Document:

Exhibit
10.8

 

FORWARD
PURCHASE AGREEMENT 

 

This
Forward Purchase Agreement (this “Agreement”) is entered into as of          , 2021, by and between CM Life Sciences
II Inc., a Delaware corporation (the “Company”), and          , a              , acting solely in its capacity as investment advisor
(in such capacity, the “Advisor”) to one or more investment funds, clients or accounts (collectively, “Clients”)
managed from time to time by the Advisor.

 

Recitals

 

WHEREAS,
the Company was incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more businesses (a “Business Combination”);

 

WHEREAS,
the Company has filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement
on Form S-1 (the “Registration Statement”) for its initial public offering (“IPO”) of 20,000,000
units (or 23,000,000 units if the underwriters’ over-allotment option (the “IPO Option”) is exercised
in full) (the “Public Units”) at a price of $10.00 per Public Unit, each Public Unit comprised of one share
of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Shares,” and
the Class A Shares included in the Public Units, the “Public Shares”), and one-fifth of one redeemable
warrant, where each whole redeemable warrant is exercisable to purchase one Class A Share at an exercise price of $11.50
per share (the “Warrants,” and the Warrants included in the Public Units, the “Public Warrants”);

 

WHEREAS,
the Company’s sponsor, CMLS Holdings II LLC, and certain of the Company’s independent director nominees have severally
agreed to purchase an aggregate of 4,000,000 warrants (or 4,400,000 warrants if the IPO Option is exercised in full) at a price
of $1.50 per warrant in a private placement that will close simultaneously with the closing of the IPO (the “Private
Placement Warrants”);

 

WHEREAS,
following the closing of the IPO (the “IPO Closing”), the Company will seek to identify and consummate a Business
Combination;

 

WHEREAS,
the parties wish to enter into this Agreement, pursuant to which, concurrently with the closing of the Company’s initial
Business Combination (the “Business Combination Closing”), the Company shall issue and sell to each Purchaser
(as defined below), and each Purchaser shall purchase from the Company, on a private placement basis, the number of Class A Shares
(the “Forward Purchase Shares”) determined pursuant to Section 1 hereof, subject to the terms and
conditions set forth herein;

 

WHEREAS,
concurrently with this Agreement, the Company has entered into an agreement in the form of this Agreement (the “Other
Forward Contract”) with , acting solely in its capacity as investment advisor to one or more Clients managed from time
to time by such advisor pursuant to which such advisor may allocate to one or more of such Clients or assign to one or more third
parties the obligation to purchase forward purchase shares (the advisor under the Other Forward Contract together with the Advisor,
the “Advisors,” and the purchasers under the Other Forward Contract together with the Purchasers, the “Forward
Contract Parties” and each, a “Forward Contract Party”) for the purchase of up to an aggregate of
3,750,000 Class A Shares, for a purchase price of $10.00 per share, upon the Business Combination Closing for an aggregate purchase
price of $37,500,000;

 

WHEREAS,
proceeds from the IPO and the sale of the Private Placement Warrants in an aggregate amount equal to the gross proceeds from the
IPO will be deposited into a trust account for the benefit of the holders of the Public Shares (the “Trust Account”),
as described in the Registration Statement; and

 

WHEREAS,
the amounts available to the Company from the Trust Account (after giving effect to any redemptions of Public Shares) and any
other equity or debt financing obtained by the Company in connection with the initial Business Combination (the “Available
Cash”), together with the proceeds from the sale of the Forward Purchase Shares, will be used to satisfy the cash requirements
of the initial Business Combination, including funding the purchase price and paying expenses and retaining amounts specified
in the definitive agreement for the initial Business Combination (the “Definitive Agreement”) to be retained
for use by the post-initial Business Combination company for working capital or other purposes (the “Cash Requirements”);

 

     

     

    

 

NOW,
THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement,
and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

 

Agreement

 

1.
Sale and Purchase.

 

(a)
Forward Purchase Shares.

 

(i)
Subject to Sections 1(a)(ii), (iii), and (iv) hereof, the Company shall issue and sell to the Purchaser or
Purchasers, determined as set forth in Section 1(a)(ii)(B) hereof, and the Purchaser or Purchasers shall purchase from
the Company, up to an aggregate maximum of 3,750,000 Forward Purchase Shares (the “Maximum Shares”), for a
purchase price of $10.00 per Forward Purchase Share (the “Forward Purchase Price”), or up to a maximum of $37,500,000
in the aggregate.

 

(ii)
The number of Forward Purchase Shares to be issued and sold by the Company and purchased
by each Purchaser hereunder shall be determined as follows:

 

(A)
As soon as reasonably practicable, but in no event less than fifteen (15) Business Days prior to the Company’s entry into
the Definitive Agreement, the Company shall provide the Advisor with notice (the “Initial Company Notice”)
of the number of Forward Purchase Shares desired to be issued and sold by the Company pursuant to this Agreement. Such number
of Forward Purchase Shares shall be determined by the Company, in its sole discretion, based on, but not limited to, the Cash
Requirements and the Available Cash; provided, however, that such number shall in no event exceed the Maximum Shares.
Following delivery of the Initial Company Notice, the Company shall provide the Advisor with such other information as the Advisor
(or any applicable Transferee pursuant to Section 6(b) hereof) may reasonably request so that the Advisor may appropriately
determine the allocation of the Forward Purchase Shares pursuant to Section 1(a)(ii)(C) hereof.

 

(B)
Subject to Section 1(a)(ii)(C) hereof, within ten (10) Business Days after receipt of the Initial Company Notice, the Advisor
shall (i) allocate to one or more Clients or, in lieu of allocating to a Client, assign to one or more third parties (together
with the Clients, the “Purchasers” and individually, a “Purchaser”), in whole or in part,
the obligation to purchase the Forward Purchase Shares set forth in the Initial Company Notice and (ii) provide the Company with
notice (the “Initial Purchaser Notice”) of the identity of each Purchaser and the number of Forward Purchase
Shares it has allocated or assigned to each Purchaser pursuant to this Agreement, if any, which shall not exceed the Maximum Shares.
Upon such allocation or assignment:

 

1.
such Purchaser shall execute a signature page to this Agreement, substantially in the form attached as Exhibit A hereto
(a “Purchaser Joinder”), which shall reflect the number of Forward Purchase Shares to be purchased by such
Purchaser and shall constitute the binding obligation of such Purchaser to purchase such
Forward Purchase Shares, subject to the terms and conditions of this Agreement, and, upon such execution, such Purchaser
shall have all the rights and obligations of a Purchaser hereunder with respect to such Forward Purchase Shares and shall make
all of the representations, warranties, covenants and agreements of a Purchaser hereunder, and references herein to the “Purchaser”
shall be deemed to refer to such Purchaser and to its Forward Purchase Shares; provided, that any representations, warranties,
covenants and agreements of such Purchaser and any other Purchaser shall be several and not joint and shall be made as to such
Purchaser or any other Purchaser, as applicable, as to itself only; provided, further, that notwithstanding anything
to the contrary contained herein, to the extent the Company proposes to obtain alternative financing to fund the initial Business
Combination in the form of an offering of New Equity Securities (“Alternative Financing”) and a Purchaser participates
in such Alternative Financing pursuant to Section 5 hereof, the aggregate commitment hereunder shall be reduced by the
amount of such Purchaser’s participation in such Alternative Financing; and

 

    2

     

    

 

2.
upon a Purchaser’s execution and delivery of a Purchaser Joinder, the number of Forward Purchase Shares to be purchased
by such Purchaser hereunder shall be reflected in Schedule A to this Agreement. For the avoidance of doubt, this Agreement
need not be amended and restated in its entirety, but only Schedule A need be completed by each of the Purchaser and the
Company upon the occurrence of any such allocation of the Forward Purchase Shares.

 

(C)
Notwithstanding the foregoing, the Advisor shall only be obligated to allocate the purchase of some or all of the number of Forward
Purchase Shares set forth in the Initial Company Notice to any Client if and only if: (i) the initial Business Combination is
proposed to be consummated with a company engaged in a business that is within the investment objectives of such Client; and (ii)
the initial Business Combination, including the target assets or business, and the terms of the initial Business Combination,
are reasonably acceptable to such Client, as determined by the Advisor in its sole discretion (it being understood that the Advisor
may consider many of the same criteria as the Company will consider, but will also consider whether the investment is an appropriate
investment for such Client, including whether the investment complies with any guidelines, restrictions or conflicts of interest
provisions applicable to such Client), and if not all of the Forward Purchase Shares set forth in the Initial Company Notice are
allocated to Clients, the Advisor may, but shall not be obligated to, assign the obligation to purchase such Forward Purchase
Shares to one or more third parties. The Company acknowledges that this Agreement is neither a commitment nor an obligation of
any Client to purchase any Forward Purchase Shares, unless otherwise expressly agreed in writing by such Client by execution and
delivery of a Purchaser Joinder.

 

(iii)
At least two (2) Business Days before the Business Combination Closing, the Company shall provide each Purchaser with an
updated notice (the “Final Company Notice”) including:

 

(A)
its determination of the number of Forward Purchase Shares that it desires each Purchaser to purchase pursuant to this Agreement;

 

(B)
the anticipated date of the Business Combination Closing; and

 

(C)
instructions for wiring the aggregate Forward Purchase Price for each such Purchaser’s Forward Purchase Shares.

 

(iv)
At least one (1) Business Day before the Business Combination Closing, each Purchaser
shall provide the Company with an updated notice (the “Final Purchaser Notice”) of the number of Forward Purchase
Shares it will be obligated to purchase pursuant to this Agreement, with no further notification or confirmation necessary from
the Company, which number shall not be less than the lesser of (A) the number of Forward Purchase Shares that such Purchaser
was obligated to purchase pursuant to such Purchaser’s Purchaser Joinder and (B) the number of Forward Purchase Shares
that the Company desires the Purchaser to purchase as specified in the Final Company Notice.

 

(v)
The closing of the sale of Forward Purchase Shares (the “Forward Closing”) shall be held on the same date and
concurrently with the Business Combination Closing (such date being referred to as the “Forward Closing Date”).
At least one (1) Business Day prior to the Forward Closing Date, the Purchaser shall deliver to the Company the aggregate
Forward Purchase Price for the Forward Purchase Shares by wire transfer of U.S. dollars in immediately available funds to the
account specified by the Company in such notice to be held in escrow until the Forward Closing. Immediately prior to the Forward
Closing on the Forward Closing Date, (i) the aggregate Forward Purchase Price shall be released from escrow automatically
and without further action by the Company or the Purchaser, and (ii) upon such release, the Company shall issue the Forward
Purchase Shares to the Purchaser in book-entry form, free and clear of any liens or other restrictions whatsoever (other than
those arising under state or federal securities laws), registered in the name of the Purchaser (or its nominee in accordance with
its delivery instructions), or to a custodian designated by the Purchaser, as applicable. In the event the Business Combination
Closing does not occur within five (5) Business Days of the date scheduled for closing, the Forward Closing shall not occur
and the Company shall promptly (but not later than one (1) Business Day thereafter) return the aggregate Forward Purchase
Price to the Purchaser. For purposes of this Agreement, “Business Day” means any day, other than a Saturday or a Sunday,
that is neither a legal holiday nor a day on which banking institutions are generally authorized or required by law or regulation
to close in the City of New York, New York.

 

    3

     

    

 

(b) Legends. Each
register and book entry for the Forward Purchase Shares shall contain a notation, and each certificate (if any) evidencing
the Forward Purchase Shares shall be stamped or otherwise imprinted with a legend, in substantially the following form: 

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF
ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS. THE SALE, PLEDGE, HYPOTHECATION,
OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN FORWARD PURCHASE AGREEMENT
BY AND BETWEEN THE HOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE
COMPANY.”

 

2.
Representations and Warranties of the Advisor.
The Advisor represents and warrants to the Company as follows, as of the date hereof:

 

(a)
Organization and Power. The Advisor is duly organized, validly existing, and in good standing under the laws of the jurisdiction
of its formation and has all requisite power and authority to carry on its business as presently conducted and as proposed to
be conducted.

 

(b)
Authorization. The Advisor has full power and authority to enter into this Agreement.

 

(c)
Compliance with Other Instruments. The execution, delivery and performance by the Advisor of this Agreement will not result
in any violation or default (i) of any provisions of its organizational documents, (ii) of any instrument, judgment, order, writ
or decree to which it is a party or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or
by which it is bound, (iv) under any lease, agreement, contract or purchase order to which it is a party or by which it is bound
or (v) of any provision of federal or state statute, rule or regulation applicable to the Advisor, in each case (other than clause
(i)), which would have a material adverse effect on the Advisor.

 

3.
Representations and Warranties of the Purchaser.
Each Purchaser that executes and delivers a Purchaser Joinder represents and warrants to the Company, as of the date of the Purchaser
Joinder, as follows:

 

(a)
Organization and Power. The Purchaser is duly organized, validly existing, and in good standing under the laws of the jurisdiction
of its formation and has all requisite power and authority to carry on its business as presently conducted and as proposed to
be conducted.

