Document:

Exhibit 10.2

 

EXECUTION COPY

 

FOURTH AMENDMENT TO CREDIT AGREEMENT

 

This FOURTH AMENDMENT
TO CREDIT AGREEMENT, dated as of November 22, 2019 (this “Fourth Amendment Agreement”), is by and among ORCC
Financing II LLC, as borrower (the “Borrower”), Natixis, New York Branch, as administrative agent (in such capacity,
the “Administrative Agent”), State Street Bank and Trust Company, as collateral agent, collateral administrator
and collateral custodian (in such capacities, respectively, the “Collateral Agent”, “Collateral Administrator”
and “Custodian”), Cortland Capital Market Services LLC, as document custodian ( the “Document Custodian”)
and the lenders party hereto (the “Lenders”).

 

PRELIMINARY STATEMENTS

 

WHEREAS, the Borrower,
the Administrative Agent, the Collateral Agent, the Collateral Administrator, the Custodian, the Document Custodian and the Lenders
are parties to that certain Credit Agreement, dated as of May 22, 2018 (as amended by the Amendments to the Credit Agreement, dated
as of October 10, 2018 (“Amendment No. 1”), dated as of December 20, 2018 (“Amendment No. 2”),
and dated as of May 30, 2019 (“Amendment No. 3”), the “Existing Credit Agreement” and, as
amended or modified and in effect from time to time, the “Credit Agreement”); and

 

WHEREAS, the parties
to the Existing Credit Agreement wish to amend the Existing Credit Agreement as set forth herein, including to evidence the termination
in full of the Revolving Commitment of Société Générale and the corresponding reduction of the Total
Revolving Commitment by the full amount of Société Générale’s Revolving Commitment.

 

NOW, THEREFORE, in consideration
of the premises and the agreements herein contained, the parties hereto hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section
1.1         Defined
Terms. Unless otherwise defined herein, capitalized terms used herein (including in the introductory paragraph and the recitals)
have the meanings assigned to such terms in the Existing Credit Agreement.

 

ARTICLE II

AMENDMENTS

 

Section
2.1         Amendments
to Existing Credit Agreement. The parties to the Existing Credit Agreement agree, effective as of the Effective Date, subject
to the terms and conditions set forth herein and in reliance on the representations, warranties, covenants and agreements contained
herein, that the Existing Credit Agreement is hereby amended as follows:

 

(a)           The Existing Credit Agreement is amended to add Section 15 to read as follows:

 

Section
15. Acknowledgement Regarding Any Supported QFCs.

 

To the extent
that this Credit Agreement provides support, through a guarantee or otherwise, for Interest Hedge Agreements or any other agreement
or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”),
the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation
under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together
with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported
QFC and QFC Credit Support (with the provisions below applicable notwithstanding that this Credit Agreement and any Supported QFC
may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the
United States):

 

		a)	In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”)
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such
QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights
in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and
any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States.
In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution
Regime, Default Rights under this Credit Agreement that might otherwise apply to such Supported QFC or any QFC Credit Support that
may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be
exercised under the U.S. Special Resolution Regime if the Supported QFC and this Credit Agreement were governed by the laws of
the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights
and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect
to a Supported QFC or any QFC Credit Support.

 

     

     

    

 

(b)          Section 1.1 of the Credit Agreement is amended to add the following new definitions in appropriate alphabetical
order to read as follows:

 

“BHC Act Affiliate”
of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k))
of such party.

 

“Covered
Entity” means any of the following:

 

		(i)	a “covered entity” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 252.82(b);

 

		(ii)	a “covered bank” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or

 

		(iii)	a “covered FSI” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 382.2(b).

 

“Covered Party”
has the meaning set forth in Section 15.

 

“Permitted Parent Distribution”
means a distribution by the Borrower to the Parent from the proceeds of Borrowings hereunder or other funds in the Collection Account
that satisfies all of the following conditions: (x) such distribution occurs during the Reinvestment Period, (y) as evidenced by
a compliance certificate delivered by the Borrower to the Administrative Agent not later than 2:00 p.m. (New York City time) at
least one Business Day prior to the day of such distribution, which certificate shall set forth the amount of such distribution
and all relevant calculations with respect thereto, after giving effect to such distribution (i) no Event of Default or Default
is in effect or would result from such distribution and any related prepayment of Loans and (ii) the Senior Advance Rate Test,
each Collateral Quality Test, the Concentration Limitations, the requirements of Section 5.37 and the Coverage Tests are satisfied;
provided that, solely for purposes of determining whether the Overcollateralization Ratio Test and the Senior Advance Rate
Test are satisfied for purposes of this clause (ii), the Principal Collateralization Amount in “Overcollateralization
Ratio” and in “Senior Advance Rate” shall be calculated using, (1) for (a) any Collateral Loan that is not a
Defaulted Loan, Long Dated Loan or Current Pay Obligation and has a current Market Value of less than 95% of its par amount and
(b) Current Pay Obligations up to 5.0% of Total Capitalization that have a current Market Value of less than 95% of their respective
par amount (measured separately with respect to each Current Pay Obligation), the lesser of the Market Value and the purchase price
of such Collateral Loan and (2) for any Collateral Loan that is not included in clause (1) above (including, for the avoidance
of doubt, Current Pay Obligations in excess of 5.0% of Total Capitalization), the method of calculation set out in the definition
of Principal Collateralization Amount, and (z) the Borrower gives at least two Business Days’ notice of such distribution
to the Agents and S&P. For the avoidance of doubt, the foregoing conditions will not apply to any acquisitions of any new Collateral
Obligations by the Borrower from the Parent or any Affiliate of the Parent.

