Document:

EX-4.7

 Exhibit 4.7 

THE OFFER AND SALE OF THE SECURITIES EVIDENCED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933
ACT”) AND SUCH SECURITIES MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT COVERING SUCH SECURITIES OR IF THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE
HOLDERS OF THESE SECURITIES REASONABLY SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE 1933 ACT. 

Date:             , 2006 

Void:             , 2013 

WARRANT TO PURCHASE SHARES OF SERIES D PREFERRED STOCK 

This Warrant is issued to
                             (the “Holder”) by, Inogen, Inc., a Delaware corporation (the
“Company”), pursuant to the terms of that certain Note and Warrant Purchase Agreement dated as of September 1, 2006 (the “Agreement”) and as amended October 13th, 2006, in connection with the
Company’s issuance to the Holder of a Note as defined in the Agreement. 
 1. Purchase of Shares. Subject to the terms and
conditions hereinafter set forth and set forth in the Agreement, the Holder is entitled, upon surrender of this Warrant at the principal office of the Company (or at such other place as the Company shall notify the Holder in writing), to purchase
from the Company up to the number of fully paid and nonassessable shares of the Company’s Series D Preferred Stock that equals the quotient obtained by dividing (a) the Warrant Coverage Amount (as defined below) by (b) $0.73,
subject to adjustments pursuant to Section 8 hereof. The shares issuable pursuant to this Section 1 (the “Shares”) shall also be subject to adjustment pursuant to Section 8 hereof. For purposes of this Warrant, the
Warrant Coverage Amount shall be that amount which equals twenty five percent (25%) of the original principal amount of the Note held by Holder. 

2. Purchase Price. The purchase price for the Shares shall be $0.73 per share. Such price shall be subject to adjustment pursuant to
Section 8 hereof, and such price, as adjusted from time to time, is herein referred to as the “Exercise Price”. 
 3.
Exercise Period. This Warrant shall be exercisable, in whole or in part, during the term commencing on the date hereof and ending at 5:00 p.m. on the earlier of (x) October 31, 2013, or (y) the closing of a Change of Control
transaction. For purposes of this Warrant, the term Change of Control shall mean the sale of all or substantially all of the capital stock (other than the sale of capital stock to one or more venture capitalists or other institutional investors
pursuant to an equity financing (including a debt financing that is convertible into equity of the Company) approved by a majority of the Board of Directors of the Company), assets or business of the Company, by merger, consolidation, sale of assets
or otherwise (other than a transaction in which all or substantially all of the individuals and entities who were beneficial owners of the Common Stock immediately prior to 

 
such transaction beneficially own, directly or indirectly, more than 50% of the outstanding securities entitled to vote generally in the election of directors of the resulting, surviving or
acquiring corporation in such transaction). 
 4. Method of Exercise. While this Warrant remains outstanding and exercisable in
accordance with Section 3 above, the Holder may exercise, in whole or in part, the purchase rights evidenced hereby. Such exercise shall be effected by: 

(i) the surrender of the Warrant, together with a duly executed Subscription Notice in the form attached hereto, to the Secretary of the
Company at its principal office; and 
 (ii) the payment to the Company of an amount equal to the aggregate Exercise Price for the number
of Shares being purchased. 
 5. Net Exercise. In lieu of cash exercising this Warrant, the Holder may elect to receive shares equal
to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with notice of such election, in which event the Company shall issue to the Holder a number of Shares
computed using the following formula: 
  

					
		 	Y (A - B)	 	
	X=	 	       A	 	

 Where 
  

			
	X —	  	The number of Shares to be issued to the Holder.
		
	Y —	  	The number of Shares purchasable under this Warrant.
		
	A —	  	The fair market value of one Share.
		
	B —	  	The Exercise Price (as adjusted to the date of such calculations).

 For purposes of this Section 5, the fair market value of the Shares shall mean the average of the closing
bid and asked prices of the Shares quoted in the over-the-counter market in which the Shares are traded or the closing price quoted on any exchange on which the Shares are listed, whichever is applicable, as published in the Western Edition of The
Wall Street Journal, for the ten (10) trading days prior to the date of determination of fair market value (or such shorter period of time during which such stock was traded over-the-counter or on such exchange). If the Shares are not traded on
the over-the-counter market or on an exchange, the fair market value shall be the price per Share that the Company could obtain from a willing buyer for Shares sold by the Company from authorized but unissued Shares, as such prices shall be
determined in good faith by the Company’s Board of Directors, including a majority of the directors elected by holders of Preferred Stock. 

6. Certificates for Shares. Upon the exercise of the purchase rights evidenced by this Warrant, one or more certificates for the number
of Shares so purchased shall be issued as soon as practicable thereafter, and in any event within fifteen (15) days of the delivery of the Subscription Notice. 

