Document:

Exhibit 10.4

 

ESCROW
AGREEMENT

 

THIS ESCROW AGREEMENT
(this “Agreement”) is made and entered into as of October 15, 2020, by and among Forum Investors II LLC, a Delaware
limited liability company, (the ”Sponsor”), Tattooed Chef, Inc. (f/k/a Forum Merger II Corporation), a
Delaware corporation, (the “Parent” and, together with the “Sponsor”, sometimes referred to individually
as a “Party” and collectively as the “Parties”), and Citibank, N. A., as escrow agent (the
“Escrow Agent”). Capitalized terms used but not defined herein shall have the meanings ascribed to such terms
in that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of June 11, 2020, by and among
(i) the Parent, (ii) Sprout Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent, (iii) Myjojo, Inc.,
a Delaware corporation, and (iv) Salvatore Galletti, in his capacity as the initial Holder Representative thereunder.

 

RECITALS

 

WHEREAS, the Merger Agreement
provides that, at the Closing, Sponsor shall deposit Two Million Five Hundred Thousand (2,500,000) shares of Parent Common Stock
(the “Sponsor Shares”) into an escrow account (the “Sponsor Account”) to be held in accordance
with the terms of the Merger Agreement and this Agreement.

 

NOW THEREFORE, in consideration
of the foregoing and of the mutual covenants hereinafter set forth, the parties hereto agree as follows:

 

		1.	Appointment. The Parties hereby appoint the Escrow Agent as their escrow agent for the purposes
set forth herein, and the Escrow Agent hereby accepts such appointment and agrees to act as escrow agent in accordance with the
terms and conditions set forth herein.

 

		2.	Escrow Property.

 

(a) Simultaneous with
the execution and delivery of this Agreement, Sponsor is depositing, or causing to be deposited, with the Escrow Agent the Sponsor
Shares, in book-entry form, to be held at Parent’s transfer agent in the name of the Escrow Agent (the “Escrow Shares”)
into the Sponsor Account (the “Escrow Account”). The Escrow Agent hereby acknowledges receipt of the Escrow
Shares. The Escrow Agent shall hold the Escrow Shares, including all interest, dividends, gains and other income paid or earned
with respect thereto (including pursuant to or as a part of any merger, acquisition, consolidation, acquisition of property or
stock, reorganization or liquidation involving Parent or any of its subsidiaries) (collectively, the “Escrow Earnings”),
if any, minus any payments or distributions made therefrom in accordance with this Agreement (collectively, the “Escrow
Funds”), subject to the terms and conditions of this Agreement. The Escrow Agent agrees to hold and distribute the Escrow
Funds and the Escrow Shares (collectively, the “Escrow Property”) in accordance with the terms of this Agreement.

 

(b) For greater certainty,
all Escrow Earnings shall be retained by the Escrow Agent and reinvested in the Escrow Funds and shall become part of the Escrow
Funds; and shall be disbursed as part of the Escrow Funds in accordance with the terms and conditions of this Agreement.

 

     

     

    

 

		3.	Investment of Escrow Funds.

 

(a) Unless otherwise
instructed in writing jointly by the Parties, the Escrow Agent shall hold the Escrow Funds in a “noninterest-bearing deposit
account” insured by the Federal Deposit Insurance Corporation (“FDIC”) to the applicable limits. The Escrow
Funds shall at all times remain available for distribution in accordance with Section 4.

 

(b) The Escrow Agent
shall send an account statement to each of the Parties on a monthly basis reflecting activity in the Escrow Account for the preceding
month.

 

(c) The Escrow Agent
shall have no responsibility for any investment losses resulting from the investment, reinvestment or liquidation of the escrowed
property, as applicable, provided that the Escrow Agent has made such investment, reinvestment or liquidation of the escrowed property
in accordance with the terms, and subject to the conditions of this Agreement. The Escrow Agent does not have a duty nor will it
undertake any duty to provide investment advice.

 

		4.	Disposition and Termination of the Escrow Property.

 

(a) The Parties shall
act in accordance with, and the Escrow Agent shall hold and release the Escrow Property as provided in, this Section 4(a)
as follows:

 

(i) Upon receipt of
a Joint Release Instruction with respect to any Escrow Property, the Escrow Agent shall, promptly after receipt of a Joint Release
Instruction, disburse such Escrow Property to the Sponsor or the Parent, as applicable, in accordance with such Joint Release Instruction.

 

(ii) Upon receipt by
the Escrow Agent of a copy of a Final Determination from any Party, the Escrow Agent shall, on the fifth (5th) Business Day following
receipt by the Escrow Agent of the Final Determination, disburse as directed, part or all, as the case may be, of the Escrow Property
in accordance with such Final Determination. The Escrow Agent will act on such Final Determination without further inquiry.

 

(iii) All payments
of any part of the Escrow Funds shall be made by wire transfer of immediately available funds or check as set forth in the Joint
Release Instruction or Final Determination, as applicable.