 

(b)
Authorization. The Purchaser has full power and authority to enter into this Agreement. This Agreement, when executed and
delivered by the Purchaser, will constitute the valid and legally binding obligation of the Purchaser, enforceable against the
Purchaser in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, (ii) as
limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies, or (iii) to
the extent the indemnification provisions contained in the Registration Rights (as defined below) may be limited by applicable
federal or state securities laws.

 

(c)
Governmental Consents and Filings. No consent, approval, order or authorization of, or registration, qualification, designation,
declaration or filing with, any federal, state or local governmental authority is required on the part of the Purchaser in connection
with the consummation of the transactions contemplated by this Agreement.

 

    4

     

    

 

(d)
Compliance with Other Instruments. The execution, delivery and performance by the Purchaser of this Agreement and the consummation
by the Purchaser of the transactions contemplated by this Agreement will not result in any violation or default (i) of any
provisions of its organizational documents, (ii) of any instrument, judgment, order, writ or decree to which it is a party
or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under
any lease, agreement, contract or purchase order to which it is a party or by which it is bound or (v) of any provision of
federal or state statute, rule or regulation applicable to the Purchaser, in each case (other than clause (i)), which would have
a material adverse effect on the Purchaser or its ability to consummate the transactions contemplated by this Agreement.

 

(e)
Purchase Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation
to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Forward Purchase
Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser’s own account, not as a nominee
or agent, and not with a view to the resale or distribution of any part thereof in violation of any state or federal securities
laws, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the
same in violation of law. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently
have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person
or to any third Person, with respect to any of the Forward Purchase Shares. For purposes of this Agreement, “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or any government or any department or agency thereof.

 

(f)
Disclosure of Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial
affairs and the terms and conditions of the offering of the Forward Purchase Shares, as well as the terms of the Company’s
proposed IPO, with the Company’s management.

 

(g)
Restricted Securities. The Purchaser understands that the offer and sale of the Forward Purchase Shares to the Purchaser
has not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”),
by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things,
the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The
Purchaser understands that the Forward Purchase Shares are “restricted securities” under applicable U.S. federal and
state securities laws and that, pursuant to these laws, the Purchaser must hold the Forward Purchase Shares indefinitely unless
they are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification
requirements is available. The Purchaser acknowledges that the Company has no obligation to register or qualify the Forward Purchase
Shares, or any Class A Shares into which the Forward Purchase Shares may be converted or exercised, for resale, except for
the Registration Rights. The Purchaser further acknowledges that if an exemption from registration or qualification is available,
it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for
the Forward Purchase Shares, and on requirements relating to the Company which are outside of the Purchaser’s control, and
which the Company is under no obligation and may not be able to satisfy. The Purchaser acknowledges that the Company filed the
Registration Statement for its proposed IPO. The Purchaser understands that the offering of the Forward Purchase Shares is not,
and is not intended to be, part of the IPO, and that the Purchaser will not be able to rely on the protection of Section 11
of the Securities Act with respect to the Forward Purchase Shares.

 

(h)
No Public Market. The Purchaser understands that no public market now exists for the Forward Purchase Shares, and that
the Company has made no assurances that a public market will ever exist for the Forward Purchase Shares.

 

(i)
High Degree of Risk. The Purchaser understands that its agreement to purchase the Forward Purchase Shares involves a high
degree of risk which could cause the Purchaser to lose all or part of its investment.

 

(j)
Accredited Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under
the Securities Act.

 

(k)
No General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents, stockholders or
partners has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation,
or (ii) published any advertisement in connection with the offer and sale of the Forward Purchase Shares.

 

    5

     

    

 

(l)
Residence. The Purchaser’s principal place of business is the office or offices located at the address of the Purchaser
set forth on the signature page hereof.

 

(m)
Non-Public Information. The Purchaser acknowledges its obligations under applicable securities laws with respect to the
treatment of non-public information relating to the Company.

 

(n)
Adequacy of Financing. At the time of the Forward Closing, the Purchaser will have available to it sufficient funds to
satisfy its obligations under this Agreement.

 

(o)
No Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained
in this Section 3 and in any certificate or agreement delivered pursuant hereto, none of the Purchaser nor any person
acting on behalf of the Purchaser nor any of the Purchaser’s affiliates (the “Purchaser Parties”) has
made, makes or shall be deemed to make any other express or implied representation or warranty with respect to the Purchaser and
this offering, and the Purchaser Parties disclaim any such representation or warranty. Except for the specific representations
and warranties expressly made by the Company in Section 4 of this Agreement and in any certificate or agreement delivered
pursuant hereto, the Purchaser Parties specifically disclaim that they are relying upon any other representations or warranties
that may have been made by the Company, any person on behalf of the Company or any of the Company’s affiliates (collectively,
the “Company Parties”).

 

4.
Representations and Warranties of the Company. The Company represents and warrants to the Advisor
and the Purchaser as follows: 

 

(a)
Incorporation and Corporate Power. The Company is a corporation duly incorporated and validly existing and in good standing
as a corporation under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business
as presently conducted and as proposed to be conducted. The Company has no subsidiaries.

 

(b)
Capitalization. On the date hereof, the authorized share capital of the Company consists of:

 

(i)
100,000,000 Class A Shares, none of which are issued and outstanding.

 

(ii)
10,000,000 shares of the Company’s Class B common stock, par value $0.0001 per shares (the “Class B Shares”),
5,750,000 of which are issued and outstanding. All of the outstanding Class B Shares have been duly authorized, are fully
paid and nonassessable and were issued in compliance with all applicable federal and state securities laws.

 

(iii)
1,000,000 preferred shares, none of which are issued and outstanding.

 

(c)
Authorization. All corporate action required to be taken by the Company’s Board of Directors and stockholders in
order to authorize the Company to enter into this Agreement, and to issue the Forward Purchase Shares at the Forward Closing,
has been taken or will be taken prior to the Forward Closing. All action on the part of the stockholders, directors and officers
of the Company necessary for the execution and delivery of this Agreement, the performance of all obligations of the Company under
this Agreement to be performed as of the Forward Closing, and the issuance and delivery of the Forward Purchase Shares has been
taken or will be taken prior to the Forward Closing. This Agreement, when executed and delivered by the Company, shall constitute
the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms except (i) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application
relating to or affecting the enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability
of specific performance, injunctive relief, or other equitable remedies, or (iii) to the extent the indemnification provisions
contained in the Registration Rights may be limited by applicable federal or state securities laws.

 

    6

     

    

 

(d)
Valid Issuance of Shares. The Forward Purchase Shares, when issued, sold and delivered in accordance with the terms and
for the consideration set forth in this Agreement, will be validly issued, fully paid and nonassessable, and free of all preemptive
or similar rights, taxes, liens, encumbrances and charges with respect to the issue thereof and restrictions on transfer other
than restrictions on transfer specified under this Agreement, applicable state and federal securities laws and liens or encumbrances
created by or imposed by the Purchaser. Assuming the accuracy of the representations of the Purchaser in this Agreement and subject
to the filings described in Section 4(e) below, the Forward Purchase Shares will be issued in compliance with all
applicable federal and state securities laws.

 

(e)
Governmental Consents and Filings. Assuming the accuracy of the representations and warranties made by the Purchaser in
this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing
with, any federal, state or local governmental authority is required on the part of the Company in connection with the consummation
of the transactions contemplated by this Agreement, except for filings pursuant to Regulation D of the Securities Act, and applicable
state securities laws, if any, and pursuant to the Registration Rights.

 

(f)
Compliance with Other Instruments. The execution, delivery and performance of this Agreement and the consummation of the
transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions of the Company’s
amended and restated certificate of incorporation, as it may be amended from time to time (the “Charter”),
bylaws or other governing documents of the Company, (ii) of any instrument, judgment, order, writ or decree to which the
Company is a party or by which it is bound, (iii) under any note, indenture or mortgage to which the Company is a party or
by which it is bound, (iv) under any lease, agreement, contract or purchase order to which the Company is a party or by which
it is bound or (v) of any provision of federal or state statute, rule or regulation applicable to the Company, in each case
(other than clause (i)) which would have a material adverse effect on the Company or its ability to consummate the transactions
contemplated by this Agreement.

 

(g)
Operations. As of the date hereof, the Company has not conducted, and prior to the IPO Closing the Company will not conduct,
any operations other than organizational activities and activities in connection with offerings of its securities.

 

(h)
No General Solicitation. Neither the Company, nor any of its officers, directors, employees, agents or stockholders has
either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii) published
any advertisement in connection with the offer and sale of the Forward Purchase Shares.

 

(i)
No Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained
in this Section 4 and in any certificate or agreement delivered pursuant hereto, none of the Company Parties has made,
makes or shall be deemed to make any other express or implied representation or warranty with respect to the Company, this offering,
the proposed IPO or a potential Business Combination, and the Company Parties disclaim any such representation or warranty. Except
for the specific representations and warranties expressly made by the Advisor in Section 2 of the Agreement and by the
Purchaser in Section 3 of this Agreement and in any certificate or agreement delivered pursuant hereto, the Company
Parties specifically disclaim that they are relying upon any other representations or warranties that may have been made by the
Purchaser Parties.

 

5.
Right of First Offer. Subject to the terms and conditions of this Section 5, if, in connection
with or prior to the Business Combination Closing, the Company proposes to issue any equity securities, or securities convertible
into, exchangeable or exercisable for equity securities, other than the Public Units (and their component Public Shares and Public
Warrants) and the Excluded Securities (as defined below) (“New Equity Securities”), or offer or seek commitments
for any New Equity Securities to backstop any such capital raise, the Company shall first make an offer of the New Equity Securities
to the Advisors on behalf of their respective Clients or other Purchasers in accordance with the following provisions of this
Section 5:

 

(a)
Offer Notice.

 

(i)
The Company shall give written notice (the “Offering Notice”) to the Advisors stating its bona fide intention
to offer the New Equity Securities and specifying the number of New Equity Securities and the material terms and conditions, including
the price, pursuant to which the Company proposes to offer the New Equity Securities and the applicable pro rata share
of such New Equity Securities offered to each of the Advisors pursuant to such Offering Notice, which shall be 50% of such New
Equity Securities. 

 

    7

     

    

 

(ii)
The Offering Notice shall constitute the Company’s offer to sell the New Equity Securities to Clients managed by the Advisors
or other Purchasers, which offer shall be irrevocable for a period of ten (10) Business Days (the “ROFO Notice Period”).

 

(b)
Exercise of Right of First Offer.

 

(i)
Upon receipt of the Offering Notice, the Advisors shall have until the end of the ROFO Notice Period to accept the Company’s
offer to purchase, in whole or in part, its pro rata share of the New Equity Securities by delivering a written
notice (a “ROFO Notice”) to the Company stating that it accepts, on behalf of one or more specified Clients
or other Purchasers, the Company’s offer to purchase such New Equity Securities on the terms specified in the Offering Notice
and in the amounts specified in the ROFO Notice. Any ROFO Notice signed by the Clients or other Purchasers named therein and so
delivered shall be binding upon delivery and irrevocable by such Clients or other Purchasers.

 

(ii)
If one of the Advisors does not deliver a ROFO Notice during the ROFO Notice Period accepting all of the New Equity Securities
offered to it, it shall be deemed to have waived on behalf of its Clients or other Purchasers all rights to purchase the New Equity
Securities offered pursuant to the Offering Notice under this Section 5 that were not included in the ROFO Notice (the
“Waived New Equity Securities”). Thereafter, to the extent the other Advisor has delivered a ROFO Notice to
the Company during the ROFO Notice Period accepting the Company’s initial offer to purchase all of the New Equity Securities
offered to it, the Company shall, within five (5) Business Days after the expiration of the ROFO Notice Period, give an Offering
Notice to such Advisor, informing it that it has the right to increase the number of New Equity Securities that it accepted pursuant
to the initial ROFO Notice by up to the number of Waived New Equity Securities. Such Advisor shall then have two (2) Business
Days (the “Subsequent Offering Period”) in which to accept such second offer, by giving notice of acceptance
(the “Subsequent ROFO Notice”) to the Company prior to the expiration of the Subsequent Offering Period, as
to portion of the Waived New Equity Securities it accepts for purchase on behalf of one or more specified Clients or other Purchasers.

 

(iii)
If the Subsequent Offer Notice is not delivered to the Company prior to the expiration of the Subsequent Offering Period accepting
for purchase all of the Waived New Equity Securities, the applicable Advisor shall be deemed to have waived on behalf of its Clients
and other Purchasers all rights to purchase such Waived New Equity Securities in such second offer by the Company that it did
not accept for purchase. The Company shall thereafter be free to sell or enter into an agreement to sell the unaccepted portion
of such Waived New Equity Securities to any third party without any further obligation to the Advisors pursuant to this Section
5 within the ninety (90) day period thereafter (and with respect to an agreement to sell, consummate such sale at any time
thereafter) on terms and conditions not more favorable to the third party than those set forth in any Offering Notice. If the
Company does not sell or enter into an agreement to sell the unaccepted portion of the New Equity Securities within such period,
the rights provided hereunder shall be deemed to be revived and the New Equity Securities shall not be offered to any third party
unless first re-offered to the Advisors in accordance with this Section 5.