 

“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable.

 

“QFC” has
the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12
U.S.C. 5390(c)(8)(D).

 

“QFC Credit Support”
has the meaning set forth in Section 15.

 

“Supported QFC”
has the meaning set forth in Section 15.

 

“U.S. Special Resolution
Regimes” has the meaning set forth in Section 15.

 

    2

     

    

 

(c)           The definition “Cov-Lite Loan” is amended by deleting the following language: "forming part of the
same loan facility".

 

(d)           The definition “Concentration Limitation” is amended by replacing the phrase “and (iii) the date
of a Permitted Distribution in connection with a Permitted Securitization” with the phrase “, (iii) the date of a Permitted
Distribution in connection with a Permitted Securitization and (iv) the date of a Permitted Parent Distribution”.

 

(e)           Section 2.7(g) is deleted in its entirety and replaced with the following:

 

(g)       
Except as provided in clause (d) above and in the proviso to this clause (g) below, all reductions of the Revolving Commitments
shall be applied to the Revolving Commitments of each Revolving Lender, ratably in accordance with their relevant applicable Percentage
Shares, and all prepayments of the Loans shall be applied to the outstanding principal amount of the Revolving Loans and Term Loans
of each applicable Lender on a pro rata basis; provided that, (i) with the consent of each Revolving Lender, reductions
of the Revolving Commitments need not be applied ratably and (ii) with the consent of each Lender, the prepayments of the Loans
need not be applied on a pro rata basis.

 

(f)           Section 5.17 is deleted in its entirety and replaced with the following:

 

The Borrower
shall use the proceeds of the Loans solely (a) for the acquisition and origination of Collateral Loans during the Reinvestment
Period (and after the Reinvestment Period only for the acquisition and origination of Collateral Loans committed to during the
Reinvestment Period, subject to Section 5.9), (b) to fund Exposure Amounts, (c) to pay fees and expenses incurred with the closing
and execution of this Agreement and the other Loan Documents and/or (d) to make a Permitted Parent Distribution.

 

(g)          Section 5.29 is amended by replacing the phrase “except for Permitted Distributions” at the end thereof with
the phrase “except for Permitted Distributions and Permitted Parent Distributions”.

 

(h)          Section 8.2(a) is amended by striking the sentence “The only permitted withdrawal from or application of funds on
deposit in, or otherwise to the credit of, the Collection Account shall be in accordance with the provisions of Sections 6.4, 8.2
and 9.1.” and replacing it with the sentence “The only permitted withdrawal from or application of funds on deposit
in, or otherwise to the credit of, the Collection Account shall be in accordance with the provisions of Sections 6.4, 8.2 and 9.1
or to effect a Permitted Distribution or a Permitted Parent Distribution in accordance with the terms of this Agreement”.

 

(i)           Section 10.1(a)(v) is amended by replacing the phrase "necessary to satisfy clause (x) of the definition of Permitted
Distribution" with "necessary to satisfy sub-clause (x) of clause (b) of the definition of Permitted Distribution".

 

 

ARTICLE III 

REDUCTION OF TOTAL
REVOLVING COMMITMENT

 

Section
3.1         Reduction
of Total Revolving Commitment; Non-Ratable Allocation. Pursuant to Section 2.7(a)(ii) of the Existing Credit Agreement
and effective as of the Effective Date, the Borrower hereby permanently reduces the Total Revolving Commitment by $200,000,000.
Notwithstanding the provisions of Section 2.7(g) of the Existing Credit Agreement, such reduction shall not be allocated
ratably among the Revolving Lenders but shall instead be allocated solely to Société Générale to reduce
its Revolving Commitment to $0 (and shall therefore result in the termination of such Revolving Commitment). Each of the Revolving
Lenders hereby consents to such non-ratable allocation.

 

    3

     

    

 

ARTICLE IV 

CONDITIONS PRECEDENT

 

Section
4.1         Conditions
Precedent to Effectiveness. This Fourth Amendment Agreement shall become effective as of the date on which the Administrative
Agent shall have received counterparts of this Fourth Amendment Agreement, duly executed and delivered, from all of the parties
hereto (such date, the “Effective Date”).

 

Section
4.2         Notice
of Effectiveness. The Administrative Agent shall promptly notify the Borrower in writing upon the occurrence of the Effective
Date.

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES

 

The Borrower hereby represents
and warrants to the Administrative Agent and each Lender that:

 

Section
5.1         Fourth
Amendment Agreement. (a) The execution, delivery and performance by it of this Fourth Amendment Agreement are within its powers
and have been duly authorized by all necessary corporate or limited liability company action, (b) it has received all necessary
governmental, regulatory or other approvals for the execution and delivery of this Fourth Amendment Agreement, and the execution,
delivery and performance by it of this Fourth Amendment Agreement do not and will not contravene or conflict with any provision
of (i) any law or any governmental rule or regulation applicable to it, except as, individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect, (ii) any order, judgment or decree of any court or other agency of government
binding on it or its properties, except as, individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect or (iii) any of its Constituent Documents, (c) the execution, delivery and performance by it of this Fourth Amendment
Agreement does not conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under
any of its material contracts, and (d) the Fourth Amendment Agreement and the Credit Agreement, as amended by this Fourth Amendment
Agreement, are legally valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with its terms,
except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’
rights generally or by equitable principles relating to enforceability.

