Document:

EX-10.2

 Exhibit 10.2 

CONFIDENTIAL 
 GORES HOLDINGS IV
SUBSCRIPTION AGREEMENT 
 This SUBSCRIPTION AGREEMENT is entered into this 22nd day of September, 2020 (this “Subscription
Agreement”), by and between Gores Holdings IV, Inc., a Delaware corporation (the “Company”), and the undersigned (“Subscriber”). 

WHEREAS, the Company concurrently herewith is entering into that certain Business Combination Agreement, dated as of the date hereof,
substantially in the form provided to Subscriber (the “Business Combination Agreement”), pursuant to which the Company will acquire SFS Holding Corp., on the terms and subject to the conditions set forth therein (the
“Transactions”); 
 WHEREAS, in connection with the Transactions, Subscriber desires to subscribe for and purchase from the
Company that number of shares of the Company’s Class A common stock, par value $0.0001 per share (“Class A Shares”) set forth on the signature page hereto (the “Acquired Shares”), for a
purchase price of $10.00 per share (“Per Share Purchase Price”), or the aggregate purchase price set forth on the signature page hereto (the “Purchase Price”), and the Company desires to issue and sell to Subscriber
the Acquired Shares in consideration of the payment of the Purchase Price by or on behalf of Subscriber to the Company on or prior to the Closing (as defined below); 

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: 
 1. Subscription. Subject to
the terms and conditions hereof, Subscriber hereby agrees to subscribe for and purchase, and the Company hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Acquired Shares (such subscription and issuance, the
“Subscription”). 
 2. Closing. 

a. The closing of the Subscription contemplated hereby (the “Closing”) is contingent upon the substantially concurrent
consummation of the Transactions and shall occur immediately prior thereto. Not less than seven (7) business days prior to the anticipated closing date of the Transactions (the “Closing Date”), the Company shall provide written
notice to Subscriber (the “Closing Notice”) specifying (i) the anticipated Closing Date, (ii) that the Company reasonably expects all conditions to the closing of the Transactions to be satisfied on a date that is not less
than seven (7) business days from the date of the Closing Notice and (iii) instructions for wiring the Purchase Price for the Acquired Shares. Subscriber shall deliver to the Company at least two (2) business days prior to the
anticipated Closing Date set forth in the Closing Notice, to be held in escrow until the Closing, the Purchase Price for the Acquired Shares by wire transfer of United States dollars in immediately available funds to the account specified by the
Company in the Closing Notice. On the Closing Date, the Company shall deliver to Subscriber (x) the Acquired Shares in book entry form, free and clear of any liens or other restrictions (other than those arising under this Subscription
Agreement or state or federal securities laws), in the name of the Subscriber and (y) not later than one (1) business day after the Closing Date, written notice from the transfer agent of the Company evidencing the issuance to

 
Subscriber of the Subscribed Securities on and as of the Closing Date, and the Purchase Price shall be released from escrow automatically and without further action by the Company or Subscriber.
In the event the Closing does not occur on the anticipated Closing Date set forth in the Closing Notice, the Company shall promptly (but not later than one (1) business day thereafter) return the Purchase Price to Subscriber. 

b. The Closing shall be subject to the conditions that: 

(i) no suspension of the qualification of the Acquired Shares for offering or sale or trading in any jurisdiction, or initiation or
threatening in writing of any proceedings for any of such purposes, shall have occurred; 
 (ii) (x) all representations and warranties of
the Company and Subscriber contained in this Subscription Agreement shall be true and correct in all material respects when made (other than representations and warranties that are qualified as to materiality or Material Adverse Effect (as defined
below), which representations and warranties shall be true and correct in all respects) and shall be true and correct in all material respects on and as of the Closing Date (unless they specifically speak as of another date in which case they shall
be true and correct in all material respects as of such date) (other than representations and warranties that are qualified as to materiality or Material Adverse Effect, which representations and warranties shall be true and correct in all respects)
and (y) as of the Closing Date, each party shall have performed, satisfied and complied in all material respects with its agreements hereunder required to be performed, satisfied or complied with by it at or prior to Closing (with consummation
of the Closing constituting a reaffirmation by each of the Company and Subscriber of each of the representations, warranties and agreements of such party contained in this Subscription Agreement as of the Closing Date); 

(iii) no governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, rule or regulation (whether
temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby illegal or otherwise restricting, prohibiting or enjoining consummation of the transactions contemplated
hereby; and 
 (iv) all conditions precedent set forth in this Subscription Agreement and to the closing of the Transactions set forth in
the Business Combination Agreement, including the approval of the Company’s stockholders, shall have been satisfied or (to the extent permitted by applicable law) waived and the Transactions shall have been or will be consummated substantially
concurrently with the Closing. 
 c. At the Closing, the parties hereto shall execute and deliver such additional documents and take such
additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated by this Subscription Agreement. 

  
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 3. Company Representations and Warranties. The Company represents and warrants that:

 a. The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of
Delaware, with corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement. 

b. The Acquired Shares have been duly authorized and, when issued and delivered to Subscriber against full payment therefor in accordance with
the terms of this Subscription Agreement, the Acquired Shares will be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights
created under the Company’s amended and restated certificate of incorporation or under the Delaware General Corporation Law. 
 c. This
Subscription Agreement has been duly authorized, executed and delivered by the Company and assuming that this Subscription Agreement constitutes the valid and binding obligation of Subscriber, is the valid and binding obligation of the Company and
is enforceable against it in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of
creditors generally, and (ii) principles of equity, whether considered at law or equity. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing on or registration with, any
court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection with the execution, delivery and performance of the company of this Subscription Agreement (including, without
limitation, the issuance of the Class A Shares), other than (i) filings with the U.S. Securities and Exchange Commission (the “SEC”) (ii) filings required by applicable state securities laws, (iii) filings required by
the Nasdaq Capital Market (“Nasdaq”), or such other applicable stock exchange on which the Company’s common stock is then listed and (iv) failure of which to obtain would not be reasonably likely to have, individually or
in the aggregate, a Material Adverse Effect. 
 d. As of their respective dates, all reports (“SEC Reports”) filed by the
Company with the SEC complied in all material respects with the requirements of the Securities Act (as defined below) and the Securities and Exchange Act of 1934 (the “Exchange Act”), and the rules and regulations of the SEC
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 necessary in order to make the statements therein, in the light of
the circumstances under which they were made not misleading. The financial statements included in the SEC Reports comply in all material respects with applicable accounting requirements, and the rules and regulations of the SEC with respect thereto
as in effect at the time of filing and fairly present in all material respects the financial position of the entities subject thereto 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. The Company has timely filed each report, statement, schedule, prospectus, and registration statement, as applicable, that the
Company was required to file with the SEC since its initial registration of the Class A Shares under the Exchange Act. There are no material outstanding or unresolved comments in comment letters from the SEC with respect to any of the SEC
Reports. 

