Document:

Exhibit 10.12

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF EFFECTIVE REGISTRATION STATEMENTS UNDER SUCH ACT AND STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL
REASONABLY ACCEPTABLE TO THE DEBTOR THAT SUCH REGISTRATION IS NOT REQUIRED.

 

iSpecimen Inc.

 

UNSECURED CONVERTIBLE PROMISSORY NOTE

 

	$ 650,000.00	December 29, 2017

 

FOR VALUE RECEIVED,
iSpecimen Inc., a Delaware corporation (the “Company”), hereby promises to pay, on the written demand
of the combined Majority Lenders at any time on or after the Maturity Date (as defined in the Note Subscription Agreement referenced
below between the Company and the Lender referenced herein), to Anna-Maria and Stephen Kellen Foundation, Inc. (the “Lender”)
the principal sum of six hundred fifty thousand dollars ($650,000.00) or such lesser principal amount then outstanding,
together with all accrued and unpaid interest thereon as set forth below. This Convertible Note is being issued in connection with
an interim debt financing of the Company by Lender and other lenders in an amount of up to $5,500,000 in order to facilitate a
Qualified Equity Financing or the achievement of Positive FCFO, pursuant to the terms of certain Convertible Note Subscription
Agreements (each a “Note Subscription Agreement” and collectively the “Note Subscription Agreements”).
Terms not defined herein shall have the meanings set forth in the Note Subscription Agreements between the Company and the Lender,
and other lenders who have executed similar Note Subscription Agreements.

 

Section 1.     Interest.
Interest on the principal amount of this Convertible Note will accrue from and including the date hereof until and including
the date such principal amount is paid, at a rate equal to six percent (6.0%) per annum, without compounding. Principal and interest
shall be payable in lawful money of the United States of America, in immediately available funds, at the principal office
of the Lender or at such other place as the legal holder may designate from time to time in writing to the Company. Interest shall
be computed on the basis of a 365-day year, for the actual days elapsed. Notwithstanding any other provision of this Convertible
Note, the Lender hereof does not intend to charge, and the Company shall not be required to pay, any interest or other fees or
charges in excess of the maximum permitted by applicable law; any payments in excess of such maximum shall be refunded to the Company
or credited to reduce principal hereunder.

 

Section 2.     No
Prepayment. Prior to the consummation of a Qualified Equity Financing or achievement of Positive FCFO (or any other form
of convertible debt or equity financing), the Company may not pay this Convertible Note in whole or in part at any
time prior to the Maturity Date without the prior approval or consent of the Company and the Majority Lenders. If permitted by
the Majority Lenders, any payment of principal by the Company will be accompanied by payment of all accrued and unpaid interest
on the principal sum being repaid. The Lender will note all partial payments of principal and accompanying payments of interest
on the face or reverse side of this Convertible Note.

 

Section 3.     Conversion of Convertible Note upon a Qualified Equity Financing. If a Qualified Equity Financing is consummated, the
Convertible Notes shall automatically convert into shares of Qualified Preferred Stock at the rate and upon the terms contained
in Section 1.5 of the Note Subscription Agreement. Upon a Qualified Equity Financing, this Convertible Note shall be treated by
the Company as surrendered for cancellation and exchanged into Qualified Preferred Stock, and will be deemed, for all purposes,
to be cancelled on the books of the Company and the obligations represented by all Convertible Notes so terminated and contributed
to the capital of the Company. For the avoidance of doubt, the outstanding principal on this Convertible Note (including all accrued
interest hereon) shall convert at a rate in accordance with either Scenario 1 or Scenario 2 set forth in Section 1.5 of the Note
Subscription Agreement, but not both.

 

    
	 	 1-
	iSpecimen Inc.
 Unsecured Convertible Promissory Note	 

     

    

 