 

(c)
Excluded Securities. For purposes hereof, the term “Excluded Securities” means Class B Shares (and Class
A Shares for which such Class B Shares are convertible) issued to the Sponsor prior to the IPO, private placement warrants issued
by the Company in connection with the IPO for $1.50 per warrant for an aggregate of $6,000,000 (or $6,600,000 if the underwriters’
over-allotment option is exercised in full) and which have the same exercise price as the Warrants (“Private Placement
Warrants”) issued pursuant to a private placement agreement by and among the Company and the parties thereto (the “Private
Placement Warrant Agreement”), working capital loans to the Company to finance transaction costs in connection with
an intended initial Business Combination to the extent they may be convertible at the option of the lender into warrants of the
post- initial Business Combination entity (“Working Capital Loans”)), warrants issued upon the conversion of
Working Capital Loans, any securities issued by the Company as consideration to any seller in the initial Business Combination
and any Class A Shares issued pursuant to this Agreement or the Other Forward Contract. 

 

    8

     

    

 

(d)
Additional Private Placements. Notwithstanding anything to the contrary contained herein, prior to the IPO, the Company
will not issue or agree to issue any securities (other than Forward Purchase Shares contemplated by this Agreement, the Other
Forward Contract, the Private Placement Warrants and the Public Units) without the Advisors’ prior written consent.

 

6.
Registration Rights; Transfer

 

(a)
Registration Rights. Each Purchaser shall be granted registration rights by the Company with respect to the Forward Purchase
Shares pursuant to the registration rights agreement (the “Registration Rights Agreement”) to be entered into
by the Company in connection with its IPO, a form of which has been filed with the registration statement relating to the Company’s
IPO (the “Registration Rights”). Upon a Purchaser’s entry into a Purchaser Joinder, such Purchaser shall
execute a joinder to the Registration Rights Agreement.

 

(b)
Transfer. This Agreement and all of the Purchaser’s rights and obligations hereunder (including the Purchaser’s
obligation to purchase the Forward Purchase Shares) may be transferred or assigned, at any time and from time to time, in whole
or in part, to a Forward Contract Party or one or more third parties (each such transferee, a “Transferee”).
Upon any such assignment:

 

(i)
the applicable Transferee shall execute a signature page to this Agreement, substantially in the form of the Purchaser’s
signature page hereto (the “Transferee Joinder Agreement”), which shall reflect the number of Forward Purchase
Shares to be purchased by such Transferee (the “Transferee Securities”), and, upon such execution, such Transferee
shall have all the same rights and obligations of the Purchaser hereunder with respect to the Transferee Securities, and references
herein to the “Purchaser” shall be deemed to refer to and include any such Transferee with respect to such
Transferee and to its Transferee Securities; provided, that any representations, warranties, covenants and agreements of
the Purchaser and any such Transferee shall be several and not joint and shall be made as to the Purchaser or any such Transferee,
as applicable, as to itself only; and

 

(ii)
upon a Transferee’s execution and delivery of a Transferee Joinder Agreement, the number of Forward Purchase Shares to be
purchased by the Purchaser hereunder shall be reduced by the total number of Forward Purchase Shares to be purchased by the applicable
Transferee pursuant to the applicable Transferee Joinder Agreement, which reduction shall be evidenced by the Purchaser and the
Company amending Schedule A and Schedule B to this Agreement to reflect each transfer and updating the “Number
of Forward Purchase Shares” and “Aggregate Purchase Price for Forward Purchase Shares” on the Purchaser’s
signature page hereto to reflect such reduced number of Forward Purchase Shares, and the Purchaser shall be fully and unconditionally
released from its obligation to purchase such Transferee Securities hereunder. For the avoidance of doubt, this Agreement need
not be amended and restated in its entirety, but only Schedule A and Schedule B and the Purchaser’s signature
page hereto need be so amended and updated and executed by each of the Purchaser and the Company upon the occurrence of any such
transfer of Transferee Securities.

 

7.
Additional Agreements, Acknowledgements and Waivers of the Purchaser.

 

(a)
Lock-up; Transfer Restrictions. The Purchaser agrees that it shall not Transfer any Forward Purchase Shares until 30 days
after the completion of the initial Business Combination. Notwithstanding the foregoing, Transfers of the Forward Purchase Shares
are permitted (any such transferees, the “Permitted Transferees”): (A) to the Company’s officers or directors,
any affiliates or family members of any of the Company’s officers or directors, any members of the Purchaser, or any affiliates
of the Purchaser; (B) in the case of an individual, by gift to a member of the individual’s immediate family, to a
trust, the beneficiary of which is a member of individual’s immediate family or an affiliate of such person, or to a charitable
organization; (C) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual;
(D) in the case of an individual, pursuant to a qualified domestic relations order; (E) by private sales or transfers
made in connection with the consummation of a Business Combination at prices no greater than the price at which the securities
were originally purchased; (F) in the event of the Company’s liquidation prior to the completion of a Business Combination;
(G) in the event of the Company’s liquidation, merger, capital stock exchange, reorganization or other similar transaction
which results in all of the Company’s stockholders having the right to exchange their Class A Shares for cash, securities
or other property subsequent to the completion of the initial Business Combination; (H) as a distribution to limited partners,
members or stockholders of the Purchaser; (I) to the Purchaser’s affiliates, to any investment fund or other entity
controlled or managed by the Purchaser or any of its affiliates, or to any investment manager or investment advisor of the Purchaser
or an affiliate of any such investment manager or investment advisor; (J) to a nominee or custodian of a person or entity
to whom a disposition or transfer would be permissible under clauses (A) through (I) above; (K) to the Purchaser or
any Transferee hereunder; (L) by virtue of the laws of the Purchaser’s jurisdiction of formation or its organizational
documents upon dissolution of the Purchaser; and (M) pursuant to an order of a court or regulatory agency; provided,
however, that in the case of clauses (A) through (E) and (H) through (L), these Permitted Transferees must enter
into a written agreement agreeing to be bound by these transfer restrictions. “Transfer” shall mean the (x) sale
or assignment of, offer to sell, contract or agreement to sell, hypothecation, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position (within the meaning of Section 16 of the Exchange Act, and the
rules and regulations of the SEC promulgated thereunder) with respect to, any of the Forward Purchase Shares (excluding any pledges
in the ordinary course of business for bona fide financing purposes or as part of prime brokerage arrangements), (y) entry into
any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of
any of the Forward Purchase Shares, whether any such transaction is to be settled by delivery of such Forward Purchase Shares,
in cash or otherwise, or (z) public announcement of any intention to effect any transaction specified in clause (x) or
(y).

 

    9

     

    

 

(b)
Trust Account.

 

(i)
The Purchaser hereby acknowledges that it is aware that the Company will establish the Trust Account for the benefit of its public
stockholders upon the IPO Closing. The Purchaser, for itself and its affiliates, hereby agrees that it 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 the Company as a result of any liquidation
of the Company, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held
by it.

 

(ii)
The Purchaser hereby agrees that 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, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future, except for redemption and liquidation rights, if any, the Purchaser may have in respect
of any Public Shares held by it. In the event the Purchaser has any Claim against the Company under this Agreement, the Purchaser
shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the property or any
monies in the Trust Account, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public
Shares held by it.

 

8.
Nasdaq Listing. The Company will use commercially reasonable efforts to effect the listing of
the Units, Class A Shares and Public Warrants on The Nasdaq Capital Market (“Nasdaq”) (or another national
securities exchange) at the time of the Business Combination Closing.

 

9.
Forward Closing Conditions.

 

(a)
Assuming such Purchaser has signed a Purchaser Joinder, the obligation of the Purchaser to purchase the Forward Purchase Shares
at the Forward Closing under this Agreement shall be subject to the fulfillment, at or prior to the Forward Closing of each of
the following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Purchaser:

 

(i)
The initial Business Combination shall be consummated concurrently with the purchase of the Forward Purchase Shares;

 

(ii)
No amendment or modification of the terms of the initial Business Combination provided by the Company to the Advisor prior to
the execution by the Purchaser of a Purchaser Joinder shall have occurred that would reasonably be expected to materially and
adversely affect the economic benefits that the Purchaser would reasonably expect to receive under this Agreement without having
received Purchaser’s prior written consent (not to be unreasonably withheld, conditioned or delayed);

 

    10

     

    

 

(iii)
The Company shall have delivered to the Purchaser a certificate evidencing the Company’s good standing as a Delaware corporation;

 

(iv)
The representations and warranties of the Company set forth in Section 4 of this Agreement shall have been true and
correct as of the date hereof and shall be true and correct as of the Forward Closing Date, as applicable, with the same effect
as though such representations and warranties had been made on and as of such date (other than any such representation or warranty
that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except where the
failure to be so true and correct would not have a material adverse effect on the Company or its ability to consummate the transactions
contemplated by this Agreement;

 

(v)
The Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Forward Closing; and

 

(vi)
No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental, regulatory,
or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition
shall be in effect, preventing the purchase by the Purchaser of the Forward Purchase Shares.

 

(b)
The obligation of the Company to sell the Forward Purchase Shares at the Forward Closing under this Agreement shall be subject
to the fulfillment, at or prior to the Forward Closing of each of the following conditions, any of which, to the extent permitted
by applicable laws, may be waived by the Company:

 

(i)
The initial Business Combination shall be consummated concurrently with the purchase of Forward Purchase Shares;

 

(ii)
The representations and warranties of the Purchaser set forth in Section 3 of this Agreement shall have been true
and correct as of the date hereof and shall be true and correct as of the Forward Closing Date, as applicable, with the same effect
as though such representations and warranties had been made on and as of such date (other than any such representation or warranty
that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except where the
failure to be so true and correct would not have a material adverse effect on the Purchaser or its ability to consummate the transactions
contemplated by this Agreement;

 

(iii)
The Purchaser shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the Forward Closing; and

 

(iv)
No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental, regulatory,
or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition
shall be in effect, preventing the purchase by the Purchaser of the Forward Purchase Shares.

 

 

10.
Termination. This Agreement may be terminated at any time prior to the Forward Closing: 

 

(a)
by mutual written consent of the Company and the Purchaser;

 

(b)
automatically

 

(i)
if the IPO is not consummated on or prior to twelve months from the date of this Agreement; or

 

(ii)
if a Business Combination is not consummated within 24 months from the closing of the IPO, or such later date as may be approved
by the Company’s stockholders.

 

    11

     

    

 

In
the event of any termination of this Agreement pursuant to this Section 10, the Forward Purchase Price (and interest
thereon, if any), if previously paid with respect to any Forward Purchase Shares, and all Purchaser’s funds paid in connection
herewith shall be promptly returned to the Purchaser, and thereafter this Agreement shall forthwith become null and void and have
no effect, without any liability on the part of the Purchaser or the Company and their respective directors, officers, employees,
partners, managers, members, or stockholders and all rights and obligations of each party shall cease; provided, however,
that nothing contained in this Section 10 shall relieve either party from liabilities or damages arising out of any
fraud or willful breach by such party of any of its representations, warranties, covenants or agreements contained in this Agreement.

 

11.
General Provisions.

 

(a)
Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given upon the earlier of actual receipt, or (i) personal delivery to the party to be notified, (ii) when
sent, if sent by electronic mail or facsimile (if any) during normal business hours of the recipient, and if not sent during normal
business hours, then on the recipient’s next Business Day, (iii) five (5) Business Days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (iv) one (1) Business Day after deposit with a nationally
recognized overnight courier, freight prepaid, specifying next Business Day delivery, with written verification of receipt. All
communications sent to the Company shall be sent to: CM Life Sciences II Inc., c/o Corvex Capital Management, 667 Madison Avenue,
New York, New York 10065, Attn: Brian Emes, Chief Financial Officer, email: bemes@corvexcap.com, with a copy to the Company’s
counsel at: White & Case LLP, 1221 Avenue of the Americas, New York, New York 10022, Attn: Joel L. Rubinstein, Esq., email:
jrubinstein@winston.com.

 

All
communications to the Purchaser shall be sent to the Purchaser’s address as set forth on the signature page hereof, or to
such e-mail address, facsimile number (if any) or address as subsequently modified by written notice given in accordance with
this Section 11(a).

 

(b)
No Finder’s Fees. Each party represents that it neither is nor will be obligated for any finder’s fee or commission
in connection with this transaction. The Purchaser agrees to indemnify and to hold harmless the Company from any liability for
any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the
costs and expenses of defending against such liability or asserted liability) for which the Purchaser or any of its officers,
employees or representatives is responsible. The Company agrees to indemnify and hold harmless the Purchaser from any liability
for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and
the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers,
employees or representatives is responsible.

 

(c)
Survival of Representations and Warranties. All of the representations and warranties contained herein shall survive the
Forward Closing.

 

(d)
Entire Agreement. This Agreement, together with any documents, instruments and writings that are delivered pursuant hereto
or referenced herein, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter
and supersedes 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.

 

(e)
Successors. All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are
binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing
in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective
successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly
provided in this Agreement.

 

(f)
Assignments. Except as otherwise specifically provided herein, no party hereto may assign either this Agreement or any
of its rights, interests, or obligations hereunder without the prior written approval of the other party.

 

    12

     

    

 

(g)
Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original but
all of which together will constitute one and the same instrument.

 

(h)
Headings. The section headings contained in this Agreement are inserted for convenience only and will not affect in any
way the meaning or interpretation of this Agreement.

