Document:

EX-4.6

 Exhibit 4.6 
  

 
 THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
AS AMENDED (the “1933 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 REASONABLY
SATISFACTORY TO YOU THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE 1933 ACT, OR ANY APPLICABLE STATE SECURITIES LAWS. 
 PLAIN ENGLISH
WARRANT AGREEMENT 
 This is a PLAIN ENGLISH WARRANT AGREEMENT dated December 19, 2011 by and between RAINDANCE TECHNOLOGIES, INC., a
Delaware corporation, and TRIPLEPOINT CAPITAL LLC, a Delaware limited liability company. 
 The words “We”, “Us”, or “Our”
refer to the warrant holder, which is TRIPLEPOINT CAPITAL LLC. The words “You” or “Your” refers to the issuer, which is RAINDANCE TECHNOLOGIES, INC., and not to any individual. The words “the Parties” refers to both
TRIPLEPOINT CAPITAL LLC and RAINDANCE TECHNOLOGIES, INC. This Plain English Warrant Agreement may be referred to as the “Warrant Agreement”. 

The Parties have entered into a Plain English Growth Capital Loan and Security Agreement dated as of December 19, 2011, the “Loan Agreement”.

 In consideration of such Loan Agreement, the Parties agree to the following mutual agreements and conditions set forth below: 

 

					
	WARRANT INFORMATION
			
	 Effective Date
	 	 Warrant Number
	 	 Loan Facility Number

			
	December 19, 2011	 	0719-W-01	 	0719-GC-01

  

							
	 Warrant Coverage
	 	 Number of Shares
	 	 Price Per Share
	 	 Type of Stock

				
	 $175,000 (1.75% of

$10,000,000); up to an
 additional
$525,000 (5.25%
 of $10,000,000) based upon

Advances under the Part 1

Commitment Amount, subject
 to
adjustment as set forth in
 this Warrant Agreement.
	 	 967,920; up to an

additional 2,903,761,
 subject to
adjustment as set
 forth in this Warrant

Agreement.
	 	 $0.1808, subject to

adjustment as set forth in this

Warrant Agreement.
	 	 Series D Convertible

Preferred Stock (“Series D

Preferred Stock”), subject to

adjustment as set forth in
 this
Warrant Agreement

  

					
	OUR CONTACT INFORMATION
			
	 Name
	 	 Address For Notices
	 	 Contact Person

			
	TriplePoint Capital LLC	 	 2755 Sand Hill Road, Ste. 150

Menlo Park, CA 94025
 Tel: (650)
854-2090
 Fax: (650) 854-1850
	 	 Sajal Srivastava, COO

Tel: (650) 233-2102
 Fax: (650)
854-1850
 email: legal@triplepointcapital.com

 

					
	YOUR CONTACT INFORMATION
			
	 Customer Name
	 	 Address For Notices
	 	 Contact Person

			
	Raindance Techonologies, Inc.	 	 44 Hartwell Avenue

Lexington, MA 02421
	 	 Roch Kelly, COO

Tel: (781) 861-6300
 Fax: (781)
861-1233
 email: kellyr@raindancetech.com

  

			
	Warrant (Loan) 0719-W-01	 	1

  

	1.	WHAT YOU AGREE TO GRANT US 

  

You grant to Us and We are entitled, upon the terms and subject to the conditions set forth in this Warrant Agreement, to purchase from You, at a price per
share equal to the Exercise Price, that number of fully paid and non-assessable shares of Your Warrant Stock equal to One Hundred Seventy-Five Thousand Dollars ($175,000), divided by the Exercise Price (the “Initial Grant”). 

In addition, You grant to Us and We are entitled, upon the terms and subject to the conditions set forth in this Warrant Agreement, to purchase from You, at a
price per share equal to the Exercise Price, an additional number of fully paid and non-assessable shares of Your Warrant Stock equal to five and one quarter percent (5.25%) of any amounts advanced under the Part 1 Commitment Amount of the Loan
Agreement, divided by the Exercise Price the “Additional Grant”). For the purpose of clarity, the Initial Grant and the Additional Grant, if applicable, shall not exceed an aggregate of Seven Hundred Thousand ($700,000). 

Notwithstanding the above, if a Merger Event (as defined below) is consummated on or before December 31, 2012, in which Your stock is exchanged for cash
or publicly traded stock, then the Warrant Coverage shall be adjusted such that the maximum Warrant Coverage that may be earned under this Warrant Agreement is $600,000. 

The number of shares of Warrant Stock and the Exercise Price of such Warrant Stock are subject to adjustment as provided in Section 4 hereof. 

For purposes of this Warrant Agreement, the following capitalized terms have the meanings given below: 

“Exercise Price” means the lower of (a) $0.1808 and (b) the lowest per share price for which Your preferred stock is sold
in the Next Round. 
 “Next Round” means the next bona fide round of equity financing in which You issue and sell shares of your
preferred stock for aggregate gross cash proceeds of at least $1,000,000 (excluding any amounts received upon conversion or cancellation of indebtedness) subsequent to the Effective Date. 

“Warrant Stock” means (a) the class and series of Your preferred stock issued in the Next Round, if the lowest per share price
for which such preferred stock is sold in the Next Round is less than $0.1808, or (b) in all other cases, Your Series D Preferred Stock. For avoidance of doubt, if this Warrant Agreement is exercised prior to the Next Round then this Warrant
Agreement shall be exercisable for Your Series D Preferred Stock. 
 The Parties agree that this Warrant Agreement to purchase the Warrant Stock has a fair
market value equal to $100 and that $100 of the issue price of the investment will be allocable to the Warrant Agreement and the balance shall be allocable to the Loan Agreement for income tax purposes and the original issue discount on the Loan
Agreement shall be considered to be zero. 
  
  

	2.	WHEN ARE WE ENTITLED TO PURCHASE YOUR WARRANT STOCK. 

  

The term of this Warrant Agreement and our right to purchase Warrant Stock will begin on the Effective Date, and shall be available for the greater of
(i) 7 years from the Effective Date or (ii) 5 years from the effective date of Your initial public offering. 
 Our right to purchase the Warrant
Stock shall be automatically and fully exercised via the net issuance method described below immediately prior to the consummation of a Merger Event (as defined in Section 4 hereof) if such Merger Event is with a Person that is not one of Your
affiliates, in which Your common stock is exchanged for cash and/or stock that is traded on a recognized public exchange or on the NASDAQ National Market and upon consummation of such Merger Event, the consideration payable to Us pursuant to such
exercise and on account of the Warrant Stock consists of (i) cash and the cash consideration payable per share of Warrant Stock exceeds the Exercise Price or (ii) stock that is traded on a recognized public exchange or on the NASDAQ
National Market and the total per share consideration due upon the consummation of such Merger Event is equal to or greater than two (2) times the aggregate Exercise Price (as adjusted). In the event the consideration received by holders
of Warrant Stock in such Merger Event is all cash and the cash consideration payable per share of Warrant Stock does not exceed the Exercise Price, this Warrant Agreement shall terminate, unless exercised prior to such Merger Event. No less than ten
(10) business days prior to any Merger Event, You shall provide Us with written notice of the proposed Merger Event together with a copy of the executed merger agreement, or other definitive documentation (and all schedules and exhibits
thereto) and information concerning Your expected 

  

			
	Warrant (Loan) 0719-W-01	 	2

 
capitalization immediately prior to the Merger Event. Upon consummation of the Merger Event, You shall promptly provide Us with (a) a copy of any modifications or amendments to the
executed merger agreement, (b) any other documents in connection therewith, (c) updated information, if any, concerning Your capitalization immediately prior to the Merger Event, and, (d) upon request, by Us any other information
reasonably necessary to an informed evaluation of Our rights under this Agreement. 
  