 

Section
5.2         Absence
of Default. No Default or Event of Default exists or would result from this Fourth Amendment Agreement or the transactions
contemplated hereby.

 

Section
5.3         Representation
and Warranties in Loan Documents Remain True and Correct. The representations and warranties contained in the Existing Credit
Agreement and in the other Loan Documents shall be true and correct in all material respects on and as of the Effective Date to
the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate
to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects
on and as of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof.

 

    4

     

    

 

ARTICLE VI

MISCELLANEOUS

 

Section
6.1         Effect
of Fourth Amendment Agreement to Credit Agreement. Except as expressly set forth herein, this Fourth Amendment Agreement shall
not, by implication or otherwise, limit, impair, constitute a waiver of or amendment to, or otherwise affect the rights and remedies
of the Administrative Agent or any Lender under the Loan Documents, and shall not alter, modify, amend or in any way affect any
of the terms, conditions, obligations, covenants or agreements contained in any Loan, all of which are ratified and affirmed in
all respects and shall continue in full force and effect, except that, on and after the Effective Date, each reference to the Credit
Agreement in the Loan Documents shall mean and be a reference to the Existing Credit Agreement as amended by this Fourth Amendment
Agreement. Nothing herein shall be deemed to entitle the Borrower to a consent to, or a waiver, amendment, modification or other
change of, any of the terms, conditions, obligations, covenants or agreements contained in the Loan Documents in similar or different
circumstances. This Fourth Amendment Agreement is a Loan Document executed pursuant to the Existing Credit Agreement and shall
be construed, administered and applied in accordance with the respective terms and provisions thereof.

 

Section
6.2         Default
or Events of Default. Nothing contained in this Fourth Amendment Agreement shall be construed or interpreted or is intended
as a waiver of or limitation on any rights, powers, privileges, or remedies that the Administrative Agent or the Lenders have or
may have under the Credit Agreement or any other Loan Document on account of any Default or Event of Default,.

 

Section
6.3         No
Novation. Neither this Fourth Amendment Agreement nor the amendment of the terms of the Credit Agreement by the terms of this
Fourth Amendment Agreements shall extinguish the obligations for the payment of money outstanding under the Credit Agreement or
discharge or release the Lien or priority of any Loan Documents. Nothing herein contained shall be construed as a substitution
or novation of the Obligations outstanding under the Credit Agreement or instruments securing the same, which shall remain in full
force and effect, except to the extent (if any) expressly set forth herein. Nothing expressed or implied in this Fourth Amendment
Agreement or any other document contemplated hereby or thereby shall be construed as a release or other discharge of the Borrower
under any Loan Document from any of its obligations and liabilities thereunder, except to the extent (if any) expressly set forth
herein. Each of the Credit Agreement and the other Loan Documents shall remain in full force and effect, until and except as modified
hereby.

 

Section
6.4         Reaffirmation.
The Borrower as debtor, grantor, pledgor, assignor, or in
other similar capacities in which the Borrower grants liens or security interests in its properties under the Loan Documents
(as modified hereby), hereby ratifies and reaffirms all of its payment and performance obligations
and obligations to indemnify, contingent or otherwise, under each of such documents to which it is a party, and, except to the
extent expressly set forth herein, the Borrower hereby ratifies and reaffirms its grant of liens on or security interests in its
properties pursuant to the Loan Documents as security for the Obligations, and confirms and agrees that, except to the extent (if
any) expressly set forth herein, such liens and security interests hereafter secure all of the Obligations, including, without
limitation, all Obligations hereafter arising or incurred pursuant to or in connection with this Fourth Amendment Agreement, the
Credit Agreement or any other Loan Document. The Borrower does not,
and hereby covenant that it will not, contest that the Administrative Agent has and will continue to possess valid and perfected
security interests in, and liens upon, all of the property as set forth in the Loan Documents
(as modified hereby). 

 

    5

     

    

 

Section
6.5         Successors
and Assigns. This Fourth Amendment Agreement shall be binding upon the parties hereto and their respective successors and permitted
assigns and shall inure to the benefit of the parties hereto and the successors and permitted assigns of the Lenders and the Administrative
Agent.

 

Section
6.6         No
Representations by Lenders or Administrative Agent. The Borrower hereby acknowledges that, other than as set forth herein,
it has not relied on any representation, written or oral, express or implied, by any Lender or the Administrative Agent in entering
into this Fourth Amendment Agreement.

 

Section
6.7         Headings;
Entire Agreement. The headings and captions hereunder are for convenience only and shall not affect the interpretation or construction
of this Fourth Amendment Agreement. This Fourth Amendment Agreement contains the entire understanding of the parties with regard
to the subject matter contained herein.

 

Section
6.8         Severability.
If any provision in or obligation of this Fourth Amendment Agreement shall be invalid, illegal or unenforceable in any jurisdiction,
the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any
other jurisdiction, shall not in any way be affected or impaired thereby.

