Document:

Exhibit 10.6

 

SUBSCRIPTION
AGREEMENT

 

Tuscan
Holdings Corp.

135
E. 57th Street, 18th Floor

New
York, New York 10022

Ladies
and Gentlemen:

 

In
connection with the proposed business combination (the “Transaction”) between Tuscan Holdings Corp., a Delaware
corporation (the “Company”), and Microvast, Inc., a Delaware corporation (“Microvast”),
to be effected pursuant to that certain Merger Agreement, dated on or about the date hereof, by and among the Company, Microvast
and the other parties thereto (the “Merger Agreement”), the undersigned desires to subscribe for and purchase
from the Company, and the Company desires to sell to the undersigned, that number of shares of the Company’s common stock,
par value $0.0001 per share (the “Common Stock”), set forth on the signature page hereof in exchange for a
promissory note in favor of the Company (the “Promissory Note”) with a total principal amount equal to RMB
174,500,000 (the “Purchase Price”) to be executed and delivered at the Subscription Closing pursuant to the
terms of that certain Framework Agreement, dated on or about the date hereof, by and among the Company, Microvast, the undersigned
and the other parties thereto (the “Framework Agreement”), on the terms and subject to the conditions contained
herein. In connection therewith, the undersigned (sometimes referred to herein as a “Subscriber”) and the Company
agree as follows:

 

1. Subscription.
Subject to the provisions of Section 2 hereof, the undersigned hereby irrevocably subscribes for and agrees to purchase from the
Company such number of shares of Common Stock as is set forth on the signature page of this Subscription Agreement on the terms
and subject to the conditions provided for in the Framework Agreement and herein (the “Shares”). The undersigned
understands and agrees that the undersigned’s subscription for the Shares shall be deemed to be accepted by the Company
if and when this Subscription Agreement is signed and delivered by a duly authorized person by or on behalf of the Company; the
Company may do so in counterpart form.

 

In
connection with the Transaction and by virtue of its acquisition and ownership of the Common Stock, the undersigned shall be entitled
to 546,097 Earn Out Shares (as defined in the Merger Agreement) pursuant to Section 2.7 of the Merger Agreement in accordance
with the Merger Consideration Allocation Schedule (as defined in the Merger Agreement), if and when issued by the Company following
the consummation of the Transaction.

 

For
the purposes of this Subscription Agreement, “business day” means any other day than a Saturday, Sunday or
a day on which the Federal Reserve Bank of New York is closed.

 

2. Closing.
The closing of the sale of the Shares contemplated hereby (the “Subscription Closing”) is contingent upon the
substantially concurrent consummation of the Transaction (the “Transaction Closing”). The Subscription Closing
shall occur on the date of, and immediately prior to, the Transaction Closing (the “Transaction Closing Date”).
Not less than ten business days prior to the scheduled Transaction Closing Date, the Company shall provide written notice to the
undersigned (the “Closing Notice”) (i) of such scheduled Transaction Closing Date, and (ii) that the Company
reasonably expects all conditions to the closing of the Transaction to be satisfied or waived. On the Transaction Closing Date,
the Company shall deliver to the undersigned (i) the Shares in book-entry form, or, if required by the undersigned, certificated
form, free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities
laws as set forth herein), in the name of the undersigned (or its nominee in accordance with its delivery instructions) or to
a custodian designated by the undersigned, as applicable, and (ii) a copy of the records of the Company’s transfer
agent showing the undersigned (or such nominee or custodian) as the owner of the Shares on and as of the Transaction Closing Date.
Upon concurrent delivery of (a) the duly executed Promissory Note in accordance with the terms of the Framework Agreement, and
(b) the Shares to the undersigned (or its nominee or custodian, if applicable), in each case, at the Subscription Closing, the
Promissory Note shall go into effect automatically and without further action by the Company or the undersigned.

 

     

     

    

 

If
the Transaction Closing does not occur within two business days after the Transaction Closing Date specified in the Closing Notice,
the Promissory Note shall terminate automatically and without further action by the Company or the undersigned. Furthermore, if
the Transaction Closing does not occur on the same day as the Subscription Closing, any book-entries and, if applicable, certificated
shares, shall be deemed cancelled (and, in the case of certificated shares, the undersigned shall promptly return such certificates
to the Company or, as directed by the Company, to the Company’s representative or agent).

 

If
this Subscription Agreement terminates following the delivery by the undersigned of the Promissory Note for the Shares, the Promissory
Note shall terminate automatically and without further action by the Company or the undersigned, whether or not the Transaction
Closing shall have occurred.

 

3. Closing
Conditions.

 

a. The
obligations of the Company to consummate the transactions contemplated hereunder are subject to the conditions that, at the Subscription
Closing:

 

		i.	all
                                         representations and warranties of the undersigned contained in this Subscription Agreement
                                         shall be true and correct in all material respects (other than representations and warranties
                                         that are qualified as to materiality, which representations and warranties shall be true
                                         and correct in all respects) at and as of the Subscription Closing as though made on
                                         the Subscription Closing (except for those representations and warranties that speak
                                         as of a specific date, which shall be so true and correct in all material respects as
                                         of such specified date), and consummation of the Subscription Closing shall constitute
                                         a reaffirmation by the undersigned of each of the representations, warranties and agreements
                                         of the undersigned contained in this Subscription Agreement as of the Subscription Closing,
                                         but in each case without giving effect to consummation of the Transaction; and

 

		ii.	the
                                         undersigned shall have performed or complied in all material respects with all agreements
                                         and covenants required by this Subscription Agreement.

 

    2

     

    

 

b. The
obligations of the undersigned to consummate the transactions contemplated hereunder are subject to the conditions that, at the
Subscription Closing:

 

		i.	all
                                         representations and warranties of the Company contained in this Subscription Agreement
                                         shall be true and correct in all material respects (other than representations and warranties
                                         that are qualified as to materiality or Material Adverse Effect (as defined herein),
                                         which representations and warranties shall be true and correct in all respects) at and
                                         as of the Subscription Closing as though made on the Subscription Closing (except for
                                         those representations and warranties that speak as of a specific date, which shall be
                                         so true and correct in all material respects as of such specified date), and consummation
                                         of the Subscription Closing shall constitute a reaffirmation by the Company of each of
                                         the representations, warranties and agreements of the Company contained in this Subscription
                                         Agreement as of the Subscription Closing, but in each case without giving effect to consummation
                                         of the Transaction;

 

		ii.	the
                                         Company shall have performed or complied in all material respects with all agreements
                                         and covenants required by this Subscription Agreement; and

 

		iii.	no
                                         amendment, modification or waiver of the Transaction Agreement (as defined below) shall
                                         have occurred that reasonably would be expected to materially and adversely affect the
                                         economic benefits that the Subscriber reasonably would expect to receive under this Subscription
                                         Agreement.