Section 4.     Conversion
of Convertible Note upon Achievement of Positive FCFO. If the Company achieves Positive FCFO prior to the consummation
of a Qualified Equity Financing and for the two consecutive calendar quarters prior to the Maturity Date (as may be extended),
then this Convertible Note shall automatically convert into shares of FCFO Preferred Stock at the rate and upon the terms contained
in Section 1.6 of the Note Subscription Agreement. The rights, preferences, powers and privileges of the respective classes of
FCFO Preferred Stock to be issued (i.e., whether 2X Participating Preferred Stock or Conversion Preferred Stock) shall be in accordance
with the terms set forth in Section 1.6 of the Note Subscription Agreement. For the avoidance of doubt, (a) if the Lender is a
Major Investor, this Convertible Note shall convert into shares of 2X Participating Preferred Stock upon the terms set forth in
Section 1.6 of the Subscription Agreement, and (b) if the Lender is not a Major Investor, this Convertible Note shall convert
into shares of Conversion Preferred Stock upon the terms set forth in Section 1.6 of the Subscription Agreement. Upon the achievement
of Positive FCFO, this Convertible Note shall be treated by the Company as surrendered for cancellation and exchanged into FCFO
Preferred Stock, and will be deemed, for all purposes, to be cancelled on the books of the Company and the obligations represented
by all Convertible Notes so terminated and contributed to the capital of the Company.

 

Section 5.    Conversion
of Convertible Note upon Acquisition. If the Company is sold in an Acquisition prior to conversion or repayment of the
Convertible Notes in full, then upon the consummation of any such Acquisition, at the option of the Majority Lenders, the Convertible
Note shall (a) be repaid in full in an amount equal to the outstanding principal amount of the Convertible Notes plus
all accrued interest thereon, or (b) shall convert into Conversion Shares at the rate and upon the terms contained in Section
1.7 of the Note Subscription Agreement. In connection with the conversion of the Convertible Notes in connection with an Acquisition,
this Convertible Note will be deemed, for all purposes, to be cancelled on the books of the Company and the obligations represented
by all Convertible Notes so terminated and contributed to the capital of the Company. For the avoidance of doubt, if this Convertible
Note shall convert into Conversion Shares, the outstanding principal on this Convertible Note (including all accrued interest
hereon) shall convert at a rate in accordance with either Scenario 1 or Scenario 2 set forth in Section 1.7 of the Note Subscription
Agreement, but not both.

 

Section 6.     Optional
Conversion at Maturity. In accordance with and subject to the terms of Section 1.8 of the Subscription Agreement, if upon
the Maturity Date the Company has not consummated a Qualified Equity Financing or achieved Positive FCFO (and the Convertible
Notes have not otherwise been repaid or converted), the Majority Lenders may elect, on behalf of all Lenders, to (i) demand payment
for the full amount of the outstanding principal and accrued interest on the Convertible Notes in cash upon the Maturity Date,
(ii) convert all Convertible Notes into shares of 2X Participating Preferred Stock (as to Major Investors) and Conversion Preferred
Stock (as to non-Major Investors), respectively, and each at a rate equal to a per share price commensurate with a $27,000,000
pre-money valuation of the Company calculated on a Fully-Diluted Basis, and determined immediately prior to the conversion of
such Convertible Notes, or (iii) elect to extend the Maturity Date by up to an additional eighteen (18) months (the “Extended
Maturity Date”).

 

Section 7.    Elective Conversion.
At any time prior to the Maturity Date and at the election of the Majority Lenders on behalf of all Investors in the Bridge
Financing, all Convertible Notes shall be converted into shares of 2X Participating Preferred Stock (as to Major Investors) and
Conversion Preferred Stock (as to non-Major Investors), respectively, and each upon the terms and on the conditions set forth
in Section 1.9 of the Subscription Agreement (an “Elective Conversion”). Upon an Elective Conversion,
this Convertible Note shall be treated by the Company as surrendered for cancellation and exchanged into shares of 2X Participating
Preferred Stock (as to Major Investors) and Conversion Preferred Stock (as to non-Major Investors), respectively and as applicable,
and will be deemed, for all purposes, to be cancelled on the books of the Company and the obligations represented by all Convertible
Notes so terminated and contributed to the capital of the Company

 

    
	 	 2-
	iSpecimen Inc.
 Unsecured Convertible Promissory Note	 

     

    

 

Section 8.    Subordination.
The obligations represented by this Convertible Note shall be subordinated in right of payment and priority and subject, in
the manner and to the extent described below, to any and all obligations owed by the Company to holders of the Senior Debt (as
defined herein), so long as any Senior Debt remains unpaid, in whole or in part, or the holder of any Senior Debt is committed
or otherwise obligated to extend credit to the Company under any loan agreement. The term “Senior Debt”
shall mean all present and future indebtedness for money borrowed of the Company from institutional lenders, commercial credit
companies, commercial banks, credit unions, government agencies and other commercial lenders, which may be, from time to time,
incurred by the Company, including, but not limited to, any negotiable instruments evidencing the same, all guaranties, debts,
demands, monies, indebtedness, liabilities and obligations owed or to become owing, including interest, principal, costs, and other
charges, and all claims, rights, causes of action, judgments, decrees, remedies, or other obligations of any kind whatsoever and
howsoever arising, whether voluntary, involuntary, absolute, contingent, direct, indirect, or by operation of law.