 

	3.	HOW WE MAY PURCHASE YOUR WARRANT STOCK. 

  

We may exercise Our purchase rights, in whole or in part, at any time, or from time to time, prior to the expiration of the term of this Warrant Agreement, by
giving You a completed and executed Notice of Exercise in the form attached as Exhibit I. Promptly upon receipt of the Notice of Exercise and in any event no later than twenty-one (21) days after you have received Our Notice of
Exercise and payment of the aggregate Exercise Price for the shares purchased, You will issue to Us a certificate for the number of shares of Warrant Stock that We have purchased and You will execute the Acknowledgment of Exercise in the form
attached hereto as Exhibit II indicating the number of shares which will be available to Us for future purchases, if any. 
 We may pay for
the Warrant Stock by either (i) cash or check, or (ii) by the net issuance method as determined below. If We elect the Net Issuance method, You will issue Warrant Stock using the following formula: 

 

					
		  		  	X = Y(A-B)
		  		  	          A
	Where:	  	X =	  	the number of shares of Warrant Stock to be issued to Us.
		  	Y =	  	the number of shares of Warrant Stock We request to be exercised under this Warrant Agreement.
		  	A =	  	the fair market value of one share of Warrant Stock.
		  	B =	  	the Exercise Price.

 For purposes of the above calculation, current fair market value of Warrant Stock shall mean with respect to each share of
Warrant Stock: 
 If the exercise is in connection with the initial public offering of Your Common Stock, and if Your registration statement relating
to such 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” specified in the final prospectus of the offering and (y) the number
of shares of Common Stock into which each share of Warrant Stock is convertible at the time of such exercise; 
 If this Warrant Agreement is
exercised after, and not in connection with Your initial public offering, and: 
  

	Þ	if traded on a securities exchange, the fair market value shall be the product of (x) the average of the closing prices over a five (5) day period ending three (3) days before the day the current fair
market value of the securities is being determined and (y) the number of shares of Common Stock into which each share of Warrant Stock is convertible at the time of such exercise; or 

 

	Þ	if actively traded over-the-counter, the fair market value shall be the product of (x) the average of the closing bid and asked prices quoted on the NASDAQ system (or similar system) over the five (5) day
period ending three (3) days before the day the current fair market value of the securities is being determined and (y) the number of shares of Common Stock into which each share of Warrant Stock is convertible at the time of such
exercise. 

 If this Warrant Agreement is exercised prior to or after Your initial public offering, and: 

 

	Þ	Your Common Stock is not listed on any securities exchange or quoted in the NASDAQ System or the over-the-counter market, the current fair market value of Warrant Stock shall be the product of (x) the fair market
value of a share of Your Common Stock (the highest price per share which You could obtain from a willing buyer (not a current employee or director) for shares of Common Stock sold, from authorized but unissued shares), as determined in good faith by
Your Board of Directors and (y) the number of shares of Common Stock into which each share of Warrant Stock is convertible at the time of such exercise, unless You shall become subject to a merger, acquisition or other consolidation pursuant to
which You are not the surviving party, in which case the fair market value of Warrant Stock shall be deemed to be the value received by the holders of Your Warrant Stock on a common equivalent basis pursuant to such merger or acquisition or other
consolidation. For the purpose of clarity, Your Board of Directors shall be deemed to have determined in good faith for the purpose of subsection (x) of this paragraph if it reasonably relied on a recently completed independent third party
valuation. 

  

			
	Warrant (Loan) 0719-W-01	 	3

 During the term of this Warrant Agreement, You will at all times from and after the Effective Date have
authorized and reserved a sufficient number of shares of (a) Warrant Stock to provide for the exercise of our rights to purchase Warrant Stock, and (b) Common Stock to provide for the conversion of the Warrant Stock. 

If We elect to exercise part of the Warrant Agreement, You will promptly issue to Us an amended Warrant Agreement stating the remaining number of shares that
are available. All other terms and conditions of that amended Warrant Agreement shall be identical to those contained in this Warrant Agreement. 
 If at
the end of the term of this Warrant Agreement, the fair market value of one share of Warrant Stock (or other security issuable upon the exercise hereof) as determined in accordance herewith is greater than the Exercise Price in effect on such date,
then this Warrant Agreement shall automatically be deemed on and as of such date to be converted pursuant to the net issuance method as to all shares of Warrant Stock (or such other securities) for which it shall not previously have been exercised
or converted, and You shall promptly deliver a certificate representing the shares of Warrant Stock (or such other securities) issued upon such conversion to Us. 
  

 

	4.	WHEN WILL THE NUMBER OF SHARES AND EXERCISE PRICE CHANGE. 

  

 

	Þ	If You are Acquired. If at any time: (i) there is a reorganization of Your stock (other than a reclassification, exchange or subdivision of Your stock otherwise provided for in this Warrant Agreement);
(ii) You merge or consolidate with or into another entity, whether or not You are the surviving entity; (iii) You sell or convey, or grant an exclusive license with respect to, all or substantially all of Your assets to any other person;
or (iv) there occurs any transaction or series of related transactions that result in the transfer of fifty percent (50%) or more of the outstanding voting power of the capital stock of You (each of the foregoing events are referred to as
a “Merger Event”), then, as a part of such Merger Event, subject to Section 2 hereof as applicable, lawful provision shall be made so that We shall thereafter be entitled to receive, upon exercise of Our rights under this Warrant
Agreement, the number of shares of preferred stock or other securities of the successor or surviving person resulting from such Merger Event, equal in value to that which would have been issuable if We had exercised Our rights under this Warrant
Agreement immediately prior to the Merger Event. In any such case, appropriate adjustment (as determined in good faith by Your Board of Directors) shall be made in the application of the provisions of this Warrant Agreement with respect to Our
rights and interest after the Merger Event so that the provisions of this Warrant Agreement (including adjustments of the Exercise Price and number of shares of Warrant Stock purchasable) shall be applicable to the greatest extent possible.

  

	Þ	If You Reclassify Your Stock. If at any time You combine, reclassify, exchange or subdivide Your securities or otherwise, change any of the securities as to which purchase rights under this Warrant Agreement
exist into the same or a different number of securities of any other class or classes, this Warrant Agreement will 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 Warrant Agreement immediately prior to such combination, reclassification, exchange, subdivision or other change. 

 

	Þ	If You Subdivide or Combine Your Shares. If at any time You combine or subdivide Your Warrant Stock, the Exercise Price will be proportionately decreased in the case of a subdivision, or proportionately increased
in the case of a combination. 

  

	Þ	If You Pay Stock Dividends. If at any time You pay a dividend payable in, or make any other distribution (except any distribution specifically provided for in the above paragraphs) of Your Warrant Stock, then the
Exercise Price shall be adjusted, from and after the record date of such dividend or distribution, to that price determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction (i) the numerator of
which shall be the total number of all shares of Your Warrant Stock outstanding immediately prior to such dividend or distribution, and (ii) the denominator of which shall be the total number of all shares of Your Warrant Stock outstanding
immediately after such dividend or distribution. We will thereafter be entitled to purchase, at the Exercise Price resulting from such adjustment, the number of shares of Warrant Stock (calculated to the nearest whole share) obtained by multiplying
the Exercise Price in effect immediately prior to such adjustment by the number of shares of Warrant Stock issuable upon the exercise hereof immediately prior to such adjustment and dividing the product thereof by the Exercise Price resulting from
such adjustment. 

