Document:

Exhibit 4.1

 

SALE AND PURCHASE AGREEMENT

 

This Sale and Purchase Agreement (this “Agreement”),
dated as of October 19, 2022, is entered into by and among BIMI INTERNATIONAL MEDICAL INC. (“Parent”), CHONGQING GUANZAN TECHNOLOGY
CO., LTD. (“Guanzan”), CHONGQING ZHUODA PHARMACEUTICAL CO., LTD. (“Zhuoda”), XIAOLIN LIU (“Liu”),
XUSEN HE (“He”), DONG ZHANG (“Zhang”, together with Liu and He, the “Liu Group”), YE ZHANG (“Y
Zhang”) and BO WANG (“Wang”, together with Y Zhang, the “Wang Group”). Each of Liu, He Zhang, Y Zhang and
Wang may be referred to hereinafter individually as a “Holder” and collectively as the “Holders” or the “Buyer
Group”. Each of the parties named above may be referred to hereinafter n as a “Party” and collectively as the “Parties.”
Capitalized terms used, but not otherwise defined, herein shall have the meanings set forth in Annex I.

 

RECITALS

 

WHEREAS, the Parties are parties to that certain
Stock Purchase Agreement dated as of September 10, 2021, as amended by the Amendment No. 1 Stock Purchase Agreement as of December 17,
2021 (the “Original Agreement”), whereby Guanzan purchased all the issued and outstanding shares of capital stock in Zhuoda
from the Liu Group, in consideration of an aggregate purchase price of US$11,617,500 (RMB 75,000,000) (the “Original Purchase Price”).

 

Whereas,
440,000 shares of Parent’s common stock (the “Shares”) valued at RMB 43,560,000, or approximately US$6,600,000, as partial
Original Purchase Price, were issued to all members of the Liu Group and all members of the Wang Group, as third-party beneficiaries designated
by the Liu Group, on October 8, 2021, when 100% of equity interests in Zhuoda (the “Zhuoda Shares”) were transferred by the
Liu Group to Guanzan. The balance of the Original Purchase Price in the amount of US$4,800,000 (RMB 31,680,000) is subject to post-closing
adjustments based on the performance of Zhuoda in 2022 and 2023, which has not been paid as of the date of this Agreement.

 

WHEREAS, due to unsatisfactory performance of Zhuoda
in 2022, the Parties agree that Guanzan will sell the Zhuoda Shares back to the Liu Group, in consideration of the return of the Shares
to Parent, subject to the terms and conditions set forth herein.

 

Whereas,
in connection with the execution of this Agreement, the Parties wish to terminate the Original Agreement and mutually release each other
from any and all claims, obligations and liabilities relating to the Second Payment and the Third Payment (as defined in the Original
Agreement) under the Original Agreement.

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

Purchase and sale

 

Section
1.01 Sale and Purchase. Subject to the terms and conditions set forth herein, at the Closing, Guanzan shall sell to the
Liu Group, and the Liu Group shall purchase from the Guanzan, all right, title and interest in and to the Zhuoda Shares, which shares
constitute 100% of the outstanding equity interest in Zhouda.

 

Section 1.02 Purchase
Price. The Holders shall return the Shares to Parent at the Closing, as full and complete payment of the aggregate purchase
price for the Zhuoda Shares (the “Purchase Price”).

 

     

     

    

 

ARTICLE II

CLOSING

 

Section 2.01 Closing.
The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place on such date as the
Parties shall mutually agree (the “Closing Date”), which is no later than two business days after the date that all closing
conditions set forth in Sections 7.01 and 7.02 have been satisfied or waived, at the offices of Guanzan, or remotely by exchange of documents
and signatures (or their electronic counterparts).

 

Section 2.02 Guanzan’s
Closing Deliverables. At the Closing, Guanzan shall deliver to the Liu Group the following:

 

(a) All
agreements, documents, instruments or certificates necessary for changing the official records of all Governmental Bodies of the PRC with
appropriate jurisdiction, to reflect that the Liu Group owns, beneficially and on the record, the Zhuoda Shares;

 

(b) A
copy of resolutions of the board of directors of Guanzan authorizing the execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereby;

 

(c) A
copy of resolutions of the board of directors of Parent authorizing the execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereby; and

 

(d) All
other agreements, documents, instruments or certificates required to be delivered by Guanzan pursuant to Section 7.01, at or prior to
the Closing.

 

Section 2.03 The
Buyer Group’s Deliveries. At the Closing, the Holders shall deliver the following to Guanzan:

 

(a) A
transfer agent instruction duly signed by each Holder in substantially the form as Exhibit A, directing Parent’s transfer
agent to transfer the Shares which are maintained in an electronic DRS account by Parent’s transfer agent on behalf of such Holder;
and

 

(b) All
other agreements, documents, instruments or certificates required to be delivered by the Holders pursuant to Section 7.02, at or prior
to the Closing.

 

    2

     

    

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF GUANZAN

 

Section 3.01 Guanzan hereby represents
and warrants to the Liu Group that the statements contained in this ARTICLE III are true and correct as of the date hereof:

 

(a) Authority;
Binding Obligation. Guanzan (a) has the requisite power and authority to enter into and perform its obligations under this Agreement;
(b) has taken all action necessary to authorize its entry into and performance of its obligations under this Agreement; and (c) has caused
its authorized signatory to affix his signature to the signature page of this Agreement. This Agreement constitutes a legal, valid and
binding obligation of Guanzan enforceable against Guanzan in accordance with its terms.

 

(b) No
Conflicts; No Consents. The execution, delivery and performance by Guanzan of this Agreement, and the consummation of the transactions
contemplated hereby, do not and will not: (a) violate or conflict with any provision of any Law applicable to Guanzan; or (b) require
the consent, notice or other action by any Person under, violate or conflict with, or result in the acceleration of any agreement to which
Guanzan is a party. No consent, approval, authorization, permit, order, filing, registration or qualification of or with other third party
(other than the Governmental Entities of the PRC with competent jurisdictions) is required to be obtained by Guanzan in connection with
the execution and delivery of this Agreement or consummation of the transactions contemplated herein.