 

So long as any of the
Senior Debt remains unpaid and outstanding, in whole or in part, or so long as a Senior Debt lender is committed or otherwise obligated
to extend credit to the Company under any loan agreement, the holders of the Convertible Notes agrees that each such holder shall
not: (i) collect, or receive payment upon, by setoff or in any other manner, all or any portion of the obligations now or hereafter
existing under the Convertible Notes; (ii) sell, assign, transfer, pledge, or give a security interest in the Convertible Notes;
(iii) enforce or apply any security, now or hereafter existing for the Convertible Notes; (iv) commence, prosecute or participate
in any administrative, legal, or equitable action against the Company concerning the obligations under the Convertible Notes; (v)
join in any petition for bankruptcy, assignment for the benefit of creditors, or creditors’ agreement; (vi) take, maintain
or enforce any lien or security, which is senior to the Senior Debt lender’s interest, in any property, real or personal,
to secure the obligations under the Convertible Notes; or (vii) incur any obligation to, or receive any loans, advances, dividends,
payments of any kind or gifts from, the Company with respect to the obligations under the Convertible Notes; provided, however,
that this paragraph shall not apply to (a) any filing by the holder of the Convertible Notes of any proof of claim or any other
similar filing or action to protect such lender’s rights in bankruptcy, or (b) any action by the Company or the holders of
the Convertible Notes that results solely in the issuance and/or receipt of capital stock or other equity security of the Company.

 

Section 9.     Events
of Default. The outstanding balance of this Convertible Note shall be immediately due and payable prior to maturity in
case of any of the following events, each of which shall be an “Event of Default”: (a) any Event of
Bankruptcy; (b) a dissolution, termination of existence, suspension or discontinuance of business, or ceasing to operate
as a going concern; (c) the issuance of any injunction or restraining order which results in a Material Adverse Effect on
any aspect of the business or assets of the Company, or levy on or attachment of any funds or other property, real or personal,
of the Company, in an amount in excess of $100,000, if, in each case, the same is not dismissed, discharged, released, satisfied
or vacated within a period of sixty (60) days; (d) the failure to perform any material covenant by the Company under the
Note Subscription Agreement for a period of 45 days; or (e) a material default (following expiration of any applicable notice
and cure periods) under any other material agreement of the Company, and in which the default results in a liability or obligation
against the Company greater than $100,000. As used herein, an “Event of Bankruptcy” means any of the
following events impacting the Company or its operating subsidiaries: (i) any assignment by the Company for the benefit of its
creditors; (ii) an admission in writing by the Company of its inability to pay its debts as they become due; (iii) filing by the
Company of a voluntary petition in bankruptcy; (iv) seeking or consenting to, or acquiescing in, the appointment of any trustee,
receiver, custodian, liquidator or similar official for the Company or a substantial part of its property; (v) the elapse of 90
days after the commencement of an action against the Company seeking reorganization, arrangement, composition, readjustment, liquidation,
dissolution or similar relief without such action being dismissed; (vi) the insolvency or other cessation of existence of the
Company and its operating subsidiaries; or (vii) any corporate action by the Company to authorize or effect any of the foregoing
actions. Upon any Event of Default, the interest rate on the Convertible Notes shall be computed at an annual rate of eight percent
(8%) from and after the Event of Default. Upon the occurrence of an Event of Default, the Lender’s remedies shall include
the rights to declare the entire principal balance of this Convertible Note and any accrued and unpaid interest immediately due
and payable, without notice or presentment, or exercise any other remedies available to a lender under the Uniform Commercial
Code and the Note Subscription Agreement.

