Document:

EX-4.7

 Exhibit 4.7 

BELLICUM PHARMACEUTICALS, INC. 

and 

            , AS WARRANT AGENT 

FORM OF DEBT SECURITIES 

WARRANT AGREEMENT 
 DATED
AS OF [    ], 20 

  
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 BELLICUM PHARMACEUTICALS, INC. 

FORM OF DEBT SECURITIES WARRANT AGREEMENT 

DEBT SECURITIES WARRANT AGREEMENT (this “Agreement”), dated as of
                 between BELLICUM PHARMACEUTICALS, INC., a Delaware corporation (the “Company”), and
                , a [corporation] [national banking association] organized and existing under the laws of
                 and having a corporate trust office in                 , as warrant
agent (the “Warrant Agent”). 
 WHEREAS, the Company has entered into an indenture dated as of
[                 (the “Senior Indenture”), with
                , as trustee (such trustee, and any successors to such trustee, herein called the “Senior Trustee”), providing for the issuance
from time to time of its unsubordinated debt securities, to be issued in one or more series as provided in the Senior Indenture (the “Debt Securities”);]
[                 (the “Subordinated Indenture”), with
                , as trustee (such trustee, and any successors to such trustee, herein called the “Subordinated Trustee”), providing for the
issuance from time to time of its subordinated debt securities, to be issued in one or more series as provided in the Subordinated Indenture (the “Debt Securities”);] 

WHEREAS, the Company proposes to sell [If Warrants are sold with other securities—title of such other securities being offered
(the “Other Securities”) with] warrant certificates evidencing one or more warrants (the “Warrants” or, individually, a “Warrant”) representing the right to purchase [title of
Debt Securities purchasable through exercise of Warrants] (the “Warrant Debt Securities”), such warrant certificates and other warrant certificates issued pursuant to this Agreement being herein called the “Warrant
Certificates”; and 
 WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant
Agent is willing so to act, in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among other things, the form and provisions of the
Warrant Certificates and the terms and conditions on which they may be issued, registered, transferred, exchanged, exercised and replaced. 

NOW, THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows:

 ARTICLE 1 

ISSUANCE OF WARRANTS AND EXECUTION AND DELIVERY OF WARRANT CERTIFICATES 

1.1 Issuance of Warrants. [If Warrants alone—Upon issuance, each Warrant Certificate shall evidence one or more Warrants.]
[If Other Securities and Warrants—Warrant Certificates shall be [initially] issued in connection with the issuance of the Other Securities [but shall be separately transferable on and after
                 (the “Detachable Date”)] [and shall not be separately transferable] and each Warrant Certificate shall evidence one or more
Warrants.] Each Warrant evidenced thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Debt Security. [If Other Securities and Warrants—Warrant Certificates shall be initially issued
in units with the Other Securities and each Warrant Certificate included in such a unit shall evidence                  Warrants for each
[$                 principal amount] [                 shares] of Other Securities
included in such unit]. 
 1.2 Execution and Delivery of Warrant Certificates. Each Warrant Certificate, whenever issued,
shall be in registered form substantially in the form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the Warrant Agent and may have such letters, numbers, or other marks of identification
or designation and such legends or endorsements printed, lithographed or engraved thereon as the officers of the Company executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with
the provisions of this Agreement, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any 

  
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rule or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage. The Warrant Certificates shall be signed on behalf of the Company by any of its
present or future chief executive officers, presidents, senior vice presidents, vice presidents, chief financial officers, chief legal officers, treasurers, assistant treasurers, controllers, assistant controllers, secretaries or assistant
secretaries under its corporate seal reproduced thereon. Such signatures may be manual or facsimile signatures of such authorized officers and may be imprinted or otherwise reproduced on the Warrant Certificates. The seal of the Company may be in
the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant Certificates. 
 No Warrant
Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable, until such Warrant Certificate has been countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any
Warrant Certificate executed by the Company shall be conclusive evidence that the Warrant Certificate so countersigned has been duly issued hereunder. 

In case any officer of the Company who shall have signed any of the Warrant Certificates either manually or by facsimile signature shall cease
to be such officer before the Warrant Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant Certificates may be countersigned and delivered notwithstanding that the person who signed Warrant
Certificates ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Warrant Certificate, shall be the proper officers of the
Company, although at the date of the execution of this Agreement any such person was not such officer. 
 The term “holder” or
“holder of a Warrant Certificate” as used herein shall mean any person in whose name at the time any Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose [If Other Securities and
Warrants are not immediately detachable—or upon the registration of the Other Securities prior to the Detachable Date. Prior to the Detachable Date, the Company will, or will cause the registrar of the Other Securities to, make available at all
times to the Warrant Agent such information as to holders of the Other Securities as may be necessary to keep the Warrant Agent’s records up to date]. 

1.3 Issuance of Warrant Certificates. Warrant Certificates evidencing the right to purchase Warrant Debt Securities may be
executed by the Company and delivered to the Warrant Agent upon the execution of this Warrant Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of Warrant Certificates duly executed on behalf of the Company,
countersign such Warrant Certificates and shall deliver such Warrant Certificates to or upon the order of the Company. 
 ARTICLE 2

 WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS 

2.1 Warrant Price. During the period specified in Section 2.2, each Warrant shall, subject to the terms of this Warrant
Agreement and the applicable Warrant Certificate, entitle the holder thereof, to purchase the principal amount of Warrant Debt Securities specified in the applicable Warrant Certificate at an exercise price of
            % of the principal amount thereof [plus accrued amortization, if any, of the original issue discount of the Warrant Debt Securities] [plus accrued interest, if any, from the
most recent date from which interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the Warrant Debt Securities, from the date of their initial issuance.] [The original issue discount
($             for each $1,000 principal amount of Warrant Debt Securities) will be amortized at a             % annual rate,
computed on a[n] [semi-] annual basis [using a 360-day year consisting of twelve 30-day months].] Such purchase price for the Warrant Debt Securities is referred to in
this Agreement as the “Warrant Price.” 
 2.2 Duration of Warrants. Each Warrant may be exercised in
whole or in part at any time, as specified herein, on or after [the date thereof] [                ] and at or before [        ]
p.m., [City] time, on                  or such later date as the Company may designate by notice to the Warrant Agent and the holders of Warrant Certificates mailed to
their addresses as set forth in the record books of the Warrant Agent (the “Expiration Date”). Each Warrant not exercised at or before [        ] p.m., [City] time, on the Expiration
Date shall become void, and all rights of the holder of the Warrant Certificate evidencing such Warrant under this Agreement shall cease. 

  
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 2.3 Exercise of Warrants. 

(a) During the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of Warrant Debt
Securities in registered form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank check
in New York Clearing House funds] [by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Debt Security with respect to which a Warrant is being exercised to the Warrant Agent at its corporate trust office, provided
that such exercise is subject to receipt within five business days of such payment by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant Debt Securities set forth on the reverse side of the Warrant Certificate
properly completed and duly executed. The date on which payment in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the date on which the Warrant is
exercised; provided, however, that if, at the date of receipt of such Warrant Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Debt Securities purchasable upon the exercise of such Warrants shall be
closed, no such receipt of such Warrant Certificates and no such payment of such Warrant Price shall be effective to constitute the person so designated to be named as the holder of record of such Warrant Debt Securities on such date, but shall be
effective to constitute such person as the holder of record of such Warrant Debt Securities for all purposes at the opening of business on the next succeeding day on which the transfer books for the Warrant Debt Securities purchasable upon the
exercise of such Warrants shall be opened, and the certificates for the Warrant Debt Securities in respect of which such Warrants are then exercised shall be issuable as of the date on such next succeeding day on which the transfer books shall next
be opened, and until such date the Company shall be under no duty to deliver any certificate for such Warrant Debt Securities. The Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in an account of the Company
maintained with it and shall advise the Company by telephone at the end of each day on which a payment for the exercise of Warrants is received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephone advice
to the Company in writing. 
 (b) The Warrant Agent shall, from time to time, as promptly as practicable, advise the Company of
(i) the number of Warrant Debt Securities with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such Warrants with respect to delivery of the Warrant Debt Securities to
which such holder is entitled upon such exercise, (iii) delivery of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Debt Securities after such exercise, and (iv) such other information as the
Company or the [Senior] [Subordinated] Trustee shall reasonably require. 
 (c) As soon as practicable after the exercise of any
Warrant, the Company shall issue, pursuant to the Indenture, in authorized denominations, to or upon the order of the holder of the Warrant Certificate evidencing such Warrant, the Warrant Debt Securities to which such holder is entitled, in fully
registered form, registered in such name or names as may be directed by such holder. If fewer than all of the Warrants evidenced by such Warrant Certificate are exercised, the Company shall execute, and an authorized officer of the Warrant Agent
shall manually countersign and deliver, a new Warrant Certificate evidencing Warrants for the number of Warrant Debt Securities remaining unexercised. 

