Document:

Exhibit 10.7

 

EXECUTION
VERSION

 

FORWARD
PURCHASE AGREEMENT 

 

This
Forward Purchase Agreement (this “Agreement”) is entered into as of September 1, 2020, by and between CM Life
Sciences, Inc., a Delaware corporation (the “Company”), and Corvex Management LP, a Delaware limited partnership,
acting solely in its capacity as investment advisor (in such capacity, the “Advisor”) to one or more investment
funds, clients or accounts (collectively, “Clients”) managed from time to time by the Advisor.

 

Recitals

 

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

 

WHEREAS,
the Company has filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement
on Form S-1 (the “Registration Statement”) for its initial public offering (“IPO”) of 38,500,000
units (or 44,275,000 units if the underwriters’ over-allotment option (the “IPO Option”) is exercised
in full) (the “Public Units”) at a price of $10.00 per Public Unit, each Public Unit comprised of one share
of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Shares,” and
the Class A Shares included in the Public Units, the “Public Shares”), and one-third of one redeemable
warrant, where each whole redeemable warrant is exercisable to purchase one Class A Share at an exercise price of $11.50
per share (the “Warrants,” and the Warrants included in the Public Units, the “Public Warrants”);

 

WHEREAS,
the Company’s sponsor, CMLS Holdings, LLC, and certain of the Company’s independent director nominees have severally
agreed to purchase an aggregate of 6,466,667 warrants (or 7,236,667 warrants if the IPO Option is exercised in full) at a price
of $1.50 per warrant in a private placement that will close simultaneously with the closing of the IPO (the “Private
Placement Warrants”);

 

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

 

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

 

WHEREAS,
concurrently with this Agreement, the Company has entered into an agreement in the form of this Agreement (the “Other
Forward Contract”) with Casdin Capital, LLC, acting solely in its capacity as investment advisor to one or more Clients
managed from time to time by such advisor pursuant to which such advisor may allocate to one or more of such Clients or assign
to one or more third parties the obligation to purchase forward purchase shares (the advisor under the Other Forward Contract
together with the Advisor, the “Advisors,” and the purchasers under the Other Forward Contract together with
the Purchasers, the “Forward Contract Parties” and each, a “Forward Contract Party”) for
the purchase of up to an aggregate of 7,500,000 Class A Shares, for a purchase price of $10.00 per share, upon the Business Combination
Closing for an aggregate purchase price of $75,000,000;

 

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

 

     

     

    

 

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

 

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

 

Agreement

 

		1.	Sale
                                         and Purchase.

 

(a) Forward
Purchase Shares.

 

(i) Subject
to Sections 1(a)(ii), (iii), and (iv) hereof, the Company shall issue and sell to the Purchaser or Purchasers,
determined as set forth in Section 1(a)(ii)(B) hereof, and the Purchaser or Purchasers shall purchase from the Company,
up to an aggregate maximum of 7,500,000 Forward Purchase Shares (the “Maximum Shares”), for a purchase price
of $10.00 per Forward Purchase Share (the “Forward Purchase Price”), or up to a maximum of $75,000,000 in the
aggregate.

 

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

 

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

 

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

 

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

 

    2

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    3

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    4

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(i) 380,000,000
Class A Shares, none of which are issued and outstanding.

 

(ii) 20,000,000
shares of the Company’s Class B common stock, par value $0.0001 per shares (the “Class B Shares”),
11,068,750 of which are issued and outstanding. All of the outstanding Class B Shares have been duly authorized, are fully
paid and nonassessable and were issued in compliance with all applicable federal and state securities laws.

 

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

 

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

 

    6

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(a) Offer
Notice.

 

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

 

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

 

(b) Exercise
of Right of First Offer.

 

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

 

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

 

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

 

(c) Excluded
Securities. For purposes hereof, the term “Excluded Securities” means Class B Shares (and Class A Shares
for which such Class B Shares are convertible) issued to the Sponsor prior to the IPO, private placement warrants issued by the
Company in connection with the IPO for $1.50 per warrant for an aggregate of $9,700,000 (or $10,855,000 if the underwriters’
over-allotment option is exercised in full) and which have the same exercise price as the Warrants (“Private Placement
Warrants”) issued pursuant to a private placement agreement by and among the Company and the parties thereto (the “Private
Placement Warrant Agreement”), working capital loans to the Company to finance transaction costs in connection with
an intended initial Business Combination to the extent they may be convertible at the option of the lender into warrants of the
post- initial Business Combination entity (“Working Capital Loans”)), warrants issued upon the conversion of
Working Capital Loans, any securities issued by the Company as consideration to any seller in the initial Business Combination
and any Class A Shares issued pursuant to this Agreement or the Other Forward Contract. 

 

    8

     

    

 

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

 

6.
Registration Rights; Transfer

 

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

 

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

 

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

 

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

 

    9

     

    

 

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

 

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

 

(b) Trust
Account.

 

(i) The
Purchaser hereby acknowledges that it is aware that the Company will establish the Trust Account for the benefit of its public
stockholders upon the IPO Closing. The Purchaser, for itself and its affiliates, hereby agrees that it has no right, title, interest
or claim of any kind in or to any monies held in the Trust Account, or any other asset of the Company as a result of any liquidation
of the Company, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held
by it.

 

(ii) The
Purchaser hereby agrees that it shall have no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future, except for redemption and liquidation rights, if any, the Purchaser may have in respect
of any Public Shares held by it. In the event the Purchaser has any Claim against the Company under this Agreement, the Purchaser
shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the property or any
monies in the Trust Account, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public
Shares held by it.

 

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

 

9.
Forward Closing Conditions.

 

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

 

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

 

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

 

    10

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b) automatically

 

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

 

    11

     

    

 

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

 

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

 

		11.	General
                                         Provisions.

 

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

 

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

 

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

 

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

 

(d) Entire
Agreement. This Agreement, together with any documents, instruments and writings that are delivered pursuant hereto or referenced
herein, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes
all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate
in any way to the subject matter hereof or the transactions contemplated hereby.

 

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

 

    12

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    13

     

    

 

(o) Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations
promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,”
and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine,
feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to
include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,”
“hereof,” “hereby,” “hereunder,” and words of similar import refer to
this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each
representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any
representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty
or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has
not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty,
or covenant.

