展示4.2

預購普通股買賣權

RANI THERAPEUTICS HOLDINGS, INC.

 

認股證股份：_______		發行日期：2024年10月__日

本預購普通股買賣權（以下簡稱為“權證（即「Warrant」））證明，對於收受的價值，___________ 或其受讓人（以下簡稱為“持有人”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “初始行使日期本權證有效期至本權證全數行使日（以下簡稱“終止日期”）但不包括終止日期以後。終止日期”) but not thereafter, to subscribe for and purchase from Rani Therapeutics Holdings, Inc., a Delaware corporation (the “權益代理”), up to ______ shares of Common Stock (as subject to adjustment hereunder, the “認股權證股份其它此認股權之一股普通股的購買價格應等於行使價，如在第 2(b) 條所定義。

第 1. 定義其它未在此處定義的大寫字母用詞應具有某份證券購買協議（即“ ）”中所載的含義。購買協議其它日期為2024年10月的某份證券購買協議，其中的公司和簽署人為買家一方。

第 2. 行使數量：.

a) 行使認股權所有板塊都可在初始行使日期之後至終止日期之前的任何時間或多次整個或部分行使本認股權，只需將經公司核准的PDF副本遞交給公司。 若任何條款被法律禁止，又或因法院裁定為無效或無法強制執行，該條款視為經修改後廣泛應用，以符合有效性及可強制性的最大範圍，其無效性或無法強制性，不影響本協議其餘條款的有效性，只要經修改後完整表達各方對於意圖，相對的期望或義務並不遭受實質損害或減少，實際獲得的利益和權利不受侵害。雙方將本著善意協商精神，努力以有效約束替代被禁止，無效或無法強制執行之條款，恢復其原來的效力。此協議書或任何其他交易文件，雙方均不得違反任何適用法律或法規的限制，支付或收取的款項( 包括應按照適用法律被視為“利息”項目之款項) 不得超過任何適用法律所允許的金額。 因此， 如果根據法律最終被判定去支付的任何義務，由任何買方支付的金額，或者由公司或其附屬公司(如適用)支付或應支付的款項或買方根據本協議書收取的款項，被最終的司法裁判認定違反任何這些適用法律，該義務支付、支付或收取被視作買方、公司及其附屬公司之間的相互失誤。被視為已調整其最高金額或利率，作為不受該適用法律禁止之最大金額或利率，並具有追溯效力。該調整將通過減少或退還買方可選擇的利息或根據交易文件支付的任何其他金額來實現。以下是更大的明確性，若依據任何交易文件或相關條款支付給買方的利息、費用、開支或其他任何金額，在適用法律內被視為“利息”或其他適用性詞語，可能而被認為違反適用法律，則該金額必須按照所屬時段進行比例分配。 （或若任何條款被法律禁止，又或因法院裁定為無效或無法強制執行，該條款視為經修改後廣泛應用，以符合有效性及可強制性的最大範圍，其無效性或無法強制性，不影響本協議其餘條款的有效性，只要經修改後完整表達各方對於意圖，相對的期望或義務並不遭受實質損害或減少，實際獲得的利益和權利不受侵害。雙方將本著善意協商精神，努力以有效約束替代被禁止，無效或無法強制執行之條款，恢復其原來的效力。此協議書或任何其他交易文件，雙方均不得違反任何適用法律或法規的限制，支付或收取的款項( 包括應按照適用法律被視為“利息”項目之款項) 不得超過任何適用法律所允許的金額。 因此， 如果根據法律最終被判定去支付的任何義務，由任何買方支付的金額，或者由公司或其附屬公司(如適用)支付或應支付的款項或買方根據本協議書收取的款項，被最終的司法裁判認定違反任何這些適用法律，該義務支付、支付或收取被視作買方、公司及其附屬公司之間的相互失誤。被視為已調整其最高金額或利率，作為不受該適用法律禁止之最大金額或利率，並具有追溯效力。該調整將通過減少或退還買方可選擇的利息或根據交易文件支付的任何其他金額來實現。以下是更大的明確性，若依據任何交易文件或相關條款支付給買方的利息、費用、開支或其他任何金額，在適用法律內被視為“利息”或其他適用性詞語，可能而被認為違反適用法律，則該金額必須按照所屬時段進行比例分配。 附件）的行使通知表格已隨附於此的格式（即「行使通知書在（i）一（1）個交易日內或是（ii）其在行使日後標準結算期間（在此2(d)(i)節中定義）交易日的數量中，持有人應通過電匯或美國銀行出具的本票支付認股權證股份的總行使價，除非在該認股通知中指定本票無現金行使程序如下所述的第2(c)節。 不 墨水原件 不需要要求認股通知書，也不需要要求任何認股通知書的徽章擔保（或其他類型的擔保或公證）。盡管本協議有任何相反規定，持有人直到購買本權證下所有可用的權證股份並且本權證已完全行使之前，不需實際交還本權證給公司，而且在該情況下，持有人應在最後一次認股通知交付給公司的日期後三（3）個交易日內交還本權證予公司進行注銷。部分行使本權證導致購買本盈餘權證下所有可用的權證股份的一部分，將導致降低下所有可用的權證股份的未結餘數量，其數量等於所購買的相應數量的權證股份。持有人和

