Document:

Form of Series C Preferred Stock Warrant

 Exhibit 4.4 
  

Modified March             , 2005 for the stock split of September 15, 2000 and the name changes
of CPG ImmunoPharmaceuticals, Inc. to Coley Pharmaceutical Group, Inc. 
  
 NEITHER THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR ANY OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED, OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH
ACT. ANY SUCH TRANSFER MAY ALSO BE SUBJECT TO APPLICABLE STATE SECURITIES LAWS. 
  
 COLEY PHARMACEUTICAL GROUP, INC. 
  
 Warrant for the Purchase of Shares of 
 Series C Convertible Preferred Stock, $.01 par value per Share

  

			
	Warrant No.	 	Number of Shares            

  
 FOR VALUE RECEIVED,
COLEY PHARMACEUTICAL GROUP, INC., a Delaware corporation (the “Company”), hereby certifies that             , or its permitted assigns, is entitled to purchase from the
Company, at any time or from time to time commencing on July 15, 1999 (subject to the provisions of Section 1(a)(ii) below) and prior to 5:00 P.M., New York City time, on July 15, 2009,
                     fully paid and nonassessable shares of the Series C Convertible Preferred Stock, $.01 par value per share, of the Company
at a purchase price of              per share. 
  
 As used in this Warrant, (i) the Series C Convertible Preferred Stock, together with any other equity securities which may be issued by the Company with
respect thereto or in substitution therefor, is referred to as the “Series C Stock,” (ii) the shares of the Series C Stock purchasable hereunder are referred to as the “Warrant Shares,” (iii) the price payable for each of the
Warrant Shares hereunder is referred to as the “Per Share Warrant Price,” (iv) the aggregate purchase price payable for the Warrant Shares hereunder is referred to as the “Aggregate Warrant Price,” (v) this Warrant and all
warrants hereafter issued in exchange or substitution for this Warrant are referred to as the “Warrants” and (vi) the holder of this Warrant is referred to as the “Holder”. 
  
 1. Exercise of Warrant. 
  
 (a) This Warrant may be exercised by the Holder in whole at
any time or in part from time to time: 
  
 (i)
commencing on July 15, 1999 and prior to 5:00 P.M., New York City time, on July 15, 2009 (the “Warrant Exercise Period”), by the surrender of this 

  

	 	 
Warrant (with the subscription form at the end hereof duly executed) at the address set forth in Section 9 hereof, together with proper payment of the
Aggregate Warrant Price, or the proportionate part thereof if this Warrant is exercised in part, with payment for Warrant Shares made by certified or official bank check payable to the order of the Company or by prearranged wire transfer to an
account specified by the Company; or 

  
 (ii) during the Warrant Exercise Period, in lieu of payment in cash, by the surrender of this Warrant (with the Cashless Exercise form at the end hereof duly executed) (a “Cashless Exercise”) at the address set forth in Section 9
hereof. Such presentation and surrender shall be deemed a waiver of the Holder’s obligation to pay the Aggregate Warrant Price, or the proportionate part thereof if this Warrant is exercised in part. In the event of a Cashless Exercise, the
Holder shall exchange its Warrant for that number of Warrant Shares subject to such Cashless Exercise (the “Exercised Number of Warrant Shares”) less that number of Warrant Shares which, when multiplied by the then current market price (as
defined below) per share of Series C Stock, equals the Per Share Warrant Price multiplied by the Exercised Number of Warrant Shares. For purposes of any computation under this Section 1(a)(ii) and Section 3, the then current market price per share
of Series C Stock at any date (the “Market Price”) shall be determined as follows: 
  
 (A) In the event that all of the Company’s shares of Preferred Stock shall prior to exercise or exchange of this Warrant have been
converted into shares of the Common Stock of the Company, $.01 par value per share (the “Common Stock”), as a result of the conversion of all of the issued and outstanding shares of Preferred Stock in connection with the closing of a firm
commitment underwritten public offering (as such term is described in the Company’s Certificate of Incorporation, as amended (the “Certificate of Incorporation”)), then the Market Price per share of Series C Stock shall be determined
by taking the product of “x” and “y,” with “x” equal to the number of shares of the Company’s Common Stock into which one share of the Company’s Series C Stock could be converted on the date on which this
Warrant is exercised (the “Determination Date”), and “y” equal to the fair market value of the Company’s Common Stock on the Determination Date. For purposes of making this calculation, the fair market value of the
Company’s Common Stock shall be determined as follows: 
  
 (1) If the Company’s Common Stock is traded on an exchange or is quoted on the National Association of Securities Dealers, Inc. Automated Quotation (“NASDAQ”) National Market, then the closing price on
the day before the Determination Date; 
  
 (2)
If the Company’s Common Stock is not traded on an exchange or on the NASDAQ National Market but is traded in the over-the-counter market, then the closing price on the day before the Determination Date; or 
  

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 (3) If the Determination Date is the date on which the Company’s Common Stock is
first sold to the public by the Company in a firm commitment public offering under the Securities Act of 1933, as amended (the “1933 Act”), then the initial public offering price (before deducting commissions, discounts or expenses) at
which the Common Stock is sold in such offering; 
  
 (B) In the event that the Determination Date is the date of a liquidation, dissolution or winding up, or any event deemed to be a liquidation, dissolution or winding up with respect to the Series C Preferred Stock under the Company’s
Certificate of Incorporation, then the Market Price per share of the Series C Stock shall be determined by aggregating all amounts to be payable per share to holders of the Series C Stock in the event of such liquidation, dissolution or winding up,
plus all other amounts to be payable per share in respect of the Series C Stock in liquidation, assuming for the purposes of this subsection that all of the shares of Series C Stock issuable upon exercise of all of the Warrants are outstanding at
the Determination Date; or 
  
 (C) In all other
cases, the Market Price per share of the Series C Stock shall be determined in good faith by the Company’s Board of Directors upon review of relevant factors. 
  
 (b) If this Warrant is exercised in part, this Warrant must be exercised for a number of whole shares of
Series C Stock, and the Holder shall be entitled to receive a new Warrant covering the Warrant Shares which have not been exercised. Upon surrender of this Warrant, the Company will (i) issue a certificate or certificates in the name of the Holder
for the largest number of whole shares of the Series C Stock to which the Holder shall be entitled and, if this Warrant is exercised in whole, in lieu of any fractional share of the Series C Stock to which the Holder shall be entitled, pay to the
Holder cash in an amount equal to the fair value of such fractional share (determined in such reasonable manner as the Board of Directors of the Company shall determine), and (ii) deliver the other securities and properties receivable upon the
exercise of this Warrant, or the proportionate part thereof if this Warrant is exercised in part, pursuant to the provisions of this Warrant. 
  