  
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 e. Assuming the accuracy of the Subscriber’s representations and warranties set forth
in Section 4, no registration under the Securities Act is required for the offer and sale of the Class A Shares by the Company to the Subscriber hereunder. The Class A 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. 

f. Except for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse
Effect, as of the date hereof, 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 Company, threatened against the Company or (ii) judgment,
decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against the Company. 
 g. The Company has not
received any written communication from a governmental entity that alleges that the Company is not in compliance with or is in default or violation of any applicable law, except where such non-compliance,
default or violation would not be reasonably likely to have, individually or in the aggregate, a Company Material Adverse Effect. 
 h. There
is no suit, action, proceeding or investigation pending or, to the knowledge of the Company, threatened against the Company by Nasdaq or the SEC, respectively, to prohibit or terminate the listing of the Class A Shares on the Nasdaq or to
deregister the Class A Shares under the Exchange Act. The Company has taken no action that is designed to terminate the registration of the Class A Shares under the Exchange Act. 

i. The issued and outstanding Class A Shares are registered pursuant to Section 12(b) of the Exchange Act, and are listed for trading
on the Nasdaq. As of the date hereof, there is no suit, action, proceeding or investigation pending or, to the knowledge of the Company, threatened against the Company by Nasdaq or the SEC, respectively, to prohibit or terminate the listing of the
Class A Shares. The Company has taken no action that is designed to terminate the listing of the Class A Shares on Nasdaq or the registration of the Class A Shares under the Exchange Act. 

j. The issuance and sale of the Acquired Shares and the compliance by the Company 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 the Company or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Company
or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, which would reasonably be expected to have a material
adverse effect on the business, properties, financial condition, stockholders’ equity or results of operations of the Company and its subsidiaries, taken as a whole 

  
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(a “Material Adverse Effect”) or materially affect the validity of the Acquired Shares or the legal authority of the Company to comply in all material respects with the terms of
this Subscription Agreement; (ii) result in any violation of the provisions of the organizational documents of the Company or any of its subsidiaries; or (iii) result in any violation of any statute or any judgment, order, rule or
regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its subsidiaries or any of their respective properties that would reasonably be expected to have a Material Adverse Effect or
materially affect the validity of the Acquired Shares or the legal authority of the Company to comply in all material respects with this Subscription Agreement. 

k. The Company is not, and immediately after receipt of payment for the Shares, will not be, an “investment company” within the
meaning of the Investment Company Act of 1940, as amended. 
 l. As of the date of this Subscription Agreement, the authorized capital stock
of the Company consists of (i) 200,000,000 Class A Shares, of which 42,500,000 shares are issued and outstanding, (ii) 20,000,000 shares of the Company’s Class F common stock, par value $0.0001 per share, of which 10,625,000 shares
are issued and outstanding, and (iii) no shares of the Company’s preferred stock, par value $0.0001 per share, none of which are issued and outstanding. As of the date of this Subscription Agreement, the Company has warrants to purchase
10,624,991 Class A Shares at a price of $11.50 per share outstanding and warrants to purchase 5,250,000 Class A Shares at a price of $11.50 per share outstanding. 

m. Other than as set forth in the Business Combination Agreement, there are no securities or instruments issued by or to which the Company is a
party containing anti-dilution or similar provisions that will be triggered by the issuance of (i) the Acquired Shares or (ii) the shares to be issued pursuant to any Other Subscription Agreement that have not been or will not be validly
waived on or prior to the closing of the Transactions; provided, that any such holders will waive any such anti-dilution or similar provisions in connection with the Transactions. 

4. Subscriber Representations and Warranties. Subscriber represents and warrants that: 

a. If Subscriber is not an individual, Subscriber has been duly formed or incorporated and is validly existing in good standing under the laws
of its jurisdiction of incorporation or formation, with power and authority to enter into, deliver and perform its obligations under this Subscription Agreement. If Subscriber is an individual, Subscriber has the authority to enter into, deliver and
perform its obligations under this Subscription Agreement. 
 b. If Subscriber is not an individual, this Subscription Agreement has been
duly authorized, executed and delivered by Subscriber. If Subscriber is an individual, the signature on this Subscription Agreement is genuine, and Subscriber has legal competence and capacity to execute the same. Assuming this Subscription
Agreement constitutes the valid and binding agreement of the Company, this Subscription Agreement is the valid and binding obligation of the Subscriber and is enforceable against Subscriber in accordance with its terms, except as may be limited or
otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or
equity. 

  
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 c. The execution, delivery and performance by Subscriber 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 or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber or
any of its subsidiaries is a party or by which Subscriber or any of its subsidiaries is bound or to which any of the property or assets of Subscriber or any of its subsidiaries is subject, which would reasonably be expected to have a material
adverse effect on the business, properties, financial condition, stockholders’ equity or results of operations of Subscriber and its subsidiaries, taken as a whole (a “Subscriber Material Adverse Effect”) or materially affect
the legal authority of Subscriber to comply in all material respects with the terms of this Subscription Agreement; (ii) if Subscriber is not an individual, result in any violation of the provisions of the organizational documents of Subscriber
or any of its subsidiaries; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any of its
subsidiaries or any of their respective properties that would reasonably be expected to have a Subscriber Material Adverse Effect or materially affect the legal authority of Subscriber to comply in all material respects with this Subscription
Agreement. 
 d. Subscriber (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of
1933, as amended (the “Securities Act”)) or an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) satisfying the applicable requirements set forth on Schedule A, (ii) is
acquiring the Acquired Shares only for its own account and not for the account of others, or if Subscriber is subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts, each owner of such account is a qualified
institutional buyer and Subscriber has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account,
and (iii) is not acquiring the Acquired 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 Schedule A following the
signature page hereto). Subscriber is not an entity formed for the specific purpose of acquiring the Acquired Shares. 
 e. Subscriber
understands that the Acquired Shares are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Acquired Shares have not been registered under the Securities Act. Subscriber understands
that the Acquired Shares may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement under the Securities Act, except (i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable exemption from the
registration requirements of the Securities Act, and that any certificates representing the Acquired Shares shall contain a legend to such effect. Subscriber acknowledges that the Acquired Shares will not be eligible for resale pursuant to Rule 144A
promulgated under the Securities Act. Subscriber understands and agrees that the Acquired Shares will be 

