
Warrant Purchase Agreement, dated as of July 17, 2009, by and among the Company and the persons or
entities listed on the Schedule of Purchasers attached thereto (the “Purchase Agreement”).

     1. This Note is issued as part of a series of similar notes (collectively, the “Notes”) to be
issued pursuant to the terms of the Purchase Agreement to the persons or entities listed on the
Schedule of Purchasers attached thereto (collectively, the “Holders”).

     2. Except as set forth herein and provided that this Note is not converted pursuant to Section
2.2 of the Purchase Agreement, all payments of interest and principal under this Note shall be made
in lawful money of the United States of America at such place as Holder may from time to time
designate in writing to the Company. All payments shall be applied first to accrued and unpaid
interest, and thereafter to the payment of principal. The Company may not prepay any principal
amount or interest on the Notes, in whole or in part.

     3. Unless earlier converted pursuant to Section 2.2 of the Purchase Agreement, the entire
outstanding principal balance of this Note plus all unpaid accrued interest thereon, if any, shall
be due and payable in full immediately upon the earliest of the following (the “Maturity Date”):
(i) July 17, 2010, (ii) upon the closing of a Corporate Transaction or (iii) any Event of Default
(as defined in Section 8 of the Purchase Agreement), provided, that, in the event
of a Corporate Transaction described in (ii) above, the Company shall pay Holder in accordance with
the terms of Section 2.4 of the Purchase Agreement.

     4. This Note is secured pursuant to Section 2.3 of the Purchase Agreement. Reference is
hereby made to Section 2.3 of the Purchase Agreement for a complete description

 1.

 

of the nature and extent of the security for this Note and the rights with respect to such
security of the holder of this Note.

     5. At any time prior to the Maturity Date, the principal balance and accrued and unpaid
interest of this Note (i) shall automatically convert, in whole without any further action by the
Holders, upon the closing of the Company’s Next Equity Financing into Conversion Shares in
accordance with the terms of Section 2.2(a) of the Purchase Agreement or (ii) may be converted into
shares of Series B-2 Preferred at the election of Holder in accordance with the terms of Section
2.2(b) of the Purchase Agreement.

     6. Upon the conversion of a Note pursuant to Section 2.2 of the Purchase Agreement, in lieu of
any fractional shares to which the holder of such Note would otherwise be entitled, the Company
shall pay the Note’s holder cash equal to such fraction multiplied by the Conversion Price or the
Series B-2 Price (whichever is then-applicable). Upon the conversion of this Note pursuant to
Section 2.2 of the Purchase Agreement, Holder shall surrender this Note, duly endorsed, at the
principal offices of Company. At its expense, Company will, as soon as practicable thereafter,
issue and deliver to Holder (i) a certificate or certificates for the number of shares to which
Holder is entitled upon such conversion, together with (ii) a check payable to Holder for any cash
amounts described herein and (iii) any other securities and property to which Holder is entitled
upon such conversion under the terms of this Note.

     7. Upon the earlier of (i) the full conversion of this Note pursuant to Section 2.2 of the
Purchase Agreement or (ii) the full payment of the amounts specified in this Note, the Company
shall be released from all of its obligations under this Note.

     8. If there shall be any Event of Default, the nature of which is described in Section 8.1 of
the Purchase Agreement, then, at the option and upon the declaration of the Required Note Holders
and upon written notice to the Company (which election and notice shall not be required in the case
of an Event of Default described in Section 8.1(b) or 8.1(c) of the Purchase Agreement), the entire
unpaid principal and accrued and unpaid interest on this Note shall be forthwith due and payable,
and the Holder hereof may, immediately and without expiration of any period of grace, enforce
payment of all amounts due and owing under this Note and exercise any and all other remedies
granted to it at law, in equity or otherwise.

     9. This Note shall be governed by the laws of the State of California, as applied to
agreements among California residents, made and to be performed entirely within the State of
California, without giving effect to conflicts of laws principles. Any dispute arising out of or
in connection with the transactions contemplated by this Note will be resolved solely by
confidential binding arbitration in San Francisco, California according to the then current
commercial arbitration rules of JAMS. Each party shall bear its own attorneys’ fees, expert
witness fees, and costs connected to such arbitration.

     10. The amendment or waiver of any term of this Note, the resolution of any controversy or
claim arising out of or relating to this Note and the provision of notice shall be conducted
pursuant to the terms of the Purchase Agreement.

 2.