  

	Þ	If You Change the Antidilution Rights of the Warrant Stock or Issue New Preferred or Convertible Stock. All antidilution rights applicable to the Warrant Stock purchasable under this Warrant Agreement are as set
forth in Your Certificate of Incorporation, as amended through the Effective Date. You will promptly provide Us with any restatement, amendment, modification of or waiver of any right under Your Certificate of Incorporation to the extent that You
provide the same to all other holders of the Warrant Stock. You will promptly provide Us with copies of any notices that You send to Your stockholders with respect to any issuance of Your stock or other equity security to occur after the Effective
Date. 

  

			
	Warrant (Loan) 0719-W-01	 	4

  

	5.	WE CAN TRANSFER THIS PLAIN ENGLISH WARRANT AGREEMENT. 

  

Subject to the terms and conditions contained in Section 7, We (or any successor transferee) may transfer in whole or in part this Warrant Agreement and
all its rights. You will record the transfer on Your books when You receive Our Notice of Transfer in the form attached hereto as Exhibit III, and Our payment of all transfer taxes and other governmental charges involved in such transfer. 

 
  

	6.	REPRESENTATIONS, WARRANTIES, AND COVENANTS FROM YOU. 

  

 

	Þ	Reservation of Warrant Stock. The Warrant Stock issuable upon exercise of Our rights under this Warrant Agreement will be duly and validly reserved and when issued in accordance with the provisions of this
Warrant 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, however, that the Warrant Stock issuable pursuant to this Warrant Agreement
may be subject to restrictions on transfer under state and/or Federal securities laws. Upon Our exercise, You will issue to Us certificates for shares of Warrant Stock without charging Us any tax, or other cost incurred by You in connection with
such exercise and the related issuance of shares of Warrant Stock. You will not be required to pay any tax, which may be payable in respect of any transfer involved and the issuance and delivery of any certificate in a name other than TriplePoint
Capital LLC. 

  

	Þ	Due Authority. Your execution and delivery of this Warrant Agreement and the performance of Your obligations hereunder, including the issuance to Us of the right to acquire the shares of Warrant Stock, have been
duly authorized by all necessary corporate action on Your part and this Warrant Agreement is not inconsistent with Your Certificate of Incorporation or Bylaws, does not contravene any law or governmental rule, regulation or order applicable to it,
do not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument to which You are a party or by which You are bound, and this Warrant Agreement constitutes a legal, valid and
binding agreement, enforceable in accordance with its respective terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors and the rules of law or principles at equity governing specific performance,
injunctive relief and other equitable remedies. 

  

	Þ	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 execution, delivery and Your performance of Your obligations under this Warrant Agreement, except for the filing of any required notices pursuant to Federal and state securities laws, which filings will be effective by the times required
thereby. 

  

	Þ	Issued Securities. All of Your issued and outstanding shares of Common Stock, Warrant Stock or any other securities have been duly authorized and validly issued and are fully paid and nonassessable. All
outstanding shares of Common Stock and Warrant Stock were issued in full compliance with all Federal and state securities laws. In addition as of the Effective Date: 

Your authorized capital consists of (A) 503,871,681 shares of Common Stock, of which 3,975,190 shares of Common Stock are issued and outstanding, and
(B) 338,194,497 shares of preferred stock, of which 317,700,177 shares are issued and outstanding. 
 You have reserved 73,037,556 shares of Common
Stock for issuance under Your Stock Incentive Plan, from which 698,886 shares of Common Stock have been issued through either options granted and exercised or restricted stock issued thereunder, and under which 52,103,614 options are issued and
outstanding,. Except as otherwise provided in this Warrant Agreement and as noted above, there are no other options, warrants, conversion privileges or other rights presently outstanding to purchase or otherwise acquire any authorized but unissued
shares of Your capital stock or other of Your securities. 

  

			
	Warrant (Loan) 0719-W-01	 	5

 Except as set forth in Your Investor’s Rights Agreement, a true, correct and complete copy of which has been
delivered to Us prior to the issuance of this Warrant, Your stockholders do not have preemptive rights to purchase new issuances of Your capital stock. 
  

	Þ	Other Commitments to Register Securities. Except as set forth in this Warrant Agreement and the Investors’ Rights Agreement, You are not, pursuant to the terms of any other agreement currently in existence,
under any obligation to register under the 1933 Act any of Your presently outstanding securities or any of Your securities which may hereafter be issued. 

  

	Þ	Exempt Transaction. Subject to the accuracy of Our representations in Section 7 hereof, the issuance of the Warrant Stock upon exercise of this Warrant Agreement will constitute a transaction exempt from
(i) the registration requirements of Section 5 of the 1933 Act, in reliance upon Section 4(2) thereof, and (ii) the qualification requirements of the applicable state securities laws. 

 

	Þ	Compliance with Rule 144. We may sell the Warrant Stock issuable hereunder in compliance with Rule 144 promulgated by the Securities and Exchange Commission. Within ten (10) days of Our request, You agree to
furnish Us, a written statement confirming Your compliance with the filing requirements of the Securities and Exchange Commission as set forth in such Rule 144, as may be amended. 

 

	Þ	No Impairment. You agree not to, by amendment of Your Certificate of Incorporation, by-laws or other organizational or charter documents or through a reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this Warrant by You, but shall at all times in good faith assist in
carrying out of all the provisions of this Warrant and in taking all such action as may be necessary or appropriate to protect Our rights under this Warrant against impairment. However, You shall not be deemed to have impaired Our rights if You
amend Your Certificate of Incorporation, or the holders of Your preferred stock waive their rights thereunder, in a manner that does not (individually or when considered in the context of any other actions being taken in connection with such
amendments or waivers) affect Us in a manner different from the effect that such amendments or waivers have on the rights of other holders of the same series and class as the Warrant Stock; provided, however, that, notwithstanding the
foregoing, You shall not impose any restrictions on the transferability or alienability of the Warrant Stock other than those restrictions on the Series D Preferred Stock or the Series E Preferred Stock, as applicable, in effect as of the Effective
Date without the express written consent of Us. 

  
  

	7.	OUR REPRESENTATIONS AND COVENANTS TO YOU. 

  

 

	Þ	Investment Purpose. The right to acquire Warrant Stock or the Warrant Stock issuable upon exercise of Our rights contained herein and the Common Stock issuable upon conversion will be acquired for investment
purposes and not with a view to the sale or distribution of any part thereof, and We have no present intention of selling or engaging in any public distribution of the same in violation of the 1933 Act. 

 

	Þ	Private Issue. We understand (i) that this Warrant Agreement, the Warrant Stock issuable upon exercise of this Warrant Agreement and the Common Stock issuable upon conversion of the Warrant Stock are not
registered under the 1933 Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Warrant Agreement will be exempt from the registration and qualifications requirements thereof, and (ii) that
Your reliance on such exemption is predicated on the representations set forth in this Section 7. 

