Document:

Exhibit 4.2

 

 

THIS WARRANT AND THE
UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY
HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

 

CHIMERIX,
INC.

 

WARRANT TO PURCHASE STOCK

 

	No. PFW-[___]	February 7, 2011

 

This
Certifies That, for value received, [_____________] (the
“Holder”), is entitled to subscribe for and purchase at the Warrant Price (defined below) from Chimerix,
Inc., a Delaware corporation (the “Company”), all or any portion of the Shares (as defined below) during
the Exercise Period (as defined below).

 

This Warrant is issued
as one of a series of warrants (the “Series F Warrants”) pursuant to the Series F Preferred Stock and
Warrant Purchase Agreement dated as of the date hereof among the Company and the Investors listed on Schedule A thereto (the “Purchase
Agreement”). Capitalized terms used and not otherwise defined herein shall have the meanings given them in the Purchase
Agreement.

 

1.           Exercise
of Warrant. The terms and conditions upon which this Warrant may be exercised, and the Shares covered hereby may be
purchased, are as follows:

 

(a)          Term.
Subject to the terms and conditions hereof, this Warrant may be exercised at any time, or from time to time, in whole or in part,
on or after the date hereof; provided, however, that in no event may this Warrant be exercised after February 7, 2018 (the
“Exercise Period”).

 

(b)          Shares.
For purposes of this Warrant, the “Shares” shall mean [_________] fully paid and nonassessable shares
of the Series F Preferred Stock of the Company (“Series F Preferred”) (or such other number, class and
kind of shares as may be issuable hereunder pursuant to Section 4 below).

 

(c)          Warrant
Price. For purposes of this Warrant, the “Warrant Price” shall mean $2.045 per Share, subject
to adjustment pursuant to Section 4 below.

 

    	 

    	 

    

 

2.           Method
of Exercise. 

 

(a)          The
rights represented by this Warrant may be exercised in whole or in part at any time during the Exercise Period, by delivery of
the following to the Company at its address set forth in the Purchase Agreement (or at such other address as it may designate by
notice in writing to the Holder):

 

(i)          An
executed Notice of Exercise in the form attached hereto as Exhibit A;

 

(ii)         Payment
of the Warrant Price either (i) in cash or by check or (ii) by cancellation of indebtedness or (iii) by any combination thereof;
and

 

(iii)       This
Warrant.

 

Upon the exercise of
the rights represented by this Warrant, a certificate or certificates for the Shares so purchased, registered in the name of the
Holder or persons affiliated with the Holder, if the Holder so designates, shall be issued and delivered to the Holder promptly
after the rights represented by this Warrant shall have been so exercised.

 

The person in whose
name any certificate or certificates for Shares are to be issued upon exercise of this Warrant shall be deemed to have become the
holder of record of such Shares on the date on which this Warrant was surrendered and payment of the Warrant Price was made, irrespective
of the date of delivery of such certificate or certificates, except that, if the date of such surrender and payment is a date when
the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such Shares at the
close of business on the next succeeding date on which the stock transfer books are open.

 

(b)         Net
Exercise. Notwithstanding any provisions herein to the contrary, if the Fair Market Value (as defined below) of one Share is
greater than the Warrant Price (at the date of calculation as set forth below), in lieu of exercising this Warrant by payment of
cash, the Holder may elect to receive Shares equal to the value (as determined below) of this Warrant (or the portion thereof being
canceled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise,
in which event the Company shall issue to the Holder a number of Shares computed using the following formula:

X = Y (A-B)

    A

 

	Where:	X =	the number of Shares to be issued to the Holder
	 	 	 
	 	Y =	the number of Shares purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised (at the date of such calculation)
	 	 	 
	 	A =	the Fair Market Value of one Share (at the date of such calculation)
	 	 	 
	 	B =	the Warrant Price (as adjusted to the date of such calculation)

 

    	2.

    	 

    

 

For purposes of this
Warrant, the fair market value of one Share (the “Fair Market Value”) shall mean, with respect to each
such Share, the value as determined by the Company’s Board of Directors in good faith; provided, however, that in
the event that this Warrant is exercised pursuant to this Section 2(b) in connection with the Company’s initial public
offering of its Common Stock, the Fair Market Value of one Share shall be the product of (i) the per share offering price to the
public of the Company’s initial public offering, and (ii) the number of shares of Common Stock into which each Share is convertible
at the time of such exercise.

