Document:

EX-4.7

 Exhibit 4.7 

INVESTOR RIGHTS AGREEMENT 

INVESTOR RIGHTS AGREEMENT (the “Agreement”) made and entered into as of February 8, 2000, by and among FIBROGEN, INC., a
Delaware corporation (the “Company”), and the parties who have executed this Agreement as Investors (the “Investors”). 
 THE PARTIES
AGREE AS FOLLOWS: 
 ARTICLE 1 

DEFINITIONS 
 As used in this
Agreement, the following terms shall have the following respective meanings: 
 1.1 “Commission” shall mean the Securities
and Exchange Commission or any other federal agency at the time administering the Securities Act. 
 1.2 “Holder” shall mean
any holder of outstanding Registrable Securities which have not been sold to the public but only if such holder is an Investor or an assignee or transferee of registration rights permitted by Section 2.10. 

1.3 “Piggy back Registration” shall have the meaning set forth in Section 2.1. 

1.4 “Registration Expenses” shall have the meaning set forth in Section 2.5. 

1.5 “Registrable Securities” shall mean all Common Stock of the Company issued or issuable upon conversion of the
Company’s Series B Preferred Stock, including Common Stock issued pursuant to stock splits, stock dividends and similar distributions with respect to the Registrable Securities, and any securities of the Company granted registration rights
pursuant to Section 3.9 of this Agreement. 
 1.6 “Securities Act” shall mean the Securities Act of 1933, as amended,
or any similar federal statute, and the rules and regulations of the Commissioner thereunder, all as the same shall be in effect at the time. 

  
 1. 

 ARTICLE 2 

REGISTRATION RIGHTS 
 2.1 Piggy
back Registration. If at any time the Company proposes to file a registration statement under the Securities Act with respect to an offering of its Common Stock (i) for the Company’s own account (other than a registration statement on
Form S 4 or S 8 or any substitute form that may be adopted by the Commission or a registration statement with respect to the first registered offering of the Company’s Common Stock to the public) or (ii) for the account of any holders of
its Common Stock, then the Company shall give written notice of such proposed filing to each Holder as soon as practicable (but in no event less than ten days before the anticipated filing date), and such notice shall offer each Holder the
opportunity to register such number of shares of Registrable Securities as such Holder may request on the same terms and conditions as the Company’s or such holder’s registration (a “Piggy back Registration”); provided, that the
Holders shall have this right only (a) after the Company’s initial public offering, and (b) if the underwriters for the primary offering (in the case of a primary offering by the Company under clause (i) above) approve that
secondary shares be included. 
 2.2 Underwriting. If the registration of which the Company gives notice is for a registered public
offering involving an underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 2.1. In such event, the right of any Holder to registration pursuant to this Section 2 shall be
conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through
such underwriting shall (together with the Company and the other holders of securities of the Company with registration rights to participate therein distributing their securities through such underwriting) enter into an underwriting agreement in
customary form with the representative of the underwriter or underwriters selected by the Company. 
 2.3 Reduction of Offering.
Notwithstanding anything contained herein, if the managing underwriter of an offering described in Section 2.2 hereof delivers a written opinion to the Company that the amount of Registrable Securities requested to be included in such offering
by the Holders, the Company and any other persons exceeds the amount of such Registrable Securities which can be successfully sold in such offering, then the amount of Registrable Securities to be offered for the account of each Holder shall be
reduced to the extent necessary to reduce the total amount of securities to be included in such offering to the amount recommended by such managing underwriter; provided, that the proportion by which the amount of such Registrable Securities
intended to be offered for the account of each participating 

  
 7. 

 
Holder is reduced shall not exceed the proportion by which the amount of such securities intended to be offered for the account of each other Holder or person is reduced. 