  

	Þ	 Disposition of Our Rights. In no event will We make a disposition of any of Our rights to acquire Warrant Stock or Warrant Stock issuable upon
exercise of such rights or the Common Stock issuable upon conversion of the Warrant Stock unless and until (i) We shall have notified You in writing of the proposed disposition, and (ii) the transferee agrees to be bound in writing to the
applicable terms and conditions of this Warrant Agreement, and (iii) if You request, We shall have furnished You with an opinion of counsel satisfactory to You and Your counsel to the effect that (A) appropriate action necessary for
compliance with the 1933 Act has been taken, or (B) an exemption from the registration requirements of the 1933 Act is available. Notwithstanding the foregoing, the restrictions imposed upon the transferability of any of Our rights to acquire
Warrant Stock or Warrant Stock issuable on the exercise of such rights or the Common Stock issuable upon conversion of the Warrant Stock do not apply to transfers from the beneficial owner of any of the aforementioned securities to its nominee or
from such nominee to its beneficial owner, and shall terminate as to any particular share of Warrant Stock when (1) such security shall have been effectively registered under the 1933 Act and sold by the holder thereof in accordance with such
registration or (2) such security 

  

			
	Warrant (Loan) 0719-W-01	 	6

	 	
shall have been sold without registration in compliance with Rule 144 under the 1933 Act, or (3) a letter shall have been issued to You at Our request by the staff of the Securities and
Exchange Commission or a ruling shall have been issued to the You at Our request by such Commission stating that no action shall be recommended by such staff or taken by such Commission, as the case may be, if such security is transferred without
registration under the 1933 Act in accordance with the conditions set forth in such letter or ruling and such letter or ruling specifies that no subsequent restrictions on transfer are required. Whenever the restrictions imposed hereunder shall
terminate, as hereinabove provided, the holder of a share of Warrant Stock then outstanding as to which such restrictions have terminated shall be entitled to receive from You, without expense to such holder, one or more new certificates for the
Warrant or for such shares of Warrant Stock not bearing any restrictive legend referring to 1933 Act registration or exemption. 

  

	Þ	Financial Risk. We have such knowledge and experience in financial and business matters and knowledge of Your business affairs and financial condition as to be capable of evaluating the merits and risks of Our
investment, and have the ability to bear the economic risks of Our investment. 

  

	Þ	Risk of No Registration. We understand that if You do not register with the Securities and Exchange Commission pursuant to Section 12 of the 1934 Act (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 1933 Act is not in effect when We desire to sell (i) the rights to purchase Warrant Stock pursuant to this Warrant Agreement, or (ii) the
Warrant Stock issuable upon exercise of the right to purchase, or (iii) the Common Stock issuable upon conversion of the Warrant Stock, We may be required to hold such securities for an indefinite period. We also understand that any sale of Our
right to purchase Warrant Stock or Warrant Stock or Common Stock issuable upon conversion of the Warrant Stock, which might be made by it in reliance upon Rule 144 under the 1933 Act may be made only in accordance with the terms and conditions of
that Rule. 

  

	Þ	Accredited Investor. We are an “accredited investor” within the meaning of the Securities and Exchange Rule 501 of Regulation D of the 1933 Act, as presently in effect. 

 
  

	8.	NOTICES YOU AGREE TO PROVIDE US. 

  

You agree to give Us at least ten (10) days prior written notice of the following events: 

 

	Þ	If You Pay a Dividend or distribution declaration upon your stock. 

  

	Þ	If You offer for subscription pro-rata to the existing shareholders additional stock or other rights. 

  

	Þ	If You consummate a Merger Event. 

  

	Þ	If You have an initial public offering. 

  

	Þ	If You dissolve or liquidate. 

 All notices in this Section must set forth details of the event, how the event
adjusts either Our number of shares or Our Exercise Price and the method used for such adjustment. 
 Timely Notice. Your failure to timely provide
such notice required above shall entitle Us to retain the benefit of the applicable notice period notwithstanding anything to the contrary contained in any insufficient notice received by Us. 

 
  

	9.	DOCUMENTS YOU WILL PROVIDE US. 

  

Upon signing this Agreement You will provide Us with: 

 

	Þ	Executed originals of this Agreement, and all other documents and instruments that We may reasonably require 

  

	Þ	Secretary’s certificate of incumbency and authority 

  

	Þ	Certified copy (by an officer of Your company) of resolutions of Your board of directors approving this Warrant Agreement 

  

			
	Warrant (Loan) 0719-W-01	 	7

	Þ	Certified copy (by an officer of Your company) of Certificate of Incorporation and by-laws as amended through the Effective Date 

  

	Þ	Current Investor’s Rights Agreement 

 So long as this Warrant Agreement is in effect, You shall
provide Us with the following: 
  

	Þ	Within ten (10) Business Days after the closing of any equity financing, or extension of an existing round of equity financing, occurring after the Effective Date, in which You issue preferred stock or other
securities You will provide Us with copies of the fully executed equity financing documents, including without limitation the related stock purchase agreement, investors rights agreement, voting agreement, amended or restated articles/certificates
of incorporation, current capitalization table and other related documents. Notwithstanding any term or condition contained in this Warrant Agreement to the contrary, Your failure to comply with this paragraph shall not constitute a default unless
You have not provided the information requested within ten (10) days of Our request. 

  

	Þ	Within thirty (30) days after completion You shall provide Us with any 409A Valuation Reports or other similar reports prepared for You. Notwithstanding any term or condition contained in this Warrant Agreement to
the contrary, Your failure to comply with this paragraph shall not constitute a default unless You have not provided the information requested within ten (10) days of Our request. 

 

	Þ	After all obligations under the Loan Agreement have been finally paid in full, within one hundred eighty (180) days of the end of each fiscal year end, You will provide Us with audited financial statements
accompanied by an audit report and an unqualified opinion of the independent certified public accountants. Notwithstanding any term or condition contained in this Warrant Agreement to the contrary, Your failure to comply with this paragraph shall
not constitute a default unless You have not provided the information requested within ten (10) days of Our request. 

  

	Þ	You shall submit to Us any other documents and other information that We may reasonably request from time to time and are necessary to implement the provisions and purposes of this Warrant Agreement. 

 
  

	10.	REGISTRATION RIGHTS UNDER THE 1933 ACT. 

  

The shares of Your common stock into which the Warrant Stock is convertible shall have piggyback registration rights (i.e. the right to participate in
registrations initiated by other parties) and the S-3 demand registration rights pursuant to and as set forth in the Third Amended and Restated Investors’ Rights Agreement, dated as of January 24, 2011, (as may be amended and/or restated
from time to time, the “Investors’ Rights Agreement”). We agree to become a party to Your Investors’ Rights Agreement for the purpose of such registration rights. 