本公司須保存購買認股權證股數目及購買日期的記錄。本公司應在一期內對行使通知發出任何反對 (1) 收到該等通知的交易日。 持有人及任何轉讓人接受本認股權證，承認並同意，根據本段的規定，購買部分認股權證股份後 根據本文，在任何特定時間可購買的認股權證股份數量可少於本文面上所列的金額。

b) 行使價。本認股權證的總行使價，除每張每張 0.0001 元的名義行使價除外 認股證股份，為 預先資助 於首次行使日期或之前向本公司寄出，因此不得額外的代價（除每股認股權證股 0.0001 元的名稱行使價除外） 持有人須向任何人付款，以執行本認股權證的任何行使。持有人無權退還或退還該等全部或任何部分 預付 彙總練習 在任何情況下或由於任何原因下的價格，包括在終止日期之前未行使本權證的情況。根據本認股權證的剩餘未償還每股普通股行使價為 0.0001 元，視乎本條文進行調整（如剩餘未付行使價，」行使價」)。如果在行使本條文時沒有有效的註冊聲明登記及其中包含的說明書 不適用於持有人發行認股權證股份，則本認股權證只能根據下文第 2 (c) 條的「無現金行使」條款行使。

c) 無現金運動。此權證亦可在此時，全部或部分透過「無現金」行使 行使」，其中持有人有權獲得相等於通過除以分數獲得的權證股份數目 [(A-B) (X)] 以 (A) 計算，其中：

 

(一) =

視適用情況而定：(i) 於交易日之前的交易日的 VWAP（如下所定義） 適用的行使通知如 (1) 根據本文第 2 (a) 條在不是交易日的日子執行和交付，或 (2) 根據本文第 2 (a) 條同時根據本文第 2 (a) 條執行和交付的適用行使通知 在該交易日「正常交易時間」開放前的交易日（如根據聯邦證券法規發出的 NMS 規則 600 (b) 規則所定義），(ii) 普通股在本金上的買賣價 彭博股份有限公司報告的交易市場（」彭博」) 截至持有人履行適用行使通知的時間，如該行使通知在「正常交易時間」上執行，則該行使通知書在一般交易時間內執行。 交易日，並根據本文第 2 (a) 條或 (iii) VWAP 當日（包括在交易日「正常交易時間」結束後的兩 (2) 小時內交付（包括在交易日「正常交易時間」結束後的兩 (2) 小時內交付） 適用的行使通知，如該行使通知的日期為交易日，而該行使通知已在該等「正常交易時間」結束後根據本條第 2 (a) 條執行並交付該行使通知 交易日；

 

(B) =

本認股權證的行使價，如下所述調整；及

(X) =

根據條款行使本認股權證後可發行的認股權證股數 本認股證的行使，如此行使是以現金行使而非無現金行使的方式。

如果 認股證股份是以此類無現金行為的方式發行，各方承認並同意根據《證券法》第 3 (a) (9) 條的規定，認股權證股份將具有認股權證的註冊特徵： 鍛煉。本公司同意不採取任何違反本第 2 (c) 條的立場。