 

3.           Covenants
of the Company. The Company covenants and agrees that all Shares that may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance, be validly issued and outstanding, fully paid and nonassessable, and free from
all taxes, liens and charges with respect to the issuance thereof (other than taxes, liens or charges created by or imposed upon
the Holder through no action of the Company). The Company further covenants and agrees that the Company will at all times during
the Exercise Period have authorized and reserved a sufficient number of shares of Preferred Stock to provide for the exercise of
the rights represented by this Warrant. If at any time during the Exercise Period the number of authorized but unissued shares
of Preferred Stock shall not be sufficient to permit exercise of this Warrant, the Company will take such corporate action as may,
in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Preferred Stock to such number of
shares as shall be sufficient for such purposes.

 

4.           Adjustment.
In the event of changes in the outstanding shares of the Series F Preferred by reason of stock dividends, split-ups, recapitalizations,
reclassifications, conversions, mergers, combinations or exchanges of shares, separations, reorganizations, liquidations, or the
like, the number and class of shares available under this Warrant in the aggregate and the Warrant Price and Shares shall be correspondingly
adjusted to give the Holder of the Warrant, on exercise for the same aggregate Warrant Price, the total number, class, and kind
of shares as the Holder would have owned had the Warrant been exercised prior to the event and had the Holder continued to hold
such shares until after the event requiring adjustment.

 

5.           Adjustment
Certificate. When any adjustment is required to be made in the Shares or the Warrant Price pursuant to Section 4 or
otherwise, the Company shall promptly mail to the Holder a certificate setting forth (i) a brief statement of the facts requiring
such adjustment, (ii) the Warrant Price after such adjustment and (iii) the kind and amount of stock or other securities or property
into which this Warrant shall be exercisable after such adjustment.

 

6.           Fractional
Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant
hereto. All Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether
the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise would result in the issuance
of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such
fraction a sum in cash equal to the product resulting from multiplying the then current Fair Market Value of a Share by such fraction.

 

    	3.

    	 

    

 

7.          Early
Termination. Notwithstanding Section 1(a), in the event of an Acquisition or Asset Transfer (each as defined in the
Company’s Amended and Restated Certificate of Incorporation) at any time during the Exercise Period, the Company shall provide
to the Holder at least 10 days advance written notice of the closing of such Acquisition or Asset Transfer and, if not exercised
prior the closing of such Acquisition or Asset Transfer, this Warrant shall terminate immediately prior to the closing of such
Acquisition or Asset Transfer; provided, however, that if at the closing of such Acquisition or Asset Transfer the Fair
Market Value of one Share exceeds the Warrant Price, then as of such closing this Warrant shall be deemed to have been exercised
in full on a “net exercise” basis pursuant to Section 2(b).

 

8.          No
Stockholder Rights. This Warrant in and of itself shall not entitle the Holder to any voting rights or other rights
as a stockholder of the Company.

 

9.          Lost,
Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company shall,
on such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include
the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed.
Any such new Warrant shall constitute an original contractual obligation of the Company, whether or not the allegedly lost, stolen,
mutilated or destroyed Warrant shall be at any time enforceable by anyone.

 

10.        Governing
Law. This Warrant and all rights, obligations and liabilities hereunder shall be governed by the laws of the State of
Delaware.

 

11.        Amendment;
Waiver. Any term of this Warrant may be amended or waived with the written consent of the Company and the Series F
Requisite Investors (as defined in the Purchase Agreement); provided, however, if any amendment of this Warrant
by its terms materially and adversely affects the rights or obligations under this Warrant of any Holder then holding securities
purchased under the Purchase Agreement, in a manner different than such amendment affects such rights or obligations of other
Investors, then such amendment shall not be effective with respect to such adversely affected Holder without the written consent
of such adversely affected Holder. Notwithstanding the foregoing, nothing provided in this Section 11 shall limit an individual
Holder’s right to waive or amend any provision of this Warrant on its own behalf.

 

12.        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.

 

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

 

[REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK]

 

    	4.

    	 

    

 

In
Witness Whereof, the Company has caused this Warrant to be executed
by its duly authorized officer as of the date first written above.

 

	 	Chimerix, Inc.
	 	 
	 	By:	 
	 	 	Kenneth I. Moch
	 	 	Chief Executive Officer

 

Acknowledged and Accepted:

 

Holder

 

	 	 	 
	 	 	 
	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 
	 	 	 	 

 

[Warrant
Signature page]

 

    	 

    	 

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

TO:
Chimerix, Inc.