 

c. The
obligations of each of the Company and the undersigned to consummate the transactions contemplated hereunder are subject to the
conditions that, at the Subscription Closing:

 

		i.	no
                                         governmental authority shall have enacted, issued, promulgated, enforced or entered any
                                         judgment, order, law, rule or regulation (whether temporary, preliminary or permanent)
                                         which is then in effect and has the effect of making consummation of the transactions
                                         contemplated hereby illegal or otherwise restraining or prohibiting consummation of the
                                         transactions contemplated hereby, and no governmental authority shall have instituted
                                         or threatened in writing a proceeding seeking to impose any such restraint or prohibition;

 

		ii.	all
                                         conditions precedent to the closing of the Transaction set forth in the Transaction Agreement,
                                         including the approval of the Company’s stockholders and regulatory approvals,
                                         if any, shall have been satisfied or waived (other than those conditions which, by their
                                         nature, are to be satisfied by a party to the Transaction Agreement at the closing of
                                         the Transaction, but subject to satisfaction or waiver by such party of such conditions
                                         as of the closing of the Transaction); and

 

    3

     

    

 

		iii.	no
                                         suspension of the qualification of the Shares for offering or trading in any jurisdiction,
                                         or initiation or threatening of any proceedings for any of such purposes, shall have
                                         occurred and be continuing.

 

4. Further
Assurances. At the Subscription Closing, the parties hereto shall execute and deliver or cause to be executed and delivered
such additional documents and take such additional actions as the parties reasonably may deem to be practical and necessary in
order to consummate the subscription as contemplated by this Subscription Agreement.

 

5. Company
Representations and Warranties. The Company represents and warrants to the undersigned that:

 

a. The
Company is validly existing and is in good standing under the laws of the State of Delaware, with corporate power and authority
to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform
its obligations under this Subscription Agreement.

 

b. The
Shares have been duly authorized by the Company and, when issued and delivered to the undersigned against full payment therefor
in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable
and will not have been issued in violation of or subject to any preemptive or similar rights created under the Company’s
Amended and Restated Certificate of Incorporation or under the laws of the State of Delaware.

 

c. As
of the date hereof, the authorized capital stock of the Company consists of (i) 1,000,000 shares of preferred stock, par value
$0.0001 per share (“Preferred Stock”) and (ii) 65,000,000 shares of Common Stock. As of the date hereof and
as of immediately prior to the Subscription Closing and the Transaction Closing: (A) no shares of Preferred Stock are issued and
outstanding and (B) 35,487,000 shares of Common Stock are issued and outstanding, (C) 687,000 private placement warrants (the
“Private Placement Warrants”) are issued and outstanding and 687,000 shares of Common Stock are issuable in
respect of such Private Placement Warrants, and (D) 27,600,000 public warrants (the “Public Warrants”) are
issued and outstanding and 27,600,000 shares of Common Stock are issuable in respect of such Public Warrants. Each Private Placement
Warrant and Public Warrant is exercisable for one share of Common Stock at an exercise price of $11.50 per share. As of the date
hereof, except for TSCN Merger Sub Inc. and MVST SPV Inc. (both of whom were formed for purposes of effecting the Transaction),
the Company has no subsidiaries and does not own, directly or indirectly, interests or investments (whether equity or debt) in
any person, whether incorporated or unincorporated. As of the date hereof, except as set forth above and pursuant to (i) the Other
Subscription Agreements, (ii) the CL Subscription Agreements (as defined below), (iii) the Transaction Agreement or (iv) the Framework
Agreement, dated as of the date of the Transaction Agreement, by and among the Company, Microvast, Microvast Power System (Huzhou)
Co., Ltd. and certain of its investors and an affiliate entity of certain of its investors, there are no outstanding options,
warrants or other rights to subscribe for, purchase or acquire from the Company any shares of Common Stock or other equity interests
in the Company (collectively, “Equity Interests”) or securities convertible into or exchangeable or exercisable
for Equity Interests. There are no securities or instruments issued by or to which the Company is a party containing anti-dilution
or similar provisions that will be triggered by the issuance of (i) the Shares or (ii) the shares of Common Stock to be issued
pursuant to any Other Subscription Agreement, in each case, that have not been or will not be validly waived on or prior to the
Subscription Closing.

 

    4

     

    

 

d. The
Shares are not, and following the Transaction Closing and the Subscription Closing will not be, subject to any Transfer Restriction.
The term “Transfer Restriction” means any condition to or restriction on the ability of the undersigned to
pledge, sell, assign or otherwise transfer the Shares under any organizational document, policy or agreement of, by or with the
Company, but excluding the restrictions on transfer described in Section 6(c) of this Subscription Agreement with respect to the
status of the Shares as “restricted securities” pending their registration for resale under the Securities Act of
1933, as amended (the “Securities Act”) in accordance with the terms of this Subscription Agreement.

 

e. This
Subscription Agreement and the Transaction Agreement have been duly authorized, executed and delivered by the Company and are
the legally binding obligations of the Company and are enforceable in accordance with their respective terms, except as may be
limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating
to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

f. The
execution, delivery and performance of the Subscription Agreement, the issuance and sale of the Shares and the compliance by the
Company with all of the provisions of this Subscription Agreement and the consummation of the transactions herein will not conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the
creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or any of its subsidiaries
pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan or credit agreement, guarantee, note, bond, permit,
lease, license or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company
or any of its subsidiaries is bound or to which any of the property or assets of the Company is subject, which would reasonably
be expected to have a material adverse effect on the business, properties, financial condition, stockholders’ equity or
results of operations of the Company (a “Material Adverse Effect”) or materially affect the validity of the
Shares or the legal authority or ability of the Company to comply in all material respects with the terms of this Subscription
Agreement; (ii) result in any violation of the provisions of the organizational documents of the Company; or (iii) result in any
violation of any statute or any judgment, order, rule or regulation of any court or governmental agency, taxing authority or regulatory
body, domestic or foreign, having jurisdiction over the Company or any of its properties that would reasonably be expected to
have a Material Adverse Effect or materially affect the validity of the Shares or the legal authority of the Company to comply
with this Subscription Agreement.

 

g. The
Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other federal, state, local or other governmental authority, self-regulatory organization (including NASDAQ)
or other person in connection with the execution, delivery and performance of this Subscription Agreement (including, without
limitation, the issuance of the Shares), other than (i) filings with the Securities and Exchange Commission (the “Commission”),
(ii) filings required by applicable state securities laws, (iii) filings required by NASDAQ, including with respect to obtaining
shareholder approval, (iv) filings required to consummate the Transaction as provided under the definitive documents relating
to the Transaction, and (v) where the failure of which to obtain would not be reasonably likely to have a Material Adverse Effect
or have a material adverse effect on the Company’s ability to consummate the transactions contemplated hereby, including
the issuance and sale of the Shares.

 

    5

     

    

 

h. The
Company is in compliance with all applicable law, except where such non-compliance would not have a Material Adverse Effect. The
Company has not received any written communication from a governmental entity that alleges that the Company is not in compliance
with or is in default or violation of any applicable law, except where such non-compliance, default or violation would not be
reasonably likely to have, individually or in the aggregate, a Material Adverse Effect.

 

i. The
issued and outstanding shares of Common Stock of the Company are registered pursuant to Section 12(b) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and are listed for trading on NASDAQ under the symbol “THCB”
(it being understood that the trading symbol will be changed in connection with the Transaction Closing). Except as disclosed
in the Company’s filings with the Commission, there is no suit, action, proceeding or investigation pending or, to the knowledge
of the Company, threatened against the Company by NASDAQ or the Commission, respectively, to prohibit or terminate the listing
of the Company’s Common Stock on NASDAQ or to deregister the Common Stock under the Exchange Act. The Company has taken
no action that is designed to terminate the registration of the Common Stock under the Exchange Act.

 

j. Assuming
the accuracy of the undersigned’s representations and warranties set forth in Section 6 of this Subscription Agreement,
no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the undersigned.