 

     11. This Note applies to, inures to the benefit of, and binds the successors and assigns of
the parties hereto. This Note may be transferred only (i) with the prior written consent of the
Company, (ii) in full compliance with applicable federal and state securities laws, (iii) to a
transferee or assignee whom or that has agreed in writing for the benefit of the Company to be
bound in all respects by the Purchase Agreement and by all restrictions on transfer as set forth in
the Investor Rights Agreement and (iv) upon its surrender to the Company for registration of
transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form
satisfactory to the Company. Thereupon, this Note shall be reissued to, and registered in the name
of, the transferee, or a new Note for like principal amount and interest shall be issued to, and
registered in the name of, the transferee. Interest and principal shall be paid solely to the
registered holder of this Note. Such payment shall constitute full discharge of the Company’s
obligation to pay such interest and principal. The Holder and any subsequent holder of this Note
receives this Note subject to the foregoing terms and conditions, and agrees to comply with the
foregoing terms and conditions for the benefit of the Company and any other Holders.

     12. In no event shall any officer or director of the Company be liable for any amounts due and
payable pursuant to this Note.

[Remainder of Page Intentionally Left Blank]

 3.

 

     13. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Note and (in the case of loss, theft or destruction) upon
delivery of an indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation of this
Note, the Company will issue, in lieu thereof, a new Note of like tenor.

	 	 	 	 	 
	 	Anthera Pharmaceuticals, Inc.

 	 
	 	By:  	 	 
	 	Name:  Paul Truex	 
	 	Title:  President and Chief Executive Officer
	 

SIGNATURE PAGE TO

SENIOR SECURED CONVERTIBLE PROMISSORY NOTEexv10w15

EXHIBIT
10.15

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO SALE OR
DISPOSITION MAY BE EFFECTED WITHOUT THE PRIOR WRITTEN CONSENT OF THE COMPANY 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.

THE SALE OF THESE SECURITIES HAS NOT BEEN QUALIFIED WITH ANY STATE SECURITIES AUTHORITIES. THE
RIGHTS OF ALL PARTIES TO THIS WARRANT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING
OBTAINED UNLESS THE SALE IS SO EXEMPT.

Void after _________, 2014

ANTHERA PHARMACEUTICALS, INC.

FORM OF STOCK PURCHASE WARRANT

 

THIS CERTIFIES THAT, [HOLDER] and its registered assigns (hereinafter called the “Holder”) is
entitled to purchase from Anthera Pharmaceuticals, Inc., a Delaware corporation (the “Company”), at
any time from and after _________, 2009 (the “Warrant Issuance Date”) until 5:00 p.m. Pacific Time on
the Expiration Date (as such term is defined in Section 1 hereof), up to the number of fully paid
and nonassessable Equity Securities (as such are defined in the Purchase Agreement) of the Company
described in Section 3 of that certain Note and Warrant Purchase Agreement, dated as of July 17,
2009, by and among the Company and the persons or entities listed on the Schedule of Purchasers
attached thereto (the “Purchase Agreement”) (the “Warrant Shares,” as such number and nature of
Warrant Shares is further set forth in Section 1 hereof and such number of Warrant Shares may be
adjusted pursuant to Section 4 hereof). The exercise price per share of this Warrant (the
“Exercise Price”) shall be as described in Section 1 hereof. This Warrant may be exercised in whole
or in part at the option of the Holder. This Warrant is one of the Warrants referred to in the
Purchase Agreement and is entitled to all the benefits provided therein. Unless otherwise defined
herein, defined terms in this Warrant shall have the meanings ascribed to them in the Purchase
Agreement.

          1. Term and Number of Warrant Shares. This Warrant shall be exercisable from and
after the Warrant Issuance Date until, and shall terminate and expire to the extent not previously
exercised, on the earliest of (i) five (5) years after the Warrant Issuance Date, or (ii) upon the
consummation by the Company of any Corporate Transaction (a “Terminating Significant Transaction”,
and the earliest (i) or (ii), the “Expiration Date”). The Company shall

 

 

provide the Holder with at least ten (10) days’ prior written notice of any Terminating
Significant Transaction.

