Document:

EX-10.1

 Exhibit 10.1 

MEMBERSHIP INTEREST PURCHASE AGREEMENT 

This Membership Interest Purchase Agreement, dated as of November 17, 2019 (this “Agreement”), is entered into by and
among NBM US Holdings, Inc., a Delaware corporation (the “Buyer”), Marfrig Global Foods S.A., a Brazilian corporation (sociedade por ações) (the “Guarantor”), and Jefferies Financial Group Inc.,
a New York corporation (the “Seller”). The Buyer, the Seller and the Guarantor are each referred to herein individually as a “Party” and together as the “Parties”. Capitalized terms used but not
defined in this Agreement shall have the meanings assigned to such terms in Annex I and, if not so assigned in Annex I, the meanings assigned to such terms in the Fourth A&R Operating Agreement. 

WHEREAS, the Buyer currently owns 8,827.10 units representing 51% of the outstanding limited liability company interests of National Beef
Packing Company, LLC, a Delaware limited liability company (the “Company”); 
 WHEREAS, the Seller currently owns 5,395.17
units representing 31.1715% of the outstanding limited liability company interests of the Company (the “Acquired Interests”); 

WHEREAS, the Guarantor owns 100% of the issued and outstanding equity interests of the Buyer; 

WHEREAS, the Seller desires to sell, assign, transfer, convey and deliver to the Buyer, and the Buyer desires to purchase, acquire and accept
from the Seller, all of the Acquired Interests, upon the terms of, and subject to the conditions set forth in, this Agreement; and 

WHEREAS, the Guarantor desires to guarantee the obligations of the Buyer under this Agreement. 

NOW, THEREFORE, in consideration of the foregoing premises and the representations, warranties, covenants and agreements contained herein, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

ARTICLE I 
 PURCHASE AND
SALE 
 1.1    Purchase and Sale of the Acquired Interests. Upon the terms of, and subject to the conditions
set forth in, this Agreement, at the Closing the Seller shall sell, assign, transfer, convey and deliver to the Buyer, and the Buyer shall purchase, acquire and accept from the Seller, all of the Seller’s right, title and interest in and to the
Acquired Interests. 
 1.2    Purchase Price. The consideration to be paid by the Buyer to the Seller at the
Closing for the Acquired Interests (the “Purchase Price”) shall be an amount in cash equal to $860,000,000, without prejudice to, and in addition of, all of the Tax Distributions, Distributions of Excess Cash or other similar cash
distributions that have accrued for the benefit of the Seller 

 
but have not been paid as of the date of this Agreement in the aggregate amount of $110,000,000 (collectively, the “Accrued Distributions”), which will amount to an aggregate
consideration of $970,000,000; provided, that, the Purchase Price shall increase by (a) $15,000,000 if the Closing occurs after November 30, 2019 but on or before December 31, 2019, and (b) an additional $15,000,000 if the
Closing occurs on or after January 1, 2020; provided, further, that, in event that the Company accrues and pays any Tax Distributions, Distributions of Excess Cash or other similar cash distributions other than the Accrued
Distributions to the Seller during the period commencing on the date of this Agreement and ending immediately prior to the Closing (collectively, the “Additional Distributions”), the amount of such Additional Distributions received
by the Seller shall be offset against and reduce (on a dollar-for-dollar basis) the Purchase Price payable by the Buyer to the Seller. In the event that all or any
portion of the Accrued Distributions have not been paid to the Seller by the Company prior to the Closing, the Buyer shall pay such Accrued Distributions to the Seller on the Closing Date. 

1.3    Closing. The closing of the Transactions (the “Closing”) shall take place at 10:00 a.m.,
Eastern time, at the offices of Morgan, Lewis & Bockius LLP, 101 Park Avenue, New York, New York 10178 on the date that is three Business Days following the satisfaction or waiver of the conditions set forth in
Section 1.5 (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of those conditions at the Closing), or at such other time, date and place as may
be mutually agreed upon in writing by the Parties (the date on which the Closing actually occurs being referred to herein as the “Closing Date”). The Closing will be deemed effective as of 12:01 a.m. Eastern Time on
the Closing Date. 
 1.4    Closing Deliverables. 

(a)    At the Closing, the Buyer will: 

(i)    pay to the Seller (by wire transfer of immediately available funds in U.S. dollars, to the account or accounts
specified by the Seller to the Buyer at least three Business Days prior to the Closing) an amount equal to the Purchase Price minus any Specified Distributions; and 

(ii)    deliver to the Seller all other documents, instruments or certificates required to be delivered by the Buyer at
or prior to the Closing pursuant to Section 1.5(b)(iii). 
 (b)    At the Closing, the Seller
will: 
 (i)    deliver to the Buyer an instrument of assignment in the form attached hereto as Exhibit A, duly
executed by the Seller, for transfer and sale of the Acquired Interests to the Buyer, free and clear of any Liens (other than Liens (A) arising pursuant to, or as a result of, the Transactions, (B) arising under the Organizational
Documents of the Company and (C) arising pursuant to applicable securities Laws); 
 (ii)    deliver to the Buyer
(A) an executed certification of the Seller’s non-foreign status described in Treasury Regulations Section 1.1445-2(b)(2), (B) an executed certification
of the Seller’s non-foreign status described in proposed Treasury Regulations Section 1.1446(f)-2(b)(2) or, if such proposed Treasury Regulations may no longer
be relied upon, such 

  
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other certification or affidavit as may be provided under Section 1446(f) of the Code establishing that the Seller is not subject to withholding under Section 1446(f) of the Code, and
(C) a properly completed IRS Form W-9 Request for Taxpayer Identification Number and Certification, confirming that the Seller is not subject to backup withholding; in each case, in form and substance
reasonably satisfactory to the Buyer, duly executed by the Seller; and 
 (iii)    deliver to the Buyer all other
documents, instruments or certificates required to be delivered by the Seller at or prior to the Closing pursuant to Section 1.5(a)(iii). 

1.5    Closing Conditions. 

(a)    The Buyer’s Conditions to Closing. The obligation of the Buyer to consummate the
Transactions shall be subject to fulfillment at or prior to the Closing of the following conditions, any one or more of which may be waived in writing by the Buyer: 

(i)    Representations and Warranties. The representations and warranties of the Seller set forth in ARTICLE
II shall be true and correct in all respects other than de minimis inaccuracies (other than in the case of Section 2.5, which shall be true and correct in all respects) as of the date hereof and as of the Closing
Date as though made on and as of the Closing Date (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty shall be true and correct as of such earlier
date). 
 (ii)    Compliance with Agreements. The covenants, agreements and obligations required by this
Agreement to be performed and complied with by the Seller at or prior to the Closing shall have been performed and complied with in all material respects at or prior to the Closing. 

(iii)    Certificates. The Seller shall execute and deliver to the Buyer a certificate, dated as of the Closing
Date, stating that the conditions specified in Section 1.5(a)(i) and Section 1.5(a)(ii) have been satisfied. 

(iv)    No Material Adverse Effect. From the date hereof through the Closing Date, there shall not have occurred
any event, change, circumstance, effect, occurrence, condition, state of facts or development that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(b)    The Seller’s Conditions to Closing. The obligation of the Seller to consummate the
Transactions shall be subject to fulfillment at or prior to the Closing of the following conditions, any one or more of which may be waived in writing by the Seller:  

(i)    Representations and Warranties. The representations and warranties of the Buyer set forth in ARTICLE
III shall be true and correct in all respects other than de minimis inaccuracies as of the date hereof and as of the Closing Date as though made on and as of the Closing Date (except to the extent that any such representation and warranty
expressly speaks as of an earlier date, in which case such representation and warranty shall be true and correct as of such earlier date). 

  
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 (ii)    Compliance with Agreements. The covenants, agreements
and obligations required by this Agreement to be performed and complied with by the Buyer at or prior to the Closing shall have been performed and complied with in all material respects at or prior to the Closing. 

(iii)    Certificates. The Buyer shall execute and deliver to the Seller a certificate executed by an authorized
officer of the Buyer, dated as of the Closing Date, stating that the conditions specified in Section 1.5(b)(i) and Section 1.5(b)(ii) have been satisfied. 

(c)    Mutual Conditions to Closing. The respective obligations of the Parties to consummate the Transactions shall
be subject to fulfillment at or prior to the Closing of the following conditions, any one or more of which may be waived by mutual written agreement of the Parties: 

(i)    Absence of Orders. No provision of any applicable Law prohibiting, enjoining, restricting or making illegal
the consummation of the Transactions shall be in effect and no temporary, preliminary or permanent restraining Order enjoining, restricting or making illegal the consummation of the Transactions will be in effect. 