 

(c) Title
to Zhuoda Shares. Guanzan is the sole direct and beneficial owner of the Zhuoda Shares, and the Liu Group will receive good and marketable
title to the Zhuoda Shares as a consequence of the transactions contemplated hereby.

 

(d) No
Brokers. Guanzan has not employed or retained, or has any liability to, any intermediary, broker, investment banker, agent or finder on
account of this Agreement or the transactions contemplated hereby.

 

ARTICLE IV

Representations and warranties of THE BUYER GROUP

 

Section 4.01 Each Holder, jointly
and severally, represents and warrants to Guanzan that the statements contained in this Article IV are true and correct as of the date
hereof.

 

(a)
Title to the Shares. The Shares are solely, directly and beneficially owned
by the Holders, free and clear of any and all Liens, except for the restrictions under the Securities Act or applicable state securities
laws. 

 

(b)
No Conflicts; Consents. The execution, delivery and performance by each Holder of this Agreement, and the consummation of the
transactions contemplated hereby, do not and will not: (a) violate or conflict with any provision of any Law applicable to any Holder;
or (b) require the consent, notice or other action by any Person under, violate or conflict with, or result in the acceleration of any
agreement to which any Holder is a party. No consent, approval, authorization, permit, order, filing, registration or qualification of
or with other third party (other than the Governmental Entities of the PRC with competent jurisdictions) is required to be obtained by
any Holder in connection with the execution and delivery of this Agreement or consummation of the transactions contemplated herein.

 

    3

     

    

 

(c) Brokers.
No broker, finder, or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection
with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of any Holder or the Buyer Group.

 

(d) Legal
Proceedings. There are no actions pending or threatened against or by any Holder or the Buyer Group that challenge or seek to
prevent, enjoin or otherwise delay the transactions contemplated by this Agreement.

 

(e) Independent
Investigation. The Liu Group has conducted its own independent investigation, review and analysis of Zhuoda, and acknowledges
that it has been provided adequate access to the personnel, properties, assets, premises, books and records and other documents and data
of Zhuoda for such purpose. The Liu Group acknowledges and agrees that: (a) in making its decision to enter into this Agreement and to
consummate the transactions contemplated hereby, the Liu Group has relied solely upon its own investigation; and (b) none of Zhuoda,
Guanzan, or any other Person has made any representation or warranty as to Zhuoda or this Agreement, except as expressly set forth herein.

 

ARTICLE V termination
of original agreement

 

Section 5.01 Termination. The Parties
hereby agree that the Original Agreement will terminate effective as of the date of this Agreement
and shall be of no further force or effect.

 

Section 5.02 Release. The Parties further
agree that upon the termination of the Original Agreement pursuant to Section 5.01, none of Guanzan, Parent, Zhuoda nor any of their Related
Parties will have any debt, obligation or liability to any Holder or the Buyer Group in connection with or resulting from the Second Payment
and the Third Payment (as defined in the Original Agreement) under the Original Agreement. Each Party, on behalf of itself and its respective
Related Parties, hereby unconditionally and irrevocably releases the other Party and its Related Parties from any and all claims, debts,
obligations and liabilities, whether known or unknown, contingent or non-contingent, at law or in equity, in each case arising from, in
connection with or resulting from the Second Payment and the Third Payment under the Original Agreement.

 

ARTICLE VI Covenants

 

Section 6.01 Further Cooperation. Each
Party from time to time at the reasonable request of the other Parties and without further consideration, shall execute and deliver further
instruments of transfer and assignment (in addition to those explicitly required by other provisions of this Agreement) and take such
other actions as such other Parties may reasonably request to effect and perfect the transactions contemplated herein.

 

    4

     

    

 

Section 6.02 The Buyer Group’s Release
of Guanzan, Parent, Zhuoda and their Related Parties. After the Closing Date, (a) none of Guanzan, Parent, Zhuoda nor any of their
Related Parties will have any debt, obligation or liability to any Holder or the Buyer Group, and (b) each Holder on behalf of himself
and all of their Related Parties, hereby unconditionally and irrevocably releases and discharges Guanzan, Parent, Zhuoda and all of their
Related Parties from any and all claims, debts, obligations and liabilities, whether known or unknown, contingent or non-contingent, at
law or in equity, in each case arising from or in connection with Parent’s or Guanzan’s direct and indirect ownership of Zhuoda
or resulting from any of its Related Parties having been a director, officer or employee of Zhuoda; provided however, that nothing in
this Section 6.2 shall terminate or release Guanzan obligations to the Buyer Group under this Agreement.

 

Section 6.03 Survival of Claims. The
representations, warranties and covenants of the Holders shall survive the closing of the transactions contemplated in this Agreement.

 

Section 6.04 Indemnification. Each of
Guanzan, on one hand, and the Holders (jointly and severally), on the other hand, hereby agrees to indemnify, hold harmless and defend
the other, and the other’s Related Parties from and against any and all Damages arising out of: (a) any breach in any representation or
warranty made by the Indemnifying Party in this Agreement, or (b) any breach or failure of the Indemnifying Party to perform any covenant
or obligation of the Indemnifying Party set out in this Agreement.

 

ARTICLE VII CLOSING CONDITIONS

 

Section 7.01 Conditions to Obligations of
Buyer Group 

 

The obligations of the Buyer Group under this Agreement
are subject to the satisfaction, on or prior to the Closing, of the following conditions, unless waived (to the extent those conditions
can be waived) by the Buyer Group:

 

(a) Accuracy
of Representations and Warranties. All representations and warranties made by Guanzan in this Agreement shall be true and correct.

 

(b) Performance
of Obligations. All of the covenants and obligations that Guanzan is required to perform or to comply with pursuant to this Agreement
at or prior to the Closing (considered collectively), and each of these covenants and obligations (considered individually), shall have
been duly performed and complied with in all material respects. Each document required to be delivered pursuant to Section 2.2 will have
been delivered, and each of the other covenants and obligations in Section 6 shall have been performed and complied with in all respects.

