Document:

Exhibit 10.4

 

EXECUTION
VERSION

 

CONVERTIBLE
Note Subscription Agreement

 

This CONVERTIBLE NOTE
SUBSCRIPTION AGREEMENT (this “Convertible Note Subscription Agreement”) is entered into this 12 day of July,
2020, by and among Churchill Capital Corp III, a Delaware corporation (the “Issuer”), Polaris Investment Holdings,
L.P., a Delaware limited partnership (“Holdings”), Polaris Parent Corp., a Delaware corporation (“Music”),
Polaris Intermediate Corp., a Delaware corporation and wholly-owned subsidiary of Music (the “Guarantor”), and
the undersigned (“Subscriber” or “you”). Defined terms used but not otherwise defined herein
shall have the respective meanings ascribed thereto in the Merger Agreement (as defined below).

 

WHEREAS, the Issuer,
Holdings, Music and the other parties named therein will, immediately following the execution of this Convertible Note Subscription
Agreement, enter into that certain Agreement and Plan of Merger, dated as of July 12, 2020 (as amended, modified, supplemented
or waived from time to time in accordance with its terms, the “Merger Agreement”), pursuant to which, inter
alia, a direct, wholly owned subsidiary of the Issuer will be merged with and into Music, with Music surviving as a wholly
owned subsidiary of the Issuer, and immediately thereafter Music will be merged with and into another direct, wholly owned subsidiary
of Music, with such subsidiary surviving as a wholly owned subsidiary of the Issuer (together, the “Mergers”),
on the terms and subject to the conditions set forth therein (the Mergers, together with the other transactions contemplated by
the Merger Agreement, the “Transactions”);

 

WHEREAS, in connection
with the Transactions, Subscriber desires to subscribe for and purchase convertible notes (the “Convertible Notes”)
of and from the Issuer having the terms set forth on Annex A attached hereto, which is incorporated in and made a part of
this Convertible Note Subscription Agreement, in an aggregate principal amount as set forth on Subscriber’s signature page attached
hereto, at 97.50% of the principal amount of such aggregate principal amount (the “Purchase Price”), and the
Issuer desires to issue and sell to each such Subscriber the Convertible Notes in consideration of the payment of the Purchase
Price therefor by or on behalf of Subscriber to the Issuer, all on the terms and conditions set forth herein;

 

WHEREAS, certain other
 “qualified institutional buyers” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”))(each, an “Other Subscriber”) have, severally and not jointly, entered into separate subscription
agreements with the Issuer, Holdings, Music and the Guarantor (the “Other Subscription Agreements”), pursuant
to which such investors have agreed to purchase Convertible Notes on the Closing Date at the same Purchase Price as Subscriber;
and

 

WHEREAS, as an additional
component of the overall financing for the Transactions, concurrently with the execution of this Convertible Note Subscription
Agreement, subscribers are entering into a subscription agreement (the “Common Stock Subscription Agreement”)
with the Issuer to purchase shares of Class A common stock, par value $0.0001 per share, of the Issuer (the “Common
Stock”) and warrants to purchase shares of Common Stock.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and
intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

     

     

    

 

For ease of administration,
this single Convertible Note Subscription Agreement is being executed so as to enable each Subscriber identified on the signature
page to enter into a Convertible Note Subscription Agreement, severally, but not jointly. The parties agree that (i) this
Convertible Note Subscription Agreement shall be treated as if it were a separate agreement with respect to each Subscriber listed
on the signature page, as if each Subscriber entity had executed a separate Convertible Note Subscription Agreement naming only
itself as Subscriber, and (ii) no Subscriber listed on the signature page shall have any liability under this Convertible
Note Subscription Agreement for the obligations of any other Subscriber so listed.

 

1.            Subscription.
Subject to the terms and conditions hereof, at the Closing, Subscriber hereby agrees to subscribe for and purchase, and the Issuer
hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Convertible Notes in an aggregate principal
amount as set forth on Subscriber’s signature page attached hereto (such subscription and issuance, the “Subscription”).

 

2.            Representations,
Warranties and Agreements.

 

2.1          Subscriber’s
Representations, Warranties and Agreements. To induce the Issuer to issue the Convertible Notes to Subscriber, Subscriber hereby
represents and warrants to the Issuer and acknowledges and agrees with the Issuer as follows:

 

2.1.1            Subscriber
is not an individual, and has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction
of incorporation or formation, with power and authority to enter into, deliver and perform its obligations under this Convertible
Note Subscription Agreement.

 

2.1.2            This
Convertible Note Subscription Agreement has been duly authorized, validly executed and delivered by Subscriber. Assuming that this
Convertible Note Subscription Agreement constitutes the valid and binding agreement of the Issuer, the Guarantor, Holdings and
Music, this Convertible Note Subscription Agreement constitutes the valid and binding agreement of Subscriber, is enforceable against
Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles
of equity, whether considered at law or equity.

 

2.1.3            The
execution, delivery and performance by Subscriber of this Convertible Note Subscription Agreement and the consummation of the transactions
contemplated herein do not and will not (i) conflict with or result in a breach or violation of any of the terms or provisions
of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property
or assets of Subscriber or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement,
lease, license or other agreement or instrument to which Subscriber or any of its subsidiaries is a party or by which Subscriber
or any of its subsidiaries is bound or to which any of the property or assets of Subscriber or any of its subsidiaries is subject,
which would reasonably be expected to have a material adverse effect on the legal authority of Subscriber to enter into and timely
perform its obligations under this Convertible Note Subscription Agreement (a “Subscriber Material Adverse Effect”),
(ii) result in any violation of the provisions of the organizational documents of Subscriber or any of its subsidiaries or
(iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental
agency or body, domestic or foreign, having jurisdiction over Subscriber or any of its subsidiaries or any of their respective
properties that would reasonably be expected to have a Subscriber Material Adverse Effect.

 

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2.1.4            Subscriber
(i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act), (ii) is
acquiring the Convertible Notes only for its own account and not for the account of others, or if Subscriber is subscribing for
the Convertible Notes as a fiduciary or agent for one or more investor accounts, each owner of such account is a qualified institutional
buyer and Subscriber has full investment discretion with respect to each such account, and the full power and authority to make
the acknowledgements, representations, warranties and agreements herein on behalf of each owner of each such account and (iii) is
not acquiring the Convertible Notes with a view to, or for offer or sale in connection with, any distribution thereof in violation
of the Securities Act. Subscriber is not an entity formed for the specific purpose of acquiring the Convertible Notes.

 

2.1.5            Subscriber
understands that the Convertible Notes are being offered in a transaction not involving any public offering within the meaning
of the Securities Act and that the Convertible Notes have not been registered under the Securities Act. Subscriber understands
that the Convertible Notes may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration
statement under the Securities Act, except (i) to the Issuer or a subsidiary thereof, (ii) to non-U.S. persons pursuant
to offers and sales that occur solely outside the United States within the meaning of Regulation S under the Securities Act or
(iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and in each of cases
(i) and (iii), in accordance with any applicable securities laws of the states and other jurisdictions of the United States,
and that any certificates representing the Convertible Notes shall contain a legend to such effect. Subscriber understands and
agrees that the Convertible Notes will be subject to transfer restrictions and, as a result of these transfer restrictions, Subscriber
may not be able to readily resell the Convertible Notes and may be required to bear the financial risk of an investment in the
Convertible Notes for an indefinite period of time. Subscriber understands that it has been advised to consult legal counsel prior
to making any offer, resale, pledge or transfer of any of the Convertible Notes.

 

2.1.6             Subscriber
understands and agrees that Subscriber is purchasing the Convertible Notes directly from the Issuer. Subscriber further acknowledges
that there have been no representations, warranties, covenants or agreements made to Subscriber by the Issuer, the Guarantor, Holdings,
Music or any of their respective officers or directors, expressly or by implication, other than those representations, warranties,
covenants and agreements expressly set forth in this Convertible Note Subscription Agreement.

 

2.1.7             Subscriber
represents and warrants that its acquisition and holding of the Convertible Notes will not constitute or result in a non-exempt
prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or any applicable similar law.

 

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2.1.8             In
making its decision to purchase the Convertible Notes, Subscriber represents that it has relied solely upon independent investigation
made by Subscriber. Without limiting the generality of the foregoing, Subscriber has not relied on any statements or other information
provided by anyone other than the Issuer and its representatives concerning the Issuer or the Convertible Notes or the offer and
sale of the Convertible Notes, and Holdings concerning the Guarantor. Subscriber acknowledges and agrees that Subscriber has received
such information as Subscriber deems necessary in order to make an investment decision with respect to the Convertible Notes, including
with respect to the Issuer, the Guarantor, Holdings, Music and the Transactions. Subscriber represents and agrees that Subscriber
and Subscriber’s professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers
and obtain such information as Subscriber and such Subscriber’s professional advisor(s), if any, have deemed necessary to
make an investment decision with respect to the Convertible Notes.

 

2.1.9             Subscriber
became aware of this offering of the Convertible Notes solely by means of direct contact between Subscriber and the Issuer or its
representative. Subscriber has a pre-existing substantive relationship (as interpreted in guidance from the Securities and Exchange
Commission (the “Commission”) under the Securities Act) with the Issuer or its representative, and the Convertible
Notes were offered to Subscriber solely by direct contact between Subscriber and the Issuer or its representative. Subscriber did
not become aware of this offering of the Convertible Notes, nor were the Convertible Notes offered to Subscriber, by any other
means. Subscriber acknowledges that the Convertible Notes (i) were not offered by any form of general solicitation or general
advertising, including methods described in Section 502(c) of Regulation D under the Securities Act and (ii) are
not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any
state securities laws.

 

2.1.10            Subscriber
acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Convertible Notes.
Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks
of an investment in the Convertible Notes, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered
necessary to make an informed investment decision.

 

2.1.11            Alone,
or together with any professional advisor(s), Subscriber represents and acknowledges that Subscriber has adequately analyzed and
fully considered the risks of an investment in the Convertible Notes and determined that the Convertible Notes are a suitable investment
for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss
of Subscriber’s investment in the Issuer. Subscriber acknowledges specifically that a possibility of total loss exists.

 

2.1.12            Subscriber
understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Convertible
Notes or made any findings or determination as to the fairness of an investment in the Convertible Notes.

 

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2.1.13           Subscriber
represents and warrants that Subscriber is not (i) a person or entity named on the List of Specially Designated Nationals
and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”),
or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets
Control Regulations, 31 C.F.R. Part 515 or (iii) a non-U.S. shell bank or providing banking services indirectly to a
non-U.S. shell bank (collectively, a “Prohibited Investor”). Subscriber agrees to provide law enforcement agencies,
if requested thereby, such records as required by applicable law, provided that Subscriber is permitted to do so under applicable
law. Subscriber represents that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et
seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its
implementing regulations (collectively, the “BSA/PATRIOT Act”), that Subscriber maintains policies and procedures
reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that, to the extent
required, it maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions
programs, including the OFAC List. Subscriber further represents and warrants that, to the extent required, it maintains policies
and procedures reasonably designed to ensure that the funds held by Subscriber and used to purchase the Convertible Notes were
legally derived.

 

2.1.14           If
Subscriber is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account or other arrangement
that is subject to section 4975 of the Code or an employee benefit plan that is a governmental plan (as defined in section 3(32)
of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA)
or other plan that is not subject to the foregoing but may be subject to provisions under any other federal, state, local, non-U.S.
or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar Laws”),
or an entity whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement
(each, a “Plan”) subject to the fiduciary or prohibited transaction provisions of ERISA or section 4975 of the
Code, Subscriber represents and warrants that none of the Issuer, the Guarantor nor any of their respective affiliates (the “Transaction
Parties”) has acted as the Plan’s fiduciary, or has been relied on for advice, with respect to its decision to
acquire and hold the Convertible Notes, and none of the Transaction Parties shall at any time be relied upon as the Plan’s
fiduciary with respect to any decision to acquire, continue to hold or transfer the Convertible Notes.

 

2.1.15           Except
as expressly disclosed in a Schedule 13D or Schedule 13G (or amendments thereto) filed by such Subscriber with the Commission with
respect to the beneficial ownership of the Issuer’s Common Stock prior to the date hereof, Subscriber is not currently (and
at all times through Closing will refrain from being or becoming) a member of a “group” (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any successor
provision), including any group acting for the purpose of acquiring, holding or disposing of equity securities of the Issuer (within
the meaning of Rule 13d-5(b)(1) under the Exchange Act).

 

2.1.16           Subscriber
will not acquire a substantial interest (as defined in 31 C.F.R. Part 800.244) in the Issuer as a result of the purchase and
sale of Convertible Notes hereunder such that a declaration to the Committee on Foreign Investment in the United States would be
mandatory under 31 C.F.R. Part 800.401, and Subscriber will not have control (as defined in 31 C.F.R. Part 800.208) over
the Issuer or the Guarantor from and after the Closing as a result of the purchase and sale of Convertible Notes hereunder.

 

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2.1.17           Subscriber
has, and on each date the Purchase Price would be required to be funded to the Issuer pursuant to Section 3.1 will
have, sufficient immediately available funds to pay the Purchase Price pursuant to Section 3.1. Subscriber is an entity
having total liquid assets and net assets in excess of the Purchase Price as of the date hereof and as of each date the Purchase
Price would be required to be funded to the Issuer pursuant to Section 3.1 and was not formed for the purpose of acquiring
the Convertible Notes.

 

2.1.18           No
broker, finder or other financial consultant has acted on behalf of Subscriber in connection with this Convertible Note Subscription
Agreement or the transactions contemplated hereby in such a way as to create any liability on the Issuer.

 

2.1.19           [Reserved].

 

2.2          Issuer’s
Representations, Warranties and Agreements. To induce Subscriber to purchase the Convertible Notes, the Issuer hereby represents
and warrants to Subscriber and agrees with Subscriber as follows:

 

2.2.1            The
Issuer has been duly incorporated and is validly existing as a corporation in good standing under the laws of the Delaware General
Corporation Law (“DGCL”), with corporate power and authority to own, lease and operate its properties and conduct
its business as presently conducted and to enter into, deliver and perform its obligations under this Convertible Note Subscription
Agreement.

 

2.2.2            As
of the time of Closing, the Indenture (as defined in Annex A attached hereto) will have been duly executed and delivered by the
Issuer and (assuming the due execution and delivery thereof by the trustee) will be, and the Convertible Notes will have been,
duly authorized by the Issuer and, when issued and delivered to Subscriber against full payment for the Convertible Notes in accordance
with the terms of this Convertible Note Subscription Agreement, will be the legal, valid and binding obligation of the Issuer enforceable
against the Issuer in accordance with their terms, except as such enforceability may be subject to or limited by (i) bankruptcy,
insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to or affecting the enforcement
of creditors’ rights generally, (ii) the applicability or effect of any fraudulent transfer, preference or similar law,
(iii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law)
or (iv) the effect of general rules of contract law that limit the enforceability of provisions requiring indemnification
of a party for liability for its own action or inaction to the extent the action or inaction involves gross negligence, recklessness,
willful misconduct or unlawful conduct.

