THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, SOLD, ASSIGNED OR TRANSFERRED, IN
THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT OR UNLESS THE COMPANY HAS
RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT REGISTRATION
UNDER SAID ACT IS NOT REQUIRED.
Warrant No. W-
COMMON STOCK PURCHASE WARRANT
To Purchase [75% Coverage] Shares of Common Stock of
ANTARES PHARMA, INC.
THIS IS TO CERTIFY THAT , or registered assigns (the “Holder”), is entitled, during the Exercise Period (as
hereinafter defined), to purchase from Antares Pharma, Inc., a Delaware corporation (the “Company”), the Warrant Stock (as
hereinafter defined and subject to adjustment as provided herein), in whole or in part, at a purchase price of $ 1.50, all on and
subject to the terms and conditions hereinafter set forth.
1. Definitions . As used in this Warrant, the following terms have the respective meanings set forth below:
“ Affiliate ” means any person or entity that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with a person or entity, as such terms are used in and construed under Rule 144 under
the Securities Act. With respect to a Holder of Warrants, any investment fund or managed account that is managed on a
discretionary basis by the same investment manager as such Holder will be deemed to be an Affiliate of such Holder.
“ Board of Directors ” means the board of directors of the Company.
“ Business Day ” means any day except Saturday, Sunday and any day which shall be a legal holiday or a day on which
banking institutions in the Commonwealth of Pennsylvania generally are authorized or required by law or other government
actions to close.
“ Change of Control ” means the (i) acquisition by an individual or legal entity or group (as set forth in Section 13(d) of the