2.4 Plan of Distribution. The Company may require, as a condition precedent to its registration obligations under this Article 2, that
each Holder promptly furnish in writing to the Company such information regarding such Holder, the plan of distribution of the Registrable Securities and other information as the Company may from time to time reasonably request or as may be legally
required in connection with such registration. 
 2.5 Registration Expenses. All expenses incurred by the Company in connection with
the Company’s performance of or compliance with this Article 2, including, without limitation: (i) all registration and filing fees (including for filings with the Commission or the National Association of Securities Dealers, Inc.),
(ii) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities), (iii) printing expenses,
(iv) fees and expenses incurred in connection with the listing of the Registrable Securities, and (v) fees and expenses of counsel and independent certified public accountants for the Company (all such expenses being herein called
“Registration Expenses”), shall be paid by the Company except as otherwise expressly provided in this Section 2.5. Each participating Holder shall pay any underwriting fees, discounts or commissions attributable to the sale of such
Holder’s Registrable Securities and any counsel fees and other out of pocket expenses of such Holder. 
 2.6 Indemnification by the
Company. The Company hereby agrees to indemnify, to the extent permitted by law, each Holder its partners, officers and directors, if any, and each person, if any, who controls such Holder within the meaning of the Securities Act, against all
losses, claims, damages, liabilities and expenses (under the Securities Act, applicable state securities laws, common law or otherwise) caused by any untrue statement or alleged untrue statement of a material fact contained in any registration
statement or prospectus (and as amended or supplemented if the Company has furnished any amendments or supplements thereto) or any preliminary prospectus, which registration statement, prospectus or preliminary prospectus shall be prepared in
connection with a Piggy back Registration, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses,
claims, damages, liabilities or expenses are caused by any untrue statement or alleged untrue statement contained in or by any omission or alleged omission from information furnished in writing to the Company by such Holder in connection with such
Piggy back Registration, provided the Company will not be liable pursuant to 

  
 7. 

 
this Section 2.6 if such losses, claims, damages, liabilities or expenses have been caused by (a) any Holder’s failure to deliver a copy of the registration statement or
prospectus, or any amendments or supplements thereto, after the Company has furnished such Holder with a sufficient amount of copies of the same or (b) any untrue statement or omission based upon information furnished to the Company by such
Holder or controlling person for use in connection with the offering of securities. 
 2.7 Indemnification by the Holders of Registrable
Securities. In connection with any registration statement in which a Holder is participating, each such Holder shall furnish to the Company in writing such information as is reasonably requested by the Company for use in any such registration
statement or prospectus and shall indemnify, to the extent permitted by law, the Company, its directors and officers and each person, if any, who controls the Company within the meaning of the Securities Act, against any losses, claims, damages,
liabilities and expenses resulting from any untrue statement or alleged untrue statement of a material fact or any omission or alleged omission of a material fact required to be stated in the registration statement or prospectus or any amendment
thereof or supplement thereto or necessary to make the statements therein not misleading, but only to the extent such losses, claims, damages, liabilities or expenses are caused by an untrue statement or alleged untrue statement contained in or by
an omission or alleged omission from information so furnished in writing by such holder in connection with the Piggy back Registration; provided that no such Holder shall be liable under this Section 2.7 for any amounts exceeding the product of
(i) the offering price per share of Registrable Securities pursuant to the registration statement in which such Holder is participating, multiplied by (ii) the number of shares of Registrable Securities being sold by such Holder pursuant
to such registration statement. If the offering pursuant to any such registration is made through underwriters, each such Holder agrees to enter into an underwriting agreement in customary form with such underwriters and to indemnify such
underwriters, their officers and directors, if any, and each person who controls such underwriters within the meaning of the Securities Act to the same extent as hereinabove provided with respect to indemnification by such Holder of the Company.

 2.8 Conduct of Indemnification Proceedings. Promptly after receipt by an indemnified party under Section 2.6 or
Section 2.7 of notice of the commencement of any action or proceeding, such indemnified party will, if a claim in respect thereof is made against the indemnifying party under such Section, notify the indemnifying party in writing of the
commencement thereof; but the omission so to notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party otherwise than under such Section. In case any such action or proceeding is brought against
any indemnified party, and it notifies the indemnifying 

  
 7. 

 
party of the commencement thereof, the indemnifying party will be entitled to participate therein, and, to the extent that it wishes, jointly with any other indemnifying party similarly notified,
to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not
be liable to such indemnified party under such Section for any legal or any other expenses subsequently incurred by such indemnified party in connection with the defense thereof (other than reasonable costs of investigation) unless incurred at the
written request of the indemnifying party. Notwithstanding the above, the indemnified party will have the right to employ counsel of its own choice in any such action or proceeding if the indemnified party has reasonably concluded that there may be
defenses available to it which are different from or additional to those of the indemnifying party, or counsel to the indemnified party is of the opinion that it would not be desirable for the same counsel to represent both the indemnifying party
and the indemnified party because such representation might result in a conflict of interest (in either of which cases the indemnifying party will not have the right to assume the defense of any such action or proceeding on behalf of the indemnified
party or parties and such legal and other expenses will be borne by the indemnifying party). An indemnifying party will not be liable to any indemnified party for any settlement of any such action or proceeding effected without the consent of such
indemnifying party. 
 2.9 Contribution. If the indemnification provided for in Section 2.6 or Section 2.7 is unavailable
under applicable law to an indemnified party in respect of any losses, claims, damages or liabilities referred to therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid
or payable by such indemnified party as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault. 