 

2.2.3            The
Convertible Notes (when issued by the Issuer, authenticated in accordance with the terms of the Indenture and delivered to and
paid for by Subscriber) will be entitled to the benefits of the Indenture, except as may be limited or otherwise affected by (i) bankruptcy,
insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to or affecting the enforcement
of creditors’ rights generally, (ii) the applicability or effect of any fraudulent transfer, preference or similar law,
(iii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law)
or (iv) the effect of general rules of contract law that limit the enforceability of provisions requiring indemnification
of a party for liability for its own action or inaction to the extent the action or inaction involves gross negligence, recklessness,
willful misconduct or unlawful conduct. The shares of Common Stock issuable upon conversion of the Convertible Notes, when issued
in accordance with the terms of the Convertible Notes, will be validly issued, fully paid and non-assessable and will not have
been issued in violation of or subject to any preemptive or similar rights created under the Issuer’s second amended and
restated certificate of incorporation or under the DGCL.

 

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2.2.4           This
Convertible Note Subscription Agreement has been duly authorized, validly executed and delivered by the Issuer, and, assuming that
this Convertible Note Subscription Agreement constitutes the valid and binding obligation of Subscriber, is the valid and binding
obligation of the Issuer, is enforceable against the Issuer in accordance with its terms, except as may be limited or otherwise
affected by (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating
to or affecting the enforcement of creditors’ rights generally, (ii) the applicability or effect of any fraudulent transfer,
preference or similar law, (iii) general principles of equity (regardless of whether such enforcement is considered in a proceeding
in equity or at law) or (iv) the effect of general rules of contract law that limit the enforceability of provisions
requiring indemnification of a party for liability for its own action or inaction to the extent the action or inaction involves
gross negligence, recklessness, willful misconduct or unlawful conduct.

 

2.2.5            The
Issuer is classified as a Subchapter C corporation for U.S. federal income tax purposes.

 

2.2.6            The
execution, delivery and performance of this Convertible Note Subscription Agreement (including compliance by the Issuer with all
of the provisions hereof), issuance and sale of the Convertible Notes and the consummation of the certain other transactions contemplated
herein will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a
default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of
the Issuer or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license
or other agreement or instrument to which the Issuer or any of its subsidiaries is a party or by which the Issuer or any of its
subsidiaries is bound or to which any of the property or assets of the Issuer or any of its subsidiaries is subject, which would
reasonably be expected to have a material adverse effect on the legal authority of the Issuer to enter into and timely perform
its obligations under this Convertible Note Subscription Agreement (a “Issuer Material Adverse Effect”), (ii) result
in any violation of the provisions of the organizational documents of the Issuer or any of its subsidiaries or (iii) result
in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic
or foreign, having jurisdiction over the Issuer, any of its subsidiaries or any of its properties that would reasonably be expected
to have an Issuer Material Adverse Effect.

 

2.2.7            Neither
the Issuer, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any Issuer security or
solicited any offers to buy any security under circumstances that would adversely affect reliance by the Issuer on Section 4(a)(2) of
the Securities Act for the exemption from registration for the transactions contemplated hereby or would require registration of
the issuance of the Convertible Notes under the Securities Act.

 

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2.2.8            Neither
the Issuer nor any person acting on its behalf has conducted any general solicitation or general advertising, including methods
described in Section 502(c) of Regulation D under the Securities Act, in connection with the offer or sale of any of
the Convertible Notes and neither the Issuer nor any person acting on its behalf offered any of the Convertible Notes in a manner
involving a public offering under, or in a distribution in violation of, the Securities Act or any state securities laws.

 

2.2.9            Concurrently
with the execution and delivery of this Subscription Agreement, the Issuer is entering into the Other Subscription Agreements providing
for the sale of an aggregate of $1.3 billion aggregate principal amount of Convertible Notes (collectively, the “PIPE
Securities”). There are no Other Subscription Agreements, side letter agreements or other agreements or understandings
(including written summaries of any oral understandings) with any Other Subscriber (other than Other Subscribers in connection
with the Other Subscription Agreements) (collectively, the “PIPE Agreements”) which include terms and conditions
that are materially more advantageous to any such Other Subscriber (as compared to Subscriber) other than such PIPE Agreements
containing an ability in certain circumstances to fund the purchase price on the Closing Date rather than two (2) Business
Days prior to the Expected Closing Date if State Street Bank is not serving as escrow agent with respect to the purchase price
from such Other Subscriber.

 

2.2.10           As
of the date of this Convertible Note Subscription Agreement, the authorized capital shares of the Issuer consists of (a) 250,000,000
shares of Class A common stock, par value $0.0001 per share (“Existing Class A Shares”); (b) 50,000,000
shares of Class B common stock, par value $0.0001 per share (“Existing Class B Shares”); and (c) 1,000,000
shares of preferred stock, par value $0.0001 per share (“Existing Preferred Shares”). As of the date hereof:
(i) no Preferred Shares are issued and outstanding; (ii) 110,000,000 Existing Class A Shares are issued and
outstanding; (iii) 27,500,000 Existing Class B Shares are issued and outstanding; (iv) 23,000,000 warrants to purchase
23,000,000 Existing Class A Shares (the “Private Placement Warrants”) are outstanding; and (v) 27,500,000
warrants to purchase 27,500,000 Existing Class A Shares (the “Public Warrants”) are outstanding. All (i) issued
and outstanding Existing Class A Shares and Existing Class B Shares have been duly authorized and validly issued, are
fully paid and are non-assessable and are not subject to preemptive rights and (ii) outstanding Private Placement Warrants
and Public Warrants have been duly authorized and validly issued, are fully paid and are not subject to preemptive rights. Except
as set forth above and pursuant to the Other Subscription Agreements, the Common Stock Subscription Agreements and the Merger Agreement,
there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the Issuer any shares of
Common Stock or Class B common stock, or any other equity interests in the Issuer, or securities convertible into or exchangeable
or exercisable for such equity interests. As of the date hereof, other than the First Merger Sub and the Second Merger Sub, the
Issuer has no subsidiaries and does not own, directly or indirectly, interests or investments (whether equity or debt) in any person,
whether incorporated or unincorporated. There are no stockholder agreements, voting trusts or other agreements or understandings
to which the Issuer is a party or by which it is bound relating to the voting of any securities of the Issuer, other than (A) as
set forth in the SEC Documents (as defined below) and (B) as contemplated by the Merger Agreement.

 

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2.2.11           Assuming
the accuracy of Subscriber’s representations and warranties set forth in Section 2.1 of this Convertible Note
Subscription Agreement, (x) no registration under the Securities Act is required for the offer and sale of the Convertible
Notes by the Issuer to Subscriber and (y) no consent, approval, order or authorization of, or registration, qualification,
designation, declaration or filing with, any federal, state of local Governmental Authority is required on the part of the Issuer
in connection with the consummation of the transactions contemplated by this Convertible Note Subscription Agreement, except for
filings pursuant to Regulation D of the Securities Act and applicable securities laws.

 

2.2.12           The
Issuer has made available to Subscriber (including via the Commission’s EDGAR system) a true, correct and complete copy of
each form, report, statement, schedule, prospectus, proxy, registration statement and other documents filed by the Issuer with
the Commission prior to the date of this Convertible Note Subscription Agreement (the “SEC Documents”). None
of the SEC Documents filed under the Exchange Act, contained, when filed or, if amended prior to the date of this Convertible Note
Subscription Agreement, as of the date of such amendment with respect to those disclosures that are amended, any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading; provided, that the Issuer makes no such representation
or warranty with respect to the proxy statement to be filed by the Issuer with respect to the Transactions or any other information
relating to Music or any of its affiliates included in any SEC Document or filed as an exhibit thereto. The Issuer has timely filed
each report, statement, schedule, prospectus, and registration statement that the Issuer was required to file with the Commission
since its inception and through the date hereof. As of the date hereof, there are no material outstanding or unresolved comments
in comment letters from the Commission staff with respect to any of the SEC Documents.

 

2.2.13           As
of the date hereof, there are no pending or, to the knowledge of the Issuer, threatened, Actions, which, if determined adversely,
would, individually or in the aggregate, reasonably be expected to have an Issuer Material Adverse Effect. As of the date hereof,
there is no unsatisfied judgment or any open injunction binding upon the Issuer which would, individually or in the aggregate,
reasonably be expected to have an Issuer Material Adverse Effect.

 

2.2.14           No
broker, finder or other financial consultant has acted on behalf of Issuer in connection with this Convertible Note Subscription
Agreement or the transactions contemplated hereby in such a way as to create any liability on Subscriber.

 

2.2.15           After
the nine (9) month anniversary of the Closing Date, if requested by Subscriber, upon reasonable notice, the Issuer shall use
commercially reasonable efforts for a period not to exceed two (2) Business Days in the aggregate to assist Subscriber in
completing any sale process undertaken in connection with the private resale of the Convertible Notes or any portion thereof without
registration under the Securities Act by: (i) providing direct telephonic contact between senior management and a limited
number of prospective purchasers; and (ii) responding to inquiries of, and providing answers to, a limited number of prospective
purchasers; provided that all reasonable and documented out-of-pocket third-party expenses and costs incurred by the Issuer
and its subsidiaries relating to the provision of such assistance shall be paid by Subscriber; and provided, further,
that such assistance shall only be provided during the Issuer’s “open windows” under its insider trading policy
and shall not require the Issuer or any of its subsidiaries to (x) prepare an offering memorandum or a similar disclosure
documentation or (y) disclose any material non-public information to any prospective purchaser.

 

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3.            Settlement
Date and Delivery.

 

3.1            Closing.
The closing of the Subscription contemplated hereby (the “Closing”) shall occur on the date of, and immediately
prior to, the consummation of the Transactions. Upon written notice from (or on behalf of) the Issuer to Subscriber (the “Closing
Notice”) at least thirteen (13) Business Days prior to the date that the Issuer reasonably expects all conditions to
the closing of the Transactions to be satisfied (the “Expected Closing Date”), Subscriber shall deliver to the
Issuer, no later than two (2) Business Days prior to the Expected Closing Date, the Purchase Price for the Convertible Notes,
by wire transfer of United States dollars in immediately available funds to the account specified by the Issuer in the Closing
Notice, such funds to be held by the Issuer in escrow until the Closing. If the Transactions are not consummated on or prior to
the tenth (10th) Business Day after the Expected Closing Date, the Issuer shall return the Purchase Price to Subscriber by wire
transfer of United States dollars in immediately available funds to an account specified by Subscriber. Notwithstanding such return,
(i) a failure to close on the Expected Closing Date shall not, by itself, be deemed to be a failure of any of the conditions
to Closing set forth in this Section 3 to be satisfied or waived on or prior to the Closing Date, and (ii) Subscriber
shall remain obligated (A) to redeliver funds to the Issuer following the Issuer’s delivery to Subscriber of a new Closing
Notice and (B) to consummate the Closing upon satisfaction of the conditions set forth in this Section 3. At the Closing,
upon satisfaction (or, if applicable, waiver) of the conditions set forth in this Section 3, the Issuer shall deliver
to Subscriber the Convertible Notes in certificated or book entry form (at the Issuer’s election), in the name of Subscriber
(or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber, as applicable. The Issuer
will use commercially reasonable efforts to cooperate with Subscriber to make the Convertible Notes eligible with The Depository
Trust Company (“DTC”) on or prior to the Closing Date, including engaging a settlement agent to make the Convertible
Notes DTC eligible at the reasonable expense of the Issuer. The Issuer will use commercially reasonable efforts to obtain CUSIPs
for the Convertible Notes at Closing if the Convertible Notes are delivered in book entry form at Closing or, if delivered in certificate
form, in connection with making the Convertible Notes DTC eligible. Subscriber acknowledges that it is the Issuer’s intention
to issue the Convertible Notes to Subscriber on the Closing Date in certificated form, subject to the above. For purposes of this
Subscription Agreement, “Business Day” means any day that, in New York, New York, is neither a legal holiday nor a
day on which banking institutions are generally authorized or required by law or regulation to close.

 

    - 10 - 

     

    

 

3.2         Conditions
to Closing of the Issuer.

 

The Issuer’s obligations
to sell and issue the Convertible Notes at the Closing are subject to the fulfillment or (to the extent permitted by applicable
law) written waiver by Issuer, on or prior to the date of Closing (the “Closing Date”), of each of the following
conditions:

 

3.2.1            Representations
and Warranties Correct. The representations and warranties made by Subscriber in Section 2.1 hereof shall be true
and correct in all material respects when made (other than representations and warranties that are qualified as to materiality
or Subscriber Material Adverse Effect, which representations and warranties shall be true and correct in all respects), and shall
be true and correct in all material respects on and as of the Closing Date (unless they specifically speak as of another date in
which case they shall be true and correct in all material respects as of such date) (other than representations and warranties
that are qualified as to materiality or Subscriber Material Adverse Effect, which representations and warranties shall be true
in all respects) with the same force and effect as if they had been made on and as of said date, but in each case without giving
effect to consummation of the Transactions.

 

3.2.2            Compliance
with Covenants. Subscriber shall have performed, satisfied and complied in all material respects with the covenants, agreements
and conditions required by this Convertible Note Subscription Agreement to be performed, satisfied or complied with by Subscriber
at or prior to the Closing.

 

3.2.3            Closing
of the Transactions. All conditions precedent to the Issuer’s obligations to consummate, or cause to be consummated,
the Transactions set forth in the Merger Agreement shall have been satisfied or waived by the party entitled to the benefit thereof
under the Merger Agreement (other than those conditions that may only be satisfied at the consummation of the Transactions, but
subject to satisfaction or waiver by such party of such conditions as of the consummation of the Transactions), and the Transactions
will be consummated as soon as practicable following the Closing.

 

3.2.4            Customary
Documentation. The Indenture, containing terms substantially consistent with the relevant terms of this Convertible Note Subscription
Agreement (including Annex A attached hereto), shall have been executed by Issuer and the trustee.

 

3.2.5            Legality.
There shall not be in force any order, judgment, injunction, decree, writ, stipulation, determination or award, in each case, entered
by or with any Governmental Authority, statute, rule or regulation enjoining or prohibiting the consummation of the Subscription.

 

3.3          Conditions
to Closing of Subscriber.

 

Subscriber’s obligation
to purchase the Convertible Notes at the Closing is subject to the fulfillment or (to the extent permitted by applicable law) written
waiver by Subscriber, on or prior to the Closing Date, of each of the following conditions:

 

3.3.1            Representations
and Warranties Correct. The representations and warranties made by the Issuer in Section 2.2 hereof shall be true
and correct in all material respects when made (other than representations and warranties that are qualified as to materiality
or Issuer Material Adverse Effect, which representations and warranties shall be true and correct in all respects), and shall be
true and correct in all material respects on and as of the Closing Date (unless they specifically speak as of another date in which
case they shall be true and correct in all material respects as of such date) (other than representations and warranties that are
qualified as to materiality or Issuer Material Adverse Effect, which representations and warranties shall be true and correct in
all respects) with the same force and effect as if they had been made on and as of said date, but in each case without giving effect
to consummation of the Transactions; provided, that in the event this condition would otherwise fail to be satisfied as
a result of a breach of one or more of the representations and warranties of the Issuer contained in this Convertible Note Subscription
Agreement and the facts underlying such breach would also cause a condition to Music’s obligations under the Merger Agreement
to fail to be satisfied, this condition shall nevertheless be deemed satisfied in the event Music waives such condition with respect
to such breach under the Merger Agreement.

