Document:

Exhibit
10.7

 

Panacea
Acquisition Corp.

357
Tehama Street

Floor
3

San
Francisco, CA 94103

 

	Cowen Investments
    II LLC	May 7, 2020

599
Lexington Avenue

20th
Floor

New
York, NY 10022

 

RE:  Securities
Subscription Agreement

 

Ladies
and Gentlemen:

 

Panacea
Acquisition Corp., a Delaware corporation (the “Company”), is pleased to accept the offer Cowen Investments
II LLC, a Delaware limited liability company (the “Subscriber” or “you”), has made to purchase
718,750 shares of the Company’s Class B common stock (the “Shares”), $0.0001 par value per share (the
“Class B Common Stock”), up to 93,750 of which are subject to complete or partial forfeiture by you if the
underwriters of the Company’s initial public offering (“IPO”), if any, do not fully exercise their over-allotment
option (the “Over-allotment Option”). For the purposes of this Agreement (this “Agreement”),
references to “Common Stock” are to, collectively, the Class B Common Stock and the Company’s Class A
common stock, $0.0001 par value per share (the “Class A Common Stock”). Pursuant to the Company’s certificate
of incorporation, as amended to the date hereof (the “Charter”), shares of Class B Common Stock will automatically
convert into shares of Class A Common Stock on a one-for-one basis, subject to adjustment, upon the terms and conditions set forth
in the Charter. Unless the context otherwise requires, as used herein “Securities” shall refer to the Shares
and shall be deemed to include any shares of Class A Common Stock issued upon conversion of the Shares. The terms on which the
Company is willing to sell the Shares to the Subscriber, and the Company and the Subscriber’s agreements regarding such
Shares, are as follows:

 

1. Purchase
of Shares.

 

For
the sum of $5,000 (the “Purchase Price”), which the Company acknowledges has been remitted at the Company’s
direction for offering costs, the Company hereby sells and issues the Shares to the Subscriber, and the Subscriber hereby purchases
the Shares from the Company, subject to the forfeiture provisions of Section 3, on the terms and subject to the conditions set
forth in this Agreement. Concurrently with the Subscriber’s execution of this Agreement, the Company shall, at its option,
deliver to the Subscriber a certificate registered in the Subscriber’s name representing the Shares (the “Original
Certificate”), or effect such delivery in book-entry form.

 

     

     

    

 

2. Representations,
Warranties and Agreements.

 

2.1 Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Securities to the Subscriber, the Subscriber
hereby represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1 No
Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made
any recommendation or endorsement of the offering of the Securities.

 

2.1.2 No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents of the
Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party, (iii) any law, statute, rule or regulation
to which the Subscriber is subject or (iv) any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.1.3 Organization
and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing under the laws
of the State of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated
by this Agreement. Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of the Subscriber,
enforceable against the Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to
general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

2.1.4 Experience,
Financial Capability and Suitability. The Subscriber is: (i) sophisticated in financial matters and is able to evaluate the
risks and benefits of the investment in the Securities and (ii) able to bear the economic risk of its investment in the Securities
for an indefinite period of time because the Securities have not been registered under the Securities Act (as defined below) and
therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available.
The Subscriber is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect
its own interests. The Subscriber must bear the economic risk of this investment until the Securities are sold pursuant to: (x)
an effective registration statement under the Securities Act or (y) an exemption from registration available with respect to such
sale. The Subscriber is able to bear the economic risks of an investment in the Securities and to afford a complete loss of the
Subscriber’s investment in the Securities.

 

    2

     

    

 

2.1.5 Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as
the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained. In determining whether to make this investment, the Subscriber has relied solely
on the Subscriber’s own knowledge and understanding of the Company and its business based upon the Subscriber’s own
due diligence investigation and the information furnished pursuant to this paragraph. The Subscriber understands that no person
has been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2
and the Subscriber has not relied on any other representations or information in making its investment decision, whether written
or oral, relating to the Company, its operations and/or its prospects.

 

2.1.6 
Private Placement. The Subscriber represents that it is an “accredited investor” as such term is defined in
Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges
the sale contemplated hereby is being made in reliance on a private placement exemption applicable to “accredited investors”
within the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under state law.