 

(iv) Any instructions
setting forth, claiming, containing, objecting to, or in any way related to the transfer or distribution of any funds on deposit
in any Escrow Account under the terms of this Agreement must be in writing, executed by the appropriate Party or Parties as evidenced
by the signatures of the person or persons set forth on Exhibit A-1 and Exhibit A-2 and delivered to the Escrow Agent either
(i) by confirmed facsimile only at the fax number set forth in Section 12 or (ii) attached to an e-mail received on a Business
Day from an e-mail address set forth in Section 12. If a Joint Release Instruction or Final Determination is delivered to
the Escrow Agent, whether in writing, by email or otherwise, the Escrow Agent is authorized to seek confirmation of such instruction
by telephone call back to the person or persons designated in Exhibits A-1 and or A-2 annexed hereto (the ”Call
Back Authorized Individuals”), and the Escrow Agent may rely upon the confirmations of anyone purporting to be a Call
Back Authorized Individual. To assure accuracy of the instructions it receives, the Escrow Agent may record such call backs. If
the Escrow Agent is unable to verify the instructions, or is not satisfied with the verification it receives, it will not execute
the instruction until all such issues have been resolved. The persons and telephone numbers for call backs may be changed only
in writing, executed by an authorized signer of applicable Party set forth on Exhibit A-1 or Exhibit A-2, actually received and
acknowledged by the Escrow Agent.

 

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(b) Certain Definitions.

 

(i) “Business
Day” means any day that is not a Saturday, a Sunday or other day on which banks are not required or authorized by law
to be closed in Chicago, Illinois or New York, New York.

 

(ii) “Final
Determination” means a final non-appealable order of any court of competent jurisdiction or arbitrator or determination
by the Accounting Referee (as determined under the Merger Agreement) issued, together with (A) a certificate of the prevailing
Party to the effect that such order is final and non-appealable and from a court of competent jurisdiction or arbitrator having
proper authority and (B) the written payment instructions of the prevailing Party to effectuate such order or determination.

 

(iii) “Joint
Release Instruction” means the joint written instruction executed by an authorized signer of each of the Sponsor and
the Parent directing the Escrow Agent to disburse all or a portion of the Escrow Property, as applicable.

 

(iv) “Parent
Common Stock” means (i) prior to the Closing, 100,000,000 shares of Class A Common Stock (par value $0.0001 per share)
and 10,000,000 shares of Class B Common Stock (par value $0.0001 per share) and (ii) at and after the Closing, the common stock,
par value $0.0001 per share, of the Parent.

 

(v) “Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof.

 

		5.	Escrow Shares.

 

(a) Any Escrow Funds
or other property distributable or issuable in respect of or in exchange for any Escrow Shares shall be distributed or issued to
the Escrow Agent to be held in the Escrow Account for such Escrow Shares pending release of such Escrow Shares.

 

(b) With respect to the
Escrow Shares, Sponsor shall retain all voting and economic rights with respect to such Escrow Shares while such shares remain
deposited with the Escrow Agent for so long as such Escrow Shares are held by the Escrow Agent, the Escrow Agent shall vote the
Escrow Shares solely as directed in writing by Sponsor.

 

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		6.	Escrow Agent. The Escrow Agent undertakes to perform only such duties as are expressly set
forth herein, which shall be deemed purely ministerial in nature, and no other duties, including but not limited to any fiduciary
duty, shall be implied. The Escrow Agent shall neither be responsible for, nor chargeable with, knowledge of, nor have any requirements
to comply with, the terms and conditions of any other agreement, instrument or document between the Parties, in connection herewith,
if any, including without limitation the Merger Agreement, nor shall the Escrow Agent be required to determine if any Person has
complied with any such agreements, nor shall any additional obligations of the Escrow Agent be inferred from the terms of such
agreements, even though reference thereto may be made in this Agreement. Notwithstanding the terms of any other agreement between
the Parties, the terms and conditions of this Agreement will control the actions of the Escrow Agent. The Escrow Agent may rely
upon and shall not be liable for acting or refraining from acting upon any Joint Release Instruction or Final Determination furnished
to it hereunder and reasonably believed by it in good faith to be genuine and to have been signed and presented by an authorized
signer of the proper Party or Parties. Concurrent with the execution of this Agreement, the Parties shall deliver to the Escrow
Agent authorized signers’ forms in the form of Exhibit A-1 and Exhibit A-2. The Escrow Agent shall be under
no duty to inquire into or investigate the validity, accuracy or content of any such document, notice, instruction or request;
provided, however, that the Escrow Agent may not act upon instruction by either the Sponsor or the Parent alone where Joint Written
Instruction is required as provided hereunder. The Escrow Agent shall have no duty to solicit any payments which may be due it
or the Escrow Property. In the event that the Escrow Agent shall be uncertain as to its duties or rights hereunder or shall receive
instructions, claims or demands from either Party hereto which, in its opinion, conflict with any of the provisions of this Agreement,
it shall be entitled to (a) refrain from taking any action and its sole obligation shall be to keep safely all property held in
escrow until it shall be directed otherwise in a Joint Release Instruction or Final Determination or (b) interplead all of the
assets held hereunder into, or may seek other judicial relief or orders from, a court of competent jurisdiction, and the Escrow
Agent shall act in accordance with any such judicial relief or court order. The Escrow Agent may consult with legal counsel of
its selection in the event of any dispute or question as to the meaning or construction of any of the provisions hereof or its
duties hereunder. The Escrow Agent will not be
liable for any action taken, suffered or omitted to be taken by it in good faith except to the extent that the Escrow Agent’s
fraud, gross negligence or willful misconduct was the direct cause of any loss to either Party. To the extent practicable, the
Parties agree to pursue commercially reasonable redress or recourse in connection with any dispute without making the Escrow Agent
a party to the same. Anything in this Agreement to the contrary notwithstanding, except in the case of the Escrow Agent’s
fraud, in no event shall the Escrow Agent be liable, for any special, indirect, punitive, incidental or consequential losses or
damages of any kind whatsoever (including but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood
of such losses or damages and regardless of the form of action.