    
	 	 3-
	iSpecimen Inc.
 Unsecured Convertible Promissory Note	 

     

    

 

Section 10.   Payment of Costs
of Enforcement. The Company agrees to pay all costs, charges and expenses incurred by the Lender (including, without limitation,
costs of collection, court costs, and reasonable attorneys’ fees and disbursements) in connection with the successful enforcement
of the Lender’s rights under this Convertible Note (all such costs, charges and expenses being herein referred to as “Costs”).
The Company agrees that any delay on the part of the Lender in exercising any rights hereunder will not operate as a waiver of
such rights, and further agrees that any payments received hereunder will be applied first to Costs, then to interest, and the
balance to principal. The Lender shall not by any act, delay, omission, or otherwise be deemed to waive any of its rights or remedies,
and no waiver of any kind shall be valid unless in writing and signed by the Lender. Presentment for payment, demand, protest,
notice of protest and notice of nonpayment are hereby waived.

 

Section 11.   Miscellaneous.
This Convertible Note applies to, inures to the benefit of, and binds the successors and assigns of the parties hereto. This Convertible
Note is made under and shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts.
This Convertible Note may be amended, substituted, altered, waived, modified or extended, and the Convertible Note may be substituted,
extended, converted or exchanged, by the written consent of the Company and the Majority Lenders.

 

{Signature Page Follows}

 

    
	 	 4-
	iSpecimen Inc.
 Unsecured Convertible Promissory Note	 

     

    

 

IN WITNESS WHEREOF,
the Company has executed this Convertible Promissory Note as an instrument under seal as of the date first written above.

 

	ATTEST:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	iSpecimen, Inc.
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Christopher Ianelli
	 	 	Title: 	Christopher Ianelli, Chief Executive Officer

 

    
	 	 
	iSpecimen Inc.
 Unsecured Convertible Promissory NoteExhibit 10.13

 

OMNIBUS Amendment

to

UNSECURED
CONVERTIBLE PROMISSORY NOTES

and

CONVERTIBLE
NOTE SUBSCRIPTION AGREEMENT

 

This Omnibus Amendment
to Unsecured Convertible Promissory Notes and Convertible Note Subscription Agreement (this “Amendment”) is
entered into this 3rd day of August, 2018, between iSpecimen Inc., a Delaware corporation (the “Company”), and
Andrew L. Ross, Anna-Maria and Stephen Kellen Foundation, Inc., and OBF Investments, LLC (collectively, the “Lenders”).

 

Recitals

 

A.       Pursuant
to the terms of that certain Convertible Note Subscription Agreement, (the “Convertible Note Subscription Agreement”),
the Company issued ten (10) promissory notes in the aggregate original principal amount of $5,500,000 to the Lenders between March
17, 2017 and June 30, 2018 as follows: (i) that certain Unsecured Convertible Promissory Note, dated as of March 17, 2017 in the
aggregate principal amount of $500,000 to Andrew L. Ross, (ii) that certain Unsecured Convertible Promissory Note, dated as of
May 15, 2017 in the aggregate principal amount of $250,000 to Andrew L. Ross, (iii) that certain Unsecured Convertible Promissory
Note, dated as of June 1, 2017 in the aggregate principal amount of $1,050,000 to Anna-Maria and Stephen Kellen Foundation, Inc.,
(iv) that certain Unsecured Convertible Promissory Note, dated as of June 12, 2017 in the aggregate principal amount of $1,450,000
to OBF Investments, LLC, (v) that certain Unsecured Convertible Promissory Note, dated as of June 30, 2017 in the aggregate principal
amount of $250,000 to Andrew L. Ross, (vi) that certain Unsecured Convertible Promissory Note, dated as of December 29, 2017 in
the aggregate principal amount of $650,000 to Anna-Maria and Stephen Kellen Foundation, Inc., (vii) that certain Unsecured Convertible
Promissory Note, dated as of January 3, 2018 in the aggregate principal amount of $700,000 to OBF Investments, LLC, (viii) that
certain Unsecured Convertible Promissory Note, dated as of April 2, 2018 in the aggregate principal amount of $250,000 to Andrew
L. Ross, (ix) that certain Unsecured Convertible Promissory Note, dated as of June 6, 2018 in the aggregate principal amount of
$200,000 to Andrew L. Ross, and (x) that certain Unsecured Convertible Promissory Note, dated as of June 30, 2018 in the aggregate
principal amount of $200,000 to Andrew L. Ross (collectively, the “Notes”).

 

B.       The
Company and the Lenders desire to extend the Maturity Date of the Notes as set forth herein.

 

C.       The
Company has requested and the Lenders have agreed to amend certain provisions of the Convertible Note Subscription Agreement as
set forth herein.