(ii)    BNDES Consent. The Buyer shall have obtained either (A) unconditional consent from BNDES
Participações S.A. (“BNDES”) approving the Transactions pursuant to the Shareholders’ Agreement of the Guarantor dated August 5, 2010 as amended from time to time, and such consent shall be in full force and
effect, or (B) written notice from BNDES stating that BNDES’ approval is not required in connection with the Transactions ((A) or (B), the “BNDES Consent”). 

1.6    No Withholding. All payments of the Purchase Price shall be made without any deduction or withholding for
Taxes with respect to the Seller unless (a) such deduction and withholding is as a result of the Seller failing to comply with the provisions of Section 1.4(b)(ii) of this Agreement, or (b) such deduction and
withholding is required by a change in applicable Law that occurs after the date hereof and before the date of such payment, provided that before making any deduction or withholding pursuant to clause (b) of this
Section 1.6, the Buyer shall (i) give written notice at least five days in advance to the Seller regarding such deduction or withholding to be made and its basis in applicable Law (which basis is as a result of a
change in applicable Law after the date hereof and before the date of such payment and is imposed by a jurisdiction in which a Company Entity conducts business), (ii) provide the Seller a reasonable opportunity to provide any forms or other
documentation or correct any deficiencies in any such forms or other documentation that have been provided, and (iii) reasonably cooperate with the Seller to reduce or eliminate any amounts that would otherwise be deducted or withheld to the
extent permitted by applicable Law. Notwithstanding anything in this Agreement to the contrary, any amounts so deducted and withheld by the Buyer, and paid to the applicable tax authority, as required by applicable Law and permitted under this
Section 1.6 shall be treated for all purposes of this Agreement as having been paid to the Seller subject to such deduction and withholding. 

1.7    Additional Buyers. The Parties acknowledge and agree that, solely to the extent it will not delay, inhibit
or interfere with the Closing, the Buyer may assign any or all of its rights to purchase all or a portion of the Acquired Units hereunder to any of (a) USPB, (b) NBPCo and/or 

  
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(c) New Kleinco, without the consent of the Seller, either as a result of (i) the Buyer’s own discretion or (ii) any restriction under, or other provision of, the Fourth A&R
Operating Agreement. In case the Buyer elects to assign any or all such rights to any of USPB, NBPCo or New Kleinco (each such additional buyer, an “Additional Buyer”), the Buyer shall deliver to the Seller, no later than three
Business Days prior to the expected date of Closing, (a) a schedule setting forth the identity of such Additional Buyers, the number of Acquired Units to be acquired by the Buyer and each Additional Buyer and the portion of the Purchase Price
attributable to the Buyer and each Additional Buyer, which schedule the Seller may rely on completely without any independent verification, and (b) a joinder to this Agreement duly executed by each Additional Buyer. In such case, the rights and
obligations of the Buyer and each Additional Buyer shall be joint, but not several. Notwithstanding anything to the contrary herein, the Buyer shall not be relieved of its obligations hereunder, including its obligation to pay the Purchase Price, as
a result of any such assignments. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE SELLER 

The Seller represents and warrants to the Buyer that each statement contained in this ARTICLE II is true and correct
as of the date of this Agreement and as of the Closing Date. 
 2.1    Organization and Existence. The Seller is
a corporation, duly incorporated, validly existing and in good standing under the Laws of New York. 

2.2    Authority and Enforceability. The Seller has the requisite corporate power and authority to execute and
deliver this Agreement, to perform its obligations hereunder and to consummate the Transactions. The execution, delivery and performance by the Seller of this Agreement, and the consummation by the Seller of the Transactions, have been duly and
validly authorized by all necessary corporate action on the part of the Seller, and no other action is necessary on the part of the Seller to authorize this Agreement or to consummate the Transactions. This Agreement has been duly executed and
delivered by the Seller, and, assuming the due authorization, execution and delivery by the other Parties, this Agreement constitutes a legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms,
except as limited by (a) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar Laws relating to creditors’ rights generally and (b) general principles of equity, whether such enforceability is
considered in a proceeding in equity or at Law. 
 2.3    No Conflicts; Consents. Neither the execution, delivery
or performance by the Seller of this Agreement, nor the consummation of the Transactions by the Seller, will, with or without the giving of notice or the lapse of time or both, (a) violate any provision of the Organizational Documents of the
Seller, (b) violate any Law or Order applicable to the Seller or (c) result in a breach of or default under, require consent under or violate any material Contract to which the Seller is a party, except in the case of the immediately
preceding clauses (b) and (c) to the extent that any such breach, default, consent or violation would not reasonably be expected to be, individually or in the aggregate, material to the Seller’s ability to timely perform its obligations
hereunder. No Permit or Filing is required by the Seller in connection with the execution and delivery by the Seller of this Agreement, the performance by the Seller of its obligations hereunder 

  
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and the consummation by the Seller of the Transactions, other than Permits and Filings the failure of which to obtain or make would not reasonably be expected to be, individually or in the
aggregate, material to the Seller’s ability to timely perform its obligations hereunder. 
 2.4    Legal
Proceedings. There are no Legal Proceedings pending or, to the Knowledge of the Seller, threatened against or otherwise relating to the Seller that (a) challenge or seek to enjoin, alter or materially delay the Transactions or
(b) would, individually or in the aggregate, reasonably be expected to be, individually or in the aggregate, material to the Seller’s ability to timely perform its obligations hereunder. 

2.5    Acquired Interests. The Seller owns (of record and beneficially) the Acquired Interests free and clear of
all Liens (other than Liens (a) arising pursuant to, or as a result of, the Transactions, (b) arising under the Organizational Documents of the Company and (c) arising pursuant to applicable securities Laws). At the Closing, the
Seller will transfer to the Buyer all of the Seller’s right, title and interest in and to the Acquired Interests free and clear of all Liens (other than Liens (i) arising pursuant to, or as a result of, the Transactions, (ii) arising
under the Organizational Documents of the Company and (iii) arising pursuant to applicable securities Laws); provided that, for the avoidance of doubt, the Acquired Interests will be subject to the transfer restrictions set forth in the
Fourth A&R Operating Agreement. 
 2.6    Brokers. No broker, finder or investment banker is entitled to any
brokerage, finder’s, investment banker’s or other fee or commission in connection with the Transactions based upon arrangements made by or on behalf of the Seller. 

2.7    Disclaimer of Warranties. Except as set forth in this ARTICLE II, (a) the Acquired Interests
(including, indirectly through the sale of the Acquired Interests, the assets, properties, liabilities, condition, operations or prospects of the Company) are being sold on an “as is, where is” basis as of the Closing and (b) neither
the Seller nor any of its Affiliates or its or their respective Representatives have made, or shall be deemed to have made, any other representation or warranty, express or implied, at law or in equity, in respect of the Acquired Interests or the
assets, properties, liabilities, condition, operations or prospects of the Company, including with respect to (i) merchantability or fitness for any particular purpose, (ii) the operation of the business of the Company after the Closing,
(iii) the probable success or profitability of the business of the Company after the Closing or (iv) the accuracy or completeness of any (A) projections, predictions, forecasts, estimates, plans or budgets of future revenues, expenses
or expenditures, future results of operations (or any component thereof), future cash flows (or any component thereof) or future financial condition (or any component thereof) of the Company or (B) information, documents or materials regarding
the business of the Company, the Acquired Interests or the assets and properties of the Company. Any such other representations or warranties are hereby expressly disclaimed. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE BUYER 

The Buyer represents and warrants to the Buyer that each statement contained in this ARTICLE III is true and correct as of the date of
this Agreement and as of the Closing Date. 

  
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 3.1    Organization and Existence. The Buyer is a corporation
duly incorporated, validly existing and in good standing under the Laws of Delaware. 
 3.2    Authority and
Enforceability. The Buyer has the requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the Transactions. The execution, delivery and performance by the Buyer
of this Agreement, and the consummation by the Buyer of the Transactions, have been duly authorized by all necessary corporate action on the part of the Buyer, and no other action is necessary on the part of the Buyer to authorize this Agreement or
to consummate the Transactions. This Agreement has been duly executed and delivered by the Buyer and, assuming the due authorization, execution and delivery by the other Parties, this Agreement constitutes a legal, valid and binding obligation of
the Buyer, enforceable against the Buyer, in accordance with its terms, except as limited by (a) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar Laws relating to creditors’ rights generally and
(b) general principles of equity, whether such enforceability is considered in a proceeding in equity or at Law. 

