Document:

Exhibit 10.3

 

Execution
Version

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into on November 28, 2022, by and among IRIS Acquisition Corp., a Delaware
corporation (“IRIS”), IRIS Parent Holding Corp., a Delaware corporation (“Issuer” or “ParentCo”)
and the undersigned subscriber (“Subscriber”).

 

WHEREAS,
concurrently with the execution of this Subscription Agreement, IRIS, ParentCo, Liminatus Pharma, LLC, a Delaware limited
liability company (“Liminatus”), Liminatus Pharma Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary
of ParentCo (“Liminatus Merger Sub”), and SPAC Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary
of ParentCo (“SPAC Merger Sub”) are entering into a Business Combination Agreement (as amended, modified, supplemented
or waived from time to time, the “Transaction Agreement” and the transactions contemplated by the Transaction Agreement
to be completed on and prior to the closing date thereof, collectively, the “Transaction”), pursuant to which, among
other things, in the manner, and on the terms and subject to the conditions and exclusions set forth therein, effective as of the closing
of the Transaction, (a) Liminatus Merger Sub will merge with and into Liminatus, with Liminatus surviving as a direct wholly-owned
subsidiary of ParentCo (the “Company Merger”), and (b) simultaneously with the Company Merger, SPAC Merger Sub
will merge with and into IRIS, with IRIS surving as a direct wholly-owned subsidiary of ParentCo (the “SPAC Merger”
and, together with the Company Merger, the “Mergers”).

 

WHEREAS, in connection with
the Transaction, Subscriber desires to subscribe for and purchase from the Issuer, immediately prior to the consummation of the Transaction,
that number of the Issuer’s Common Stock, par value $0.0001 per share (the “Common Shares”), set forth on the
signature page hereto (the “Subscribed Shares”) for a purchase price of $10.00 per share (the “Per Share
Price” and the aggregate of such Per Share Price for all Subscribed Shares being referred to herein as the “Purchase
Price”), and the Issuer desires to issue and sell to Subscriber the Subscribed Shares in consideration of the payment of the
Purchase Price by or on behalf of Subscriber to the Issuer; and

 

WHEREAS, in order to induce
the Subscriber to enter into this Subscription Agreement to invest funds in the Issuer pursuant to this agreement, the Issuer shall enter
into a registration rights agreement (the “Registration Rights Agreement”) in the form set forth on Annex B attached hereto,
which is incorporated in and made a part of this Subscription Agreement, to register shares of Common Stock issuable to the Subscriber
(as provided below);

 

WHEREAS, on or about the date
of this Subscription Agreement, the Issuer may be entering into other subscription agreements (the “Other Subscription Agreements”
and together with this Subscription Agreement, the “Subscription Agreements”) with certain other investors (the “Other
Subscribers” and together with Subscriber, the “Subscribers”) in a form substantially similar to this Subscription
Agreement, pursuant to which such Other Subscribers have agreed to purchase additional Common Shares on the closing date of the Transaction
(the “Closing Date”).

 

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

 

Section 1.         Subscription. Subject
to the terms and conditions hereof, at the Closing (as defined below), Subscriber hereby agrees to subscribe for and purchase, and the
Issuer hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Subscribed Shares (such subscription
and issuance, the “Subscription”).

 

Section 2.          Closing.

 

(a)            The
consummation of the Subscription contemplated hereby (the “Closing”) shall occur on the Closing Date, immediately prior
to the consummation of the Transaction.

 

    

    

    

 

(b)            At
least five (5) Business Days before the anticipated Closing Date, the Issuer shall deliver written notice to Subscriber (the “Closing
Notice”) specifying (i) the anticipated Closing Date and (ii) the wire instructions for delivery of the Purchase Price
to the Issuer. No later than two (2) Business Days prior to the anticipated Closing Date, Subscriber shall deliver the Purchase Price
for the Subscribed Shares by wire transfer of United States dollars in immediately available funds to the account specified by the Issuer
in the Closing Notice, such funds to be held by the Issuer in escrow until the Closing, and deliver to the Issuer such information as
is reasonably requested in the Closing Notice in order for the Issuer to issue the Subscribed Shares to Subscriber, including, without
limitation, a duly completed and executed Internal Revenue Service Form W-9 or appropriate Form W-8. Upon satisfaction (or,
if applicable, waiver) of the conditions set forth in this Section 2, at the Closing, (i) the Purchase Price
shall be released from escrow automatically and without further action by the Issuer or Subscriber, and (ii) the Issuer shall deliver
to Subscriber (A) the Subscribed Shares in book entry form, free and clear of any liens or other restrictions (other than those arising
under this Subscription Agreement or applicable securities laws), in the name of Subscriber (or its nominee or custodian, as applicable,
in accordance with its delivery instructions), and (B) as promptly as practicable (but not more than 48 hours after the Closing),
a copy of the records of the Issuer’s transfer agent showing Subscriber (or such nominee or custodian, as applicable) as the owner
of the Subscribed Shares on and as of the Closing Date. In the event that the consummation of the Transaction does not occur within five
(5) Business Days after the anticipated Closing Date specified in the Closing Notice (the “Closing Outside Date”),
unless otherwise agreed to in writing by the Issuer and Subscriber, the Issuer shall promptly (but in no event later than five (5) Business
Days after the Closing Outside Date) return the funds so delivered by Subscriber to the Issuer by wire transfer in immediately available
funds to the account specified by Subscriber, and any book entries shall be deemed cancelled. Notwithstanding such return or cancellation
(x) a failure to close on the anticipated Closing Date shall not, by itself, be deemed to be a failure of any of the conditions to
Closing set forth in this Section 2 to be satisfied or waived on or prior to the Closing Date, and (y) unless
and until this Subscription Agreement is terminated in accordance with Section 6 herein, Subscriber shall remain
obligated (A) to redeliver funds to the Issuer following the Issuer’s delivery to Subscriber of a new Closing Notice and (B) to
consummate the Closing upon satisfaction of the conditions set forth in this Section 2. For the purposes of this Subscription
Agreement, “Business Day” means any day other than a Saturday, Sunday or any other day on which commercial banks are
required or authorized to close in the State of New York.

 

(c)            The
Closing shall be subject to the satisfaction or valid waiver by each of the parties hereto of the conditions that, on the Closing Date:

 

		(i)	no suspension of the offering or sale or trading of the Subscribed Shares in any applicable jurisdiction,
or initiation or threatening in writing of any proceedings for any of such purposes, shall be deemed to have occurred and be continuing
and the Subscribed Shares shall have been approved for listing on the New York Stock Exchange (the “NYSE”), the NYSE
American Exchange (“NYSE American”) or the Nasdaq Capital Market (“Nasdaq”), subject to official
notice of issuance;

 

		(ii)	all conditions precedent to the closing of the Transaction set forth in the Transaction Agreement shall
have been satisfied (as determined by the parties to the Transaction Agreement) or waived (other than those conditions which, by their
nature, are to be satisfied at the closing of the Transaction pursuant to the Transaction Agreement or by the Closing itself, but subject
to their satisfaction or valid waiver at the closing of the Transaction), and the closing of the Transaction shall occur substantially
concurrently with or immediately following the Closing; and

 

		(iii)	no court of competent jurisdiction shall have issued, enforced or entered any judgment or order which
is then in effect and has the effect of making the consummation of the transactions contemplated hereby illegal or otherwise restraining
or prohibiting consummation of the transactions contemplated hereby.

 

(d)             In
addition to the conditions set forth in Section 2(c), the obligation of the Issuer to consummate the Closing shall be
subject to the satisfaction or valid waiver by the Issuer of the additional conditions that, on the Closing Date:

 

		(i)	all representations and warranties of Subscriber contained in this Subscription Agreement shall be true
and correct in all material respects (other than representations and warranties that are qualified as to materiality or Subscriber Material
Adverse Effect (as defined below), which representations and warranties shall be true and correct in all respects) at and as of the Closing
Date;

 

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		(ii)	Subscriber shall have performed, satisfied or complied with, in each case, in all material respects, all
covenants and agreements required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the
Closing;

 

		(iii)	Subscriber shall have executed and delivered the Registration Rights Agreement; and

 

		(iv)	The Issuer and IRIS shall have received a certificate signed by an officer of Subscriber, dated the Closing
Date, in which such officer shall state that the conditions set forth in Section 2(d)(i) and Section 2(d)(ii) are
satisfied as of the Closing Date.