(d) The Company shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection with
any transfer involved in the issue of the Warrant Debt Securities, and in the event that any such transfer is involved, the Company shall not be required to issue or deliver any Warrant Debt Securities until such tax or other charge shall have been
paid or it has been established to the Company’s satisfaction that no such tax or other charge is due. 
 (e) Prior to the
issuance of any Warrants there shall have been reserved, and the Company shall at all times through the Expiration Date keep reserved, out of its authorized but unissued Warrant Debt Securities, a number of shares sufficient to provide for the
exercise of the Warrants. 

  
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 ARTICLE 3 

OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT 

CERTIFICATES 
 3.1
No Rights as Holders of Warrant Debt Securities Conferred By Warrants or Warrant Certificates. No Warrant Certificate or Warrant evidenced thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Debt Securities,
including, without limitation, the right to receive the payment of principal of (or premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants in the Indenture. 

3.2 Lost, Stolen, Mutilated or Destroyed Warrant Certificates. Upon receipt by the Warrant Agent of evidence reasonably
satisfactory to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity reasonably satisfactory to the Warrant Agent and the Company and, in the case of mutilation, upon
surrender of the mutilated Warrant Certificate to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such Warrant Certificate has been acquired by a bona fide purchaser, the Company shall
execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of the same tenor and evidencing
Warrants for a like principal amount of Warrant Debt Securities. Upon the issuance of any new Warrant Certificate under this Section 3.2, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent) in connection therewith. Every substitute Warrant Certificate executed and delivered pursuant to this Section 3.2 in lieu of any
lost, stolen or destroyed Warrant Certificate shall represent an additional contractual obligation of the Company, whether or not the lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to
the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered hereunder. The provisions of this Section 3.2 are exclusive and shall preclude (to the extent lawful) all other
rights and remedies with respect to the replacement of mutilated, lost, stolen or destroyed Warrant Certificates. 
 3.3 Holder of
Warrant Certificate May Enforce Rights. Notwithstanding any of the provisions of this Agreement, any holder of any Warrant Certificate, without the consent of the Warrant Agent, the [Senior] [Subordinated] Trustee, the holder
of any Warrant Debt Securities or the holder of any other Warrant Certificate, may, in such holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company
suitable to enforce, or otherwise in respect of, such holder’s right to exercise the Warrants evidenced by such holder’s Warrant Certificate in the manner provided in such holder’s Warrant Certificates and in this Agreement. 

3.4 Merger, Sale, Conveyance or Lease. In case of (a) any share exchange, merger or similar transaction of the Company with
or into another person or entity (other than a share exchange, merger or similar transaction in which the Company is the acquiring or surviving corporation) or (b) the sale, exchange, lease, transfer or other disposition of all or substantially
all of the properties and assets of the Company as an entirety (in any such case, a “Reorganization Event”), then, as a condition of such Reorganization Event, lawful provisions shall be made, and duly executed documents
evidencing the same from the Company’s successor shall be delivered to the holders of the Warrants, so that such successor shall succeed to and be substituted for the Company, and assume all the Company’s obligations under, this Agreement
and the Warrants. The Company shall thereupon be relieved of any further obligation hereunder or under the Warrants, and the Company as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated. Such
successor or assuming entity thereupon may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the Warrants issuable hereunder which heretofore shall not have been signed by the Company, and may
execute and deliver securities in its own name, in fulfillment of its obligations to deliver Warrant Debt Securities upon exercise of the Warrants. All the Warrants so issued shall in all respects have the same legal rank and benefit under this
Agreement as the Warrants theretofore or thereafter issued in accordance with the terms of this Agreement as though all of such Warrants had been issued at the date of the execution hereof. In any case of any such Reorganization Event, such changes
in phraseology and form (but not in substance) may be made in the Warrants thereafter to be issued as may be appropriate. The Warrant Agent may receive a written opinion of legal counsel as conclusive evidence that any such Reorganization Event
complies with the provisions of this Section 3.4. 

  
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 3.5 Notice to Warrantholders. In case the Company shall (a) effect any
Reorganization Event or (b) make any distribution on or in respect of the [title of Warrant Debt Securities] in connection with the dissolution, liquidation or winding up of the Company, then the Company shall mail to each holder of Warrants at
such holder’s address as it shall appear on the books of the Warrant Agent, at least ten days prior to the applicable date hereinafter specified, a notice stating the date on which such Reorganization Event, dissolution, liquidation or winding
up is expected to become effective, and the date as of which it is expected that holders of [title of Warrant Debt Securities] of record shall be entitled to exchange their shares of [title of Warrant Debt Securities] for securities or other
property deliverable upon such Reorganization Event, dissolution, liquidation or winding up. No failure to mail such notice nor any defect therein or in the mailing thereof shall affect any such transaction. 

ARTICLE 4 
 EXCHANGE
AND TRANSFER OF WARRANT CERTIFICATES 
 4.1 Exchange and Transfer of Warrant Certificates. [If Other Securities with
Warrants which are immediately detachable—Upon] [If Other Securities with Warrants which are not immediately detachable—Prior to the Detachable Date, a Warrant Certificate may be exchanged or transferred only together with the Other
Security to which the Warrant Certificate was initially attached, and only for the purpose of effecting or in conjunction with an exchange or transfer of such Other Security. Prior to any Detachable Date, each transfer of the Other Security shall
operate also to transfer the related Warrant Certificates. After the Detachable Date, upon] surrender at the corporate trust office of the Warrant Agent, Warrant Certificates evidencing Warrants may be exchanged for Warrant Certificates in other
denominations evidencing such Warrants or the transfer thereof may be registered in whole or in part; provided that such other Warrant Certificates evidence Warrants for the same aggregate principal amount of Warrant Debt Securities as the Warrant
Certificates so surrendered. The Warrant Agent shall keep, at its corporate trust office, books in which, subject to such reasonable regulations as it may prescribe, it shall register Warrant Certificates and exchanges and transfers of outstanding
Warrant Certificates, upon surrender of the Warrant Certificates to the Warrant Agent at its corporate trust office for exchange or registration of transfer, properly endorsed or accompanied by appropriate instruments of registration of transfer and
written instructions for transfer, all in form satisfactory to the Company and the Warrant Agent. No service charge shall be made for any exchange or registration of transfer of Warrant Certificates, but the Company may require payment of a sum
sufficient to cover any stamp or other tax or other governmental charge that may be imposed in connection with any such exchange or registration of transfer. Whenever any Warrant Certificates are so surrendered for exchange or registration of
transfer, an authorized officer of the Warrant Agent shall manually countersign and deliver to the person or persons entitled thereto a Warrant Certificate or Warrant Certificates duly authorized and executed by the Company, as so requested. The
Warrant Agent shall not be required to effect any exchange or registration of transfer which will result in the issuance of a Warrant Certificate evidencing a Warrant for a fraction of a Warrant Debt Security or a number of Warrants for a whole
number of Warrant Debt Securities and a fraction of a Warrant Debt Security. All Warrant Certificates issued upon any exchange or registration of transfer of Warrant Certificates shall be the valid obligations of the Company, evidencing the same
obligations and entitled to the same benefits under this Agreement as the Warrant Certificate surrendered for such exchange or registration of transfer. 

4.2 Treatment of Holders of Warrant Certificates. [If Other Securities and Warrants are not immediately detachable—Prior to
the Detachable Date, the Company, the Warrant Agent and all other persons may treat the owner of the Other Security as the owner of the Warrant Certificates initially attached thereto for any purpose and as the person entitled to exercise the rights
represented by the Warrants evidenced by such Warrant Certificates, any notice to the contrary notwithstanding. After the Detachable Date and prior to due presentment of a Warrant Certificate for registration of transfer, the] [The] Company, the
Warrant Agent and all other persons may treat the registered holder of a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced thereby, any notice to
the contrary notwithstanding. 

