Document:

Exhibit
10.7

 

UNIT SUBSCRIPTION
AGREEMENT

 

This UNIT SUBSCRIPTION
AGREEMENT (this “Agreement”) is made as of August [●], 2020, by and between Forum Merger III Corporation,
a Delaware corporation (the “Company”), and Jefferies LLC (the “Subscriber”).

 

WHEREAS, the Company desires
to sell to the Subscriber on a private placement basis (the “Placement”) an aggregate of 125,000 units (the
“Initial Units”) of the Company, and up to an additional 18,750 units (the “Additional Units”
and together with the Initial Units, the “Units”) of the Company in the event that the underwriters’ 45-day
over-allotment option (“Over-Allotment Option”) is exercised in full or part, each Unit comprised of one share
of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”) and one-third of one warrant,
each whole warrant exercisable to purchase one share of Common Stock (“Warrant”), for a purchase price of $10.00
per Unit. The shares of Common Stock underlying the Warrants are hereinafter referred to as the “Warrant Shares.”
The shares of Common Stock underlying the Units (excluding the Warrant Shares) are hereinafter referred to as the “Placement
Shares.” The Warrants underlying the Units are hereinafter referred to as the “Placement Warrants.”
The Units, Placement Shares, Placement Warrants and Warrant Shares, collectively, are hereinafter referred to as the “Securities.”
Each Placement Warrant is exercisable to purchase one share of Common Stock at an exercise price of $11.50 during the period commencing
on the later of (i) twelve (12) months from the date of the closing of the Company’s initial public offering of units (the
“IPO”) and (ii) 30 days following the consummation of the Company’s initial business combination (the
“Business Combination”), as such term is defined in the registration statement in connection with the IPO, as
amended at the time it becomes effective (the “Registration Statement”), and expiring on the fifth anniversary
of the effective date of the Registration Statement in accordance with FINRA Rule 5110(f)(2)(G)(i); and

 

WHEREAS, the Subscriber
wishes to purchase the Initial Units and up to 18,750 Additional Units, and the Company wishes to accept such subscription from
the Subscriber.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Subscriber hereby agree as follows:

 

1.  Agreement
to Subscribe

 

1.1.  Purchase
and Issuance of the Units

 

(a)  Upon
the terms and subject to the conditions of this Agreement, the Subscriber hereby agrees to purchase from the Company, and the Company
hereby agrees to sell to the Subscriber, on the Closing Date (as defined below) the Initial Units in consideration of the payment
of the Initial Purchase Price (as defined below). On the Closing Date, the Company shall, at its option, deliver to the Subscriber
the certificates representing the Securities purchased or effect such delivery in book-entry form.

 

(b)  The
Subscriber hereby agrees to purchase the Additional Units at $10.00 per Additional Unit for a purchase price of up to $187,500.
The purchase and issuance of the Additional Units shall occur only in the event that the Over-Allotment Option is exercised in
full or in part. The total number of Additional Units to be purchased hereunder shall be in the same proportion as the proportion
of the Over-Allotment Option that is exercised. Each purchase of Additional Units shall occur simultaneously with the consummation
of the applicable portion of the Over-Allotment Option.

 

1.2.  Purchase
Price

 

(a)  As
payment in full for the Initial Units being purchased under this Agreement, the Subscriber shall pay $1,250,000 (the “Initial
Purchase Price”) by wire transfer of immediately available funds or by such other method as may be reasonably acceptable
to the Company, to the trust account (the “Trust Account”) at a financial institution to be chosen by the Company,
maintained by Continental Stock Transfer & Trust Company, acting as trustee (“Continental”), on or prior
to the initial Closing Date.

 

     

    

    

 

(b)  As
payment in full for the Additional Units being purchased under this Agreement, the Subscriber shall pay $10.00 per Additional Unit
being purchased by wire transfer of immediately available funds or by such other method as may be reasonably acceptable to the
Company, to the Trust Account at a financial institution to be chosen by the Company, maintained by Continental, on or prior to
the Closing Date of the applicable portion of the Over-Allotment Option.

 

1.3.  Closing.
The closing of the purchase and sale of the Initial Units shall take place simultaneously with the closing of the IPO, and the
closing of the purchase and sale of the Additional Units shall take place simultaneously with the closing of the applicable portion
of the Over-Allotment Option (each a “Closing Date”). The closing of the purchase and sale of the Units shall
take place at the offices of White & Case LLP, 1221 Avenue of the Americas, New York, New York 10020, or such other place as
may be agreed upon by the parties hereto.

 

1.4.  Conditions
to Closing. The obligation of the Subscriber to purchase and pay for the Units as provided herein shall be subject to the satisfaction
of the conditions set forth in Section 5 of the Underwriting Agreement, dated as of the date hereof, by and between the Company
and Jefferies LLC, as representative of the underwriters named therein (the “Underwriting Agreement”).

 

1.5.  Termination.
This Agreement and each of the obligations of the undersigned shall be null and void and without effect if a Closing does not occur
prior to December 31, 2020.

 

2.  Representations
and Warranties of the Subscriber

 

The Subscriber
represents and warrants that:

 

2.1.  No
Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made any recommendation
or endorsement of the Company or the Placement of the Securities.

 

2.2.  Accredited
Investor. The 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 that the sale contemplated
hereby is being made in reliance, among other things, on a private placement exemption to “accredited investors” under
the Securities Act and similar exemptions under state law.