  
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 7. Issuance of Shares. The Company covenants that the Shares, when issued pursuant to the
exercise of this Warrant, will be duly and validly issued, fully paid and nonassessable and free from all taxes, liens, and charges with respect to the issuance thereof 

8. Adjustment of Exercise Price and Number of Shares. The number of and kind of securities purchasable upon exercise of this Warrant
and the Exercise Price shall be subject to adjustment from time to time as follows: 
 (a) Subdivisions, Combinations and Other
Issuances. If the Company shall at any time prior to the expiration of this Warrant subdivide its capital stock, by split-up or otherwise, or combine its capital stock, or issue additional shares of its capital stock as a dividend with respect
to any shares of its capital stock, the number of Shares 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.
Appropriate adjustments shall also be made to the Exercise Price, but the aggregate purchase price payable for the total number of Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment under this Section 8(a)
shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of such dividend. 

(b) Reclassification, Reorganization and Consolidation. In the case of any reclassification, capital reorganization or change in the
capital stock of the Company (other than as a result of a subdivision, combination or stock dividend provided for in Section 8(a) above), then, as a condition of such reclassification, reorganization or change, lawful provision 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 have the right at any time prior to the expiration of this Warrant to purchase, at a total price equal to
that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities and property receivable in connection with such reclassification, reorganization or change by a holder of the same number of Shares as were
purchasable by the Holder immediately prior to such reclassification, reorganization or change. In any such case appropriate provisions shall be made with respect to the rights and interest of the Holder so that the provisions hereof shall
thereafter be applicable with respect to any shares of stock or other securities and property deliverable upon exercise hereof, and appropriate adjustments shall be made to the Exercise Price, provided the aggregate purchase price shall remain the
same. 
 (c) Notice of Adjustment. When any adjustment is required to be made in the number or kind of shares purchasable upon
exercise of this Warrant, or in the Exercise Price, the Company shall promptly notify the Holder of such event and of the number of Shares or other securities or property thereafter purchasable upon exercise of this Warrant. 

9. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of
this Warrant, but in lieu of such fractional shares the Company shall make a cash payment therefor on the basis of the Exercise Price then in effect. 

  
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 10. No Stockholder Rights. Prior to the exercise of this Warrant, the Holder shall not be
entitled to any rights of a stockholder with respect to the Shares, including (without limitation) the right to vote such Shares, receive dividends or other distributions thereon, exercise preemptive rights or be notified of stockholder meetings,
and the Holder shall not be entitled to any notice or other communication concerning the business or affairs of the Company. 
 11.
Successors and Assigns. The terms and provisions of this Warrant and the Agreement shall inure to the benefit of, and be binding upon, the Company and the Holder and their respective successors and assigns. 

12. Amendments and Waivers. Any term of this Warrant may be amended in accordance with the Agreement. 

13. Governing Law. This Warrant shall be governed by the laws of the State of California as applied to agreements among California
residents made and to be performed entirely within the State of California. 

  
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 IN WITNESS WHEREOF, the Company has executed this Warrant as of the day and year first above
written. 
  

			
	INOGEN, INC.
		
	By:	 	  

		 	Kathy Odell
	Its:	 	Chief Executive Officer

 SUBSCRIPTION NOTICE 

Attention: Corporate Secretary 
 The undersigned hereby elects
to purchase, pursuant to the provisions of the Warrant to Purchase Shares of Series D Preferred Stock issued by Inogen, Inc. (the “Company”) and held by the undersigned,
                 shares of Series D Preferred Stock of the Company. 

Payment of the exercise price per share required under such Warrant accompanies this Subscription Notice. 

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. 
  

									
		 		 		 	WARRANTHOLDER:
					
	Date:	 	  
	 		 	By:	 	  

					
		 		 		 	Title:	 	  

					
		 		 		 	Address:	 	  

  

			
	Name in which shares should be registered:EX-4.8

 Exhibit 4.8 

EXHIBIT “C” 
 THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN
EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 WARRANT TO PURCHASE 