 

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

 

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

 

[Signature
Page Follows]

 

    14

     

    

 

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

 

	ADVISOR:	 
	 	 
	CORVEX
    MANAGEMENT LP	 
	 	 	 
	By:	/s/
                                         Keith Meister
	 
	Name: 	Keith
    Meister	 
	Title:	 	 

 

	COMPANY:	 
	 	 
	CM LIFE SCIENCES, INC.	 
	 	 	 
	By:	/s/
        Brian Emes
	 
	Name: 	Brian Emes	 
	Title:	Chief Financial
    Officer and Secretary	 

 

[Signature Page to Forward Purchase
Agreement]

 

     

     

    

 

EXHIBIT
A

 

FORM
OF PURCHASER JOINDER

 

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

 

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

 

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

 

	 	PURCHASER:
	 	 
	 	[                                                             ]
	 	 
	 	By:	     
	 	Name: 	                                                 
	 	Title: 	   
	 	 
	 	Address for Notices:    
	 	 
	 	COMPANY:
	 	 
	 	CM LIFE SCIENCES, INC.
	 	 
	 	By:	     
	 	Name: 	   
	 	Title: 	   

 

     

     

    

 

SCHEDULE
A

 

ALLOCATION
OF FORWARD PURCHASE SHARES

 

The
following allocation of Forward Purchase Shares has been made:

 

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

 

TO
BE EXECUTED UPON ALLOCATION OF FORWARD PURCHASE SECURITIES:

 

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

 

	 	PURCHASER:
	 	 
	 	[                                                             ]
	 	 
	 	By:	     
	 	Name: 	                                                 
	 	Title: 	   
	 	 
	 	Address for Notices:    
	 	 
	 	COMPANY:
	 	 
	 	CM LIFE SCIENCES, INC.
	 	 
	 	By:	     
	 	Name: 	   
	 	Title: 	   

 

     

     

    

 

EXHIBIT B

 

FORM
OF TRANSFEREE JOINDER

 

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

 

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

 

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

 

	 	[ 
                            ]
	 	 
	 	By:	     
	 	Name: 	                                                 
	 	Title: 	   
	 	 
	 	Address for Notices:    
	 	 
	 	CM LIFE SCIENCES, INC.
	 	 
	 	By:	     
	 	Name: 	   
	 	Title: 	   

 

     

     

    

 

SCHEDULE
B

 

SCHEDULE
OF TRANSFERS OF FORWARD PURCHASE SHARES 

 

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

 

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

 

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

 

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

 

	[              ]	 	CM
    LIFE SCIENCES, INC.
	 	 	 	 	
	By:	 	 	By:	 
	Name: 	            	 	Name: 	         
	Title:	 	 	Title:FOURTH AMENDED REPLACEMENT AND RESTATED
CREDIT AGREEMENT

New York

August 31, 2020

 

	Borrower:  	Corning Natural Gas Corporation
	a(n) o individual  x corporation  o general partnership   o limited liability company   o
	organized under the laws of 	 New York 
	having its chief executive office at	 330 West William Street, Corning, New York 14830

 

		Bank:	M&T BANK, a New York banking corporation with its chief executive office at One M&T
Plaza, Buffalo, NY 14203. Attention: Office of General Counsel.

 

The Bank and the Borrower agree as follows:

 

1.       DEFINITIONS.

 

		a.	“Agreement” means this Fourth Amended Replacement and Restated Credit
Agreement.

 

		b.	“Capital Expenditures” (“CAPEX”) means, at any time, all acquisitions
of machinery, equipment, land, leaseholds, buildings, improvements and all other expenditures considered to be for fixed assets
under G.A.A.P., consistently applied. Where an asset is acquired under a capital lease, the amount required to be capitalized shall
be considered a capital expenditure during the first year of the lease.

 

		c.	“Cash Flow” means the sum of (i) net income after
tax, dividends and distributions, plus (ii) depreciation expense and amortization, plus (iii) Interest Expense, plus (iv) non-cash
expenses and minus (v) non-cash income, all determined in accordance with G.A.A.P.

 

		d.	“Cash Flow Coverage” means the ratio of Cash Flow to the sum of (i) the current
portion of all Long Term Debt as specified in the financial statement dated twelve (12) months prior, plus (ii) Interest Expense,
all determined in accordance with G.A.A.P

 

		e.	“Credit” means any and all credit facilities and any other financial accommodations
made by the Bank in favor of the Borrower whether now or hereafter in existence.

 

		f.	“Current Assets” means, at any time, the aggregate amount of all current assets,
including, but not limited to, cash, cash equivalents, marketable securities, receivables maturing within twelve (12) months from
such time, and inventory (net of LIFO Reserve), but excluding prepaid expenses and officer, stockholder, employee and related entity
advances and receivables, all as determined in accordance with G.A.A.P.

 

		g.	“Current Maturity of Long-Term Debt” (“CMLTD”) means, for any period,
the scheduled principal loan or capital lease payments paid or required to be paid during the applicable period.

 

		h.	“Current Liabilities” means, at any time, the aggregate amount of all liabilities
and obligations which are due and payable on demand or within twelve (12) months from such time, or should be properly reflected
as attributable to such twelve (12) month period in accordance with G.A.A.P.

 

	 	i.  	“Current Ratio” means the ratio of Current Assets to Current Liabilities.

 

		j.	“Distributions” means any dividend or other form of distribution (whether in
cash, securities or other property) with respect to any stock, membership or other form of equity interest in Borrower or any Subsidiary,
or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the
purchase, redemption, retirement, acquisition, cancellation or termination of any such interests or any option, warrant or other
right to acquire any such interests, in each case in accordance with the applicable governing documents of Borrower or Subsidiary,
as the case may be, or otherwise.

 

     

     

    

		k.	“EBITDA” shall mean net income after tax, plus depreciation, plus amortization,
plus interest expense, plus non-cash expenses, less non-cash income, all as determined in accordance with G.A.A.P.

 

		l.	“Fixed Charge Coverage Ratio” means, at any time, EBITDA less CAPEX less Distributions
(but not preferred dividends) plus rental and operating lease payments plus other defined fixed charges.

