Document:

EX-4.1

 Exhibit 4.1 
  

 
 THIS CERTIFIES THAT is the owner of CUSIP DATED COUNTERSIGNED AND REGISTERED: COMPUTER SHARE TRUST COMPANY, N.A. TRANSFER
AGENT AND REGISTRAR, FULLY-PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF Hille Vax, Inc (hereinafter called the “Company”), transferable on the books of the Company in person or by duly
authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby, are issued and shall be held subject to all of the provisions of the Certificate of Incorporation, as amended, and the By-Laws, as amended, of the Company (copies of which are on file with the Company and with the Transfer Agent), to all of which each holder, by acceptance hereof, assents. This Certificate is not valid unless
countersigned and registered by the Transfer Agent and Registrar. Witness the facsimile seal of the Company and the facsimile signatures of its duly authorized officers. COMMON STOCK PAR VALUE $0.0001 COMMON STOCK SEE REVERSE FOR CERTAIN DEFINITIONS
Certificate Number Shares . FACSIMILE SIGNATURE TO COME FACSIMILE SIGNATURE TO COME President Secretary By AUTHORIZED SIGNATURE 03/25/2020 DEL AWAR E CO R PO RATE H ILLE VAX, INC 000000 * * * * * * * * * * * * * * * * * * * * * 000000* * * * * * * *
* * * * * * * * * * * * * 000000* * * * * * * * * * * * * * * * * * * * * 000000* * * * * * * * * * * * * * * * * * * * * 000000* * * * * * * * * * * * * * *000000 **Shares **** 000000** Shares **** 000000 ** Shares **** 000000** Shares ****
000000** Shares **** 000000 ** Shares **** 000000 ** Shares**** 000000 ** Shares **** 000000** Shares **** 000000** Shares ****000000 ** Shares ****000000** Shares****000000** Shares****000000** Shares ****000000** Shares ****000000** Shares ****0
00000** Shares ****000000** Shares **** 000000** Shares **** 000000** Shares**** 000000** Shares **** 000000** Shares ****000000** Shares ****000000** Shares ****00 0000** Shares****000000** Shares****000000** Shares****000000** Shares ****000000**
Shares ****000000** Shares ****000000** Shares ****000000** Shares ****000 000** Shares ****000000** Shares ****000000** Shares ****000000** Shares ****000000** Shares ****000000** Shares ****000000** Shares ****000000** Shares ****0000 00** Shares
****000000** Shares ****000000** Shares ****000000 ** Shares **** 000000** Shares ****000000** Shares ****000000** Shares ****000000** Shares ****00000 0** Shares ****000000** Shares ****000000** Shares ****000000** Shares ****000000** Shares
****000000** Shares ****000000** Shares ****000000** Shares ****000000 ** Shares ****000000** Shares ****000000** Shares ****000000** Shares ****000000** Shares ****000000** Shares ****000000** Shares ****000000** Shares ****000000*
*Shares****000000** Shares ****000000** Shares ****000000** Shares ****000000** Shares ****000000** Shares ****000000** Shares ****000000** Shares ****000000** Shares****000000** Shares ****000000** Shares ****000000** Shares ****000000** Shares
****000000** Shares ****000000** Shares ****000000** Shares ****000000**S ***ZERO HUNDRED THOUSAND ZERO HUNDRED AND ZERO*** ZQ00000000 Certificate Numbers 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890
1234567890/1234567890 1234567890/1234567890 Total Transaction Num/No. 123456 Denom. 123456 Total 1234567 MR A SAMPLE DESIGNATION (IF ANY) ADD 1 ADD 2 ADD 3 ADD 4 PO BOX 505006, Louisville, KY 40233-5006 CUSIP/IDENTIFIER XXXXXX XX X Holder ID
XXXXXXXXXX Insurance Value 1,000,000.00 Number of Shares 123456 DTC 12345678 123456789012345 THIS CERTIFICATE IS TRANSFERABLE IN CITIES DESIGNATED BY THE TRANSFER AGENT, AVAILABLE ONLINE AT www.computershare.com HILLEVAX, INC INCORPORATED UNDER THE
LAWS OF THE STATE OF DELAWARE ** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
**** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample MR. SAMPLE & MRS. SAMPLE & MR.
SAMPLE & MRS. SAMPLE 

  

					
	 

 HILLEVAX, INC. 

THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS, A SUMMARY OF THE POWERS, DESIGNATIONS,
PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE COMPANY AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND THE VARIATIONS IN RIGHTS, PREFERENCES AND
LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE FIXED BY THE CERTIFICATE OF INCORPORATION OF THE COMPANY, AS AMENDED, AND THE RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY, AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS
FOR FUTURE SERIES. SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE SECRETARY OF THE COMPANY OR TO THE TRANSFER AGENT. THE BOARD OF DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR DESTROYED STOCK CERTIFICATE, OR HIS LEGAL REPRESENTATIVES, TO GIVE THE
COMPANY A BOND TO INDEMNIFY IT AND ITS TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT OF THE ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE. 

 

							
	 
	 The following abbreviations, when
used in the inscription on the face of this certificate, shall be construed as though they were written out in full
 according to applicable laws or regulations:

 

	    TEN COM	 	- as tenants in common	 	UNIF GIFT MIN ACT	 	
- ............................................Custodian..................................................

	 	 		 		 	
                         
     (Cust)
                                         
                       (Minor)

	    TEN ENT	 	- as tenants by the entireties	 		 	under Uniform Gifts to Minors Act...........................................................
	 	 		 		 	                             
                                         
                                  (State)
	    JT TEN	 	- as joint tenants with right of survivorship	 	UNIF TRF MIN ACT	 	- ............................................Custodian (until age...................................)
	 	 	  and not as tenants in common	 		 	                        
      (Cust)
	 	 		 		 	
...................................under Uniform Transfers to Minors Act.................

	 	 		 		 	            (Minor)
                                         
                                         
                          (State)
	    Additional abbreviations may also be
used though not in the above list.

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE   

			
	For value received,_____________ hereby sell, assign and transfer unto	 	
                            
                                         
                                         
                  
     

  

			
	 	 	 
	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE)
		
	 	 	 
		
	 	 	 
		
	 	 	Shares
	of the common stock represented by the within Certificate, and do hereby irrevocably constitute and appoint	 	
		
	 	 	Attorney
	to transfer the said stock on the books of the within-named Company with full power of substitution in the premises.	 	

  

					
	Dated:_______________________________________________	 	20__________________	 	Signature(s) Guaranteed: Medallion Guarantee Stamp
		 		 	 THE SIGNATURE(S)
SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (Banks, Stockbrokers, Savings and Loan Associations and Credit Unions) WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15.

	  

Signature:__________________________________________________________________

		 	
		 	 
	Signature:__________________________________________________________________	 	 
	 Notice:   The signature to this assignment
must correspond with the name as written upon the face of the certificate, in every particular, without alteration or enlargement, or any change whatever.
  
	 	 

 

  
  

 
 

 

 The IRS requires that the named transfer agent (“we”) report the cost
basis of certain shares or units acquired after January 1, 2011. If your shares or units are covered by the legislation, and you requested to sell or transfer the shares or units using a specific cost basis calculation method, then we have
processed as you requested. If you did not specify a cost basis calculation method, then we have defaulted to the first in, first out (FIFO) method. Please consult your tax advisor if you need additional information about cost basis. 

If you do not keep in contact with the issuer or do not have any activity in your account for the time period specified by
state law, your property may become subject to state unclaimed property laws and transferred to the appropriate state.EX-4.2

 Exhibit 4.2 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”). THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. 

THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS WARRANT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA OR
ANY OTHER STATE AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION FOR SUCH SECURITIES PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SUCH SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION
2511, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE OR SUCH PROVISIONS OF THE CORPORATIONS CODE OF ANY SUCH OTHER STATE. THE RIGHTS OF THE HOLDER OF THIS WARRANT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED, UNLESS THE SALE
IS SO EXEMPT. 
 Void after July 2, 2031 

HILLEVAX, INC. 
 WARRANT

 TO PURCHASE SHARES OF COMMON STOCK 

THIS CERTIFIES THAT, for value received, Takeda Vaccines, Inc., together with its permitted successors and assigns
(“Holder”) is entitled, subject to the terms set forth below, to subscribe for and purchase shares of common stock, par value $0.0001 per share (the “Common Stock”) of
HILLEVAX, INC., a Delaware corporation (the “Company”), subject to adjustment as provided herein. This warrant and any warrant subsequently issued upon exchange or transfer
hereof are hereinafter referred to collectively as the “Warrant.” 
 This Warrant is subject to the following terms
and conditions: 
 1.    License Agreement. This Warrant is issued in connection with that certain License
Agreement dated as of July 2, 2021 by and between Holder and the Company. 
 2.    Exercise of Warrant. The
terms and conditions upon which this Warrant may be exercised, and the shares covered hereby may be purchased, are as follows: 

2.1    Term. Subject to the terms hereof and unless sooner terminated as provided below in Section 6.2, this
Warrant may be exercised at any time on or after the events set forth in Section 2.4, or from time to time, in whole or in part; provided, however, that in no event may this Warrant be exercised later than 5:00 p.m. (Pacific Time) on the close
of business on July 2, 2031 (the “Exercise Period”). 
 2.2    Number of Common Stock
Shares. This Warrant may be exercised for three million five hundred thousand (3,500,000) shares of Common Stock, subject to adjustment as provided herein. 

2.3     Exercise Price. The “Exercise Price” shall be $0.0001 per share, subject to
adjustment as provided herein. 
 2.4    Exercise Mechanics. This Warrant shall only be exercisable (a) in
connection with a consolidation or merger of the Company with or into another corporation (other than a merger solely to effect a reincorporation of the Company into another state), the sale or other disposition of all or

  
 1 

 
substantially all the properties and assets of the Company in its entirety to any other person, or any other sale or change in voting control of the Company by equity transfer or otherwise
(collectively, a “Change of Control”), or (b) upon the consummation of, or at any time following the consummation of, an initial public offering of shares of the Company’s Common Stock (an
“IPO”). Subject to the terms and conditions contained herein and while this Warrant remains outstanding and is exercisable, this Warrant is exercisable with respect to any or all of the shares of Common Stock, at the option
of Holder, upon surrender of this Warrant to the Company together with either (x) a duly completed Notice of Exercise, in the form attached hereto as Exhibit A, payment of an amount equal to the Exercise Price
multiplied by the number of shares of Common Stock with respect to which this Warrant is being exercised as provided in Section 2.5 below, or (y) a Net Issue Election Notice, in the form attached hereto as Exhibit B. If Holder
exercises this Warrant with respect to less than all of the shares of Common Stock represented by this Warrant, the Company shall cancel this Warrant upon the surrender thereof and shall execute and deliver to Holder a new Warrant for the balance of
such shares of Common Stock. 
 2.5    Payment. Payment of the Exercise Price for the shares of Common Stock with
respect to which this Warrant is being exercised by Holder shall be made, at the option of Holder, (a) by delivery of cash payable by wire transfer of immediately available funds, (b) by the delivery of a cashier’s check or certified
check, (c) by net issue election as set forth in Section 2.6 below, or (d) by any combination of (a) – (c). 