 

    - 11 - 

     

    

 

3.3.2            Compliance
with Covenants. The Issuer shall have performed, satisfied and complied in all material respects with the covenants, agreements
and conditions required by this Convertible Note Subscription Agreement to be performed, satisfied or complied with by the Issuer
at or prior to the Closing, except where the failure of such performance or compliance would not or would not reasonably be expected
to prevent, materially delay, or materially impair the ability of the Issuer to consummate the Closing.

 

3.3.3            [Reserved]

 

3.3.4            Closing
of the Transactions. (i) All conditions precedent to the consummation of the Transactions set forth in the Merger Agreement
shall have been satisfied or waived by the party entitled to the benefit thereof under the Merger Agreement (other than those conditions
that may only be satisfied at the consummation of the Transactions, but subject to satisfaction or waiver by such party of such
conditions as of the consummation of the Transactions), (ii) no amendment or modification of the Merger Agreement (as the
same exists on the date hereof as provided to Subscriber) shall have occurred that would reasonably be expected to materially and
adversely affect the economic benefits that Subscriber would reasonably expect to receive under this Convertible Note Subscription
Agreement without having received Subscriber’s prior written consent (not to be unreasonably withheld, conditioned or delayed)
and (iii) the Transactions will be consummated as soon as practicable following the Closing.

 

3.3.5            Customary
Documentation. The Indenture, containing terms substantially consistent with the relevant terms of this Convertible Note Subscription
Agreement (including Annex A attached hereto), shall have been executed by the Issuer and the trustee.

 

3.3.6            Legality.
There shall not be in force any order, judgment, injunction, decree, writ, stipulation, determination or award, in each case, entered
by or with any governmental authority, statute, rule or regulation enjoining or prohibiting the transactions contemplated
by this Convertible Note Subscription Agreement.

 

3.3.7            Specified
Merger Agreement Representations and Warranties. The representations and warranties (as qualified by the Schedules (as defined
in the Merger Agreement)) made by Music to the Issuer pursuant to the Merger Agreement (the “Merger Agreement Representations
and Warranties”) shall be true and accurate in all respects as of the Closing except for inaccuracies of such Merger
Agreement Representations and Warranties (i) that would not permit the Issuer (taking into account any applicable cure periods)
to terminate the Issuer’s obligations under the Merger Agreement or otherwise decline to close the Transactions (in each
case, in accordance with the terms of the Merger Agreement) as a result of (a) a breach of any such Merger Agreement Representations
and Warranties or (b) any such Merger Agreement Representations and Warranties not being accurate and (ii) that do not
materially and adversely affect the economic benefits that Subscriber would reasonably expect to receive under this Convertible
Note Subscription Agreement.

 

    - 12 - 

     

    

 

4.            [Reserved]

 

5.            Termination.
This Convertible Note Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and
obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof,
upon the earlier to occur of (i) such date and time as the Merger Agreement is validly terminated in accordance with its terms,
(ii) upon the mutual written agreement of each of the parties hereto to terminate this Convertible Note Subscription Agreement,
(iii) at the election of Subscriber, thirty (30) calendar days from the date hereof if the Merger Agreement is not fully executed
and made binding on the Issuer, Holdings and Music by such date and (iv) at the election of Subscriber, on January 12,
2022 if the Transactions are not consummated on or prior to such date; provided, that nothing herein will relieve any party
from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies
at law or in equity to recover losses, liabilities or damages arising from such breach. The Issuer shall promptly notify Subscriber
of (i) the termination of the Merger Agreement promptly after the termination of such agreement, and (ii) any waiver
by the Issuer of any of the conditions specified in Article X of the Merger Agreement.

 

6.            Miscellaneous.

 

6.1          Further
Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take such additional
actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated
by this Convertible Note Subscription Agreement.

 

6.1.1            Subscriber
acknowledges that the Issuer, Holdings, Music and others will rely on the acknowledgments, understandings, agreements, representations
and warranties made by Subscriber contained in this Convertible Note Subscription Agreement. Prior to the Closing, Subscriber agrees
to promptly notify the Issuer, the Guarantor, Holdings and Music if any of the acknowledgments, understandings, agreements, representations
and warranties of Subscriber set forth herein are no longer accurate in all material respects.

 

6.1.2            Each
of the Issuer, the Guarantor, Holdings, Music and Subscriber is entitled to rely upon this Convertible Note Subscription Agreement
and is irrevocably authorized to produce this Convertible Note Subscription Agreement or a copy hereof to any interested party
in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

    - 13 - 

     

    

 

6.1.3            The
Issuer may request from Subscriber such additional information as the Issuer may deem necessary to evaluate the eligibility of
Subscriber to acquire the Convertible Notes, and Subscriber shall provide such information as may be reasonably requested, to the
extent within Subscriber’s possession and control or otherwise readily available to Subscriber.

 

6.1.4            Each
of Subscriber and the Issuer shall pay all of its own expenses in connection with this Convertible Note Subscription Agreement
and the transactions contemplated herein; provided, however, subject to the occurrence of the Closing, the Issuer
shall reimburse the reasonable and documented out-of-pocket expenses of legal counsel incurred by Subscriber and the Other Subscribers
in connection with the negotiation of this Convertible Note Subscription Agreement and the transactions contemplated herein in
an aggregate amount not to exceed $400,000.

 

6.1.5            Each
of Subscriber and the Issuer shall take, or cause to be taken, all actions and do, or cause to be done, all things necessary, proper
or advisable to consummate the transactions contemplated by this Convertible Note Subscription Agreement on the terms and conditions
described therein no later than immediately prior to the consummation of the Transactions.

 

6.2          Notices.
Any notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed or sent
by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed
to be given and received (i) when so delivered personally, (ii) when sent, with no mail undeliverable or other rejection
notice, if sent by email, or (iii) three (3) Business Days after the date of mailing to the address below or to such
other address or addresses as such person may hereafter designate by notice given hereunder:

 

(i)            if
to Subscriber, to such address or addresses set forth on the signature page hereto;

 

(ii)           if
to the Issuer, to:

 

Churchill Capital Corp. III

640 Fifth Avenue, 12th Floor

New York, NY 10019

Attention:         Michael
S. Klein, Chairman and Chief Executive Officer

Telephone:       212-380-7775

Email:               michael.klein@mklienandcompany.com

 

with a required copy (which copy
shall not constitute notice) to:

 

Weil, Gotshal & Manges
LLP

767 Fifth Avenue

New York, NY 10153

Attention: Michael J. Aiello and
Matthew Gilroy

Email: michael.aiello@weil.com
and matthew.gilroy@weil.com

 

    - 14 - 

     

    

 

(iii)            if
to Holdings, to:

 

c/o Hellman & Friedman

415 Mission Street

Suite 5700

San Francisco, CA 94105

Attn: Arrie Park

Email: apark@hf.com

 

with a required copy (which copy
shall not constitute notice) to:

 

Kirkland & Ellis LLP

300 N. LaSalle

Chicago, IL 60654

Attention: Richard J. Campbell, P.C., Jon-Micheal A.
Wheat, P.C. and Emma E.

Lange-Novak

Email:  rcampbell@kirkland.com, jwheat@kirkland.com
and 

emma.lange-novak@kirkland.com

 

and

 

Simpson Thacher & Bartlett
LLP

2475 Hanover Street

Palo Alto, CA 94123

Attention: William Brentani

Email: wbrentani@stblaw.com

 

(iv)            if
to Music or the Guarantor, to:

 

c/o MultiPlan, Inc.

115 Fifth Avenue

New York, NY 10003

Attention: Mark Tabak and David Redmond

Email: mtabak@multiplan.com and
david.redmond@multiplan.com

 

with a required copy (which copy
shall not constitute notice) to:

 

c/o Hellman & Friedman

415 Mission Street

Suite 5700

San Francisco, CA 94105

Attn: Arrie Park

Email: apark@hf.com

 

and

 

    - 15 - 

     

    

 

Kirkland & Ellis LLP

300 N. LaSalle

Chicago, IL 60654

Attention: Richard J. Campbell, P.C., Jon-Micheal A.
Wheat, P.C. and Emma E.

Lange-Novak

Email:  rcampbell@kirkland.com, jwheat@kirkland.com
and

emma.lange-novak@kirkland.com

 

and

 

Simpson Thacher & Bartlett LLP

2475 Hanover Street

Palo Alto, CA 94123

Attention: William Brentani

Email: wbrentani@stblaw.com

 

6.3            Entire
Agreement. This Convertible Note Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof,
including any commitment letter entered into relating to the subject matter hereof.

 

6.4            Modifications
and Amendments. This Convertible Note Subscription Agreement may not be amended, modified, supplemented or waived (i) except
by an instrument in writing, signed by the party against whom enforcement of such amendment, modification, supplement or waiver
is sought and (ii) without the prior written consent of Holdings and Music; provided, that any rights (but not obligations)
of a party under this Convertible Note Subscription Agreement may be waived, in whole or in part, by such party on its own behalf
without the prior consent of another party.

 

6.5            Assignment.
Neither this Convertible Note Subscription Agreement nor any rights, interests or obligations that may accrue to the parties hereunder
(including Subscriber’s rights to purchase the Convertible Notes) may be transferred or assigned without the prior written
consent of the Issuer, which consent to assignment to a prospective limited partner of Subscriber will not be unreasonably withheld,
conditioned or delayed and which consent to such assignment shall not relieve the assigning party of any of its obligations hereunder
(other than the Convertible Notes acquired hereunder, if any, and then only in accordance with this Convertible Note Subscription
Agreement, the Convertible Notes and the terms of the indenture governing the Convertible Notes); provided that Subscriber’s
rights and obligations under this Convertible Note Subscription Agreement may be assigned to any limited partner of Subscriber
or any fund or account managed by the same investment manager as Subscriber, without the prior consent of the Issuer; provided,
further, in connection with any assignment hereunder, such assignee(s) shall be a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act and agree in writing to be bound by the terms hereof, and upon such
assignment by a Subscriber, each such assignee shall become a Subscriber hereunder and have the rights and obligations and be deemed
to make the representations and warranties of Subscriber provided for herein; provided further that, no assignment shall
relieve the assigning party of any of its obligations hereunder.

 

    - 16 - 

     

    

 

6.6          Benefit.

 

6.6.1            Except
as otherwise provided herein, this Convertible Note Subscription Agreement shall be binding upon, and inure to the benefit of the
parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements,
representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon,
such heirs, executors, administrators, successors, legal representatives and permitted assigns. This Convertible Note Subscription
Agreement shall not confer rights or remedies upon any person other than the parties hereto and their respective successors and
assigns.

 

6.6.2            Each
of the Issuer and Subscriber acknowledges and agrees that (a) this Convertible Note Subscription Agreement is being entered
into in order to induce each of Holdings and Music to execute and deliver the Merger Agreement and without the representations,
warranties, covenants and agreements of the Issuer and Subscriber hereunder, each of Holdings and Music would not enter into the
Merger Agreement, (b) each representation, warranty, covenant and agreement of the Issuer and Subscriber hereunder is being
made also for the benefit of Holdings and Music, and (c) each of Holdings and Music may directly enforce (including by an
action for specific performance, injunctive relief or other equitable relief) each of the covenants and agreements of each of the
Issuer and Subscriber under this Convertible Note Subscription Agreement.

 

6.6.3            Each
party hereto agrees that Holdings’ direct or indirect equityholders that are transferees of the Common Stock from Holdings
that were held by Holdings as of the consummation of the Transactions (the “Holdings Equityholders”) are third
party beneficiaries of this Convertible Note Subscription Agreement and each Holdings Equityholder may directly enforce (including
by an action for specific performance, injunctive relief or other equitable relief) each of the covenants and agreements of Subscriber
under this Convertible Note Subscription Agreement, as amended, modified, supplemented or waived in accordance with Section 6.4.

 

6.7          Governing
Law. This Convertible Note Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or
related to this Convertible Note Subscription Agreement (whether based on law, in equity, in contract, in tort or any other theory)
or the negotiation, execution, performance or enforcement of this Convertible Note Subscription Agreement, shall be governed by
and construed in accordance with the Laws of the State of Delaware, without giving effect to the principles of conflicts of law
thereof.

 

    - 17 - 

     

    

 

 

6.8           Consent
to Jurisdiction; Waiver of Jury Trial. Each of the parties irrevocably consents to the exclusive jurisdiction and venue of
the Court of Chancery of the State of Delaware, provided, that if subject matter jurisdiction over the matter that is the subject
of the legal proceeding is vested exclusively in the U.S. federal courts, such legal proceeding shall be heard in the U.S. District
Court for the District of Delaware (together with the Court of Chancery of the State of Delaware “Chosen Courts”),
in connection with any matter based upon or arising out of this Convertible Note Subscription Agreement. Each party hereby waives,
and shall not assert as a defense in any legal dispute, that (i) such person is not personally subject to the jurisdiction
of the Chosen Courts for any reason, (ii) such legal proceeding may not be brought or is not maintainable in the Chosen Courts,
(iii) such person’s property is exempt or immune from execution, (iv) such legal proceeding is brought in an inconvenient
forum or (v) the venue of such legal proceeding is improper. Each Party hereby consents to service of process in any such
proceeding in any manner permitted by Delaware law, further consents to service of process by nationally recognized overnight
courier service guaranteeing overnight delivery, or by registered or certified mail, return receipt requested, at its address
specified pursuant to Section 6.2 and waives and covenants not to assert or plead any objection which they might otherwise
have to such manner of service of process. Notwithstanding the foregoing in this Section 6.8, a party may commence
any action, claim, cause of action or suit in a court other than the Chosen Courts solely for the purpose of enforcing an order
or judgment issued by the Chosen Courts. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE PARTIES
WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIMS OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS CONVERTIBLE NOTE
SUBSCRIPTION AGREEMENT WHETHER NOW EXISTING OR HEREAFTER ARISING. IF THE SUBJECT MATTER OF ANY SUCH LEGAL DISPUTE IS ONE IN WHICH
THE WAIVER OF JURY TRIAL IS PROHIBITED, NO PARTY SHALL ASSERT IN SUCH LEGAL DISPUTE A NONCOMPULSORY COUNTERCLAIM ARISING OUT OF
OR RELATING TO THIS CONVERTIBLE NOTE SUBSCRIPTION AGREEMENT. FURTHERMORE, NO PARTY SHALL SEEK TO CONSOLIDATE ANY SUCH LEGAL DISPUTE
WITH A SEPARATE ACTION OR OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT BE WAIVED.