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 2. Reservation of Warrant Shares; Listing. The Company agrees that, prior to the expiration of
this Warrant, the Company will at all times (a) have authorized and in reserve, and will keep available, solely for issuance or delivery upon the exercise of this Warrant, the shares of the Series C Stock and other securities and properties as from
time to time shall be receivable upon the exercise of this Warrant, and the shares of the Common Stock issuable upon conversion of the Series C Stock, free and clear of all restrictions on sale or transfer and free and clear of all preemptive rights
and rights of first refusal and (b) if the Company hereafter lists its Common Stock on any national securities exchange, keep the shares of Common Stock, issuable upon the conversion of the Warrant Shares, authorized for listing on such exchange
upon notice of issuance. 
  
 3. Adjustments. 
  
 (a) In case the Company shall hereafter (i) pay a dividend
or make a distribution on its capital stock in shares of Series C Stock, (ii) subdivide its outstanding shares of Series C Stock into a greater number of shares (by a stock split or otherwise), (iii) combine its outstanding shares of Series C Stock
into a smaller number of shares (by a reverse stock split or otherwise) or (iv) issue by reclassification of its Series C Stock any shares of capital stock of the Company, the Per Share Warrant Price shall be proportionately increased or reduced, as
the case may be. When any such adjustment is required to be made to the Per Share Warrant Price, the number of Warrant Shares purchasable upon the exercise of this Warrant shall be changed to the number determined by dividing (i) an amount equal to
the number of shares issuable upon the exercise of this Warrant immediately prior to such adjustment, multiplied by the Per Share Warrant Price in effect immediately prior to such adjustment, by (ii) the Per Share Warrant Price in effect immediately
after such adjustment. Any adjustment made pursuant to this Subsection 3(a) shall become effective on the record date in the case of a dividend or distribution and shall become effective on the effective date in the case of a subdivision,
combination or reclassification. 
  
 (b) In case
of any capital reorganization or reclassification, or any consolidation or merger to which the Company is a party other than a merger or consolidation in which the Company is the continuing corporation, or in case of any sale or conveyance to
another entity of the property of the Company as an entirety or substantially as an entirety, or in the case of any statutory exchange of securities with another corporation (including any exchange effected in connection with a merger of a third
corporation into the Company) (which consolidation, merger, sale, conveyance and statutory exchange is referred to below as a “Sale”), the Holder of this Warrant shall have the right thereafter to receive on the exercise of this Warrant
the kind and amount of securities, cash or other property which the Holder would have owned or have been entitled to receive immediately after such reorganization, reclassification, consolidation, merger, statutory exchange, sale or conveyance had
this Warrant been exercised immediately prior to the effective date of such reorganization, reclassification, consolidation, merger, statutory exchange, sale or conveyance, and in any such case, if necessary, appropriate adjustment shall be made in
the application of the provisions set forth in this Section 3 with respect to the rights and interests thereafter of the Holder of this Warrant to the end that the provisions set forth in this Section 3 shall thereafter correspondingly be made
applicable, as nearly as may reasonably be, in relation to any shares of stock or other securities or property thereafter deliverable on the exercise of this Warrant. 

  

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The above provisions of this subsection (b) shall similarly apply to successive reorganizations, reclassifications, consolidations, mergers, statutory
exchanges, sales or conveyances. The issuer of any shares of stock or other securities or property thereafter deliverable on the exercise of this Warrant shall be responsible for all of the agreements and obligations of the Company hereunder. Notice
of any such reorganization, reclassification, consolidation, merger, statutory exchange, sale or conveyance and of said provisions so proposed to be made, shall be mailed to the Holder not less than 15 days prior to such event. A sale of all or
substantially all of the assets of the Company for a consideration consisting primarily of securities shall be deemed a consolidation or merger for the foregoing purposes. 
  
 (c) If the Board of Directors of the Company shall declare any dividend or other distribution with respect
to the Series C Stock other than a cash distribution out of earned surplus, the Company shall mail notice thereof to the Holder not less than 15 days prior to the record date fixed for determining stockholders entitled to participate in such
dividend or other distribution. 
  
 (d) If, as a
result of an adjustment made pursuant to this Section 3, the Holder shall become entitled to receive shares of two or more classes of capital stock or shares of Common Stock and other capital stock of the Company, the Board of Directors (whose good
faith determination shall be conclusive and shall be described in a written notice to the Holder promptly after such adjustment) shall determine the allocation of the adjusted Per Share Warrant Price between or among shares of such classes of
capital stock or shares of Common Stock and other capital stock. 
  
 4. Fully Paid Stock; Taxes. The Company agrees that the shares of the Series C Stock represented by each and every certificate for Warrant Shares delivered on the exercise of this Warrant shall, at the time of such delivery, be
validly issued and outstanding, fully paid and nonassessable, and not subject to preemptive rights or rights of first refusal and the Company will take all such actions as may be necessary to assure that the par value or stated value, if any, per
share of the Series C Stock is at all times equal to or less than the then Per Share Warrant Price. The Company further covenants and agrees that it will pay, when due and payable, any and all Federal and state stamp, original issue or similar taxes
which may be payable in respect of the issue of any Warrant Share or any certificate thereof. 
  
 5. Limited Transferability. This Warrant may not be sold, transferred, assigned or hypothecated by the Holder except in compliance with the provisions of the Securities Act of 1933, as amended (or any successor
legislation), and is so transferable only upon the books of the Company which it shall cause to be maintained for such purpose. The Company may treat the registered Holder of this Warrant as it appears on the Company’s books at any time as the
Holder for all purposes. All warrants issued upon the transfer or assignment of this Warrant will be dated the same date as this Warrant, and all rights of the Holder thereof shall be identical to those of the Holder. 
  
 6. Loss, etc., of Warrant. Upon receipt of evidence satisfactory to
the Company of the loss, theft, destruction or mutilation of this Warrant, and of indemnity reasonably satisfactory to the 

  

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Company, if lost, stolen or destroyed, and upon surrender and cancellation of this Warrant, if mutilated, the Company shall execute and deliver to the Holder
a new Warrant of like date, tenor and denomination. 
  