 

2.3.  Intent.
The Subscriber is purchasing the Securities solely for investment purposes, for the Subscriber’s own account (and/or for
the account or benefit of its members or affiliates, as permitted, pursuant to the terms hereof), and not with a view to the distribution
thereof and the Subscriber has no present arrangement to sell the Securities to or through any person or entity except as may be
permitted hereunder. The Subscriber shall not engage in hedging transactions with regard to the Securities unless in compliance
with the Securities Act.

 

2.4.  Restrictions
on Transfer. The Subscriber acknowledges and understands the Units are being offered in a transaction not involving a public offering
in the United States within the meaning of the Securities Act. The Securities have not been registered under the Securities Act
and, if in the future the Subscriber decides to offer, resell, pledge or otherwise transfer the Securities, such Securities may
be offered, resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement filed under the Securities
Act, (B) pursuant to an exemption from registration under Rule 144 promulgated under the Securities Act, if available, or (C) pursuant
to any other available exemption from the registration requirements of the Securities Act, and in each case in accordance with
any applicable securities laws of any state or any other jurisdiction. Notwithstanding the foregoing, the Subscriber acknowledges
and understands the Securities are subject to transfer restrictions as described in Section 8 hereof. The Subscriber agrees that
if any transfer of its Securities or any interest therein is proposed to be made, as a condition precedent to any such transfer,
the Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company with respect to such
transfer. Absent registration or another available exemption from registration, the Subscriber agrees it will not resell the Securities
(unless otherwise permitted pursuant to the terms hereof). The Subscriber further acknowledges that because the Company is a shell
company, Rule 144 may not be available to the Subscriber for the resale of the Securities until the one year anniversary following
consummation of the initial Business Combination of the Company, despite technical compliance with the requirements of Rule 144
and the release or waiver of any contractual transfer restrictions.

 

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2.5.  Sophisticated
Investor.

 

(i)  The
Subscriber is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Securities.

 

(ii)  The
Subscriber is aware that an investment in the Securities is highly speculative and subject to substantial risks because, among
other things, (a) the Securities are subject to transfer restrictions and have not been registered under the Securities Act and
therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available
and (b) the Subscriber has waived its redemption rights with respect to the Securities as set forth in Section 5 hereof, and the
Securities held by the Subscriber are not entitled to, and have no right, interest or claim to any monies held in the Trust Account,
and accordingly the Subscriber may suffer a loss of a portion or all of its investment in the Securities. The Subscriber is able
to bear the economic risk of its investment in the Securities for an indefinite period of time.

 

2.6.  Organization
and Authority. The Subscriber is duly organized, validly existing and in good standing under the laws of its state of incorporation
or formation and it possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.7.  Authority.
This Agreement has been validly authorized, executed and delivered by the Subscriber and is a valid and binding agreement enforceable
in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement
of creditors’ rights generally.

 

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

 

2.9.  No
Legal Advice from Company. The Subscriber acknowledges it has had the opportunity to review this Agreement and the transactions
contemplated by this Agreement and the other agreements entered into between the parties hereto with the Subscriber’s own
legal counsel and investment and tax advisors. Except for any statements or representations of the Company made in this Agreement
and the other agreements entered into between the parties hereto, the Subscriber is relying solely on such counsel and advisors
and not on any statements or representations of the Company or any of its representatives or agents for legal, tax or investment
advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.

 

2.10.  Reliance
on Representations and Warranties. The Subscriber understands the Units are being offered and sold to the Subscriber in reliance
on exemptions from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations
of various states, and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements,
acknowledgments and understandings of the Subscriber set forth in this Agreement in order to determine the applicability of such
provisions.

 

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2.11.  No
General Solicitation. The Subscriber is not subscribing for the Units as a result of or subsequent to any general solicitation
or general advertising, including but not limited to any advertisement, article, notice or other communication published in any
newspaper, magazine, or similar media or broadcast over television or radio, or presented at any seminar or meeting or in a registration
statement with respect to the IPO filed with the Securities and Exchange Commission (“SEC”).

 

2.12.  Legend.
The Subscriber acknowledges and agrees the certificates (if any) evidencing each of the Securities shall bear a restrictive legend
(the “Legend”), in form and substance substantially as set forth in Section 4 hereof.

 

3.  Representations,
Warranties and Covenants of the Company

 

The Company
represents and warrants to, and agrees with, the Subscriber that:

 

3.1.  Valid
Issuance of Capital Stock. The total number of shares of all classes of capital stock which the Company has authority to issue
is 100,000,000 shares of Class A Common Stock, 10,000,000 shares of Class B Common Stock, $0.0001 par value per share (the “Class
B Common Stock”), and 1,000,000 shares of preferred stock, $0.0001 par value per share (“Preferred Stock”).
As of the date hereof, the Company has issued and outstanding 7,187,500 shares of Class B Common Stock (of which up to 937,500
shares are subject to forfeiture as described in the Registration Statement), no shares of Class A Common Stock and no shares of
Preferred Stock. All of the issued shares of capital stock of the Company have been duly authorized, validly issued, and are fully
paid and non-assessable.