  
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 4.3 Cancellation of Warrant Certificates. Any Warrant Certificate surrendered
for exchange, registration of transfer or exercise of the Warrants evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered or so delivered to the Warrant Agent shall be
promptly canceled by the Warrant Agent and shall not be reissued and, except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu thereof. The Warrant Agent shall deliver to the
Company from time to time or otherwise dispose of canceled Warrant Certificates in a manner satisfactory to the Company. 
 ARTICLE 5

 CONCERNING THE WARRANT AGENT 

5.1 Warrant Agent. The Company hereby appoints
                 as Warrant Agent of the Company in respect of the Warrants and the Warrant Certificates upon the terms and subject to the conditions herein set forth,
and                  hereby accepts such appointment. The Warrant Agent shall have the powers and authority granted to and conferred upon it in the Warrant Certificates
and hereby and such further powers and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon it. All of the terms and provisions with respect to such powers and authority contained in the Warrant Certificates
are subject to and governed by the terms and provisions hereof. 
 5.2 Conditions of Warrant Agent’s Obligations. The
Warrant Agent accepts its obligations herein set forth upon the terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the holders from time to time of the Warrant
Certificates shall be subject: 
 (a) Compensation and Indemnification. The Company agrees promptly to pay the Warrant Agent
the compensation to be agreed upon with the Company for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket
expenses (including reasonable counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent in connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant
Agent for, and to hold it harmless against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of the Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder,
including the reasonable costs and expenses of defending against any claim of such liability. 
 (b) Agent for the Company. In
acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the holders of
Warrant Certificates or beneficial owners of Warrants. 
 (c) Counsel. The Warrant Agent may consult with counsel satisfactory
to it, which may include counsel for the Company, and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with
the advice of such counsel. 
 (d) Documents. The Warrant Agent shall be protected and shall incur no liability for or in
respect of any action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or
signed by the proper parties. 
 (e) Certain Transactions. The Warrant Agent, and its officers, directors and employees, may
become the owner of, or acquire any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any
financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of holders of Warrant Debt Securities or other obligations of the Company as freely as if it were not the Warrant Agent
hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant Agent from acting as [Senior] [Subordinated] Trustee under the [Senior] [Subordinated] Indenture. 

  
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 (f) No Liability for Interest. Unless otherwise agreed with the Company, the
Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates. 

(g) No Liability for Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or
any of the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon). 
 (h) No Responsibility for
Representations. The Warrant Agent shall not be responsible for any of the recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the
Company. 
 (i) No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in
the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action
hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for
the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the Warrant Certificates. The Warrant
Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from a holder of a
Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as provided in
Section 6.2 hereof, to make any demand upon the Company. 
 5.3 Resignation, Removal and Appointment of Successors. 

(a) The Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there shall at all times be
a Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable. 
 (b) The Warrant Agent may at
any time resign as agent by giving written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective; provided that such date shall not be less than three months after the date
on which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the
intended date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the laws
of the jurisdiction of its organization to exercise corporate trust powers) and the acceptance of such appointment by such successor Warrant Agent. The obligation of the Company under Section 5.2(a) shall continue to the extent set forth
therein notwithstanding the resignation or removal of the Warrant Agent. 
 (c) In case at any time the Warrant Agent shall resign,
or shall be removed, or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable Federal or
state bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or
affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for
relief by a court having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state
bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the
Warrant Agent or of its property or affairs, or any public officer shall take charge or control of the 

  
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Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be appointed by
the Company by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent shall cease to be
Warrant Agent hereunder. 
 (d) Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its
predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts,
immunities, duties and obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to transfer,
deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent hereunder. 

(e) Any corporation into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant Agent
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all the
assets and business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties
hereto. 
 ARTICLE 6 

MISCELLANEOUS 
 6.1
Amendment. This Agreement may be amended by the parties hereto, without the consent of the holder of any Warrant Certificate, for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained
herein, or making any other provisions with respect to matters or questions arising under this Agreement as the Company and the Warrant Agent may deem necessary or desirable; provided that such action shall not materially adversely affect the
interests of the holders of the Warrant Certificates. 
 6.2 Notices and Demands to the Company and Warrant Agent. If the
Warrant Agent shall receive any notice or demand addressed to the Company by the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly forward such notice or demand to the Company.

 6.3 Addresses. Any communication from the Company to the Warrant Agent with respect to this Agreement shall be addressed to
                , Attention:                  and any communication from the Warrant
Agent to the Company with respect to this Agreement shall be addressed to Bellicum Pharmaceuticals, Inc., 2130 W. Holcombe Blvd., Ste. 800, Houston, Texas 77030, Attention: Chief Financial Officer (or such other address as shall be specified in
writing by the Warrant Agent or by the Company). 
 6.4 Governing Law. This Agreement and each Warrant Certificate issued
hereunder, and any claim, controversy or dispute arising under or related to this Agreement or any Warrant Certificate, shall be governed by and construed in accordance with the laws of the State of New York. 

6.5 Delivery of Prospectus. The Company shall furnish to the Warrant Agent sufficient copies of a prospectus meeting the
requirements of the Securities Act of 1933, as amended, relating to the Warrant Debt Securities deliverable upon exercise of the Warrants (the “Prospectus”), and the Warrant Agent agrees that upon the exercise of any Warrant,
the Warrant Agent will deliver to the holder of the Warrant Certificate evidencing such Warrant, prior to or concurrently with the delivery of the Warrant Debt Securities issued upon such exercise, a Prospectus. The Warrant Agent shall not, by
reason of any such delivery, assume any responsibility for the accuracy or adequacy of such Prospectus. 

  
 9 

 6.6 Obtaining of Governmental Approvals. The Company will from time to time
take all action which may be necessary to obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States Federal and state laws (including without
limitation a registration statement in respect of the Warrants and Warrant Debt Securities under the Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance, sale, transfer, and delivery of the Warrant
Debt Securities issued upon exercise of the Warrants, the issuance, sale, transfer and delivery of the Warrants or upon the expiration of the period during which the Warrants are exercisable. 

6.7 Persons Having Rights Under Warrant Agreement. Nothing in this Agreement shall give to any person other than the Company,
the Warrant Agent and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement. 
 6.8
Headings. The descriptive headings of the several Articles and Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

6.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which as so executed shall be deemed to
be an original, but such counterparts shall together constitute but one and the same instrument. 
 6.10 Inspection of
Agreement. A copy of this Agreement shall be available at all reasonable times at the principal corporate trust office of the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to
submit his Warrant Certificate for inspection by it. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed, all as of the day and year first above written. 
  

			
	BELLICUM PHARMACEUTICALS, INC.

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	[WARRANT AGENT], as Warrant Agent

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [SIGNATURE PAGE TO DEBT SECURITIES WARRANT AGREEMENT] 

  
 10 

 EXHIBIT A 

FORM OF WARRANT CERTIFICATE 

[FACE OF WARRANT CERTIFICATE] 
  

			
	 [[Form if Warrants are attached to Other Securities and

are not immediately detachable.]
	  	[Prior to                 , this Warrant Certificate cannot be transferred or exchanged unless attached to a [Title of Other
Securities].]
		
	 [Form of Legend if Warrants are not immediately exercisable.]
	  	[Prior to                 , Warrants evidenced by this Warrant Certificate cannot be exercised.]

 EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED HEREIN 

VOID AFTER [        ] P.M.,
[                ] TIME, ON                 , 

  
 11 

 BELLICUM PHARMACEUTICALS, INC. 

