Document:

Exhibit 10.4

	
	
151014726v5
EXCHANGE AGREEMENT
This EXCHANGE AGREEMENT (including  the schedules, annexes and exhibits
hereto, this “Agreement”), dated  as of November 12, 2021,  is entered into by and among DFP
Healthcare Acquisitions  Corp., a Delaware corporation  (the “Company”), Deerfield Private
Design  Fund  IV, L.P. (“DPD IV”), Deerfield Partners, L.P. (“DP” and together with DPD IV, the
 “Deerfield Holders” and each a “Deerfield Holder”) and DFP Sponsor LLC (“Sponsor” and,
together with DPD IV and DP, the “Holde rs” and each a “Holder”).
RECITALS:
A. Each Holder  owns (i) the number  of shares (with  respect to each Holder,  its
 “Owned Common Shares”) of Class A common  stock, par value $0.0001  per share (the “Class
A Common Stock”) and/or Class B common stock, par value $0.0001 per share (the “Class B
Common Stock”) set forth opposite  such Holder’s name on Schedule A hereto, and (ii) warrants
(with respect to each Holder, its “Warrants”)  to purchase the number  of additional shares of Class
A Common  Stock set forth opposite  such Holder’s name on Schedule A hereto.
B. On June 28, 2021,  the Company  entered into an Agreement and Plan of
Merger, with Orion Merger Sub I, Inc., Orion  Merger Sub  II, LLC and TOI Parent, Inc., (without
giving  effect to any material amendment, waiver or modification  thereto, the “Me rger
Agreement”).
C. Concurrently  with  the execution  of the Merger Agreement, the Company
entered into  subscription  agreements with  institutional  and accredited investors  (the “PIPE
Investors”), including the Deerfield Holders, pursuant to which the PIPE Investors agreed to
purchase, immediately  prior  to the closing of the Mergers (as defined  in  the Merger Agreement),
an aggregate of 27,500,000 shares of Class A Common  Stock  of the Company (or a number  shares
of Series A Common Equivalent  Preferred Stock (as defined  below) convertible into 27,500,000
shares of Class A Common  Stock) for an aggregate gross purchase price of $275,000,000  (the
 “PIPE Transaction”).  Each Deerfield Holder entered into  a subscription  agreement, dated as of
June 28, 2021 (together, the “Subscription Agreements”), with the Company, pursuant to which,
and subject to the terms thereof, (i) DP agreed to purchase from the Company,  and the Company
agreed to sell to DP, 5,000,000  shares of Class A Common  Stock  of the Company (or a number
shares of Series A Common  Equivalent  Preferred Stock convertible  into  5,000,000  shares of Class
A Common  Stock)  and (ii) DPD IV agreed to purchase from  the Company,  and the Company
agreed to sell to DPD IV, 5,000,000  shares of Class A Common  Stock of the Company (or a
number  shares of Series  A Common  Equivalent  Preferred Stock convertible  into  5,000,000  shares
of Class A Common  Stock) (the shares to be purchased by the Deerfield  Holders, including  any
Series A Common  Equivalent  Preferred Stock,  collectively,  the “Deerfield PIPE  Shares”), in
each case, in the PIPE Transaction. Each Deerfield Holder intends to purchase its Deerfield PIPE
Shares in the form of Series A Common  Equivalent  Preferred Stock.
D. In connection with the execution and delivery of the Merger Agreement, the
Company  and each Holder  entered into  that certain consent and waiver letter,  dated as of June 28,
2021  (the “Letter Agreement”), pursuant to which the Company  and each Holder agreed, among
other things,  to negotiate and enter into an agreement that provides  for the exchange of a number 

	
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of shares of Class A Common  Stock and Class B Common  Stock beneficially  owned by such
Holder such that,  immediately  following  the consummation  of the Mergers and the PIPE
Transaction,  including  the issuance of the Deerfield  PIPE Shares in  connection  therewith, the
Holders and their affiliates will  collectively  beneficially  own a number  of shares of Class A
Common  Stock  that represents 4.5% of the then outstanding  shares of Class A Common  Stock,  for
shares of a Series A Common  Equivalent  Preferred Stock.
E. Prior to the date hereof, each Holder delivered  written notice to the
Company  whereby such Holder elected to be subject to Section  3.3.5 of the Warrant Agreement
(the “Warrant Agre e me nt”) between the Company  and Continental  Stock Transfer & Trust
Company  (which governs  the terms of the Warrants) with  a Maximum  Percentage (as defined  in
the Warrant Agreement) of 4.9%.
F. The board of directors of the Company  (the “Board of Dire ctors”) has
authorized the creation  of a new series of preferred stock denominated  as Series A Common  Stock
Equivalent Convertible  Preferred Stock  (the “Series A Common Equivalent Preferred Stock”)
with the preferences, rights and limitations  described in the Certificate of Designation  of
Preferences, Rights  and Limitations  of the Series  A Common  Equivalent  Preferred Stock, in the
form attached hereto as Exhibit A (the “Certificate of  Designation”).
G. As contemplated  by  the Letter Agreement, pursuant to this Agreement (and
subject to the terms and conditions  hereof), in accordance with Section 3(a)(9) of the Securities
Act of 1933,  as amended (the “Securities Act”), each Holder will  exchange the number of its
Owned Common  Shares (with the specific Owned Common  Shares, including  the date or dates of
issuance thereof, to be as designated  by each Holder prior  to the Effective Time (as defined below))
(the “Exchanged Common Shares”) set forth opposite  such Holder’s name on Schedule B hereto
for the number  of shares (the “Pre fe rre d Share s”) of Series A Common  Equivalent  Preferred
Stock set forth opposite  such Holders name on Schedule B hereto, which  Preferred Shares shall be
convertible from time to time by the holder thereof into shares of Common  Stock (the “Conversion
Shares”) in  accordance with  the Certificate  of Designation.
H. In connection  with the closing  of the Mergers, the Company,  the Holders
and the other parties to the Registration  Rights  Agreement, dated as of March 10, 2020 (the
 “Existing RRA”) will  enter into  an Amended and Restated Registration  Rights  Agreement (the
 “A&R RRA”).
NOW, THEREFORE, in  consideration  of the foregoing  and the mutual  covenants
and agreements contained herein, and other good and valuable consideration,  the receipt and
sufficiency  of which are hereby acknowledged,  the parties hereto, intending  to be legally  bound,
agree as follows:
ARTICLE I.
EXCHANGE; CLOSING
Section 1.01. Exchange.  Upon the terms, and subject to the satisfaction (or waiver) of the
conditions  set forth in Article IV, at the Closing  (as defined below), each Holder and the Company
hereby agree to exchange the number  of Exchanged  Common  Shares set forth  opposite  such 

	
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Holder’s name on Schedule B for the number  of Preferred Shares set forth  opposite  such  Holder’s
name on Schedule B (the “Exchange”).   The Company  hereby acknowledges  and agrees that the
specific Owned Common  Shares exchanged  hereunder, including  the date or dates of issuance
thereof, shall be as designated  by each Holder prior to the Effective Time.
Section 1.02. Closing and Settlement.
(a) Subject to the satisfaction (or waiver) of the conditions  set forth in Article
IV, the closing  of the Exchange (the “Closing”) shall  occur immediately  prior  to the consummation
of the Mergers and the PIPE Transactions (the “Effective Time”).  At the Closing:
(i) each Holder shall  deliver  or cause to be delivered  to the Company
or its  transfer agent a duly  executed stock power,  transfer agent instructions or other
customary documents  of conveyance or transfer, which shall  transfer such  Holder’s
Exchanged Common  Shares to the Company, or shall otherwise transmit (or cause its prime
broker to transmit for such Holder’s account) such Holder’s Exchanged Common Shares
to the Company through The Depository Trust Company’s Deposit/Withdrawal at
Custodian  (DWAC) system, in each case, free and clear of any mortgage,  lien,  pledge,
charge, security interest,  encumbrance, title  retention agreement, option,  equity  or other
adverse claim,  limitat ion  or restriction thereto (collectively, “Liens”) other than  Permitted
Liens (as defined below); and
(ii) (A) the Company shall issue to each Holder or its designee such
Holder’s  Preferred Shares, and (B) the Company shall deliver to each Holder (or its
designee) stock certificates, duly  executed on behalf of the Company, representing such
Holder’s Preferred Shares.
(b) Effective as of the Effective Time, (i) each Holder shall be deemed for all
corporate purposes  to have become the legal,  beneficial  and record holder  of the Preferred Shares
entitled to exercise all rights (including  conversion rights) as a holder thereof and (ii) the
Exchanged Common Shares held by such Holder shall be deemed cancelled and retired, in  each
case, without  any further action by any party, regardless of when the Exchanged Common Shares
are actually  delivered  or surrendered to the Company  or its transfer agent, or the Preferred Shares
are issued and delivered to such Holder.
(c) Effective as of the Effective Time, each Holder shall,  automatically  and
irrevocably,  without  any further action  by any party, surrender all  voting  rights  in respect of the
Exchanged Common Shares (but not, for the avoidance of doubt,  any other Owned Common
Shares, any Conversion  Shares that are issued following  the Closing  upon conversion or exercise,
as applicable, of any Preferred Shares or other securities held by the Holder as of the Effective
Time).  From and after the Closing,  (i) the Holder shall not vote, and shall not be entitled  to vote,
any of the Exchanged  Common  Shares at any meeting  of stockholders, or in connection with any
written consent of stockholders,  with respect to any matter and (ii) the Exchanged Common  Shares
shall  not be considered present or entitled  to vote or otherwise accounted for in connection  with
any meeting or vote that occurs following  the Closing  (including  for purposes  of determining  the
presence or absence of a quorum  or the minimum  vote required to approve any matter) regardless
of whether the record date in  respect of such meeting  or written  consent preceded the date of this 