 

k. A
copy of each form, report, statement, schedule, prospectus, proxy, registration statement and other document, if any, filed by
the Company with the Commission since its initial registration of the Common Stock under the Exchange Act (the “SEC Documents”)
is available to the undersigned via the Commission’s EDGAR system, which SEC Documents, as of their respective filing dates,
complied in all material respects with the requirements of the Exchange Act applicable to the SEC Documents and the rules and
regulations of the SEC promulgated thereunder applicable to the SEC Documents. None of the SEC Documents contained, when filed
or, if amended, as of the date of such amendment with respect to those disclosures that are amended, any untrue statement of a
material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading; provided, that with respect to the information
about the Company’s affiliates contained in the Schedule 14A and related proxy materials (or other SEC document) to be filed
by the Company the representation and warranty in this sentence is made to the Company’s knowledge. The Company has timely
filed each report, statement, schedule, prospectus, and registration statement that the Company was required to file with the
Commission since its initial registration of the Common Stock under the Exchange Act. The financial statements of the Company
included in the SEC Documents comply in all material respects with applicable accounting requirements and the rules and regulations
of the Commission with respect thereto as in effect at the time of filing and fairly present in all material respects the financial
position of the Company as of and for the dates thereof and the results of operations and cash flows for the periods then ended,
subject, in the case of unaudited statements, to normal, year-end audit adjustments. There are no material outstanding or unresolved
comments in comment letters from the staff of the Division of Corporation Finance (the “Staff”) of the Commission
with respect to any of the SEC Documents.

 

    6

     

    

 

l. Except
for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse
Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority pending,
or, to the knowledge of the Company, threatened against the Company or (ii) judgment, decree, injunction, ruling or order of any
governmental entity or arbitrator outstanding against the Company.

 

m. Other
than separate subscription agreements entered into by the Company with certain other institutional “accredited investors”
(as defined in rule 501 of the Securities Act) (such investors, the “Other Subscribers” and such subscription
agreements, the “Other Subscription Agreements”), the Company has not entered into any side letter or similar
agreement with any Other Subscriber or investor in connection with such Other Subscriber’s or other investor’s direct
or indirect investment in the Company or with any other investor, and such Other Subscription Agreements have not been amended
in any material respect following the date of this Subscription Agreement and reflect substantially the same terms that are not
materially more favorable to such Other Subscriber thereunder than the terms of this Subscription Agreement.

 

n. The
Company acknowledges and agrees that, notwithstanding anything herein to the contrary, the Shares may be pledged by the Subscriber
in connection with a bona fide margin agreement, which shall not be deemed to be a transfer, sale or assignment of the Shares
hereunder, and the Subscriber effecting a pledge of Shares shall not be required to provide the Company with any notice thereof
or otherwise make any delivery to the Company pursuant to this Subscription Agreement; provided that such pledge shall be (i)
pursuant to an available exemption from the registration requirements of the Securities Act or (ii) pursuant to, and in accordance
with, a registration statement that is effective under the Securities Act at the time of such pledge.

 

o. Neither
the Company, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any Company security
or solicited any offers to buy any Company security under circumstances that would adversely affect reliance by the Company on
Section 4(a)(2) of the Securities Act for the exemption from registration of the offer and sale of the Shares or would require
registration of the issuance of the Shares under the Securities Act.

 

p. The
Company is not, and immediately after receipt of payment for the Shares will not be, an “investment company” within
the meaning of the Investment Company Act of 1940, as amended.

 

6. Subscriber
Representations and Warranties. The undersigned represents and warrants to the Company that:

 

a. The
undersigned is (i) a “qualified institutional buyer” (as defined under the Securities Act) or (ii) an institutional
“accredited investor” (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the requirements
set forth on Schedule A, and is acquiring the Shares only for his, her or its own account and not for the account of others,
and not on behalf of any other account or person or with a view to, or for offer or sale in connection with, any distribution
thereof in violation of the Securities Act (and shall provide the requested information on Schedule A following the signature
page hereto). Accordingly, the undersigned understands that the offering of the Shares meets the exemptions from filing under
FINRA Rule 5123(b)(1)(C) or (J).

 

    7

     

    

 

b. The
undersigned (i) is an institutional account as defined in FINRA Rule 4512(c), (ii) is a sophisticated investor, experienced in
investing in private equity transactions and capable of evaluating investment risks independently, both in general and with regard
to all transactions and investment strategies involving a security or securities and (iii) has exercised independent judgment
in evaluating its participation in the purchase of the Shares. Accordingly, the undersigned understands that the offering of the
Shares meets (x) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and (y) the institutional customer exemption under
FINRA Rule 2111(b).

 

c. The
undersigned understands that the Shares are being offered in a transaction not involving any public offering within the meaning
of the Securities Act and that the Shares have not been registered under the Securities Act. The undersigned understands that
the Shares may not be resold, transferred, pledged or otherwise disposed of by the undersigned absent an effective registration
statement under the Securities Act except (i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers
and sales that occur outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to
another applicable exemption from the registration requirements of the Securities Act (including, without limitation, a private
resale pursuant to the so-called “Section 4(a)(11⁄2)” exemption), and in each of cases (i) and (iii) in accordance
with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates or book-entry
positions representing the Shares shall contain a legend to such effect. The undersigned acknowledges that the Shares will not
be immediately eligible for resale pursuant to Rule 144 promulgated under the Securities Act, that Rule 144 will not be available
until 12 months following the closing and, as a result, the undersigned may not be able to readily resell the Shares and may be
required to bear the financial risk of an investment in the Shares for an indefinite period of time. The undersigned understands
that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Shares.

 

d. The
undersigned understands and agrees that the undersigned is purchasing Shares directly from the Company. The undersigned further
acknowledges that there have been no representations, warranties, covenants and agreements made to the undersigned by the Company,
its officers or directors, or any other party to the Transaction or person or entity, expressly or by implication, other than
those representations, warranties, covenants and agreements included in this Subscription Agreement.

 

e. Either
(i) the undersigned is not a Benefit Plan Investor as contemplated by the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), or (ii) the undersigned’s acquisition and holding of the Shares will not constitute
or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Internal Revenue Code of 1986,
as amended, or any applicable similar law.

 

    8

     

    

 

f. The
undersigned acknowledges and agrees that the undersigned has received and has had an adequate opportunity to review, such financial
and other information as the undersigned deems necessary in order to make an investment decision with respect to the Shares and
made its own assessment and is satisfied concerning the relevant tax and other economic considerations relevant to the undersigned’s
investment in the Shares. Without limiting the generality of the foregoing, the undersigned acknowledges that it has reviewed
the risk factors provided to the undersigned by the Company. The undersigned represents and agrees that the undersigned and the
undersigned’s professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers
and obtain such information as the undersigned and such undersigned’s professional advisor(s), if any, have deemed necessary
to make an investment decision with respect to the Shares. The undersigned further acknowledges that the information provided
to the undersigned is preliminary and subject to change and the Company is under no obligation to inform the undersigned regarding
any such changes, except to the extent such changes would reasonably be expected to cause the failure of the Company to satisfy
a condition to the Subscriber’s obligations at the Subscription Closing.

 

g. The
undersigned became aware of this offering of the Shares solely by means of direct contact between the undersigned and the Company
or a representative of the Company, and the Shares were offered to the undersigned solely by direct contact between the undersigned
and the Company or a representative of the Company. The undersigned did not become aware of this offering of the Shares, nor were
the Shares offered to the undersigned, by any other means. The undersigned acknowledges that the Company represents and warrants
that the Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered
in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities
laws.