  
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subject to transfer restrictions under the Securities Act and, as a result of these transfer restrictions, Subscriber may not be able to readily resell the Acquired Shares and may be required to
bear the financial risk of an investment in the Acquired Shares for an indefinite period of time. Subscriber understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Acquired
Shares. 
 f. Subscriber understands and agrees that Subscriber is purchasing the Acquired Shares directly from the Company. Subscriber
further acknowledges that there have been no representations, warranties, covenants and agreements made to Subscriber by [(i) Deutsche Bank Securities, Inc. and Morgan Stanley & Co. LLC acting as placement agents (the “Placement
Agents”) for the Company or their respective affiliates or any of their respective control persons, officers, directors or employees or (ii)]1 acting as placement the Company or its
affiliates or any of their respective officers or directors, expressly or by implication, other than those representations, warranties, covenants and agreements included in this Subscription Agreement. 

g. Subscriber represents and warrants that its acquisition and holding of the Acquired Shares will not constitute or result in a non-exempt prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the Internal Revenue Code of 1986, as amended, or any applicable
similar law. 
 h. In making its decision to purchase the Acquired Shares, Subscriber represents that it has relied solely upon independent
investigation made by Subscriber [and has not relied on any statements or other information provided by the Placement Agents, any of their respective affiliates or any of their respective control persons, officers, directors or employees concerning
the Company, SFS Holding Corp., the Transactions or the Acquired Shares,]2[.] Subscriber acknowledges and agrees that Subscriber [received
such]3 [has had access to, and an adequate opportunity to review, such financial and other]4 information as Subscriber deems necessary in order
to make an investment decision with respect to the Acquired Shares, including but not limited to the Company’s SEC Reports and the Investor Presentation provided by the Company. 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 Acquired Shares. 
 i. Subscriber became aware of this offering of the Acquired Shares
solely by means of [direct contact between Subscriber and the Company or by certain employees of The Gores Group LLC or its affiliates acting on the Company’s behalf]5 [contact from the
Placement Agents]6 and the Acquired Shares were offered to Subscriber solely by [direct]7 contact between Subscriber and the [Company or by
certain employees of The Gores 
  

	1 	 Included only in agreements involving Placement Agents. 

	2 	 Included only in agreements involving Placement Agents. 

	3 	 Included only in agreements involving Placement Agents. 

	4 	 Included only in agreements without Placement Agents’ involvement. 

	5 	 Included only in agreements without Placement Agents’ involvement. 

	6 	 Included only in agreements involving Placement Agents. 

	7 	 Included only in agreements without Placement Agents’ involvement.

  
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Group LLC or its affiliates acting on the Company’s behalf]8[Placement Agents]9.
Subscriber did not become aware of this offering of the Acquired Shares, nor were the Acquired Shares offered to Subscriber, by any other means, and The Gores Group LLC or its affiliates did not act as investment adviser, broker or dealer to
Subscriber. Subscriber acknowledges that the Company represents and warrants that the Acquired 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. 
 j. Subscriber acknowledges
that it is aware that there are substantial risks incident to the purchase and ownership of the Acquired Shares. 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 Acquired Shares, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary to make an informed investment decision. 

k. Alone, or together with any professional advisor(s), Subscriber represents and acknowledges that Subscriber has adequately analyzed and
fully considered the risks of an investment in the Acquired Shares and determined that the Acquired 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 Company. Subscriber acknowledges specifically that a possibility of total loss exists. 

l. Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Acquired
Shares or made any findings or determination as to the fairness of this investment. 
 m. Subscriber represents and warrants that Subscriber
is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order
issued by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations,
31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. Subscriber agrees to provide law enforcement
agencies, if requested thereby, such records as required by applicable law, provided that Subscriber is permitted to do so under applicable law. Subscriber represents that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C.
Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively, the “BSA/PATRIOT Act”), that Subscriber
maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it maintains policies and procedures reasonably designed for the
screening of its investors against the OFAC sanctions programs, including the OFAC List. Subscriber further represents and warrants that the funds held by Subscriber and used to purchase the Acquired Shares were legally derived. 

 

	8 	 Included only in agreements without Placement Agents’ involvement. 

	9 	 Included only in agreements involving Placement Agents. 

  
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 n. At the Closing, Subscriber will have sufficient funds to pay the Purchase Price pursuant
to Section 2(a). 
 5. Registration Rights. 

a. The Company agrees that, within thirty (30) calendar days after the consummation of the Transactions (the “Filing
Deadline”), the Company will file with the SEC (at the Company’s sole cost and expense) a registration statement to register under and in accordance with the provisions of the Securities Act, the offer, sale and distribution of all
Registrable Securities (as defined below) on Form S-1 or any similar or successor long form registration (which shall be filed pursuant to Rule 415 under the Securities Act as a secondary-only registration
statement), or Form S-3 if the Company is then eligible for such short form, or any similar or successor short form registration (the “Registration Statement”) (it being understood that as of
the date of this Subscription Agreement, the Company would not be eligible to use Form S-3 on the Filing Deadline). The Company shall use its commercially reasonable efforts to have the Registration Statement
declared effective by the SEC as soon as practicable after the filing thereof, but no later than the sixty (60) calendar days following the Filing Deadline (the “Effectiveness Deadline”); provided, that the Effectiveness
Deadline shall be extended to ninety (90) calendar days after the Filing Deadline if the Registration Statement is reviewed by, and receives comments from, the SEC; provided, however, that the Company’s obligations to include the
Acquired Shares in the Registration Statement are contingent upon Subscriber furnishing in writing to the Company such information regarding Subscriber, the securities of the Company held by Subscriber and the intended method of disposition of the
Acquired Shares as shall be reasonably requested by the Company to effect the registration of the Acquired Shares, and shall execute such documents in connection with such registration as the Company may reasonably request that are customary of a
selling stockholder in similar situations, including providing that the Company shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement during any customary blackout or similar period and including with
respect to the effectiveness thereof or in the event the Registration Statement must be supplemented, amended or suspended; provided, however, that the Company may not delay or suspend a particular Registration Statement on more than two
(2) occasions, for more than sixty (60) consecutive calendar days, or more than ninety (90) total calendar days, in each case during any twelve-month period. Notwithstanding anything to the contrary set forth herein, the Company shall
not, when advising Subscriber of any such events, provide Subscriber with any material, nonpublic information regarding the Company other than to the extent that providing notice to Subscriber of the occurrence of such events constitutes material,
nonpublic information regarding the Company. The Company will use its commercially reasonable efforts to maintain the continuous effectiveness of the Registration Statement until all such securities cease to be Registrable Securities (as defined
below) or such shorter period upon which all Subscribers with Registrable Securities included in such Registration Statement have notified the Company that such Registrable Securities have actually been sold. The Company will use commercially
reasonable efforts to file all reports, and provide all customary and reasonable cooperation, necessary to enable Subscriber to resell Registrable Securities pursuant to the Registration Statement or Rule 144, as applicable, qualify the Registrable
Securities for listing on the applicable stock exchange, update or amend the Registration Statement as necessary to include Registrable Securities and provide customary notice to holders of Registrable Securities. In the case of the registration
effected by the Company pursuant to this Subscription Agreement, the Company shall, upon reasonable request, inform Subscriber as to the status of such 