          This Warrant shall be exercisable for that number of Conversion Shares that is equal to (X)
twenty-five percent (25%) of the principal amount of the Note issued to such Purchaser in
conjunction with this Warrant divided by the Warrant Price (which is, in such circumstance, the
“Exercise Price”), provided, however, if the Note issued to Holder in conjunction
herewith has not, prior to April 1, 2010, been converted pursuant to Section 2.2 of the Purchase
Agreement, then this Warrant shall be exercisable for that number of Conversion Shares that is
equal to (X) fifty percent (50%) of the principal amount of the Note issued to such Purchaser in
conjunction with this Warrant divided by the Warrant Price.

          In the event that the Note issued to Holder in conjunction with this Warrant has been
converted into shares of Series B-2 Preferred pursuant to Section 2.2(b) of the Purchase Agreement,
this Warrant shall be exercisable in accordance with the paragraph above, provided,
however, that in such circumstance (i) this Warrant shall instead be exercisable for shares
of Series B-2 Preferred and (ii) all references to the Warrant Price in the paragraph above shall
instead be replaced with references to the Series B-2 Price (which is, in such circumstance, the
“Exercise Price”).

     2. Method of Exercise; Payment; Issuance of New Warrant. Subject to Section 1 hereof,
the purchase right represented by this Warrant may be exercised by the Holder, in whole or in part,
by:

          2.1 The surrender of this Warrant (with the notice of exercise form attached hereto as
Attachment A and the Investment Representation Statement attached hereto as Attachment
B duly executed) at the principal office of the Company; and

          2.2 The payment to the Company, by check or wire, of an amount equal to the then applicable
Exercise Price per share multiplied by the number of Warrant Shares then being purchased.

          If this Warrant should be exercised in part only, the Company shall, upon surrender of this
Warrant, execute and deliver a new Warrant evidencing the rights of the Holder thereof to purchase
the balance of the Warrant Shares purchasable hereunder. Upon receipt by the Company of this
Warrant and such notice of exercise, together with the aggregate Exercise Price, at its principal
office, or by the stock transfer agent or warrant agent of the Company at its office, the Holder
shall be deemed to be the holder of record of the applicable Warrant Shares, notwithstanding that
the stock transfer books of the Company shall then be closed or that certificates representing such
Warrant Shares shall not then be actually delivered to the Holder. The Company shall pay any and
all documentary stamp or similar issue or transfer taxes payable in respect of the issue or
delivery of the Warrant Shares.

          2.3 Net Exercise. In addition to and without limiting the rights of the Holder under
the terms of this Warrant, the Holder may elect to convert this Warrant or any portion

2

 

thereof (the “Conversion Right”) into Warrant Shares, the aggregate value of which Warrant
Shares shall be equal to the value of this Warrant or the portion thereof being converted. The
Conversion Right may be exercised by the Holder by surrender of this Warrant at the principal
office of the Company together with notice of the Holder’s intention to exercise the Conversion
Right, in which event the Company shall issue to the Holder a number of Warrant Shares computed
using the following formula:

	 	 	 	 	 
	Where:
	 	 	 	 
	 

	 	X -
	 	The number of Warrant Shares to be issued to the holder upon exercise of Conversion Right.
	 
	 	 	 	 
	 

	 	Y -
	 	The number of Warrant Shares issuable under this Warrant.
	 
	 	 	 	 
	 

	 	A -
	 	The fair market value of one Warrant Share, as determined in good faith by the board of directors of the
Company, at the time the Conversion Right is exercised pursuant to this Section 2.3.
	 
	 	 	 	 
	 

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

     3. Stock Fully Paid; Reservation of Warrant Shares. All shares of stock which may be
issued upon the exercise of the rights represented by this Warrant will, upon issuance, be fully
paid and nonassessable, and free from all taxes, liens and charges with respect to the issuance
thereof. During the period within which the rights represented by this Warrant may be exercised,
the Company will at all times have authorized and reserved for the purpose of issuance upon
exercise of the purchase rights evidenced by this Warrant, a sufficient number of shares of its
stock to provide for the exercise of the rights represented by this Warrant. In the event that
there is an insufficient number of Warrant Shares reserved for issuance pursuant to the exercise of
this Warrant, the Company will take appropriate action to authorize an increase in the capital
stock to allow for such issuance or similar issuance acceptable to the Holder.

