Document:

Exhibit 4.5

 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). OR THE SECURITIES
LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE
ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT TO PURCHASE STOCK

 

Company:
908 Devices Inc., a Delaware corporation

Number
of Shares: 20,000, subject to adjustment

Type/Series
of Stock: Series C Convertible Preferred Stock, $0.001 par value per share

Warrant
Price: $3.45 per Share, subject to adjustment

Issue
Date: June 23, 2015

Expiration
Date: June 22, 2025 See also Section 5.1(b).

Credit
Facility: This Warrant to Purchase Stock (“Warrant”) is issued in connection with that
certain First Loan Modification Agreement, of even date herewith, to that certain Loan and Security Agreement dated March 6,
2014, between Silicon Valley Bank and the Company (collectively, and as may be further amended and/or modified and in effect
from time to time, the “Loan Agreement”).

 

THIS WARRANT CERTIFIES
THAT, for good and valuable consideration, SILICON VALLEY BANK (together with any successor or permitted assignee or transferee
of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number
of fully paid and non-assessable shares (the “Shares”) of the above-stated Type/Series of Stock (the
 “Class”) of the above-named company (the “Company”) at the above-stated Warrant
Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms
and conditions set forth in this Warrant. Reference is made to Section 5.4 of this Warrant whereby Silicon Valley Bank shall transfer
this Warrant to its parent company, SVB Financial Group.

 

Section 1.EXERCISE.

 

1.1          Method
of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to the
Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto
as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2, a check,
wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company
for the aggregate Warrant Price for the Shares being purchased.

 

1.2          Cashless
Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in
Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal
to the value of this Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, the Company shall issue
to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula:

 

X = Y(A-B)/A

 

where:

 

		X =	the number of Shares to be issued to the Holder;

 

     

     

    

 

		Y =	the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares
surrendered to the Company in payment of the aggregate Warrant Price);

 

		A=	the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and

 

		B =	the Warrant Price.

 

1.3          Fair
Market Value. If the Company’s common stock is then traded or quoted on a nationally recognized securities exchange,
inter-dealer quotation system or over-the-counter market (a “Trading Market”) and the Class is common
stock, the fair market value of a Share shall be the closing price or last sale price of a share of common stock reported for
the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the
Company. If the Company’s common stock is then traded in a Trading Market and the Class is a series of the Company’s
convertible preferred stock, the fair market value of a Share shall be the closing price or last sale price of a share of the
Company’s common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together
with its Notice of Exercise to the Company multiplied by the number of shares of the Company’s common stock into which a
Share is then convertible. If the Company’s common stock is not traded in a Trading Market, the Board of Directors of the
Company shall determine the fair market value of a Share in its reasonable good faith judgment.

 

1.4          Delivery
of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set forth in Section
1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise
and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing the Shares not
so acquired.

 

1.5          Replacement
of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in
form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation,
the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor
and amount.

 

1.6          Treatment of Warrant Upon Acquisition of Company.

 

(a)          Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series
of related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of
the assets of the Company (ii) any merger or consolidation of the Company into or with another person or entity (other than a merger
or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which
the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization, own
less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately
after such merger, consolidation or reorganization (or, if such Company stockholders beneficially own a majority of the outstanding
voting power of the surviving or successor entity as of immediately after such merger, consolidation or reorganization, such surviving
or successor entity is not the Company); or (iii) any sale or other transfer by the stockholders of the Company of shares representing
at least a majority of the Company’s then-total outstanding combined voting power.

 

    2 

     

    

 

(b)          Treatment of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by
the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable
Securities (a “Cash/Public Acquisition”), and the fair market value of one Share as determined in accordance
with Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition,
and Holder has not exercised this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically
be deemed to be Cashless Exercised pursuant to Section 1.2 above as to all Shares effective immediately prior to and contingent
upon the consummation of a Cash/Public Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have restated
each of the representations and warranties in Section 4 of the Warrant as the date thereof and the Company shall promptly notify
the Holder of the number of Shares (or such other securities) issued upon exercise. In the event of a Cash/Public Acquisition where
the fair market value of one Share as determined in accordance with Section 1.3 above would be less than the Warrant Price in effect
immediately prior to such Cash/Public Acquisition, then this Warrant will expire immediately prior to the consummation of such
Cash/Public Acquisition.

 

(c)          Upon
the closing of any Acquisition other than a Cash/Public Acquisition, the acquiring, surviving or successor entity shall assume
the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property
as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were
outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the
provisions of this Warrant.

 

(d)          As
used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements:
(i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and is then current in its filing of all required reports
and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer
that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing
thereof is then traded in Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted
from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition
were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such
restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six
(6) months from the closing of such Acquisition.

 

1.7          Stockholders
Agreement. Upon any exercise of this Warrant, Holder shall, if the Company so requests in writing, become a party (of the
same type as the other holders of outstanding shares of the Class who are parties thereto) to, by execution and delivery to the
Company of a counterpart signature page, joinder agreement, instrument of accession or similar instrument, that certain Amended
and Restated Stockholders Agreement dated August 14, 2013 among the Company and the other parties named therein (as amended and
in effect from time to time, the “Stockholders Agreement”), solely with respect to the Shares issued
upon such exercise (and the shares of Common Stock, if any, issued upon conversion of such Shares), solely to the extent that
all holders of outstanding shares of the Class are then parties thereto, and solely to the extent such agreement is then by its
terms in force and effect.

 

Section 2.ADJUSTMENTS
TO THE SHARES AND WARRANT PRICE.

 

2.1          Stock
Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the Class
payable in common stock or other securities or property (other than cash), then upon exercise of this Warrant, for each Share
acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and property which
Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the
Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number of shares, the number
of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If
the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser number of shares,
the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased.

 

    3 

     

    

 

2.2          Reclassification,
Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of the Class are reclassified,
exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then
from and after the consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities
that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further
adjustment thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 2.2
shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or other similar events.

 

2.3          Conversion
of Preferred Stock. If the Class is a class and series of the Company’s convertible preferred stock, in the event that
all outstanding shares of the Class are converted, automatically or by action of the holders thereof, into common stock pursuant
to the provisions of the Company’s Certificate of Incorporation, as amended and in effect from time to time (the “Charter”),
including, without limitation, in connection with the Company’s initial, underwritten public offering and sale of its common
stock pursuant to an effective registration statement under the Act (the “IPO”), then from and after
the date on which all outstanding shares of the Class have been so converted, this Warrant shall be exercisable for such number
of shares of common stock into which the Shares would have been converted had the Shares been outstanding on the date of such
conversion, and the Warrant Price shall equal the Warrant Price in effect as of immediately prior to such conversion divided by
the number of shares of common stock into which one Share would have been converted, all subject to further adjustment thereafter
from time to time in accordance with the provisions of this Warrant.

 

2.4          Adjustments
for Diluting Issuances. Without duplication of any adjustment otherwise provided for in this Section 2, the number of shares
of common stock issuable upon conversion of the Shares shall be subject to anti-dilution adjustment from time to time in the manner
set forth in the Charter as if the Shares were issued and outstanding on and as of the date of any such required adjustment (and
subject to waiver by the required holders of the outstanding shares of the Class in accordance with the Charter).

 

2.5          No
Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued
shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the
Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional
interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective
Warrant Price.