  
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registration. “Registrable Securities” shall mean, as of any date of determination, the Acquired Shares and any other equity security of the Company issued or issuable with
respect to the Acquired Shares by way of share split, dividend, distribution, recapitalization, merger, exchange, replacement or similar event or otherwise. As to any particular Registrable Securities, once issued, such securities shall cease to be
Registrable Securities (i) when they are sold, transferred, disposed of or exchanged pursuant to an effective Registration Statement under the Securities Act, (ii) the earliest of (A) two (2) years, (B) such time that such holder
has disposed of such securities pursuant to Rule 144 or (C) if Rule 144(i) is no longer applicable to the Company or Rule 144(i)(2) is amended to remove the reporting requirement preceding a disposition of securities, such time that such holder
is able to dispose of all of its, his or her Registrable Securities pursuant to Rule 144 without any volume limitations thereunder, (iii) when they shall have ceased to be outstanding or (iv) when such securities have been sold in a
private transaction in which the transferor’s rights under this Section 5(a) are not assigned to the transferee of such securities. The Company will provide a draft of the Registration Statement to the Subscriber for
review at least (2) business days in advance of filing the Registration Statement. In no event shall the Subscriber be identified as a statutory underwriter in the Registration Statement unless required by the SEC. 

b. The Company shall, notwithstanding any termination of this Subscription Agreement, indemnify, defend and hold harmless Subscriber (to the
extent a seller under the Registration Statement), the officers, directors, trustees, agents, partners, members, managers, stockholders, affiliates, employees and investment advisers of each of them, each person who controls Subscriber (within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, trustees, agents, partners, members, managers, stockholders, affiliates, employees and investment advisers of each such controlling
person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and investigation and reasonable attorneys’
fees) and expenses (collectively, “Losses”), as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any prospectus included in the
Registration Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein or
necessary to make the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by the
Company of the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the performance of its obligations under this Section 5, except insofar as and to the extent,
but only to the extent, that such untrue statements, alleged untrue statements, omissions or alleged omissions are based solely upon information regarding Subscriber furnished in writing to the Company by Subscriber expressly for use therein. The
Company shall notify Subscriber promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by this Section 5 of which the Company is aware. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Acquired Shares by Subscriber. 

  
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 c. Subscriber shall, severally and not jointly with any other subscriber, indemnify and hold
harmless the Company, its directors, officers, agents and employees, each person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or
employees of such controlling persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or are based upon any untrue or alleged untrue statement of a material fact contained in any
Registration Statement, any prospectus included in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission
of a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to
the extent, but only to the extent, that such untrue statements or omissions are based solely upon information regarding Subscriber furnished in writing to the Company by Subscriber expressly for use therein. In no event shall the liability of
Subscriber be greater in amount than the dollar amount of the net proceeds received by Subscriber upon the sale of the Acquired Shares giving rise to such indemnification obligation. 

d. [Subscriber agrees that neither Placement Agent nor any of their respective control persons, officers, directors or employees shall be
liable to Subscriber in connection with its purchase of the Acquired Shares absent gross negligence, bad faith or fraud on the part of any such Placement Agent or any of their respective control persons, officers, directors or employees.]10 
 6. Termination. Except as expressly set forth herein, 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 earlier to occur of
(a) such date and time as the Business Combination Agreement is terminated in accordance with its terms, (b) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement or (c) if any of the
conditions to Closing set forth in Section 2 are not satisfied on or prior to the Closing and, as a result thereof, the transactions contemplated by this Subscription Agreement are not or will not be consummated at the
Closing; provided, that nothing herein will relieve any party from liability for any willful breach hereof (including for the avoidance of doubt Subscriber’s willful breach of Section 2(b)(ii) with respect to
its representations and warranties as of the Closing Date) prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach. The Company shall
promptly notify Subscriber of the termination of the Business Combination Agreement promptly after the termination of such agreement. 
 7.
Trust Account Waiver. Subscriber acknowledges that the Company is a blank check company with the powers and privileges to effect a merger, asset acquisition, reorganization or similar business combination involving the Company and one or more
businesses or assets. Subscriber further acknowledges that, as described in the Company’s prospectus relating to its initial public offering dated December 5, 2019 (the “Prospectus”) available at www.sec.gov, substantially
all of the Company’s assets consist of the cash proceeds of the Company’s initial public offering and private placements 

 

	10 	 Included only in agreements involving Placement Agents.

  
 11 

 
of its securities, and substantially all of those proceeds have been deposited in a trust account (the “Trust Account”) for the benefit of the Company, its public stockholders
and the underwriters of the Company’s initial public offering. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its tax obligations, if any, the cash in the Trust Account
may be disbursed only for the purposes set forth in the Prospectus. For and in consideration of the Company entering into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, Subscriber hereby irrevocably waives
any and all right, title and interest, or any claim of any kind they have or may have in the future, in or to any monies held in the Trust Account, and agrees not to seek recourse against the Trust Account as a result of, or arising out of, this
Subscription Agreement; provided, that nothing in this Section 7 shall be deemed to limit the Subscriber’s right, title, interest or claim to the Trust Account by virtue of the Subscriber’s record or beneficial ownership of
shares of the Company acquired by any means other than pursuant to this Subscription Agreement. 
 8. Miscellaneous. 