WARRANT CERTIFICATE REPRESENTING 

WARRANTS TO PURCHASE 

[TITLE OF WARRANT DEBT SECURITIES] 
  

			
	 No.
	  	Warrants

 This certifies that
                 or registered assigns is the registered owner of the above indicated number of Warrants, each Warrant entitling such owner [If Warrants are attached to
Other Securities and are not immediately detachable —, subject to the registered owner qualifying as a “Holder” of this Warrant Certificate, as hereinafter defined)] to purchase, at any time [after
[        ] p.m., [City] time,                 on
                 and] on or before [        ] p.m., [City] time, on
                , $                 principal amount of [Title of Warrant Debt
Securities] (the “Warrant Debt Securities”), of Bellicum Pharmaceuticals, Inc. (the “Company”), issued or to be issued under the Indenture (as hereinafter defined), on the following basis: during the
period from                 , through and including                 , each Warrant shall
entitle the Holder thereof, subject to the provisions of this Agreement, to purchase the principal amount of Warrant Debt Securities stated in the Warrant Certificate at the warrant price (the “Warrant Price”) of
                % of the principal amount thereof [plus accrued amortization, if any, of the original issue discount of the Warrant Debt Securities] [plus accrued
interest, if any, from the most recent date from which interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the Warrant Debt Securities, from the date of their original issuance]. [The original
issue discount ($                 for each $1,000 principal amount of Warrant Debt Securities) will be amortized at a
                % annual rate, computed on a[n] [semi-]annual basis [using a 360-day year consisting of twelve 30-day months]. The Holder may exercise the Warrants evidenced hereby by providing certain information set forth on the back hereof and by paying in full, in lawful money of the United States of America, [in cash or
by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price for each Warrant Debt Security with respect to which this Warrant is exercised to the Warrant Agent
(as hereinafter defined) and by surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate trust office of [name of Warrant Agent], or its successor as warrant agent (the “Warrant
Agent”), which is, on the date hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the conditions set forth herein and in the Warrant Agreement (as hereinafter defined). 

The term “Holder” as used herein shall mean [If Warrants are attached to Other Securities and are not immediately detachable—,
prior to                 ,                  (the “Detachable
Date”), the registered owner of the Company’s [title of Other Securities] to which this Warrant Certificate was initially attached, and after such Detachable Date,] the person in whose name at the time this Warrant Certificate
shall be registered upon the books to be maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement. 

The Warrants evidenced by this Warrant Certificate may be exercised to purchase Warrant Debt Securities in the principal amount of $1,000 or
any integral multiple thereof in registered form. Upon any exercise of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to the Holder hereof a new Warrant Certificate evidencing Warrants for the aggregate
principal amount of Warrant Debt Securities remaining unexercised. 
 This Warrant Certificate is issued under and in accordance with the
Warrant Agreement dated as of                 ,                  (the “Warrant
Agreement”), between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the Holder of this Warrant Certificate consents by acceptance
hereof. Copies of the Warrant Agreement are on file at the above-mentioned office of the Warrant Agent. 
 The Warrant Debt Securities to be
issued and delivered upon the exercise of Warrants evidenced by this Warrant Certificate will be issued under and in accordance with an Indenture, [dated as of
                ,                  (the “Senior Indenture”),
between the Company and                 , as trustee (such trustee, and any successors to such trustee, the 

  
 12 

 
“Senior Trustee”)] [dated as of                 ,
                , (the “Subordinated Indenture”), between the Company and
                , as trustee (such trustee, and any successors to such trustee, the “Subordinated Trustee”)] and will be subject to the terms and
provisions contained in the Warrant Debt Securities and in the Indenture. Copies of the [Senior] [Subordinated] Indenture, including the form of the Warrant Debt Securities, are on file at the corporate trust office of the Trustee. 

[If Warrants are attached to Other Securities and are not immediately detachable—Prior to the Detachable Date, this Warrant Certificate
may be exchanged or transferred only together with the [Title of Other Securities] (the “Other Securities”) to which this Warrant Certificate was initially attached, and only for the purpose of effecting or in conjunction
with, an exchange or transfer of such Other Security. Additionally, on or prior to the Detachable Date, each transfer of such Other Security on the register of the Other Securities shall operate also to transfer this Warrant Certificate. After such
date, transfer of this] [If Warrants are attached to Other Securities and are immediately detachable—Transfer of this] Warrant Certificate may be registered when this Warrant Certificate is surrendered at the corporate trust office of the
Warrant Agent by the registered owner or such owner’s assigns, in the manner and subject to the limitations provided in the Warrant Agreement. 

[If Other Securities with Warrants which are not immediately detachable-Except as provided in the immediately preceding paragraph, after] [If
Other Securities with Warrants which are immediately detachable or Warrants alone—After] countersignature by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the corporate
trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate principal amount of Warrant Debt Securities. 

This Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Debt Securities, including,
without limitation, the right to receive payments of principal of (and premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants of the Indenture. 

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place. 
 This Warrant Certificate shall not be valid or obligatory for any
purpose until countersigned by the Warrant Agent. 
 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed in its
name and on its behalf by the facsimile signatures of its duly authorized officers. 

  
 13 

Dated:                   
                       
  

			
	 BELLICUM PHARMACEUTICALS, INC.

		
	 By:
	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 
		
		 	Countersigned:
	
	 [WARRANT AGENT], as Warrant Agent

		
	 By:
	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 

  
 14 

 [REVERSE OF WARRANT CERTIFICATE] 

(Instructions for Exercise of Warrant) 

To exercise any Warrants evidenced hereby for Warrant Debt Securities (as hereinafter defined), the Holder must pay, in lawful money of the
United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price in full for Warrants exercised, to [Warrant Agent] [address
of Warrant Agent], Attn:                 , which payment must specify the name of the Holder and the number of Warrants exercised by such Holder. In addition, the
Holder must complete the information required below and present this Warrant Certificate in person or by mail (certified or registered mail is recommended) to the Warrant Agent at the appropriate address set forth above. This Warrant Certificate,
completed and duly executed, must be received by the Warrant Agent within five business days of the payment. 
 (To be executed upon exercise
of Warrants) 
 The undersigned hereby irrevocably elects to exercise
                 Warrants, represented by this Warrant Certificate, to purchase
$                 principal amount of the [Title of Warrant Debt Securities] (the “Warrant Debt Securities”) of Bellicum Pharmaceuticals, Inc.
and represents that he has tendered payment for such Warrant Debt Securities, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in
immediately available funds], to the order of Bellicum Pharmaceuticals, Inc., c/o [insert name and address of Warrant Agent], in the amount of $                 in
accordance with the terms hereof. The undersigned requests that said principal amount of Warrant Debt Securities be in fully registered form in the authorized denominations, registered in such names and delivered all as specified in accordance with
the instructions set forth below. 
 If the number of Warrants exercised is less than all the Warrants evidenced hereby, the undersigned
requests that a new Warrant Certificate evidencing the Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised be issued and delivered to the undersigned unless otherwise specified in the instructions below. 

 

									
					
	 Dated
	 	 	 		 	 Name
	 	 
		 		 		 		 	Please Print

  

							
	 Address:
	 		  		  	
		
	 (Insert Social Security or Other Identifying Number of Holder)
	  	
				
	 Signature Guaranteed
	 	 	  	                        	  	
		 	 Signature
	  		  	

 (Signature must conform in all respects to name of holder as specified on the face of this Warrant Certificate and must bear a
signature guarantee by a FINRA member firm). 

  
 15 

 This Warrant may be exercised at the following addresses: 

By hand at 
 By mail at 

[Instructions as to form and delivery of Warrant Debt Securities and, if applicable, Warrant Certificates evidencing Warrants for the number of Warrant Debt
Securities remaining unexercised—complete as appropriate.] 

  
 16 

 ASSIGNMENT 

[Form of assignment to be executed if Warrant Holder desires to transfer Warrant] 

FOR VALUE RECEIVED,                  hereby sells, assigns and
transfers unto: 
  

			
	(Please print name and address including zip code)	  	Please print Social Security or other identifying number

 the right represented by the within Warrant to purchase
$                 aggregate principal amount of [Title of Warrant Debt Securities] of Bellicum Pharmaceuticals, Inc. to which the within Warrant relates and appoints
                 attorney to transfer such right on the books of the Warrant Agent with full power of substitution in the premises. 

 

							
				
	 Dated
	 	 	 	    	 	 
		 		 		 	Signature

 (Signature must conform in all respects to name of holder as specified on the face of the Warrant) 

 

			
	 Signature Guaranteed
	  	
		
	 	  	

  
 17EX-10.42

 Exhibit 10.42 

LOAN AND SECURITY AGREEMENT 

This Loan and Security Agreement (this “Agreement”) is entered into and effective as of September 12, 2016 (the “Effective
Date”), by and between EB5 Life Sciences, LP, a Pennsylvania limited partnership (the “Lender”), and Ocugen, Inc., a Delaware corporation (the “Borrower”), with reference to and in reliance upon the following facts: 

R E C I T A L S 

A.    In order to clinically develop, manufacture, and commercialize three proprietary eye molecules (OCU100, OCU200 and
OCU300) for the treatment of eyes diseases (the “Project”), the Borrower desires to borrow funds and obtain other financial accommodations from the Lender. 

