Document:

Exhibit 10.1

 

EXECUTION VERSION

 

SPONSOR SUPPORT AGREEMENT

 

This
SPONSOR SUPPORT AGREEMENT, dated as of November 30, 2022 (this “Agreement”), is entered into by and among the
shareholder listed on Exhibit A hereto (the “Shareholder”), Liminatus Pharma, LLC, a Delaware limited
liability company (the “Company”), and Iris Acquisition Corp, a Delaware corporation (“SPAC”).
Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to them in the Business Combination Agreement
(as defined below).

 

WHEREAS,
SPAC, the Company, Iris Parent Holding Corp., a Delaware corporation (“ParentCo”), 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 or will be parties to that
certain Business Combination Agreement, dated as of the date hereof (as amended, modified or supplemented from time to time, 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
(the “Company Merger”), 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 (the “SPAC
Merger” and, together with the Company Merger, the “Merger”);

 

WHEREAS, as of the date hereof,
the Shareholder owns the number of shares of Class B common stock, par value $0.0001, of SPAC set forth on Exhibit A
(all such shares, or any successor or additional shares of SPAC of which ownership of record or the power to vote is hereafter acquired
by the Shareholder prior to the termination of this Agreement being referred to herein as the “Shareholder Shares”);
and

 

WHEREAS, as a condition and
inducement to the Company to enter into the Business Combination Agreement, the Shareholder is executing and delivering this Agreement
to the Company.

 

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

 

1.            Voting
Agreements. The Shareholder, in its capacity as a shareholder of SPAC, agrees that, at the SPAC Shareholder Meeting, at any other
meeting of SPAC’s shareholders related to the transactions contemplated by the Business Combination Agreement (whether annual or
special and whether or not an adjourned or postponed meeting, however called and including any adjournment or postponement thereof) and
in connection with any written consent of SPAC’s shareholders related to the transactions contemplated by the Business Combination
Agreement (the SPAC Shareholder Meeting and all other meetings or consents related to the Business Combination Agreement, collectively
referred to herein as the “Meeting”), the Shareholder shall:

 

     

     

    

 

		a.	when
                                            the Meeting is held, appear at the Meeting or otherwise cause the Shareholder Shares to be
                                            counted as present thereat for the purpose of establishing a quorum;

 

		b.	vote
                                            (or execute and return an action by written consent), or cause to be voted at the Meeting
                                            (or validly execute and return and cause such consent to be granted with respect to), all
                                            of the Shareholder Shares in favor of each of the SPAC Shareholder Voting Matters; and

 

		c.	vote
                                            (or execute and return an action by written consent), or cause to be voted at the Meeting
                                            (or validly execute and return and cause such consent to be granted with respect to), all
                                            of the Shareholder Shares against any other action that would reasonably be expected to (x) materially
                                            impede, interfere with, delay, postpone or adversely affect the SPAC Merger or any of the
                                            Transactions, (y) result in a breach of any covenant, representation or warranty or
                                            other obligation or agreement of SPAC under the Business Combination Agreement or (z) result
                                            in a breach of any covenant, representation or warranty or other obligation or agreement
                                            of the Shareholder contained in this Agreement.

 

2.            Restrictions
on Transfer. The Shareholder agrees that it shall not sell, assign or otherwise transfer any of the Shareholder Shares unless the
buyer, assignee or transferee thereof executes a joinder agreement to this Agreement in a form reasonably acceptable to the Company.
SPAC shall not register any sale, assignment or transfer of the Shareholder Shares on SPAC’s transfer (book entry or otherwise)
that is not in compliance with this Section 2.

 

3.            No
Redemption. The Shareholder hereby agrees that it shall not redeem, or submit a request to SPAC’s transfer agent or otherwise
exercise any right to redeem, any Shareholder Shares.