 

(e)             In
addition to the conditions set forth in Section 2(c), the obligation of Subscriber to consummate the Closing shall be
subject to the satisfaction or valid waiver by Subscriber of the additional conditions that, on the Closing Date:

 

		(i)	all representations and warranties of the Issuer and IRIS contained in this Subscription Agreement shall
be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or Issuer
or IRIS Material Adverse Effect (as defined below), which representations and warranties shall be true and correct in all respects) at
and as of the Closing Date (unless they specifically speak as of an earlier date, in which case they shall be true and correct in all
material respects (other than representations and warranties that are qualified as to Issuer or IRIS Material Adverse Effect, which representations
and warranties shall be true and correct in all respects) as of such date), other than, in each case, failures to be true and correct
that would not result, individually or in the aggregate, in an Issuer or IRIS Material Adverse Effect;

 

		(ii)	the Issuer and IRIS shall have performed, satisfied or complied with, in each case, in all material respects,
all covenants and agreements required by this Subscription Agreement to be performed, satisfied or complied with by them at or prior to
the Closing; provided, that this condition shall be deemed satisfied unless written notice of such noncompliance is provided by Subscriber
to the Issuer and IRIS and the Issuer and IRIS fail to cure such noncompliance in all material respects within five (5) Business
Days of receipt of such notice;

 

		(iii)	the Transaction Agreement (as the same exists on the date of this Subscription Agreement) including, without
limitation, any representation or covenant of the Issuer or IRIS in the Transaction Agreement relating to the financial position or outstanding
indebtedness of the Issuer or IRIS, shall not have been amended, modified or waived by the Issuer or IRIS in a manner that would materially
and adversely affect the economic benefits that Subscriber would reasonably expect to receive under this Subscription Agreement;

 

		(iv)	there shall have been no amendment, waiver, or modification to any Other Subscription Agreements that
materially benefits any Other Subscribers unless Subscriber has been offered substantially similar benefits in writing;

 

		(v)	the Issuer’s listing application with NYSE, NYSE American or Nasdaq in connection with the closing
of the Transaction shall have been conditionally approved and, immediately following the closing of the Transaction pursuant to the Transaction
Agreement, the Issuer shall satisfy any applicable initial listing requirements of one of NYSE, NYSE American or Nasdaq and the Issuer
shall not have received any notice of noncompliance therewith;

 

		(vi)	The Issuer shall have executed and delivered the Registration Rights Agreement; and

 

		(vii)	Subscriber shall have received a certificate signed by an officer of the Issuer, dated the Closing Date,
in which such officer shall state that the conditions set forth in Section 2(e)(i) and Section 2(e)(ii) are satisfied
as of the Closing Date.

 

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(f)              Prior
to or at the Closing, Subscriber shall deliver all such other information and shall take all such actions as are reasonably requested
by the Issuer or IRIS in order for the Issuer to issue the Subscribed Shares to Subscriber.

 

Section 3.          Issuer
Representations and Warranties. The Issuer and IRIS severally, and not jointly, represent and warrant to Subscriber that:

 

(a)             Each
of the Issuer and IRIS (i) is duly organized, validly existing and at the time of the Closing in good standing under the laws of
its jurisdiction of incorporation, (ii) has the requisite power and authority to own, lease and operate its properties, to carry
on its business as it is now being conducted and to enter into, deliver and perform its obligations under this Subscription Agreement,
and (iii) is duly licensed or qualified to conduct its business and, if applicable, is in good standing under the laws of each jurisdiction
(other than their jurisdiction of incorporation) in which the conduct of its business or the ownership of its properties or assets requires
such license or qualification, except, with respect to the foregoing clause (iii), where the failure to be in good standing
would not reasonably be expected to have an Issuer or IRIS Material Adverse Effect. For purposes of this Subscription Agreement, an “Issuer
or IRIS Material Adverse Effect” means an event, change, development, occurrence, condition or effect which would have a material
adverse effect on the business, financial condition or results of operations of the Issuer or IRIS and their subsidiaries, taken as a
whole on a consolidated basis (for such purposes, after giving effect to the consummation of the transactions hereunder and under the
Transaction Agreement), or prevents or materially impairs the ability of the Issuer to timely perform its obligations under this Subscription
Agreement or the Transaction Agreement, including the issuance and sale of the Subscribed Shares.

 

(b)             The
Subscribed Shares are duly authorized and, when issued and delivered to Subscriber against full payment therefor in accordance with the
terms of this Subscription Agreement, will be validly issued, fully paid and non-assessable and will not have been issued in violation
of any preemptive rights created under the Issuer’s organizational documents (as adopted on or prior to the Closing Date), by any
contract to which the Issuer or IRIS is a party or by which it is bound, or under the laws of its jurisdiction of incorporation.

 

(c)             This
Subscription Agreement and the Registration Rights Agreement have been duly authorized, executed and delivered by the Issuer and IRIS,
and assuming the due authorization, execution and delivery of the same by Subscriber, this Subscription Agreement constitutes the valid
and legally binding obligation of the Issuer and IRIS, enforceable against the Issuer and IRIS in accordance with its terms, except as
such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors generally
and by the availability of equitable remedies.

 

(d)             The
execution and delivery of this Subscription Agreement and the Registration Rights Agreement, the issuance and sale of the Subscribed Shares
and the compliance by the Issuer and IRIS with all of the provisions of this Subscription Agreement, the Registration Rights Agreement
and the consummation of the transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms
or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of
the property or assets of the Issuer pursuant to the terms of: (i) any indenture, mortgage, deed of trust, loan agreement, lease,
license or other agreement or instrument to which the Issuer or IRIS is a party or by which the Issuer or IRIS are bound or to which any
of the property or assets of the Issuer or IRIS is subject, in each case, that would reasonably be expected to have an Issuer or IRIS
Material Adverse Effect or materially affect the validity of the Subscribed Shares or the legal authority of the Issuer to comply in all
material respects with the terms of this Subscription Agreement; (ii) the organizational documents of the Issuer and IRIS; or (iii) any
statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over the Issuer
or IRIS or any of their properties that would reasonably be expected to have an Issuer or IRIS Material Adverse Effect or materially affect
the validity of the Subscribed Shares or the legal authority of the Issuer to comply in all material respects with the terms of this Subscription
Agreement.

 

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(e)             Assuming
the accuracy of the representations and warranties of Subscriber set forth in Section 4 of this Subscription Agreement,
the Issuer and IRIS are not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing
or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization (including
Nasdaq, NYSE American and NYSE) or other person in connection with the execution, delivery and performance of this Subscription Agreement
(including, without limitation, the issuance of the Subscribed Shares), other than (i) filings required by applicable state securities
laws, (ii) the filing of the Registration Statement pursuant to Section 5 below, (iii) those required
by the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) or Nasdaq, NYSE American
or NYSE, including with respect to obtaining stockholder approval, (iv) those required to consummate the Transaction as provided
under the Transaction Agreement, (v) the filing of notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, if
applicable, and (vi) the failure of which to obtain would not be reasonably likely to have an Issuer or IRIS Material Adverse Effect.

 

(f)              Assuming
the accuracy of Subscriber’s representations and warranties set forth in Section 4 of this Subscription Agreement,
no registration under the Securities Act of 1933, as amended (the “Securities Act”), is required for the offer and
sale of the Subscribed Shares by the Issuer to Subscriber and the Subscribed Shares are not being offered in a manner involving a public
offering under, or in a distribution in violation of, the Securities Act or any state securities laws.

 

(g)             Neither
the Issuer nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising (within
the meaning of Regulation D) in connection with any offer or sale of the Subscribed Shares.

 

(h)               The
Issuer and IRIS have not entered into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor or
other person to any broker’s or finder’s fee or any other commission or similar fee in connection with the transactions contemplated
by this Subscription Agreement for which Subscriber could become liable.