2.6    Net Issue Election. Holder may elect to receive, without payment by Holder of any additional consideration,
shares of Common Stock equal to the value of the “spread” on the shares of Common Stock or any portion thereof by the surrender of the Warrant to the Company, together with a duly completed Net Issue Election Notice, in the form attached
hereto as Exhibit B, at the principal office of the Company, in which event the Company shall issue to Holder such number of shares of Common Stock as is computed using the following formula, rounded down to the nearest whole share: 

X = Y (A – B) 

            A 

 

					
	Where:	  	X =	  	The number of shares of Common Stock to be issued to Holder pursuant to the net issue election;
			
		  	Y =	  	The number of shares of Common Stock in respect of which the net issue election is made;
			
		  	A =	  	The fair market value (as determined below) of one share of Common Stock at the time the net issue election is made; and
			
		  	B =	  	The Exercise Price in effect under this Warrant as of the date of the net issue election.

 For purposes of this Section 2.6, the fair market value of one share of Common Stock as of a particular date shall be as
determined in good faith by the Board of Directors of the Company; provided that in connection with an IPO (including pursuant to Section 6.3 below), the fair market value shall equal the actual price to the public of the Common Stock sold in
the IPO regardless of the subsequent trading price of the Common Stock after the initial pricing of the IPO. 

3.    Adjustment of Exercise Price and Number of Shares. The Exercise Price and the number of shares of Common
Stock purchasable upon the exercise of this Warrant shall be subject to adjustment from time to time upon the happening of certain events as follows: 

  
 2 

 3.1    Split, Subdivision or Combination. If the Company should
at any time or from time to time fix a record date for (a) the effectuation of a split or subdivision of the outstanding shares of Common Stock or (b) the determination of the holders of Common Stock entitled to receive a dividend or other
distribution payable in additional shares of Common Stock or other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly, additional shares of Common Stock (hereinafter referred to as the
“Common Stock Equivalents”), without payment of any consideration by such holder for the additional shares of Common Stock or Common Stock Equivalents, then, as of such record date (or the date of such distribution, split or
subdivision if no record date is fixed), the Exercise Price shall be appropriately decreased and the number of shares of Common Stock which this Warrant is exercisable for, if any, shall be appropriately increased in proportion to such increase of
outstanding shares. Notwithstanding the foregoing, in any such case, the aggregate purchase price payable by Holder for the total number of shares of Common Stock (as adjusted) shall remain the same. 

3.2    Combination of Shares. If the number of shares of Common Stock outstanding at any time after the date hereof
is decreased by a combination of the outstanding shares of Common Stock, the Exercise Price shall be appropriately increased and the number of shares of Common Stock for which this Warrant is exercisable, if any, shall be appropriately decreased in
proportion to such decrease in outstanding shares. Notwithstanding the foregoing, in any such case, the aggregate purchase price payable by Holder for the total number of shares of Common Stock (as adjusted) shall remain the same. 

3.3    Reclassification or Reorganization. If the shares of Common Stock shall be changed into the same or
different number of shares of any class or classes of stock, whether by capital reorganization, reclassification or otherwise (other than a subdivision, conversion or combination of shares or stock dividend provided for in Sections 3.1 and 3.2
above), then and in each such event Holder shall be entitled to receive upon the exercise of this Warrant the kind and amount of shares of stock and other securities and property receivable upon such reorganization, reclassification or other change,
to which a holder of the number of shares of Common Stock (or any shares of stock or other securities which may be) issuable upon the exercise of this Warrant would have received if this Warrant had been exercised immediately prior to such
reorganization, reclassification or other change, all subject to further adjustment as provided herein. At the request of Holder, this Warrant will thereupon be cancelled and upon its surrender to the Company, the Company will execute and deliver at
its expense a new Warrant reflecting the foregoing adjustment, but otherwise identical to the replaced Warrant. 