 

2.1.7 Investment
Purposes. The Subscriber is purchasing the Securities solely for investment purposes, for the Subscriber’s own account
and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof.
The Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general advertising within
the meaning of Rule 502 under the Securities Act.

 

2.1.8 Restrictions
on Transfer; Shell Company. The Subscriber understands the Securities are being offered in a transaction not involving a public
offering within the meaning of the Securities Act. The Subscriber understands the Securities will be “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act and the Subscriber understands that the certificates or book-entries
representing the Securities will contain a legend in respect of such restrictions. If in the future the Subscriber decides to
offer, resell, pledge or otherwise transfer the Securities, such Securities may be offered, resold, pledged or otherwise transferred
only pursuant to: (i) registration under the Securities Act, or (ii) an available exemption from registration. The Subscriber
agrees that if any transfer of its Securities or any interest therein is proposed to be made, as a condition precedent to any
such transfer, the Subscriber may, at the Company’s option, be required to deliver to the Company an opinion of counsel
satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Securities. The Subscriber
further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale
of the Shares until at least one year following consummation of the initial business combination of the Company (which may not
occur), despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9 No
Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary
or appropriate on the part of the Subscriber in connection with the transactions contemplated by this Agreement.

 

    3

     

    

 

2.2 Company’s
Representations, Warranties and Agreements. To induce the Subscriber to purchase the Securities, the Company hereby
represents and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1 Organization
and Corporate Power. The Company is a Delaware corporation and is qualified to do business in every jurisdiction in which
the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating
results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the
transactions contemplated by this Agreement.

 

2.2.2 
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the Charter or bylaws of the Company, (ii)
any agreement, indenture or instrument to which the Company is a party, (iii) any law, statute, rule or regulation to which
the Company is subject or (iv) any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3 Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Securities will be duly and
validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the
Subscriber will have or receive good title to the Securities, free and clear of all liens, claims and encumbrances of any kind,
other than (a) transfer restrictions hereunder and under the other agreements to which the Securities may be subject which have
been notified to the Subscriber in writing, (b) transfer restrictions under federal and state securities laws, and (c) liens,
claims or encumbrances imposed due to the actions of the Subscriber.

 

2.2.4 No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company
which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement
or (ii) question the validity or legality of any transactions or seek to recover damages or to obtain other relief in connection
with any transactions.

 

2.2.5 Authorization.
The shares of Class A Common Stock issuable upon conversion of the Shares have been duly authorized and reserved for issuance
upon such conversion.

 

3. Forfeiture
of Shares.

 

3.1 Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of
the IPO is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of
Shares) shall automatically forfeit at the time such Over-allotment Option expires (or earlier if the underwriters of the IPO
waive their ability to exercise such Over-allotment Option) any and all rights to such number of Shares (up to an aggregate of
93,750 Shares and pro rata based upon the percentage of the Over-allotment Option exercised) such that immediately following such
forfeiture, the aggregate number of Shares owned by the Subscriber (and any such transferees) will equal 4% of the issued and
outstanding Common Stock immediately following the IPO (not including Class A Common Stock issuable upon exercise of any warrants
or underlying any units or warrants issued in a private placement in connection with the IPO).

 

    4

     

    

 

3.2 Termination
of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time
the Subscriber (or its successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company
shall take such action as is appropriate to cancel such forfeited Shares.

 

3.3 Share
Certificates. In the event an adjustment to the Original Certificates, if any, is required pursuant to this Section
3, then the Subscriber shall return such Original Certificates to the Company or its designated agent as soon as practicable upon
its receipt of notice from the Company advising the Subscriber of such adjustment, following which a new certificate (the “New
Certificate”), if any, shall be issued in such amount representing the adjusted number of Shares held by the Subscriber.
The New Certificate, if any, shall be returned to the Subscriber as soon as practicable. Any such adjustment for any uncertificated
securities held by the Subscriber shall be made in book-entry form.

 

4. Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement,
the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company
from the trust account which will be established for the benefit of the Company’s public stockholders and into which substantially
all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the
Company upon the Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event
the Subscriber purchases securities in the IPO or in the aftermarket, any shares of Class A Common Stock so purchased shall be
eligible to receive any liquidating distributions by the Company. However, in no event will the Subscriber have the right to redeem
any shares of Common Stock held by it into funds held in the Trust Account upon the successful completion of an initial business
combination. For the avoidance of doubt, the foregoing shall not restrict the right of any affiliate of the Subscriber to redeem
any shares of Class A Common Stock purchased in the IPO or aftermarket by such affiliate of the Subscriber.