 

2.6          Notice/Certificate
as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company, at the Company’s
expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or
number of Shares and facts upon which such adjustment is based. The Company shall, upon written request from Holder, furnish Holder
with a certificate of its Chief Executive Officer or Chief Financial Officer, including computations of such adjustment and the
Warrant Price, Class and number of Shares in effect upon the date of such adjustment. Notwithstanding the foregoing provisions
of this Section 2.6, in the event of an adjustment pursuant to Section 2.3, the Company shall only be required to provide Holder
with such notices as are required to be delivered to holders of the outstanding shares of the Class pursuant to the Charter regarding
anti-dilution protection as and when required thereunder.

 

    4 

     

    

 

Section 3.REPRESENTATIONS
AND COVENANTS OF THE COMPANY.

 

3.1          Representations
and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows:

 

(a)          The
initial Warrant Price referenced on the first page of this Warrant is not greater than the price per share at which shares of
the Class were last sold and issued prior to the Issue Date hereof in an arms-length transaction in which at least $500,000 of
such shares were sold.

 

(b)          All
Shares which may be issued upon the exercise of this Warrant, and all securities, if any, issuable upon conversion of the Shares,
shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances
except for restrictions on transfer provided for herein, under the Stockholders Agreement or under applicable federal and state
securities laws. The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized
and unissued capital stock such number of shares of the Class, common stock and other securities as will be sufficient to permit
the exercise in full of this Warrant and the conversion of the Shares into common stock or such other securities.

 

(c)          The Company’s capitalization table attached hereto as Schedule 1 is true and complete, in all material respects, as
of the Issue Date.

 

3.2          Notice
of Certain Events. If the Company proposes at any time to:

 

(a)          declare
any dividend or distribution upon the outstanding shares of the Class or common stock, whether in cash, property, stock, or other
securities and whether or not a regular cash dividend;

 

(b)          offer
for subscription or sale pro rata to the holders of the outstanding shares of the Class any additional shares of any class or
series of the Company’s stock (other than pursuant to contractual pre-emptive rights);

 

(c)          effect
any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the
Class;

 

(d)          effect
an Acquisition or to liquidate, dissolve or wind up; or

 

(e)          effect
an IPO;

 

then, in connection with each such event,
the Company shall give Holder:

 

(1)       in
the case of the matters referred to in (a) and (b) above, at least seven (7) Business Days prior written notice of the earlier
to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription
rights (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto) or for determining
rights to vote, if any;

 

(2)       in
the case of the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the date when
the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled to exchange
their shares for the securities or other property deliverable upon the occurrence of such event and such reasonable information
as Holder may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the notice);
and

 

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(3)       with
respect to the IPO, at least seven (7) Business Days prior written notice of the date on which the Company proposes to file its
registration statement in connection therewith.

 

The Company will also provide information
requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements;
provided, that Holder agrees to treat and hold all such information in accordance with Section 12.9 of the Loan Agreement.

 

Section 4.REPRESENTATIONS,
WARRANTIES OF THE HOLDER.

 

The Holder represents
and warrants to the Company as follows:

 

4.1          Purchase
for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired
for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution
within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant
or the Shares.

 

4.2          Disclosure
of Information. Holder is aware of the Company’s business affairs and financial condition and has received or has had
full access to all the information it considers necessary or appropriate to make an informed investment decision with respect
to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive
answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and
to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable
effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

4.3          Investment
Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk.
Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear
the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience
in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and
its underlying securities and/or has a preexisting personal or business relationship with the Company and certain of its officers,
directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and
financial circumstances of such persons.

 

4.4          Accredited
Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.

 

4.5          The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered
under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide
nature of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued
upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable
state securities laws, or unless exemption from such registration and qualification are otherwise available. Holder is aware of
the provisions of Rule 144 promulgated under the Act.

 

4.6          Market
Stand-off Agreement. The Holder agrees that the Shares shall be subject to the Market Standoff provisions in Section 12 of
the Company’s Amended and Restated Registration Rights Agreement dated August 14, 2013, as amended and/or restated and in
effect from time to time.

 

4.7          No
Voting Rights. Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this Warrant.

 

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Section 5.MISCELLANEOUS.

 

5.1          Term;
Automatic Cashless Exercise Upon Expiration.

 

(a)          Term.
Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from time to time
on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter.

 

(b)          Automatic
Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or other
security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price
in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section
1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall,
within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exercise to
Holder.

 

5.2          Legends.
Each certificate evidencing Shares (and each certificate evidencing securities issued upon conversion of any Shares, if any) shall
be imprinted with a legend in substantially the following form:

 

THE SHARES EVIDENCED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE
SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO SILICON
VALLEY BANK DATED JUNE 23, 2015, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID
ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR
OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

5.3          Compliance
with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise of this Warrant (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in
compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation,
the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested
by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to SVB Financial Group
(Silicon Valley Bank’s parent company) or any other affiliate of Holder, provided that any such transferee is an “accredited
investor” as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not require an opinion
of counsel if there is no material question as to the availability of Rule 144 promulgated under the Act.

 

5.4          Transfer
Procedure. After receipt by Silicon Valley Bank of the executed Warrant, Silicon Valley Bank will transfer all of this Warrant
to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby makes to the Company
each of the representations and warranties set forth in Section 4 hereof and agrees to be bound by all of the terms and conditions
of this Warrant as if the original Holder hereof. Subject to the provisions of Section 5.3 and upon providing the Company with
written notice, SVB Financial Group and any subsequent Holder may transfer all or part of this Warrant or the Shares issued upon
exercise of this Warrant (or the securities issued upon conversion of the Shares, if any) to any transferee, provided, however,
in connection with any such transfer, SVB Financial Group or any subsequent Holder will give the Company notice of the portion
of the Warrant and/or Shares (and/or securities issued upon conversion of the Shares, if any) being transferred with the name,
address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance
to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee other than SVB Financial
Group shall agree in writing with the Company to be bound by all of the terms and conditions of this Warrant; and provided further,
that the transfer of any Shares issued upon exercise hereof shall be subject to the terms and provisions of the Stockholder Agreement.
Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder may not, without the Company’s prior
written consent, transfer this Warrant or any portion hereof, or any Shares issued upon any exercise hereof, or any shares or
other securities issued upon any conversion of any Shares issued upon any exercise hereof, to any person or entity who directly
competes with the Company, except in connection with an Acquisition of the Company by such a direct competitor.

 

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5.5          Notices.
All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective
(i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified
mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing
by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid,
in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company
or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices to Holder shall be addressed
as follows until the Company receives notice of a change of address in connection with a transfer or otherwise:

 

SVB Financial Group

Attn: Treasury Department

3003 Tasman Drive, HC 215

Santa Clara, CA 95054

Telephone: (408) 654-7400

Facsimile: (408)988-8317

Email address: derivatives@svb.com

 

Notice to the Company
shall be addressed as follows until Holder receives notice of a change in address:

 

908 Devices Inc.

Attn: Chief Financial Officer

27 Dry Dock Avenue

Boston, MA 02210

Telephone: (603) 785-8646

Facsimile: philgardella@908devices.com

Email:

 

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

 

Goodwin Procter LLP

Attn: Mark J. Macenka, Esq.