 

6.9           Severability.
If any provision of this Convertible Note Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality
or enforceability of the remaining provisions of this Convertible Note Subscription Agreement shall not in any way be affected
or impaired thereby and shall continue 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 Convertible Note Subscription 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 Convertible
Note Subscription 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 Convertible Note Subscription 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.

 

    - 18 -

     

    

 

6.11         Remedies.

 

6.11.1            The
parties agree that the Issuer, the Guarantor, Holdings and Music would suffer irreparable damage if this Convertible Note Subscription
Agreement was not performed or the Closing is not consummated in accordance with its specific terms or was otherwise breached
and that money damages or other legal remedies would not be an adequate remedy for any such damage. It is accordingly agreed that
the Issuer, the Guarantor, Holdings and Music shall be entitled to equitable relief, including in the form of an injunction or
injunctions, to prevent breaches or threatened breaches of this Convertible Note Subscription Agreement and to enforce specifically
the terms and provisions of this Convertible Note Subscription Agreement in an appropriate court of competent jurisdiction as
set forth in Section 6.8, this being in addition to any other remedy to which any party is entitled at law or in equity,
including money damages.  The right to specific enforcement shall include the right of the Issuer, the Guarantor, Holdings
or Music to cause Subscriber and the right of Holdings or Music to cause the Issuer to cause the transactions contemplated hereby
to be consummated on the terms and subject to the conditions and limitations set forth in this Convertible Note Subscription Agreement.
The parties hereto further agree (i) to waive any requirement for the security or posting of any bond in connection with
any such equitable remedy, (ii) not to assert that a remedy of specific enforcement pursuant to this Section 6.11
is unenforceable, invalid, contrary to applicable law or inequitable for any reason and (iii) to waive any defenses in
any action for specific performance, including the defense that a remedy at law would be adequate.  In
connection with any Action for which Holdings or Music is being granted an award of money damages, each of the Issuer and Subscriber
agrees that such damages, to the extent payable by such party, shall include, without limitation, damages related to the cash
consideration that is or was to be paid to Holdings or its equityholders under the Merger Agreement and/or Convertible
Note Subscription Agreement and such damages are not limited to an award
of out-of-pocket fees and expenses related to the Merger Agreement and Convertible Note Subscription Agreement.

 

6.11.2            The
parties acknowledge and agree that this Section 6.11 is an integral part of the transactions contemplated hereby and
without that right, the parties hereto would not have entered into this Convertible Note Subscription Agreement.

 

6.11.3            In
any dispute arising out of or related to this Convertible Note Subscription Agreement, or any other agreement, document, instrument
or certificate contemplated hereby, or any transactions contemplated hereby or thereby, the applicable adjudicating body shall
award to the prevailing party, if any, the costs and attorneys’ fees reasonably incurred by the prevailing party in connection
with the dispute and the enforcement of its rights under this Convertible Note Subscription Agreement or any other agreement,
document, instrument or certificate contemplated hereby and, if the adjudicating body determines a party to be the prevailing
party under circumstances where the prevailing party won on some but not all of the claims and counterclaims, the adjudicating
body may award the prevailing party an appropriate percentage of the costs and attorneys’ fees reasonably incurred by the
prevailing party in connection with the adjudication and the enforcement of its rights under this Convertible Note Subscription
Agreement or any other agreement, document, instrument or certificate contemplated hereby or thereby.

 

6.12         Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Convertible Note
Subscription Agreement shall survive the Closing. For the avoidance of doubt, if for any reason the Closing does not occur prior
to the consummation of the Transactions, all representations, warranties, covenants and agreements of the parties hereunder shall
survive the consummation of the Transactions and remain in full force and effect.

 

    - 19 -

     

    

 

6.13         No
Broker or Finder. Each of the Issuer and Subscriber agrees to indemnify and hold the other parties hereto 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.

 

6.14         Headings
and Captions. The headings and captions of the various subdivisions of this Convertible Note Subscription 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.

 

6.15         Counterparts.
This Convertible Note Subscription 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 parties, it being understood that the 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.

 

6.16         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 Convertible Note Subscription Agreement,” “herein,”
 “hereof,” “hereby,” “hereunder,” and words of similar import refer to
this Convertible Note Subscription Agreement as a whole and not to any particular subdivision 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. All references in this Convertible Note Subscription Agreement to numbers of shares,
per share amounts and purchase prices shall be appropriately adjusted to reflect any stock split, stock dividend, stock combination,
recapitalization or the like occurring after the date hereof.

 

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

 

7.            Cleansing
Statement; Disclosure.

 

7.1           The
Issuer shall, by 9:00 a.m., New York City time, on the first (1st) Business Day immediately following the date of this Convertible
Note Subscription Agreement, issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively,
the “Disclosure Document”) disclosing all material terms of the transactions contemplated hereby and by the
Other Subscription Agreements, the Common Stock Subscription Agreements and the Transactions.

 

    - 20 -

     

    

 

7.2           Subscriber
hereby consents to the publication and disclosure in (x) any press release issued by the Issuer, the Guarantor, Holdings
or Music, (y) any Form 8-K filed by the Issuer with the Commission in connection with the execution and delivery of
the Merger Agreement, the Proxy Statement or any other filing with the Commission pursuant to applicable securities laws, in each
case, as and to the extent required by the federal securities laws or the Commission or any other securities authorities, and
(z) any other documents or communications provided by the Issuer, the Guarantor, Holdings or Music to any Governmental Authority
or to securityholders of the Issuer, in each case, as and to the extent required by applicable law or the Commission or any other
Governmental Authority, of Subscriber’s name and identity and the nature of Subscriber’s commitments, arrangements
and understandings under and relating to this Convertible Note Subscription Agreement and, if deemed required or appropriate by
the Issuer, the Guarantor, Holdings or Music, a copy of this Convertible Note Subscription Agreement; provided that, in
each case, the Issuer, the Guarantor, Holdings or Music, as applicable, provides to Subscriber for Subscriber’s review a
copy of such proposed publication or disclosure (redacted if necessary) reasonably in advance of the publication or disclosure
thereof and the Issuer, the Guarantor, Holdings or Music, as applicable, gives good faith consideration to any comments of Subscriber
on such proposed publication or disclosure to the extent Subscriber promptly provides any such comments (and in any event within
two (2) Business Days following delivery of such proposed publication or disclosure to Subscriber). Other than as set forth
in the immediately preceding sentence, without Subscriber’s prior written consent, each of the Issuer, the Guarantor, Holdings
or Music will not use or disclose the name of Subscriber or any information relating to Subscriber or this Convertible Note Subscription
Agreement, other than to the Issuer’s, the Guarantor’s, Holdings’ or Music’s lawyers, independent accountants
and to other advisors and service providers who reasonably require such information in connection with the provision of services
to such person, are advised of the confidential nature of such information and are obligated to keep such information confidential.
Subscriber will promptly provide any information reasonably requested by the Issuer, the Guarantor, Holdings or Music for any
regulatory application or filing made or approval sought in connection with the Transactions (including filings with the Commission).

 

8.            Trust
Account Waiver. In addition to the waiver of Music pursuant to Section 6.04 of the Merger Agreement, and notwithstanding
anything to the contrary set forth herein, each of the Guarantor, Holdings, Music and Subscriber acknowledges that the Issuer
has established a trust account containing the proceeds of its initial public offering and from certain private placements (collectively,
with interest accrued from time to time thereon, the “Trust Account”). Each of the Guarantor, Holdings, Music
and Subscriber agrees that (i) it has no right, title, interest or claim of any kind in or to any monies held in the Trust
Account, and (ii) it shall have no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, in each case in connection with this Convertible Note Subscription Agreement, and
hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have in connection with this Convertible
Note Subscription Agreement; provided, however, that nothing in this Section 8 shall be deemed to limit Subscriber’s
right, title, interest or claim to the Trust Account by virtue of such Subscriber’s record or beneficial ownership of securities
of the Issuer acquired by any means other than pursuant to this Convertible Note Subscription Agreement, including, but not limited
to, any redemption right with respect to any such securities of the Issuer. In the event the Guarantor, Holdings, Music or Subscriber
has any Claim against the Issuer under this Convertible Note Subscription Agreement, each of the Guarantor, Holdings, Music or
Subscriber shall pursue such Claim solely against the Issuer and its assets outside the Trust Account and not against the property
or any monies in the Trust Account. Each of the Guarantor, Holdings, Music and Subscriber agrees and acknowledges that such waiver
is material to this Convertible Note Subscription Agreement and has been specifically relied upon by the Issuer to induce the
Issuer to enter into this Convertible Note Subscription Agreement and each of the Guarantor, Holdings, Music and Subscriber further
intends and understands such waiver to be valid, binding and enforceable under applicable law. In the event the Guarantor, Holdings,
Music or Subscriber, in connection with this Convertible Note Subscription Agreement, commences any action or proceeding which
seeks, in whole or in part, relief against the funds held in the Trust Account or distributions therefrom or any of the Issuer’s
stockholders, whether in the form of monetary damages or injunctive relief, the Guarantor, Holdings, Music or Subscriber, as applicable,
shall be obligated to pay to the Issuer all of its legal fees and costs in connection with any such action in the event that the
Issuer prevails in such action or proceeding.

 

    - 21 -

     

    

 

9.            Non-Reliance.
Subscriber acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made by
any person, firm or corporation (including, without limitation, the Guarantor, Holdings, Music, any of their respective affiliates
or any of its or their respective control persons, officers, directors or employees), other than the representations and warranties
of the Issuer expressly set forth in this Convertible Note Subscription Agreement, in making its investment or decision to invest
in the Issuer. Subscriber agrees that neither (i) any other Subscriber pursuant to this Convertible Note Subscription Agreement
or any other agreement related to the private placement of shares of the Issuer’s capital stock (including the controlling
persons, officers, directors, partners, agents or employees of any such Subscriber) nor (ii) the Guarantor, Holdings or Music,
their respective affiliates or any of their or their respective affiliates’ control persons, officers, directors, partners,
agents or employees, shall be liable to any other purchaser of Convertible Notes or any other agreement related to the private
placement of shares of the Issuer’s capital stock for any action heretofore or hereafter taken or omitted to be taken by
any of them in connection with the purchase of the Convertible Notes hereunder.

 

[Signature Page Follows]

 

    - 22 -

     

    

 

IN WITNESS WHEREOF,
each of the Issuer, the Guarantor, Holdings, Music and Subscriber has executed or caused this Convertible Note Subscription Agreement
to be executed by its duly authorized representative as of the date set forth below.

 

	 	CHURCHILL CAPITAL CORP III
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	

	 	 	 
	 	 	 
	 	POLARIS INVESTMENT HOLDINGS, L.P.
	 	 	             
	 	By:	 
	 	Name:	 
	 	Title:	

	 	 	 
	 	 	 
	 	polaris parent corp.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	

	 	 	 
	 	 	 
	 	POLARIS INTERMEDIATE CORP.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	

 

[Signature Page
to the Convertible Note Subscription Agreement]

 

     

     

    

 

	Accepted and agreed this ___ day of July, 2020.	 	 
	 	 	 
	SUBSCRIBER:	 	Name of Subscriber:
	 	 	 
	Signature of Subscriber:	 	 
	 	 	 
	By:	             	 	 
	Name:	 	(Please print. Please indicate name and capacity of person signing above)
	Title:	 	 
	 	 	 
	Date: July ___, 2020	 	 
	 	 	 
	Aggregate principal amount of Convertible Notes subscribed for:	 	 
	 	 	Name in which securities are to be registered
	 	 	(if different from the name of Subscriber listed directly above):
	$	   	 	 
	 	 	 	 
	Aggregate Purchase Price:	 	 
	 	 	 	Email Address:	 
	$	 	 	 	 
	 	 	Subscriber’s EIN:	 
	 	 	 
	 	 	Business Address-Street:	 
	 	 	 
	 	 	 
	 	 	City, State, Zip:
	 	 	Attn:
	 	 	Telephone No.:	 
	 	 	Facsimile No.:	 

 

You must pay the Purchase Price by wire
transfer of U.S. dollars in immediately available funds, to be held in escrow until the Closing, to the account specified by the
Issuer in the Closing Notice.

 

[Signature Page to
the Convertible Note Subscription Agreement]

 

     

     

    

 

Annex A

 

Churchill Capital Corp III

 

Summary of the Convertible Notes

 

The Issuer will issue the Convertible
Notes under an indenture (the “Indenture”) between the Issuer and the trustee. The Issuer will appoint a trustee
in its reasonable discretion. The Indenture and the Convertible Notes will be fully executed and delivered on the Closing Date.

 

		Issuer:	Churchill Capital Corp
                                         III, a Delaware corporation with listed securities on the New York Stock Exchange

 

	Guarantor:	Subject to the Issuer receiving an aggregate
                                         purchase price of $1,267,500,000 (the “Aggregate Purchase Price”)
                                         from Subscriber and the Other Subscribers in connection with the sale of the PIPE Securities
                                         on the Closing Date (as defined below), on the Closing Date, but only after the Mergers
                                         are consummated and the Existing PIK Notes (as defined below) are redeemed in full and/or
                                         the Existing PIK Notes indenture is satisfied and discharged, Polaris Intermediate Corp.
                                         (the “Guarantor”) will fully and unconditionally guarantee (the “Guarantee”)
                                         all obligations under the Convertible Notes on a senior unsecured basis by executing
                                         a supplemental indenture to the Indenture. For avoidance of doubt, the Guarantor shall
                                         not be obligated to enter into the Guarantee per the above provision unless the Subscriber
                                         and the Other Subscribers pay the Issuer the Aggregate Purchase Price on the Closing
                                         Date.
	 	 
	Convertible Notes:	Up to $1.3 billion aggregate principal amount of 6.00% / 7.00% Convertible
                              Senior PIK Toggle Notes. The Convertible Notes issued to Subscriber will be part of a single series
                              together with additional Convertible Notes issued to other subscribers on substantially similar
                              terms pursuant to a substantially similar convertible note subscription agreement, under a single
                              Indenture. The Indenture will permit issuances of additional notes.
	 	 
	Purpose/Use of Proceeds:	The proceeds from the Convertible Notes will be used, together with cash proceeds
              from the substantially concurrent issuance of the Issuer’s Class A common stock, par value $0.0001 per
              share (the “Common Stock”), the substantially concurrent issuance of the additional Convertible
              Notes to other subscribers and funds from the Trust Account, (i) to fund the cash consideration for the Mergers,
              (ii) to fund the redemption of all or a portion of the Guarantor’s outstanding 8.500% / 9.250% Senior
              PIK Toggle Notes due 2022 (the “Existing PIK Notes”) and/or satisfaction of the Existing PIK
              Notes indenture to the extent required by the Merger Agreement, (iii) to pay related fees and expenses and
              (iv) for general corporate purposes, including by means of contributions to the Issuer’s direct or indirect
              subsidiaries for such general corporate purposes.