2.10 Transfer of Registration Rights. The registration rights of any Holder under this Article 2 may be transferred by such Holder to a
transferee of its Registrable Securities who agrees in writing to be bound by the provisions of this Agreement (a) if such transferee acquires at least 20% of such Holder’s Registrable Securities (or, if the transferring Holder acquired
registration rights through a transfer pursuant to this Section 2.10, at least 200 6 of the Registrable Securities held by the original party to this Agreement), or (b) if such transferee is a partner, stockholder or member of such Holder,
without restriction as to the minimum amount acquired. 

  
 7. 

 ARTICLE 3 

MISCELLANEOUS 
 3.1 Successors
and Assigns. Subject to the exceptions specifically set forth in this Agreement, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective executors, administrators, heirs, successors and assigns
of the parties. 
 3.2 Governing Law. Except to the extent that the Delaware General Corporation Law shall be applicable with respect
to matters relating to the internal corporate affairs of the Company, this Agreement and (unless otherwise provided) all amendments, supplements, waivers and consents relating thereto or hereto shall be governed by and construed in accordance with
the laws of the State of California. 
 3.3 Counterparts. This Agreement may be executed in two or more counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 
 3.4 Headings. The
headings of the Articles and Sections of this Agreement are for convenience and shall not by themselves determine the interpretation of this Agreement. 

3.5 Notices. Any notice required or permitted hereunder shall be given in writing and shall be conclusively deemed effectively given
upon personal delivery, or five business days after deposit in the United States mail, by first class mail, postage prepaid, and addressed (i) if to the Company, as set forth below the Company’s name on the signature page of this
Agreement, and (ii) if to an Investor, at such Investor’s address as set forth in the books of the Company, or at such other addresses as the Company or such Investor may designate by ten days, advance written notice to the Investor or the
Company, respectively. Investors with addresses outside of the United States shall be given such notice by facsimile at such Investor’s facsimile number as set forth in the books of the Company, or at such other facsimile number as the Investor
may designate by ten (10) days’ written notice to the Company. 
 3.6 Amendment of Agreement. Any provision of this
Agreement may be amended only by a written instrument signed by the Company and by persons holding at least fifty one percent of the Registrable Securities then outstanding. 

3.7 Severability. If any provision of this Agreement is held to be unenforceable for any reason, it shall be adjusted rather than
voided, if possible, in order to achieve the intent of the parties to the extent possible. In any event, all other provisions of this Agreement shall be deemed valid and enforceable to the full extent possible. 

  
 7. 

 3.8 Entire Agreement; Effectiveness of Agreement; Termination of Prior Agreements. This
Agreement constitutes the entire contract between the Company and the Investors relative to the subject matter hereof. This Agreement shall become effective with respect to each Investor upon the execution of this Agreement by such Investor. 

3.9 Additional Parties. From and after the date of this Agreement, the Company may grant registration rights under this Agreement to any
holder or prospective holder of securities of the Company. Upon execution of a signature page to this Agreement by any such additional party and by the Company, such additional party shall be considered an Investor for all purposes of this
Agreement. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

 

							
	THE COMPANY:	 		 	FIBROGEN, INC.
				
		 		 	By:	 	 /s/ Tom Neff

				
		 		 	Title:	 	 CEO

				
		 		 	Address:	 	225 Gateway Boulevard
		 		 		 	So. San Francisco, CA
		 		 		 	94080
				
	THE INVESTORS:	 		 		 	  

		 		 		 	(Print name of Investor)
				
		 		 		 	  

		 		 		 	(Signature)
				
		 		 		 	  

		 		 		 	(Name and title of signatory if Investor is not an individual)

  
 7. 

 3.8 Entire Agreement; Effectiveness of Agreement; Termination of Prior Agreements. This
Agreement constitutes the entire contract between the Company and the Investors relative to the subject matter hereof. This Agreement shall become effective with respect to each Investor upon the execution of this Agreement by such Investor. 

3.9 Additional Parties. From and after the date of this Agreement, the Company may grant registration rights under this Agreement to any
holder or prospective holder of securities of the Company. Upon execution of a signature page to this Agreement by any such additional party and by the Company, such additional party shall be considered an Investor for all purposes of this
Agreement. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

 

							
	THE COMPANY:	 		 	FIBROGEN, INC.
				
		 		 	By:	 	 /s/ Tom Neff

				
		 		 	Title:	 	 CEO

				
		 		 	Address:	 	225 Gateway Boulevard
		 		 		 	So. San Francisco, CA
		 		 		 	94080
				
	THE INVESTORS:	 		 		 	 Laurence S. Shushan and Magdalena Shushan, Trustees of The Laurence and Magdalena Shushan Family Trust under
Agreement dated October 8, 1997

		 		 		 	(Print name of Investor)
				
	 /s/ Magdalena Shushan, Trustee
	 		 		 	 /s/ Laurence S. Shushan, Trustee

	Magdalena Shushan, Trustee	 		 		 	(Signature)
				
		 		 		 	 Laurence S. Shushan, Trustee

		 		 		 	(Name and title of signatory if Investor is not an individual)

  
 7. 

