Exhibit 10.7


 


Healthcare Assurance Acquisition Corp.


20 University
Road


Cambridge, MA 02138


 


September 24,
2020


 


General Catalyst Group X - Early Venture,
L.P.


20 University Road


Cambridge, MA 02138


 


Health Assurance Economy Foundation


c/o Commure, Inc.


376 Brannan Street


San Francisco, CA 94107


 


RE: Securities
Subscription Agreement


 


Ladies and Gentlemen:


 


We are pleased
to accept the offer (i) General Catalyst Group X - Early Venture, L.P. (the “Sponsor) has made to purchase 2,587,500
shares (the “Sponsor Shares”) of Class B common stock, $0.0001 par value per share (the “Class B
Common Stock”and, together with all other classes of Company (as defined below) common stock, the “Common Stock”),
up to 337,500 Sponsor Shares of which are subject to complete or partial forfeiture by the Sponsor if the underwriters of the initial
public offering (“IPO”) of Healthcare Assurance Acquisition Corp., a Delaware corporation (the “Company”),
do not fully exercise their over-allotment option (the “Over-allotment Option”), and (ii) the Health Assurance
Economy Foundation (the “Foundation”) has made to purchase 287,500 shares of Class B Common Stock (the
 “Foundation Shares” and together with the Sponsor Shares, the “Shares”), up to 37,500 Foundation
Shares of which are subject to complete or partial forfeiture by the Foundation if the underwriters of the IPO of the Company do
not fully exercise their Over-allotment Option. Each of the Sponsor and the Foundation is referred to herein as a “Subscriber”
or “you.” The terms (this “Agreement”) on which the Company is willing to sell the Shares
to the Subscriber, and the Company and the Subscriber’s agreements regarding such Shares, are as follows:


 


1.    Purchase
of Shares. For the sum of $22,500 which the Company acknowledges receiving in cash, the Company hereby sells and issues the
Sponsor Shares to the Sponsor, and the Sponsor hereby purchases the Sponsor Shares from the Company, subject to the forfeiture
provisions of Section 3 below, on the terms and subject to the conditions set forth in this Agreement. For the sum of $2,500,
which the Company acknowledges receiving in cash, the Company hereby sells and issues the Foundation Shares to the Foundation,
and the Foundation hereby purchases the Foundation Shares from the Company, subject to the forfeiture provisions of Section 3
below, on the terms and subject to the conditions set forth in this Agreement.


 


2.    Representations,
Warranties and Agreements.


 


2.1  Subscribers’
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscribers, each Subscriber hereby
represents and warrants to the Company and agrees with the Company (individually and not with respect to the other Subscriber)
as follows:


 


       2.1.1.  No
Government Recommendation or Approval. Each Subscriber understands that no federal or state agency has passed upon or made
any recommendation or endorsement of the offering of the Shares.


 


       2.1.2.  No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by each Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents
of the applicable Subscriber, (ii) any agreement, indenture or instrument to which the applicable Subscriber is a party, (iii) any
law, statute, rule or regulation to which the applicable Subscriber is subject, or (iv) any agreement, order, judgment
or decree to which the applicable Subscriber is subject.


 






    


     


    

 


2.1.3.  Organization
and Authority. The Sponsor is a Delaware limited partnership, validly existing and in good standing under the laws of Delaware
and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. The Foundation
is a Delaware nonprofit nonstock corporation, validly existing and in good standing under the laws of Delaware and possesses all
requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery
by you, this Agreement will be a legal, valid and binding agreement of each Subscriber, enforceable against such Subscriber in
accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance
or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).


 


2.1.4.  Experience,
Financial Capability and Suitability. Each Subscriber is: (i) sophisticated in financial matters and is able to evaluate
the risks and benefits of the investment in the applicable Shares and (ii) able to bear the economic risk of its investment
in the applicable Shares for an indefinite period of time because such Shares have not been registered under the Securities Act
(as defined below) and therefore cannot be resold unless subsequently registered under the Securities Act or an exemption from
such registration is available. Each Subscriber is capable of evaluating the merits and risks of its investment in the Company
and has the capacity to protect its own interests. Each Subscriber must bear the economic risk of this investment until the applicable
Shares are sold pursuant to: (x) an effective registration statement under the Securities Act or (y) an exemption from
registration available with respect to such sale. Each Subscriber is able to bear the economic risks of an investment in the applicable
Shares and to afford a complete loss of such Subscriber’s investment in the applicable Shares.