 

(i)
Governing Law. This Agreement, the entire relationship of the parties hereto, and any dispute between the parties (whether
grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant
to the laws of the State of New York, without giving effect to its choice of laws principles.

 

(j)
Jurisdiction. The parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts
of New York and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose
of any suit, action or other proceeding arising out of or based upon this Agreement, (ii) agree not to commence any suit,
action or other proceeding arising out of or based upon this Agreement except in state courts of New York or the United States
District Court for the Southern District of New York, and (iii) hereby waive, and agree not to assert, by way of motion,
as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction
of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding
is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the
subject matter hereof may not be enforced in or by such court.

 

(k)
Waiver of Jury Trial. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant
to this Agreement and the transactions contemplated hereby.

 

(l)
Amendments. This Agreement may not be amended, modified or waived as to any particular provision except with the prior
written consent of the Company and the Purchaser.

 

(m)
Severability. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision
will not affect the validity or enforceability of the other provisions hereof; provided, that if any provision of this
Agreement, as applied to any party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator
not to be enforceable in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator
making such determination will have the power to modify the provision in a manner consistent with its objectives such that it
is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and
will be enforced.

 

(n)
Expenses. Each of the Company and the Purchaser will bear its own costs and expenses incurred in connection with the preparation,
execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and
expenses of agents, representatives, financial advisors, legal counsel and accountants. The Company shall be responsible for the
fees of its transfer agent; stamp taxes and all of The Depository Trust Company’s fees associated with the issuance of the
Forward Purchase Shares.

 

(o)
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity
or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and
no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision
of this Agreement. Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and
all rules and regulations promulgated thereunder, unless the context requires otherwise. The words “include,”
“includes,” and “including” will be deemed to be followed by “without limitation.”
Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form
will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,”
“herein,” “hereof,” “hereby,” “hereunder,” and words
of similar import refer to this Agreement as a whole and not to any particular 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.

 

(p)
Waiver. No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether
intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant
hereunder or affect in any way any rights arising because of any prior or subsequent occurrence.

 

(q)
Specific Performance. The Purchaser agrees that irreparable damage may occur in the event any provision of this Agreement
was not performed by the Purchaser in accordance with the terms hereof and that the Company shall be entitled to specific performance
of the terms hereof, in addition to any other remedy at law or equity.

 

[Signature
Page Follows]

 

    13

     

    

 

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

 

	ADVISOR:
	 	 
	By:	     	 
	Name:	 	 
	Title:	 	 

 

	COMPANY:
	 
	CM LIFE SCIENCES II INC.
	 	 
	By:	     	 

	Name:	 	 
	Title:	 	 

 

[Signature
Page to Forward Purchase Agreement]

 

    14

     

    

 

EXHIBIT
A

 

FORM
OF PURCHASER JOINDER

 

	Number of Forward Purchase Shares:	 	 	 
	Aggregate Purchase Price for Forward Purchase Shares:	 	$		 

 

TO
BE EXECUTED UPON ANY ALLOCATION AND/OR REVISION IN ACCORDANCE WITH THIS AGREEMENT TO “NUMBER OF FORWARD PURCHASE SHARES”
AND “AGGREGATE PURCHASE PRICE FOR FORWARD PURCHASE SECURITIES” SET FORTH ABOVE:

 

Number
of Forward Purchase Shares and Aggregate Purchase Price for Forward Purchase Shares as of             ,
20[    ], accepted and agreed to as of this      day of             ,
20[    ].

	 	 	 	 
	 	PURCHASER:
	 	 
	 	[         
                        ]

 

	 	By:   	 

 

	 	Name:	 
	 	Title:	                        
	 	 	 
	 	Address for Notices:

 

	 	COMPANY: 
	 	 
	 	CM LIFE SCIENCES
    II INC.  

 

	 	By:     	                                                                               

 

	 	Name:	 
	 	Title:	 

 

    15

     

    

 

SCHEDULE
A

 

ALLOCATION
OF FORWARD PURCHASE SHARES

 

The
following allocation of Forward Purchase Shares has been made:

 

	Purchaser(s)	 	Number of
 Forward
 Purchase
 Shares to be
 Purchased	 
		 	 	      	 

 

TO
BE EXECUTED UPON ALLOCATION OF FORWARD PURCHASE SECURITIES:

 

Schedule
A as of             , 20[    ], accepted and agreed
to as of this      day of             , 20[    ]
by:

 

	 	PURCHASER:	 
	 	 	 
	 	[                               ]	 

 

	 	 	 
	 	 	 
	 	By:   	 

 

	 	Name:	 
	 	Title:	 

 

	 	Address for Notices:	 

 

	 	COMPANY:
	 	 
	 	CM LIFE SCIENCES II INC.

 

	 	By:   	 

 

	 	Name:	 
	 	Title:	 

 

    16

     

    

 

EXHIBIT
B

 

FORM
OF TRANSFEREE JOINDER

 

TO
BE EXECUTED UPON ANY ASSIGNMENT AND/OR REVISION IN ACCORDANCE WITH THIS AGREEMENT TO “NUMBER OF FORWARD PURCHASE SHARES”
AND “AGGREGATE PURCHASE PRICE FOR FORWARD PURCHASE SHARES” SET FORTH BELOW 

 

	Number of Forward Purchase Shares:	 	 		 
	 	 	 	 	 
	Aggregate Purchase Price for Forward Purchase Shares:	 	$	1	 

 

Number
of Forward Purchase Shares and Aggregate Purchase Price for Forward Purchase Shares as of             ,
202[    ], accepted and agreed to as of this      day of             ,
202[    ].

 

	 	[       ]	 

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	Address for Notices:
	 	 
	 	CM LIFE SCIENCES II INC.

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    17

     

    

 

SCHEDULE
B

 

SCHEDULE
OF TRANSFERS OF FORWARD PURCHASE SHARES 

 

The
following transfers of a portion of the original number of Forward Purchase Shares have been made:

 

	Date of Transfer	 	Transferee	 	 	Number of
 Forward Purchase Shares
 Transferred	 	 	Purchaser Revised
 Forward Purchase Shares
 Amount	 
		 	 	      	 	 	 	     	 	 	 	    	 	 	 	       	 	 	 		 	 	 	     	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

TO
BE EXECUTED UPON ANY ASSIGNMENT OR FINAL DETERMINATION OF FORWARD PURCHASE SHARES: 

 

Schedule
A as of             , 202[    ], accepted and
agreed to as of this      day of             ,
202[    ] by:

 

	[                    ]	 	CM LIFE SCIENCES II INC.
	 	 	 	 
	By:	           	 	By:	  
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 

 

 

18twhi_ex41

 

Exhibit 4.1

 

NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS
CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY
A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE
SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.
THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS
SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

Original
Issue Date: May 8, 2020

 

Original Principal Amount: $________

 

Purchase
Price: $_________

 

ORIGINAL ISSUE DISCOUNT SENIOR SECURED

 

CONVERTIBLE PROMISSORY NOTE

 

DUE MAY 8, 2021

 

THIS
ORIGINAL ISSUE DISCOUNT SENIOR SECURED CONVERTIBLE PROMISSORY NOTE
is a duly authorized and validly issued debt obligation of GoIP
Global, Inc., a Colorado corporation (the “Company” or the
“Borrower”), having its
principal place of business at 1400 Old Country Road, Westbury New
York 11590, designated as its Original Issue Discount Senior
Secured Convertible Promissory Note due May 8, 2021 (the
“Note”).

 

FOR
VALUE RECEIVED, the Company promises to pay to ____________ or its registered assigns
(the “Holder”), or shall have
paid pursuant to the terms hereunder, the principal sum of $_______
and any other sums due hereunder on May 8, 2021 (the
“Maturity
Date”), or such earlier date as this Note is required
or permitted to be repaid as provided hereunder, and to pay
interest to the Holder on the aggregate unconverted and then
outstanding principal amount of this Note in accordance with the
provisions hereof. This Note is subject to the following additional
provisions:

 

Section
1.       Definitions. For the purposes
hereof, in addition to the terms defined elsewhere in this Note,
(a) capitalized terms not otherwise defined herein shall have the
meanings set forth in the Purchase Agreement and (b) the following
terms shall have the following meanings:

 

“Alternate Conversion
Price” means the greater of (i) $0.01 or (ii) 75% of
the average VWAP of the Common Stock for the immediately preceding
five (5) Trading Days on the Trading Market on the date of
conversion.

 

“Beneficial Ownership
Limitation” shall have the meaning set forth in
Section 4(d).

 

“Business Day” means any
day except any Saturday, any Sunday, any day which is a federal
legal holiday in the United States or any day on which the New York
Federal Reserve Bank is closed.

 

“Buy-In” shall have the
meaning set forth in Section 4(c)(v).

 

“Change of Control
Transaction” means the occurrence after the date
hereof of any of (a) an acquisition after the date hereof by an
individual or legal entity or “group” (as described in
Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective
control (whether through legal or beneficial ownership of capital
stock of the Company, by contract or otherwise) of in excess of
fifty percent (50%) of the voting securities of the Company (other
than by means of conversion or exercise of the Note and the
Securities issued together with the Note), (b) the Company merges
into or consolidates with any other Person, or any Person merges
into or consolidates with the Company and, after giving effect to
such transaction, the stockholders of the Company immediately prior
to such transaction own less than fifty-one percent (51%) of the
aggregate voting power of the Company or the successor entity of
such transaction, (c) the Company sells or transfers all or
substantially all of its assets to another Person and the
stockholders of the Company immediately prior to such transaction
own less than fifty-one percent (51%) of the aggregate voting power
of the acquiring entity immediately after the transaction, (d) a
replacement at one time or within a three year period of more than
one-half of the members of the Board of Directors which is not
approved by a majority of those individuals who are members of the
Board of Directors on the Original Issue Date (or by those
individuals who are serving as members of the Board of Directors on
any date whose nomination to the Board of Directors was approved by
a majority of the members of the Board of Directors who are members
on the date hereof), or (e) the execution by the Company of an
agreement to which the Company is a party or by which it is bound,
providing for any of the events set forth in clauses (a) through
(d) above.

 

 

-1-

 

 

“Conversion” shall have
the meaning ascribed to such term in Section 4.

 

“Conversion Date” shall
have the meaning set forth in Section 4(a)(i).

 

“Conversion Price” shall
have the meaning set forth in Section 4(b).

 

“Conversion Shares” means,
collectively, the shares of Common Stock issuable upon conversion
of this Note in accordance with the terms hereof.

 

“Distribution”
shall have the meaning set forth in Section 5(c).

 

“Event of
Default” shall have the
meaning set forth in Section 6(a).

 

“Equity Conditions” means,
during the period in question, (a) the
Company shall have duly honored all conversions and redemptions
scheduled to occur or occurring by virtue of one or more Notices of
Conversion of the Holder, if any, (b) the Company shall have paid
all liquidated damages and other amounts owing to the Holder in
respect of this Note, (c) the Common Stock is trading on a
Trading Market and all of the shares issuable pursuant to the
Transaction Documents are listed or quoted for trading on such
Trading Market (and the Company believes, in good faith, that
trading of the Common Stock on a Trading Market will continue
uninterrupted for the foreseeable future), (d) there is a
sufficient number of authorized but unissued and otherwise
unreserved shares of Common Stock for the issuance of all of the
shares issuable pursuant to the Transaction Documents, (e) there is
no existing Event of Default or no existing event which, with the
passage of time or the giving of notice, would constitute an Event
of Default, (f) the issuance of the shares in question to the
Holder would not violate the limitations set forth in Section 4(d)
herein, and (g) there has been no
public announcement of a pending or proposed Fundamental
Transaction or Change of Control Transaction that has not been
consummated, and (h) the Holder is not in possession of any
information provided by the Company that constitutes, or may
constitute, material non-public information.

 

“Late Fees” shall have the
meaning set forth in Section 2(d).

 

“Mandatory Default Amount”
means either, at the Holder’s discretion (i) the conversion
of the outstanding principal amount of this Note, plus all accrued
and unpaid interest hereon, converted at the Conversion Price or
(ii) the payment of 120% of the outstanding principal amount of
this Note and accrued and unpaid interest hereon, in addition to,
for both (i) and (ii) above, the payment of all other amounts,
costs, expenses and liquidated damages due in respect of this
Note.

 

“New York Courts” shall
have the meaning set forth in Section 8(d).

 

“Note Register” shall have
the meaning set forth in Section 2(c).

 

“Notice of Conversion”
shall have the meaning set forth in Section 4(a)(i).

 

“Optional Redemption”
shall have the meaning set forth in Section 6(a).

 

“Optional Redemption
Amount” means the sum of (a) 110% of the then
outstanding principal amount of the Note, (b) accrued but unpaid
interest and (c) all liquidated damages and other amounts due in
respect of the Note.

 

 

-2-

 

 

“Optional Redemption Date”
shall have the meaning set forth in Section 2(e).

 

“Optional Redemption
Notice” shall have the meaning set forth in Section
2(e).

 

“Optional Redemption Notice
Date” shall have the meaning set forth in Section
2(e).

 

“Optional Redemption
Period” shall
have the meaning set forth in Section 2(e).

 

“Original Issue Date”
means the date of the first issuance of the Note, regardless of any
transfers of any Note and regardless of the number of instruments
which may be issued to evidence such Note.