 

     - A- 1 -

     

    

 

	 	 
	Closing Date:	The date on which the Mergers are consummated and the Convertible Notes
                         are issued and purchased (the “Closing Date”).
	 	 
	Final Maturity:	The Convertible Notes will mature on the 7-year anniversary of the
                           Closing Date (rounded to the closest 1st or 15th day of a calendar month).
	 	 
	Ranking:	The Convertible Notes, the Guarantee and all obligations with respect
                        thereto will be senior unsecured obligations and rank pari passu in right of payment with all of
                        Issuer’s and the Guarantor’s existing and future senior obligations.

 

	Collateral:	None.
	 	 
	Interest Rate:	Each Convertible Note will bear interest at a fixed rate equal to 6.00%
                          for Cash Interest (as defined below) and 7.00% for PIK Interest (as defined below). The Issuer will
                          elect prior to each interest payment date to pay interest in the form of cash (“Cash Interest”)
                          or in-kind (“PIK Interest”); provided, however, the Convertible Notes
                          will accrue interest at the rate for Cash Interest until the Issuer has made such election. Interest
                          will be payable semi-annually in arrears.
	 	 
	Optional Redemption:	Each Convertible Note will be callable at par plus accrued interest
                                to, but excluding, the date of redemption, at any time after the third anniversary of the Closing
                                Date during which the Daily VWAP for the Common Stock for 20 out of the preceding 30 Trading Days
                                is equal to or in excess of $16.90 per share of Common Stock (subject to customary adjustments).
                                In connection with a redemption of the Convertible Notes, the Indenture will include a customary
                                make-whole increase to the conversion rate for holders to convert their Convertible Notes prior
                                to the redemption of the Convertible Notes.
	 	 
	 	“Daily VWAP” means, for any Trading Day (to be defined consistent
               with the Agreed Terms (as defined below)), the per share volume-weighted average price as displayed under the heading
               “Bloomberg VWAP” on Bloomberg page “CCXX US <equity> AQR” (or its equivalent
               successor if such page is not available) in respect of the period from the scheduled open of trading until
               the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average
               price is unavailable, the market value of one share of Common Stock on such Trading Day determined, using a volume
               weighted average method, by a nationally recognized independent investment banking firm retained for this purpose
               by Issuer). The “Daily VWAP” shall be determined without regard to after-hours trading or any other
               trading outside of the regular trading session trading hours.

 

     - A- 2 -

     

    

 

	Conversion Rights:	Customary
                                         (taking into account the Agreed Terms); provided that the initial conversion rate
                                         of 76.9231 shares of Common Stock per $1,000 principal amount of Convertible Notes (which
                                         represents an initial conversion price of approximately $13.00 per share). In addition,
                                         the Indenture will include a customary provision that upon conversion of any Convertible
                                         Note, the Issuer will settle such conversion by delivering shares of Common Stock, cash
                                         in lieu of Common Stock, or a combination thereof at the Issuer’s election.
	 	 
	Anti-Dilution:	Customary (taking into account the
                              Agreed Terms).
	 	 
	Provisions of Convertible Notes:	Customary (taking
                                         into account the Agreed Terms).
	 	 
	Modification:	Customary (taking into account the
                             Agreed Terms).
	 	 
	Fundamental Change:	Customary (taking into account
                                   the Agreed Terms, with the modification to the definition of Fundamental Change in the Precedent
                                   Document (as defined below) to include a “permitted holders” exception in appropriate
                                   places, consistent with the Existing PIK Notes, with a maximum ownership by such permitted
                                   holders of 80%).
	 	               
	Adjustment to Conversion Rate In

 Connection With Fundamental

 Change / Optional Redemption:	The
                                         following table for adjustments to the conversion rate in connection with a fundamental
                                         change or optional redemption shall replace the similar table in the Precedent Document:

 

Additional Shares Issued For
Make-Whole per Bond (Par of $1,000)

 

	Effective	 	Effective Price	 
	Date	 	$10.00	 	 	$11.00	 	 	$12.00	 	 	$13.00	 	 	$14.00	 	 	$15.00	 	 	$16.90	 	 	$17.50	 	 	$20.00	 	 	$25.00	 	 	$30.00	 	 	$50.00	 	 	$100.00	 
	Closing
    Date	 	 	23.0769	 	 	 	23.0769	 	 	 	20.7427	 	 	 	18.6434	 	 	 	16.8968	 	 	 	15.4222	 	 	 	13.1734	 	 	 	12.5795	 	 	 	10.5365	 	 	 	7.7941	 	 	 	6.0353	 	 	 	2.6874	 	 	 	0.0000	 
	+1
    Year	 	 	23.0769	 	 	 	22.3379	 	 	 	19.7608	 	 	 	17.6753	 	 	 	15.9572	 	 	 	14.5195	 	 	 	12.3507	 	 	 	11.7828	 	 	 	9.8447	 	 	 	7.2779	 	 	 	5.6474	 	 	 	2.5474	 	 	 	0.0000	 
	+2
    Years	 	 	23.0769	 	 	 	21.1841	 	 	 	18.5698	 	 	 	16.4847	 	 	 	14.7902	 	 	 	13.3901	 	 	 	11.3113	 	 	 	10.7739	 	 	 	8.9620	 	 	 	6.6114	 	 	 	5.1412	 	 	 	2.3586	 	 	 	0.0000	 
	+3
    Years	 	 	23.0769	 	 	 	19.8907	 	 	 	17.1894	 	 	 	15.0765	 	 	 	13.3920	 	 	 	12.0253	 	 	 	10.0432	 	 	 	9.5406	 	 	 	7.8772	 	 	 	5.7876	 	 	 	4.5120	 	 	 	2.1191	 	 	 	0.0000	 
	+4
    Years	 	 	23.0769	 	 	 	18.4379	 	 	 	15.5668	 	 	 	13.3801	 	 	 	11.6839	 	 	 	10.3449	 	 	 	8.4725	 	 	 	8.0124	 	 	 	6.5340	 	 	 	4.7704	 	 	 	3.7326	 	 	 	1.8091	 	 	 	0.0000	 
	+5
    Years	 	 	23.0769	 	 	 	16.7458	 	 	 	13.5548	 	 	 	11.2147	 	 	 	9.4749	 	 	 	8.1617	 	 	 	6.4379	 	 	 	6.0376	 	 	 	4.8195	 	 	 	3.4939	 	 	 	2.7543	 	 	 	1.3893	 	 	 	0.0000	 
	+6
    Years	 	 	23.0769	 	 	 	14.7885	 	 	 	10.9118	 	 	 	8.2377	 	 	 	6.4026	 	 	 	5.1423	 	 	 	3.7109	 	 	 	3.4218	 	 	 	2.6503	 	 	 	1.9513	 	 	 	1.5736	 	 	 	0.8451	 	 	 	0.0000	 
	Maturity	 	 	23.0769	 	 	 	13.9860	 	 	 	6.4103	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

 

     - A- 3 -

     

    

 

	Registration Rights:	See Annex B hereto.
	 	 
	Covenants / Events of Default:	The Indenture relating to the Convertible Notes will be based on and substantially
                conform to the Precedent Document, with the modifications necessary to reflect the terms set forth in the Convertible
                Note Subscription Agreement and this Annex A (including, without limitation, the addition of the springing
                Guarantee and the exclusion of Section 3.04 and the subordination provisions in the Precedent Document) and
                as shall be appropriate to take into account the nature of the business of the Issuer, Holdings, the Guarantor
                and Music in light of the organic and strategic growth and development of the business of the Issuer, Holdings,
                the Guarantor and Music anticipated by the Issuer, Holdings, the pro forma capitalization of Holdings and its
                subsidiaries (including after giving effect to the Transactions), changes in law or accounting standards since
                the date of the Precedent Document and such other modifications reasonably satisfactory to Subscriber and to you;
                provided that the cross acceleration default threshold shall be $100.0 million (collectively, the “Agreed
                Terms”).
	 	 
	 	“Precedent Document” means the indenture, dated as of April 17,
               2020, between Coherus Biosciences, Inc. and U.S. Bank National Association, regarding the 1.500% Convertible
               Senior Subordinated Notes due 2026, which can be found at the following link:
	 	 
	 	https://www.sec.gov/Archives/edgar/data/1512762/000110465920048214/tm2015668d4_ex4-1.htm.
	 	 
	AHYDO Catch-Up Payment:	On each interest payment date ending after the fifth anniversary of the Closing Date, Issuer
             shall make a payment (excluding PIK payments) with respect to each Convertible Note such that no part of any Convertible
             Note will be an “applicable high yield discount obligation” within the meaning of Section 163(i)(1) of
             the Code or treated as having “significant original issue discount” within the meaning of Section 163(i)(2) of
             the Code.
	 	 
	Transfer Restrictions:	Customary restrictions (taking into account the Agreed Terms).

 

     - A- 4 -

     

    

 

Annex B

 

Registration Rights

 

The Indenture or related documentation
will provide that the Issuer will, at its cost:

 

		·	Use commercially
                                         reasonable efforts to file a shelf registration statement with the SEC on or prior the
                                         day that is fourteen (14) full calendar months after the Closing Date;

 

		·	use commercially
                                         reasonable efforts to cause such shelf registration statement to become effective on
                                         or prior to the day that is eighteen (18) full calendar months after the Closing Date,
                                         covering resales of the Common Stock, if any, issuable upon conversion of the Convertible
                                         Notes;

 

		·	use commercially
                                         reasonable efforts to keep the shelf registration statement effective to and including
                                         the earlier of (1) the 20th trading day immediately following the maturity date
                                         (subject to extension for any suspension of the effectiveness of the shelf registration
                                         statement during such 20-trading day period immediately following the maturity date)
                                         and (2) the date (i) that is the 20th trading day immediately following the
                                         date on which there are no longer outstanding any Convertible Notes or (ii) on which
                                         there are no shares of Common Stock delivered or deliverable upon conversion, other than
                                         shares of Common Stock that are eligible to be transferred without condition as contemplated
                                         under Rule 144 of the Securities Act.

 

For avoidance of doubt, if the shares
of Common Stock that are issuable upon conversion of the Convertible Notes are eligible to be transferred without condition as
contemplated under Rule 144 of the Securities Act, the Issuer will no longer be required to file or keep effective any shelf
registration statement or pay any additional interest per below. Such determination shall be evidenced by the removal of any restrictive
legend on the Convertible Notes.

 

The Issuer may suspend the effectiveness
of the shelf registration statement or the use of the prospectus that is part of the shelf registration statement during specified
periods under certain circumstances relating to pending corporate developments, public filings with the SEC and similar events.
The Issuer need not specify the nature of the event giving rise to a suspension in any suspension notice to holders of the Convertible
Notes. Each holder, by its acceptance of the Convertible Notes, agrees to hold any such suspension notice in response to a notice
of a proposed sale strictly confidential. Except in the case of a suspension period as the result of the filing of a post-effective
amendment solely to add additional selling unitholders, any suspension period may not exceed an aggregate of:

 

		·	60 days in
                                         any calendar quarter; or

 

		·	120 days in
                                         any calendar year.

 

     - B- 1 -

     

    

 

If any of the following events occurs
as a result of the Issuer’s failure to satisfy its obligations under these registration rights provisions, each such event
would be a registration default:

 

		·	the registration
                                         statement has not been filed prior to the date that is fourteen (14) full calendar months
                                         after the Closing Date;

 

		·	the registration
                                         statement has not become effective on or prior to the day that is eighteen (18) full
                                         calendar months after the Closing Date;

 

		·	the Issuer
                                         has not, through its omission, named a holder as a selling securityholder in the prospectus,
                                         a prospectus supplement or post-effective amendment within the required time periods
                                         as described below;

 

		·	at any time
                                         after the effectiveness date, the registration statement ceases to be effective or is
                                         not usable and the Issuer does not cure the lapse of effectiveness or usability within
                                         10 business days by a post-effective amendment, prospectus supplement or report filed
                                         under the Securities Exchange Act of 1934, as amended (other than (1) in the case
                                         of a suspension period described in the preceding paragraph or (2) in the case of
                                         a suspension of the registration statement as a result of the filing of a post-effective
                                         amendment solely to add additional selling securityholders or to make changes to the
                                         plan of distribution appearing therein); or

 

		·	the suspension
                                         period exceeds the number of days permitted.

 

If a registration default occurs, additional
interest will accrue on the Convertible Notes, from and including the day following such registration default to but excluding
the earlier of (1) the day on which such registration default has been cured and (2) the date the registration statement
is no longer required to be kept effective for the Common Stock. The additional interest will be paid (in cash or PIK, at the
Issuer’s choice) to those entitled to interest payments on such dates semiannually in arrears and will accrue at a rate
per annum equal to:

 

		·	0.25% of the
                                         principal amount of the Convertible Notes to and including the 90th day following such
                                         registration default; and

 

		·	0.50% of the
                                         principal amount of the Convertible Notes from and after the 91st day following such
                                         registration default.

 

The Issuer will not pay additional interest
on any Convertible Note after it has been converted for Common Stock. If a Convertible Note ceases to be outstanding during a
registration default (otherwise than as a result of the holder exercising its conversion rights), the Issuer will prorate the
additional interest to be paid with respect to that Convertible Note.

 

In no event will additional interest exceed
0.50% per annum. If a holder converts some or all of its Convertible Notes into Common Stock when there exists a registration
default, the holder will not be entitled to receive any interest, including additional interest, on such notes.

 

     - B- 2 -

     

    

 

A holder who elects to sell securities
under the shelf registration statement will:

 

		·	be required
                                         to be named as a selling securityholder in the related prospectus;

 

		·	be required
                                         to deliver a prospectus to purchasers;

 

		·	be subject
                                         to the civil liability provisions under the Securities Act in connection with any sales;
                                         and

 

		·	be subject
                                         to the provisions of the registration rights agreement, including indemnification provisions.

 

Under the Indenture (or related documents),
the Issuer will:

 

		·	pay all of
                                         its expenses of the shelf registration statement but holders and the representative will
                                         bear their own expenses;

 

		·	provide each
                                         registered holder with copies of the prospectus;

 

		·	notify holders
                                         when the shelf registration statement has become effective; and

 

		·	take other
                                         reasonable actions as are required to permit unrestricted resales of Common Stock issued
                                         on conversion of the Convertible Notes in accordance with the terms and conditions of
                                         the Indenture and related documents.

 

The plan of distribution contained in
the shelf registration statement will permit resales of registrable securities by selling security holders through brokers and
dealers. In no event may such resales take the form of an underwritten offering of registrable securities without the prior agreement
by the Issuer.