Exchange Place

53 State Street

Boston, MA 02109

Telephone: (617) 570-3906

Facsimile: (617) 801-8950

Email: mmacenka@goodwinprocter.com

 

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5.6          Waiver.
This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular instance
and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such
change, waiver, discharge or termination is sought.

 

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

 

5.8          Counterparts;
Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall constitute one
and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an
original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 

5.9          Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware, without giving
effect to its principles regarding conflicts of law.

 

5.10        Headings.
The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision
of this Warrant.

 

5.11        Business
Days. “Business Day” is any day that is not a Saturday, Sunday or a day on which Silicon Valley
Bank is closed.

 

[Remainder of page left blank intentionally]

[Signature page follows]

 

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IN WITNESS WHEREOF,
the parties have caused this Warrant to Purchase Stock to be executed by their duly authorized representatives effective as of
the Issue Date written above.

 

“COMPANY”

 

908 DEVICES INC.

 

	By:	 	 

 

	Name:	 	 
	 	(Print)	 

 

Title:

 

“HOLDER”

 

SILICON VALLEY BANK

 

	By:	 	 

 

	Name:	 	 
	 	(Print)	 

 

Title:

 

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APPENDIX I

 

NOTICE OF EXERCISE

 

1.             The
undersigned Holder hereby exercises its right to purchase _________ shares of the Common/Series ______ Preferred [circle one] Stock
of ______________________ (the “Company”) in accordance with the attached Warrant To Purchase Stock,
and tenders payment of the aggregate Warrant Price for such shares as follows:

 

[   ]          check
in the amount of $_______payable to order of the Company enclosed herewith

 

[   ]          Wire
transfer of immediately available funds to the Company’s account

 

[   ]          Cashless
Exercise pursuant to Section 1.2 of the Warrant

 

[   ]          Other
[Describe]__________________________________________________

 

2.             Please
issue a certificate or certificates representing the Shares in the name specified below:

 

		 	 
	 	Holder’s Name	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	(Address)	 

 

3.             By
its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in Section
4 of the Warrant to Purchase Stock as of the date hereof.

 

	 	HOLDER:

	 	 	 
	 	By: 	 

 

	 	Name: 	 

 

	 	Title: 	 

 

	 	(Date): 	 

 

    Appendix 1

     

    

 

SCHEDULE 1

 

Company Capitalization Table

 

See attached

 

    Schedule 1

     

    

 

908
Devices Capitalization Table As of 

June 15,2015

 

	 	 	Common	 	 	Option
    Pool	 	 	%
    Common	 	 	Series
    A

 Shares	 	 	Series
    A

 Warrant	 	 	Series
    B

 Shares	 	 	Series
    B

 Warrant	 	 	Series
    C

 Shares	 	 	Series
    C

 Warrant	 	 	%
    Pfd OS	 	 	#
    shares OS	 	 	%OS	 	 	#
    shares FD	 	 	%
    FD	 
	ARCH
    Venture Fund Vll, L.P.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	4,763,149	 	 	 	 	 	 	 	1,596,906	 	 	 	 	 	 	 	1,090,120	 	 	 	 	 	 	 	45.2	%	 	 	7,450,175	 	 	 	30.7	%	 	 	7,450,175	 	 	 	27.64	%
	Razor’s
    Edge Ventures	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,750,000	 	 	 	 	 	 	 	586,710	 	 	 	 	 	 	 	400,514	 	 	 	 	 	 	 	16.6	%	 	 	2,737,224	 	 	 	11.3	%	 	 	2,737,224	 	 	 	10.15	%
	UTEC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,250,000	 	 	 	 	 	 	 	419,078	 	 	 	 	 	 	 	286,082	 	 	 	 	 	 	 	11.9	%	 	 	1,955,160	 	 	 	8.0	%	 	 	1,955,160	 	 	 	7.25	%
	Kevin
    Knopp	 	 	2,057,377	 	 	 	 	 	 	 	20.71	%	 	 	102,629	 	 	 	 	 	 	 	34,408	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.8	%	 	 	2,194,414	 	 	 	9.0	%	 	 	2,194,414	 	 	 	8.14	%
	Kevin
    Hrusovsky	 	 	94,000	 	 	 	123,686	 	 	 	2.19	%	 	 	165,000	 	 	 	 	 	 	 	277,416	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2.7	%	 	 	536,416	 	 	 	2.2	%	 	 	660,102	 	 	 	2.45	%
	Schlumberger	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,110,494	 	 	 	 	 	 	 	190,340	 	 	 	 	 	 	 	7.9	%	 	 	1,300,834	 	 	 	5.4	%	 	 	1,300,834	 	 	 	4.83	%
	Doug
    Kahn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	55,524	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.3	%	 	 	55,524	 	 	 	0.2	%	 	 	55,524	 	 	 	0.21	%
	Jay
    Flatley	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	111,049	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.7	%	 	 	111,049	 	 	 	0.5	%	 	 	111,049	 	 	 	0.41	%
	Steven
    Reeves	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	55,524	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.3	%	 	 	55,524	 	 	 	0.2	%	 	 	55,524	 	 	 	0.21	%
	Dayroosh
    Vakh	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	111,049	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.7	%	 	 	111,049	 	 	 	0.5	%	 	 	111,049	 	 	 	0.41	%
	J.
    Michael Ramsey	 	 	2,526,243	 	 	 	 	 	 	 	25.43	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,526,243	 	 	 	10.4	%	 	 	2,526,243	 	 	 	9.37	%
	Christopher
    Brown	 	 	1,789,023	 	 	 	 	 	 	 	18.01	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,789,023	 	 	 	7.4	%	 	 	1,789,023	 	 	 	6.64	%
	Michael
    J. Jobin	 	 	226,510	 	 	 	 	 	 	 	2.28	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	226,510	 	 	 	0.9	%	 	 	226,510	 	 	 	0.84	%
	Steven
    P. Araiza	 	 	226,510	 	 	 	 	 	 	 	2.28	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	226,510	 	 	 	0.9	%	 	 	226,510	 	 	 	0.84	%
	Andrew
    J. Bartfay-Szabo	 	 	226,510	 	 	 	 	 	 	 	2.28	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	226,510	 	 	 	0.9	%	 	 	226,510	 	 	 	0.84	%
	David
    R. Walt	 	 	27,500	 	 	 	 	 	 	 	0.28	%	 	 	250,000	 	 	 	 	 	 	 	83,816	 	 	 	 	 	 	 	61,930	 	 	 	 	 	 	 	2.4	%	 	 	423,246	 	 	 	1.7	%	 	 	423,246	 	 	 	1.57	%
	David
    Cruikshank	 	 	20,000	 	 	 	 	 	 	 	0.20	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	20,000	 	 	 	0.1	%	 	 	20,000	 	 	 	0.07	%
	Christopher
    Petty	 	 	225,377	 	 	 	 	 	 	 	2.27	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	225,377	 	 	 	0.9	%	 	 	225,377	 	 	 	0.84	%
	Scott
    Miller	 	 	75,000	 	 	 	 	 	 	 	0.75	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	75,000	 	 	 	0.3	%	 	 	75,000	 	 	 	0.28	%
	ORNL
    License	 	 	120,000	 	 	 	 	 	 	 	1.21	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	120,000	 	 	 	0.5	%	 	 	120,000	 	 	 	0.45	%
	UNC
    License	 	 	180,000	 	 	 	 	 	 	 	1.81	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	180,000	 	 	 	0.7	%	 	 	180,000	 	 	 	0.67	%
	David
    Goodman	 	 	3,000	 	 	 	 	 	 	 	0.03	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,000	 	 	 	0.0	%	 	 	3,000	 	 	 	0.01	%
	Saudi
    Aramco Energy Ventures LLC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,159,420	 	 	 	 	 	 	 	7.0	%	 	 	1,159,420	 	 	 	4.8	%	 	 	1,159,420	 	 	 	4.30	%
	Martin
    Madaus GST Trust	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	144,928	 	 	 	 	 	 	 	0.9	%	 	 	144,928	 	 	 	0.6	%	 	 	144,928	 	 	 	0.54	%
	Casdin
    Capital	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	144,927	 	 	 	 	 	 	 	0.9	%	 	 	144,927	 	 	 	0.6	%	 	 	144,927	 	 	 	0.54	%
	Woburn
    Abbey Trust	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	144,927	 	 	 	 	 	 	 	0.9	%	 	 	144,927	 	 	 	0.6	%	 	 	144,927	 	 	 	0.54	%
	Exora
    Investments LLC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	115,894	 	 	 	 	 	 	 	0.7	%	 	 	115,894	 	 	 	0.5	%	 	 	115,894	 	 	 	0.43	%
	Joseph
    H. Griffith	 	 	 	 	 	 	224,010	 	 	 	2.25	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	28,986	 	 	 	 	 	 	 	0.2	%	 	 	28,986	 	 	 	0.1	%	 	 	252,996	 	 	 	0.94	%
	In-Q-Tel
    Warrant (***)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	210,000	 	 	 	 	 	 	 	275,957	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	0.0	%	 	 	485,957	 	 	 	1.80	%
	SVB
    Warrant	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	45,000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	0.0	%	 	 	45,000	 	 	 	0.17	%
	Option
    Pool - Available	 	 	 	 	 	 	739,656	 	 	 	7.45	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	0.0	%	 	 	739,656	 	 	 	2.74	%
	Option
    Pool - Granted	 	 	 	 	 	 	1,050,000	 	 	 	10.57	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	0.0	%	 	 	1,050,000	 	 	 	3.90	%
	Total	 	 	7,797,050	 	 	 	2,137,352	 	 	 	100.0	%	 	 	8,280,778	 	 	 	210,000	 	 	 	4,441,974	 	 	 	320,957	 	 	 	3,768,068	 	 	 	0	 	 	 	100.0	%	 	 	24,287,870	 	 	 	100.0	%	 	 	26,956,179	 	 	 	100.00	%