a. Subscriber acknowledges that the Company will rely on the acknowledgments, understandings, agreements, representations and warranties
contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify the Company if any of the Subscriber’s acknowledgments, understandings, agreements, representations and warranties set forth herein are no
longer accurate in all material respects. 
 b. The Company is entitled to rely upon this Subscription Agreement and 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. 

c. Neither this Subscription Agreement nor any rights that may accrue to Subscriber hereunder (other than the Acquired Shares acquired
hereunder, if any) may be transferred or assigned. 
 d. All the agreements, representations and warranties made by each party hereto in this
Subscription Agreement shall survive the Closing. 
 e. The Company may request from Subscriber such additional information as the Company
may deem necessary to evaluate the eligibility of Subscriber to acquire the Acquired Shares, and Subscriber shall provide such information as may be reasonably requested, to the extent readily available and to the extent consistent with its internal
policies and procedures. 
 f. This Subscription Agreement may not be modified, waived or terminated except by an instrument in writing,
signed by the party against whom enforcement of such modification, waiver, or termination is sought. No failure or delay of either party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and
remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder. 

  
 12 

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

i. If any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to 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. 

j. This Subscription Agreement may be executed in one or more counterparts via facsimile, electronic mail (including pdf or any electronic
signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com or www.echosign.com) or other transmission method 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. 
 k.
The parties hereto agree that 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. It is accordingly agreed that
the parties shall be entitled to an injunction or injunctions to prevent 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. 
 l. 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. EACH PARTY HERETO HEREBY WAIVES ANY RIGHT TO A JURY
TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS SUBSCRIPTION AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 13 

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

			
	GORES HOLDINGS IV, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Date:    September
                , 2020 
  

 
  
  

 
 [SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT] 

					
	SUBSCRIBER:	 		  	
			
	 Name of Subscriber:
  

(Please print)
  
	 		  	 Name of Joint Subscriber, if applicable:
  

(Please print)

	  
 Name in which shares are to be
registered
 (if different):
	 		  	
			
	Email Address: _______________________	 		  	
			
	If there are joint investors, please check one:	 		  	        
			
		 	            	  	
			
	☐ Joint Tenants with Rights of Survivorship	 		  	
			
	☐ Tenants-in-Common	 		  	
			
	☐ Community Property	 		  	
			
	Subscriber’s EIN: ___________________________________	 		  	Joint Subscriber’s EIN: ________________
			
	 Business Address-Street:
  

 
 City, State, Zip:
	 		  	 Mailing Address-Street (if different):
  

    
 City,
State, Zip:

			
	Attn:	 		  	Attn:
			
	Telephone No.: ____________________________________	 		  	Telephone No.: _______________________________
			
	Facsimile No.: ____________________________________	 		  	Facsimile No.: ________________________________

 [Signature Page Follows] 

			
	Aggregate Number of Acquired Shares subscribed for: __________________________
		
	Aggregate Purchase Price11: $ ____________	  	

  

					
	 SUBSCRIBER:
  

Date: September                , 2020.

 
 Signature of Subscriber:

 
 By:________________________________

Name:
 Title:

 
	 	
                          
          
 

 

 
	  	 Signature of Joint Subscriber, if applicable:
  

By:________________________________
 Name:

Title:

					
			
	 Name of Subscriber:
  

(Please print. Please indicate name and
 capacity of person
signing above)
	 	
                          
          
  
 

	  	 Name of Joint Subscriber, if applicable:
  

(Please Print. Please indicate name and
 capacity of person
signing above)

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

	11 	 This is the aggregate number of Acquired Shares subscribed for multiplied by the price per Acquired Share of
$10.00, without rounding. 

 SCHEDULE A 

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER 
  

	A.	 QUALIFIED INSTITUTIONAL BUYER STATUS 

	 	 (Please check the applicable subparagraphs): 

 

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

  

	 	2.	 ☐ We are subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts,
and each owner of such account is a QIB. 

 ***OR*** 
  

	B.	 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 on the following page 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 under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.

 This page should be completed by Subscriber 

and constitutes a part of the Subscription Agreement. 
  

 
  
  

 
  

  
 Schedule A-1 

 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. Subscriber has indicated, by marking and initialing the
appropriate box below, the provision(s) below which apply to Subscriber and under which 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; 
 ☐ 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 director, executive officer, or general partner of the issuer of the securities being offered or sold, or any
director, executive officer, or general partner of a general partner of that issuer; 
 ☐ Any natural person whose individual net
worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds $1,000,000. For purposes of calculating a natural person’s net worth: (a) the person’s primary residence must not be included as an asset;
(b) indebtedness secured by the person’s primary residence up to the estimated fair market value of the primary residence must not be included as a liability (except that if the amount of such indebtedness outstanding at the time of
calculation exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess must be included as a liability); and (c) indebtedness that is secured by the
person’s primary residence in excess of the estimated fair market value of the residence must be included as a liability; 
 ☐ Any
natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same
income level in the current year; 
 ☐ 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. 
  
  

 
  

  
 Schedule A-2cbmg_ex10-1

 
Exhibit 10.1

 

 

Execution Version

 

BRIDGE
LOAN AGREEMENT

 

This
BRIDGE LOAN AGREEMENT (this
“Agreement”) is
made and entered into on October 23, 2020 (the “Effective Date”), by and among the
following parties:

 

1.

Cellular Biomedicine Group, Inc., a
Delaware corporation (the “Company” or “Borrower”);

 

2.

TF I Ltd. (the “Lender”).

 

The
Company and the Lender are collectively referred to below as the
“Parties” and
each a “Party”.

 

RECITALS

 

A. The
Company requires an infusion of funds in order to conduct its
business activities.

 

B. The Lender is
willing to make available the Loan (as defined below) to the
Company, on the terms set forth below.

 

NOW, THEREFORE, in consideration of the
premises set forth above, the mutual promises and covenants set
forth herein and other good and valuable consideration, the parties
agree as follows:

 

1.

THE
LOAN

 

1.1 Subject
to the terms and conditions hereunder, the Lender agrees to extend
to the Company, and the Company is willing to accept from the
Lender, a bridge loan (the “Loan”) in an aggregate amount of
US$10,000,000 (the “Principal
Amount”). Lender will fund the Loan as promptly as
reasonably practicable (and in any event no later than five (5)
Business Days) following the Effective Date. For purposes of this
Agreement, “Business
Day” means any day other than a Saturday or Sunday or
other day on which banks are required or authorized to close in the
Republic of Singapore, Beijing, China or the State of
California.