 

h. The
undersigned acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares.
The undersigned is able to fend for himself, herself or itself in the transactions completed herein, has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares and has the
ability to bear the economic risks of such investment in the Shares and can afford a complete loss of such investment. The undersigned
has sought such accounting, legal and tax advice as the undersigned has considered necessary to make an informed investment decision.

 

i. Alone,
or together with any professional advisor(s), the undersigned has adequately analyzed and fully considered the risks of an investment
in the Shares and determined that the Shares are a suitable investment for the undersigned and that the undersigned is able at
this time and in the foreseeable future to bear the economic risk of a total loss of the undersigned’s investment in the
Company. The undersigned acknowledges specifically that a possibility of total loss exists.

 

j. In
making its decision to purchase the Shares, the undersigned has relied solely upon independent investigation made by the undersigned
and the representations, warranties and covenants contained herein. Without limiting the generality of the foregoing, the undersigned
has not relied on any statements or other information provided by the Placement Agent (as defined below) concerning the Company
or the Shares or the offer and sale of the Shares.

 

    9

     

    

 

k. The
undersigned understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the
Shares or made any findings or determination as to the fairness of this investment.

 

l. The
undersigned is validly existing in good standing under the laws of its jurisdiction of incorporation or formation.

 

m. The
execution, delivery and performance by the undersigned of this Subscription Agreement are within the powers of the undersigned,
have been duly authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or
regulation of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking,
to which the undersigned is a party or by which the undersigned is bound, and, if the undersigned is not an individual, will not
violate any provisions of the undersigned’s charter documents, including, without limitation, its incorporation or formation
papers, bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription
Agreement is genuine, and the signatory, if the undersigned is an individual, has legal competence and capacity to execute the
same or, if the undersigned is not an individual, the signatory has been duly authorized to execute the same, and this Subscription
Agreement constitutes a legal, valid and binding obligation of the undersigned, enforceable against the undersigned in accordance
with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered
at law or equity.

 

n. Neither
the due diligence investigation conducted by the undersigned in connection with making its decision to acquire the Shares nor
any representations and warranties made by the undersigned herein shall modify, amend or affect the undersigned’s right
to rely on the truth, accuracy and completeness of the Company’s representations and warranties contained herein.

 

o. The
undersigned is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered
by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order
issued by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity
prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R.
Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. The undersigned agrees
to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that the undersigned
is permitted to do so under applicable law. If the undersigned is a financial institution subject to the Bank Secrecy Act (31
U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively, the “BSA/PATRIOT
Act”), the undersigned maintains policies and procedures reasonably designed to comply with applicable obligations under
the BSA/PATRIOT Act.  To the extent required, it maintains policies and procedures reasonably designed for the screening
of its investors against the OFAC sanctions programs, including the OFAC List. To the extent required, it maintains policies and
procedures reasonably designed to ensure that the funds held by the undersigned and used to purchase the Shares were legally derived.

 

    10

     

    

 

p. No
disclosure or offering document has been prepared by Morgan Stanley & Co. LLC (the “Placement Agent”) or
any of their respective affiliates in connection with the offer and sale of the Shares.

 

q. The
Placement Agent and its directors, officers, employees, representatives and controlling persons have made no independent investigation
with respect to the Company or the Shares or the accuracy, completeness or adequacy of any information supplied to the undersigned
by the Company.

 

r. In
connection with the issue and purchase of the Shares, the Placement Agent has not acted as the undersigned’s financial advisor
or fiduciary.

 

7. Registration
Rights. At the Transaction Closing, the undersigned is entering into the Registration Rights and Lock-Up Agreement (as defined
in the Merger Agreement).

 

8. Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of
the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest
to occur of (a) following the execution of a definitive agreement among the Company and Microvast with respect to the Transaction
(a “Transaction Agreement”), such date and time as such Transaction Agreement is terminated in accordance with
its terms without the Transaction being consummated, (b) upon the mutual written agreement of each of the parties hereto
to terminate this Subscription Agreement, (c) if any of the conditions to the Subscription Closing set forth in Section 3
of this Subscription Agreement are not satisfied or waived on or prior to the Subscription Closing and, as a result thereof, the
transactions contemplated by this Subscription Agreement are not consummated at the Subscription Closing, or (d) at the election
of the Subscriber, if the consummation of the Transaction shall not have occurred by the Termination Date (as defined in the Transaction
Agreement); provided that nothing herein will relieve any party from liability for any willful breach hereof prior to the
time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages
arising from such breach. The Company shall promptly notify the undersigned of the termination of the Transaction Agreement after
the termination of such agreement. For the avoidance of doubt, if any termination hereof occurs after the delivery by the Subscriber
of the Purchase Price for the Shares, the Company shall promptly (but not later than one business day thereafter) return the Purchase
Price to the Subscriber without any deduction for or on account of any tax, withholding, charges, or set-off.

 

9. Trust
Account Waiver. The undersigned acknowledges that the Company is a blank check company with the powers and privileges to effect
a merger, asset acquisition, reorganization or similar business combination involving the Company and one or more businesses or
assets. The undersigned further acknowledges that, as described in the Company’s prospectus relating to its initial public
offering dated March 5, 2019 available at www.sec.gov, substantially all of the Company’s assets consist of the cash proceeds
of the Company’s initial public offering and private placements of its securities, and substantially all of those proceeds
have been deposited in a trust account (the “Trust Account”) for the benefit of the Company, its public stockholders
and the underwriters of the Company’s initial public offering. For and in consideration of the Company entering into this
Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby irrevocably waives
any and all right, title and interest, or any claim of any kind it has or may have in the future, in or to any monies held in
the Trust Account, and agrees not to seek recourse against the Trust Account, in each case, as a result of, or arising out of,
this Subscription Agreement; provided that nothing in this Section 9 shall be deemed to limit the undersigned’s right,
title, interest or claim to the Trust Account by virtue of the undersigned’s record or beneficial ownership of Common Stock
of the Company acquired by any means other than pursuant to this Subscription Agreement.

 

    11

     

    

 

10. No
Short Sales. The undersigned hereby agrees that, from the date of this Agreement until the Subscription Closing, none of the
undersigned, its controlled affiliates, or any person or entity acting on behalf of the undersigned or any of its controlled affiliates
or pursuant to any understanding with the undersigned or any of its controlled affiliates will engage in any Short Sales with
respect to securities of the Company. For purposes of this Section 10, “Short Sales” shall include, without
limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and
all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage
arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis),
and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers.