 

    CONFIDENTIALExhibit 4.6

 

THIS WARRANT, AND THE SECURITIES ISSUABLE
UPON THE EXERCISE OF THIS WARRANT, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED UNDER THE ACT, OR ANY APPLICABLE STATE SECURITIES LAWS.

 

WARRANT AGREEMENT

 

To Purchase Shares of Preferred Stock of

 

908 DEVICES INC.

 

Dated as of March 15, 2017 (the “Effective
Date”)

 

WHEREAS, 908 Devices Inc., a Delaware corporation,
has entered into a Loan and Security Agreement of even date herewith (the “Loan Agreement”) with Hercules Capital,
Inc., a Maryland corporation, in its capacity as administrative agent, Hercules Technology III, L.P., a Delaware limited partnership
(the “Warrantholder”), and the other lender parties thereto;

 

WHEREAS, the Company (as defined below)
desires to grant to Warrantholder, in consideration for, among other things, the financial accommodations provided for in the Loan
Agreement, the right to purchase shares of Preferred Stock (as defined below) pursuant to this Warrant Agreement (the “Agreement”);

 

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

 

Section 1.       
GRANT OF THE RIGHT TO PURCHASE PREFERRED STOCK.

 

For value received, the Company hereby
grants to the Warrantholder, and the Warrantholder is entitled, upon the terms and subject to the conditions hereinafter set forth,
to subscribe for and purchase, from the Company, an aggregate number of fully paid and non-assessable shares of the Preferred Stock
equal to the quotient derived by dividing (a) the Warrant Coverage (as defined below) by (b) the Exercise Price (defined below).
The Exercise Price of such shares are subject to adjustment as provided in Section 8. As used herein, the following terms shall
have the following meanings:

 

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

 

“Company”
means 908 Devices Inc., a Delaware corporation, and any successor or surviving entity that assumes the obligations of the Company
under this Agreement pursuant to Section 8(a).

 

“Charter”
means the Company’s Certificate of Incorporation or other constitutional document, as may be amended from time to time.

 

“Common Stock”
means the Company’s common stock, $0.001 par value per share;

 

“Equity Round”
means any non-public offering of equity securities by the Company, after the Effective Date but prior to the consummation of an
Initial Public Offering, in a transaction or series of related transactions principally for equity financing purposes in which
the cash is received by the Company and/or debt of the Company is cancelled or converted in exchange for equity securities of the
Company; provided that Equity Round shall not include additional closings of the Company’s Series D Preferred Stock round
of financing;

 

    

     

    

 

“Exercise Price”
means (a) if Preferred Stock means Series D Preferred Stock, the lesser of $5.6351 per share or the lowest price per share of Series
D Preferred Stock paid by investors in any closing of the Company’s Series D Preferred Stock round of financing, or (b) if
Preferred Stock means Next Round Stock, the lowest price per share of Next Round Stock paid by investors in the Next Round, in
either case subject to adjustment pursuant to Section 8;

 

“Initial Public Offering”
means the initial underwritten public offering of the Company’s Common Stock pursuant to a registration statement under the
Act, which public offering has been declared effective by the Securities and Exchange Commission (“SEC”);

 

“Merger Event”
means any sale, lease or other transfer of all or substantially all assets of the Company or any merger or consolidation involving
the Company in which the Company is not the surviving entity, or in which the outstanding shares of the Company’s capital
stock are otherwise converted into or exchanged for shares of preferred stock, other securities or property of another entity;

 

“Next Round”
means the next Equity Round in which the Company issues and sells shares of its preferred stock, other than any closing of the
Company’s Series D Preferred Stock round of financing;

 

“Preferred Stock”
means, at the election of the Warrantholder, (A) the Series D Preferred Stock of the Company or (B) upon the closing of the Next
Round, the class and series of the preferred stock of the Company issued in Next Round (such stock, the “Next Round Stock”),
and, to the extent provided in Sections 8(a) and (b), any other stock into or for which such Preferred Stock may be converted or
exchanged; and “Purchase Price” means, with respect to any exercise of this Agreement, an amount equal to the
Exercise Price as of the relevant time multiplied by the number of shares of Preferred Stock requested to be exercised under this
Agreement pursuant to such exercise.

 

“Warrant Coverage”
means Four Hundred Fifty Thousand Dollars ($450,000).

 

Section 2.       
TERM OF THE AGREEMENT.

 

Except as otherwise provided for herein,
the term of this Agreement and the right to purchase Preferred Stock as granted herein (the “Warrant”) shall commence
on the Effective Date and shall be exercisable for a period ending upon the date that is ten (10) years from the Effective Date.