SHARES OF PREFERRED STOCK OF 

INOGEN, INC. 
 (Void after
February 1, 2014) 
 This certifies that VENTURE LENDING & LEASING IV, LLC, a Delaware limited liability company, or assigns
(“Holder”), for value received, is entitled to purchase from INOGEN, INC., a Delaware corporation (“Company”), the Applicable Number (hereinafter defined) of fully paid and nonassessable shares of Company’s
preferred stock of the series hereinafter specified (the “Preferred Stock”) for cash at a purchase price per share (the “Stock Purchase Price”) equal to the lower of (i) $0.73, or (ii) the Next Round Price
(hereinafter defined). This Warrant is issued in connection with Supplement No. 2 dated as of September 18, 2006, to that certain Loan and Security Agreement dated as of March 15, 2005 (as amended, restated and supplemented from time
to time, the “Loan Agreement”) between the Company and Venture Lending & Leasing IV, Inc., an affiliate of Holder (“Lender”). Capitalized terms used herein and not otherwise defined in this Warrant shall
have the meaning(s) ascribed to them in the Loan Agreement unless the context would otherwise require. 
 The “Next Round
Price” is the lowest price per share paid by an investor for Company’s equity securities issued in the Next Round (as hereinafter defined), including for this purpose the value of all consideration given by an investor for such equity
securities. The “Next Round” means the next bona fide round of venture capital equity financing after the date hereof in which Company sells or issues shares of its preferred stock, and includes any options, warrants, or other
convertible securities or similar consideration issued or delivered to investors in connection with such equity financing in such round; provided that the Next Round excludes any extensions to Company’s Series D preferred stock round of
financing. If the Next Round has not occurred prior to the exercise hereof, then this Warrant shall be exercisable for the Applicable Number of shares of Company’s Series D Preferred Stock at a Stock Purchase Price of $0.73. If the Next Round
Price becomes the applicable Stock Purchase Price, then this Warrant shall be exercisable for the Applicable Number of shares of the class and series of convertible preferred stock or other senior convertible equity security sold or issued by
Company in the Next Round. 
 The “Applicable Number” of shares of Preferred Stock purchasable hereunder initially shall be the
number obtained by dividing (i) Two Hundred Fifty Thousand Dollars ($250,000) by (ii) the Stock Purchase Price. In the event that the conditions precedent to availability of the Second Tranche of the Growth Capital Commitment described in
Section 1(c) of Part 2 of Supplement No. 2 are satisfied by the Company (or waived by Lender at its option), effectively immediately and automatically upon such satisfaction (or waiver), the Applicable Number number of shares of Preferred
Stock issuable under this Warrant shall be increased by that number of shares obtained by dividing (i) Two Hundred Forty Thousand Dollars ($240,000) by (ii) the Stock Purchase Price. 

If in any case such number includes a fraction, the fraction shall be adjusted downward to the closest whole number. 

 As soon as reasonably practicable after the occurrence or non-occurrence of the latest event or
condition necessary to determine (i) the actual number and type of shares of Company’s stock issuable upon exercise of this Warrant and (ii) the initial Stock Purchase Price, Company shall execute and deliver a supplement to this
Warrant in substantially the form of Exhibit “A” attached hereto, completed with such quantity and price terms and other information as have been determined as a result of the occurrence or non-occurrence of such events or
conditions. The provisions of such supplement, once completed and executed, shall control the interpretation and exercise of this Warrant; provided, however, that the failure of Company to deliver such supplement shall not affect the
rights of Holder of this Warrant to receive the number and type of shares of Preferred Stock as set forth herein. 
 This Warrant may be
exercised at any time or from time to time up to and including 5:00 p.m. (Pacific time) on February 1, 2014 (the “Expiration Date”), upon surrender to the Company at its principal office at 120 Cremona Drive, Suite B, Goleta, CA
93117, (or at such other location as the Company may advise Holder in writing) of this Warrant properly endorsed with the Form of Subscription attached hereto duly filled in and signed and upon payment in cash or by check of the aggregate Stock
Purchase Price for the number of shares for which this Warrant is being exercised determined in accordance with the provisions hereof. The Stock Purchase Price and the number of shares purchasable hereunder are subject to adjustment as provided in
Section 4 of this Warrant. 
 This Warrant is subject to the following terms and conditions: 

1. Exercise; Issuance of Certificates; Payment for Shares. 

(a) Unless an election is made pursuant to clause (b) of this Section 1, this Warrant shall be exercisable at the option of the
Holder, at any time or from time to time, on or before the Expiration Date for all or any portion of the shares of Preferred Stock (but not for a fraction of a share) which may be purchased hereunder for the Stock Purchase Price multiplied by the
number of shares to be purchased. In the event, however, that pursuant to the Company’s Certificate of Incorporation, as amended, an event causing automatic conversion of the Company’s Preferred Stock shall have occurred prior to the
exercise of this Warrant, in whole or in part, then this Warrant shall be exercisable for the number of shares of Common Stock of the Company into which the Preferred Stock not purchased upon any prior exercise of this Warrant would have been so
converted (and, where the context requires, reference to “Preferred Stock” shall be deemed to be or include such Common Stock, as may be appropriate). The Company agrees that the shares of Preferred Stock purchased under this Warrant shall
be and are deemed to be issued to the Holder hereof as the record owner of such shares as of the close of business on the date on which the form of subscription shall have been delivered and payment made for such shares. Subject to the provisions of
Section 2, certificates for the shares of Preferred Stock so purchased, together with any other securities or property to which the Holder hereof is entitled upon such exercise, shall be delivered to the Holder hereof by the Company at the
Company’s expense within a reasonable time after the rights represented by this Warrant have been so exercised. Except as provided in clause (b) of this Section 1, in case of a purchase of less than all the shares which may be
purchased under this Warrant, the Company shall cancel this Warrant and execute and deliver a new Warrant or Warrants of like tenor for the balance of the shares purchasable under this Warrant surrendered upon such purchase to the Holder hereof
within a reasonable time. Each stock certificate so delivered shall be in such denominations of Preferred Stock as may be requested by the Holder hereof and shall be registered in the name of such Holder or such other name as shall be designated by
such Holder, subject to the limitations contained in Section 2. 
 (b) The Holder, in lieu of exercising this Warrant by the cash
payment of the Stock Purchase Price pursuant to clause (a) of this Section 1, may elect, at any time on or before the Expiration Date, to surrender this Warrant and receive that number of shares of Preferred Stock equal to the quotient of:
(i) the difference between (A) the Per Share Price (as hereinafter defined) of the Preferred Stock, less (B) the Stock Purchase Price then in effect, multiplied by the number of shares of Preferred Stock the Holder would otherwise
have been entitled to purchase hereunder (as described in the recitals to this Warrant) pursuant to clause (a) of this Section 1 (or such lesser number of shares as the Holder may designate in the case of a partial exercise of this
Warrant); over (ii) the Per Share Price. Election to exercise under this section (b) may be made by delivering a signed form of subscription to the Company via facsimile, to be followed by delivery of this Warrant. 