 

Section
6.9         Counterparts.
This Fourth Amendment Agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto
and receipt by the Borrower and the Administrative Agent of written notification of such execution and authorization of delivery
thereof. This Fourth Amendment Agreement may be executed in any number of counterparts, each of which when so executed and delivered
shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Delivery of an
executed counterpart of a signature page of this Fourth Amendment Agreement by facsimile or in electronic format (i.e., “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Fourth Amendment Agreement.

 

Section
6.10      APPLICABLE LAW; CONSENT
TO JURISDICTION; WAIVER OF JURY TRIAL. THE PROVISIONS OF SECTIONS 12.8, 12.11 AND 12.15 OF THE CREDIT AGREEMENT ARE HEREBY
INCORPORATED INTO THIS FOURTH AMENDMENT AGREEMENT BY REFERENCE.

 

Section
6.11      Direction to Collateral
Agent and Collateral Custodian. The Borrower, the Administrative Agent, the Calculation Agent and each Lender constituting
100% of the Lenders hereby request, direct and consent to the Collateral Agent and the Collateral Custodian’s execution of
this Fourth Amendment Agreement. In executing this Fourth Amendment Agreement, the Collateral Agent and the Collateral Custodian
shall have the rights, protections, immunities and indemnities granted to them under the Credit Agreement.

 

[Signature Page Follows]

 

    6

     

    

 

IN WITNESS WHEREOF,
the undersigned have caused this Fourth Amendment Agreement to be duly executed and delivered as of the date first above written.

 

	 	ORCC FINANCING II LLC,
	 	as Borrower

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	Agents:
	 	 
		NATIXIS, NEW YORK BRANCH,
		as Administrative Agent

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

		By:	 
		Name:	 
		Title:	 

 

	 	STATE STREET BANK AND TRUST COMPANY,
	 	as Collateral Agent, Collateral Administrator and Custodian

 

		By:	 
		Name:	 
		Title:	 

 

	 	CORTLAND CAPITAL MARKET SERVICES LLC,
	 	as Document Custodian

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	

     

     

    

 

	 	Lenders:
	 	 
	 	VERSAILLES ASSETS LLC,
	 	as a Revolving Lender and a Term Lender

  

	 	By:	
	 	Name:
	 	Title:

 

	 	GREAT AMERICAN INSURANCE COMPANY,
	 	as a Term Lender

 

	 	By:	
	 	Name:
	 	Title:

  

	 	GREAT AMERICAN LIFE INSURANCE COMPANY,
	 	as a Term Lender

 

		By: 	 
		Name:	 
	 	Title:	 

 

	 	SOCIÈTÈ GÈNÈRALE,
		as a Revolving Lender

 

		By:	 
		Name:	 
	 	Title:EX-4.1

 Exhibit 4.1 

[FORM OF PRE-FUNDED WARRANT] 

X4 PHARMACEUTICALS, INC. 

PRE-FUNDED WARRANT TO PURCHASE COMMON STOCK 

 

			
		  	 Number of Shares: [            ]

(subject to adjustment)

		
	Warrant No.: PF-[            ]	  	Original Issue Date: November 29, 2019

 X4 Pharmaceuticals, Inc., a Delaware corporation (the “Company”), hereby certifies that, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, [                    ] or its registered assigns (the
“Holder”), is entitled, subject to the terms set forth below, to purchase from the Company up to a total of [            ] shares of common stock, $0.001 par value
per share (the “Common Stock”), of the Company (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”) at an exercise price per share equal to $0.001 per share (as adjusted
from time to time as provided in Section 9 herein, the “Exercise Price”), upon surrender of this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange,
transfer or replacement hereof, the “Warrant”) at any time and from time to time on or after the date hereof (the “Original Issue Date”), subject to the following terms and conditions: 

1. Definitions. For purposes of this Warrant, the following terms shall have the following meanings: 

(a) “Affiliate” means any Person directly or indirectly controlled by, controlling or under common control with, a Holder, but only for so
long as such control shall continue. For purposes of this definition, “control” (including, with correlative meanings, “controlled by”, “controlling” and “under common control with”) means, with respect to a
Person, possession, direct or indirect, of (a) the power to direct or cause direction of the management and policies of such Person (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise),
or (b) at least 50% of the voting securities (whether directly or pursuant to any option, warrant or other similar arrangement) or other comparable equity interests. 

(b) “Commission” means the United States Securities and Exchange Commission. 

(c) “Closing Sale Price” means, for any security as of any date, the last trade price for such security on the Principal Trading Market for
such security, as reported by Bloomberg Financial Markets, or, if such Principal Trading Market begins to operate on an extended hours basis and does not designate the last trade price, then the last trade price of such security prior to 4:00 P.M.,
New York City time, as reported by Bloomberg Financial Markets, or if the foregoing do not apply, the last trade price of such security in the over-the-counter market on
the electronic bulletin board for such security as reported by Bloomberg Financial Markets, or, if no last trade price is reported for such security by Bloomberg Financial Markets, the average of the bid and ask prices, of any market makers for such
security as reported in the “pink sheets” by Pink Sheets LLC. If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be
the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then the Board of Directors of the Company shall use its good faith judgment
to determine the fair market value. The Board of Directors of the Company’s determination shall be binding upon all parties absent demonstrable error. All such determinations shall be appropriately adjusted for any stock dividend, stock split,
stock combination or other similar transaction during the applicable calculation period. 
 (d) “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
 (e) “Principal Trading Market” means the national securities exchange or other trading market on which
the Common Stock is primarily listed on and quoted for trading, which, as of the Original Issue Date, shall be the Nasdaq Capital Market. 
 (f)
“Registration Statement” means the Company’s Registration Statement on Form S-3 (File No. 333-233161), declared effective by the Commission on
August 29, 2019. 
 (g) “Securities Act” means the Securities Act of 1933, as amended. 