     4. Adjustment of Exercise Price and Number of Warrant Shares. The number and kind of
Warrant Shares purchasable upon the exercise of this Warrant and the Exercise Price shall be
subject to adjustment from time to time upon the occurrence of certain events, as follows:

          4.1 Reclassification; Merger. In case of any reclassification or change of
outstanding 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 reorganization of the Company with or into a

3

 

holding company or another corporation other than a Terminating Significant Transaction, the
Company shall, as a condition precedent to such transaction, execute a new Warrant or cause such
successor or purchasing corporation, as the case may be, to execute a new Warrant, providing that
the Holder shall have the right to exercise such new Warrant and upon such exercise to receive, in
lieu of each share of 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 acquisition by a holder of one share of stock.
Such new Warrant shall provide for adjustments which shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Section 4. The provisions of this Section 4.1
shall similarly apply to successive reclassifications, changes, mergers and acquisitions.

          4.2 Subdivision or Combination of Warrant Shares. If the Company at any time after
the Warrant Issuance Date while this Warrant remains outstanding and unexpired shall subdivide or
combine its stock, the Exercise Price shall be proportionately decreased in the case of a
subdivision or increased in the case of a combination.

          4.3 Stock Dividends. If the Company at any time after the Warrant Issuance Date while
this Warrant is outstanding and unexpired shall pay a dividend with respect to stock payable in, or
make any other distribution with respect to stock (except any distribution specifically provided
for in the foregoing Sections 4.1 and 4.2) of, stock, then the Exercise Price shall be adjusted,
from and after the date of determination of stockholders entitled to receive such dividend or
distribution, to that price determined by multiplying the Exercise Price in effect immediately
prior to such date of determination by a fraction (i) the numerator of which shall be the total
number of shares of stock outstanding immediately prior to such dividend or distribution, and (ii)
the denominator of which shall be the total number of shares of stock outstanding immediately after
such dividend or distribution.

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

     5. Fractional Warrant Shares. No fractional Warrant Shares will be issued in
connection with any exercise hereunder, but in lieu of such fractional shares the Company shall
make a cash payment therefor upon the basis of the Exercise Price then in effect.

     6. Compliance with Securities Act; Non-transferability of Warrant; Disposition
of Shares of Stock.

          6.1 Compliance with Securities Act. The Holder, by acceptance hereof, acknowledges
and agrees that the representations and warranties in Section 6 of the Purchase Agreement made by
him, her or it shall be true and correct at the date of such acceptance, with the same force and
effect as if they had been made on and as of said date. Upon exercise of this

4

 

Warrant, the Holder
hereof shall confirm in writing, in the form attached hereto as Attachment B, that the
Warrant Shares so purchased are being acquired for investment and not with a view toward
distribution or resale. In addition, the Holder shall provide such additional information
regarding such Holder’s financial and investment background as the Company may reasonably request.
This Warrant and all Warrant Shares (unless registered under the Act) shall be stamped or imprinted
with a legend in substantially the following form:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.
NO SALE OR DISPOSITION MAY BE EFFECTED WITHOUT THE PRIOR WRITTEN CONSENT OF THE
COMPANY 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.

THE SALE OF THESE SECURITIES HAS NOT BEEN QUALIFIED WITH ANY STATE SECURITIES
AUTHORITIES. THE RIGHTS OF ALL PARTIES TO THIS WARRANT ARE EXPRESSLY CONDITIONED
UPON SUCH QUALIFICATION BEING OBTAINED UNLESS THE SALE IS SO EXEMPT.

     6.2 Transferability of Warrant. This Warrant may transferred or assigned only (i)
with the prior written consent of the Company, (ii) in full compliance with applicable federal and
state securities laws, (iii) to a transferee or assignee whom or that has agreed in writing for the
benefit of the Company to be bound in all respects by the Purchase Agreement and by all
restrictions on transfer as set forth in the Investor Rights Agreement and (iv) upon its surrender
to the Company for registration of transfer, duly endorsed, or accompanied by a duly executed
written instrument of transfer in form satisfactory to the Company; provided,
however, that the Warrant may be transferred without the prior written consent of the
Company in the following transactions:

	 	(a)	 	A transfer of the Warrant in whole by a Holder who is a natural
person during such Holder’s lifetime or on death by will or intestacy to such
Holder’s immediate family or to any custodian or trustee for the account of
such Holder or such Holder’s immediate family. “Immediate family” as used
herein shall mean spouse, lineal descendant, father, mother, brother, or sister
of the Holder.
	 
	 	(b)	 	A transfer of the Warrant in whole or in part to the Company or
to any stockholder of the Company.
	 
	 	(c)	 	A transfer of the Warrant in whole or in part to a person who,
at the time of such transfer, is or is an affiliate of an officer or director
of the Company.