 

D.       The
Company has requested that the Lenders consent to the incurrence of indebtedness by the Company that is otherwise not permitted
by the terms of Section 5 of the Convertible Note Subscription Agreement, and the Lenders agree to consent to the incurrence of
such indebtedness as set forth herein.

 

    1

     

    

 

Agreement

 

Now,
Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

 

1.           Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to
them in the Notes or Convertible Note Subscription Agreement, as applicable.

 

2.           Amendments to Convertible Note Subscription Agreement.

 

2.1          Section 1. Clause (iv) of the definition of “Maturity Date” is amended from June 30, 2019 to March 31 2020
(i.e. the date that is three (3) months following the maturity date of the Bridge Notes (as defined below), which date may, in
the sole discretion of the Board of Directors of the Company, be extended for two successive three (3) month periods to June 30,
2020 and September 30, 2020, as applicable; provided, however, that if the Bridge Notes are paid in full prior to their then stated
maturity date, the Maturity Date shall revert to June 30, 2019.

 

2.2          Section 1.7. Section 1.7 is hereby deleted in its entirety and replaced with the following:

 

“1.7  Conversion of Convertible
Notes upon Acquisition. If the Company is sold in an Acquisition prior to conversion or repayment of the Convertible Notes
in full or prior to a Qualified Equity Financing, then upon the consummation of any such Acquisition, at the option of the Majority
Lenders, the Convertible Notes shall (a) be repaid in full in an amount equal to the outstanding principal amount of the Convertible
Notes plus all accrued interest thereon, or (b) shall convert into shares of a newly created Series B1 Preferred
Stock of the Company with the same terms as the existing Series B Preferred Stock, except that the aggregate liquidation preference
of such Series B1 Preferred Stock shall equal the principal amount of the Convertible Notes plus accrued interest being converted
at such time (the “Conversion Shares”) at the Acquisition Conversion Price (as defined below). The Company
shall provide the Investors written notice of an Acquisition at least thirty (30) days prior to the closing of such Acquisition.
If the Majority Lenders elect to be repaid in accordance with option (a) in the preceding sentence, such amount shall be paid
upon consummation of the Acquisition (or as promptly as practicable thereafter) and shall remain a continuing obligation of the
Company (or any successor entity) until such amount is paid in full. An “Acquisition” shall mean the
sale of all or substantially all of the capital stock or assets of the Company in a business combination or other acquisition;
a merger, consolidation or reorganization of the Company in connection with a business combination (but not in connection with
an equity financing); or the sale or transfer of control by the stockholders of the Company to a third party (in a single transaction
or series of related transactions) representing a majority of the voting power of the Company (other than in connection with an
issuance of equity securities designed to raise working capital, including a Qualified Equity Financing).

 

In the event that the
Majority Lenders elect to convert the Convertible Notes into Conversion Shares upon an Acquisition, the outstanding principal on
the Convertible Notes, including all accrued interest thereon, shall convert into such number of Conversion Shares equal to the
quotient of the aggregate principal and accrued interest outstanding on the Convertible Notes divided by a price
per share of Conversion Shares determined in accordance with one of the two scenarios set out below (the “Acquisition
Conversion Price”):

 

    2

     

    

 

(1) Scenario
1:  if an Acquisition occurs on a date which is within twelve (12) months from the issuance date noted on
the face of each such Convertible Note held by that Investor, then the outstanding principal on the Convertible Note, including
all accrued interest thereon, shall convert at a rate equal to the lesser of (A) if (i) the Investor is a Major Investor,
such price per share commensurate with a valuation equal to the total consideration for the Acquisition (net of any Contingent
Consideration or Acquisition Transaction Fees), calculated based upon the Liquidity Capitalization, and determined immediately
prior to the Acquisition (as further set forth in any of the initial definitive Acquisition documents, less a twenty percent (20%)
discount (that is, at a rate of eighty percent (80%) of the calculated per share value), or (ii) if the Investor is not
a Major Investor, such price per share commensurate with a valuation equal to the total consideration for the Acquisition (net
of any Contingent Consideration or Acquisition Transaction Fees), calculated based upon the Liquidity Capitalization, and determined
immediately prior to the Acquisition (as further set forth in any of the initial definitive Acquisition documents, less a ten percent
(10%) discount (that is, at a rate of ninety percent (90%) of the calculated per share value), or (B) such price per share commensurate
with a valuation of the Company of $34,500,000, calculated based upon the Liquidity Capitalization, and determined immediately
prior to the Acquisition (as further set forth in any of the initial definitive Acquisition documents); or