 

		m.	“G.A.A.P.” means, with respect to any date of determination, generally accepted
accounting principles as used by the Financial Accounting Standards Board and/or the American Institute of Certified Public Accountants
consistently applied and maintained throughout the periods indicated.

 

		n.	“Interest Expense” means all finance charges reflected on the income statement
as interest expense for all obligations of Borrower to any person, including, but not limited to, Bank, as shown on any properly
prepared balance sheet in accordance with G.A.A.P.

 

		o.	“Long Term Debt” means all obligations of Borrower to any person, including,
but not limited to, the Obligations, payable more than twelve (12) months from the date of their creation, which in accordance
with G.A.A.P. are properly shown on the balance sheet as a liability (excluding reserves for deferred income taxes) for the period
then ended.

 

		p.	“Obligations” means
any and all indebtedness or other obligations of the Borrower to the Bank in any capacity, now existing or hereafter incurred,
however created or evidenced, regardless of kind, class or form, whether direct, indirect, absolute or contingent (including obligations
pursuant to any guaranty, endorsement, other assurance of payment or otherwise), whether joint or several, whether from time to
time reduced and thereafter increased, or entirely extinguished and thereafter reincurred, together with all extensions, renewals
and replacements thereof, and all interest, fees, charges, costs or expenses which accrue on or in connection with the foregoing,
including any indebtedness or obligations (i) not yet outstanding but contracted for, or with regard to which any other commitment
by the Bank exists; (ii) arising prior to, during or after any pendency of any bankruptcy, insolvency, receivership or other similar
proceeding, regardless of whether allowed or allowable in such proceeding; (iii) owed by the Borrower to others and which the Bank
obtained, or may obtain, by assignment or otherwise; and (iv) payable under this Agreement.

 

		q.	“Permitted Distributions” has the meaning set forth in the Schedule.

 

		r.	“Permitted Guaranties” has the meaning set forth in the Schedule.

 

		s.	“Permitted Indebtedness” has the meaning set forth in the Schedule.

 

		t.	“Permitted Investments” has the meaning set forth in the Schedule.

 

		u.	“Permitted Liens” has the meaning set forth in the Schedule.

 

		v.	“Permitted Loans” has the meaning set forth in the Schedule.

 

		w.	“Quick Ratio” means the ratio of Current Assets less inventory (net of LIFO
Reserve), to Current Liabilities.

 

		x.	“Schedule” means Schedule A, attached hereto and made a part hereof.

 

		y.	“Subordinated Debt” means all indebtedness of the Borrower which has been formally
subordinated to payment and collection of the Obligations on written terms approved by Bank in writing.

 

		z.	“Subsidiary” means any corporation or other business entity of which at least
fifty percent (50%) of the voting stock or other ownership interest is owned by the Borrower directly or indirectly through one
or more Subsidiaries.

 

		aa.	“Tangible Net Worth” means the aggregate assets
of Borrower excluding all intangible assets, including, but not limited to, goodwill, licenses, trademarks, patents, copyrights,
organization costs, appraisal surplus, officer, stockholder, related entity and employee advances or receivables, mineral rights
and the like, less liabilities, plus Subordinated Debt, all determined in accordance with G.A.A.P. (except to the extent that under
G.A.A.P. “tangible net worth” excludes leasehold improvements which are included in “Tangible Net Worth”
as defined herein).

 

		bb.	“Total Funded Debt” means the sum of all obligations for borrowed money (including
Subordinated Debt and guaranties of obligations for borrowed money plus all capital lease obligations.

 

		cc.	“Total Liabilities” means the aggregate amount of all assets of the Borrower
less the sum of shareholder equity and Subordinated Debt (if any), as shown on the balance sheet properly prepared in accordance
with G.A.A.P.

 

     

     

    

		dd.	“Transaction Documents” means this Agreement and all documents, instruments
or other agreements by the Borrower in favor of the Bank in connection (directly or indirectly) with the Obligations, whether now
or hereafter in existence, including, without limitation, promissory notes, security agreements, guaranties and letter of credit
reimbursement agreements.

 

		ee.	“Unencumbered Liquid Assets” means cash, cash equivalents and/or publicly traded/quoted
marketable securities acceptable to Bank in its sole discretion, free of any lien or other encumbrance. Account assets held in
a fiduciary capacity by Borrower shall not qualify as Unencumbered Liquid Assets.

 

		ff.	“Unfunded Capital Expenditures” means, for any relevant period, the amount of
Capital Expenditures paid for out of ordinary operating cash flow and not financed through the incurrence of debt or the issuance
of equity.

 

		gg.	“Working Capital” means that amount which is equal to the excess of Current
Assets over Current Liabilities.

 

		hh.	Corning Revolver. Means the Replacement Daily Adjusting LIBOR Revolving Note between Bank and
Corning Natural Gas Corporation dated August 31, 2020 in the maximum principal amount of $8,000,000.00, including any extension
or modification thereof. 

 

		2.	REPRESENTATIONS AND WARRANTIES. The Borrower makes the following representations and warranties
and any “Additional Representations and Warranties” on the Schedule, all of which shall be deemed to be continuing
representations and warranties as long as this Agreement is in effect:

 

	 	a)	Good Standing; Authority. The Borrower and each Subsidiary (if either is not an individual) is duly organized, validly
existing and in good standing under the laws of the jurisdiction in which it was formed. The Borrower and each Subsidiary is duly
authorized to do business in each jurisdiction in which failure to be so qualified might have a material adverse effect on its
business or assets and has the power and authority to own each of its assets and to use them in the ordinary course of business
as contemplated now and in the future.

 

	 	b)	Compliance. The Borrower and each Subsidiary conducts its business and operations and the ownership of its assets in compliance
with each applicable statute, regulation and other law, including environmental laws. All approvals, including authorizations,
permits, consents, franchises, licenses, registrations, filings, declarations, reports and notices (the “Approvals”)
necessary for the conduct of the Borrower’s and each Subsidiary’s business and for the Credit have been duly obtained
and are in full force and effect. The Borrower and each Subsidiary is in compliance with the Approvals. The Borrower and each
Subsidiary (if either is not an individual) is in compliance with its certificate of incorporation, by-laws, partnership agreement,
articles of organization, operating agreement or other applicable organizational or governing document as may be applicable to
the Borrower or a Subsidiary depending on its organizational structure (“Governing Documents”). The Borrower and each
Subsidiary is in compliance with each agreement to which it is a party or by which it or any of its assets is bound.