 

(i)              
As of their respective dates, or, if amended or restated, as of the date of such amendment or restatement, all reports required
to be filed by IRIS with the Commission prior to the date of this Subscription Agreement (the “SEC Reports”) complied
as to form in all material respects with the requirements of the Securities Act and the Exchange Act (as defined below) and the rules and
regulations of the Commission promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading. On April 12, 2021, the staff
of the SEC (the “SEC Staff”) issued a public statement entitled “Staff Statement on Accounting and Reporting
Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPAC”)” (the “SEC Staff
Statement”). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants
may require the warrants to be classified as liabilities on the SPAC’s balance sheets as opposed to equity. Following review of
the SEC Staff Statement, IRIS reevaluated the accounting treatment of its warrants as equity, and concluded that, based on the SEC
Staff Statement, the warrants should be, and should previously have been, classified as derivative liabilities measured at fair value,
resulting in the Issuer restating certain previously filed financial statements of the Issuer as described in the SEC Reports. Except
as set forth herein, the financial statements of the IRIS included in the SEC Reports comply in all material respects with applicable
accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing and
fairly present in all material respects the financial position of IRIS as of and for the dates thereof and the results of operations and
cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. Other than
comments in comment letters received after the date hereof that relate to the proxy proposal to extend the time for IRIS to complete a
business combination and the adjournment of the special meeting of stockholders to vote on such proposal, there are no outstanding or
unresolved comments in comment letters received by the IRIS from the staff of the Division of Corporation Finance of the SEC with respect
to any of the SEC Reports.

 

(j)              As
of the date hereof, the issued and outstanding Class A Common Shares of IRIS are registered pursuant to Section 12(b) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are listed for trading on Nasdaq under the
symbol “IRAA” (it being understood that the trading symbol will be changed in connection with the Transaction). Except as
disclosed in the SEC Reports, as of the date hereof, there is no suit, action, proceeding or investigation pending or, to the knowledge
of the Issuer or IRIS, threatened against the Issuer or IRIS by Nasdaq or the SEC, respectively, to prohibit or terminate the listing
of IRIS’s shares on Nasdaq or to deregister the shares under the Exchange Act. As of the date hereof, IRIS has taken no action
that is designed to terminate the registration of the Class A Common Shares of IRIS under the Exchange Act (it being understood that
upon the closing of the Transaction, registration of the Class A Common Shares of IRIS will be terminated).

 

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(k)             Other
than the Other Subscription Agreements, if any, subscription agreements entered into on the date hereof with respect to the purchase and
sale of convertible notes of the Issuer (the “Convertible Note Subscription Agreements”), the Registration Rights Agreement,
the Transaction Agreement, and any other agreement contemplated by the Transaction Agreement or, as otherwise disclosed to the Subscriber,
neither the Issuer, IRIS, nor any of its affiliated entities have entered into any side letter or similar agreement with any Other
Subscriber or any other investor in connection with such Other Subscriber’s or investor’s direct or indirect investment in
the Issuer (other than any side letter or similar agreement relating to the transfer to any investor of (i) securities of the Issuer
or IRIS by existing securityholders of the Issuer or IRIS, which may be effectuated as a forfeiture to the Issuer or IRIS and reissuance,
or (ii) securities to be issued pursuant to the Transaction Agreement). No Other Subscription Agreement includes terms and conditions
that are materially more advantageous to any such Other Subscriber than Subscriber hereunder except as disclosed to Subscriber by the
Issuer or IRIS in the virtual dataroom to which Subscriber has been granted access in connection with the Transaction, and such Other
Subscription Agreements have not been amended or modified in any material respect following the date of this Subscription Agreement. The
Other Subscription Agreements reflect the same purchase price per share as the Price Per Share in this Subscription Agreement.

 

(l)              Except
for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, an Issuer or IRIS Material
Adverse Effect, as of the date of this Subscription Agreement, there is no (i) action, suit, claim or other proceeding, in each case
by or before any governmental authority pending, or, to the knowledge of the Issuer or IRIS, threatened against the Issuer or IRIS, or
(ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against the Issuer or IRIS.

 

(m)            The
Issuer and IRIS are in compliance with all applicable laws, except where such noncompliance would not reasonably be expected to have,
individually or in the aggregate, an Issuer or IRIS Material Adverse Effect. Neither the Issuer nor IRIS has received any written communication
from a governmental entity alleging that IRIS or the Issuer is not in compliance with or is in default or violation of any applicable
law, except where such noncompliance, default or violation would not, individually or in the aggregate, reasonably be expected to have
an Issuer or IRIS Material Adverse Effect.

 

(n)             As
of the date hereof , the authorized capital stock of IRIS is 301,000,000 shares, consisting of (a) 280,000,000 Class A Common
Shares , par value $0.0001 per share (the “Class A Common Shares”), (b) 20,000,000 shares of Class B common
stock, par value $0.0001 per share (the “Class B Common Shares”), and (c) 1,000,000 shares of preferred stock,
par value $0.0001 per share (the “Preferred Shares”). As of the date hereof: (i) no Preferred Shares are issued
and outstanding; (ii) 27,600,000 Class A Common Shares are issued and outstanding; (iii) 6,900,000 shares of Class B
Common Shares are issued and outstanding; (iv) 5,013,333 warrants to purchase 5,013,000 Class A Common Shares (the “Private
Placement Warrants”) are outstanding; and (v) 6,900,000 warrants to purchase 6,900,000 Class A Common Shares (the
 “Public Warrants”) are outstanding. All (A) issued and outstanding Class A Common Shares and Class B
Common Shares have been duly authorized and validly issued, are fully paid and are non-assessable and are not subject to preemptive rights
and (B) outstanding Private Placement Warrants and Public Warrants have been duly authorized and constitutes the valid and legally
binding obligation of IRIS, enforceable against IRIS in accordance with their terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium and similar laws affecting creditors generally and by the availability of equitable remedies. Except
as set forth above and pursuant to the Transaction Agreement, as of the date hereof, there are no outstanding options, warrants or other
rights to subscribe for, purchase or acquire from IRIS any Class A Common Shares or Class B Common Shares, or any other equity
interests in IRIS, or securities convertible into or exchangeable or exercisable for such equity interests. As of the date hereof, the
authorized capital stock of the Issuer is 1,000 shares, consisting of 1,000 Common Shares. As of the date hereof, there are 100 Common
Shares of Issuer issued and outstanding, all of which are issued to Chris Kim. Except as set forth above, and pursuant to the Other Subscription
Agreements, the Convertible Note Subscription Agreements and the Transaction Agreement, as of the date hereof , there are no outstanding
options, warrants or other rights to subscribe for, purchase or acquire from the Issuer any Common Shares or any other equity interests
in the Issuer, or securities convertible into or exchangeable or exercisable for such equity interests.

 

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(o)             The
Issuer is not, and immediately after receipt of payment for the Subscribed Shares will not be, an “investment company” within
the meaning of the Investment Company Act of 1940, as amended.

 

Section 4.          Subscriber
Representations and Warranties. Subscriber represents and warrants to the Issuer and IRIS that:

 

(a)             Subscriber
(i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or formation, and
(ii) has the requisite power and authority to enter into and perform its obligations under this Subscription Agreement.

 

(b)             This
Subscription Agreement has been duly executed and delivered by Subscriber, and assuming the due authorization, execution and delivery
of the same by the Issuer, this Subscription Agreement constitutes the valid and legally binding obligation of Subscriber, enforceable
against Subscriber in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium and similar laws affecting creditors generally and by the availability of equitable remedies.

 

(c)             The
execution and delivery of this Subscription Agreement, the purchase of the Subscribed Shares and the compliance by Subscriber with all
of the provisions of this Subscription Agreement and the consummation of the transactions contemplated herein will not conflict with or
result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition
of any lien, charge or encumbrance upon any of the property or assets of Subscriber pursuant to the terms of: (i) any indenture,
mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber is a party or by which Subscriber
is bound or to which any of the property or assets of Subscriber is subject; (ii) the organizational documents of Subscriber; or
(iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign,
having jurisdiction over Subscriber or any of its properties that, in the case of clauses (i) and (iii),
would reasonably be expected to have a Subscriber Material Adverse Effect. For purposes of this Subscription Agreement, a “Subscriber
Material Adverse Effect” means an event, change, development, occurrence, condition or effect with respect to Subscriber that
would reasonably be expected to have a material adverse effect on Subscriber’s ability to consummate the transactions contemplated
hereby, including the purchase of the Subscribed Shares and payment of the Purchase Price therefor.