	
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Agreement.  The Company  acknowledges  and confirms  that it has not set a record date for any
special meeting  or any other meeting  of stockholders  (or for purposes of determining  stockholders
entitled  to consent to any matter in writing)  to be held following  the consummation  of the Mergers,
and covenants and agrees that it shall  use its reasonable best efforts to not fix a record date for any
such meeting  of its stockholders  with respect to which a record date has not already been set until
the Exchange has become effective, unless the Exchange shall not have become effective as a
result of a Holder’s willful  breach of this Agreement.
Section 1.03. Registration Rights Agreement.  Notwithstanding  anything  to the contrary
contained  herein, the Conversion  Shares issuable  upon the conversion  of the Preferred Shares,
shall  be entitled  to the rights,  privileges  and benefits,  and shall  be subject  to the limitations ,
applicable  to the Exchanged Common  Shares pursuant to the Existing  RRA, as the same shall  be
amended and restated in  accordance with  the A&R RRA.  Without limiting the foregoing, the
Company acknowledges and agrees that the Conversion Shares shall constitute “Registrable
Securities”  within  the meaning  of the A&R RRA.
Section 1.04. Continuing  Lockup Restrictions.  Each Holder acknowledges and agrees
that, commencing  on the date of the Closing  (the “Closing Date”), the Preferred Shares issued  in
exchange for shares of Class B Common  Stock issued  to the Sponsor  (the “Founder Shares”),
together with any Conversion Shares (as defined  below)  issued upon  the conversion  of such
Preferred Shares, shall  be subject to the lock-up  provisions  set forth  in the Amended and Restated
Bylaws of the Company,  the form of which is attached hereto as Exhibit B  (the “A&R Bylaws”)
and which are to be adopted by the Company and effective as of the consummation  of the Mergers.
The parties hereto acknowledge and agree that nothing  contained in this Agreement is intended to
limit,  expand or otherwise modify  or affect the restrictions  on transfer set forth  in  the A&R Bylaws.
For the avoidance of doubt, the restrictions on transfer set forth in the A&R Bylaws shall not be
applicable  to any Preferred Shares issued hereunder in exchange for any Exchanged Common
Shares other than the Founder  Shares (or any Conversion  Shares issued upon  the conversion  of
such Preferred Shares).
ARTICLE II.
REPRESENTATIONS AND WARRANTIES
Section 2.01. Representations and Warranties of the Holders.  Each Holder, severally and
not jointly,  hereby represents and warrants to the Company  as of the date of this  Agreement and
as of the  Effective Time  as follows:
(a) Incorporation  and Authority.  Such Holder is duly organized,  validly
existing  and in good standing  under the Laws of its jurisdiction  of organization.   Such Holder has
all requisite limited partnership or limited  liability  company, as applicable,  power to enter into,
consummate the transactions contemplated by, and carry out its obligations  under this Agreement.
The execution  and delivery  by such Holder of this Agreement and the consummation by such
Holder of the transactions contemplated  by this Agreement have been duly authorized  by all
requisite limited liability company, limited partnership or other similar  organizational  action on
the part of such Holder.  This Agreement has been duly executed and delivered  by such Holder.
Assuming  due authorization,  execution  and delivery  by the other parties hereto, this Agreement 

	
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constitutes the legal,  valid  and binding  obligation  of such Holder, enforceable against it in
accordance with its terms, subject in each case to the effect of any applicable  bankruptcy,
reorganization,  insolvency,  moratorium  or similar  Laws now or hereafter in  effect relating  to  or
affecting creditors’ rights and remedies generally and subject, as to enforceability,  to the effect of
general equitable  principles  (regardless of whether enforcement is sought in a proceeding  in equity
or at law).
(b) Non-Contravention.
(i) Neither the execution,  delivery  and performance by the Holder of
this Agreement, nor the consummation  of the transactions contemplated hereby, nor
compliance by such Holder with any of the provisions  hereof or thereof,  will  (A) viola t e ,
conflict  with, or result in a breach of any provision  of, or constitute a default (or an event
which,  with notice or lapse of time or both, would constitute a default) under, or result in
the termination  of, or accelerate the performance required by, or result in a right  of
termination  or acceleration of, or result in the creation of any Lien upon any of the
properties  or  assets of such Holder under any of the terms, conditions  or provisions  of (i)
its governing  instruments  or (ii)  any note, bond,  mortgage, indenture,  deed of trust, license,
lease, agreement or other instrument  or obligation  to which such Holder is a party or by
which it may be bound,  or to which such Holder or any of the properties  or assets of such
Holder may be subject,  or (B) subject  to compliance  with the statutes and regulations
referred to in the next paragraph, violate  any Law, statute, ordinance,  rule or regulation,
permit,  concession,  grant, franchise or any judgment,  ruling,  order, writ, injunction  or
decree applicable  to such Holder or any of their respective properties  or assets, except in
the case of clauses (A)(ii)  and (B) for such violations,  conflicts  and breaches as would  not
reasonably  be expected to materially  and adversely affect such Holder’s ability  to perform
its respective obligations  under this Agreement or consummate the transactions
contemplated hereby on a timely basis.
(ii) Other than filings  with the SEC which may be required under
Section 16, Section 13(d) or Section 13(f) of the Securities and Exchange Act of 1934, as
amended (the “Exchange Act”), on the part of such Holder and other persons that may be
deemed to beneficially  own the Exchanged Common Shares or the Preferred Shares, no
notice to, registration,  declaration or filing  with, exemption  or review by, or authorization ,
order, consent or approval of, any Governmental  Entity (as defined below), nor expiration
or termination  of any statutory waiting  period,  is necessary for the consummation  by such
Holder of the transactions contemplated  by this  Agreement.
(c) Ownership of the Exchanged Common  Shares.  Such Holder owns of record
and beneficially (as such term is defined  in  Rule 13d-3  under the Exchange Act) all of its
Exchanged Common Shares free and clear of all Liens, other than Permitted Liens.   Except
pursuant to this Agreement, the Existing  RRA, the Letter Agreement, the Sponsor Letter
Agreement and the Stockholder  Support Agreement (as defined in  the Merger Agreement), there
are no options,  warrants or other rights,  agreements, arrangements or commitments  of any
character to which such Holder is a party relating  to the pledge,  disposition  or voting  of any of the
Exchanged Common Shares with respect to or otherwise affecting the matters covered herein and
there are no voting  trusts or voting  agreements with  respect to the Exchanged Common Shares 

	
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with  respect to or otherwise  affecting  the matters covered herein.  Upon delivery of the Exchanged
Common Shares to the Company, such Holder will  convey, or cause to be conveyed,  to the
Company good,  valid  and marketable title  to the Exchanged Common  Shares, free and clear of all
Liens other than Permitted Liens.
(d) Brokers and Finders. No broker,  finder or investment banker is entitled to
any brokerage,  finder’s or other fee or commission  in connection  with  the consummation  of the
transactions contemplated  by this Agreement based upon  arrangements made by or on behalf  of
such Holder.
Section 2.02. Representations  and Warranties of the Company.  The Company  hereby
represents and warrants to each Holder  as of the date of this  Agreement and as of the Effective
Time as follows:
(a) Incorporation  and Authority.
(i) The Company is duly organized, validly existing and in good
standing under the Laws of the State of Delaware.  The Company  has all requisite  corporate
or other applicable  organizational  power to (i) enter into,  consummate the transactions
contemplated  by,  and carry out its obligations  under this  Agreement, the Certificate of
Designation,  and each other agreement, document,  instrument,  schedule or certificate
contemplated  by this Agreement to be executed by the Company in connection with or as
a condition  to each Holder’s obligation  to consummate the transactions contemplated
hereunder (the “Ancillary Documents”), including  the issuance of the Preferred Shares
hereunder and the issuance of the Conversion  Shares in  accordance with the Certificate  of
Designation,  and (ii)  own, lease and operate its properties  and carry on its business as
presently conducted, and the Company is duly  qualified  to do business and is in good
standing  in all  jurisdictions  where its ownership  or leasing  of property or the conduct of its
business requires it to be so qualified,  except for any failure under clause (ii)  that would
not,  individually  or in  the aggregate, reasonably  be expected to have a Company  Material
Adverse Effect (as defined  below).
(ii) The execution  and delivery  by the Company  of this  Agreement and
each Ancillary  Document, and the consummation  by the Company of the transactions
contemplated  by this Agreement and the Ancillary  Documents have been duly authorized
by all requisite  corporate or other similar  organizational  action on the part of the Company.
Without  limiting  the foregoing, no stockholder approval is required in connection with the
execution and delivery  of this Agreement or any Ancillary  Document, or the consummation
of the transactions contemplated  hereby or thereby (including  the issuance of the Preferred
Shares and all  of the Conversion Shares issuable upon conversion thereof), including  any
stockholder  approval  that would  be necessary to remain in compliance  with the rules of the
Nasdaq Stock  Market LLC (“Nasdaq”) or required under the rules and regulations  of the
SEC or the General Corporation  Law of the State of Delaware.  This Agreement has been,
and each Ancillary  Document will  be, duly  executed and delivered  by the Company.
Assuming  due authorization,  execution and delivery  by the other parties hereto, this
Agreement constitutes,  and each of the Ancillary  Documents will  constitute, the legal,  valid
and binding  obligations of the Company,  enforceable against the Company in accordance 

	
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with their respective terms, subject  in  each case to the effect of any  applicable  bankruptcy,
reorganization,  insolvency,  moratorium  or similar  Laws now or hereafter in effect relating
to or affecting creditors’ rights  and remedies generally  and subject,  as to enforceability,  to
the effect of general equitable principles  (regardless of whether enforcement is sought  in a
proceeding  in  equity  or at law).
(iii) Neither the execution  and delivery  by the Company  of this
Agreement and  each Ancillary  Document,  nor the consummation  of the transactions
contemplated hereby or thereby, nor compliance  by the Company  with any of the
provisions  hereof or thereof will (a) violate or conflict with the organizational  documents
of the Company,  (b) conflict  with  or violate  any Law applicable  to the Company or by
which any of its properties or assets is bound  or subject or (c) result in any breach of, or
constitute  a default (or event which,  with the giving  of notice or lapse of time or both,
would  constitute  a default) under,  or give to any person any rights  of termination,
acceleration  or cancellation  of or result in  the creation  of any Lien  on any of the assets or
properties of the Company,  any note, bond,  mortgage, indenture,  deed of trust, license,
lease, agreement or other instrument  or obligation  to which the Company  or any of its
subsidiaries  is a party or by which any of them or any of their respective properties or assets
is bound  or subject,  except, in the case of clauses (b) and (c), for any such conflicts,
violations,  breaches, defaults, terminations,  accelerations, cancellations  or creations as,
individually  or in the aggregate, would not reasonably be expected to have a Company
Material Adverse Effect.  The execution and delivery  of this Agreement and the issuance
(directly  or indirectly)  of Preferred Shares and the Conversion  Shares is not, and will  not
be, subject to, or trigger,  any preemptive  rights,  rights of first refusal, rights of first offer,
notice rights, approval/consent rights, voting rights, review rights or similar rights of any
third party and will  not trigger  any price reset or anti-dilut ion rights.
(iv) Except for the filing  of the Announcing  Form 8-K (as defined
below),  compliance  with any applicable  state securities or blue sky laws and the filing  of
the Certificate of Designation  with  the Secretary of State of the State of Delaware, no
consent or approval  of, or filing  or registration  with,  any Governmental  Entity  is necessary
for the execution,  delivery  and performance by the Company  of this Agreement or the
Ancillary  Documents, other than such other consents, approvals,  filings  or registrations
that, if not obtained,  made or given,  would  not, individually  or in the aggregate, be material
to the Company  and its subsidiaries,  taken as a whole.
(b) Sale of Securities.  The offer, issuance and sale of the Preferred Shares
pursuant to this Agreement and the Conversion  Shares in accordance with the Certificate of
Designation are exempt from the registration  and prospectus delivery  requirements  of the
Securities  Act and the rules  and regulations  promulgated  thereunder pursuant to Section 3(a)(9) of
the Securities Act.  Neither the Company nor, to the Knowledge of the Company,  any person acting
on its behalf,  has made any offers or sales of any security  or solicited  any offers to buy any security,
under circumstances that would cause the offering or issuance of the Preferred Shares under this
Agreement or the Conversion  Shares under the Certificate of Designation  to be integrated  with
prior offerings  by the Company,  and the Company covenants and agrees that, following  the date
hereof, it will  not take any action  or steps that would  cause the offering  or issuance of the Preferred
Shares under this  Agreement or the Conversion  Shares under  the Certificate of Designation  to be 