 

	 	c)	Legality. The execution, delivery and performance by the Borrower of this Agreement and all related documents, including
the Transaction Documents, (i) are in furtherance of the Borrower’s purposes and within its power and authority; (ii) do
not (A) violate any statute, regulation or other law or any judgment, order or award of any court, agency or other governmental
authority or of any arbitrator with respect to the Borrower or any Subsidiary or (B) violate the Borrower’s or any Subsidiary’s
Governing Documents (if either is not an individual), constitute a default under any agreement binding on the Borrower or any
Subsidiary or result in a lien or encumbrance on any assets of the Borrower or any Subsidiary; and (iii) if the Borrower or any
Subsidiary is not an individual, have been duly authorized by all necessary organizational actions.

 

	 	d)	Fiscal Year. The fiscal year of the Borrower is the calendar year unless the following blank states otherwise: year ending
September 30th.

 

	 	e)	Title to Assets. The Borrower and each Subsidiary has good and marketable title to each of its assets free of security
interests, mortgages or other liens or encumbrances, except as set forth on the Schedule titled “Permitted Liens”
or pursuant to the Bank’s prior written consent.

 

	 	f)	Judgments and Litigation. There is no pending or threatened claim, audit, investigation, action or other legal proceeding
or judgment, order or award of any court, agency or other governmental authority or arbitrator (any, an “Action”)
which involves the Borrower, its Subsidiaries or their respective assets and might have a material adverse effect upon the Borrower
or any Subsidiary or threaten the validity of the Credit, any Transaction Document or any related document or action. Borrower
will immediately notify the Bank in writing upon acquiring knowledge of any such Action.

 

     

     

    

	 	g)	Full Disclosure. Neither this Agreement nor any certificate, financial statement or other writing provided to the Bank
by or on behalf of the Borrower or any Subsidiary contains any statement of fact that is incorrect or misleading in any material
respect or omits to state any fact necessary to make any such statement not incorrect or misleading. The Borrower has not failed
to disclose to the Bank any fact that might have a material adverse effect on the Borrower or any Subsidiary.

 

		3.	AFFIRMATIVE COVENANTS. So long as this Agreement is in effect, the Borrower will comply,
and cause each of its Subsidiaries to comply, with the following covenants and any other “Additional Affirmative Covenant”
contained in the Schedule:

 

a)     Financial Statements and Other Information.
Promptly deliver to the Bank (i) within sixty (60) days after the end of each of its first three fiscal quarters, an internally
prepared financial statement of the Borrower and each subsidiary as of the end of such quarter, which financial statement
shall consist of income and cash flows for the quarter, for the corresponding quarter in the previous fiscal year and for the
period from the end of the previous fiscal year, with a consolidating and consolidated balance sheet as of the fiscal year
end all in such detail as the Bank may request; (ii) Borrower shall cause Corning Natural Gas Holding Corporation (“Holding”)
to promptly deliver to the Bank copies of all annual reports, proxy statements and similar information distributed to shareholders,
partners or members and of all filings with the Securities and Exchange Commission and the Pension Benefit Holding Corporation
and shall provide in form satisfactory to the Bank: (i) within sixty (60) days after the end of each of its first three
fiscal quarters, consolidating and consolidated statements of income and cash flows for the quarter, for the corresponding quarter
in the previous fiscal year and for the period from the end of the previous fiscal year, with a consolidating and consolidated
balance sheet as of the quarter end; and (ii) within one-hundred twenty days (120) after the end of each fiscal year, consolidating
and consolidated statements of Holding’s income and cash flows and its consolidating and consolidated balance sheet
as of the end of such fiscal year, setting forth comparative figures for the preceding fiscal year and to be:

 

x audited
          o reviewed          q compiled

 

by an independent certified public accountant
acceptable to the Bank; all such statements shall be certified by Holding’s chief financial officer or partner to
be correct, not misleading and in accordance with Holding’s records and to present fairly the results of Holding’s
operations and cash flows and if annual its financial position at year end in conformity with generally accepted accounting
principles. If no box is checked, Holding shall deliver financial statements and information in the form and at the times
satisfactory to the Bank. Holding represents that its assets are not subject to any liens, encumbrances or contingent liabilities
except as fully disclosed to the Bank in such statements. Holding authorizes the Bank from time to time to obtain, verify
and review all financial data deemed appropriate by the Bank in connection with the Obligations, including without limitation credit
reports from agencies. Holding understands this requirement and has satisfied itself as to its meaning and consequences
and acknowledges that it has made its own arrangements for keeping informed of changes or potential changes affecting the Borrower
including the Borrower’s financial condition; within one hundred twenty (120) days after the end of each fiscal year,
internally prepared statement of the Borrower and internally prepared consolidating and consolidated statements of income and
cash flows and its consolidating and consolidated balance sheet as of the end of such fiscal year, setting forth comparative figures
for the preceding fiscal year; all such statements shall be certified by the Borrower’s chief financial officer to be correct
and in accordance with the Borrower’s and each Subsidiary’s records and to present fairly the results of the Borrower’s
and each Subsidiary’s operations and cash flows and its financial position at year end; and (iii) with each of the financial
statements set forth above in clauses (i) and (ii) statement of income, a certificate executed by the Borrower’s chief executive
or chief financial officers or other such person responsible for the financial management of the Borrower (A) setting forth the
computations required to establish the Borrower’s compliance with each financial covenant, if any, during the statement period,
(B) stating that the signer of the certificate has reviewed this Agreement and the operations and condition (financial or other)
of the Borrower and each of its Subsidiaries during the relevant period and (C) stating that no Event of Default occurred during
the period, or if an Event of Default did occur, describing its nature, the date(s) of its occurrence or period of existence and
what action the Borrower has taken with respect thereto; and (iv) prior to December 31 of each year, Borrower’s operating
and capital budgets for the succeeding year. The Borrower shall also promptly provide the Bank with copies of all annual reports,
proxy statements and similar information distributed to shareholders, partners or members, and copies of all filings with the Securities
and Exchange Commission and the Pension Benefit Guaranty Corporation, and shall provide, in form satisfactory to the Bank, such
additional information, reports or other information as the Bank may from time to time reasonably request regarding the financial
and business affairs of the Borrower or any Subsidiary. If the Borrower is an individual, the Borrower shall provide annually a
personal financial statement in form and detail acceptable to the Bank and such other financial information as the Bank may from
time to time reasonably request. Promptly upon the request of the Bank from time to time, Borrower shall supply all additional
information requested and permit the Bank’s officers, employees, accountants, attorneys and other agents to (x) visit and
inspect each of Borrower’s premises, (y) Upon no less than seven (7) days advance written notice to Borrower Bank may, at
Bank’s sole expense, examine, audit, copy and extract from Borrower’s records and (z) 