 

(d)             Subscriber
(i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an institutional
 “accredited investor” (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the
applicable requirements set forth on Annex A, (ii) is acquiring the Subscribed Shares only for its own account and
not for the account of others, or if Subscriber is subscribing for the Subscribed Shares as a fiduciary or agent for one or more investor
accounts, each owner of such account is an accredited investor, and Subscriber has full investment discretion with respect to each such
account, and the full power and authority to make the acknowledgments, representations and agreements herein on behalf of each owner of
each such account, and (iii) is not acquiring the Subscribed Shares with a view to, or for offer or sale in connection with, any
distribution thereof in violation of the Securities Act (and shall provide the requested information on Annex A). Subscriber
is not an entity formed for the specific purpose of acquiring the Subscribed Shares, unless such newly formed entity is an entity in which
all of the investors are institutional accredited investors, and is an “institutional account” as defined by FINRA Rule 4512(c).

 

(e)             Subscriber
understands that the Subscribed Shares are being offered in a transaction not involving any public offering within the meaning of the
Securities Act and that the Subscribed Shares have not been registered under the Securities Act. Subscriber understands that the Subscribed
Shares may not be offered, resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement
under the Securities Act, except (i) to the Issuer or a subsidiary thereof, or (ii) pursuant to an applicable exemption from
the registration requirements of the Securities Act, and, in each of cases (i) and (ii), in accordance with any applicable securities
laws of the applicable states and other jurisdictions of the United States, and as a result of these transfer restrictions, Subscriber
may not be able to readily resell the Subscribed Shares and may be required to bear the financial risk of an investment in the Subscribed
Shares for an indefinite period of time. Subscriber acknowledges and agrees that the Subscribed Shares will not be eligible for offer,
resale, transfer, pledge or disposition pursuant to Rule 144 promulgated under the Securities Act (“Rule 144”)
until at least one year from the filing of “Form 10 information” with the Commission after the Closing Date. Subscriber
understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Subscribed
Shares.

 

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(f)              Subscriber
understands and agrees that Subscriber is purchasing the Subscribed Shares directly from the Issuer. Subscriber further acknowledges that
there have not been, and Subscriber hereby agrees that it is not relying on, any representations, warranties, covenants or agreements
made to Subscriber by the Issuer, IRIS, Liminatus, or any of their respective affiliates or any control persons, officers, directors,
employees, partners, agents or representatives, any other party to the Transaction or any other person or entity, expressly or by implication,
other than those representations, warranties, covenants and agreements of the Issuer expressly set forth in this Subscription Agreement,
and Subscriber hereby represents and warrants that it is relying exclusively on Subscriber’s own sources of information, investment
analysis and due diligence (including professional advice such Subscriber deems appropriate) with respect to this offering of the Subscribed
Shares, and the business, condition (financial and otherwise), management, operations, properties and prospects of the Issuer, IRIS
and Liminatus, including but not limited to all business, legal, regulatory, accounting, credit and tax matters. Subscriber acknowledges
that certain information provided to Subscriber was based on projections, and such projections were prepared based on assumptions and
estimates that are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and
uncertainties that could cause actual results to differ materially from those contained in the projections.

 

(g)             Subscriber
(i) is an institutional account as defined in FINRA Rule 4512(c), (ii) is a sophisticated investor, experienced in investing
in equity transactions that are not registered under the Securities Act, and capable of evaluating investment risks independently, both
in general and with regard to all transactions and investment strategies involving a security or securities and (iii) has exercised
independent judgment in evaluating our participation in the purchase of the Subscribed Shares. Accordingly, Subscriber understands that
the offering meets (i) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and (ii) the institutional customer
exemption under FINRA Rule 2111(b).

 

(h)             Subscriber
is aware that the sale to it is being made in reliance on a private placement exemption from registration under the Securities Act and
is acquiring the Subscribed Shares for its own account or for an account over which Subscriber exercises sole discretion for another qualified
institutional buyer or institutional accredited investor.

 

(i)               In
making its decision to purchase the Subscribed Shares, Subscriber has relied solely upon independent investigation made by Subscriber
and the Issuer’s and IRIS’s representations and warranties in Section 3. Subscriber acknowledges and agrees that Subscriber
has received, and has had an adequate opportunity to review, such information as Subscriber deems necessary in order to make an investment
decision with respect to the Subscribed Shares, including with respect to the Issuer, IRIS and their subsidiaries and the Transaction.
Subscriber represents and agrees that Subscriber and Subscriber’s professional advisor(s), if any, have had the full opportunity
to ask such questions, receive such answers and obtain such information as Subscriber and such undersigned’s professional advisor(s),
if any, have deemed necessary to make an investment decision with respect to the Subscribed Shares. Without limiting the generality of
the foregoing, Subscriber acknowledges that it has reviewed IRIS and the Issuer’s filings with the Commission and any disclosure
documents provided by or on behalf of IRIS and the Issuer in connection with the Subscription.

 

(j)              Subscriber
became aware of this offering of the Subscribed Shares solely by means of direct contact between Subscriber, IRIS and the Issuer
or their respective representatives or affiliates, and the Subscribed Shares were offered to Subscriber solely by direct contact between
Subscriber, IRIS and the Issuer or their respective representatives or affiliates. Subscriber did not become aware of this offering
of the Subscribed Shares, nor were the Subscribed Shares offered to Subscriber, by any other means. Subscriber acknowledges and agrees
that the Subscribed Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not
being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities
laws.

 

    8

    

    

 

(k)             Subscriber
acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Subscribed Shares and that
it is able to fend for itself in the transactions contemplated by this Subscription Agreement. Subscriber has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Subscribed Shares, and Subscriber
has had an opportunity to seek, and has sought, such accounting, legal, business and tax advice as Subscriber has considered necessary
to make an informed investment decision. Subscriber acknowledges and agrees that neither the Issuer nor any of its affiliates has provided
any tax advice to Subscriber or made any representations or warranties or guarantees to Subscriber regarding the tax treatment of its
investment in the Subscribed Shares.

 

(l)              Subscriber
has analyzed and considered the risks of an investment in the Subscribed Shares and determined that the Subscribed Shares are a suitable
investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total
loss of Subscriber’s investment in the Issuer. Subscriber acknowledges specifically that a possibility of total loss exists.

 

(n)            (m)            Subscriber
understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Subscribed Shares
or made any findings or determination as to the fairness of this investment. Subscriber acknowledges
that certain of the financial information provided to such Subscriber with respect to Liminatus, which was prepared by, or on behalf of,
Liminatus has not been audited in accordance with the standards of the Public Company Accounting Oversight Board (United States) and such
financial information may differ after being subject to such an audit, in which form it is expected to be presented in a proxy statement/prospectus
and/or other filings with the SEC.

 

(o)            Subscriber
is not, and is not owned or controlled by or acting on behalf of (in connection with the Transaction), a Sanctioned Person. Subscriber
is not a non-U.S. shell bank or providing banking services to a non-U.S. shell bank. Subscriber represents that if it is a financial institution
subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001 and its implementing
regulations (collectively, the “BSA/PATRIOT Act”), that Subscriber maintains policies and procedures reasonably designed
to comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that it maintains, to the extent required,
either directly or through the use of a third-party administrator, policies and procedures reasonably designed for the screening of any
investors against Sanctions-related lists of blocked or restricted persons and to ensure that the funds held by Subscriber and used to
purchase the Subscribed Shares are derived from lawful activities. For purposes of this Subscription Agreement, “Sanctioned Person”
means at any time any person or entity: (a) listed on any Sanctions-related list of designated or blocked or restricted persons;
(b) that is a national of, the government of, or any agency or instrumentality of the government of, or resident in, or organized
under the laws of, a country or territory that is the target of comprehensive Sanctions from time to time (as of the date of this Subscription
Agreement, Cuba, Iran, North Korea, Syria, and the Crimea region); or (c) owned or controlled by or acting on behalf of any
of the foregoing. “Sanctions” means those trade, economic and financial sanctions laws, regulations, embargoes, and
restrictive measures (in each case having the force of law) administered, enacted or enforced from time to time by (a) the United
States (including without limitation the U.S. Department of the Treasury, Office of Foreign Assets Control, the U.S. Department of State,
and the U.S. Department of Commerce), (b) the European Union and enforced by its member states, (c) the United Nations, and
(d) His Majesty’s Treasury.