3.3    No Conflicts; Consents. Except for the BNDES Consent, neither the execution, delivery and performance by the
Buyer of this Agreement, nor the consummation of the Transactions by the Buyer, will, with or without the giving of notice or the lapse of time or both, (a) violate any provision of the Organizational Documents of the Buyer, (b) violate
any Law or Order applicable to the Buyer or (c) result in a breach of or default under, require consent under or violate any material Contract to which the Buyer is a party, except in the case of the immediately preceding clauses (b) and
(c) to the extent that any such breach, default, consent or violation would not reasonably be expected to be, individually or in the aggregate, material to the Buyer’s ability to timely perform its obligations hereunder. No Permit or Filing is
required by the Buyer in connection with the execution and delivery by the Buyer of this Agreement, the performance by the Buyer of its obligations hereunder and the consummation by the Buyer of the Transactions, as applicable, other than Permits
and Filings the failure of which to obtain or make would not reasonably be expected to be, individually or in the aggregate, material to the Buyer’s ability to timely perform its obligations hereunder. 

3.4    Legal Proceedings. There are no Legal Proceedings pending or, to the Knowledge of the Buyer, threatened
against or otherwise relating to the Buyer that (a) challenge or seek to enjoin, alter or materially delay the Transactions or (b) would reasonably be expected to be, individually or in the aggregate, material to the Buyer’s ability
to timely perform its obligations hereunder. 
 3.5    Funds. As of the Closing Date, the Buyer will have
sufficient funds available to enable it to (a) pay the Purchase Price and to satisfy all other payments required by this Agreement, (ii) pay any related fees, costs and expenses incurred by the Buyer in connection with the Transactions and
(iii) otherwise consummate the Transactions contemplated by this Agreement. It is acknowledged and agreed by the Buyer and the Guarantor that the obligations of the Buyer and the Guarantor under this Agreement are not subject to any conditions
regarding the Buyer’s, the Company’s, the Buyer’s other Affiliates’, or any other Person’s ability to obtain financing for the consummation of the Transactions. 

  
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 3.6    Investment Matters. The Buyer acknowledges that the
Acquired Interests have not been registered under the Securities Act of 1933, as amended, or under any state or foreign securities Laws, and that the Acquired Interests may not be sold, transferred, assigned, offered for sale, pledged, hypothecated
or otherwise disposed of unless such sale, transfer, assignment, offer for sale, pledge, hypothecation, or other disposition is completed pursuant to the terms of an effective registration under the Securities Act of 1933 and is registered under or
pursuant to an exemption from registration under the Securities Act of 1933 and any applicable state or foreign securities Laws. The Buyer is purchasing the Acquired Interests for its own account and not with a view to any public resale or other
distribution thereof, except in compliance with applicable securities Laws. 
 3.7    Brokers. No broker, finder
or investment banker is entitled to any brokerage, finder’s, investment banker’s or other fee or commission in connection with the Transactions based upon arrangements made by or on behalf of the Buyer. 

3.8    Independent Investigation. The Buyer has such knowledge and experience in financial and business matters
that it is capable of evaluating the merits and risks of its participation in the Transactions and is able to bear the economic risk associated with the purchase of the Acquired Interests. The Buyer has conducted its own independent review and
analysis of the Transactions, and has formed an independent judgment concerning, the assets, properties, liabilities, condition, operations and prospects of the business of the Company and the Acquired Interests. In entering into this Agreement, the
Buyer has relied solely upon the specific representations and warranties of the Seller expressly set forth in ARTICLE II and not on any representations, warranties, statements or omissions by any Person other than those specific
representations and warranties expressly set forth in ARTICLE II. 
 ARTICLE IV 

COVENANTS 

4.1    Transfer Taxes. The Buyer and Seller shall each bear 50% of all federal, state and local sales, use, stamp,
documentary, recording, value added, registration, conveyance and real estate and other similar transfer Taxes (collectively, the “Transfer Taxes”), if any, due as a result of the purchase, sale or transfer of the Acquired Interests
in accordance herewith whether imposed by Law on the Seller or the Buyer. The Party required to file any Tax return or pay any Transfer Tax pursuant to applicable Law with respect to any Transfer Tax shall prepare and timely file such Tax return,
subject to review and consultation by the other Party, and pay to the relevant taxing authority such Transfer Taxes within the time and in the manner prescribed by applicable Law. In the case that either Buyer or Seller pays more than fifty percent
(50%) of any Transfer Tax, the Party making such excess payment shall be entitled to reimbursement from the other Party of the amount of any such Transfer Taxes required to be borne by such other Party in accordance with the first sentence of this
Section 4.1 within five Business Days after the date such Transfer Taxes are due. Upon the reasonable written request of a Party, the Party so requested shall execute and deliver all instruments and certificates necessary
to enable the requesting Party to comply with the foregoing. 

  
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 4.2    Absence of Certain Tax Election. The Seller covenants and
agrees that it will not make an election to claim depreciation under Section 168(k) of the Code with respect to the purchase by the Seller, through a disregarded entity, of membership interests in Iowa Premium, LLC, an Iowa limited liability
company (“Iowa Premium”), pursuant to that certain Membership Interest Purchase Agreement, dated as of March 11, 2019, by and among the Company, Buyer, USPB, NBPCo, New Kleinco, Seller, JIAC LLC, Iowa Premium and Sysco
Holdings, LLC; it being understood that the Seller shall not be deemed to be in breach of this covenant as a result of any election to claim depreciation under Section 168(k) of the Code made by the Company with respect to such purchase or
related transactions and allocated to the Seller by the Company. 
 4.3    BNDES Consent. The Buyer and the
Guarantor shall use their best efforts to take or cause to be taken all actions, and do or cause to be done all things, in each case, necessary, proper or advisable to obtain the BNDES Consent and otherwise consummate the Transactions in November of
2019. The Buyer and the Guarantor shall keep the Seller informed of the status of, and communications with, BNDES regarding the BNDES Consent during the period commencing on the date of this Agreement and ending on the earlier of the Closing Date
and the termination of this Agreement pursuant to Section 6.1. 
 4.4    Company Credit
Facilities. 
 (a)    The Buyer shall use its best efforts to cause the Company to fully draw down all credit lines
and term loans available to drawn down under the Third Amended and Restated Credit Agreement of the Company, dated as of June 9, 2017 (as amended, the “Company Credit Agreement”), by and among the Company, the guarantors party
thereto, the lenders party thereto and CoBank ACB, as administrative agent for the lenders thereto. In the event that the Closing does not occur for any reason on or prior to January 31, 2020, the Buyer shall cause the Company to make a
distribution to the members of the Company of all amounts drawn down under the Company Credit Agreement pursuant to the immediately preceding sentence. 

(b)    At all times prior to Closing, each of the Buyer and the Seller, to the extent necessary, shall vote, and cause its
respective Representatives to vote, its respective limited liability interests of the Company in a manner as to allow the Company to fully draw down all credit lines and term loans available to draw down under the Company Credit Agreement. For
purposes of the approval requirements set forth in Section 7.4.2 of the Fourth A&R Operating Agreement, each of the Seller and the Buyer hereby consents to the full draw down of all credit lines and term loans available
to draw down under the Company Credit Agreement and the incurrence by the Company of such related indebtedness. 