 

(2) Scenario
2:  if an Acquisition occurs on a date which is later than twelve (12) months from the issuance date noted
on the face of each such Convertible Note held by that Investor, then the outstanding principal on the Convertible Note, including
all accrued interest thereon, shall convert at a rate equal to the lesser of (A) if (i) the Investor is a Major Investor,
such price per share commensurate with a valuation equal to the total consideration for the Acquisition (net of any Contingent
Consideration or Acquisition Transaction Fees), calculated based upon the Liquidity Capitalization, and determined immediately
prior to the Acquisition (as further set forth in any of the initial definitive Acquisition documents, less a thirty percent (30%)
discount (that is, at a rate of eighty percent (70%) of the calculated per share value), or (ii) if the Investor is not
a Major Investor, such price per share commensurate with a valuation equal to the total consideration for the Acquisition (net
of any Contingent Consideration or Acquisition Transaction Fees), calculated based upon the Liquidity Capitalization, and determined
immediately prior to the Acquisition (as further set forth in any of the initial definitive Acquisition documents, less a twenty
percent (20%) discount (that is, at a rate of eighty percent (80%) of the calculated per share value), or (B) such price per share
commensurate with a valuation of the Company of $34,500,000, calculated based upon the Liquidity Capitalization, and determined
immediately prior to the Acquisition (as further set forth in any of the initial definitive Acquisition documents).

 

For the avoidance of
doubt, the outstanding principal on any Convertible Note held by an Investor (including all accrued interest thereon) shall convert
at an Acquisition Conversion Price determined in accordance with either Scenario 1 or Scenario 2 above, but not both. Notwithstanding
anything contained herein, the Majority Lenders hereby agree if the total consideration for the Acquisition is less than $25,000,000,
the parties will negotiate in good faith to determine the Acquisition Conversion Price.

 

For purposes herein,
 “Contingent Consideration” shall mean any portion of consideration payable to the stockholders of the
Company that is payable only upon satisfaction of contingencies including any amounts placed in escrow or retained as a holdback
to satisfy any indemnification or similar obligations. For purposes herein, “Liquidity Capitalization”
shall mean the number, as of immediately prior to the Acquisition, of shares of capital stock (on an as-converted basis) outstanding,
assuming exercise or conversion of all outstanding vested and unvested options, warrants and other convertible securities, but
excluding: (i) shares of capital stock reserved and available for future grant under any equity incentive or similar plan; (ii)
all outstanding vested and unvested options, warrants and other convertible securities that are “out of the money”,
(iii) shares of capital stock issuable under this instrument; and (iv) shares of capital stock issuable under convertible promissory
notes. For purposes herein, “Acquisition Transaction Fees” shall mean any fees incurred solely in
connection with the Acquisition, including but not limited to banker’s fees, lawyer’s fees, accountant’s fees
and any payments required to be made under any management carve-out plan.

 

    3

     

    

 

3.        Consent to Incurrence of Secured Indebtedness. The Lender hereby consents to the incurrence of indebtedness
(the “Bridge Notes”) by the Company in the original principal amount of up to $4,000,000, which indebtedness
shall be secured by all assets of the Company, pursuant to the terms of that certain Note Subscription Agreement, dated of the
date hereof, between the Company and the investors party thereto.

 

4.        No Other Amendments. No other amendments are made to the Notes or the Convertible Subscription Agreement.

 

5.        Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument.

 

6.        Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State
of Delaware.

 

[Signature page follows.]

 

    4

     

    

 

In
Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first
written above.

 

	 	Company:
	 	 	 
	 	iSpecimen Inc.
	 	 	 
	 	 	 
	 	By:	/s/ Christopher J. Ianelli
	 	 	Christopher J. Ianelli
	 	 	President & CEO
	 	 	 
	 	Lenders:
	 	 	 
	 	/s/ Andrew L. Ross
	 	Andrew L. Ross, individually
	 	 	 
	 	 	 
	 	Anna-Maria and Stephen Kellen Foundation, Inc.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	 
	 	OBF Investments, LLC
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

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