 

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

 

 ̈     The
undersigned hereby elects to purchase ________ Shares (the “Exercise Shares”) of Chimerix, Inc.
(the “Company”) pursuant to the terms of the net exercise provisions set forth in Section 2(b) of
the attached Warrant, and shall tender payment of all applicable transfer taxes, if any.

 

(2)         Please
issue a certificate or certificates representing said Exercise Shares in the name of the undersigned or in such other name as is
specified below:

 

________________________

(Name)

 ________________________

________________________

(Address)

 

(3)         The
undersigned represents that (i) the aforesaid Exercise Shares are being acquired for the account of the undersigned for investment
and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention
of distributing or reselling such shares; (ii) the undersigned is aware of the Company’s business affairs and financial condition
and has acquired sufficient information about the Company to reach an informed and knowledgeable decision regarding its investment
in the Company; (iii) the undersigned is experienced in making investments of this type and has such knowledge and background in
financial and business matters that the undersigned is capable of evaluating the merits and risks of this investment and protecting
the undersigned’s own interests; (iv) the undersigned understands that Exercise Shares issuable upon exercise of this Warrant
have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), by reason
of a specific exemption from the registration provisions of the Securities Act, which exemption depends upon, among other things,
the bona fide nature of the investment intent as expressed herein, and, because such securities have not been registered under
the Securities Act, they must be held indefinitely unless subsequently registered under the Securities Act or an exemption from
such registration is available; (v) the undersigned is aware that the aforesaid Exercise Shares may not be sold pursuant to Rule
144 adopted under the Securities Act unless certain conditions are met and until the undersigned has held the shares for the period
of time prescribed by Rule 144, that among the conditions for use of the Rule is the availability of current information to the
public about the Company and the Company has not made such information available and has no present plans to do so; and (vi) the
undersigned agrees not to make any disposition of all or any part of the aforesaid shares of Exercise Shares unless and until there
is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is
made in accordance with said registration statement, or, if reasonably requested by the Company, the undersigned has provided the
Company with an opinion of counsel satisfactory to the Company, stating that such registration is not required.

 

    	1.

    	 

    

 

 

	 	 	 
	(Date)	 	(Signature)
	 	 	 
	 	 	 
	 	 	(Print name)

 

    	2.

    	 

    

 

EXHIBIT B

 

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)
	 	 	 
	Dated: __________, 20__	 
	 	 	 
	Holder’s	 	 
	Signature: 	 	 
		 	 
	Holder’s	 	 
	Address: 	 	 

 

NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatever.
Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority
to assign the foregoing Warrant.

 

    	3.Exhibit 4.3

 

Execution Version

 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE
AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND
SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM
REGISTRATION.

 

WARRANT TO PURCHASE STOCK

 

Company: Chimerix, Inc., a Delaware corporation

Number of Shares: As set forth in Paragraph
A below

Class of Stock: Series F Preferred Stock,
$0.001 par value per share

Warrant Price: $2.045, subject to adjustment

Issue Date: January 27, 2012

Expiration Date: January 27, 2022

	Credit Facility:	This Warrant is issued in connection with
that certain Loan and Security Agreement of even date herewith among Silicon Valley Bank, MidCap Financial SBIC, LP and the Company
(as amended and/or modified and in effect from time to time, the “Loan Agreement”).

 

THIS WARRANT CERTIFIES
THAT, for good and valuable consideration, SILICON VALLEY BANK (Silicon Valley Bank, together with any successor or permitted assignee
or transferee of this Warrant or of any shares issued upon exercise hereof, is referred to hereinafter as “Holder”) is
entitled to purchase the number of fully paid and non-assessable shares of the above-stated Class of Stock (the “Class”)
of the above-named company (the “Company”) as determined pursuant to Paragraph A below, at the above-stated Warrant Price
per Share, all as set forth above and as adjusted pursuant to Article 2 of this Warrant, subject to the provisions and upon the
terms and conditions set forth in this Warrant.

 

A.         Number of Shares.
      Upon the making of each Term Loan Advance (as defined in the Loan Agreement) by the Lenders (as defined in the Loan Agreement)
to the Company, this Warrant automatically shall become exercisable for such number of shares of the Class (cumulatively, and as
may be adjusted from time to time in accordance with the provisions of this Warrant, the “Shares”) as shall equal
(i)(a) 0.02, multiplied by (b) the aggregate amount of such Term Loan Advance, divided by (ii) the Warrant Price in effect on and
as of the date of such Term Loan Advance, rounded to the nearest whole share, subject to adjustment thereafter from time to time
in accordance with the provisions of this Warrant.