 


2.1.5.  Access
to Information; Independent Investigation. Prior to the execution of this Agreement, each Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as
the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained. In determining whether to make this investment, each Subscriber has relied solely
on such Subscriber’s own knowledge and understanding of the Company and its business based upon such Subscriber’s own
due diligence investigation and the information furnished pursuant to this paragraph. Each Subscriber understands that no person
has been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2
and such Subscriber has not relied on any other representations or information in making its investment decision, whether written
or oral, relating to the Company, its operations or its prospects.


 


2.1.6.  Regulation
D Offering. Each Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges the sale
contemplated hereby is being made in reliance on a private placement exemption applicable to “accredited investors”
or similar exemptions under federal and state law.


 


2.1.7.  Investment
Purposes. Each Subscriber is purchasing the applicable Shares solely for investment purposes, for such Subscriber’s own
account and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof.
Each Subscriber did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning
of Rule 502 of Regulation D under the Securities Act.


 


2.1.8.  Restrictions
on Transfer; Shell Company. Each Subscriber understands the applicable Shares are being offered in a transaction not involving
a public offering within the meaning of the Securities Act.  Each Subscriber understands the applicable Shares will be
 “restricted securities” as defined in Rule 144(a)(3) under the Securities Act and each Subscriber understands
that any certificate representing the applicable Shares will contain a legend in respect of such restrictions. If in the future
any Subscriber decides to offer, resell, pledge or otherwise transfer the applicable Shares, such Shares may be offered, resold,
pledged or otherwise transferred only in accordance with the provisions of Section 5.1 hereof. Each Subscriber agrees that
if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, such
Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or
an exemption, each Subscriber agrees not to resell any Shares. Each Subscriber further acknowledges that because the Company is
a shell company, Rule 144 may not be available to such Subscriber for the resale of the Shares until one year following consummation
of the initial partnering transaction of the Company, despite technical compliance with the certain requirements of Rule 144
and the release or waiver of any contractual transfer restrictions.


 






    


     


    

 


2.1.9.  No
Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary or
appropriate on the part of each Subscriber in connection with the transactions contemplated by this Agreement.


 


2.2  Company’s
Representations, Warranties and Agreements. To induce the Subscribers to purchase the Shares, the Company hereby represents
and warrants to the Subscribers and agrees with the Subscribers as follows:


 


2.2.1  Organization
and Corporate Power. The Company is a Delaware corporation and is qualified to do business in every jurisdiction in which the
failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results
or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions
contemplated by this Agreement.


 


2.2.2.  No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the Certificate of Incorporation or Bylaws
of the Company, (ii) any agreement, indenture or instrument to which the Company is a party, (iii) any law, statute,
rule or regulation to which the Company is subject, or (iv) any agreement, order, judgment or decree to which the Company
is subject.


 


2.2.3.  Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and validly
issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof each Subscriber
will have or receive good title to the applicable Shares, free and clear of all liens, claims and encumbrances of any kind, other
than (a) transfer restrictions hereunder and other agreements to which the applicable Shares may be subject which have been
notified to the relevant Subscriber in writing, (b) transfer restrictions under federal and state securities laws, and (c) liens,
claims or encumbrances imposed due to the actions of the relevant Subscriber.


 


2.2.4.  No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company
which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this
Agreement or (ii) question the validity or legality of any transactions or seek to recover damages or to obtain other relief
in connection with any transactions.


 


3.    Forfeiture
of Shares.


 


3.1. Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the representative of the underwriters
of the IPO is not exercised in full, (i) the Sponsor acknowledges and agrees that it shall forfeit any and all rights to such
number of Sponsor Shares (up to an aggregate of 337,500 Sponsor Shares and pro rata based upon the percentage of the Over-allotment
Option exercised) and (ii) the Foundation acknowledges and agrees that it shall
forfeit any and all rights to such number of Foundation Shares (up to an aggregate of 37,500 Foundation Shares and pro rata based
upon the percentage of the Over-allotment Option exercised).


 


3.2.  Termination
of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time the
relevant Subscriber (or successor in interest), shall no longer have any rights as a holder of such Shares, and the Company shall
take such action as is appropriate to cancel such Shares.


 


4.    Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the relevant
Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from
the trust account which will be established for the benefit of the Company’s public stockholders and into which substantially
all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the
Company upon the Company’s failure to timely complete an initial partnering transaction. For purposes of clarity, in the
event any Subscriber purchases shares of Common Stock in the IPO or in the aftermarket, any additional shares of Common Stock so
purchased shall be eligible to receive any liquidating distributions by the Company. However, in no event will any Subscriber have
the right to redeem any Shares for funds held in the Trust Account upon the successful completion of an initial partnering transaction
by the Company.