 

“Purchase Agreement” means
the Securities Purchase Agreement, dated as of May 8, 2020, among
the Company and the original Holder, as amended, modified or
supplemented from time to time in accordance with its
terms.

 

“Purchase
Rights” shall have the
meaning set forth in Section 5(b).

 

“Required Minimum” means,
as of any date after the consummation of the Reverse Stock Split,
the number of shares of Common Stock that is two times the number
of shares of Common Stock may be converted into at such time by all
Notes then outstanding. The initial reserve shall be 24,000,000
shares of Common Stock.

 

“Share Delivery Date”
shall have the meaning set forth in Section 4(c)(ii).

 

Section
2.            
Interest, Prepayment and
Conversion.

 

a) Payment of Interest in Cash.
The Company shall pay interest to the Holder on the aggregate
unconverted and then outstanding principal amount of this Note at
the rate of eight percent (8%) per annum, payable quarterly on
January 1, April 1, July 1 and October 1, beginning on the first
such date after the Original Issue Date, on each Conversion Date
(as to that principal amount then being converted), on each
Optional Redemption Date (as to that principal amount then being
redeemed) and on the Maturity Date (each such date, an
“Interest Payment
Date”) (if any Interest Payment Date is not a Business
Day, then the applicable payment shall be due on the next
succeeding Business Day), in cash.

 

b) Intentionally
Omitted.

 

c) Interest Calculations. Interest
shall be calculated on the basis of a 360-day year, consisting of
twelve 30 calendar day periods, and shall accrue daily commencing
on the Original Issue Date until payment in full of the outstanding
principal, together with all accrued and unpaid interest,
liquidated damages and other amounts which may become due
hereunder, has been made. Payment of interest in shares of Common
Stock shall otherwise occur pursuant to Section 4(c)(ii) herein
and, solely for purposes of the payment of interest in shares, the
Interest Payment Date shall be deemed the Conversion Date. Interest
shall cease to accrue with respect to any principal amount
converted, provided that, the Company actually delivers the
Conversion Shares within the time period required by Section
4(c)(ii) herein. Interest hereunder will be paid to the Person in
whose name this Note is registered on the records of the Company
regarding registration and transfers of this Note (the
“Note
Register”).

 

d) All
overdue accrued and unpaid interest to be paid hereunder shall
entail a late fee at an interest rate equal to the lesser of 20%
per annum or the maximum rate permitted by applicable law (the
“Late
Fees”) which shall accrue daily from the date such
interest is due hereunder through and including the date of actual
payment in full. Interest hereunder will be paid to the Person in
whose name this Note is registered on the records of the Company
regarding registration and transfers of this Note (the
“Note
Register”).

 

 

-3-

 

 

e) Optional
Redemption. At any time after the Original Issue Date and
before the Maturity Date, the Company may, deliver a written
notice to the Holder (an
“Optional Redemption
Notice” and the date such
notice is deemed delivered hereunder, the
“Optional
Redemption Notice Date”)
of its irrevocable election to redeem all of the then outstanding
principal amount of this Note for cash in an amount equal to the
Optional Redemption Amount on the 20th
calendar day following the Optional
Redemption Notice Date (such date, the “Optional Redemption
Date”, such 20 day period, the “Optional Redemption
Period” and such
redemption, the “Optional
Redemption”). The
Optional Redemption Amount is payable in full on the Optional
Redemption Date. The Company may only effect an Optional Redemption
if each of the Equity Conditions shall have been met (unless waived
in writing by the Holder) on each Trading Day during the period
commencing on the Optional Redemption Notice Date through to the
Optional Redemption Date and through and including the date
payment of the Optional Redemption Amount is actually made in
full. If any of the Equity Conditions
shall cease to be satisfied at any time during the Optional
Redemption Period, then the Holder may elect to nullify the
Optional Redemption Notice by notice to the Company within 3
Trading Days after the first day on which any such Equity Condition
has not been met (provided that if, by a provision of the
Transaction Documents, the Company is obligated to notify the
Holder of the non-existence of an Equity Condition, such notice
period shall be extended to the third Trading Day after proper
notice from the Company) in which case the Optional Redemption
Notice shall be null and void, ab initio.

 

f) SBA
Loan Redemption. From
the date hereof until the date that the Notes are no longer
outstanding, upon any issuance by the Company or any of its
Subsidiaries of Indebtedness evidenced by a Small Business
Administration loan (a “SBA
Financing”), the Holder
shall have the right, upon one (1) day written notice (the
“SBA Financing
Redemption Date”), to
require the Company to use 50% of the gross proceeds received in
such SBA Financing, to the extent not prohibited under the terms of
the SBA Financing (the “SBA Financing
Redemption Amount”), to
redeem the Note at the Optional Redemption Amount (the
“SBA Financing
Redemption”). The SBA
Financing Redemption Amount payable on the SBA Financing Redemption
Date shall be paid in cash.

 

g) Redemption
Procedure. The Company
covenants and agrees that it will honor all Notices of Conversion
tendered from the time of delivery of the Optional Redemption
Notice or SBA Financing Notice through the date all amounts owing
thereon are due and paid in full. If any portion of the
payment pursuant to an Optional Redemption or SBA Redemption shall
not be paid by the Company by the applicable due date, Late Fees
shall accrue until such amount is paid in full. The Company’s
determination to pay an Optional Redemption or SBA Financing
Redemption in cash shall be applied ratably to all of the holders
of the then outstanding Notes based on their (or their
predecessor’s) initial purchases of Notes pursuant to the
Purchase Agreement. Notwithstanding anything herein contained to
the contrary, if any portion of the Optional Redemption Amount
remains unpaid after such date, the Holder may elect, by written
notice to the Company given at any time thereafter,
to invalidate such Optional Redemption, ab initio, and, the
Company shall have no further right to exercise such Optional
Redemption.

 

h) True-Up.

 

1. In
the event that the proceeds received by the Purchaser from the sale
of all the Conversion Shares and up to 50% of the Commitment Shares
(“Hurdle
Shares”) does not equal
at least $750,000 (the “Hurdle
Return”) on June 1, 2021
(the “True-Up Payment
Date”), the Company shall
pay the Purchasers their pro rata portion of an amount in cash (the
“True-Up
Payment”) equal to the
Hurdle Return less the proceeds previously realized by the
Purchaser from the sale of the Hurdle Shares, net of brokerage
commissions and any other fees incurred by Purchaser in connection
with the sale of any Hurdle Shares (“Net
Proceeds”).

 

2. The
True-Up Payment will be paid by the Company on first Business Day
after the True-Up Payment Date to such account(s) as the Purchasers
shall provide to the Company in writing. If any portion of the
True-Up Payment has not been paid by the Company on the date set
forth in this Section, interest shall accrue on such unpaid amount
until such amount is paid in full equal to Late Fees.

 

Section
3.            
Registration of Transfers
and Exchanges.

 

a) Different Denominations. This
Note is exchangeable for an equal aggregate principal amount of
Notes of different authorized denominations, as requested by the
Holder surrendering the same. No service charge will be payable for
such registration of transfer or exchange.

 

b) Investment Representations.
This Note has been issued subject to certain investment
representations of the original Holder set forth in the Purchase
Agreement and may be transferred or exchanged only in compliance
with the Purchase Agreement and applicable federal and state
securities laws and regulations.

 

c) Reliance on Note Register.
Prior to due presentment for transfer to the Company of this Note,
the Company and any agent of the Company may treat the Person in
whose name this Note is duly registered on the Note Register as the
owner hereof for the purpose of receiving payment as herein
provided and for all other purposes, whether or not this Note is
overdue, and neither the Company nor any such agent shall be
affected by notice to the contrary.

 

 

-4-

 

 

Section
4.            
Conversion.

 

a) At any time after
the Original Issue Date until this Note is no longer outstanding,
this Note shall be convertible, in whole or in part, into shares of
Common Stock at the option of the Holder, at any time and from time
to time (subject to the conversion limitations set forth in
Section 4(d) hereof). The Holder shall effect conversions by
delivering to the Company a Notice of Conversion, the form of which
is attached hereto as Annex A (each, a
“Notice of
Conversion”), specifying therein the principal amount
of this Note to be converted and the date on which such conversion
shall be effected (such date, the “Conversion Date”). If no
Conversion Date is specified in a Notice of Conversion, the
Conversion Date shall be the date that such Notice of Conversion is
deemed delivered hereunder. To effect conversions hereunder, the
Holder shall not be required to physically surrender this Note to
the Company unless the entire principal amount of this Note, plus
all accrued and unpaid interest thereon, has been so converted.
Conversions hereunder shall have the effect of lowering the
outstanding principal amount of this Note in an amount equal to the
applicable conversion. The Holder and the Company shall maintain
records showing the principal amount(s) converted and the date of
such conversion(s). The Company may deliver an objection to any
Notice of Conversion within two Business Days of delivery of such
Notice of Conversion. In the event of any dispute or discrepancy,
the records of the Company shall be controlling and determinative
in the absence of manifest error. The Holder, and any assignee by acceptance of
this Note, acknowledge and agree that, by reason of the provisions
of this paragraph, following conversion of a portion of this Note,
the unpaid and unconverted principal amount of this Note may be
less than the amount stated on the face hereof.

 

b) Conversion Price. The
conversion price in effect on any Conversion Date shall be equal to
$0.25 after the Reverse Stock Split, subject to adjustment herein
(the “Conversion
Price”). Notwithstanding the foregoing, at any time
during the continuance of any Event of Default, the Conversion
Price in effect shall be equal to the Alternate Conversion Price.
If at any time the Conversion Price as determined hereunder for any
conversion would be less than the par value of the Common Stock,
then at the sole discretion of the Holder, the Conversion Price
hereunder may equal such par value for such conversion and the
Conversion Amount for such conversion may be increased to include
Additional Principal, where “Additional Principal”
means such additional amount to be added to the Principal Amount to
the extent necessary to cause the number of conversion shares
issuable upon such conversion to equal the same number of
conversion shares as would have been issued had the Conversion
Price not been adjusted by the Holder to the par value price. In
the event the Borrower has a DTC “Chill” on its shares,
the Holder may convert the Note at the Alternate Conversion Price
while that “Chill” is in effect. All such
determinations to be appropriately adjusted for any stock dividend,
stock split, stock combination, reclassification or similar
transaction that proportionately decreases or increases the Common
Stock during such measuring period.

 

c) Mechanics of
Conversion.

 

i. Conversion Shares Issuable Upon
Conversion of Principal Amount. The number of Conversion
Shares issuable upon a conversion hereunder shall be determined by
the quotient obtained by dividing (x) the outstanding principal
amount of this Note to be converted by (y) the Conversion
Price.

 

ii. Delivery of Certificate Upon
Conversion. Not later than three Trading Days after each
Conversion Date (the “Share Delivery Date”),
the Company shall deliver, or cause to be delivered, to the Holder
(A) a certificate or certificates representing the Conversion
Shares representing the number of Conversion Shares being acquired
upon the conversion of this Note and (B) a bank check in the amount
of accrued and unpaid interest (if the Purchaser has elected or is
required to pay accrued interest in cash).

 

iii. Failure
to Deliver Certificates. If, in the case of any Notice of
Conversion, such certificate or certificates are not delivered to
or as directed by the applicable Holder by the Share Delivery Date,
the Holder shall be entitled to elect by written notice to the
Company at any time on or before its receipt of such certificate or
certificates, to rescind such Conversion, in which event the
Company shall promptly return to the Holder any original Note
delivered to the Company and the Holder shall promptly return to
the Company the Common Stock certificates issued to such Holder
pursuant to the rescinded Conversion Notice.

 

iv. Obligation Absolute; Partial
Liquidated Damages. The Company’s obligations to issue
and deliver the Conversion Shares upon conversion of this Note in
accordance with the terms hereof are absolute and unconditional,
irrespective of any action or inaction by the Holder to enforce the
same, any waiver or consent with respect to any provision hereof,
the recovery of any judgment against any Person or any action to
enforce the same, or any setoff, counterclaim, recoupment,
limitation or termination, or any breach or alleged breach by the
Holder or any other Person of any obligation to the Company or any
violation or alleged violation of law by the Holder or any other
Person, and irrespective of any other circumstance which might
otherwise limit such obligation of the Company to the Holder in
connection with the issuance of such Conversion Shares;
provided,
however, that such
delivery shall not operate as a waiver by the Company of any such
action the Company may have against the Holder. If the Company
fails for any reason to deliver to the Holder such certificate or
certificates pursuant to Section 4(c)(ii) by the Share Delivery
Date, the Company shall pay to the Holder, in cash, as liquidated
damages and not as a penalty, for each $1,000 of principal amount
being converted $5 per Trading Day (increasing to $10 per Trading
Day on the fifth (5th)
Trading Day after such liquidated damages begin to accrue) for each
Trading Day after such Share Delivery Date until such certificates
are delivered or Holder rescinds such conversion. Nothing herein
shall limit a Holder’s right to pursue actual damages or
declare an Event of Default pursuant to Section 6 hereof for
the Company’s failure to deliver Conversion Shares within the
period specified herein and the Holder shall have the right to
pursue all remedies available to it hereunder, at law or in equity
including, without limitation, a decree of specific performance
and/or injunctive relief. The exercise of any such rights shall not
prohibit the Holder from seeking to enforce damages pursuant to any
other Section hereof or under applicable law.