 

4.            Shareholder
Representations: The Shareholder represents and warrants to SPAC and the Company, as of the date hereof, that:

 

		a.	it
                                            has never been suspended or expelled from membership in any securities or commodities exchange
                                            or association or had a securities or commodities license or registration denied, suspended
                                            or revoked;

 

		b.	it
                                            has full right and power, without violating any agreement to which it is bound (including,
                                            without limitation, any non-competition or non-solicitation agreement with any employer or
                                            former employer), to enter into this Agreement;

 

		c.	it
                                            is duly organized, validly existing and in good standing under the Laws of the jurisdiction
                                            in which it is organized, and the execution, delivery and performance of this Agreement and
                                            the consummation of the transactions contemplated hereby are within the it’s organizational
                                            powers and have been duly authorized by all necessary organizational actions on the part
                                            of the Shareholder;

 

     

     

    

 

		d.	this
                                            Agreement has been duly executed and delivered by the Shareholder and, assuming due authorization,
                                            execution and delivery by the other parties to this Agreement, this Agreement constitutes
                                            a legally valid and binding obligation of the Shareholder, enforceable against the Shareholder
                                            in accordance with the terms hereof (except as enforceability may be limited by bankruptcy
                                            Laws, other similar Laws affecting creditors’ rights and general principles of equity
                                            affecting the availability of specific performance and other equitable remedies);

 

		e.	the
                                            execution and delivery of this Agreement by the Shareholder does not, and the performance
                                            by the Shareholder of its obligations hereunder will not, (i) conflict with or result
                                            in a violation of the organizational documents of the Shareholder, or (ii) require any
                                            consent or approval from any third party that has not been given or other action that has
                                            not been taken by any third party, in each case, to the extent such consent, approval or
                                            other action would prevent, enjoin or materially delay the performance by the Shareholder
                                            of its obligations under this Agreement;

 

		f.	there
                                            are no Proceedings pending against the Shareholder or, to the knowledge of the Shareholder,
                                            threatened against the Shareholder, before (or, in the case of threatened Proceedings, that
                                            would be before) any arbitrator or any Governmental Authority, which in any manner challenges
                                            or seeks to prevent, enjoin or materially delay the performance by the Shareholder of its
                                            obligations under this Agreement;

 

		g.	other
                                            than the Cantor Fees, no broker, finder, investment banker or other Person is entitled to
                                            any brokerage fee, finders’ fee or other commission for which SPAC is or will be liable
                                            in connection with this Agreement or any of the respective transactions contemplated hereby,
                                            based upon arrangements made by the Shareholder or, to the knowledge of the Shareholder;

 

		h.	the
                                            Shareholder has had the opportunity to read the Business Combination Agreement and this Agreement
                                            and has had the opportunity to consult with the Shareholder’s tax and legal advisors;

 

		i.	the
                                            Shareholder has not entered into, and shall not enter into, any agreement that would prevent
                                            the Shareholder from performing any of the Shareholder’s obligations hereunder;

 

		j.	the
                                            Shareholder is the only record owner, and has good title to the Shareholder Shares opposite
                                            its name on Exhibit A, free and clear of any Liens other than as created by this
                                            Agreement or the Governing Documents of SPAC, any Ancillary Agreements or applicable Laws;
                                            and

 

		k.	the
                                            Shareholder Shares are the only shares of SPAC owned of record or beneficially owned by the
                                            Shareholder as of the date hereof, and none of the Shareholder Shares are subject to any
                                            proxy, voting trust or other agreement or arrangement with respect to the voting of the Shareholder
                                            Shares that is inconsistent with the Shareholder’s obligations pursuant to this Agreement.

 

     

     

    

 

5.              Damages;
Remedies. The Shareholder hereby agrees and acknowledges that (a) SPAC and the Company would be irreparably injured in the event
of a breach by the Shareholder of its obligations under this Agreement, (b) monetary damages may not be an adequate remedy for such
breach and (c) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may
have in law or in equity, in the event of such breach.

 

6.            Entire
Agreement; Amendment. This Agreement and the other agreements referenced herein constitute the entire agreement and understanding
of the parties hereto in respect of the subject matter hereof and supersede all prior understandings, agreements or representations by
or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated
hereby. This Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular
provision, except by a written instrument executed by all parties hereto.

 

7.            Assignment.
No party hereto may, except as set forth herein, assign either this Agreement or any of its rights, interests, or obligations hereunder
without the prior written consent of the other parties. 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 Shareholder,
the SPAC and the Company and each of their respective successors, heirs, personal representatives and assigns and permitted transferees.