 

(p)            Subscriber
represents and warrants that neither Subscriber nor any of its subsidiaries, nor any director, officer, or employee of any of Subscriber
or any of its subsidiaries nor, to the knowledge of any of Subscriber, any agent, affiliate that is controlled by Subscriber or any of
its subsidiaries, or other person associated with or acting on behalf of any of Subscriber or any of its subsidiaries, has: (A) used
any funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (B) made or
taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign
or domestic government or regulatory official or employee, including of any government-owned or controlled entity or of a public international
organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official
or candidate for political office; (C) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977,
as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International
Business Transactions, or committed an offense under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery
or anti-corruption laws; or (D) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful
benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit.

 

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(r)            If
Subscriber is an employee benefit plan that is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
a plan, an individual retirement account or other arrangement that is subject to section 4975 of the Internal Revenue Code of 1986, as
amended (the “Code”) or an employee benefit plan that is a governmental plan (as defined in section 3(32) of ERISA),
a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other plan that
is not subject to the foregoing but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations
that are similar to such provisions of ERISA or the Code, or an entity whose underlying assets are considered to include “plan assets”
of any such plan, account or arrangement (each, a “Plan”) subject to the fiduciary or prohibited transactions provisions
of ERISA or section 4975 of the Code, Subscriber represents and warrants that (i) it has not relied on the Issuer or any of its affiliates
(the “Transaction Parties”) as the Plan’s fiduciary or for advice, with respect to its decision to acquire and
hold the Subscribed Shares, and none of the Transaction Parties shall at any time be relied upon as the Plan’s fiduciary with respect
to any decision to acquire, continue to hold or transfer the Subscribed Shares and (ii) none of the acquisition, holding and/or
transfer or disposition of the Subscribed Shares will result in a non-exempt prohibited transaction under ERISA or Section 4975 of
the Code or any similar law or regulation.

 

(s)            Subscriber
will have sufficient funds to pay the Purchase Price pursuant to Section 2.

 

(t)            No
broker or finder is entitled to any brokerage or finder’s fee or commission payable by Subscriber solely in connection with the
sale of the Subscribed Shares to Subscriber based on any arrangement entered into by or on behalf of Subscriber.

 

Section 5.         Registration
of Subscribed Shares. At the Closing, the Issuer and the Subscriber shall execute and deliver
the Registration Rights Agreement, pursuant to which, among other things, the Issuer shall agree under certain circumstances to register
the resale of the Subscribed Shares, under the Securities Act, and the rules and regulations promulgated thereunder.

 

Section 6.          Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties
hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) such
date and time as the Transaction Agreement is validly terminated in accordance with its terms without being consummated, (b) upon
the mutual written agreement of all parties hereto to terminate this Subscription Agreement or (c) by written notice from Subscriber
given any time on or after September 30, 2023, if the Closing has not occurred by such date and the terminating party’s breach
was not the primary reason the Closing failed to occur by such date (the termination events described in clauses (a)–(c) above,
collectively, the “Termination Events”); provided, that nothing herein will relieve any party from liability for any
willful breach hereof prior to the time of termination or common law intentional fraud in the making of any representation or warranty
hereunder, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from
such breach or fraud. The Issuer shall notify Subscriber of the termination of the Transaction Agreement promptly after the termination
thereof. Upon the occurrence of any Termination Event, except as set forth in the proviso to the first sentence of this Section 6,
this Subscription Agreement shall be void and of no further effect and any portion of the Purchase Price paid by Subscriber to the Issuer
in connection herewith shall promptly (and in any event within one Business Day) following the Termination Event be returned to Subscriber.

 

Section 7.          Trust
Account Waiver. Reference is made to the final prospectus of IRIS dated as of March 4, 2021 and filed by IRIS with the SEC (File
No. 333-252413) on March 8, 2021 (the “Prospectus”). Subscriber has reviewed the Prospectus and acknowledges
that IRIS has established the trust account described in the Prospectus (the “Trust Account”) for the benefit of the
public stockholders (the “Public Stockholders”) and the underwriters (“Underwriters”) of IRIS’s
initial public offering (“IPO”) and that, except for certain exceptions described in the Prospectus, IRIS may
disburse monies from the trust account only: (i) to the Public Stockholders in the event of the redemption of their shares or the
liquidation of IRIS; (ii) to IRIS and the Underwriters after the consummation of a business combination, as described in the Prospectus
(a “Business Combination”), (iii) to the Public Stockholders in the event IRIS does not consummate a Business
Combination within twenty-four (24) months after the closing of the initial public offering, or (iv) with respect to any interest
earned on the amounts held in the Trust Account, amounts necessary to pay any taxes and up to $100,000 in dissolution expenses. Subscriber
hereby agrees that it does not have any right, title, interest or claim of any kind in or to any monies in the Trust Account (a “Claim”)
and hereby waives any Claim it may have now or in the future as a result of, or arising out of, any negotiations, contracts or agreements
with IRIS or makes any Claim against the Trust Account for any reason whatsoever. Subscriber agrees and acknowledges that such irrevocable
waiver is material to this Subscription Agreement and specifically relied upon by IRIS and the Issuer and its representatives to induce
IRIS and the Issuer to enter into this Subscription Agreement, and Subscriber further intends and understands such waiver to be valid,
binding and enforceable against Subscriber and each of its representatives under applicable law. To the extent Subscriber or any of its
affiliates commences any action or proceeding based upon, in connection with, relating to or arising out of any matter relating to IRIS
or its representatives, which proceeding seeks, in whole or in part, monetary relief against IRIS or its representatives, Subscriber hereby
acknowledges and agrees that its and its representatives and affiliates’ sole remedy shall, except as may be set forth in any definitive
agreement, be against funds held outside of the Trust Account and that such Claim shall not permit Subscriber, or its representatives
or affiliates or shareholders (or any person claiming on any of their behalves or in lieu of any of them) to have any claim against the
Trust Account or any amounts contained therein.

 

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Section 8.           [RESERVED]

 

Section 9.          Miscellaneous.

 

(a)            All
notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim, or other
communication hereunder shall be deemed duly given (i) when delivered personally to the recipient, (ii) when sent by electronic
mail, on the date of transmission to such recipient, (iii) one Business Day after being sent to the recipient by reputable overnight
courier service (charges prepaid), or (iv) four (4) Business Days after being mailed to the recipient by certified or registered
mail, return receipt requested and postage prepaid, and, in each case, addressed to the intended recipient at its address or electronic
mail address, as applicable, specified on the signature page hereof or to such electronic mail address or address as subsequently
modified by written notice given in accordance with this Section 9(a).

 

(b)            Subscriber
acknowledges that the Issuer and IRIS will rely on the acknowledgments, understandings, agreements, representations and warranties of
Subscriber contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify the Issuer and IRIS if
it becomes aware that any of the acknowledgments, understandings, agreements, representations and warranties of Subscriber set forth herein
are no longer accurate in any material respect (other than those acknowledgments, understandings, agreements, representations and warranties
qualified by materiality, in which case Subscriber shall notify the Issuer and IRIS if they are no longer accurate in any respect). Subscriber
acknowledges and agrees that each purchase by Subscriber of Subscribed Shares from the Issuer will constitute a reaffirmation of the acknowledgments,
understandings, agreements, representations and warranties herein (as modified by any such notice) by Subscriber as of the time of such
purchase. The Issuer acknowledges that Subscriber will rely on the acknowledgments, understandings, agreements, representations and warranties
contained in this Subscription Agreement. Prior to the Closing, the Issuer and IRIS agrees to promptly notify Subscriber if they becomes
aware that any of the acknowledgments, understandings, agreements, representations and warranties of the Issuer and IRIS set forth herein
are no longer accurate in any material respect (other than those acknowledgments, understandings, agreements, representations and warranties
qualified by materiality).