 

3.2.  Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and that certain warrant agreement to
be entered into between the Company and Continental, as warrant agent (the “Warrant Agreement”), as the case
may be, each of the Units, Placement Shares, Placement Warrants and Warrant Shares will be duly and validly issued, fully paid
and non-assessable. On the date of issuance of the Units, the Warrant Shares shall have been reserved for issuance. Upon issuance
in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, as the case may be, the Subscriber will
have or receive good title to the Units, Placement Shares and Placement Warrants, free and clear of all liens, claims and encumbrances
of any kind, other than (i) transfer restrictions hereunder and (ii) transfer restrictions under federal and state securities laws.

 

3.3.  Organization
and Qualification. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the
State of Delaware and has the requisite corporate power to own its properties and assets and to carry on its business as now being
conducted.

 

3.4.  Authorization;
Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations under this
Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance of this
Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary
corporate action, and no further consent or authorization of the Company or its Board of Directors or stockholders is required,
and (iii) this Agreement constitutes valid and binding obligations of the Company enforceable against the Company in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium,
reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or
by equitable principles of general application and except as enforcement of rights to indemnity and contribution may be limited
by federal and state securities laws or principles of public policy.

 

3.5.  No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated
hereby do not (i) result in a violation of the Company’s certificate of incorporation or by-laws, (ii) conflict with, or
constitute a default under any agreement or instrument to which the Company is a party or (iii) any law statute, rule or regulation
to which the Company is subject or any agreement, order, judgment or decree to which the Company is subject. Other than any SEC
or state securities filings which may be required to be made by the Company subsequent to the Closing, and any registration statement
which may be filed pursuant thereto, the Company is not required under federal, state or local law, rule or regulation to obtain
any consent, authorization or order of, or make any filing or registration with, any court or governmental agency or self-regulatory
entity in order for it to perform any of its obligations under this Agreement or issue the Units, Placement Shares, Placement Warrants
or Warrant Shares in accordance with the terms hereof.

 

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3.6.  Additional
Representations and Warranties. The representations and warranties of the Company set forth in the Underwriting Agreement are hereby
incorporated herein.

 

4.  Legends

 

4.1.  Legend.
The Company will issue the Units, Placement Shares and Placement Warrants, and when issued, the Warrant Shares, purchased by the
Subscriber in the name of the Subscriber. The certificates (if any) evidencing the Securities will bear the following Legend and
appropriate “stop transfer” instructions:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
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 THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PURSUANT TO A UNIT SUBSCRIPTION AGREEMENT AMONG FORUM MERGER III
CORPORATION AND JEFFERIES LLC AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE
LOCKUP PURSUANT TO THE TERMS SET FORTH IN THE UNIT SUBSCRIPTION AGREEMENT.”

 

4.2.  Subscriber’s
Compliance. Nothing in this Section 4 shall affect in any way the Subscriber’s obligations and agreements to comply with
all applicable securities laws upon resale of the Securities.

 

4.3.  Company’s
Refusal to Register Transfer of the Securities. The Company shall refuse to register any transfer of the Securities, if in the
sole judgment of the Company such purported transfer would not be made (i) pursuant to an effective registration statement filed
under the Securities Act, or pursuant to an available exemption from the registration requirements of the Securities Act and (ii)
in compliance herewith.

 

4.4.  Registration
Rights. The Subscriber will be entitled to certain registration rights which will be governed by a registration rights agreement
(“Registration Rights Agreement”) to be entered into between, among others, the Subscriber and the Company,
on or prior to the effective date of the Registration Statement.

 

5.  Waiver
of Liquidation Distributions

 

In connection
with the Securities purchased pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim
of any kind in or to any distributions of the amounts in the Trust Account with respect to the Securities, whether (i) in connection
with the exercise of redemption rights if the Company consummates the Business Combination, (ii) in connection with any tender
offer conducted by the Company prior to a Business Combination, (iii) upon the Company’s redemption of shares of Common Stock
sold in the Company’s IPO upon the Company’s failure to timely complete the Business Combination or (iv) in connection
with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to
modify the substance or timing of the Company’s obligation to redeem 100% of the Company’s public shares if the Company
does not timely complete the Business Combination or (B) with respect to any other provision relating to stockholders’ rights
or pre-Business Combination activity. In the event the Subscriber purchases shares of Common Stock in the IPO or in the aftermarket,
any additional shares so purchased shall be eligible to receive the redemption value of such shares of Common Stock upon the same
terms offered to all other purchasers of Common Stock in the IPO in the event the Company fails to consummate the Business Combination.

 

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6.  Terms
of Placement Warrants. Each Placement Warrant shall have the terms set forth in the Warrant Agreement.

 

7.  Lock-Up
Period

 

7.1.  The
Subscriber agrees that it shall not Transfer any Securities until 30 days following the consummation of the Business Combination;
provided, however, that Transfers of Securities are permitted, subject to compliance with Section 8.1 hereof, (a) to the Company’s
officers or directors, any affiliate or family member of any of the Company’s officers or directors or any affiliate of the
Subscriber or to any of the Subscriber’s officers, directors or member(s) or any of their respective affiliates; (b) in the
case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary of which
is a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization; (c) in
the case of an individual, by virtue of laws of descent and distribution upon death of such individual; (d) in the case of an individual,
pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with any forward purchase
agreement or similar arrangement or in connection with the consummation of the Business Combination at prices no greater than the
price at which the shares or warrants were originally purchased; (f) in the event of the Company’s liquidation prior to the
completion of the Business Combination; (g) by virtue of the laws of the state of incorporation or formation of the Subscriber
or the Subscriber’s limited liability company agreement upon dissolution of the Subscriber or (h) in the event of the Company’s
liquidation, merger, capital stock exchange, reorganization or other similar transaction which results in all of the Company’s
stockholders having the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the
Business Combination; provided, however, that in the case of clauses (a) through (e) or (g), these permitted transferees must enter
into a written agreement with the Company agreeing to be bound by the Transfer restrictions herein.