4.5    Public Announcements. Neither the Buyer nor the Seller shall be permitted, and shall not permit their
respective Affiliates to, make any public announcement, whether individually or jointly, in respect of this Agreement or the Transactions without the prior written consent of the other Party, except as required by applicable Law or by the rules and
regulations of any securities exchange or national market system upon which the securities of the Buyer or the Seller (or their respective Affiliates) are listed, in which case such Party shall provide a copy of such disclosure prior to publication
with sufficient time for the other Party, consistent with such requirements, to review the nature of such requirements and to comment upon such disclosure prior to publication. Notwithstanding anything to the contrary, for the avoidance of doubt,
the Seller and the Buyer 

  
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(and, to the extent it would not delay the Closing, the Additional Buyers) shall be entitled to make any appropriate filings and disclosures required to be filed under the Securities Act or the
Exchange Act (including any report on Form 8-K and the filing of this Agreement, as intended, in relation thereof) or other applicable law (including a Brazilian fato relevante) announcing the signing
of this Agreement and any other disclosures to be filed in connection therewith. 
 4.6    Confidentiality. From
and after the Closing, the Seller and its respective Affiliates shall keep confidential, not disclose to any Person and not use for any purpose, in whole or in part, any non-public information in their
possession or of which they have knowledge of relating to the Company or any of its Subsidiaries acquired as a member of the Company (collectively, the “Confidential Information”), except that the Seller shall be permitted to
disclose such Confidential Information: (a) to its agents, representatives and employees who need to be familiar with such information in connection with the Seller’s prior investment in the Company as a member and who are charged with an
obligation of confidentiality; (b) to the Seller’s equity holders so long as they agree to keep such Confidential Information confidential on the terms set forth herein; (c) to the extent required by (i) law or by any
governmental or regulatory authority, (ii) any judicial or administrative proceeding (whether by deposition, interrogatory, request for documents, subpoena, civil investigative demand or otherwise), (iii) any rules and regulations of the
Securities and Exchange Commission as long as the Seller is required to report information to the Securities and Exchange Commission, or (iv) any applicable stock exchange on which a the Seller’s securities are listed or traded, so long as
the Seller shall have first provided the Company a reasonable opportunity to contest the necessity of disclosing such information; (d) to the extent such Confidential Information was in the public domain at the time of disclosure or later comes
into the public domain, other than as a result of disclosure prohibited by this Agreement; (e) to the extent such Confidential Information is authorized for disclosure by the Company or the Buyer; or (f) to the extent necessary for the
enforcement of any right of the Seller arising under this Agreement. Notwithstanding the foregoing, the Seller and its employees, representatives or other agents may disclose to any and all Persons, without limitation of any kind, the tax treatment
and tax structure of the Company and all materials of any kind (including opinions or other tax analyses) that are provided to the Seller as a member relating to such tax treatment and tax structure. 

4.7    Further Assurances. Each of the Buyer and the Seller shall execute such documents and other instruments and
take such further actions as may reasonably be required or desirable to carry out the provisions hereof and consummate the Transactions. 

4.8    Orders. To the extent either Party becomes aware of a Law or Order that prohibits, enjoins, restricts or
makes illegal the consummation of the Transactions, the Buyer and the Seller shall use their respective best reasonable efforts to take, or cause to be taken, all actions and do, or cause to be done, all things necessary, proper or advisable to
eliminate, cure or otherwise resolve the circumstances giving rise to such Law or Order and otherwise consummate the Transactions. 

  
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 ARTICLE V 

INDEMNIFICATION 

5.1    Survival Period. All representations and warranties contained in this Agreement shall survive the Closing
for a period of 12 months. The covenants, obligations and agreements of each Party contained in this Agreement shall survive the Closing in accordance with their terms until 60 days following the expiration of any applicable statute of limitations;
provided, however, that any such covenant or agreement that expires on a date certain shall survive until such date certain. Notwithstanding the expiration of any survival period referred in this Section 5.1,
if an indemnified party has provided notice with respect to a breach of representation, warranty, covenant, obligation or agreement within the applicable survival period, the relevant representation, warranty, covenant, obligation or agreement shall
survive, solely with respect to such claim as is asserted in such notice, until the claim has been finally resolved. 

5.2    Indemnification. 

(a)    From and after the Closing, the Seller shall indemnify, defend and hold harmless the Buyer and its Affiliates and
its and their respective Representatives, successors and assigns (collectively, the “Buyer Indemnitees”) from and against, and pay or reimburse the Buyer Indemnities for, any and all losses, damages, claims (including third party
claims), charges, Liabilities, actions, suits, proceedings, awards, interest, penalties, taxes, costs, expenses (including reasonable attorneys’, consultants’ and other professionals’ fees and expenses) and diminution in value
(collectively, “Losses”) resulting from, arising out of, or relating to: (i) any inaccuracy or breach of any representation or warranty of the Seller contained in this Agreement; and (ii) any breach, failure to comply
with, violation or non-fulfillment of any covenant or agreement of the Seller contained in this Agreement. In no event shall the Seller’s aggregate indemnification obligations under this ARTICLE V
exceed an amount equal to 100% of the Purchase Price (the “Cap”). 
 (b)    From and after the Closing,
the Buyer shall indemnify, defend and hold harmless the Seller and its Affiliates and its and their respective Representatives, successors and assigns (collectively, the “Seller Indemnitees”) from and against, and pay or reimburse
the Seller Indemnitees for, any and all Losses resulting from, arising out of, or incurred by any Seller Indemnitee resulting from, arising out of, or relating to: (i) any inaccuracy or breach of any representation or warranty of the Buyer
contained in this Agreement; and (ii) any breach, failure to comply with, violation or non-fulfillment of any covenant or agreement of the Buyer contained in this Agreement. In no event shall the
Buyer’s aggregate indemnification obligations under this ARTICLE V exceed an amount equal to the Cap. 

5.3    Sole and Exclusivity Remedy. Each of the Parties acknowledges and agrees that (except for specific
performance pursuant to Section 7.7 and the payment of the Termination Expenses pursuant to Section 6.3), the indemnification rights of the Parties under this ARTICLE V
shall be the sole and exclusive remedies of the Buyer or the Seller after the Closing for any and all matters arising out of this Agreement, the Transactions and the Acquired Interests whether in contract, tort or otherwise (including any equitable
remedy); provided, however, that nothing herein shall limit in any way any such Party’s remedies in respect of knowing and intentional fraud by the other Party in connection herewith or the Transactions. 

  
 11 

 ARTICLE VI 

TERMINATION 

6.1    Grounds for Termination. This Agreement may be terminated at any time prior to the Closing as follows: 

(a)    by the Buyer (upon written notice from the Buyer to the Seller) or the Seller (upon written notice from the Seller
to the Buyer), if the Closing shall not have occurred on or prior to January 31, 2020 (the “Outside Date”); provided, that the terminating Party is not then in breach of any representation, warranty, covenant or other
agreement contained herein such that the conditions to Closing set forth in Section 1.5(a)(i), Section 1.5(a)(ii), Section 1.5(b)(i) or
Section 1.5(b)(ii), as applicable, would not have been satisfied; 
 (b)    by the Buyer (upon
written notice from the Buyer to the Seller) if (i) there exists a breach of any representation or warranty of the Seller contained in this Agreement such that the closing condition set forth in Section 1.5(a)(i) would
not be satisfied or (ii) the Seller shall have breached any of the covenants or agreements contained in this Agreement to be complied with by the Seller such that the Closing condition set forth in Section 1.5(a)(ii)
would not be satisfied; provided, that (A) the Buyer shall not be entitled to terminate this Agreement pursuant to this Section 6.1(b) unless, in the case of the immediately preceding clauses (i) or (ii),
such breach is not cured by the Seller within 30 days after the Seller receives written notice of such breach from the Buyer (or such lesser period remaining prior to the date that is one day prior to the Outside Date); and (B) the Buyer shall
not be entitled to terminate this Agreement pursuant to this Section 6.1(b) if, at the time of such termination, the Buyer is in breach of any representation, warranty, covenant or other agreement contained herein in a
manner such that the conditions to Closing set forth in Section 1.5(b)(i) or Section 1.5(b)(ii), as applicable, would not have been satisfied; 

(c)    by the Seller (upon written notice from the Seller to the Buyer) if (i) there exists a breach of any
representation or warranty of the Buyer contained in this Agreement such that the closing condition set forth in Section 1.5(b)(i) would not be satisfied or (ii) the Buyer shall have breached any of the covenants or
agreements contained in this Agreement to be complied with by the Buyer, as applicable, such that the closing condition set forth in Section 1.5(b)(ii) would not be satisfied; provided, that (A) the Seller shall
not be entitled to terminate this Agreement pursuant to this Section 6.1(c) unless, in the case of the immediately preceding clauses (i) or (ii), such breach is not cured by the Buyer within 30 days after the Buyer
receives written notice of such breach from the Seller (or such lesser period remaining prior to the date that is one day prior to the Outside Date); and (B) the Seller shall not be entitled to terminate this Agreement pursuant to this
Section 6.1(c) if, at the time of such termination, the Seller is in breach of any representation, warranty, covenant or other agreement contained herein in a manner such that the conditions to Closing set forth in
Section 1.5(a)(i) or Section 1.5(a)(ii), as applicable, would not have been satisfied; 

  
 12 

 (d)    by either the Buyer (upon written notice from the Buyer to the
Seller) or by the Seller (upon written notice from the Seller to the Buyer) if (i) there shall be in effect a final, non-appealable Order issued by a United States Governmental Entity prohibiting,
enjoining, restricting or making illegal the Transactions; or (ii) there shall be in effect a final, non-appealable Order issued by a Brazilian Governmental Entity prohibiting, enjoining, restricting or
making illegal the Transactions; provided, that in each case, the terminating Party has used its best reasonable efforts to eliminate, cure or resolve the Order in accordance with Section 4.8; and 

(e)    by the mutual written agreement of the Parties. 