 

8.            Counterparts.
This Agreement may be executed in any number of original, electronic or facsimile counterparts and each of such counterparts shall for
all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

9.            Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

10.            Governing
Law; Jurisdiction; Jury Trial Waiver. Section 11.9 of the Business Combination Agreement is incorporated by reference herein
to apply with full force to any disputes arising under this Agreement.

 

11.            Notice.
Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and
shall be sent or given in accordance with the terms of Section 11.3 of the Business Combination Agreement to the applicable party,
with respect to the Company and SPAC, at the address set forth in Section 11.3 of the Business Combination Agreement, and, with
respect to Shareholder, at the address set forth on Exhibit A.

 

12.            Termination.
This Agreement shall terminate on the earlier of the Closing or the termination of the Business Combination Agreement (“Termination
Date”). Upon termination of this Agreement, none of the parties hereto shall have any further obligation or liability under
this Agreement; provided, however no such termination shall relieve the Shareholder or the SPAC from any liability resulting from a breach
of this Agreement occurring prior to the Termination Date.

 

     

     

    

 

13.            Expenses.
All reasonable and documented out-of-pocket costs and expenses incurred by the Shareholder in connection with the negotiation, preparation
and execution of this Agreement, the Ancillary Agreements and the transactions contemplated hereby and thereby, including costs, fees
and expenses of the Shareholder’s attorneys, accountants and other advisors, shall constitute SPAC Transaction Expenses (as defined
in the Business Combination Agreement) and shall be paid in accordance with the Business Combination Agreement.

 

14.            Nonsurvival
of Representations and Warranties. The representations and warranties contained in this Agreement shall not survive the Closing.

 

15.            Adjustment
for Stock Split. If, and as often as, there are any changes in the SPAC or the Shareholder Shares by way of stock split, stock dividend,
combination or reclassification, or through merger, consolidation, reorganization, recapitalization or business combination, or by any
other means, equitable adjustment shall be made to the provisions of this Agreement as may be required so that the rights, privileges,
duties and obligations hereunder shall continue with respect to the Shareholder, SPAC, the Company, the Shareholder Shares as so changed.

 

16.            Further
Actions. Each of the parties hereto agrees to execute and deliver hereafter any further document, agreement or instrument of assignment,
transfer or conveyance as may be necessary or desirable to effectuate the purposes hereof and as may be reasonably requested in writing
by another party hereto.

 

17.            No
Inconsistent Agreements. The Shareholder hereby covenant and agree that they shall not, at any time prior to the Termination Date,
(a) enter into any voting agreement or voting trust with respect to any Shareholder Shares that is inconsistent with their obligations
pursuant to this Agreement, (b) grant a proxy or power of attorney with respect to any of the Shareholder Shares that is inconsistent
with the Shareholder’s obligations pursuant to this Agreement, or (c) enter into any agreement or undertaking that is otherwise
inconsistent with, or would interfere with, or prohibit or prevent from satisfying the Shareholder’s obligations pursuant to this
Agreement.

 

[remainder of page intentionally left
blank]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first written above.

 

 

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

 

	 	COMPANY:
	 	 
	 	LIMINATUS PHARMA, LLC
	 	 
	 	By: 	/s/ Chris Kim
	 	Name: Chris Kim
	 	Title: CEO, General Counsel, and Secretary

 

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first written above.

 

 

	 	SHAREHOLDER:
	 	 
	 	IRIS ACQUISITION HOLDINGS LLC
	 	 
	 	By:	/s/ Sumit Mehta             
	 	Name: Sumit Mehta
	 	Title: Authorized Representative

 

     

     

    

 

Exhibit A

 

Shareholders

 

	Shareholder	Number
    of Shares of Common Stock	Address
    for Notices
	Iris
    Acquisition Holdings LLC	6,900,000	3rd Floor Zephyr House

    122 Mary Street, George Town

    PO Box 10085

    Grand Cayman KY1-1001, Cayman IslandsExhibit 10.2

 

EXECUTION VERSION

 

LOCK-UP AGREEMENT

 

THIS
LOCK-UP AGREEMENT (this “Agreement”) is dated as of November 30, 2022 by and among the undersigned (the “Holder”), Iris
Parent Holding Corp., a Delaware corporation (“ParentCo”) and Iris Acquisition Holdings LLC, a Delaware limited
liability company (“Sponsor”).