 

11. Miscellaneous.

 

a. The
Company shall, no later than 9:00 a.m., New York City time, on the first business day immediately following the date of this Subscription
Agreement, issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively, the “Disclosure
Document”) disclosing all material terms of the transactions contemplated hereby, the Transaction and any other material,
nonpublic information that the Company or any of its officers, directors, employees or agents (including the Placement Agent)
has provided to the undersigned at any time prior to the filing of the Disclosure Document. From and after the issuance of the
Disclosure Document, the undersigned shall not be in possession of any material, non-public information received from the Company
or any of its officers, directors, employees or agents (including the Placement Agent) and the Subscriber shall no longer be subject
to any confidentiality or similar obligations under any current agreement, whether written or oral with the Company, the Placement
Agent, or any of their respective affiliates. Except with the express written consent of the Subscriber and unless prior thereto
the Subscriber shall have executed a written agreement regarding the confidentiality and use of such information, the Company
shall not, and shall cause its officers, directors, employees and agents, not to, provide Subscriber with any material, non-public
information regarding the Company or the Transaction from and after the filing of the Disclosure Document, other than to the extent
that providing any notice to the Subscriber pursuant to the Registration Rights and Lock-Up Agreement constitutes material, nonpublic
information regarding the Company. Notwithstanding anything in this Subscription Agreement to the contrary, each party hereto
acknowledges and agrees that without the prior written consent of the other party hereto it will not (and in the case of the Company
it will cause its representatives, including the Placement Agent not to) publicly make reference to such other party or any of
its affiliates (i) in connection with the Transaction or this Subscription Agreement (provided that the undersigned may disclose
its entry into this Subscription Agreement) or (ii) in any promotional materials, media, or similar circumstances, except, in
each case, as required by law or regulation or at the request of the Staff or regulatory agency or under the regulations of NASDAQ,
including, in the case of the Company (A) as required by the federal securities law in connection with any registration statement,
(B) the filing of this Subscription Agreement (or a form of this Subscription Agreement) with the Commission and (C) the filing
of any registration statement on Form S-4 and Schedule 14A and related materials to be filed by the Company with respect to the
Transaction, in which case the Company shall provide the Subscriber with prior written notice of such disclosure permitted under
this subclause (ii).

 

    12

     

    

 

b. Neither
this Subscription Agreement nor any rights that may accrue to the undersigned hereunder (other than the Shares acquired hereunder,
if any) may be transferred or assigned.

 

c. The
Company may request from the undersigned such additional information as the Company may deem necessary to evaluate the eligibility
of the undersigned to acquire the Shares, and the undersigned promptly shall provide such information as may reasonably be requested,
to the extent readily available and to the extent consistent with its internal policies and procedures, provided that the
Company agrees to keep confidential any such information to the extent such information is not in the public domain, was not provided
lawfully to the Company by another source not under a duty of confidentiality and except to the extent disclosure of such information
by the Company is compelled by law, court order or a self-regulatory organization such as NASDAQ or FINRA, in which case, the
Company shall provide the Subscriber with prior written notice of any disclosure of such information if reasonably practicable
and legally permitted.

 

d. The
undersigned acknowledges that the Company and the Placement Agent (only pursuant to the final sentence of this paragraph) and,
only following the Subscription Closing and the Transaction Closing, Microvast may rely on the acknowledgments, understandings,
agreements, representations and warranties of the undersigned contained in this Subscription Agreement. The Company acknowledges
that the Subscriber will rely on the acknowledgements, understandings, agreements, representations and warranties of the Company
contained in this Subscription Agreement. Prior to the Subscription Closing, the undersigned agrees to notify the Company promptly
if any of the acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate
in any material respect (other than those acknowledgments, understandings, agreements, representations and warranties qualified
by materiality, in which case the undersigned shall notify the Company if they are no longer accurate in all respects). The undersigned
agrees that the purchase by the undersigned of Shares from the Company pursuant this Subscription Agreement will constitute a
reaffirmation of the acknowledgments, understandings, agreements, representations and warranties herein (as modified by any such
notice) by the undersigned as of the Subscription Closing. The undersigned further acknowledges and agrees that the Placement
Agent is a third-party beneficiary of the representations and warranties of the undersigned contained in Sections 6(a), 6(b),
6(c), 6(f), 6(h), 6(j), 6(p), 6(q) and 6(r) of this Subscription Agreement.

 

    13

     

    

 

e. The
Company and the Subscriber are entitled to rely upon this Subscription Agreement and the Company is irrevocably authorized to
produce this Subscription Agreement or a copy hereof when required by law, regulatory authority or NASDAQ to do so in any administrative
or legal proceeding or official inquiry with respect to the matters covered hereby.

 

f. Except
if required by law or NASDAQ, without the prior written consent of the undersigned, the Company shall not, and shall cause its
representatives, including the Placement Agent and their respective representatives, not to, disclose the existence of this Subscription
Agreement or any negotiations related hereto, or to use the name of the undersigned or any information provided by the undersigned
in connection herewith in or for the purpose of any marketing activities or materials or for any similar or related purpose.

 

g. All
the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Subscription
Closing.

 

h. This
Subscription Agreement may not be modified, waived or terminated except by an instrument in writing, signed by the party against
whom enforcement of such modification, waiver, or termination is sought; provided that any rights (but not obligations) of a party
under this Subscription Agreement may be waived, in whole or in part, by such party on its own behalf without the prior consent
of any other party.

 

i. This
Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as otherwise expressly
set forth in subsection (d) of this Section 11, this Subscription Agreement shall not confer any rights or remedies upon any person
other than the parties hereto, and their respective successor and assigns.

 

j. Except
as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto
and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations,
warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors,
administrators, successors, legal representatives and permitted assigns.

 

k. If
any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue
in full force and effect.

 

l. This
Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf) and
by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All
counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

m. The
parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement and to enforce specifically
the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled
at law, in equity, in contract, in tort or otherwise.

 

    14

     

    

 

n. Notices.
Any notice, request, claim, demand, waiver, consent, approval or other communication which is required or permitted hereunder
shall be in writing and shall be deemed given (a) when delivered by hand (with written confirmation of receipt), (b) when received
by the addressee if sent by a nationally recognized overnight courier postage prepaid (receipt requested), (c) on the date sent
by email (with no “bounceback” or notice of non-delivery, and provided that, unless affirmatively confirmed by the
recipient as received, notice is also sent to such party under another method permitted in this Section 11(n) within two business
days thereafter) if sent during normal business hours of the recipient, and on the next business day if sent after normal business
hours of the recipient or (d) on the third business day after the date mailed, by certified or registered mail, return receipt
requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such
other address for a party as shall be specified in a notice given in accordance with this Section 11(n)):

 

		i.	if
                                         to the undersigned, to such address or addresses set forth on the undersigned’s
                                         signature page hereto;

 

		ii.	if
                                         to the Company prior to the Transaction Closing, to:

 

Tuscan
Holdings Corp.

135
E. 57th Street, 18th Floor

New
York NY 10022

Attention:
Stephen A. Vogel

Telephone:
(646) 948-7100

 

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

 

Greenberg
Traurig, LLP

MetLife
Building

200
Park Avenue

New
York, New York 10166

Attention:
Alan Annex

Kevin
Friedmann

Email:
AnnexA@gtlaw.com

FriedmannK@gtlaw.com

 

		iii.	If
                                         to Microvast prior to the Transaction Closing, to:

 

Microvast,
Inc.

12603 Southwest Freeway, Suite 210

Stafford, Texas 77477

Attention: Yang Wu

Email: wuyang@microvast.com

 

    15

     

    

 

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

 

Shearman
& Sterling LLP

2828 N. Harwood Street, Suite 1800

Dallas, Texas 75201

Attention: Paul Strecker

Alain
Dermarkar

Email: Paul.Strecker@Shearman.com

Alain.Dermarkar@Shearman.com

 

		iv.	If
                                         to the Company after the Transaction Closing, to:

 

Microvast
Holdings, Inc.

12603 Southwest Freeway, Suite 210

Stafford, Texas 77477

Attention: Yang Wu

Email: wuyang@microvast.com

 

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

 

Shearman
& Sterling LLP

2828 N. Harwood Street, Suite 1800

Dallas, Texas 75201

Attention: Paul Strecker

Alain
Dermarkar

Email: Paul.Strecker@Shearman.com

Alain.Dermarkar@Shearman.com

 

o. THIS
SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE.