 

5. Restrictions
on Transfer.

 

5.1 Securities
Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known
as an “Insider Letter”) dated on or prior to the closing of the IPO by and among the Subscriber, the Company
and other parties thereto, the Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any
part of the Securities unless, prior thereto (a) a registration statement on the appropriate form under the Securities Act and
applicable state securities laws with respect to the Securities proposed to be transferred shall then be effective or (b) the
Company has received, if requested by the Company, an opinion from counsel reasonably satisfactory to the Company, that such registration
is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated by the
Securities and Exchange Commission thereunder and with all applicable state securities laws.

 

    5

     

    

 

5.2 Lock-up.
The Subscriber acknowledges that the Securities will be subject to lock-up provisions (the “Lock-up”) contained
in the Insider Letter. Pursuant to the Insider Letter, the Subscriber will agree (subject to certain customary exceptions) not
to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Securities until the earlier to occur of:
(a) one year after the completion of the Company’s initial business combination, (b) if the last sale price of the Class
A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s
initial business combination and (c) the date on which the Company consummates a liquidation, merger, capital stock exchange,
reorganization or other similar transaction after the Company’s initial business combination that results in all of the
Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property.

 

5.3 Restrictive
Legends. All certificates representing the Securities shall have endorsed thereon legends substantially as follows:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS
AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND
SUCH LAWS WHICH, IN THE OPINION OF COUNSEL (IF THE COMPANY SO REQUESTS), IS AVAILABLE.” 

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED DURING THE TERM OF THE LOCKUP.” 

 

5.4 Additional
Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary
dividend payable in a form other than Common Stock, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding Common Stock without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Securities
subject to this Section 5 or into which such Securities thereby become convertible shall immediately be subject to this Section
5 and Section 3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number
and/or class of Securities subject to this Section 5 and Section 3.

 

5.5 Registration
Rights. The Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration
requirements of the Securities Act and will become freely tradable only after certain conditions are met or they are registered
pursuant to a registration rights agreement to be entered into with the Company prior to the closing of the IPO (the “Registration
Rights Agreement”).

 

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6. Other
Agreements.

 

6.1 Further
Assurances. The Subscriber agrees to execute such further instruments and to take such further action as may reasonably
be necessary to carry out the intent of this Agreement.

 

6.2 Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered
(i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party, and (iii) by electronic mail, to the electronic mail address most
recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice
or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the
business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day
after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

6.3 Entire
Agreement. This Agreement, together with that certain Insider Letter to be entered into between the Subscriber and
the Company and the Registration Rights Agreement, each substantially in the form to be filed as an exhibit to the Registration
Statement, embodies the entire agreement and understanding between the Subscriber and the Company with respect to the subject
matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No
statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect,
or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

 

6.4 Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed
by all parties hereto.

 

6.5 Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted,
only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent
shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement,
whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which
it was given, and shall not constitute a continuing waiver or consent.

 

6.6 Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

6.7 Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

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6.8 Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and
governed by the laws of the State of Delaware applicable to contracts wholly performed within the borders of such state.

 

6.9 Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.10 
No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or
remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right,
power or remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto,
nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any
other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by
a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand
on a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to any other or
further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice
or demand to any other or further action in any circumstances without such notice or demand.

 

6.11 Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement
or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery
hereof and any investigations made by or on behalf of the parties.

 

6.12 No
Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as
to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim
or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

6.13 Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference
only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

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6.14 Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

6.15 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.
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.

 

6.16 Mutual
Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been
subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party
hereto.

 

7. Voting
and Tender of Shares. The Subscriber agrees to vote the Shares in favor of an initial business combination that the
Company negotiates and submits for approval to the Company’s stockholders and shall not seek redemption with respect to
any of the Shares in connection with an initial business combination or any amendment to the Charter, as amended, prior to an
initial business combination. Additionally, the Subscriber agrees not to tender any Shares in connection with a tender offer presented
to the Company’s stockholders in connection with an initial business combination negotiated by the Company.