 

1.2 The Loan shall be
evidenced by the issuance of the convertible promissory note in the
form of Exhibit A as attached hereto (the “Note”). The Note shall be issued
and dated as of the date on which the Loan is drawn down and
received by the Company.

 

1.3

The Loan shall be
repaid in accordance with the terms set out in the
Note.

 

2.

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

In
connection with the transactions provided for herein, the Company
hereby represents and warrants to the Lender that:

 

2.1 Organization, Good Standing, and
Qualification. The Company is a corporation duly organized,
validly existing, and in good standing under the laws of the State
of Delaware and has all requisite corporate power and authority to
carry on its business as now conducted and as proposed to be
conducted. The Company is duly qualified to transact business and
is in good standing in each jurisdiction in which the failure so to
qualify would have a material adverse effect on its business or
properties.

 

2.2 Authorization. All corporate action on
the part of the Company, and its officers, directors, and/or
stockholders necessary for the authorization and execution of this
Agreement and the performance of all obligations of the Company
hereunder and thereunder has been taken.

 

2.3 Enforceability. This Agreement
constitutes valid and legally binding obligations of the Company,
enforceable in accordance with its respective terms, except (i) as
limited by applicable bankruptcy, insolvency, reorganization,
moratorium, and other laws of general application affecting
enforcement of creditors’ rights generally and (ii) as
limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable
remedies.

 

 

 

 

2.4 Noncontravention. The execution and
performance by the Company of this Agreement will not cause a
default under, or otherwise breach, its certificate of
incorporation or bylaws, each as amended, or any other insurance,
document or agreement to which the Company is a party or by which
it is bound, or any law, rule or regulation applicable to the
Company or its assets which such default or breach would have a
material adverse effect on the ability of the Company to perform
its payment obligation under this Agreement.

 

2.5 Borrower Compliance with Anti-Money Laundering
Laws. The Borrower and its subsidiaries are and have been at
all times in compliance with applicable financial recordkeeping and
reporting requirements, the applicable money laundering statutes of
all jurisdictions where the Borrower or any of its subsidiaries
conducts business, the rules and regulations thereunder and any
related or similar rules, regulations or guidelines issued,
administered or enforced by any governmental or regulatory agency
(collectively, the “Anti-Money Laundering Laws”), and
no action suit or proceeding by or before any governmental
authority or any arbitrator involving the Borrower or any of its
subsidiaries with respect to the Anti-Money Laundering Laws is
pending or, to the knowledge of the Borrower,
threatened.

 

3.

REPRESENTATIONS
AND WARRANTIES OF THE LENDER

 

3.1 The
Lender is duly organized, validly existing and in good standing
under the laws of the place of its incorporation or establishment.
The Principal Amount that the Lender provides to the Company under
this Agreement is legitimate and free from any
encumbrance.

 

3.2 All corporate
actions on the part of the Lender for the authorization, execution
and delivery of, and the performance of all obligations under this
Agreement have been taken. This Agreement is a valid and binding
obligation of the Lender.

 

3.3 The Lender and its
subsidiaries are and have been at all times in compliance with
applicable financial recordkeeping and reporting requirements, and
the applicable Anti-Money Launder Laws, and no action suit or
proceeding by or before any governmental authority or any
arbitrator involving the Lender or any of its subsidiaries with
respect to the Anti-Money Laundering Laws is pending or, to the
knowledge of the Lender, threatened.

 

4.

MISCELLANEOUS

 

4.1 Governing
Law.

 

(a) This Agreement, and
all claims or causes of action (whether in contract, tort or
statute) that may be based upon, arise out of or relate to this
Agreement, or the negotiation, execution or performance of this
Agreement (including any claim or cause of action based upon,
arising out of or related to any representation or warranty made in
or in connection with this Agreement or as an inducement to enter
into this Agreement), is to be construed and enforced in accordance
with and governed by the laws of Hong Kong, without regard to any
conflict of law principles.

 

(b) All disputes and
controversies arising out of or in connection with this Agreement
shall be referred to and finally settled by arbitration in Hong
Kong under the Hong Kong International Arbitration Center
Administered Arbitration Rules (the “Rules”) in force when the Notice
of Arbitration (as defined by the Rules) is submitted in accordance
with the Rules. The arbitration tribunal shall consist of one (1)
arbitrator to be appointed according to the Rules. The language of
the arbitration shall be English.

 

4.2 Entire Agreement. This Agreement
constitutes the full and entire understanding and agreement between
the Parties with regard to the subject matter hereof.

 

4.3 Severability. The terms and provisions
of this Agreement are severable, and if any term or provision shall
be determined to be in any way unenforceable in whole or in part
pursuant to applicable law, such determination shall not impair or
otherwise affect the validity, legality or enforceability of that
term or provision in any other jurisdiction or any of the remaining
terms and provisions of this Agreement in any jurisdiction, and any
such provision shall be given effect to the extent legally
possible.

 

 

2

 

 

 

4.4

Recitals. The recitals hereto
constitute an integral part hereof.

 

4.5 Headings. The titles of the sections
and subsections of this Agreement are for convenience of reference
only, and are not to be considered in construing this
Agreement.

 

4.6 Counterparts. This Agreement may be
executed in any number of counterparts, each of which shall be
deemed an original, and all of which together shall constitute one
instrument.

 

4.7 Amendment. Any term of this Agreement
may be amended and the observance of any term hereof may be waived
only with the prior written consent of the Company and the
Lender.

 

4.8 Notices. All notices, requests,
demands, consents, instructions or other communications required or
permitted hereunder shall be in writing and faxed, emailed, mailed
or delivered to each party as follows: (i) if to the Lender, at the
Lender’s address, email address or facsimile number set forth
in the Exhibit B hereto, or at such other address, email address or
facsimile number as the Holder shall have furnished the Company in
writing, or (ii) if to the Company, at the Company’s address,
email address or facsimile number set forth in the Exhibit B
hereto, or at such other address, email address or facsimile number
as the Company shall have furnished to the Holder in writing. All
such notices and communications will be deemed effectively given
the earliest of (a) when received, (b) when delivered personally,
(c) one Business Day after being delivered by facsimile or email
(with receipt of appropriate confirmation), (d) one Business Day
after being deposited with an overnight courier service of
recognized standing or (e) three days after being deposited in the
U.S. mail, first class with postage prepaid.

 

 

 

[Signature page follows]

 

 

3

 

 

IN
WITNESS WHEREOF, the parties hereto execute this Bridge Loan
Agreement as of the date first set forth above.