 
  

	11.	OTHER LEGAL PROVISIONS THE PARTIES WILL ABIDE BY. 

  

Effective Date. This Warrant Agreement shall be construed and shall be given effect in all respects as if it had been executed and delivered by the
Parties on the date hereof. This Warrant Agreement shall be binding upon any of the successors or assigns of the Parties. 
 Attorney’s Fees. In
any litigation, arbitration or court proceeding between the Parties relating to this Warrant Agreement, the prevailing party shall be entitled to attorneys’ fees and expenses and all costs of proceedings incurred in enforcing this Warrant
Agreement. 
 Governing Law. This Warrant Agreement shall be governed by and construed for all purposes under and in accordance with the laws of the
State of California without giving effect to that body of law pertaining to conflicts of laws. 
 Consent to Jurisdiction and Venue. All judicial
proceedings arising in or under or related to this Warrant 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 Warrant Agreement, each party hereto
generally and unconditionally: (a) consents to personal jurisdiction in San Mateo County, State of California; (b) waives any objection as to jurisdiction or venue in San Mateo 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 Warrant 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 

  

			
	Warrant (Loan) 0719-W-01	 	8

 
accordance with the requirements for notice set forth in this Section, and shall be deemed effective and received as set forth therein. 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. 
 Mutual Waiver
of Jury Trial; Judicial Reference. 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 PARTIES SPECIFICALLY WAIVES ANY RIGHT THEY 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 YOU AGAINST US OR OUR ASSIGNEE OR BY US OR OUR ASSIGNEE AGAINST YOU. IN THE EVENT THAT THE FOREGOING JURY TRIAL WAIVER IS NOT
ENFORCEABLE, ALL CLAIMS, INCLUDING ANY AND ALL QUESTIONS OF LAW OR FACT RELATING THERETO, SHALL, AT THE WRITTEN REQUEST OF ANY PARTY, BE DETERMINED BY JUDICIAL REFERENCE PURSUANT TO THE CALIFORNIA CODE OF CIVIL PROCEDURE (“REFERENCE”). THE
PARTIES SHALL SELECT A SINGLE NEUTRAL REFEREE, WHO SHALL BE A RETIRED STATE OR FEDERAL JUDGE. IN THE EVENT THAT THE PARTIES CANNOT AGREE UPON A REFEREE, THE REFEREE SHALL BE APPOINTED BY THE COURT. THE REFEREE SHALL REPORT A STATEMENT OF DECISION TO
THE COURT. NOTHING IN THIS SECTION SHALL LIMIT THE RIGHT OF ANY PARTY AT ANY TIME TO EXERCISE LAWFUL SELF-HELP REMEDIES, FORECLOSE AGAINST COLLATERAL OR OBTAIN PROVISIONAL REMEDIES. THE PARTIES SHALL BEAR THE FEES AND EXPENSES OF THE REFEREE EQUALLY
UNLESS THE REFEREE ORDERS OTHERWISE. THE REFEREE SHALL ALSO DETERMINE ALL ISSUES RELATING TO THE APPLICABILITY, INTERPRETATION, AND ENFORCEABILITY OF THIS SECTION. THE PARTIES ACKNOWLEDGE THAT THE CLAIMS WILL NOT BE ADJUDICATED BY A JURY. This
waiver extends to all such Claims, including Claims that involve Persons other than You and Us; Claims that arise out of or are in any way connected to the relationship between You and Us; and any Claims for damages, breach of contract, specific
performance, or any equitable or legal relief of any kind, arising out of this Warrant Agreement. 
 Counterparts. This Warrant Agreement may be
executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

Notices. Any notice required or permitted under this Warrant Agreement shall be given in writing and shall be deemed effectively given upon the earlier
of (1) actual receipt or 3 days after mailing if mailed postage prepaid by regular or airmail to Us or You or (2) one day after it is sent by overnight mail via nationally recognized courier or (3) on the same day as sent via
confirmed facsimile or electronic mail transmission, provided that the original is sent by personal delivery or mail by the sending party. 

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 such party will not have an adequate remedy at law and where damages will not be
readily ascertainable. Each party expressly acknowledges and agrees that there is no adequate remedy at law for any breach of this Warrant Agreement and that in the event of any breach of this Agreement, the injured party shall be entitled to
specific performance of any or all provisions hereof or an injunction prohibiting the other party from continuing to commit any such breach of this Agreement. 

Survival. The representations, warranties, covenants, and conditions of the Parties contained herein or made pursuant to this Warrant Agreement shall
survive the execution and delivery of this Warrant Agreement. 
 Severability. In the event any one or more of the provisions of this Warrant
Agreement shall for any reason be held invalid, illegal or unenforceable, the remaining provisions of this Warrant 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. 

Entire Agreement. This Warrant Agreement constitutes the entire agreement between the Parties pertaining to the subject matter contained in it and
supersedes all prior and contemporaneous agreements, representations and undertakings of the Parties, whether oral or written, with respect to such subject matter. 

Amendments. Any provision of this Warrant Agreement may only be amended by a written instrument signed by the Parties. 

  

			
	Warrant (Loan) 0719-W-01	 	9

 Lost Warrants or Stock Certificates. You covenant to Us that, upon receipt of evidence reasonably
satisfactory to Us of the loss, theft, destruction or mutilation of this Warrant Agreement or any stock certificate and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to You, or in the case
of any such mutilation upon surrender and cancellation of such Warrant Agreement or stock certificate, You will make and deliver a new Warrant Agreement or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant
Agreement or stock certificate. 
 Rights as Stockholders. We shall not, as a party to this Warrant Agreement, be entitled to vote or receive
dividends or be deemed the holder of Warrant Stock or any of Your other securities which may at any time be issuable upon the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon Us any of the rights of
one of Your stockholders or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to receive dividends or subscription rights or otherwise until this Warrant Agreement is exercised
and the shares purchasable upon the exercise hereof shall have become deliverable, as provided herein. 
 Facsimile Signatures. This Warrant
Agreement may be executed and delivered by facsimile and upon such delivery the facsimile signature will be deemed to have the same effect as if the original signature had been delivered to the other party. 

(Signature Page to Follow) 

  

			
	Warrant (Loan) 0719-W-01	 	10

 IN WITNESS WHEREOF, each of the Parties have caused this Warrant Agreement to be executed by its officers
who are duly authorized as of the Effective Date. 
  

			
	You:	 	RAINDANCE TECHNOLOGIES, INC.
		
	Signature:	 	 /s/ S. Roopom Banerjee

		
	Print Name:	 	 S. Roopom Banerjee

		
	Title:	 	 PRESIDENT & CEO

		
	Us:	 	TRIPLEPOINT CAPITAL LLC
		
	Signature:	 	 /s/ Sajal Srivastava

		
	Print Name:	 	 Sajal Srivastava

		
	Title:	 	 COO

 [SIGNATURE PAGE TO WARRANT AGREEMENT 0719-W-01] 

  

			
	Warrant (Loan) 0719-W-01	 	11

 EXHIBIT I 

NOTICE OF EXERCISE 
  

	To:	[                                    
    ] 

  

	1.	We hereby elect to purchase [                ] shares of the Series [        ]
Preferred Stock of [                    ], pursuant to the terms of the Plain English Warrant Agreement dated the
[    ] day of [            ], [20    ] (the “Plain English Warrant Agreement”) between You and Us, We hereby
tender here payment of the purchase price for such shares in full, together with all applicable transfer taxes, if any. 

  

	2.	Method of Exercise (Please initial the applicable blank) 

  

	 	a.	        The undersigned elects to exercise the Plain English Warrant Agreement by means of a cash payment, and gives You full payment for the purchase price of the shares being
purchased, together with all applicable transfer taxes, if any. 

  

	 	b.	        The undersigned elects to exercise the Plain English Warrant Agreement by means of the Net Issuance Exercise method of Section 3 of the Plain English Warrant
Agreement. 

  

	3.	In exercising Our rights to purchase the Series [        ] Preferred Stock of
[                    ], We hereby confirm and acknowledge the investment representations, warranties and covenants made in Section 7 of
the Plain English Warrant Agreement. 

 Please issue a certificate or certificates representing these purchased shares of Series
[        ] Preferred Stock in Our name or in such other name as is specified below. 
  