	
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integrated with other offerings, in each case, for purposes of (i) the Securities Act that would  result
in any applicable  exemption  from registration  under the Securities Act not being available  for the
offer, sale or issuance of the Preferred Shares or the Conversion  Shares or (ii) the stockholder
approval  provisions  of Nasdaq. Neither the Company  nor any other person acting on its behalf has
paid any commission  or remuneration  that would  render the exemption  from registration  under
Section 3(a)(9) under the Securities  Act unavailable  in connection  with the issuance of the
Preferred Shares or  any Conversion  Shares.
(c) Shares.  The Preferred Shares to be delivered  to each Holder hereunder and
the Conversion  Shares have been duly  authorized  and, when issued pursuant  to this Agreement or
the Certificate of Designation,  as applicable,  shall  be validly  issued, fully  paid  and non-assessable
and not subject to pre-emptive rights created by statute, the bylaws of the Company  (as amended
or modified  from time  to time prior  to the Effective Time,  the “Bylaws”) or the certificate of
incorporation  of the Company  (as amended or modified  from time  to time prior  to the date
Effective Time, the “Certificate of Incorporation”) or any contract to which the Company  is a
party or is otherwise bound.  As of the Effective Time, the Company  shall have the right,  authority
and power to issue, assign and deliver the Preferred Shares and any Conversion  Shares to each
Holder.  Upon delivery  of such Preferred Shares and any Conversion  Shares to each Holder, such
Holder shall acquire good,  valid  and marketable title  to the Preferred Shares or Conversion  Shares,
as applicable,  free and clear of all Liens, other than restrictions  on transfer imposed  by applicable
securities  Laws or  the  A&R Bylaws. The Company has reserved from its duly authorized capital
stock 6,351,000 shares of Common Stock for issuance hereafter upon  conversion  of the Preferred
Shares (provided,  in  any event,  that immediately  following  the consummation  of the Mergers the
Company  shall  have reserved from its duly  authorized  capital stock an a number of shares of
Common  Stock sufficient  to satisfy the conversion in full  of all outstanding  Preferred Shares
(without  giving  effect to the Beneficial  Ownership Cap (as defined in  the Certificate of
Designation)  and taking  into  account the forfeiture of Preferred Shares by the Sponsor  in
connection  with  the Mergers), as well as 10,000,000 shares of Common  Stock for issuance upon
conversion  of the Deerfield PIPE Shares.
(d) Capitalization.
(i) The total number  of shares of all classes of capital stock which the
Company  is authorized  to issue is 111,000,000 shares, which  consists  of (a) 110,000,0 00
shares of common  stock, par value $0.0001  per share, comprised  of 100,000,000  shares of
Class A Common  Stock and 10,000,000  shares of Class B Common  Stock and (b)
1,000,000  shares of preferred stock, par value $0.0001 per share (“Pre fe rre d Stock”), of
which 175,000 shares are and immediately  following  the Effective Time shall be,
designated  and authorized  as Series A Common  Equivalent  Preferred Stock.  Schedule
2.02(d) to this  Agreement  sets forth  the capitalization  of the Company  as of the date hereof,
including  the number  of shares of Common  Stock and Preferred Stock:  (i) issued and
outstanding; (ii) issuable  upon exercise or conversion  of options,  warrants, restricted unit
awards, purchase rights,  indebtedness  and other securities,  in each case, whether or not
vested; (iii) reserved for issuance (directly  or indirectly)  pursuant to any equity  incentive
plans.  All of the issued and outstanding  shares of Common  Stock have been duly
authorized  and validly  issued and are fully  paid,  nonassessable and free of preemptive  or 

	
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similar rights. The Company does not have outstanding  stockholder purchase rights or
 “poison  pill”  or any similar  arrangement in effect.
(ii) No bonds, debentures, notes or other indebtedness  having  the right
to vote (or convertible  into or exchangeable for, securities having  the right to vote) on any
matters on which the stockholders  of the Company  may vote (“Voting Debt”) are issued
and outstanding. Except as set forth in Schedule 2.02(d), the Company does not have and
is not bound by any outstanding  options,  preemptive  rights,  rights  of first offer, warrants,
calls,  commitments  or other rights  or agreements calling  for the purchase, sale or issuance
of, or securities or rights convertible  into,  or exchangeable for, any shares of Common
Stock,  Preferred Stock or any other equity  securities  of the Company  or Voting  Debt or
any securities representing  the right  to purchase or otherwise  receive any shares of capital
stock of the Company  (including  any rights  plan or agreement).
(e) Brokers and Finders. No broker,  finder or investment  banker is entitled  to
any brokerage,  finder’s or other fee or commission  in connection  with  the consummation  of the
transactions contemplated  by this Agreement based upon  arrangements made by or on behalf  of
the Company  or its Affiliates.
(f) Anti-Takeover Provisions. The Company  and its board of directors have
taken all necessary action,  if any, in order to render inapplicable  any “control  share acquisition,”
 “interested stockholder,” “business combination,”  “fair price,” “moratorium,”  or other similar  anti-
takeover provision  under the Certificate of Incorporation,  Bylaws or other organizationa l
documents  or the Laws of the State of  Delaware which  is  applicable  to  each Holder  as a result  of
the consummation  of the transactions contemplated  by this  Agreement and the Ancillary
Documents in the manner contemplated  hereby and thereby, including  the Company’s  issuance of
the Preferred Shares and the Conversion  Shares and each Holder’s ownership of the Preferred
Shares and the Conversion  Shares.
(g) Investment Company Status. Neither the Company  nor any of its
subsidiaries  in an “investment  company,” and, to the Company’s Knowledge,  neither the Company
nor any of its subsidiaries  is a company controlled  by an “investment  company” or an “affiliated
person” of, or “promoter” or “principal  underwriter” for, an “investment  company” as such terms
are defined in the Investment Company Act of 1940, as amended.
(h) Certificate of Designation.   The Certificate of Designation  has been filed
with  the Secretary of State of the State of Delaware, has become effective and has not have been
rescinded or revoked.
ARTICLE III.
COVENANTS
Section 3.01. Reservation  of Shares.  On and after the date hereof, the Company  shall  at
all times reserve and keep available,  free of preemptive  or similar  rights,  a sufficient  number  of
shares of Common  Stock for the purpose of enabling  the Company to issue all of the Conversion
Shares pursuant to the Certificate of Designation  (without  regard to the Beneficial  Ownership Cap
). 

	
	10

Section 3.02. Certain Stockholders’ Rights Plans.  At any time  that any Preferred Shares
or Conversion  Shares remain outstanding,  the Company shall  not adopt any stockholder  rights
agreement, “poison pill” or similar anti-takeover agreement or plan that is applicable  to each
Holder unless the Company  has excluded  each Holder  from the definition  of “acquiring  person”
(or such similar  term) as such term is defined in such anti-takeover agreement to the extent of such
Holder’s beneficial  ownership  of Preferred Stock or Common  Stock owned as of the date any such
agreement or plan  is adopted by the Company.
Section 3.03. Blue Sky Filings.   The Company shall make all filings,  if any, under
applicable securities  or “Blue  Sky” Laws of  the states of the United  States as shall  be necessary in
connection  with the offering  and sale of the Preferred Shares and the Conversion  Shares.
Section 3.04. Listing. At or prior  to the Closing,  the Company  shall timely submit a duly
completed Listing of Additional  Shares Notification  Form (together with all requisite supporting
documentation)  to Nasdaq covering  the Conversion  Shares.
Section 3.05. No Exchange Act Registration.  For  so long  as any Preferred Shares remain
outstanding,  the Company  shall not register, or permit the registration of, the Series A Common
Equivalent  Preferred Stock under the Exchange Act.
Section 3.06. Disclosure.  At or prior  to 5:30 p.m. (New York City time) on the fourth
business  day following  the date hereof, the Company shall file with the SEC one or more Forms
8-K describing  the terms of the transactions  contemplated  by this  Agreement and the Ancillary
Documents,  and including  as exhibits  to such Form(s) 8-K this Agreement and the form of
Certificate of Designation,  without  redaction (including  all schedules, exhibits,  appendices hereto
and thereto) (such Form or Forms 8-K, collectively,  the “Announcing Form 8-K”).
Section 3.07. No Additional  Issuances.  From and after the filing  of the Certificate of
Designation  with the Secretary of State of the State of Delaware, without  the prior written consent
of the Deerfield Holders, except for the issuance of the PIPE Shares to the Deerfield Holders and
any other issuances of Series A Common  Equivalent  Preferred Stock to the Holders and their
respective Affiliates,  the Company shall not issue or agree to issue any shares of Series A Common
Equivalent  Preferred Stock other than pursuant  to this  Agreement.
Section 3.08. Certain  Securities  Law Matters.
(a) The Company  represents, warrants, acknowledges  and agrees that (i) for
purposes of Rule 144 under the Securities  Act, each Holder’s holding  period  for the Securitie s ,
shall  be deemed to have commenced on the date such Holder acquired the Exchanged Common
Shares from the Company  or an affiliate  of the Company  (or such earlier date as may be permitted
pursuant to Rule 144 under the Securities Act) and, (ii)  Preferred Shares issued to any Holder in
exchange for any Exchanged Common Shares that are not “restricted securities” (within  the
meaning  of Rule 144 under the Securities Act) immediately  prior  to the Effective Time, including,
for the avoidance of doubt,  Exchanged Common  Shares acquired by a Holder in the Company’s
initial public offering, together with the Conversion  Shares issuable upon the conversion  of such
Preferred Shares, shall  take on the registered/unrestricted  character of such Exchanged Common 