 






    


     


    

 


5.    Restrictions
on Transfer.


 


5.1.  Securities
Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider
Letter”) to be dated as of the closing of the IPO by and between the Subscribers and the Company, each Subscriber agrees
not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a) a
registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the
Shares proposed to be transferred shall then be effective or (b) the Company has received an opinion from counsel reasonably
satisfactory to the Company, that such registration is not required because such transaction is exempt from registration under
the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable
state securities laws.


 


5.2   Lock-up.  Subscriber
acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained in the Insider
Letter.


 


5.3  Restrictive
Legends. All certificates representing the Shares shall have endorsed thereon legends substantially as follows:


 


“THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER
THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS
WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.”


 


“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PROVISIONS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED DURING THE TERM OF THE LOCKUP PERIOD.”


 


5.3.  Additional
Shares or Substituted Securities. In the event of the declaration of a stock dividend, the declaration of a special dividend
payable in a form other than shares of Common Stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding Common Stock without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5
and Section 3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number
or class of Shares subject to this Section 5 and Section 3.


 


5.4  Registration
Rights. Each Subscriber acknowledges that the applicable Shares are being purchased pursuant to an exemption from the registration
requirements of the Securities Act and will become freely tradable only after certain conditions are met or they are registered
pursuant to a registration and stockholder rights agreement to be entered into with the Company prior to the closing of the IPO.


 


6.    Other
Agreements.


 


6.1.  Further
Assurances. Each Subscriber agrees to execute such further instruments and to take such further action as may reasonably be
necessary to carry out the intent of this Agreement.


 


6.2.  Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered:
(i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most
recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice
or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the
business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business
day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.


 






    


     


    

 


6.3.  Entire
Agreement. This Agreement, together with that certain Insider Letter to be entered into between the Subscribers and the Company,
substantially in the form to be filed as an exhibit to the Registration Statement, embodies the entire agreement and understanding
between the Subscribers and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements
and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any
kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and
provisions of this Agreement.


 


6.4.  Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.


 


6.5.  Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only
by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent.


 


6.6.  Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.


 


6.7.  Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.


 


6.8.  Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of Delaware applicable to contracts wholly performed within the borders of such state, without giving effect to the
conflict of law principles thereof.


 


6.9.  Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.


 


6.10.  No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy
of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment
or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise
thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute
a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required
under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action
in any circumstances without such notice or demand.


 


6.11.  Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any
other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.


 






    


     


    

 


6.12.  No
Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to
create any liability on the other. Each of the parties hereto agrees to indemnify and hold the other harmless from any claim or
demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.


 


6.13.  Headings
and Captions. The headings and captions of the various sections of this Agreement are for convenience of reference only and
shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.


 


6.14.  Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.


 


6.15.  Construction.
The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include
any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
 “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular section
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have
independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the
relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant.


 


6.16. Mutual
Drafting. This Agreement is the joint product of the Subscribers and the Company and each provision hereof has been subject
to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.


 


7.     Voting
and Redemption of Shares. Each Subscriber agrees to vote the applicable Shares in favor of an initial partnering transaction
that the Company negotiates and submits for approval to the Company’s stockholders and shall not seek redemption with respect
to such Shares. Additionally, each Subscriber agrees not to redeem any Shares in connection with a redemption or tender offer presented
to the Company’s stockholders in connection with an initial partnering transaction negotiated by the Company.


 


[Signature Page Follows]


 






    


     


    

 


If the foregoing
accurately sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.


 


	 	Very truly yours,  
	 	 
	 	HEALTHCARE ASSURANCE ACQUISITION CORP.
	 	 
	 	By:	/s/ Evan Sotiriou
	 	Name:	Evan Sotiriou
	 	Title:	Chief Operating Officer  


 


Accepted and agreed 24th day of September 2020


 


	GENERAL CATALYST GROUP X - EARLY VENTURE, L.P.	 
	 	 	   
	By:	/s/ Chris McCain	 
	Name:	Chris McCain	 
	Title:	Chief Legal Officer	 



 


	HEALTH ASSURANCE ECONOMY FOUNDATION	 
	 	 	 
	By:	/s/ Karen Tsay	 
	Name:	Karen Tsay	 
	Title:	Authorized Representative	 


 


[Signature Page to Securities Subscription
Agreement]