 

7.2.  For
purposes of Section 7.1, the term “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell,
hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly,
or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position
within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder with respect to, any of the Securities, (b) entry into any swap or other arrangement that transfers to another, in whole
or in part, any of the economic consequences of ownership of any of the Securities, whether any such transaction is to be settled
by delivery of such Securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified
in clause (a) or (b).

 

8.  Terms
of the Units and Placement Warrants

 

8.1.  The
Units and their component parts are substantially identical to the units to be offered in the IPO except that: (i) the Units and
component parts are subject to the transfer restrictions described in Section 7 hereof, (ii) the Placement Warrants will be non-redeemable
if called for redemption pursuant to Section 6.1 of the Warrant Agreement so long as they are held by the Subscriber (or any of
its permitted transferees) and as otherwise provided in Section 5 herein, and may be exercisable on a “cashless” basis
if held by the Subscriber or its permitted transferees, as further described in the Warrant Agreement and (iii) the Units and component
parts are being purchased pursuant to an exemption from the registration requirements of the Securities Act and will become freely
tradable only after the expiration of the lockup described above in clause (i) and they are registered pursuant to the Registration
Rights Agreement or an exemption from registration is available, and the restrictions described
above in clause (i) have expired or been waived. Additionally, the Subscriber acknowledges and agrees that the Units and their
component parts and the related registration rights will be deemed compensation by the Financial Industry Regulatory Authority
(“FINRA”) and will therefore, pursuant to Rule 5110(g) of the FINRA Manual, be subject to lock-up for a period
of 180 days immediately following the date of effectiveness or commencement of sales in the IPO, subject to certain limited exceptions
to permitted transferees hereunder and in accordance with FINRA Rule 5110(g)(2). Additionally, the Units and their component parts
and the related registration rights may not be sold, transferred, assigned, pledged or hypothecated during the foregoing 180 day
period following the effective date of the Registration Statement except to any underwriter or selected dealer participating in
the IPO and the bona fide officers, directors or members of the Subscriber and any such participating underwriter or selected dealer.
Additionally, the Units and their component parts and the related registration rights will not be the subject of any hedging,
short sale, derivative, put or call transaction that would result in the economic disposition of such securities by any person
for a period of 180 days immediately following the date of effectiveness or commencement of sales in the IPO.

 

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8.2.  The
Subscriber agrees that if the Company seeks stockholder approval of a Business Combination,
then in connection with such Business Combination, the Subscriber shall (i) vote the Placement Shares owned by it in favor of the
Business Combination and (ii) not redeem any Placement Shares owned by the Subscriber in connection with such stockholder approval.

 

9.  Governing
Law; Jurisdiction; Waiver of Jury Trial

 

This Agreement
shall be governed by and construed in accordance with the laws of the State of New York for agreements made and to be wholly performed
within such state. THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS
AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.

 

10.  Assignment;
Entire Agreement; Amendment

 

10.1.  Assignment.
Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by the Subscriber to
a person agreeing to be bound by the terms hereof, including the transfer restrictions contained in Section 7 hereof.

 

10.2.  Entire
Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter thereof
and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them.

 

10.3.  Amendment.
Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or
terminated other than by a written instrument signed by all of the parties hereto.

 

10.4.  Binding
upon Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs,
legal representatives, successors and permitted assigns.

 

11.  Notices

 

11.1.  Notices.
Unless otherwise provided herein, any notice or other communication to a party hereunder shall be sufficiently given if in writing
and personally delivered or sent by facsimile or other electronic transmission with copy sent in another manner herein provided
or sent by courier (which for all purposes of this Agreement shall include Federal Express or other recognized overnight courier)
or mailed to said party by certified mail, return receipt requested, at its address provided for herein or such other address as
either may designate for itself in such notice to the other. Communications shall be deemed to have been received when delivered
personally, on the scheduled arrival date when sent by next day or 2nd-day courier service, or if sent by facsimile upon receipt
of confirmation of transmittal or, if sent by mail, then three days after deposit in the mail. If given by electronic transmission,
such notice shall be deemed to be delivered (a) if by electronic mail, when directed to an electronic mail address at which the
stockholder has consented to receive notice; (b) if by a posting on an electronic network together with separate notice to the
stockholder of such specific posting, upon the later of (1) such posting and (2) the giving of such separate notice; and (c) if
by any other form of electronic transmission, when directed to the stockholder.

 

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12.  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 by e-mail
delivery of a “pdf” format data file, 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 facsimile or “.pdf” signature
page were an original thereof.

 

13.  Survival;
Severability

 

13.1.  Survival.
The representations, warranties, covenants and agreements of the parties hereto shall survive each Closing Date.

 

13.2.  Severability.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall
be effective if it materially changes the economic benefit of this Agreement to any party.

 

14.  Headings.

 

The titles
and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this
Agreement.

 

[remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, the parties hereto have
executed this Agreement to be effective as of the date first set forth above.