     

     

    

discuss Borrower’s or its
affiliates’ business, operations, assets, affairs or condition (financial or other) with its responsible officers and independent
accountants.

 

	 	a)	Accounting; Tax Returns and Payment of Claims. Maintain a system of accounting and reserves in accordance with generally
accepted accounting principles, has filed and will file each tax return required of it and, except as disclosed in the Schedule,
has paid and will pay when due each tax, assessment, fee, charge, fine and penalty imposed by any taxing authority upon it or
any of its assets, income or franchises, as well as all amounts owed to mechanics, materialmen, landlords, suppliers and the like
in the normal course of business. Borrower shall notify Bank of any pending assessments or adjustments of its income tax payable
with respect to any year.

 

	 	b)	Inspections. Promptly upon the Bank’s request permit the Bank’s officers, attorneys or other agents to inspect
its and its Subsidiary’s premises, examine and copy its records and discuss its and its Subsidiary’s business, operations
and financial or other condition with its and its Subsidiary’s responsible officers and independent accountants.

 

	 	c)	Operating Accounts. Maintain all bank accounts with the Bank.

 

	 	d)	Changes in Management and Control. Immediately upon any change in the identity of the Borrower’s chief executive
officers or in its beneficial ownership, the Borrower will provide to the Bank a certificate executed by its senior individual
authorized to transact business on behalf of the Borrower, specifying such change.

 

	 	e)	Notice of Defaults, Change of Address and Material Adverse Changes. Immediately upon acquiring reason to know of (i) any
Event of Default, (ii) any event or condition that might have a material adverse effect upon the Borrower or any Subsidiary or
(iii) any change of its address or of the location of any collateral securing the Obligations, or (iv) any Action, the Borrower
will provide to the Bank a certificate executed by the Borrower’s senior individual authorized to transact business on behalf
of the Borrower, specifying the date(s) and nature of the event or the Action and what action the Borrower or its Subsidiary has
taken or proposes to take with respect to it.

 

	 	f)	Insurance. Maintain its property in good repair and will on request provide the Bank with evidence of insurance coverage
satisfactory to the Bank, including fire and hazard, liability, workers’ compensation and business interruption insurance
and flood hazard insurance as required.

 

	 	g)	Further Assurances. Promptly upon the request of the Bank, the Borrower will execute and deliver each writing and take
each other action that the Bank deems necessary or desirable in connection with any transaction contemplated by this Agreement.
In the event that Borrower or any of its Subsidiaries shall create or acquire a new Subsidiary after the date hereof but while
this Agreement is in effect or any Obligation remains outstanding, Borrower shall cause such new Subsidiary to execute such agreements
or other documents as shall be required in Bank’s sole and absolute discretion so as to join this Agreement as an additional
borrower, guarantor or such other capacity as Bank deems appropriate in its sole and absolute discretion. Borrower shall deliver
such resolutions, organizational documents, and such other items as Bank may reasonably requires in connection with same.

 

		i.	Additional Closing Conditions. As an additional condition to any advance of new funds to Borrower
on or after the date of this Agreement to be evidenced by the Multiple Disbursement Term Note: (i) Borrower must provide to Bank
evidence that it has contributed from working capital the amount of not less than 40% of the cost of any capital expenditure project
financed with such advance; and (ii) Borrower must provide a copy of its most current capital expenditure tracking report submitted
to the State of New York Public Service Commission with any request for advance.

 

		4.	NEGATIVE COVENANTS. As long as this Agreement is in effect, the Borrower shall not violate,
and shall not suffer or permit any of its Subsidiaries to violate, any of the following covenants and any “Additional Negative
Covenant” on the Schedule. The Borrower shall not:

 

	 	a)	Intentionally Omitted.

 

	 	b)	Intentionally Omitted.

 

	 	c)	Intentionally Omitted.

 

	 	d)	Intentionally Omitted.

 

	 	e)	Intentionally Omitted. 

 

	 	f)	Intentionally Omitted. 

 

     

     

    

	 	g)	Changes In Form or Control. (i) Transfer or dispose of substantially all of its assets, (ii) acquire substantially all
of the assets of any other entity, (iii) do business under or otherwise use any name other than its true name or (iv) make any
material change in its business, structure, ownership, purposes or operations that might have a material adverse effect on the
Borrower or any of its Subsidiaries. If the Borrower or any Subsidiary is not an individual, (i) participate in any merger, consolidation
or other absorption or (ii) make, terminate or permit to be revoked any election pursuant to Subchapter S of the Internal Revenue
Code.

 

		h.	Sale of Assets. Sell, transfer lease or otherwise dispose of any assets (including, without
limitation, pursuant to any sale/leaseback transaction, securitization transaction, or with respect to any equity interest owned
by it) other than sales, transfers and dispositions of (y) inventory in the ordinary course of business and (z) used, obsolete,
worn out or surplus equipment or property in the ordinary course of business;

 

		5.	FINANCIAL COVENANTS. During the term of this Agreement, the Borrower shall not violate,
and shall not suffer or permit any of its Subsidiaries to violate, any of the following covenants (complete applicable financial
covenant) or any Additional Financial Covenants on the Schedule. For purposes of this Section, if the Borrower has any Subsidiaries
all references to the Borrower shall include the Borrower and all of its Subsidiaries on a consolidated basis. Unless a different
measurement period is specified, compliance for the financial covenants shall be required at all times.