 

 

 

CELLULAR BIOMEDICINE GROUP INC.

 

 

 

By: 
/s/ Andrew
Chan             

Name:
Andrew Chan

Title:
Chief Legal Officer

 

 

 

 

 

 

 

 

 

[Signature
Page to Bridge Loan Agreement]

 

 

IN
WITNESS WHEREOF, the parties hereto execute this Bridge Loan
Agreement as of the date first set forth above.

 

 

 

TF I LTD.

 

 

By:
/s/ CHIANG
CHEN,
HSIU-LIEN      

Name: CHIANG CHEN,
HSIU-LIEN

Title:
Director

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Bridge Loan Agreement]

 

 

 

EXHIBIT
A 

CONVERTIBLE PROMISSORY
NOTE

 

 

 

US$10,000,000

 

[date Loan is funded],
2020

 

 

FOR
VALUE RECEIVED, Cellular Biomedicine Group Inc., a Delaware
corporation (the “Company” or “Borrower”), promises to pay to TF
I Ltd. or its assigns (the “Holder”) the aggregate principal
sum of ten million U.S. dollars (US$10,000,000) together with
accrued and unpaid interest thereon, each due and payable on the
date and in the manner set forth below.

 

This
convertible promissory note (this “Note”) is issued pursuant to the
terms of that certain Bridge Loan Agreement dated as of October 23,
2020, by and among the Company and the Holder, as the same may be
amended from time to time (the “Agreement”). Capitalized terms
used but not otherwise defined herein shall have the meanings
ascribed to them in the Agreement. This Note is an unsecured
obligation of the Company.

 

1. Advances. Upon the execution
and delivery of this Note, the Holder shall disburse to the Company
the sum of US$10,000,000. The amount actually received by the
Company shall be the principal amount.

 

2. Interest Rate. The Company
promises to pay simple interest on the outstanding principal amount
hereof from the date hereof until payment in full, which interest
shall be payable at the rate of 6% per annum. Interest shall be due
and payable on the Maturity Date and shall be calculated on the
basis of a 365-day year for the actual number of days
elapsed.

 

3. Maturity Date. All unpaid
principal amount together with the unpaid and accrued interest
payable hereunder (to the extent not converted in accordance with
the terms of this Note) (the “Outstanding Amount”) shall be due
and payable and shall be repaid by the Borrower by wire transfer of
U.S. dollars in immediately available funds to the designated
account of the Holder on the earlier of (i) August 7, 2021, and
(ii) the occurrence of an Event of Default (as described in Section
7 below) for so long as such Event of Default has not been remedied
by the end of the applicable grace period as set out in Section 7
(the earlier date of which being the “Maturity Date”).

 

4.

Conversion.

 

Conversion Right. Subject to and upon
compliance with the provisions of this Note, for as long as this
Note is outstanding, the Holder shall have the right, at its option
to convert all (but not part) of the Outstanding Amount (the
“Conversion
Amount”) (i) on the close of business on the Maturity
Date into the common stock, par value $0.001 per share, of the
Borrower (the “Common
Stock”), at a conversion price equal to the lower of
(A) US$19.50 per share and (B) an amount representing a 15%
discount to the volume weighted average price over the preceding 30
trading days prior to and including the Maturity Date, subject to
ratable adjustment for any stock split, stock dividend, stock
combination or other recapitalization occurring subsequent to the
date of this Note or (ii) immediately prior to (but subject to) the
closing of an Acquisition (as defined below) prior to the Maturity
Date, at a conversion price equal to the price per share of Common
Stock payable (or deemed payable) in the Acquisition. For purposes
of this Note, an “Acquisition” means (a) the merger
contemplated under the Agreement and Plan of Merger, dated August
11, 2020, by and among CBMG Holdings, CBMG Merger Sub, Inc. and the
Company (as may be amended from time to time, the
“Merger
Agreement”); (b) any direct or indirect acquisition or
purchase, in a single transaction or a series of related
transactions, of (i) fifty percent (50%) or more of the assets
(including capital stock of the subsidiaries of the Company) of the
Company and its subsidiaries, taken as a whole, or (ii) shares of
Common Stock or other equity securities of the Company which
together with any other shares of Common Stock or other equity
securities of the Company beneficially owned by such Person or
group, would equal fifty percent (50%) or more of the aggregate
voting power of the Company or any of its subsidiaries, the
business of which constitutes fifty percent (50%) or more of the
net revenues, net income or assets of the Company and

 

A-1

 

 

its
subsidiaries, taken as a whole, (c) any tender offer or exchange
offer that, if consummated, would result in any person or group
owning, directly or indirectly, fifty percent (50%) or more of the
aggregate voting power of the Company or any of its subsidiaries,
the business of which constitutes fifty percent (50%) or more of
the net revenues, net income or assets of the Company and its
subsidiaries, taken as a whole, or (d) any merger, consolidation,
business combination, binding share exchange or similar transaction
involving the Company pursuant to which any person or group (or the
stockholders of any person) would own, directly or indirectly,
fifty percent (50%) or more of the aggregate voting power of the
Company or of the surviving entity in a merger or the resulting
direct or indirect parent of the Company or such surviving entity,
or (e) any recapitalization, liquidation, dissolution or any other
similar transaction involving the Company or any of its
subsidiaries, the business of which constitutes fifty percent (50%)
or more of the net revenues, net income or assets of the Company
and its subsidiaries, taken as a whole, other than, in the case of
(b) - (e), the transactions contemplated by the Merger
Agreement.

 

 

A-2

 

 

(a) Conversion Notice. To convert the
Conversion Amount into Common Stock (the “Converted Shares”), the Holder
shall give written notice and surrender the Note to the Company at
the latest within ten (10) Business Days before the Conversion Date
(defined below). The person or entity entitled to receive the
Converted Shares issuable upon a conversion of this Note shall be
treated for all purposes as the record holder or holders of such
Converted Shares (i) on the Maturity Date, in the case of
conversion pursuant to Section 4(a)(i), and (ii) on the date of
closing of the Acquisition, in the case of conversion pursuant to
section 4(a)(ii) (each, a “Conversion Date”) and the
conversion shall be deemed to have been made immediately prior to
the close of business on the Conversion Date. For purposes of this
Note, “Business
Day” means any day other than a Saturday or Sunday or
other day on which banks are required or authorized to close in the
City of New York, Hong Kong or Beijing.