3.4    Notice of Adjustments and Record Dates. The Company shall promptly notify Holder in writing of each
adjustment or readjustment of the Exercise Price hereunder and the number of shares of Common Stock issuable upon the exercise of this Warrant. Such notice shall state the adjustment or readjustment and show in reasonable detail the facts on which
that adjustment or readjustment is based. In the event of any taking by the Company of a record of holders of shares of Common Stock for the purpose of determining holders thereof who are entitled to receive any dividend or other distribution, the
Company shall notify Holder in writing of such record date at least ten (10) days prior to the date specified therein. 

3.5    Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence
of any adjustment pursuant hereto. All shares of Common Stock (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would result in the issuance of a fractional share. If,
after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay Holder otherwise entitled to such fraction a sum in cash equal to the product resulting from
multiplying the then current fair market value of a share of Common Stock (as determined in good faith by the Board of Directors of the Company) by such fraction. 

  
 3 

 3.6    Issue Tax. The issuance of certificates for the shares of
Common Stock upon exercise of this Warrant shall be made without charge to Holder for any issuance tax in respect thereof provided that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the
issuance and delivery of any certificate in a name other than that of Holder. 
 3.7    No Impairment. The
Company shall not avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but shall at all times in good faith assist in the carrying out of all the provisions of this Warrant.
Without limiting the generality of the foregoing, the Company shall take all such action as may be necessary or appropriate in order that all shares of Common Stock as may be issued pursuant to the exercise of this Warrant shall, upon issuance, be
duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issue thereof. 

4.    Replacement of Warrants. On receipt by the Company of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft, destruction or mutilation of this Warrant, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the
case of any such mutilation, on surrender and cancellation of such Warrant, the Company at its expense shall execute and deliver to Holder, in lieu thereof, a new Warrant of like tenor. 

5.    No Rights or Liability as a Stockholder. This Warrant does not entitle Holder to any voting rights or other
rights as a stockholder of the Company. No provisions hereof, in the absence of affirmative action by Holder to purchase shares of Common Stock, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of
Holder as a shareholder of the Company. 
 6.    Miscellaneous. 

6.1    Limitations on Disposition. Holder agrees not to make any disposition of this Warrant or any shares of Common
Stock issued upon exercise of this Warrant, unless and until (i) the transferee has agreed in writing for the benefit of the Company to be bound by this Section 6.1 and the other provisions of this Warrant as if such transferee were the
original Holder hereof, provided and to the extent such provisions are then applicable, and (ii) such transfer is in compliance with all applicable securities laws. 

6.2    Early Termination. In the event of, at any time during the Exercise Period, the Company proposes to conduct
a Change of Control, the Company shall provide to Holder ten (10) days advance written notice prior to the closing of such Change of Control and this Warrant shall terminate (subject to the provisions of Section 6.3) unless exercised prior
to the occurrence of such Change of Control. 
 6.3    Automatic Conversion upon Expiration or Termination. In
the event that, at the end of the Exercise Period or earlier termination of this Warrant pursuant to Section 6.2, the fair market value (as determined in good faith by the Board of Directors of the Company) of one share of Common Stock for
which this Warrant is exercisable (or other security issuable upon the exercise hereof) is greater than the Exercise Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be converted pursuant to
Section 2.6 above as to all shares of Common Stock (or such other securities) for which it shall not previously have been exercised or converted, and the Company shall promptly deliver a certificate representing the shares of Common Stock (or
such other securities) issued upon such conversion to the Holder. 

  
 4 

 6.4    Titles and Subtitles. The titles and subtitles used in
this Warrant are for convenience only and are not to be considered in construing or interpreting this Warrant. 

6.5    Notices. All notices and other communications under this Warrant shall be in writing and shall be deemed
given upon receipt if delivered personally, or when sent if mailed by registered or certified mail (return receipt requested) or by reputable overnight express courier (charges prepaid) to the party to be notified at the address indicated for such
party on the signature page hereof, or at such other address as such party may designate by advance written notice to the other parties. 

6.6    Attorneys’ Fees. If any action at law or in equity is necessary to enforce or interpret the terms of
this Warrant, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and disbursements in addition to any other relief to which such party may be entitled. 