 3.8 Entire Agreement; Effectiveness of Agreement; Termination of Prior Agreements. This
Agreement constitutes the entire contract between the Company and the Investors relative to the subject matter hereof. This Agreement shall become effective with respect to each Investor upon the execution of this Agreement by such Investor. 

3.9 Additional Parties. From and after the date of this Agreement, the Company may grant registration rights under this Agreement to any
holder or prospective holder of securities of the Company. Upon execution of a signature page to this Agreement by any such additional party and by the Company, such additional party shall be considered an Investor for all purposes of this
Agreement. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

 

							
	THE COMPANY:	 		 	FIBROGEN, INC.
				
		 		 	By:	 	 /s/ Tom Neff

				
		 		 	Title:	 	 CEO

				
		 		 	Address:	 	225 Gateway Boulevard
		 		 		 	So. San Francisco, CA
		 		 		 	94080
				
	THE INVESTORS:	 		 		 	 Bristow Investments, L.P.

		 		 		 	(Print name of Investor)
				
		 		 		 	 /s/ T.J. Bristow

		 		 		 	(Signature)
				
		 		 		 	 T.J. Bristow, Co-Trustee of the Bristow Revocable Trust dated July 29, 1999, as amended and restated,
General Partner

		 		 		 	(Name and title of signatory if Investor is not an individual)

  
 7. 

 3.8 Entire Agreement; Effectiveness of Agreement; Termination of Prior Agreements. This
Agreement constitutes the entire contract between the Company and the Investors relative to the subject matter hereof. This Agreement shall become effective with respect to each Investor upon the execution of this Agreement by such Investor. 

3.9 Additional Parties. From and after the date of this Agreement, the Company may grant registration rights under this Agreement to any
holder or prospective holder of securities of the Company. Upon execution of a signature page to this Agreement by any such additional party and by the Company, such additional party shall be considered an Investor for all purposes of this
Agreement. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

 

							
	THE COMPANY:	 		 	FIBROGEN, INC.
				
		 		 	By:	 	 /s/ Tom Neff

				
		 		 	Title:	 	 CEO

				
		 		 	Address:	 	225 Gateway Boulevard
		 		 		 	So. San Francisco, CA
		 		 		 	94080
				
	THE INVESTORS:	 		 		 	 HCP Estates USA Inc.

		 		 		 	(Print name of Investor)
				
		 		 		 	 /s/ Jonathan M. Bergschneider

		 		 		 	(Signature)
				
		 		 		 	 Jonathan M. Bergschneider

Executive Vice President

		 		 		 	(Name and title of signatory if Investor is not an individual)

  
 7.EX-4.8

 Exhibit 4.8 

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144
UNDER SAID ACT OR WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER, SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE
SECURITIES AND EXCHANGE COMMISSION. 
  
  

WARRANT TO PURCHASE 67,200 SHARES OF COMMON STOCK 

June 6, 1995 
 THIS CERTIFIES THAT, for value
received, Lease Management Services, Inc., (“Holder”) is entitled to subscribe for and purchase Sixty Seven Thousand Two Hundred (67,200) shares of the fully paid and nonassessable Common Stock (“the Shares”) of FIBROGEN,
INC., a Delaware corporation (the “Company”), at the Warrant Price (as hereinafter defined), subject to the provisions and upon the terms and conditions hereinafter set forth. As used herein, the term “Common Stock” shall
mean the Company’s presently authorized Common Stock, and any stock into which such Common Stock may hereafter be exchanged. 

1.    Warrant Price. The Warrant Price shall initially be One & 25/100 Dollars ($1.25) per share, subject to adjustment as
provided in Section 7 below. 
 2.    Conditions to Exercise. The purchase right represented by this Warrant may be
exercised at any time, or from time to time, in whole or in part during the term commencing on the date hereof and ending on the earlier of: 

(a)    5:00 P.M. California time on the sixth annual anniversary of this Warrant Agreement; or 

(b)    the effective date of the merger of the Company with or into, the consolidation of the Company with, or the sale by
the Company of all or substantially all of its assets to another corporation or other entity (other than such a transaction wherein the shareholders of the Company retain or obtain a majority of the voting capital stock of the surviving,
resulting, or purchasing corporation); provided that the Company shall notify the registered Holder of this Warrant of the proposed effective date of the merger, consolidation, or sale at least 60 days prior to the effectiveness thereof. 