  
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 (c) For purposes of clause (b) of this Section 1, “Per Share Price” means the
product of: (i) the greater of (A) the closing price of the securities issuable upon conversion of the Preferred Stock, as quoted by NASDAQ or listed on any exchange, whichever is applicable, as published in the Western Edition of The
Wall Street Journal for the trading day immediately prior to the date of the Holder’s election hereunder or, (B) if applicable at the time of or in connection with the exercise under clause (b) of this Section 1, the gross
sales price of one share of the Company’s Common Stock pursuant to a registered public offering or that amount which stockholders of the Company will receive for each share of Common Stock pursuant to a merger, reorganization or sale of assets;
and (ii) that number of shares of Common Stock into which each share of Preferred Stock is convertible. If the securities issuable upon conversion of the Preferred Stock are not quoted by NASDAQ or listed on an exchange and none of the above
clauses apply, the Per Share Price of the Preferred Stock (or the equivalent number of shares of Common Stock into which such Preferred Stock is convertible) shall be the fair market price per share as determined in good faith by the Board of
Directors of the Company. 
 2. Limitation on Transfer. 

(a) This Warrant and the Preferred Stock shall not be transferable except upon the conditions specified in this Section 2, which
conditions are intended to insure compliance with the provisions of the Securities Act. Each Holder of this Warrant or the Preferred Stock issuable hereunder will cause any proposed transferee of the Warrant or Preferred Stock to agree to take and
hold such securities subject to the provisions and upon the conditions specified in this Section 2. Notwithstanding the foregoing and any other provision of this Section 2, Holder may freely transfer all or part of this Warrant or the
shares issuable upon exercise of this Warrant (or the securities issuable, directly or indirectly, upon conversion of the shares, if any) at any time to any lender transferee of a portion of the loan commitment of Venture Lending & Leasing
IV, Inc. under the Loan Agreement, by giving the Company notice of the portion of the Warrant being transferred setting forth the name, address and taxpayer identification number of the transferee and surrendering this warrant to the Company for
reissuance to the transferees(s) (and Holder, if applicable); provided that, any such transfer of this Warrant shall be subject to the prior written approval of the Company, which approval shall not be unreasonably withheld; provided further that no
such prior approval of the Company shall be required for transfers to one or more persons, each of whom on the date of transfer is an affiliate of the Holder, as such term is defined in the Securities Act of 1933, as amended. Any transfer undertaken
in violation of this Section 2(a) shall be null and void. 
 (b) Each certificate representing (i) this Warrant, (ii) the
Preferred Stock, (iii) shares of the Company’s Common Stock issued upon conversion of the Preferred Stock and (iv) any other securities issued in respect to the Preferred Stock or Common Stock issued upon conversion of the Preferred
Stock upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event, shall (unless otherwise permitted by the provisions of this Section 2 or unless such securities have been registered under the Securities Act
or sold under Rule 144) be stamped or otherwise imprinted with a legend substantially in the following form (in addition to any legend required under applicable state securities laws): 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION
THEREOF, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 (c) The
Holder of this Warrant and each person to whom this Warrant is subsequently transferred represents and warrants to the Company (by acceptance of such transfer) that it will not transfer this Warrant (or securities issuable upon exercise hereof
unless a registration statement under the Securities Act was in effect with respect to such securities at the time of issuance thereof) except pursuant to (i) an effective registration statement under the Securities Act, (ii) Rule 144
under the Securities Act (or any other rule under the Securities Act relating to the disposition of securities), or (iii) an opinion of counsel, reasonably satisfactory to counsel for the Company, that an exemption from such registration is
available. In connection with such transfer, the Company may require that the transferee of this Warrant enter into a confidentiality agreement substantially similar to the form of confidentiality agreement entered into between the Holder and the
Company, as determined by the Company in its reasonable, good faith discretion. 