 

8. Indemnification.
Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s fees and expenses)
incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature
Page Follows]

 

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If
the foregoing accurately sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return
it to us.

 

	 	Very truly yours,
	 	 
	 	Panacea Acquisition Corp.
	 	 
	 	By:	/s/ Oleg Nodelman 
	 	Name:	Oleg Nodelman
	 	Title:   	Chief Executive Officer

 

	Cowen Investments II LLC	 
	 	 
	By:	/s/ Owen Littman	 
	Name:	Owen Littman	 
	Title:	Authorized Signatory	 

 

 

[Signature Page to Securities Subscription
Agreement]Exhibit 10.12

 

FORWARD
PURCHASE AGREEMENT

 

This
Forward Purchase Agreement (this “Agreement”) is entered into as of [●], 2020, by and among Panacea Acquisition
Corp., a Delaware corporation (the “Company”), EcoR1 Panacea Holdings, LLC, a Delaware limited liability company
(the “Adviser”), and each of the purchasers listed on signature pages hereto (each, a “Purchaser”
and, collectively, the “Purchasers”).

 

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 (such registration statement, as may be amended from time to time, including to reflect changes in terms, the “Registration
Statement”) for its initial public offering (“IPO”) of 12,500,000 units (or 14,375,000 units in the
aggregate if the underwriters exercise their over-allotment in full) (the “Public Units”) at a price of $10.00
per Public Unit, each comprised of one share of Class A common stock of the Company, par value $0.0001 per share (the “Class
A Share(s)”), 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, subject to adjustment (the “Warrant(s)”);

 

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

 

WHEREAS,
the parties hereto wish to enter into this Agreement, pursuant to which substantially concurrently with the closing of the Company’s
initial Business Combination (the “Business Combination Closing”), the Company shall issue and sell, and the
Purchasers shall purchase, on a private placement basis, an aggregate of 2,500,000 Class A Shares (the “Forward Purchase
Shares”) and 833,333 redeemable warrants (the “Forward Purchase Warrants” and, collectively with
the Forward Purchase Shares and the Class A Shares underlying the Forward Purchase Warrants, the “Forward Purchase Securities”);

 

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 Units.

 

(i)
The Company shall issue and sell to the Purchasers, severally and not jointly, and the Purchasers shall purchase from the Company,
at a price of $10.00 per one Forward Purchase Share and one-third of one Forward Purchase Warrant (a “Forward Purchase
Unit”), an aggregate of 2,500,000 Forward Purchase Units for an aggregate purchase price of $25,000,000 (the “FPU
Purchase Price”), with the allocation of the Forward Purchase Units among the Purchasers to be determined by the Adviser,
in its sole discretion (the “Adviser Allocation”). Each Forward Purchase Unit and its underlying securities
will have the same terms as the private placement units and their underlying securities to be issued under the Unit Subscription
Agreement substantially in the form attached as Exhibit 10.8 to the Registration Statement, in connection with the IPO.
Each Forward Purchase Warrant will be subject to the terms and conditions of the Warrant Agreement to be entered into between
the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, in connection with the IPO.

 

     

     

    

 

(ii)
The Company shall require the Purchasers to purchase the Forward Purchase Units pursuant to Section 1(a)(i) hereof by delivering
notice (the “Company Notice”) to the Adviser and the Purchasers, at least five (5) Business Days before the
funding of the FPU Purchase Price to an account specified by the Company, specifying the anticipated date of the Business Combination
Closing and instructions for wiring the FPU Purchase Price to an account designated by the Company. At least two (2) Business
Days before the anticipated date of the Business Combination Closing specified in such Company Notice, [(i) the Adviser shall
deliver notice of the Adviser Allocation (the “Adviser Allocation Notice”) to the Company and the Purchasers
and (ii)] each Purchaser shall deliver its respective portion of the FPU Purchase Price in cash via wire transfer to the account
specified in such Company Notice, to be held in escrow pending the FPU Closing (as defined below). If the FPU Closing does not
occur within thirty (30) days after the Purchasers deliver the FPU Purchase Price to such account, the Company shall, upon request
of the Adviser, return to the Purchasers the FPU Purchase Price, provided that the return of the FPU Purchase Price placed in
escrow shall not terminate this Agreement or otherwise relieve either party of any of its obligations hereunder and the Company
may provide a subsequent Company Notice pursuant to this Section 1(a)(ii). For the 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.