 

Section 3.       
EXERCISE OF THE PURCHASE RIGHTS.

 

(a)         
Exercise. The purchase rights set forth in this Agreement are exercisable by the Warrantholder, in whole or
in part, at any time, or from time to time, prior to the expiration of the term set forth in Section 2, by tendering to the Company
at its principal office a notice of exercise in the form attached hereto as Exhibit I (the “Notice of Exercise”),
duly completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of the Purchase Price in accordance
with the terms set forth below, and in no event later than five (5) days thereafter, the Company shall issue to the Warrantholder
a certificate for the number of shares of Preferred Stock purchased and shall execute the acknowledgment of exercise in the form
attached hereto as Exhibit II (the “Acknowledgment of Exercise”) indicating the number of shares
which remain subject to future purchases, if any.

 

    

     

    

 

The Purchase Price may be paid at the Warrantholder’s
election either (i) by cash or check, or (ii) by surrender of all or a portion of the Warrant for shares of Preferred Stock to
be exercised under this Agreement and, if applicable, an amended Agreement representing the remaining number of shares purchasable
hereunder, as determined below (“Net Issuance”). If the Warrantholder elects the Net Issuance method, the Company
will issue Preferred Stock in accordance with the following formula:

 

X = Y(A-B)

A  

 

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

 

		Y =	the number of shares of Preferred Stock requested to be exercised under this Agreement.

 

		A =	the fair market value of one (1) share of Preferred Stock at the time of issuance of such shares
of Preferred Stock.

 

		B =	the Exercise Price.

 

For purposes of the above calculation,
current fair market value of Preferred Stock shall mean with respect to each share of Preferred Stock:

 

(i)                
if the exercise is in connection with an Initial Public Offering, and if the Company’s Registration Statement
relating to such Initial Public Offering has been declared effective by the SEC, then the fair market value per share shall be
the product of (x) the initial “Price to Public” of the Common Stock specified in the final prospectus with respect
to the offering and (y) the number of shares of Common Stock into which each share of Preferred Stock is convertible at the time
of such exercise;

 

(ii)              
if the exercise is after, and not in connection with an Initial Public Offering, and if the Common Stock shall be
traded on a national securities exchange, inter-dealer quotation system or over-the-counter bulletin board service, the fair market
value of one (1) share of Preferred Stock shall be deemed to be the product of (A) the volume-weighted average of the closing prices
of the Common Stock over the five (5) consecutive trading days ending two (2) days before the day the current fair market value
of the securities is being determined and (B) the number of shares of Common Stock into which each share of Preferred Stock is
convertible at the time of such exercise;

 

(iii)            
if at any time the Common Stock is not traded on a national securities exchange, inter-dealer quotation system or
over-the-counter bulletin board service, the current fair market value of Preferred Stock shall be the product of (x) the highest
price per share which the Company could obtain from a willing buyer (not a current employee or director) for shares of Common Stock
sold by the Company, from authorized but unissued shares, as determined in good faith by its Board of Directors and (y) the number
of shares of Common Stock into which each share of Preferred Stock is convertible at the time of such exercise, unless the Company
shall become subject to a Merger Event, in which case the fair market value of Preferred Stock shall be deemed to be the per share
value received by the holders of the Company’s Preferred Stock on a common equivalent basis pursuant to such Merger Event.

 

Upon partial exercise by either cash or
Net Issuance, the Company shall promptly issue an amended Agreement representing the remaining number of shares purchasable hereunder.
All other terms and conditions of such amended Agreement shall be identical to those contained herein, including, but not limited
to the Effective Date hereof.

 

    

     

    

 

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

 

Section 4.       
RESERVATION OF SHARES.

 

During the term of this Agreement, the
Company will at all times have authorized and reserved a sufficient number of shares of its Preferred Stock to provide for the
exercise of the rights to purchase Preferred Stock as provided for herein, and shall have authorized and reserved a sufficient
number of shares of its Common Stock to provide for the conversion of the shares of Preferred Stock issuable hereunder.

 

Section 5.       
NO FRACTIONAL SHARES OR SCRIP.

 

No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Agreement, but in lieu of such fractional shares the Company shall
make a cash payment therefor upon the basis of the then fair market value of one share of Preferred Stock.

 

Section 6.       
NO RIGHTS AS STOCKHOLDER.

 

This Agreement does not entitle the Warrantholder
to any voting rights or other rights as a stockholder of the Company prior to the exercise of this Agreement.

 

Section 7.       
WARRANTHOLDER REGISTRY.

 

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

 

Section 8.       
ADJUSTMENT RIGHTS.

 

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

 

(a)         
Merger Event. If at any time there shall be Merger Event, then, as a part of such Merger Event, lawful provision
shall be made so that the Warrantholder shall thereafter be entitled to receive, upon exercise of this Agreement, the number of
shares of preferred stock or other securities or property (collectively, “Reference Property”) that the Warrantholder
would have received in connection with such Merger Event if Warrantholder had exercised this Agreement immediately prior to the
Merger Event. In any such case, appropriate adjustment (as determined in good faith by the Company’s Board of Directors,
or other governing body of the successor entity, and reasonably acceptable to the Warrantholder) shall be made in the application
of the provisions of this Agreement with respect to the rights and interests of the Warrantholder after the Merger Event to the
end that the provisions of this Agreement (including adjustments of the Exercise Price and adjustments to ensure that the provisions
of this Section 8 shall thereafter be applicable, as nearly as possible, to the purchase rights under this Agreement in relation
to any Reference Property thereafter acquirable upon exercise of such purchase rights) shall continue to be applicable in their
entirety, and to the greatest extent possible. Without limiting the foregoing, in connection with any Merger Event, upon the closing
thereof, the successor or surviving entity shall assume the obligations of this Agreement; provided that the foregoing assumption
requirement shall not apply if the consideration to be paid for or in respect of the outstanding shares of Preferred Stock in such
Merger Event consists solely of cash and/or readily marketable securities. In connection with a Merger Event and upon Warrantholder’s
written election to the Company, the Company shall cause this Warrant Agreement to be exchanged for the consideration that Warrantholder
would have received if Warrantholder had chosen to exercise its right to have shares issued pursuant to the Net Issuance provisions
of this Warrant Agreement without actually exercising such right, acquiring such shares and exchanging such shares for such consideration.
The provisions of this Section 8(a) shall similarly apply to successive Merger Events.

 

    

     

    

 

(b)        
Reclassification of Shares. Except for Merger Events subject to Section 8(a), and subject to Section 8(f),
if the Company at any time shall, by combination, reclassification, exchange or subdivision of securities or otherwise, change
any of the securities as to which purchase rights under this Agreement exist into the same or a different number of securities
of any other class or classes, this Agreement shall thereafter represent the right to acquire such number and kind of securities
as would have been issuable as the result of such change with respect to the securities which were subject to the purchase rights
under this Agreement immediately prior to such combination, reclassification, exchange, subdivision or other change. The provisions
of this Section 8(b) shall similarly apply to successive combination, reclassification, exchange, subdivision or other change.