  
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 3. Shares to be Fully Paid; Reservation of Shares. The Company covenants and agrees that
all shares of Preferred Stock which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable and free from all preemptive rights of any
stockholder and free of all taxes, liens and charges with respect to the issue thereof. The Company further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, the Company will at all
times have authorized and reserved, for the purpose of issue or transfer upon exercise of the subscription rights evidenced by this Warrant, a sufficient number of shares of authorized but unissued Preferred Stock, or other securities and property,
when and as required to provide for the exercise of the rights represented by this Warrant. The Company will take all such action as may be necessary to assure that such shares of Preferred Stock may be issued as provided herein without violation of
any applicable law or regulation, or of any requirements of any domestic securities exchange upon which the Preferred Stock may be listed. The Company will not take any action which would result in any adjustment of the Stock Purchase Price (as
defined in Section 4 hereof) (i) if the total number of shares of Preferred Stock issuable after such action upon exercise of all outstanding warrants, together with all shares of Preferred Stock then outstanding and all shares of
Preferred Stock then issuable upon exercise of all options and upon the conversion of all convertible securities then outstanding, would exceed the total number of shares of Preferred Stock then authorized by the Company’s Certificate of
Incorporation, (ii) if the total number of shares of Common Stock issuable after such action upon the conversion of all such shares of Preferred Stock together with all shares of Common Stock then outstanding and then issuable upon exercise of
all options and upon the conversion of all convertible securities then outstanding would exceed the total number of shares of Common Stock then authorized by the Company’s Certificate of Incorporation or (iii) if the par value per share of
the Preferred Stock would exceed the Stock Purchase Price. 
 4. Adjustment of Stock Purchase Price and Number of Shares. The Stock
Purchase Price and the number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 4. Upon each adjustment of the Stock Purchase
Price, the Holder of this Warrant shall thereafter be entitled to purchase, at the Stock Purchase Price resulting from such adjustment, the number of shares obtained by multiplying the Stock Purchase Price in effect immediately prior to such
adjustment by the number of shares purchasable pursuant hereto immediately prior to such adjustment, and dividing the product thereof by the Stock Purchase Price resulting from such adjustment. 

4.1 Subdivision or Combination of Stock. In case the Company shall at any time subdivide its outstanding shares of Preferred Stock into
a greater number of shares, the Stock Purchase Price in effect immediately prior to such subdivision shall be proportionately reduced, and conversely, in case the outstanding shares of Preferred Stock of the Company shall be combined into a smaller
number of shares, the Stock Purchase Price in effect immediately prior to such combination shall be proportionately increased. 
 4.2
Dividends in Preferred Stock, Other Stock, Property, Reclassification. If at any time or from time to time the holders of Preferred Stock (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant)
shall have received or become entitled to receive, without payment therefor, 
 (a) Preferred Stock, or any shares of stock or other
securities whether or not such securities are at any time directly or indirectly convertible into or exchangeable for Preferred Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend
or other distribution, or 
 (b) any cash paid or payable otherwise than as a cash dividend, or 

(c) Preferred Stock or other or additional stock or other securities or property (including cash) by way of spin off, reclassification, or
similar corporate rearrangement, (other than shares of Preferred Stock issued as a stock split, adjustments in respect of which shall be covered by the terms of Section 4.1 above), 

  
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 Then and in each such case, the Holder hereof shall, upon the exercise of this Warrant, be entitled to receive,
in addition to the number of shares of Preferred Stock receivable thereupon, and without payment of any additional consideration therefore, the amount of stock and other securities and property (including cash in the cases referred to in clauses
(b) and (c) above) which such Holder would hold on the date of such exercise had he been the holder of record of such Preferred Stock as of the date on which holders of Preferred Stock received or became entitled to receive such shares
and/or all other additional stock and other securities and property. 
 4.3 Reorganization, Reclassification, Consolidation, Merger or
Sale. If any capital reorganization of the capital stock of the Company, or any consolidation or merger of the Company with another corporation, or the sale of all or substantially all of its assets to another corporation shall be effected in
such a way that holders of Preferred Stock shall be entitled to receive stock, securities or assets with respect to or in exchange for Preferred Stock, then, as a condition of such reorganization, reclassification, consolidation, merger or sale,
lawful and adequate provisions shall be made whereby the Holder hereof shall thereafter have the right to purchase and receive (in lieu of the shares of the Preferred Stock of the Company immediately theretofore purchasable and receivable upon the
exercise of the rights represented hereby) such shares of stock, securities or assets as may be issued or payable with respect to or in exchange for a number of outstanding shares of such Preferred Stock equal to the number of shares of such stock
immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby. In any such case, appropriate provision shall be made with respect to the rights and interests of the Holder of this Warrant to the end that the
provisions hereof (including, without limitation, provisions for adjustments of the Stock Purchase Price and of the number of shares purchasable and receivable upon the exercise of this Warrant) shall thereafter be applicable, as nearly as may be
possible, in relation to any shares of stock, securities or assets thereafter deliverable upon the exercise hereof. The successor corporation (if other than the Company) resulting from such consolidation or the corporation purchasing such assets
shall assume by written instrument, executed and mailed or delivered to the registered Holder hereof at the last address of such Holder appearing on the books of the Company, the obligation to deliver to such Holder such shares of stock, securities
or assets as, in accordance with the foregoing provisions, such Holder may be entitled to purchase. 
 4.4 Sale or Issuance Below
Purchase Price. The other antidilution rights applicable to the shares of Preferred Stock purchasable hereunder are set forth in the Company’s Certificate of Incorporation, as amended through the date hereof (the “Charter”). 