6.2    Effect of Termination. Termination of this Agreement pursuant to Section 6.1 shall
terminate all obligations of the Parties, except for the obligations under Section 4.4, Section 4.5, Section 4.6, this Section 6.2,
Section 6.3 and ARTICLE VII; provided, however, that termination pursuant to Section 6.1 shall not relieve a defaulting or breaching Party (whether or not the terminating
Party) from any Liability to the other Party resulting from any intentional default or breach hereunder, unless, with respect to a termination pursuant to Section 6.1(e), the Parties have expressly waived such defaulting or
breaching Party from any Liability resulting from any such default or breach hereunder. 
 6.3    Termination
Expenses. 
 (a)    In the event that this Agreement is terminated pursuant to
(i) Section 6.1(a) and the BNDES Consent has not been obtained prior to such termination or (ii) Section 6.1(a) and there has been a Material Adverse Effect such that the Closing
condition set forth in Section 1.5(a)(iv) would not be satisfied, the Buyer shall pay, or cause to be paid, no later than 10 Business Days following such termination, to the Seller (by wire transfer of immediately available
funds in U.S. dollars, to the account or accounts specified by the Seller to the Buyer at least three Business Days prior to the payment date) an amount in cash equal to the costs, damages, losses and expenses incurred by the Seller in connection
with the termination of this Agreement, which the parties hereby acknowledge and agree shall be equal to $20,000,000 (the “Termination Expenses”). 

(b)    The parties acknowledge and agree that damages resulting from termination pursuant to this
Section 6.3 would be impossible or very difficult to accurately estimate, and that the Termination Expenses is a reasonable estimate of the expected costs, damages, losses and expenses of the Seller in connection with the
terminated Transactions. Except in the case of knowing and intentional fraud, the Buyer’s payment of the Termination Expenses is the Buyer’s sole liability and entire obligation and the Seller’s exclusive remedy against the Buyer, its
Affiliates, its financing sources or any other Person for any termination by the Seller pursuant to Section 6.1. The Parties acknowledge that (a) the agreements contained in this Section 6.3
are an integral part of the Transactions, (b) the Termination Expenses shall constitute liquidated damages for any and all Losses, damages or other Liabilities suffered or incurred by the Seller, its Affiliates or any other Person in connection
with this Agreement and the matter forming the basis of such termination and none of the Seller, its Affiliates or any other Person shall be entitled to bring or maintain any other claim, action or proceeding against the Buyer, its Affiliates or any
other Person arising out of such matters except as set forth in Section 6.3(c), and (c) without the agreements contained in this Section 6.3, the Parties would not have entered into this
Agreement. This Section 6.3 shall survive any termination of this Agreement. 

  
 13 

 (c)    For the avoidance of doubt, in the event this Agreement is
terminated pursuant to this ARTICLE VI, the limitation contained in Section 6.3(b) shall not prevent the Seller from simultaneously pursuing its right to seek specific performance pursuant to
Section 7.7 and payment of the Termination Expenses pursuant to this Section 6.3; provided, that, under no circumstances shall the Seller be permitted or entitled to (i) receive
payment of the Termination Expenses pursuant to this Section 6.3 if the Seller has received a grant of specific performance pursuant to Section 7.7 of the Buyer’s obligation to consummate the
Closing or (ii) receive a grant of specific performance pursuant to Section 7.7 of the Buyer’s obligation to consummate the Closing if the Buyer has paid the Termination Expenses to Seller pursuant to this
Section 6.3. 
 ARTICLE VII 

MISCELLANEOUS 

7.1    Notices. Any notice, request, demand, waiver, consent, approval or other communication that is required or
permitted hereunder shall be in writing and shall be deemed given: (i) on the date established by the sender as having been delivered personally, (ii) on the date delivered by a private courier as established by the sender by evidence
obtained from the courier, (iii) on the date sent by e-mail, with a copy of such notice delivered by registered mail, or (iv) on the fifth Business Day after the date mailed, by certified or
registered mail, return receipt requested, postage prepaid. Such communications, to be valid, must be addressed as follows: 
  

							
		 	(a)	 	if to the Buyer or the Guarantor, to:	 	
				
		 		 	Marfrig Global Foods S.A.	 	
	                   	 		 	R. Queiroz Filho, 1.560 – Torre Sabiá	 	
		 		 	3o andar - Vila Hamburguesa	 	
		 		 	CEP: 05319-000 - São Paulo – Brasil	 	
		 		 	Attention:           Marcos Antonio Molina dos Santos
		 		 	    marcos@marfrig.com.br

			
		 		 	with a required copy (which shall not constitute notice) to:
				
		 		 	Linklaters LLP	 	
		 		 	1345 Avenue of the Americas	 	
		 		 	New York, New York 10105	 	
		 		 	Attention:           Matthew Poulter	 	
		 		 	    matthew.poulter@linklaters.com

			
		 		 	    and

				
		 		 	    Gabriel Silva
	 	
		 		 	    gabriel.silva@linklaters.com
	 	

  
 14 

							
		 	(b)	 	if to the Seller, to:	 	
				
	                   	 		 	Jefferies Financial Group Inc.	 	
		 		 	520 Madison Avenue, 12th Floor	 	
		 		 	New York, New York 10022	 	
		 		 	Attention:           Michael J. Sharp	 	
		 		 	    msharp@jefferies.com

			
		 		 	with a required copy (which shall not constitute notice) to:
				
		 		 	Morgan, Lewis & Bockius LLP	 	
		 		 	101 Park Avenue	 	
		 		 	New York, New York 10178	 	
		 		 	Attention:           R. Alec Dawson	 	
		 		 	    alec.dawson@morganlewis.com

				
		 		 	    and
	 	
				
		 		 	    Sheryl L. Orr
	 	
		 		 	    sheryl.orr@morganlewis.com
	 	

 or to such other address or to the attention of such Person or Persons as the recipient Party has specified by prior written
notice to the sending Party (or in the case of counsel, to such other readily ascertainable business address as such counsel may hereafter maintain). If more than one method for sending notice as set forth above is used, the earliest notice date
established as set forth above shall control. 
 7.2    Amendments and Waivers. This Agreement may not be
amended, supplemented or modified except by an instrument in writing signed on behalf of the Buyer and the Seller. Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such
waiver shall be effective, unless set forth in a written instrument duly executed by the Party against whom enforcement of such waiver is sought. No waiver by any Party of any term or condition of this Agreement, in any one or more instances, shall
be deemed to be or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion. 

7.3    Expenses. Except as otherwise expressly provided in this Agreement, whether or not the Transactions are
consummated, each Party shall bear its own costs and expenses incurred in anticipation of, relating to and in connection with the negotiation and execution of this Agreement and the consummation of the Transactions. 

7.4    Successors and Assigns. Subject to Section 1.7, neither this Agreement nor any of the rights or
obligations hereunder shall be assigned by either of the Parties without the prior written consent of the other Parties; provided, however, that the Buyer may assign this Agreement after the Closing as collateral security for the
benefit of any parties providing financing to the Buyer in connection with the Transactions to enable such financing sources to enforce the indemnification obligations of the Seller. Subject to the preceding sentence and the rights of Persons who
are expressly provided to be third-party beneficiaries pursuant to Section 7.9, this 

  
 15 

 
Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and permitted assigns. Any attempted assignment in violation of the
terms of this Section 7.4 shall be null and void, ab initio. 
 7.5    Governing
Law. This Agreement shall be governed by and interpreted and enforced in accordance with the Laws of the State of New York, without giving effect to any choice of Law or conflict of Laws rules or provisions (whether of the State of
New York or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of New York. 

7.6    Consent to Jurisdiction; Waiver of Jury Trial. Each Party irrevocably submits to the exclusive jurisdiction
of any state or federal court located within the County of New York in the State of New York for the purposes of any Legal Proceeding arising out of this Agreement or the Transactions, and agrees to commence any such Legal Proceeding only
in such courts. Each Party further agrees that service of any process, summons, notice or document by United States registered mail to such Party’s respective address set forth herein shall be effective service of process for any such Legal
Proceeding. Each Party irrevocably and unconditionally waives any objection to the laying of venue of any Legal Proceeding arising out of this Agreement or the Transactions in such courts, and hereby irrevocably and unconditionally waives and agrees
not to plead or claim in any such court that any such Legal Proceeding brought in any such court has been brought in an inconvenient forum. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS OR THE ACTIONS OF SUCH PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF OR THEREOF. 