	
	11

Shares and the Unrestricted Condition  specified in  clause (A) of Section 6(d)(ii)  of the Certificate
of Designation  shall  be deemed to have been satisfied  in  respect of such Securities.
(b) The Company  acknowledges  and  agrees that  so long  as Stephen  Hochberg
serves on the Board each of the Holders and their respective Affiliates that beneficially  owns (for
any purpose of Section  16 of the 1934  Act) any shares of Common  Stock (or any derivative
securities with respect thereto) shall be a “director by deputization”  for purposes of Section 16 of
the 1934 Act, including  Rule 16b-3  thereunder and related guidance  of the SEC, and the Company
agrees not  to take any contrary position.   The Company  further acknowledges and agrees that, to
the extent Section  16 is applicable  to the transactions  contemplated  hereby and/or  the conversion
of the Preferred Shares into  Common  Stock,  the Exchange and the direct and indirect  issuance (or
deemed issuance) to the Holders and their respective Affiliates  of the Preferred Shares and the
Conversion  Shares issuable  upon  the conversion  of the Preferred Stock have been approved  by  the
Company’s board of directors for purposes of Rule 16b-3  under the Exchange Act (the “Section
16 Approval”).  Prior to the Effective Time, the Company shall provide  to the Holders excerpts
of resolutions  of the Company’s board of directors embodying  the Section 16 Approval,  certified
by the secretary of the Company.
(c) Each Holder undertakes that, while a registration statement covering the
sale or resale of the Conversion  Shares is effective under the Securities  Act, such Holder  will only
sell or otherwise transfer such Conversion  Shares pursuant  to an effective registration  statement
or pursuant to Rule 144 under the Securities Act (if available),  and if any Conversion  Shares are
sold pursuant to a registration statement, they will be sold in compliance with the plan of
distribution  set forth  therein.    The Company  acknowledges and agrees that the foregoing
undertaking  by each Holder  constitutes an “Undertaking”  (within  the meaning  of such term in  the
Certificate of Designation)  of such Holder and that no additional  undertaking  by or on behalf of
such Holder shall be required to satisfy  clause (B) of the definition  of “Unrestricted  Conditio ns”
under the Certificate of Designation  unless this undertaking  is withdrawn in writing by such
Holder.
ARTICLE IV.
CONDITIONS.
Section 4.01. Conditions  to the Company’s and each Holder’s Obligations.  The
obligations of each Holder,  on the one hand, and the Company,  on the other hand,  to consummate
the Exchange and effect the Closing are subject to the satisfaction  at the Closing  of the following
condition: no temporary restraining  order, preliminary  or permanent injunction  or other judgement
or order issued by any Governmental  Entity  shall  have been issued,  and no Law shall  be in effect,
restraining,  enjoining,  making  illegal  or otherwise prohibiting  the consummation  of the
transactions contemplated  by this Agreement.
Section 4.02. Conditions to the Company’s  Obligations.   The obligation of the Company
to consummate the Exchange and effect the Closing  is subject to the satisfaction at or prior  to the
Closing of the following  conditions:
(a) Each Holder shall  have delivered  to the Company  at the Closing  the
deliverables  set forth in Section 1.02(a)(i); and 

	
	12

(b) The representations  and warranties of the Holder contained in Section 2.01
shall  be true and correct as of the date when made and as of the Closing  Date as though  made as
of such date (except for representations and warranties that speak as of a specific date, which shall
be true and correct in all material respects as of such date), except where the failure  of such
representations  and warranties to be so true and correct would  not,  individually  or in  the aggregate,
reasonably  be expected to materially  impair  or delay  the Holder’s ability  to perform  or comply
with its obligations  under this Agreement or to consummate the transactions contemplated hereby,
and the Holder shall have in all material respects performed, satisfied and complied  with the
covenants, agreements and conditions  required hereunder to be performed,  satisfied or complied
with by the Holder at or prior  to the Closing  Date.
Section 4.03. Conditions  to the Holder’s Obligations.   The obligation of the Holder to
consummate  the Exchange and effect the Closing  is subject to the satisfaction at or prior  to (or in
the case of Subsection  4.03(f), substantially  contemporaneously  with) the Closing of the following
conditions:
(a) The Company  shall  have delivered  to the Holder  at the Closing  the
deliverables  set forth in Section 1.02(a)(ii);
(b) The representations and warranties of the Company contained in Section
2.02 (disregarding all qualifications as to materiality set forth therein) shall  be true and correct in
all material respects as of the date when made and as of the Closing  Date as though  made as of
such date (except for representations and warranties that speak as of a specific date, which shall
be true and correct as of such date), and the Company shall have in all material respects performed,
satisfied and complied  with the covenants, agreements and conditions  required hereunder to be
performed,  satisfied  or complied  with by the Holder at or prior  to the Closing  Date;
(c) The Company shall have delivered to the Holder a copy of the Certificate
of Designation  that has been filed with the Secretary of State of the State of Delaware;
(d) The Holder (or their counsel) shall have received customary legal opinions
from  White  & Case LLP, as counsel  to the Company,  containing the opinions substantially in the
form set forth in Schedule C;
(e) Nasdaq shall have completed  its review of a “Listing  of Additional  Shares
Notification Form” for listing  of the Conversion  Shares on the Nasdaq Capital Market;
(f) The consummation  of the Mergers and the PIPE Transaction shall  be
occurring immediately  following  the Closing;   The Existing  RRA shall  have been amended and
restated as set forth in the A&R RRA.
ARTICLE V.
MISCELLANEOUS
Section 5.01. Entire Agreement.  This Agreement, together with the Certificate of
Designation,  constitute the entire agreement, and supersede all other prior and contemporaneous
agreements and understandings,  both oral and written (including  the Letter Agreement), among
the Holders and the Company  with respect to the subject matter hereof. 

	
	13

Section 5.02. Amendments and Waivers.  No provision  of this Agreement may be waived
or amended except in a written instrument  signed by the Company and the Holders.  No waiver of
any breach or default with respect to any provision,  condition  or requirement  of this Agreement
shall  be deemed to be a continuing  waiver in the future or a waiver of any subsequent breach or
default or a waiver of any other provision,  condition  or requirement hereof, nor shall any delay or
omission  of either party to exercise any right hereunder in any manner impair  the exercise of any
such right.
Section 5.03. Successors and  Assigns.  All  of the covenants and provisions  of this
Agreement by or for the benefit of the Holders or the Company  shall  bind  and inure  to the benefit
of their respective successors and permitted  assigns.  No party hereunder may assign its rights  or
obligations  hereunder without  the prior  written consent of the other parties hereto, except that any
Holder may assign its rights hereunder to any assignee or transferee of Preferred Shares or
Conversion  Shares after the Effective Time.
Section 5.04. Counterparts; Effectiveness.  This  Agreement and any amendment  hereto
may be executed and delivered  in any number of counterparts, and by the different parties hereto
in  separate counterparts, each of which  when executed shall  be deemed to be an original,  but all
of which taken together shall  constitute one and the same agreement.  In the event that any
signature  to this Agreement or any amendment  hereto is delivered  by facsimile  transmission  or by
e-mail  delivery  of a “.pdf” format data file,  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 facsimile or “.pdf” signature page were an original  thereof.  No party
hereto shall raise the use of a facsimile  machine  or e-mail delivery  of a “.pdf” format data file to
deliver  a signature to this Agreement or any amendment hereto or the fact that such signature  was
transmitted  or communicated  through  the use of a facsimile  machine or e-mail delivery of a “.pdf”
format data file as a defense to the formation  or enforceability  of a contract, and each party hereto
forever waives any such defense.
Section 5.05. Effect of  Headings.  The section and subsection headings herein are for
convenience only and not part of this Agreement and shall not affect the interpretation  thereof.
Section 5.06. Further Assurances.  The parties hereby agree, from time to time, as and
when reasonably  requested by any other party hereto, to execute and deliver  or cause to be
executed and delivered,  all such documents,  instruments  and agreements, including  secretary’s
certificates, stock powers and irrevocable transfer agent instructions,  and to take or cause to be
taken such further or other action,  as may be reasonably necessary or desirable  in order to carry
out the intent and purposes of this Agreement (including  to effectuate the surrender of voting  rights
as contemplated  by Section 1.02(c)).
Section 5.07. No Strict  Construction.   The language  used in  this Agreement will  be
deemed to be the language chosen by the parties to express their mutual  intent,  and no rule of strict
construction will be applied against any party.
Section 5.08. Termination.  Except to the extent otherwise agreed in writing  by each
Holder  prior  to the Closing,  this Agreement shall terminate and be of no further force or effect  if
the Merger Agreement is terminated prior  to the “Closing”  (as defined  in the Merger Agreement). 