In the event that, although the Company shall have given notice of a transaction pursuant to subparagraph (b) hereof, the transaction
does not close on approximately the day specified by the Company, unless otherwise elected by the Holder any exercise of the Warrant subsequent to the giving of such notice shall be rescinded and the Warrant shall again be exercisable until
terminated in accordance with this Paragraph 2. 
 3.    Method of Exercise: Payment; Issuance of Shares; Issuance of New
Warrant. 
 (a)    Cash Exercise. Subject to Section 2 hereof, the purchase right represented by this Warrant may be
exercised by the Holder hereof, in whole or in part, by the surrender of this Warrant (with a duly executed Notice of Exercise in the form attached hereto) at the principal office of the Company (as set forth in Section 18 below) and by payment
to the Company, by check, of 

 LMSI/FIBROGEN, INC. Warrant 

Page 2 of 7 
 an amount equal to the then applicable Warrant
Price per share multiplied by the number of shares then being purchased. In the event of any exercise of the rights represented by this Warrant, certificates for the shares of stock so purchased shall be in the name of, and delivered to, the Holder
hereof, or as such Holder may direct (subject to the terms of transfer contained herein and upon payment by such Holder hereof of any applicable transfer taxes). Such delivery shall be made within 10 days after exercise of the Warrant and at
the Company’s expense and, unless this Warrant has been fully exercised or expired, a new Warrant having terms and conditions substantially identical to this Warrant and representing the portion of the Shares, if any, with respect to which this
Warrant shall not have been exercised, shall also be issued to the Holder hereof within 10 days after exercise of the Warrant. 

(b)    Net Issue Exercise. In lieu of exercising this Warrant pursuant to Section 3(a), Holder may elect to receive
shares equal to the value of this Warrant (or of any portion thereof remaining unexercised) by surrender of this Warrant at the principal office of the Company together with notice of such election, in which event the Company shall issue to Holder
the number of shares of the Company’s Common Stock computed using the following formula: 
 X = Y (A-B) 

A 
 Where X = the number of
shares of Common Stock to be issued to Holder. 
 Y = the number of shares of Common Stock purchasable under this Warrant (at the date of
such calculation). 
 A = the fair market value of one share of the Company’s Common Stock (at the date of such calculation). 

B = Warrant exercise price (as adjusted to the date of such calculation). 

(c)    Fair Market Value. For purposes of this Section 3, Fair Market Value of one share of the Company’s Common Stock
shall mean: 
 (i)    In the event of an Initial Public Offering, the per share Fair Market Value for the Common Stock
shall be the Offering Price at which the underwriters sell Common Stock to the public; or 
 (ii)    If the Common Stock
is traded on NASDAQ or Over-The-Counter or on an exchange, the per share Fair Market Value for the Common Stock will be the average of the closing bid and asked prices of the Common Stock quoted in the Over-The-Counter Market Summary or the
closing price quoted on any exchange on which the Common Stock is listed, whichever is applicable, as published in the Western Edition of The Wall Street Journal for the ten (10) trading days prior to the date of determination of Fair
Market Value; or 
 (iii)    If the Company shall be subject to a merger, acquisition or other consolidation in which the
Company is not the surviving entity, pursuant to Section 2(b), the per share Fair Market Value for the Common Stock shall be the value received per share of Common Stock by all holders of the Common Stock as determined by the Board of
Directors; or 
 (iv)    In any other instance, the per share Fair Market Value for the Common Stock shall be as
determined by the Board of Directors in its reasonable business judgment. 

  
 2. 

 LMSI/FIBROGEN, INC. Warrant 

Page 3 of 7 
 In the event of 3(c)(iii)
or 3(c)(iv), above, the Company’s Board of Directors shall prepare a certificate, to be signed by an authorized Officer of the Company, setting forth in reasonable detail the basis for and method of determination of the per share
Fair Market Value of the Common Stock. The Board will also certify to the Holder that this per share Fair Market Value will be applicable to all holders of the Company’s Common Stock. Such certification must be made to Holder at least
thirty (30) business days prior to the proposed effective date of the merger, consolidation, sale, or other triggering event as defined in 3(c)(iii) and 3(c)(iv). 

(d)    Automatic Exercise. To the extent this Warrant is not previously exercised, it shall be automatically exercised in
accordance with Sections 3(b) and 3(c) hereof (even if not surrendered) immediately before: (i) its expiration, or (ii) the consummation of any consolidation or merger of the Company, or any sale or transfer of a majority of a
company’s assets pursuant to Section 2(b). 
 4.    Representations and Warranties of Holder and Restrictions on Transfer
Imposed by the Securities Act of 1933. 
 (a)    Representations and Warranties by Holder. The Holder represents and warrants
to the Company with respect to this purchase as follows: 
 (i)    The Holder has substantial experience in evaluating
and investing in private placement transactions of securities of companies similar to the Company so that the Holder is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its interests. 