 

ARTICLE 1. EXERCISE.

 

1.1         Method
of Exercise.
      Holder may exercise this Warrant by delivering the original of this Warrant together with a duly executed Notice
of Exercise in substantially the form attached as Appendix 1 to the principal office of the Company.

 

    	 

    	 

    

 

Unless Holder is exercising the conversion
right set forth in Article 1.2, Holder shall also deliver to the Company a check, wire transfer (to an account designated by the
Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased.

 

1.2         Conversion
Right.
      In lieu of exercising this Warrant as specified in Article 1.1, Holder may from time to time convert this Warrant, in
whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities
otherwise issuable upon exercise of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value
of one Share. The fair market value of the Shares shall be determined pursuant to Article 1.3.

 

1.3         Fair
Market Value.
      If the Company’s common stock is traded in a public market and the Shares are common stock, the fair market value
of a Share shall be the closing price of a share of common stock reported for the business day immediately before Holder delivers
this Warrant together with its Notice of Exercise to the Company (or in the instance where the Warrant is exercised immediately
prior to the effectiveness of the Company’s initial public offering (“IPO”), the “price to public” per share
price specified in the final prospectus relating to such offering). If the Company’s common stock is traded in a public market
and the Shares are preferred stock, the fair market value of a Share shall be the closing price of a share of the Company’s common
stock reported for the business day immediately before Holder delivers this Warrant together with its Notice of Exercise to the
Company (or, in the instance where the Warrant is exercised immediately prior to the effectiveness of the IPO, the initial “price
to public” per share price specified in the final prospectus relating to such offering), in both cases, multiplied by the
number of shares of the Company’s common stock into which a Share is convertible. If the Company’s common stock is not traded in
a public market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith judgment.

 

1.4         Delivery
of Certificate and New Warrant.
      Promptly after Holder exercises or converts this Warrant and, if applicable, the Company receives
payment of the aggregate Warrant Price, the Company shall deliver to Holder certificates for the Shares acquired and, if this Warrant
has not been fully exercised or converted and has not expired, a new Warrant representing the Shares not so acquired.

 

1.5         Replacement
of Warrants.
      On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form
and amount to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company shall execute
and deliver, in lieu of this Warrant, a new warrant of like tenor.

 

1.6         Treatment
of Warrant Upon Acquisition of Company.  

 

1.6.1       “Acquisition”.
      For the purpose of this Warrant, “Acquisition” means any sale, exclusive license, or other disposition of all or substantially
all of the assets of the Company, or any reorganization, consolidation, merger or sale of outstanding capital stock of the Company
where the holders of the Company’s securities before the transaction beneficially own less than a majority of the outstanding voting
securities of the surviving entity after the transaction.

 

    	2

    	 

    

 

1.6.2      Treatment of Warrant at Acquisition.

 

A)       Upon
the written request of the Company, Holder agrees that, in the event of an Acquisition in which the sole consideration is cash
and/or Marketable Securities, either (a) Holder shall exercise its conversion or purchase right under this Warrant and such exercise
will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder elects not to exercise the
Warrant, this Warrant will expire upon the consummation of such Acquisition. The Company shall provide the Holder with written
notice of its request relating to the foregoing (together with such reasonable information as the Holder may request in connection
with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days
prior to the closing of the proposed Acquisition.

 

B)       Upon
the written request of the Company, Holder agrees that, in the event of an Acquisition that is an “arms length” sale
of all or substantially all of the Company’s assets (and only its assets) to a third party that is not an Affiliate (as defined
below) of the Company (a “True Asset Sale”), either (a) Holder shall exercise its conversion or purchase right under
this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder
elects not to exercise the Warrant, this Warrant will continue until the Expiration Date if the Company continues as a going concern
following the closing of any such True Asset Sale. The Company shall provide the Holder with written notice of its request relating
to the foregoing (together with such reasonable information as the Holder may request in connection with such contemplated Acquisition
giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed
Acquisition.

 

C)       Upon
the closing of any Acquisition other than those particularly described in subsections (A) and (B) above, the successor entity shall
assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities, cash, and property as would
be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding
on the record date for the Acquisition and subsequent closing. The Warrant Price and/or number of Shares shall be adjusted accordingly.