	
	14

Section 5.09. Governing Law. This Agreement will  be governed by and construed in
accordance with  the Laws of the State of Delaware. The parties hereby irrevocably  and
unconditionally  consent to submit  to the exclusive  jurisdiction  of the state and federal courts
located in the State of Delaware for any actions, suits or proceedings  arising  out of or relating  to
this Agreement and the transactions  contemplated  hereby. The parties hereby irrevocably  and
unconditionally  consent to the jurisdiction  of such courts (and of the appropriate appellate courts
therefrom) in  any such action,  suit  or proceeding  and irrevocably  waive,  to the fullest extent
permitted by Law, any objection  that they may now or hereafter have to the laying  of the venue of
any such action,  suit or proceeding  in any such court or that any such action,  suit or proceeding
which is brought  in any such court has been brought in an inconvenient  forum. Process in any such
action,  suit or proceeding  may be served on any party anywhere in the world,  whether within  or
without  the jurisdiction  of any such court. Without  limiting  the foregoing,  each party agrees that
service of process on  such party as provided  in Section 5.11 shall be deemed effective service of
process on such party.
Section 5.10. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT  OR THE
TRANSACTIONS CONTEMPLATED HEREBY.
Section 5.11. Notices. Any notice, request, instruction  or other document  to be given
hereunder by any party to the other will  be in writing  and will  be deemed to have been duly  given
(a) on  the date of delivery  if delivered personally or by electronic mail (so long  as such
transmission  does not generate an error message or notice of non-delivery),  (b) on the first business
day following  the date of dispatch  if delivered  by a recognized  next-day courier service, or (c) on
the third  business day following  the date of mailing  if delivered by registered or certified mail,
return receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth
below, or pursuant to such other instructions  as may be designated in writing  by the party to receive
such notice.
If to the Holder:
c/o Deerfield Management Company L.P.
345 Park Avenue South, 12th Floor
New York, NY 10010
Attn:  Legal Department
Email: legalnotice@deerfield.com

with a copy to:

Katten Muchin  Rosenman LLP
525 W. Monroe Street
Chicago, Illinois  60661
Attn: Mark D. Wood,  Esq.
Email: mark.wood@katten.com
 

	
	15

If to the Company (prior  to the Closing):
DFP Healthcare Acquisitions  Corp.
345 Park Avenue South
New York,  New York  10010
Attention: Christopher Wolfe
E-mail: chris.wolfe@dfphealthcare.com

with a copy to:

White  & Case LLP
609 Main Street, Suite 2900
Houston, TX 77002
Attention: Jason A. Rocha
E-mail:   Jason.rocha@whitecase.com

If to the Company (after the Closing):
The Oncology  Institute Inc.
18000 Studebraker Rd. Suite 800
Cerritos,  CA 90703
Attention: Brad Hively
E-mail:  bradhively@theoncologyinstitute.com

with copies (which shall not constitute notice) to:

Latham  & Watkins  LLP
355 South Grand Avenue, Suite 100
Los Angeles,  CA 90071
Attention:  Steven Stokdyk
 Brian Duff
E- mail:  Steven.Stokdyk@lw.com
 Brian.Duff@lw.com

Section 5.12. Interpretation;  Other Definitions.  Wherever required  by  the context  of this
Agreement, the singular  shall include  the plural  and vice versa, and the masculine  gender shall
include  the feminine  and neuter genders and vice versa, and references to any agreement, document
or instrument  shall  be deemed to refer to such agreement, document  or instrument  as amended,
supplemented  or modified  from time to time. All article, section, paragraph or clause references
not attributed  to a particular  document  shall  be references to such parts of this Agreement,  and all
exhibit,  annex, letter and schedule references not attributed  to a particular document shall be
references to such exhibits,  annexes, letters and schedules to this Agreement. In addition,  the
following  terms are ascribed the following  meanings:
(a) the word “or” is not exclusive; 

	
	16

(b) the words “including,” “includes,” “included” and “include” are deemed
to be followed  by the words “without  limitation”;
(c) the terms “herein,” “hereof ” and  “hereunder” and other words of similar
import  refer to this Agreement as a whole and not to any particular  section, paragraph or
subdivision;
(d) “beneficial owner,” “beneficially own” or “beneficial ownership” has  the
meaning assigned to such term in Rule 13d-3  under the Exchange Act, and a person or entity’s
beneficial  ownership  of securities shall be calculated in accordance with the provisions  of such
Rule (in  each case, irrespective of whether or not such Rule is actually  applicable  in such
circumstance);
(e) the term “business day” means any day except Saturday, Sunday and any
day which shall be a legal holiday  or a day on which banking  institutions  in New York,  New York
generally are authorized or required by Law or other governmental  action to close; provided,
however, for clarification,  commercial  banks shall not be deemed to be authorized  or required by
law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential  employee”   or any
other similar  orders or restrictions or the closure of any physical  branch locations  at the direction
of any governmental  authority  so long  as the electronic  funds transfer systems (including  for wire
transfers) of commercial  banks in New York,  New York generally  are open for use by customers
on such day; and
(f) the term “pe rson” has the meaning given to it in Section 3(a)(9) of the
Exchange Act and as used in  Sections 13(d)(3)  and 14(d)(2)  of the Exchange Act.
(g) “Affiliate” means, with respect to any specified person, any other person
that, at the time  of determination,  directly  or indirectly  through  one or more intermediaries,
controls,  is controlled  by or is under common  control  with such specified person.  Without  limiting
the foregoing,  with respect to the Holder, any investment  fund or managed account that is managed
on a discretionary  basis by the same investment  manager as such Holder shall be deemed an
Affiliate  of such Holder.
(h) “Company  Material  Adverse Effect” means any change, effect, event,
occurrence, condition,  state of facts or development  that, either alone or in combination,  has had,
or would  be reasonably  expected to have, (a) a materially  adverse effect on the business,
operations,  assets, liabilit ies  or condition  (financial  or otherwise) or results of operations of the
Company,  taken as a whole or (b) a material impairment  on or material  delay in the ability  of the
Company to perform its material obligations  under this Agreement or any Ancillary  Document or
to consummate the transactions contemplated  by this Agreement and/or the Ancillary  Documents.
(i) “Governmental Entity” means any court,  administrative  or regulatory
agency or commission  or other governmental  or arbitral body or authority  or instrumentality,
including  the SEC and any state-controlled  or owned corporation  or enterprise, in each case
whether federal,  state, local  or foreign,  and any applicable  industry  self-regulatory organization
(including Nasdaq). 

	
	17

(j) “Knowledge of the Company” means the actual knowledge after
reasonable inquiry  of one or more of Brad Hively  or Scott Dalgleish.
(k) “Law” means any federal, state, local or foreign law, statute or ordinance,
or any rule,  code, treaty, constitution,  regulation,  judgment,  order, writ,  injunction,  ruling, decree,
administrative  interpretation  or agency requirement  of any Governmental  Entity.
(l) “Permitted Liens” means (i) Liens arising under this Agreement, the IRA
or any other agreement to which  the Company  is a party, (ii)  Liens imposed  by the Company  and
(iii)  restrictions  on transfer arising  under applicable  securities laws.
Section 5.13. Captions.  The article,  section, paragraph and clause captions  herein are for
convenience  of reference only,  do not constitute  part of this Agreement and will  not be deemed to
limit or otherwise affect any of the provisions  hereof.
Section 5.14. Severability.  If any provision  of this  Agreement or the application  thereof
to any person (including  the officers and directors  of the parties hereto) or circumstance is
determined  by a court of competent jurisdiction  to be invalid,  void  or unenforceable,  the remaining
provisions  hereof, or the application  of such provision  to persons or circumstances other than those
as to which it has been held invalid  or unenforceable, will  remain in full force and effect and shall
in no way be affected, impaired  or invalidated  thereby, so long  as the economic  or legal  substance
of the transactions contemplated  hereby is not affected in any manner materially  adverse to any
party. Upon such determination,  the parties shall negotiate in  good faith in  an effort to agree upon
a suitable  and equitable  substitute  provision  to effect the original  intent  of the parties.
Section 5.15. No Third  Party Beneficiaries. Nothing  contained in this Agreement,
expressed or implied,  is intended  to confer upon any person or entity other than the parties hereto
(and their permitted assigns), any benefit, right or remedies.
Section 5.16. Specific Performance. The parties agree that irreparable damage would
occur in  the event that any of the provisions  of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. It is accordingly  agreed that, without  the
necessity of posting  bond or other undertaking or proving economic damages, the parties shall be
entitled to specific performance of the terms hereof, this being  in addition  to any other remedies
to which  they are entitled  at law or equity,  and in  the event that any action  or suit is brought  in
equity  to enforce the provisions  of this Agreement, and no party will  allege,  and each party hereby
waives, the defense or counterclaim  that there is an adequate remedy at law.

[The remainder of this page is intentionally  left blank—signature pages follow]

 

 

DocuSign Envelope ID: 43B3EAC1-7E5C-4CA2-8A6E-61C9D4FEC640

 

 

IN WITNESS WHEREOF, each party hereto has
caused this Agreement to be duly executed as of the date first written above.

 

 

	 	THE COMPANY:
	 	 	 
	 	DFP HEALTHCARE ACQUISITIONS CORP.
	 	 	 
	 	By:	/s/ Chris Wolfe
	 	Name:	Chris Wolfe
	 	Title: 	Chief  Financial Officer

 

 

 

[Signature page to Exchange Agreement]

 

	 	The Holders
	 	 	 	 
	 	Deerfield Partners, L.P.
	 	 	 	 
	 	By:	Deerfield Mgmt, L.P., General Partner
	 	 	By:	J.E. Flynn Capital, LLC, General Partner
	 	 	 	 
	 	By:	/s/ David Clark
	 	Name:	David J. Clark
	 	Title:	Authorized Signatory
	 	 	 	 
	 	Deerfield Private Design Fund IV, L.P.
	 	 	 	 
	 	By:	Deerfield Mgmt IV, L.P., General Partner
	 	 	By:	J.E. Flynn Capital IV, LLC, General Partner
	 	 	 	 
	 	By:	/s/ David Clark
	 	Name:	David J. Clark
	 	Title:	Authorized Signatory
	 	 	 	 
	 	DFP Sponsor LLC
	 	 	 	 
	 	By:	/s/ Lawrence Atinsky
	 	Name:	Lawrencve Atinsky
	 	Title:	Authorized Signatory

 

[Signaturte page to Exchange Agreement]  

 

	
	
Schedule A
Owned Common  Shares and  Warrants

Holder Equity Type Record Holder Number of
Shares Held
Public
Warrants
Private
Warrants
Deerfield Private
Design Fund  IV, L.P.
Class A
Common
Stock
The Depository
Trust Company
or its nominee
2,500,000 625,000 --
Deerfield Partners,
L.P.
Class A
Common
Stock
The Depository
Trust Company
or its nominee
2,500,000 625,000 --
DFP Sponsor  LLC Class B
Common
Stock
DFP Sponsor
LLC
5,360,000 -- 3,733,334

  

	
	

Schedule B
Exchanged Common  Shares

Holder Exchanged
Common
Shares
Preferred Shares
Deerfield Private Design Fund IV, L.P. 894,523 8,945.23
Deerfield Partners, L.P. 894,523 8,945.23
DFP Sponsor  LLC 5,360,000 53,600

  

	
	