B.    The Lender is willing to provide financing and provide other financial accommodations to the Borrower upon the terms
and conditions set forth herein and in the other documents executed and delivered in connection herewith. 
 NOW, THEREFORE, in
consideration of the terms and conditions contained in this Agreement, and of any extensions of credit made or to be made to or for the benefit of Borrower by Lender, the parties, therefore, agree as follows: 

1.    DEFINITIONS. 

1.1    “Account Debtor” means any person or entity who is or may become obligated upon a receivable. 

1.2    “Accounts” means all amounts due and to become due to the Borrower and other accounts, contract rights,
chattel paper, instruments, and documents, whether now owned or to be acquired by the Borrower. 
 1.3    “Business
Day” means any day other than a Saturday, Sunday, or other legal holiday in the Commonwealth of Pennsylvania. 

1.4    “Capital Contribution” means the amount of money contributed by a Limited Partner to the Lender upon
acceptance of the Limited Partner pursuant to the Partnership Agreement, so long as such contribution by such Limited Partner has not been refunded to the Limited Partner pursuant to a disapproval or denial of the Limited Partner’s I-526 Petition. 
 1.5    “Collateral” means: 

a)    All shareholder or ownership interests in the Borrower now or hereafter owned by the Borrower and such documentation
and opinions in connection with the grant of such lien as the Lender shall request, including any rights to profit allocations, net cash distributions, capital event distributions, preferred returns, interest income or gains for any credit extended
by the Borrower, insurance policies, tax filings and credits, financing statements, reserve and contingency accounts, and all other member rights, now or hereafter held by the Borrower, and the Borrower shall pay all recording costs, intangible
taxes, and other fees and costs (including reasonable attorneys’ fees and expenses) incurred in connection therewith; 

 b)    All accounts, accounts receivable, (excluding
any patents, patent applications, pending patents, patent licenses, patent sublicenses, trademarks, and other intellectual property rights), including, without limitation, all forms of payment, all present and future incomes, rents, revenues, issues
and profits, , bailment or leasehold interests, whether as lessor or lessee, all cases in action and recoveries for any loss in value of any reputational rights of the Borrower or items of personal property, described in this Agreement, rights in
and to security agreements and other contracts or assignments providing security to the Borrower, book debts, credits, indemnities, warranties or guarantees payable to the Borrower on loss or damage of property, tax refunds, customer lists, business
and accounting records, including all ledger account cards, computer tapes and disks, and other computer information, in all cases whether now owned or hereafter created or acquired by the Borrower or in which the Borrower may now have or may after
the Effective Date acquire an interest; 
 c)    All inventory, including, without limitation, all goods held for sale
or lease, finished goods, merchandise, parts, and supplies, of every kind and description, whether now owned or acquired by the Borrower after the Effective Date, or in which the Borrower may now have or may after the Effective Date acquire an
interest, including, without limitation, inventory temporarily out of the Borrower’s custody or possession and any returns or repossessions on any sales or accounts; 

d)    All goods, including, without limitation, equipment, machinery, materials, furniture, furnishings, engines,
appliances, fixtures, tools, parts, supplies, and vehicles of every kind and description, whether now owned or acquired by the Borrower after the Effective Date or delivered to the real property of the Borrower, or in which the Borrower may now have
or may after the Effective Date acquire an interest, and all additions, accessions, replacements, substitutions, and improvements to such goods and wherever located; 

e)    All documents, documents of title, deposit accounts, negotiable and
non-negotiable instruments, shares, stocks, bonds, debentures, securities, moneys, sources of money, uncalled capital, letters of credit, investment property, and chattel paper whether now owned or acquired
after the Effective Date by the Borrower; and 
 f)    All proceeds and products of any of the personal and real
property described above, in any form, including, without limitation, leases and rents, proceeds of any insurance relating to such collateral or fire and builder’s risk insurance and unrenewed insurance premiums, proceeds consisting of any of
the above types of collateral, all awards made in eminent domain proceeds or purchased in lieu of such eminent domain proceeding; proceeds of any non-commercial tort cause of action in existence, now or after
the Effective Date, and all replacements, substitutions, renewals, returns, additions, accessions, rents, , issues, documents of ownership, and receipts for any of the foregoing. 

1.6    “Costs” has the meaning specified in Section 2.9. 

1.7    “Disbursements” has the meaning specified in Section 2.1. 

  
 2 

 1.8    “Event of Default” means any event listed in
Section 7. 
 1.9    “First Extension Date” has the meaning specified in
Section 2.5. 
 1.10    “General Partner” means GCRC EB5 Life Sciences Management,
LLC, a Pennsylvania limited liability company, the general partner of the Lender, as further set forth in the Limited Partnership Agreement. 

1.11    “Initial Termination Date” has the meaning specified in Section 2.5. 

1.12    “Limited Partner” means a limited partner of the Lender, as further set forth in the Limited Partnership
Agreement. 
 1.13    “Partnership Agreement” means that certain Limited Partnership Agreement of the Lender,
dated as of July 1, 2016, by and among GCRC EB5 Life Sciences Management LLC as the general partner, the Original Limited Partner (as defined therein), and the limited partners listed on Exhibit A thereto. 

1.14    “Loan” has the meaning specified in Section 2.1. 

1.15    “Loan Documents” mean this Agreement, the Notes, and any other agreement, instrument, and other document
executed and delivered pursuant hereto or thereto or otherwise evidencing or securing the Loan or any other Obligation. 

1.16    “Material Adverse Effect” means a material adverse effect on (i) the business, assets, operations,
or condition (financial or otherwise) of the Borrower, (ii) the ability of the Borrower to pay any of the Obligations and perform its obligations under this Agreement, or (iii) the ability of the Lender to enforce any of its rights or to
collect any of the Obligations then due and payable. 
 1.17    “Notes” means one (1) or more Secured
Promissory Notes, substantially in the form attached hereto as Exhibit A, to be issued upon the occurrence of each Disbursement hereunder. 

1.18    “Obligations” means all present and future indebtedness, obligations, and liabilities of the Borrower to
the Lender under this Agreement, the Notes, and the other Loan Documents, whether or not the right of payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal,
equitable, secured, unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding. Without limiting the generality of the foregoing, the Obligations of the Borrower under the Loan Documents include
(i) the obligation (irrespective of whether a claim therefor is allowed in any insolvency proceeding) to pay principal, interest, charges, expenses, fees, attorney’s fees and disbursements, indemnities and other amounts payable by the
Borrower under the Loan Documents, and (b) the obligation of the Borrower to reimburse any amount in respect of any of the foregoing that the Lender (in its sole discretion) may elect to pay or advance on behalf of the Borrower. 

  
 3 

 1.19    “Permitted Indebtedness” means a loan to the Borrower
by a third party for the purposes of funding any costs related to the Project. 
 1.20    “Permitted Lien”
means a mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, easement, lien (statutory or other), security interest, or other security arrangement and any other preference, priority, or preferential
arrangement of any kind or nature whatsoever, encumbering the Collateral to secure any Permitted Indebtedness. 

1.21    “Person” means any individual or entity, including, but not limited to, corporations, partnerships,
limited liability companies, limited partnerships, etc. 
 1.22    “Project” has the meaning specified
in Section 2.3. 
 1.23    “Second Extension Date” has the meaning specified in
Section 2.5. 
 1.24    “Senior Loans” means all loan financing for the Project that
the Borrower declares to be senior to the Loan. 
 1.25    “Termination Date” has the meaning specified in
Section 2.5. 
 1.26    “USCIS” means the United States Citizenship and Immigration
Service. 
 1.27    All computations required under this Agreement shall otherwise be made in accordance with U.S.
generally accepted accounting principles (“GAAP”) and practices consistently applied. Accounting terms used herein not otherwise defined shall have the meanings attributable thereto under generally accepted accounting principles and
practices. 
 2.    LOAN. 

2.1    Subject to the terms and conditions hereof, the Lender hereby agrees to make a loan in the amount of up to Ten
Million Dollars ($10,000,000) (the “Loan”) to the Borrower, which shall be disbursed to the Borrower, by check or wire transfer in immediately available funds in one (1) or more disbursements of Five Hundred Thousand Dollars
($500,000) or more apiece (each, a “Disbursement,” and collectively the “Disbursements”). Each Disbursement shall be made within a reasonable time following the Lender’s receipt of an Investor’s Capital Contribution,
and multiple Investors’ Capital Contributions may be aggregated in one Disbursement. The aggregate principal amount of the Disbursements (based on initial principal amount) shall not exceed Ten Million Dollars ($10,000,000). 