 

(c)         Subdivision
or Combination of Shares. If the Company at any time shall combine or subdivide its Preferred Stock, (i) in the case of a
subdivision, the Exercise Price shall be proportionately decreased and the number of shares of Preferred Stock issuable hereunder
shall be proportionately increased, or (ii) in the case of a combination, the Exercise Price shall be proportionately increased
and the number of shares of Preferred Stock issuable hereunder shall be proportionately decreased.

 

(d)         Stock Dividends. If the Company at any time while this Agreement is outstanding and unexpired shall:

 

(i)              
pay a dividend with respect to the Preferred Stock payable in Preferred Stock, then the Exercise Price shall be adjusted,
from and after the date of determination of stockholders entitled to receive such dividend or distribution, to that price determined
by multiplying the Exercise Price in effect immediately prior to such date of determination by a fraction (A) the numerator of
which shall be the total number of shares of Preferred Stock outstanding immediately prior to such dividend or distribution, and
(B) the denominator of which shall be the total number of shares of Preferred Stock outstanding immediately after such dividend
or distribution; or

 

(ii)              
make any other distribution with respect to Preferred Stock (or stock into which the Preferred Stock is convertible),
except any distribution specifically provided for in any other clause of this Section 8, then, in each such case, provision shall
be made by the Company such that the Warrantholder shall receive upon exercise or conversion of this Warrant a proportionate share
of any such distribution as though it were the holder of the Preferred Stock (or other stock for which the Preferred Stock is convertible)
as of the record date fixed for the determination of the stockholders of the Company entitled to receive such distribution.

 

    

     

    

 

(e)         Antidilution Rights. Additional antidilution rights applicable to the Preferred Stock purchasable hereunder
are as set forth in the Charter and shall be applicable with respect to the Preferred Stock issuable hereunder. The Company shall
promptly provide the Warrantholder with any restatement, amendment, modification or waiver of the Charter; provided, that
no such amendment, modification or waiver shall impair or reduce the antidilution rights applicable to the Preferred Stock as of
the date hereof unless such amendment, modification or waiver affects the rights of Warrantholder with respect to the Preferred
Stock in the same manner as it affects all other holders of Preferred Stock. The Company shall provide Warrantholder with prompt
written notice of any issuance of its stock or other equity security to occur after the Effective Date of this Agreement, which
notice shall include (a) the price at which such stock or security is to be sold, (b) the number of shares to be issued, and (c)
such other information as necessary for Warrantholder to determine if a dilutive event has occurred. For the avoidance of doubt,
there shall be no duplicate anti-dilution adjustment pursuant to this subsection (e), the forgoing subsection (d) and the Charter.
Notwithstanding the foregoing, the Company shall be under no obligation to provide notice under this Section 8(e) with respect
to Excluded Shares (as that term is defined in the Charter).

 

(f)          Notice of Adjustments. If: (i) the Company shall declare any dividend or distribution upon its stock, whether
in stock, cash, property or other securities; (ii) there shall be any Merger Event; (iv) there shall be an Initial Public Offering;
(iii) the Company shall sell, lease, license or otherwise transfer all or substantially all of its assets; or (iv) there shall
be any voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such event, the Company shall
send to the Warrantholder: (A) at least seven (7) days’ prior written notice of the date on which the books of the Company
shall close or a record shall be taken for such dividend, distribution, subscription rights (specifying the date on which the holders
of Preferred Stock shall be entitled thereto) or for determining rights to vote in respect of such Merger Event, dissolution, liquidation
or winding up; (B) in the case of any such Merger Event, sale, lease, license or other transfer of all or substantially all assets,
dissolution, liquidation or winding up, at least seven (7) days’ prior written notice of the date when the same shall take
place (and specifying the date on which the holders of Preferred Stock shall be entitled to exchange their Preferred Stock for
securities or other property deliverable upon such Merger Event, dissolution, liquidation or winding up); and (C) in the case of
an Initial Public Offering, the Company shall give the Warrantholder at least thirty (30) days’ written notice prior to the
effective date thereof.

 

Each such written notice shall set forth,
in reasonable detail, (i) the event requiring the notice, and (ii) if any adjustment is required to be made, (A) the amount of
such adjustment, (B) the method by which such adjustment was calculated, (C) the adjusted Exercise Price (if the Exercise Price
has been adjusted), and (D) the number of shares subject to purchase hereunder after giving effect to such adjustment, and shall
be given in accordance with Section 12(g) below.

 

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

 

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

 

(a)         Reservation
of Preferred Stock. The Preferred Stock issuable upon exercise of the Warrantholder’s rights has been or, in the case
of Preferred Stock issuable in the Next Round, will be duly and validly reserved and, when issued in accordance with the provisions
of this Agreement, will be validly issued, fully paid and non-assessable, and will be free of any taxes, liens, charges or encumbrances
of any nature whatsoever; provided, that the Preferred Stock issuable pursuant to this Agreement may be subject to restrictions
on transfer under state and/or federal securities laws and the Company’s investor rights agreement or similar agreement
entered into among the Company and its shareholders The Company has made available to the Warrantholder true, correct and complete
copies of its Charter and current bylaws. The issuance of certificates for shares of Preferred Stock upon exercise of this Agreement
shall be made without charge to the Warrantholder for any issuance tax in respect thereof, or other cost incurred by the Company
in connection with such exercise and the related issuance of shares of Preferred Stock; provided, that the Company shall
not be required to pay any tax which may be payable in respect of any transfer and the issuance and delivery of any certificate
in a name other than that of the Warrantholder.

 

    

     

    

 

(b)         Due
Authority. The execution and delivery by the Company of this Agreement and the performance of all obligations of the Company
hereunder, including the issuance to Warrantholder of the right to acquire the shares of Preferred Stock and the Common Stock
into which it may be converted, have been duly authorized by all necessary corporate action on the part of the Company. This Agreement:
(1) does not violate the Company’s Charter or current bylaws; (2) does not contravene any law or governmental rule, regulation
or order applicable to it; and (3) does not and will not contravene any provision of, or constitute a default under, any indenture,
mortgage, contract or other instrument to which it is a party or by which it is bound. This Agreement constitutes a legal, valid
and binding agreement of the Company, enforceable in accordance with its terms.

 

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

 

(d)         Issued Securities. All issued and outstanding shares of Common Stock, Preferred Stock or any other securities
of the Company have been duly authorized and validly issued and are fully paid and nonassessable. All outstanding shares of Common
Stock, Preferred Stock and any other securities were issued in full compliance with all federal and state securities laws. In addition,
as of the date immediately preceding the date of this Agreement:

 

(i)               The authorized capital of the Company consists of (A) 32,022,436 shares of Common Stock, of which 7,884,016 shares
are issued and outstanding, and (B) 20,558,095 shares of Preferred Stock, of which 20,039,996 shares are issued and outstanding
and are convertible into 20,558,095 shares of Common Stock at $0.001 per share.