7.7    Specific Performance. The Parties agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and
to enforce specifically the terms and provisions of this Agreement, this being in addition to any other remedy to which such Party is entitled at law, in equity, in contract, in tort or otherwise. The Parties hereby agree not to raise any objections
to the availability of the equitable remedy of specific performance to prevent or restrain breaches of this Agreement by the Buyer or Seller, as applicable, and to specifically enforce the terms and provisions of this Agreement to prevent breaches
or threatened breaches of, or to enforce compliance with, the respective covenants and obligations of the Parties under this Agreement, all in accordance with the terms of this Section 7.7. No Party shall be required to
provide any bond or other security in connection with seeking an injunction or injunctions to prevent breaches of this Agreement or to specifically enforce the terms and provisions of this Agreement. 

7.8    Counterparts. This Agreement, and the other documents, agreements and instruments to be delivered in
connection herewith, may be executed in counterparts, and any Party may execute any such counterpart, each of which when executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute but one
and the same instrument. This Agreement shall become effective when each Party shall have received a counterpart hereof signed by the other Parties. The Parties agree that the delivery of this 

  
 16 

 
Agreement, and the other documents, agreements and instruments to be delivered in connection herewith, may be effected by means of an exchange of facsimile or electronically transmitted
signatures (such as by electronic mail in “.pdf” form). 
 7.9    Third Party Beneficiaries. Except as
provided in ARTICLE V with respect to indemnification of the indemnified parties hereunder, this Agreement will not confer any rights or remedies upon any Person other than the Parties and their respective successors and permitted assigns.

 7.10    Entire Agreement. This Agreement and the Exhibits, Appendices and the other documents, instruments and
agreements specifically referred to herein or delivered pursuant hereto set forth the entire understanding of the Parties with respect to the Transactions. All Exhibits and Appendices referred to herein are intended to be and hereby are specifically
made a part of this Agreement. Any and all previous agreements and understandings between or among the Parties regarding the subject matter hereof, whether written or oral, are superseded by this Agreement. For the avoidance of doubt, nothing herein
shall be deemed to amend, restrict or otherwise affect the terms and conditions of the Purchase and Sale Agreement dated April 9, 2018 by and among Buyer, Guarantor, Seller, the Company and others (including the Parties’ rights and
obligations thereunder), which shall remain in full force and effect pursuant to its terms. 
 7.11    Headings.
All headings contained in this Agreement are for convenience of reference only, do not form a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement. 

7.12    Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under any
present or future Law (a) such provision will be fully severable, (b) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof, (c) the remaining provisions
of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom and (d) in lieu of such illegal, invalid or unenforceable provision, there will be
added automatically as a part of this Agreement a legal, valid and enforceable provision as similar in terms of such illegal, invalid or unenforceable provision as may be possible. 

7.13    Construction. For the purposes of this Agreement, except as otherwise expressly provided herein or unless
the context otherwise requires: (a) the meaning assigned to each term defined herein shall be equally applicable to both the singular and the plural forms of such term and vice versa, and words denoting either gender shall include all genders
as the context requires; (b) where a word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning; (c) the terms “hereof”, “herein”, “hereunder”, “hereby”
and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) when a reference is made in this Agreement to an
Article, Section, paragraph, Exhibit or Annex, such reference is to an Article, Section, paragraph, Exhibit or Annex to this Agreement unless otherwise specified; (e) the word “include”, “includes” and “including”
when used in this Agreement shall be deemed to be followed by the words “without limitation”, unless otherwise specified; (f) a reference to any Party to this Agreement or any other agreement or document shall include such
Party’s predecessors, successors and permitted assigns; (g) all accounting terms used and not defined herein have the 

  
 17 

 
respective meanings given to them under GAAP; (h) any event, the scheduled occurrence of which would fall on a day that is not a Business Day, shall be deferred until the next succeeding
Business Day; and (j) the word “or” shall be disjunctive and not exclusive. The Parties agree that the terms of this Agreement and the meaning assigned to each term defined herein represent a commercial agreement among the Parties
solely in connection with the Transactions, and shall not affect the Parties’ accounting practices. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation
otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. 

7.14    Guarantee. 

(a)    The Guarantor hereby absolutely, unconditionally and irrevocably guarantees (the “Guarantee”) to
the Seller the due and punctual performance of all of the Buyer’s obligations under this Agreement, including the payment of the Purchase Price and the Termination Expenses (the “Guaranteed Obligations”). The Guarantee of the
Guaranteed Obligations is one of payment, not collection, and a separate Legal Proceeding to enforce the Guarantee may be brought and prosecuted against the Guarantor, irrespective of whether any Legal Proceeding is brought against the Buyer or any
other Person or whether the Buyer and/or any other Person is joined in any such Legal Proceeding. Should the Buyer default in the discharge or performance of all or any portion of the Guaranteed Obligations, the obligations of the Guarantor
hereunder shall become immediately due and, if applicable, payable. The Guarantor represents and warrants to the Seller as follows: (i) the Guarantor is a corporation (sociedade por ações) duly
incorporated and validly existing under the Laws of the Federative Republic of Brazil, (ii) the Guarantor has the requisite corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder, including
to perform its obligation hereunder to pay, when and if due, the Guaranteed Obligations, (iii) the execution, delivery and performance by the Guarantor of this Agreement, and the performance by the Guarantor of its obligation to pay, when and
if due, the Guaranteed Obligations, have been duly authorized by all necessary corporate action on the part of the Guarantor, and no other action is necessary on the part of the Buyer to authorize this Agreement or the payment, when due, of the
Guaranteed Obligations, and (iv) this Agreement has been duly executed and delivered by the Guarantor, and, assuming the due authorization, execution and delivery by the Seller and the Buyer, this Agreement constitutes a legal, valid and
binding obligation of the Guarantor, enforceable against the Guarantor, in accordance with its terms, except as limited by (A) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar Laws relating to
creditors’ rights generally and (B) general principles of equity, whether such enforceability is considered in a proceeding in equity or at Law. 

(b)    The liability of the Guarantor under the Guarantee shall, to the fullest extent permitted under applicable Law, be
absolute and unconditional, irrespective of: (i) the validity, legality or enforceability of this Agreement against the Buyer; (ii) any release or discharge of any obligation of the Buyer under this Agreement resulting from any change in
the corporate existence, structure or ownership of the Buyer, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Buyer or any of its assets; (iii) any amendment or modification of this Agreement, or any
change in the manner, place or terms of payment or performance of the Guaranteed Obligations or any other obligation of the Buyer hereunder, or any change or extension of the time of payment or performance of, alteration of, the Guaranteed
Obligations or any other 

  
 18 

 
obligation of the Buyer hereunder, any Liability incurred directly or indirectly in respect thereof, or any amendment or waiver of, or any consent to, any departure from the terms of this
Agreement or the documents entered into in connection herewith; (iv) the existence of any claim, setoff or other right that the Buyer or the Guarantor may have at any time against the Seller, whether in connection with the Guaranteed
Obligations or otherwise; or (v) any other act or omission that may or might in any manner or to any extent vary the risk of the Guarantor or otherwise operate as a discharge of the Guarantor as a matter of Law or equity, other than any
defenses under this Agreement available to the Buyer. The Guarantor hereby waives any and all notice of the creation, extension or accrual of the Guaranteed Obligations under the Guarantee and notice of or proof of reliance by the Seller upon the
Guarantee or acceptance of the Guarantee. The Guaranteed Obligations under the Guarantee shall conclusively be deemed to have been created, contracted or incurred in reliance upon the Guarantee, and all dealings between the Guarantor and the Seller
shall likewise be conclusively presumed to have been had or consummated in reliance upon the Guarantee. When the Seller is pursuing its rights and remedies hereunder against the Guarantor, the Seller shall be under no obligation to pursue any rights
and remedies it may have against the Buyer or any other Person for the Guaranteed Obligations or any right of offset with respect thereto, and any failure by the Seller to pursue such other rights or remedies or to collect any payments from the
Buyer or any other Person or to realize upon or to exercise any such right of offset, and any release by the Seller of the Buyer or any other Person or any right of offset, shall not relieve the Guarantor of any liability hereunder, and shall not
impair or affect the rights and remedies of the Seller, whether express, implied or available as a matter of Law. The Seller shall not be obligated to file any claim relating to the Guaranteed Obligations in the event that the Buyer or Guarantor
becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Seller to so file shall not affect the Guarantor’s obligations hereunder. In the event that any payment to the Seller in respect of the Guaranteed
Obligations is rescinded or must otherwise be returned for any reason whatsoever, the Guarantor shall remain liable hereunder with respect to the Guaranteed Obligations as if such payment had not been made. The Guarantor irrevocably waives
acceptance, presentment, demand, protest and any notice in respect of the Guarantee not provided for herein. So long as the Guarantee remains in full force and effect, in the event the Guarantor or any of its successors or assigns
(A) consolidates with or merges into any other Person and shall not be the continuing or surviving corporation or entity in such consolidation or merger or (B) transfers all or substantially all of its properties and assets to any Person,
then, and in either such case, proper provision shall be made so that the successors and assigns of the Guarantor shall assume the obligations set forth in this Section 7.14. The Guarantor may not exercise any rights of
subrogation or contribution, whether arising by Contract or operation of law (including, without limitation, any such right arising under bankruptcy or insolvency Laws) or otherwise, by reason of any payment by it in respect of the Guarantee unless
and until the Guaranteed Obligations have been satisfied in full. The Guarantor has, and through the earlier of the Closing Date and the termination of this Agreement pursuant to Section 6.1 will have, capital or available
capital commitments which together are sufficient to enable it to satisfy its obligations under this Section 7.14, and the Guarantor shall not take any action to make such capital not available and knows of no fact or
circumstance that would cause such capital to not be available. 
 (c)    The Guarantee shall remain in full force and
effect and shall be binding on the Guarantor until the earlier of the Closing Date and the termination of this Agreement pursuant to Section 6.1, and after such occurrence, the Guarantee shall automatically terminate, shall
have no further force and effect, and shall no longer be binding on the Guarantor; provided, however, 