 

(c)            Each
of the Issuer, IRIS, Liminatus and Subscriber is irrevocably authorized to produce this Subscription Agreement or a copy hereof to
any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

(d)            Subscriber
shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein.

 

(e)            Neither
this Subscription Agreement nor any rights that may accrue to Subscriber hereunder (other than the Subscribed Shares acquired hereunder)
may be transferred or assigned. Neither this Subscription Agreement nor any rights that may accrue to the Issuer hereunder may be transferred
or assigned (provided, that, for the avoidance of doubt, the Issuer may transfer the Subscription Agreement and its rights hereunder solely
in connection with the consummation of the Transaction and exclusively to another entity controlling, under the control of, or under common
control with, the Issuer). Notwithstanding the foregoing, Subscriber may assign its rights and obligations under this Subscription Agreement
to one or more of its affiliates or equity holders (including other investment funds or accounts managed or advised by the Subscriber
or investment manager who acts on behalf of Subscriber or an affiliate thereof) or, with the Issuer’s prior written consent, to
another person, provided that (i) such assignee(s) agrees in writing to be bound by the terms hereof, and upon such assignment
by Subscriber, the assignee(s) shall become Subscriber hereunder and have the rights and obligations and be deemed to make the representations
and warranties of Subscriber provided for herein to the extent of such assignment and (ii) no such assignment shall relieve Subscriber
of its obligations hereunder if any such assignee fails to perform such obligations.

 

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(f)            All
the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing. For
the avoidance of doubt, if for any reason the Closing does not occur prior to the consummation of the Transaction, all representations,
warranties, covenants and agreements of the parties hereunder shall survive the consummation of the Transaction and remain in full force
and effect.

 

(g)            All
the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing. For
the avoidance of doubt, if for any reason the Closing does not occur prior to the consummation of the Transaction, all representations,
warranties, covenants and agreements of the parties hereunder shall survive the consummation of the Transaction and remain in full force
and effect.

 

(h)            The
Issuer and IRIS may request from Subscriber such additional information as the Issuer may reasonably deem necessary to evaluate the eligibility
of Subscriber to acquire the Subscribed Shares and to register the Subscribed Shares for resale, and Subscriber shall provide such information
as may be reasonably requested. Subscriber acknowledges that subject to the conditions set forth in Section 9(t), the
Issuer and IRIS may file a copy of this Subscription Agreement with the Commission as an exhibit to a periodic report of the Issuer or
a registration statement of the Issuer or IRIS.

 

(i)            This
Subscription Agreement may not be amended, modified or waived except by an instrument in writing, signed by each of the parties hereto;
provided, further, that no amendment, modification or waiver of the provisions of this Subscription Agreement shall be effective without
the prior written consent of Liminatus (other than amendments, modifications or waivers that (i) are solely ministerial in nature
or otherwise immaterial and do not affect any economic or any other material term of this Subscription Agreement or (ii) would not
increase conditionality or impose any new obligation on Liminatus, reduce the number of Subscribed Shares hereunder, or affect any economic
or any other material term of this Subscription Agreement), which consent shall not be unreasonably withheld, conditioned or delayed.

 

(j)            This
Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and
warranties, both written and oral, among the parties, with respect to the subject matter hereof.

 

(k)            Except
as otherwise provided herein (including the next sentence hereof), this Subscription Agreement is intended for the benefit of the parties
hereto and their respective affiliates and their respective heirs, executors, administrators, successors, legal representatives, and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person. Except as set forth in Section 7, 
Section 9(c),  Section 9(h) and this Section 9(j), this Subscription Agreement shall
not confer any rights or remedies upon any person other than the parties hereto, and their respective successor and assigns, and the parties
hereto acknowledge that such persons so referenced are third-party beneficiaries of this Subscription Agreement for the purposes of, and
to the extent of, the rights granted to them, if any, pursuant to the applicable provisions. Each of the Issuer and Subscriber further
acknowledges and agrees that Liminatus is an express third-party beneficiary of Section 6, Section 9(h) and
this Section 9(j).

 

(l)            The
parties hereto acknowledge and agree that (i) this Subscription Agreement is being entered into in order to induce the Issuer and
IRIS to execute and deliver the Transaction Agreement and (ii) irreparable damage would occur in the event that any of the provisions
of this Subscription Agreement were not performed in accordance with their specific terms or were otherwise breached and that money or
other legal remedies would not be an adequate remedy for such damage. It is accordingly agreed that the parties shall be entitled to equitable
relief, including in the form of an injunction or injunctions to prevent breaches or threatened breaches of this Subscription Agreement
and to enforce specifically the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which
such party is entitled at law, in equity, in contract, in tort or otherwise. The parties hereto acknowledge and agree that the Issuer
shall be entitled to specifically enforce Subscriber’s obligations to fund the Purchase Price and the provisions of the Subscription
Agreement, in each case, on the terms and subject to the conditions set forth herein. The parties hereto further acknowledge and agree:
(x) to waive any requirement for the security or posting of any bond in connection with any such equitable remedy; (y) not to
assert that a remedy of specific enforcement pursuant to this Section 9(k) is unenforceable, invalid, contrary to
applicable law or inequitable for any reason; and (z) to waive any defenses in any action for specific performance, including the
defense that a remedy at law would be adequate. In connection with any proceeding for which the Issuer or IRIS is being granted an award
of money damages, Subscriber agrees that such damages, to the extent payable by Subscriber, shall include, without limitation, damages
related to the consideration that is or was to be paid to the Issuer or IRIS under the Transaction Agreement and/or this Subscription
Agreement and such damages are not limited to an award of out-of-pocket fees and expenses related to the Transaction Agreement and this
Subscription Agreement.

 

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

 

(n)            If
any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the
remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force
and effect.

 

(o)            No
failure or delay by a party hereto in exercising any right, power or remedy under this Subscription Agreement, and no course of dealing
between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise
of any right, power or remedy under this Subscription Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce
any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right,
power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue
other available remedies. No notice to or demand on a party not expressly required under this Subscription Agreement shall entitle the
party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver
of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

 

(p)            This
Subscription Agreement may be executed and delivered in one or more counterparts (including by facsimile or electronic mail or in .pdf)
and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts
so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

(q)            This
Subscription Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to the
principles of conflicts of laws that would otherwise require the application of the law of any other state.

 

(r)            EACH
PARTY AND ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY
ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY OR ANY AFFILIATE OF ANY OTHER SUCH PARTY,
WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. THE PARTIES AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED
BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY
IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART,
TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS SUBSCRIPTION AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS SUBSCRIPTION AGREEMENT.

 

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(s)            The
parties agree that all disputes, legal actions, suits and proceedings arising out of or relating to this Subscription Agreement must be
brought exclusively in the United States District Court for the Southern District of New York, the Supreme Court of the State of New York
and the federal courts of the United States of America located in the State of New York (collectively the “Designated Courts”).
Each party hereby consents and submits to the exclusive jurisdiction of the Designated Courts. No legal action, suit or proceeding with
respect to this Subscription Agreement may be brought in any other forum. Each party hereby irrevocably waives all claims of immunity
from jurisdiction, and any objection which such party may now or hereafter have to the laying of venue of any suit, action or proceeding
in any Designated Court, including any right to object on the basis that any dispute, action, suit or proceeding brought in the Designated
Courts has been brought in an improper or inconvenient forum or venue. Each of the parties also agrees that delivery of any process, summons,
notice or document to a party hereof in compliance with Section 9(a) of this Subscription Agreement shall be effective
service of process for any action, suit or proceeding in a Designated Court with respect to any matters to which the parties have submitted
to jurisdiction as set forth above.