	
	  

	(Name)
	
	  

	(Address)

  

			
	US:	 	TRIPLEPOINT CAPITAL LLC
		
	By:	 	 
		
	Title:	 	  

		
	Date:	 	  

  

			
	Warrant (Loan) 0719-W-01	 	12

 EXHIBIT II 

ACKNOWLEDGMENT OF EXERCISE 

[                         
               ], hereby acknowledges receipt of the “Notice of Exercise” from TRIPLEPOINT CAPITAL LLC, to purchase
[                ] shares of the Series [        ] Preferred Stock of
[                    ], pursuant to the terms of the Plain English Warrant Agreement, and further acknowledges that
[                ] shares remain subject to purchase under the terms of the Plain English Warrant Agreement. 

 

							
	 YOU:
	 		 	RAINDANCE TECHNOLGIES, INC.
				
		 		 	By:	 	  

				
		 		 	Title:	 	  

				
		 		 	Date:	 	  

  

			
	Warrant (Loan) 0719-W-01	 	13

 EXHIBIT III 

TRANSFER NOTICE 
 FOR VALUE
RECEIVED, the foregoing Plain English Warrant Agreement and all rights evidenced thereby are hereby transferred and assigned to 
  

									
	  
	 		 	
	(Please Print)	 		 		 		 	
			
	Whose address is	 	  
	 	
		
	          
	 	
					
	Dated:	 	  
	 		 		 	
					
	Holder’s Signature:	 	  
	 		 		 	
					
	Holder’s Address:	 	  
	 		 		 	
					
	Transferee’s Signature:	 	  
	 		 		 	
					
	Transferee’s Address:	 	  
	 		 		 	
					
	Signature Guaranteed:	 	  
	 		 		 	

 NOTE: The signature to this Transfer Notice must correspond with the name as it appears on the face of the Plain
English Warrant 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 Plain
English Warrant Agreement. 

  

			
	Warrant (Loan) 0719-W-01	 	14EX-4.7

 Exhibit 4.7 

WARRANT TO PURCHASE COMMON STOCK 
 THIS
WARRANT AND THE SHARES OF COMMON STOCK ISSUED UPON ANY 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 OR OTHERWISE
TRANSFERRED TO ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER (A) A REGISTRATION STATEMENT WITH RESPECT THERETO SHALL BE EFFECTIVE UNDER THE SECURITIES ACT, OR (B) THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL SATISFACTORY
TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT IS AVAILABLE, AND (2) THERE SHALL HAVE BEEN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS. 

 

			
	Warrant -No. 3	  	 Warrant to Purchase Shares of

Common Stock

 WARRANT TO PURCHASE 

COMMON STOCK 
 OF 

RAINDANCE TECHNOLOGIES, INC. 

(A DELAWARE CORPORATION) 

RainDance Technologies, Inc., a Delaware corporation (the “Company”), for value received, hereby certifies that Acadia
Woods Partners, LLC, or its registered assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at any time before 5:00 p.m., EST on September 14, 2017 (the “Expiration
Date”), the number of shares of the Company’s Common Stock, par value $0.01 per share (“Common Stock”) determined pursuant to Section 1 herein at an exercise price per share determined pursuant to Section 2
herein. 
 This Warrant to Purchase Common Stock (this “Warrant”) is issued in connection with a promissory
note issued to the Holder by the Company on September 14, 2012 (the “Note”). This Warrant is one of a series of warrants (collectively, the “Warrants”) issued to the holders of promissory notes issued by the
Company on September 14, 2012 (the “Notes”) pursuant to that certain Convertible Note and Warrant Purchase Agreement dated as of September 14, 2012. The terms of the Warrants (including this Warrant) are and will be
identical except as to the name of the Holder thereof and the number of shares of Common Stock to be purchased hereunder. Except as to those terms otherwise defined in this Warrant, all capitalized terms used in this Warrant shall have the
respective meanings ascribed to them in the Note. 
 1. Type and Number of Shares for Which Warrant is Exercisable. The
Warrant shall become exercisable for a number of shares of Common Stock determined by dividing (A) the product obtained by multiplying the original principal amount of the Note held by the Holder by 0.2, by (B) $0.05. The forgoing quotient
so obtained shall be rounded to the nearest whole number. 

 2. The Exercise Price. The exercise price for the Common Stock purchasable upon exercise
of this Warrant shall be $0.05 per share (the “Exercise Price”). 
 3. Exercise. 

3.1 Manner of Exercise; Payment in Cash. This Warrant may be exercised by the Holder, in whole or in part, by surrendering this
Warrant, with the purchase form appended hereto as Exhibit A duly executed by the Holder, at the principal office of the Company, or at such other place as the Company may designate, accompanied by payment in full of the Exercise Price
payable in respect of the number of shares purchased upon such exercise. Payment of the Exercise Price shall be in cash or by certified or official bank check payable to the order of the Company. 

3.2 Effectiveness. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on
the day on which this Warrant shall have been surrendered to the Company as provided in Section 3.1 above. At such time, the person or persons in whose name or names any certificates for Common Stock shall be issuable upon such exercise as
provided in Section 3.3 below shall be deemed to have become the holder or holders of record of the Common Stock represented by such certificates. 

3.3 Delivery of Certificates. As soon as practicable after the exercise of this Warrant in full or in part, and in any event within ten
(10) business days thereafter, the Company at its sole expense will cause to be issued in the name of, and delivered to, the Holder, or, subject to the terms and conditions hereof, as such Holder may direct: 

(a) A certificate or certificates for the number of full shares of Common Stock to which such Holder shall be entitled upon such exercise
plus, in lieu of any fractional share to which such Holder would otherwise be entitled, cash in an amount determined pursuant to Section 3.5 hereof, and 

(b) In case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on the
face or faces thereof for the number of shares of Common Stock (without giving effect to any adjustment therein) equal to the number of such shares called for on the face of this Warrant minus the number of such shares purchased by the Holder upon
such exercise as provided in Section 3.1 above. 
 3.4 Automatic Exercise. If the Holder has not elected to exercise this
Warrant prior to the Expiration Date, then this Warrant shall automatically (without any act on the part of the Holder) be exercised pursuant to Section 3.6(a) effective immediately prior to the expiration of the Warrant to the extent such net
issue exercise would result in the issuance of Shares. If this Warrant is automatically exercised, the Company shall notify the Holder of the automatic exercise as soon as reasonably practicable, and the Holder shall surrender the Warrant to the
Company in accordance with the terms hereof. 

  
 2 

 3.5 Fractional Shares. The Company shall not be required upon the exercise of this Warrant
to issue any fractional shares, but shall make an adjustment therefor in cash on the basis of the fair market value of a share of such Common Stock determined pursuant to Section 3.6(c) herein. 

3.6 Right to Convert Warrant into Stock: Net Issuance. 

(a) Right to Convert. In addition to and without limiting the rights of the Holder under the terms of this Warrant, the Holder shall
have the right to convert this Warrant or any portion thereof (the “Conversion Right”), when exercisable, into shares of Common Stock as provided in this Section 3.6. Upon exercise of the Conversion Right with respect to a
particular number of shares subject to this Warrant (the “Converted Warrant Shares”), the Company shall deliver to the Holder (without payment by the Holder of any Exercise Price or any cash or other consideration) that number of
shares of fully paid and nonassessable Common Stock equal to the quotient obtained by dividing (X) the value of this Warrant (or the specified portion hereof) on the Conversion Date (as defined in subsection (b) hereof), which value shall
be determined by subtracting (A) the aggregate Exercise Price of the Converted Warrant Shares immediately prior to the exercise of the Conversion Right from (B) the aggregate fair market value of the Converted Warrant Shares issuable upon
exercise of this Warrant (or the specified portion hereof) on the Conversion Date by (Y) the fair market value of one share of the type of Common Stock on the Conversion Date for which the Warrant is exercised. 