  
 19 

 
that the Guarantee shall remain in effect with respect to (i) the payment of the Termination Expenses in the event of termination of this Agreement, (ii) any claim based upon any act,
omission, fact or circumstance occurring or in existence on or prior to the earlier of the Closing Date and the termination of this Agreement pursuant to Section 6.1 if the Seller gives written notice of such claim within
30 days after such earlier date and (iii) any post-Closing obligations of the Buyer, including any indemnification obligations pursuant to Section 5.2(b). Upon the termination of this Agreement pursuant to
Section 6.1, the Guarantee shall survive in full force and effect and shall be binding on the Guarantor until the later of (A) 90 days from the date of such termination and (B) the final,
non-appealable and conclusive resolution of any and all claims brought under this Agreement. 

[Signature Page Follows] 

  
 20 

 IN WITNESS WHEREOF, each Party has caused this Agreement to be duly executed by its
authorized officers as of the date first above written. 
  

			
	NBM US HOLDINGS, INC.
		
	By:	 	 /s/ Marcos Molina

	Name:	 	Marcos Molina
	Title:	 	Director
	
	JEFFERIES FINANCIAL GROUP INC.
		
	By:	 	 /s/ Michael J. Sharp

	Name:	 	Michael J. Sharp
	Title:	 	EVP, General Counsel
	
	MARFRIG GLOBAL FOODS S.A.
		
	By:	 	 /s/ Marcos Molina

	Name:	 	Marcos Molina
	Title:	 	Director
		 	
	By:	 	 /s/ David Tang

	Name:	 	David Tang
	Title:	 	Director

 [Signature Page to Membership Interest Purchase Agreement] 

 Annex I 

Index of Defined Terms 

When used in the Agreement, the following terms shall have the meanings assigned to them in this Annex I. 

“Accrued Distributions” has the meaning set forth in Section 1.2. 

“Additional Buyer” has the meaning set forth in Section 1.7. 

“Additional Distributions” has the meaning set forth in Section 1.2. 

“Affiliate” of any Person means any other Person that directly or indirectly, through one or more intermediaries, controls,
is controlled by, or is under common control with such first Person. For purposes of this definition, “control” (including the terms “controlled by” and “under common control with”) of a Person means the power
to, directly or indirectly, direct or cause the direction of the management and policies of such Person whether through ownership of voting securities or other ownership interests, by Contract or otherwise, including, with respect to a corporation,
partnership or limited liability company, the direct or indirect ownership of more than 50% of the voting securities in such corporation or of the voting interest in a partnership or limited liability company. 

“Agreement” has the meaning set forth in the Preamble to this Agreement. 

“Acquired Interests” has the meaning set forth in the Recitals to this Agreement. 

“BNDES” has the meaning set forth in Section 1.5(c)(ii). 

“BNDES Consent” has the meaning set forth in Section 1.5(c)(ii). 

“Business Day” means any day, other than Saturday, Sunday or any other day on which banks located in the State of New York or
São Paulo, Brazil are authorized or required to close. 
 “Buyer” has the meaning set forth in the Preamble to this
Agreement. 
 “Buyer Indemnitees” has the meaning set forth in Section 5.2(a). 

“Cap” has the meaning set forth in Section 5.2(a). 

“Closing” has the meaning set forth in Section 1.3. 

“Closing Date” has the meaning set forth in Section 1.3. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Company” has the meaning set forth in the Recitals to this Agreement. 

 “Company Credit Agreement” has the meaning set forth in
Section 4.4(a). 
 “Company Entities” means the Company and its subsidiaries. 

“Confidential Information” has the meaning set forth in Section 4.6. 

“Contract” means any written contract, lease, license, indenture, undertaking or other agreement that is legally binding.

 “Filing” means a registration, declaration or filing with a Governmental Entity. 

“Fourth A&R Operating Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of the
Company dated February 28, 2019 entered into by and among the Buyer, the Seller and the other parties thereto. 
 “Governmental
Entity” means any court, tribunal, arbitrator, authority, agency, commission, legislative body or official of the United States or any state, or similar governing entity, in the United States or in a foreign jurisdiction. 

“Guarantee” has the meaning set forth in Section 7.14(a). 

“Guaranteed Obligations” has the meaning set forth in Section 7.14(a). 

“Guarantor” has the meaning set forth in the Preamble to this Agreement. 

“Iowa Premium” has the meaning set forth in Section 4.2. 

“Knowledge” means the actual knowledge, after reasonable inquiry, of (a) in the case of the Seller, Kieran Mara and
Nicholas Daraviras, and (b) in the case of the Buyer or the Guarantor, Martin Secco and Eduardo Miron. 
 “Law” means,
with respect to any Person, any statute, law (including common law), code, treaty, ordinance, rule or regulation of any Governmental Entity applicable to such Person as of the date hereof. 

“Legal Proceeding” means any action, cause of action, suit, hearing, claim, lawsuit, litigation, investigation, arbitration
or proceeding (in each case, whether civil, criminal, regulatory, administrative or otherwise, at law or in equity). 

“Liabilities” means any and all debts, losses, liabilities, Legal Proceedings, fines, costs, royalties, deficiencies or
obligations or commitments of any nature, whether known or unknown, asserted or unasserted, accrued or unaccrued, matured or unmatured, absolute, off-balance sheet, contingent or otherwise and whether due or
to become due, and any out-of-pocket costs and expenses (including attorneys’, accountants’ or other fees and expenses). 

“Liens” means any mortgage, deed of trust, lien (statutory or otherwise), pledge, charge, security interest, hypothecation,
equitable interest, servitude, license, option, right of first refusal, restriction on voting or transfer or any other encumbrance. 

 “Losses” has the meaning set forth in
Section 5.2(a). 
 “Material Adverse Effect” means any change or event that, individually or in
the aggregate, has or would reasonably be expected to have a material adverse effect on the business, assets, properties or condition of the Company Entities, taken as a whole; provided, however, that any changes or events resulting from the
following items shall not be considered when determining whether a Material Adverse Effect has occurred: (a) changes in economic, political, regulatory, financial or capital market conditions generally or in the industries in which the Company
Entities operate, (b) any acts of war, sabotage, terrorist activities or changes imposed by a Governmental Entity associated with additional security, (c) effects of weather or meteorological events, (d) any change of Law, accounting
standards, regulatory policy or industry standards after the date hereof, (e) the announcement, execution, delivery or performance of this Agreement or the consummation of the Transactions or the fact that the prospective owner of the Company
is the Buyer, and (f) any actions taken by the Buyer, or any actions taken by the Company at the direction or request of the Buyer or the Board. 

“NBPCo” means NBPCo Holdings, LLC. 

“New Kleinco” means TMK Holdings, LLC. 

“Order” means any award, injunction, judgment, order, writ, decree or ruling entered, issued, made, or rendered by any
Governmental Entity that possesses competent jurisdiction; provided, that Order shall not include the BNDES Consent. 