 

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		7.	Resignation and Removal of Escrow Agent. The Escrow Agent (a) may resign and be discharged
from its duties or obligations hereunder by giving thirty (30) calendar days’ advance notice in writing of such resignation
to the Parties specifying a date when such resignation shall take effect or (b) may be removed, with or without cause, by the Sponsor
and the Parent acting jointly at any time by providing written notice to the Escrow Agent. Any corporation or association into
which the Escrow Agent may be merged or converted or with which it may be consolidated, or any corporation or association to which
all or substantially all of the escrow business of the Escrow Agent’s line of business may be transferred, shall be the Escrow
Agent under this Agreement without further act; provided, however, that the Escrow Agent shall give the Parties thirty (30) days’
prior written notice of any such change. The Escrow Agent’s sole responsibility after such thirty (30) day notice period
expires or after receipt of written notice of removal shall be to hold and safeguard the Escrow Property (without any obligation
to reinvest the same) and to deliver the same (i) to a substitute or successor escrow agent pursuant to a joint written designation
from the Parties, (ii) as set forth in a Joint Release Instruction or (iii) in accordance with the directions of a Final Determination,
and, at the time of such delivery, the Escrow Agent’s obligations hereunder shall cease and terminate. In the event the Escrow
Agent resigns, if the Parties have failed to appoint a successor escrow agent prior to the expiration of thirty (30) calendar days
following receipt of the notice of resignation, the Escrow Agent may petition any court of competent jurisdiction for the appointment
of such a successor escrow agent (which, for the avoidance of doubt, shall be a comparable nationally recognized financial institution),
and any such resulting appointment shall be binding upon all of the parties hereto.

 

		8.	Fees and Expenses. All fees and expenses, if any, of the Escrow Agent are described in Schedule
1 and shall be paid by the Parent. The fees agreed upon for the services to be rendered hereunder are intended as full compensation
for the Escrow Agent services as contemplated by this Agreement.

 

		9.	Indemnity. Each of the Parties shall jointly and severally indemnify, defend , and hold
harmless the Escrow Agent and its affiliates and their respective successors, assigns, directors, officers, agents and employees
(the “Indemnitees”) from and against any and all losses, damages, claims, liabilities, penalties, judgments,
settlements, actions, suits, proceedings, litigation, investigations, costs or expenses (including the documented and reasonable
fees and expenses of one outside counsel and experts) (collectively “Escrow Agent Losses”) arising out of or
in connection with (a) the Escrow Agent’s execution and performance of this Agreement, tax reporting or withholding, the
enforcement of any rights or remedies under or in connection with this Agreement, or as may arise by reason of any act, omission
or error of the Indemnitee, except to the extent that such Escrow Agent Losses, as adjudicated by a court of competent jurisdiction,
have been caused by the fraud, gross negligence or willful misconduct of such Indemnitee, or (b) the Escrow Agent is following
any instructions or other directions from the Sponsor or the Parent, except to the extent the Escrow Agent following any such instruction
or direction is forbidden by the terms hereof. Notwithstanding anything to the contrary herein, the Sponsor and the Parent agree,
solely as between themselves, that any obligation for indemnification under this Section 9 (or for reasonable fees
and expenses of the Escrow Agent described in Section 8) shall be borne by the Party or Parties determined by a court
of competent jurisdiction to be responsible for causing the loss, damage, liability, cost or expense against which the Escrow Agent
is entitled to indemnification or, if no such determination is made, then one-half by the Sponsor and one-half by the Parent. The
Parties hereto acknowledge that the foregoing indemnities shall survive the resignation or removal of the Escrow Agent or the termination
of this Agreement.

 

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		10.	Tax Matters.

 

(a) The Sponsor shall
be responsible for and the taxpayer on all taxes due on the interest or income earned on the Escrow Property and for any dividends
earned on the Escrow Shares for the calendar year in which such interest or income is earned, if any. The Escrow Agent shall report
any interest or income earned on the Escrow Property to the IRS or other taxing authority on IRS Form 1099. Prior to the date hereof,
the Parties shall provide the Escrow Agent with certified tax identification numbers by furnishing appropriate form W-9 and such
other forms and documents that the Escrow Agent may request.