(h) “Trading Day” means any weekday on which the Principal Trading Market is normally open for trading. 

 (i) “Transfer Agent” means Computershare Trust Company, N.A., the Company’s transfer
agent and registrar for the Common Stock, and any successor appointed in such capacity. 
 2. Issuance of Securities; Registration of Warrants. The
Warrant, as initially issued by the Company, is offered and sold pursuant to the Registration Statement. As of the Original Issue Date, the Warrant Shares are issuable under the Registration Statement. Accordingly, the Warrant and, assuming issuance
pursuant to the Registration Statement or an exchange meeting the requirements of Section 3(a)(9) of the Exchange Act as in effect on the Original Issue Date, the Warrant Shares, are not “restricted securities” under Rule 144
promulgated under the Securities Act. The Company shall register ownership of this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder (which shall
include the initial Holder or, as the case may be, any assignee to which this Warrant is assigned hereunder) 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. 
 3. Registration of Transfers.
Subject to compliance with all applicable securities laws, the Company shall, or will cause its Transfer Agent to, register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, and payment for
all applicable transfer taxes (if any). Upon any such registration or transfer, a new warrant to purchase Common Stock in substantially the form of this Warrant (any such new warrant, a “New Warrant”) evidencing the portion of this
Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee
thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the New Warrant that the Holder has in respect of this Warrant. The Company shall, or will cause its Transfer Agent to, prepare, issue and
deliver at the Company’s own expense any New Warrant under this Section 3. Until due presentment for registration of transfer, the Company may treat the registered Holder hereof as the owner and holder for all
purposes, and the Company shall not be affected by any notice to the contrary. 
 4. Exercise of Warrant. 

(a) All or any part of this Warrant shall be exercisable by the registered Holder in any manner permitted by Section 10 of this
Warrant at any time and from time to time on or after the Original Issue Date. 
 (b) The Holder may exercise this Warrant by delivering to the Company
(i) an exercise notice, in the form attached as Schedule 1 hereto (the “Exercise Notice”), completed and duly signed, and (ii) payment of the Exercise Price for the number of Warrant Shares as to which this Warrant
is being exercised (which may take the form of a “cashless exercise” if so indicated in the Exercise Notice pursuant to Section 10 below), and the date on which the last of such items is delivered to the Company
(as determined in accordance with the notice provisions hereof) is an “Exercise Date.” The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise
Notice shall have the same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares, if any. 

5. Delivery of Warrant Shares. 
 (a) Upon exercise of this
Warrant, the Company shall promptly (but in no event later than three (3) Trading Days after the Exercise Date), upon the request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to
such exercise to the Holder’s or its designee’s balance account with The Depository Trust Company (“DTC”) through its Deposit Withdrawal Agent Commission system, or if the Transfer Agent is not participating in the Fast
Automated Securities Transfer (FAST) Program or if the certificates are required to bear a legend regarding restriction on transferability, issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate,
registered in the Company’s share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. The Holder, or any natural person or legal entity (each, a
“Person”) so designated by the Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date, irrespective of the date such Warrant Shares are credited to the
Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. 
 (b) If by the close of the
third (3rd) Trading Day after the Exercise Date, the Company fails to deliver to the Holder a certificate representing the required number of Warrant Shares in the manner required pursuant to Section 5(a) or fails to credit
the Holder’s balance account with DTC for such number of Warrant Shares to which the Holder is entitled, and if after such third (3rd) Trading Day and prior to the receipt of such Warrant Shares, the Holder purchases (in an open market
transaction or otherwise) shares of Common Stock 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, within three (3) Trading Days after the Holder’s request and in the Holder’s sole discretion, either (1) pay in cash to the Holder an
amount equal to the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased, at which point the Company’s obligation to deliver such certificate (and to issue such Warrant Shares)
shall terminate or (2) 

 
promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Warrant Shares and pay cash to the Holder in an amount equal to the excess (if any) of
Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased in the Buy-In over the product of (A) the number of shares of Common Stock
purchased in the Buy-In, times (B) the Closing Sale Price of a share of Common Stock on the Exercise Date. 

(c) To the extent permitted by law and subject to Section 5(b), the Company’s obligations to issue and deliver Warrant Shares
in accordance with and subject to the terms hereof (including the limitations set forth in Section 11 below) are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any
waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the
Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance that might otherwise limit such obligation of the Company to the
Holder in connection with the issuance of Warrant Shares. Subject to Section 5(b), nothing herein shall limit the 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 certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant to the
terms hereof. 
 6. Charges, Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall
be made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense (excluding any applicable stamp duties) in respect of the issuance of such certificates, all of which taxes and expenses shall
be paid by the Company; provided, however, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or the Warrants
in a name other than that of the Holder or an Affiliate thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof. 

7. Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and
substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each
case, a customary and reasonable indemnity, if requested by the Company, but without any requirement that a surety bond be procured, provided or posted. Applicants for a New Warrant under such circumstances shall also comply with such other
reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to
the Company as a condition precedent to the Company’s obligation to issue the New Warrant. 
 8. Reservation of Warrant Shares. The Company
covenants that it will, at all times while this Warrant is outstanding, reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant
Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares that are initially issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of
persons other than the Holder (taking into account the adjustments and restrictions of Section 9). The failure of the Company to reserve and keep available out of the aggregate of its authorized but unissued and otherwise
unreserved Common Stock a sufficient number of shares of Common Stock to enable it to issue Warrant Shares upon exercise of this Warrant as herein provided is referred to herein as an “Authorized Share Failure”. The Company
covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and non-assessable. The Company will take all commercially reasonable actions as may be necessary to assure that such shares of Common Stock may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of any securities exchange or automated quotation system upon which the Common Stock may be listed. The Company further covenants that it will not, without the prior written consent of the Holder, take any actions
to increase the par value of the Common Stock at any time while this Warrant is outstanding. In furtherance of the Company’s obligations set forth in this Section 8, as soon as practicable after the date of the
occurrence of an Authorized Share Failure, but in no event later than ninety (90) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the number of
authorized shares of Common Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its commercially reasonable efforts to solicit its stockholders’ approval of such increase in
authorized shares of Common Stock and to cause its board of directors to recommend to the stockholders that they approve such proposal. Notwithstanding the foregoing, if any such time of an Authorized Share Failure, the Company is able to obtain the
written consent of a majority of the shares of its issued and outstanding shares of Common Stock to approve the increase in the number of authorized shares of Common Stock, the Company may satisfy this obligation by obtaining such consent and
submitting for filing with the Commission an Information Statement on Schedule 14C. 

 9. Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of
this Warrant are subject to adjustment from time to time as set forth in this Section 9. 
 (a) Stock Dividends and Splits.
If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a distribution on any class of capital stock issued and outstanding on the Original Issue Date and in accordance
with the terms of such stock on the Original Issue Date or as amended, as described in the Registration Statement, that is payable in shares of Common Stock, (ii) subdivides its outstanding shares of Common Stock into a larger number of shares
of Common Stock, (iii) combines its outstanding shares of Common Stock into a smaller number of shares of Common Stock or (iv) issues by reclassification of shares of capital stock any additional shares of Common Stock of the Company, then
in each such case the Exercise Price shall be multiplied by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately before such event and the denominator of which shall be the number of shares of
Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution, provided, however, that if such record date shall have been fixed and such dividend is not fully paid on the date fixed therefor, the Exercise Price shall be recomputed accordingly as of the close of business on such
record date and thereafter the Exercise Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends. Any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately
after the effective date of such subdivision or combination. 
 (b) Pro Rata Distributions. In addition to any adjustments pursuant to the other
subsections of this Section 9, if, on or after the Original Issue Date, the Company shall declare or make any dividend or other pro rata distribution of its assets (or rights to acquire its assets) to holders of shares of
Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property, options, evidence of indebtedness or any other assets by way of a dividend, spin off,
reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the Original Issue Date, 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 shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations or restrictions on
exercise of this Warrant, including without limitation, the Maximum Percentage (as defined below)) immediately before the date on which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders
of shares of Common Stock are to be determined for the participation in such Distribution (provided, that to the extent that the Holder’s right to participate in any such Distribution would result in the Holder and its Affiliates and any
other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such
Distribution to such extent (and shall not be entitled to beneficial ownership of such shares of Common Stock as a result of such Distribution (and beneficial ownership) to such extent) and the portion of such Distribution shall be held in abeyance
for the benefit of the Holder until such time or times as its right thereto would not result in the Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of
Section 13(d) of the Exchange Act exceeding the Maximum Percentage, at which time or times the Holder shall be granted such Distribution (and any Distributions declared or made on such initial Distribution or on any subsequent Distribution held
similarly in abeyance) to the same extent as if there had been no such limitation) 
 (c) Purchase Rights. In addition to any adjustments pursuant to
the other subsections of Section 9, if at any time on or after the Original Issue Date, the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other
property, in each case pro rata to the record holders of any class of Common Stock (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 shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including
without limitation, the Maximum Percentage) 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 Common Stock are
to be determined for the grant, issuance or sale of such Purchase Rights (provided, that to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder and its Affiliates and any other Persons
whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase
Right to such extent (and shall not be entitled to beneficial ownership of such Common Stock as a result of such Purchase Right (and beneficial ownership) to such extent) and such Purchase Right to such extent shall be held in abeyance for the
benefit of the Holder until such time or times as its right thereto would not result in the Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of
Section 13(d) of the Exchange Act exceeding the Maximum Percentage, at which time or times the Holder shall be granted such right (and 

 
any Purchase Right granted, issued or sold on such initial Purchase Right or on any subsequent Purchase Right to be held similarly in abeyance) to the same extent as if there had been no such
limitation). As used in this Section 9(c), (i) “Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities and (ii) “Convertible
Securities” mean any stock or securities (other than Options) directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock. 