 

A.            Iris
Acquisition Corp, a Delaware corporation (“SPAC”), ParentCo, Liminatus Pharma, LLC, a Delaware limited liability company
(the “Company”), 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”), entered into that certain Business Combination Agreement, dated as of the date hereof (as amended,
modified or supplemented from time to time, 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. Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to them in the Business Combination
Agreement.

 

B.            Pursuant
to the Business Combination Agreement, ParentCo will indirectly own (i) 100% of the Company Interests and (ii) 100% of the
issued and outstanding capital stock of SPAC.

 

C.            The
Holder is either: (i) the record and/or beneficial owner of certain Company Interests, which will be exchanged for ParentCo Shares
pursuant to the Business Combination Agreement (such Holder, a “Company Holder”); or (ii) Sponsor.

 

D.            As
a condition of, and as a material inducement for SPAC to enter into and consummate the transactions contemplated by the Business Combination
Agreement, the Holder has agreed to execute and deliver this Agreement.

 

NOW, THEREFORE, for and in
consideration of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

 

AGREEMENT

 

1.            Lock-Up.

 

(a)            During
the Lock-up Period (as defined below), the Holder agrees that it, he or she will not offer, sell, contract to sell, pledge or otherwise
dispose of, directly or indirectly, any of the applicable Lock-up Shares (as defined below), enter into a transaction that would have
the same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences
of ownership of the Lock-up Shares or otherwise, publicly disclose the intention to make any offer, sale, pledge or disposition, or to
enter into any transaction, swap, hedge or other arrangement, or engage in any Short Sales (as defined below) with respect to the Lock-up
Shares.

 

     

     

    

 

(b)            For
purposes hereof, “Short Sales” include, without limitation, all “short sales” as defined in Rule 200
promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and all
types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, swaps and similar arrangements (including on
a total return basis), and sales and other transactions through non-US broker dealers or foreign regulated brokers.

 

(c)            The
Lock-up Shares shall be subject to the restrictions set forth herein follows:

 

(i)              One-third
of the Lock-up Shares shall be restricted until the First Lock-up Date, one-third of the Lock-up Shares shall be restricted until the
Second Lock-up Date, and one-third of the Lock-up Shares shall be restricted until the Third Lock-up Date; provided, that each
portion of the Lock-up Shares will be freely tradable on the earlier of the date on which the closing price of the ParentCo Shares equals
or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any
20 trading days within any 30-trading day period on a VWAP (as defined below) basis during the relevant Lock-up Period, or on the date
on which ParentCo consummates a liquidation, merger, capital stock exchange, reorganization, or other similar transaction that results
in all of ParentCo’s stockholders having the right to exchange their ParentCo Shares for cash, securities or other property. For
purposes of this Agreement, “VWAP” means, for any date, the daily volume weighted average price of the ParentCo Shares
for such date (or the nearest preceding date) on the trading market on which the ParentCo Shares are then listed or quoted as reported
by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:00 p.m. (New York City time)).

 

(ii)             The
term “First Lock-up Date” means the date that is six (6) months after the Closing Date (as defined in the Business
Combination Agreement). The term “Second Lock-up Date” means the date that is twelve months (12) months after the
Closing Date. The term “Third Lock-up Date” means the date that is twenty-four (24) months after the Closing Date. The term
 “Lock-up Period” means the period ending on the First Lock-up Date, Second Lock-up Date, or Third Lock-up Date, as
applicable.

 

(iii)            For
the avoidance of any doubt, (i) the Holder shall retain all of its rights as a stockholder of ParentCo during the Lock-Up Period,
including the right to vote, and to receive any dividends and distributions in respect of, any Lock-up Shares, and (ii) the
restrictions contained in this Section 1 shall not apply to any other ParentCo Shares acquired by any Holder
in any public or private capital raising transactions of ParentCo or otherwise with respect to any ParentCo common stock (or other securities
of ParentCo) other than the Lock-up Shares.