 

(b) The Escrow Agent
shall be responsible only for income reporting to the Internal Revenue Service with respect to income (if any) earned on the Escrow
Funds. The Escrow Agent shall timely prepare and timely file all appropriate tax or other information reporting with respect to
the Escrow Property as is required by applicable law. The Escrow Agent shall withhold any taxes required to be withheld by applicable
law, including but not limited to required withholding in the absence of proper tax documentation, and shall remit such taxes to
the appropriate authorities. 

 

(c) The Escrow Agent,
its affiliates, and its employees are not in the business of providing tax or legal advice to any taxpayer outside of Citigroup,
Inc. and its affiliates. This Agreement and any amendments or attachments hereto are not intended or written to be used, and may
not be used or relied upon, by any such taxpayer or for the purpose of avoiding tax penalties. Any such taxpayer should seek advice
based on the taxpayer’s particular circumstances from an independent tax advisor.

 

		11.	Covenant of Escrow Agent. The Escrow Agent hereby agrees with and covenants to the Sponsor
and the Parent that it shall perform all of its obligations under this Agreement and shall not deliver custody or possession of
any of the Escrow Property to anyone except pursuant to the express terms of this Agreement or as otherwise required by law.

 

		12.	Notices. All notices, requests, demands and other communications required under this Agreement
shall be in writing, in English, and shall be deemed to have been duly given if delivered (i) personally, (ii) by facsimile transmission
with written confirmation of receipt, (iii) on the day of transmission if sent by electronic mail (“e-mail”) with a
PDF attachment executed by an authorized signer of the Party/ Parties to the e-mail address given below, and written confirmation
of receipt is obtained promptly after completion of the transmission, (iv) by overnight delivery with a reputable national overnight
delivery service, or (v) by mail or by certified mail, return receipt requested, and postage prepaid. If any notice is mailed,
it shall be deemed given five (5) Business Days after the date such notice is deposited with the United States Postal Service.
If notice is given to a Party, it shall be given at the address for such Party set forth below. It shall be the responsibility
of the Parties to notify the Escrow Agent and the other Party in writing of any name or address changes.

 

if to the Sponsor,
then to:

 

Forum Investors II LLC

1615 South
Congress Avenue, Suite 103

Delray Beach,
FL 33445

Attn: David
Boris, Co-Chief Executive Officer

Email: david@forummerger.com

 

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

 

White & Case LLP

1221 Avenue of the Americas

New York, New York 10020

Attention: Joel Rubinstein

Email: joel.rubinstein@whitecase.com

 

and

 

White & Case LLP

111 South Wacker Drive, Suite 5100

Chicago, IL 60606

Attention: Gary Silverman

Email: gary.silverman@whitecase.com

 

or, if to the Parent,
then to:

 

Tattooed Chef, Inc.

c/o Monitoring Committee

1615 South
Congress Avenue, Suite 103

Delray Beach,
FL 33445

Attn: David
Boris, Co-Chief Executive Officer

Email: david@forummerger.com

 

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

 

White & Case LLP

1221 Avenue of the Americas

New York, New York 10020

Attention: Joel Rubinstein

Email: joel.rubinstein@whitecase.com

 

and

 

White & Case LLP

111 South Wacker Drive, Suite 5100

Chicago, IL 60606

Attention: Gary Silverman

Email: gary.silverman@whitecase.com

 

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or, if
to the Escrow Agent, then to:

 

Citibank, N.A.

c/o Citi Private
Bank

227 W. Monroe Street, 3rd Floor

Chicago, IL 60606

Attn: Connie Feltenberger

Telephone No.: (312) 384-1446

Facsimile No.: (312) 546-6726

E-mail: connie.feltenberger@citi.com

 

Notwithstanding the above, in the case
of communications delivered to the Escrow Agent pursuant to the foregoing clause (i) through (iv) of this Section 12,
such communications shall be deemed to have been given on the date received by the Escrow Agent. If the Escrow Agent, in its sole
discretion, determines that an emergency exists, the Escrow Agent may use such other means of communication as the Escrow Agent
deems appropriate.

 

		13.	Termination. This Agreement shall terminate on the first to occur of (a) the distribution
of all of the amounts in the Escrow Property in accordance with this Agreement or (b) delivery to the Escrow Agent of a written
notice of termination executed jointly by the Sponsor and the Parent after which this Agreement shall be of no further force and
effect except that the provisions of Section 9 shall survive termination.

 