6.7    Amendments and Waivers. This Warrant may be amended and the observance of any other term of this Warrant may
be waived (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and Holder. Any amendment or waiver effected in accordance with this Section 6.7 shall be binding upon
Holder of this Warrant (and of any shares of Common Stock into which this Warrant is exercisable), and each future holder of all such securities and the Company. 

6.8    Severability. If one or more provisions of this Warrant are held to be unenforceable under applicable law,
such provision shall be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

6.9    Governing Law. This Warrant shall be governed by and construed and enforced in accordance with the laws of
the State of Delaware, without giving effect to its conflicts of laws principles. 
 [SIGNATURE PAGE
FOLLOWS] 

  
 5 

 This Warrant may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 
  

							
	Date: July 2, 2021	 		 	HILLEVAX, INC.,
a Delaware corporation
				
		 		 	By:	 	 /s/ Robert
Hershberg                    

		 		 	Name:	 	Robert Hershberg
		 		 	Title:	 	Chief Executive Officer

  

			
	ACKNOWLEDGED AND AGREED:
	
	HOLDER:
	
	TAKEDA VACCINES, INC.
		
	By:	 	 /s/ Rajeev Venkayya

	Name:	 	Rajeev Venkayya, M.D.
	Title:	 	President, Global Vaccine Unit
	
	Address:

 [SIGNATURE PAGE TO WARRANT TO PURCHASE 

SHARES OF COMMON STOCK] 

 EXHIBIT A 

FORM OF NOTICE OF EXERCISE 
 The
undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise this Warrant for, and to purchase thereunder,             shares of Common Stock (as defined in the
attached Warrant)* of HILLEVAX, INC., a Delaware corporation and herewith makes payment of $         therefor and requests that the certificates for such
shares be issued in the name of, and delivered to,                     , federal taxpayer identification number
                    , whose address is
                    . 
 In exercising
this Warrant, the undersigned hereby confirms and acknowledges that the              shares of Common Stock (as defined in the attached Warrant) are being acquired solely for the account of
the undersigned and not as a nominee for any other party, and for investment, and the undersigned will not offer, sell or otherwise dispose of any such shares of Common Stock except under circumstances that will not result in a violation of the
Securities Act of 1933, as amended, or any state securities laws. 
 Please issue a new Warrant for the unexercised portion of the attached
Warrant in the name of, and delivered to,                     , federal taxpayer identification number
                    , whose address is
                    . 
 Dated:
                     
  

	
	  
 (Signature must conform to name of
holder
 as specified on the face of the Warrant)

  

	*	 Insert here the number of shares as to which the Warrant is being exercised. 

 EXHIBIT B 

FORM OF NET ISSUE ELECTION NOTICE 

(To be signed only on net issue exercise of the Warrant) 

The undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise this Warrant with respect
to             shares of Common Stock (as defined in the attached Warrant) of HILLEVAX, INC., a Delaware corporation, pursuant to the net
issue election provisions set forth in Section 2.6 of the Warrant and requests that the certificates for the number of shares of Common Stock issuable pursuant to said Section 2.6 after application of the net issue election formula to such
shares of Common Stock be issued in the name of, and delivered to,                     , federal taxpayer identification number
                    , whose address is
                    . 
 In exercising
this Warrant, the undersigned hereby confirms and acknowledges that the shares of Common Stock are being acquired solely for the account of the undersigned and not as a nominee for any other party, and for investment, and the undersigned will not
offer, sell or otherwise dispose of any such shares of Common Stock except under circumstances that will not result in a violation of the Securities Act of 1933, as amended, or any state securities laws. 

Please issue a new Warrant for the unexercised portion of the attached Warrant in the name of, and delivered to,
                    , federal taxpayer identification number
                    , whose address is
                    . 
 Dated:
                     
  

	
	  
 (Signature must conform to name of
holder
 as specified on the face of the Warrant)

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