 

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2.             Beneficial
Ownership. Each Company Holder hereby represents and warrants that it does not beneficially own, directly or through its nominees
(as determined in accordance with Section 13(d) of the Exchange Act, and the rules and regulations promulgated thereunder),
any ParentCo Shares, or any economic interest in or derivative of such shares, other than those ParentCo Shares issued pursuant to the
Business Combination Agreement. Sponsor hereby represents and warrants that it does not beneficially own, directly or through its nominees
(as determined in accordance with Section 13(d) of the Exchange Act, and the rules and regulations promulgated thereunder),
any ParentCo Shares, or any economic interest in or derivative of such shares, other than those ParentCo Shares issued pursuant to the
Business Combination Agreement. For purposes of this Agreement, any ParentCo Shares (i) received by each Company Holder pursuant
to the Business Combination Agreement (including any securities convertible into, or exchangeable for, or representing the rights to
receive ParentCo Shares, if any, acquired during the Lock-up Period); or (ii) received by Sponsor pursuant to the Business Combination
Agreement (including any securities convertible into, or exchangeable for, or representing the rights to receive ParentCo Shares, if
any, acquired during the Lock-up Period) are collectively referred to as the “Lock-up Shares”.

 

Notwithstanding the foregoing,
and subject to the conditions below, the undersigned may transfer Lock-Up Shares in connection with (a) transfers or distributions
to the Holder’s officers or directors or any current or future direct or indirect affiliates (within the meaning of Rule 405
under the Securities Act of 1933, as amended), or to any equityholder (including any shareholder, member or partner) of the Holder, or
to the estates of any of the foregoing; (b) transfers by bona fide gift to a member of the Holder’s immediate family or to
a trust or estate planning vehicle, the beneficiary of which is the Holder or a member of the Holder’s immediate family; (c) by
virtue of the laws of descent and distribution upon death of the Holder; (d) pursuant to a qualified domestic relations order, (e) transfers
to the SPAC’s officers, directors or their affiliates, (f) pledges of Lock-up Shares as security or collateral in connection
with a borrowing or the incurrence of any indebtedness by the Holder, (g) transfers pursuant to a bona fide third-party tender offer,
merger, stock sale, recapitalization, consolidation or other transaction involving a change of control of ParentCo; provided,
however, that in the event that such tender offer, merger, recapitalization, consolidation or other such transaction is not completed,
the Lock-Up Shares subject to this Agreement shall remain subject to this Agreement, (h) the establishment of a trading plan pursuant
to Rule 10b5-1 promulgated under the Exchange Act, provided that the Holder shall not effect or cause to be effected, any public
filing, report or other public announcement regarding the establishment of the trading plan except as required by applicable law; provided
further, however, that such plan does not provide for the transfer of Lock-up Shares during the Lock-Up Period, (i) transfers
to satisfy tax withholding obligations in connection with the exercise of options to purchase ParentCo Shares or the vesting of stock-based
awards; (j) transfers in payment on a “net exercise” or “cashless” basis of the exercise or purchase price
with respect to the exercise of options to purchase ParentCo Shares; and (k) transactions to satisfy any U.S. federal, state, or
local income tax obligations of the Holder (or its direct or indirect owners) arising from a change in the U.S. Internal Revenue Code
of 1986, as amended (the “Code”), or the U.S. Treasury Regulations promulgated thereunder (the “Regulations”)
after the date on which the Business Combination Agreement was executed by the parties, and such change prevents the transactions contemplated
by the Business Combination Agreement from qualifying as a “reorganization” pursuant to Section 368 of the Code (and
the transactions contemplated by the Business Combination Agreement do not qualify for similar tax-free treatment pursuant to any successor
or other provision of the Code or Regulations taking into account such changes), in each case, solely to the extent necessary to cover
any tax liability as a result of the transactions; provided, however, that, in the case of any transfer pursuant to the
foregoing (a) through (e) clauses, it shall be a condition to any such transfer that the transferee/donee agrees to be bound
by the terms of this Agreement (including, without limitation, the restrictions set forth in the preceding sentence) to the same extent
as if the transferee/donee were a party hereto.