Expressed as a formula, such conversion shall be computed as follows: 
  

					
	N	 	  =	    	 B-A
   Y

			
	where:	 		    	N = the number of shares of Common Stock that may be issued to Holder
		 		    	Y = the fair market value (FMV) of one share of such Common Stock
		 		    	A = the aggregate Warrant Price (Converted Warrant Shares x Exercise Price)
		 		    	B = the aggregate FMV (i.e., FMV x Converted Warrant Shares)

 No fractional shares shall be issuable upon exercise of the Conversion Right, and, if the number of shares to
be issued determined in accordance with the foregoing formula is other than a whole number, the Company shall pay to the Holder an amount in cash equal to the fair market value of the resulting fractional share of the Conversion Date. 

(b) Method of Exercise. The Conversion Right may be exercised by the Holder by the surrender of this Warrant, when exercisable, at the
principal office of the Company together with the Subscription Form in the form attached hereto duly completed and executed and indicating the number of shares subject to this Warrant which are being surrendered (referred to in Section 3.6(a)
hereof as the Converted Warrant Shares) in exercise of the Conversion Right. Such conversion shall be effective upon receipt by the Company of this Warrant together with the aforesaid written statement, or on such later date as is specified therein
(the “Conversion Date”), and, at the election of the Holder hereof, may be made contingent upon the occurrence of any of the events specified in Section 4. Certificates for the shares

  
 3 

 
issuable upon exercise of the Conversion Right and, if applicable, a new Warrant evidencing the balance of the shares remaining subject to this Warrant, shall be issued as of the Conversion Date
and shall be delivered to the Holder within thirty (30) days following the Conversion Date. 
 (c) Determination of Fair Market Value.
For purposes of this Section 3.6, “fair market value” of a share of Common Stock as of a particular date (the “Determination Date”) shall mean: 

(i) If the Conversion Right is exercised in connection with and contingent upon a public offering, and if the Company’s
Registration Statement relating to such public offering (“Registration Statement”) has been declared effective by the Securities and Exchange Commission, then the initial “Price to Public” of a share of Common Stock
specified in the final prospectus with respect to such offering. 
 (ii) If the Conversion Right is not exercised in
connection with and contingent upon a public offering, then as follows: 
 (1) If traded on a securities exchange, the fair
market value of the Common Stock shall be deemed to be the average of the closing prices of the Common Stock on such exchange over the five-day period ending one Business Day prior to the Determination Date or, if less, such number of days as the
Common Stock has been traded on such exchange; 
 (2) If traded over-the-counter, the fair market value of the Common Stock
shall be deemed to be the average of the closing bid prices of the Common Stock over the five-day period ending one Business Day prior to the Determination Date or, if less, such number of days as the Common Stock has been traded over-the-counter;
and 
 (3) If there is no public market for the Company’s Common Stock, then fair market value of a share of such
Common Stock shall be determined in good faith by the Board of Directors of the Company. 
 4. Certain Adjustments. 

4.1 Changes in Common Stock. If the Company shall (i) combine the Common Stock into a lesser number of shares, (ii) subdivide
the Common Stock into a greater number of shares, or (iii) issue additional shares of Common Stock as a dividend or other distribution with respect to the Common Stock, the number of shares of Common Stock to be issued pursuant to the terms of
the Warrant shall be equal to the number of shares which the Holder would have been entitled to receive after the happening of any of the events described above if such shares had been issued immediately prior to the happening of such event, such
adjustment to become effective concurrently with the effectiveness of such event. 
 4.2 Reorganizations and Reclassifications. If
there shall occur any capital reorganization or reclassification of its Common Stock (other than a change in par value or a subdivision or combination as provided for in Section 4.1), then, as part of any such reorganization or
reclassification, lawful provision shall be made so that the Holder shall have 

  
 4 

 
the right thereafter to receive upon the exercise hereof the kind and amount of shares of stock or other securities or property which such Holder would have been entitled to receive if,
immediately prior to any such reorganization or reclassification, such Holder had held the number of shares of Common Stock which were then purchasable upon the exercise of this Warrant. In any such case, appropriate adjustment (as reasonably
determined by the Board of Directors of the Company) shall be made in the application of the provisions set forth herein with respect to the rights and interests thereafter of the Holder such that the provisions set forth in this Section 4
(including provisions with respect to adjustment of the Exercise Price) shall thereafter be applicable, as nearly as is reasonably practicable, in relation to any shares of stock or other securities or property thereafter deliverable upon the
exercise of this Warrant. 
 4.3 Merger, Consolidation or Sale of Assets. Subject to the provisions of this Section 4 and
Section 7, if there shall be a merger or consolidation of the Company with or into another corporation (other than a merger or reorganization involving only a change in the state of incorporation of the Company or the acquisition by the Company
of other businesses where the Company survives as a going concern), or the sale of all or substantially all of the Company’s capital stock or assets to any other person, then as a part of such transaction, provision shall be made so that the
Holder shall thereafter be entitled to receive the number of shares of stock or other securities or property of the Company, or of the successor corporation resulting from the merger, consolidation or sale, to which the Holder would have been
entitled if the Holder had exercised its rights pursuant to the Warrant immediately prior thereto. In any such case, appropriate adjustment shall be made in the application of the provisions of this Section 4 to the end that the provisions of
this Section 4 shall be applicable after that event in as nearly equivalent a manner as may be practicable. 
 4.4 Statement of
Adjustment. Whenever the Exercise Price or the Common Stock to be issued hereunder shall be adjusted as provided in this Section 4, the Company shall forthwith file with the Secretary of the Company or at such other place as shall be
designated by the Company, a statement, signed by its chief financial officer, showing in detail the facts requiring such adjustment, the Exercise Price in effect before and after such adjustment and the kind and amount of shares of capital stock,
securities or other property thereafter to be received upon the exercise of this Warrant. The Company shall also cause a copy of such statement to be sent in the manner to the Holder. Where appropriate, such copy may be given in advance and may be
included as part of a notice required to be mailed under the provisions of Section 4.5. 
 4.5 Notice of Adjustment. In the
event the Company shall propose to take any action of the types described in Sections 4.1, 4.2 or 4.3, the Company shall give notice to the Holder in the manner set forth in Section 11 of the Note which notice shall specify the record date, if
any, with respect to any such action and the date on which such action is to take place. Such notice shall also set forth such facts with respect thereto as shall be reasonably necessary to indicate the effect of such action (to the extent such
effect may be known at the date of such notice) on the Exercise Price and the number, kind or class of shares or other securities or property which shall be deliverable or purchasable upon the occurrence of such action or deliverable upon the
exercise hereof. In the case of any action which would require the fixing of a record date, such notice shall be given at least ten (10) days prior to the date so fixed, and in case of all other actions, such notice shall be given at least
twenty (20) days prior to the taking of such proposed action. 
 4.6 Taxes. The Company shall pay all documentary, stamp or
other transactional taxes, but excluding any income or withholding taxes, attributable to the issuance or delivery of shares of capital stock of the Company upon the exercise or conversion of this Warrant. 