“Organizational Documents” means, with respect to any Person that is not an individual, the articles or certificate of
incorporation or organization, by-laws, limited partnership agreement, partnership agreement, limited liability company agreement, shareholders agreement, operating agreement or such other organizational
documents of such Person. 
 “Outside Date” has the meaning set forth in Section 6.1(a). 

“Party” or “Parties” has the meaning set forth in the Preamble to this Agreement. 

“Permit” means a consent, approval, license, permit, certificate, authorization or extension of applicable waiting period
from any Governmental Entity. 
 “Person” means any natural person, corporation, general partnership, limited partnership,
limited liability company, joint venture, trust, proprietorship, other business organization or Governmental Entity. 
 “Purchase
Price” has the meaning set forth in Section 1.2. 
 “Representatives” means the
stockholders, members, managers, officers, directors, employees, agents, accountants, agents, financial advisers, consultants of a Person. 

“Seller” has the meaning set forth in the Preamble to this Agreement. 

“Seller Indemnitees” has the meaning set forth in Section 5.2(b). 

 “Tax” or “Taxes” means any and all United States federal,
state or local, or foreign or other taxes, fees and charges of any nature whatsoever (including income (net or gross), business and occupation, profits, gains, alternative or add-on minimum, franchise,
license, margin capital, capital stock, intangible, services, premium, transfer, withholding, ad valorem, personal property (tangible and intangible), employment, payroll, wage, severance, windfall profits, import, custom, stamp, sales and use,
value added, social security, disability, occupation, real property, escheat, severance, excise, estimated and other taxes) imposed by a taxing authority, including any interest, penalty or addition thereto. 

“Termination Expenses” has the meaning set forth in Section 6.3. 

“Transactions” means the transactions contemplated by this Agreement. 

“Transfer Taxes” has the meaning set forth in Section 4.1. 

“USPB” means U.S. Premium Beef, LLC. 

 Exhibit A 

Form of Instrument of Transfer 

(See attached) 

 ASSIGNMENT OF PURCHASED INTERESTS 

This ASSIGNMENT OF PURCHASED INTERESTS (the “Assignment”) is made and entered into as of November [●], 2019 by
Jefferies Financial Group Inc., a New York corporation (“Assignor”). 
 WHEREAS, pursuant to that certain Membership
Interest Purchase Agreement, dated as of November 17, 2019 (the “Purchase Agreement”), by and among NBM US Holdings, Inc., a Delaware corporation (the “Buyer”), Marfrig Global Foods S.A., a Brazilian
corporation (sociedade por ações) (the “Guarantor”), and Assignor, Assignor has agreed to sell to the Buyer, and the Buyer has agreed to purchase from Assignor, 5,395.17 Units of National Beef Packing Company,
LLC, a Delaware limited liability company (the “Company”) (the “Acquired Interests”). 
 NOW,
THEREFORE, for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees as follows: 

1.    Definitions. Unless the terms or context of this Assignment otherwise require or provide, each capitalized
term used in this Assignment shall have the meaning given to such term in the Purchase Agreement. 
 2.    Assignment
of Acquired Interests. Effective as of the date hereof, Assignor hereby sells, assigns, transfers, conveys and delivers to the Buyer, its successors and assigns, free and clear of all Liens (other than Liens (A) arising pursuant to, or as a
result of, the Transactions, (B) arising under the Organizational Documents of the Company and (C) arising pursuant to applicable securities Laws), all of Assignor’s right, title and interest in and to the Acquired Interests. 

3.    Governing Law. This Assignment shall be governed by and interpreted and enforced in accordance with the Laws
of the State of New York, without giving effect to any choice of Law or conflict of Laws rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the Laws of any jurisdiction
other than the State of New York. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned has duly executed this Assignment as of and on
the date first above written. 
  

			
	ASSIGNOR:
	
	[●]

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 Signature Page to Assignment of Purchased InterestsExhibit 4.1

 

REPLIMUNE GROUP, INC.

FORM OF WARRANT TO PURCHASE COMMON STOCK

 

Number of Shares: [·]

(subject to adjustment)

 

	
Warrant No. [·]
    	
  
    	
Original Issue   Date: November [·], 2019
    

 

Replimune Group, 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 $0.0001 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, as such terms are used in and construed under Rule 405 under the Securities Act, but only for so long as such control shall continue.

 

(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 L.P., 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 L.P., or if the security is not listed for trading on a national securities exchange or other trading market on the relevant date, the last quoted bid price for the security in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. (or a similar organization or agency succeeding to its functions of reporting prices). 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’ 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) “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 Global Select Market.

 

(e) “Registration Statement” means the Company’s Registration Statement on Form S-3 (File No. 333-233147), declared effective on August 15, 2019.

 

(f) “Securities Act” means the Securities Act of 1933, as amended.

 

(g) “Trading Day” means any weekday on which the Principal Trading Market is open for trading. If the Common Stock is not listed or admitted for trading, “Trading Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in New York City are authorized or required by law or other governmental action to close.

 

 

(h) “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 Securities Exchange Act of 1934, as amended (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 and Duration of Warrants.

 

(a) All or any part of this Warrant shall be exercisable by the registered Holder in any manner permitted by 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). The date on which such exercise notice 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. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

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 Program (the “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 DTC account 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 written request and in the Holder’s sole discretion, either (i) 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 (ii) 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 and surety bond, if requested by the Company. 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 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 such action as may be reasonably 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.

 

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, 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. If the Company, at any time while this Warrant is outstanding, distributes to all holders of Common Stock for no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by the preceding paragraph) (iii) rights or warrants to subscribe for or purchase any security, or (iv) cash or any other asset (in each case, a “Distribution”), other than a reclassification as to which Section 9(c) applies, 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 on exercise hereof, including without limitation, the ownership limitation set forth in Section 11(a) hereof) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the ownership limitation set forth in Section 11(a) hereof, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until the earlier of (i) such time, if ever, as the delivery to such Holder of such portion would not result in the Holder exceeding the ownership limitation set forth in Section 11(a) hereof and (ii) such time as the Holder has exercised this Warrant.

 

(c) 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 paragraph (c) shall similarly apply to subsequent transactions analogous of a Fundamental Transaction type.

 

(d) Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to Section 9 (including any adjustment to the Exercise Price that would have been effected but for the final sentence in this paragraph (d)), 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. Notwithstanding the foregoing, in no event may the Exercise Price be adjusted below the par value of the Common Stock then in effect.

 

(e) Calculations. All calculations under this Section 9 shall be made to the nearest one-hundredth of one cent or the nearest share, as applicable.

 

(f) 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.

 

(g) Notice of Corporate Events. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other 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, except if such notice and the contents thereof shall be deemed to constitute material non-public information, 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(c), other than a Fundamental Transaction under clause (iii) of Section 9(c), then, except if such notice and the contents thereof shall be deemed to 

 

 

constitute material non-public information, the Company shall deliver to the Holder a notice of such Fundamental Transaction at least ten (10) days prior to the date such Fundamental Transaction is consummated.

 

10. Payment of Cashless 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 Securities 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 Price per share of Common Stock as of the Trading Day on the date immediately preceding the Exercise Date; and

 

“B” equals the Exercise Price per Warrant Share then in effect on the Exercise Date.

 

For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in such 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 Original Issue Date (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 this Warrant may only be exercised through a cashless exercise, as set forth in this Section 10.

 

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, 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 or its transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written request of the Holder, the Company shall within three (3) Trading Days 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 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(c) 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 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 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. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

If to the Company:

 

Replimune Group, Inc.

Attention: Philip Astley-Sparke

500 Unicorn Park

Woburn, MA 01801

Telephone: (781) 222-9600

Fax: (781) 926-0870

Email: philip@replimune.com

 

If to the Holder, to its address, facsimile number or e-mail address set forth herein or on the books and records of the Company.

 

Or, in each of the above instances, to such other address, facsimile number or e-mail address as the recipient party has specified by written notice given to each other party at least five (5) days prior to the effectiveness of such change.

 

14. Warrant Agent. The Company shall initially serve as warrant agent under this Warrant. Upon ten (10) 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. 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. 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.

 

(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.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

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

 

	
 
    	
REPLIMUNE   GROUP, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name: Robert Coffin
    
	
 
    	
 
    	
Title: President and   Chief Executive Officer
    

 

 

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.      (the “Warrant”) issued by Replimune Group, 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):

 

	
 
    	
o
    	
Cash Exercise 
    

 

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

 

 

(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)

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