 

    16

     

    

 

THE
PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK, THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE
STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND
THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE,
AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT
THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR
THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY
SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE
HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION
OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS
IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 11(n) OR IN SUCH OTHER MANNER AS MAY BE PERMITTED
BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND
HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS
IN THIS SECTION 11(o).

 

[SIGNATURE
PAGES FOLLOW]

 

    17

     

    

 

IN
WITNESS WHEREOF, the undersigned has executed or caused this Subscription Agreement to be executed by its duly authorized
representative as of the date set forth below.

 

	Name of Investor:	 	State/Country of Formation or Domicile:
	AURORA SHEEN LIMITED	 	British Virgin Islands
	 	 	 
	By:	 /s/ Ying, Wei	 	 
	Name: 	Ying, Wei	 	 
	Title:	 Director	 	 
	 	 	 
	Name in which shares are to be registered (if different):	 	Date: January 29, 2021 
	Investor’s EIN:	 	 
	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	1503, International Commerce Centre, 1 Austin Road West	 	 
	City, State, Zip:	 	City, State, Zip:
	Kowloon, Hong Kong	 	 
	Attn: Li, Dan(李丹)	 	Attn: __________________
	 	 	 
	Telephone No.:	 	Telephone No.:
	Email Address:	 	Email Address:
	 	 	 
	Number of Shares subscribed for:	 	 
	5,734,018	 	 
	Aggregate Subscription Amount: RMB 174,500,000	 	Price Per Share: N/A

 

 

The
above Subscriber agrees that it shall execute and deliver the Promissory Note prior to or at the Subscription Closing.

 

[Signature Page to
Subscription Agreement]

 

     

     

    

IN
WITNESS WHEREOF, Tuscan Holdings Corp. has accepted this Subscription Agreement as of the date set forth below.

 

	 	TUSCAN HOLDINGS CORP.
	 	 	 
	 	By:	/s/ Stephen A. Vogel
	 	Name:	Stephen A. Vogel
	 	Title:	Chief Executive Officer

 

Date:
February 1, 2021

 

     

     

    

 

SCHEDULE
A

ELIGIBILITY REPRESENTATIONS OF THE INVESTOR

 

		A.	QUALIFIED
INSTITUTIONAL BUYER STATUS

(Please
check the applicable subparagraphs):

 

		1.	☐	We are a “qualified institutional buyer”
(as defined in Rule 144A under the Securities Act).

 

		B.	INSTITUTIONAL
ACCREDITED INVESTOR STATUS

(Please
check the applicable subparagraphs):

 

		1.	☐	We are an “accredited investor” (within
the meaning of Rule 501(a) under the Securities Act) for one or more of the following reasons (Please check the applicable subparagraphs):

 

		☐	We
are a bank, as defined in Section 3(a)(2) of the Securities Act or any savings and loan association or other institution as defined
in Section 3(a)(5)(A) of the Securities Act, whether acting in an individual or a fiduciary capacity.

 

		☐	We
are a broker or dealer registered under Section 15 of the Securities Exchange Act of 1934, as amended.

 

		☐	We
are an insurance company, as defined in Section 2(13) of the Securities Act.

 

		☐	We
are an investment company registered under the Investment Company Act of 1940 or a business development company, as defined in
Section 2(a)(48) of that act.

 

		☐	We are a Small Business Investment Company licensed by
the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958.

 

		☐	We
are a plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its
political subdivisions for the benefit of its employees, if the plan has total assets in excess of $5 million.

 

		☐	We
are an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, if the investment
decision is being made by a plan fiduciary, as defined in Section 3(21) of such act, and the plan fiduciary is either a bank,
an insurance company, or a registered investment adviser, or if the employee benefit plan has total assets in excess of $5 million.

 

		☐	We
are a private business development company, as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

 

		☐	We
are a corporation, Massachusetts or similar business trust, partnership, limited liability company or an organization described
in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, that was not formed for the specific purpose of acquiring
the Securities, and that has total assets in excess of $5 million.

 

    Schedule A

     

    

 

		☐	We
are a trust with total assets in excess of $5 million not formed for the specific purpose of acquiring the Securities, whose purchase
is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the Securities Act.

 

		☐	We
                                         are an investment adviser relying on the exemption from registering with the SEC under
                                         Section 203(l) or (m) of the Investment Advisers Act of 1940, as amended;

 

		☐	We
                                         are a Rural Business Investment Company as defined in Section 384A of the Consolidated
                                         Farm and Rural Development Act;

 

		☐	We
                                         are a family office, as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers
                                         Act of 1940, as amended, that (i) has assets under management in excess of $5 million;
                                         (ii) is not formed for the specific purpose of acquiring the Securities and (iii) has
                                         a person directing the prospective investment who has such knowledge and experience in
                                         financial and business matters so that the family office is capable of evaluating the
                                         merits and risks of the prospective investment;

 

		☐	We
                                         are a family client, as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers
                                         Act of 1940, as amended, of a family office meeting the requirements of clause (d) above
                                         and whose prospective investment in the Company is directed by that family office pursuant
                                         to clause (12)(iii) above;

 

		☐	We
                                         are an entity of a type not previously listed that is not formed for the specific purpose
                                         of acquiring the Securities and owns investments in excess of $5 million. For purposes
                                         of this clause, "investments" means investments as defined in Rule 2a51-1(b)
                                         under the Investment Company Act of 1940, as amended;

 

		☐	We
are an entity in which all of the equity owners are accredited investors.

 

C.
 AFFILIATE STATUS

 

(Please
check the applicable box)

 

THE
INVESTOR:

 

		☐	is:

 

		☐	is
not:

 

an
“affiliate” (as defined in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of
the Company.

 

This
page should be completed by the Investor and constitutes a part of the Subscription Agreement

 

 

Schedule AEX-4.1

 Exhibit 4.1 

UNDERWRITER ORDINARY SHARE PURCHASE WARRANT 

ITERUM THERAPEUTICS PLC 
  

			
	Warrant Shares: _______	  	Initial Exercise Date: February 8, 2021

 THIS UNDERWRITER ORDINARY SHARE PURCHASE WARRANT (the “Warrant”) certifies that, for value of
$0.0001 received by the Company, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after February 8,
2021 (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on February 3, 2026 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Iterum Therapeutics PLC,
an Irish incorporated public limited company (the “Company”), up to ______ Ordinary Shares (as subject to adjustment hereunder, the “Warrant Shares”). The purchase price of one Ordinary Share under this Warrant
shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant is issued pursuant to that certain Underwriting Agreement, by and between the Company and H.C. Wainwright & Co., LLC, dated as of February 3, 2021.

 Section 1. Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms
have the meanings indicated in this Section 1: 
 “Affiliate” means any Person that, directly or
indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

“Bid Price” means, for any date, the price determined by the first of the following clauses that applies:
(a) if the Ordinary Shares are then listed or quoted on a Trading Market, the bid price of the Ordinary Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Ordinary Shares are then listed or quoted
as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Ordinary Shares for such date
(or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary Shares are then reported on The Pink Open Market (or a
similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Ordinary Share so reported, or (d) in all other cases, the fair market value of an Ordinary Share as determined by an independent
appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. 

“Board of Directors” means the board of directors of the Company. 