(ii)    The Holder is acquiring the Warrant and the Shares of Common Stock issuable upon exercise of the Warrant
(collectively the “Securities”) for investment for its own account and not with a view to, or for resale in connection with, any distribution thereof. The Holder understands that the Securities have not been registered under the Act by
reason of a specific exemption from the registration provisions of the Act which depends upon, among other things, the bona fide nature of the investment intent as expressed herein. In this connection, the Holder understands that, in the view of the
Securities and Exchange Commission (the “SEC”), the statutory basis for such exemption may be unavailable if this representation was predicated solely upon a present intention to hold the Securities for the minimum capital gains period
specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities or for a period of one year or any other fixed period in the future.

(iii)    The Holder acknowledges that the Securities must be held indefinitely unless subsequently registered under the Act
or an exemption from such registration is available. The Holder is aware of the provisions of Rule 144 promulgated under the Act (“Rule 144”) which permits limited resale of securities purchased in a private placement subject to the
satisfaction of certain conditions, including, in case the securities have been held for less than three years, the existence of a public market for the shares, the availability of certain public information about the Company, the resale occurring
not less than two years after a party has purchased and paid for the security to be sold, the sale being through a “broker’s transaction” or in a transaction directly with a “market maker” (as provided by Rule 144(f))
and the number of shares or other securities being sold during any three-month period not exceeding specified limitations: 

(iv)    The Holder further understands that at the time the Holder wishes to sell the Securities there may be no public
market upon which such a sale may be effected, and 

  
 3. 

 LMSI/FIBROGEN, INC. Warrant 

Page 4 of 7 
 that even if such a public market
exists, the Company may not be satisfying the current public information requirements of Rule 144, and that in such event, the Holder may be precluded from selling the Securities under Rule 144 unless a) a three-year minimum holding period has
been satisfied and b) the Holder was not at the time of the sale nor at any time during the three-month period prior to such sale an affiliate of the Company.

(v)    The Holder has had an opportunity to discuss the Company’s business, management and financial affairs with its
management and an opportunity to review the Company’s facilities. The Holder understands that such discussions, as well as the written information issued by the Company, were intended to describe the aspects of the Company’s business
and prospects which it believes to be material but were not necessarily a thorough or exhaustive description. 
 (b)    Legends.
Each certificate representing the Securities shall be endorsed with the following legend: 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 AND MAY NOT BE TRANSFERRED UNLESS COVERED BY AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT, A “NO ACTION” LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION WITH RESPECT TO SUCH TRANSFER, A TRANSFER MEETING
THE REQUIREMENTS OF RULE 144 OF THE SECURITIES AND EXCHANGE COMMISSION, OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY SUCH TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 

The Company need not register a transfer of Securities unless the conditions specified in the foregoing legend are satisfied. The Company may also instruct
its transfer agent not to register the transfer of any of the Shares unless the conditions specified in the foregoing legend are satisfied. 

(c)    Removal of Legend and Transfer Restrictions. The legend relating to the Act endorsed on a certificate pursuant to
paragraph 4(b) of this Warrant and the stop transfer instructions with respect to the Securities represented by such certificate shall be removed and the Company shall issue a certificate without such legend to the Holder of the Securities
if (i) the Securities are registered under the Act and a prospectus meeting the requirements of Section 10 of the Act is available or (ii) the Holder provides to the Company an opinion of counsel for the Holder reasonably satisfactory
to the Company, or a no-action letter or interpretive opinion of the staff of the SEC reasonably satisfactory to the Company, to the effect that public sale, transfer or assignment of the Securities may be without registration and without compliance
with any restriction such as Rule 144. 
 5.    Condition of Transfer or Exercise of Warrant. It shall be a condition to any
transfer or exercise of this Warrant that at the time of such transfer or exercise, the Holder shall provide the Company with a representation in writing that the Holder or transferee is acquiring this Warrant and the shares of Common
Stock to be issued upon exercise, for investment purposes only and not with a view to any sale or distribution, or a statement of pertinent facts covering any proposed distribution. As a further condition to any transfer of this Warrant or any or
all of the shares of Common Stock issuable upon exercise of this Warrant, other than a transfer registered under the Act, the Company must have received a legal opinion, in form and substance satisfactory to the Company and its counsel,
reciting the pertinent circumstances surrounding the proposed transfer and stating that such transfer is exempt from the registration and prospectus delivery requirements of the Act. Each certificate evidencing the shares issued

  
 4. 