 

(ii)              The
Company has reserved 2,234,352 shares of Common Stock for issuance under its Stock Option Plan(s), under which 1,203,000 options
are outstanding. There are no other options, warrants, conversion privileges or other rights presently outstanding to purchase
or otherwise acquire any authorized but unissued shares of the Company’s capital stock or other securities of the Company.
The Company has no outstanding loans to any employee, officer or director of the Company (except for Permitted Loans, as defined
below), and, except for Permitted Loans, the Company agrees not to enter into any such loan or otherwise guarantee the payment
of any loan made to an employee, officer or director by a third party. As used herein “Permitted Loans” means loans
by the Company to its employees, officers or directors (a) not involving the net transfer on a substantially contemporaneous basis
of cash proceeds, relating to the purchase of capital stock of the Company pursuant to employee stock purchase plans or other
similar agreements approved by the Company’s Board of Directors, or (b) consisting of travel advances and employee relocation
loans and other employee loans and advances in the ordinary course of business not to exceed One Hundred Thousand Dollars ($100,000)
in the aggregate outstanding at any time.

 

    

     

    

 

(iii)            
In accordance with the Company’s Charter, no stockholder of the Company has preemptive rights to purchase new
issuances of the Company’s capital stock.

 

(e)          Registration
Rights. The Company agrees that the shares of Common Stock issued and issuable upon conversion of the shares of Preferred
Stock issued and issuable upon exercise of this Warrant, and, at all times (if any) when the Preferred Stock shall be Common Stock,
the shares of Preferred Stock issued and issuable upon exercise of this Warrant, shall have the “Piggyback,” and S-3
registration rights pursuant to and as set forth in the Company’s registration rights agreement or similar agreement (the
 “Registration Rights Agreement”) on a pari passu basis with the holders of outstanding shares of Preferred Stock who
are parties thereto. The provisions set forth in the Company’s Registration Rights Agreement or similar agreement relating
to such registration rights in effect as of the Effective Date may not be amended, modified or waived without the prior written
consent of the Warrantholder unless such amendment, modification or waiver affects the rights associated with the shares of Preferred
Stock issued and issuable upon exercise hereof in the same manner as such amendment, modification, or waiver affects the rights
associated with all outstanding shares of Preferred Stock whose holders are parties thereto.

 

(f)          Other
Commitments to Register Securities. Except as set forth in this Agreement and the Registration Rights Agreement, the Company
is not, pursuant to the terms of any other agreement currently in existence, under any obligation to register under the Act any
of its presently outstanding securities or any of its securities which may hereafter be issued.

 

(g)         Exempt
Transaction. Subject to the accuracy of the Warrantholder’s representations in Section 10, the issuance of the Preferred
Stock upon exercise of this Agreement, and the issuance of the Common Stock upon conversion of the Preferred Stock, will each
constitute a transaction exempt from (i) the registration requirements of Section 5 of the Act, in reliance upon Section 4(2)
thereof, and (ii) the qualification requirements of the applicable state securities laws.

 

(h)        
Compliance with Rule 144. If the Warrantholder proposes to sell Preferred Stock issuable upon the exercise
of this Agreement, or the Common Stock into which it is convertible, in compliance with Rule 144 promulgated by the SEC, then,
upon Warrantholder’s written request to the Company, the Company shall furnish to the Warrantholder, within ten days after
receipt of such request, a written statement confirming the Company’s compliance with the filing requirements of the SEC
as set forth in such Rule, as such Rule may be amended from time to time.

 

(i)           Information Rights. During the term of this Warrant, Warrantholder shall be entitled to the information rights
contained in Section 7.1 of the Loan Agreement, and Section 7.1 of the Loan Agreement is hereby incorporated into this Agreement
by this reference as though fully set forth herein, provided, however, that the Company shall not be required to deliver a Compliance
Certificate once all Indebtedness (as defined in the Loan Agreement) owed by the Company to Warrantholder has been repaid.

 

Section 10.    
REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER.

 

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

 

(a)        
Investment Purpose. The right to acquire Preferred Stock is being acquired for investment and not with a view
to the sale or distribution of any part thereof, and the Warrantholder has no present intention of selling or engaging in any public
distribution of such rights or the Preferred Stock except pursuant to an effective registration statement or an exemption from
the registration requirements of the Act.

 

    

     

    

 

(b)         Private Issue. The Warrantholder understands (i) that the Preferred Stock issuable upon exercise of this Agreement
is not registered under the Act or qualified under applicable state securities laws on the ground that the issuance contemplated
by this Agreement will be exempt from the registration and qualifications requirements thereof, and (ii) that the Company’s
reliance on such exemption is predicated on the representations set forth in this Section 10.

 

(c)          Financial
Risk. The Warrantholder has such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of its investment, and has the ability to bear the economic risks of its investment.

 

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

 

(e)         Accredited Investor. Warrantholder is an “accredited investor” within the meaning of the Securities
and Exchange Rule 501 of Regulation D, as presently in effect.

 

(f)          Diligence. Warrantholder has had an opportunity to discuss the Company’s business, management and financial
affairs with its management and an opportunity to review the Company’s facilities.

 

Section 11.    
TRANSFERS.

 

Subject to compliance with applicable federal
and state securities laws, this Agreement and all rights hereunder are transferable, in whole or in part, without charge to the
holder hereof (except for transfer taxes) upon surrender of this Agreement properly endorsed. Each taker and holder of this Agreement,
by taking or holding the same, consents and agrees that this Agreement, when endorsed in blank, shall be deemed negotiable, and
that the holder hereof, when this Agreement shall have been so endorsed and its transfer recorded on the Company’s books,
shall be treated by the Company and all other persons dealing with this Agreement as the absolute owner hereof for any purpose
and as the person entitled to exercise the rights represented by this Agreement. The transfer of this Agreement shall be recorded
on the books of the Company upon receipt by the Company of a notice of transfer in the form attached hereto as Exhibit III (the
 “Transfer Notice”), at its principal offices and the payment to the Company of all transfer taxes and other
governmental charges imposed on such transfer. Until the Company receives such Transfer Notice, the Company may treat the registered
owner hereof as the owner for all purposes.

 

Section 12.   
MISCELLANEOUS.

 

(a)         
Effective Date. The provisions of this Agreement shall be construed and shall be given effect in all respects
as if it had been executed and delivered by the Company on the date hereof. This Agreement shall be binding upon any successors
or assigns of the Company.

 

    

     

    

 

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

 

(c)          No
Impairment of Rights. The Company will not, by amendment of its Charter or through any other means, avoid or seek to avoid
the observance or performance of any of the terms of this Agreement, but will at all times in good faith assist in the carrying
out of all such terms and in the taking of all such actions as may be necessary or appropriate in order to protect the rights
of the Warrantholder against impairment.

 

(d)         Additional
Documents. The Company, upon execution of this Agreement, shall provide the Warrantholder with certified resolutions with
respect to the representations, warranties and covenants set forth in Sections 9(a) through 9(d), 9(f) and 9(g). The Company shall
also supply documentation reasonably necessary to evaluate whether to exercise (in cash or a net issuance basis) this Warrant,
including without limitation, (i) any merger/purchase/asset sale agreement and related documents and estimated payout allocations
to each of the respective shareholders, warrant and option holders in connection with a Merger Event, (ii) the most recent capitalization
tables, 409A valuations (if any), and board determination of share value (including any waterfall or per share allocations provided
to the stockholders), and (iii) most recent articles of incorporation or organization (as applicable).