 7.
Warrant Holder Not Shareholder. Except as otherwise provided herein, this Warrant does not confer upon the Holder any right to vote or to consent to or receive notice as a stockholder of the Company, as such, in respect of any matters
whatsoever, or any other rights or liabilities as a stockholder, prior to the exercise hereof. 
  
 8. Covenants of Warrant Holder. By acceptance of this Warrant, the Holder is hereby deemed to covenant and agree with the Company that it is acquiring this Warrant as an investment and not with a view to
distribution hereof. The holder of this Warrant or any Warrant Shares may transfer this Warrant or such Warrant Shares only pursuant to applicable Federal and state laws. Each registered Holder of this Warrant acknowledges that this Warrant has not
been registered under the Securities Act and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant or any Warrant Shares issued upon its exercise in the absence of (i) an effective registration
statement as to this Warrant or such Warrant Shares under the Securities Act, or (ii) an opinion of counsel reasonably acceptable to the Company to the effect that such registration is not, under the circumstances, required. In addition, in order
for any transferee of this Warrant or any Warrant Shares to receive any of the benefits of this Warrant or the Warrant Shares, as the case may be, the Company must have received notice of such transfer, at the address set forth in Section 9 below,
in the form of assignment or partial assignment attached hereto. Any transferee other than pursuant to an effective registration statement under the Securities Act or pursuant to Rule 144 promulgated under the Securities Act must also covenant and
agree that it is acquiring this Warrant or such Warrant Shares as an investment and not with a view to distribution hereof or thereof, except in accordance with the Securities Act and applicable state securities law. 
  

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 9. Communication. All notices, requests, consents and demands shall be made in writing and shall
be mailed postage prepaid, or delivered by hand, to the Company or to the Holder thereof at their respective addresses set forth below or to such other address as may be furnished in writing to the other party hereto: 
  

			
	 If to the Holder:
	  	 
		
	 If to the Company:
	  	Coley Pharmaceutical Group, Inc.
	 	  	93 Worcester Street, Suite 101
	 	  	Wellesley, Massachusetts 02481
	 	  	Attention: President
		
	 With a copy to:
	  	Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
	 	  	One Financial Center
	 	  	Boston, Massachusetts 02111
	 	  	Attention: James Chicoski, Esquire

  
 All notices, requests, consents and
other communications hereunder shall be deemed to have been given either (i) if by hand, at the time of the delivery thereof to the receiving party at the address of such party set forth above, (ii) if made by facsimile transmission, at the time
that receipt thereof has been acknowledged by electronic confirmation or otherwise, (iii) if sent by overnight courier, on the next business day following the day such notice is delivered to the courier service, or (iv) if sent by registered or
certified mail, on the 5th business day following the day such mailing is made. 
  
 10. Rights and Restrictions of the Holder. As contemplated by Amendment No. 3 to Series B and Series C Convertible Preferred Stock Purchase Agreement and Instrument of Accession among the Company and certain of
its shareholders dated as of July 15, 1999 (the “Omnibus Amendment”), the Warrant Shares shall be deemed to have been issued under the Series B and Series C Convertible Preferred Stock Purchase Agreement among the Company and certain of
its shareholders dated July 9, 1997, as amended (as so amended, the “Purchase Agreement”), and accordingly the Warrant Shares and the Common Stock issuable upon the conversion of such Warrant Shares shall be entitled to the rights,
benefits and restrictions accorded to the shares of Series C Stock, and the shares of Common Stock issuable upon conversion thereof, issued pursuant to the Purchase Agreement, including the rights, benefits and restrictions set forth in the Purchase
Agreement and the related Registration Rights Agreement, Voting Agreement and Stock Restriction Agreement, in each case as amended, and the applicable provisions of the Company’s Certificate of Incorporation, as amended, and the Omnibus
Amendment are hereby incorporated herein by reference and made a part hereof as if set forth herein in their entirety. 
  
 11. Headings. The headings of this Warrant have been inserted as a matter of convenience and shall not affect the construction hereof. 

 
 12. Applicable Law. This Warrant shall be governed by and construed
in accordance with the law of the State of Delaware without giving effect to the principles of conflicts of law thereof. 
  

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 13. Pronouns. All pronouns and any variations thereof used herein shall be deemed to refer to the
masculine, feminine, neuter, singular or plural as the person or persons referred to may require. 
  
 14. Amendment. The terms of this Warrant may be amended or waiver of compliance of any term hereof may be obtained by the Company pursuant to a
written agreement between the Company and the Holder. 
  

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 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its President and its corporate
seal to be hereunto affixed and attested by its Secretary as of                         . 
  

			
	 COLEY PHARMACEUTICAL GROUP, INC.

		
	 	 	 
	 By:
	 	 Robert Bratzler

	 Its:
	 	 President

  

	
	 ATTEST:

	
	 
	 Charles Yon

	 Secretary

  
 [Corporate Seal] 
  

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 SUBSCRIPTION

  
 The undersigned,
                                    , pursuant to the
provisions of the foregoing Warrant, hereby agrees to subscribe for and purchase
                                 shares (the “Warrant Shares”) of the
Series C Convertible Preferred Stock, par value $.01 per share, of Coley Pharmaceutical Group, Inc. covered by said Warrant, and makes payment therefor in full at the price per share provided by said Warrant. 
  
 (a) The undersigned represents that the address of the undersigned furnished
below is (i) the undersigned’s principal residence if he or she is an individual or (ii) the undersigned’s principal business address if it is a corporation, partnership or other entity. 
  
 (b) The undersigned (i) was not formed for the purpose of investing in the
Company, (ii) is acquiring the Warrant Shares for its own account for investment and not with a view to or for resale in connection with any distribution or resale of the Warrant Shares except in accordance with the Securities Act of 1933, as
amended (or any successor statute) (the “Securities Act”) and applicable state securities laws, and (iii) has not offered or sold any portion of the Warrant Shares and has no present intention of dividing the Warrant Shares with others or
of selling, distributing or otherwise disposing of any portion of the Warrant Shares either currently or after the passage of a fixed or determinable period of time or upon the occurrence or non-occurrence of any predetermined event or circumstance,
except in accordance with the Securities Act and applicable state securities laws. 
  
 (c) The undersigned understands that (i) the sale of the Warrant Shares has not been registered under the Securities Act or any state securities law in reliance upon an exemption therefrom for non-public or limited
offerings and (ii) the Warrant Shares must be held indefinitely unless the sale or other transfer thereof is subsequently registered under the Act or an exemption from such registration is available at the time. 
  