 

(c) Authorization.
All action necessary to authorize the execution, delivery and performance of this Agreement by Guanzan and the consummation of the transactions
contemplated hereby, shall have been duly and validly taken by Guanzan, and Guanzan shall have full power and authority or capacity to
enter into this Agreement to which Guanzan is a party and to consummate the transactions contemplated hereby and thereby on the terms
provided herein and therein.

 

    5

     

    

 

(d) Consents
and Approvals. Guanzan shall have received duly executed copies of all consents and approvals required for or in connection with the execution
and delivery by Guanzan of this Agreement, and the consummation of the transactions contemplated hereby, each in form and substance reasonably
satisfactory to the Liu Group. Guanzan shall have received the consent, approval, authorization, permit, order, filing, registration or
qualification of or with the Governmental Entities of the PRC with competent jurisdictions in connection with the execution and delivery
of this Agreement or the consummation of the transactions contemplated hereby.

 

(e) Actions
and Proceedings. No proceeding shall be pending or threatened before any Governmental Entity that may result in the restraint or prohibition
of the consummation of the transactions contemplated by this Agreement, and no court of competent jurisdiction shall have issued an injunction
with respect to the consummation of the transactions contemplated by this Agreement that shall not be stayed or dissolved at the time
of the Closing.

 

(f) No
Claim Regarding the Zhouda Shares. There shall not have been made or threatened by any Person any claim asserting that such Person (a)
is the holder or the beneficial owner of, or has the right to acquire or to obtain beneficial ownership of, or any other voting, equity,
or ownership interest in the Zhouda Shares, or (b) is entitled to all or any portion of the Zhouda Shares.

 

Section 7.02 Conditions to Obligations of
Guanzan 

 

The obligations of Guanzan under this Agreement
are subject to the satisfaction, at or prior to the Closing, of the following conditions, unless waived (to the extent those conditions
can be waived) by Guanzan.

 

(a) Accuracy
of Representations and Warranties. All representations and warranties made by the Holders in this Agreement shall be true and correct.

 

(b) Performance
of Obligations. All of the covenants and obligations that each Holder is required to perform or to comply with pursuant to this Agreement
at or prior to the Closing (considered collectively), and each of these covenants and obligations (considered individually), shall have
been performed and complied with in all material respects. Each document required to be delivered pursuant to Section 2.3 shall have been
delivered, and each of the other covenants and obligations in Section 6 shall have been performed and complied with in all respects.

 

(c) Authorization.
All action necessary to authorize the execution, delivery and performance of this Agreement by each Holder and the Buyer Group and consummation
of the transactions contemplated hereby and thereby, shall have been duly and validly taken by the Holders, collectively and individually,
and each Holder shall have the power to consummate the transactions contemplated hereby and thereby on the terms provided herein and therein.

 

    6

     

    

 

(d) Consents
and Approvals. Each Holder shall have received duly executed copies of all consents and approvals required for or in connection with the
execution and delivery by such Holder of this Agreement, and the consummation of the transactions contemplated hereby, each in form and
substance reasonably satisfactory to Guanzan. Each Holder shall have received the consent, approval, authorization, permit, order, filing,
registration or qualification of or with the Governmental Entities of the PRC with competent jurisdictions in connection with the execution
and delivery of this Agreement or the consummation of the transactions contemplated hereby.

 

(e) Actions
and Proceedings. No proceeding shall be pending or threatened before any Governmental Entity that may result in the restraint or prohibition
of the consummation of the transactions contemplated by this Agreement, and no court of competent jurisdiction shall have issued an injunction
with respect to the consummation of the transactions contemplated by this Agreement that shall not be stayed or dissolved at the time
of the Closing.

 

(f)
No Claim Regarding the Issued Parent Shares. There shall not have been made or threatened by any Person any claim asserting that such
Person (a) is the holder or the beneficial owner of, or has the right to acquire or to obtain beneficial ownership of, or any other voting,
equity, or ownership interest in the Shares, or (b) is entitled to all or any portion of the Shares.

 

ARTICLE VIII

Miscellaneous

 

Section 8.01 Notices.
All notices, claims, demands and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered
by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier
(receipt requested); (c) on the date sent by facsimile or email of a PDF document (with confirmation of transmission) if sent during normal
business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d) on the third
day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid, if sent to the respective parties
at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section
7.02):

 

	If to Guanzan:	
    Name: CHONGQING GUANZAN TECHNOLOGY CO., LTD

    Address: 9th floor, Building 2, Chongqing Corporation Avenue,

 Yuzhong
    District, Chongqing City, PRC

    Attention:  Mr. XiaoPing Wang

    Telephone:  (0086)13883563188

    Email:  7910595@qq.com 

	
     

    If to the Buyer Group:
	
     

    Name: Dong Zhang

    Address: No. 175-2, 2nd Floor, Guoruitianjie, No. 11-13
    Beibin Avenue, 

Third Section, Wanzhou District, Chongqing, PRC

    Telephone: (0086)19115595533

    Email: 209818065@qq.com

 

    7

     

    

 

Section
8.02 Interpretation; Headings. This Agreement shall be construed without regard to any presumption or rule requiring construction
or interpretation against the party drafting an instrument or causing any instrument to be drafted. The headings in this Agreement are
for reference only and shall not affect the interpretation of this Agreement.

 

Section
8.03 Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement.

 

Section
8.04 Entire Agreement. This Agreement and the Subordinated Note constitute the entire agreement of the parties to this Agreement
with respect to the subject matter contained herein, and supersedes all prior and contemporaneous representations, warranties, understandings
and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements in
the body of this Agreement, the statements in the body of this Agreement and the Subordinated Note will control.

 

Section
8.05 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written
consent of the other party, which consent shall not be unreasonably withheld or delayed. No assignment shall relieve the assigning party
of any of its obligations hereunder.