 

	 	
        COMPANY:

        FORUM MERGER III CORPORATION

	 	 	 
	 	By:	 
	 	 	Name: 	 Marshall Kiev
	 	 	Title:	 Co-Chief Executive Officer

 

	 	
        SUBSCRIBER:

        JEFFERIES LLC

	 	 	 
	 	By:	 
	 	 	Name: 	 Tina Pappas 
	 	 	Title:	 Managing Director 

 

[Signature Page to Unit Subscription
Agreement]

 

 

9ex_199540.htm

Exhibit 10.1

 

CONSULTING AGREEMENT

 

THIS CONSULTING AGREEMENT (the “Agreement”), dated as of 10 August 2020 (the “Effective Date”) is entered into by Cleveland BioLabs, Inc., a Delaware corporation with its principal place of business at 73 High Street, Buffalo, NY 14203, U.S.A. (“CBLI” or, the “Company”), and Sound Clinical Solutions, SP, a sole proprietorship with an address at 3057 Perkins Lane W, Seattle, WA 98199 (“Consultant”).

 

WHEREAS, the Company desires to continue to retain the services of Consultant under this Agreement and Consultant desires to perform certain services for the Company pursuant to the terms of this Agreement.

 

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, the parties agree as follows:

 

1.     Engagement. Company hereby agrees to retain Consultant and Consultant hereby agrees to work for Company as an independent contractor, and not as an employee, upon the terms and conditions set forth below.

 

2.     Services. Consultant agrees to those services set forth in Exhibit A (“Project Statement”) as it may be revised by the parties hereto from time-to-time. Consultant shall not be entitled to engage in any activities that are not expressly set forth by this Agreement, unless requested in writing by the Company. Consultant agrees not to commence any project or incur any consulting hours until Consultant receives written approval of the project and hours to be incurred. Consultant agrees that he will from time-to-time during the term of this Agreement or any extension thereof keep the Company advised as to Consultant’s progress in performing the Services hereunder and that Consultant will, as reasonably requested by the Company, prepare written reports with respect thereto (the “Reports”). It is understood that the time required in the preparation of such written reports shall be considered time devoted to the performance of the Services by Consultant. Reports prepared by Consultant shall be the sole property of the Company. Reports shall be delivered via email to the Manager identified in the Project Statement.

 

3.     Independent Contractor Status / No Partnership. This Agreement does not constitute the hiring by either party. Consultant shall perform all services under this Agreement as an “independent contractor” and not as an employee or agent of the Company. Consultant is not authorized to assume or create any obligation or responsibility, express or implied, on behalf of, or in the name of, the Company or to bind the Company in any manner. Nothing in this Agreement shall be construed as creating a partnership, joint venture or any other relationship between the parties hereto except that of an independent contractor. Anything contained herein to the contrary notwithstanding, however, in performing his duties hereunder, Consultant shall act in the best interests of the Company in a fiduciary capacity and shall fully and faithfully discharge his duties hereunder, shall not engage in any self-dealing with respect to the Project Statements and shall not engage in any dealings having the appearance of impropriety. It is the parties intention that Consultant shall have an independent contractor status and shall not be an employee for any purposes, including, but not limited to, the application of the Federal Insurance Contribution Act, the Social Security Act, the Federal Unemployment Tax Act, the provisions of the Internal Revenue Code, the State Revenue and Taxation Code relating to income tax withholding at the source of income, the Workers’ Compensation Insurance Code, 401(k) and other benefit payments and third party liability claims. Consultant shall retain sole and absolute discretion in the manner and means of carrying out its activities and responsibilities under this Agreement.

 

Page 1 of 15

 

 

 

4.     Term. The independent contractor relationship between Company and Consultant is effective as of the Effective Date and shall last six (6) months (the “Consultation Period”) and shall thereafter be renewable upon the mutual agreement of Company and Consultant unless earlier terminated in accordance with the provisions of Section 6.

 

5.     Compensation. Consultant will be paid at the rate set forth in the applicable Project Statement for services described in such Project Statement. Consultant is not entitled to any employee benefits, coverages or privileges, such as life, accident or health insurance, vacation and sick leave with pay, paid holidays, or severance pay upon termination of this Agreement for any reason.

 

Consultant agrees to submit a monthly invoice in arrears, which shall include: (i) a detailed description of the work completed (including time in quarter hour increments spent on specific tasks) and (ii) a corresponding CBLI Purchase Order number if one is provided and submit to the Company at the following address:

 

Cleveland BioLabs, Inc.

Invoices@cbiolabs.com 

Attn: Accounts Payable

73 High Street

Buffalo, NY 14203

 

Company agrees to pay all invoices received hereunder within 30 days of the day on which the Company received any such invoice.

 

6.     Expenses. Consultant is responsible for all expenses associated with providing services set forth in Project Statement.

 

7.     Termination.

 

a.     Termination of a Project Statement / Agreement. The Company reserves the right to terminate consulting services covered by a specific Project Statement at any time, upon five (5) days prior written notice without cause or liability, except for obligations or liabilities for service ordered and performed by Consultant prior to the effective date of termination. The Company reserves the right to terminate this agreement at any time for any or no reason, upon fourteen (14) days prior written notice. The Consult reserves the right to terminate consulting services covered by a specific Project Statement at any time, upon five (5) days prior written notice without cause or liability. The Consult reserves the right to terminate this agreement at any time for any or no reason, upon fourteen (14) days prior written notice.