 

(t)            This
Subscription Agreement may only be enforced against, and any claim, action, suit or other legal proceeding based upon, arising out of,
or related to this Subscription Agreement, or the negotiation, execution or performance of this Subscription Agreement, may only be brought
against the entities that are expressly named as parties or third-party beneficiaries hereto and then only with respect to the specific
obligations set forth herein with respect to such party or third-party beneficiary. No past, present or future director, officer, employee,
incorporator, manager, member, partner, stockholder, affiliate, agent, attorney or other representative of any party hereto or of any
affiliate of any party hereto, or any of their successors or permitted assigns, shall have any liability for any obligations or liabilities
of any party hereto under this Subscription Agreement or for any claim, action, suit or other legal proceeding based on, in respect of
or by reason of the transactions contemplated hereby.

 

(u)            IRIS
shall, by 9:00 a.m., New York City time, on the fourth (4th) Business Day immediately following the date of this Subscription
Agreement, issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively, the “Disclosure
Document”) disclosing all material terms of the transactions contemplated hereby and by the Other Subscription Agreements and
the Transaction. Upon the issuance of the Disclosure Document, to the Issuer’s knowledge, Subscriber shall not be in possession
of any material, nonpublic information regarding the Issuer received from the Issuer or any of its officers, directors, or employees or
agents, and Subscriber shall no longer be subject to any confidentiality or similar obligations under any current agreement, whether written
or oral with Issuer, IRIS, the Issuer or any of their respective affiliates in connection with the Transaction; provided, that the
foregoing shall not apply to the extent that Subscriber or any of its affiliates are an investor in Liminatus as of the date hereof. Notwithstanding
anything in this Subscription Agreement to the contrary, IRIS (i) shall not publicly disclose the name of Subscriber or any
of its affiliates or advisers, or include the name of Subscriber or any of its affiliates or advisers in any press release, without the
prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of Subscriber and (ii) shall not publicly
disclose the name of Subscriber or any of its affiliates or advisers, or include the name of Subscriber or any of its affiliates or advisers
in any filing with the Commission or any regulatory agency or trading market, without the prior written consent (such consent not to be
unreasonably withheld, conditioned or delayed) of Subscriber, except as required in connection with any registration statement to be filed
pursuant to the Registration Rights Agreement, by the federal securities law, the SEC, regulatory agencies or under the regulations of
Nasdaq, NYSE American or NYSE, as applicable. Subscriber will promptly provide any information reasonably requested by the Issuer or any
of its affiliates for any regulatory application or filing made or approval sought in connection with the Transaction (including filings
with the Commission).

 

    14

    

    

 

(v)            The
obligations of Subscriber under this Subscription Agreement are several and not joint with the obligations of any Other Subscriber or
any other investor under the Other Subscription Agreements, and Subscriber shall not be responsible in any way for the performance of
the obligations of any Other Subscriber under this Subscription Agreement or any Other Subscriber or other investor under the Other Subscription
Agreements. The decision of Subscriber to purchase Subscribed Shares pursuant to this Subscription Agreement has been made by Subscriber
independently of any Other Subscriber or any other investor and independently of any information, materials, statements or opinions as
to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects
of the Issuer or any of its subsidiaries which may have been made or given by any Other Subscriber or investor or by any agent or employee
of any Other Subscriber or investor, and neither Subscriber nor any of its agents or employees shall have any liability to any Other Subscriber
or investor (or any other person) relating to or arising from any such information, materials, statements or opinions. Nothing contained
herein or in any Other Subscription Agreement, and no action taken by Subscriber or investor pursuant hereto or thereto, shall be deemed
to constitute Subscriber and Other Subscribers or other investors as a partnership, an association, a joint venture or any other kind
of entity, or create a presumption that Subscriber and Other Subscribers or other investors are in any way acting in concert or as a group
with respect to such obligations or the transactions contemplated by this Subscription Agreement and the Other Subscription Agreements.
Subscriber acknowledges that no Other Subscriber has acted as agent for Subscriber in connection with making its investment hereunder
and no Other Subscriber will be acting as agent of Subscriber in connection with monitoring its investment in the Subscribed Shares or
enforcing its rights under this Subscription Agreement. Subscriber shall be entitled to independently protect and enforce its rights,
including without limitation the rights arising out of this Subscription Agreement, and it shall not be necessary for any Other Subscriber
or investor to be joined as an additional party in any proceeding for such purpose.

 

(w)            Subscriber
hereby acknowledges and agrees that it will not, nor will any person acting at Subscriber’s direction or pursuant to any understanding
with Subscriber, directly or indirectly offer, sell, pledge, contract to sell, sell any option, engage in hedging activities or execute
any “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act of the Subscribed Shares until ninety
(90) days following the closing of the Transaction (or such earlier termination of this Subscription Agreement in accordance with its
terms). For the avoidance of doubt, this Section 9(v) shall not apply to any sale (including the exercise of any
redemption right) of securities of the Issuer (i) held by Subscriber, its controlled affiliates or any person or entity acting on
behalf of Subscriber or any of its controlled affiliates prior to the execution of this Subscription Agreement or (ii) purchased
by Subscriber, its controlled affiliates or any person or entity acting on behalf of Subscriber or any of its controlled affiliates in
open market transactions after the execution of this Subscription Agreement. Notwithstanding the foregoing, (a) nothing herein shall
prohibit other entities under common management with Subscriber that have no knowledge of this Subscription Agreement or of Subscriber’s
participation in the subscription (including Subscriber’s controlled affiliates and/or affiliates) from entering into any short
sales and (b) in the case of a Subscriber that is a multi-managed investment vehicle whereby separate portfolio managers manage separate
portions of such Subscriber’s assets and the portfolio managers have no knowledge of the investment decisions made by the portfolio
managers managing other portions of such Subscriber’s assets, the representation set forth above shall only apply with respect to
the portion of assets managed by the portfolio manager that made the investment decision to purchase the Subscribed Shares covered by
this Subscription Agreement.

 

(x)            Subscriber
hereby acknowledges and agrees that it will not, nor will any person acting at Subscriber’s direction or pursuant to any understanding
with Subscriber, directly or indirectly offer, sell, pledge, contract to sell, sell any option, engage in hedging activities or execute
any “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act of the Subscribed Shares until ninety
(90) days following the closing of the Transaction (or such earlier termination of this Subscription Agreement in accordance with its
terms). For the avoidance of doubt, this Section 9(v) shall not apply to any sale (including the exercise of any
redemption right) of securities of the Issuer (i) held by Subscriber, its controlled affiliates or any person or entity acting on
behalf of Subscriber or any of its controlled affiliates prior to the execution of this Subscription Agreement or (ii) purchased
by Subscriber, its controlled affiliates or any person or entity acting on behalf of Subscriber or any of its controlled affiliates in
open market transactions after the execution of this Subscription Agreement. Notwithstanding the foregoing, (a) nothing herein shall
prohibit other entities under common management with Subscriber that have no knowledge of this Subscription Agreement or of Subscriber’s
participation in the subscription (including Subscriber’s controlled affiliates and/or affiliates) from entering into any short
sales and (b) in the case of a Subscriber that is a multi-managed investment vehicle whereby separate portfolio managers manage separate
portions of such Subscriber’s assets and the portfolio managers have no knowledge of the investment decisions made by the portfolio
managers managing other portions of such Subscriber’s assets, the representation set forth above shall only apply with respect to
the portion of assets managed by the portfolio manager that made the investment decision to purchase the Subscribed Shares covered by
this Subscription Agreement.

 

    15

    

    

 

Each of Subscriber and the
Issuer shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein.

 

[Signature pages follow]

 

    16

    

    

 

IN
WITNESS WHEREOF, each of the Issuer and Subscriber has executed or caused this Subscription Agreement to be executed by its
duly authorized representative as of the date first set forth above.

 

	 	IRIS ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Sumit Mehta
	 	 	Name: Sumit Mehta
	 	 	Title: Chief Executive Officer

 

	 	Address:
	 	2700 19th Street 

San Francisco, CA 94110 

Attn: Sumit Mehta

 

	 	IRIS Parent Holding Corp.
	 	 	 