 

Section 8.06 Amendment
and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by
each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and
signed by the party so waiving. No failure to exercise or delay in exercising, any right or remedy arising from this Agreement shall operate
or be construed as a waiver thereof. No single or partial exercise of any right or remedy hereunder shall preclude any other or further
exercise thereof or the exercise of any other right or remedy.

 

Section
8.07 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

 

(a) All
matters arising out of or relating to this Agreement shall be governed by and construed in accordance with the internal laws of the State
of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction).
Any Action arising out of or related to this Agreement or the transactions contemplated hereby may be instituted in the federal courts
of the United States of America or the courts of the State of New York in each case located in the city of New York and county of New
York, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such Action.

 

(b) EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES AND, THEREFORE, EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, INCLUDING ANY EXHIBITS AND SCHEDULES ATTACHED
TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT: (I) NO REPRESENTATIVE OF THE OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL
ACTION; (II) EACH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (III) EACH PARTY MAKES THIS WAIVER KNOWINGLY AND VOLUNTARILY;
AND (IV) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

 

Section 8.08 Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to
be one and the same agreement. A signed copy of this Agreement delivered by email or other means of electronic transmission shall be deemed
to have the same legal effect as delivery of an original signed copy of this Agreement.

 

Section 8.09 Representation by Counsel. Each
Parties has been represented or has had the opportunity to be represented by legal counsel of their own choice.

 

[signature page follows]

 

    8

     

    

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

 

	GUANZAN:	 
	 	 
	Chongqing
    Guanzan Technology Co., Ltd.
	 	 	 
	By:	/s/ Xiaoping Wang	 
	Name:	Xiaoping Wang	 
	Title:	CEO	 
	 	 	 
	PARENT:	 
	 	 
	BIMI INTERNATIONAL MEDICAL INC.
	 	 	 
	By:	/s/ Tiewei Song	 
	Name:	Tiewei Song	 
	Title:	CEO	 
	 	 	 
	THE LIU GROUP:	 
	 	 
	XIAOLIN LIU	 
	 	 	 
	By:	/s/ Xiaolin
    Liu	 
	Name:	Xiaolin Liu	 
	Address:	14-2, Unit 1, No. 110 Qing Yang
    Gong, Wanzhou District, Chongqing, PRC
	 	 	 
	XUSEN HE	 
	 	 	 
	By:	/s/ Xusen
    He	 
	Name:	Xusen He	 
	Address:	27-5, Tower B, Xin Shui An,
    Fengshou Community, Beibin Road, Wanzhou District, Chongqing, PRC
	 	 	 
	DONG ZHANG	 
	 	 	 
	By:	/s/ Dong
    Zhang	 
	Name:	Dong Zhang	 
	Address:	27-5, Tower B, Xin Shui An,
    Fengshou Community, Beibin Road, Wanzhou District, Chongqing, PRC
	 	 	 
	ZHUODA:	 
	 	 
	Chongqing
    zhuoda pharmaceutical co., ltd.
	 	 	 
	By:	/s/ Xiaolin
    Liu	 
	Name:	Xiaolin Liu	 
	Title:	Chairman of the Board	 
	 	 	 
	The Wang Group:	 
	 	 
	Ye Zhang	 
	 	 	 
	By:	/s/ Ye Zhang	 
	Name:	Ye Zhang	 
	Address:	No. 1 Gao Wang Road, Re Gao
    Le City, Building No. 15, Wang Hua District, Fu Shun City, Liaoning Province, PRC
	 	 	 
	Bo Wang	 
	 	 
	By:	/s/ Bo Wang	 
	Name:	Bo Wang	 
	Address: 
	No.
                                            1 Gao Wang Road, Re Gao Le City, Building No. 15, Wang Hua District, Fu Shun City, Liaoning
                                            Province, PRC

                                                 

 

    9

     

    

 

Annex I – Definitions

 

“Affiliate”
means, with respect to any Person (i) a director, officer, stockholder or member of that Person, (ii) a spouse, parent, sibling
or descendant of that Person (or spouse, parent, sibling or descendant of any director or officer of that Person), and (iii) any
other Person that, directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
with, that Person.

 

“Damages”
means any losses, costs, damages, liabilities or expenses actually incurred, including, without limitation, reasonable attorneys’ fees
or other legal expenses or expert fees.

 

“Governmental
Entity” means any federal, state, municipal, local, or foreign government and any court, self-regulated organization, tribunal,
arbitral body, administrative agency, department, board, subdivision, entity, commission or other governmental, quasi-governmental or
regulatory authority, reporting agency, whether domestic, foreign or super-national.

 

“Indemnifying
Party” means either Buyer or one or more Sellers when indemnification is sought from such Party pursuant to Section 6.8,
and “Indemnified Party” means Buyer, any Seller or any Related Party of Buyer or any Seller when such Person is seeking indemnification
from an Indemnifying Party pursuant to Section 6.8.

 

“Lien”
means any mortgage, pledge, lien, encumbrance, claim, charge, security interest, option, warrant, right of first refusal, hypothecation,
security agreement or other encumbrance or restriction on the use or transfer of any assets.

 

“Person”
means an individual, partnership, corporation, limited liability company, limited liability partnership, trust, unincorporated association,
joint venture or other entity.

 

“PRC”
means the People’s Republic of China, excluding Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan.

 

“Related Party”
means with respect to a Person, any or its Affiliates, or any of its or its Affiliate’s shareholders, directors, officers, managers,
members, partners, trustees, employees, contractors, subcontractors, attorneys, intermediaries, brokers or other agents, or representatives
or any heir, personal representative, successor, or assign of any of the foregoing.