Schedule C

1. The Company  is in good  standing  under the laws of the State of Delaware and has all
requisite  corporate power to conduct its business and to perform its obligations  under the Exchange
Agreement.
2. The execution  and delivery  by the Company  of the Exchange Agreement does not,  and the
consummation  by the Company  of the transactions  contemplated  by the Exchange Agreement will  not,
result in its violation  of any provision  of (i) the Delaware General  Corporation  Law (the “DGCL”), or any
United States federal statute, rule or regulation,  which in our experience is normally  applicable  with
respect to transactions of the type contemplated  by the Exchange Agreement (without taking into account
the particular  nature of the business conducted by the parties to the Exchange Agreement), except that we
express no opinion  in this paragraph with respect to U.S. federal or state securities or blue sky laws, or (ii)
any provision  of the Charter and Bylaws of the Company.
3. Each of the Exchange Agreement and the Certificate of Designation  has been duly
authorized,  and the Exchange Agreement has been executed and delivered  by the Company.
4. No consent, approval, license, authorization or order of, or filing  with,  any United States
federal or Delaware court or other United  States federal or Delaware governmental  agency or body which
in our experience is normally  applicable  with respect to transactions of the type contemplated by the
Exchange Agreement (without  taking into account the particular  nature of the business conducted by the
parties to the Exchange Agreement) is required to be obtained  or made by the Company  to authorize,  or
is required in connection  with,  the consummation  of the transactions contemplated  by the Exchange
Agreement, except (a) as may be required under the state securities or “Blue  Sky” laws of any jurisdiction
in the United States (as to which we express no comment or opinion),  and (b) as have been obtained  or
made on or prior  to the date hereof.
5. The Preferred Shares have been duly  authorized  and,  when issued  in  compliance  with  the
provisions  of the Exchange  Agreement, will  be validly  issued,  fully  paid  and non-assessable. The
Common Shares issuable upon conversion of the Preferred Shares (the “Conversion Shares”), have been
duly  authorized  and, when and if issued upon  such conversion  in accordance with the Certificate of
Designation, will be validly  issued, fully paid and non-assessable. The issuance of the Preferred Shares
and the Conversion  Shares are not subject  to any preemptive  rights  set forth in  the DGCL or the Charter
and Bylaws of the Company,  except for such preemptive  rights  as have been complied  with or waived.
6. No registration  of the Preferred Shares under the Securities Act of 1933,  as amended  (the
 “Securities  Act”), is required  for the issuance of any of the Preferred Shares in  the manner contemplated
by the Exchange Agreement or for the conversion  of the Preferred Shares into the Conversion  Shares in
accordance with the Certificate of Designation  (assuming  such issuance is effected on the date hereof), in
each case, by virtue  of the exemption  from registration  provided  by Section  3(a)(9) of the Securities  Act.
We express no opinion,  however, as to when or under what circumstances any of the Preferred Shares or
the Conversion  Shares may be reoffered or resold.
  

	
	
Schedule 2.02(d)

(1) 23,000,000 shares of Class A common stock, par value $0.0001 (“Class A Stock”), issued and outstanding.
5,750,000 shares of Class B common stock, par value $0.0001 issued and outstanding.
0 shares of preferred stock issued and outstanding.
(ii)  9,483,334 warrants issued and outstanding convertible for 9,483,334 shares of Class A Stock.
(iii) None.

  

	
	
Exhibit A
Certificate of Designation 

	
	

Exhibit B
Amended and Restated BylawsExhibit 10.5

 

INDEMNIFICATION
And Advancement AGREEMENT

 

This Indemnification and Advancement
Agreement (“Agreement”) is made as of ________ __, 20__ by and between The Oncology Institute, Inc., a Delaware corporation
(the “Company”), and ______________, [a member of the Board of Directors/an officer/an employee/an agent/a fiduciary] of the
Company (“Indemnitee”). This Agreement supersedes and replaces any and all previous Agreements between the Company and Indemnitee
covering indemnification and advancement.

 

RECITALS

 

WHEREAS, the Board of Directors
of the Company (the “Board”) believes that highly competent persons have become more reluctant to serve publicly-held corporations
as directors, officers, or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification
and advancement of expenses against inordinate risks of claims and actions against them arising out of their service to and activities
on behalf of the corporation;

 

WHEREAS, the Board has determined
that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense,
liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such
insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company
believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums
and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises
are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally
would have been brought only against the Company or business enterprise itself. The Bylaws and Certificate of Incorporation of the Company
require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the
General Corporation Law of the State of Delaware (the “DGCL”). The Bylaws, Certificate of Incorporation, and the DGCL expressly
provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered
into between the Company and members of the board of directors, officers and other persons with respect to indemnification and advancement
of expenses;

 

WHEREAS, the uncertainties
relating to such insurance, to indemnification, and to advancement of expenses may increase the difficulty of attracting and retaining
such persons;

 

WHEREAS, the Board has determined
that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its stockholders
and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

 

WHEREAS, it is
reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf
of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free
from undue concern that they will not be so indemnified;

 

    

     

    

 

WHEREAS, this Agreement is
a supplement to and in furtherance of the Bylaws, Certificate of Incorporation and any resolutions adopted pursuant thereto, as well as
any rights of Indemnitee under any directors’ and officers’ liability insurance policy, and is not a substitute therefor,
nor diminishes or abrogates any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee does not
regard the protection available under the Bylaws, Certificate of Incorporation, DGCL and insurance as adequate in the present circumstances,
and may not be willing to serve or continue to serve as an officer or director without adequate additional protection, and the Company
desires Indemnitee to serve or continue to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional
service for or on behalf of the Company on the condition that Indemnitee be so indemnified and be advanced expenses.

 

NOW, THEREFORE, in consideration
of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1.              Services
to the Company. Indemnitee agrees to serve as [a/an] [director/officer/employee/agent/fiduciary] of the Company. Indemnitee may at
any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation
of law). This Agreement does not create any obligation on the Company to continue Indemnitee in such position and is not an employment
contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee.

 

Section 2.               
Definitions. As used in this Agreement:

 

(a)            
“Agent” means any person who is authorized by the Company or an Enterprise to act for or represent the interests of
the Company or an Enterprise, respectively.

 

(b)            A
 “Change in Control” occurs upon the earliest to occur after the date of this Agreement of any of the following events:

 

i.                   
Acquisition of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly
or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s
then outstanding securities unless the change in relative beneficial ownership of the Company’s securities by any Person results
solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors;

 

ii.                  Change
in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this
Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director
designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(b)(i),
2(b)(iii) or 2(b)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a
vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose
election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the
members of the Board;

 

    -2-

     

    

 

iii.                 
Corporate Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger
or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than
50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation
and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity;

 

iv.                 Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets; and

 

v.                  
Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule
14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined
below), whether or not the Company is then subject to such reporting requirement.

 

vi.                 
For purposes of this Section 2(b), the following terms have the following meanings:

 

		1	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

		2	“Person” has the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided,
however, that Person excludes (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of
the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company.

 

		3	“Beneficial Owner” has the meaning given to such term in Rule 13d-3 under the Exchange Act;
provided, however, that Beneficial Owner excludes any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the
Company approving a merger of the Company with another entity.

 

(c)              
 “Corporate Status” describes the status of a person who is or was acting as a director, officer, employee, fiduciary,
or Agent of the Company or an Enterprise.

 

    -3-

     

    

 

(d)           
 “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect
of which indemnification is sought by Indemnitee.

 

(e)            “Enterprise” means any other corporation, limited liability company, partnership, joint venture, trust, employee benefit
plan or other entity for which Indemnitee is or was serving at the request of the Company as a director, officer, employee, or Agent.

 

(f)             “Expenses” includes all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts
and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery
service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments
under this Agreement, ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred in connection
with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating
in, a Proceeding. Expenses also include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without
limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent,
and (ii) for purposes of Section 14(d) only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense
of Indemnitee’s rights under this Agreement, the Bylaws, the Certificate of Incorporation or any directors’ and officers’
liability insurance policies maintained by the Company, by litigation or otherwise. Expenses, however, do not include amounts paid in
settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(g)            “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law
and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material
to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under
similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Independent Counsel” does not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement.

 

(h)           The
term “Proceeding” includes any threatened, pending or completed action, suit, claim, counterclaim, cross claim,
arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual,
threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal,
administrative, legislative, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was,
is or will be involved as a party, potential party, non-party witness or otherwise by reason of Indemnitee’s Corporate Status
or by reason of any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or failure to act) on
Indemnitee’s part while acting pursuant to Indemnitee’s Corporate Status, in each case whether or not serving in such
capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses can
be provided under this Agreement. A Proceeding also includes a situation the Indemnitee believes in good faith may lead to or
culminate in the institution of a Proceeding.

 

    -4-

     

    

 

Section 3.               
Indemnity in Third-Party Proceedings. The Company will indemnify Indemnitee in accordance with the provisions of this Section
3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right
of the Company to procure a judgment in its favor. Pursuant to this Section 3, the Company will indemnify Indemnitee to the fullest extent
permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement (including all interest, assessments
and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines and amounts paid in settlement)
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue
or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company and, in the case of a criminal Proceeding had no reasonable cause to believe that Indemnitee’s conduct
was unlawful.

 

Section 4.              Indemnity
in Proceedings by or in the Right of the Company. The Company will indemnify Indemnitee in accordance with the provisions of this
Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company
to procure a judgment in its favor. Pursuant to this Section 4, the Company will indemnify Indemnitee to the fullest extent permitted
by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with
such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company. The Company will not indemnify Indemnitee for Expenses under this Section
4 related to any claim, issue or matter in a Proceeding for which Indemnitee has been finally adjudged by a court to be liable to the
Company, unless, and only to the extent that, the Delaware Court of Chancery or any court in which the Proceeding was brought determines
upon application by Indemnitee that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee
is fairly and reasonably entitled to indemnification.

 

Section 5.               
Indemnification for Expenses of a Party Who is Wholly or Partly Successful. To the fullest extent permitted by applicable
law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with any
Proceeding the extent that Indemnitee is successful, on the merits or otherwise. If Indemnitee is not wholly successful in such Proceeding
but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company
will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
with or related to each successfully resolved claim, issue or matter to the fullest extent permitted by law. For purposes of this Section
5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice,
will be deemed to be a successful result as to such claim, issue or matter.

 

Section 6.               Indemnification
For Expenses of a Witness. To the fullest extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding to which Indemnitee
is not a party but to which Indemnitee is a witness, deponent, interviewee, or otherwise asked to participate.