4.5 Notice of Adjustment. Upon any adjustment of the Stock Purchase Price, and/or any increase or decrease in the number of shares
purchasable upon the exercise of this Warrant the Company shall give written notice thereof, by first class mail, postage prepaid, addressed to the registered Holder of this Warrant at the address of such Holder as shown on the books of the Company.
The notice, which may be substantially in the form of Exhibit “A” attached hereto, shall be signed by the Company’s chief financial officer and shall state the Stock Purchase Price resulting from such adjustment and the increase or
decrease, if any, in the number of shares purchasable at such price upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. 

4.6 Other Notices. If at any time: 

(a) the Company shall declare any cash dividend upon its Preferred Stock; 

(b) the Company shall declare any dividend upon its Preferred Stock payable in stock or make any special dividend or other distribution to
the holders of its Preferred Stock; 
 (c) there shall be any capital reorganization or reclassification of the capital stock of the
Company, or consolidation or merger of the Company with, or sale of all or substantially all of its assets to, another entity; 
 (d) there
shall be a voluntary or involuntary dissolution, liquidation or winding-up of the Company; or 

  
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 (e) the Company shall take or propose to take any other action, notice of which is actually
provided to holders of the Preferred Stock; 
 then, in any one or more of said cases, the Company shall give, by first class mail, postage prepaid,
addressed to the Holder of this Warrant at the address of such Holder as shown on the books of the Company, (i) at least 20 day’s prior written notice of the date on which the books of the Company shall close or a record shall be taken for
such dividend, distribution or subscription rights or for determining rights to vote in respect of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or other action and (ii) in the
case of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or other action, at least 20 day’s written notice of the date when the same shall take place. Any notice given in accordance
with the foregoing clause (i) shall also specify, in the case of any such dividend, distribution or subscription rights, the date on which the holders of Preferred Stock shall be entitled thereto. Any notice given in accordance with the
foregoing clause (ii) shall also specify the date on which the holders of Preferred Stock shall be entitled to exchange their Preferred Stock for securities or other property deliverable upon such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation or winding-up, or other action as the case may be. 
 4.7 Certain Events. If
any change in the outstanding Preferred Stock of the Company or any other event occurs as to which the other provisions of this Section 4 are not strictly applicable or if strictly applicable would not fairly effect the adjustments to this
Warrant in accordance with the essential intent and principles of such provisions, then the Board of Directors of the Company shall make in good faith an adjustment in the number and class of shares issuable under this Warrant, the Stock Purchase
Price and/or the application of such provisions, in accordance with such essential intent and principles, so as to protect such purchase rights as aforesaid. The adjustment shall be such as will give the Holder of this Warrant upon exercise for the
same aggregate Stock Purchase Price the total number, class and kind of shares as the Holder would have owned had this Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring
adjustment. 
 5. Issue Tax. The issuance of certificates for shares of Preferred Stock upon the exercise of this Warrant shall be
made without charge to the Holder of this Warrant for any issue tax in respect thereof; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of
any certificate in a name other than that of the then Holder of this Warrant being exercised. 
 6. Closing of Books. The Company
will at no time close its transfer books against the transfer of this Warrant or of any shares of Preferred Stock issued or issuable upon the exercise of this Warrant in any manner which interferes with the timely exercise of this Warrant. 

7. No Voting or Dividend Rights; Limitation of Liability. Nothing contained in this Warrant shall be construed as conferring upon the
Holder hereof the right to vote or to consent as a stockholder in respect of meetings of stockholders for the election of directors of the Company or any other matters or any rights whatsoever as a stockholder of the Company. No dividends or
interest shall be payable or accrued in respect of this Warrant or the interest represented hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been exercised. No provisions hereof, in the absence
of affirmative action by the Holder to purchase shares of Preferred Stock, and no mere enumeration herein of the rights or privileges of the Holder hereof, shall give rise to any liability of such Holder for the Stock Purchase Price or as a
stockholder of the Company, whether such liability is asserted by the Company or by its creditors. 
 8. [Reserved]. 

9. Registration Rights. The Holder hereof shall be entitled, with respect to the shares of Preferred Stock issued upon exercise hereof
or the shares of Common Stock or other securities issued upon conversion of such Preferred Stock as the case may be, to all of the registration rights set forth in the Fourth Amended and Restated Investors’ Rights Agreement dated as of
July 21, 2006 (the “Rights Agreement”), to the same extent and on the same terms and conditions as possessed by the investors thereunder with the following exceptions and clarifications: (i) the Holder will have no demand
registration rights; (ii) the Holder will be subject to the same provisions 

  
 -6- 

 
regarding indemnification as contained in the Rights Agreement; and (iii) the registration rights are freely assignable by the Holder of this Warrant in connection with a permitted transfer
of this Warrant or the shares issuable upon exercise hereof. The Company shall take such action as may be reasonably necessary to assure that the granting of such registration rights to the Holder does not violate the provisions of the Rights
Agreement or any of the Company’s charter documents or rights of prior grantees of registration rights. Holder agrees prior to becoming entitled to the rights specified in this Section 9, it will execute a joinder to the Rights Agreement
in form and substance satisfactory to the Buyer. 
 10. Rights and Obligations Survive Exercise of Warrant. The rights and
obligations of the Company, of the Holder of this Warrant and of the holder of shares of Preferred Stock issued upon exercise of this Warrant, contained in Sections 6 and 9 shall survive the exercise of this Warrant. 