 

 

-5-

 

 

v. Compensation for Buy-In on Failure to
Timely Deliver Certificates Upon Conversion. In addition to
any other rights available to the Holder, if the Company fails for
any reason to deliver to the Holder such certificate or
certificates by the Share Delivery Date pursuant to Section
4(c)(ii), and if after such Share Delivery Date the Holder is
required by its brokerage firm to purchase (in an open market
transaction or otherwise), or the Holder’s brokerage firm
otherwise purchases, shares of Common Stock to deliver in
satisfaction of a sale by the Holder of the Conversion Shares which
the Holder was entitled to receive upon the conversion relating to
such Share Delivery Date (a “Buy-In”), then the
Company shall (A) pay in cash to the Holder (in addition to any
other remedies available to or elected by the Holder) the amount,
if any, by which (x) the Holder’s total purchase price
(including any brokerage commissions) for the Common Stock so
purchased exceeds (y) the product of (1) the aggregate number of
shares of Common Stock that the Holder was entitled to receive from
the conversion at issue multiplied by (2) the actual sale price at
which the sell order giving rise to such purchase obligation was
executed (including any brokerage commissions) and (B) at the
option of the Holder, either reissue (if surrendered) this Note in
a principal amount equal to the principal amount of the attempted
conversion (in which case such conversion shall be deemed
rescinded) or deliver to the Holder the number of shares of Common
Stock that would have been issued if the Company had timely
complied with its delivery requirements under Section 4(c)(ii). For
example, if the Holder
purchases Common Stock having a total purchase price of $11,000 to
cover a Buy-In with respect to an attempted conversion of this Note
with respect to which the actual sale price of the Conversion
Shares (including any brokerage commissions) giving rise to such
purchase obligation was a total of $10,000 under clause (A) of the
immediately preceding sentence, the Company shall be required to
pay the Holder $1,000. The Holder shall provide the Company written
notice indicating the amounts payable to the Holder in respect of
the Buy-In and, upon request of the Company, evidence of the amount
of such loss. Nothing herein shall limit a Holder’s right to
pursue any other remedies available to it hereunder, at law or in
equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the
Company’s failure to timely deliver certificates representing
shares of Common Stock upon conversion of this Note as required
pursuant to the terms hereof.

 

vi. Reservation of Shares Issuable Upon
Conversion. The Company covenants that it will at all times
after the consummation of the Reverse Stock Split reserve and keep
available out of its authorized and unissued shares of Common Stock
a number of shares of Common Stock at least equal to 100% of the
Required Minimum (to be adjusted monthly) for the sole purpose of
issuance upon conversion of this Note and payment of interest on
this Note, each as herein provided, free from preemptive rights or any other actual
contingent purchase rights of Persons other than the Holder (and
the other holders of the Note), not less than such aggregate number
of shares of the Common Stock as shall (subject to the terms and
conditions set forth in the Purchase Agreement) be issuable (taking
into account the adjustments and restrictions of Section 5) upon the
conversion of the then outstanding principal amount of this Note
and payment of interest hereunder. The Company covenants that all
shares of Common Stock that shall be so issuable shall, upon issue,
be duly authorized, validly issued, fully paid and
nonassessable.

 

vii. Fractional
Shares. No fractional shares or scrip representing
fractional shares shall be issued upon the conversion of this Note.
As to any fraction of a share which the Holder would otherwise be
entitled to purchase upon such conversion, the Company shall at its
election, either pay a cash adjustment in respect of such final
fraction in an amount equal to such fraction multiplied by the
Conversion Price or round up to the next whole share.

 

viii. Transfer
Taxes and Expenses. The issuance of certificates for shares
of the Common Stock on conversion of this Note shall be made
without charge to the Holder hereof for any documentary stamp or
similar taxes that may be payable in respect of the issue or
delivery of such certificates, provided that, the Company shall not
be required to pay any tax that may be payable in respect of any
transfer involved in the issuance and delivery of any such
certificate upon conversion in a name other than that of the Holder
of this Note so converted and the Company shall not be required to
issue or deliver such certificates unless or until the Person or
Persons requesting the issuance thereof shall have paid to the
Company the amount of such tax or shall have established to the
satisfaction of the Company that such tax has been paid. The
Company shall pay all Transfer Agent fees required for same-day
processing of any Notice of Conversion.

 

d) Holder’s
Conversion Limitations. The Company shall not effect any
conversion of this Note, and a Holder shall not have the right to
convert any portion of this Note, to the extent that after giving
effect to the conversion set forth on the applicable Notice of
Conversion, the Holder (together with the Holder’s
Affiliates, and any Persons acting as a group together with the
Holder or any of the Holder’s Affiliates) (such Persons,
“Attribution
Parties”)) would beneficially own in excess of the
Beneficial Ownership Limitation (as defined below).  For
purposes of the foregoing sentence, the number of shares of Common
Stock beneficially owned by the Holder and its Affiliates and
Attribution Parties shall include the number of shares of Common
Stock issuable upon conversion of this Note with respect to which
such determination is being made, but shall exclude the number of
shares of Common Stock which are issuable upon (i) conversion of
the remaining, unconverted principal amount of this Note
beneficially owned by the Holder or any of its Affiliates or
Attribution Parties and (ii) exercise or conversion of the
unexercised or unconverted portion of any other securities of the
Company subject to a limitation on conversion or exercise analogous
to the limitation contained herein beneficially owned by the Holder
or any of its Affiliates.  Except as set forth in the
preceding sentence, for purposes of this Section 4(d), beneficial
ownership shall be calculated in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated
thereunder. To the extent that the limitation contained in this
Section 4(d)
applies, the determination of whether this Note is convertible (in
relation to other securities owned by the Holder together with any
Affiliates and Attribution Parties) and of which principal amount
of this Note is convertible shall be in the sole discretion of the
Holder, and the submission of a Notice of Conversion shall be
deemed to be the Holder’s determination of whether this Note
may be converted (in relation to other securities owned by the
Holder together with any Affiliates) and which principal amount of
this Note is convertible, in each case subject to the Beneficial
Ownership Limitation. To ensure compliance with this restriction,
the Holder will be deemed to represent to the Company each time it
delivers a Notice of Conversion that such Notice of Conversion has
not violated the restrictions set forth in this paragraph and the
Company shall have no obligation to
verify or confirm the accuracy of such determination.
In addition, a determination as to any group
status as contemplated above shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder. For purposes of this
Section 4(d),
in determining the number of outstanding shares of Common Stock,
the Holder may rely on the number of outstanding shares of Common
Stock as stated in the most recent of the following: (i) the
Company’s most recent periodic or annual report filed with
the Commission, as the case may be, (ii) a more recent public
announcement by the Company, or (iii) a more recent written notice
by the Company or the Company’s transfer agent setting forth
the number of shares of Common Stock outstanding.  Upon the
written or oral request of a Holder, the Company shall within one
Trading Day confirm orally and in writing to the Holder the number
of shares of Common Stock then outstanding.  In any case, the
number of outstanding shares of Common Stock shall be determined
after giving effect to the conversion or exercise of securities of
the Company, including this Note, by the Holder or its Affiliates
or Attribution Parties since the date as of which such number of
outstanding shares of Common Stock was reported. The
“Beneficial
Ownership Limitation” shall be 9.99% of the number of
shares of the Common Stock outstanding immediately after giving
effect to the issuance of shares of Common Stock issuable upon
conversion of this Note held by the Holder. The Holder may increase
or decrease the Beneficial Ownership Limitation provisions of this
Section 4(d), provided that the Beneficial Ownership Limitation in
no event exceeds 9.99% of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of
shares of Common Stock upon conversion of this Note held by the
Holder and the Beneficial Ownership Limitation provisions of this
Section 4(d) shall continue to apply. Any increase in the
Beneficial Ownership Limitation will not be effective until the
61st day
after such notice is delivered to the Company. The Beneficial
Ownership Limitation provisions of this paragraph shall be
construed and implemented in a manner otherwise than in strict
conformity with the terms of this Section 4(d) to correct
this paragraph (or any portion hereof) which may be defective or
inconsistent with the intended Beneficial Ownership Limitation
contained herein or to make changes or
supplements necessary or desirable to properly give effect to such
limitation. The limitations
contained in this paragraph shall apply to a successor holder of
this Note.

 

 

-6-

 

 

Section
5.            
Certain
Adjustments.

 

a) Stock Dividends and Stock
Splits. If the Company, at any time while this Note is
outstanding: (i) pays a stock dividend or otherwise makes a
distribution or distributions payable in shares of Common Stock on
shares of Common Stock or any Common Stock Equivalents (which, for
avoidance of doubt, shall not include any shares of Common Stock
issued by the Company upon conversion of, or payment of interest
on, the Note), (ii) subdivides outstanding shares of Common Stock
into a larger number of shares, (iii) combines (including by way of
a reverse stock split) outstanding shares of Common Stock into a
smaller number of shares or (iv) issues, in the event of a
reclassification of shares of the Common Stock, any shares of
capital stock of the Company, then the Conversion Price shall be
multiplied by a fraction of which the numerator shall be the number
of shares of Common Stock (excluding any treasury shares of the
Company) outstanding immediately before such event, and of which
the denominator shall be the number of shares of Common Stock
outstanding immediately after such event. Any adjustment made
pursuant to this Section shall become effective immediately after
the record date for the determination of stockholders entitled to
receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision,
combination or re-classification. The provisions of this Section
shall not apply upon the consummation of the Reverse Stock
Split.

 

b) Subsequent Equity Sales. If, at
any time while this Note is outstanding, the Company or any
Subsidiary, as applicable, sells or grants any option to purchase
or sells or grants any right to reprice, or otherwise disposes of
or issues (or announces any sale, grant or any option to purchase
or other disposition), any Common Stock or Common Stock Equivalents
entitling any Person to acquire shares of Common Stock at an
effective price per share that is lower than the then Conversion
Price (such lower price, the “Base Conversion Price”
and such issuances, collectively, a “Dilutive Issuance”) (if
the holder of the Common Stock or Common Stock Equivalents so
issued shall at any time, whether by operation of purchase price
adjustments, reset provisions, floating conversion, exercise or
exchange prices or otherwise, or due to warrants, options or rights
per share which are issued in connection with such issuance, be
entitled to receive shares of Common Stock at an effective price
per share that is lower than the Conversion Price, such issuance
shall be deemed to have occurred for less than the Conversion Price
on such date of the Dilutive Issuance), then the Conversion Price
shall be reduced to equal the Base Conversion Price. Such
adjustment shall be made whenever such Common Stock or Common Stock
Equivalents are issued. Notwithstanding the foregoing, no adjustment will
be made under this Section 5(b) in respect of an Exempt
Issuance. If the Company enters into a Variable Rate
Transaction, despite the prohibition set forth in the Purchase
Agreement, the Company shall be deemed to have issued Common Stock
or Common Stock Equivalents at the lowest possible conversion price
at which such securities may be converted or exercised. The Company
shall notify the Holder in writing, no later than 1 Business Day
following the issuance of any Common Stock or Common Stock
Equivalents subject to this Section 5(b), indicating therein the
applicable issuance price, or applicable reset price, exchange
price, conversion price and other pricing terms (such notice, the
“Dilutive Issuance
Notice”). For purposes of clarification, whether or
not the Company provides a Dilutive Issuance Notice pursuant to
this Section 5(b), upon the occurrence of any Dilutive Issuance,
the Holder is entitled to receive a number of Conversion Shares
based upon the Base Conversion Price on or after the date of such
Dilutive Issuance, regardless of whether the Holder accurately
refers to the Base Conversion Price in the Notice of
Conversion.

 

c) Subsequent Rights Offerings.
In addition to any adjustments
pursuant to Section 5(a)
above, if at any time the Company
grants, issues or sells any Common Stock Equivalents or rights to
purchase stock, warrants, securities or other property pro rata to
the record holders of any class of shares of Common Stock (the
“Purchase
Rights”), then the Holder
will be entitled to acquire, upon the terms applicable to such
Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of shares of
Common Stock acquirable upon complete conversion of this Note
(without regard to any limitations on exercise hereof, including
without limitation, the Beneficial Ownership Limitation)
immediately before the date on which a record is taken for the
grant, issuance or sale of such Purchase Rights, or, if no such
record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the grant, issue or sale
of such Purchase Rights (provided, however, to the extent that the
Holder’s right to participate in any such Purchase Right
would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in
such Purchase Right to such extent (or beneficial ownership of such
shares of Common Stock as a result of such Purchase Right to such
extent) and such Purchase Right to such extent shall be held in
abeyance for the Holder until such time, if ever, as its right
thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation).