		14.	Miscellaneous. The provisions of this Agreement may be waived, altered, amended or supplemented,
in whole or in part, only by a writing signed by all of the parties hereto. Neither this Agreement nor any right or interest hereunder
may be assigned in whole or in part by any party, except as provided in Section 7 and Section 17, without the prior
consent of the other parties. This Agreement shall be governed by and construed under the laws of the State of Delaware. Each party
irrevocably waives any objection on the grounds of venue, forum non-conveniens or any similar grounds and irrevocably consents
to service of process by mail or in any other manner permitted by applicable law and consents to the jurisdiction of the courts
located in the State of Delaware. The parties hereby waive any right to a trial by jury with respect to any lawsuit or judicial
proceeding arising or relating to this Agreement. This Agreement may be executed in multiple counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. All signatures of the parties to
this Agreement may be transmitted by facsimile or electronic transmission in portable document format (.pdf), and such facsimile
or .pdf will, for all purposes, be deemed to be the original signature of such party whose signature it reproduces, and will be
binding upon such party. If any provision of this Agreement is determined to be prohibited or unenforceable by reason of any applicable
law of a jurisdiction, then such provision shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions thereof, and any such prohibition or unenforceability in such jurisdiction
shall not invalidate or render unenforceable such provisions in any other jurisdiction. The Parties represent, warrant and covenant
that each document, notice, instruction or request provided by such Party to the Escrow Agent shall comply with applicable laws
and regulations. Where, however, the conflicting provisions of any such applicable law may be waived, they are hereby irrevocably
waived by the parties hereto to the fullest extent permitted by law, to the end that this Agreement shall be enforced as written.
Except as expressly provided in Section 8 and Section 9, nothing in this Agreement, whether express or implied,
shall be construed to give to any person or entity other than the Escrow Agent and the Parties any legal or equitable right, remedy,
interest or claim under or in respect of this Agreement or any funds escrowed hereunder.

 

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		15.	Compliance with Court Orders. If any Escrow Property shall be attached, garnished or levied
upon by any court order, or the delivery thereof shall be stayed or enjoined by an order of a court, or any order, judgment or
decree shall be made or entered by any court order affecting the Escrow Property deposited under this Agreement, the Escrow Agent
is hereby expressly authorized, in its sole discretion, to obey and comply with all writs, orders or decrees so entered or issued,
which it is advised by legal counsel of its own choosing is binding upon it, whether with or without jurisdiction, and in the event
that the Escrow Agent obeys or complies with any such writ, order or decree in good faith it shall not be liable to any of the
Parties or to any other Person, by reason of such compliance notwithstanding such writ, order or decree be subsequently reversed,
modified, annulled, set aside or vacated.

 

		16.	Further Assurances. Following the date hereof, each party shall deliver to the other parties
such further information and documents and shall execute and deliver to the other parties such further instruments and agreements
as any other party shall reasonably request to consummate or confirm the transactions provided for herein, to accomplish the purpose
hereof or to assure to any other party the benefits hereof.

 

		17.	Assignment. No assignment of the interest of any of the Parties shall be binding upon the
Escrow Agent unless and until written notice of such assignment is filed with and consented to by the Escrow Agent (such consent
not to be unreasonably withheld). Any transfer or assignment of the rights, interests or obligations hereunder in violation of
the terms hereof shall be void and of no force or effect. To comply with federal law including USA Patriot Act requirements, assignees
shall provide to the Escrow Agent the appropriate form W-9 or W-8 as applicable and such other forms and documentation that the
Escrow Agent may request to verify identification and authorization to act. In no event shall the Escrow Agent be obligated hereunder
to (x) make any payments from the Escrow Property directly to any assignee of either Party of any rights under this Agreement,
or (y) obey any written instructions delivered pursuant hereto from any assignee of any rights under this Agreement, unless, in
the case of clauses (x) and (y), such assignee has become a Party to this Agreement.

 

		18.	Force Majeure. The Escrow Agent shall not incur any liability for not performing any act
or fulfilling any obligation hereunder by reason of any occurrence beyond its control (including, but not limited to, any provision
of any present or future law or regulation or any act of any governmental authority, any act of God or war or terrorism, or the
unavailability of the Federal Reserve Bank wire services or any electronic communication facility), it being understood that the
Escrow Agent shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as reasonably practicable under the circumstances.

 

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		19.	Compliance with Federal Law. To help the U.S. Government fight the funding of terrorism
and money laundering activities and to comply with Federal law requiring financial institutions to obtain, verify and record information
on the source of funds deposited to an account, the Parties shall provide the Escrow Agent with the name, address, taxpayer identification
number, and remitting bank for all Parties depositing funds at Citibank pursuant to the terms and conditions of this Agreement.
For a non-individual person such as a business entity, a charity, a trust or other legal entity, the Escrow Agent will ask for
documentation to verify its formation and existence as a legal entity. The Escrow Agent may also ask to see licenses, identification
and authorization documents from individuals claiming authority to represent the entity or other relevant documentation.

 

		20.	SEC Shareholder Disclosure Rule 14b-2.  SEC Rule 14b-2 directs the Escrow Agent to contact
either Party to request authorization to provide such Party’s name, address and share position with respect to the referenced
account to requesting companies whose stock such Party has voting authority over. Under the Rule, the Escrow Agent must make the
disclosures for accounts opened after December 28, 1986, if requested, unless a Party specifically objects to disclosure. Hence,
failure to respond will be deemed consent to disclosure. The Escrow Agent thanks the Parties for assisting the Escrow Agent in
complying with this SEC rule.

 

Sponsor:

 

☐ Yes, we are authorized to release
your name, address and share positions.

 

☐ No, we are not authorized to release
your name, address and share positions.

 

Parent:

 

☐ Yes, we are authorized to release
your name, address and share positions.

 

☐ No, we are not authorized to release
your name, address and share positions.