 

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

 

    10

     

    

 

Exhibit A

 Transfer Agent
Instructions

 

Date:

 

American Stock Transfer & Trust Company, LLC

Attention Darren Larson 

6201 15th Avenue

Brooklyn, NY 11219

By email: Darren.Larson@equiniti.com

 

Re: BIMI International Medical Inc. (“BIMI”) 

 

Dear Mr. Larson:

 

The undersigned, the record and beneficial owner of _________ shares
(the “Subject Shares”) of common stock of BIMI International Medical Inc. (“BIMI”) (AST Account number _______),
hereby unconditionally and irrevocably instructs American Stock Transfer & Trust Company, LLC (“AST”), BIMI’s transfer
agent, to transfer the Subject Shares to BIMI. The undersigned consents to BIMI’s instructions to AST in substantially the form
as Appendix I attached hereto.

 

The undersigned hereby agrees to indemnify and hold harmless AST, its
affiliates, successors and assigns from and against any and all claims, damages, liabilities or losses to which they may be subject as
a result of accepting this letter.

 

	Sincerely,	 
	 	 
	By:	 
	 	 
	Name:	 

 

    11

     

    

 

Appendix I

 

(BIMI Company Letterhead)

 

Date

 

American Stock Transfer & Trust Company, LLC

Attention Darren Larson 

6201 15th Avenue

Brooklyn, NY 11219

By email: Darren.Larson@equiniti.com

 

Re: BIMI International Medical Inc. (“BIMI”) 

 

Dear Mr. Larson:

 

I am writing to you on behalf our company, of
BIMI International Medical Inc. (“BIMI”). We have entered into agreements with certain of our shareholders whereby they have
agreed to return to us an aggregate of 440,000 shares of our Common Stock. In your capacity as transfer agent for BIMI, you hereby authorized
and instructed to cancel and retire the 440,000 shares as detailed in Schedule I hereto.

 

BIMI hereby agrees to indemnify and hold harmless
American Stock Transfer & Trust Company, LLC, a New York limited liability trust company (“AST”), its affiliates, successors
and assigns from and against any and all claims, damages, liabilities or losses to which they may be subject as a result of accepting
this letter in connection with cancelation of the 440,000 shares of BIMI currently held in in book-entry positions with AST.

 

Thank you for your assistance and please let me
know if you have any questions.

 

	Sincerely,	 
	 	 
	Name:  	Tiewei Song	 
	Title: 	CEO	 

 

    12

     

    

 

Schedule I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13EX-4.7

 Exhibit 4.7 

COMMON STOCK PURCHASE WARRANT 

QUANERGY SYSTEMS, INC. 
  

			
	 Warrant Shares:
                
	  	Initial Exercise Date:                     , 2022

 THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received,
             or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on                     ,
2027 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Quanergy Systems, Inc., a Delaware corporation (the “Company”), up
to             shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall
be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee (“DTC”) shall
initially be the sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply. 

Section 1.    Definitions. Capitalized terms used and not otherwise defined herein shall
have the meanings set forth in that certain Underwriting Agreement (the “Underwriting Agreement”), dated                     , 2022,
between the Company and Maxim Group LLC. 
 Section 2.    Exercise. 

a)    Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made,
in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price to the Company for the shares specified in the applicable Notice
of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No
ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the
contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation as soon as reasonably practicable of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the
total number of 

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

Notwithstanding the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in
certificate(s) representing this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such
other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s right
to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply. 

b)    Exercise Price. The exercise price per share of Common Stock under this Warrant shall be
$            , subject to adjustment hereunder (the “Exercise Price”). In addition, on the forty fifth (45th) calendar
day following the Initial Exercise Date (the “Trigger Date”), the Exercise Price shall be reduced, and only reduced, to the lesser of (i) the then Exercise Price and (ii) 100% of the average of the VWAPs for the five
(5) Trading Day period immediately prior to the Trigger Date (the “Reset Exercise Price”, which shall thereafter be the new Exercise Price, subject to further adjustment hereunder, and such five (5) Trading Day period
shall be referred to herein as a “Reset Measurement Period”) and, subject to Section 3(j) herein, the number of Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise Price payable hereunder,
after taking into account the decrease in the Exercise Price, shall be equal to the aggregate Exercise Price prior to such adjustment. The Company shall notify each Holder of the applicable adjustment to the Exercise Price as of such date (each
notice, a “Trigger Date Adjustment Notice”). For purposes of clarification, whether or not the Company provides a Trigger Date Adjustment Notice pursuant to this Section 2(b), each Holder shall only be required to pay the Reset
Exercise Price with respect to such exercise, regardless of whether a Holder accurately refers to such price in any Notice of Exercise. If the aggregate Exercise Price paid by the Holder exceeds the amount that should have been paid based on the
Reset Exercise Price, the Company shall promptly return any excess aggregate Exercise Price to the Holder. Any adjustment to the Exercise Price pursuant to this Section shall be effective retroactively to the first Trading Day of such Reset
Measurement Period. 
 c)    Cashless Exercise. If at the time of exercise hereof there is no
effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may only be 

 
exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained
by dividing [(A-B) (X)] by (A), where: 
  

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

 If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and
agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this
Section 2(c). 
 “Bid Price” means, for any date, the price determined by the first of the following
clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then
listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for
such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on The Pink Open Market (or a
similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a

 
share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to
the Company, the fees and expenses of which shall be paid by the Company. 
 “VWAP” means, for any date, the
price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Stock are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair
market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company. 
 Notwithstanding anything herein to the contrary, on the Termination Date, this
Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c). 
 d) Mechanics of
Exercise. 
  

	 	i.	 Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder
to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system
(“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or
(B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which
the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise,
(ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date,
the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all 

	 	
corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares,
provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period
following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as
liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on
the third Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that
is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the
Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise. 

ii.     Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part,
the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant
Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 iii.
    Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right
to rescind such exercise. 
 iv.     Compensation for Buy-In
on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date and the Holder has paid any required Exercise Price for the portion of this Warrant being exercised on or prior to such Warrant Share Delivery Date
(or utilized cashless exercise, if available), and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, 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
(A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including customary brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by
multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed,
and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder
the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to
cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon
request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 

v.    No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares
shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final
fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share. 

vi.    Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the
Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in
such name or names as may be directed by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be
accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental

 
thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust
Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares. 