“出價 價格」指在任何日期，根據以下條款中第一條決定的價格：(a) 如果普通股之後在交易市場上市或報價，則該普通股在有關時間的買賣價格（或 按彭博社報告，該普通股上市或報價的交易市場（以紐約時間上午 9:30 至下午 4:02 (紐約時間) 的交易日期為準)）；(b) 如 OTCQB Venture 市場 (」一般社群」) 或 OTCQX 最佳市場（」OTCQX」) 不是交易市場，普通股在該日期（或最近的前一日期）在 OTCQB 或 OTCQX 上的交易量加權平均價格（如適用）， (c) 如果普通股並未在 OTCQB 或 OTCQX 上市或 OTCQX 上市或 OTCQX 上市，如果普通股價格在粉紅色公開市場（或成功執行其報告功能的類似機構或代理機構報告）報告 價格）、報告之普通股的每股最近的買賣價，或 (d) 在所有其他情況下，由一名普通股買家誠意選擇的獨立評估人決定的普通股股份的公平市值 當時尚未償還的證券擁有大部分權益，本公司合理接受的證券，其費用及開支須由本公司支付。

“虛擬貨幣」指在任何日期，由下列第一條款所決定的價格： (a) 如果普通股之後在交易市場上市或上市，則該普通股的日期（或最近之前日期）在該普通股上市之交易市場上市的每日交易量加權平均價格，或 按彭博社報道（根據紐約時間上午 9:30 至下午 4:02（紐約時間）的交易日計算），(b) 如果 OTCQB 或 OTCQX 不是交易市場，則該日期的普通股的數量加權平均價格 （或最近的前一日期）在 OTCQB 或 OTCQX（如適用）；(c) 如果普通股並未在 OTCQB 或 OTCQX 上市或 OTCQX 上市或 OTCQX 上市，如果普通股的價格在粉紅色公開市場上報告（」粉色 市場」) 由場外市場股份有限公司（或繼承其報價功能的類似機構或代理機構）經營，以此報告的普通股每股最近的每股買賣價格，或 (d) 在所有其他情況下，展會 一股普通股份的市值由一名獨立評估人士以誠信而選定之後未償還及本公司合理接受之認股權股權的持有人，其費用及費用 該費用由本公司支付。

d) 運動的力學.

i. 行使權證後的認股權證股份交割：公司應確保在此購買的認股權份轉讓代理將認股權份通過信貸股東或其指定人在存款或提款托管人系統（“存入資金”）賬戶中信貸予證券信託公司的賬戶。如果公司當時參與該系統及（A）有許可證頒布認股權份或認股權份持有人轉售許可證呈有效狀態，或（B）此認股權正在進行無現金行使，則以公司的股份登記簿中以持有人或其指定人的名義註冊的證書實體交付或在行使通知中指定持有人的地址交付持有人有權按此進行的認股權份數目，日期為（i）提供給公司行使通知後的一（1）個交易日或（ii）提供給公司的合計行使價格後的標準結算期交易日數量日的較早日期為（該日期，為“交收日期”）。提交行使通知後，持有人在所有公司事務方面應被視為已成為以此行使過認股權份的賬戶持有人，無論認股權分發日期如何，前提是在交收日期之前收到適當認股價款的支付（無現金行使除外）。如果因任何原因公司未能在認股權分發日期提供認股權份予通知行使的持有人，公司應支付給持有人現金，作為確定損害而非處罰，對於每$1,000的認股權份對象至此行使（根據相應行使的警示日普通股VWAP計算），在該認股權份交付日期之後的每一交易日增加$10 （第五個認股權份交付日期的第五個交易日後增加至每日$20），在該認股權份交付日期之後，直至提供或持有人撤銷此行使為止。公司同意保留持續參與FASt計劃的轉讓代理，只要此認股權仍未行使。在此使用時，“DWAC認股權份額交割日期認股權標準結算期”表示該公司主要交易市場上對於普通股於行使通知交付日期所生效的結算期，以交易日數表示。

ii. 行使期權時領取新的認股權證。如果此認股權證已部分行使，公司應在持有人要求並交回此認股權證之時，在交付認股權證股份時，交付一份新的認股權證給持有人，證明持有人購買未購買的認股權證股份之權利，該新認股權證在其他方面與此認股權證完全相同。