 

D)       As
used in this Article 1.6, (a) “Marketable Securities” means securities meeting all of the following requirements: (i)
the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), and is then current in its filing of all required reports and other information
under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received
by Holder in connection with the Acquisition were Holder to exercise or convert this Warrant on or prior to the closing thereof
is then listed or quoted for trading on a national securities exchange or a national inter-dealer quotation system, and (iii) Holder
would not be not be restricted by contract or by applicable federal and state securities laws from publicly re-selling, within
six (6) months and one day following the closing of such Acquisition, all of the issuer’s shares and/or other securities that would
be received by Holder in such Acquisition were Holder to exercise or convert this Warrant in full on or prior to the closing of
such Acquisition; and (b) “Affiliate” shall mean any person or entity that owns or controls directly or indirectly ten
percent (10%) or more of the stock of Company, any person or entity that controls or is controlled by or is under common control
with such persons or entities, and each of such person’s or entity’s officers, directors, joint venturers or partners, as applicable.

 

    	3

    	 

    

 

ARTICLE 2. ADJUSTMENTS TO THE SHARES.

 

2.1         Stock
Dividends, Splits, Etc.    If the Company declares or pays a dividend on the outstanding shares of the Class payable in common
stock or other securities, then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder,
the total number and kind of securities to which Holder would have been entitled had Holder owned the Shares of record as of the
date the dividend occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into
a greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price
shall be proportionately decreased. If the outstanding shares of the Class are combined or consolidated, by reclassification or
otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall
be proportionately decreased.

 

2.2         Reclassification,
Exchange, Combinations or Substitution.    Upon any reclassification, exchange, substitution, or other event that results in a
change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled
to receive, upon exercise or conversion of this Warrant, the number and kind of securities and property that Holder would have
received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or
other event. Such an event shall include, without limitation, any automatic conversion of the outstanding or issuable securities
of the Company of the same class or series as the Shares to common stock pursuant to the terms of the Company’s Amended and Restated
Certificate of Incorporation, as amended and in effect from time to time (the “Certificate”). The Company or its successor
shall promptly issue to Holder an amendment to this Warrant setting forth the number and kind of such new securities or other property
issuable upon exercise or conversion of this Warrant as a result of such reclassification, exchange, substitution or other event
that results in a change of the number and/or class of securities issuable upon exercise or conversion of this Warrant. The amendment
to this Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided
for in this Article 2 including, without limitation, adjustments to the Warrant Price and to the number of securities or property
issuable upon exercise of the new Warrant. The provisions of this Article 2.2 shall similarly apply to successive reclassifications,
exchanges, substitutions, or other events.

 

2.3         Adjustments
for Diluting Issuances.    The number of shares of common stock issuable upon conversion of the Shares shall be subject to adjustment,
from time to time in the manner set forth in the Certificate as if the Shares were issued and outstanding on and as of the date
of any such required adjustment. The provisions set forth for the Class in the Certificate relating to the above in effect as of
the Issue Date may not be amended, modified or waived, without the prior written consent of Holder unless such amendment, modification
or waiver affects the rights associated with the Shares in the same manner as such amendment, modification or waiver affects the
rights associated with all other shares of the Class.

 

    	4

    	 

    

 

2.4         No
Impairment.    The Company shall not, by amendment of the Certificate or through a 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 to be observed or performed under this Warrant by the Company, but shall at all times in good faith assist
in carrying out of all the provisions of this Article 2 and in taking all such action as may be necessary or appropriate to protect
Holder’s rights under this Article against impairment. Notwithstanding the foregoing in this Article 2.4, and without limiting
any other provision of this Warrant, the Company shall not have been deemed to have impaired Holder’s rights hereunder if: (a)
it amends its Certificate, and/or the holders of the Company’s preferred stock waive rights thereunder, in a manner that does not
affect the Shares differently from the effect that such amendment and/or waiver has on the rights, preferences, privileges or restrictions
of all other shares of the Class, or (b) the Shares are not differently affected than all other shares of the Class in connection
with any reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary
action.

 

2.5         Fractional
Shares.    No fractional Shares shall be issuable upon exercise or conversion of the Warrant and the number of Shares to be issued
shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the
Warrant, the Company shall eliminate such fractional share interest by paying Holder the amount computed by multiplying the fractional
interest by the fair market value of a full Share.