 (d) The undersigned understands and agrees that the following restrictions
and limitations are applicable to its purchase and any resales, pledges, hypothecations or other transfers of the Warrant Shares: 
  
         (i) The following legends (or legends in substantially similar form) will be placed on any certificate(s)
or other document(s) evidencing the Warrant Shares, and the undersigned for itself must comply with the terms and conditions set forth in such legend prior to any resales, pledges, hypothecations or other transfers of the Warrant Shares: 

 
 “The securities represented by this certificate have not been
registered pursuant to the Securities Act of 1933, as amended (“Act”), or any state securities laws, and may not be sold, pledged, hypothecated or otherwise transferred unless (A) the stockholder wishing to transfer such securities
provides an opinion of counsel in form and substance satisfactory to Coley Pharmaceutical Group, Inc. 

  

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(the “Company”) stating that the proposed transfer of the Company’s securities is exempt from the registration provisions of all applicable
federal and state laws; or (B) said securities are registered pursuant to the Act and all applicable state securities laws.” 
  
 “The shares of stock represented by this certificate are subject to restrictions set forth in a certain Warrant, dated December
    , 1998, issued by the Company in favor of the registered owner of the shares represented by this certificate (or his predecessor in interest). The Company will furnish a copy of such Warrant(s) to the holder of this
certificate upon written request without charge.” 
  
 (ii) Stop transfer instructions have been or will be placed on any certificates or other documents evidencing the Shares so as to restrict the resale, pledge, hypothecation or other transfer thereof in accordance with the provisions hereof.

  
 (e) The undersigned’s representations and warranties made
herein shall survive the execution and delivery hereof and of the Warrant Shares. 
  

			
		
	 Dated:
	 	 
		
	 Signature:
	 	 
		
	 Address:
	 	 

  

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 CASHLESS EXERCISE

  
 The undersigned
                                , pursuant to the provisions of the foregoing
Warrant, hereby elects to exchange its Warrant for
                                 shares (the “Warrant Shares”) of Series
C Convertible Preferred Stock, par value $.01 per share, of Coley Pharmaceutical Group, Inc. pursuant to the Cashless Exercise provisions of the Warrant. 
  
 (a) The undersigned represents that the address of the undersigned furnished below is (i) the undersigned’s principal residence if he or she is an
individual or (ii) the undersigned’s principal business address if it is a corporation, partnership or other entity. 
  
 (b) The undersigned (i) was not formed for the purpose of investing in the Company, (ii) is acquiring the Warrant Shares for its own account for
investment and not with a view to or for resale in connection with any distribution or resale of the Warrant Shares except in accordance with the Securities Act of 1933, as amended (or any successor statute) (the “Securities Act”) and
applicable state securities laws, and (iii) has not offered or sold any portion of the Warrant Shares and has no present intention of dividing the Warrant Shares with others or of selling, distributing or otherwise disposing of any portion of the
Warrant Shares either currently or after the passage of a fixed or determinable period of time or upon the occurrence or non-occurrence of any predetermined event or circumstance, except in accordance with the Securities Act and applicable state
securities laws. 
  
 (c) The undersigned understands that (i) the
sale of the Warrant Shares has not been registered under the Securities Act or any state securities law in reliance upon an exemption therefrom for non-public or limited offerings and (ii) the Warrant Shares must be held indefinitely unless the sale
or other transfer thereof is subsequently registered under the Act or an exemption from such registration is available at the time. 
  
 (d) The undersigned understands and agrees that the following restrictions and limitations are applicable to its purchase and any resales, pledges,
hypothecations or other transfers of the Warrant Shares: 
  
         (i) The following legends (or legends in substantially similar form) will be placed on any certificate(s) or other document(s) evidencing the Warrant Shares, and the undersigned for itself
must comply with the terms and conditions set forth in such legend prior to any resales, pledges, hypothecations or other transfers of the Warrant Shares: 
  
 “The securities represented by this certificate have not been registered pursuant to the Securities Act of 1933, as amended (“Act”), or any
state securities laws, and may not be sold, pledged, hypothecated or otherwise transferred unless (A) the stockholder wishing to transfer such securities provides an opinion of counsel in form and substance satisfactory to Coley Pharmaceutical
Group, Inc. (the “Company”) stating that the proposed transfer of the Company’s 

  

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securities is exempt from the registration provisions of all applicable federal and state laws; or (B) said securities are registered pursuant to the Act and
all applicable state securities laws.” 
  
 “The shares
of stock represented by this certificate are subject to restrictions set forth in a certain Warrant, dated December     , 1998, issued by the Company in favor of the registered owner of the shares represented by this
certificate (or his predecessor in interest). The Company will furnish a copy of such Warrant(s) to the holder of this certificate upon written request without charge.” 
  
 (ii) Stop transfer instructions have been or will be placed on any certificates or other documents
evidencing the Shares so as to restrict the resale, pledge, hypothecation or other transfer thereof in accordance with the provisions hereof. 
  
 (e) The undersigned’s representations and warranties made herein shall survive the execution and delivery hereof and of the Warrant Shares.

  

			
		
	 Dated:
	 	 
		
	 Signature:
	 	 
		
	 Address:
	 	 

  

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 ASSIGNMENT 

 
 FOR VALUE RECEIVED
                         hereby sells, assigns and transfers unto
                         the foregoing Warrant and all rights evidenced thereby, and does irrevocably constitute and
appoint                             , attorney, to transfer said Warrant on the books of Coley
Pharmaceutical Group, Inc. (the “Company”). This Assignment is subject to and contingent upon the assignee’s agreement to be bound by the terms and restrictions set forth in the foregoing Warrant. 
  

			
		
	 Dated:
	 	 
		
	 Signature:
	 	 
		
	 Address:
	 	 

  

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 PARTIAL ASSIGNMENT

  
 FOR VALUE RECEIVED
                         hereby assigns and transfers unto
                         the right to purchase
                 shares of the Series C Convertible Preferred Stock, par value $.01 per share, of Coley Pharmaceutical Group, Inc. (the “Company”)
covered by the foregoing Warrant, and a proportionate part of said Warrant and the rights evidenced thereby, and does irrevocably constitute and appoint
                        , attorney, to transfer that part of said Warrant on the books of the Company. This Partial
Assignment is subject to and contingent upon the assignee’s agreement to be bound by the terms and restrictions set forth in the foregoing Warrant. 
  