 

o     A.     Borrower
shall maintain Tangible Net Worth of not less than $_________________, measured (select one: quarterly or annually) ______________
as of each (select one: quarter or fiscal year) ___________ end.

 

x     B.     Borrower
shall maintain a ratio of Total Funded Debt, excluding the then principal balance on the Corning Revolver, to Tangible
Net Worth of not greater than 1:40:1.0, measured quarterly based on Borrower’s trailing twelve (12) month
operating performance as reflected in Borrower’s fiscal quarterly financial statements. 

 

o     C.     Borrower
shall maintain a Fixed Charge Coverage Ratio of not less than [___.___] to 1.00 measured quarterly on a trailing twelve month basis,
commencing with the period ending [__________________].

 

x     D.     Borrower
shall maintain a ratio of Total Funded Debt, excluding the then principal balance due on the Corning Revolver to EBITDA
of not greater than 3.75:1.0, measured quarterly based on Borrower’s trailing twelve (12) month operating
performance as reflected in Borrower’s fiscal quarterly financial statements

 

o     E.     Borrower
shall not have suffered a net loss as of each fiscal year end, as determined in accordance with G.A.A.P., as reflected on its financial
statements furnished to Bank pursuant to the requirements of this Agreement.

 

o     F.     Borrower
shall maintain a Current Ratio of not less than ________________:______________, measured (select one: quarterly or annually) ______________
as of each (select one: quarter or fiscal year) ___________ end.

 

o     G.     Borrower
shall maintain a Quick Ratio of not less than ________________ to 1.00, measured [quarterly/annually] as of each quarter/fiscal
year] end.

 

o     H.     Borrower
shall maintain Working Capital of not less than $______________________________, measured (select one: quarterly or annually) ______________
as of each (select one: quarter or fiscal year)___________ end.

 

x     I.     Minimum
Cash Flow Coverage ratio. Borrower shall maintain Cash Flow Coverage of not less than 1.10:1.0, measured
quarterly based on Borrower’s trailing twelve (12) month operating performance as reflected in Borrower’s fiscal quarterly
financial statements. 

 

o     J.     Without
the prior written consent of Bank, Borrower shall not make any Capital Expenditures in excess of $______________ in the aggregate
during any fiscal year of Borrower.

 

o     K.     Borrower
shall not pay or accrue during any fiscal year compensation (including but not limited to all salary, bonuses, consulting, management
or other fees, rentals and other payments to any person owning or managing 5%or more of the Borrower or any relative or cohabitant
of such a person, and to any entity under common control with or controlling the Borrower) exceeding $_______________ in the aggregate.

 

o     L.     Borrower
shall not become obligated as lessee pursuant to operating leases exceeding $_______________ in the aggregate during any fiscal
year.

 

     

     

    

		6.	DEFAULT.

 

	 	a)	Events of Default. Any of the following events or conditions shall constitute an “Event of Default”: (i) failure
by the Borrower to pay when due (whether at the stated maturity, by acceleration, upon demand or otherwise) the Obligations, or
any part thereof, or there occurs any event or condition which after notice, lapse of time or after both notice and lapse of time
will permit acceleration of any Obligation; (ii) default by the Borrower in the performance of any obligation, term or condition
of this Agreement, the other Transaction Documents or any other agreement with the Bank or any of its affiliates or subsidiaries
(collectively, “Affiliates”); (iii) failure by the Borrower to pay when due (whether at the stated maturity, by acceleration,
upon demand or otherwise) any indebtedness or obligation owing to any third party or any Affiliate, the occurrence of any event
which could result in acceleration of payment of any such indebtedness or obligation or the failure to perform any agreement with
any third party or any Affiliate; (iv) the Borrower is dissolved, becomes insolvent, generally fails to pay or admits in writing
its inability generally to pay its debts as they become due; (v) the Borrower makes a general assignment, arrangement or composition
agreement with or for the benefit of its creditors or makes, or sends notice of any intended, bulk sale; the sale, assignment,
transfer or delivery of all or substantially all of the assets of the Borrower to a third party; or the cessation by the Borrower
as a going business concern; (vi) the Borrower files a petition in bankruptcy or institutes any action under federal or state
law for the relief of debtors or seeks or consents to the appointment of an administrator, receiver, custodian or similar official
for the wind up of its business (or has such a petition or action filed against it and such petition action or appointment
is not dismissed or stayed within forty-five (45) days; (vii) the reorganization, merger, consolidation or dissolution of
the Borrower (or the making of any agreement therefor); (viii) the death or judicial declaration of incompetency of the Borrower,
if an individual; (ix) the entry of any judgment or order of any court, other governmental authority or arbitrator against the
Borrower which Bank in good faith determines shall have a material adverse effect on the Borrower or the Borrower’s ability
to pay or perform the Obligations; (x) falsity, omission or inaccuracy of facts submitted to the Bank or any Affiliate (whether
in a financial statement or otherwise); (xi) an adverse change in the Borrower, its business, assets, operations, affairs or condition
(financial or otherwise) from the status shown on any financial statement or other document submitted to the Bank or any Affiliate,
and which change the Bank determines will have a material adverse effect on (a) the Borrower, its business, assets, operations
or condition (financial or otherwise), or (b) the ability of the Borrower to pay or perform the Obligations; (xii) any pension
plan of the Borrower fails to comply with applicable law or has vested unfunded liabilities that, in the opinion of the Bank,
might have a material adverse effect on the Borrower’s ability to repay its debts; (xiii) failure of the Borrower to supply
new or additional collateral within ten (10) days of request by the Bank; (xiv) the occurrence of any event described in sub-paragraph(i)
through and including(xiii) hereof with respect to any Subsidiary or to any endorser, guarantor or any other party liable for,
or whose assets or any interest therein secures, payment of any of the Obligations; or (xv) the Bank in good faith deems itself
insecure with respect to payment or performance of the Obligations.