iii. 撤銷權。如果公司未能導致轉讓 代理人將根據第 2 (d) (i) 條的認股權證股份在發行日期前向持有人轉讓持有人，則持有人將有權撤銷該行使。

iv. 賠償 買入 關於未能及時交付認股權證股份 運動。除了持有人可享有的任何其他權利外，如本公司未能根據上述第 2 (d) (i) 條的規定引致轉讓代理人根據上述第 2 (d) (i) 條的規定向持有人轉讓認股權證股份 在認股權證交付日期或之前行使，如持有人在該日期之後被其經紀人要求購買（在開放市場交易或以其他方式）或持有人的經紀公司以其他方式購買普通股份 持有人預期在行使時收到的認股權證股份的持有人出售而交付的股票（a」買入」），然後公司應（A）支付 現金向持有人提供的金額（如有），其 (x) 持有人所購買的普通股股份的總購買價（包括經紀佣金（如有）超過 (y) 乘以 (1) 本公司在發行時間因行使而須交付給持有人的認股權證股數目 (2) 執行導致該購買義務的賣出指令的價格，以及 (B) 持有人的選擇權，可恢復未履行該行使該認股權證的部分及相等數量的認股權證股份（在這種情況下，該行使將視為已撤銷），或將股份數量交付給持有人 如果本公司及時遵守本公司下的行使及交付義務，那些普通股將會發行。例如，如果持有人購買總購買價格為 11,000 美元的普通股，以支付 買入 就試圖行使普通股股份，而總售價導致該購買義務為 10,000 元，根據前一句的 (A) 條， 公司須向持有人支付 $1,000。持有人須向公司提供書面通知，指明有關該項目向持有人應付的金額。 買入 並根據本公司的要求， 該等損失金額的證據。本文不會限制持有人根據本文、法律或公平方式採取其他補救措施的權利，包括但不限於特定履行法令和/或令令 有關本公司根據本條款的規定行使本認股權證後未能及時交付普通股股份的豁免。

v. 沒有分數股或股票。不得發行代表分數股份或代表分數股份的股票 行使本令。至於持有人在此行使時有權購買的股份的任何部分，本公司應在其選擇時，就該等最終部分支付現金調整，以一定金額 等於此分數乘以行使價或向上四捨五入至下一個整股。

vi. 費用、稅項和支出。授予認股權股份應無需向持有人收取任何發行或轉讓稅或其他發行該認股權股份所產生的任何附帶費用，所有該等稅賦和費用應由公司支付，該認股權股份應發行以持有人的名義或按持有人指示的名稱發行； 提供, 但是，假如認股權股份將以持有人之外的名義發行，則在行使時，此認股權需連同附於此的已由持有人執行的指定表一同呈交，公司可要求，作為條件，支付足夠補償任何相應轉讓稅的款項。公司應支付所有轉移代理人所需的費用，進行任何行使通知的處理，以及支付所有公司的 Deposit Trust Company（或執行類似功能的其他建立的結算機構）所需的費用 由於時區差異，與 DTC 直接參與者交易而在 Clearstream Luxembourg 或 Euroclear 收到的證券收入將在 DTC 結算日期後的證券結算處理期間進行並日期前一個工作日。該處理期間內的這些信貸或任何在該處理期間內結算的證券交易將在當天向相關的 Clearstream Luxembourg 客戶或 Euroclear 參與者報告。根據 DTC 結算日期收到清算 Luxembourg 銀行或 Euroclear 客戶通過 DTC 直接參與者銷售證券所產生的現金將具有價值，但是只有在 DTC 結算後的工作日才能在相關的 Clearstream Luxembourg 或 Euroclear 現金金額中使用。 進行 由於時區差異，與 DTC 直接參與者交易而在 Clearstream Luxembourg 或 Euroclear 收到的證券收入將在 DTC 結算日期後的證券結算處理期間進行並日期前一個工作日。該處理期間內的這些信貸或任何在該處理期間內結算的證券交易將在當天向相關的 Clearstream Luxembourg 客戶或 Euroclear 參與者報告。根據 DTC 結算日期收到清算 Luxembourg 銀行或 Euroclear 客戶通過 DTC 直接參與者銷售證券所產生的現金將具有價值，但是只有在 DTC 結算後的工作日才能在相關的 Clearstream Luxembourg 或 Euroclear 現金金額中使用。 Warrant股票的電子交割。

vii. 結帳公司不得以任何方式關閉股東名冊或記錄，以防止及時行使本授權證據的權利，根據本文件的條款。

 

e)