vii.    Closing of Books. The Company will not close its stockholder books or records in any manner
which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 

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

 
shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the
number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be,
(B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding (the “Reported Outstanding Share
Number”). If the Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall (i) promptly notify the
Holder in writing of the number of shares of Common Stock then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder’s beneficial ownership, as determined pursuant to this Section 2(e), to exceed the
lesser of the Beneficial Ownership Limitation and Maximum Percentage, the holder must notify the Company of a reduced number of Warrant Shares to be purchased pursuant to such Exercise Notice (the number of shares by which such purchase is reduced,
the “Reduction Shares”) and (ii) as soon as reasonably practicable, return to the Holder any exercise price paid by the Holder for the Reduction Shares. Upon the written or oral request of a Holder, the Company shall
within two (2) Trading Days confirm orally and in writing 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 or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial
Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common
Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event
exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall
continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial
Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 

Section 3.    Certain Adjustments. 

a)    Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding:
(i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent 

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

b)    Adjustment Upon Issuance of Common Stock. If and whenever on or after the Initial Exercise
Date, the Company grants issues or sells (or enters into any agreement to grant, issue or sell), or in accordance with this Section 3 is deemed to have granted, issued or sold, any shares of Common Stock (including the issuance or sale of
shares of Common Stock owned or held by or for the account of the Company, but excluding any Exempt Issuances, granted issued or sold or deemed to have been granted issued or sold) for a consideration per share (the “New Issuance
Price”) less than a price equal to the Exercise Price in effect immediately prior to such granting, issuance or sale or deemed granting issuance or sale (such Exercise Price then in effect is referred to herein as the “Applicable
Price”) (the foregoing a “Dilutive Issuance”), then immediately after such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the New Issuance Price and, subject to Section 3(j)
herein, the number of Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise Price payable hereunder, after taking into account the decrease in the Exercise Price, shall be equal to the aggregate Exercise Price prior
to such adjustment. For all purposes of the foregoing (including, without limitation, determining the adjusted Exercise Price and the New Issuance Price under this Section 3(b)), the following shall be applicable: 

(i) Issuance of Options. If the Company in any manner grants, issues or sells any Options (or enters into any agreement to grant, issue
or sell) and the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Common Stock Equivalent issuable upon exercise of any such
Option or otherwise pursuant to the terms thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting or sale of such Option
for such price per share. For purposes of this Section 3(b)(i), the “lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any
Common Stock Equivalent 

 
issuable upon exercise of any such Option or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any)
received or receivable by the Company with respect to any one share of Common Stock upon the granting or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Common Stock Equivalent issuable upon
exercise of such Option or otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such Option for which one share of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon
the exercise of any such Options or upon conversion, exercise or exchange of any Common Stock Equivalent issuable upon exercise of any such Option or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to
the holder of such Option (or any other Person) upon the granting, issuance or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Common Stock Equivalent issuable upon exercise of such Option or
otherwise pursuant to the terms thereof plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Option (or any other Person). Except as contemplated below, no further adjustment of the
Exercise Price shall be made upon the actual issuance of such shares of Common Stock or of such Common Stock Equivalents upon the exercise of such Options or otherwise pursuant to the terms of or upon the actual issuance of such shares of Common
Stock upon conversion, exercise or exchange of such Common Stock Equivalents. 
 (ii) Issuance of Common Stock Equivalents. If
the Company in any manner issues or sells (or enters into any agreement to issue or sell) any Common Stock Equivalent and the lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or
exchange thereof or otherwise pursuant to the terms thereof is less than the Applicable Price, then such shares of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale (or
the time of execution of such agreement to issue or sell, as applicable) of such Common Stock Equivalent for such price per share. For the purposes of this Section 3(b)(ii), the “lowest price per share for which one share of Common Stock
is at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or
receivable by the Company with respect to one share of Common Stock upon the issuance or sale (or pursuant to the agreement to issue or sell, as applicable) of the Common Stock Equivalent and upon conversion, exercise or exchange of such Common
Stock Equivalent or otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth in such Common Stock Equivalent for which one share of Common Stock is issuable (or may become issuable assuming all possible market
conditions) upon conversion, exercise or exchange thereof or otherwise 

 
pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Common Stock Equivalent (or any other Person) upon the issuance or sale (or pursuant to
the agreement to issue or sell, as applicable) of such Common Stock Equivalent plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Common Stock Equivalent (or any other Person). Except as
contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Common Stock Equivalent or otherwise pursuant to the terms thereof,
and if any such issuance or sale of such Common Stock Equivalent is made upon exercise of any Options for which adjustment of this Warrant has been or is to be made pursuant to other provisions of this Section 3(b), except as contemplated
below, no further adjustment of the Exercise Price shall be made by reason of such issuance or sale. 
 (iii) Change in Option Price
or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional consideration, if any, payable upon the issue, conversion, exercise or exchange of any Common Stock Equivalent, or the rate at which any Common
Stock Equivalent are convertible into or exercisable or exchangeable for shares of Common Stock increases or decreases at any time (other than proportional changes in conversion or exercise prices, as applicable, in connection with an event referred
to in Section 3(a)), the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price which would have been in effect at such time had such Options or Common Stock Equivalent provided for such
increased or decreased purchase price, additional consideration or increased or decreased conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes of this Section 3(b)(iii), if the terms of any Option or
Common Stock Equivalent (including, without limitation, any Option or Common Stock Equivalent that was outstanding as of the Initial Exercise Date) are increased or decreased in the manner described in the immediately preceding sentence, then such
Option or Common Stock Equivalent and the shares of Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such increase or decrease. No adjustment pursuant to this
Section 3(b) shall be made if such adjustment would result in an increase of the Exercise Price then in effect. 