			
		
	 Dated:
	 	 
		
	 Signature:
	 	 
		
	 Address:
	 	 

  

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 Coley
Pharmaceutical Group, Inc. 
 List of Warrant Holders 
 3/8/2005 
  

			
	Series C Preferred Warrant Holders	  	Warrants

	 TVM Techno Venture Enterprises
	  	492,500
	 Alafi Capital Company
	  	84,500
	 Peer M. Schatz
	  	48,500
	 Metin Colpan
	  	48,500
	 	  	

	 	  	674,000

  

 - 5 -Series F Preferred Stock Warrant

 Exhibit 4.5 
  

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, OFFERED FOR SALE, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL SUCH SECURITIES ARE REGISTERED UNDER SUCH ACT OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY IS OBTAINED TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED. 
  
 PREFERRED STOCK PURCHASE WARRANT 
 OF 
 COLEY PHARMACEUTICAL GROUP, INC. 
  

			
	 Warrant No. 1
	 	December 11, 2003

  
 1. Issuance.
This Preferred Stock Purchase Warrant (this “Warrant”) is issued to General Electric Capital Corporation by Coley Pharmaceutical Group, Inc., a Delaware corporation (hereinafter, with its successors, called the
“Company”). 
  
 2. Purchase Price; Number of
Shares. Subject to the terms and conditions hereinafter set forth, the registered holder of this Warrant (the “Holder”), commencing on the date hereof, is entitled to purchase from the Company an aggregate of Thirty Seven
Thousand Nine Hundred Fifty Four (37,954) fully paid and nonassessable shares of the Company’s Series F Convertible Preferred Stock, $0.01 par value per share (the “Series F Stock”), at a price per share of $1.42276 (the
“Purchase Price”). The shares of Common Stock deliverable upon such exercise, and as adjusted from time to time, are hereinafter sometimes referred to as “Warrant Shares.” 
  
 3. Expiration Date; Automatic Exercise. This Warrant shall expire at
the close of business on the seventh anniversary of December 11, 2003, and shall be void thereafter. Upon and after the Automatic Conversion Effective Time (as defined in Section 6), the right to purchase shares of Series F Stock granted herein
shall terminate, and this Warrant shall represent the right to purchase shares of the Common Stock, par value $.01 per share, of the Company (“Common Stock”), as provided in Section 6 hereof. Notwithstanding the foregoing, this Warrant
shall automatically be deemed to be exercised in full pursuant to the provisions of Section 5 hereof, without any further action on behalf of the Holder, immediately prior to the time this Warrant would otherwise expire pursuant to the preceding
sentence only if and to the extent that, if before the Automatic Conversion Effective Time (as defined in Section 6), the fair market value of one share of Series F Stock, as determined pursuant to Section 5(a) on the date of expiration, or if on or
after the Automatic Conversion Effective Time, the fair market value of one share of Common Stock, as determined pursuant to Section 5(b) on the date of expiration, exceeds the Purchase Price then in effect. 
  
 4. Payment of Purchase Price. This Warrant may be exercised by
surrender of this Warrant and the tender of the Notice of Exercise substantially in the form attached hereto as Exhibit A, to the Company at its principal office, or at the office of its stock transfer agent, if 

  

 
any, and accompanied by payment of the Purchase Price for the number of Warrant Shares specified in such form and any applicable taxes. The Purchase Price
for any Warrant Shares may be paid (i) in cash, check or by wire transfer of immediately available funds, (ii) by the surrender by the Holder to the Company of any promissory notes or other obligations issued by the Company, with all such notes and
obligations so surrendered being credited against the Purchase Price in an amount equal to the principal amount thereof plus accrued interest to the date of surrender, (iii) through delivery by the Holder to the Company of other securities issued by
the Company, with such securities being credited against the Purchase Price in an amount equal to the fair market value thereof, as determined in good faith by the Board of Directors of the Company, (iv) by surrender of this Warrant pursuant to the
Net Issue Election in Section 5 hereof, or (v) by any combination of the foregoing. 
  
 5. Net Issue Election. 
  
 (a) Prior to the Automatic Conversion Effective Time (as defined in Section 6), the Holder may elect to receive, without the payment by the Holder of any additional consideration, shares equal to the value of this
Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company, with the net issue election notice annexed hereto duly executed, at the office of the Company (“Net Issue Election”). Thereupon, the
Company shall issue to the Holder such number of fully paid and nonassessable shares of Series F Stock as is computed using the following formula: 
  
 X = Y (A-B) 
         A 
  

					
	where	  	X =	  	the number of shares of Series F Stock to be issued to the Holder pursuant to this Section 5(a).
			
	 	  	Y =	  	the number of shares of Series F Stock covered by this Warrant in respect of which the net issue election is made pursuant to this Section 5(a).
			
	 	  	A =	  	the fair market value of one share of Series F Stock at the time the net issue election is made pursuant to this Section 5(a).
			
	 	  	B =	  	the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 5(a).

  
 As used herein, the
current fair market value of a share of Series F Stock shall mean the price per share which the Company could obtain from a willing buyer for shares of Series F Stock, as determined in good faith by the Company’s Board of Directors, unless the
Company shall become subject to a merger, consolidation or other acquisition pursuant to which the holders of Series F Stock receive securities and/or other property in exchange for their Series F Stock, in which case the fair market value of Series
F Stock shall be deemed to be the value of the securities and other property received by the holders of the Company’s Series F Stock per share of Series F Stock pursuant to such merger, consolidation or other acquisition. 
  

 - 2 - 

 (b) On and after the Automatic Conversion Effective Time, the Holder may elect to
receive, without the payment by the Holder of any additional consideration, shares equal to the value of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company, with the Net Issue Election. Thereupon, the
Company shall issue to the Holder such number of fully paid and nonassessable shares of Common Stock as is computed using the following formula: 
  
 X = Y (A-B) 
         A 
  

					
	where	  	X =	  	the number of shares of Common Stock to be issued to the Holder pursuant to this Section 5(b).
			
	 	  	Y =	  	the number of shares of Common Stock covered by this Warrant in respect of which the net issue election is made pursuant to this Section 5(b).
			
	 	  	A =	  	the fair market value of one share of Common Stock at the time the net issue election is made pursuant to this Section 5(b).
			
	 	  	B =	  	the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 5(b).