 

		21.	Use of Names. Except as otherwise expressly permitted under Section 19, no publicly
distributed printed or other material in any language, including prospectuses, notices, reports, and promotional material which
mentions “Citibank” or either of the Parties by name or the rights, powers, or duties of the Escrow Agent or the Parties
under this Agreement shall be issued by any other party hereto, or on such party’s behalf, without the prior written consent
of each party hereto who is named or mentioned in such material.

 

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

 

	 	Sponsor:    FORUM INVESTORS II, LLC
	 	 	    
	 	By:	/s/ David Boris
	 	Name: 	David Boris
	 	Its:	Manager

 

Signature Page to Escrow Agreement

 

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

 

	 	Parent:    FORUM MERGER II CORPORATION
	 	 	    
	 	By:	/s/ Marshall Kiev
	 	Name: 	Marshall Kiev
	 	Its:	Co-President and CEO

 

Signature Page to Escrow Agreement

 

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

 

	 	ESCROW AGENT:
	 	 
	 	CITIBANK, N.A.
	 	 	 
	 	By:	/s/ Connie Feltenberger
	 	Name:	Connie Feltenberger
	 	Its:	Senior Vice President

 

Signature Page to Escrow Agreement

 

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Schedule 1

 

ESCROW AGENT FEE SCHEDULE

Citibank, N.A., Escrow Agent

 

Acceptance Fee

To cover the acceptance of the Escrow Agent
appointment, the study of the Agreement, and supporting documents submitted in connection with the execution and delivery thereof,
and communication with other members of the working group:

 

Fee: WAIVED

 

Administration Fee

The annual administration fee covers maintenance
of the Escrow Account including safekeeping of assets in the escrow account, normal administrative functions of the Escrow Agent,
including maintenance of the Escrow Agent’s records, follow-up of the Agreement’s provisions, and any other safekeeping
duties required by the Escrow Agent under the terms of the Agreement. Fee is based on Escrow Amount being deposited in a non-interest
bearing deposit account, FDIC insured to the applicable limits.

 

Fee: $7,500.00

 

Tax Preparation Fee

To cover preparation and mailing of Forms
1099-INT, if applicable for the escrow parties for each calendar year:

 

Fee: WAIVED

 

Transaction Fees

To oversee all required
disbursements or release of property from the escrow account to any escrow party, including cash disbursements made via check and/or
wire transfer, fees associated with postage and overnight delivery charges incurred by the Escrow Agent as required under the terms
and conditions of the Agreement:

 

Fee: WAIVED

 

Other Fees

Material amendments to the Agreement: additional
fee(s), if any, to be discussed at time of amendment.

 

 

TERMS AND CONDITIONS:
The above schedule of fees does not include charges for reasonable out-of-pocket expenses or for any services of an extraordinary
nature that we or our legal counsel may be called upon from time to time to perform in either an agency or fiduciary capacity.
Our participation in the transactions contemplated by the Agreement is subject to internal approval of the third party depositing
monies into the escrow account.

 

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EXHIBIT A-1

 

Certificate as to Sponsor Authorized
Signatures

 

The specimen signatures shown below are
the specimen signatures of the individuals who have been designated as authorized representatives of the Sponsor and are authorized
to initiate and approve transactions of all types for the escrow account or accounts established under this Agreement, on behalf
of the Sponsor. The below listed persons (must list at least two individuals) have also been designated Call Back Authorized Individuals
and may be contacted by Citibank N.A. prior to the release of Escrow Property from the escrow account(s).

 

	Name / Title / Telephone	 	Specimen Signature
	 	 	 
	David Boris	 	/s/ David Boris
	Name	 	Signature
	 	 	 
	Manager	 	 
	Title	 	 
	 	 	 
	 	 	 
	Phone	 	Mobile Phone
	 	 	 
	Marshall Kiev	 	/s/ Marshall Kiev
	Name	 	Signature
	 	 	 
	Authorized Signatory	 	 
	Title	 	 
	 	 	 
	 	 	 
	Phone	 	Mobile Phone
	 	 	 
	 	 	 
	Name	 	Signature
	 	 	 
	 	 	 
	Title	 	 
	 	 	 
	 	 	 
	Telephone	 	Mobile Phone

 

Exhibit to Escrow Agreement

 

    15

     

    

 

EXHIBIT A-2

 

Certificate as to Parent Authorized Signatures

 

The specimen signatures shown below are
the specimen signatures of the individuals who have been designated as authorized representatives of the Parent and are authorized
to initiate and approve transactions of all types for the escrow account or accounts established under this Agreement, on behalf
of the Parent. The below listed persons (must list at least two individuals) have also been designated Call Back Authorized Individuals
and may be contacted by Citibank N.A. prior to the release of Escrow Property from the escrow account(s).