2.2    The outstanding unpaid principal balance and all accrued and unpaid interest under the Loan shall be due and
payable as set forth in this Agreement or the Notes, but in no event later than the Termination Date. All amounts outstanding under the Loan shall constitute Obligations. Payment of all Obligations shall be made to the Lender or its designee by
check or wire transfer in immediately available funds. 
 2.3    The Loan proceeds will be used for the Project, which
is the clinical development, manufacturing, and commercialization of three proprietary eye molecules, OCU100, OCU200, 

  
 4 

 
OCU300 and for the general working capital needs of the Borrower. The Borrower hereby covenants and agrees to use all Loan proceeds for job creating activities and other uses approved by USCIS
under the United States “EB-5 Immigrant Investor Program,” and to maintain such uses until the end of the Limited Partners’ period of conditional residence as interpreted by USCIS, unless USCIS
publishes policy allowing earlier repayment. 
 2.4    Except as provided in Section 7.2, all
Obligations shall bear interest at the rate of four percent (4.0%) per annum, computed on the basis of a 360-day year for the actual number of days elapsed. 

2.5    The term of this Agreement will expire upon the seventh (7th) anniversary of the final Disbursement (the
“Initial Termination Date”), and all outstanding Obligations will become due and payable in full on that date. At the option of the Borrower, on written notice given at least thirty (30) days prior to the Initial Termination Date,
this Agreement shall be extended until six (6) months following the Initial Termination Date (the “First Extension Date”), upon which date all outstanding Obligations shall become due and payable in full. Notwithstanding the foregoing
provisions of this Section 2.5, the Borrower shall not repay any portion of the Loan principal until after the end of the Limited Partners’ period of conditional residence as interpreted by USCIS, unless USCIS
publishes policy allowing earlier repayment. The last of the Initial Termination Date, the First Extension Date, or the date set forth in the immediately preceding sentence shall be the “Termination Date.” 

2.6    Interest on the outstanding unpaid principal balances of each Disbursement shall be paid as set forth in the
corresponding Note. 
 2.7    Each prepayment of the Loan shall be accompanied by the payment of interest accrued to the
date of such prepayment on the amount prepaid. 
 2.8    Any principal amount of the Loan that is repaid or prepaid may
not be reborrowed. 
 2.9    Borrower shall pay to the General Partner or Regional Center a loan fee equal to 1.0% of
the aggregate disbursement amount, payable at each disbursement of funds to the Borrower under the Loan, based upon the amount advanced in such disbursement. 

2.10    The Borrower shall pay to the Lender its fees, costs, and expenses, including without limitation reasonable
attorneys’ fees, other professionals’ fees, court costs, litigation and other expenses and wire transfer and bank fees (collectively, “Costs”), incurred or paid by the Lender in connection with the enforcement of this Agreement,
and the defense, preservation, and protection of the Lender’s rights and remedies thereunder, including without limitation its security interest in the Collateral or any other property pledged to secure the Loans hereunder, whether incurred in
bankruptcy, insolvency, foreclosure, or other litigation or proceedings or otherwise. The Costs shall be due and payable within ten (10) Business Days of the Lender’s submission to the Borrower of a reasonable accounting of such costs. If
the Borrower fails to pay any Costs in a timely manner, the Lender is entitled to disburse such sums as a Loan under this Agreement, and for such purpose, the maximum amount of the Loan shall be increased by the amount of such Costs. Thereafter, the
Costs shall bear interest from the date incurred or 

  
 5 

 
disbursed at the highest rate set forth in this Agreement. This provision shall survive the termination of this Agreement and the repayment of any amounts due or the performance of any obligation
under this Agreement. The Borrower shall only pay Costs out of revenue from operations, and shall not use any Loan proceeds to pay Costs. 

3.    SECURITY INTEREST/COLLATERAL. 

3.1    As security for the Obligations, the Borrower hereby grants the Lender a first priority security interest in the
Collateral, subject only to any future Permitted Liens. As long as any Obligations are outstanding, and until this Agreement is terminated as provided herein, the Borrower shall execute and deliver to the Lender such deeds of trust, assignments,
notices, financing statements, and other documents (including any original instruments, documents, and chattel paper, endorsed or assigned as the Lender shall specify) as the Lender may request in order to perfect or confirm the Lender’s
security interest in the Collateral or to give any third parties, notice of the Lender’s interest in the Collateral, and the Borrower grants the Lender the right to file such deeds of trust, financing statements, and other documents with the
appropriate offices and authorities. 
 3.2    Notwithstanding any termination, until all of the Obligations shall have
been fully paid and satisfied, the Lender shall be entitled to retain its security interest in the Collateral; and the Lender shall retain all of its rights and remedies under this Agreement. 

3.3    Upon payment in full of the Obligations, the Lender shall release its security interest in the Collateral, and this
Agreement shall terminate and be of no further force and effect, except for Sections 2.9, 8.4, 8.5, and 8.6, which shall survive the termination hereof. 

4.    CONDITIONS PRECEDENT. The Lender’s obligations hereunder are subject to the condition that there shall have been
delivered to the Lender, in form and substance satisfactory to the Lender, all of the following: 
 4.1    Evidence that
the execution, delivery, and performance by the Borrower of this Agreement, the Notes, and the other Loan Documents, and the execution, delivery, and performance by the Borrower and subordinating creditor of any instrument or agreement required
under this Agreement, the Notes, or the other Loan Documents, as appropriate, have been duly authorized; 
 4.2    Such
deeds of trust and financing statement(s) (Form UCC-1) as the Lender may require with respect to this Agreement and any of the Loan Documents; 

4.3    Evidence that all security interests required to be provided in favor of the Lender are valid, enforceable, and,
subject to the Senior Loans, are prior to the rights and interests of others and any other documents that the Lender may reasonably request to reflect, perfect or protect the Lender’s priority lien in the Collateral; 

4.4    Certificates of insurance (and policies), as described in Section 6.5, covering the
Collateral, each naming the Lender as first loss payee and containing a clause requiring the insurer to give not less than thirty (30) days prior written notice to the Lender in the event of cancellation of the policy for any reason whatsoever;
and 

  
 6 

 4.5    Such other documents and instruments as the Lender may reasonably
require. 
 5.    REPRESENTATIONS AND WARRANTIES. The Borrower represents and warrants that: 

5.1    The Borrower is duly organized and validly existing under the laws of the State of Delaware, and that the
execution, delivery, and performance of this Agreement and the other Loan Documents are within the Borrower’s powers, have been duly authorized, and are not in conflict with the terms of its organizational documents, as amended from time to
time through the Effective Date. 
 5.2    The execution, delivery, and performance of this Agreement, the Notes, the
other Loan Documents, and of any instrument or agreement required by this Agreement, the Notes, and/or the other Loan Documents are not in conflict with any law or any indenture, agreement, or undertaking to which the Borrower is a party or by which
the Borrower is bound or affected. 
 5.3    All financial information submitted by the Borrower to the Lender is true
and correct in all material respects and is complete insofar as may be necessary to give the Lender true and accurate knowledge of the subject matter thereof. The Borrower is not in default under any indenture, loan agreement, mortgage, lease, trust
deed, deed of trust, material contract, or any other agreement to which it is a party or which it is bound. 

5.4    All Collateral shall be owned by the Borrower, free and clear of all clouds to title and of all security interests,
liens, encumbrances, and rights of others except for the Senior Loans. 
 5.5    All information that the Borrower has
provided to the Lender concerning the Collateral is true and correct. 
 5.6    The liens granted to the Lender under
this Agreement will constitute a first priority lien on the Collateral, subject only to the Senior Loans, upon the filing of a deed of trust and UCC-1 Financing Statement and the Borrower’s grant of such
lien to the Lender does not constitute a fraudulent conveyance under any applicable law. 
 5.7    There is no
litigation, tax claim, proceeding, or dispute pending, or, to the knowledge of the Borrower, threatened, against or affecting the Borrower or its property, the adverse determination of which might have a Material Adverse Effect. 

5.8    The Borrower is not a party to or subject to any agreement or restriction that in the opinion of the
Borrower’s management is so unusual or burdensome that it might have a Material Adverse Effect. 
 5.9    The
Borrower’s chief executive office is located at One Great Valley Parkway, Suite # 8, Malvern, Pennsylvania. 