 

    -5-

     

    

 

Section 7.               Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company
for some or a portion of Expenses, but not, however, for the total amount thereof, the Company will indemnify Indemnitee for the portion
thereof to which Indemnitee is entitled.

 

Section 8.              Additional
Indemnification. Notwithstanding any limitation in Sections 3, 4, or 5, the Company will indemnify Indemnitee to the fullest extent
permitted by applicable law (including but not limited to, the DGCL and any amendments to or replacements of the DGCL adopted after the
date of this Agreement that expand the Company’s ability to indemnify its officers and directors) if Indemnitee is a party to or
threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its
favor).

 

Section 9.               Exclusions.
Notwithstanding any provision in this Agreement, the Company is not obligated under this Agreement to make any indemnification payment
to Indemnitee in connection with any Proceeding:

 

(a)           
for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision,
except to the extent provided in Section 16(b) and except with respect to any excess beyond the amount paid under any insurance policy
or other indemnity provision; or

 

(b)            for
(i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 15(b) of the Exchange Act (as defined in Section 2(b) hereof) or similar provisions of state statutory law or
common law, (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation
or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange
Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley
Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee
of securities in violation of Section 306 of the Sarbanes-Oxley Act) or (iii) any reimbursement of the Company by Indemnitee of any compensation
pursuant to any compensation recoupment or clawback policy adopted by the Board or the compensation committee of the Board, including
but not limited to any such policy adopted to comply with stock exchange listing requirements implementing Section 10D of the Exchange
Act; or

 

(c)           
initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company
or its directors, officers, employees or other indemnitees, unless (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s
rights to indemnification or advancement, of Expenses, including a Proceeding (or any part of any Proceeding) initiated pursuant to Section
14 of this Agreement, (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (iii) the Company
provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

    -6-

     

    

 

Section 10.            
Advances of Expenses.

 

(a)            The Company will advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with any Proceeding
(or any part of any Proceeding) not initiated by Indemnitee or any Proceeding (or any part of any Proceeding) initiated by Indemnitee
if (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s rights to obtain indemnification or advancement of Expenses
from the Company or Enterprise, including a proceeding initiated pursuant to Section 14 or (ii) the Board authorized the Proceeding (or
any part of any Proceeding) prior to its initiation. The Company will advance the Expenses within thirty (30) days after the receipt by
the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any
Proceeding.

 

(b)            Advances
will be unsecured and interest free. Indemnitee undertakes to repay the amounts advanced (without interest) to the extent that it is
ultimately determined that Indemnitee is not entitled to be indemnified by the Company, thus Indemnitee qualifies for advances upon the
execution of this Agreement and delivery to the Company. No other form of undertaking is required other than the execution of this Agreement.
The Company will make advances without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s
ultimate entitlement to indemnification under the other provisions of this Agreement.

 

Section 11.            
Procedure for Notification of Claim for Indemnification or Advancement.

 

(a)            Indemnitee will notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification
or advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof.
Indemnitee will include in the written notification to the Company a description of the nature of the Proceeding and the facts underlying
the Proceeding and provide such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to
determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. Indemnitee’s
failure to notify the Company will not relieve the Company from any obligation it may have to Indemnitee under this Agreement, and any
delay in so notifying the Company will not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the
Company will, promptly upon receipt of such a request for indemnification or advancement, advise the Board in writing that Indemnitee
has requested indemnification or advancement.

 

(b)            The Company will be entitled to participate in the Proceeding at its own expense.

 

(c)            The
Company shall not settle any Proceeding (in whole or in part) if such settlement would impose any Expenses, judgment, liability,
fine, penalty or limitation on Indemnitee in respect of which Indemnitee is not entitled to be indemnified hereunder without
Indemnitee’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed.

 

    -7-

     

    

 

Section 12.             
Procedure Upon Application for Indemnification.

 

(a)            Unless a Change of Control has occurred, the determination of Indemnitee’s entitlement to indemnification will be made:

 

i.                 by a majority vote of the Disinterested Directors, even though less than a quorum of the Board;

 

ii.                by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a
quorum of the Board;

 

iii.               if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by written opinion provided by Independent
Counsel selected by the Board; or

 

iv.               if so directed by the Board, by the stockholders of the Company.

 

(b)            If a Change in Control has occurred, the determination of Indemnitee’s entitlement to indemnification will be made by written
opinion provided by Independent Counsel selected by Indemnitee (unless Indemnitee requests such selection be made by the Board)

 

(c)            The party selecting Independent Counsel pursuant to subsection (a)(iii) or (b) of this Section 12 will provide written notice
of the selection to the other party. The notified party may, within ten (10) days after receiving written notice of the selection of
Independent Counsel, deliver to the selecting party a written objection to such selection; provided, however, that such
objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement, and the objection will set forth with particularity the factual basis
of such assertion. Absent a proper and timely objection, the person so selected will act as Independent Counsel. If such written objection
is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection
is withdrawn or the Delaware Court has determined that such objection is without merit. If, within thirty (30) days after the later of
submission by Indemnitee of a written request for indemnification pursuant to Section 11(a) hereof and the final disposition of
the Proceeding, Independent Counsel has not been selected or, if selected, any objection to has not been resolved, either the Company
or Indemnitee may petition the Delaware Court for the appointment as Independent Counsel of a person selected by such court or by such
other person as such court designates. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a)
of this Agreement, Independent Counsel will be discharged and relieved of any further responsibility in such capacity (subject to the
applicable standards of professional conduct then prevailing).

 

(d)           If
the Company disputes a portion of the amounts for which indemnification is requested, the undisputed portion shall be paid and only the
disputed portion withheld pending resolution of any such dipsute.

 

    -8-

     

    

 

(e)            Indemnitee will cooperate with the person, persons or entity making the determination with respect to Indemnitee’s entitlement
to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information
which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination. The Company will advance and pay any Expenses incurred by Indemnitee in so cooperating with the person, persons
or entity making the indemnification determination irrespective of the determination as to Indemnitee’s entitlement to indemnification
and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company promptly will advise Indemnitee in writing
of the determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which
indemnification has been denied and providing a copy of any written opinion provided to the Board by Independent Counsel.

 

(f)             If it is determined that Indemnitee is entitled to indemnification, the Company will make payment to Indemnitee within thirty (30)
days after such determination.

 

Section 13.            
Presumptions and Effect of Certain Proceedings.

 

(a)            In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
will, to the fullest extent not prohibited by law, presume Indemnitee is entitled to indemnification under this Agreement if Indemnitee
has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and the Company will, to the fullest
extent not prohibited by law, have the burden of proof to overcome that presumption. Neither the failure of the Company (including by
its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement
that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination
by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, will
be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(b)           If
the determination of the Indemnitee’s entitlement to indemnification has not made pursuant to Section 12 within sixty (60)
days after the later of (i) receipt by the Company of Indemnitee’s request for indemnification pursuant to Section 11(a) and
(ii) the final disposition of the Proceeding for which Indemnitee requested Indemnification (the “Determination
Period”), the requisite determination of entitlement to indemnification will, to the fullest extent not prohibited by law, be
deemed to have been made and Indemnitee will be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a
material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in
connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. The
Determination Period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or
entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the
obtaining or evaluating of documentation and/or information relating thereto; and provided, further, the Determination Period may be
extended an additional fifteen (15) days if the determination of entitlement to indemnification is to be made by the stockholders
pursuant to Section 12(a)(iv) of this Agreement.

 

    -9-

     

    

 

(c)            The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea
of nolo contendere or its equivalent, will not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which
Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

(d)            For purposes of any determination of good faith, Indemnitee will be deemed to have acted in good faith if Indemnitee acted based
on the records or books of account of the Company, its subsidiaries, or an Enterprise, including financial statements, or on information
supplied to Indemnitee by the directors or officers of the Company, its subsidiaries, or an Enterprise in the course of their duties,
or on the advice of legal counsel for the Company, its subsidiaries, or an Enterprise or on information or records given or reports made
to the Company or an Enterprise by an independent certified public accountant or by an appraiser, financial advisor or other expert selected
with reasonable care by or on behalf of the Company, its subsidiaries, or an Enterprise. Further, Indemnitee will be deemed to have acted
in a manner “not opposed to the best interests of the Company,” as referred to in this Agreement if Indemnitee acted in good
faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee
benefit plan. The provisions of this Section 13(d) is not exclusive and does not limit in any way the other circumstances in which the
Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

 

(e)            The
knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary, agent or employee
of the Enterprise may not be imputed to Indemnitee for purposes of determining Indemnitee’s right to indemnification under this
Agreement.

 

Section 14.            
Remedies of Indemnitee.

 

(a)            Indemnitee
may commence litigation against the Company in the Delaware Court of Chancery to obtain indemnification or advancement of Expenses
provided by this Agreement in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is
not entitled to indemnification under this Agreement, (ii) the Company does not advance Expenses pursuant to Section 10 of this
Agreement, (iii) the determination of entitlement to indemnification is not made pursuant to Section 12 of this Agreement within the
Determination Period, (iv) the Company does not indemnify Indemnitee pursuant to Section 5 or 6 or the second to last sentence
of Section 12(d) of this Agreement within thirty (30) days after receipt by the Company of a written request therefor, (v) the
Company does not indemnify Indemnitee pursuant to Section 3, 4, 7, or 8 of this Agreement within thirty (30) days after a
determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Company or any other
person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other
action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to the
Indemnitee hereunder. Indemnitee must commence such Proceeding seeking an adjudication or an award in arbitration within one hundred
and eighty (180) days following the date on which Indemnitee first has the right to commence such Proceeding pursuant to this
Section 14(a); provided, however, that the foregoing clause does not apply in respect of a Proceeding brought by
Indemnitee to enforce Indemnitee’s rights under Section 5 of this Agreement. The Company will not oppose
Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b)           If a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification, any judicial
proceeding or arbitration commenced pursuant to this Section 14 will be conducted in all respects as a de novo trial, or arbitration,
on the merits and Indemnitee may not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration
commenced pursuant to this Section 14 the Company will have the burden of proving Indemnitee is not entitled to indemnification or advancement
of Expenses, as the case may be, and will not introduce evidence of the determination made pursuant to Section 12 of this Agreement.