 

2.6         Certificate
as to Adjustments.    Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company shall promptly notify
Holder in writing, and, at the Company’s expense, promptly compute such adjustment, and furnish Holder with a certificate of its
Chief Financial Officer (or other authorized officer) setting forth such adjustment and the facts upon which such adjustment is
based. The Company shall, upon written request, furnish Holder a certificate setting forth the Warrant Price, Class and number
of Shares in effect upon the date thereof and the series of adjustments leading to such Warrant Price, Class and number of Shares.

 

ARTICLE 3. REPRESENTATIONS AND COVENANTS
OF THE COMPANY.

 

3.1         Representations
and Warranties.    The Company represents and warrants to, and agrees with, the Holder as follows:

 

(a)       The
initial Warrant Price referenced on the first page of this Warrant is not greater than the price per share at which shares of the
same class and series as the Shares were last issued in an arms-length transaction in which at least $500,000 of such shares were
sold.

 

(b)       All
Shares which may be issued upon the exercise of the purchase right represented by this Warrant, and all securities, if any, issuable
upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free
of any liens and encumbrances except for restrictions on transfer provided for herein, under the Company’s Bylaws or the Rights
Agreement (as defined below), or under applicable federal and state securities laws.

 

    	5

    	 

    

 

(c)       The
Company’s capitalization table attached hereto as Schedule 1 is true and complete as of the Issue Date.

 

3.2          Notice
of Certain Events.    If the Company proposes at any time (a) to declare any dividend or distribution upon the outstanding shares
of the Class, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for
subscription or sale pro rata to the holders of the outstanding shares of the Class any additional shares of any class or series
of the Company’s stock (other than pursuant to contractual pre-emptive rights); (c) to effect any reclassification, reorganization
or recapitalization of the shares of the Class; or (d) to effect an Acquisition or to liquidate, dissolve or wind up; then, in
connection with each such event, the Company shall give Holder: (1) at least 10 days prior written notice of the date on which
a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of
shares of the same class and series as the Shares will be entitled thereto) or for determining rights to vote, if any, in respect
of the matters referred to in (c) and (d) above; and (2) in the case of the matters referred to in (c) and (d) above at least 10
days prior written notice of the date when the same will take place (and specifying the date on which the holders of shares of
the same class and series as the Shares will be entitled to exchange their shares for the securities or other property deliverable
upon the occurrence of such event).

 

3.3           [Intentionally
Omitted]

 

3.4            No
Shareholder Rights.    Except as provided in this Warrant, Holder will not have any rights as a shareholder of the Company until
the exercise of this Warrant.

 

3.5            Certain
Information.    The Company agrees to provide Holder at any time and from time to time with such information as Holder may reasonably
request for purposes of Holder’s compliance with regulatory, accounting and reporting requirements applicable to Holder.

 

ARTICLE 4. REPRESENTATIONS, WARRANTIES
OF THE HOLDER.    The Holder represents and warrants to the Company as follows:

 

4.1            Purchase
for Own Account.    This Warrant and the securities to be acquired upon exercise of this Warrant by Holder will be acquired for
investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the
meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the
Shares.

 

4.2            Disclosure
of Information.    Holder has received or has had full access to all the information it considers necessary or appropriate to
make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further
has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering
of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information
or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which
Holder has access.

 

    	6

    	 

    

 

4.3            Investment
Experience.    Holder understands that the purchase of this Warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that
Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has
such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of
its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with
the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be
aware of the character, business acumen and financial circumstances of such persons.

 

4.4           Accredited
Investor Status.    Holder is an “accredited investor” within the meaning of Regulation D promulgated under the
Act.

 

4.5         The Act.
   Holder understands that this Warrant and the Shares issuable upon exercise or conversion hereof have not been registered under
the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature
of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any exercise
or conversion hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state
securities laws, or unless exemption from such registration and qualification are otherwise available.

 

ARTICLE 5. MISCELLANEOUS.

 

5.1         Term:
   This Warrant is exercisable in whole or in part at any time and from time to time on or before the Expiration Date.

 

5.2         Legends.
This Warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall
be imprinted with a legend in substantially the following form:

 

THIS WARRANT AND THE SHARES
ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE ACT, OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO THE
PROVISIONS OF ARTICLE 5 OF THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE COMPANY TO SILICON VALLEY BANK DATED AS OF JANUARY
27, 2012 MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT
AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE
SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION.