  
 1 

 “Business Day” means any day other than Saturday, Sunday or
other day on which commercial banks in The City of New York are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain
closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any other
similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York
generally are open for use by customers on such day. 
 “Commission” means the United States Securities and
Exchange Commission. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder. 
 “Ordinary Share” means the ordinary shares of the Company,
nominal value $0.01 per share, and any other class of securities into which such securities may hereafter be reclassified or changed. 

“Ordinary Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the
holder thereof to acquire at any time Ordinary Shares, including, without limitation, any debt, preferred share, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise
entitles the holder thereof to receive, Ordinary Shares. 
 “Person” means an individual or corporation,
partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint share company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Registration Statement” means the Company’s registration statement on Form S-3 (File No. 333-232569). 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Subsidiary” means any subsidiary of the Company and shall, where applicable, also include
any direct or indirect subsidiary of the Company formed or acquired after the date hereof. 
 “Trading Day”
means a day on which the Ordinary Shares are traded on a Trading Market. 
 “Trading Market” means any of
the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock
Exchange (or any successors to any of the foregoing). 

  
 2 

 “Transfer Agent” means Computershare Trust Company, N.A.,
the current transfer agent of the Company, and any successor transfer agent of the Company. 
 “VWAP” means,
for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Ordinary Shares for such date (or
the nearest preceding date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB
or OTCQX is not a Trading Market, the volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Ordinary Shares are not then listed or quoted for trading on
OTCQB or OTCQX and if prices for the Ordinary Shares are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Ordinary Shares so
reported, or (d) in all other cases, the fair market value of an Ordinary Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable
to the Company, the fees and expenses of which shall be paid by the Company. 
 “Warrants” means this
Warrant and other underwriter warrants issued by the Company pursuant to the Registration Statement. 
 Section 2.
Exercise. 
 a) Exercise of Warrant. Exercise of the subscription and purchase rights represented by this
Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading
Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Ordinary
Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of
Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which
case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases
of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.

  
 3 

 
The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise
within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

b) Exercise Price. The exercise price per Ordinary Share under this Warrant shall be $1.4375, subject to adjustment
hereunder (the “Exercise Price”). 
 c) Cashless Exercise. If at the time of exercise hereof there is
no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a
“cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where: 

 

					
	(A)	 	=	 	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day
that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the
federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Ordinary Shares on
the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is
delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable
Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading
Day;
			
	(B)	 	=	 	the Exercise Price of this Warrant, as adjusted hereunder; and
			
	(X)	 	=	 	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

  
 4 

 If Warrant Shares are issued in such a cashless exercise, the parties
acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to
this Section 2(c), except to the extent required by applicable law, rule or regulation. 
 In advance of undertaking a
cashless exercise of this Warrant pursuant to this Section 2(c), the Holder shall have paid to the Company the aggregate nominal amount of the Warrant Shares ($0.01 per Warrant Share) issuable upon exercise of this Warrant. 

Upon the exercise of the Warrants, other than by way of cashless exercise pursuant to this Section 2(c) or upon the
termination of the Warrants prior to exercise of all or any portion of such Warrants, the Company covenants to return to Holder the applicable portion of the aggregate nominal amount of the Warrant Shares in connection with such Warrants that have
been exercised other than by way of cashless exercise on a periodic six-month basis or promptly upon request by the Holder and, upon termination of the Warrants prior to exercise of all or any portion of such
Warrants, the Company shall promptly return to the Holder in full the remaining amount of the aggregate nominal amount of the Warrant Shares in connection with such Warrants. Notwithstanding the foregoing, each Holder shall have the right, upon
three (3) Trading Days’ notice to the Company, to require the Company to return the remaining amount of the aggregate nominal amount of the Warrant Shares issuable upon exercise of such Holder’s Warrants that was paid by such Holder,
provided that any future cashless exercise of the Warrants by such Holder shall require delivery of such aggregate nominal amount of the Warrant Shares before the Warrant Shares are issued. 

d) Mechanics of Exercise. 

i. Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be
transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if
the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to the Holder or (B) this Warrant is being exercised via cashless exercise, and
otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address
specified by the Holder in the Notice of Exercise by the date that is the latest of (i) one (1) Trading Day after the delivery of the aggregate Exercise Price to the Company and (ii) the number of Trading Days comprising the Standard
Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have
become the holder of record of the Warrant Shares with respect to which this Warrant 

  
 5 

 
has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received
within the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant
Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Ordinary Shares on the date of the applicable Notice
of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or
Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means
the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Ordinary Shares as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing,
with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which may be delivered at any time after 11:17 p.m. EST on February 3, 2021, the Company agrees to deliver the
Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes hereunder. 

ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at
the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by
this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 iii. Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 

iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon
Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an
exercise on or before the Warrant Share Delivery Date (other than a failure caused by incorrect or 

  
 6 

 
incomplete information provided by the Holder to the Company), and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the
Holder’s brokerage firm otherwise purchases, Ordinary Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a
“Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for
the Ordinary Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at
which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in
which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Ordinary Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder
purchases Ordinary Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Ordinary Shares with an aggregate sale price giving rise to such purchase
obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice within two (2) Trading Days after the occurrence of a
Buy-In indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely
deliver Ordinary Shares upon exercise of the Warrant as required pursuant to the terms hereof. 
 v. No Fractional Shares
or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall round down to the next whole share. 
 vi. Charges, Taxes and Expenses. Issuance of Warrant Shares shall be
made without charge to the Holder for any issue tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of
the Holder or in such name or names as may be directed by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise
shall be 

  
 7 

 
accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any
transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar
functions) required for same day electronic delivery of the Warrant Shares. 
 vii. Closing of Books. The Company
will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 

e) Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the
Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership
Limitation (as defined below). For purposes of the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Ordinary Shares issuable upon exercise
of this Warrant with respect to which such determination is being made, but shall exclude the number of Ordinary Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the
Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Ordinary Share Equivalents)
subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this
Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to
the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this
Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall
be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any
Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in 

  
 8 

 
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding
Ordinary Shares, a Holder may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public
announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of Ordinary Shares outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day
confirm orally and in writing to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company,
including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Ordinary Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of
Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of
this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares upon exercise of this Warrant held by
the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is
delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be
defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply
to a successor holder of this Warrant. 
 Section 3. Certain Adjustments. 

a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock
dividend or otherwise makes a distribution or distributions on its Ordinary Shares payable in Ordinary Shares (which, for avoidance of doubt, shall not include any Ordinary Shares issued by the Company upon exercise of this Warrant), (ii) subdivides
outstanding Ordinary Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Ordinary Shares into a smaller number of shares, or (iv) issues by reclassification of shares of the Ordinary
Shares any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares (excluding treasury shares, if any) outstanding immediately
before such event and of which the denominator shall be the number of Ordinary Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate
Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or
distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. 

  
 9 

 b) [RESERVED] 

c) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the
Company grants, issues or sells any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders of any class of Ordinary Shares (the “Purchase Rights”), then the
Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of this
Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if
no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder’s right to
participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Ordinary
Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation). 
 d) Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company
shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise, other than cash (including, without limitation, any distribution of
stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this
Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Ordinary Shares acquirable upon complete
exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is
taken, the date as of which the record holders of Ordinary Shares are to be determined for the participation in such Distribution (provided, however, that, to the extent that the Holder’s right to participate in any such
Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Ordinary Shares as a result of
such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership
Limitation). 