  
 As used herein,
current fair market value of Common Stock shall mean with respect to each share of Common Stock: 
  
 (i) if the Common Stock is traded on a national securities exchange or quoted on the Nasdaq Stock Market, the fair market value shall be
deemed to be the average of the closing prices over a twenty-one (21) day period ending three days before the day the current fair market value of the Common Stock is being determined; 
  
 (ii) if the Common Stock is not listed on a national securities exchange or quoted on the Nasdaq Stock
Market but is actively traded over-the-counter, the fair market value shall be deemed to be the average of the closing bid and asked prices reported by the National Quotation Bureau (or similar system) over the twenty-one (21) day period ending
three days before the day the current fair market value of the Common Stock is being determined; or 
  
 (iii) if the Common Stock is not listed on any national securities exchange or quoted on the Nasdaq Stock Market or actively traded in the
over-the-counter market, the current fair market value of Common Stock shall be the price per share, as determined in good faith by its Board of Directors, unless the Company shall become subject to a merger, consolidation or other acquisition
pursuant to which the holders of Common Stock receive securities and/or other property in exchange for their Common Stock, in which case the fair market value of Common Stock shall be deemed to be the value of the securities and other property
received by the holders of the Company’s Common Stock per share of Common Stock pursuant to such merger, consolidation or other acquisition. 
  

 - 3 - 

 6. Automatic Conversion of the Series F Stock. If at any time the issued and outstanding shares of
the Company’s Series F Stock shall be automatically converted into shares of Common Stock under the terms of the Third Amended and Restated Certificate of Incorporation, as amended from time to time, then upon and after the effective time of
such automatic conversion of the Series F Stock (the “Automatic Conversion Effective Time”), the right to purchase Series F Stock granted herein shall terminate, and this Warrant shall represent the right to purchase a number of shares of
Common Stock calculated as follows: 
  
 X = (Y) (Z) 
  

					
	where:	  	X =	  	the number of shares of Common Stock purchasable under this Warrant upon and after such Automatic Conversion Effective Time
			
	 	  	Y =	  	the number of shares of Series F Stock purchasable under this Warrant immediately prior to such Automatic Conversion Effective Time
			
	 	  	Z =	  	the number of shares of Common Stock issuable upon conversion of each share of Series F Stock immediately prior to such Automatic Conversion Effective Time

  
 and the Purchase Price per share of
Common Stock shall be a price calculated as follows: 
  
 A = (B)
(X) 
         Y 
  

					
	where:	  	A =	  	the Purchase Price per share of Common Stock upon and after such Automatic Conversion Effective Time
			
	 	  	B =	  	the Purchase Price per share of Series F Stock immediately prior to such Automatic Conversion Effective Time
			
	 	  	X =	  	the number of shares of Series F Stock purchasable under this Warrant immediately prior to such Automatic Conversion Effective Time
			
	 	  	Y =	  	the number of shares of Common Stock purchasable under this Warrant upon and after such Automatic Conversion Effective Time

  
 Thereafter, the number of shares of Common Stock purchasable hereunder and the Purchase Price per share shall be subject to adjustment for the types of events described in Section 11 that occur with respect to the Common Stock. 

 
 7. Partial Exercise. This Warrant may be exercised in part, and the
Holder shall be entitled to receive a new warrant, which shall be dated as of the date of this Warrant, covering the number of shares in respect of which this Warrant shall not have been exercised. 
  
 8. Issuance Date. The person or persons in whose name or names any
certificate representing shares of Series F Stock is issued hereunder shall be deemed to have become the holder of record of the shares represented thereby as at the close of business on the date this 

  

 - 4 - 

 
Warrant is exercised with respect to such shares, whether or not the transfer books of the Company shall be closed. 
  
 9. Issuance of Certificates for Shares. Upon any exercise of this
Warrant, one or more certificates for the number of shares of Series F Stock so purchased shall be issued as soon as practicable thereafter (with appropriate restrictive legends, as applicable). 
  
 10. Reserved Shares; Valid Issuance. The Company covenants that it
will at all times from and after the date hereof reserve and keep available such number of its authorized shares of Series F Stock as will be sufficient to permit the exercise of this Warrant in full and such number of its authorized shares of
Common Stock issuable upon conversion of the Series F Stock, free from all preemptive or similar rights therein. The Company further covenants that such shares of Series F Stock as may be issued pursuant to the exercise of this Warrant and such
shares of Common Stock issuable upon due conversion of such shares, will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof. 
  
 11. Subdivision, Combination or Dividends. 
  
 (a) If at any time or from time to time prior to the
exercise of this Warrant but before the Automatic Conversion Effective Time the Company shall subdivide the Series F Stock, by split-up or otherwise, or combine the Series F Stock, or issue additional shares of Series F Stock in payment of a stock
dividend on the Series F Stock, the number of shares of Series F Stock issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of
a combination, and the Purchase Price shall forthwith be proportionately decreased in the case of a subdivision or stock dividend, or proportionately increased in the case of a combination. 
  
 (b) If at any time or from time to time prior to the
exercise of the Warrant but after the Automatic Conversion Effective Time the Company shall subdivide the Common Stock, by split-up or otherwise, or combine the Common Stock, or issue additional shares of Common Stock in payment of a stock dividend
on the Common Stock, the number of shares of Common Stock issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a
combination, and the Purchase Price shall forthwith be proportionately decreased in the case of a subdivision or stock dividend, or proportionately increased in the case of a combination. 
  
 12. Mergers and Reclassifications. If at any time or from time to time prior to the exercise of this Warrant the
Company shall effect any reclassification, capital reorganization or change of its capital stock (other than as a result of a subdivision, combination or stock dividend provided for in Section 11 hereof), or any consolidation of the Company with, or
merger of the Company into, another corporation or other business organization (other than a consolidation or merger in which the Company is the continuing corporation and which does not result in any reclassification or change of the outstanding
capital stock), or any sale or conveyance to another corporation or other business organization of all or substantially all of the assets of the Company, then, as a condition of such reclassification, reorganization, change, consolidation, merger,
sale 

  

 - 5 - 

 
or conveyance, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the
Holder, so that the Holder shall thereafter have the right to purchase, at a total price not to exceed that payable upon the exercise of this Warrant in full, the kind and amount of shares of stock and other securities and property receivable upon
such reclassification, reorganization, change, consolidation, merger, sale or conveyance by a holder of the number of shares of Series F Stock or Common Stock, as applicable, which might have been purchased by the Holder immediately prior to such
reclassification, reorganization, change, consolidation, merger, sale or conveyance, and in any such case appropriate provisions shall be made with respect to the rights and interest of the Holder that the provisions hereof (including without
limitation, provisions for the adjustment of the Purchase Price and the number of shares issuable hereunder) shall thereafter be applicable in relation to any shares of stock or other securities and property thereafter deliverable upon exercise
hereof. 
  