持有人行使限制公司不得對本授權證據進行任何行使，持有人不得對根據第2條或其他條款行使本授權證據的任何部分享有權利，如果在行使後根據適用的行使通知所述的情況生效後，持有人（連同持有人的聯屬機構和任何其他與持有人或持有人的任何聯屬機構一起行動的人（此類人士，“歸屬者”））將享有超過利益擁有限制（如下所定義）的股份。對於前述句子，持有人及其聯屬機構和歸因方應持有的Common Stock股份數將包括根據正在進行的該決定而行使本授權證據所應享有的Common Stock股份數，但應排除將可行使的Common Stock股份數(i) 持有人或其任何聯屬機構或歸因方尚未行使的本授權證據的剩餘未行使部分和(ii) 公司的任何其他證券的未行使或未轉換部分（包括但不限於，受限制的轉換或行使類似於此處所含限制的任何其他普通股等），根據該證券擬變轉換或行使的有關限制，這些證券由持有人或其任何聯屬機構或歸因方擁有。除非前文句子中另有規定，對於本條款2(e)的目的，利益擁有將按照交易法第13(d)條和相應制定的規則和法規計算，持有人承認，公司不擔保持有人的計算符合交易法第13(d)條的規定，持有人全權負責按照該等規定需提交的任何計畫。在本條款2(e)所限制的範圍內，本授權證據的

行使權（關於持有人及其聯屬及歸因方持有的其他證券）的行使權，以及該認股權的部分行使權應完全由持有人自行決定，行使通知的提交應視為持有人對於此認股權是否可以行使（關於持有人及其聯屬及歸因方持有的其他證券）以及該認股權的哪部分可以行使，但均受到有利擁有限制的約束，公司無義務核實或確認該決定的準確性。另外，任何可能涉及的集團地位的決定應按照《證券交易法》第13(d)條及其制定的規則和規例決定。據本第2條（e）節解釋，為了確定普通股的已發行股數，持有人可以依賴於（A）公司向證券交易委員會提交的最新週期性或年度報告，或（B）公司的最新公告，或（C）公司或過戶代理最新的書面通知，闡明已發行的普通股數。按照持有人的書面或口頭請求，公司應在一（1）個交易日內向持有人口頭及書面確認當時的普通股股數。在任何情況下，普通股的已發行股數應考慮自報告已發行普通股股數之日以來，由持有人或其聯屬或歸因方轉換或行使公司證券，包括本認股權。《有益所有權限制》應為9.99%。應按照本第2條（e）節的條款來解釋和實施本段的規定，以更正本段（或其任何部分）中可能存在的缺陷或與本意中所含有利擁有限制不一致之處，並進行必要或合適的變更或補充以正確實施此等限制。本段所載的限制應適用於本認股權的繼承持有人。

第 3. 特定的調整.

a) 送轉股和股票分割如果公司在本認股權憑證有效期間內的任何時候：(i) 支付送轉股息或以其他方式對其普通股或任何其他權益或等值證券進行分配，並支付以普通股股份作為支付的股份（澄清，該股份不包含公司行使本認股權憑證時發行的任何普通股，(ii) 將現有的普通股股份細分為較高數量的股份，(iii) 合併（包括通過逆向股份拆分方式）現有的普通股股份為較少數量的股份，或（iv）通過重分類公司普通股股份發行任何公司股本，那麼在每種情況下，行使價格應乘以一個分數，其中分子應是該事件前立即發行的普通股股份（不包括庫藏股份（如果有的話）），分母應是該事件後立即發行的普通股股份的數量，並且按比例調整本認股權憑證行使的股份數，以使本認股權憑證的行使價值總額保持不變。根據本第3條所作的任何調整應於確定有資格獲得該股息或分配的股東的記錄日期後立即生效，並且在細分、合併或重分類的情況下的有效日期後立即生效。 再分類。