 

    -10-

     

    

 

(c)            If a determination is made pursuant to Section 12 of this Agreement that Indemnitee is entitled to indemnification, the Company
will be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

(d)            The
Company is, to the fullest extent not prohibited by law, precluded from asserting in any judicial proceeding or arbitration commenced
pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and will stipulate
in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

(e)            It
is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other
Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or
otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee
hereunder. The Company, to the fullest extent permitted by law, will (within thirty (30) days after receipt by the Company of a written
request therefor) advance to Indemnitee such Expenses which are incurred by Indemnitee in connection with any action concerning this
Agreement, Indemnitee’s right to indemnification or advancement of Expenses from the Company, or concerning any directors’
and officers’ liability insurance policies maintained by the Company, and will indemnify Indemnitee against any and all such Expenses
unless the court determines that each of the Indemnitee’s claims in such action were made in bad faith or were frivolous or are
prohibited by law.

 

Section 15.            
Non-exclusivity; Survival of Rights; Insurance; Subrogation.

 

(a)            The indemnification and advancement of Expenses provided by this Agreement are not exclusive of any other rights to which Indemnitee
may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders
or a resolution of directors, or otherwise. The indemnification and advancement of Expenses provided by this Agreement may not be limited
or restricted by any amendment, alteration or repeal of this Agreement in any way with respect to any action taken or omitted by Indemnitee
in Indemnitee’s Corporate Status occurring prior to any amendment, alteration or repeal of this Agreement. To the extent that a
change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would
be afforded currently under the Bylaws, Certificate of Incorporation, or this Agreement, it is the intent of the parties hereto that Indemnitee
enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive
of any other right or remedy, and every other right and remedy is cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
will not prevent the concurrent assertion or employment of any other right or remedy.

 

    -11-

     

    

 

(b)            The
Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses and/or insurance provided
by one or more other Persons with whom or which Indemnitee may be associated. The relationship between the Company and such other Persons,
other than an Enterprise, with respect to the Indemnitee’s rights to indemnification, advancement of Expenses, and insurance is
described by this subsection, subject to the provisions of subsection (d) of this Section 15 with respect to a Proceeding concerning
Indemnitee’s Corporate Status with an Enterprise.

 

i.              The
Company hereby acknowledges and agrees:

 

1)                 
the Company is the indemnitor of first resort with respect to any request for indemnification or advancement of Expenses made pursuant
to this Agreement concerning any Proceeding;

 

2)                  the
Company is primarily liable for all indemnification and indemnification or advancement of Expenses obligations for any Proceeding, whether
created by law, organizational or constituent documents, contract (including this Agreement) or otherwise;

 

3)                  any
obligation of any other Persons with whom or which Indemnitee may be associated to indemnify Indemnitee and/or advance Expenses to Indemnitee
in respect of any proceeding are secondary to the obligations of the Company’s obligations;

 

4)                  the
Company will indemnify Indemnitee and advance Expenses to Indemnitee hereunder to the fullest extent provided herein without regard to
any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated or insurer of any such Person;
and

 

    -12-

     

    

 

ii.             
 the Company irrevocably waives, relinquishes and releases (A) any other Person with whom or which Indemnitee may be associated
from any claim of contribution, subrogation, reimbursement, exoneration or indemnification, or any other recovery of any kind in respect
of amounts paid by the Company to Indemnitee pursuant to this Agreement and (B) any right to participate in any claim or remedy of Indemnitee
against any Person, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without
limitation, the right to take or receive from any Person, directly or indirectly, in cash or other property or by set-off or in any other
manner, payment or security on account of such claim, remedy or right.

 

iii.            In the event any other Person with whom or which Indemnitee may be associated or their insurers advances or extinguishes any liability
or loss for Indemnitee, the payor has a right of subrogation against the Company or its insurers for all amounts so paid which would otherwise
be payable by the Company or its insurers under this Agreement. In no event will payment by any other Person with whom or which Indemnitee
may be associated or their insurers affect the obligations of the Company hereunder or shift primary liability for the Company’s
obligation to indemnify or advance of Expenses to any other Person with whom or which Indemnitee may be associated.

 

iv.            Any
indemnification or advancement of Expenses provided by any other Person with whom or which Indemnitee may be associated is specifically
in excess over the Company’s obligation to indemnify and advance Expenses or any valid and collectible insurance (including but
not limited to any malpractice insurance or professional errors and omissions insurance) provided by the Company.

 

(c)            To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers,
employees, or agents of the Company, the Company will obtain a policy or policies covering Indemnitee to the maximum extent of the coverage
available for any such director, officer, employee or agent under such policy or policies, including coverage in the event the Company
does not or cannot, for any reason, indemnify or advance Expenses to Indemnitee as required by this Agreement. If, at the time of the
receipt of a notice of a claim pursuant to this Agreement, the Company has director and officer liability insurance in effect, the Company
will give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the insurers in accordance with the
procedures set forth in the respective policies. The Company will thereafter take all necessary or desirable action to cause such insurers
to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.
Indemnitee agrees to assist the Company efforts to cause the insurers to pay such amounts and will comply with the terms of such policies,
including selection of approved panel counsel, if required.

 

(d)            The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee for any Proceeding concerning Indemnitee’s
Corporate Status with an Enterprise will be reduced by any amount Indemnitee has actually received as indemnification or advancement
of Expenses from such Enterprise. The Company and Indemnitee intend that any such Enterprise (and its insurers) be the indemnitor of
first resort with respect to indemnification and advancement of Expenses for any Proceeding related to or arising from
Indemnitee’s Corporate Status with such Enterprise. The Company’s obligation to indemnify and advance Expenses to
Indemnitee is secondary to the obligations the Enterprise or its insurers owe to Indemnitee. Indemnitee agrees to take all
reasonably necessary and desirable action to obtain from an Enterprise indemnification and advancement of Expenses for any
Proceeding related to or arising from Indemnitee’s Corporate Status with such Enterprise.

 

    -13-

     

    

 

(e)              
In the event of any payment made by the Company under this Agreement, the Company will be subrogated to the extent of such payment
to all of the rights of recovery of Indemnitee from any Enterprise or insurance carrier. Indemnitee will execute all papers required and
take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring
suit to enforce such rights.

 

Section 16.           
Duration of Agreement. This Agreement continues until and terminates upon the later of: (a) ten (10) years after the date
that Indemnitee ceases to have a Corporate Status or (b) one (1) year after the final termination of any Proceeding then pending in respect
of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any Proceeding commenced by Indemnitee
pursuant to Section 14 of this Agreement relating thereto. The indemnification and advancement of Expenses rights provided by or
granted pursuant to this Agreement are binding upon and be enforceable by the parties hereto and their respective successors and assigns
(including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business
or assets of the Company), continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or
of any other Enterprise, and inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and
administrators and other legal representatives.

 

Section 17.           
Severability. If any provision or provisions of this Agreement is held to be invalid, illegal or unenforceable for any reason
whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation,
each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) will not in any way be affected or impaired thereby and remain enforceable to the fullest extent
permitted by law; (b) such provision or provisions will be deemed reformed to the extent necessary to conform to applicable law and to
give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement
(including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that is not itself invalid, illegal or unenforceable) will be construed so as to give effect to the intent manifested
thereby.

 

Section 18.           
Interpretation. Any ambiguity in the terms of this Agreement will be resolved in favor of Indemnitee and in a manner to
provide the maximum indemnification and advancement of Expenses permitted by law. The Company and Indemnitee intend that this Agreement
provide to the fullest extent permitted by law for indemnification and advancement in excess of that expressly provided, without limitation,
by the Certificate of Incorporation, the Bylaws, , any directors’ and officers’ insurance maintained by the Company, vote
of the Company stockholders or disinterested directors, or applicable law.

  

Section 19.           
Enforcement.

 

(a)              
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying
upon this Agreement in serving or continuing to serve as a director or officer of the Company.

 

(b)              
This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof;
provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the Bylaws, any directors’
and officers’ insurance maintained by the Company and applicable law, and is not a substitute therefor, nor to diminish or abrogate
any rights of Indemnitee thereunder.

 

Section 20.           
Modification and Waiver. No supplement, modification or amendment of this Agreement is binding unless executed in writing
by the parties hereto. No waiver of any of the provisions of this Agreement will be deemed or constitutes a waiver of any other provisions
of this Agreement nor will any waiver constitute a continuing waiver.

 

    -14-

     

    

 

Section 21.           
Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation,
subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification
or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company does not relieve the Company of any obligation
which it may have to the Indemnitee under this Agreement or otherwise.

 

Section 22.           
Notices. All notices, requests, demands and other communications under this Agreement will be in writing and will be deemed
to have been duly given if (a) delivered by hand to the other party, (b) sent by reputable overnight courier to the other party or (c)
sent by facsimile transmission or electronic mail, with receipt of oral confirmation that such communication has been received:

 

(a)              
If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee provides
to the Company.

 

(b)              
If to the Company to:

 

Name:  The Oncology Institute, Inc.

Address:  1800 Studebaker Rd., Suite 800

Cerritos, CA 90703

Attention:  Scott Dalgleish, Chief Financial Officer

Email:  scottdalgleish@theoncologyinstitute.com

 

or to any other address as may have been furnished to Indemnitee by
the Company.

 

Section 23.           
Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement
is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, will contribute to the amount
incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses,
in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable
in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee
as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and
its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

Section 24.           
Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties are governed by, and
construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with
respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, the Company and Indemnitee hereby irrevocably
and unconditionally (i) agree that any action or Proceeding arising out of or in connection with this Agreement may be brought only in
the Delaware Court of Chancery and not in any other state or federal court in the United States of America or any court in any other country,
(ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or Proceeding arising out of or
in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or Proceeding in the Delaware Court,
and (iv) waive, and agree not to plead or to make, any claim that any such action or Proceeding brought in the Delaware Court has been
brought in an improper or inconvenient forum.

 

    -15-

     

    

 

Section 25.           
Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which will for all purposes
be deemed to be an original but all of which together constitutes one and the same Agreement. Only one such counterpart signed by the
party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

Section 26.           
Headings. The headings of this Agreement are inserted for convenience only and do not constitute part of this Agreement
or affect the construction thereof.

 

IN WITNESS WHEREOF, the parties
have caused this Agreement to be signed as of the day and year first above written.

 

	COMPANY.	 	INDEMNITEE
	 	 	 	 
	By:	 	 	 	 
	Name:	 	Name:	 
	Office:	 	Address:	 
	 	 	 	 
	 	 	 	 

 

    -16-

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