 

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3.             Representations
and Warranties. Each of the parties hereto, by their respective execution and delivery of this Agreement, hereby represents and warrants
to the other that (a) such party has the full right, capacity and authority to enter into, deliver and perform its respective obligations
under this Agreement, (b) this Agreement has been duly executed and delivered by such party and is a binding and enforceable obligation
of such party and, enforceable against such party in accordance with the terms of this Agreement, except as limited by applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally,
and by general equitable principles, and (c) the execution, delivery and performance of such party’s obligations under this
Agreement will not conflict with or breach the terms of any other agreement, contract, commitment or understanding to which such party
is a party or to which the assets or securities of such party are bound. The Holder has independently evaluated the merits of his/her/its
decision to enter into and deliver this Agreement, and such Holder confirms that he/she/it has not relied on the advice of Company, Company’s
legal counsel, or any other person.

 

4.            No
Additional Fees/Payment. Other than the consideration specifically referenced herein, the parties hereto agree that no fee, payment
or additional consideration in any form has been or will be paid to the Holder in connection with this Agreement.

 

5.             Termination.
This Agreement shall be binding upon Holder upon Holder’s execution and delivery of this Agreement, but this Agreement shall only
become effective upon the Closing. Notwithstanding anything to the contrary contained herein, this Agreement shall terminate (i) by
written agreement of the parties hereto terminating this Agreement, or (b) in the event that Business Combination Agreement is terminated
in accordance with its terms prior to the Closing. Upon termination of this Agreement, all rights and obligations of the parties hereunder
shall automatically terminate and be of no further force or effect. The representations and warranties contained in this Agreement shall
not survive the Closing or the termination of this Agreement.

 

6.             Notices.
Any notices required or permitted to be sent hereunder shall be sent in writing, addressed as specified below, and shall be deemed
given: (a) if by hand or recognized courier service, by 4:00 p.m. on a Business Day, addressee’s day and time, on the
date of delivery, and otherwise on the first Business Day after such delivery; (b) if by email, on the date that transmission is
confirmed electronically, if by 4:00 p.m. on a Business Day, addressee’s day and time, and otherwise on the first Business
Day after the date of such confirmation; or (c) five days after mailing by certified or registered mail, return receipt requested.
Notices shall be addressed to the respective parties as follows (excluding telephone numbers, which are for convenience only), or to
such other address as a party shall specify to the others in accordance with these notice provisions:

 

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(a)            If
to ParentCo, to:

 

Liminatus
Pharma, LLC

Address: 6 Centrepointe Dr. #625

La Palma, CA 90625

Attention: Chris Kim

E-mail: chris@liminatuspharma.com

 

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

 

Loeb & Loeb LLP

Address:
345 Park Avenue

Attention:
Mitchell Nussbaum

E-mail:
mnussbaum@loeb.com

 

(b)            If
to the Holder, to the address set forth on the Holder’s signature page hereto, with a copy, which shall not constitute notice,
to:

 

_________________________________

 

_________________________________

 

_________________________________

 

Email:

 

(c)            If
to Sponsor, to:

 

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 to (which shall not constitute
notice):

 

Holland & Knight LLP

One Arts Plaza

1722 Routh Street

Suite 1500

Dallas, TX 75201

Attention: Chauncey M. Lane

E-mail: Chauncey.Lane@hklaw.com

 

or to such other address(es) as any party may
have furnished to the others in writing in accordance herewith.

 

7.             Enumeration
and Headings. The enumeration and headings contained in this Agreement are for convenience of reference only and shall not control
or affect the meaning or construction of any of the provisions of this Agreement.

 

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8.             Counterparts.
This Agreement may be executed by facsimile, email or other electronic transmission and in any number of counterparts, each of which
when so executed and delivered shall be deemed an original, but all of which shall together constitute one and the same agreement.

 

9.             Successors
and Assigns. This Agreement and the terms, covenants, provisions and conditions hereof shall be binding upon, and shall inure to
the benefit of, the respective heirs, successors and assigns of the parties hereto. The Holder hereby acknowledges and agrees that this
Agreement is entered into for the benefit of and is enforceable by Company and its successors and assigns.

 

10.            Severability.
If any provision of this Agreement is held to be invalid or unenforceable for any reason, such provision will be conformed to prevailing
law rather than voided, if possible, in order to achieve the intent of the parties and, in any event, the remaining provisions of this
Agreement shall remain in full force and effect and shall be binding upon the parties hereto.

 

11.            Amendment.
This Agreement may be amended or modified by written agreement executed by each of the parties hereto.

 

12.            Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute
and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to
carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

13.            No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their
mutual intent, and no rules of strict construction will be applied against any party.