(d) Fundamental Transactions. If, at any time while this Warrant is outstanding (i) the Company effects any merger or consolidation of the Company
with or into another Person, in which the Company is not the surviving entity and in which the stockholders of the Company immediately prior to such merger or consolidation do not own, directly or indirectly, at least 50% of the voting power of the
surviving entity immediately after such merger or consolidation, (ii) the Company effects any sale to another Person of all or substantially all of its assets in one transaction or a series of related transactions, (iii) pursuant to any
tender offer or exchange offer (whether by the Company or another Person), holders of capital stock tender shares representing more than 50% of the voting power of the capital stock of the Company and the Company or such other Person, as applicable,
accepts such tender for payment, (iv) the Company consummates a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or
scheme of arrangement) with another Person whereby such other Person acquires more than the 50% of the voting power of the capital stock of the Company (except for any such transaction in which the stockholders of the Company immediately prior to
such transaction maintain, in substantially the same proportions, the voting power of such Person immediately after the transaction) or (v) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant
to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination of shares of Common Stock covered by Section 9(a) above)
(in any such case, a “Fundamental Transaction”), then following such Fundamental Transaction the Holder shall have the right to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it
would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant
without regard to any limitations on exercise contained herein (the “Alternate Consideration”). The Company shall not effect any Fundamental Transaction in which the Company is not the surviving entity or the Alternate Consideration
includes securities of another Person unless (i) the Alternate Consideration is solely cash and the Company provides for the simultaneous “cashless exercise” of this Warrant pursuant to Section 10 below or
(ii) prior to or simultaneously with the consummation thereof, any successor to the Company, surviving entity or other Person (including any purchaser of assets of the Company) shall assume the obligation to deliver to the Holder such Alternate
Consideration as, in accordance with the foregoing provisions, the Holder may be entitled to receive, and the other obligations under this Warrant. The provisions of this Section 9(d) shall similarly apply to subsequent
transactions analogous of a Fundamental Transaction type. 
 (e) Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price
pursuant to Section 9, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable
hereunder for the increased or decreased number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment. 

(f) Calculations. All calculations under this Section 9 shall be made to the nearest
one-tenth of one cent or the nearest share, as applicable. 
 (g) Notice of Adjustments. Upon the occurrence
of each adjustment pursuant to this Section 9, the Company at its expense will, at the written request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant and prepare
a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions
giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s transfer agent. 

(h) Notice of Corporate Events. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other pro rata distribution of
cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase any capital stock of the Company or any subsidiary, (ii) authorizes or approves,
enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then the Company shall deliver to
the Holder a notice of such transaction at least ten (10) days prior to the applicable record or effective date on which a Person would need to hold Common Stock in order to participate in or vote with respect to such transaction;
provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required to be described in such notice. In addition, if while this Warrant is outstanding,
the Company authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction contemplated by Section 9(d), other than a Fundamental Transaction under clause
(iii) of Section 9(d), the Company shall 

 
deliver to the Holder a notice of such Fundamental Transaction at least thirty (30) days prior to the date such Fundamental Transaction is consummated. Holder agrees to maintain any
information disclosed pursuant to this Section 9(h) in confidence until such information is publicly available, and shall comply with applicable law with respect to trading in the Company’s securities following receipt
any such information. 
 10. Payment of Exercise Price. Notwithstanding anything contained herein to the contrary, the Holder may, in its sole
discretion, satisfy its obligation to pay the Exercise Price through a “cashless exercise”, in which event the Company shall issue to the Holder the number of Warrant Shares in an exchange of securities effected pursuant to
Section 3(a)(9) of the Securites Act, as determined as follows: 
 X = Y [(A-B)/A] 

where: 
 “X” equals the number of Warrant Shares to be
issued to the Holder; 
 “Y” equals the total number of Warrant Shares with respect to which this Warrant is then being exercised; 

“A” equals the Closing Sale Prices of the shares of Common Stock (as reported by Bloomberg Financial Markets) as of the Trading Day on the date
immediately preceding the Exercise Date; and 
 “B” equals the Exercise Price then in effect for the applicable Warrant Shares at the time of such
exercise. 
 For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a
“cashless exercise” transaction shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued (provided that the
Commission continues to take the position that such treatment is proper at the time of such exercise). In the event that the Registration Statement or another registration statement registering the issuance of Warrant Shares is, for any reason, not
effective at the time of exercise of this Warrant, then the Warrant may only be exercised through a cashless exercise, as set forth in this Section 10. Except as set forth in Section 5(b) and
Section 12, in no event will the exercise of this Warrant be settled in cash. 
 11. Limitations on Exercise. 

(a) Notwithstanding anything to the contrary contained herein, the Company shall not effect any exercise of this Warrant, and the Holder shall not be entitled
to exercise this Warrant for a number of Warrant Shares in excess of that number of Warrant Shares which, upon giving effect or immediately prior to such exercise, would cause (i) the aggregate number of shares of Common Stock beneficially
owned by the Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act, to exceed 9.99% (the “Maximum
Percentage”) of the total number of issued and outstanding shares of Common Stock of the Company following such exercise, or (ii) the combined voting power of the securities of the Company beneficially owned by the Holder and
its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act to exceed 9.99% of the combined voting power of all of the securities
of the Company then outstanding following such exercise. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in
(x) the Company’s most recent Form 10-Q or Form 10-K, as the case may be, filed with the Commission prior to the date hereof, (y) a more recent public
announcement by the Company or (z) any other notice by the Company setting forth the number of shares of Common Stock outstanding. Upon the written request of the Holder, the Company shall within one (1) Trading Day confirm in writing or
by electronic mail to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company,
including this Warrant, by the Holder since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the Holder may from time to time increase or decrease the Maximum Percentage to any
other percentage (not in excess of 19.99% of the issued and outstanding shares of Common Stock immediately after giving effect to the issuance of the shares of Common Stock issuable upon exercise of this Warrant if exceeding that limit would result
in a change of control under Nasdaq Listing Rule 5636(b) or any successor rule) specified in such notice; provided that any such increase will not be effective until the sixty-first (61st) day after such notice is delivered to the Company.
For purposes of this Section 11(a), the aggregate number of shares of Common Stock or voting securities beneficially owned by the Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock
would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act shall include the shares of Common Stock issuable upon the exercise of this Warrant with respect to which