 

(iii)
The closing of the sale of the Forward Purchase Units (the “FPU Closing”) shall be held on the same date and
substantially concurrently with the Business Combination Closing (such date being referred to as the “FPU Closing Date”).
At the FPU Closing, the Company will issue to each Purchaser the number of Forward Purchase Shares and Forward Purchase Warrants
included in the Forward Purchase Units set forth in the Adviser Allocation Notice, each registered in the name of the respective
Purchaser.

 

(b)
Delivery of Forward Purchase Units.

 

(i)
The Company shall register each Purchaser as the owner of the number of Forward Purchase Shares and Forward Purchase Warrants
included in the Forward Purchase Units set forth in the Adviser Allocation Notice with the Company’s transfer agent by book
entry on or promptly after (but in no event more than two (2) Business Days after) the FPU Closing Date.

 

    2

     

    

 

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

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES 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.”

 

(c)
Registration Rights. The Purchasers shall
have registration rights as set forth in the Registration Rights Agreement substantially in the form attached as Exhibit 10.5
of the Registration Statement (the “Registration Rights Agreement”).

 

2.
Representations and Warranties of the Purchasers. Each Purchaser represents and warrants, severally and not jointly, to the
Company as follows, as of the date hereof:

 

(a)
Organization and Power. The Purchaser is duly formed and validly existing and in good standing in its jurisdiction of incorporation
or organization 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 (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, (b)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies, or (c)
to the extent the indemnification provisions contained in the Registration Rights Agreement 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.

 

(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.

 

    3

     

    

 

(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
Securities 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, 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 Securities. 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 Units, 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 Units have not been registered
under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act that 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 Securities 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
Securities 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 Securities for resale, except pursuant to the Registration Rights Agreement. 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 Securities, and on requirements
relating to the Company that are outside of the Purchaser’s control, and which the Company is under no obligation and may
not be able to satisfy. The Purchaser understands that the offering to the Purchaser of the Forward Purchase Securities 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 or
Section 12 of the Securities Act with respect to the Forward Purchase Securities.

 

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

 

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

 

    4

     

    

 

(j)
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) to its knowledge, engaged in any general
solicitation, or (ii) published any advertisement in connection with the offer and sale of the Forward Purchase Units.

 

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

 

(l)
Affiliation of Certain FINRA Members. The Purchaser is neither a person associated nor affiliated with Cowen and Company,
LLC or, to its actual knowledge, any other member of the Financial Industry Regulatory Authority (“FINRA”)
that is participating in the IPO.

 

(m)
No Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained
in this Section 2 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 3 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.

 

3.
Representations and Warranties of the Company. The Company represents and warrants to the Purchasers as follows:

 

(a)
Incorporation and Corporate Power. The Company is 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. As of the date of this Agreement, the authorized share capital of the Company consists of:

 

(i)
75,000,000 Class A Shares, none of which are issued and outstanding.

 

(ii)
10,000,000 shares of Class B common stock of the Company, par value $0.0001 per share (“Class B Share(s)”),
3,593,750 of which are issued and outstanding (468,750 of which are subject to forfeiture to the extent that the underwriters’
over-allotment option in connection with the IPO is not exercised in full). All of the issued and 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 shares of undesignated preferred stock, none of which are issued and outstanding.

 

    5

     

    

 

(c)
Authorization; No Breach. The execution, delivery and performance of this Agreement and the Forward Purchase Units, including
the Forward Purchase Shares and the Forward Purchase Warrants included in the Forward Purchase Units, have been duly authorized
by the Company as of the FPU Closing Date. This Agreement constitutes the valid and binding obligation of the Company, enforceable
in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws
of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered
in a proceeding in equity or law). Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement
and this Agreement, the Forward Purchase Warrants will constitute valid and binding obligations of the Company, enforceable in
accordance with their terms as of the FPU Closing Date.