11. Modification and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an
instrument in writing signed by the party against which enforcement of the same is sought. 
 12. Notices. Any notice, request or
other document required or permitted to be given or delivered to the Holder hereof or the Company shall be deemed to have been given (i) upon receipt if delivered personally or by courier (ii) upon confirmation of receipt if by telecopy or
(iii) three business days after deposit in the US mail, with postage prepaid and certified or registered, to each such Holder at its address as shown on the books of the Company or to the Company at the address indicated therefor in the first
paragraph of this Warrant. 
 13. Binding Effect on Successors. This Warrant shall be binding upon any corporation succeeding the
Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets. All of the obligations of the Company relating to the Preferred Stock issuable upon the exercise of this Warrant shall survive the exercise and
termination of this Warrant. All of the covenants and agreements of the Company shall inure to the benefit of the successors and assign of the Holder hereof. The Company will, at the time of the exercise of this Warrant, in whole or in part, upon
request of the Holder hereof but at the Company’s expense, acknowledge in writing its continuing obligation to the Holder hereof in respect of any rights (including, without limitation, any right to registration of the shares of Common Stock)
to which the Holder hereof shall continue to be entitled after such exercise in accordance with this Warrant; provided, that the failure of the Holder hereof to make any such request shall not affect the continuing obligation of the Company to the
Holder hereof in respect of such rights. 
 14. Descriptive Headings and Governing Law. The descriptive headings of the several
sections and paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of
the State of California without regards for conflicts of laws principles. 
 15. Lost Warrants or Stock Certificates. The Company
represents and warrants to the Holder hereof that upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of any Warrant or stock certificate and, in the case of any such loss, theft or
destruction, upon receipt of an indemnity reasonably satisfactory to the Company, or in the case of any such mutilation upon surrender and cancellation of such Warrant or stock certificate, the Company, at its expense will make and deliver a new
Warrant or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock certificate. 
 16.
Fractional Shares. No fractional shares shall be issued upon exercise of this Warrant. The Company shall, in lieu of issuing any fractional share, pay the Holder entitled to such fraction a sum in cash equal to such fraction multiplied by the
then effective Stock Purchase Price. 
 17. Representations of Holder. With respect to this Warrant, Holder represents and warrants
to the Company as follows: 
 17.1 Experience. It is experienced in evaluating and investing in companies engaged in businesses
similar to that of the Company; it understands that investment in this Warrant and the Preferred Stock and Common Stock issuable with respect thereto, involves substantial risks; it has made detailed inquiries

  
 -7- 

 
concerning the Company, its business and services, its officers and its personnel; the officers of the Company have made available to Holder any and all written information it has requested; the
officers of the Company have answered to Holder’s satisfaction all inquiries made by it; in making this investment it has relied upon information made available to it by the Company; and it has such knowledge and experience in financial and
business matters that it is capable of evaluating the merits and risks of investment in the Company and it is able to bear the economic risk of that investment. 

17.2 Investment. It is acquiring this Warrant for investment for its own account and not with a view to, or for resale in connection
with, any distribution thereof. It understands that this Warrant, the shares of Preferred Stock issuable upon exercise thereof and the shares of Common Stock issuable upon conversion of the Preferred Stock, have not been registered under the
Securities Act, nor qualified under applicable state securities laws. 
 17.3 Rule 144. It acknowledges that this Warrant, the
Preferred Stock and the Common Stock must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. It has been advised or is aware of the provisions of Rule 144
promulgated under the Securities Act. 
 17.4 Access to Data. It has had an opportunity to discuss the Company’s business,
management and financial affairs with the Company’s management and has had the opportunity to inspect the Company’s facilities. 

18. Additional Representations and Covenants of the Company. The Company hereby represents, warrants and agrees as follows: 

18.1 Corporate Power. The Company has all requisite corporate power and corporate authority to issue this Warrant and to carry out and
perform its obligations hereunder. 
 18.2 Authorization. All corporate action on the part of the Company, its directors and
stockholders necessary for the authorization, execution, delivery and performance by the Company of this Warrant has been taken. This Warrant is a valid and binding obligation of the Company, enforceable in accordance with its terms. 

18.3 Offering. Subject in part to the truth and accuracy of Holder’s representations set forth in Section 17 hereof, the
offer, issuance and sale of this Warrant is, and the issuance of Preferred Stock upon exercise of this Warrant and the issuance of Common Stock upon conversion of the Preferred Stock will be exempt from the registration requirements of the
Securities Act, and are exempt from the qualification requirements of any applicable state securities laws; and neither the Company nor anyone acting on its behalf will take any action hereafter that would cause the loss of such exemptions. 