5.10    The Borrower has not conducted business in any other names. 

  
 7 

 5.11    No event has occurred and is continuing or would result from the
making of a Loan that constitutes an Event of Default or which, upon lapse of time or notice or both, would become an Event of Default. 

6.    COVENANTS. The Borrower covenants and agrees that until the full and final payment of the Loan and all other Obligations
incurred hereunder, the Borrower shall do all of the following, unless the Lender waives compliance in writing: 

6.1    Payment. Pay principal and interest on the Loan and all other Obligations incurred hereunder according to
the terms hereof. 
 6.2    Notice to the Lender. Promptly give written notice to the Lender of any of the
following: 
 a)    Any substantial dispute that may exist between the Borrower and any governmental or regulatory body
or law enforcement authority; 
 b)    An Event of Default or any event which, upon a lapse of time or notice or both,
would become an Event of Default; 
 c)    Any other matter that has resulted or might result in a material adverse
change in the Borrower’s financial condition or operations; and 
 d)    Any event that adversely affects the value
of the Collateral, the ability of the Borrower or the Lender to dispose of any of the Collateral, or the rights and remedies of the Lender in relation thereto, including, but not limited to, the levy of any legal process against any Collateral and
the adoption of any marketing order, arrangement, or procedure affecting the Collateral, whether governmental or otherwise. 

6.3    Books and Records. Furnish to Lender upon demand any of its books and records and such other data and
information (financial and otherwise) as Lender from time to time may reasonably request, bearing upon or related to Borrower’s financial condition or results of its operations. 

6.4    Additional Obligations. Perform, on request of the Lender, such acts or execute and deliver such documents
as may be necessary or advisable to perfect any liens or security interests provided for herein or otherwise to carry out the intent of this Agreement. 

6.5    Insurance. Maintain and keep in force in adequate amounts of such insurance, including property and
liability insurance and fire and hazard insurance policies on the Borrower’s inventory as is usual in the business carried on by the Borrower, all of which will be evidenced by certificates of insurance delivered to the Lender by the Borrower
on the Effective Date or such other date as the Lender may choose in its sole discretion. 
 6.6    Information.
Cause all information, upon submission by the Borrower to the Lender, to be true and correct in all material respects and complete to the extent necessary to give the Lender a true and accurate knowledge of the subject matter thereof. 

  
 8 

 6.7    Inspection of Collateral. Permit the Lender, by its
representatives and agents, to inspect the Collateral, to examine and make copies of the records of the Borrower relating thereto, and to discuss the Collateral, and the records of the Borrower with respect thereto with, and to be advised as to the
same by the Borrower’s officers, all at such reasonable times and intervals as the Lender may determine. 

6.8    Taxes. Pay when due all applicable taxes, assessments, and governmental charges and levies upon the
Collateral, except those which are being contested in good faith by appropriate proceedings. 
 6.9    Notification
of Account Debtors. Upon the request of the Lender, notify all or such of the Account Debtors as the Lender shall specify to make payment thereon at such place and in such manner as the Lender shall specify. 

6.10    Disposition of Collateral. Not sell, lease, or otherwise dispose of the Collateral except, prior to the
occurrence of an Event of Default or sales of inventory in the ordinary course of business. 
 6.11    Change in
Location or Name. 
 a)    Not maintain its chief executive office at a location other than that specified in
Section 5.9; 
 b)    Not change its name; and 

c)    Not change its mailing address without the Lender’s prior written consent. 

6.12    Other Indebtedness. Not create, incur, assume, suffer to exist, guarantee, or otherwise become or remain,
directly or indirectly, liable with respect to any indebtedness, except for (i) the Obligations evidenced by this Agreement and the other Loan Documents, (ii) other indebtedness to the Lender, its parent, subsidiaries, or any of its
affiliates, (iii) other indebtedness incurred in the ordinary course of business, not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate, and (iv) any Permitted Indebtedness. The Borrower shall not create, incur,
assume, suffer to exist, guarantee, or otherwise become or remain, directly or indirectly, liable for Senior Loans in excess of the greater of (i) an aggregate principal amount of Ten Million Dollars ($10,000,000) or (ii) the fair market
value of the Borrower’s collateral securing the Senior Loan minus the outstanding Loan amount at the time the Senior Loan is incurred. 

6.13    Liens. Not create, incur, assume, or suffer to exist, directly or indirectly, any lien or encumbrance on or
with respect to any of its assets, of any kind, whether now owned or hereafter acquired, or any income or profits therefrom, except for (a) liens or encumbrances in favor of Lender, and (b) any Permitted Lien. 

  
 9 

 7.    EVENTS OF DEFAULT; REMEDIES. 

7.1    Default. The occurrence of any one or more of the following events shall constitute an Event of Default: 

a)    The Borrower fails to pay any part of the Obligations on the date due and payable or declared due and payable by the
Lender and the same is not cured within thirty (30) days after the Lender gives the Borrower notice identifying such default; 

b)    The Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, or covenant
contained in this Agreement, which is required to be performed, kept, or observed by the Borrower and the same is not cured to the Lender’s satisfaction within thirty (30) days after the Lender gives the Borrower notice identifying such
default; 
 c)    Any statement, warranty, representation, report, financial statement, or certificate made or delivered
by the Borrower or any of its officers, employees, or agents, to the Lender is not true and correct in any material respect; 

d)    There shall occur any material uninsured damage to or loss, theft, or destruction of any of the Collateral; 

e)    The Collateral or any of the Borrower’s other assets are attached, seized, levied upon, or subjected to a writ
or distress warrant, or come within the possession of any receiver, trustee, custodian, or assignee for the benefit or creditors and the same is not cured within thirty (30) days thereafter; 

f)    An application is made by any Person other than the Borrower for the appointment of a receiver, trustee, or
custodian for any of the Collateral or any of the Borrower’s other assets and the same is not dismissed within thirty (30) days after the application therefor; 

g)    An application is made by the Borrower for the appointment of a receiver, trustee or custodian for any of the
Collateral or any of the Borrower’s other assets; or a petition under any section or chapter of the Bankruptcy Code or any similar law or regulation is filed by or against the Borrower or any guarantor of the Obligations and, if filed against
the Borrower or any guarantor, is not dismissed within ninety (90) days after filing; or the Borrower makes an assignment for the benefit of its creditors or any case or proceeding is filed by or against the Borrower for its dissolution,
liquidation, or termination; or the Borrower ceases to conduct its business as now conducted or is enjoined, restrained or in any way prevented by court order from conducting all or any material part of its business affairs; 

h)    The Borrower becomes insolvent or fails generally to pay its debts as they become due; or 

i)    There shall occur a default under any of the Notes or any of the other Loan Documents. 

7.2    Default Rate. After the occurrence and during the continuation of any Event of Default, all Obligations
outstanding as of the date of such Event of Default will accrue interest at the “Default Rate” (as defined below), in the Lender’s sole discretion, with prior notice to the Borrower. This provision does not constitute a waiver of any
Event of Default or an agreement by the Lender to permit any late payments whatsoever. The “Default Rate” is one percent (1.0%) per annum in excess of the interest rate otherwise in effect under this Agreement. 

  
 10 

 7.3    Remedies. Upon the occurrence or during the continuation
of any Event of Default, the Lender shall have the following rights, the failure by the Lender to exercise any of which shall not constitute waiver of any Event of Default: 

a)    The right to declare all or any portion of the Loan and all other Obligations then outstanding to be due and
payable, whereupon all of the aggregate principal of the Loan, all accrued and unpaid interest thereon, and all Obligations under this Agreement, the Notes, and the other Loan Documents shall become due and payable immediately, without presentment,
demand, protest, or further notice of any kind, all of which are hereby expressly waived by the Borrower; 
 b)    The
right to exercise all or any portion of the rights and remedies of a secured party under the Pennsylvania Uniform Commercial Code or other applicable law, all of which rights and remedies shall be cumulative and
non-exclusive to the extent permitted by law, and in addition to any other rights and remedies contained in this Agreement; 

c)    The right to (i) peacefully enter upon the premises of the Borrower or any other place or places where the
Collateral is located and kept, without any obligation to the Borrower or any other person, through self-help and without judicial process or first obtaining a final judgment or giving the Borrower notice and opportunity for a hearing on the
validity of the Lender’s claim, and remove the Collateral from such premises and places to the premises of the Lender or any agent of the Lender, for such time as the Lender may require to collect or liquidate the Collateral, and/or
(ii) require the Borrower to assemble and deliver the Collateral to the Lender at a place to be designated by the Lender; 