 

	 	b)	Rights and Remedies Upon Default. Upon the occurrence of any Event of Default, the Bank without demand of performance or
other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law) to or upon the Borrower,
any Subsidiary or any other person (all and each of which demands, presentments, protests, advertisements and notices are hereby
waived), may exercise all rights and remedies under the Borrower’s or its Subsidiaries’ agreements with the Bank or
its Affiliates, applicable law, in equity or otherwise and may declare all or any part of any Obligations not payable on demand
to be immediately due and payable without demand or notice of any kind and terminate any obligation it may have to grant any additional
loan, credit or other financial accommodation to the Borrower or any Subsidiary. All or any part of any Obligations whether or
not payable on demand, shall be immediately due and payable automatically upon the occurrence of an Event of Default in sub-paragraph
(vi) above. The provisions hereof are not intended in any way to affect any rights of the Bank with respect to any Obligations
which may now or hereafter be payable on demand.

 

		7.	EXPENSES. The Borrower shall pay to the Bank on demand all costs and expenses (including
all fees and disbursements of counsel retained for advice, suit, appeal or other proceedings or purpose and of any experts or agents
it may retain), which the Bank may incur in connection with (i) the administration of the Obligations, including any administrative
fees the Bank may impose for the preparation of discharges, releases or assignments to third-parties; (ii) the enforcement and
collection of any Obligations or any guaranty thereof; (iii) the exercise, performance, enforcement or protection of any of the
rights of the Bank hereunder; or (iv) the failure of the Borrower or any Subsidiary to perform or observe any provisions hereof.
After such demand for payment of any cost, expense or fee under this Section or elsewhere under this Agreement, the Borrower shall
pay interest at the highest default rate specified in any instrument evidencing any of the Obligations from the date payment is
demanded by the Bank to the date reimbursed by the Borrower. All such costs, expenses or fees under this Agreement shall be added
to the Obligations.

 

		8.	TERMINATION. This Agreement shall remain in full force and effect until (i) all Obligations
outstanding, or contracted or committed for (whether or not outstanding), shall be finally and irrevocably paid in full and (ii)
all Transaction Documents have been terminated by the Bank.

 

     

     

    

		9.	RIGHT OF SETOFF. If an Event of Default occurs, the Bank shall have the right to set off
against the amounts owing under this Agreement and the other Transaction Documents any property held in a deposit or other account
or otherwise with the Bank or its Affiliates or otherwise owing by the Bank or its Affiliates in any capacity to the Borrower,
its Subsidiary or any guarantor of, or endorser of any of the Transaction Documents evidencing, the Obligations. Such setoff shall
be deemed to have been exercised immediately at the time the Bank or such Affiliate elect to do so.

 

		10.	USA PATRIOT ACT NOTICE. Bank hereby notifies the Borrower that pursuant to the requirements
of the USA PATRIOT Act (“Patriot Act”), it is required to obtain, verify and record information that identifies the
Borrower, which information includes the name and address of the Borrower and other information that will allow Bank to identify
the Borrower in accordance with the Patriot Act.  The Borrower agrees to, promptly following a request by Bank, provide all
such other documentation and information that Bank requests in order to comply with its ongoing obligations under applicable “know
your customer” and anti-money laundering rules and regulations, including the Patriot Act.

 

	11.	MISCELLANEOUS.

 

	 	a)	Notices. Any demand or notice hereunder or under any applicable law pertaining hereto shall be in writing and duly given
if delivered to Borrower (at its address on the Bank’s records) or to the Bank (at the address on page one and separately
to the Bank officer responsible for Borrower’s relationship with the Bank). Such notice or demand shall be deemed sufficiently
given for all purposes when delivered (i) by personal delivery and shall be deemed effective when delivered, or (ii) by mail or
courier and shall be deemed effective three (3) business days after deposit in an official depository maintained by the United
States Post Office for the collection of mail or one (1) business day after delivery to a nationally recognized overnight courier
service (e.g., Federal Express). Notice by e-mail is not valid notice under this or any other agreement between Borrower and the
Bank.

 

	 	b)	Generally Accepted Accounting Principles. Any financial calculation to be made, all financial statements and other financial
information to be provided, and all books and records, system of accounting and reserves to be kept in connection with the provisions
of this Agreement, shall be in accordance with generally accepted accounting principles consistently applied during each interval
and from interval to interval; provided, however, that in the event changes in generally accepted accounting principles shall
be mandated by the Financial Accounting Standards Board or any similar accounting body of comparable standing, or should be recommended
by Borrower’s certified public accountants, to the extent such changes would affect any financial calculations to be made
in connection herewith, such changes shall be implemented in making such calculations only from and after such date as Borrower
and the Bank shall have amended this Agreement to the extent necessary to reflect such changes in the financial and other covenants
to which such calculations relate.

 

	 	c)	Indemnification. If after receipt of any payment of all, or any part of, the Obligations, the Bank is, for any reason,
compelled to surrender such payment to any person or entity because such payment is determined to be void or voidable as a preference,
an impermissible setoff, or a diversion of trust funds, or for any other reason, the Transaction Documents shall continue in full
force and the Borrower shall be liable, and shall indemnify and hold the Bank harmless for, the amount of such payment surrendered.
The provisions of this Section shall be and remain effective notwithstanding any contrary action which may have been taken by
the Bank in reliance upon such payment, and any such contrary action so taken shall be without prejudice to the Bank’s rights
under the Transaction Documents and shall be deemed to have been conditioned upon such payment having become final and irrevocable.
The provisions of this Section shall survive the termination of this Agreement and the Transaction Documents.

 

	 	d)	Further Assurances. From time to time, the Borrower shall take, and cause its Subsidiaries to take, such action and execute
and deliver to the Bank such additional documents, instruments, certificates, and agreements as the Bank may reasonably request
to effectuate the purposes of the Transaction Documents.

 

	 	e)	Cumulative Nature and Non-Exclusive Exercise of Rights and Remedies. All rights and remedies of the Bank pursuant to this
Agreement and the Transaction Documents shall be cumulative, and no such right or remedy shall be exclusive of any other such
right or remedy. In the event of any unreconcilable inconsistencies, this Agreement shall control. No single or partial exercise
by the Bank of any right or remedy pursuant to this Agreement or otherwise shall preclude any other or further exercise thereof,
or any exercise of any other such right or remedy, by the Bank.