 

(b) No Fractional Shares. No fractional
units will be issued on conversion of this Note. If the Holder
would otherwise be entitled to a fractional unit, the Holder shall
receive in lieu thereof a cash payment equal to the applicable per
share price of the common stock into which the Outstanding Amount
is proposed to be converted, multiplied by the fraction of the
Common Stock the Holder would otherwise be entitled to
receive.

 

5. Expenses. In the event of any
default hereunder, the Company shall pay all reasonable
attorneys’ fees and court costs incurred by the Holder in
enforcing and collecting this Note.

 

6. Prepayment. The Company may
prepay this Note (including accrued interest), in whole or in part,
prior to the Maturity Date in cash, provided that prior written
notice of not less than seven (7) calendar days is delivered to the
Holder.

 

7. Default. If there shall be any
Event of Default (as defined below) hereunder, this Note shall
accelerate and all principal and unpaid accrued interest shall
become due and payable. The occurrence of any one or more of the
following shall constitute an “Event of Default”:

 

(a) The Company fails
to pay timely any of the principal amount due under this Note on
the date the same becomes due and payable or any accrued interest
or other amounts due under this Note on the date the same becomes
due and payable, unless such failure is caused by technical or
administrative error and payment is made within five (5) calendar
days of the original due date;

 

(b) The Company files
any petition or action for relief under any bankruptcy,
reorganization, insolvency or moratorium law or any other law for
the relief of, or relating to, debtors, now or hereafter in effect,
or makes any assignment for the benefit of creditors or takes any
corporate action in furtherance of any of the
foregoing;

 

(c) An involuntary
petition is filed against the Company (unless (A) such petition is
dismissed or discharged within 60 days or (B) such petition is
frivolous or vexatious) under any bankruptcy statute now or
hereafter in effect, or a custodian, receiver, trustee, assignee
for the benefit of creditors (or other similar official) is
appointed to take possession, custody or control of any property of
the Company;

 

(d) A liquidation,
termination of existence or dissolution of the Company;
or

 

(e) Any representation,
warranty or statement of fact made by the Company in the Agreement,
or any other agreement, schedule, confirmatory assignment or
otherwise in connection with the transactions contemplated hereby
or thereby, shall when made or deemed made be false or misleading
in any material respect; provided, however, that such failure shall
not result in an Event of Default to the extent it is corrected by
the Company within a period of 30 calendar days after the
Company’s receipt of written notice from the Holder
specifying such failure.

 

 

A-3

 

 

8. Notices. All notices, requests,
demands, consents, instructions or other communications required or
permitted hereunder shall be in writing and faxed, emailed, mailed
or delivered to each party as follows: (i) if to the Holder, at the
Holder’s address, email address or facsimile number set forth
in the Agreement, or at such other address, email address or
facsimile number as the Holder shall have furnished the Company in
writing, or (ii) if to the Company, at the Company’s address,
email address or facsimile number set forth in the Agreement, or at
such other address, email address or facsimile number as the
Company shall have furnished to the Holder in writing. All such
notices and communications will be deemed effectively given the
earliest of (a) when received, (b) when delivered personally, (c)
one Business Day after being delivered by facsimile or email (with
receipt of appropriate confirmation), (d) one Business Day after
being deposited with an overnight courier service of recognized
standing or (e) three days after being deposited in the U.S. mail,
first class with postage prepaid.

 

9.

Governing Law.

 

(a) This Agreement, and
all claims or causes of action (whether in contract, tort or
statute) that may be based upon, arise out of or relate to this
Agreement, or the negotiation, execution or performance of this
Agreement (including any claim or cause of action based upon,
arising out of or related to any representation or warranty made in
or in connection with this Agreement or as an inducement to enter
into this Agreement), is to be construed and enforced in accordance
with and governed by the laws of Hong Kong, without regard to any
conflict of law principles.

 

(b) All disputes and
controversies arising out of or in connection with this Agreement
shall be referred to and finally settled by arbitration in Hong
Kong under the Hong Kong International Arbitration Center
Administered Arbitration Rules (the “Rules”) in force when the Notice
of Arbitration (as defined by the Rules) is submitted in accordance
with the Rules. The arbitration tribunal shall consist of one (1)
arbitrator to be appointed according to the Rules. The language of
the arbitration shall be English.

 

10. Modification; Waiver. Any term
of this Note may be amended or waived with the written consent of
the Company and the Holder.

 

11. Powers and Remedies Cumulative; Delay
or Omission Not Waiver of Default. No right or remedy herein
conferred upon or reserved to the Holder is intended to be
exclusive of any other right or remedy, and every right and remedy
shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other
appropriate right or remedy. No delay or omission of the Holder to
exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right
or power or shall be construed to be a waiver of any such Event of
Default or an acquiescence therein; and every power and remedy
given by this Note or by law may be exercised from time to time,
and as often as shall be deemed expedient, by the
Holder.

 

12. Transfer and Assignment. The
Holder shall be free to transfer or assign any of its rights and
obligations under this Note to its affiliates as long as notice is
given to the Company within five (5) calendar days after such
transfer or assignment. Neither this Note nor any of the rights,
interests or obligations hereunder may be assigned, in whole or in
part, by the Company, without the prior written consent of the
Holder. Subject to the restrictions on transfer provided herein,
the rights and obligations of the Company and the Holder shall be
binding upon and benefit the respective successors, assigns, heirs,
administrators and transferees of the Company or the Holder, as
applicable.

 

[Remainder of Page Intentionally Left
Blank]

 

 

A-4

 

 

IN WITNESS WHEREOF, the Company has
caused this Note to be duly executed by its officers, thereunto
duly authorized as of the date first above written.

 

 

CELLULAR
BIOMEDICINE GROUP INC.

 

 

 

By:
_____________________

Name:

Title:

 

 

 

 

 

 

 

A-5

 

  

EXHIBIT
B NOTICES

 

If to
the Company:

 

Attn:                

Andrew
Chan

  

Address:         

209 Perry Parkway,
Suite 13 Gaithersburg, MD 20877

 

Email:             

andy.chan@cellbiomedgroup.com

 

Facsimile:        

(347) 679
8203

 

Telephone:         

(301) 825
5320

 

If to
the Lender:

 

Attn:             

Tingting
Zhang

 

Address:        

Unit 705, Tower 1,
88 Keyuan Road, German Center 

 

Pudong New
District, Shanghai 201203, China

 

 Email:            

tingting.zhang@tfcapital.net

 

Facsimile:           

+86 21 5019
8837

 

Telephone:    

+86 21 5019
8835

	

 

B-1

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