5

 

	 	(d)	 	A transfer of the Warrant in whole pursuant to and in
accordance with the terms of any merger, consolidation, reclassification of
shares or capital reorganization of a corporate shareholder or pursuant to a
sale of all or substantially all of the stock or assets of a corporate
shareholder.
	 
	 	(e)	 	A transfer of the Warrant in whole or in part to a parent,
subsidiary or affiliate of a Holder.
	 
	 	(f)	 	A transfer of the Warrant in whole or in part by a Holder which
is a limited or general partnership or limited liability company to any of its
partners, limited partners, former partners, members or former members.

          6.3 Disposition of Warrant Shares. With respect to any offer, sale or other
disposition of any Warrant Shares prior to registration of such shares, the Holder and each
subsequent Holder of this Warrant agrees to give written notice to the Company prior thereto,
describing briefly the manner thereof, together with a written opinion of such Holder’s counsel, if
requested by the Company, to the effect that such offer, sale or other disposition may be effected
without registration or qualification (under the Securities Act as then in effect or any federal or
state law then in effect) of such Warrant Shares and indicating whether or not under the Securities
Act certificates for such shares to be sold or otherwise disposed of require any restrictive legend
as to applicable restrictions on transferability in order to ensure compliance with the Securities
Act; provided, however, that no such opinion of counsel or no action letter shall
be necessary for a transfer without consideration by a Holder which is a partnership or limited
liability company to a partner or limited partner of such partnership or member of such limited
liability company, so long as such transfer is made pursuant to the terms of the partnership
agreement or operating agreement, or to the transfer by gift, will or intestate succession by the
Holder to his or her spouse or lineal descendants or ancestors or any trust for the benefit of any
of the foregoing if the transferee agrees in writing to be subject to the terms hereof to the same
extent as if he/she were an original Holder hereunder. Notwithstanding the foregoing, such Warrant
Shares may be offered, sold or otherwise disposed of in accordance with Rule 144 under the
Securities Act.

     7. Rights or Liabilities of Stockholders. No Holder of this Warrant shall be entitled
to vote or receive dividends or be deemed the holder of stock or any other securities of the
Company which may at any time be issuable on the exercise hereof for any purpose, nor shall
anything contained herein be construed to confer upon the Holder of this Warrant, as such, any of
the rights of a stockholder of the Company or any right to vote for the election of directors or
upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to
any corporate action (whether upon any recapitalization, issuance of stock, reclassification of
stock, change of par value or change of stock to no par value, consolidation, merger, conveyance,
or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or
otherwise, nor will this Warrant subject the Holder to any liability as a stockholder of the
Company, until this Warrant has been exercised and the Warrant Shares shall have become
deliverable, as provided herein.

6

 

     8. Registration Rights. The Warrant Shares shall be deemed to be “Registrable
Securities” as that term is defined in the Investors Rights Agreement, for all purposes of Section
2 of the Investor Rights Agreement and the relevant provisions in the Investor Rights Agreement
that pertain to Section 2 thereof.

     9. Governing Law and Dispute Resolution. This Warrant shall be governed by the laws
of the State of California, as applied to agreements among California residents, made and to be
performed entirely within the State of California, without giving effect to conflicts of laws
principles. Any dispute arising out of or in connection with the transactions contemplated by this
Warrant will be resolved solely by confidential binding arbitration in San Francisco, California
according to the then current commercial arbitration rules of JAMS. Each party shall bear its own
attorneys’ fees, expert witness fees, and costs connected to such arbitration.

     10. Amendment and Waiver; Claims and Controversy; Notice. The amendment or waiver of
any term of this Warrant, the resolution of any controversy or claim arising out of or relating to
this Warrant and the provision of notice shall be conducted pursuant to the terms of the Purchase
Agreement.

     11. Replacement of Warrants. Upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and (in the case of loss,
theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required)
in an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender
and cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of like
tenor.

     12. Purchase Agreement. This Warrant is referred to in the Purchase
Agreement and is entitled to all the benefits provided therein.

     13. Titles and Subtitles. The titles and subtitles used in this Agreement
are used for convenience only and are not to be considered in construing or interpreting this Agreement.

[Remainder of Page Intentionally Left Blank]

7

 

     IN WITNESS WHEREOF, the parties hereto have executed this Warrant as of the Warrant Issue Date
set forth above.