 LMSI/FIBROGEN, INC. Warrant 

Page 5 of 7 
 upon exercise of the Warrant or upon any-transfer
of the shares (other than a transfer registered under the Act or any subsequent transfer of shares so registered) shall, at the Company’s option, contain a legend in form and substance satisfactory to the Company and its counsel,
restricting the transfer of the shares to sales or other dispositions exempt from the requirements of the Act. 
 As further condition to
each transfer, the transferee shall receive and accept a Warrant, of like tenor and date, executed by the Company. 
 6.    Stock
Fully Paid; Reservation of Shares. All Shares which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be fully paid and nonassessable, and free from all taxes, liens, and charges with respect to
the issue thereof. During the period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized, and reserved for issuance upon exercise of the purchase rights evidenced by this Warrant, a
sufficient number of shares of its Common Stock to provide for the exercise of the rights represented by this Warrant. 

7.    Adjustment for Certain Events. In the event of changes in the outstanding Common Stock by reason of stock dividends,
split-ups, recapitalizations, reclassifications, mergers, consolidations, combinations or exchanges of shares, separations, reorganizations, liquidations, or the like, the number and class of shares available under the Warrant in the aggregate and
the Warrant Price shall be correspondingly adjusted, as appropriate, by the Board of Directors of the Company. The adjustment shall be such as will give the Holder of this Warrant upon exercise for the same aggregate Warrant Price the total
number, class and kind of shares as he would have owned had the Warrant been exercised prior to the event and had he continued to hold such shares until after the event requiring adjustment. 

8.    Notice of Adjustments. Whenever any Warrant Price shall be adjusted pursuant to Section 7 hereof, the Company shall
prepare a certificate signed by its chief financial officer setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Warrant Price and number
of shares issuable upon exercise of the Warrant after giving effect to such adjustment, and shall cause copies of such certificate to be mailed (by certified or registered mail, return receipt required, postage prepaid) within thirty (30) days
of such adjustment to the Holder of this Warrant as set forth in Section 18 hereof. 
 9.    “Market Stand-Off”
Agreement. Holder hereby agrees that for a period of 180 days following the effective date of the first registration statement of the Company covering common stock (or other securities) to be sold on its behalf in an underwritten public
offering, it will not, to the extent requested by the Company and any underwriter, sell or otherwise transfer or dispose of (other than to donees or transferees who agree to be similarly bound) any of the Shares at any time during such period
except common stock included in such registration; provided, however, that all officers and directors of the Company who hold securities of the Company or options to acquire securities of the Company and all other persons with registration
rights enter into similar agreements. 
 10.    Transferability of Warrant. This Warrant is transferable on the books of the
Company at its principal office by the registered Holder hereof upon surrender of this Warrant properly endorsed, subject to compliance with applicable federal and state securities laws. The Company shall issue and deliver to the
transferee a new Warrant representing the Warrant so transferred. Upon any partial transfer, the Company will issue and deliver to Holder a new Warrant with respect to the Warrant not so transferred. Holder shall not have any right to transfer any
portion of this Warrant to any direct competitor of the Company. 

  
 5. 

 LMSI/FIBROGEN, INC. Warrant 

Page 6 of 7 
 11.    No Fractional
Shares. No fractional share of Common Stock will be issued in connection with any exercise hereunder, but in lieu of such fractional share the Company shall make a cash payment therefor upon the basis of the Warrant Price then in effect.

 12.    Charges, Taxes and Expenses. Issuance of certificates for shares of Common Stock upon the exercise of this Warrant
shall be made without charge to the Holder for any United States or state of the United States documentary stamp tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid
by the Company, and such certificates shall be issued in the name of the Holder. 
 13.     No Shareholder Rights Until Exercise.
This Warrant does not entitle the Holder hereof to any voting rights or other rights as a shareholder of the Company prior to the exercise hereof. 

14.    Registry of Warrant. The Company shall maintain a registry showing the name and address of the registered Holder of
this Warrant. This Warrant may be surrendered for exchange or exercise, in accordance with its terms, at such office or agency of the Company, and the Company and Holder shall be entitled to rely in all respects, prior to written notice to the
contrary, upon such registry. 
 15.    Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of
evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft, or destruction, of indemnity reasonably satisfactory to it, and, if mutilated, upon surrender and
cancellation of this Warrant, the Company will execute and deliver a new Warrant, having terms and conditions substantially identical to this Warrant, in lieu hereof. 