 

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

 

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

 

(g)         Notices. Except as otherwise provided herein, any notice, demand, request, consent, approval, declaration,
service of process or other communication that is required, contemplated, or permitted under this Agreement or with respect to
the subject matter hereof shall be in writing, and shall be deemed to have been validly served, given, delivered, and received
upon the earlier of: (i) the day of transmission by electronic mail or hand delivery or delivery by an overnight express service
or overnight mail delivery service; or (ii) the third calendar day after deposit in the United States of America mails, with proper
first class postage prepaid, in each case addressed to the party to be notified as follows:

 

    

     

    

 

(i)           
If to Warrantholder:

 

HERCULES TECHNOLOGY III, L.P.

Legal Department

Attention: Chief Legal Officer and Paul Gibson

400 Hamilton Avenue, Suite 310

Palo Alto, CA 94301

email: legal@htgc.com; pgibson@htgc.com

Telephone: 650-289-3060

 

With a copy to:

 

VLP LAW GROUP LLP

13027 Monroe Manor Drive

Herndon, Virginia 20171

Attention: David Lawson

Facsimile: (650) 472-3605

Telephone: (650) 472-3605

 

(ii)          
If to the Company:

 

908 DEVICES INC.

Attention: Chief Financial Officer

27 Drydock Avenue, 7th Floor

Boston, MA 02210

email: jgriffith@908devices.com

Telephone: 857-254-1500

 

With a copy to:

 

GOODWIN PROCTER LLP

Attention: Mark J. Macenka

100 Northern Avenue

Boston, MA 02210

Facsimile: 617-801-8610

Telephone: 617-570-1145

 

or to such other address as each party
may designate for itself by like notice.

 

(h)          Entire
Agreement; Amendments. This Agreement constitutes the entire agreement and understanding of the parties hereto in respect
of the subject matter hereof, and supersedes and replaces in their entirety any prior proposals, term sheets, letters, negotiations
or other documents or agreements, whether written or oral, with respect to the subject matter hereof (including Warrantholder’s
proposal letter dated January 25, 2017). None of the terms of this Agreement may be amended except by an instrument executed by
each of the parties hereto.

 

(i)           Headings.
The various headings in this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of
this Agreement or any provisions hereof.

 

(j)           No
Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by
the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provisions of this Agreement.

 

    

     

    

 

(k)          No Waiver. No omission or delay by Warrantholder at any time to enforce any right or remedy reserved to it,
or to require performance of any of the terms, covenants or provisions hereof by the Company at any time designated, shall be a
waiver of any such right or remedy to which Warrantholder is entitled, nor shall it in any way affect the right of Warrantholder
to enforce such provisions thereafter.

 

(l)           Survival.
All agreements, representations and warranties contained in this Agreement or in any document delivered pursuant hereto shall
be for the benefit of Warrantholder and shall survive the execution and delivery of this Agreement and the expiration or other
termination of this Agreement.

 

(m)       
Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws
of the State of Delaware, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction.

 

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

 

(o)         Mutual Waiver of Jury Trial. Because disputes arising in connection with complex financial transactions are
most quickly and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws
to apply (rather than arbitration rules), the parties desire that their disputes be resolved by a judge applying such applicable
laws. EACH OF THE COMPANY AND WARRANTHOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION,
CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY THE COMPANY
AGAINST WARRANTHOLDER OR ITS ASSIGNEE OR BY WARRANTHOLDER OR ITS ASSIGNEE AGAINST THE COMPANY. This waiver extends to all such
Claims, including Claims that involve Persons other than Company and Warrantholder; Claims that arise out of or are in any way
connected to the relationship between the Company and Warrantholder; and any Claims for damages, breach of contract, specific performance,
or any equitable or legal relief of any kind, arising out of this Agreement.

 

(p)        
Judicial Reference. If the waiver of jury trial set forth above is ineffective or unenforceable, the parties
agree that all Claims shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil Procedure
Section 638, before a mutually acceptable referee or, if the parties cannot agree, a referee selected by the Presiding Judge of
Santa Clara County, California. Such proceeding shall be conducted in Santa Clara County, California, with California rules of
evidence and discovery applicable to such proceeding.

 

    

     

    

 

(q)          Prejudgment Relief. In the event Claims are to be resolved by arbitration, either party may seek from a court
of competent jurisdiction identified in Section 12(n), any prejudgment order, writ or other relief and have such prejudgment order,
writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise subject to resolution
by judicial reference.

 

(r)         
Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in
any number of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be
deemed an original, but all of which counterparts shall constitute but one and the same instrument.

 

[Remainder of Page Intentionally Left Blank]

 

    

     

    

 

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

 

	COMPANY:	908 DEVICES INC.
	 	 
	 	By:	 
	 	Name:	Joseph H. Griffith IV
	 	Title:	CFO and Treasurer
	 	 	 
	 	 	 
	WARRANTHOLDER:	HERCULES TECHNOLOGY III, L.P.,
	 	a Delaware limited partnership
	 	 
	 	By:	Hercules Technology SBIC Management, LLC, its General
Partner
	 	By:	Hercules Capital, Inc., its Manager
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

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

 

	COMPANY:	908 DEVICES INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	WARRANTHOLDER:	HERCULES TECHNOLOGY III, L.P.,
	 	a Delaware limited partnership
	 	 
	 	By:	Hercules Technology SB1C Management, LLC, its General
Partner
	 	By:	Hercules Capital, Inc., its Manager
	 	 
	 	By:	 
	 	Name:	Jennifer Choe
	 	Title:	Assistant General Counsel

 

    

     

    

 

EXHIBIT I

 

NOTICE OF EXERCISE

 

		To:	908 DEVICES INC.

 

		(1)	The undersigned Warrantholder hereby elects to purchase [_________] shares of the Series [__] Preferred
Stock of 908 Devices Inc., pursuant to the terms of the Agreement dated the 15th day of March, 2017 (the “Agreement”)
between 908 Devices Inc. and the Warrantholder, and [CASH PAYMENT: tenders herewith payment of the Purchase Price in full, together
with all applicable transfer taxes, if any.] [NET ISSUANCE: elects pursuant to Section 3(a) of the Agreement to effect a Net Issuance.]

 

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

 

	 	 
	 	(Name)
	 	 
	 	(Address)
	 	 
	WARRANTHOLDER:	HERCULES TECHNOLOGY III, L.P.,
	 	a Delaware limited partnership
	 	 
	 	By:	Hercules Technology SBIC Management, LLC, its General
Partner
	 	By:	Hercules Capital, Inc., its Manager
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

EXHIBIT II

 

ACKNOWLEDGMENT OF EXERCISE

 

The undersigned 908 Devices Inc. hereby
acknowledge receipt of the “Notice of Exercise” from Hercules Technology III, L.P. to purchase [________] shares of
the Series [__] Preferred Stock of 908 Devices Inc., pursuant to the terms of the Agreement, and further acknowledges that []
shares remain subject to purchase under the terms of the Agreement.

 

	COMPANY:	908 DEVICES INC.
	 	 
	 	By:	 
	 	Title:	 
	 	Date:	 

 

    

     

    

 

EXHIBIT III

 

TRANSFER NOTICE

 

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

 

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

 

	 	 
	(Please Print)	 
	 	 
	whose address is 	 	 
	 	 

 

	 	Dated: 	 

	 	Holder’s Signature: 	 
	 	Holder’s Address: 	 
	 	 

 

	Signature Guaranteed: 	 	 

 

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

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