 13. Fractional Shares. In no event shall any
fractional share of Series F Stock or Common Stock be issued upon any exercise of this Warrant. If, upon exercise of this Warrant as an entirety, the Holder would, except as provided in this Section 13, be entitled to receive a fractional share of
Series F Stock or Common Stock, then the Company shall, in lieu of delivering such fractional share of Series F Stock or Common Stock, shall pay to the Holder an amount in cash equal to the current fair market value of such fractional share of
Series F Stock or Common Stock, as applicable, as determined in accordance with Section 5. 
  
 14. Representations and Warranties of the Holder. The Holder hereby represents and warrants to the Company as follows: 
  

(a) This Warrant and the shares of Series F Stock to be acquired upon exercise hereof will be acquired for investment for Holder’s
account, not as nominee or agent, and not with a view to sale or distribution in violation of applicable federal and state securities laws. 
  
 (b) The Holder understands that the purchase of this Warrant and the shares of Series F Stock covered hereby involves substantial risk.
The Holder (i) has experience as an investor in unregistered securities, (ii) has sufficient knowledge and experience in financial and business affairs that it evaluate the risks and merits of its investment in this Warrant and the shares of Series
F Stock, and (iii) can bear the economic risk of such Holder’s investment in this Warrant and the shares of Series F Stock. 
  
 (c) The Holder is an “accredited investor” as such term is defined in Regulation D under the Securities Act. 
  

 - 6 - 

 15. Notices of Record Date. Etc. In the event of: 
  
 (a) any taking by the Company of a record of the holders of
any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution, 
  
 (b) any reclassification of the capital stock of the Company, capital reorganization of the Company, consolidation or merger involving the
Company, or sale or conveyance of all or substantially all of its assets, or 
  
 (c) any voluntary or involuntary dissolution, liquidation or winding-up of the Company, 
  
 then and in each such event the Company will mail or cause to be mailed to the Holder a notice specifying (i) the date on which any such record is to be taken for the
purpose of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, or (ii) the date on which any such reclassification, reorganization, consolidation, merger, sale or conveyance,
dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed, as of which the holders of record in respect of such event are to be determined. Such notice shall be mailed at least 20 days prior to the date specified
in such notice on which any such action is to be taken. 
  
 16.
Amendment. The terms of this Warrant may be amended, modified or waived only with the written consent of the Company and the Holders of Warrants representing at least a majority of the number of shares of Series F Stock then issuable upon the
exercise of the Warrants. No such amendment, modification or waiver shall be effective as to this Warrant unless the terms of such amendment, modification or waiver shall apply with the same force and effect to all of the other Warrants then
outstanding. 
  
 17. Warrant Register; Transfers. Etc.

  
 (a) The Company will maintain a register
containing the names and addresses of the registered holders of the Warrants. The Holder may change its address as shown on the warrant register by written notice to the Company requesting such change. Any notice or written communication required or
permitted to be given to the Holder may be given by certified mail or delivered to the Holder at its address as shown on the warrant register. 
  
 (b) Subject to compliance with applicable federal and state securities laws (including, without limitation, the delivery of investment
representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company), this Warrant may be transferred by the Holder with respect to any or all of the shares purchasable hereunder. The Company
shall not require the Holder to provide an opinion of counsel if the transfer is to an affiliate of the Holder that is an “accredited investor” as such term is defined in Regulation D under the Securities Act. Upon surrender of this
Warrant to the Company, together with a properly endorsed Assignment Form in substantially the form attached hereto as Exhibit B (the “Assignment Form”), for transfer of this Warrant as an entirety by the Holder, the Company
shall issue a new warrant of the same denomination to the assignee. Upon surrender of this Warrant to 

  

 - 7 - 

 
the Company, together with a properly endorsed Assignment Form, by the Holder for transfer with respect to a portion of the shares of Series F Stock
purchasable hereunder, the Company shall issue a new warrant to the assignee, in such denomination as shall be requested by the Holder hereof, and shall issue to such Holder a new warrant covering the number of shares in respect of which this
Warrant shall not have been transferred. 
  
 (c)
In case this Warrant shall be mutilated, lost, stolen or destroyed, the Company shall issue a new warrant of like tenor and denomination and deliver the same (i) in exchange and substitution for and upon surrender and cancellation of any mutilated
Warrant, or (ii) in lieu of any Warrant lost, stolen or destroyed, upon receipt of evidence reasonably satisfactory to the Company of the loss, theft or destruction of such Warrant (including a reasonably detailed affidavit with respect to the
circumstances of any loss, theft or destruction) and of indemnity reasonably satisfactory to the Company, provided, however, that so long as the Holder is the registered holder of this Warrant, no indemnity shall be required other than its written
agreement to indemnify the Company against any loss arising from the issuance of such new warrant. 
  
 18. Compliance With Securities Act; Transferability of Shares of Series F Stock Issuable Hereto. The Holder, by acceptance hereof, agrees that this
Warrant, and the shares of Series F Stock issuable upon exercise of this Warrant, are being acquired for investment and that such Holder will not offer, sell or otherwise dispose of this Warrant, or any shares of Series F Stock issuable upon
exercise of this Warrant, except under circumstances which will not result in a violation of the Securities Act, or any applicable state securities laws. This Warrant and all shares of Series F Stock issued upon exercise of this Warrant (unless
registered under the Securities Act and any applicable state securities laws) shall be stamped or imprinted with a legend in substantially the following form: 
  

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, OFFERED FOR SALE, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL SUCH SECURITIES ARE REGISTERED UNDER SUCH ACT OR AN OPINION
OF COUNSEL SATISFACTORY TO THE COMPANY IS OBTAINED TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED. 
  
 19. Notices. All notices and other communications from the Company to the Holder, or vice versa, shall be deemed delivered and effective when given
personally, or mailed by first-class registered or certified mail, postage prepaid, or sent via reputable overnight courier service, fee prepaid, at such address as may have been furnished to the Company or the Holder, as the case may be, in writing
by the Company or such holder from time to time, but in all cases, unless instructed in writing otherwise, the Company shall deliver a copy of all notices to the Holder to General Electric Capital Corporation, 401 Merritt 7, Suite 23, Norwalk, CT
06851-1177, Attn:                    . 
  