  
 10 

 e) Fundamental Transaction. If, at any time while this Warrant is
outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of its Subsidiaries, taken as a whole),
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted
by the holders of 50% or more of the outstanding Ordinary Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any
compulsory share exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a
stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of
Persons whereby such other Person or group acquires more than 50% of the outstanding Ordinary Shares (not including any Ordinary Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each
Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant),
the number of Ordinary Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such
Fundamental Transaction by a holder of the number of Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For
purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Ordinary Share in such
Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Ordinary
Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following
such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the
public announcement of the applicable 

  
 11 

 
Fundamental Transaction), the Holder may exercise this Warrant on a “cashless” basis and shall have the right to receive, for each Warrant Share that would have been issuable upon such
exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), (i) a number of Warrant Shares equal to the Black
Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction divided by the average of the VWAP during five (5) Trading Days immediately preceding the
announcement of the Fundamental Transaction or (ii) the Alternate Consideration receivable as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares for which this Warrant is exercisable immediately prior to such
Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant) based on the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental
Transaction, it being understood and agreed that the Holder shall only be entitled to receive from the Company or any Successor Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised
portion of this Warrant, that is being offered and paid to the holders of Ordinary Shares of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether
the holders of Ordinary Shares are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction; provided, however, that if holders of Ordinary Shares of the Company are not
offered or paid any consideration in such Fundamental Transaction, such holders of Ordinary Shares will be deemed to have received common stock of the Successor Entity (which Entity may be the Company following such Fundamental Transaction) in such
Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day of consummation of the
applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable
Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the
Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in
cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the greater of (x) the last VWAP immediately prior to the public
announcement of such Fundamental Transaction and (y) the last VWAP immediately prior to the consummation of such Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the
applicable Fundamental Transaction and the Termination Date and (E) a zero cost of borrow. In advance of undertaking a “cashless” exercise of this Warrant pursuant to this Section 3(e), the Holder shall have paid to the Company
the aggregate nominal amount of the Warrant Shares ($0.01 per Warrant Share) issuable upon exercise of this Warrant. The Company shall 

  
 12 

 
cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the
Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which
is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the
exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary Shares pursuant to
such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation
of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant
referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such
Successor Entity had been named as the Company herein. 
 f) Calculations. All calculations under this Section 3
shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of
Ordinary Shares (excluding treasury shares, if any) issued and outstanding. 
 g) Notice to Holder. 

i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this
Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement
of the facts requiring such adjustment. 
 ii. Notice to Allow Exercise by Holder. If (A) the Company shall
declare a dividend (or any other distribution in whatever form) on the Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company shall authorize the
granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with
any reclassification of the 

  
 13 

 
Ordinary Shares, any consolidation or merger to which the Company (and all of its Subsidiaries, taken as a whole) is a party, any sale or transfer of all or substantially all of the assets of the
Company, or any compulsory share exchange whereby the Ordinary Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs
of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days
prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be
taken, the date as of which the holders of the Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger,
sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other
property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. Unless otherwise agreed by the Holder, to the extent that any notice provided in this Warrant constitutes, or contains, material, non-public
information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such material non-public information with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly
set forth herein. 
 h) Voluntary Adjustment by Company. Subject to the rules and regulations of The Trading Market
and subject to any applicable FINRA rules, the Company may at any time during the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed
appropriate by the Board of Directors of the Company. 
 Section 4. Transfer of Warrant. 

a) Transferability. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this
Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such 

  
 14 

 
surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or
denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the
contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading
Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without
having a new Warrant issued. 
 b) New Warrants. This Warrant may be divided or combined with other Warrants upon
presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with
Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such
notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or
any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 Section 5.
Miscellaneous. 
 a) No Rights as Shareholder Until Exercise; No Settlement in Cash. This Warrant does not
entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a
Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash
settle an exercise of this Warrant. 
 b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants
that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity
or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new
Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 

  
 15 

 c) Saturdays, Sundays, Holidays, etc. If the last or appointed day
for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day. 

d) Authorized Shares. 

The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Ordinary Shares a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any subscription and purchase rights under this Warrant at the then effective Exercise Price. The Company further covenants that its
issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the subscription and purchase rights under this Warrant. The Company will take all
such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Ordinary Shares may be
listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the subscription and purchase rights represented by this Warrant and payment for
such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and not subject to calls for any additional payments (nonassessable) and free from all taxes, liens and charges created by the Company in respect of the issue
thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 
 Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its articles of association or through any 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 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 actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the nominal value of any
Warrant Shares above the amount payable for such Warrant Shares upon exercise of this Warrant immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having
jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant. 

  
 16 

 Before taking any action which would result in an adjustment in the number
of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof. 
 e) Jurisdiction. All questions concerning the construction, validity, enforcement and
interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and
hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue
for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to
limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall
be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. 

f) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not
registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws. 

g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of
Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of
this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

  
 17 

 h) Notices. Any and all notices or other communications or deliveries
to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight
courier service, addressed to the Company, at Iterum Therapeutics plc, Block 2, Floor 3, Harcourt Centre, Harcourt Street, Dublin 2 Ireland, Attention: Louise Barrett, facsimile number: _________, email address: ___________, or such
other facsimile number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and
delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e-mail
address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or
communication is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on
any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or via e-mail at the
e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if
sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. Unless otherwise agreed by the Holder, to the extent that any notice provided hereunder
constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such material non-public
information with the Commission pursuant to a Current Report on Form 8-K. 
 i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to
any liability of the Holder for the purchase price of any Ordinary Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and
hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 

k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from
time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. 

  
 18 

 l) Company Acknowledgement. The Company acknowledges that, if the
Company has received the aggregate nominal amount of the Ordinary Shares issuable upon exercise of this Warrant, the Company shall hold such aggregate nominal amount in trust and shall apply it in payment of the nominal value of the Ordinary Shares
issued in connection with exercises of this Warrant pursuant to Section 2(c) herein. 
 m) Amendment. This
Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder. 

n) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
remainder of such provisions or the remaining provisions of this Warrant. 
 o) Headings. The headings used in this
Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 
 ********************

 (Signature Page Follows) 

  
 19 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized as of the date first above indicated. 
  

			
	 ITERUM THERAPEUTICS PLC

		
	By:	 	
                     

		 	 Name:

		 	 Title:

  
 20 

 NOTICE OF EXERCISE 

TO:    ITERUM THERAPEUTICS PLC 

(1) The undersigned hereby elects to subscribe for and purchase ________ Warrant Shares of the Company pursuant to the terms of the attached
Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 

(2) Payment shall take the form of (check applicable box): 

☐ in lawful money of the United States; or 

☐ if permitted, the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in
subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 

(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below: 

 

                       
                      
 The Warrant Shares
shall be delivered to the following DWAC Account Number: 
  

                       
                      
  

                       
                      
  

                       
                      
 [SIGNATURE OF HOLDER]

  

			
	Name of Investing Entity:	 	  

			
	Signature of Authorized Signatory of Investing Entity:	 	  

			
	Name of Authorized Signatory:	 	              

	Title of Authorized Signatory:	 	  

			
	Date:	 	  

 EXHIBIT B 

ASSIGNMENT FORM 

        (To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to
purchase shares.) 
 FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 

 

							
	Name:	 		 	  
	 	
		 		 	(Please Print)	 	
				
	Address:	 		 	  
	 	
		 		 	(Please Print)	 	
				
	Phone Number:	 		 	  
	 	
				
	Email Address:	 		 	  
	 	
				
	Dated: _______________ __, ______	 		 		 	
				
	Holder’s Signature:
                                         
             	 		 		 	
				
	Holder’s Address:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]