 

     - B- 3 -

     

    

 

In order to be named as a selling securityholder
in the prospectus at the time of effectiveness of the shelf registration statement, a holder must complete and deliver a questionnaire
(a form of which will be provided in the Indenture), together with any other information the Issuer may reasonably request, to
the Issuer on or prior to the 10th day before the effectiveness of the registration statement. On receipt of a completed questionnaire
after that time, together with any other information the Issuer may reasonably request from a selling security holder, the Issuer
will use commercially reasonable efforts to file within 10 business days after receipt any supplements to the related prospectus
or post-effective amendments to the registration statement as are necessary to permit the holder to deliver a prospectus to purchasers
of such shares of Common Stock, subject to its right to suspend the use of the prospectus and provided that the Issuer will not
be obligated to file more than one supplement or post-effective amendment in any 30-day period. Notwithstanding the foregoing,
if the Convertible Notes are converted, the Issuer will use commercially reasonable efforts to file the prospectus supplement
or post-effective amendment within 10 business days of the conversion date. The Issuer will pay the predetermined additional interest
described above to the holder of the Convertible Notes if the Issuer fails to make the filing in the time required. If a holder
does not timely complete and deliver a questionnaire or provide the other information the Issuer may request, that holder will
not be named as a selling securityholder in the prospectus and will not be permitted to sell its securities under the shelf registration
statement or be entitled to any additional interest.

 

     - B- 4 -Exhibit 10.5

 

EXECUTION VERSION

 

July 12, 2020

 

Churchill Capital Corp III

640 Fifth Avenue, 12th Floor

New York, NY 10019

 

(212) 380-7500

 

		Re:	Sponsor Agreement

 

Ladies and Gentlemen:

 

This
letter (this “Sponsor Agreement”) is being delivered to you in connection with that certain Agreement and Plan
of Merger, dated as of the date hereof, by and among Churchill Capital Corp III, a Delaware corporation (“Acquiror”),
Polaris Investment Holdings, L.P., a Delaware limited partnership (“Holdings”), Polaris Parent Corp., a Delaware
corporation (“Parent”, and collectively with Holdings, the “Company”) and the other parties
thereto (the “Merger Agreement”) and hereby amends and restates in its entirety that certain letter, dated
February 13, 2020, from Churchill Sponsor III LLC (the “Sponsor”) and each of the undersigned individuals,
each of whom is a member of Acquiror’s board of directors and/or management team (each, an “Insider”
and collectively, the “Insiders”) to Acquiror (the “Prior Letter Agreement”). Certain capitalized
terms used herein are defined in paragraph 10 hereof. Capitalized terms used but not otherwise defined herein shall have the respective
meanings ascribed to such terms in the Merger Agreement.

 

In
order to induce the Company and Acquiror to enter into the Merger Agreement and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Sponsor and each of the Insiders, hereby severally (and not jointly
and severally) agrees with Acquiror and, at all times prior to any valid termination of the Merger Agreement, the Company as follows:

 

     

     

    

 

1.            The
Sponsor and each Insider hereby unconditionally and irrevocably agrees: (i) that at
any duly called meeting of the stockholders of Acquiror (or any adjournment or postponement thereof), and in any action by written
consent of the stockholders of Acquiror requested by Acquiror’s board of directors or undertaken as contemplated by the
Transactions, the Sponsor and each such Insider shall, if a meeting is held, appear at the meeting, in person or by proxy, or
otherwise cause all of its, his or her shares of Capital Stock to be counted as present thereat for purposes of establishing a
quorum, and it shall vote or consent (or cause to be voted or consented), in person or by proxy, all of its, his or her shares
of Capital Stock (a) in favor of the adoption of the Merger Agreement and approval of the Transactions (and any actions required
in furtherance thereof), (b) against any action, proposal, transaction or agreement that would reasonably be expected to
result in a breach of any representation, warranty, covenant, obligation or agreement of Acquiror contained in the Merger Agreement,
(c) in favor of any other proposals set forth in Acquiror’s proxy statement to be filed by Acquiror with the SEC relating
to the Transactions (including any proxy supplements thereto, the “Proxy Statement”), (d) for any proposal
to adjourn or postpone the applicable stockholder meeting to a later date if (and only if) (1) there are not sufficient votes
for approval of the Merger Agreement and any other proposals related thereto as set forth in the Proxy Statement on the dates
on which such meetings are held or (2) the closing condition in Section 10.03(c) of the Merger Agreement has not
been satisfied, and (e) except as set forth in the Proxy Statement, against the following actions or proposals: (1) any
Business Combination Proposal or any proposal in opposition to approval of the Merger Agreement or in competition with or inconsistent
with the Merger Agreement; and (2) (A) any change in the present capitalization of Acquiror or any amendment of the
Certificate of Incorporation, except to the extent expressly contemplated by the Merger Agreement, (B) any liquidation, dissolution
or other change in Acquiror’s corporate structure or business, (C) any action, proposal, transaction or agreement that
would result in a breach in any material respect of any covenant, representation or warranty or other obligation or agreement
of the Sponsor or such Insider under this Sponsor Agreement, or (D) any other action or proposal involving Acquiror or any
of its subsidiaries that is intended, or would reasonably be expected, to prevent, impede, interfere with, delay, postpone or
adversely affect the Transactions and (ii) not to redeem, elect to redeem or tender or submit any of its shares of Common
Stock owned by it, him or her for redemption in connection with such stockholder approval or proposed Business Combination, or
in connection with any vote to amend Acquiror’s Charter (as defined below). Prior to any valid termination of the Merger
Agreement, (x) the Sponsor and each Insider shall take, or cause to be taken, all actions and to do, or cause to be done,
all things reasonably necessary under applicable Laws to consummate the Merger and the other transactions contemplated by the
Merger Agreement and on the terms and subject to the conditions set forth therein, and (y) the Sponsor and each Insider shall
be bound by and comply with Sections 9.03 (Exclusivity) and 9.05 (Confidentiality; Publicity) of the Merger Agreement (and any
relevant definitions contained in any such Sections) as if such Person were a signatory to the Merger Agreement with respect to
such provisions. If Acquiror seeks to consummate a proposed Business Combination by engaging in a tender offer, the Sponsor and
each Insider agrees that it, he or she will not sell or tender any shares of Capital Stock owned by it, him or her in connection
therewith. The obligations of the Sponsor and the Insiders specified in this paragraph 1 shall apply whether or not the Mergers,
any of the Transactions or any action described above is recommend by Acquiror’s board of directors.

 

     2

    

    

 

2.            The
Sponsor and each Insider hereby agrees that in the event that
Acquiror fails to consummate a Business Combination by February 19, 2022 (or May 19, 2022 if Acquiror has executed
a letter of intent, agreement in principle or definitive agreement for an initial business combination
before February 19, 2022), or such later period approved by Acquiror’s stockholders in accordance with Acquiror’s
amended and restated certificate of incorporation (the “Charter”), the Sponsor and each Insider shall take
all reasonable steps to cause Acquiror to (i) cease all operations except for the purpose of winding up, (ii) as promptly
as reasonably possible but not more than 10 Business Days thereafter, subject to lawfully available funds therefor, redeem 100%
of the Common Stock sold as part of the Units in the Public Offering (the “Offering Shares”), at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (net of amounts
withdrawn to fund Acquiror’s working capital requirements, subject to an annual limit of $1,000,000, and/or to pay Acquiror’s
taxes (“Permitted Withdrawals”)) and less up to $100,000 of interest to pay dissolution expenses)), divided
by the number of then outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’
rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law,
and (iii) as promptly as reasonably possible following such redemption, subject to the approval of Acquiror’s remaining
stockholders and Acquiror’s board of directors, dissolve and liquidate, subject in each case to Acquiror’s obligations
under Delaware law to provide for claims of creditors and other requirements of applicable law. The Sponsor and each Insider agree
to not propose any amendment to the Charter that would modify the substance or timing of Acquiror’s obligation to redeem
100% of the Offering Shares if Acquiror does not complete a Business Combination within the required time period set forth in
the Charter or with respect to any other material provisions relating to stockholders’ rights or pre-initial business combination
activity, unless Acquiror provides its Public Stockholders with the opportunity to redeem their Offering Shares upon approval
of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
including interest (net of Permitted Withdrawals), divided by the number of then outstanding Offering Shares.

 

The
Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies
held in the Trust Account or any other asset of Acquiror as a result of any liquidation of Acquiror with respect to the Founder
Shares held by it, him or her. The Sponsor and each Insider hereby further waive, with respect to any shares of Common Stock held
by it, him or her, if any, any redemption rights it, he or she may have in connection with the consummation of a Business Combination,
including, without limitation, any such rights available in the context of a stockholder vote to approve such Business Combination
or in the context of a tender offer made by Acquiror to purchase shares of Common Stock (although the Sponsor, the Insiders and
their respective Affiliates shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they
hold if Acquiror fails to consummate a Business Combination within the time period set forth in the Charter).

 

3.            Without
limiting their obligations under paragraph 6 below or pursuant to the Investor Rights Agreement, during the period commencing
on the date hereof and ending on the earlier of (a) the valid termination of the Merger Agreement or (b) the Closing,
the Sponsor and each Insider shall not, without the prior written consent of the Company, Transfer any Units, shares of Capital
Stock, warrants (each, a “Warrant”) to purchase shares of Common Stock or any securities convertible into,
or exercisable, or exchangeable for, shares of Common Stock owned by it, him or her. In the event that (i) any shares of
Capital Stock, Warrants or other equity securities of Acquiror are issued to the Sponsor or any Insider after the date hereof
pursuant to any stock dividend, stock split, recapitalization, reclassification, combination or exchange of shares of Capital
Stock of, on or affecting the shares of Capital Stock owned by the Sponsor or any Insider or otherwise, (ii) the Sponsor
or any Insider purchases or otherwise acquires beneficial ownership of any shares of Capital Stock, Warrants or other equity securities
of Acquiror after the date hereof or (iii) the Sponsor or any Insider acquires the right to vote or share in the voting of
any shares of Capital Stock, Warrants or other equity securities of Acquiror after the date hereof (such shares of Capital Stock,
Warrants or other equity securities of Acquiror described in clauses (i), (ii) and (iii), the “New Shares”),
then such New Shares acquired or purchased by the Sponsor or any Insider shall be subject to the terms of this paragraph 3 and
paragraph 1 above to the same extent as if they constituted the Capital Stock or Warrants owned by the Sponsor or any Insider
as of the date hereof.

 

     3

    

    

 

4.            In
the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall
not extend to any other shareholders, members or managers of the Sponsor or any other Insider) agrees to indemnify and hold harmless
Acquiror against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all
legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or
threatened, or any claim whatsoever) to which Acquiror may become subject as a result of any claim by (i) any third party
for services rendered or products sold to Acquiror or (ii) any prospective target business with which Acquiror has entered
into a letter of intent, confidentiality or other similar agreement for a Business Combination (a “Target”);
provided, however, that such indemnification of Acquiror by the Sponsor (x) shall apply only to the extent
necessary to ensure that such claims by a third party or a Target do not reduce the amount of funds in the Trust Account to below
the lesser of (i) $10.00 per Offering Share or (ii) the
actual amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than
$10.00 per Offering Share is then held in the Trust Account due to reductions in the value of the trust assets less Permitted
Withdrawals, (y) shall not apply to any claims by a third party (including a Target) that executed a waiver of any and all
rights to the monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any
claims under Acquiror’s indemnity of Citigroup Global Markets Inc. (the “Representative”) against certain
liabilities, including liabilities under the Securities Act of 1933, as amended. The Sponsor shall have the right to defend against
any such claim with counsel of its choice reasonably satisfactory to Acquiror if, within 15 days following written receipt of
notice of the claim to the Sponsor, the Sponsor notifies Acquiror in writing that it shall undertake such defense. For the avoidance
of doubt, none of Acquiror’s officers or directors will indemnify Acquiror for claims by third parties, including, without
limitation, claims by vendors and prospective target businesses.

 

5.            The
Sponsor and each Insider hereby agrees and acknowledges that: (i) the
Representative, Acquiror and, prior to any valid termination of the Merger Agreement, the Company would be irreparably injured
in the event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 6(a), 6(b),
6(c), 6(d), 8 and 12, as applicable, of this Sponsor Agreement (with respect to the Representative, only such provisions as were
contained in the Prior Letter Agreement), (ii) monetary damages may not be an adequate
remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive
relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.

 

6.             (a)           In
the event that (i) the Closing does not occur for any reason (including, without limitation, as a result of the valid
termination of the Merger Agreement), the Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder
Shares (or shares of Common Stock issuable upon conversion thereof) until the earlier of (A) one year after the
completion of Acquiror’s initial Business Combination or (B) subsequent to the Business Combination, (x) if
the closing price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least
150 days after Acquiror’s initial Business Combination or (y) the date on which Acquiror completes a liquidation,
merger, capital stock exchange, reorganization or other similar transaction that results in all of Acquiror’s
stockholders having the right to exchange their shares of Common Stock for cash, securities or other property and
(ii) the Closing does occur, the Sponsor and each Insider agrees that it, he or she shall not Transfer (A) any
Founder Shares or any other Capital Stock of Acquiror owned by such Person as of the Closing Date (after giving effect to the
consummation of the Transactions) or the Private Placement Warrants identified on Annex A as “Locked-Up
Warrants”, or (B) any shares of Common Stock issued or issuable upon the exercise of such Private Placement
Warrants identified on Annex A as “Locked-Up Warrants” (clauses (A) and (B), collectively, the
 “Locked-Up Acquiror Securities”) until the eighteen month anniversary of the Closing Date (such period,
the “Founder Shares Lock-up Period”).

 

     4

    

    

 

(b)           In
the event that the Closing does not occur for any reason (including, without limitation, as a result of the valid termination
of the Merger Agreement), the Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement Warrants
(or shares of Common Stock issued or issuable upon the exercise of the Private Placement Warrants) until 30 days after the completion
of a Business Combination (the “Private Placement Warrants Lock-up Period”, and together with the Founder Shares
Lock-up Period, the “Lock-up Periods”).

 

(c)           Notwithstanding
the provisions set forth in paragraphs 3 and 6(a) and (b), but subject to the provisions set forth in paragraph 6(d), (i) upon
the valid termination of the Merger Agreement, the following Transfers of the Founder Shares, the Private Placement Warrants and
shares of Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares
that are held by the Sponsor, any Insider or any of their permitted transferees (that have complied with this paragraph 6(c)),
are permitted: (A) to Acquiror’s officers or directors, any affiliates or family members of any of Acquiror’s
officers or directors, any members of the Sponsor, or any affiliates of the Sponsor; (B) in the case of an individual,
transfers by gift to a member of the individual’s immediate family, to a trust, the beneficiary of which is a member of
the individual’s immediate family or an affiliate of such person, or to a charitable organization; (C) in the
case of an individual, transfers by virtue of laws of descent and distribution upon death of the individual; (D) in
the case of an individual, transfers pursuant to a qualified domestic relations order; (E) transfers by private sales
or transfers made in connection with the consummation of a Business Combination at prices no greater than the price at which the
securities were originally purchased; (F) transfers in the event of Acquiror’s liquidation prior to the completion
of an initial Business Combination; (G) transfers by virtue of the laws of the State of Delaware or the Sponsor’s
limited liability company agreement upon dissolution of the Sponsor; (H) in the event of Acquiror’s completion
of a liquidation, merger, stock exchange, reorganization or other similar transaction which results in all of Acquiror’s
public stockholders having the right to exchange their shares of Common Stock for cash, securities or other property subsequent
to the completion of the initial business combination; (I) to a nominee or custodian of a person or entity to whom a
disposition or transfer would be permissible under clauses (A) through (H) above; provided, however,
that in the case of clauses (A) through (E) and (I), these permitted transferees must enter into a written agreement
with Acquiror agreeing to be bound by the transfer restrictions herein and the other restrictions contained in this Sponsor Agreement
(including provisions relating to voting, the Trust Account and liquidating distributions) and (ii) during the period commencing
on the date hereof and ending on the earlier of (x) the expiration of the Lock-up Periods and (y) the date of any valid
termination of the Merger Agreement, the following, Transfers of the Founder Shares, the Private Placement Warrants identified
on Annex A as “Locked-Up Warrants”, shares of Common Stock issued or issuable upon the exercise or conversion
of the Private Placement Warrants identified on Annex A as “Locked-Up Warrants”
or the Founder Shares, that are held by the Sponsor or any Insider or any of their permitted transferees (that have complied
with this paragraph 6(c)), are permitted in accordance with Section 4.2 of the Investor Rights Agreement; provided,
that to the extent such members have obligations pursuant to this Sponsor Agreement, such members shall confirm in writing to
Acquiror and the Company that the securities so distributed to them will continue to be subject to such obligations; provided,
further, that any other permitted transferees must enter into a written agreement with Acquiror or the Company agreeing
to be bound by the transfer restrictions herein.