 
such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (x) exercise of the remaining unexercised and non-cancelled portion of this Warrant by the Holder and (y) exercise or conversion of the unexercised, non-converted or
non-cancelled portion of any other securities of the Company that do not have voting power (including without limitation any securities of the Company which would entitle the holder thereof to acquire at any
time Common Stock, including without limitation any debt, preferred stock, 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,
Common Stock), is subject to a limitation on conversion or exercise analogous to the limitation contained herein and is beneficially owned by the Holder or any of its Affiliates and other Persons whose beneficial ownership of Common Stock would be
aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act. 
 (b) This Section 11 shall not
restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated
in Section 9(d) of this Warrant. 
 12. No Fractional Shares. No fractional Warrant Shares will be issued in connection
with any exercise of this Warrant. In lieu of any fractional shares that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the next whole number and the Company shall pay the Holder in cash the fair
market value (based on the Closing Sale Price) for any such fractional shares. 
 13. Notices. Any and all notices or other communications or
deliveries hereunder (including, without limitation, any Exercise Notice) shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile or
confirmed e-mail at the facsimile number or e-mail address specified in the books and records of the Transfer Agent prior to 5:30 P.M., New York City time, on a Trading
Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile or confirmed e-mail at the facsimile number or
e-mail address specified in the books and records of the Transfer Agent 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 Trading Day following
the date of mailing, if sent by nationally recognized overnight courier service specifying next business day delivery, or (iv) upon actual receipt by the Person to whom such notice is required to be given, if by hand delivery. 

14. Warrant Agent. The Company shall initially serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to the Holder, the
Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any
corporation to which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant
agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register. 

15. Miscellaneous. 
 (a) No Rights as a
Stockholder. Except as otherwise set forth in this Warrant, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company
for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give
or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights,
or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any
liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. 

(b) Authorized Shares. (i) 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 certificate or articles of incorporation 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 (a) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to
such increase in par value, (b) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable Warrant Shares upon the
exercise of this Warrant, and (c) 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. 

 (ii) 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. 

(c) Successors and Assigns. Subject to compliance with applicable securities laws, this Warrant may be assigned by the Holder. This Warrant may not be
assigned by the Company without the written consent of the Holder, except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding on and inure to the benefit of the Company and the Holder and their respective
successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant. This
Warrant may be amended only in writing signed by the Company and the Holder, or their successors and assigns. 
 (d) Amendment and Waiver. Except as
otherwise provided herein, the provisions of the Warrants may be amended and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of
the Holder. 
 (e) Acceptance. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions
contained herein. 
 (f) Governing Law; 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 LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH OF THE COMPANY AND THE HOLDER 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 (INCLUDING
WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), 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. EACH
OF THE COMPANY AND THE HOLDER 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 PERSON AT THE ADDRESS IN EFFECT FOR NOTICES TO IT 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 MANNER PERMITTED BY LAW. EACH OF THE COMPANY AND THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY. 
 (g)
Headings. The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the provisions hereof. 

(h) Severability. In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the Company and the Holder will attempt in good faith to agree upon a valid and enforceable provision which shall be a
commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant. 

[Signature Page Follows] 

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

			
	 X4 PHARMACEUTICALS, INC.

		
	 By:
	 	
	 Name:
	 	
	 Title:
	 	

 SCHEDULE 1 

FORM OF EXERCISE NOTICE 

[To be executed by the Holder to purchase shares of Common Stock under the Warrant] 

Ladies and Gentlemen: 
 (1) The undersigned is the Holder of
Warrant No. PF-             (the “Warrant”) issued by X4 Pharmaceuticals, Inc., a Delaware corporation (the
“Company”). Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant. 
 (2)
The undersigned hereby exercises its right to purchase Warrant Shares pursuant to the Warrant. 
 (3) The Holder intends that payment of the Exercise Price
shall be made as (check one): 
  

			
	 ☐
	  	 Cash Exercise

		
	 ☐
	  	 “Cashless Exercise” under Section 10 of the Warrant

 (4) If the Holder has elected a Cash Exercise, the Holder shall pay the sum of
$             in immediately available funds to the Company in accordance with the terms of the Warrant. 

(5) Pursuant to this Exercise Notice, the Company shall deliver to the Holder Warrant Shares determined in accordance with the terms of the Warrant. 

(6) By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise evidenced hereby the
Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be owned under
Section 11(a) of the Warrant to which this notice relates. 
  

	
	 Dated:

	
	 Name of Holder:

	
	 By:

	
	 Name:

	
	 Title:

 (Signature must conform in all respects to name of Holder as specified on the face of the Warrant)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}]]