 

b.     Payment Following Termination. Following termination, the Company shall pay all fees owing for services rendered prior to the termination date, as such fees become payable.

 

8.     Cooperation. Consultant shall use commercially reasonable efforts in the performance of its obligations under this Agreement. The Company shall provide such access to its information and property as may be reasonably required in order to facilitate Consultant’s performance of his obligations hereunder. Consultant shall cooperate with the Company’s personnel, shall not interfere with the conduct of the Company’s business, and shall observe all rules, regulations and security requirements of the Company concerning the safety of persons and property, to the extent Consultant is apprised of the same.

 

Page 2 of 15

 

 

9.     Limitation of Liability. In no event shall the Company be liable for any indirect, special, incidental or consequential damages, however characterized, to the fullest extent the law permits such disclaimer and even if the Company has been advised of the possibility of such damages. In no event shall the Company’s cumulative aggregate liability, in contract and at law and irrespective of fault or negligence exceed the fee paid by CBLI pursuant to this Agreement.

 

10.    Consultant Warranties. Consultant represents and warrants that:

 

a.     Consultant has full power and authority to execute and deliver this Agreement and to perform his obligations hereunder;

 

b.     Neither the execution and delivery of this agreement, not the performance by Consultant of the obligations contemplated hereby will conflict with or result in a breach of any agreement to which Consultant is a party;

 

c.     Consultant has the proper skill and training to perform the services described in the Project Statement(s) in a competent and professional manner and that all work will be performed in accordance with the Project Statement;

 

d.     Each and every deliverable shall conform to specifications for same as set forth in the Project Statement and there are no defects or any limitations in the deliverables that would render them unsuitable for use;

 

e.     All work, or any part thereof, delivered to the Company under a Project Statement, does not, and will not, upon delivery to the Company, to the best of Consultant’s knowledge, infringe any patent right, copyright, trade secret right or other intellectual property right of any third party;

 

f.     Consultant is engaged in an independently established trade, occupation, profession or business; and

 

g.     Consultant has never been, is not currently, and, during the term of this Agreement, will not become an individual who has been debarred by the FDA pursuant to 21 U.S.C. §335a (a) or (b) (“Debarred Individual”) from providing services in any capacity to a person that has an approved or pending drug product application, or an employer, employee or partner of a Debarred Individual.

 

Consultant further warrants and represents that Consultant has no knowledge of any circumstances which may affect the accuracy of the foregoing warranties and representations, including, but not limited to, FDA investigations of, or debarment proceedings against, Consultant, and Consultant will immediately notify the Company if Consultant becomes aware of any such circumstances during the term of this Agreement.

 

h.     Consultant has not, and agrees that it shall not, in connection with the transactions contemplated by this Agreement, or in connection with any other business transactions involving Company, make any payment or transfer anything of value, directly or indirectly, to any governmental official or employee (including employees of a government corporation or public international organization) or to any political party or candidate for public office, or to any other person or entity for the purposes of obtaining or retaining business or an advantage in the conduct of business, or securing any improper advantage related to any business interest of Company or other interest contemplated by this Agreement or that otherwise would violate, or cause a violation of, the laws of the country in which made or the laws of the United States, including without limitation the U.S. Foreign Corrupt Practices Act (“FCPA”);

 

Page 3 of 15

 

 

i.     It is the intent of the parties that no payments or transfers of value shall be made which have the purpose or effect of public or commercial bribery, or participation or acquiescence in, extortion, kickbacks, or any unlawful or improper means of obtaining business and represent, warrant and covenant that they shall not engage in such payments or transfers; and

 

j.     Consultant represents and warrants that it is familiar with the provisions of the U.S. Foreign Corrupt Practices Act, and agrees that:

 

i.    None of its employees, officers, directors, principals, agents, or owners is a government official or affiliated with any government official (including employees of a government corporation or public international organization) or to any political party or candidate for public office;

 

ii.   Consultant shall disclose to Company any future affiliation, direct or indirect (through another person or party), between the Consultant and a foreign government official;

 

iii.  Consultant shall maintain adequate records showing both the purpose and receipt of payments or expenses in relation to this Agreement or furthering the business of Company and shall allow Company to inspect such records upon reasonable notice;

 

iv.   Consultant shall provide certifications of compliance with these provisions as and when requested by Company;

 

v.   notwithstanding any other provisions to the contrary, Company may withhold payments under this Agreement and/or suspend or terminate this Agreement forthwith upon learning information giving it a factual basis to conclude that Consultant has violated, or caused Company to violate, the FCPA, in the sole discretion of Company; and

 

vi.   the terms of this Agreement may be disclosed to the United States and/or applicable foreign government, and any other relevant government agencies, if deemed appropriate by Company.

 

11.     Notices. All notices required or permitted under this Agreement shall be in writing and shall be deemed effective upon personal delivery or upon deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party at the address shown above, or at such other address or addresses as either party shall designate to the other in accordance with this Section 12.

 

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12.     Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns and pronouns shall include the plural, and vice versa.

 

13.     Entire Agreement. This Agreement and the Confidentiality Agreement constitute the entire agreement between the parties and supersede all prior agreements, including specifically the Original Agreement, and understandings, whether written or oral, relating to the subject matter of this Agreement.

 

14.     Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and Consultant.

 

15.     Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the laws of the State of New York without regard to conflict of law principles.