 

     5

    

    

 

(d)           Vesting
Provisions. The Sponsor agrees that, as of the Closing, all of (A) the Founder Shares or shares of Common Stock issued
or issuable upon the exercise or conversion of the Founder Shares as identified on Annex A as “Vesting Shares”
and (B) the Private Placement Warrants as identified on Annex A as being “Vesting Warrants,” in each case,
as of the Closing shall be unvested and shall be subject to the vesting and forfeiture provisions set forth in this paragraph
6(d). The Sponsor agrees that it shall not (and will cause its Affiliates not to) Transfer any unvested Founder Shares or shares
of Common Stock issued or issuable upon the exercise or conversion of the unvested Founder Shares or any unvested Private Placement
Warrants prior to the later of (x) the expiration of the Founder Shares Lock-up Period and (y) the date such Founder
Shares, shares of Common Stock or Private Placement Warrants become vested pursuant to this paragraph 6(d). For the avoidance
of doubt, it is acknowledged and agreed that any Founder Shares, shares of Common Stock issued or issuable upon the exercise or
conversion of the Founder Shares and Private Placement Warrants that are not identified on Annex A as being either “Vesting
Shares” or “Vesting Warrants” shall not be subject to the provisions of this paragraph 6(d).

 

(i)            Vesting
of Shares. The unvested Founder Shares or shares of Common Stock issued or issuable upon the exercise or conversion of the
unvested Founder Shares Beneficially Owned by Sponsor and identified on Annex A as “Vesting Shares” shall vest
at such time as a $12.50 Stock Price Level is achieved on or before the date that is five years after the Closing Date. Unvested
Founder Shares (or shares of Common Stock) that do not vest in accordance with this paragraph 6(d)(i) on or before the date
that is five years after the Closing Date will be forfeited immediately following the five-year anniversary of the Closing Date.

 

(ii)           Vesting
of Private Placement Warrants. The unvested Private Placement Warrants Beneficially Owned by Sponsor and identified on Annex
A as “Vesting Warrants” shall vest at such time as a $12.50 Stock Price Level is achieved on or before the date
that is five years after the Closing Date. Unvested Private Placement Warrants that do not vest in accordance with this paragraph
6(d)(ii) on or before the date that is five years after the Closing Date will be forfeited immediately following the five-year
anniversary of the Closing Date.

 

     6

    

    

 

(iii)          Acceleration
of Vesting upon an Acquiror Sale. In the event of an Acquiror Sale (as defined below) prior to the fifth anniversary of the
Closing Date (or prior to the sixth anniversary of the Closing Date for purposes of paragraph 6(d)(iii)(4)), the vesting of unvested
Founder Shares, shares of Common Stock issued or issuable upon the exercise or conversion of the unvested Founder Shares and the
unvested Private Placement Warrants shall be accelerated or the unvested Founder Shares, shares of Common Stock or Private Placement
Warrants will be forfeited, as follows:

 

(1)           With
respect to the unvested Founder Shares (or shares of Common Stock) and Private Placement Warrants that were eligible to vest pursuant
to paragraph 6(d)(i) or 6(d)(ii), as the case may be, if such Acquiror Sale occurs on or before the date that is five years
after the Closing Date, then (i) such Founder Shares (or shares of Common Stock) and Private Placement Warrants will fully
vest as of immediately prior to the closing of such Acquiror Sale only if the per share price of the Common Stock paid or implied
in such Acquiror Sale equals or exceeds $12.50, (ii) no portion of such Founder Shares (or shares of Common Stock) and Private
Placement Warrants will vest in connection with such Acquiror Sale if the per share price of the Common Stock paid or implied
in such Acquiror Sale is less than $10.00, and (iii) if the per share price of the Common Stock paid or implied in such Acquiror
Sale is equal to or greater than $10.00 and less than $12.50, the number of such Founder Shares (or shares of Common Stock) and
Private Placement Warrants that will vest in connection with such Acquiror Sale will be determined based on linear interpolation
between such share price levels (e.g., 50% of such Founder Shares (or shares of Common Stock) and Private Placement Warrants
will vest if the per share price of the Common Stock paid or implied in such Acquiror Sale is $11.25), and no remaining portion
of such Founder Shares (or shares of Common Stock) and Private Placement Warrants will vest in connection with such Acquiror Sale.

 

(2)           Unvested
Founder Shares (or shares of Common Stock) and Private Placement Warrants that do not vest in accordance with this paragraph 6(d)(iii) upon
the occurrence of an Acquiror Sale will be forfeited immediately prior to the closing of such Acquiror Sale and in accordance
with paragraph 6(d)(iv).

 

(3)           For
purposes of this paragraph 6(d)(iii), “Acquiror Sale” means (A) a purchase, sale, exchange, business combination
or other transaction (including a merger or consolidation of Acquiror with or into any other corporation or other entity) in which
the equity securities of Acquiror, its successor or the surviving entity of such business combination or other transaction are
not registered under the Securities Exchange Act or 1934, as amended (the “Exchange Act”) or listed or quoted
for trading on a national securities exchange or (B) a sale, lease, exchange or other transfer in one transaction or a series
of related transactions of all or substantially all of Acquiror’s assets to a third party that is not an Affiliate of the
Sponsor (or a group of third parties that are not Affiliates of the Sponsor). For avoidance of doubt, following a transaction
or business combination that is not an “Acquiror Sale” hereunder, including a transaction or business combination
in which the equity securities of the surviving entity of such business combination or other transaction are registered under
the Exchange Act and listed or quoted for trading on a national securities exchange, the equitable adjustment provisions of paragraph
21 shall apply, including, without limitation, to performance vesting criteria.

 

     7

    

    

 

(4)           Holders
of Founder Shares or shares of Common Stock subject to the vesting provisions of this paragraph 6(d) shall be entitled to
vote such Founder Shares or shares of Common Stock and receive dividends and other distributions with respect to such Founder
Shares or shares of Common Stock prior to vesting; provided, that dividends and other distributions with respect to Founder
Shares or shares of Common Stock that are subject to vesting pursuant to paragraph 6(d)(i) shall be set aside by Acquiror
and shall only be paid to such holders upon the vesting of such Founder Shares or shares of Common Stock issuable upon the conversion
of the Founder Shares (if at all); for the avoidance of doubt, such dividends and other distributions shall be paid only on the
portion of the unvested Founder Shares or shares of Common Stock that vest.

 

(iv)          Forfeiture.

 

(1)           Unvested
Founder Shares or shares of Common Stock that are forfeited pursuant to paragraph 6(d)(i) or 6(d)(iii) shall be transferred
by Sponsor to Acquiror, without any consideration for such Transfer, and cancelled.

 

(2)           Unvested
Private Placement Warrants that are forfeited pursuant to paragraph 6(d)(ii) or 6(d)(iii) shall be transferred by Sponsor
to Acquiror, without any consideration for such Transfer, and cancelled.

 

(v)           Stock
Price Level. For purposes of this paragraph 6(d), the applicable “Stock Price Level” will be considered
achieved only when the last reported sale price per share of Common Stock on the New York Stock Exchange, or such other securities
exchange where the Common Stock is listed or quoted, equals or exceeds the applicable threshold for any 40 trading days during
a 60 consecutive trading day period, which 60 consecutive trading day period will not commence until the first anniversary of
the Closing Date. The Stock Price Levels (and the share price levels in an Acquiror Sale in paragraph 6(d)(iii)) will be equitably
adjusted on account of any stock split, reverse stock split or similar equity restructuring transaction.

 

(vi)          Waiver
of Conversion Ratio Adjustment.

 

(1)           (A) Section 4.3(b)(i) of
the Charter provides that each share of Class B Common Stock shall automatically convert into one share of Common Stock (the
 “Initial Conversion Ratio”) at the time of the Business Combination, and (B) Section 4.3(b)(ii) of
the Charter provides that the Initial Conversion Ratio shall be adjusted (the “Adjustment”) in the event that
additional shares of Common Stock are issued in excess of the amounts offered in Acquiror’s initial public offering of securities
such that the Sponsor and the Insiders shall continue to own 25% of the issued and outstanding shares of Capital Stock after giving
effect to such issuance.

 

(2)           As
of and conditioned upon the Closing, the Sponsor and each Insider hereby irrevocably relinquishes and waives any and all rights
the Sponsor and each Insider has or will have under Section 4.3(b)(ii) of the Charter to receive shares of Common Stock
in excess of the number issuable at the Initial Conversion Ratio upon conversion the existing Class B Common Stock held by
him, her or it, as applicable, in connection with the Closing as a result of any Adjustment, and, as a result, the shares of Class B
Common Stock shall convert into shares of Common Stock (or such equivalent security) at Closing on a one-for-one basis.

 

     8

    

    

 

7.            The
Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled
from membership in any securities or commodities exchange or association or had a securities or commodities license or registration
denied, suspended or revoked. Each Insider’s biographical information furnished to Acquiror (including any such information
included in the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the
Insider’s background. The Sponsor and each Insider represents and warrants that: it, he or she is not subject to or a respondent
in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice
relating to the offering of securities in any jurisdiction; it, he or she has never been convicted of, or pleaded guilty to, any
crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining
to any dealings in any securities and it, he or she is not currently a defendant in any such criminal proceeding.

 

8.             Except
as disclosed in the Prospectus or on Schedule 6.07 (Brokers’ Fees) of the Merger Agreement, neither the Sponsor nor any
Insider nor any affiliate of the Sponsor or any Insider, nor any director
or officer of Acquiror, shall receive from Acquiror any finder’s fee, reimbursement, consulting fee, monies in respect of
any repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate the
consummation of Acquiror’s initial Business Combination (regardless of the type of transaction that it is), other than the
following, none of which will be made from the proceeds held in the Trust Account prior to the completion of the initial Business
Combination and each of which shall, as of and in connection with the Closing, be paid off in full and no further liabilities
or obligations in respect thereof shall be due and owing by Acquiror or the Company or any of its Subsidiaries from and after
the Closing: repayment of a loan and advances of up to $600,000 made to Acquiror by the Sponsor to cover expenses related to the
organization of Acquiror and the Public Offering; payment to the Klein Group, LLC pursuant to that certain Engagement Letter,
dated as of July 12, 2020; payment to M. Klein Associates, Inc.
for office space and related support services for a total of $50,000 per month; reimbursement for any reasonable out-of-pocket
expenses related to identifying, investigating and consummating an initial Business Combination; and repayment of loans, if any,
and on such terms as to be determined by Acquiror from time to time, made by the Sponsor or certain of Acquiror’s officers
and directors to finance transaction costs in connection with an intended initial Business Combination, provided, that, if Acquiror
does not consummate an initial Business Combination, a portion of the working capital held outside the Trust Account may be used
by Acquiror to repay such loaned amounts so long as no proceeds from the Trust Account are used for such repayment. Up to $1,500,000
of such loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant at the
option of the lender. Such warrants would be identical to the Private Placement Warrants, including as to exercise price, exercisability
and exercise period and included in the up to 24,500,000 Acquiror Warrants to be issued to the Sponsor as provided in Section 6.11
of the Merger Agreement. Klein Group, LLC, M. Klein and Company and M. Klein Associates Inc. join this Agreement solely for purposes
of acknowledging and agreeing that any right to perform advisory services for, to receive any fees from, provide support services
for or lease space to Acquiror or any of its Subsidiaries (including, from and after the Closing, the Company or any of its Subsidiaries)
and shall not be entitled to payment from Acquiror or any of its Subsidiaries with respect thereto, other than to the extent specifically
agreed to be paid as part of, and subject to the limits of, Acquiror Transaction Expenses in accordance with the Merger Agreement.
During the period commencing on the date hereof and ending on the earlier of (i) the consummation of the Closing and
(ii) the valid termination of the Merger Agreement, the Sponsor and each Insider agrees not to enter into, modify or amend
any Contract between or among the Sponsor, any Insider, anyone related by blood, marriage or adoption to any Insider or any Affiliate
of any such Person (other than Acquiror or any of its Subsidiaries), on the one hand, and Acquiror or any of its Subsidiaries,
on the other hand, that would contradict, limit, restrict or impair (x) any party’s ability to perform or satisfy any
obligation under this Sponsor Agreement or (y) the Company’s or Acquiror’s ability to perform or satisfy any
obligation under the Merger Agreement.

 

     9

    

    

 

9.            The
Sponsor and each Insider has full right and power, without violating any agreement to which it is bound
(including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter
into this Sponsor Agreement and, as applicable, to serve as an officer and/or a director on the board of directors of Acquiror.

 

10.           As
used herein, the following terms shall have the respective meanings set forth below:

 

(a)           “Business
Combination” shall mean a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar
business combination, involving Acquiror and one or more businesses;

 

(b)           “Capital
Stock” shall mean, collectively, the Common Stock and the Founder Shares;

 

(c)           “Class B
Common Stock” shall mean Acquiror’s Class B common stock, par value $0.0001 per share;

 

(d)          “Common
Stock” shall mean Acquiror’s Class A common stock, par value $0.0001 per share;

 

(e)           “Commission”
means the U.S. Securities and Exchange Commission;

 

(f)           “Founder
Shares” shall mean the 27,500,000 shares of Class B Common Stock Beneficially Owned by the Sponsor;

 

(g)           “Private
Placement Warrants” shall mean the warrants to purchase up to 23,000,000 shares (as may be increased to warrants to
purchase up to 24,500,000 in accordance with paragraph 8 hereof) of Common Stock Beneficially Owned by the Sponsor;

 

     10

    

    

  

 

(h)            “Prospectus”
shall mean the registration statement on Form S-1 and prospectus filed by Acquiror with the Commission in connection with
the Public Offering;

 

(i)            “Public
Offering” shall mean the underwritten initial public offering of 110,000,000 of Acquiror’s units (the “Units”),
each comprised of one share of Common Stock and one-fourth of one Warrant;

 

(j)            “Public
Stockholders” shall mean the holders of securities issued in the Public Offering;

 

(k)            “Transfer”
shall mean the, direct or indirect, voluntary or involuntary, (a) transfer, sale or assignment of, offer to sell, contract
or agreement to sell, hypothecate, pledge, grant of any option to purchase, distribution 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 Exchange Act and the rules and regulations
of the Commission promulgated thereunder with respect to, any security, (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 security, 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) above; and

 

(l)            “Trust
Account” shall mean the trust fund into which the net proceeds of the Public Offering and a portion of the proceeds from
the sale of the Private Placement Warrants were deposited.