 

d) Pro Rata Distributions. During
such time as this Note is outstanding, if the Company shall declare
or make any dividend or other distribution of its assets (or rights
to acquire its assets) to holders of shares of Common Stock, by way
of return of capital or otherwise (including, without limitation,
any distribution of cash, stock or other securities, property or
options by way of a dividend, spin off, reclassification, corporate
rearrangement, scheme of arrangement or other similar transaction)
(a "Distribution"),
at any time after the issuance of this Note, then, in each such
case, the Holder shall be entitled to participate in such
Distribution to the same extent that the Holder would have
participated therein if the Holder had held the number of shares of
Common Stock acquirable upon complete exercise of this Note
(without regard to any limitations on exercise hereof, including
without limitation, the Beneficial Ownership Limitation)
immediately before the date of which a record is taken for such
Distribution, or, if no such record is taken, the date as of which
the record holders of shares of Common Stock are to be determined
for the participation in such Distribution (provided, however, to the extent that the
Holder's right to participate in any such Distribution would result
in the Holder exceeding the Beneficial Ownership Limitation, then
the Holder shall not be entitled to participate in such
Distribution to such extent (or in the beneficial ownership of any
shares of Common Stock as a result of such Distribution to such
extent) and the portion of such Distribution shall be held in
abeyance for the benefit of the Holder until such time, if ever, as
its right thereto would not result in the Holder exceeding the
Beneficial Ownership Limitation).

 

 

-7-

 

 

e) Fundamental Transaction. If, at
any time while this Note is outstanding, (i) the Company effects
any merger or consolidation of the Company with or into another
Person, (ii) the Company effects any sale of all or substantially
all of its assets in one transaction or a series of related
transactions, (iii) any tender offer or exchange offer (whether by
the Company or another Person) is completed pursuant to which
holders of Common Stock are permitted to tender or exchange their
shares for other securities, cash or property, or (iv) the Company
effects any reclassification of the Common Stock or any compulsory
share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for other securities, cash or property
(in any such case, a “Fundamental
Transaction”), then, upon any subsequent conversion of
this Note, the Holder shall have the right to receive, for each
Conversion Share that would have been issuable upon such conversion
immediately prior to the occurrence of such Fundamental
Transaction, the same kind and amount of securities, cash or
property as it would have been entitled to receive upon the
occurrence of such Fundamental Transaction if it had been,
immediately prior to such Fundamental Transaction, the holder of 1
share of Common Stock (the “Alternate
Consideration”). For purposes of any such conversion,
the determination of the Conversion Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the
amount of Alternate Consideration issuable in respect of 1 share of
Common Stock in such Fundamental Transaction, and the Company shall
apportion the Conversion Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different
components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property
to be received in a Fundamental Transaction, then the Holder shall
be given the same choice as to the Alternate Consideration it
receives upon any conversion of this Note following such
Fundamental Transaction. To the extent necessary to effectuate the
foregoing provisions, any successor to the Company or surviving
entity in such Fundamental Transaction shall issue to the Holder a
new Note consistent with the foregoing provisions and evidencing
the Holder’s right to convert such Note into Alternate
Consideration. The terms of any agreement pursuant to which a
Fundamental Transaction is effected shall include terms requiring
any such successor or surviving entity to comply with the
provisions of this Section 5(e) and insuring that this Note (or any
such replacement security) will be similarly adjusted upon any
subsequent transaction analogous to a Fundamental
Transaction

 

f) Calculations. All calculations
under this Section 5 shall be made to
the nearest cent or the nearest 1/100th of a share, as the case may
be. For purposes of this Section 5, the number of
shares of Common Stock deemed to be issued and outstanding as of a
given date shall be the sum of the number of shares of Common Stock
(excluding any treasury shares of the Company) issued and
outstanding.

 

g) Notice to the
Holder.

 

i. Adjustment to Conversion Price.
Whenever the Conversion Price is adjusted pursuant to any provision
of this Section 5, the Company
shall promptly deliver to each Holder a notice setting forth the
Conversion Price after such adjustment and setting forth a brief
statement of the facts requiring such adjustment.

 

ii. Notice to Allow Conversion by
Holder. If (A) the Company shall declare a dividend (or any
other distribution in whatever form) on the Common Stock, (B) the
Company shall declare a special nonrecurring cash dividend on or a
redemption of the Common Stock, (C) the Company shall authorize the
granting to all holders of the Common Stock of rights or warrants
to subscribe for or purchase any shares of capital stock of any
class or of any rights, (D) the approval of any stockholders of the
Company shall be required in connection with any reclassification
of the Common Stock, any consolidation or merger to which the
Company is a party, any sale or transfer of all or substantially
all of the assets of the Company, or any compulsory share exchange
whereby the Common Stock is converted into other securities, cash
or property or (E) the Company shall
authorize the voluntary or involuntary dissolution, liquidation or
winding up of the affairs of the Company, then, in each case, the
Company shall cause to be filed at each office or agency maintained
for the purpose of conversion of this Note, and shall cause to
be delivered to the Holder at
its last address as it shall appear upon the Note Register, at
least twenty (20) calendar days prior to the applicable record or
effective date hereinafter specified (or such shorter period as is
reasonably possible, but not less than ten (10) calendar days, if
twenty (20) calendar days is not reasonably possible), a notice
stating (x) the date on which a record is to be taken for
the purpose of such dividend, distribution, redemption, rights or
warrants, or if a record is not to be taken, the date as of which
the holders of the Common Stock of record to be entitled to such
dividend, distributions, redemption, rights or warrants are to be
determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected
to become effective or close, and the date as of which it is
expected that holders of the Common Stock of record shall be
entitled to exchange their shares of the Common Stock for
securities, cash or other property deliverable upon such
reclassification, consolidation, merger, sale, transfer or share
exchange, provided that the failure to deliver such notice or any
defect therein or in the delivery thereof shall not affect the
validity of the corporate action required to be specified in such
notice. To the extent that any notice provided hereunder
constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall
simultaneously file such notice with the Commission pursuant to a
Current Report on Form 8-K or if it is not subject to the reporting
requirements of the Commission, a press release. The Holder shall
remain entitled to convert this Note during the 20-day period
commencing on the date of such notice through the effective date of
the event triggering such notice except as may otherwise be
expressly set forth herein.

 

 

-8-

 

 

Section
6.            
Events of
Default.

 

a) “Event of Default” means,
wherever used herein, any of the following events (whatever the
reason for such event and whether such event shall be voluntary or
involuntary or effected by operation of law or pursuant to any
judgment, decree or order of any court, or any order, rule or
regulation of any administrative or governmental
body):

 

i. any
default in the payment of (A) the principal amount of any Note or
(B) interest, liquidated damages and other amounts owing to a
Holder on any Note, as and when the same shall become due and
payable (whether on a Conversion Date or the Maturity Date or by
acceleration or otherwise) which default, solely in the case of an
interest payment or other default under clause (B) above, is not
cured within five (5) Trading days;

 

ii. the
Company shall fail to observe or perform any other covenant or
agreement contained in the Note (other than a breach by the Company
of its obligations to deliver shares of Common Stock to the Holder
upon conversion, which breach is addressed in clause (ix) below)
which failure is not cured, if possible to cure, within the earlier
to occur of (A) five (5) Trading Days after notice of such
failure sent by the Holder or by any other Holder to the Company and (B) ten (10) Trading Days
after the Company has become or should have become aware of such
failure;

 

iii. a
default or event of default (subject to any grace or cure period
provided in the applicable agreement, document or instrument) shall
occur under (A) any of the Transaction Documents or (B) any other
material agreement, lease, document or instrument to which the
Company or any Subsidiary is obligated (and not covered by clause
(v) below);

 

iv. the
Company experiences a Material Adverse Effect;

 

v. any
Person shall breach any agreement delivered to the initial Holders
pursuant to Section 2.2 of the Purchase Agreement;

 

vi. any representation or warranty made in this Note, any other
Transaction Documents, any written statement pursuant hereto or
thereto or any other report, financial statement or certificate
made or delivered to the Holder or any other Holder shall be untrue
or incorrect in any material respect as of the date when made or
deemed made;

 

vii. the
Company or any Subsidiary shall default on any of its obligations
under any mortgage, credit agreement or other facility, indenture
agreement, factoring agreement or other instrument under which
there may be issued, or by which there may be secured or evidenced,
any indebtedness for borrowed money or money due under any long
term leasing or factoring arrangement that (a) involves an
obligation greater than $100,000, whether such indebtedness now
exists or shall hereafter be created, and (b) results in such
indebtedness becoming or being declared due and payable prior to
the date on which it would otherwise become due and
payable;

 

viii. the
Company or any Significant Subsidiary (as such term is defined in
Rule 1-02(w) of Regulation S-X) shall be subject to a Bankruptcy
Event;

 

ix. the Common Stock
shall not be eligible for listing or quotation for trading on a
Trading Market and shall not become eligible to resume listing or
quotation for trading thereon or on any other Trading Market within
five (5) Trading Days, or the transfer of shares of Common Stock
through the Depository Trust Company System is no longer available
or “chilled”;

 

x. the Company shall
be a party to any Change of Control Transaction or shall agree to
sell or dispose of all or in excess of fifty percent (50%) of its
assets in one transaction or a series of related transactions
(whether or not such sale would constitute a Change of Control
Transaction and, in either case, the Note is not repaid in
connection with such transaction in accordance with Section 2(d)(i)
hereof;

 

xi. the Company shall
fail for any reason to deliver certificates to a Holder prior to
the fifth Trading Day after a Conversion Date or the Company shall
provide at any time notice to the Holder, including by way of
public announcement, of the Company’s intention to not honor
requests for conversions of the Note in accordance with the terms
hereof;

 

 

-9-

 

 

xii. the
Company fails to be in compliance with Rule 144(c)(1) (or
Rule 144(i)(2), if applicable);

 

xiii. the
occurrence of any levy upon or seizure or attachment of, or any
uninsured loss of or damage to, any property of the Borrower or any
Subsidiary having an aggregate fair value or repair cost (as the
case may be) in excess of $100,000 individually or in the
aggregate, and any such levy, seizure or attachment shall not be
set aside, bonded or discharged within forty-five (45) days after
the date thereof;

 

xiv. any
monetary judgment, writ or similar final process shall be entered
or filed against the Company, any Subsidiary or any of their
respective property or other assets for more than $100,000, and
such judgment, writ or similar final process shall remain
unvacated, unbonded or unstayed for a period of forty-five (45)
calendar days;

 

xv. prior to the
payment in full and satisfaction of the owed under this Note, any
security interest and Lien purported to be created by any
Transaction Document shall cease to be in full force and effect, or
shall cease to give the Holders, the Liens, rights, powers and
privileges purported to be created and granted under such
Transaction Documents (including a perfected first priority
security interest in and Lien on all of the Collateral thereunder
(except as otherwise expressly provided in such Transaction
Document)) in favor of the Holders, or shall be asserted by the
Company or any Affiliate(s) not to be a valid, perfected, first
priority (except as otherwise expressly provided in this Agreement
or any such Transaction Document) security interest in or Lien on
the Collateral covered thereby;

 

xvi. enter
into any transaction or arrangement structured in accordance with,
based upon, or related or pursuant to, in whole or in part, Section
3(a)(l0) of the Securities Act;

 

xvii. enter
into a Variable Rate Transaction;

 

xviii. any
attempt by the Borrower or its officers, directors, and/or
affiliates to transmit, convey, disclose, or any actual
transmittal, conveyance, or disclosure by the Borrower or its
officers, directors, and/or affiliates of, material non-public
information concerning the Borrower, to the Holder or its
successors and assigns, which is not immediately cured by
Borrower’s public disclosure of such information on that same
date;

 

xix. the
Initial Registration Statement (as defined in the Registration
Rights Agreement) shall not have been filed by the Filing Date (as
defined in the Registration Rights Agreement) or declared effective
by the Commission on or prior to the Effectiveness Date (as defined
in the Registration Rights Agreement);

 

xx. if, during the
Effectiveness Period (as defined in the Registration Rights
Agreement), either (a) the effectiveness of the Registration
Statement lapses for any reason or (b) the Holder shall not be
permitted to resell Registrable Securities (as defined in the
Registration Rights Agreement) under the Registration Statement for
a period of more than 20 consecutive Trading Days or 30
non-consecutive Trading Days during any 12 month period;
provided,
however, that if
the Company is negotiating a merger, consolidation, acquisition or
sale of all or substantially all of its assets or a similar
transaction and, in the written opinion of counsel to the Company,
the Registration Statement would be required to be amended to
include information concerning such pending transaction(s) or the
parties thereto which information is not available or may not be
publicly disclosed at the time, the Company shall be permitted an
additional 10 consecutive Trading Days during any 12 month period
pursuant to this Section; or

 

xxi. the
KORR Financing Subsequent Closing does not occur on or prior to the
KORR Financing Deadline Date.