 

	Name / Title / Telephone	 	Specimen Signature
	 	 	 
	David Boris	 	/s/ David Boris
	Name	 	Signature
	 	 	 
	Manager	 	 
	Title	 	 
	 	 	 
	 	 	 
	Phone	 	Mobile Phone
	 	 	 
	Marshall Kiev	 	/s/ Marshall Kiev
	Name	 	Signature
	 	 	 
	Authorized Signatory	 	 
	Title	 	 
	 	 	 
	 	 	 
	Phone	 	Mobile Phone
	 	 	 
	 	 	 
	Name	 	Signature
	 	 	 
	 	 	 
	Title	 	 
	 	 	 
	 	 	 
	Telephone	 	Mobile Phone

 

Exhibit to Escrow Agreement

 

 

16sing_ex101.htm

EXHIBIT 10.1
  
 AMENDMENT TO SECURED CONVERTIBLE PROMISSORY NOTES
  
 	 This Amendment to Secured Convertible Promissory Notes (this “Amendment”) is entered into as of October 12, 2020 by and among ILIAD RESEARCH AND TRADING, L.P., a Utah limited partnership (“Iliad”), UAHC Ventures LLC, a Nevada limited liability company (“UAHC Ventures”, and together with Iliad, “Lender”), and SINGLEPOINT, INC., a Nevada corporation (“Borrower”). Capitalized terms used in this Amendment without definition shall have the meanings given to them in the Notes (as defined below).
  
 A. Borrower issued to UAHC Ventures a Secured Convertible Promissory Note dated October 6, 2017 in the original principal amount of $670,000.00 (“Note 1”).
  
 B. Borrower issued to Iliad a Secured Convertible Promissory Note dated November 5, 2018 in the original principal amount of $5,520,000.00 (“Note 2”, and together with Note 1, the “Notes”).
  
 C. Borrower has requested that Lender extend the Maturity Dates of both Notes (the “Extension”) and refrain from making conversions under the Notes.
  
 D. Lender has agreed, subject to the terms, amendments, conditions and understandings expressed in this Amendment, to grant the Extension and refrain from making conversions under the Notes.
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
  
 1. Recitals. Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Amendment are true and accurate and are hereby incorporated into and made a part of this Amendment.
  
 2. Extension. The Maturity Date for each Note is hereby extended until December 31, 2022.
  
 3. Conversion. Borrower agrees to deliver the number of Conversion Shares to Lender set forth in the attached Exhibit A and Exhibit B respectively, within three (3) Trading Days of the date hereof (the “Conversion Shares”). Lender agrees that during the period beginning on October 1, 2020 and ending on January 31, 2021 (the “Volume Limitation Period”), Borrower will limit its sales of Conversion Shares to $25,000.00 in net proceeds per month.
  
 4. Standstill. Subject to the terms, conditions and understandings contained in this Amendment, following the timely delivery of the Conversion Shares, Lender agrees that during the Volume Limitation Period: (a) it will not seek to convert any portion of the Outstanding Balance of either of the Notes into Common Stock; and (b) it will not sell any Conversion Shares that were not sold during the Volume Limitation Period (the “Standstill”).

  
 
 	 
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 	 5. Monthly Payments. During the Volume Limitation Period, on the first day of each month (or within three (3) Trading Days of execution of this Agreement for the October payment), Borrower will make monthly cash payments to Lender in the amount of $25,000.00. Lender acknowledges that it has received $5,000.00 toward the October payment. Beginning on February 1, 2021 and continuing thereafter until the Note is paid in full, Borrower will make monthly cash payments to Lender in the amount of $50,000.00. All payments made pursuant to this Amendment will be allocated between the Notes at Lender’s discretion.
  
 6. Acceleration Payment.
  
 (a) In the event the trailing 15-day average dollar trading volume of Borrower’s Common Stock as measured on any given Trading Day exceeds $25,946 by 100% on any given Trading Day, then a $50,000.00 acceleration payment will be due to Lender within ten (10) days of the occurrence of such event.
  
 (b) In the event the trailing 15-day average dollar trading volume of Borrower’s Common Stock as measured on any given Trading Day exceeds $25,946 by 200% on any given Trading Day, then a $50,000.00 acceleration payment will be due to Lender within ten (10) days of the occurrence of such event.
  
 (c) Notwithstanding the foregoing, in no event shall more than one of each of the above acceleration payments be applied in any given calendar month.
  
 7. Failure to Make Payment. In the event Borrower fails to make any cash payment as and when required under the Note or this Amendment, including without limitation Sections 5 and 6 above, notwithstanding the Standstill, the Volume Limitation Period, or anything else to the contrary in this Amendment, Lender shall be permitted to sell Conversion Shares (in addition to any other Conversion Shares it may sell in accordance with the terms of this Amendment) until its net proceeds (meaning the gross sales proceeds less all transfer agent fees, attorneys fees, and other costs Lender incurs in selling the Conversion Shares) are equal to the amount Borrower failed to pay to Lender when due, plus all applicable late fees, default interest, and other amounts that may have accrued on such unpaid amount pursuant to the Notes and this Amendment.
  