 

16.     Successors and Assigns. This Agreement shall not be assigned by Consultant without the prior written consent of the Company, provided, however, that the fees and other sums accruing to, and the related rights and benefits of Consultant shall be freely assignable and shall inure to the benefit of Consultant’s successors and assigns. Subject to the foregoing, this Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of the parties.

 

17.     Miscellaneous.

 

a.     No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion.

 

b.     The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement.

 

c.     In the event that any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby.

 

d.     This Agreement may be executed in multiple counterparts, each of which may be executed and delivered via facsimile or other electronic delivery, each of which shall be deemed an original and all of which, taken together shall constitute one and the same instrument.

 

e.     The Company agrees to defend, indemnify and hold harmless Consultant against all claims, demands and actions concerning, or in any way relating to, the Company’s performance, or to an alleged breach of any contracts with customers procured by Consultant, or Consultant’s activities on behalf of the Company except in the event of Consultant’s breach of this Agreement, negligence or willful misconduct.

 

f.     Consultant shall not use the name, logo, likeness, trademarks, image or other intellectual property of the Company for any advertising, marketing, endorsement or any other purposes without the specific prior written consent of any authorized representative of the Company as to each such use.

 

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g.     The Company and Consultant agree that any dispute or controversy arising out of, in relation to, or in connection with this Agreement, or the making, interpretation, construction, performance or breach thereof, shall be finally settled by binding arbitration in Buffalo, New York under the then current rules of the American Arbitration Association by one (1) arbitrator appointed in accordance with such rules. The arbitrator may grant injunctive or other relief in such dispute or controversy. The decision of the arbitrator, shall be final, conclusive and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court of competent jurisdiction. The parties agree that, any provision of applicable law notwithstanding, they will not request and the arbitrator shall have no authority to award, punitive or exemplary damages against any party. The costs of the arbitration, including administration and arbitrator’s fees, shall be shared equally by the parties. Each party shall bear the cost of its own attorney’s fees and expert witness fees.

 

 

 

 

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the first date written above.

 

	
			Cleveland BioLabs, Inc.

				 	
			SOUND CLINICAL SOLUTIONS, SP

			
	
			/s/Christopher Zosh

				 	
			/s/Langdon L. Miller, MD

			
	
			Name: Christopher Zosh

				 	
			Name: Langdon L. Miller, MD

			
	
			Title: Vice President of Finance

				 	
			Title: Principal/Consultant

			

 

Page 7 of 15

 

 

EXHIBIT A

 

 

PROJECT STATEMENTS

 

 

All Project Statements, as they may be executed from time-to-time, shall be attached hereto and made a part of this Exhibit A.

 

Page 8 of 15

 

 

PROJECT STATEMENT 1

 

	
			1.

				
			Description of Services:

			

 

	 	
			1.1.

				
			Dr. Miller will focus his efforts primarily on clinical development responsibilities associated with entolimod acute radiation syndrome project and activities in performance of duties and responsibilities associated with continuation as Chief Medical Officer of the Company.

			

 

	 	
			1.2.

				
			Assist with the completion of any DoD reports required as part of the Company’s grant or contract.

			

 

	 	
			1.3.

				
			Such other services as may be mutually agreed to by the parties.

			

 

	
			2.

				
			Primary Consultant: Langdon L. Miller, M.D.

			

 

	
			3.

				
			Company Manager: Christopher Zosh

			

 

	
			4.

				
			Compensation: $350/hour

			

 

	
			5.

				
			Project Term: This Project Statement No. 1 shall commence on 10 August 2020 and shall last until 9 February 2021, unless earlier terminated pursuant to Section 6 of the Consulting Agreement.

			

 

	
			6.

				
			Cooperation: Consultant acknowledges that all or part of the services provided by Consultant under the Project Statements may be performed as part of the Company’s performance of services under one or more U.S. or foreign government contracts/grants to which the Company is a party. Consultant agrees that upon the reasonable request of the Company, Consultant shall provide additional invoice detail or other documentation as may be needed by the Company in connection with the Company’s performance under such contracts/grants.

			

 

	
			7.

				
			Counterparts: This Project Statement No. 1 may be executed in counterparts with the same effect as if both parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument.

			

 

Page 9 of 15

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Project Statement 1 as of 10 August 2020.

 

	
			Cleveland BioLabs, Inc.

				 	
			SOUND CLINICAL SOLUTIONS, SP

			
	
			/s/Christopher Zosh

				 	
			/S/LANGDON L. MILLER, MD

			
	
			Name: Christopher Zosh

				 	
			Name: Langdon L. Miller, MD

			
	
			Title: Vice President of Finance

				 	
			Title: Principal/Consultant

			

 

Page 10 of 15

 

 

EXHIBIT B

 

TRAVEL

 

 

Consultant may be reimbursed for expenses incurred for travel not expressly set forth in Project Statement. Expenses must be pre-approved and Consultant must provide an adequate accounting of the expenses in the Company-approved format and shall be submitted to the Company within ninety days of the Consultant incurring such expenses.

 

Page 11 of 15

 

 

EXHIBIT C

 

INVENTIONS AND PROPRIETARY INFORMATION

 

	
			1.

				
			Inventions.