d)    The right to sell, lease, or otherwise dispose of any of the Collateral in its then condition, or after any further
manufacturing or processing, at public or private sale or sales, with such notice as provided in lots or in bulk, for cash, or on credit, all as the Lender, in its sole discretion, may deem advisable. At any such sale or sales of the Collateral, the
Collateral need not be in view of those present and attending the sale, or at the same location at which the sale is being conducted. The Lender shall have the right to conduct such sales on the Borrower’s premises or elsewhere and shall have
the right to use the Borrower’s premises without charge for such sales for such time or times as the Lender may see fit. The Lender is granted a license or other right to use, without charge, the Borrower’s labels, rights of use of any
name, and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in advertising for sale and selling any Collateral. The Lender may purchase all or any part of the Collateral at public or, if permitted by law,
private sale and, in lieu of actual payment of such purchase price, may set-off the amount of such price against the Indebtedness. The proceeds realized from the sale of any Collateral shall be applied first
to the reasonable costs, expenses, and attorneys’ and paralegals’ fees and expenses incurred by the Lender for collection and for acquisition, completion, protection, removal, storage, sale, and delivery of the Collateral; and, thereafter,
any surplus shall be disbursed to the Borrower. If any deficiency shall arise, the Borrower shall remain liable to the Lender. 

7.4    Notice. The Borrower agrees that any notice required to be given by the Lender of a sale, lease, other
disposition of any of the Collateral, or any other intended action by the Lender, which is personally delivered to the Borrower or which is deposited in the United States 

  
 11 

 
mail, postage prepaid and duly addressed to the Borrower at the address set forth in Section 8.1, at least ten (10) days prior to any such public sale, lease, or
other disposition or other action being taken, or the time after which any private sale of the Collateral is to be held, shall constitute commercially reasonable and fair notice thereof to the Borrower. 

8.    MISCELLANEOUS. 

8.1    Notices. Any notice required or permitted to be given under this Agreement may be, and shall be deemed, given
and sent when deposited in the United States mail, postage prepaid, or by overnight courier, addressed as follows: 
  

			
	If to the Borrower:	  	Mr. Shankar Musunuri
		  	Chief Executive Officer
		  	Ocugen, Inc.
		  	One Great Valley Parkway
		  	Suite #8
		  	Malvern, Pennsylvania
		
	If to the Lender:	  	Mr. Ahsan Nasratullah, Manager
		  	EB5 Life Sciences, LP c/o GCRC Management LLC
		  	2 Penn Center, 1500 John F. Kennedy Blvd.,
		  	Suite 1130
		  	Philadelphia, Pennsylvania

 8.2    Successors; Assignment. This Agreement shall bind and inure to the benefit
of the parties hereto and their respective successors and assigns; provided, however, that the Borrower shall not assign this Agreement or any of the rights, duties, or obligations of the Borrower hereunder without the prior written consent of the
Lender, which consent the Lender may withhold, delay, or condition in the Lender’s sole and absolute discretion; any purported assignment absent such consent shall be null and void and of no force or effect. 

8.3    Waivers. No consent or waiver under this Agreement shall be effective unless in writing. No waiver of any
breach or default shall be deemed a waiver of any breach or default thereafter occurring. 
 8.4    Governing Law;
Jurisdiction; Venue. This Agreement shall be governed and interpreted in accordance with the laws of the State of Pennsylvania, as such laws are applied to agreements between residents of Pennsylvania to be performed entirely within the
Commonwealth of Pennsylvania. Each party hereby consents to the exclusive jurisdiction of and venue in the courts of the Commonwealth of Pennsylvania, County of Chester. The prevailing party in any arbitration or other legal action shall be entitled
to reimbursement of all costs of the arbitration or legal action, including but not limited to filing fees and expenses, arbitrator fees and expenses, and reasonable attorneys’ fees and expenses. 

8.5    WAIVER OF JURY TRIAL, ETC. TO THE EXTENT LEGALLY PERMISSIBLE, EACH PARTY HEREBY WAIVES ANY RIGHT TO A TRIAL
BY JURY IN 

  
 12 

 
ANY ACTION, PROCEEDING, OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR UNDER ANY AMENDMENT, WAIVER, CONSENT, INSTRUMENT, DOCUMENT, OR OTHER AGREEMENT
DELIVERED OR THAT IN THE FUTURE MAY BE DELIVERED IN CONNECTION THEREWITH, OR ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND AGREES THAT ANY SUCH ACTION, PROCEEDING, OR COUNTERCLAIM SHALL BE TRIED BEFORE A
COURT AND NOT BEFORE A JURY. THE BORROWER CERTIFIES THAT NO OFFICER, REPRESENTATIVE, AGENT, OR ATTORNEY OF THE LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE LENDER WOULD NOT, IN THE EVENT OF ANY ACTION, PROCEEDING, OR COUNTERCLAIM, SEEK
TO ENFORCE THE FOREGOING WAIVERS. THE BORROWER HEREBY ACKNOWLEDGES THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER ENTERING INTO THIS AGREEMENT. 

8.6    Indemnification. If after receipt of any payment of all or part of the Obligations, the Lender is for any
reason compelled to surrender such payment to any person or entity, because such payment is determined to be void or voidable as a preference, impermissible setoff, or diversion of trust funds, or for any other reason, this Agreement shall continue
in full force and effect, and the Borrower will be liable to, and will indemnify, save and hold the Lender and its officers, directors, members, attorneys, employees, contractors, and agents harmless of and from the amount of such payment
surrendered. The provisions of this Section shall be and remain effective notwithstanding any contrary action that may have been taken by the Lender in reliance on such payment, and any such contrary action so taken will be without prejudice to the
Lender’s rights under this Agreement and will be deemed to have been conditioned upon such payment becoming final, indefeasible, and irrevocable. In addition, the Borrower shall indemnify, defend, save and hold the Lender and its officers,
directors, members, attorneys, employees, contractors, and agents harmless of, from and against all claims, demands, liabilities, judgments, losses, damages, costs, and expenses, joint or several (including all accounting fees and attorneys’
fees reasonably incurred), that the Lender or any such indemnified party may incur arising out of this Agreement, the Notes, any other Loan Documents, or any act taken by the Lender hereunder, except for the willful misconduct or gross negligence of
such indemnified party. The provisions of this Section shall survive the termination of this Agreement. 

8.7    Construction. The headings of this Agreement are for convenience only, and are not to be considered in
construing this Agreement. The language of this Agreement shall be construed according to its fair meaning, and not strictly for or against any party. 

8.8    Entire Agreement. This Agreement and any agreement, document, or instrument attached hereto or referred to
herein integrates all the terms and conditions mentioned in or incidental to this Agreement, and supersedes all oral negotiations and prior writings in respect to the subject matter of this Agreement. In the event of any conflict between the terms,
conditions, and provisions of this Agreement and any such agreement, documents, or instrument, the terms, conditions, and provisions of this Agreement shall prevail. 

8.9    Counterparts and Facsimile Signatures. This Agreement may be executed in one or more counterparts, and each
of such counterparts shall be deemed to be an original for all purposes, and all of such counterparts shall together constitute one and the same document. Any 

  
 13 

 
signature required for the execution of this Agreement may be in the form of either an original signature, a facsimile transmission, or e-mail of a scanned
signature page bearing the signature of any party to this Agreement. No objection shall be raised as to the authenticity of any signature due solely to the fact that said signature was transmitted via facsimile or
e-mail. 

  
 14 

 IN WITNESS WHEREOF, the Borrower and the Lender have executed this Agreement as of the day
and year first above written. 
  

											
	“Borrower:”	 		 	“Lender:”
			
	Ocugen, Inc.	 		 	EB5 Life Sciences, LP
	A Delaware corporation	 		 	A Pennsylvania limited partnership
					
		 		 		 	By:	 	 EB5 Life Sciences Management LLC

General Partner

						
	By:	 	 /s/ Shankar Musunuri
	 		 		 		 	 By:  Global City Regional Center, LLC

Manager

		 	 Shankar Musunuri
 Chief Executive
Officer
	 		 		 	
					
		 		 		 	By:	 	 /s/ Ahsan Nasratullah

		 		 		 		 	 Ahsan Nasratullah

Manager

		 		 		 		 	

 [Signature page to Loan and Security Agreement] 

 EXHIBIT A 

FORM OF SECURED PROMISSORY NOTE 

[To be attached.]

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