 8. Affirmation of Note Balances; Satisfaction of Notes. After giving effect to all Conversions for which Lender has received the applicable Conversion Shares as of the date hereof as well as all payments made by Borrower under the Notes as of the date hereof, Borrower and Lender agree that the Outstanding Balance of Note 1 is deemed and affirmed to be equal to $668,662.29 as of the date of this Amendment and that the Outstanding Balance of Note 2 is deemed and affirmed to be equal to $2,416,980.24 as of the date of this Amendment. Additionally, provided Borrower complies with all of its obligations set forth in this Amendment, including without limitation its obligations set forth in Section 5 above to make payments until the Notes have been paid in full, the Notes will be deemed to be satisfied and paid in full at such time that the Notes have been paid in full.

  
 
 	 
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 	 9. Representations and Warranties. In order to induce Lender to enter into this Amendment, Borrower, for itself, and for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows:
  
 (a) Borrower has full power and authority to enter into this Amendment and to incur and perform all obligations and covenants contained herein, all of which have been duly authorized by all proper and necessary action. No consent, approval, filing or registration with or notice to any governmental authority is required as a condition to the validity of this Amendment or the performance of any of the obligations of Borrower hereunder.
  
 (b) There is no fact known to Borrower or which should be known to Borrower which Borrower has not disclosed to Lender on or prior to the date of this Amendment which would or could materially and adversely affect the understanding of Lender expressed in this Amendment or any representation, warranty, or recital contained in this Amendment.
  
 (c) Except as expressly set forth in this Amendment, Borrower acknowledges and agrees that neither the execution and delivery of this Amendment nor any of the terms, provisions, covenants, or agreements contained in this Amendment shall in any manner release, impair, lessen, modify, waive, or otherwise affect the liability and obligations of Borrower under the terms of the Transaction Documents.
  
 (d) Borrower has no defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action of any kind or nature whatsoever against Lender, directly or indirectly, arising out of, based upon, or in any manner connected with, the transactions contemplated hereby, whether known or unknown, which occurred, existed, was taken, permitted, or begun prior to the execution of this Amendment and occurred, existed, was taken, permitted or begun in accordance with, pursuant to, or by virtue of any of the terms or conditions of the Transaction Documents. To the extent any such defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action exist or existed, such defenses, rights, claims, counterclaims, actions and causes of action are hereby waived, discharged and released. Borrower hereby acknowledges and agrees that the execution of this Amendment by Lender shall not constitute an acknowledgment of or admission by Lender of the existence of any claims or of liability for any matter or precedent upon which any claim or liability may be asserted.
  
 (e) Borrower represents and warrants that as of the date hereof no Events of Default or other material breaches exist under the Transaction Documents or have occurred prior to the date hereof.

  
  
 	 
	3
	

	 

  
 
 	 10. Certain Acknowledgments. Each of the parties acknowledges and agrees that no property or cash consideration of any kind whatsoever has been or shall be given by Lender to Borrower in connection with the Extension or any other amendment to the Notes granted herein.
  
 11. Other Terms Unchanged. The Notes, as amended by this Amendment, remain and continue in full force and effect, constitute legal, valid, and binding obligations of each of the parties, and are in all respects agreed to, ratified, and confirmed. Any reference to the Notes after the date of this Amendment is deemed to be a reference to the Notes as amended by this Amendment. If there is a conflict between the terms of this Amendment and the Notes, the terms of this Amendment shall control. No forbearance or waiver may be implied by this Amendment. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment to, any right, power, or remedy of Lender under the Notes, as in effect prior to the date hereof. For the avoidance of doubt, this Amendment shall be subject to the governing law, venue, and Arbitration Provisions, as set forth in the Notes.
  
 12. No Reliance. Borrower acknowledges and agrees that neither Lender nor any of its officers, directors, members, managers, equity holders, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives, officers, directors, or employees except as expressly set forth in this Amendment and the Transaction Documents and, in making its decision to enter into the transactions contemplated by this Amendment, Borrower is not relying on any representation, warranty, covenant or promise of Lender or its officers, directors, members, managers, equity holders, agents or representatives other than as set forth in this Amendment.
  
 13. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. The parties hereto confirm that any electronic copy of another party’s executed counterpart of this Amendment (or such party’s signature page thereof) will be deemed to be an executed original thereof.
  
 14. Further Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Amendment and the consummation of the transactions contemplated hereby.

  
  
 [Remainder of page intentionally left blank]
  
 	 
	4
	

	 

  
 
 	 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date set forth above.

  
  
  
 	  
	 BORROWER:
	  

	  
	  
	  

	  
	 SINGLEPOINT, INC.
	
	  
	  
	  
	  

		 By:
	  
	
	  
	 Name:
	 Greg Lambrecht
	  

	  
	 Title:
	 CEO
	  

	  
	  
	  
	  

	  
	 LENDER:
	  

	  
	  
	  

	  
	 ILIAD RESEARCH AND TRADING, L.P.
	  

	  
	  
	  
	  

	  
	 By: 
	 Iliad Management, LLC, its General Partner
	  

	  
	  
	  
	  

	  
	 By: 
	 Fife Trading, Inc., its Manager
	  

	  
	  
	  
	  

	  
	 By: 
	  
	  

	  
		 John M. Fife, 
	  

	  
		 President
	  

  
 
 [Signature Page to Amendment to Secured Convertible Promissory Notes]
  
 	 
	5

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