 

b) Remedies Upon Event of Default.
If any Event of Default occurs, the outstanding principal amount of
this Note, plus accrued but unpaid interest, liquidated damages and
other amounts owing in respect thereof through the date of
acceleration, shall become, at the Holder’s election,
immediately due and payable in cash pursuant to clause (ii) of the
Mandatory Default Amount. Commencing on the occurrence of any Event
of Default and for as long an Event of Default is not cured, the
interest rate on this Note as set forth in Section 2 above shall
accrue at an interest rate equal to 20% per annum or the maximum
rate permitted under applicable law. Upon the payment in full of
the Mandatory Default Amount, the Holder shall promptly surrender
this Note to or as directed by the Company. In connection with such
acceleration described herein, the Holder need not provide, and the
Company hereby waives, any presentment, demand, protest or other
notice of any kind, and the Holder may immediately and without
expiration of any grace period enforce any and all of its rights
and remedies hereunder and all other remedies available to it under
applicable law. Such acceleration may be rescinded and annulled by
Holder at any time prior to payment hereunder and the Holder shall
have all rights as a holder of the Note until such time, if any, as
the Holder receives full payment pursuant to this Section 6(b). No such
rescission or annulment shall affect any subsequent Event of
Default or impair any right consequent thereon. No such rescission
or annulment shall affect any subsequent Event of Default or impair
any right consequent thereon; and in addition to any other rights
and remedies available to the Holder in an Event of Default, the
Conversion Price in effect on any Conversion Date shall be equal to
the Alternate Conversion Price, subject to adjustment herein,
without any notice or any action taken by the Holder. The Borrower
shall pay the Holder hereof costs of collection, including
reasonable attorneys’ fees.

 

 

-10-

 

 

Section
7       Negative Covenants. As long as
any portion of this Note remains outstanding, unless the Holder
shall have otherwise given prior written consent, the Company shall
not, and shall not permit any of its subsidiaries (whether or not a
Subsidiary on the Original Issue Date) to, directly or
indirectly:

 

a) except for
Permitted Indebtedness, enter into, create, incur, assume,
guarantee or suffer to exist any indebtedness for borrowed money of
any kind, including, but not limited to, a guarantee, on or with
respect to any of its property or assets now owned or hereafter
acquired or any interest therein or any income or profits
therefrom;

 

b) except for
Permitted Liens, enter into, create, incur, assume or suffer to
exist any Liens of any kind, on or with respect to any of its
property or assets now owned or hereafter acquired or any interest
therein or any income or profits therefrom;

 

c) amend its charter
documents, including, without limitation, its certificate of
incorporation and bylaws, in any manner that materially and
adversely affects any rights of the Holder; provided the Company
may file any documents necessary to implement the Reverse Stock
Split which has been approved by the Company’s stockholders
prior to the Original Issue Date;

 

d) except for
Permitted Indebtedness, repay, repurchase or offer to repay,
repurchase or otherwise acquire more than a de minimis number of
shares of its Common Stock or Common Stock Equivalents other than
as to (i) the Conversion Shares as permitted or required under the
Transaction Documents and (ii) repurchases of Common Stock or
Common Stock Equivalents of departing officers and directors of the
Company, provided that such repurchases shall not exceed an
aggregate of $100,000 for all officers and directors during the
term of this Note;

 

e) repay, repurchase
or offer to repay, repurchase or otherwise acquire any
Indebtedness, other than the Note if on a pro-rata basis, other
than regularly scheduled principal and interest payments as such
terms are in effect as of the Original Issue Date, provided that
such payments shall not be permitted if, at such time, or after
giving effect to such payment, any Event of Default exist or
occur;

 

f) pay cash dividends
or distributions on any equity securities of the
Company;

 

g) enter into any
transaction with any Affiliate of the Company which would be
required to be disclosed in any public filing with the Commission,
unless such transaction is made on an arm’s-length basis and
expressly approved by a majority of the disinterested directors of
the Company (even if less than a quorum otherwise required for
board approval);

 

h) sell, lease or
otherwise dispose of any significant portion of its assets or
acquire any assets or business on or after the Original Issue
Date;

 

i) pay any
compensation that may be due and payable and/or accrued, whether in
cash, in kind or any combination thereof, to its executive
officers;
and

 

j) enter into any
agreement with respect to any of the foregoing.

 

Section
8.            
Miscellaneous.

 

a) Notices. Any and all notices or
other communications or deliveries to be provided by the Holder
hereunder, including, without limitation, any Notice of Conversion,
shall be in writing and delivered personally, by facsimile, or sent
by a nationally recognized overnight courier service, addressed to
the Company, at the address set forth above, or such other
facsimile number or address as the Company may specify for such
purposes by notice to the Holder delivered in accordance with this
Section 7(a).
Any and all notices or other communications or deliveries to be
provided by the Company hereunder shall be in writing and delivered
personally, by facsimile, or sent by a nationally recognized
overnight courier service addressed to each Holder at the facsimile
number or address of the Holder appearing on the books of the
Company, or if no such facsimile number or address appears on the
books of the Company, at the principal place of business of such
Holder, as set forth in the Purchase Agreement. Any notice or other
communication or deliveries hereunder shall be deemed given and
effective on the earliest of (i) the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile
number set forth on the signature pages attached hereto prior to
5:30 p.m. (New York City time) on any date, (ii) the next Trading
Day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number set forth on the
signature pages attached hereto on a day that is not a Trading Day
or later than 5:30 p.m. (New York City time) on any Trading Day,
(iii) the second Trading Day following the date of mailing, if sent
by U.S. nationally recognized overnight courier service or (iv)
upon actual receipt by the party to whom such notice is required to
be given.

 

 

-11-

 

 

b) Absolute Obligation. Except as
expressly provided herein, no provision of this Note shall alter or
impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of, liquidated damages and
accrued interest, as applicable, on this Note at the time, place,
and rate, and in the coin or currency, herein prescribed. This Note
is a direct debt obligation of the Company. This Note ranks
pari passu with all other Notes now
or hereafter issued under the terms set forth herein.

 

c) Lost or Mutilated Note. If this
Note shall be mutilated, lost, stolen or destroyed, the Company
shall execute and deliver, in exchange and substitution for and
upon cancellation of a mutilated Note, or in lieu of or in
substitution for a lost, stolen or destroyed Note, a new Note for
the principal amount of this Note so mutilated, lost, stolen or
destroyed, but only upon receipt of evidence of such loss, theft or
destruction of such Note, and of the ownership hereof, reasonably
satisfactory to the Company.

 

d) Governing Law. All questions
concerning the construction, validity, enforcement and
interpretation of this Note shall be governed by and construed and
enforced in accordance with the internal laws of the State of New
York, without regard to the principles of conflict of laws thereof.
Each party agrees that all legal proceedings concerning the
interpretation, enforcement and defense of the transactions
contemplated by any of the Transaction Documents (whether brought
against a party hereto or its respective Affiliates, directors,
officers, shareholders, employees or agents) shall be commenced in
the state and federal courts sitting in the City of New York,
Borough of Manhattan (the “New York Courts”). Each
party hereto hereby irrevocably submits to the exclusive
jurisdiction of the New York Courts for the adjudication of any
dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein (including with respect to
the enforcement of any of the Transaction Documents), and hereby
irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the
jurisdiction of such New York Courts, or such New York Courts are
improper or inconvenient venue for such proceeding. Each party
hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by
mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the
address in effect for notices to it under this Note and agrees that
such service shall constitute good and sufficient service of
process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any other
manner permitted by applicable law. Each party hereto hereby
irrevocably waives, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Note or the transactions
contemplated hereby. If any party shall commence an action or
proceeding to enforce any provisions of this Note, then the
prevailing party in such action or proceeding shall be reimbursed
by the other party for its attorneys' fees and other costs and
expenses incurred in the investigation, preparation and prosecution
of such action or proceeding.

 

e) Waiver. Any waiver by the
Company or the Holder of a breach of any provision of this Note
shall not operate as or be construed to be a waiver of any other
breach of such provision or of any breach of any other provision of
this Note. The failure of the Company or the Holder to insist upon
strict adherence to any term of this Note on one or more occasions
shall not be considered a waiver or deprive that party of the right
thereafter to insist upon strict adherence to that term or any
other term of this Note on any other occasion. Any waiver by the
Company or the Holder must be in writing.

 

f) Severability. If any provision
of this Note is invalid, illegal or unenforceable, the balance of
this Note shall remain in effect, and if any provision is
inapplicable to any Person or circumstance, it shall nevertheless
remain applicable to all other Persons and circumstances. If it
shall be found that any interest or other amount deemed interest
due hereunder violates the applicable law governing usury, the
applicable rate of interest due hereunder shall automatically be
lowered to equal the maximum rate of interest permitted under
applicable law. The Company covenants (to the extent that it may
lawfully do so) that it shall not at any time insist upon, plead,
or in any manner whatsoever claim or take the benefit or advantage
of, any stay, extension or usury law or other law which would
prohibit or forgive the Company from paying all or any portion of
the principal of or interest on this Note as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which
may affect the covenants or the performance of this Note, and the
Company (to the extent it may lawfully do so) hereby expressly
waives all benefits or advantage of any such law, and covenants
that it will not, by resort to any such law, hinder, delay or
impede the execution of any power herein granted to the Holder, but
will suffer and permit the execution of every such as though no
such law has been enacted.

 

g) Remedies, Characterizations, Other
Obligations, Breaches and Injunctive Relief.  The
remedies provided in this Note shall be cumulative and in addition
to all other remedies available under this Note and any of the
other Transaction Documents at law or in equity (including a decree
of specific performance and/or other injunctive relief), and
nothing herein shall limit the Holder’s right to pursue
actual and consequential damages for any failure by the Company to
comply with the terms of this Note.  The Company covenants to
the Holder that there shall be no characterization concerning this
instrument other than as expressly provided herein. Amounts set
forth or provided for herein with respect to payments, conversion
and the like (and the computation thereof) shall be the amounts to
be received by the Holder and shall not, except as expressly
provided herein, be subject to any other obligation of the Company
(or the performance thereof). The Company acknowledges that a
breach by it of its obligations hereunder will cause irreparable
harm to the Holder and that the remedy at law for any such breach
may be inadequate. The Company therefore agrees that, in the event
of any such breach or threatened breach, the Holder shall be
entitled, in addition to all other available remedies, to an
injunction restraining any such breach or any such threatened
breach, without the necessity of showing economic loss and without
any bond or other security being required. The Company shall
provide all information and documentation to the Holder that is
requested by the Holder to enable the Holder to confirm the
Company’s compliance with the terms and conditions of this
Note.

 

h) Next Business Day. Whenever any
payment or other obligation hereunder shall be due on a day other
than a Business Day, such payment shall be made on the next
succeeding Business Day.

 

i) Headings. The headings
contained herein are for convenience only, do not constitute a part
of this Note and shall not be deemed to limit or affect any of the
provisions hereof.

 

j) Secured Obligation. The
obligations of the Company under this Note are secured by all
assets of the Company and each Subsidiary pursuant to the Security
Agreement, dated as of May 8, 2020 between the Company, the
Subsidiaries of the Company and the Secured Parties (as defined
therein).

 

*********************

(Signature Pages Follow)

 

 

-12-

 

 

 

IN
WITNESS WHEREOF, the Company has caused this Note to be duly
executed by a duly authorized officer as of the date first above
indicated.

 

	

 

 

	
GOIP
GLOBAL, INC.

  

	

 

	
By:__________________________________________

Name:

Title:

Facsimile No. for delivery of Notices: ______________ 

 

 

 

 

 

 

 

 

-13-

 

 

ANNEX A - NOTICE OF CONVERSION

 

The
undersigned hereby elects to convert principal under the Original
Issue Discount Senior Secured Convertible Promissory Note due May
8, 2021 of GoIP Global, Inc., a Colorado corporation (the
“Company”), into shares of
common stock (the “Common Stock”), of the
Company according to the conditions hereof, as of the date written
below. If shares of Common Stock are to be issued in the name of a
person other than the undersigned, the undersigned will pay all
transfer taxes payable with respect thereto and is delivering
herewith such certificates and opinions as reasonably requested by
the Company in accordance therewith. No fee will be charged to the
holder for any conversion, except for such transfer taxes, if
any.

 

By the
delivery of this Notice of Conversion the undersigned represents
and warrants to the Company that its ownership of the Common Stock
does not exceed the amounts specified under Section 4 of this Note, as
determined in accordance with Section 13(d) of the Exchange
Act.

 

The
undersigned agrees to comply with the prospectus delivery
requirements under the applicable securities laws in connection
with any transfer of the aforesaid shares of Common
Stock.

 

Conversion Information

 

Date to Effect
Conversion:

_____________________________________

Outstanding
Principal:

_____________________________________

Outstanding
Interest:

_____________________________________

Principal Amount of
Note to be Converted:

_____________________________________

Interest Amount of
Note to be Converted:

_____________________________________

Conversion
Price Calculations:

 

 

Total Shares of Common Stock to be Issued:

  

Outstanding
Principal After Conversion:

_____________________________________

Outstanding
Interest After Conversion:

_____________________________________

 

	
DWAC
Instructions

Broker:

DTC#:

Account:

Account
Name:

	
Physical
Delivery

Issue
to:

Address:

 

 

Entity Name:

_____________________________________

Signatory Name:

_____________________________________

Title:

_____________________________________

Signature:

_____________________________________

 
 

 

-14-

 

 

Schedule 1

 

CONVERSION SCHEDULE

 

This
Original Issue Discount Senior Secured Convertible Promissory Note
due on May 8, 2021 in the original principal amount of $______ is
issued by GoIP Global, Inc., a Colorado corporation. This
Conversion Schedule reflects conversions made under Section 4 of the above
referenced Note.

 

Dated:

 

	

Date of
Conversion

(or for
first entry, Original Issue Date)

	

 

 

Amount
of Conversion

	

Aggregate
Principal Amount Remaining Subsequent to Conversion

(or
original Principal Amount)

	

 

 

Company
Attest

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

-15-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}]]