16.    Miscellaneous. 

(a)    Issue Date. The provisions of this Warrant shall be construed and shall be given effect in all respect as if
it had been issued and delivered by the Company on the date hereof. 
 (b)    Successors. This Warrant shall be
binding upon any successors or assigns of the Company. 
 (c)    Governing Law. This Warrant shall be governed by
and construed in accordance with the laws of the State of California. 
 (d)    Headings. The headings used in
this Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant. 

(e)    Saturdays, Sundays, Holidays. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall be a Saturday or a Sunday or shall be a legal holiday in the State of California, then such action may be taken or such right may be exercised on the next succeeding day not a legal holiday. 

17.    No Impairment. The Company will not, by amendment of its Articles of Incorporation 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 action as may be necessary or appropriate in order to
protect the rights of the Holder hereof against impairment. 
 18.    Addresses. Any notice required or permitted hereunder
shall be in writing and shall be mailed by overnight courier, registered or certified mail, return receipt required, and postage 

  
 6. 

 LMSI/FIBROGEN, INC. Warrant 

Page 7 of 7 
 pre-paid, or otherwise delivered by hand or by
messenger, addressed as set forth below, or at such other address as the Company or the Holder hereof shall have furnished to the other party. 

If to the
Company:                                        
FibroGen, Inc. 

                     
                                         
        772 Lucerne Drive 

                     
                                         
        Sunnyvale, CA 94303 

                     
                                         
        Attn: Thomas B. Neff, President & CEO 
 If to the
Holder:                                        
    Lease Management Services, Inc. 

                     
                                         
        2500 Sand Hill Road, Ste 101 

                     
                                         
        Menlo Park, CA 94025 

                     
                                         
        Attn: Barbara B. Kaiser, EVP/GM 
 IN WITNESS WHEREOF, FibroGen, Inc. has caused this Warrant to be executed
by its officers thereunto duly authorized. 
 Dated as of June 6, 1995. 

 

			
	FibroGen, Inc.
		
	BY:	 	 /s/ Thomas B. Neff

			
		
	 TITLE:
	 	 President and Chief Executive Officer

  
 7. 

 NOTICE OF EXERCISE 

TO: 
  

	1.	The undersigned Warrantholder (“Holder”) elects to acquire shares of the Common Stock of              (the “Company”), pursuant
to the terms of the Stock Purchase Warrant dated              (the “Warrant”). 

  

	2.	The Holder exercises its rights under the Warrant as set forth below: 

  

					
		  	 (            )
	  	 The Holder elects to purchase              shares of Common Stock as provided in
Section 3(a),(c) and tenders herewith a check in the amount of $             as payment of the purchase price.

			
		  	 (            )
	  	 The Holder elects to convert the purchase rights into shares of Common Stock as provided in Section 3(b),(c)
of the Warrant.

  

	3.	The Holder surrenders the Warrant with this Notice of Exercise. 

  

	4.	The Holder represents that it is acquiring the aforesaid shares of Common Stock for investment and not with a view to, or for resale in connection with, distribution and that the Holder has no present
intention of distributing or reselling the shares. 

  

	5.	Please issue a certificate representing the shares of Common Stock in the name of the Holder or in such other name as is specified below: 

Name: 
 Address: 

Taxpayer I.D.: 
  

			
	  
 (Holder)

		
	By:	 	  

		
	Title:	 	  

		
	Date:	 	  

 AMENDMENT TO 

WARRANT TO PURCHASE 67,200 SHARES OF COMMON STOCK 

WHEREAS; Phoenixcor, Inc. as successor in interest to Lease Management Services, Inc. (the “Holder”) is the holder of that certain
Warrant, dated June 6, 1995, to purchase Sixty Seven Thousand Two Hundred (67,200) shares of fully paid and non-assessable Common Stock of FibroGen, Inc. (the “Company”) (the “Warrant”). 

WHEREAS; The Company and the Holder wish to amend the Warrant to provide that it may be exercisable until the date one year after effectiveness of
the Company’s initial public offering. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, and in consideration of the mutual promises contained herein, the parties hereto agree as follows: 
 Section 2(a)
of the Warrant is hereby amended to read as follows: 
 (a)     at 5:00 P.M. P.S.T on the date one year after the
effectiveness of the Company’s Initial Public Offering; or 
 Capitalized terms not defined herein shall have the meaning
ascribed to them in the Warrant.
  

	
	AGREED AND ACCEPTED:
	
	COMPANY
	
	 /s/ Wilbert Lee

	By: Bert Lee
	
	 CFO

	
	Date: June 5, 2001
	
	HOLDER
	
	 /s/ [Illegible Signature]

	By:
	
	 Vice Present GE Capital Corp.

	Title
	
	Date: June 5, 2001

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