 

(i)
The execution and delivery by the Company of this Agreement and the Forward Purchase Units, the issuance and sale of the Forward
Purchase Units, the issuance of the Forward Purchase Warrants and the Forward Purchase Shares and the fulfillment of and compliance
with the respective terms hereof and thereof by the Company, do not and will not as of the FPU Closing Date (a) conflict with
or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of
any lien, security interest, charge or encumbrance upon the Company’s share capital or assets under, (d) result in a violation
of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with,
any court or administrative or governmental body or agency pursuant to the Company’s certificate of incorporation (the “Charter”)
and bylaws (the “Bylaws”) or any material law, statute, rule or regulation to which the Company is subject,
or any agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof
under federal or state securities laws.

 

(d)
Valid Issuance of Forward Purchase Units. Upon issuance in accordance with, and payment pursuant to, the terms hereof and
the Warrant Agreement, the Forward Purchase Shares and the shares issuable upon exercise of the Forward Purchase Warrants will
be duly and validly issued, fully paid and nonassessable. On the date of issuance of the Forward Purchase Units, the Forward Purchase
Warrants, the Forward Purchase Shares and the shares issuable upon exercise of the Forward Purchase Warrants shall have been reserved
for issuance. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchaser
will have good title to the Forward Purchase Units purchased by it, the Forward Purchase Warrants, the Forward Purchase Shares
and the shares issuable upon exercise of the Forward Purchase Warrants, free and clear of all liens, claims and encumbrances of
any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions
under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.

 

(e)
Governmental Consents and Filings. Assuming the accuracy of the representations and warranties made by each 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 applicable requirements of the Securities Act.

 

    6

     

    

 

(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 its Charter,
Bylaws or other governing 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 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)
No General Solicitation. Neither the Company, nor any of its officers, directors, employees, agents or shareholders 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 Units.

 

(h)
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, the Company has not made and does not make nor
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 disclaims any such representation or warranty. Except for the
specific representations and warranties expressly made by the Purchasers in Section 2 of this Agreement and in any certificate
or agreement delivered pursuant hereto, the Company specifically disclaims that it is relying upon any other representations or
warranties that may have been made by the Purchaser Parties.

 

4.
Additional Agreements and Acknowledgements and Waivers of the Purchasers.

 

(a)
Trust Account.

 

(i)
Each Purchaser hereby acknowledges that it is aware that the Company will establish a trust account (the “Trust Account”)
for the benefit of its public stockholders upon the closing of the IPO. Each 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, such
Purchaser may have in respect of any Class A Shares held by it.

 

(ii)
Each 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, such Purchaser may have in respect
of any Class A Shares held by it. In the event any Purchaser has any Claim against the Company under this Agreement, such 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, such Purchaser may have in respect of any Class
A Shares held by it.

 

    7

     

    

 

(b)
No Short Sales. Each Purchaser hereby agrees that neither it, nor any person or entity acting on its behalf or pursuant
to any understanding with it, will engage in any Short Sales with respect to securities of the Company prior to the Business Combination
Closing. For purposes of this Section, “Short Sales” shall include, without limitation, all “short sales”
as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act and all types of direct and indirect stock pledges
(other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options,
puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S.
broker dealers or foreign regulated brokers.

 

5.
Additional Agreement of the Company.

 

(a)
NYSE Listing. The Company will use commercially reasonable best efforts to effect and maintain the listing of the Class
A Shares and the Warrants on the New York Stock Exchange (or another national securities exchange).

 

6.
FPU Closing Conditions.

 

(a)
The obligation of the Purchasers to purchase the Forward Purchase Units at the FPU Closing under this Agreement shall be subject
to the fulfillment, at or prior to the FPU Closing of each of the following conditions, any of which, to the extent permitted
by applicable laws, may be waived by the Purchasers:

 

(i)
the Business Combination shall be consummated substantially concurrently with the purchase of Forward Purchase Units;

 

(ii)
the representations and warranties of the Company 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, in the case of the Company, as of the FPU Closing, 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,
in the case of the Company, 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;

 

(iii)
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 FPU 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 Purchasers of the Forward Purchase Units.