			

 

a.     All inventions, discoveries, computer programs, data, technology, designs, innovations and improvements (whether or not patentable or copyrightable or able to be protected by trademark) that are made, conceived, reduced to practice, created, written, designed or developed by Consultant, solely or jointly with others and whether during normal business hours or otherwise in the course of performing the services hereunder or resulting or directly derived from Proprietary Information (as defined below) (collectively, “Inventions”), shall be the sole property of the Company. Inventions shall also include, whether or not derived from Proprietary Information, mailing lists, databases, articles and other works prepared or assembled on behalf of the Company or for use in the Company’s business. Consultant hereby irrevocably assigns to the Company all right, title and interest in and to such Inventions and any and all related patents, copyrights, trademarks, trade names, and other industrial and intellectual property rights and applications therefore, in the United States and elsewhere and appoints any officer of the Company as its duly authorized attorney to execute, file, prosecute and protect the same before any government, court or authority. Upon the request of the Company and at the Company’s expense, Consultant shall execute and acknowledge such further assignments, documents and other instruments and to perform such acts as may be necessary or desirable to fully and completely assign all Inventions to the Company and to assist the Company in applying for, obtaining and enforcing patents or copyrights or other rights in the United States and in any foreign country with respect to any Invention.

 

b.     Consultant shall promptly disclose to the Company all Inventions conceived in the course of performing the Services and will maintain adequate and current written records (in the form of notes, sketches, drawings and as may be specified by the Company) to document the conception and/or first actual reduction to practice of any Invention conceived in the course of performing the Services. Such written records shall be available to and remain the sole property of the Company at all times.

 

c.     Consultant agrees that if in the course of performing the Services, Consultant incorporates into any Invention developed hereunder any invention, improvement, development concept, discovery or other proprietary information owned by Consultant or in which Consultant has an interest (“Item”), the Company is hereby granted and shall have a non-exclusive, royalty-free, perpetual, irrevocable, worldwide license to make, have made, modify, reproduce, display, use and sell such Item as part of or in connection with the Invention.

 

d.     Consultant agrees that if the Company is unable because of Consultant’s unavailability, mental or physical incapacity, or for any other reason, to secure Consultant’s signature to apply for or to pursue any application for any United States or foreign patents or copyright registrations covering any Consultant Invention or the Company Invention assigned to the Company above, then Consultant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Consultant’s agents and attorney-in-fact, to act for and on Consultant’s behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of patents and copyright registrations thereon with the same legal force and effect as if executed by Consultant.

 

Page 12 of 15

 

 

	
			2.

				
			Proprietary Information.

			

 

a.     Consultant’s obligations of confidentiality and non-disclosure of proprietary information provided by the Company to Consultant shall be governed by that certain Confidentiality Agreement by and between the Company and Consultant dated as of even date herewith (the “Confidentiality Agreement”) a copy of which is attached hereto as Exhibit D. The terms and conditions of the Confidentiality Agreement are hereby incorporated into this Agreement by reference. Without limiting the foregoing, Consultant will not, during or subsequent to the term of this Agreement, use Confidential Information (as defined in the Confidentiality Agreement) for any purpose whatsoever other than the performance of the Services on behalf of the Company, or disclose Confidential Information to any third party. Consultant agrees that Confidential Information shall remain the sole property of the Company. Consultant further agrees to take all reasonable precautions to prevent any unauthorized disclosure of Confidential Information.

 

b.     Consultant agrees that Consultant will not, during the term of this Agreement, improperly use or disclose to the Company any proprietary information or trade secrets of any former or current employer or other person or entity with which Consultant has an agreement or duty to keep in confidence information acquired by Consultant in confidence and that Consultant will not bring onto the premises of the Company or save electronically onto any Company provided/owned computer any unpublished document or proprietary information belonging to such employer, person or entity unless consented to in writing by such employer, person or entity. Consultant will indemnify the Company and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorney’s fees and costs of suit, arising out of or in connection with any violation or claimed violation by the Company of such third party’s rights resulting in whole or in part from the Company’s use of the work product of Consultant under this Agreement.

 

c.     Consultant recognizes that the Company has received and in the future will receive from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. Consultant agrees that Consultant owes the Company and such third parties, during the term of this Agreement and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out the Services for the Company consistent with the Company’s agreement with the third party.

 

d.     Upon termination of this Agreement or at any other time upon request by the Company, Consultant shall promptly deliver to the Company all records, files, a computer-readable version of all mailing lists and databases, memoranda, notes, designs, data, reports, price lists, customer lists, drawings, plans, computer programs, software, software documentation, sketches, laboratory and research notebooks and other documents (and all copies or reproductions of such materials) relating to the business of the Company.

 

e.     Consultant represents that Consultant’s retention by the Company and Consultant’s performance under this Agreement does not, and shall not, breach any agreement that obligates Consultant to keep in confidence any trade secrets or confidential or proprietary information of Consultant or of any other party or to refrain from competing, directly or indirectly, with the business of any other party. Consultant shall not disclose to the Company any trade secrets or confidential or proprietary information of any other party.

 

Page 13 of 15

 

 

3.     Remedies

 

a.     Consultant acknowledges that any breach of the provisions of this EXHIBIT C shall result in serious and irreparable injury to the Company for which the Company cannot be adequately compensated by monetary damages alone. Consultant agrees, therefore, that, in addition to any other remedy it may have, the Company shall be entitled to seek both temporary and permanent injunctive relief (to the extent permitted by law) without the necessity of proving actual damages.

 

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EXHBIT D

 

CONFIDENTIALITY AGREEMENT

 

 

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