 - 8 - 

 20. Rights of Holder. The Holder shall not, by virtue hereof, be entitled to any rights of a
shareholder in the Company, either at law or equity, and the rights of the Holder are limited to those expressed in this Warrant and are not enforceable against the Company except to the extent set forth herein, 
  
 21. No Impairment. The Company will not, by amendment of its Third
Amended and Restated Certificate of Incorporation, as amended from time to time, or through any reclassification, capital reorganization, consolidation, merger, sale or conveyance of assets, dissolution, liquidation, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Holder. 
  
 22. Remedies. The Company stipulates that the remedies at law of the Holder of this Warrant in the event of any default or threatened default by the Company in the performance of or compliance with any of the terms of this Warrant
are not and will not be adequate, and that such terms may be specifically enforced by a decree for the specific performance of any agreement contained herein or by an injunction against a violation of any of the terms hereof or otherwise.

  
 23. Governing Law. The provisions and terms of this
Warrant shall be governed by and construed in accordance with the Delaware General Corporation Law as to matters within the scope thereof, and as to all other matters shall be construed and enforced in accordance with and governed by the internal
laws of the Commonwealth of Massachusetts, without regard to its principles of conflicts of laws. 
  
 24. Successors and Assigns. This Warrant shall be binding upon the Company’s successors and assigns and shall inure to the benefit of the
Holder’s successors, legal representatives and permitted assigns. 
  
 25. Business Days. If the last or appointed day for the taking of any action required or the expiration of any right granted herein shall be a Saturday or Sunday or a legal holiday in Massachusetts, then such action may be taken or
right may be exercised on the next succeeding day which is not a Saturday or Sunday or such a legal holiday. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 - 9 - 

 IN WITNESS WHEREOF, the undersigned have caused this Warrant to be duly executed as of the date first set
forth above. 
  

			
	COLEY PHARMACEUTICAL GROUP, INC.
		
	By:	 	 /s/ Robert L. Bratzler

	 	 	 Robert L. Bratzler

	 	 	 President and Chief Executive Officer

  

 - 10 - 

  
 EXHIBIT A 

 
 NOTICE OF EXERCISE 
  

	To:	Coley Pharmaceutical Group, Inc. 

  
 The undersigned hereby elects to [check applicable box]: 
  

	 	 ̈	Purchase                     shares of Series F Stock (as defined in the
attached Warrant) of Coley Pharmaceutical Group, Inc., pursuant to the terms of the attached Warrant and payment of the Purchase Price required under such Warrant accompanies this notice. 

  

	 	  	OR 

  

	 	 ̈	Exercise the attached Warrant for shares of Series F Stock issuable under the Warrant pursuant to the net issue election of Section 5 of such Warrant. 

  
 The undersigned hereby represents and warrants that the undersigned is
acquiring such shares for its own account for investment purposes only, and not for resale or with a view to distribution of such shares or any part thereof. 
  

									
	 Date:
	 	 ____________________
	 	 	 	 WARRANTHOLDER:

					
	 	 	 	 	 	 	 By:
	 	 
	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Address:

  
 Name in which shares should be
registered:
                                        
                     
  

			
	 Address:
	 	 ________________________________________

		
	 	 	 ________________________________________

  

  
 EXHIBIT B 

 
 ASSIGNMENT FORM 
  

	TO:	Coley Pharmaceutical Group, Inc. (the “Company”) 

  
 The undersigned hereby assigns and transfers
unto                                       
                                        
                                        
           of
                                        
                                        
                                        
                                        
                                        
             
 (Please typewrite or print in block letters name and address of
Assignee) 
  
 the amended and restated warrant to purchase shares of Series F
Stock of the Company, dated as of December 11, 2003, issued by the Company to the undersigned (the “Warrant”) and does hereby irrevocably constitute and appoint
                                        
         its attorney to transfer the Warrant on the books of the Company with full power of substitution on the premises. 
  

									
					
	 Date:
	 	 ____________________
	 	 	 	 By:
	 	 
				
	 	 	 	 	 	 	 
				
	 	 	 	 	 	 	 (Print Name of Signatory)

				
	 	 	 	 	 	 	 
				
	 	 	 	 	 	 	 (Title of Signatory)

  

 - 12 - 

 VOTES APPROVING GE WARRANT 
  

			
	RESOLVED:	  	That, in connection with the revised lease proposal dated December 17, 2002 between the Company and GE Canada Equipment Financing G.P., a subsidiary of General Electric Capital Corporation,
the Company be, and hereby is, authorized to issue to General Electric Capital Corporation a seven year warrant to purchase an aggregate of up to 37,954 shares of the Corporation’s Series F Convertible Preferred Stock, $0.01 par value per
shares (“Series F Stock”), at an exercise price of $1.42276 per share (the “GE Warrant”), such GE Warrant to be in substantially the form presented to the Directors; that the President be, and hereby is, authorized
to execute and deliver such GE Warrant, in the name and on behalf of the Company, with such changes as such officer shall deem to be necessary or appropriate, his execution and delivery of the GE Warrant to be conclusive evidence that the same was
authorized hereby.
		
	RESOLVED:	  	That, from and after the issuance of the GE Warrant, the Company shall at all times reserve and keep available out of its authorized but unissued shares of capital stock, (i) the aggregate
number of shares of Series F Stock issuable from time to time upon exercise in full of the GE Warrant (“Warrant Shares”) in accordance with its terms, which Warrant Shares shall, upon such issuance, be deemed to be fully paid and
non-assessable; and (ii) the aggregate number of shares of Common Stock issuable from time to time upon conversion in full of all outstanding Warrant Shares (the “Warrant Conversion Shares”) in accordance with the Company’s
Third Amended and Restated Certificate of Incorporation, as amended from time to time; that the President and the Treasurer of the Company be and hereby are authorized to issue certificates for said (A) Warrant Shares upon exercise of the GE Warrant
against payment therefor in accordance with its and (B) Warrant Conversion Shares upon the due and proper conversion of the Warrant Shares; and that the Warrant Shares when issued upon the due and proper exercise of the GE Warrant in accordance with
its terms and the shares of Common Stock when issued upon the due and proper conversion of the Warrant Shares in accordance with the Certificate, of Incorporation, shall be validly issued, fully paid and nonassessable.

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