 

11.          This
Sponsor Agreement and the other agreements referenced herein constitute the entire agreement and understanding of the parties hereto
in respect of the subject matter hereof and supersede all prior understandings,
agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject
matter hereof or the transactions contemplated hereby, including, without limitation, the Prior Letter Agreement. This Sponsor
Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision,
except by a written instrument executed by all parties hereto and the Company, it being acknowledged and agreed that the Company’s
execution of such an instrument will not be required after any valid termination of the Merger Agreement.

 

12.          Except
as otherwise provided herein, no party hereto may assign either this Sponsor Agreement or any of its
rights, interests, or obligations hereunder without the prior written consent of the other parties and the Company (except that,
following any valid termination of the Merger Agreement, no consent from the Company shall be required). Any purported assignment
in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or
assign any interest or title to the purported assignee. This Sponsor Agreement shall be binding on Acquiror, the Sponsor and each
Insider and their respective successors, heirs and assigns and permitted transferees.

 

     11

    

    

 

13.          Nothing
in this Sponsor Agreement shall be construed to confer upon, or give to, any person or entity other than
the parties hereto any right, remedy or claim under or by reason of this Sponsor Agreement or of any covenant, condition, stipulation,
promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements
contained in this Sponsor Agreement shall be for the sole and exclusive benefit of Acquiror, the Sponsor
and the Insiders (and, prior to any valid termination of the Merger Agreement, the Company) and their successors, heirs, personal
representatives and assigns and permitted transferees.  Notwithstanding anything herein to the contrary, each of the
Acquiror, the Sponsor and each Insider acknowledges and agrees that the Company is an express third party beneficiary of this Agreement
and may directly enforce (including by an action for specific performance, injunctive relief or other equitable relief) each of
the provisions set forth in this Sponsor Agreement as though directly party hereto.

 

14.          This
Sponsor Agreement may be executed in any number of original or facsimile counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and
the same instrument.

 

15.          This
Sponsor Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Sponsor Agreement or of any other term or provision hereof Furthermore, in lieu of any such
invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Sponsor Agreement
a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

16.          This
Sponsor Agreement, and all claims or causes of action (each, an “Action”) based upon, arising out of, or related
to this Sponsor Agreement or the transactions contemplated hereby, shall be governed by, and construed in accordance with, the
Laws of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent such principles
or rules would require or permit the application of Laws of another jurisdiction. Any Action based upon, arising out of or
related to this Sponsor Agreement or the transactions contemplated hereby may be brought in federal and state courts located in
the State of Delaware, and each of the parties irrevocably submits to the exclusive jurisdiction of each such court in any such
Action, waives any objection it may now or hereafter have to personal jurisdiction, venue or to convenience of forum, agrees that
all claims in respect of the Action shall be heard and determined only in any such court, and agrees not to bring any Action arising
out of or relating to this Sponsor Agreement or the transactions contemplated hereby in any other court. Nothing herein contained
shall be deemed to affect the right of any party to serve process in any manner permitted by Law or to commence legal proceedings
or otherwise proceed against any other party in any other jurisdiction, in each case, to enforce judgments obtained in any Action
brought pursuant to this paragraph. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS SPONSOR AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    12

     

    

 

17.           Any
notice, consent or request to be given in connection with any of the terms or provisions of this Sponsor Agreement shall be in
writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by
hand delivery or email transmission to the receiving party’s address or email address set forth above or on the receiving
party’s signature page hereto; provided that any such notice, consent or request to be given to Acquiror or the Company
at any time prior to the valid termination of the Merger Agreement shall be given in accordance with the terms of Section 12.02
(Notices) of the Merger Agreement.

 

18.          This
Sponsor Agreement shall terminate on the earlier of (i) the latest of (x) the expiration of the Lock-up Periods and (y) the
vesting in full and delivery of all Vesting Shares and Vesting Warrants, or (ii) the liquidation of Acquiror; provided,
however, that paragraph 4 of this Sponsor Agreement shall survive such liquidation for a period of six years; provided,
further, that no such termination shall relieve the Sponsor, any Insider or the Acquiror from any liability resulting from
a breach of this Sponsor Agreement occurring prior to such termination.

 

19.          Each
party hereto that is also a party to that certain Registration Rights Agreement, dated as of February 13, 2020, by and among
Acquiror, the Sponsor and the other parties signatory thereto (the “Existing Registration Rights Agreement”)
effective as of the Closing. On or about the date hereof, the Sponsor and each Insider contemplated to become a party to the Investor
Rights Agreement (the “Investor Rights Agreement”) shall deliver to Acquiror such agreement, duly executed by
such Person, in the form attached to the Merger Agreement.

 

    13

     

    

 

20.          Each
of the Sponsor and the Insiders hereby represents and warrants (severally and not jointly as to itself, himself or herself only)
to Acquiror and the Company as follows: (i) if such Person is not an individual, it is duly organized, validly existing and
in good standing under the laws of the jurisdiction in which it is incorporated, formed, organized or constituted, and the execution,
delivery and performance of this Sponsor Agreement and the consummation of the transactions contemplated hereby are within such
Person’s corporate, limited liability company or organizational powers and have been duly authorized by all necessary corporate,
limited liability company or organizational actions on the part of such Person; (ii) if such Person is an individual, such
Person has full legal capacity, right and authority to execute and deliver this Sponsor Agreement and to perform his or her obligations
hereunder; (iii) this Sponsor Agreement has been duly executed and delivered by such Person and, assuming due authorization,
execution and delivery by the other parties to this Sponsor Agreement, this Sponsor Agreement constitutes a legally valid and binding
obligation of such Person, enforceable against such Person in accordance with the terms hereof (except as enforceability may be
limited by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of equity affecting the
availability of specific performance and other equitable remedies); (iv) the execution and delivery of this Sponsor Agreement
by such Person does not, and the performance by such Person of his, her or its obligations hereunder will not, (A) if such
Person is not an individual, conflict with or result in a violation of the organizational documents of such Person, or (B) require
any consent or approval that has not been given or other action that has not been taken by any third party (including under any
Contract binding upon such Person or such Person’s Founder Shares or Private Placement Warrants, as applicable), in each
case, to the extent such consent, approval or other action would prevent, enjoin or materially delay the performance by such Person
of its, his or her obligations under this Sponsor Agreement; (v) there are no Actions pending against such Person or, to the
knowledge of such Person, threatened against such Person, before (or, in the case of threatened Actions, that would be before)
any arbitrator or any Governmental Authority, which in any manner challenges or seeks to prevent, enjoin or materially delay the
performance by such Person of its, his or her obligations under this Sponsor Agreement; (vi) except for fees described on
Schedule 6.07 (Brokers’ Fees) of the Merger Agreement, no financial advisor, investment banker, broker, finder or other similar
intermediary is entitled to any fee or commission from such Person, Acquiror, any of its Subsidiaries or any of their respective
Affiliates in connection with the Merger Agreement or this Sponsor Agreement or any of the respective transactions contemplated
thereby and hereby, in each case, based upon any arrangement or agreement made by or, to the knowledge of such Person, on behalf
of such Person, for which Acquiror, the Company or any of their respective Affiliates would have any obligations or liabilities
of any kind or nature; (vii) such Person has had the opportunity to read the Merger Agreement and this Sponsor Agreement and
has had the opportunity to consult with its tax and legal advisors; (viii) such Person has not entered into, and shall not
enter into, any agreement that would restrict, limit or interfere with the performance of such Person’s obligations hereunder;
(ix) except as otherwise described in this Sponsor Agreement, such Person has the direct or indirect interest in all of its,
his or her Common Stock or Warrants and Founder Shares and Private Placement Warrants, which are held through the Sponsor, the
Sponsor has good title to all such Founder Shares and Private Placement Warrants and any Common Stock or Warrants held by the Sponsor,
and there exist no Liens or any other limitation or restriction (including, without limitation, any restriction on the right to
vote, sell or otherwise dispose of such securities (other than transfer restrictions under the Securities Act) affecting any such
securities, other than pursuant to (A) this Sponsor Agreement, (B) the Charter, (C) the Merger Agreement, (D) the
Existing Registration Rights Agreement, or (E) any applicable securities laws; (x) the Founder Shares and Private Placement
Warrants listed on Annex A are the only equity securities in Acquiror (including, without limitation, any equity securities
convertible into, or which can be exercised or exchanged for, equity securities of Acquiror) owned of record or Beneficially Owned
by such Person as of the date hereof and such Person has the sole power to dispose of (or sole power to cause the disposition of)
and the sole power to vote (or sole power to direct the voting of) such Founder Shares and Private Placement Warrants and none
of such Founder Shares or Private Placement Warrants is subject to any proxy, voting trust or other agreement or arrangement with
respect to the voting of such Founder Shares or Private Placement Warrants, except as provided in this Sponsor Agreement; the Sponsor
and each Insider hereby agrees to supplement Annex A from time to time to the extent that the Sponsor or any Insider acquires
additional securities in Acquiror; and (xi) such Person is not currently (and at all times through Closing will refrain from
being or becoming) a member of a “group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of
the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of
equity securities of the Issuer (within the meaning of Rule 13d-5(b)(1) under the Exchange Act).

 

    14

     

    

 

21.           If,
and as often as, there are any changes in Acquiror, the Common Stock, the Founder Shares or the Private Placement Warrants by way
of stock split, stock dividend, combination or reclassification, or through merger, consolidation, reorganization, recapitalization
or business combination, or by any other means, equitable adjustment shall be made to the provisions of this Sponsor Agreement
as may be required so that the rights, privileges, duties and obligations hereunder shall continue with respect to Acquiror, Acquiror’s
successor or the surviving entity of such transaction, the Common Stock, the Founder Shares or the Private Placement Warrants,
each as so changed. For the avoidance of doubt, such equitable adjustment shall be made to the performance criteria set forth in
paragraph 6(d).

 

22.          Each
of the parties hereto agrees to execute and deliver hereafter any further document, agreement or instrument of assignment, transfer
or conveyance as may be necessary or desirable to effectuate the purposes hereof and as may be reasonably requested in writing
by another party hereto.

 

[Signature Page Follows]

 

    15

     

    

 

	 	 	Sincerely,
	 	 	 
	 	 	SPONSOR:
	 	 	 
	 	 	CHURCHILL SPONSOR III LLC
	 	 	 
	 	 	By: 	    /s/
    Jay Taragin
	 	 	 	Name: 	Jay Taragin
	 	 	 	Title:	Authorized Person

 

 

 

[Signature Page to Sponsor Agreement]

 

    

     

    

 

	 	 	INSIDERS:
	 	 	 
	 	 	By:	    /s/ Michael Klein
	 	 	 	Name:	 Michael Klein
	 	 		Address:
	 	 	 	 
	 	 	 	Email:
	 	 		 
	 	 	 	 
	 	 	By:	    /s/ Jay Taragin
	 	 	 	Name: 	Jay Taragin
	 	 		Address:
	 	 	 	 
	 	 	 	Email:
	 	 		 
	 	 	 	 
	 	 	By:	    /s/ Jeremy Paul Abson
	 	 	 	Name: 	Jeremy Paul Abson
	 	 		Address:
	 	 	 	 
	 	 	 	Email:
	 	 		 
	 	 	 	 
	 	 	By:	    /s/ Glenn R. August
	 	 	 	Name: 	Glenn R. August
	 	 		Address:
	 	 	 	 
	 	 	 	Email:
	 	 		 
	 	 	 	 
	 	 	By:	    /s/ Mark Klein
	 	 	 	Name: 	Mark Klein
	 	 		Address:
	 	 	 	 
	 	 	 	Email:
	 	 		 
	 	 	 	 
	 	 	By:	    /s/ Malcolm S. McDermid
	 	 	 	Name: 	Malcolm S. McDermid
	 	 		Address:
	 	 	 	 
	 	 	 	Email:
	 	 		 
	 	 	 	 
	 	 	By:	    /s/ Karen G. Mills
	 	 	 	Name: 	Karen G. Mills
	 	 		Address:
	 	 	 	 
	 	 	 	Email:

 

[Signature
Page to Sponsor Agreement]

 

    

     

    

 

	Acknowledged and Agreed:	 	 
	 	 	 	 
	CHURCHILL CAPITAL CORP III	 	 
	 	 	 
	By:	    /s/ Jay Taragin	 	 
	 	Name: 	Jay Taragin	 	 
	 	Title:	 Chief Financial Officer	 	 

 

 

 

[Signature
Page to Sponsor Agreement]

 

    

     

    

 

	Acknowledged and Agreed:	 	 
	 	 	 	 
	M. KLEIN AND COMPANY	 	 
	 	 	 	 
	By:	    /s/ Jay Taragin	 	 
	 	Name:	Jay Taragin	 	 
		Title: 	Authorized Person	 	 
	 	 	 	 
	M. KLEIN ASSOCIATES, INC.	 	 
	 	 	 	 
	By:	    /s/ Jay Taragin	 	 
	 	Name:	Jay Taragin	 	 
		Title: 	Authorized Person	 	 
	 	 	 	 
	THE KLEIN GROUP, LLC	 	 
	 	 	 	 
	By:	    /s/ Jay Taragin	 	 
	 	Name: 	Jay Taragin	 	 
		Title: 	Authorized Person	 	 

 

 

 

[Signature
Page to Sponsor Agreement]

 

    

     

    

 

Annex A

 

	 	 	 
	 	Founder Shares*	Private Placement Warrants
	 	 	 
	 	 	 
	Churchill

Sponsor III LLC	27,500,000 (of which 12,404,080 are Vesting Shares)	23,000,000, which may be increased to up to 24,500,000 in accordance with paragraph 8 above and Section 6.11 of the Merger Agreement (in each case, of which 4,800,000 are Vesting Warrants and Locked- Up Warrants)
	 	 	 
	 	 	 
	Michael Klein	0**	0**
	 	 	 
	 	 	 
	Jay Taragin	0	0
	 	 	 

 

* Includes shares of Common Stock issued or issuable
upon the exercise or conversion of the Founder Shares.

 

** Michael Klein may be deemed to Beneficially Own
the Founders Shares and Private Placement Warrants owned by Churchill Sponsor III LLC.

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