 

	 	f)	Governing Law; Jurisdiction. This Agreement has been delivered to and accepted by the Bank and will be deemed to be made
in the State of New York. Except as otherwise provided under federal law, this Agreement will be interpreted in accordance with
the laws of the State of New York excluding its conflict of laws rules. BORROWER HEREBY IRREVOCABLY CONSENTS TO THE EXCLUSIVE
JURISDICTION OF ANY STATE OR FEDERAL COURT IN THE STATE OF NEW YORK IN A COUNTY OR JUDICIAL DISTRICT WHERE THE BANK MAINTAINS
A BRANCH AND CONSENTS THAT THE BANK MAY EFFECT ANY SERVICE OF PROCESS IN THE MANNER AND AT BORROWER’S ADDRESS SET FORTH
ABOVE FOR PROVIDING NOTICE OR DEMAND; PROVIDED THAT NOTHING CONTAINED IN THIS AGREEMENT WILL PREVENT THE BANK FROM BRINGING ANY
ACTION, ENFORCING ANY AWARD OR JUDGMENT OR EXERCISING ANY RIGHTS AGAINST BORROWER INDIVIDUALLY, AGAINST ANY SECURITY OR AGAINST
ANY PROPERTY OF BORROWER WITHIN ANY OTHER COUNTY, STATE OR OTHER FOREIGN OR DOMESTIC JURISDICTION. Borrower acknowledges and
agrees that the venue provided above is the most convenient forum for both the Bank and Borrower. Borrower waives any objection
to venue and any objection based on a more convenient forum in any action instituted under this Agreement.

 

     

     

    

	 	g)	Joint and Several; Successors and Assigns. If there is more than one Borrower, each of them shall be jointly and severally
liable for all amounts, which become due, and the performance of all obligations under this Agreement, and the term “the
Borrower” shall include each as well as all of them. This Agreement shall be binding upon the Borrower and upon its heirs
and legal representatives, its successors and assignees, and shall inure to the benefit of, and be enforceable by, the Bank, its
successors and assignees and each direct or indirect assignee or other transferee of any of the Obligations; provided, however,
that this Agreement may not be assigned by the Borrower without the prior written consent of the Bank.

 

	 	h)	Waivers; Changes in Writing. No failure or delay of the Bank in exercising any power or right 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 a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.
The Borrower expressly disclaims any reliance on any course of dealing or usage of trade or oral representation of the Bank (including
representations to make loans to the Borrower) and agrees that none of the foregoing shall operate as a waiver of any right or
remedy of the Bank. No notice to or demand on the Borrower in any case shall entitle the Borrower to any other or further notice
or demand in similar or other circumstances. No waiver of any provision of this Agreement or consent to any departure by the Borrower
therefrom shall in any event be effective unless made specifically in writing by the Bank and then such waiver or consent shall
be effective only in the specific instance and for the purpose for which given. No modification to any provision of this Agreement
shall be effective unless made in writing in an agreement signed by the Borrower and the Bank.

 

	 	i)	Interpretation. Unless the context otherwise clearly requires, references to plural includes the singular and references
to the singular include the plural; references to “individual” shall mean a natural person and shall include a natural
person doing business under an assumed name (e.g., a “DBA”); the word “or” has the inclusive meaning
represented by the phrase “and/or”; the word “including”, “includes” and “include”
shall be deemed to be followed by the words “without limitation”; and captions or section headings are solely for
convenience and not part of the substance of this Agreement. Any representation, warranty, covenant or agreement herein shall
survive execution and delivery of this Agreement and shall be deemed continuous. Each provision of this Agreement shall be interpreted
as consistent with existing law and shall be deemed amended to the extent necessary to comply with any conflicting law. If any
provision nevertheless is held invalid, the other provisions shall remain in effect. The Borrower agrees that in any legal proceeding,
a photocopy of this Agreement kept in the Bank’s course of business may be admitted into evidence as an original.

 

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

 

		k.	Waiver of Jury Trial. The Borrower and the Bank hereby
knowingly, voluntarily, and intentionally waive any right to trial by jury the Borrower and the Bank may have in any action or
proceeding, in law or in equity, in connection with this Agreement or any transactions related hereto. The Borrower represents
and warrants that no representative or agent of the Bank has represented, expressly or otherwise, that the Bank will not, in the
event of litigation, seek to enforce this jury trial waiver. The Borrower acknowledges that the Bank has been induced to enter
into this Agreement by, among other things, the provisions of this Section.

 

 

 

This Fourth Amended Replacement
and Restated Credit Agreement is intended to supersede and fully replace the previous Third Amended Replacement and Restated Credit
Agreement which was executed by the parties hereto on June 27, 2019. This Fourth Amended Replacement Credit Agreement shall govern
the Replacement Term Note between Borrower and Bank in the principal amount of $29,000,000.00 dated November 30, 2017, the Multiple
Disbursement Term Note between Borrower and Bank in the principal amount of $3,600,000.00 

     

     

    

dated August 15, 2018,
the Multiple Disbursement Term Note between Borrower and Bank in the principal amount of $3,127,000.00 dated June 27, 2019, the
Replacement Daily Adjusting Libor Revolving Line Note between Borrower and Bank in the principal amount of $8,000,000.00 dated
August 31, 2020 and the Multiple Disbursement Term Note between Borrower and Bank in the principal amount of $3,178,000.00 dated
August 31, 2020, including extensions or modifications thereto. 

 

Acknowledgment. Borrower acknowledges
that it has read and understands all the provisions of this Agreement, including the Governing Law, Jurisdiction
and Waiver of Jury Trial, and has been advised by counsel as necessary or appropriate.

 

	 	 	 	 
	 	 	M&T BANK
	 	 	 	 
	 	 	By	/s/ Edgar B. Parsons, III
	Signature of Witness	 	 	 
	 	 	Name:	Edgar B. Parsons, III
	Typed Name of Witness	 	 	 
	 	 	Title:	Vice President
	 	 	 	 
	 	 	 	 
	 	 	CORNING NATURAL GAS CORPORATION
	 	 	 	 
	 	 	 	 
	 	 	By	/s/ Michael I. German
	Signature of Witness	 	 	 
	 	 	Name:	Michael I. German
	Typed Name of Witness	 	 	 
	 	 	Title:	President/Chief Executive Officer

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