	 	By:	/s/ Chris Kim
	 	 	 Name: Chris Kim
	 	 	Title: CEO, Secretary and Treasurer

 

[Signature Page to Subscription Agreement]

 

    17

    

    

 

	SUBSCRIBER:	 
	 	 
	By:	/s/ Kyeong Hoon 	 
	 	Name: Kyeong Hoon 	 
	 	Title: CEO	 

 

	 	 
	Address for Notices:	 
	 	 
	 	 
	 	 
	Name in which shares are to be registered:	 
	 	 

 

	Number of Subscribed Shares subscribed for:	1,500,000 shares	 
	 	 	 
	Price Per Subscribed Share:	$10.00	 
	 	 	 
	Aggregate Purchase Price:	$ 15,000,000	 

 

You must pay the Purchase Price by wire transfer
of United States dollars in immediately available funds to the account of the Issuer specified by the Issuer in the Closing Notice.

 

[Signature Page to Subscription Agreement]

 

    18

    

    

 

ANNEX A

 

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

 

This page should be completed by Subscriber

and constitutes a part of the Subscription Agreement.

 

	A.	QUALIFIED INSTITUTIONAL BUYER STATUS

(Please check the applicable
subparagraphs):

 

	 	 ̈	We are a “qualified
    institutional buyer” (as defined in Rule 144A under the Securities Act (a “QIB”)).

 

OR

 

	B.	INSTITUTIONAL ACCREDITED INVESTOR
    STATUS

(Please check the applicable
subparagraphs):

 

	 	1.	 ̈ We are an “accredited
    investor” (within the meaning of Rule 501(a) under the Securities Act) or an entity in which all of the equity holders
    are accredited investors within the meaning of Rule 501(a) under the Securities Act, and have marked and initialed the
    appropriate box below indicating the provision under which we qualify as an “accredited investor.”

 

	 	2.	 ̈ We are not a
    natural person.

 

***AND***

 

	C.	AFFILIATE STATUS

(Please check the applicable box)

 

SUBSCRIBER:

	 	 ̈	is:

	 	 ̈	is not:

 

an “affiliate” (as defined
in Rule 144) of the Company or acting on behalf of an affiliate of the Company.

 

Rule 501(a), in relevant part, states that
an “accredited investor” shall mean any person who comes within any of the below listed categories, or who the issuer reasonably
believes comes within any of the below listed categories, at the time of the sale of the securities to that person. The Subscriber has
indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to the Subscriber and under which
the Subscriber accordingly qualifies as an “accredited investor.”

 

	 	 ̈	Any bank, registered
    broker or dealer, insurance company, registered investment company, business development company, or small business investment company;

 

	 	 ̈	Any plan established
    and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions
    for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

	 	 ̈	Any employee
    benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company, or registered
    investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000 or if a self-directed
    plan, with investment decisions made solely by persons that are accredited investors;
	 	 	 
	 	 ̈	Any private business development
    company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940,

 

    19

    

    

 

	 	 ̈	Any organization
    described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership,
    not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;
	 	 	 	 	 	 

 

	 	 ̈	Any trust with
    assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is directed by a sophisticated person;
    or

 

	 	 ̈	Any entity
    in which all of the equity owners are accredited investors meeting one or more of the above tests.

 

    20

    

    

 

ANNEX B

 

REGISTRATION RIGHTS AGREEMENT

 

    21Exhibit 10.4

 

EXECUTION
VERSION

 

SPONSOR FORFEITURE AGREEMENT

 

This
Sponsor Forfeiture Agreement (this “Agreement”) is entered into as of November 30, 2022, by and between Iris Acquisition
Holdings LLC, a Delaware limited liability company (the “Sponsor”) and Iris Acquisition Corp, a Delaware corporation
(the “SPAC”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Business Combination
Agreement (as defined below).

 

W I T N E S S E T H:

 

WHEREAS,
the Sponsor currently holds 4,177,778 Private Placement Warrants;

 

WHEREAS, on November 30,
2022, Iris Parent Holding Corp., a Delaware corporation (“ParentCo”), SPAC, Liminatus Pharma Merger Sub, Inc.,
a Delaware corporation and wholly-owned subsidiary of ParentCo, SPAC Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary
of ParentCo, and Liminatus Pharma, LLC, a Delaware limited liability company entered into that certain Business Combination Agreement
(the “Business Combination Agreement”), which provides, among other things, that, upon the terms and subject to the
conditions thereof, (i) Liminatus Merger Sub will be merged with and into the Company, with the Company as the surviving entity and
a wholly owned subsidiary of ParentCo, and (ii) immediately following the transaction described in (i), SPAC Merger Sub will be merged
with and into SPAC, with SPAC surviving the SPAC Merger as a direct wholly owned subsidiary of ParentCo; and

 

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

 

1.            Immediately
prior to the Closing and after giving effect to the redemption of SPAC Shares, Sponsor hereby agrees that 100% of the Private Placement
Warrants held by Sponsor (4,177,778 Private Placement Warrants) shall be automatically forfeited by Sponsor.

 

2.            The
Sponsor hereby represents and warrants to SPAC that the Sponsor owns, and holds of record, all of the Private Placement Warrants, free
and clear of all Liens and other obligations in respect of the Private Placement Warrants, other than those imposed under the Sponsor
or the SPAC’s Governing Documents.

 

3.            No
party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written consent
of each of the other parties hereto. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not
operate to transfer or assign any interest or title to the purported assignee. This Agreement shall be binding on the Sponsor, SPAC, and
their respective legal representatives, successors and assigns.

 

Sponsor hereby represents and warrants
that it is duly organized, validly existing and in good standing under the laws of its jurisdiction in which it is incorporated, formed,
organized or constituted, and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
hereby are within Sponsor’s corporate and organizational powers and have been duly authorized by all necessary corporate and organizational
actions on the part of Sponsor. This Agreement has been duly executed and delivered by Sponsor and, assuming due authorization, execution
and delivery by the other parties to this Agreement, this Agreement constitutes a legally valid and binding obligation of Sponsor, enforceable
against Sponsor in accordance with the terms hereof.

 

    

    

    

 

 4.            Any notice, consent, or request to be given in connection with any of the terms or provisions of this Agreement shall be deemed given: (a) on the date established by the sender as having been delivered personally; (b) one Business Day after being sent by a nationally recognized overnight courier guaranteeing overnight delivery; (c) on the date delivered, if delivered by email, with confirmation of transmission; or (d) on the fifth Business Day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications, to be valid, must be addressed as follows:

 

If to the Sponsor or SPAC:

Iris
Acquisition Holdings LLC

c/o Iris Acquisition Corp     

3rd Floor Zephyr House

122 Mary Street, George Town

PO Box 10085

Grand Cayman KY1-1001, Cayman Islands

Attention: Sumit Mehta

E-mail: sumit.mehta@arrcap.com

 

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

 

Holland & Knight LLP

One Arts Plaza

1722 Routh Street

Suite 1500

Dallas, TX 75201

Attention: Chauncey M. Lane

Email: Chauncey.Lane@hklaw.com

 

5.            This
Agreement shall immediately terminate, without any further action by the parties hereto, at such time, if at all, that the Business Combination
Agreement is terminated in accordance with its terms.

 

6.            Section 11.1
(Amendment and Waiver), Section 11.5 (Severability), Section 11.7 (Entire Agreement), Section 11.8
(Counterparts; Electronic Delivery), and Section 11.9 (Governing Law; Waiver of Jury Trial; Jurisdiction) of the Business
Combination Agreement are hereby incorporated into this Agreement, mutatis mutandis, as though set out in their entirety in
this paragraph 7.

 

[Signature pages to follow]

 

[Signature
Page to Forfeiture Agreement]

 

    

    

    

 

In
Witness Whereof, this Agreement has been duly executed and delivered by each Party as of the date first above written.

 

	SPONSOR:	 
	 	 	 
	Iris Acquisition Holdings LLC	 
	 	 	 
	By:	/s/ Sumit Mehta	 
	Name:	Sumit Mehta	 
	Title:	Authorized Representative	 
	 	 	 
	SPAC:	 
	 	 	 
	Iris Acquisition Corp	 
	 	 	 
	By:	/s/ Sumit Mehta	 
	Name:	Sumit Mehta	 
	Title:	Authorized Representative	 

 

[Signature
Page to Forfeiture Agreement]

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