18.4 Stock Issuance. Upon exercise of this Warrant, the Company will use its best efforts to cause stock certificates representing the
shares of Preferred Stock purchased pursuant to the exercise to be issued in the names of Holder, its nominees or assignees, as appropriate at the time of such exercise. Upon conversion of the shares of Preferred Stock into shares of Common Stock,
the Company will issue the Common Stock in the names of Holder, its nominees or assignees, as appropriate. 
 18.5 Certificates and
By-Laws. The Company has provided Holder with true and complete copies of the Company’s Certificate of Incorporation, By-Laws, and each Certificate of Designation or other charter document setting, forth any rights, preferences and
privileges of Company’s capital stock, each as amended and in effect on the date of issuance of this Warrant. 
 18.6 Conversion of
Preferred Stock. As of the date hereof, each share of the Preferred Stock is convertible into one share of the Common Stock. 

  
 -8- 

 18.7 Financial and Other Reports. From time to time up to the earlier of the Expiration
Date or the complete exercise of this Warrant, the Company shall furnish to Holder (i) within 90 days after the close of each fiscal year of the Company an audited balance sheet and statement of changes in financial position at and as of the
end of such fiscal year, together with an audited statement of income for such fiscal year; (ii) within 45 days after the close of each fiscal quarter of the Company, an unaudited balance sheet and statement of cash flows at and as of the end
of such quarter, together with an unaudited statement of income for such quarter; and (iii) promptly after sending, making available, or filing, copies of all reports, proxy statements, and financial statements that the Company sends or makes
available to its stockholders and all registration statements and reports that the Company files with the SEC or any other governmental or regulatory authority. 

IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its officers, thereunto duly authorized this 18th day of September 2006. 
  

			
	INOGEN, INC.
		
	By:	 	 /s/ Kathy J. Odell

		
	Title:	 	 Chief Executive Officer

  
 -9- 

 FORM OF SUBSCRIPTION 

(To be signed only upon exercise of Warrant) 
  

	To:	INOGEN, INC. 

  

	 ̈	The undersigned, the Holder of the within Warrant, hereby irrevocably elects to exercise the purchase right represented by such Warrant for, and to purchase thereunder,
(1)                      (            ) shares (the “Shares”) of Stock of
                     and herewith makes payment of
                     Dollars ($        ) therefor, and requests that the certificates for such shares be
issued in the name of, and delivered to,                     , whose address is
                    . 

  

	 ̈	The undersigned hereby elects to convert                      percent (    %) of the value of the
Warrant pursuant to the provisions of Section 1(b) of the Warrant. 

 The undersigned acknowledges that it has reviewed the
representations and warranties contained in Section 17 of this Warrant and by its signature below hereby makes such representations and warranties to the Company. 

 

			
	Dated	 	  

		
	Holder:	 	  

		
	By:	 	  

		
	Its:	 	  

	
	(Address)
	
	  

	
	  

  

	(1)	Insert here the number of shares called for on the face of the Warrant (or, in the case of a partial exercise, the portion thereof as to which the Warrant is being exercised), in either case without making any
adjustment for additional Preferred Stock or any other stock or other securities or property or cash which, pursuant to the adjustment provisions of the Warrant, may be issuable upon exercise. 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned, the Holder of the within Warrant, hereby sells, assigns and transfers all of the rights of the undersigned under the
within Warrant, with respect to the number of shares of Preferred Stock covered thereby set forth herein below, unto: 
  

					
	 Name of Assignee
	  	 Address
	  	 No. of Shares

		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

  

			
	Dated	 	  

		
	Holder:	 	  

		
	By:	 	  

		
	Its:	 	  

 EXHIBIT “A” 

[On letterhead of the Company] 

Reference is hereby made to that certain Warrant dated September 18, 2006, issued by INOGEN, INC., a Delaware corporation (the
“Company”), to VENTURE LENDING & LEASING IV, LLC, a Delaware limited liability company (the “Holder”). 
 [IF
APPLICABLE] The Warrant provides that the actual number of shares of the Company’s capital stock issuable upon exercise of the Warrant and the initial exercise price per share are to be determined by reference to one or more events or
conditions subsequent to the issuance of the Warrant. Such events or conditions have now occurred or lapsed, and the Company wishes to confirm the actual number of shares issuable and the initial exercise price. The provisions of this Supplement to
Warrant are incorporated into the Warrant by this reference, and shall control the interpretation and exercise of the Warrant. 
 [IF
APPLICABLE] Notice is hereby given pursuant to Section 4.5 of the Warrant that the following adjustment(s) have been made to the Warrant: [describe adjustments, setting forth details regarding method of calculation and facts upon which
calculation is based]. 
 This certifies that the Holder is entitled to purchase from the Company
                                        
(                    ) fully paid and nonassessable shares of the Company’s
                     Stock at a price of
                                         Dollars
($        ) per share (the “Stock Purchase Price”). The Stock Purchase Price and the number of shares purchasable under the Warrant remain subject to adjustment as provided in Section 4 of
the Warrant. 
 Executed this      day of             ,
200    . 
  

			
	INOGEN, INC.,
		
	By:	 	  

		
	Name:	 	  

		
	Title:

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