(iv) Calculation of Consideration Received. If any Option and/or Common Stock Equivalent and/or Adjustment Right is issued in
connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder, the “Primary Security”, and such Option and/or Common Stock Equivalent and/or Adjustment Right, the
“Secondary Securities” and together with the Primary Security, each a “Unit”), together comprising one integrated transaction, the aggregate 

 
consideration per share of Common Stock with respect to such Primary Security shall be deemed to be the lower of (x) the purchase price of such Unit, (y) if such Primary Security is an
Option and/or Common Stock Equivalent, the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise or conversion of the Primary Security in accordance with Sections 3(b)(i) or 3(b)(ii) above and
(z) the lowest VWAP of the shares of Common Stock on any Trading Day during the five (5) Trading Day period (the “Adjustment Period”) immediately following the public announcement of such Dilutive Issuance (for the
avoidance of doubt, if such public announcement is released prior to the opening of the principal Trading Market of the shares of Common Stock on a Trading Day, such Trading Day shall be the first Trading Day in such five Trading Day period and if
this Warrant is exercised, on any given Exercise Date during any such Adjustment Period, solely with respect to such portion of this Warrant converted on such applicable Exercise Date, such applicable Adjustment Period shall be deemed to have ended
on, and included, the Trading Day immediately prior to such Exercise Date). If any shares of Common Stock, Options or Common Stock Equivalent are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor will
be deemed to be the net amount of consideration received by the Company therefor. If any shares of Common Stock, Options or Common Stock Equivalent are issued or sold for a consideration other than cash, the amount of such consideration received by
the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in which case the amount of consideration received by the Company for such securities will be the arithmetic average of
the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Common Stock Equivalent are issued to the owners of the
non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and
business of the non-surviving entity as is attributable to such shares of Common Stock, Options or Common Stock Equivalent (as the case may be). The fair value of any consideration other than cash or publicly
traded securities will be determined jointly by the Company and the Holder. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”), the
fair value of such consideration will be determined within five (5) Trading Days after the tenth (10th) day following such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination
of such appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne by the Company. 

(v) Record Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them
(A) to receive a dividend or 

 
other distribution payable in shares of Common Stock, Options or in Common Stock Equivalent or (B) to subscribe for or purchase shares of Common Stock, Options or Common Stock Equivalent,
then such record date will be deemed to be the date of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting
of such right of subscription or purchase (as the case may be). 
 “Exempt Issuance” means the issuance of
(a) shares of Common Stock, restricted stock, restricted stock units or options to employees, officers, directors and service providers of the Company pursuant to any stock or option plan duly adopted for such purpose by a majority of the
non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) securities upon the exercise or exchange of or conversion of
any Securities issued pursuant to the Underwriting Agreement, (c) other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of the Initial Exercise Date, provided that such
securities have not been amended since the Initial Exercise Date to increase the number of such securities (other than in connection with automatic price resets, stock splits, adjustments or combinations as set forth in such securities) or to
decrease the exercise price, exchange price or conversion price of such securities or to extend the term of such securities and (d) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested
directors of the Company, and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with
the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or
to an entity whose primary business is investing in securities. 
 c)    Subsequent Rights
Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the
record holders of any class of shares of Common Stock other than an Exempt Issuance (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase
Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the
Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to
be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent
shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). 

d)    Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall
declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, other than as in Section 3(a), by way of return of capital or otherwise (including, without limitation, any
distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time
after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common
Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such
Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, that, to the extent that the
Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
ownership of any shares of 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 such time, if ever, as its right thereto would not result in
the Holder exceeding the Beneficial Ownership Limitation). 

 e)    Fundamental Transaction. If, at any time
while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or
exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of
more than 50% of the outstanding Common Stock or more than 50% of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization 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, or (v) the Company, directly or indirectly, in one or
more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of
arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock or more than 50% of the voting power of the common equity of the Company (each a
“Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company,
if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be
appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a
Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of
a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later,
the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the 

 
Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction;
provided, however, that, if the Fundamental Transaction is not within the Company’s control, including not approved by the Company’s Board of Directors, the Holder shall only be entitled to receive from the Company or
any Successor Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in
connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive from among alternative forms of consideration in
connection with the Fundamental Transaction; provided, further, that if holders of Common Stock of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Common Stock will be deemed to
have received common stock of the Successor Entity (which Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant calculated using the
Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day immediately following the public announcement of the applicable contemplated Fundamental Transaction, or, if such contemplated
Fundamental Transaction is not publicly announced, the date such Fundamental Transaction has occurred or is consummated, for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period
equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function
on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement of the applicable contemplated Fundamental Transaction, (C) the underlying price per share used in such
calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction
and (ii) the highest VWAP during the period beginning on the Trading Day immediately preceding the public announcement of the applicable contemplated Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if
earlier) and ending on the Trading Day of the Holder’s request pursuant to this Section 3(d) and (D) a remaining option time equal to the time between the date of the public announcement of the applicable contemplated Fundamental
Transaction and the Termination Date and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other consideration) within the later of (i) five Business
Days of the Holder’s election and (ii) the date of consummation of the Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the holders
of Warrants representing at least a majority of the shares of Common Stock underlying the Warrants covered by the Registration Statement (the “Required Holders”) 

 
and approved by the Required Holders (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant
a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent
entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to or concurrent with such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory
in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term “Company” under this Warrant (so that from and after the occurrence or consummation of such
Fundamental Transaction, each and every provision of this Warrant referring to the “Company” shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or
Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this
Warrant with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. 

f)    Calculations. All calculations under this Section 3 shall be made to the nearest cent or
the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding
treasury shares, if any) issued and outstanding. 
 g)    Notice to Holder. 