	 	 	 	 	 	 	 
	 	 	ANTHERA PHARMACEUTICALS, INC.	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Paul F. Truex	 	 
	 

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	WARRANTHOLDER:	 	 
	 
	 	 	 	 	 	 
	 	 	By: [HOLDER]	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

Signature Page to Anthera Pharmaecuticals, Inc.

2009 Financing Warrant

 

 

ATTACHMENT A

NOTICE OF EXERCISE

TO:     Anthera Pharmaceuticals, Inc.

     1. The
undersigned hereby elects to purchase ____________ [Conversion Shares (for all purposes
herein, as such are defined in the attached Warrant) / shares of Series B-2 Preferred (for all
purposes herein, as such are defined in the attached Warrant)] of Anthera Pharmaceuticals, Inc.
pursuant to the terms of the attached Warrant, and tenders herewith payment of the purchase price
of such shares in full, together with all applicable transfer taxes, if any.

     1. The undersigned hereby elects to convert the attached Warrant into Warrant Shares in the
manner specified in Section 2.3 of the attached Warrant. This conversion is exercised with respect
to _________ of the [Conversion Shares / shares of Series B-2 Preferred] covered by
the Warrant.

     [Strike paragraph above that does not apply.]

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

	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

     3. The undersigned represents that the aforesaid shares of 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. In support thereof, the undersigned has executed an Investment
Representation Statement attached hereto as Attachment B.

	 	 	 	 	 
	 	 	 
	 	 	WARRANTHOLDER
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

	 	 	 	 	 
	Date:

	 	 	 	 
	 

	 	 	 	 

 

 

ATTACHMENT B

INVESTMENT REPRESENTATION STATEMENT

	 	 	 	 	 
	PURCHASER

	 	:	 	 
	COMPANY

	 	:
	 	Anthera Pharmaceuticals, Inc.
	SECURITY

	 	:	 	 
	AMOUNT

	 	:	 	 
	DATE

	 	:	 	 

In connection with the purchase of the above-listed securities and underlying stock (the
“Securities”), I, the Purchaser, represent to the Company the following:

          (a) I am aware of the Company’s business affairs and financial condition, and have acquired
sufficient information about the Company to reach an informed and knowledgeable decision to acquire
the Securities. I am purchasing these Securities for my own account for investment purposes only
and not with a view to, or for the resale in connection with, any “distribution” thereof for
purposes of the Securities Act of 1933, as amended (the “Securities Act”).

          (b) I understand that the Securities have not been registered under the Securities Act in
reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the
bona fide nature of my investment intent as expressed herein. In this connection, I understand
that, in the view of the Securities and Exchange Commission (“SEC”), the statutory basis for such
exemption may be unavailable if my representation was predicated solely upon a present intention to
hold these Securities for the minimum capital gains period specified under tax statutes, for a
deferred sale, for or until an increase or decrease in the market price of the Securities, or for a
period of one year or any other fixed period in the future.

          (c) I further understand that the Securities must be held indefinitely unless subsequently
registered under the Securities Act or unless an exemption from registration is otherwise
available. Moreover, I understand that the Company is under no obligation to register the
Securities, except as provided for in Section 8 of the Warrant and as provided for in the Investor
Rights Agreement. In addition, I understand that the certificate evidencing the Securities will be
imprinted with a legend which prohibits the transfer of the Securities unless they are registered
or such registration is not required in the opinion of counsel for the Company.

 

 

          (d) I am aware of the provisions of Rule 144, promulgated under the Securities Act, which, in
substance, permits limited public resale of “restricted securities” acquired, directly or
indirectly, from the issuer thereof (or from an affiliate of such issuer), in a non-public offering
subject to the satisfaction of certain conditions.

          (e) I further understand that at the time I wish to sell the Securities there may be no public
market upon which to make such a sale.

          (f) I further understand that in the event all of the requirements of Rule 144 are not
satisfied, registration under the Securities Act, compliance with Regulation A under the Securities
Act, or some other registration exemption will be required; and that, notwithstanding the fact that
Rule 144 is not exclusive, the Staff of the SEC has expressed its opinion that persons proposing to
sell private placement securities other than in a registered offering and otherwise than pursuant
to Rule 144 will have a substantial burden of proof in establishing that an exemption from
registration is available for such offers or sales, and that such persons and their respective
brokers who participate in such transactions do so at their own risk.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	 
	 	 	WARRANTHOLDER	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	     (signature)	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	     (title)	 	 
	 
	 	 	 	 	 	 
	 	 	Date:                                                            
             ,

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