b) 隨後的權益發行除了根據上述第3(a)款進行的任何調整外，如果公司在任何時候向所有普通股記錄持有人按比例授予、發行或出售任何普通股等同物或購股權、認股權證、證券或其他財產（“資產的所有持有人都有權獲得相應購股權，即使持有人在授予、發行或出售此購股權之條款適用於此條款時所可獲得的總購股權，且不考慮任何對此憑證的行使有所限制，包括但不限於對有利統治限制）之前持有的普通股數量。 購買權，那麼只要持有人在授予、發行或出售此類購買權之年度採取記錄的日期之前持有此購買權所可購得的普通股數量（不考慮任何行使此憑證之限制，包括但不限於實質擁有權限制），或者如果沒有進行此類記錄，則應確定普通股記錄持有人的日期以便授予、發行或出售此類購買權。 提供, 但是，如果持有人在任何此類購買權中的參與權將使持有人超出有利擁有權限制，則持有人不得參與此類購買權的那部分（或由於此類購買權而導致擁有此類股票的權益的那部分），並當持有人將不會因權利而導致持有人超出有利擁有權限制時，此類購買權將對持有人保留，直至此類權利之到來，如有的話。

c) 按比例分配在此Warrant有效期間內，如果公司宣布或進行任何分紅或其他資產分配（或資產購買權）給普通股股東，無論屬於資本歸還或其他形式（包括但不限於通過股利、股份抽籤、股份轉讓、公司重組、安排計畫或其他類似交易方式分配現金、股票或其他證券、資產或期權）（一“分配”），在此Warrant發行後的任何時間，則在每種情況下，持有人將有資格參與該分配，就如同持有人在該分配的記錄日期之前持有可完全行使此Warrant而獲得的普通股股份數一樣（不考慮此處的任何行使限制，包括但不限於受益擁有限制）或若無指定記錄，則由持有普通股的股東確定參與該分配的日期（“記錄日期”）。分配在此Warrant發行後的任何時間，若公司宣布或進行任何其資產（或購買資產權利）的分紅或其他分配給普通股股東，無論屬於資本歸還或其他形式（包括但不限於通過股利、股份抽籤、股份轉讓、公司重組、安排計畫或其他類似交易方式分配現金、股票或其他證券、資產或期權）（一“分配”），在每種案例下，持有人將有權參與該分配，就如同持有人在此Warrant完全行使後持有的普通股股份數（不考慮此處的任何行使限制，包括但不限於受益擁有限制）在記錄日期前的日期，或若無指定記錄，則在為參與該分配的普通股股東確定的日期。提供, 但是假設在這Warrant發出後的任何時間，公司宣布或向普通股持有人宣布或進行資產（或購買資產權利）的分紅或其他分配，無論此類分配屬於資本歸還或其他形式（包括但不限於通過股利、股票抽籤、股票轉讓、公司重組、計畫安排或其他類似交易方式分配現金、股票或其他證券、資產或期權）（一“分配”），在這種每種情況下，持有人將有權參與該分配，就如此Warrant上註明的完全行使數量的普通股當時的持有人會向其分配一樣（不考慮此處的任何行使限制，包括但不限於受益擁有限制）在這種分配的紀錄日期之前或如果沒有進行此類紀錄則在用以確定參與此類分配的普通股股東的記錄持股人的日期。

d) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of greater than 50% of the outstanding shares of Common Stock or greater than 50% of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires greater than 50% of the outstanding shares of Common Stock or greater than 50% of the voting power of the common equity of the Company (which, for the avoidance of doubt, shall not include transactions consummated by the Company for the principal purpose of raising capital for the Company) (each a “Fundamental Transaction”) , then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option

of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term “Company” under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(d) regardless of (i) whether the Company has sufficient authorized shares of Common Stock for the issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Initial Exercise Date.

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

f) Notice to Holder.

i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants

to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

Section 4. Transfer of Warrant.

a) Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this

Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Issuance Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

Section 5. Miscellaneous.

a) No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle this Warrant.

b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

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

d) Authorized Shares.

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

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

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

e) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement.

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

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

h) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

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

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

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

l) Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

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

n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

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(Signature Page Follows)

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

 

NOTICE OF EXERCISE

TO: RANI THERAPEUTICS HOLDINGS, INC.

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

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

[ ] in lawful money of the United States; or

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

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

 

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

 

[SIGNATURE OF HOLDER]

Name of Investing Entity: ________________________________________________________________________

Signature of Authorized Signatory of Investing Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

ASSIGNMENT FORM

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

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

 

Name:
				(Please Print)
Address:
				(Please Print)
Phone Number:
Email Address:
Dated: _______________ __, ______
Holder’s Signature: ______________________________
Holder’s Address: _______________________________