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

 
Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or
transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 10 calendar
days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to
be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger,
sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or
other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the
Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period
commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein. 

h)    Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market,
the Company may at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company. The Company may extend the duration of this
Warrant by delaying the Termination Date; provided, however, that the Company will provide notice of not less than ten (10) days to the Holder. 

i)    Share Combination Event Adjustment. If at any time and from time to time on or after the
Initial Exercise Date there occurs any stock split, stock dividend, stock combination recapitalization or other similar transaction involving the shares of Common Stock (each, a “Share Combination Event”, and such date thereof, the
“Share Combination Event Date”) and the Event Market Price (as defined below) is less than the Exercise Price then in effect (after giving effect to the adjustment in clause 3(a) above), then on the sixteenth (16th) Trading Day
immediately following such Share Combination Event, the Exercise Price then in effect on such sixteenth (16th) Trading Day (which, for 

 
the avoidance of doubt, shall give effect to any price adjustments included herein, including an adjustment pursuant to Section 3(b) above) shall be reduced (but in no event increased) to
the Event Market Price and, subject to Section 3(j) herein, the number of Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise Price payable hereunder, after taking into account the decrease in the Exercise
Price, shall be equal to the aggregate Exercise Price prior to such adjustment. For the avoidance of doubt, if the adjustment in the immediately preceding sentence would otherwise result in an increase in the Exercise Price hereunder, no adjustment
shall be made, and if this Warrant is exercised, on any given Exercise Date during any such sixteen (16) Trading Days immediately following such Share Combination Event (the “Share Combination Adjustment Period”), solely with
respect to such portion of this Warrant exercised on such applicable Exercise Date, such applicable Share Combination Adjustment Period shall be deemed to have ended on, and included, the Trading Day immediately prior to such Exercise Date and the
Event Market Price on such applicable Exercise Date will be the quotient determined by dividing (x) the sum of the five (5) lowest VWAPs of the shares of Common Stock starting five (5) Trading Days immediately prior to the Share
Combination Event Date and ending on, and including the Trading Day immediately prior to such Exercise Date, divided by (y) five (5). “Event Market Price” means, with respect to any Share Combination Event Date, the quotient
determined by dividing (x) the sum of the VWAP of the shares of Common Stock for each of the five (5) lowest Trading Days during the twenty (20) consecutive Trading Day period ending and including the Trading Day immediately preceding
the sixteenth (16th) Trading Day after such Share Combination Event Date, divided by (y) five (5). 

j)    Warrant Share Adjustment Limitation. Notwithstanding anything to the contrary herein, in the
event of an adjustment to the Exercise Price pursuant to Section 2(b), Section 3(b) or Section 3(i), there shall only be a corresponding adjustment to the total number of Warrant Shares issuable upon exercise of this Warrant up to the
Warrant Share Maximum. For the avoidance of doubt, the Exercise Price of this Warrant may continue to be adjusted downward in accordance with Section 2(b), Section 3(b) or Section 3(i) even after the Warrant Share Maximum has been
reached. For purposes of this Warrant, the “Warrant Share Maximum” shall equal a number of Warrant Shares equal to 200% of the Warrant Shares (as adjusted for splits and the like) issuable on the Initial Exercise Date. 

Section 4.    Transfer of Warrant. 

a)    Transferability. Subject to compliance with any applicable securities laws, this Warrant and
all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of
this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment,
the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new
Warrant 

 
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to
physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers
an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 

b)    New Warrants. If this Warrant is not held in global form through DTC (or any successor
depositary), this Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for
the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number
of Warrant Shares issuable pursuant thereto. 
 c)    Warrant Register. The Warrant Agent shall
register this Warrant, upon records to be maintained by the Warrant Agent for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company and the Warrant Agent may deem and treat the
registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 

Section 5.    Miscellaneous. 

a)    No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle
the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to
receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an
exercise of this Warrant. 
 b)    Loss, Theft, Destruction or Mutilation of Warrant. The Company
covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of
indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 

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

d)    Authorized Shares. 

The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority
to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant
Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid
and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without
limitation, amending its certificate 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 (i) 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, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant. 

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is
exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof. 

e)    Governing Law. All questions concerning the construction, validity, enforcement and
interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or
agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of
Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party
shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such action or proceeding. 

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

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

h)    Notices. Any and all notices or other communications or deliveries to be provided by the
Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized 

 
overnight courier service, addressed to the Company, at 433 Lakeside Drive, Sunnyvale, California 94085, Attention:
                    , email address:
                    , or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and all
notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service
addressed to each Holder at the e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on
the earliest of (i) the date of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date,
(ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section on
a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon
actual receipt by the party to whom such notice is required to be given. Notwithstanding any other provision of this Warrant, as to any Warrant not held in certificated form, where this Warrant provides for notice of any event to a Holder, such
notice shall be sufficiently given if given to DTC (or any successor depository) pursuant to the procedures of DTC (or such successor depository). 

i)    Limitation of Liability. No provision hereof, in the absence of any affirmative action by the
Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the
Company, whether such liability is asserted by the Company or by creditors of the Company. 

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

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

l)    Amendment. This Warrant may be modified or amended or the provisions hereof waived with the
written consent of the Company, on the one hand, and the Holders or the beneficial owner of Warrants representing more than 50% of the Warrant Shares issuable under the Warrants then-outstanding as of the date such consent is sought, on the other
hand. 

 m)    Severability. Wherever possible, each
provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 

n)    Headings. The headings used in this Warrant are for the convenience of reference only and
shall not, for any purpose, be deemed a part of this Warrant. 
 o)    Warrant Agency Agreement.
If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agency
Agreement, the provisions of this Warrant shall govern and be controlling. 
 ******************** 

(Signature Page Follows) 

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

			
	QUANERGY SYSTEMS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 NOTICE OF EXERCISE 

TO:    QUANERGY SYSTEMS, INC. 

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

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

[    ] in lawful money of the United States; or 

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

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

 
  

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

 
  

 
  

 
  

	
	[SIGNATURE OF HOLDER]
	
	Name of Investing Entity:
                                         
                                         
                                         
                                         
        
	Signature of Authorized Signatory of Investing Entity:
                                         
                                         
                                         
    
	Name of Authorized Signatory:
                                         
                                         
                                         
                                        

	Title of Authorized
Signatory:                                       
                                         
                                         
                                         
    
	Date:
                                         
                                         
                                         
                                         
                                         

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.) 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 

 

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

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