 

    8

     

    

 

(b)
The obligation of the Company to sell the Forward Purchase Units at the FPU Closing under this Agreement shall be subject to the
fulfillment, at or prior to the FPU 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 Business Combination shall be consummated substantially concurrently with the purchase of Forward Purchase Units;

 

(ii)
the representations and warranties of the Purchasers set forth in Section 2 of this Agreement shall have been true and correct
as of the date hereof and shall be true and correct as of the FPU Closing, 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 Purchasers or their ability to consummate the transactions
contemplated by this Agreement;

 

(iii)
the Purchasers 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 Purchasers at or prior to the FPU 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 Purchasers of the Forward Purchase Units.

 

7.
Termination. This Agreement may be terminated at any time prior to the FPU Closing:

 

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

 

(b)
automatically

 

(i)
if the IPO is not consummated on or prior to December 31, 2020;

 

(ii)
if the Business Combination is not consummated within twenty-four (24) months from the closing of the IPO, unless extended upon
approval of the Company’s stockholders in accordance with the Charter; or

 

(iii)
if the Company becomes subject to any voluntary or involuntary petition under the United States federal bankruptcy laws or any
state insolvency law, in each case which is not withdrawn within sixty (60) days after being filed, or a receiver, fiscal agent
or similar officer is appointed by a court for business or property of the Company, in each case which is not removed, withdrawn
or terminated within sixty (60) days after such appointment.

 

In
the event of any termination of this Agreement pursuant to this Section 7, the FPU Purchase Price (and interest thereon, if any),
if previously paid, and each Purchaser’s funds paid in connection herewith shall be promptly returned to such Purchaser,
and thereafter this Agreement shall forthwith become null and void and have no effect, without any liability on the part of the
Purchasers 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
7 shall relieve any 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.

 

    9

     

    

 

8.
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, and (a) personal delivery to the party to be notified, (b) 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, (c) five (5) Business Days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (d) 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: Panacea Acquisition Corp., 357 Tehama Street, Floor 3, San Francisco, California, Attn:
[●], email: [●], with a copy to the Company’s counsel at: Skadden, Arps, Slate, Meagher & Flom LLP, 525 University
Ave., Palo Alto, CA 94301, Attn: Gregg Noel, Esq., and Michael Mies, Esq., email: Gregg.noel@skadden.com and Michael.mies@skadden.com,
respectively.

 

All
communications to the Purchasers shall be sent to the Purchasers’ 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 8(a).

 

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

 

(c)
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.

 

(d)
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.

 

(e)
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 Company and the Adviser.

 

    10

     

    

 

(f)
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.

 

(g)
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.

 

(h)
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.

 

(i)
Jurisdiction. The parties hereto (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, (b) 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 (c) 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.

 

(j)
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.

 

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

 

(l)
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.

 

(m)
Expenses. Each of the Company and the Purchasers 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.

 

    11

     

    

 

(n)
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.

 

(o)
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.

 

(p)
Confidentiality. Except as may be required by law, regulation or applicable stock exchange listing requirements, unless
and until the transactions contemplated hereby and the terms hereof are publicly announced or otherwise publicly disclosed by
the Company, the parties hereto shall keep confidential and shall not publicly disclose the existence or terms of this Agreement.

 

[Signature
page follows]

 

    12

     

    

 

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

 

	PURCHASERS:

	 
	ECOR1 CAPITAL FUND, L.P.	Address
    for Notices:
	 	 
	By:	           	 
	 	Name:
	 
	 	Title:	 
	 	 	Email:

	 	 	 
	ECOR1 CAPITAL FUND QUALIFIED, L.P.	Address
    for Notices:
	 	 
	By:	 	 
	 	Name:
	 
	 	Title:	 
	 	 	Email:

	 	 	 
	ECOR1 VENTURE OPPORTUNITY FUND, L.P.	Address
    for Notices:
	 	 
	By:	 	 
	 	Name:
	 
	 	Title:	 
	 	 	Email:

	 	 	 
	ADVISER:	 
	 	 	 
	ECOR1 PANACEA HOLDINGS, LLC	Address
    for Notices:
	 	 
	By:	 	 
	 	Name:
	 
	 	Title:	 
	 	 	Email:

	 	 	 
	COMPANY:	 
	 	 	 
	PANACEA ACQUISITION CORP.	 
	 	 
	By:
	 	 
	 	Name:	 
	 	Title:	 

 

 

13

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