  
 5 

 5. Reservation of Stock. The Company will, at the time this Warrant becomes exercisable
for Common Stock, reserve such amount of Common Stock necessary for full exercise hereof. The Company covenants that all shares of Common Stock so issuable will, when issued, be duly and validly issued and fully paid and nonassessable. 

6. Replacement of Warrants. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required) in an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon
surrender and cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor. 
 7. Termination Upon
Certain Events. 
 7.1 Termination Upon Merger, Consolidation or Sale of Assets. Notwithstanding anything to the contrary in this
Warrant, in the event that this Warrant is not timely exercised prior to the consummation of the closing of the first Deemed Liquidation Event (as defined in the Company’s certificate of incorporation as in effect on the date of issuance of
this Warrant) after the date hereof, this Warrant shall automatically be deemed to be exercised in full in the manner set forth in Section 3.6, without any further action on behalf of the Holder, immediately prior to the closing of such Deemed
Liquidation Event. In the event of a Deemed Liquidation Event, the Company shall notify the Holder at least ten (10) days prior to the consummation of such Deemed Liquidation Event. 

7.2 Termination Upon Initial Public Offering. Notwithstanding anything to the contrary in this Warrant, in the event that this Warrant
is not timely exercised prior to the declared effective date of the registration statement for the Company’s initial public offering (the “Initial Public Offering”), this Warrant shall automatically be deemed to be exercised in
full in the manner set forth in Section 3.6, without any further action on behalf of the Holder, immediately prior to the closing of such Initial Public Offering. In the event of an Initial Public Offering, the Company shall notify the Holder
at least twenty (20) days prior to the consummation of the closing of the Initial Public Offering. 
 8. Transferability.
Subject to compliance with applicable federal and state securities laws, this Warrant and all rights hereunder are transferable in whole or in part by the Holder to any person or entity upon written notice to the Company. The transfer shall be
recorded on the books of the Company upon the surrender of this Warrant, properly endorsed, to the Company at its principal offices, and the payment to the Company of all transfer taxes and other governmental charges imposed on such transfer. In the
event of a partial transfer, the Company shall issue to the holders one or more appropriate new warrants. 

  
 6 

 9. No Impairment. The Company will not, by amendment of its Certificate of Incorporation
or through any reorganization, transfer of assets, consolidation, merger, dissolution, or any other similar 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 of the Warrant against impairment due to such event. Without limiting the
generality of the foregoing, the Company (a) will not increase the value assigned to any shares of Common Stock receivable on the exercise of the Warrant above the amount payable therefor on such exercise, (b) will take all action that may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of stock, free from all taxes, liens and charges with respect to the issue thereof, on the exercise of all of the Warrants from
time to time outstanding, and (c) will not consolidate with or merge into any other person or permit any such person to consolidate with or merge into the Company (if the Company is not the surviving person), unless such other person shall
expressly assume in writing and will be bound by all the terms of this Warrant. 
 10. Acknowledgement. The Company and the Holder
intend that the Note be treated as equity instruments in accordance with Section 385(c) of the Internal Revenue Code for purposes of determining federal income tax treatment. The Company and the Holder agree to file their respective tax returns
in a manner consistent with such characterization. 
 11. Notices. All notices, requests and other communications hereunder shall be
made pursuant to the provisions of Section 11 of the Note. 
 12. Waivers and Modifications. Any term or provision of this
Warrant may be amended, modified or waived with the written consent of the Company and the Lender Majority. 
 13. Headings. The
headings in this Warrant are for convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions of this Warrant. 

14. Governing Law. This Warrant will be governed by and construed in accordance with and governed by the laws of the Commonwealth of
Massachusetts, without giving effect to the conflict of law principles thereof. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 7 

 IN WITNESS WHEREOF, RainDance Technologies, Inc. caused this Warrant to be executed by an officer
thereunto duly authorized. 
  

			
	RAINDANCE TECHNOLOGIES, INC.
		
	By:	 	 /s/ S. Roopom Banerjee

	Name:	 	S. Roopom Banerjee
	Title:	 	President and Chief Executive Officer

 Acknowledged and Agreed: 
  

			
	ACADIA WOODS PARTNERS, LLC
	
	 /s/ Jeffrey Samberg

	By:	 	Jeffrey Samberg
	Its:	 	Managing Member

  
 [signature page to
Warrant] 

 Exhibit A 

PURCHASE FORM 
  

	To:	RAINDANCE TECHNOLOGIES, INC. 

	 	44 Hartwell Avenue 

	 	Lexington, MA 02421 

 The undersigned pursuant to the provisions set forth in the attached
Warrant (Bridge Warrant No. 3), hereby irrevocably elects to (check one): 
  

			
		  	(A) purchase                  shares of
                     of the Company covered by such Warrant and herewith makes payment of $        ,
representing the full exercise price for such shares at the price per share provided for in such Warrant; or
		
		  	(B) convert                  Converted Warrant Shares into that number of shares of fully paid and nonassessable shares of
                     of the Company, determined pursuant to the provisions of Section 3.6 of the Warrant.

 The shares of Common Stock for which the Warrant may be exercised or converted shall be known herein as
the “Warrant Stock.” 
 The undersigned is aware that the Warrant Stock has not been and will not be
registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws. The undersigned understands that reliance by the Company on exemptions under the Securities Act is predicated in part upon
the truth and accuracy of the statements of the undersigned in this Purchase Form. 
 The undersigned represents and warrants that
(1) it has been furnished with all information which it deems necessary to evaluate the merits and risks of the purchase of the Warrant Stock, (2) it has had the opportunity to ask questions concerning the Warrant Stock and the Company and
all questions posed have been answered to its satisfaction, (3) it has been given the opportunity to obtain any additional information it deems necessary to verify the accuracy of any information obtained concerning the Warrant Stock and the
Company and (4) it has such knowledge and experience in financial and business matters that it is able to evaluate the merits and risks of purchasing the Warrant Stock and to make an informed investment decision relating thereto. 

The undersigned hereby represents and warrant that it is purchasing the Warrant Stock for its own account for investment and not with a view
to the sale or distribution of all or any part of the Warrant Stock. 
 The undersigned understands that because the Warrant Stock has not
been registered under the Securities Act, it must continue to bear the economic risk of the investment for an indefinite period of time and the Warrant Stock cannot be sold unless it is subsequently registered under applicable federal and state
securities laws or an exemption from such registration is available. 

  
 Exhibit A-1 

 The undersigned agrees that it will in no event sell or distribute or otherwise dispose of all or
any part of the Warrant Stock unless (1) there is an effective registration statement under the Securities Act and applicable state securities laws covering any such transaction involving the Warrant Stock, or (2) the Company receives an
opinion satisfactory to the Company of the undersigned’s legal counsel stating that such transaction is exempt from registration. The undersigned consents to the placing of a legend on its certificate for the Warrant Stock stating that the
Warrant Stock has not been registered and setting forth the restriction on transfer contemplated hereby and to the placing of a stop transfer order on the books of the Company and with any transfer agents against the Warrant Stock until the Warrant
Stock may be legally resold or distributed without restriction. 
 The undersigned has considered the federal and state income tax
implications of the exercise of the Warrant and the purchase and subsequent sale of the Warrant Stock. 
  

			
	ACADIA WOODS PARTNERS, LLC
	
	  

	By:	 	
	Its:	 	
	Dated:	 	

  
 Exhibit A-2

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