 

5.3         Compliance
with Securities Laws on Transfer.    This Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance
with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery
of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the
Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to SVB Financial Group (Silicon
Valley Bank’s parent company) or any other affiliate of Holder, provided that any such transferee is an “accredited investor”
as defined in Regulation D promulgated under the Act.

 

    	7

    	 

    

 

5.4         Transfer
Procedure.    After receipt by Silicon Valley Bank (“Bank”) of the executed Warrant, Bank will transfer all of
this Warrant to SVB Financial Group, Holder’s parent company. Subject to the provisions of Article 5.3 and upon
providing the Company with written notice, SVB Financial Group and any subsequent Holder may transfer all or part of
this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable directly or indirectly,
upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, SVB
Financial Group or any subsequent Holder will give the Company written notice of the portion of the Warrant being
transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this
Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable). The Company may refuse to transfer
this Warrant or the Shares to any person who directly competes with the Company, unless, in either case, the stock of
the Company is publicly traded.

 

5.5         Notices.
   All notices and other communications from the Company to the Holder, or vice versa, shall be in writing and deemed delivered and
effective when given personally or mailed by first-class registered or certified mail, postage prepaid (or on the first business
day after transmission by facsimile), at such address as may have been furnished to the Company or Holder, as the case may be,
in writing by the Company or such Holder from time to time. All notices to Holder shall be addressed as follows until the Company
receives written notice of a change of address in connection with a transfer or otherwise:

 

SVB Financial Group

Attn: Treasury Department

3003 Tasman Drive, HA 200

Santa Clara, CA 95054

Telephone: 408-654-7400

Facsimile: 408-496-2405

 

Notice to the Company
shall be addressed as follows until Holder receives notice of a change in address:

 

Chimerix, Inc.

Attn: Chief Executive Officer

2505 Meridian Parkway, Suite 340

Durham, NC 27713

Telephone: 919-806-1074

Facsimile: 919-806-1146

 

    	8

    	 

    

 

5.6         Waiver.
   This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination is sought.

 

5.7         Attorney’s
Fees.    In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing
in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’
fees.

 

5.8         Automatic
Conversion upon Expiration.    In the event that, upon the Expiration Date, the fair market value of one Share (or other security
issuable upon the exercise hereof) as determined in accordance with Article 1.3 above is greater than the Warrant Price in effect
on such date, then this Warrant shall automatically be deemed on and as of such date to be converted pursuant to Article 1.2 above
as to all Shares (or such other securities) for which it shall not previously have been exercised or converted, and the Company
shall promptly deliver a certificate representing the Shares (or such other securities) issued upon such conversion to Holder.

 

5.9         Counterparts.
   This Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement.

 

5.10       Governing
Law.    This Warrant shall be governed by and construed in
accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law.

 

[Remainder of page left blank intentionally;
signature page follows]

 

    	9

    	 

    

 

5.11         Market
Stand-Off Provision. The Holder hereby agrees to be bound by the “Market Stand-Off” provision in Section 1.14 of the Company’s
Amended and Restated Investor Rights Agreement dated February 7, 2011, as amended and in effect from time to time.

 

“COMPANY”

 

CHIMERIX, INC.

 

	By:	/s/ Timothy W. Trost	 
	 	 	 
	Name: 	Timothy W. Trost	 
	 	(Print)	 
	Title:	SVP + CFO	 

 

“HOLDER”

 

SILICON VALLEY BANK

 

	By:	/s/ Chris J. Stoecker	 
	 	 	 
	Name:	Chris J. Stoecker	 
	 	(Print)	 
	Title:	VP	 

 

    	10

    	 

    

 

APPENDIX 1

 

NOTICE OF EXERCISE

 

1.      Holder
elects to purchase________shares of the Common/Series ________Preferred [strike one] Stock of______________ pursuant to the terms
of the attached Warrant, and tenders payment of the purchase price of the shares in full.

 

[or]

 

1.       Holder
elects to convert the attached Warrant into Shares/cash [strike one] in the manner specified in the Warrant. This conversion is
exercised for___________________ of the Shares covered by the Warrant.

 

[Strike paragraph that does not
apply.]

 

2.       Please
issue a certificate or certificates representing the Shares in the name specified below:

 

	 	 	 
	 	Holders Name 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	(Address)	 

 

3.       By
its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in Article
4 of the Warrant as of the date hereof.

 

	 	HOLDER:
	 	 
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	(Date):	 

 

    	11

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