 

14.            Dispute
Resolution. Section 11.9 of the Business Combination Agreement is incorporated by reference herein to apply with full force
to any disputes arising under this Agreement.

 

15.            Governing
Law. Section 11.9 of the Business Combination Agreement is incorporated by reference herein to apply with full force to any
disputes arising under this Agreement.

 

16.            Controlling
Agreement. To the extent the terms of this Agreement (as amended, supplemented, restated or otherwise modified from time to time)
directly conflicts with a provisions in the Business Combination Agreement, the terms of this Agreement shall control.

 

17.            Other
Agreements. SPAC represents and warrants to Company Holder that this Agreement is in substantially the same form and substance (including
with respect to the types and percentage of holdings of securities subject to this Agreement, the time periods for the transfer restrictions,
and carve-outs from the transfer restrictions, which shall in each case be identical) as all other agreements to be executed in connection
with any other agreement by and between any other holder of shares of the Company and SPAC related to restrictions on transfer similar
to those set forth in this Agreement, except for the Letter Agreement, dated March 4, 2021, by and among SPAC, Sponsor and SPAC
officers and directors at the time of SPAC’s initial public offering, as amended, (the “Other Lock-Up Agreements”),
and each of SPAC and the Company hereby agrees that it will not change, amend or modify any of the terms of the Other Lock-Up Agreements
in a manner beneficial to any other holder of securities of the Company without similarly changing, amending or modifying such terms
of this Agreement.

 

    6

     

    

 

18.            Pro-Rata
Release. If, prior to the expiration of the Lock-Up Period set forth in this Agreement, the restrictions on transfer in any Other
Lock-Up Agreement are waived, terminated or suspended, in whole or in part, permanently or for a limited period of time, then this Agreement
shall be deemed to be automatically modified without any further action so that the restrictions on transfer set forth in this Agreement
are also waived, terminated or suspended on the same terms and for the same percentage of Lock-up Shares of the Holder. SPAC and the
Company shall, upon any such automatic modification of this Agreement, notify the Holder of such modification in writing as promptly
as reasonably practicable and in any event at least 12 hours prior to the open of trading markets on the date such waiver, termination
or suspension is to take effect.

 

19.            Entire
Agreement. For those parties to the Letter Agreement dated March 4, 2021 with the SPAC (the “Letter Agreement”)
which are also parties to this Agreement, the lock-up provisions in this Agreement shall supersede the lock-up provisions in the Letter
Agreement, including, for avoidance of doubt, Section 7 of the Letter Agreement. Such provisions of the Letter Agreement shall be
of no further force or effect as to such parties.

 

[Signature Pages Follow]

 

    7

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	IRIS PARENT
    HOLDING CORP.
	 	 
	 	By:	 /s/
    Chris Kim
	 	 	Name: Chris Kim
	 	 	Title: CEO, Secretary and Treasurer

 

[Signature
Page to Lock-Up Agreement]

 

     

     

    

 

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

 

[Signature
Page to Lock-Up Agreement]

 

     

     

    

 

		HOLDER:
	 	 
	 	Consonatus LLC
	 	 
	 	By: 	/s/
    Chris Kim
	 	 	Name: Chris Kim
	 	 	Title: CEO

 

[Signature
Page to Lock-Up Agreement]

 

     

     

    

 

		HOLDER:
	 	 
	 	Car-Tcellkor Inc.
	 	 
	 	By:	 /s/
    Sanghyuk Oh
	 	 	Name: Sanghyuk Oh
	 	 	Title: CFO and Secretary

 

[Signature
Page to Lock-Up Agreement]

 

     

     

    

 

		HOLDER:
	 	 
	 	Curis Biotech Holdings LLC
	 	 
	 	By:	 /s/
    Chris Kim
	 	 	Name: Chris Kim
	 	 	Title: CEO

 

[Signature
Page to Lock-Up Agreement]

 

     

     

    

 

		HOLDER:
	 	 
	 	Ewon Comfortech Co., Ltd
	 	 
	 	By:	 /s/
    Kyeong Hoon Lee
	 	 	Name: Kyeong Hoon Lee
	 	 	Title: CEO

 

[Signature
Page to Lock-Up Agreement]

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